Search results for: panel analysis
27598 The Impact of Digital Inclusive Finance on the High-Quality Development of China's Export Trade
Authors: Yao Wu
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In the context of financial globalization, China has put forward the policy goal of high-quality development, and the digital economy, with its advantage of information resources, is driving China's export trade to achieve high-quality development. Due to the long-standing financing constraints of small and medium-sized export enterprises, how to expand the export scale of small and medium-sized enterprises has become a major threshold for the development of China's export trade. This paper firstly adopts the hierarchical analysis method to establish the evaluation system of high-quality development of China's export trade; secondly, the panel data of 30 provinces in China from 2011 to 2018 are selected for empirical analysis to establish the impact model of digital inclusive finance on the high-quality development of China's export trade; based on the analysis of heterogeneous enterprise trade model, a mediating effect model is established to verify the mediating role of credit constraint in the development of high-quality export trade in China. Based on the above analysis, this paper concludes that inclusive digital finance, with its unique digital and inclusive nature, alleviates the credit constraint problem among SMEs, enhances the binary marginal effect of SMEs' exports, optimizes their export scale and structure, and promotes the high-quality development of regional and even national export trade. Finally, based on the findings of this paper, we propose insights and suggestions for inclusive digital finance to promote the high-quality development of export trade.Keywords: digital inclusive finance, high-quality development of export trade, fixed effects, binary marginal effects
Procedia PDF Downloads 8427597 Residents' Incomes in Local Government Unit as the Major Determinant of Local Budget Transparency in Croatia: Panel Data Analysis
Authors: Katarina Ott, Velibor Mačkić, Mihaela Bronić, Branko Stanić
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The determinants of national budget transparency have been widely discussed in the literature, while research on determinants of local budget transparency are scarce and empirically inconclusive, particularly in the new, fiscally centralised, EU member states. To fill the gap, we combine two strands of the literature: that concerned with public administration and public finance, shedding light on the economic and financial determinants of local budget transparency, and that on the political economy of transparency (principal agent theory), covering the relationships among politicians and between politicians and voters. Our main hypothesis states that variables describing residents’ capacity have a greater impact on local budget transparency than variables indicating the institutional capacity of local government units (LGUs). Additional subhypotheses test the impact of each variable analysed on local budget transparency. We address the determinants of local budget transparency in Croatia, measured by the number of key local budget documents published on the LGUs’ websites. By using a data set of 128 cities and 428 municipalities over the 2015-2017 period and by applying panel data analysis based on Poisson and negative binomial distribution, we test our main hypothesis and sub-hypotheses empirically. We measure different characteristics of institutional and residents’ capacity for each LGU. Age, education and ideology of the mayor/municipality head, political competition indicators, number of employees, current budget revenues and direct debt per capita have been used as a measure of the institutional capacity of LGU. Residents’ capacity in each LGU has been measured through the numbers of citizens and their average age as well as by average income per capita. The most important determinant of local budget transparency is average residents' income per capita at both city and municipality level. The results are in line with most previous research results in fiscally decentralised countries. In the context of a fiscally centralised country with numerous small LGUs, most of whom have low administrative and fiscal capacity, this has a theoretical rationale in the legitimacy and principal-agent theory (opportunistic motives of the incumbent). The result is robust and significant, but because of the various other results that change between city and municipality levels (e.g. ideology and political competition), there is a need for further research (both on identifying other determinates and/or methods of analysis). Since in Croatia the fiscal capacity of a LGU depends heavily on the income of its residents, units with higher per capita incomes in many cases have also higher budget revenues allowing them to engage more employees and resources. In addition, residents’ incomes might be also positively associated with local budget transparency because of higher citizen demand for such transparency. Residents with higher incomes expect more public services and have more access to and experience in using the Internet, and will thus typically demand more budget information on the LGUs’ websites.Keywords: budget transparency, count data, Croatia, local government, political economy
Procedia PDF Downloads 17827596 Decoupling PM₂.₅ Emissions and Economic Growth in China over 1998-2016: A Regional Investment Perspective
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It is crucial to decouple economic growth from environmental pollution in China. This study aims to evaluate the decoupling degree between PM₂.₅ emissions and economic growth in China from a regional investment perspective. Using the panel data of 30 Chinese provinces for the period of 1998-2016, this study combines decomposition analysis with decoupling analysis to identify the roles of conventional factors and three novel investment factors in the mitigation and decoupling of PM₂.₅ emissions in China and its four sub-regions. The results show that China’s PM₂.₅ emissions were weakly decoupled to economic growth during the period of 1998-2016, as well as in China’s four sub-regions. At the national level, investment scale played the dominant role while investment structure had a marginal effect. In contrast, emission intensity was the largest driver in promoting the decoupling effect, followed by investment efficiency and energy intensity. The investment scale effect in the western region far exceeded those in other three sub-regions. At the provincial level, the investment structure of Inner Mongolia and investment scales of Xinjiang and Inner Mongolia had the greatest impacts on PM₂.₅ emission growth. Finally, several policy recommendations are raised for China to mitigate its PM₂.₅ emissions.Keywords: decoupling, economic growth, investment, PM₂.₅ emissions
Procedia PDF Downloads 11327595 Fintech Credit and Bank Efficiency Two-way Relationship: A Comparison Study Across Country Groupings
Authors: Tan Swee Liang
