Search results for: global crisis

Authors: Karolina Patora

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This article investigates liquidity risk management by banks, which has gained significant importance since the global financial crisis of 2008. The issue is of particular interest for countries like Poland, in which foreign capital plays a dominant role. Such an ownership structure poses certain risks to the local banking sector, which faces an increased probability of the withdrawal of funding or assets’ transfers abroad in case of a crisis. Both these factors can have a detrimental influence on the liquidity position of foreign-owned banks and hence negatively affect the financial stability of the whole banking sector. The aim of this study is to evaluate the impact of a dominating share of foreign investors in the Polish banking sector on the liquidity position of commercial banks. The study hypothesizes that the ownership structure of the Polish banking sector, in which there are banks predominantly controlled by foreign investors, does not pose a threat to the liquidity position of Polish banks. A supplementary research hypothesis is that the liquidity risk profile of foreign-owned banks differs from that of domestic banks. The sample consists of 14 foreign-owned banks and 5 domestic banks owned by local investors, which together constitute approximately 87% of the banking sector’s assets. The data covers the period of 2004–2014. The results of the regression models show no evidence of significant differences in terms of the dynamics of changes of the liquidity buffers between the foreign-owned and domestic banks, although the signs of the coefficients might suggest that the foreign-owned banks were decreasing the holdings of liquid assets at a slower pace over the examined period, compared to the domestic banks. However, no proof of the statistical significance of these findings has been found. The supplementary research hypothesis that the liquidity risk profile of foreign-controlled banks differs from that of domestic banks was rejected.

Keywords: foreign-owned banks, liquidity position, liquidity risk, financial stability

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Authors: Ramin Barati, Atefeh Salemi

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In Victorian era, the society had been surrounded by extreme class ranking in order to identify the people of the classes and to intensify power relationships due to the growth of industry in Charles Dickens's (1812-1870) Great Expectations (2003) in which he illustrates the clash and dichotomy in the 19th century London. The classes in Victorian period have socially divided the population into two parts, the lower and the upper class of the community. In such a panopticon society, the major character Pip was the best example of the working class who was under the domination of violence, malice, and abuse of Miss Havisham as a member of the ruling class in order to take revenge on her failures. The conflict and disunity represented in vindictiveness and the sense of revenge applied by Miss Havisham against his victim Pip, made him experience alienation and eventually suffer from identity crisis. This paper considers New Historicism based on the theories of the French critic Michel Foucault (1926-1984). The social concept, panopticism, was called after the panopticon society, basically elaborated by Foucault in his book Discipline and Punish (1975) and he considers the panopticon as a sign of punitive community of surveillance. This paper evaluates the problems of a dual society to show that the people of the lower class are under the domination of capitalist society.

Keywords: class, identity crisis, violence, panoptic society, domination

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Authors: Saud Al Taj

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Employer branding is considered as a useful tool for addressing the global-local problem facing complex organisations that have operations scattered across the globe and face challenges of dealing with the local environment alongside. Despite being an established field of study within the Western developed world, there is little empirical evidence concerning the relevance of employer branding to global companies that operate in the under-developed economies. This paper fills this gap by gaining rich insight into the implementation of employer branding programs in a foreign multinational operating in Pakistan dealing with the global-local problem. The study is qualitative in nature and employs semi-structured and focus group interviews with senior/middle managers and local frontline employees to deeply examine the phenomenon in case organisation. Findings suggest that authenticity is required in employer brands to enable them to respond to the local needs thereby leading to the resolution of the global-local problem. However, the role of signaling theory is key to the development of authentic employer brands as it stresses on the need to establish an efficient and effective signaling environment wherein signals travel in both directions (from signal designers to receivers and backwards) and facilitate firms with the global-local problem. The paper also identifies future avenues of research for the employer branding field.

Keywords: authenticity, counter-signals, employer branding, global-local problem, signaling theory

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Authors: Levan Sabauri

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In this paper, we discuss the deteriorated standing of engineering companies, some of the reasons behind it and the problems facing engineering enterprises during the financial crisis. We show the part that financial analysis plays in the detection of the main factors affecting the standing of a company, classify internal problems and the reasons influencing efficiency thereof. The publication contains the analysis of municipal engineering companies in post-Soviet transitional economies. In the wake of the 2008 world financial crisis the issue became even more poignant. It should be said though that even before the problem had been no less acute for some post-Soviet states caught up in a lengthy transitional period. The paper highlights shortcomings in the management of transportation companies, with new, more appropriate methods suggested. In analyzing the financial stability of a company, three elements need to be considered: current assets, investment policy and structural management of the funding sources leveraging the stability, should be focused on. Inappropriate management of the three may create certain financial problems, with timely and accurate detection thereof being an issue in terms of improved standing of an enterprise. In this connection, the publication contains a diagram reflecting the reasons behind the deteriorated financial standing of a company, as well as a flow chart thereof. The main reasons behind low profitability are also discussed.

