Search results for: medium size companies

Authors: Edward C. W. Chan, Benny C. F. Cheung

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In the knowledge economy, the financial indicator is not the unique instrument to gauge the performance of a company. The role of intellectual capital contributing to the company performance is increasing. To measure the company performance due to intellectual capital, the value-added intellectual capital (VAIC) model is adopted to measure the intellectual capital utilisation efficiency of the subject companies. The purpose of this study is to review the readiness of measuring intellectual capital for the Hong Kong listed companies in the property development and property investment industry by using VAIC model. This study covers the financial reports from the representative Hong Kong listed property development companies and property investment companies in the period 2014-2019. The findings from this study indicated the industry is ready for IC measurement employing VAIC framework but not yet ready for using the extended VAIC model.

Keywords: intellectual capital, intellectual capital measurement, property development, property investment, Skandia navigator, VAIC

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Authors: Yasmin Umar Assegaf, Falikhatun, Salamah Wahyuni

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This study aims to provide empirical evidence about the influence of Islamic Corporate Social Responsibility Disclosures of the financial performance of Islamic banking with the characteristics of the company, as a control variable in Islamic banking in Indonesia. ICSR disclosures are an independent variable, while the Financial Performance is the dependent variable (proxied by Return on Assets (ROA), Return on Equity (ROE), Income Expense Ratio (IER), and Non-net Interest Margin (NIM). The control variables used are firm size, firm age and the type of audit. The population of the study was all Islamic Banks (BUS) operate in Indonesia. The research sample is Islamic Commercial Bank which has existed in Indonesia since 2002 and publishes financial statements between the years of 2007-2011. The sample of the study were include 31 Annual Report published. The results of this study concluded that there are significant influences between the ICSR Disclosures and financial performance. The disclosure is partially effect on ROA, IER and NIM, whereas there is no influence on ROE. Further result shows that all control variables (Firm Size, Age, and Type of Audit Companies) does not have any influence on ICSR Disclosures in Indonesia. This research gives a suggestion for further research to compare these ICSR disclosures in Indonesia with ICSR disclosures in other countries that have Islamic banking, by using other measure variables of financial performance, to get more comprehensive model and real picture.

Keywords: ROA, ROE, IER, NIM, company size, age of the company, audit type, Islamic banking

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Authors: SeungKu Ahn, Sewon Lee

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This study examines the effects of regulatory policies on corporate R&D activities and innovation and suggests regulatory directions for the enhancement of corporate performance. This study employs a regression model with R&D activities as dependent variables and the regulatory index as an independent variable. The results of this study are as follows: The regulation is negatively associated with the input and output of R&D activities. The regulation encourages small and medium-sized firms to invest in R&D. The regulation has a positive effect on patent applications for small and medium-sized firms.

Keywords: governmental regulation, research and development performance, small and medium-sized firms, technological innovation

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Authors: Hideaki Endo, Mika Goto

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The global outbreak of the COVID-19 pandemic has seriously affected railway businesses. The number of railway passengers decreased due to the decline in the number of commuters and business travelers to avoid crowded trains and a sharp drop in inbound tourists visiting Japan. This has affected not only railway businesses but also related businesses, including hotels, leisure businesses, and retail businesses at station buildings. In 2021, the companies were divided into profitable and loss-making companies. This division suggests that railway companies, particularly loss-making companies, needed to decrease operational inefficiency. To measure the impact of COVID-19 and discuss the sustainable management strategies of railway companies, we examine the cost inefficiency of Japanese listed railway companies by applying stochastic frontier analysis (SFA) to their operational and financial data. First, we employ the stochastic frontier cost function approach to measure inefficiency. The cost frontier function is formulated as a Cobb–Douglas type, and we estimated parameters and variables for inefficiency. This study uses panel data comprising 26 Japanese-listed railway companies from 2005 to 2020. This period includes several events deteriorating the business environment, such as the financial crisis from 2007 to 2008 and the Great East Japan Earthquake of 2011, and we compare those impacts with those of the COVID-19 pandemic after 2020. Second, we identify the characteristics of the best-practice railway companies and examine the drivers of cost inefficiencies. Third, we analyze the factors influencing cost inefficiency by comparing the profiles of the top 10 railway companies and others before and during the pandemic. Finally, we examine the relationship between cost inefficiency and the implementation of efficiency measures for each railway company. We obtained the following four findings. First, most Japanese railway companies showed the lowest cost inefficiency (most efficient) in 2014 and the highest in 2020 (least efficient) during the COVID-19 pandemic. The second worst occurred in 2009 when it was affected by the financial crisis. However, we did not observe a significant impact of the 2011 Great East Japan Earthquake. This is because no railway company was influenced by the earthquake in this operating area, except for JR-EAST. Second, the best-practice railway companies are KEIO and TOKYU. The main reason for their good performance is that both operate in and near the Tokyo metropolitan area, which is densely populated. Third, we found that non-best-practice companies had a larger decrease in passenger kilometers than best-practice companies. This indicates that passengers made fewer long-distance trips because they refrained from inter-prefectural travel during the pandemic. Finally, we found that companies that implement more efficiency improvement measures had higher cost efficiency and they effectively used their customer databases through proactive DX investments in marketing and asset management.

