Search results for: multinational oil companies

Authors: Dina Tamazin, Nicoleta Tipi, Sahar Validi

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The oil refining industry plays vital role in the world economy. Oil refining companies operate in a more complex and dynamic environment than ever before. In addition, oil refining companies and the public are becoming more conscious of crude oil scarcity and climate changes. Hence, sustainability in the oil refining industry is becoming increasingly critical to the industry's long-term viability and to the environmental sustainability. Mainly, it is relevant to the measurement and evaluation of the company's sustainable performance to support the company in understanding their performance and its implication more objectively and establishing sustainability development plans. Consequently, the oil refining companies attempt to re-engineer their supply chain to meet the sustainable goals and standards. On the other hand, this research realized that previous research in oil refining sustainable supply chain performance measurements reveals that there is a lack of studies that consider the integration of sustainability in the supply chain performance measurement practices in the oil refining industry. Therefore, there is a need for research that provides performance guidance, which can be used to measure sustainability and assist in setting sustainable goals for oil refining supply chains. Accordingly, this paper aims to present a comprehensive oil refining sustainable supply chain performance measurement theoretical framework. In development of this theoretical framework, the main characteristics of oil refining industry have been identified. For this purpose, a thorough review of relevant literature on performance measurement models and sustainable supply chain performance measurement models has been conducted. The comprehensive oil refining sustainable supply chain performance measurement theoretical framework introduced in this paper aims to assist oil refining companies in measuring and evaluating their performance from a sustainability aspect to achieve sustainable operational excellence.

Keywords: oil refining industry, oil refining sustainable supply chain, performance measurement, sustainability

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Authors: Hala Alioua, Alberic Tellier

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This paper is designed to spotlight the research on corporate strategic planning, by emphasizing the role of middle manager of SBU’s and related issues such as the context of vision change. Previous research on strategic vision has been focused principally at the SME, with relatively limited consideration given to the role of middle managers SBU’s in the context of change. This project of research has been done by using a single case study. We formulated through our immersion for 2.5 years on the ground and by a qualitative method and abduction approach. This entity that we analyze is a subsidiary of multinational companies headquartered in Germany, specialized in manufacturing automotive equipment. The "Delta Company" is a French manufacturing plant that has undergone numerous changes over the past three years. The two major strategic changes that have a significant impact on the Delta plant are the strengths of its core business through « lead plant strategy» in 2011 and the implementation of a new strategic vision in 2014. These consecutive changes impact the purpose of the mission of the middle managers. The plant managers ask the following questions: How the middle managers make sense of the corporate strategic planning imposed by the parent company? How they appropriate the new vision and decline it into actions on the ground? We chose the individual interview technique through open-ended questions as the source of data collection. We first of all carried out an exploratory approach by interviewing 8 members of the Management committee’s decision and 19 heads of services. The first findings and results show that exist a divergence of opinion and interpretations of the corporate strategic planning among organization members and there are difficulties to make sense and interpretations of the signals of the environment. The lead plant strategy enables new projects which insure the workload of Delta Company. Nevertheless, it creates a tension and stress among the middle managers because its provoke lack of resources to the detriment of their main jobs as manufacturer plant. The middle managers does not have a clear vision and they are wondering if the new strategic vision means more autonomy and less support from the group.

Keywords: change, middle managers, vision, sensemaking

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Authors: Seyedeza Baharisaravi

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As we know, we are living in the hyper competitive environment and all of companies strive hard to engross more and more customers. Thus, in this milieu, we should produce and deliver diverse commodities, regarding with the consumers' interests. So, all companies elicit that they should pay attention on the external resources besides the internal ones. Hence, the meaning of supply chain management has been introduced as a fundamental issue for global e-business, e-commerce and e-government. The present paper explains prominences, challenges, keys, various descriptions, advantages and disadvantages, globalization and the future of one of the vital issues in the business realm which is supply chain management (SCM). This issue is one of the newest concepts of business science that has transformed the essence of every business and attitude of marketers.

Keywords: SCM concepts, supply chain management, the importance of SCM, SCM in organization

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Authors: Agnieszka Misztal

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The popularity of the quality management system models continues to grow despite the transitional crisis in 2008. Their development is associated with the demands of the new requirements for entrepreneurs, such as risk analysis projects and more emphasis on supervision of outsourced processes. In parallel appropriate to focus attention on the selection of companies aspiring to quality management system. This is particularly important in the automotive supplier industry, where requirements transferred to the levels in the supply chain should be clear, transparent and fairly satisfied. The author has carried out series of researches aimed at finding the factors that allow for the effective implementation of the quality management system in automotive companies. The research was focused on four groups of companies: 1) manufacturing (parts and assemblies for the purpose of sale or for vehicle manufacturers), 2) service (repair and maintenance of the car), 3) services for the transport of goods or people, 4) commercial (auto parts and vehicles). Identified determinants were divided in two types of criteria into: internal and external, as well as: hard and soft. The article presents hard - technical factors that automotive company must meet in order to achieve the goal of the quality management system implementation.

