Search results for: foreigner investors

Authors: Abdelmounaim Lahrech, Hajar Bousfiha

Abstract:

This paper examines equity market integration between Morocco and France and its consequent implications on international portfolio diversification. In the absence of stock market linkages, Morocco can act as a diversification destination to European investors, allowing higher returns at a comparable level of risk in developed markets. In contrast, this attractiveness is limited if both financial markets show significant linkage. The research empirically measures financial market’s integration in by capturing the conditional correlation between the two markets using the Generalized Autoregressive Conditionally Heteroscedastic (GARCH) model. Then, the research uses the Dynamic Conditional Correlation (DCC) model of Engle (2002) to track the correlations. The research findings show that there is no important increase over the years in the correlation between the Moroccan and the French equity markets, even though France is considered Morocco’s first trading partner. Failing to prove evidence of the stock index linkage between the two countries, the volatility series of each market were assumed to change over time separately. Yet, the study reveals that despite the important historical and economic linkages between Morocco and France, there is no evidence that equity markets follow. The small correlations and their stationarity over time show that over the 10 years studied, correlations were fluctuating around a stable mean with no significant change at their level. Different explanations can be attributed to the absence of market linkage between the two equity markets.

Keywords: equity market linkage, DCC GARCH, international portfolio diversification, Morocco, France

Procedia PDF Downloads 442

Authors: Simone Rondelli, Damiano Rondelli, Bishesh Poudyal, Juan Jose Cabrera-Lazarini

Abstract:

One of the main obstacles for Social Entrepreneurship is to find a business model that is financially sustainable. In other words, the captured value generates enough cash flow to ensure business continuity and reinvestment for growth. Providing Health Services in poor countries for the uninsured population affected by a high-cost chronical disease is not the exception for this challenge. As a prime example, cancer has become a high impact on a global disease not only because of the high morbidity but also of the financial impact on both the patient family and health services in underdeveloped countries. Therefore, it is relevant to find a Social Entrepreneurship Model that provides affordable treatment for this disease while maintaining healthy finances not only for the patient but also for the organization providing the treatment. Using the methodology of Constructive Research, this paper applied a Positive Theory and four business models of Social Entrepreneurship to a case of a Private Foundation model whose mission is to address the challenge previously described. It was found that the Foundation analyzed, in this case, is organized as an Embedded Business Model and complies with the four propositions of the Positive Theory considered. It is recommended for this Private Foundation to explore implementing the Integrated Business Model to ensure more robust sustainability in the long term. It evolves as a scalable model that can attract investors interested in contributing to expanding this initiative globally.

Keywords: affordable treatment, global healthcare, social entrepreneurship theory, sustainable business model

Procedia PDF Downloads 145

Authors: T. Miková

Abstract:

This paper analyzes the effect of a single uniform accounting rule on reporting quality by investigating the influence of IFRS on earnings management. This paper examines whether earnings management is reduced after IFRS adoption through the use of “loss avoidance thresholds”, a method that has been verified in earlier studies. This paper concentrates on two European countries: one that represents the continental code law tradition with weak protection of investors (France) and one that represents the Anglo-American common law tradition, which typically implies a strong enforcement system (the United Kingdom). The research investigates a sample of 526 companies (6822 firm-year observations) during the years 2000 – 2013. The results are different for the two jurisdictions. This study demonstrates that a single set of accounting standards contributes to better reporting quality and reduces the pervasiveness of earnings management in France. In contrast, there is no evidence that a reduction in earnings management followed the implementation of IFRS in the United Kingdom. Due to the fact that IFRS benefit France but not the United Kingdom, other political and economic factors, such legal system or capital market strength, must play a significant role in influencing the comparability and transparency cross-border companies’ financial statements. Overall, the result suggests that IFRS moderately contribute to the accounting quality of reported financial statements and bring benefit for stakeholders, though the role played by other economic factors cannot be discounted.

Keywords: accounting standards, earnings management, international financial reporting standards, loss avoidance, reporting quality

Procedia PDF Downloads 198

Authors: Cansu Tari, Ute Poerschke

Abstract:

Sustainable campus design and planning in Higher Education requires an entire action plan and coordination of physical, educational, and social systems. Many institutions in the world are defining their sustainable development path and some are following existing green building and sustainable campus rating/ranking systems, guidelines. In the context of higher education, Turkish universities have limited academic, social and financial support related to sustainable living, building, and campus studies. While some research has been conducted in the last 60 years by farsighted academics, most of these works are based on individuals’ or small organizations’ own interests and efforts, and they are not known enough by the population of universities and possible prospective investors. Regarding the recent fast and uncontrolled growth in the Turkish Higher Education environment, setting a campus sustainability indicator set is a necessity for sustainable development of universities. The main objective of this paper is to specify the applicable sustainability indicators in the national context of Turkey, and propose a model guideline for sustainable Turkish university campuses. The analysis of Turkish legislation on environmental issues, special conditions of Turkish Higher Education system, and Turkey’s environmental risks and challenges set the backbone of the study and distinguish the set of indicators from generalized guidelines. Finally, the paper outlines some concrete suggestions for Turkish Universities to integrate sustainability efforts in their regional context. It will be useful for campus sustainability managers and planners, interested in developing action plans in their national and regional scope.