Keywords: COVID-19 pandemic, stochastic frontier analysis, railway sector, cost efficiency

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Authors: Benjamin Bonsu Bruce, Marian Dorcas Quain David Appiah-Kubi, Gertrude Osei-Diko, Harrison Kwame Dapaah

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Taro [Colocasia esculenta (L.) Schott] is a major staple food and remains a significant crop to many cultural and agricultural customs worldwide. In Ghana, taro is mostly propagated using vegetative material, which is conserved in field collection and recycled from their farms to establish new fields. However, this practice promotes the accumulation of systemic pathogens. Prior exposure to pests and subsequent expression of disease symptoms can also be a huge constraint to sustainable conservation and utilization of taro genetic resources. In vitro, slow growth is one of the most promising techniques to be utilized for conservation. The objective of this study was to find a medium-term in vitro conservation protocol for local and exotic taro genotypes. The medium-term conservation study was conducted using actively growing shoots obtained from in vitro cultures. Explants were cultured to full strength in complete Murashige and Skoog medium supplemented with Mannitol at different concentrations (0g/l, 20g/l, 25g/l, and 30g/l). Another medium that was tested as an additional treatment is the White’s medium. The highest number of shoots (6.33) and leaves (22.67) occurred on medium containing 20 and 25g/l mannitol in genotype SAO 006 as compared to other genotypes, whereas 30g/l mannitol was the best to restrict growth for the entire 6 months period in terms of shoot height (22.50cm). The study reveals that mannitol supplemented culture media could reduce the growth of Colocasia plantlets, especially in stem height. Culture growth following 6 months of conservation, showed that healthy shoot cultures of Taro were obtained after 6 months of storage in a medium containing 20gl⁻¹ and 25gl⁻¹ mannitol.

Keywords: complete murashige, skoog medium, culture conditions, mannitol, slow growth conservation

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Authors: Enrique Claver Cortés, Bartolomé Marco Lajara, Eduardo Sánchez García, Pedro Seva Larrosa, Encarnación Manresa Marhuenda, Lorena Ruiz Fernández, Esther Poveda Pareja

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In recent decades, the analysis of the effects of clustering as an essential factor for the development of innovations and the competitiveness of enterprises has raised great interest in different areas. Nowadays, companies have access to almost all tangible and intangible resources located and/or developed in any country in the world. However, despite the obvious advantages that this situation entails for companies, their geographical location has shown itself, increasingly clearly, to be a fundamental factor that positively influences their innovative performance and competitiveness. Industrial clusters could represent a unique level of analysis, positioned between the individual company and the industry, which makes them an ideal unit of analysis to determine the effects derived from company membership of a cluster. Also, the absorptive capacity (hereinafter 'AC') can mediate the process of innovation development by companies located in a cluster. The transformation and exploitation of knowledge could have a mediating effect between knowledge acquisition and innovative performance. The main objective of this work is to determine the key factors that affect the degree of generation and use of knowledge from the environment by companies and, consequently, their innovative performance and competitiveness. The elements analyzed are the companies' membership of a cluster and the AC. To this end, 30 most relevant papers published on this subject in the "Web of Science" database have been reviewed. Our findings show that, within a cluster, the knowledge coming from the companies' environment can significantly influence their innovative performance and competitiveness, although in this relationship, the degree of access and exploitation of the companies to this knowledge plays a fundamental role, which depends on a series of elements both internal and external to the company.

Keywords: absorptive capacity, clusters, innovation, knowledge

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Authors: Hadi Mousavi, Majid Davoudi Nasr

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Executives can maximize profits by recognizing the factors that affect investment and using them to obtain the optimal level of investment. Inefficient markets have shortcomings that can impact the optimal level of investment, leading to the process of over-investment or under-investment. In the present study, the relationship between the overconfidence of senior managers and abnormal cash fluctuations with respect to financial flexibility in companies listed in the Tehran stock exchange from 2009 to 2013 were evaluated. In this study, the sample consists of 84 companies selected by a systematic elimination method and 420 year-companies in total. In this research, EVIEWS software was used to test the research hypotheses by linear regression and correlation coefficient and after designing and testing the research hypothesis. After designing and testing research hypotheses that have been used to each hypothesis, it was concluded that there was a significant relationship between the overconfidence of senior managers and abnormal cash fluctuations, and this relationship was not significant at any level of financial flexibility. Moreover, the findings of the research showed that there was a significant relationship between senior manager’s overconfidence and positive abnormal cash flow fluctuations in firms, and this relationship is significant only at the level of companies with high financial flexibility. Finally, the results indicate that there is no significant relationship between senior managers 'overconfidence and negative cash flow abnormalities, and the relationship between senior managers' overconfidence and negative cash flow fluctuations at the level of companies with high financial flexibility was confirmed.

Keywords: abnormal cash fluctuations, overconfidence of senior managers, financial flexibility, accounting

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Authors: Amneh Alkurdi, Yasean Tahat, Hamzeh Almuali

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Purpose: The primary objective of the present paper is to examine the impact of CG attributes, including the board size, independency, separation and managerial ownership) on firm dividend payouts policy; using a sample of 72 Jordanian listed companies for the period of 2007-2013. Methodology: The study does manually review the sample firm’s annual reports for data collection and use OLS regression to carry out this investigation. Findings: The findings indicate that CG attributes have a strong impact on dividend payouts policy. In particular, board size, independency and separation have had significant associations with dividends payouts indicating that such variables matter when determining on dividends which may mitigate the conflicts between stakeholders’ and managers’ interests. The results also indicate that managerial ownership has had no significant impact on the dividends policy suggesting that managers do not use the strength of their position to influence the dividends policy. Finally, the results show that firm size and profitability have had statistically positive associations with dividend payouts, while this was not the case for firm leverage and growth where significant and positive relationships were documented. Originality/implication: The current paper extends the extant literature in this field by investigating the impact of the board composition on dividends and provides some insights for policy makers in emerging markets.