Keywords: automotive industry, quality management system, automotive technology, automotive company

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Authors: N. J. M. Yusof, T. Sabir, J. McLoughlin

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Garment manufacturing industry involves sequential processes that are subjected to uncontrollable variations. The industry depends on the skill of labour in handling the varieties of fabrics and accessories, machines, and also a complicated sewing operation. Due to these reasons, garment manufacturers created systems to monitor and control the product’s quality regularly by conducting quality approaches to minimize variation. The aims of this research were to ascertain the quality approaches deployed by Malaysian garment manufacturers in three key areas-quality systems and tools; quality control and types of inspection; sampling procedures chosen for garment inspection. The focus of this research also aimed to distinguish quality approaches used by companies that supplied the finished garments to both domestic and international markets. The feedback from each of company’s representatives was obtained using the online survey, which comprised of five sections and 44 questions on the organizational profile and quality approaches used in the garment industry. The results revealed that almost all companies had established their own mechanism of process control by conducting a series of quality inspection for daily production either it was formally been set up or vice versa. Quality inspection was the predominant quality control activity in the garment manufacturing and the level of complexity of these activities was substantially dictated by the customers. AQL-based sampling was utilized by companies dealing with the export market, whilst almost all the companies that only concentrated on the domestic market were comfortable using their own sampling procedures for garment inspection. This research provides an insight into the implementation of quality approaches that were perceived as important and useful in the garment manufacturing sector, which is truly labour-intensive.

Keywords: garment manufacturing, quality approaches, quality control, inspection, Acceptance Quality Limit (AQL), sampling

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Authors: Zonggui Chen, Yuhong Wang, Yun Le

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U.S. engineering and construction companies have increased their presence in China. A strategy for them to enter and operate in China is to forge strategic alliances with local firms. Managing the differences in motives and cultures and using proper controls are essential for a productive strategic alliance. Based on literature and in-depth interviews, this paper examines the differences in motives and cultures within Sino–U.S. strategic alliances and the impacts of the differences on control mechanisms. This paper not only contributes to a better understanding of cross-border strategic alliances in construction, but also facilitates the operation of the alliances.

Keywords: strategic alliance, Chinese construction industry, motives, cultural differences

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Authors: F. Guspi, E. García

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This exploratory study gives an overview of the evolution of the main financial and performance indicators of the Academic Spin-Off’s and High Growth Academic Spin-Off’s in year 3 and year 6 after its creation in the region of Catalonia in Spain. The study compares and evaluates results of these different measures of performance and the degree of success of these companies for each University. We found that the average Catalonian Academic Spin-Off is small and have not achieved the sustainability stage at year 6. On the contrary, a small group of High Growth Academic Spin-Off’s exhibit robust performance with high profits in year 6. Our results support the need to increase selectivity and support for these companies especially near year 3, because are the ones that will bring wealth and employment. University role as an investor has rigid norms and habits that impede an efficient economic return from their ASO investment. Universities with high performance on sales and employment in year 3 not always could sustain this growth in year 6 because their ASO’s are not profitable. On the contrary, profitable ASO exhibit superior performance in all measurement indicators in year 6. We advocate the need of a balanced growth (with profits) as a way to obtain subsequent continuous growth.

Keywords: Academic Spin-Off (ASO), university entrepreneurship, entrepreneurial university, high growth, New Technology Based Companies (NTBC), University Spin-Off

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Authors: Zahra Amirhosseini, Mahtab Nameni

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The aim of this study was to investigate the relationship between growth, beta, and Company's cash. We calculate cash as dependent variable and growth opportunity and beta as independent variables. This study was based on an analysis of panel data. Population of the study is the companies which listed in Tehran Stock exchange and a financial data of 215 companies during the period 2010 to 2015 have been selected as the sample through systematic sampling. The results of the first hypothesis showed there is a significant relationship between growth opportunities cash holdings. Also according to the analysis done in the second hypothesis, we determined that there is an inverse relation between company risk and cash holdings.

Keywords: growth, beta, liquidity, company

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Authors: Kemalettin Eryesil, Osman Esmen, Aykut Beduk

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In this study, it has been studied to determine the relationship between business performance and strategic flexibility, which is defined to be the strategic choice that provides the ability of rapidly responding the changes of the dynamic environment of the companies, for having competitive advantages. In this context a field study has been conducted over 56 companies, which are active in informatics and electronics sectors in TEKNOKENT. As a result of the study it has been determined that; strategic flexibility has an effect on business performance and there is a positive and statistically significant relationship between strategic flexibility and business performance.