Keywords: efficiency, financial management, financial analysis funding structure, financial sustainability, investment policy, profitability, solvency, working capital

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Authors: M. S. Riyazulla

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Since the dawn of the 21st century, there has been a perceptible decline in Islamic supremacy in world affairs, apart from the gradual waning of the amiable relations and relevance of Islamic countries in the International political arena. For a long, Islamic countries have been marginalised by the superpowers in the global conflicting issues. This was evident in the context of their recent invasions and interference in Afghanistan, Syria, Iraq, and Libya. The leading International Islamic organizations like the Arab League, Organization of Islamic Cooperation, Gulf Cooperation Council, and Muslim World League did not play any prominent role there in resolving the crisis that ensued due to the exogenous and endogenous causes. Hence, there is a need for Islamic countries to create a credible International Islamic organization that could dictate its terms and shape a new Islamic world order. The prominent Islamic countries are divided on ideological and religious fault lines. Their concord is indispensable to enhance their image and placate the relations with other countries and communities. The massive boon of oil and gas could be synergistically utilised to exhibit their omnipotence and eminence through constructive ways. The prevailing menace of Islamophobia could be abated through syncretic messages, discussions, and deliberations by the sagacious Islamic scholars with the other community leaders. Presently, as Muslims are at a crossroads, a dynamic leadership could navigate the agitated Muslim community on the constructive path and herald political stability around the world. The present political disorder, chaos, and economic challenges necessities a paradigm shift in approach to worldly affairs. This could also be accomplished through the advancement in science and technology, particularly space exploration, for peaceful purposes. The Islamic world, in order to regain its lost preeminence, should rise to the occasion in promoting peace and tranquility in the world and should evolve a rational and human-centric solution to global disputes and concerns. As a splendid contribution to humanity and for amicable international relations, they should devote all their resources and scientific intellect towards space exploration and should safely transport man from the Earth to the nearest and most accessible cosmic body, the Moon, within one hundred years as the mankind is facing the existential threat on the planet.

Keywords: carboniferous period, Earth, extinction, fossil fuels, global leaders, Islamic glory, international order, life, marginalization, Moon, natural catastrophes

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Authors: Neelam Kadyan

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Global environmental change is happening at an alarming rate in the present world. Floods, Tsunamis’, Avalanches, Change in Weather patterns, Rise in sea temperature, Landslides, are only few evidences of this change. To regulate such alarming growth of global change in environment certain regulatory system or mechanism is required. Nuisance,negligence,absolute liability,strict liability and trespass are some of the effective common law principles which are helpful in environmental problems. What we need today is sufficient law and adequate machinery to enforce the legal standards. Without law environmental standards cannot be enforced and once again there is need to adopt the common law approach in solving the problem of environmental change as through this approach the affected person can get compensation and as the same time it puts check on wrongdoer.

Keywords: global environmental problems, nuisance, negligence, trespass, strict liability, absolute liability

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Authors: Remy Jonkam Oben

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Using a time series approach, this study investigates how natural resources impact financial development from a global perspective over the 1980-2019 period. Some important determinants of financial development (economic growth, trade openness, population growth, and investment) have been added to the model as control variables. Unit root tests have revealed that all the variables are integrated into order one. Johansen's cointegration test has shown that the variables are in a long-run equilibrium relationship. The vector error correction model (VECM) has estimated the coefficient of the error correction term (ECT), which suggests that the short-run values of natural resources, economic growth, trade openness, population growth, and investment contribute to financial development converging to its long-run equilibrium level by a 23.63% annual speed of adjustment. The estimated coefficients suggest that global natural resource rent has a statistically-significant negative impact on global financial development in the long-run (thereby validating the financial resource curse) but not in the short-run. Causality test results imply that neither global natural resource rent nor global financial development Granger-causes each other.

Keywords: financial development, natural resources, resource curse hypothesis, time series analysis, Granger causality, global perspective

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Authors: Candice Lemaitre

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During the 1990s, an alliance of international intergovernmental and non-governmental organizations proposed a set of regulatory norms designed to reduce corruption. Many governments in developing countries, such as Vietnam, enacted these global anti-corruption norms into their domestic law. This article draws on empirical research to understand why these anti-corruption norms have failed to reduce corruption in Vietnam and many other developing countries. Rather than investigating state compliance with global anti-corruption provisions, a topic that has already attracted considerable attention, this article aims to explore the comparatively under-researched area of business compliance. Based on data collected from semi-structured interviews with business managers in Vietnam and archival research, this article examines how businesses in Vietnam interpret and comply with global anti-corruption norms. It investigates why different types of companies in Vietnam engage with and respond to these norms in different ways. This article suggests that global anti-corruption norms have not been effective in reducing corruption in Vietnam because there is fragmentation in the way companies in Vietnam interpret and respond to these norms. This fragmentation results from differences in the epistemic (or interpretive) communities that companies draw upon to interpret global anti-corruption norms. This article uses discourse analysis to understand how the communities interpret global anti-corruption norms. This investigation aims to generate some predictive insights into how companies are likely to respond to anti-corruption regimes based on global anti-corruption norms.