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This paper studies the two-way relationship between fintech credit and banking efficiency using the Generalized panel Method of Moment (GMM) estimation in structural equation modeling (SEM). Banking system efficiency, defined as its ability to produce the existing level of outputs with minimal inputs, is measured using input-oriented data envelopment analysis (DEA), where the whole banking system of an economy is treated as a single DMU. Banks are considered an intermediary between depositors and borrowers, utilizing inputs (deposits and overhead costs) to provide outputs (increase credits to the private sector and its earnings). Analysis of the interrelationship between fintech credit and bank efficiency is conducted to determine the impact in different country groupings (ASEAN, Asia and OECD), in particular the banking system response to fintech credit platforms. Our preliminary results show that banks do respond to the greater pressure caused by fintech platforms to enhance their efficiency, but differently across the different groups. The author’s earlier research on ASEAN-5 high bank overhead costs (as a share of total assets) as the determinant of economic growth suggests that expenses may not have been channeled efficiently to income-generating activities. One practical implication of the findings is that policymakers should enable alternative financing, such as fintech credit, as a warning or encouragement for banks to improve their efficiency.Keywords: fintech lending, banking efficiency, data envelopment analysis, structural equation modeling
Procedia PDF Downloads 8227594 The Impact of Trade on Stock Market Integration of Emerging Markets
Authors: Anna M. Pretorius
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The emerging markets category for portfolio investment was introduced in 1986 in an attempt to promote capital market development in less developed countries. Investors traditionally diversified their portfolios by investing in different developed markets. However, high growth opportunities forced investors to consider emerging markets as well. Examples include the rapid growth of the “Asian Tigers” during the 1980s, growth in Latin America during the 1990s and the increased interest in emerging markets during the global financial crisis. As such, portfolio flows to emerging markets have increased substantially. In 2002 7% of all equity allocations from advanced economies went to emerging markets; this increased to 20% in 2012. The stronger links between advanced and emerging markets led to increased synchronization of asset price movements. This increased level of stock market integration for emerging markets is confirmed by various empirical studies. Against the background of increased interest in emerging market assets and the increasing level of integration of emerging markets, this paper focuses on the determinants of stock market integration of emerging market countries. Various studies have linked the level of financial market integration with specific economic variables. These variables include: economic growth, local inflation, trade openness, local investment, budget surplus/ deficit, market capitalization, domestic bank credit, domestic institutional and legal environment and world interest rates. The aim of this study is to empirically investigate to what extent trade-related determinants have an impact on stock market integration. The panel data sample include data of 16 emerging market countries: Brazil, Chile, China, Colombia, Czech Republic, Hungary, India, Malaysia, Pakistan, Peru, Philippines, Poland, Russian Federation, South Africa, Thailand and Turkey for the period 1998-2011. The integration variable for each emerging stock market is calculated as the explanatory power of a multi-factor model. These factors are extracted from a large panel of global stock market returns. Trade related explanatory variables include: exports as percentage of GDP, imports as percentage of GDP and total trade as percentage of GDP. Other macroeconomic indicators – such as market capitalisation, the size of the budget deficit and the effectiveness of the regulation of the securities exchange – are included in the regressions as control variables. An initial analysis on a sample of developed stock markets could not identify any significant determinants of stock market integration. Thus the macroeconomic variables identified in the literature are much more significant in explaining stock market integration of emerging markets than stock market integration of developed markets. The three trade variables are all statistically significant at a 5% level. The market capitalisation variable is also significant while the regulation variable is only marginally significant. The global financial crisis has highlighted the urgency to better understand the link between the financial and real sectors of the economy. This paper comes to the important finding that, apart from the level of market capitalisation (as financial indicator), trade (representative of the real economy) is a significant determinant of stock market integration of countries not yet classified as developed economies.Keywords: emerging markets, financial market integration, panel data, trade
Procedia PDF Downloads 30127593 The Digital Transformation of Life Insurance Sales in Iran With the Emergence of Personal Financial Planning Robots; Opportunities and Challenges
Authors: Pedram Saadati, Zahra Nazari
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Anticipating and identifying future opportunities and challenges facing industry activists for the emergence and entry of new knowledge and technologies of personal financial planning, and providing practical solutions is one of the goals of this research. For this purpose, a future research tool based on receiving opinions from the main players of the insurance industry has been used. The research method in this study was in 4 stages; including 1- a survey of the specialist salesforce of life insurance in order to identify the variables 2- the ranking of the variables by experts selected by a researcher-made questionnaire 3- holding a panel of experts with the aim of understanding the mutual effects of the variables and 4- statistical analyzes of the mutual effects matrix in Mick Mac software is done. The integrated analysis of influencing variables in the future has been done with the method of Structural Analysis, which is one of the efficient and innovative methods of future research. A list of opportunities and challenges was identified through a survey of best-selling life insurance representatives who were selected by snowball sampling. In order to prioritize and identify the most important issues, all the issues raised were sent to selected experts who were selected theoretically through a researcher-made questionnaire. The respondents determined the importance of 36 variables through scoring, so that the prioritization of opportunity and challenge variables can be determined. 8 of the variables identified in the first stage were removed by selected experts, and finally, the number of variables that could be examined in the third stage became 28 variables, which, in order to facilitate the examination, were divided into 6 categories, respectively, 11 variables of organization and management. Marketing and sales 7 cases, social and cultural 6 cases, technological 2 cases, rebranding 1 case and insurance 1 case were divided. The reliability of the researcher-made questionnaire was confirmed with the Cronbach's alpha test value of 0.96. In the third stage, by forming a panel consisting of 5 insurance industry experts, the consensus of their opinions about the influence of factors on each other and the ranking of variables was entered into the matrix. The matrix included the interrelationships of 28 variables, which were investigated using the structural analysis method. By analyzing the data obtained from the matrix by Mic Mac software, the findings of the research indicate that the categories of "correct training in the use of the software, the weakness of the technology of insurance companies in personalizing products, using the approach of equipping the customer, and honesty in declaring no need Customer to Insurance", the most important challenges of the influencer and the categories of "salesforce equipping approach, product personalization based on customer needs assessment, customer's pleasant experience of being consulted with consulting robots, business improvement of the insurance company due to the use of these tools, increasing the efficiency of the issuance process and optimal customer purchase" were identified as the most important opportunities for influence.Keywords: personal financial planning, wealth management, advisor robots, life insurance, digital transformation