Keywords: sustainable competition advantage, strategic flexibility, firm performance, TEKNOKENT

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Authors: Mariusz Hofman

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The paper ‘Theoretical framework for value creation in Project-Oriented Companies’ is designed to determine, how organisations create value and whether this allows them to achieve market success. An assumption has been made that there are two routes to achieving this value. The first one is to create intangible assets (i.e. the resources of human, structural and relational capital), while the other one is to create added value (understood as the surplus of revenue over costs). It has also been assumed that the combination of the achieved added value and unique intangible assets translates to the success of a project-oriented company. The purpose of the paper is to present hypothetical and deductive model which describing the modus operandi of such companies and approach to model operationalisation. All the latent variables included in the model are theoretical constructs with observational indicators (measures). The existence of a latent variable (construct) and also submodels will be confirmed based on a covariance matrix which in turn is based on empirical data, being a set of observational indicators (measures). This will be achieved with a confirmatory factor analysis (CFA). Due to this statistical procedure, it will be verified whether the matrix arising from the adopted theoretical model differs statistically from the empirical matrix of covariance arising from the system of equations. The fit of the model with the empirical data will be evaluated using χ2, RMSEA and CFI (Comparative Fit Index). How well the theoretical model fits the empirical data is assessed through a number of indicators. If the theoretical conjectures are confirmed, an interesting development path can be defined for project-oriented companies. This will let such organisations perform efficiently in the face of the growing competition and pressure on innovation.

Keywords: value creation, project-oriented company, structural equation modelling

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Authors: Ivana Bulog

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Decision making is a vital part of the business world and any other field of human endeavor. Which way a business organization will take, and where that way will lead it, depends on broad range of decisions made by managers in the managerial structure. Strategic decisions are of the greatest importance for organizational success. Although much empirical research has been done trying to describe and explain its nature and effectiveness, knowledge about strategic decision making is still incomplete. This paper explores the nature of strategic decision making in particular setting - in Croatian companies. The main focus of this research is on the style that decision makers on strategic management level are following when making decisions of life importance for their companies. Two main decision making style that explain the way decision maker collects and processes available information and performs all the activities in strategic decision making process were empirical tested: rational and intuitive one. Besides analyzing their existence on strategic management level in Croatian companies, their effectiveness is analyzed as well. Results showed that decision makers at strategic management level are following both styles somewhat equally in order to function effectively, and that intuitive style is more effective when considering decisions outcomes.

Keywords: decision making style, decision making effectiveness, strategic decisions, management sciences

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Authors: Chihab Benmoussa

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Could the Work System Approach (WSA) function as a framework for designing high-impact knowledge mobilization systems? This paper put forward arguments in favor of the applicability of WSA for knowledge mobilization design based on evidences from a practical research. Normative approaches for practitioners are highly needed especially in the field of knowledge management (KM), given the abysmal rate of disappointment and failure of KM projects. The paper contrasts knowledge management and knowledge mobilization, presents the WSA and showed how the WSA’s concepts and ideas fit with the approach adopted by a multinational company in designing a successful knowledge mobilization initiative.

Keywords: knowledge management, knowledge mobilizations, work system method

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Authors: Mario Spremic

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Despite the financial crisis and ongoing need for cost cutting, companies all around the world heavily invest in information systems (IS) and underlying information technology (IT). Information systems (IS) play very important role in modern business organizations supporting its organizational efficiency or, under certain circumstances, fostering business model innovation and change. IS can influence organization competitiveness in two ways: supporting operational efficiency (IS as a main infrastructure for the current business), or differentiating business through business model innovation and business process change. In either way, IS becomes very important to the business and needs to be aligned with strategic objectives in order to justify massive investments. A number of studies showed that investments in IS and underlying IT resulted in added business value if they are truly connected with strategic business objectives. In that sense proliferation of governance of enterprise IT helps companies manage, or rather, governs IS as a primary business function with executive management involved in making a decision about IS and IT. The quality of IT governance is rising with the large number of decisions about IS made by executive management, not IT departments. The more executive management is engaged in making a decision about IS and IT, the IT governance is of better quality. In this paper, the practice of governing the enterprise IT will be investigated on a sample of the largest 100 Croatian companies. Research questions posed here will reveal if there are some formal IT governance mechanisms, are there any differences in perceived role of IS and IT between CIOs (Chief Information Officers) and CEOs (Chief Executive Officers) of the sampled companies and what are the mechanisms to govern massive investment in enterprise IT.