Keywords: anti-corruption, business law, legal transfer, Vietnam

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Authors: Ilias A. Makris

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In this work, we attempt to associate firm characteristics with innovative activity. We collect microdata from listed firms of selected Eurozone Country-members, after the beginning of 2007 financial crisis. The following literature, several indicators of growth and performance were selected and tested for their ability to interpret innovative activity. The main scope is to examine the possible differences in performance and growth between innovative and non-innovative firms, during a severe recession. Additionally to that, a special focus will be held on whether macroeconomic performance and national innovation system, determines the extent of innovators' performance. Preliminary findings, through correlation matrices and non-parametric tests, strongly indicate the positive relation between innovative activity and most of the measures used (profitability, size, employment), confirming that even during a recessionary period, innovative firms not only survive but also seem to succeed better economic results in almost all indexes relative to non-innovative. However, even though innovators seem to perform better in all economies examined, the extent of that performance seems to be strongly affected by the supportive mechanisms (financial and structural) that their country provides. Thus, it is clear, that the technologically intensive 'gap' between European South and North, during the economic crisis, became chaotic, due to the harsh austerity measures and reduced budgets in those countries, even in sectors with high potentials in economic activity and employment, impairing the effects of crisis and enhancing the vicious circle of recession.

Keywords: eurozone, innovative activity, development, firm performance, non-parametric tests

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Authors: Ketevan Kokrashvili, Rusudan Kutateladze, Nino Pailodze

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Importance of management of legal entities under private law of which especially corporate management, as well as looking for ways of its improvement and perfection has become especially relevant in the twenty-first century, which was greatly contributed to by the global economic crisis. Some states have adopted Corporate Governance Codes; the European Union has set to work on a series of directives the main purpose of which is an improvement of corporate governance, provision of greater transparency and implementation of an effective control mechanism. This process is not yet completed, and various problematic issues associated with management of legal persons are still being debated among practitioner experts and scholars. Georgia is not an exception in this regard. The article discusses the legislative gaps, and in some cases, discrepancies having arisen in legal relationships under private law and having caused many practical problems. This especially applies to the management of capital companies.

Keywords: business entities, corporate management, capital public management, existing problems, legal discrepancies

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Authors: Helen J. Spray, Karina J. Linnell

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Local-global bias in adulthood is strongly dependent on environmental factors and a global bias is not the universal characteristic of adult perception it was once thought to be: whilst Western adults typically demonstrate a global bias, Namibian adults living in traditional villages possess a strong local bias. Furthermore, environmental effects on local-global bias have been shown to be highly gender-specific; whereas urbanisation promoted a global bias in urbanised Namibian women but not men, education promoted a global bias in urbanised Namibian men but not women. Adult populations, however, provide only a snapshot of the gene-environment interactions which shape perceptual bias. Yet, to date, there has been little work on the development of local-global bias across environmental settings. In the current study, local-global bias was assessed using a similarity-matching task with Navon figures in children aged between 4 and 15 years from across three populations: traditional Namibians, urban Namibians, and urban British. For the two Namibian groups, measures of urbanisation and education were obtained. Data were subjected to both between-group and within-group analyses. Between-group analyses compared developmental trajectories across population and gender. These analyses revealed a global bias from even as early as 4 in the British sample, and showed that the developmental onset of a global bias is not fixed. Urbanised Namibian children ultimately developed a global bias that was indistinguishable from British children; however, a global bias did not emerge until much later in development. For all populations, the greatest developmental effects were observed directly following the onset of formal education. No overall gender effects were observed; however, there was a significant gender by age interaction which was difficult to reconcile with existing biological-level accounts of gender differences in the development of local-global bias. Within-group analyses compared the effects of urbanisation and education on local-global bias for traditional and urban Namibian boys and girls separately. For both traditional and urban boys, education mediated all effects of age and urbanisation; however, this was not the case for girls. Traditional Namibian girls retained a local bias regardless of age, education, or urbanisation, and in urbanised girls, the development of a global bias was not attributable to any one factor specifically. These results are broadly consistent with aforementioned findings that education promoted a global bias in urbanised Namibian men but not women. The development of local-global bias does not follow a fixed trajectory but is subject to environmental control. Understanding how variability in the development of local-global bias might arise, particularly in the context of gender, may have far-reaching implications. For example, a number of educationally important cognitive functions (e.g., spatial ability) are known to show consistent gender differences in childhood and local-global bias may mediate some of these effects. With education becoming an increasingly prevalent force across much of the developing world it will be important to understand the processes that underpin its effects and their implications.