Procedia PDF Downloads 3927592 Assessing Available Power from a Renewable Energy Source in the Southern Hemisphere using Anisotropic Model
Authors: Asowata Osamede, Trudy Sutherland
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The purpose of this paper is to assess the available power from a Renewable Energy Source (off-grid photovoltaic (PV) panel) in the Southern Hemisphere using anisotropic model. Direct solar radiation is the driving force in photovoltaics. In a basic PV panels in the Southern Hemisphere, Power conversion is eminent, and this is achieved by the PV cells converting solar energy into electrical energy. In this research, the results was determined for a 6 month period from September 2022 through February 2023. Preliminary results, which include Normal Probability plot, data analysis - R2 value, effective conversion-time per week and work-time per day, indicate a favorably comparison between the empirical results and the simulation results.Keywords: power-conversion, mathematical model, PV panels, DC-DC converters, direct solar radiation
Procedia PDF Downloads 7627591 Working Capital Management and Profitability of Uk Firms: A Contingency Theory Approach
Authors: Ishmael Tingbani
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This paper adopts a contingency theory approach to investigate the relationship between working capital management and profitability using data of 225 listed British firms on the London Stock Exchange for the period 2001-2011. The paper employs a panel data analysis on a series of interactive models to estimate this relationship. The findings of the study confirm the relevance of the contingency theory. Evidence from the study suggests that the impact of working capital management on profitability varies and is constrained by organizational contingencies (environment, resources, and management factors) of the firm. These findings have implications for a more balanced and nuanced view of working capital management policy for policy-makers.Keywords: working capital management, profitability, contingency theory approach, interactive models
Procedia PDF Downloads 33527590 Human Development Strengthening against Terrorism in ASEAN East Asia and Pacific: An Econometric Analysis
Authors: Tismazammi Mustafa, Jaharudin Padli
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The frequency of terrorism is increasing throughout years that is resulting in loss of life, damaging people’s property, and destructing the environment. The incident of terrorism is not stationed in one particular country but has spread and scattered in other countries hence causing an increase in the number of terrorism cases. Thus, this paper aims to investigate the factors of human development upon the terrorism in East Asia and Pacific countries. This study used a panel ARDL model, in which it enables to capture the long run and the short run relationship among the variables of interest. Logit Model for Binary data is also used, in which to representing an attributes of dependent variables. This study focuses on several human development variables namely GDP per capita, population, human capital, land area, and technologies. The empirical finding revealed that the GDP per capita, population, human capital, land area, and technologies are positively and statistically significant in influencing the terrorism. Thus, the finding in this study will present as grounds to preserve human rights and develop public awareness and will offer guidelines to policy makers, emergency managers, first responders, public health workers, physicians, and other researchers.Keywords: terrorism, East Asia and Pacific, human development, econometric analysis
Procedia PDF Downloads 40827589 Analyzing the Impact of Spatio-Temporal Climate Variations on the Rice Crop Calendar in Pakistan
Authors: Muhammad Imran, Iqra Basit, Mobushir Riaz Khan, Sajid Rasheed Ahmad
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The present study investigates the space-time impact of climate change on the rice crop calendar in tropical Gujranwala, Pakistan. The climate change impact was quantified through the climatic variables, whereas the existing calendar of the rice crop was compared with the phonological stages of the crop, depicted through the time series of the Normalized Difference Vegetation Index (NDVI) derived from Landsat data for the decade 2005-2015. Local maxima were applied on the time series of NDVI to compute the rice phonological stages. Panel models with fixed and cross-section fixed effects were used to establish the relation between the climatic parameters and the time-series of NDVI across villages and across rice growing periods. Results show that the climatic parameters have significant impact on the rice crop calendar. Moreover, the fixed effect model is a significant improvement over cross-sectional fixed effect models (R-squared equal to 0.673 vs. 0.0338). We conclude that high inter-annual variability of climatic variables cause high variability of NDVI, and thus, a shift in the rice crop calendar. Moreover, inter-annual (temporal) variability of the rice crop calendar is high compared to the inter-village (spatial) variability. We suggest the local rice farmers to adapt this change in the rice crop calendar.Keywords: Landsat NDVI, panel models, temperature, rainfall
Procedia PDF Downloads 19627588 A Dynamic Panel Model to Evaluate the Impact of Debt Relief on Poverty
Authors: Loujaina Abdelwahed
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Debt relief granted to low-and middle-income countries effectively provides additional funds for governments that can be used to increase public investment on poverty-reducing services to alleviate poverty and boost economic growth. However, little is known about the extent to which the poor benefit from the increased public investment. This study aims to assess the impact of debt relief granted through multiple initiatives during the 1990s on poverty reduction. In particular, it assesses the impact on the level, depth and severity of poverty in 76 low-and middle income countries over the period 1990-2011. Debt relief is found to have a significant impact on reducing the level, the depth and the severity of poverty. Analysis of the different types of debt relief reveals that debt service relief reduces poverty, whereas debt principle relief does not have a significant impact.Keywords: debt relief, developing countries, HIPC, poverty, system GMM estimator
Procedia PDF Downloads 39427587 Hybrid Recovery of Copper and Silver from Photovoltaic Ribbon and Ag finger of End-Of-Life Solar Panels
Authors: T. Patcharawit, C. Kansomket, N. Wongnaree, W. Kritsrikan, T. Yingnakorn, S. Khumkoa