Keywords: campus sustainability, sustainability indicators, Turkish universities, national campus sustainability action plan

Procedia PDF Downloads 258

Authors: Mai Anh Tuan, Wenlong Liu, Meng Li

Abstract:

Despite warnings and concerns about the use of fast food that has health effects, the fast-food industry is actually a source of profit for the global food industry. Obviously, in the face of such huge economic benefits, investors will not hesitate to continuously add recipes, processing methods, menu diversity, etc., to improve and apply information technology in enhancing the diners' experience; the ultimate goal is still to attract diners to find their brand and give them the fastest, most convenient and enjoyable service. In China, as the achievements of the industrial revolution 4.0, big data and artificial intelligence are reaching new heights day by day, now fast-food diners can instantly pay the bills only by identifying the biometric signature available on the self-ordering kiosk, using their own face without any additional form of confirmation. In this study, the author will evaluate the acceptance level of customers with this new form of payment through a survey of customers who have used and witnessed the use of smart kiosks and biometric payments within the city of Nanjing, China. A total of 200 valid volunteers were collected in order to test the customers' intentions and feelings when choosing and experiencing payment through AI services. 55% think that it bothers them because of the need for personal information, but more than 70% think that smart kiosk brings out many benefits and convenience. According to the data analysis findings, perceived innovativeness has a positive influence on satisfaction which in turn affects behavioral intentions, including reuse and word-of-mouth intentions.

Keywords: artificial intelligence, catering industry, smart kiosks, technology acceptance

Procedia PDF Downloads 93

Authors: Jonathan Iworiso

Abstract:

Forecasting the equity premium out-of-sample is a major concern to researchers in finance and emerging markets. The quest for a superior model that can forecast the equity premium with significant economic gains has resulted in several controversies on the choice of variables and suitable techniques among scholars. This research focuses mainly on the application of Regression Training (RT) techniques to forecast monthly equity premium out-of-sample recursively with an expanding window method. A broad category of sophisticated regression models involving model complexity was employed. The RT models include Ridge, Forward-Backward (FOBA) Ridge, Least Absolute Shrinkage and Selection Operator (LASSO), Relaxed LASSO, Elastic Net, and Least Angle Regression were trained and used to forecast the equity premium out-of-sample. In this study, the empirical investigation of the RT models demonstrates significant evidence of equity premium predictability both statistically and economically relative to the benchmark historical average, delivering significant utility gains. They seek to provide meaningful economic information on mean-variance portfolio investment for investors who are timing the market to earn future gains at minimal risk. Thus, the forecasting models appeared to guarantee an investor in a market setting who optimally reallocates a monthly portfolio between equities and risk-free treasury bills using equity premium forecasts at minimal risk.

Keywords: regression training, out-of-sample forecasts, expanding window, statistical predictability, economic significance, utility gains

Procedia PDF Downloads 107

Authors: Shu-Han Hsu, Jiho Yoon, Chwen Sheu

Abstract:

With the rapidly growing of blockchain technology and cryptocurrency, various industries which include tourism has added in cryptocurrency as the payment method of their transaction. More and more tourism companies accept payments in digital currency for flights, hotel reservations, transportation, and more. For travellers and tourists, using cryptocurrency as a payment method has become a way to circumvent costs and prevent risks. Understanding volatility dynamics and interdependencies between standard currency and cryptocurrency is important for appropriate financial risk management to assist policy-makers and investors in marking more informed decisions. The purpose of this paper has been to understand and explain the risk spillover effects between six major cryptocurrencies and the top ten most traded standard currencies. Using data for the daily closing price of cryptocurrencies and currency exchange rates from 7 August 2015 to 10 December 2019, with 1,133 observations. The diagonal BEKK model was used to analyze the co-volatility spillover effects between cryptocurrency returns and exchange rate returns, which are measures of how the shocks to returns in different assets affect each other’s subsequent volatility. The empirical results show there are co-volatility spillover effects between the cryptocurrency returns and GBP/USD, CNY/USD and MXN/USD exchange rate returns. Therefore, currencies (British Pound, Chinese Yuan and Mexican Peso) and cryptocurrencies (Bitcoin, Ethereum, Ripple, Tether, Litecoin and Stellar) are suitable for constructing a financial portfolio from an optimal risk management perspective and also for dynamic hedging purposes.

Keywords: blockchain, co-volatility effects, cryptocurrencies, diagonal BEKK model, exchange rates, risk spillovers

Procedia PDF Downloads 143

Authors: Binish Ahmed

Abstract:

Corporate Social Responsibility (CSR) is regarded as voluntary behaviors that contribute to the social welfare based on the concept of sustainable development. The corporations should not only stress on their economic and business outcomes but also pay attention to their effect on the society and environment. It could attract investors and customers, as well as maintain a positive interaction with the government. In spite of the broad diffusion, and its potential significance to employees' perspective, CSR is now examined and has built-in Organizational Behavior (OB), and Human Resource Management (HRM) look into the broad structure of relationship between employees' perspective, work attitudes and behavior to improve the research on CSR. The purpose of this research is to investigate the impact of employees’ perception of CSR on work attitudes and behaviors of employees. A conceptual framework is proposed, based on the literature and practices. The research would conduct the primary data survey of convenient sampling from the employees and managers-using detailed questionnaire- to address the following questions. The survey of 180 respondents of age greater than 20 having at least six-month experience from companies based in Karachi are source of data. The application of professional empirical models for data analysis and interpretation are source to draw the conclusion. 1. What are the dynamics of CSR in an organization? Why is it important to have a CSR department? What sort of business approach are CSR activities practiced? Do CSR activities improve the quality of life of workplace? And, how it linked with welfare of society? 2. How the positive job attitude and behavior does encourage the employees about the perception of CSR? How is it linked with the job satisfaction? What is the relationship between employees’ perception of CSR and job satisfaction?