Keywords: IT governance, governance of enterprise IT, information system auditing, operational efficiency

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Authors: S. L. Tulasi Devi, Shivam Azad

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The primary objective of this study is to analyze the impact of green bond issuance on the stock prices of respective Indian companies. An event study methodology has been employed to study the effect of green bond issuance. For in-depth study and analysis, this paper used different window frames, including 15-15 days, 10-10 days, 7-7days, 6-6 days, and 5-5 days. Further, for better clarity, this paper also used an uneven window period of 7-5 days. The period of study covered all the companies which issued green bonds during the period of 2017-2022; Adani Green Energy, State Bank of India, Power Finance Corporation, Jain Irrigation, and Rural Electrification Corporation, except Indian Renewable Energy Development Agency and Indian Railway Finance Corporation, because of data unavailability. The paper used all three event study methods as discussed in earlier literature; 1) constant return model, 2) market-adjusted model, and 3) capital asset pricing model. For the fruitful comparison between results, the study considered cumulative average return (CAR) and buy and hold average return (BHAR) methodology. For checking the statistical significance, a two-tailed t-statistic has been used. All the statistical calculations have been performed in Microsoft Excel 2016. The study found that all other companies have shown positive returns on the event day except for the State Bank of India. The results demonstrated that constant return model outperformed compared to the market-adjusted model and CAPM. The p-value derived from all the methods has shown an almost insignificant impact of the issuance of green bonds on the stock prices of respective companies. The overall analysis states that there’s not much improvement in the market efficiency of the Indian Stock Markets.

Keywords: green bonds, event study methodology, constant return model, market-adjusted model, CAPM

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Authors: Ahmet Kaya

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Incoming cash flows and outgoing claims play an important role to determine how is companies’ profit or loss. In this matter, ruin probability provides to describe vulnerability of the companies against ruin. Quantum mechanism is one of the significant approaches to model ruin probability as stochastically. Using the Hamiltonian method, we have performed formalisation of quantum mechanics < x|e-ᵗᴴ|x' > and obtained the transition probability of 2x2 and 3x3 matrix as traditional and eigenvector basis where A is a ruin operator and H|x' > is a Schroedinger equation. This operator A and Schroedinger equation are defined by a Hamiltonian matrix H. As a result, probability of not to be in ruin can be simulated and calculated as stochastically.

Keywords: ruin probability, quantum mechanics, Hamiltonian technique, operator approach

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Authors: R. Kenova, K. Anguelov, R. Nikolova

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The human factor plays a major role in boosting the competitive capacity of logistic enterprises. This is of particular importance when it comes to logistic companies. On the one hand they should be strictly compliant with legislation; on the other hand, they should be competitive in terms of pricing and of delivery timelines. Moreover, their policies should allow them to be as flexible as possible. All these circumstances are reason for very serious challenges for the qualification, motivation and experience of the human resources, working in logistic companies or in logistic departments of trade and industrial enterprises. The geographic place of Bulgaria puts it in position of a country with some specific competitive advantages in the goods transport from Europe to Asia and back. Along with it, there is a number of logistic companies, that operate in this sphere in Bulgaria. In the current paper, the authors aim to establish the condition of the administrative capacity and human resources in the logistic companies and logistic departments of trade and industrial companies in Bulgaria in order to propose some guidelines for improving of their effectiveness. Due to independent empirical research, conducted in Bulgarian logistic, trade and industrial enterprises, the authors investigate both the impact degree and the interdependence of various factors that characterize the administrative capacity. The study is conducted with a prepared questionnaire, in format of direct interview with the respondents. The volume of the poll is 50 respondents, representatives of: general managers of industrial or trade enterprises; logistic managers of industrial or trade enterprises; general managers of forwarding companies – either with own or with hired transport; experts from Bulgarian association of logistics; logistic lobbyist and scientists of the relevant area. The data are gathered for 3 months, then arranged by a specialized software program and analyzed by preset criteria. Based on the results of this methodological toolbox, it can be claimed that there is a correlation between the individual criteria. Also, a commitment between the administrative capacity and other factors that determine the competitiveness of the studied companies is established. In this paper, the authors present results of the empirical research that concerns the number and the workload in the logistic departments of the enterprises. Also, what is commented is the experience, related to logistic processes management and human resources competence. Moreover, the overload level of the logistic specialists is analyzed as one of the main threats for making mistakes and losing clients. The paper stands behind the thesis that there is indispensability of forming an effective and efficient administrative capacity, based on the number, qualification, experience and motivation of the staff in the logistic companies. The paper ends with recommendations about the qualification and experience of the specialists in logistic departments; providing effective and efficient administrative capacity in the logistic departments; interdependence of the human factor and the other factors that influence the enterprise competitiveness.