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Recovery of pure copper and silver from end-of-life photovoltaic panels was investigated in this paper using an effective hybrid pyro-hydrometallurgical process. In the first step of waste treatment, solar panel waste was first dismantled to obtain a PV sheet to be cut and calcined at 500°C, to separate out PV ribbon from glass cullet, ash, and volatile while the silicon wafer containing silver finger was collected for recovery. In the second step of metal recovery, copper recovery from photovoltaic ribbon was via 1-3 M HCl leaching with SnCl₂ and H₂O₂ additions in order to remove the tin-lead coating on the ribbon. The leached copper band was cleaned and subsequently melted as an anode for the next step of electrorefining. Stainless steel was set as the cathode with CuSO₄ as an electrolyte, and at a potential of 0.2 V, high purity copper of 99.93% was obtained at 96.11% recovery after 24 hours. For silver recovery, the silicon wafer containing silver finger was leached using HNO₃ at 1-4 M in an ultrasonic bath. In the next step of precipitation, silver chloride was then obtained and subsequently reduced by sucrose and NaOH to give silver powder prior to oxy-acetylene melting to finally obtain pure silver metal. The integrated recycling process is considered to be economical, providing effective recovery of high purity metals such as copper and silver while other materials such as aluminum, copper wire, glass cullet can also be recovered to be reused commercially. Compounds such as PbCl₂ and SnO₂ obtained can also be recovered to enter the market.Keywords: electrorefining, leaching, calcination, PV ribbon, silver finger, solar panel
Procedia PDF Downloads 12627586 Query Task Modulator: A Computerized Experimentation System to Study Media-Multitasking Behavior
Authors: Premjit K. Sanjram, Gagan Jakhotiya, Apoorv Goyal, Shanu Shukla
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In psychological research, laboratory experiments often face the trade-off issue between experimental control and mundane realism. With the advent of Immersive Virtual Environment Technology (IVET), this issue seems to be at bay. However there is a growing challenge within the IVET itself to design and develop system or software that captures the psychological phenomenon of everyday lives. One such phenomena that is of growing interest is ‘media-multitasking’ To aid laboratory researches in media-multitasking this paper introduces Query Task Modulator (QTM), a computerized experimentation system to study media-multitasking behavior in a controlled laboratory environment. The system provides a computerized platform in conducting an experiment for experimenters to study media-multitasking in which participants will be involved in a query task. The system has Instant Messaging, E-mail, and Voice Call features. The answers to queries are provided on the left hand side information panel where participants have to search for it and feed the information in the respective communication media blocks as fast as possible. On the whole the system will collect multitasking behavioral data. To analyze performance there is a separate output table that records the reaction times and responses of the participants individually. Information panel and all the media blocks will appear on a single window in order to ensure multi-modality feature in media-multitasking and equal emphasis on all the tasks (thus avoiding prioritization to a particular task). The paper discusses the development of QTM in the light of current techniques of studying media-multitasking.Keywords: experimentation system, human performance, media-multitasking, query-task
Procedia PDF Downloads 55127585 Developing the Principal Change Leadership Non-Technical Competencies Scale: An Exploratory Factor Analysis
Authors: Tai Mei Kin, Omar Abdull Kareem
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In light of globalization, educational reform has become a top priority for many countries. However, the task of leading change effectively requires a multidimensional set of competencies. Over the past two decades, technical competencies of principal change leadership have been extensively analysed and discussed. Comparatively, little research has been conducted in Malaysian education context on non-technical competencies or popularly known as emotional intelligence, which is equally crucial for the success of change. This article provides a validation of the Principal Change Leadership Non-Technical Competencies (PCLnTC) Scale, a tool that practitioners can easily use to assess school principals’ level of change leadership non-technical competencies that facilitate change and maximize change effectiveness. The overall coherence of the PCLnTC model was constructed by incorporating three theories: a)the change leadership theory whereby leading change is the fundamental role of a leader; b)competency theory in which leadership can be taught and learned; and c)the concept of emotional intelligence whereby it can be developed, fostered and taught. An exploratory factor analysis (EFA) was used to determine the underlying factor structure of PCLnTC model. Before conducting EFA, five important pilot test approaches were conducted to ensure the validity and reliability of the instrument: a)reviewed by academic colleagues; b)verification and comments from panel; c)evaluation on questionnaire format, syntax, design, and completion time; d)evaluation of item clarity; and e)assessment of internal consistency reliability. A total of 335 teachers from 12 High Performing Secondary School in Malaysia completed the survey. The PCLnTCS with six points Liker-type scale were subjected to Principal Components Analysis. The analysis yielded a three-factor solution namely, a)Interpersonal Sensitivity; b)Flexibility; and c)Motivation, explaining a total 74.326 per cent of the variance. Based on the results, implications for instrument revisions are discussed and specifications for future confirmatory factor analysis are delineated.Keywords: exploratory factor analysis, principal change leadership non-technical competencies (PCLnTC), interpersonal sensitivity, flexibility, motivation
Procedia PDF Downloads 41627584 Causality Channels between Corruption and Democracy: A Threshold Non-Linear Analysis
Authors: Khalid Sekkat, Fredj Fhima, Ridha Nouira
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This paper focuses on three main limitations of the literature regarding the impact of corruption on democracy. These limitations relate to the distinction between causality and correlation, the components of democracy underlying the impact and the shape of the relationship between corruption and democracy. The study uses recent developments in panel data causality econometrics, breaks democracy down into different components, and examines the types of the relationship. The results show that Control of Corruption leads to a higher quality of democracy. Regarding the estimated coefficients of the components of democracy, they are significant at the 1% level, and their signs and levels are in accordance with expectations except in a few cases. Overall, the results add to the literature in three respects: i). corruption has a causal effect on democracy and, hence, single equation estimation may pose a problem, ii) the assumption of the linearity of the relationships between control of corruption and democracy is also possibly problematic, and iii) the channels of transmission of the effects of corruption on democracy can be diverse. Disentangling them is useful from a policy perspective.Keywords: corruption, governance, causality, threshold models
Procedia PDF Downloads 3527583 Mutation Profiling of Paediatric Solid Tumours in a Cohort of South African Patients