Keywords: corporate governance, dividends payouts policy, jordan, accounting

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Authors: Chiara Mansanta, Daniela Sani

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This paper studies the concept of intrapreneurship discovery for innovation and technology development related to the manufacturing industries set up in the center of Italy, in Marche Region. The study underlined the key drivers of the innovation process and the main factors that influence innovation. Starting from a literature study on open innovation, this paper examines the role of human capital to support company’s development. The empirical part of the study is based on a survey to 151 manufacturing companies that represent the 34% of that universe at the regional level. The survey underlined the main KPI’s that influence companies in their decision processes; then tools for these decision processes are presented.

Keywords: business model, decision making, intrapreneurship discovery, standard methodology

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Authors: S. Mohajer , R. M. Taha, M. Adel

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Developing our knowledge of when pineapple roots grow can lead to improved water, fertilizer applications, and more precise culture management. This paper presents current understanding of morphological traits in pineapple roots, highlighting studies using incubation periods and various solid MS media treated with different sucrose concentrations and pH, which directly assess in vitro environmental factors. Rooting parameters had different optimal sucrose concentrations and incubation periods. All shoots failed to root in medium supplemented with sucrose at 5 g/L and no roots formed within the first 45 days in medium enriched with sucrose at 10 g/L. After 75 days, all shoots rooted in medium enriched with 10 and 20 g/L sucrose. Moreover, MS medium supplied with 20 g/L sucrose resulted in the longest and the highest number of roots with 27.3 mm and 4.7, respectively. Root function, such as capacity for P and N uptake, declined rapidly with root length. As a result, the longer the incubation period, the better the rooting responses would be.

Keywords: environmental factors, in vitro rooting, pineapple, tissue culture

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Authors: Jonghae Park, Daesung Kim

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The impact of aggressive and conservative working capital‘s strategies on the value and profitability of the firms has been evaluated by applying the panel data regression analysis. The control variables used in the regression models are natural log of firm size, sales growth, and debt. We collected a panel of 13,988 companies listed on the Korea stock market covering the period 2000-2016. The major findings of this study are as follow: 1) We find a significant negative correlation between firm profitability and the number of days inventory (INV) and days accounts payable (AP). The firm’s profitability can also be improved by reducing the number of days of inventory and days accounts payable. 2) We also find a significant positive correlation between firm profitability and the number of days accounts receivable (AR) and cash ratios (CR). In other words, the cash is associated with high corporate profitability. 3) Tobin's analysis showed that only the number of days accounts receivable (AR) and cash ratios (CR) had a significant relationship. In conclusion, companies can increase profitability by reducing INV and increasing AP, but INV and AP did not affect corporate value. In particular, it is necessary to increase CA and decrease AR in order to increase Firm’s profitability and value.

Keywords: working capital, working capital management, firm value, profitability

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Authors: Javier Sánchez, Laura Elena De León Prado, Dora Alicia Cortés Hernández

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Magnetic spinel ferrites are materials that possess size, magnetic properties and heating ability adequate for their potential use in biomedical applications. The Mn_0.5Ga_0.5Fe₂O₄ magnetic nanoparticles (MNPs) were synthesized by sol-gel method using citric acid as chelating agent of metallic precursors. The synthesized samples were identified by X-Ray Diffraction (XRD) as an inverse spinel structure with no secondary phases. Saturation magnetization (Ms) of crystalline powders was 45.9 emu/g, which was higher than those corresponding to GaFe₂O₄ (14.2 emu/g) and MnFe₂O₄ (40.2 emu/g) synthesized under similar conditions, while the coercivity field (Hc) was 27.9 Oe. The average particle size was 18 ± 7 nm. The heating ability of the MNPs was enough to increase the surrounding temperature up to 43.5 °C in 7 min when a quantity of 4.5 mg of MNPs per mL of liquid medium was tested. Cytotoxic effect (hemolysis assay) of MNPs was determined and the results showed hemolytic values below 1% in all tested cases. According to the results obtained, these synthesized nanoparticles can be potentially used as thermoseeds for hyperthermia therapy.

Keywords: manganese-gallium ferrite, magnetic hyperthermia, heating ability, cytotoxicity

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Authors: Cruz, G. P., Nagamatsu, R. N., Scacchetti, F. A. P., Merlin, F. K.

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This study aims to assess a set of technical parameters that provide quality products to the companies that produce caps, APL Apucarana / PR, the city that produces most Brazilian caps, in order to verify the potential of Brazilian caps to compete with international brands, recognized by the standard of excellence when it comes to quality of its products. The determination of the technical parameters was arbitrated from textile ABNT, a total of six technical parameters, providing eight tests for cotton caps. For the evaluation, we used as reference a leading brand recognized worldwide (based on their sales volume in $) for comparison with 3 companies of the APL Apucarana. The results showed that, of the 8 tests, of 8 tests, the companies Apucarana did not obtain better performance than the competitor. They obtained the same results in three tests and lower performance in 5. Given these values, it is concluded that local caps are not far from reaching the quality of leading brand. It is recommended that the APL companies use the parameters to evaluate their products, using this information to support decision-making that seek to improve both the product design and its production process, enabling the feasibility for faster international recognition . Thus, they may have an edge over its main competitor.