Keywords: corporate social responsibility, job satisfaction, organizational commitment, work behaviors

Procedia PDF Downloads 178

Authors: Deepika Verma, Runa Sarkar

Abstract:

One of the prominent debates in the social entrepreneurship literature has been to establish whether entrepreneurial work for social well-being by for-profit organizations can be classified as social entrepreneurship or not. Of late, the scholarship has reached a consensus. It concludes that there seems little sense in confining social entrepreneurship to just non-profit organizations. Boosted by this research, increasingly a lot of businesses engaged in filling the social infrastructure gaps in developing countries are calling themselves social enterprise. These organizations are diverse in their ownership, size, objectives, operations and business models. The lack of a comprehensive definition of social enterprise leads to three issues. Firstly, researchers may face difficulty in creating a database for social enterprises because the choice of an entity as a social enterprise becomes subjective or based on some pre-defined parameters by the researcher which is not replicable. Secondly, practitioners who use ‘social enterprise’ in their vision/mission statement(s) may find it difficult to adjust their business models accordingly especially during the times when they face the dilemma of choosing social well-being over business viability. Thirdly, social enterprise and social entrepreneurship attract a lot of donor funding and venture capital. In the paucity of a comprehensive definitional guide, the donors or investors may find assigning grants and investments difficult. It becomes necessary to develop an exhaustive and objective definition of social enterprise and examine whether the understanding of the academicians and practitioners about social enterprise match. This paper develops a dictionary of words often associated with social enterprise or (and) social entrepreneurship. It further compares two lexicographic definitions of social enterprise imputed from the abstracts of academic journal papers and trade publications extracted from the EBSCO database using the ‘tm’ package in R software.

Keywords: EBSCO database, lexicographic definition, social enterprise, text mining

Procedia PDF Downloads 397

Authors: Cristian Pauna

Abstract:

Trading the financial markets is a widespread activity today. A large number of investors, companies, public of private funds are buying and selling every day in order to make profit. Algorithmic trading is the prevalent method to make the trade decisions after the electronic trading release. The orders are sent almost instantly by computers using mathematical models. This paper will present a price prediction methodology based on a multi-dimensional neural network. Using the Fisher transform, the neural network will be instructed for a low-latency auto-adaptive process in order to predict the price evolution for the next period of time. The model is designed especially for algorithmic trading and uses the real-time price series. It was found that the characteristics of the Fisher function applied at the nodes scale level can generate reliable trading signals using the neural network methodology. After real time tests it was found that this method can be applied in any timeframe to trade the financial markets. The paper will also include the steps to implement the presented methodology into an automated trading system. Real trading results will be displayed and analyzed in order to qualify the model. As conclusion, the compared results will reveal that the neural network methodology applied together with the Fisher transform at the nodes level can generate a good price prediction and can build reliable trading signals for algorithmic trading.

Keywords: algorithmic trading, automated trading systems, financial markets, high-frequency trading, neural network

Procedia PDF Downloads 160

Authors: Muhammad Tahir

Abstract:

Purpose The purpose of the study is to find anchoring bias behavior in mutual fund return with its parent firm performance in Pakistan. Research Methodology The paper used monthly returns of equity funds whose parent firm exist from 2011 to 2021, along with parent firm return. Proximity to 52-week highest return calculated by dividing fund return by parent firm 52-week highest return. Control variables are also taken and used pannel regression model to estimate our results. For robust results, we also used feasible generalize least square (FGLS) model. Findings The results showed that there exist anchoring biased in mutual fund return with its parent firm performance. The FGLS results reaffirms the same results as obtained from panner regression results. Proximity to 52-week highest Xc is significant in both models. Research Implication Since most of mutual funds has a parent firm, anchoring behavior biased found in mutual fund with its parent firm performance. Practical Implication Mutual fund investors in Pakistan invest in equity funds in which behavioral bias exist, although there might be better opportunity in market. Originality/Value Addition Our research is a pioneer study to investigate anchoring bias in mutual fund return with its parent firm performance. Research limitations Our sample is limited to only 23 equity funds, which has a parent firm and data was available from 2011 to 2021.

Keywords: mutual fund, anchoring bias, 52-week high return, proximity to 52-week high, parent firm performance, pannel regression, FGLS

Procedia PDF Downloads 119

Authors: Kwadwo Yeboah

Abstract:

Background and Aims: The adoption of International Accounting Standards (IAS) is considered to be one of the most significant developments in the accounting profession. The adoption of IAS aims to improve financial reporting quality by ensuring that financial information is transparent and comparable across borders. However, there is a lack of research on the impact of IAS on financial reporting quality in emerging economies. This study aims to fill this gap by evaluating the impact of IAS on financial reporting quality in emerging economies. Methods: This study uses a sample of firms from emerging economies that have adopted IAS. The sample includes firms from different sectors and industries. The financial reporting quality of these firms is measured using financial ratios, such as earnings quality, financial leverage, and liquidity. The data is analyzed using a regression model that controls for firm-specific factors, such as size and profitability. Results: The results show that the adoption of IAS has a positive impact on financial reporting quality in emerging economies. Specifically, firms that adopt IAS exhibit higher earnings quality and lower financial leverage compared to firms that do not adopt IAS. Additionally, the adoption of IAS has a positive impact on liquidity, suggesting that firms that adopt IAS have better access to financing. Conclusions: The findings of this study suggest that the adoption of IAS has a positive impact on financial reporting quality in emerging economies. The results indicate that IAS adoption can improve transparency and comparability of financial information, which can enhance the ability of investors to make informed investment decisions. The study contributes to the literature by providing evidence of the impact of IAS adoption in emerging economies. The findings of this study have implications for policymakers and regulators in emerging economies, as they can use this evidence to support the adoption of IAS and improve financial reporting quality in their respective countries.