Authors: L. Lamola, E. Manolas, A. Krause
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Background: The incidence of childhood cancer incidence is increasing gradually in low-middle income countries, such as South Africa. Globally, there is an extensive range of familial- and hereditary-cancer syndromes, where underlying germline variants increase the likelihood of developing cancer in childhood. Next-Generation Sequencing (NGS) technologies have been key in determining the occurrence and genetic contribution of germline variants to paediatric cancer development. We aimed to design and evaluate a candidate gene panel specific to inherited cancer-predisposing genes to provide a comprehensive insight into the contribution of germline variants to childhood cancer. Methods: 32 paediatric patients (aged 0-18 years) diagnosed with a malignant tumour were recruited, and biological samples were obtained. After quality control, DNA was sequenced using an ion Ampliseq 50 candidate gene panel design and Ion Torrent S5 technologies. Sequencing variants were called using Ion Torrent Suite software and were subsequently annotated using Ion Reporter and Ensembl's VEP. High priority variants were manually analysed using tools such as MutationTaster, SIFT-INDEL and VarSome. Putative identified candidates were validated via Sanger Sequencing. Results: The patients studied had a variety of cancers, the most common being nephroblastoma (13), followed by osteosarcoma (4) and astrocytoma (3). We identified 10 pathogenic / likely pathogenic variants in 10 patients, most of which were novel. Conclusions: According to the literature, we expected ~10% of our patient population to harbour pathogenic or likely pathogenic germline variants, however, we reported about 3 times (~30%) more than we expected. Majority of the identified variants are novel; this may be because this is the first study of its kind in an understudied South African population.Keywords: Africa, genetics, germline-variants, paediatric-cancer
Procedia PDF Downloads 13127582 Banking Performance and Political Economy: Using ARDL Model
Authors: Marwen Ghouil, Jamel Eddine Mkadmi
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Banking performance is the pillar and goal of all banking activity and its impact on economic policy. First, researchers defined the principles for assessing and modeling bank performance, and then theories and models explaining bank performance were developed. The importance of credit as a means of financing businesses in most developing countries has led to questions about the effects of financial liberalisation on increased banking competition. In Tunisia, as in many other countries, the liberalization of financial services in general and of banks' activities has not ceased to evolve. The objective of this paper is to examine the determinants of banking performance for 8 Tunisian banks and their impact on economic policy during the Arab Spring. We used cointegration analysis and the ARDL Panel model, explaining using total assets, bank credits, guarantees, and bank size as performance drivers. The correlation analysis shows that there is a positive correlation relationship between total assets, bank credits, guarantees, and bank size and bank performance. Long-term empirical results show that bank loans, guarantees, bank size, and total assets have a positive and significant impact on bank performance. This means that bank credits, guarantees, bank size, and total assets are very important determinants of bank performance in Tunisia.Keywords: bank performance, economic policy, finance, economic
Procedia PDF Downloads 12727581 Stock Market Integration of Emerging Markets around the Global Financial Crisis: Trends and Explanatory Factors
Authors: Najlae Bendou, Jean-Jacques Lilti, Khalid Elbadraoui
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In this paper, we examine stock market integration of emerging markets around the global financial turmoil of 2007-2008. Following Pukthuanthong and Roll (2009), we measure the integration of 46 emerging countries using the adjusted R-square from the regression of each country's daily index returns on global factors extracted from the covariance matrix computed using dollar-denominated daily index returns of 17 developed countries. Our sample surrounds the global financial crisis and ranges between 2000 and 2018. We analyze results using four cohorts of emerging countries: East Asia & Pacific and South Asia, Europe & Central Asia, Latin America & Caribbean, Middle East & Africa. We find that the level of integration of emerging countries increases at the commencement of the crisis and during the booming phase of the business cycles. It reaches a maximum point in the middle of the crisis and then tends to revert to its pre-crisis level. This pattern tends to be common among the four geographic zones investigated in this study. Finally, we investigate the determinants of stock market integration of emerging countries in our sample using panel regressions. Our results suggest that the degree of stock market integration of these countries should be put into perspective by some macro-economic factors, such as the size of the equity market, school enrollment rate, international liquidity level, stocks traded volume, tax revenue level, imports and exports volumes.Keywords: correlations, determinants of integration, diversification, emerging markets, financial crisis, integration, markets co-movement, panel regressions, r-square, stock markets
Procedia PDF Downloads 17727580 ZigBee Wireless Sensor Nodes with Hybrid Energy Storage System Based on Li-Ion Battery and Solar Energy Supply
Authors: Chia-Chi Chang, Chuan-Bi Lin, Chia-Min Chan
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Most ZigBee sensor networks to date make use of nodes with limited processing, communication, and energy capabilities. Energy consumption is of great importance in wireless sensor applications as their nodes are commonly battery-driven. Once ZigBee nodes are deployed outdoors, limited power may make a sensor network useless before its purpose is complete. At present, there are two strategies for long node and network lifetime. The first strategy is saving energy as much as possible. The energy consumption will be minimized through switching the node from active mode to sleep mode and routing protocol with ultra-low energy consumption. The second strategy is to evaluate the energy consumption of sensor applications as accurately as possible. Erroneous energy model may render a ZigBee sensor network useless before changing batteries. In this paper, we present a ZigBee wireless sensor node with four key modules: a processing and radio unit, an energy harvesting unit, an energy storage unit, and a sensor unit. The processing unit uses CC2530 for controlling the sensor, carrying out routing protocol, and performing wireless communication with other nodes. The harvesting unit uses a 2W solar panel to provide lasting energy for the node. The storage unit consists of a rechargeable 1200 mAh Li-ion battery and a battery charger using a constant-current/constant-voltage algorithm. Our solution to extend node lifetime is implemented. Finally, a long-term sensor network test is used to exhibit the functionality of the solar powered system.Keywords: ZigBee, Li-ion battery, solar panel, CC2530
Procedia PDF Downloads 37127579 Evaluation of Coupled CFD-FEA Simulation for Fire Determination
Authors: Daniel Martin Fellows, Sean P. Walton, Jennifer Thompson, Oubay Hassan, Ella Quigley, Kevin Tinkham