Keywords: administrative capacity, human resources, logistic competitiveness, staff qualification

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Authors: Arnaud Deshais

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The supply chain industry has integrated the need for supplier Diversity and Inclusion (D&I), mostly from an ethical and moral argument. In addition, in some countries, it is also a legal requirement for companies reaching a certain size. As a matter of fact, a lot of successful companies have developed a Corporate Social Responsibility Program that encourages diversity and inclusion in the supply chain, such as building strong relationships with minority owned businesses (women, LGBT, veterans, etc.). Outside ethical and legal perspectives, it is also worth researching the economic and financial benefits of pursuing such efforts. Through surveys of purchasing and supply chain managers in their current roles as well as review of some case studies on supplier based D&I programs, it becomes apparent that a financial return on investment is to be expected as well for companies who make a concerted effort to grow their D&I programs. The study explores the levers to increase shareholder value and business efficiencies. Finally, the research highlights the competitive advantage related to a broad minority based supplier network. The benefits manifest themselves in the areas of competitiveness, innovation, and collaboration. The economic reward ends up being at the forefront of those programs while being an opportunity for organizations to become 'a good citizen'.

Keywords: diversity, inclusion, purchasing, supplier

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Authors: Mohammad Hadi Khorashadi Zadeh, Amin Karkon, Hamid Golnari

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This study aimed to investigate the impact of information technology on the quality of accounting information was made in 2014. A survey of 425 executives of listed companies in Tehran Stock Exchange, using the Cochran formula simple random sampling method, 84 managers of these companies as the sample size was considered. Methods of data collection based on questionnaire information technology some of the questions of the impact of information technology was standardized questionnaires and the questions were designed according to existing components. After the distribution and collection of questionnaires, data analysis and hypothesis testing using structural equation modeling Smart PLS2 and software measurement model and the structure was conducted in two parts. In the first part of the questionnaire technical characteristics including reliability, validity, convergent and divergent validity for PLS has been checked and in the second part, application no significant coefficients were used to examine the research hypotheses. The results showed that IT and its dimensions (timeliness, relevance, accuracy, adequacy, and the actual transfer rate) affect the quality of accounting information of listed companies in Tehran Stock Exchange influence.

Keywords: information technology, information quality, accounting, transfer speed

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Authors: Jucelia Appio, Danielle Deimling De Carli, Bruno Henrique Rocha Fernandes, Nelson Natalino Frizon

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The purpose of this paper is to investigate if there are positive and significant correlations between the dimensions of Person-Environment Fit (Person-Job, Person-Organization, Person-Group and Person-Supervisor) at the “Best Companies to Work for” in Brazil in 2017. For that, a quantitative approach was used with a descriptive method being defined as a research sample the "150 Best Companies to Work for", according to data base collected in 2017 and provided by Fundação Instituto of Administração (FIA) of the University of São Paulo (USP). About the data analysis procedures, asymmetry and kurtosis, factorial analysis, Kaiser-Meyer-Olkin (KMO) tests, Bartlett sphericity and Cronbach's alpha were used for the 69 research variables, and as a statistical technique for the purpose of analyzing the hypothesis, Pearson's correlation analysis was performed. As a main result, we highlight that there was a positive and significant correlation between the dimensions of Person-Environment Fit, corroborating the H1 hypothesis that there is a positive and significant correlation between Person-Job Fit, Person-Organization Fit, Person-Group Fit and Person-Supervisor Fit.

Keywords: Human Resource Management (HRM), Person-Environment Fit (PE), strategic people management, best companies to work for

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Authors: Pramoda Karunarathna, Hemamalie Gunatilaka

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This study is based on experiences of Sri Lankan lesbian and gay workers’ career in the corporate sector, which include both manufacturing and service sectors. The study has started with the intention of shedding light on a grey area to observe the negative effects on lesbian and gay workers and their experiences while they are employed in the Sri Lankan corporate sector. In order to understand the experiences of lesbian and gay workers while they are at work within the corporate sector, the study seeks to address four questions. First research question is about the challenges faced by lesbian and gay workers while they are at work, and the second research question looks at their career patterns. Third research question seeks to address the behavior at work, and the fourth research question looks at the influence of class, religion, and cultural aspects on the career of lesbian and gay workers. Methodologically, the research was based on semi-structured interviews with nine participants (five gay men and four lesbian women) having work experience in the corporate sector and residing in Colombo, the capital city of Sri Lanka. The research found that the participants have gone through the process of developing sexual identity; gay men possess more feminine characteristics, while lesbian women possess more masculine characteristics. Further, their identity gets revealed in different ways, such as through the curriculum vitae, at the interviews, through the attire and behavior, and with the use of social media. The study also found that lesbian and gay workers experience discrimination due to violation of hierarchical power difference by other employees and marginalization, verbal and nonverbal abuse by other men at work are common experiences. Another finding is that lesbian and gay workers adopt strategies for survival at work, and they prefer the NGO sector to the corporate sector. In contrast, even within the corporate sector, advertising is preferred by lesbian and gay workers. Some of the Sri Lankan corporate sector organizations, especially multinational organizations, have initiated diversity training, and it might lead to making these organisations lesbian and gay-friendly workplaces in the future. It is also found that nearly 44 percent of the participants do not have a religion, and it is due to the rejection of deviant behaviours by most of the religions. In conclusion, lesbian and gay workers experience discrimination at work in the Sri Lankan corporate sector with an exception to the companies relating to advertising and non-governmental organisations is the sector that these workers prefer the most.