Keywords: cross-cultural, development, education, gender, local-global bias, perception, urbanisation, urbanization

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Authors: Zarina Othman, Bakri Mat, Aini Fatihah Roslam

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The Burmese ethnic known as Rohingya is one of the world’s most persecuted ethnic minorities on earth. They have been massacred, discriminated, humiliated, gang-raped, trafficked, abused and neglected. More than one million Rohingyas have been displaced internally and overseas. Currently, Rohingya asylum seekers can be found in India, Bangladesh, Thailand, Malaysia, and Indonesia. This forced migration is unacceptable since the Rohingya are stateless although they have been part of Myanmar for more than one century. Why the Rohingyas crisis is important to be analyse from human security perspectives? Understanding the human security of the Rohingya is important because the crisis may have implication on the regional stability in South and South-East Asia. The objectives of the research are to provide an explanation to the current human security situation in Myanmar, to analyse the regional implication of the Rohingya’s crisis and to recommend the workable solution that may help to reduce the tension. To analyze and demonstrate the case, the research has adopted the BAGHUS or Bangi Human Security Approach, a Southeast Asian human security model, designed to protect the weakest and the vital core of human life across national borders. Based on a qualitative research, and a review of literature from secondary sources of books, reports and academic journals, the research has conducted interviews with 1) Rohingya respondents in Cox’s Baza in February 2017; 2) experts and scholars in the field in Bangladesh, Myanmar and Malaysia. Preliminary findings suggest that conflicts lead to displacement and migration across borders, human insecurity is an issue where the implementation of human rights is too slow to take place even in sovereign state like Myanmar. The political and economic interests of many extraregional powers have further contributed to the current crisis. Human security perspectives is suggested as the workable solution for stability and peace in the region.

Keywords: human security, migration, Myanmar, regional security, Rohingya

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Authors: M. M. Muhammed, O. Khuzaima

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This research examined and outlined some of the challenges facing Islam and Muslims in the 21^st century, considering global Islamic representation and knowledge acquisition as key objectives. It was observed that the Western media misrepresentation of Islam and the Western ethos embodied by the acquisition of western civilisation are major challenges faced by Islam and Muslims today. The problem of sectarianism, decline in the socio-economic power of Muslim communities and the archaic nature of the Islamic creed were recorded as major actors to the evolving global Islamic issues. It was therefore concluded that Islam is not the reason for these challenges, rather the action of some Muslims and non-Muslims were the contributing factors to the pandemics faced by Islam and Muslims. Some relevant recommendations were made to the Islamic world that could serve as effectual solutions to these lingering problems.

Keywords: Islam, challenges, representation, knowledge, century, global, twenty-first

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Authors: Hasan S. Mahmoud, Salwa M. Beheiry, Vian Ahmed

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In light of the repercussions of the 2008 global economic crisis, the response of the United Arab Emirates economy and growth, and the vast construction activities that are undergoing, there is a need to investigate the relationship between construction activities and the Gross Domestic Product (GDP). This study aims to investigate the causality relationship between the construction industry in the United Arab Emirates and the GDP of the country in the last decade. For that, this study will investigate the relationship between the growth of the GDP and the growth of construction activities and their value addition to the economy. To ascertain this relationship, Granger Causality method is used to identify the causality between the time-dependent series.

Keywords: construction value addition, Granger causality, growth of gross domestic product, United Arab Emirates

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Authors: Jorge Sandoval Lezama, Arturo Ivan Sandoval Rodriguez, Jose Arturo Correa Arredondo

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This work aims to share innovative educational experiences at IPN Mexico, that involve collaborative learning at institutional and global level through course competition and global collaboration projects. Students from universities in China, USA, South Korea, Canada and Mexico collaborate to design electric vehicles to solve global urban mobility problems. The participation of IPN students in the 2015-2016 global competition (São Paolo, Brazil and Cincinnati, USA) Reconfigurable Shared-Use Mobility Systems allowed to apply pedagogical strategies of groups of collaboration and of learning based on projects where they shared activities, commitments and goals, demonstrating that students were motivated to develop / self-generate their knowledge with greater meaning and understanding. One of the most evident achievements is that the students are self-managed, so the most advanced students train the students who join the project with CAD, CAE, CAM tools. Likewise, the motivation achieved is evident since in 2014 there were 12 students involved in the project, and there are currently more than 70 students.