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Fire performance is a crucial aspect to consider when designing cladding products, and testing this performance is extremely expensive. Appropriate use of numerical simulation of fire performance has the potential to reduce the total number of fire tests required when designing a product by eliminating poor-performing design ideas early in the design phase. Due to the complexity of fire and the large spectrum of failures it can cause, multi-disciplinary models are needed to capture the complex fire behavior and its structural effects on its surroundings. Working alongside Tata Steel U.K., the authors have focused on completing a coupled CFD-FEA simulation model suited to test Polyisocyanurate (PIR) based sandwich panel products to gain confidence before costly experimental standards testing. The sandwich panels are part of a thermally insulating façade system primarily for large non-domestic buildings. The work presented in this paper compares two coupling methodologies of a replicated physical experimental standards test LPS 1181-1, carried out by Tata Steel U.K. The two coupling methodologies that are considered within this research are; one-way and two-way. A one-way coupled analysis consists of importing thermal data from the CFD solver into the FEA solver. A two-way coupling analysis consists of continuously importing the updated changes in thermal data, due to the fire's behavior, to the FEA solver throughout the simulation. Likewise, the mechanical changes will also be updated back to the CFD solver to include geometric changes within the solution. For CFD calculations, a solver called Fire Dynamic Simulator (FDS) has been chosen due to its adapted numerical scheme to focus solely on fire problems. Validation of FDS applicability has been achieved in past benchmark cases. In addition, an FEA solver called ABAQUS has been chosen to model the structural response to the fire due to its crushable foam plasticity model, which can accurately model the compressibility of PIR foam. An open-source code called FDS-2-ABAQUS is used to couple the two solvers together, using several python modules to complete the process, including failure checks. The coupling methodologies and experimental data acquired from Tata Steel U.K are compared using several variables. The comparison data includes; gas temperatures, surface temperatures, and mechanical deformation of the panels. Conclusions are drawn, noting improvements to be made on the current coupling open-source code FDS-2-ABAQUS to make it more applicable to Tata Steel U.K sandwich panel products. Future directions for reducing the computational cost of the simulation are also considered.Keywords: fire engineering, numerical coupling, sandwich panels, thermo fluids
Procedia PDF Downloads 7927578 The Relationship between Renewable Energy, Real Income, Tourism and Air Pollution
Authors: Eyup Dogan
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One criticism of the energy-growth-environment literature, to the best of our knowledge, is that only a few studies analyze the influence of tourism on CO₂ emissions even though tourism sector is closely related to the environment. The other criticism is the selection of methodology. Panel estimation techniques that fail to consider both heterogeneity and cross-sectional dependence across countries can cause forecasting errors. To fulfill the mentioned gaps in the literature, this study analyzes the impacts of real GDP, renewable energy and tourism on the levels of carbon dioxide (CO₂) emissions for the top 10 most-visited countries around the world. This study focuses on the top 10 touristic (most-visited) countries because they receive about the half of the worldwide tourist arrivals in late years and are among the top ones in 'Renewables Energy Country Attractiveness Index (RECAI)'. By looking at Pesaran’s CD test and average growth rates of variables for each country, we detect the presence of cross-sectional dependence and heterogeneity. Hence, this study uses second generation econometric techniques (cross-sectionally augmented Dickey-Fuller (CADF), and cross-sectionally augmented IPS (CIPS) unit root test, the LM bootstrap cointegration test, and the DOLS and the FMOLS estimators) which are robust to the mentioned issues. Therefore, the reported results become accurate and reliable. It is found that renewable energy mitigates the pollution whereas real GDP and tourism contribute to carbon emissions. Thus, regulatory policies are necessary to increase the awareness of sustainable tourism. In addition, the use of renewable energy and the adoption of clean technologies in tourism sector as well as in producing goods and services play significant roles in reducing the levels of emissions.Keywords: air pollution, tourism, renewable energy, income, panel data
Procedia PDF Downloads 17727577 Analyzing the Climate Change Impact and Farmer's Adaptability Strategies in Khyber Pakhtunkhwa, Pakistan
Authors: Khuram Nawaz Sadozai, Sonia
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The agriculture sector is deemed more vulnerable to climate change as its variation can directly affect the crop’s productivity, but farmers’ adaptation strategies play a vital role in climate change-agriculture relationship. Therefore, this research has been undertaken to assess the Climate Change impact on wheat productivity and farmers’ adaptability strategies in Khyber Pakhtunkhwa province, Pakistan. The panel dataset was analyzed to gauge the impact of changing climate variables (i.e., temperature, rainfall, and humidity) on wheat productivity from 1985 to 2015. Amid the study period, the fixed effect estimates confirmed an inverse relationship of temperature and rainfall on the wheat yield. The impact of temperature is observed to be detrimental as compared to the rainfall, causing 0.07 units reduction in the production of wheat with 1C upsurge in temperature. On the flip side, humidity revealed a positive association with the wheat productivity by confirming that high humidity could be beneficial to the production of the crop over time. Thus, this study ensures significant nexus between agricultural production and climatic parameters. However, the farming community in the underlying study area has limited knowledge about the adaptation strategies to lessen the detrimental impact of changing climate on crop yield. It is recommended that farmers should be well equipped with training and advanced agricultural management practices under the realm of climate change. Moreover, innovative technologies pertinent to the agriculture system should be encouraged to handle the challenges arising due to variations in climate factors.Keywords: climate change, fixed effect model, panel data, wheat productivity
Procedia PDF Downloads 11427576 Modeling and Simulation of Honeycomb Steel Sandwich Panels under Blast Loading
Authors: Sayed M. Soleimani, Nader H. Ghareeb, Nourhan H. Shaker, Muhammad B. Siddiqui