Keywords: lesbian workers, gay workers, Sri Lankan corporate sector, discrimination

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Authors: Ying Bo Xie, Hisa Yuki Kurokawa

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Due to the fast development, China's express delivery industry has involved in a dilemma that the service quality are keeping decreasing while the construction rate of delivery network cannot meet the customers’ demand. In order to get out of this dilemma and enjoy a succession development rate, it is necessary to understand the current situation of China's express delivery industry. Firstly, the evolution of China's express delivery industry was systematical presented. Secondly, according to the number of companies and the amount of parcels they has dealt each year, the merits and faults of tow kind of operating pattern was analyzed. Finally, based on the characteristics of these express companies, the problems of China's express delivery industry was divided into several types and the countermeasures were given out respectively.

Keywords: China, express delivery industry, status, problem

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Authors: Zainal Abu Zarim, Hafizah Omar Zaki

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The objective of this study is to analyse the success factors of entrepreneurs in the Malaysian SMEs in the urge to discover their entrepreneurial leadership characteristics. Data has been collected from top 50 SME award winning companies. The study has used the qualitative approach to data collection, where interviews are dispersed on these selected companies. From these 50 SMEs, only 25 accepted the interview request where one entrepreneur from each SME answered the questions. To successfully run this study, we administered some questions based on Hornaday 42 characteristics of an entrepreneurs, as well some structured questions to determine a successful of a company. The result shows that, entrepreneurs are confident, determine, diligent, flexible, responsive to challenges, responsible, foresight, courageous, aggressive, and committed. Consistent to this, several elements that makes the company successful includes (1) strong financial control, (2) continuous improvement, (3) product quality and product safety as top priority, (4) hard work and team work, and (5) eagerness in taking challenges. These results has deemed that entrepreneurs in many aspects are also leaders that are risk averse and determine, and are eager to work on continuous improvement in a financially strong company.

Keywords: characteristics of entrepreneurs, success of a company, key success factors, Malaysian SMEs

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Authors: Abu Umar Faruq Ahmad, Muhammad Ayub

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Tabarru` (unilateral gratuitous contribution) is thought to be the basic concept that distinguishes Takaful from conventional non-Sharīʿah compliant insurance. The Sharīʿah compliance of its current practice has been questioned in the premise that, a) it is a form of commutative contract; b) it is akin to the commercial corporate structure of insurance companies due to following the same marketing strategies, allocation to reserves, sharing of underwriting surplus by the companies one way or the other, providing loans to the Takaful funds, and resultantly absorbing the underwriting losses. The Sharīʿah scholars are of the view that the relationship between participants in Takaful should be in the form of commitment to donate, under which a contributor makes commitments himself to donate a sum of money for mutual help and cooperation on the condition that the balance, if any, should be returned to him. With the aim of finding solutions to the above mentioned concerns and other Sharīʿah related issues the study seeks to investigate whether the Takaful companies are functioning in accordance with the Islamic principles of brotherhood, solidarity, and cooperative risk sharing. Given that it discusses the cooperative model of Takaful to address the current and future Sharīʿah related and legal concerns. The study proposed an alternative model and considers it to best serve the objectives of Takaful which operates on the basis of ta`awun or mutual co-operation.