Keywords: accounting, international, standards, finance

Procedia PDF Downloads 84

Authors: Nur Gorkemli, Basak Solmaz

Abstract:

With globalization, competition between cities increased and therefore cities started to give more importance to be a more differentiated one among thousands of their competitors. In order to become a more livable place and appeal more tourists, more investors, more students and more people cities give importance to marketing and branding activities. City image is very important concept for building a city brand. Cinemas, books, news or information about cities create 'city image' in peoples’ minds. Every city has their own peculiarities and changing their neutral or negative image to a positive way will bring advantages to them in national and even in international arena. Konya, which is a city in central Anatolia, has been an important city since very early times in human kind. It has the ruins of one of the first settlements existed approximately 9.000 years ago. Moreover, it was the capital of Selcuk Empire before Ottoman period and also a very important city during Ottoman Empire. With this historical richness, the city has important structures and works of art from those periods. Moreover, the city is also very well-known in the world with one of the greatest philosopher, poet, theologian, and Sufi mystic Mevlana Jelaleddin Rumi, who lived most of his life in Konya. Every year nearly two million people from various cities and countries visit Mevlana Museum. With all these potentials, Turkish Ministry of Culture and Tourism chose Konya to be a branded city in its 2023 action plan. For branding activities, understanding city image has a crucial role. Moreover, news about cities has a great potential on building a 'city image' in minds. This study is aimed at interpreting Konya’s image by categorizing Konya’s news existed in three national newspapers, which has the highest circulation in Turkey. Content analysis method will be used in this study.

Keywords: city branding, city image, newspaper analysis, Konya

Procedia PDF Downloads 337

Authors: Emre Bayamlıoğlu

Abstract:

Apart from being the subject of neighboring rights when broadcasted on TV or of cinematographic work when fixed to a tangible medium including a hard drive, the copyright eligibility of a sports performance, and eventually the sporting event has once again given rise to controversy following the CJEU judgment in the Murphy case. Most of the arguments which deny copyright protection for sports performances focus on the fact that unlike movies, plays, television programs, or operas, athletic events are competitive and have no underlying script. The first part of the paper aims to explain that such rhetoric is rather weak simply for the fact that, several types of performances such as improvised musical or dramatic shows are still protected by copyright despite the fact that they are not based on a script. The second part argues that the core reason for the denial copyright protection was the functionality aiming certain practical results such as winning the game, scoring, eliminating an opponent, obstructing a shot and etc., but no scientific or artistic expression in whatsoever form. The paper further argues that expanding copyright protection to functional performances would give rise to unintended copyright claims by the athletes on tackles, shoots, passes, crosses etc. resulting with further restrictions on reporting and photographing of sporting events. The final part provides a policy analysis of the trend to broaden the scope of copyright to cover sports performances. It is argued that such expansion will clearly undermine the ratio legis of copyright laws since it will give rise to excessive commodification of information beyond the needs of a viable market economy. Therefore, remedies other than copyright protection such as unfair competition and unjust enrichment provides sufficient redress for the damages to be sustained by the investors of sporting events.

Keywords: copyright eligibility, idea-expression dichotomy, sports performance

Procedia PDF Downloads 473

Authors: Kwaku Damoah

Abstract:

The agricultural sector is characterized by continuous transformation, driven by factors such as demographic shifts, evolving consumer preferences, climate change, and migration trends. This dynamic environment presents complex challenges for key stakeholders including farmers, governments, and investors, who must navigate these changes to achieve optimal investment returns. To effectively predict market trends and uncover promising investment opportunities, a systematic, data-driven approach is essential. This paper introduces the Structural Evolution Index (SEI), a machine learning-based methodology. SEI is specifically designed to analyse long-term trends and forecast the potential of emerging agricultural products for investment. Versatile in application, it evaluates various agricultural metrics such as production, yield, trade, land use, and consumption, providing a comprehensive view of the evolution within agricultural markets. By harnessing data from the UN Food and Agricultural Organisation (FAOSTAT), this study demonstrates the SEI's capabilities through Comparative Exploratory Analysis and evaluation of international trade in agricultural products, focusing on Malaysia and Singapore. The SEI methodology reveals intricate patterns and transitions within the agricultural sector, enabling stakeholders to strategically identify and capitalize on emerging markets. This predictive framework is a powerful tool for decision-makers, offering crucial insights that help anticipate market shifts and align investments with anticipated returns.

Keywords: agricultural investment, algorithm, comparative exploratory analytics, machine learning, market trends, predictive analytics, structural evolution index

Procedia PDF Downloads 63

Authors: Umugwaneza Francoise, Ntamazeze Janviere, Donghong Ding

Abstract:

Entrepreneurship has been considered by majority people from developing world as “no other option” kind of career. Consequently, for a long time entrepreneurship in developing countries has been mainly practiced by people who have low or not at all formal education. Even today, to some extent, much of the actions taken by governments, donors and some societies have tendency to consider entrepreneurship as an instrument to lift up the most vulnerable population including uneducated women, school drop outers, people with disabilities and other groups who live with some sort of vulnerability. However, there is a shortage of knowledge based and know-how entrepreneurship in developing countries. Although, the entrepreneurship done with formal educated people would contribute indispensably and sustain the development, the low numbers of formal educated people become entrepreneurs in developing countries. Empirically, this paper investigated the influential factors affecting the entrepreneurial motivation, intentions and decision among African scientists and engineers postgraduate from china universities since 1995 to 2014. Results revealed that 39% are entrepreneurs, 43% work for private sectors and 18% work for governments. Only 6% of respondents are in technological entrepreneurship related to their field of graduation. Study location, mentors or research supervisors and life style are the major factors influenced their decisions to become entrepreneurs whereas complex financial systems and political instability pushed some to employments. Interestingly, significant number of entrepreneurs did not have any entrepreneurial intentions. This paper concludes with suggestions to policy makers and investors in order to encouraging technological entrepreneurs which will provide more opportunities, create jobs and improve people’s quality of life.