Keywords: collaboration projects, global competency, course competition, active learning

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Authors: Mpai Mokoena, Nsenda Lukumwena

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South Africa is one of the driest countries in the world and is facing a water crisis. In addition to inadequate infrastructure and poor planning, the country is experiencing high rates of water wastage due to pipe leaks. This study outlines the level of water wastage and develops a smart solution to efficiently manage and reduce the effects of pipe leaks, while monitoring the situation before and after fixing the pipe leaks. To understand the issue in depth, a literature review of journal papers and government reports was conducted. A questionnaire was designed and distributed to the general public. Additionally, the municipality office was contacted from a managerial perspective. The analysis from the study indicated that the majority of the citizens are aware of the water crisis and are willing to participate positively to decrease the level of water wasted. Furthermore, the response from the municipality acknowledged that more practical solutions are needed to reduce water wastage, and resources to attend to pipe leaks swiftly. Therefore, this paper proposes a specific solution for municipalities, local plumbers and citizens to minimize the effects of pipe leaks. The solution provides web and mobile application platforms to report and manage leaks swiftly. The solution is beneficial to the country in achieving water security and would promote a culture of responsibility toward water usage.

Keywords: urban distribution networks, leak management, mobile application, responsible citizens, water crisis, water security

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Authors: Yiorgos Hadjichristou

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The paper will focus on the hybrid living typologies which are brought about due to the Global Crisis. Mixing of the generations and the groups of people, mingling the functions of living with working and socializing, merging the act of living in synergy with the urban realm and its constituent elements will be the springboard of proposing an essential sustainable housing approach and the respective urban development. The thematic will be based on methodologies developed both on the academic, educational environment including participation of students’ research and on the practical aspect of architecture including case studies executed by the author in the island of Cyprus. Both paths of the research will deal with the explorative understanding of the hybrid ways of living, testing the limits of its autonomy. The evolution of the living typologies into substantial hybrid entities, will deal with the understanding of new ways of living which include among others: re-introduction of natural phenomena, accommodation of the activity of work and services in the living realm, interchange of public and private, injections of communal events into the individual living territories. The issues and the binary questions raised by what is natural and artificial, what is private and what public, what is ephemeral and what permanent and all the in-between conditions are eloquently traced in the everyday life in the island. Additionally, given the situation of Cyprus with the eminent scar of the dividing ‘Green line’ and the waiting of the ‘ghost city’ of Famagusta to be resurrected, the conventional way of understanding the limits and the definitions of the properties is irreversibly shaken. The situation is further aggravated by the unprecedented phenomenon of the crisis on the island. All these observations set the premises of reexamining the urban development and the respective sustainable housing in a synergy where their characteristics start exchanging positions, merge into each other, contemporarily emerge and vanish, changing from permanent to ephemeral. This fluidity of conditions will attempt to render a future of the built- and unbuilt realm where the main focusing point will be redirected to the human and the social. Weather and social ritual scenographies together with ‘spontaneous urban landscapes’ of ‘momentary relationships’ will suggest a recipe for emerging urban environments and sustainable living. Thus, the paper will aim at opening a discourse on the future of the sustainable living merged in a sustainable urban development in relation to the imminent solution of the division of island, where the issue of property became the main obstacle to be overcome. At the same time, it will attempt to link this approach to the global need for a sustainable evolution of the urban and living realms.

Keywords: social ritual scenographies, spontaneous urban landscapes, substantial hybrid entities, re-introduction of natural phenomena

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Authors: Tatia Tavkhelidze

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The European agenda on multiculturalism has undermined Muslim communities through cultural repulsion. Muslims have been labeled as primitive and dangerous people. They experience discrimination at university, workplace, or in the public sphere on a daily basis. Keeping this in view, the proposed research argues that the coining of Muslimness as a problem in modern European societies indicates the crisis of multiculturalism and it could be explained by the anthropological theory of cultural othering. To prove this assumption, the research undertakes a content analysis of modern policy discourse about Muslims and Islam in different European countries (e.g. France, Austria, Denmark, and Hungary). It focuses on the speech of populist politicians, right-wing party leaders and state officials. The research findings are of great significance as they elucidate that the European societies forgot to respect their own values of toleration, religious liberty and democracy; and undermine the European motto 'unity in diversity.