Keywords: technical parameters, making caps, quality, evaluation

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Authors: Katarzyna Olejko

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The need to redefine the goals and adapt the operational activities carried out in accordance with the concept of sustainable management to these goals results in the increasing importance of information on the company's activities perceived from the perspective of the effectiveness and efficiency of environmental goals implementation. The narrow scope of reporting data on a company's impact on the environment is not adequate to meet the information needs of modern investors. Reporting obligations are therefore imposed on companies in order to increase the effectiveness of corporate governance and to improve the process of assessing the achievement of environmental goals. The non-financial reporting obligations introduced in Polish legislation increased the scope of reported information. However, the lack of detailed guidelines on the method of reporting resulted in a large diversification of the scope of non-financial information, making it impossible to compare the data presented by companies. The source of information regarding the level of the implementation of standards in Environmental, social and corporate governance (ESG) is the report on compliance with best practices published by the Warsaw Stock Exchange. The document Best Practices of Warsaw Stock Exchange (WSE) Listed Companies (2021), amended by the WSE in 2021, includes the rules applicable to this area (ESG). The aim of this article is to present the level of compliance with good practices in the area of ESG by selected companies listed on the Warsaw Stock Exchange The research carried out as part of this study, which was based on information from reports on the compliance with good practices of companies listed on the Warsaw Stock Exchange that was made available in the good practice scanner, have revealed that good practices in the ESG area are implemented by companies to a limited extent. The level of their application in comparison with other rules is definitely lower. The lack of experience and clear guidelines on ESG reporting may cause some confusion, which is why conscious investors and reporting companies themselves are pinning their hopes on the Corporate Sustainability Reporting Directive (CSRD) adopted by European Parliament.

Keywords: reporting, ESG, corporate governance, best practices

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Authors: Gysele Lima Ricci, Jose Miguel Rodriguez Anton

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Companies in the tourism sector need to achieve competitive advantages for their survival in the market. In this way, the models based on association, cooperation, complementarity, distribution, exchange and mutual assistance arise as a possibility of organizational development, taking as reference the concept of networks. Many companies seek to partner in local networks as clusters to act together and associate. The main objective of the present research is to identify the specificities of management and the practices of cooperation in the tourist destination of São Paulo - Brazil, and to propose a new management model with possible cluster of tourism. The empirical analysis was carried out in three phases. As a first phase, a research was made by the companies, associations and tourism organizations existing in São Paulo, analyzing the characteristics of their business. In the second phase, the management specificities and cooperation practice used in the tourist destination. And in the third phase, identifying the possible strengths and weaknesses that potential or potential tourist cluster could have, proposing the development of the management model of the same adapted to the needs of the companies, associations and organizations. As a main result, it has been identified that companies, associations and organizations could be looking for synergies with each other and collaborate through a Hiperred organizational structure, in which they share their knowledge, try to make the most of the collaboration and to benefit from three concepts: flexibility, learning and collaboration. Finally, it is concluded that, the proposed tourism cluster management model is viable for the development of tourism destinations because it makes it possible to strategically address agents which are responsible for public policies, as well as public and private companies and organizations in their strategies competitiveness and cooperation.

Keywords: cluster, management model, networks, tourism sector

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Authors: Zulkifli Mohamed Udin, Lee Khai-Loon, Mohamad Ghozali Hassan

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In today’s dynamic business environment, the competition is no longer between firms, but between supply chains to gain competitive advantages. The global manufacturing sector, especially the textile and apparel industry are essentially known for its supply chain dependency. The delicate nature of its business leads to emphasis on the smooth movement of upstream and downstream supply chain. The nature of this industry, however, result in huge dynamic flow of physical, information, and financial. The dynamic management of these flows requires adoption of supply chain technologies. Even though technology is widely implemented and studied in many industries by researchers, adoption of supply chain technologies in Malaysian textile and apparel industry is limited. There is relatively a handful academic study conducted on recent developments in Malaysian textile and apparel industry and supply chain technology adoption indicate a major gap in supply chain performance studies. Considering the importance given to Third Industrial Master Plan by the government Malaysia, it is necessary to understand the power of supply chain technology adoptions. This study aims to investigate supply chain technology adoption by textile and apparel companies in Malaysia. The result highlighted the benefits perceived by textile and apparel companies from supply chain technologies. The indifference of small and medium enterprises to operation management acts as a major inhibitor to the adoption of supply chain technologies, since they have resource limitations. This study could be used as a precursor for further detailed studies on this issue.

Keywords: supply chain technology adoption, supply chain performance, textile, apparel industry

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Authors: M. Azharul Islam, M. Russel Sarker, M. Shahadat Hossen