Keywords: technological entrepreneurship, entrepreneurial motivation, entrepreneurship decision making, entrepreneurship intentions, formal education

Procedia PDF Downloads 372

Authors: George-Anokwuru Chioma Chidinma Bernadette

Abstract:

This paper investigated the effect of trade liberalization on domestic private investment in Nigeria from 1981 to 2020. To achieve this objective, secondary data on domestic private investment, trade openness, exchange rate and interest rate were sourced from the statistical bulletin of Nigeria’s apex bank. The Autoregressive Distributed Lag (ARDL) technique was used as the main analytical tool. The ARDL Bounds test revealed the existence of long run association among the variables. The results revealed that trade openness and exchange rate have positive and insignificant relationship with domestic private investment both in the long and short runs. At the same time, interest rate has negative relationship with domestic private investment both in the long and short runs. Therefore, it was concluded that there is no significant relationship between trade openness, exchange rate, interest rate and domestic private investment in Nigeria during the period of study. Based on the findings, the study recommended that government should formulate trade policies that will encourage the growth of domestic private investment in Nigeria. To achieve this, government should ensure consistency in trade policies and at the same time strengthen the existing policies to build investors’ confidence. Also, government should make available an investment-friendly environment, as well as monitor real sector operators to ensure that foreign exchange allocations are not diverted. Government should increase capital investment in education, housing, transportation, agriculture, health, power, road construction, national defense, among others that will help the various sectors of the economy to function very well thereby making the business environment friendly thereby enhancing the growth and development of the country.

Keywords: trade openness, domestic private investment, ARDL, exchange rate

Procedia PDF Downloads 69

Authors: Ying Zhu

Abstract:

Recent years have witnessed a boom of foreign investments in the field of artificial intelligence (AI). Foreign investments provide critical capital for AI development but also trigger national security concerns of host states. A notable example is an increasing number of cases in which the Committee on Foreign Investment in the United States (CFIUS) has denied Chinese acquisitions of US technology companies on national security grounds. On July 19, 2018, the Congress has reached a deal on the final draft of a new provision to strengthen CFIUS’s authority to review overseas transactions involving sensitive US technology. The question is: how to reconcile the emerging tension between, on the one hand, foreign AI investors’ expectations of a predictable investment environment, and on the other hand, host states’ regulatory power on national security? This paper provides a methodology to reconcile this tension under international investment law. Based on an examination, the national security exception clauses in international investment treaties and the application of national security justification in investor-state arbitration jurisprudence, the paper argues that a traditional interpretation of the national security exception, based on the necessity concept in customary international law, fails to take into account new risks faced by countries, including security concerns over strategic industries such as AI. To overcome this shortage, the paper proposes to incorporate an integrated national security clause in international investment treaties, which includes a two-tier test: a ‘self-judging’ test in the pre-establishment period and a ‘proportionality’ test in the post-establishment period. At the end, the paper drafts a model national security clause for future treaty-drafting practice.

Keywords: foreign investment, artificial intelligence, international investment law, national security exception

Procedia PDF Downloads 153

Authors: Mohammad Azam

Abstract:

This work is an endeavor to empirically investigate the Gross Domestic Product-Growth as mediating variable between various factors and portfolio returns using a broad sample of 522 financial and non-financial firms enlisted on Pakistan Stock Exchange between January-1993 and June-2022. The study employs the Structural Equation modeling and Ordinary Least Square regression to determine the findings before and during the Covid-19 epidemiological situation, which has not received due attention by researchers. The analysis reveals that market and investment factors are redundant, whereas size and value show significant results, whereas Gross Domestic Product-Growth performs significant mediating impact for the whole time frame. Using before Covid-19 period, the results reveal that market, value, and investment are redundant, but size, profitability, and Gross Domestic Product-Growth are significant. During the Covid-19, the statistics indicate that market and investment are redundant, though size and Gross Domestic Product-Growth are highly significant, but value and profitability are moderately significant. The Ordinary Least Square regression shows that market and investment are statistically insignificant, whereas size is highly significant but value and profitability are marginally significant. Using the Gross Domestic Product-Growth augmented model, a slight growth in R-square is observed. The size, value and profitability factors are recommended to the investors for Pakistan Stock Exchange. Conclusively, in the Pakistani market, the Gross Domestic Product-Growth indicates a feeble moderating effect between risk-premia and portfolio returns.