Keywords: assimilation, islamophobia, multiculturalism, populism

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Authors: Denise Muro

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Conflict in Syria, producing over 11 million displaced persons, has incited global attention to displacement. Although neighboring countries have borne the largest part of the displacement burden, due to the influx of refugees into Europe, the so-called ‘refugee crisis’ is taking place on two fronts: Syria’s neighboring countries, with millions of refugees, and Europe, a destination goal for so many that European states face unprecedented challenges. With increasing attention to displacement, forcibly displaced persons are consistently portrayed as either un-agentic victims, or as dangerous free agents. Recognizing that these dominant portrayals involve discourses of power and inequality, this research investigates the extent to which this victim-agent dichotomy affects refugees and organizations that work closely with them during initial integration processes in Berlin, Germany. The research measures initial integration based on German policy measures regarding integration juxtaposed with the way refugees and those who work with them understand integration. Additionally, the study examines day-to-day interactions of refugees in Germany as a way to gauge social integration in a bottom-up approach. This study involved a discourse analysis of portrayals of refugees and participant observation and interviews with refugees and those who work closely with them, which took place during fieldwork in Berlin in the summer of 2016. Germany is unique regarding their migration history and lack of successful integration, in part due to the persistent refrain, ‘Wir sind kein einwanderungsland’ (‘We are not an immigration country’). Still, their accepted asylum seeker population has grown exponentially in the past few years. Findings suggest that the victim-agent dichotomy is present and impactful in the process of refugees entering and integrating into Germany. Integration is hindered due to refugees either being patronized or criminalized to such an extent that, despite being constantly told that they must integrate, they cannot become part of German society.

Keywords: discourse analysis, Germany, integration, refugee crisis

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Authors: N. W. Paul, M. Banerjee

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Discussing the nexus between global health policy and local practices, this article addresses the recent Ebola outbreak as a role model for narrative co-constructions of epidemic risk. We will demonstrate in how far a theory-driven and methodologically rooted analysis of narrativity can help to improve mechanisms of prevention and intervention whenever epidemic risk needs to be addressed locally in order to contribute to global health. Analyzing the narrative transformation of Ebola, we will also address issues of transcultural problem-solving and of normative questions at stake. In this regard, we seek to contribute to a better understanding of a key question of global health and justice as well as to the underlying ethical questions. By highlighting and analyzing the functions of narratives, this paper provides a translational approach to refine our practices by which we address epidemic risk, be it on the national, the transnational or the global scale.

Keywords: ebola, epidemic risk, medical ethics, medical humanities

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Authors: Syafril Hendrik Hutabarat, Hartiwiningsih, Pujiyono Suwadi

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The Financial Service Authority (FSA) was formed as a response to the 1997 monetary crisis and the 2008 financial crisis so that it was more defensive in nature while developments in information and communication technology have required state policies to be more offensive to keep up with times. Reconstruction of Authorities of the FSA's Investigator is intended to keep the agency worthy to be part of an integrated criminal justice system in Indonesia which has implications for expanding its authority in line with efforts to protect and increase the welfare of the people. The results show that internal synergy between sub-sectors in the financial services sector is not optimised, some are even left behind so that the FSA is not truly an authority in the financial services sector. This research method is empirical. The goal of synergy must begin with internal synergy which has its moment when Indonesia gets a demographic bonus in the 2030s and becomes an international logistics hub supported by the national financial services sector.

Keywords: reconstruction, authorities, FSA investigators, synergy, demography

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Authors: Sherine A. El Baradei

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Global warming and climatic change are very important topics that are being studied and investigated nowadays as they have lots of diverse impacts on mankind, water quality, aquatic life, wildlife,…etc. Also, many water and hydraulics structures like dams and barrages are being built every day to satisfy water consumption needs, irrigation purposes and power generating purposes. Each of global warming and water structures alone has diversity of impacts on water quality and aquatic life in rivers. This research is investigating the dual combined effect of both water structures and global warming on the water quality and aquatic life through mathematical modeling. A case study of the Esna Barrage on the Nile River in Egypt is being studied. This research study is taking into account the effects of both seasons; namely, winter and summer and their effects on air and hence water temperature of the Nile reach under study. To do so, the study is conducted on the last 23 years to investigate the effect of global warming and climatic change on the studied river water. The mathematical model is then combining the dual effect of the Esna barrage and the global warming on the water quality; as well as, on aquatic life of the Nile reach under study. From the results of the mathematical model, it could be concluded that the dual effect of water structures and global warming is very negative on the water quality and the aquatic life in rivers upstream those structures.

Keywords: aquatic life, barrages, climatic change, dissolved oxygen, global warming, river, water quality, water structures

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Authors: Engy Eissa, Dina M. Yousri