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Air pollution is one of the major environmental problems that have gained importance in all over the world. Air pollution is a problem for all of us. The present study was conducted to explore the people’s perception level and awareness of air pollution in selected areas of Mymensingh in Bangladesh. Health impacts of air pollution also studied through personal interview and structured questionnaire. The relationship of independent variables (age, educational qualification, family size, residence and communication exposure) with the respondent’s perception level and awareness of air pollution (dependent variable) was studied to achieve the objectives of the study. About 600 respondents were selected randomly from six sites for collecting data during the period of July 2016 to June 2017. Pearson’s product-moment correlation coefficients were computed to examine the relationship between the concerned variables. The results revealed that about half (46.67%) of the respondents had a medium level of perception and awareness about air pollution in their areas where 31.67 percent had low, and 21.67 percent had a high level. In rural areas of the study sites, 43.33 percent respondents had low, 50 percent had medium, and only 6.67 percent had high perception and awareness on air pollution. In case of urban areas, 20 percent respondents had low, 43.33 percent had medium, and 36.67 percent had a high level of awareness and perception on air pollution. The majority of the respondents (93.33 percent) were lacking of proper awareness about air pollution in rural areas while 63.33 percent in urban areas. Out of five independent variables, three variables such as- educational qualification, residence status and communication exposure had positive and significant relationship. Age of respondents had negative and significant relationship with their awareness of air pollution where family size of the respondents had no significant relationship with their perception and awareness of air pollution. Thousands of people live in urban areas where urban smog, particle pollution, and toxic pollutants pose serious health concerns. But most of the respondents of the urban sites are not familiarize about the real causes of air pollution. Respondents exposed higher level of experience for air pollutants, such as- irritation of the eyes, coughing, tightness of chest and many health difficulties. But respondents of both rural and urban area hugely suffered such health problems and the tendency of certain difficulties increased day by day. In this study, most of the respondents had lack of knowledge on the causes of such health difficulties due to their lower perception level. Proper attempts should be taken to raise literacy level, communication exposure to increase the perception and awareness of air pollution among the respondents of the study areas. Extra care with above concerned fields should be taken to increase perception and awareness of air pollution in rural areas.

Keywords: air pollution, awareness, health impacts, perception of people

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Authors: Pragati Sirohi, Vivek Singh Rana

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Brand is a name, term, sign, symbol or design or a combination of all these which is intended to identify the goods or services of one seller or a group of sellers and to differentiate them from those of the competitors and perception influences purchase decisions here and so building that perception is critical. The FMCG industry is a low margin business. Volumes hold the key to success in this industry. Therefore, the industry has a strong emphasis on marketing. Creating strong brands is important for FMCG companies and they devote considerable money and effort in developing brands. Brand loyalty is fickle. Companies know this and that is why they relentlessly work towards brand building. The purpose of the study is a comparison between Indian and Multinational companies with regard to FMCG sector in India. It has been hypothesized that after liberalization the Indian companies has taken up the challenge of globalization and some of these are giving a stiff competition to MNCs. There is an existence of strong brand image of MNCs compared to Indian companies. Advertisement expenditures of MNCs are proportionately higher compared to Indian counterparts. The operational area of the study is the country as a whole. Continuous time series data is available from 1996-2014 for the selected 8 companies. The selection of these companies is done on the basis of their large market share, brand equity and prominence in the market. Research methodology focuses on finding trend growth rates of market capitalization, net worth, and brand values through regression analysis by the usage of secondary data from prowess database developed by CMIE (Centre for monitoring Indian Economy). Estimation of brand values of selected FMCG companies is being attempted, which can be taken to be the excess of market capitalization over the net worth of a company. Brand value indices are calculated. Correlation between brand values and advertising expenditure is also measured to assess the effect of advertising on branding. Major results indicate that although MNCs enjoy stronger brand image but few Indian companies like ITC is the outstanding leader in terms of its market capitalization and brand values. Dabur and Tata Global Beverages Ltd are competing equally well on these values. Advertisement expenditures are the highest for HUL followed by ITC, Colgate and Dabur which shows that Indian companies are not behind in the race. Although advertisement expenditures are playing a role in brand building process there are many other factors which affect the process. Also, brand values are decreasing over the years for FMCG companies in India which show that competition is intense with aggressive price wars and brand clutter. Implications for Indian companies are that they have to consistently put in proactive and relentless efforts in their brand building process. Brands need focus and consistency. Brand longevity without innovation leads to brand respect but does not create brand value.

Keywords: brand value, FMCG, market capitalization, net worth

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Authors: Ramachandran Manivannan, B. Sakthi Swaroop, Selvam Noyel Victoria

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Microbial corrosion of brass gauze by the aerobic film forming bacteria Arthrobacter sulfurous in neutral media was investigated using gravimetric studies. Maximum weight loss of 166.98 mg was observed for a period of 28 days of exposure to the bacterial medium as against the weight loss of 13.69 mg for control. The optical density studies for the bacterial culture was found to show attainment of stationary phase in 48 h. Scanning electron microscopy analysis of the samples shows the presence of pitting corrosion. The energy dispersive X-ray analysis of the samples showed increased oxygen and phosphorus content in the sample due to bacterial activity.

Keywords: Arthrobacter sulfureus, biocorrosion, brass, neutral medium

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Authors: Theresa Steiner, Markus Pajones, Christian Haider

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Traffic is being induced by companies due to their economic behavior. Basically, two different types of traffic occur at company sites: freight traffic and commuting traffic. Due to the fact that these traffic types are connected to each other in different kinds, an integrated approach to manage them is useful. Mobility management is a proved method for companies, to handle the traffic processes caused by their business activities. According to recent trend analysis in Austria, the freight traffic as well as the individual traffic, as part of the commuting traffic, will continue to increase. More traffic jams, as well as negative environmental impacts, are expected impacts for the future. Mobility management is a tool to control the traffic behavior with the scope to reduce emissions and other negative effects which are caused by traffic. Until now, mobility management is mainly used for optimizing commuting traffic without taking the freight logistics processes into consideration. However, the method of mobility management can be used to improve the freight traffic area of a company as well. The focus of this paper will be particularly laid on analyzing to what extent companies are already using mobility management to influence not only the commuting traffic they produce but also their processes of freight logistics. A further objective is to acquire knowledge about the motivating factors which persuade companies to introduce and apply mobility management. Additionally, advantages and disadvantages of this tool will be defined as well as limitations and factors of success, with a special focus on freight logistics, will be depicted. The first step of this paper is to conduct a literature review on the issue of mobility management with a special focus on freight logistics processes. To compare the theoretical findings with the practice, interviews, following a structured interview guidline, with mobility managers of different companies in Upper Austria will be undertaken. A qualitative analysis of these surveys will in a first step show the motivation behind using mobility management to improve traffic processes and how far this approach is already being used to especially influence the freight traffic of the companies. An evaluation to what extent the method of mobility management is already being approached at Upper Austrian companies to regulate freight logistics processes will be one outcome of this publication. Furthermore, the results of the theoretical and practical analysis will reveal not only the possibilities but also the limitations of using mobility management to influence the processes of freight logistics.