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Honeycomb sandwich panels have been widely used as protective structural elements against blast loading. The main advantages of these panels include their light weight due to the presence of voids, as well as their energy absorption capability. Terrorist activities have imposed new challenges to structural engineers to design protective measures for vital structures. Since blast loading is not usually considered in the load combinations during the design process of a structure, researchers around the world have been motivated to study the behavior of potential elements capable of resisting sudden loads imposed by the detonation of explosive materials. One of the best candidates for this objective is the honeycomb sandwich panel. Studying the effects of explosive materials on the panels requires costly and time-consuming experiments. Moreover, these type of experiments need permission from defense organizations which can become a hurdle. As a result, modeling and simulation using an appropriate tool can be considered as a good alternative. In this research work, the finite element package ABAQUS® is used to study the behavior of hexagonal and squared honeycomb steel sandwich panels under the explosive effects of different amounts of trinitrotoluene (TNT). The results of finite element modeling of a specific honeycomb configuration are initially validated by comparing them with the experimental results from literature. Afterwards, several configurations including different geometrical properties of the honeycomb wall are investigated and the results are compared with the original model. Finally, the effectiveness of the core shape and wall thickness are discussed, and conclusions are made.Keywords: Abaqus, blast loading, finite element modeling, steel honeycomb sandwich panel
Procedia PDF Downloads 34727575 Improved Postprandial Response and Feeling of Satiety After Consumption of Sour Cherry Pomace Enriched Muffins
Authors: Joanna Bajerska, Sylwia Mildner-Szkudlarz, Pawel Górnas, Dalija Segliņac
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Sour cherry pomace (CP) by-products obtained during fruit processing, was used to replace the wheat flour in muffin formula on the levels 20% (CP20) and 30% (CP30). The sensory profile of this muffins were characterized, and their impact on glycemic response and appetite sensation were studied. Randomized crossover study where test subjects were given either plain muffin (PM) or CP20 or CP30 during 2 different occasions. In the first study test muffins with equivalent of 50 g available carbohydrate were consumed. Blood glucose was measured before and up to 120 min after consuming the test muffins. To study satiety response in the second trial of the test muffins (portion 1700 kJ per serve) were ingested. Sensory analysis was performed earlier by a sensory panel consisting of 10 well-trained individuals. It is acceptable to incorporate CP into a muffin formula at concentrations up to 30%. With the CP muffins treatment, the glucose responses were significantly lower at 30, 45 and 60 min of the intervals also the incremental peak glucose was 0.40 mmol/L and 0.60 mmol/L lower than for PM. CP20 and CP30 also improved satiety as compared to PM. CP can be a good functional ingredient of functional bakery products to assist in managing glucose levels and satiety in healthy individuals.Keywords: muffins, postprandial glucose, sensory analysis, satiety sour cherry pomace
Procedia PDF Downloads 35727574 A Simple Model for Solar Panel Efficiency
Authors: Stefano M. Spagocci
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The efficiency of photovoltaic panels can be calculated with such software packages as RETScreen that allow design engineers to take financial as well as technical considerations into account. RETScreen is interfaced with meteorological databases, so that efficiency calculations can be realistically carried out. The author has recently contributed to the development of solar modules with accumulation capability and an embedded water purifier, aimed at off-grid users such as users in developing countries. The software packages examined do not allow to take ancillary equipment into account, hence the decision to implement a technical and financial model of the system. The author realized that, rather than re-implementing the quite sophisticated model of RETScreen - a mathematical description of which is anyway not publicly available - it was possible to drastically simplify it, including the meteorological factors which, in RETScreen, are presented in a numerical form. The day-by-day efficiency of a photovoltaic solar panel was parametrized by the product of factors expressing, respectively, daytime duration, solar right ascension motion, solar declination motion, cloudiness, temperature. For the sun-motion-dependent factors, positional astronomy formulae, simplified by the author, were employed. Meteorology-dependent factors were fitted by simple trigonometric functions, employing numerical data supplied by RETScreen. The accuracy of our model was tested by comparing it to the predictions of RETScreen; the accuracy obtained was 11%. In conclusion, our study resulted in a model that can be easily implemented in a spreadsheet - thus being easily manageable by non-specialist personnel - or in more sophisticated software packages. The model was used in a number of design exercises, concerning photovoltaic solar panels and ancillary equipment like the above-mentioned water purifier.Keywords: clean energy, energy engineering, mathematical modelling, photovoltaic panels, solar energy
Procedia PDF Downloads 4927573 The Financial Impact of Covid 19 on the Hospitality Industry in New Zealand
Authors: Kay Fielden, Eelin Tan, Lan Nguyen
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In this research project, data was gathered at a Covid 19 Conference held in June 2021 from industry leaders who discussed the impact of the global pandemic on the status of the New Zealand hospitality industry. Panel discussions on financials, human resources, health and safety, and recovery were conducted. The themes explored for the finance panel were customer demographics, hospitality sectors, financial practices, government impact, and cost of compliance. The aim was to see how the hospitality industry has responded to the global pandemic and the steps that have been taken for the industry to recover or sustain their business. The main research question for this qualitative study is: What are the factors that have impacted on finance for the hospitality industry in New Zealand due to Covid 19? For financials, literature has been gathered to study global effects, and this is being compared with the data gathered from the discussion panel through the lens of resilience theory. Resilience theory applied to the hospitality industry suggests that the challenges imposed by Covid 19 have been the catalyst for government initiatives, technical innovation, engaging local communities, and boosting confidence. Transformation arising from these ground shifts have been a move towards sustainability, wellbeing, more awareness of climate change, and community engagement. Initial findings suggest that there has been a shift in customer base that has prompted regional accommodation providers to realign offers and to become more flexible to attract and maintain this realigned customer base. Dynamic pricing structures have been required to meet changing customer demographics. Flexible staffing arrangements include sharing staff between different accommodation providers, owners with multiple properties adopting different staffing arrangements, maintaining a good working relationship with the bank, and conserving cash. Uncertain times necessitate changing revenue strategies to cope with external factors. Financial support offered by the government has cushioned the financial downturn for many in the hospitality industry, and managed isolation and quarantine (MIQ) arrangements have offered immediate financial relief for those hotels involved. However, there is concern over the long-term effects. Compliance with mandated health and safety requirements has meant that the hospitality industry has streamlined its approach to meeting those requirements and has invested in customer relations to keep paying customers informed of the health measures in place. Initial findings from this study lie within the resilience theory framework and are consistent with findings from the literature.Keywords: global pandemic, hospitality industry, new Zealand, resilience