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COVID-19 has hit massively the world economy, financial markets and even societies’ livelihood. The infectious disease caused by the most recently discovered coronavirus was claimed responsible for a shrink in the global economy by 4.4% in 2020. Shortly after the first case in Wuhan was identified, a quick surge in the number of confirmed cases in China was evident and a vast spread worldwide is recorded with cases surpassing the 500,000 cases. Irrespective of the disease’s trajectory in each country, a call for immediate action and prompt government intervention was needed. Given that there is no one-size-fits-all approach across the world, a number of containment and adoption policies were embraced. It was starting by enforcing complete lockdown like China to even stricter policies targeted containing the spread of the virus, augmenting the efficiency of health systems, and controlling the economic outcomes arising from this crisis. Hence, this paper has three folds; first, it examines the impact of containment policies taken by governments on controlling the number of cases and deaths in the given countries. Second, to assess the ramifications of COVID-19 on financial markets measured by stock returns. Third, to study the impact of containment policies measured by the government response index, the stringency index, the containment health index, and the economic support index on financial markets performance. Using a sample of daily data covering the period 31st of January 2020 to 15th of April 2021 for the 10 most hit countries in wave one by COVID-19 namely; Brazil, India, Turkey, Russia, UK, USA, France, Germany, Spain, and Italy. The aforementioned relationships were tested using Panel VAR Regression. The preliminary results showed that the number of daily deaths had an impact on the stock returns; moreover, the health containment policies and the economic support provided by the governments had a significant effect on lowering the impact of COVID-19 on stock returns.

Keywords: COVID-19, government policies, stock returns, VAR

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Authors: Troy A. Tyre

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Organizational behavior and organizational change are elements of the ever-changing global business environment. Leadership and organizational behavior are 21st century disciplines. Network marketing organizations need to understand the ever-changing nature of global business and be ready and willing to adapt to the environment. Network marketing organizations have a challenge keeping up with a rapid escalation in global growth. Network marketing growth has been steady and global. Network marketing organizations have been slow to develop a 21st century global strategy to manage the rapid escalation of growth degrading organizational behavior, job satisfaction, increasing attrition, and degrading customer service. Development of an organizational behavior and leadership theory for the 21st century to help network marketing develops a global business strategy to manage the rapid escalation in growth that affects organizational behavior. Managing growth means organizational leadership must develop and adapt to the organizational environment. Growth comes with an open mind and one’s departure from the comfort zone. Leadership growth operates in the tacit dimension. Systems thinking and adaptation of mental models can help shift organizational behavior. Shifting the organizational behavior requires organizational learning. Organizational learning occurs through single-loop, double-loop, and triple-loop learning. Triple-loop learning is the most difficult, but the most rewarding. Tools such as theory U can aid in developing a landscape for organizational behavioral development. Additionally, awareness to espoused and portrayed actions is imperatives. Theories of motivation, cross-cultural diversity, and communications are instrumental in founding an organizational behavior suited for the 21st century.

Keywords: global, leadership, network marketing, organizational behavior

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Authors: A. A. Ghanim

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The Kingdom of Saudi Arabia (KSA) is heading towards a severe and rapidly expanding water crisis, which can have negative impacts on the country’s environment and economy. Of the total water consumption in KSA, the agricultural sector accounts for nearly 87% of the total water use and, therefore, any attempt that overlooks this sector will not help in improving the sustainability of the country’s water resources. KSA Vision 2030 gives priority of water use in the agriculture sector for the regions that have natural renewable water resources. It means that there is little concern for making reuse of municipal wastewater for irrigation purposes in any region in general and in water-scarce regions in particular. The use of treated wastewater is very limited in Saudi Arabia, but it has very considerable potential for future expansion due its numerous beneficial uses. This study reviews the current situation of water resources in Saudi Arabia, providing more highlights on agriculture and wastewater reuse. The reviewed study is proposing some corrective measures for development and better management of water resources in the Kingdom. Suggestions also include consideration of treated water as an alternative source for irrigation in some regions of the country. The study concluded that a sustainable solution for the water crisis in KSA requires implementation of multiple measures in an integrated manner. The integrated solution plan should focus on two main directions: first, improving the current management practices of the existing water resources; second, developing new water supplies from both conventional and non-conventional sources.

Keywords: Saudia Arabia, water resources, water crises, wastewater reuse

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Authors: Eleni Peristeri, Georgia Fotiadou, Ianthi-Maria Tsimpli

Abstract:

The local-global dimension has been studied extensively in healthy controls and preference for globally processed stimuli has been validated in both the visual and auditory modalities. Critically, the local-global dimension has an inherent interference resolution component, a type of cognitive control, and left-prefrontal-cortex-damaged (LPFC) individuals have exhibited inability to override habitual response behaviors in item recognition tasks that involve representational interference. Eight patients with damage in the left PFC (age range: 32;5 to 69;0. Mean age: 54;6 yrs) and twenty age- and education-matched language-unimpaired adults (mean age: 56;7yrs) have participated in the study. Distinct performance patterns were found between the language-unimpaired and the LPFC-damaged group which have mainly stemmed from the latter’s difficulty with inhibiting global stimuli in incongruent trials. Overall, the local-global attentional dimension affects LPFC-damaged individuals with non-fluent aphasia in non-language domains implicating distinct types of inhibitory processes depending on the level of processing.