Keywords: freight logistics processes, freight traffic, mobility management, passenger traffic

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Authors: Fatemeh Moradian, Razieh Ghorbani, Poria Biparva

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Growing resistance of microorganisms to potent antibiotics has renewed a great interest towards investigating bactericidal properties of nanoparticles and their Nano composites as an alternative. The use of metal nanoparticles to combat bacterial infections is one of the most wide spread applications of nanotechnology in the field of antibacterial. Nanomaterials have unique properties compared to their bulk counterparts. In this report, we demonstrate the antimicrobial activity of zerovalent Iron(ZVI) and Ag(silver) nanoparticles against Gram-negative bacteria E.coli(DH5α) and Pseudomonas aeruginosa. At first ZVI and Ag nanoparticles were synthesized by chemical reduction method and using scanning electron microscopy (SEM) the nanoparticle size determined. Different concentrations of Ag and ZVI nanoparticles were added to bacteria on nutrient agar medium. Minimum inhibitory concentration (MIC) of Ag and Fe nanoparticles for P. aeruginosa were 5µM and 1µg as well as for E.coli were 6µM. and 10 µg, respectively. Among the two nanoparticles, ZVI showed that the greatest antimicrobial activity against E.coli and Ag nanoparticle on P.aeruginosa. Results suggested that the bactericidal effect of metal nanoparticles has been attributed to their small size as well as high surface to volume ratio and NPs could be used as an effective antibacterial material.

Keywords: bactericidal properties, MIC, nanoparticle, SEM

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Authors: Idris Adamu Alhaji, Wan Fauziahbt Wan Yusoff

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This study was conducted to identify the relationship between Corporate Governance attributes and Firm Performance, various studies, had been carried out mostly in developed countries, in order to identify the relationship between corporate governance attributes and firm performance. Since, the value creation of corporate governance can be measured through the firm performance, corporate governance act as a mechanism to align management's goals with the stakeholders especially to increase firm performance. Despite extensive study of corporate governance there is still an inconsistence relationship between corporate governance attributes and firm performance. Therefore, the aim of this paper is to identify the relationship between corporate governance attributes and firm performance. Five corporate governance element were used as independent variables which include: Independent director, board size, audit committee, leadership structure and board meeting. Meanwhile, the dependent variables are two firm performance measurements; return on equity (ROE) and earning per share (EPS). This study uses quantitative approaches whereby data were gathered from secondary source data were collected from Annual Reports of the companies, online journals etc. This study revealed that, there is a significant relationship between corporate governance attributes and firm performance. Therefore, the results show that good corporate governance practice influence firm performance. Finally, it's hoped that this study provides current corporate governance scenario in Malaysia that can be used to enhance the development of corporate governance of the country.

Keywords: corporate governance, return on equity, earning per share, financial performance

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Authors: Antonio Marques, Graça Guedes

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The Portuguese footwear industry had in the last five years a remarkable performance in the exportation values, the trade balance and others economic indicators. After a long period of difficulties and with a strong reduction of companies and employees since 1994 until 2009, the Portuguese footwear industry changed the strategy and is now a success case between the international players of footwear. Only the Italian industry sells footwear with a higher value than the Portuguese and the distance between them is decreasing year by year. This paper analyses how the Portuguese footwear companies innovate and make innovation, according the classification proposed by the Oslo Manual. Also analyses the strategy follow in the innovation process, as suggested by Freeman and Soete, and shows the linkage between the type of innovation and the strategy of innovation. The research methodology was qualitative and the strategy for data collection was the case study. The qualitative data will be analyzed with the MAXQDA software. The economic results of the footwear companies studied shows differences between all of them and these differences are related with the innovation strategy adopted. The companies focused in product and marketing innovation, oriented to their target market, have higher ratios “turnover per worker” than the companies focused in process innovation. However, all the footwear companies in this “low-tech” industry create value and contribute to a positive foreign trade of 1.310 million euros in 2013. The growth strategies implemented has the participation of the sectorial organizations in several innovative projects. And it’s obvious that cooperation between all of them is a critical element to the performance achieved by the companies and the innovation observed. Can conclude that the Portuguese footwear sector has in the last years an excellent performance (economic results, exportation values, trade balance, brands and international image) and his performance is strongly related with the strategy in innovation followed, the type of innovation and the networks in the cluster. A simplified model, called “Ace of Diamonds”, is proposed by the authors and explains the way how this performance was reached by the seven companies that participate in the study (two of them are the leaders in the setor), and if this model can be used in others traditional and “low-tech” industries.