Keywords: asset pricing puzzle, mediating role of GDP-growth, structural equation modeling, COVID-19 pandemic, Pakistan stock exchange

Procedia PDF Downloads 73

Authors: My Linh Hoang, Van Dung Hoang

Abstract:

Environmental, Social, and Governance (ESG) factors have become a focus for companies globally, as businesses are now focusing on long-term sustainable goals rather than only operating for the goals of profit maximization. According to recent research, in several countries, companies have shown positive results in their financial performance by improving their ESG performance. The construction industry is one of the most crucial components of social and economic development; as a result, considerations for ESG factors are becoming more and more essential for companies in this sector. In Vietnam, the construction industry has been growing rapidly in recent years; however, it has yet to be discussed and studied extensively in Vietnam how ESG factors create impacts on corporate financial performance in general and construction corporations’ financial performance in particular. This research aims to examine the relationship between ESG factors and financial indicators in construction companies from 2011 to 2021 through panel data analysis of 75 listed construction companies in Vietnam and to provide insights into how these companies can better integrate ESG considerations into their operations to enhance their financial performance. The data was analyzed through 3 main methods: descriptive statistics, correlation coefficient analysis applied to all dependent, explanatory and control variables, and panel data analysis method. In panel data analysis, the study uses the fixed effects model (FEM) and random effects model (REM). The Hausman test will be used to select which model is suitable to be used. The findings indicate that maintaining a strong commitment to ESG principles can have a positive impact on financial performance. Finally, FGLS estimation will be performed when the problem of autocorrelation and variable variance appears in the model. This is significant for all parties involved, including investors, company managers, decision-makers, and industry regulators.

Keywords: ESG, financial performance, construction company, Vietnam

Procedia PDF Downloads 90

Authors: Valentine Ndi

Abstract:

This multi-sited research will make use of primary and secondary data to understand the multiple implications of land grabbing for local food production and rural livelihoods in Cameroon. Amidst restricted access to land and forest resources, this study will demonstrate how land previously accessed by communities to grow crops and to harvest forest resources is being acquired and transformed into commercial oil palm plantations by Herakles Farms, a US-based company, with Sithe Global Sustainable Oils Cameroon as its local subsidiary. Focusing on selected land grabbing communities in Cameroon, the study uses a feminist political ecology lens to examine the gendered nature in resources access and its impacts for women’s food production in particular, and rural livelihoods in general. The paper will argue that the change in land use particularly erodes women’s rights to access land and forest resources, and in turn negatively affects local food production and rural livelihood in the region. It will show how women in the region play instrumental and dominant roles in ensuring local food production through subsistence and semi-subsistence agriculture but are unfortunately the main losers of territory that the state considers as ‘empty’ or underutilized - and is subjected to appropriation. The paper will conclude that, rural women’s active participation in the decision-making processes concerning the use of and/or allotment of land to foreign investors is indispensable to guarantee local, national and global food security, but also to ensure that alternative livelihood options are provided, particularly to those rural women facing dispossession or at risk of being dispossessed.

Keywords: land grabbing, feminst political ecology, gender, access to resources, rural livelihoods, Cameroon

Procedia PDF Downloads 266

Authors: Danuta Szwajca

Abstract:

Reputation The exponential growth of the Internet and social media (SM) in the recent years has contributed to changing the communication environment, in which stakeholders: customers, investors, business partners, employees, like their users, may post and distribute their opinions about the company and its products. This generates a number of potential threats to the image and reputation of both people and organizations. Social media create new opportunities not only for rapid and interactive communication but also for organizing themselves into strong pressure groups which may effectively affect the decisions of various organized bodies. Companies cannot ignore this fact and should use SM not only as an additional communication marketing channel but in a broader context - as a tool to build and protect their reputation. This article aims to identify the extent, scope, and directions of the use of SM in the activities of companies operating in the Polish market, as well as to identify threats and opportunities generated by the media in the area of reputation management. The results of research presented in the article showed that Polish companies recognize the potential of SM and try to apply them in their marketing efforts. However, his activity is limited only to maintain communication with customers through two portals: Facebook and Twitter. In the approach to the SM as a communication channel, the traditional way of thinking dominates, in which they are treated as just another promotional tool used by two departments: marketing and PR. This approach is called "silo" and is not integrated. This way of using SM does not allow effective building and protecting reputation in the Internet environment. To achieve this goal, the following research methods were used: the critical analysis of literature, analysis of secondary sources in a form of the report from the research conducted by Harvard Business Review Poland together with Capgemini Poland and case study.

Keywords: corporate reputation, reputation management, social media, risk reputation

Procedia PDF Downloads 196

Authors: Henry Schwartz, Bogdan Iancu, Magnus Gustafsson, Johan Lilius

Abstract:

The shipping sector generates significant amounts of carbon emissions on annual basis. The excess amount of carbon dioxide is harmful for both the environment and the society, and partly for that reason, there is acute interest to decrease the volume of anthropogenic carbon dioxide emissions in shipping. The usage of the existing cargo carrying capacity can be maximized, and the share of time used in actual transportation operations could be increased if the whole transportation and logistics chain was optimized with the aid of information sharing done through a centralized marketplace and an information-sharing platform. The outcome of this change would be decreased carbon dioxide emission volumes produced per each metric ton of cargo transported by a vessel. Cargo coordination is a platform under development that matches the need for waterborne transportation services with the ships that operate at a given moment in time. In this research, the transition towards adopting cargo coordination is modelled with system dynamics. The model encompasses the complex supply-demand relationships of ship operators and cargo owners. The built scenarios predict the pace at which different stakeholders start using the digitalized platform and by doing so reduce the amount of annual CO2 emissions generated. To improve the reliability of the results, various sensitivity analyses considering the pace of transition as well as the overall impact on the environment (carbon dioxide emissions per amount of cargo transported) are conducted. The results of the study can be used to support investors and politicians in decision making towards more environmentally sustainable solutions. In addition, the model provides concepts and ideas for a wider discussion considering the paths towards carbon neutral transportation.