Keywords: hibah, musharakah ta`awuniyyah, Tabarru`, Takaful

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Authors: Majid Lotfi Ghahroud, Seyed Jalal Tabatabaei, Ebrahim Karami, AmirArsalan Ghergherechi, Amir Ali Saeidi

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In this study, the relationship between investment growth and stock returns of companies listed in Tehran Stock Exchange and whether their relationship -behavioral or risk factors- are discussed. Generally, there are two perspectives; risk-based approach and behavioral approach. According to the risk-based approach due to increase investment, systemic risk and consequently the stock returns are reduced. But due to the second approach, an excessive optimism or pessimism leads to assuming stock price with high investment growth in the past, higher than its intrinsic value and the price of stocks with lower investment growth, less than its intrinsic value. The investigation period is eight years from 2007 to 2014. The sample consisted of all companies listed on the Tehran Stock Exchange. The method is a portfolio test, and the analysis is based on the t-student test (t-test). The results indicate that there is a negative relationship between investment growth and stock returns of companies and this negative correlation is stronger for firms with higher cash flow. Also, the negative relationship between asset growth and stock returns is due to behavioral factors.

Keywords: behavioral theory, investment growth, risk-based theory, stock returns

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Authors: Qingxin Chen, Liben Jiang, Andrew Smith, Karim Hadjri

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Since 2007, the Chinese food industry has undergone serious food contamination in the baby dairy industry, especially milk powder contamination. One of the milk powder products was found to contain melamine and a significant number (294,000) of babies were affected by kidney stones. Due to growing concerns among consumers about food safety and protection, and high pressure from central government, companies must take radical action to ensure food quality protection through the use of an appropriate quality management system. Previously, though researchers have investigated the health and safety aspects of food industries and products, quality issues concerning food products in China have been largely over-looked. Issues associated with baby dairy products and their quality issues have not been discussed in depth. This paper investigates the impact of quality management systems on the Chinese baby dairy product industry. A literature review was carried out to analyse the use of quality management systems within the Chinese milk power market. Moreover, quality concepts, relevant standards, laws, regulations and special issues (such as Melamine, Flavacin M1 contamination) have been analysed in detail. A qualitative research approach is employed, whereby preliminary analysis was conducted by interview, and data analysis based on interview responses from four selected Chinese baby dairy product companies was carried out. Through the analysis of literature review and data findings, it has been revealed that for quality management system that has been designed by many practitioners, many theories, models, conceptualisation, and systems are present. These standards and procedures should be followed in order to provide quality products to consumers, but the implementation is lacking in the Chinese baby dairy industry. Quality management systems have been applied by the selected companies but the implementation still needs improvement. For instance, the companies have to take measures to improve their processes and procedures with relevant standards. The government need to make more interventions and take a greater supervisory role in the production process. In general, this research presents implications for the regulatory bodies, Chinese Government and dairy food companies. There are food safety laws prevalent in China but they have not been widely practiced by companies. Regulatory bodies must take a greater role in ensuring compliance with laws and regulations. The Chinese government must also play a special role in urging companies to implement relevant quality control processes. The baby dairy companies not only have to accept the interventions from the regulatory bodies and government, they also need to ensure that production, storage, distribution and other processes will follow the relevant rules and standards.

Keywords: baby dairy product, food quality, milk powder contamination, quality management system

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Authors: Ime R. Udotong, Ofonime U. M. John, Justina I. R. Udotong

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Ibeno, Nigeria hosts the operational base of Mobil Producing Nigeria Unlimited (MPNU), a subsidiary of ExxonMobil and the current highest oil and condensate producer in Nigeria. Besides MPNU, other multinational oil companies like Shell Petroleum Development Company Ltd, Elf Petroleum Nigeria Ltd and Nigerian Agip Energy, a subsidiary of ENI E&P operate onshore, on the continental shelf and deep offshore of the Atlantic Ocean in Ibeno, Nigeria, respectively. This study was designed to carry out the survey of the oil impacted sites in Ibeno, Nigeria. A combinations of electrical resistivity (ER), ground penetrating radar (GPR) and physico-chemical as well as microbiological characterization of soils and water samples from the area were carried out. Results obtained revealed that there have been hydrocarbon contaminations of this environment by past crude oil spills as observed from significant concentrations of THC, BTEX and heavy metal contents in the environment. Also, high resistivity values and GPR profiles clearly showing the distribution, thickness and lateral extent of hydrocarbon contamination as represented on the radargram reflector tones corroborates previous significant oil input. Contaminations were of varying degrees, ranging from slight to high, indicating levels of substantial attenuation of crude oil contamination over time. Hydrocarbon pollution of the study area was confirmed by the results of soil and water physico-chemical and microbiological analysis. The levels of THC contamination observed in this study are indicative of high levels of crude oil contamination. Moreover, the display of relatively lower resistivities of locations outside the impacted areas compared to resistivity values within the impacted areas, the 3-D Cartesian images of oil contaminant plume depicted by red, light brown and magenta for high, low and very low oil impacted areas, respectively as well as the high counts of hydrocarbonoclastic microorganisms in excess of 1% confirmed significant recent pollution of the study area.