Keywords: footwear, innovation, “low-tech” industry, Oslo manual

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Authors: Marielcio Lacerda, Angelo Paulino, Elcio Shiguemori, Alvaro Damiao, Lamartine Guimaraes, Camila Anjos

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Accurate information about the terrain is extremely important in disaster management activities or conflict. This paper proposes the use of the Unmanned Aircraft Systems (UAS) at the identification of Airdrop Zones (AZs) and Helicopter Landing Zones (HLZs). In this paper we consider the AZs the zones where troops or supplies are dropped by parachute, and HLZs areas where victims can be rescued. The use of digital image processing enables the automatic generation of an orthorectified mosaic and an actual Digital Surface Model (DSM). This methodology allows obtaining this fundamental information to the terrain’s comprehension post-disaster in a short amount of time and with good accuracy. In order to get the identification and classification of AZs and HLZs images from DJI drone, model Phantom 4 have been used. The images were obtained with the knowledge and authorization of the responsible sectors and were duly registered in the control agencies. The flight was performed on May 24, 2017, and approximately 1,300 images were obtained during approximately 1 hour of flight. Afterward, new attributes were generated by Feature Extraction (FE) from the original images. The use of multispectral images and complementary attributes generated independently from them increases the accuracy of classification. The attributes of this work include the Declivity Map and Principal Component Analysis (PCA). For the classification four distinct classes were considered: HLZ 1 – small size (18m x 18m); HLZ 2 – medium size (23m x 23m); HLZ 3 – large size (28m x 28m); AZ (100m x 100m). The Decision Tree method Random Forest (RF) was used in this work. RF is a classification method that uses a large collection of de-correlated decision trees. Different random sets of samples are used as sampled objects. The results of classification from each tree and for each object is called a class vote. The resulting classification is decided by a majority of class votes. In this case, we used 200 trees for the execution of RF in the software WEKA 3.8. The classification result was visualized on QGIS Desktop 2.12.3. Through the methodology used, it was possible to classify in the study area: 6 areas as HLZ 1, 6 areas as HLZ 2, 4 areas as HLZ 3; and 2 areas as AZ. It should be noted that an area classified as AZ covers the classifications of the other classes, and may be used as AZ, HLZ of large size (HLZ3), medium size (HLZ2) and small size helicopters (HLZ1). Likewise, an area classified as HLZ for large rotary wing aircraft (HLZ3) covers the smaller area classifications, and so on. It was concluded that images obtained through small UAV are of great use in calamity situations since they can provide data with high accuracy, with low cost, low risk and ease and agility in obtaining aerial photographs. This allows the generation, in a short time, of information about the features of the terrain in order to serve as an important decision support tool.

Keywords: disaster management, unmanned aircraft systems, helicopter landing zones, airdrop zones, random forest

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Authors: Gunnar Oskarsson, Irena Georgsdottir

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Tourism has been growing incredibly fast during the past years, including the cruise industry, which is gaining increasing popularity among various groups of travelers. It is a challenging task for companies serving cruise ship passengers with local products and services at the point of destination to reach them in due time with information about their offerings, as well learning how to adapt their offerings and messages to the type of customers arriving on each particular occasion. Although some research has been conducted in this sphere, there is still limited knowledge about many specifics within this sector of the tourist industry. The objective of this research is to examine one of these, with the main goal of studying the segmentation of cruise passengers and to learn about marketing practices directed towards them. A qualitative research method, based on in-depth interviews, was used, as this provides an opportunity to gain insight into the participants’ perspectives. Interviews were conducted with 10 respondents from different companies in the tourist industry in Iceland, who interact with cruise passengers on a regular basis in their work environment. The main objective was to gain an understanding of what distinguishes different customer groups, or segments, in this industry, and of the marketing approaches directed towards them. The main findings reveal that participants note the strongest difference between cruise passengers of different nationalities, passengers coming on different ships (size and type), and passengers arriving at different times of the year. A drastic difference was noticed between nationalities in four main segments, American, British, Other European, and Asian customers, although some of these segments could be divided into even further sub-segments. Other important differencing factors were size and type of ships, quality or number of stars on the ship, and travelling time of the year. Companies serving cruise ship passengers, as well as the customers themselves, could benefit if the offerings of services were designed specifically for particular segments within the industry. Concerning marketing towards cruise passengers, the results indicate that it is carried out almost exclusively through the Internet using; a reliable website and, search engine optimization. Marketing is also by word-of-mouth. This research can assist practitioners by offering a deeper understanding of the approaches that may be effective in marketing local products and services to cruise ship passengers, based on their segmentation and by identifying effective ways to reach them. The research, furthermore, provides a valuable contribution to marketing knowledge for the benefit of an increasingly important market segment in a fast growing tourist industry.

Keywords: capabilities, global integration, internationalisation, SMEs

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Authors: Zeinab Sayed Abdel Rehim, M. A. Ziada, H. Salwa El-Deeb

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Numerical study of fluid flow, heat transfer and thermal energy storing or released in/from spongy-porous media to predict the thermal performance and characteristics of the porous media as packed bed system is presented in this work. This system is cylindrical channel filled with porous media (carbon foam). The system consists of working fluid (air) and spongy-porous medium; they act as the heat exchanger (heating or cooling modes) where thermal interaction occurs between the working fluid and the porous medium. The spongy-porous media are defined by the different type of porous medium employed in the storing or cooling modes. Two different porous media are considered in this study: Carbon foam, and Silicon rubber. The flow of the working fluid (air) is one dimensional in the axial direction from the top to downward and steady state conditions. The numerical results of transient temperature distribution for both working fluid and the spongy-porous medium phases and the amount of stored/realized heat inside/from the porous medium for each case with respect to the operating parameters and the spongy-porous media characteristics are illustrated.