Keywords: left lateral prefrontal cortex damage (LPFC), local-global non-language attention, representational interference, non-fluent aphasia

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Authors: Shamila Ahmed

Abstract:

The paper examines how the fluidity between the local level and the global level is an intrinsic feature of new terrorism. Through using cosmopolitanism, the narratives of the two opposing sides of ISIS and the ‘war on terrorism’ response are explored. It is demonstrated how the fluidity between these levels facilitates the radicalisation process through exploring how groups such as ISIS highlight the perceived injustices against Muslims locally and globally and therefore exploit the globalisation process which has reduced the space between these levels. Similarly, it is argued that the ‘war on terror’ involves the intersection of fear, security, threat, risk and social control as features of both the international ‘war on terror’ and intra state policies.

Keywords: terrorism, war on terror, cosmopolitanism, global level terrorism

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Authors: Joachim Monkelbaan, Marcia Hale

Abstract:

Now that global frameworks for sustainability governance (e.g. the Sustainable Development Goals, Paris Climate Agreement and Sendai Framework for Disaster Risk Reduction) are in place, the question is how these aspirations that represent major transitions can be put into practice. Water ‘infrasystems’ can play an especially significant role in strengthening regional sustainability. Infrasystems include both hard and soft infrastructure, such as pipes and technology for delivering water, as well as the institutions and governance models that direct its delivery. As such, an integrated infrasystems view is crucial for Integrative Water Management (IWM). Due to frequently contested ownership of and responsibility for water resources, these infrasystems can also play an important role in facilitating conflict and catalysing community empowerment, especially through participatory approaches to governance. In this paper, we analyze the water infrasystem of the Los Angeles region through the lens of global frameworks for sustainability governance. By complementing a solid overview of governance theories with empirical data from interviews with water actors in the LA metropolitan region (including NGOs, water managers, scientists and elected officials), this paper elucidates ways for this infrasystem to be better aligned with global sustainability frameworks. In addition, it opens up the opportunity to scrutinize the appropriateness of global frameworks when it comes to fostering sustainability action at the local level.

Keywords: governance, transitions, global frameworks, infrasystems

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Authors: Imen Latrous

Abstract:

Family firm is the most common form of business organization in the world. Many family businesses rely heavily on their own capital to finance their expansion. This dependence on internal funds for their investment may be deliberate to maintain the family dominant position or involuntary as family firms have limited access to external funds. Our understanding of family firm’s choice to fund their own growth using existing capital is somewhat limited. The aim of this paper is to study whether the presence of a controlling family in the company either mitigates or exacerbates external financing constraints. The impact of family ownership on investment–cash flow sensitivity is ultimately an empirical question. We use a sample of 406 Canadian firms listed in Toronto Stock exchange (TSX) over the period 2005–2014 in order to explore this relationship. We distinguish between three elements in the definition of family firms, specifically ownership, control and management, to explore the issue whether family firms are more efficient organisational form. Our research contributes to the extant literature on family ownership in several ways. First, as our understanding of family firm’s investment cash flow sensitivity is somewhat limited in recession times, we explore the effect of family firms on the relation between investment and cash flow during the recent 2007-2009 financial crisis. We also analyse this relationship difference between family firms and non family firms before and during financial crisis. Finally, our paper addresses the endogeneity problem of family ownership and investment-cash flow sensitivity.

Keywords: family firms, investment–cash flow sensitivity, financial crisis, corporate governance

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Authors: Ender Su, Kai Wen Wong, I-Ling Ju, Ya-Ling Wang

Abstract:

In this study, the systemic risk change of Taiwan’s banking sector is analyzed during the financial crisis. The risk expose of each financial institutions to the whole Taiwan banking systemic risk or vice versa under financial distress are measured by conditional Value-at-Risk (CoVaR) and conditional coherent expected shortfall (CoES). The CoVaR and CoES are estimated by using vector quantile autoregression (MVMQ-CaViaR) with the daily stock returns of each banks included domestic and foreign banks in Taiwan. The daily in-sample data covered the period from 05/20/2002 to 07/31/2007 and the out-of-sample period until 12/31/2013 spanning the 2008 U.S. subprime crisis, 2010 Greek debt crisis, and post risk duration. All banks in Taiwan are categorised into several groups according to their size of market capital, leverage and domestic/foreign to find out what the extent of changes of the systemic risk as the risk changes between the individuals in the bank groups and vice versa. The final results can provide a guidance to financial supervisory commission of Taiwan to gauge the downside risk in the system of financial institutions and determine the minimum capital requirement hold by financial institutions due to the sensibility changes in CoVaR and CoES of each banks.

Keywords: bank financial distress, vector quantile autoregression, CoVaR, CoES

Procedia PDF Downloads 353