Procedia PDF Downloads 9227572 Information Technology and Business Alignments among Different Divisions: A Comparative Analysis of Japan and South Korea
Authors: Michiko Miyamoto
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This paper empirically investigates whether information technology (IT) strategies, business strategies, and divisions are aligned to meet overall business goals for Korean Small and medium-sized enterprises (SMEs), based on structure based Strategic Alignment Model, and make comparison with those of Japanese SMEs. Using 2,869 valid responses of Korean Human Capital Corporate Panel survey, a result of this study suggests that Korean human resources (HR) departments have a major influence over IT strategy, which is the same as Japanese SMEs, even though their management styles are quite different. As for IT strategy, it is not related to other departments at all for Korean SMEs. The Korean management seems to possess a great power over each division, such as Sales/Service, Research and Development/Technical Experts, HR, and Production.Keywords: IT-business alignment, structured based strategic alignment model, structural equation model, human resources department
Procedia PDF Downloads 26327571 Bank, Stock Market Efficiency and Economic Growth: Lessons for ASEAN-5
Authors: Tan Swee Liang
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This paper estimates bank and stock market efficiency associations with real per capita GDP growth by examining panel-data across three different regions using Panel-Corrected Standard Errors (PCSE) regression developed by Beck and Katz (1995). Data from five economies in ASEAN (Singapore, Malaysia, Thailand, Philippines, and Indonesia), five economies in Asia (Japan, China, Hong Kong SAR, South Korea, and India) and seven economies in OECD (Australia, Canada, Denmark, Norway, Sweden, United Kingdom U.K., and United States U.S.), between 1990 and 2017 are used. Empirical findings suggest one, for Asia-5 high bank net interest margin means greater bank profitability, hence spurring economic growth. Two, for OECD-7 low bank overhead costs (as a share of total assets) may reflect weak competition and weak investment in providing superior banking services, hence dampening economic growth. Three, stock market turnover ratio has negative association with OECD-7 economic growth, but a positive association with Asia-5, which suggest the relationship between liquidity and growth is ambiguous. Lastly, for ASEAN-5 high bank overhead costs (as a share of total assets) may suggest expenses have not been channelled efficiently to income generating activities. One practical implication of the findings is that policy makers should take necessary measures toward financial liberalisation policies that boost growth through the efficiency channel, so that funds are efficiently allocated through the financial system between financial and real sectors.Keywords: financial development, banking system, capital markets, economic growth
Procedia PDF Downloads 13027570 The Economic Impact Analysis of the Use of Probiotics and Prebiotics in Broiler Feed
Authors: Hanan Al-Khalaifah, Afaf Al-Nasser
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Probiotics and prebiotics claimed to serve as effective alternatives to antibiotics in the poultry. This study aims to investigate the effect of different probiotics and prebiotics on the economic impact analysis of the use of probiotics and prebiotics in broiler feed. The study involved four broiler cycles, two during winter and two during summer. In the first two cycles (summer and winter), different types of prebiotics and probiotics were used. The probiotics were Bacillus coagulans (1 g/kg dried culture) and Lactobacillus (1 g/kg dried culture of 12 commercial strains), and prebiotics included fructo-oligosaccharides (FOS) (5 g/kg) and mannan-oligosaccharide (MOS) derived from Saccharomyces cerevisiae (5 g/kg). Based on the results obtained, the best treatment was chosen to be FOS, from which different ratios were used in the last two cycles during winter and summer. The levels of FOS chosen were 0.3, 0.5, and 0.7% of the diet. From an economic point of view, it was generally concluded that in all dietary treatments, food was consumed less in cycle 1 than in cycle 2, the total body weight gain was more in cycle 1 than cycle 2, and the average feed efficiency was less in cycle l than cycle 2. This indicates that the weather condition affected better in cycle 1. Also, there were very small differences between the dietary treatments in each cycle. In cycle 1, the best total feed consumption was for the FOS treatment, the highest total body weight gain and average feed efficiency were for B. coagulans. In cycle 2, all performance was better in FOS treatment. FOS significantly reduced the Salmonella sp. counts in the intestine, where the environment was driven towards acidity. FOS was the best on the average taste panel study of the produced meat. Accordingly, FOS prebiotic was chosen to be the best treatment to be used in cycles 3 and 4. The economic impact analysis generally revealed that there were no big differences between the treatments in all of the studied indicators, but there was a difference between the cycles.Keywords: antibiotic, economic impact, prebiotic, probiotic, broiler
Procedia PDF Downloads 14627569 Adult Child Labour Migration and Elderly Parent Health: Recent Evidence from Indonesian Panel Data
Authors: Alfiah Hasanah, Silvia Mendolia, Oleg Yerokhin
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This paper explores the impacts of adult child migration on the health of elderly parents left behind. The maternal and children health are a priority of health-related policy in most low and middle-income country, and so there is lack of evidence on the health of older population particularly in Indonesia. With increasing life expectancy and limited access to social security and social services for the elderly in this country, the consequences of increasing number of out-migration of adult children to parent health are important to investigate. This study use Indonesia Family Life Survey (IFLS), the only large-scale continuing longitudinal socioeconomic and health survey that based on a sample of households representing about 83 percent of the Indonesian population in its first wave. Using four waves of IFLS including the recent wave of 2014, several indicators of the self-rated health status, interviewer-rated health status and days of illness are used to estimate the impact of labour out-migration of adult children on parent health status. Incorporate both individual fixed effects to control for unobservable factors in migrant and non-migrant households and the ordered response of self-rated health, this study apply the ordered logit of “Blow-up and Cluster” (BUC ) estimator. The result shows that labour out-migration of adult children significantly improves the self-rated health status of the elderly parent left behind. Findings of this study are consistent with the view that migration increases family resources and contribute to better health care and nutrition of the family left behind.Keywords: aging, migration, panel data, self-rated health
Procedia PDF Downloads 345