Keywords: fluid flow, heat transfer, numerical analysis, spongy-porous media, thermal performance, transient conditions

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Authors: Gu Dongxing, Li Yuxuan, Nong Tengxiao, Burra Venkata Durga Kumar

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Since computers are widely used in business models, more and more companies choose to store important information in computers to improve productivity. However, this information can be compromised in many cases, such as when it is stored locally on the company's computers or when it is transferred between servers and clients. Of these important information leaks, source code leaks are probably the most costly. Because the source code often represents the core technology of the company, especially for the Internet companies, source code leakage may even lead to the company's core products lose market competitiveness, and then lead to the bankruptcy of the company. In recent years, such as Microsoft, AMD and other large companies have occurred source code leakage events, suffered a huge loss. This reveals to us the importance and necessity of preventing source code leakage. This paper aims to find ways to prevent source code leakage based on the direction of operating system, and based on the fact that most companies use Linux or Linux-like system to realize the interconnection between server and client, to discuss how to reduce the possibility of source code leakage during data transmission.

Keywords: data transmission, Linux, source code, operating system

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Authors: Faiz Khan Mohammad, Saumya Ray Chaudhari, Raghunathan Rengaswamy, Swagatika Sahoo

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Cholera caused by pathogenic gut bacteria Vibrio Cholerae (VC), is a major health problem in developing countries. Different strains of VC exhibit variable responses subject to different extracellular medium (Nag et al, Infect Immun, 2018). In this study, we present a new approach to model the variable VC responses in mono- and co-cultures, subject to continuously changing growth medium, which is otherwise difficult via simple FBA model. Nine VC strain and seven E. coli (EC) models were assembled and considered. A continuously changing medium is modelled using a new iterative-based controlled medium technique (ITC). The medium is appropriately prefixed with the VC model secretome. As the flux through the bacteria biomass increases secretes certain by-products. These products shall add-on to the medium, either deviating the nutrient potential or block certain metabolic components of the model, effectively forming a controlled feed-back loop. Different VC models were setup as monoculture of VC in glucose enriched medium, and in co-culture with VC strains and EC. Constrained to glucose enriched medium, (i) VC_Classical model resulted in higher flux through acidic secretome suggesting a pH change of the medium, leading to lowering of its biomass. This is in consonance with the literature reports. (ii) When compared for neutral secretome, flux through acetoin exchange was higher in VC_El tor than the classical models, suggesting El tor requires an acidic partner to lower its biomass. (iii) Seven of nine VC models predicted 3-methyl-2-Oxovaleric acid, mysirtic acid, folic acid, and acetate significantly affect corresponding biomass reactions. (iv) V. parhemolyticus and vulnificus were found to be phenotypically similar to VC Classical strain, across the nine VC strains. The work addresses the advantage of the ITC over regular flux balance analysis for modelling varying growth medium. Future expansion to co-cultures, potentiates the identification of novel interacting partners as effective cholera therapeutics.

Keywords: cholera, vibrio cholera El. tor, vibrio cholera classical, acetate

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Authors: Simphiwe Phungula

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In the past few years, the impact of Covid 19 in South Africa has given rise to the need for business rescue proceedings where businesses are financially distressed. Even more, the looting unrest and floods in certain parts of South Africa have also played an impact on businesses’ financial stress. To help financially distressed companies in South Africa, the Companies Act (“the Act”) has introduced a business rescue procedure aimed at helping those ailing companies. This mechanism is aimed at rehabilitating financially distressed companies so that they become solvent again and if it is not possible, results in a better return for the company’s creditors or shareholders than would result from the immediate liquidation of the company. Unfortunately, since the introduction of business rescue, evidence has shown that sometimes companies resort to business rescue proceedings to seek refuge from creditors even if the facts do not justify that the company should commence business rescue. In most cases, the abuse of business rescue is done by directors who pass a resolution that the company should embark on business rescue even if evidence shows that the company should not commence the proceedings. This is done notwithstanding the principles of King Code IV which requires ethics and good governance on the part of directors. This paper demonstrates how the abuse of business rescue can impact the principles of good governance and ethics of King Code IV. It argues that directors should rethink their corporate practices, and ethical standards when passing a resolution to commence business rescue proceedings.

Keywords: business rescue, king code, corporate governance, ethics

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Authors: Hatane Semuel, Hartmann H. Ngono, Sautma R. Basana

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The effect of capital structure on profitability is often debated by many financial investigators. The application of the trade-off theory and pecking order theory to analyze this relationship may generate different views. Each company has its own strategies to achieve its objectives and the external environment, such as state policy has a broad impact on the relationship with the capital structure of the company's profitability. Malaysia is the country closest to Indonesia that had a similar growth rate of GDP and industrial production with Indonesia, but Malaysia has lower inflation rate than Indonesia. This study was conducted to compare the performance of manufacturing sector between two countries when entering the era of the ASEAN Economic Community (AEC). The samples for this study were 69 companies in Indonesia and 242 companies in Malaysia that engaged in manufacturing sector. The study uses panel data analysis. The study found that the capital structure have positive effect on profitability of manufacturing company in Indonesia, and it turns to negative effect on manufacturing companies in Malaysia. The results also showed that there are significant differences in short-term debt towards profitability of manufacturing companies in the two countries Indonesia and Malaysia.

Keywords: capital structure, Indonesia, Malaysia, manufacturing, profitability

Procedia PDF Downloads 382