Keywords: carbon dioxide emissions, energy efficiency, sustainable transportation, system dynamics

Procedia PDF Downloads 147

Authors: Hassan Y. Kikhia, Jin P. Zhang, Khaldoon G. Albiatr

Abstract:

The Enron and Arthur Andersen scandal has raised concerns internationally about auditor independence and audit quality. Furthermore, the debate continues about the relationship between audit fees, auditor tenure and audit quality in spite of extensive empirical evidence examining audit failures and earnings management. Therefore, the purpose of current research is to determine the effect of audit fee and audit tenure both partially and simultaneously on the audit quality. Using a sample of Chinese firms, an environment where we believe it provides us with an opportunity to test whether the development of market and legal institutions affects the impact of audit fees and auditor tenure on audit quality. We employ the standard deviation of residuals from regressions relating current accruals to cash flows as proxy for audit quality. The paper documents statistically significant negative association between audit fees and audit quality. These findings are consistent with economic bonding being a determinant of auditor behavior rather than auditor reputational concerns. Further, the current paper shows a positive association between auditor tenure and audit quality in the earlier years of audit tenure. These results support the proposition that when the Learning Effect dominates the Bonding Effect in the earlier years of tenure, then audit quality is likely to be higher. Taken audit fees and audit tenure together, the results suggest that there is positive association between audit fees and audit quality in the earlier years of auditor tenure. Interestingly, the findings of our study have important implications for auditors, policymakers, multinational firms, and users of financial reports. As the rapid growth of China's economy gains global recognition, the Chinese stock market is capturing the attention of international investors. To a lesser extent, our paper also differs from the prior studies in methodology and findings in the investigation of audit quality.

Keywords: audit quality, accruals quality, audit fees, auditor tenure

Procedia PDF Downloads 281

Authors: Stephens Oluyemi Adetunji, Nel Norma Margaret, Krogs Sozein

Abstract:

There has been a shift in the role of sports from being a form of entertainment and relaxation to becoming a huge business concern and high money spinning venture. This shift has placed a greater demand on sport coaches as regards expectations for high performance from investors as well as other stake holders. The responsibility of sports coaches in ensuring high performance of sports men and women has become increasingly more demanding from both spectators and sports organisers. Coaches are leaders who should possess soft skills such as emotional intelligence aside from employing skills and drills to ensure high performance of athletes. This study is, therefore, designed to determine the emotional intelligence of sports coaches in South Africa. An assessment of the emotional intelligence of sports coaches would enable the researchers to identify those who have low emotional intelligence and to design an intervention program that could improve their emotional intelligence. This study will adopt the pragmatic world view of research using the mixed methods research design of the quantitative and qualitative approach. The non-probability sampling technique will be used to select fifty sports coaches for the quantitative study while fifteen sports coaches will be purposively selected for the qualitative study. One research question which seeks to ascertain the level of emotional intelligence of sports coaches will be raised to guide this study. In addition, two research hypotheses stating that there will be no significant difference in the level of emotional intelligence of sports coaches on the basis of gender and type of sports will be formulated and statistically analysed at 0.05 level of significance. For the quantitative study, an emotional intelligence test will be used to measure the emotional intelligence of sport coaches. Focus group interviews and open ended questions will be used to obtain the qualitative data. Quantitative data obtained will be statistically analysed using the SPSS version 22.0 while the qualitative data will be analysed using atlas ti. Based on the findings of this study, recommendations will be made.

Keywords: emotional intelligence, high performance, sports coaches, South Africa

Procedia PDF Downloads 454

Authors: Obose Angela Oriazowanlan

Abstract:

The role of entrepreneurship in preventing poverty and mitigating other post-retirement challenges has been acknowledged to be crucial for effective post-retirement life management, but financial constraints could constitute a bane to pre-retirees’ entrepreneurial intentions. Therefore, the study determined the financial knowledge that could spur their intentions and readiness for a business start that could enable them to surmount post-retirement life challenges. Two research questions guided the study. The descriptive survey research design was adopted and the population comprised all the pre-retirees in universities in Edo State. 250 respondents were randomly selected using the simple random sampling technique from three purposive selected universities. Primary data were gathered through the use of a structured questionnaire, which was validated and tested to have a reliability coefficient value of 0.84. The descriptive statistics of mean and standard deviation were used to answer the research questions and test the respondents’ homogeneity. The findings revealed, among others, that the respondents perceived the benefits of entrepreneurship-business startups to ensure their effective post-retirement life management but intended to rely totally on their retirement savings benefits with the Contributory Pension Scheme (CPS) for business startups. Based on the findings, it was recommended, among others, that pre-retirees should make contingency savings plans and that the employers and government should provide them with financial education in order to acquaint them with relevant financial knowledge to access other forms of business financing such as loans, bank overdraft, angel investors, venture capital and government grants among others prior to final disengagement.

Keywords: financial knowledge, entrepreneurial intentions, availability of business funds, business investment and fulfilled post-retirement living.

Procedia PDF Downloads 54

Authors: Elvin Çomo, Edlira Tako, Albana Hasimi, Rrapo Ormeni, Olger Gjuzi, Mirela Ndrita

Abstract:

In Albania, only low enthalpy geothermal springs and wells are known, the temperatures of some of them are almost at the upper limits of low enthalpy, reaching over 60°C. These resources can be used to improve the country's energy balance, as well as for profitable economic purposes. The region of Elbasan has the greatest geothermal energy potential in Albania. This bass is one of the most popular and used in our country. This area is a surface with a number of sources, located in the form of a chain, in the sector between Llixha and Hidraj and constitutes a thermo-mineral basin with stable discharge and high temperature. The sources of Elbasan Springs, with the current average flow of thermo mineral water of 12-18 l/s and its temperature 55-65oC, have specific reserves of 39.6 GJ/m2 and potential power to install 2760 kW. For the assessment of physico-chemical parameters and heavy metals, water samples were taken at 5 monitoring stations throughout the year 2022. The levels of basic parameters were analyzed using ISO, EU and APHA 21-th edition standard methods. This study presents the current state of the physico-chemical parameters of this thermal basin, the evaluation of these parameters for curative activities and for industrial processes, as well as the integrated utilization of geothermal energy. Possibilities for using thermomineral waters for heating homes in the area around them or even further, depending on the flow from the source or geothermal well. Sensitization of Albanian investors, medical research and the community for the high economic and curative effectiveness, for the integral use of geothermal energy in this area and the development of the tourist sector. An analysis of the negative environmental impact from the use of thermal water is also provided.

Keywords: geothermal energy, Llixha, physic-chemical parameters, thermal water

Procedia PDF Downloads 138

Authors: Radek Richtr, Petr Pauš

Abstract:

Social media nowadays connects people more tightly and intensively than ever, but simultaneously, some sort of social distance, incomprehension, lost of social integrity appears. People can be strongly connected to the person on the other side of the world but unaware of neighbours in the same district or street. The Stoa is a type of application from the ”serious games” genre- it is research augmented reality experiment masked as a gaming environment. In the Stoa environment, the player can plant and grow virtual (organic) structure, a Pillar, that represent the whole suburb. Everybody has their own idea of what is an acceptable, admirable or harmful visual intervention in the area they live in; the purpose of this research experiment is to find and/or define residents shared subconscious spirit, genius loci of the Pillars vicinity, where residents live in. The appearance and evolution of Stoa’s Pillars reflect the real world as perceived by not only the creator but also by other residents/players, who, with their actions, refine the environment. Squares, parks, patios and streets get their living avatar depictions; investors and urban planners obtain information on the occurrence and level of motivation for reshaping the public space. As the project is in product conceptual design phase, the function is one of its most important factors. Function-based modelling makes design problem modular and structured and thus decompose it into sub-functions or function-cells. Paper discuss the current conceptual model for Stoa project, the using of different organic structure textures and models, user interface design, UX study and project’s developing to the final state.

Keywords: augmented reality, urban computing, interaction design, mixed reality, social engineering

Procedia PDF Downloads 228

Authors: Vladimir Sharapaev

Abstract:

This paper seeks to address the question of the authorship of copyrighted works created solely by the artificial intelligence or with the use thereof, and proposes possible interpretational or legislative solutions to the problems arising from the plurality of the persons potentially involved in the ultimate creation of the work and division of tasks among such persons. Being based on the commonly accepted assumption that a copyrighted work can only be created by a natural person, the paper does not deal with the issues regarding the creativity of the artificial intelligence per se (or the lack thereof), and instead focuses on the distribution of the intellectual property rights potentially belonging to the creators of the artificial intelligence and/or the creators of the content used for the formation of the copyrighted work. Moreover, the technical development and rapid improvement of the AI-based programmes, which tend to be reaching even greater independence on a human being, give rise to the question whether the initial creators of the artificial intelligence can be entitled to the intellectual property rights to the works created by such AI at all. As the juridical practice of some European courts and legal doctrine tends to incline to the latter opinion, indicating that the works created by the AI may not at all enjoy copyright protection, the questions of authorships appear to be causing great concerns among the investors in the development of the relevant technology. Although the technology companies dispose with further instruments of protection of their investments, the risk of the works in question not being copyrighted caused by the inconsistency of the case law and a certain research gap constitutes a highly important issue. In order to assess the possible interpretations, the author adopted a doctrinal and analytical approach to the research, systematically analysing the European and Czech copyright laws and case law in some EU jurisdictions. This study aims to contribute to greater legal certainty regarding the issues of the authorship of the AI-created works and define possible clues for further research.

Keywords: artificial intelligence, copyright, authorship, copyrighted work, intellectual property

Procedia PDF Downloads 122

Authors: Ali Alsawayeh, Ibrahim Eldanfour

Abstract:

This paper examines the extent of disclosure of oil and gas reserve quantum in annual reports of international oil and gas exploration and production companies, particularly companies in untested international markets, such as Canada, the UK and the US, and seeks to determine the underlying factors that affect the level of disclosure on oil reserve quantum. The study is concerned with the usefulness of disclosure of oil and gas reserves quantum to investors and other users. Given the primacy of the annual report (10-k) as a source of supplemental reserves data about the company and as the channel through which companies disseminate information about their performance, the annual reports for one year (2009) were the central focus of the study. This comparative study seeks to establish whether differences exist between the sample companies, based on new disclosure requirements by the Securities and Exchange Commission (SEC) in respect of reserves classification and definition. The extent of disclosure of reserve is provided and compared among the selected companies. Statistical analysis is performed to determine whether any differences exist in the extent of disclosure of reserve under the determinant variables. This study shows that some factors would affect the extent of disclosure of reserve quantum in the above-mentioned countries, namely: company’s size, leverage and quality of auditor. Companies that provide reserves quantum in detail appear to display higher size. The findings also show that the level of leverage has affected companies’ reserves quantum disclosure. Indeed, companies that provide detailed reserves quantum disclosure tend to employ a ‘high-quality auditor’. In addition, the study found significant independent variable such as Profit Sharing Contracts (PSC). This factor could explain variations in the level of disclosure of oil reserve quantum between the contractor and host governments. The implementation of SEC oil and gas reporting requirements do not enhance companies’ valuation because the new rules are based only on past and present reserves information (proven reserves); hence, future valuation of oil and gas companies is missing for the market.

Keywords: comparison, company characteristics, disclosure, reserve quantum, regulation

Procedia PDF Downloads 405