Keywords: oil-polluted sites, physico-chemical analyses, microbiological characterization, geotechnical investigations, total hydrocarbon content

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Authors: Motoki Seguchi, Fumiko Harada, Hiromitsu Shimakawa

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There have been many local companies in countryside that carefully produce and sell products, which include crafts and foods produced with traditional methods. These companies are likely to use commercials to advertise their products. However, it is difficult for companies to judge whether the commercials they create are having an impact on consumers. Therefore, to create effective commercials, this study researches what kind of gimmicks in commercials affect what kind of consumers. This study proposes a method for extracting psychological change points from the physiological characteristics of consumers while they are watching commercials and estimating the gimmicks in the commercial that affect consumer engagement. In this method, change point detection is applied to pupil size for estimating gimmicks that affect consumers’ emotional engagement, and to EDA for estimating gimmicks that affect cognitive engagement. A questionnaire is also used to estimate the commercials that influence behavioral engagement. As a result of estimating the gimmicks that influence consumer engagement using this method, it was found that there are some common features among the gimmicks. To influence cognitive engagement, it was found that it was useful to include flashback scenes, messages to be appealed to, the company’s name, and the company’s logos as gimmicks. It was also found that flashback scenes and story climaxes were useful in influencing emotional engagement. Furthermore, it was found that the use of storytelling commercials may or may not be useful, depending on which consumers are desired to take which behaviors. It also estimated the gimmicks that influence consumers for each target and found that the useful gimmicks are slightly different for students and working adults. By using this method, it can understand which gimmicks in the commercial affect which engagement of the consumers. Therefore, the results of this study can be used as a reference for the gimmicks that should be included in commercials when companies create their commercials in the future.

Keywords: change point detection, estimating engagement, physiological characteristics, psychological changes, watching commercials

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Authors: Flora Xu, Marta Fernandez Olmos

Abstract:

This article is mainly about critical assessment and comprehensive understanding of the business strategy in the post COVID-19 scenario. This study aims to elucidate how companies are responding to the unique challenges posed by the pandemic and how these measures are shaping the future of the business environment. The pandemic has exposed the fragility and flexibility of the global supply chain, and procurement and production strategies should be reconsidered. It should increase the diversity of suppliers and the flexibility of the supply chain, and some companies are considering transferring their survival to the local market. This can increase local employment and reduce international transportation disruptions and customs issues. By shortening the distance between production and market, companies can respond more quickly to changes in demand and unforeseen events. The demand for remote work and online solutions will increase the adoption of digital technology and accelerate the digital transformation of many organizations. Marketing and communication strategies need to adapt to a constantly changing environment. The business resilience strategy was emphasized as a key component of the response to the COVID-19. The company is seeking to strengthen its risk management capabilities and develop a business continuity plan to cope with future unexpected disruptions. The pandemic has reconfigured human resource practices and changed the way companies manage their employees. Remote work has become the norm, and companies focus on managing workers' health and well-being, as well as flexible work policies to ensure operations and support for employees during crises. This change in human resources practice has a lasting impact on how companies apply talent and labor management in the post COVID-19 world. The pandemic has prompted a significant review of business strategies as companies adapt to constantly changing environments and seek to ensure their sustainability and profitability in times of crisis. This strategic reassessment has led to product diversification, exploring international markets and adapting to the changing market. Companies have responded to the unprecedented challenges brought by the COVID-19. The COVID-19 has promoted innovation effort in key areas and focused on the responsibility in today's business strategy for sustainability and the importance of corporate society. The important challenge of formulating and implementing business strategies in uncertain times. These challenges include making quick and agile decisions in turbulent environments, risk management, and adaptability to constantly changing market conditions. The COVID-19 highlights the importance of strategic planning and informed decision-making - making in a business environment characterized by uncertainty and complexity. In short, the pandemic has reconfigured the way companies handle business strategies and emphasized the necessity of preparing for future challenges in a business world marked by uncertainty and complexity.

Keywords: business strategy, crisis, digitalization, uncertainty

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Authors: Lasha Kamashidze

Abstract:

COVID19 has already become one of the biggest challenges in the modern world. The virus has also had a significant impact on the world economy, which has faced a major crisis. Each crisis and challenge creates new opportunities. Changes in the world have allowed us to see business in a new light. The aim of the article is to explore new opportunities in the business that have arisen as a result of the Corona virus. Now, organizations with a service profile are working to meet the rapidly changing needs of their staff and customers. Due to the situation created by the pandemic, it became necessary to make some changes in people's daily lives. It became necessary to adapt to the new reality. The changes caused by Coronavirus require in-depth research and analysis in the world economy, as the current situation is not ruled out to be repeated in the future. Many companies have resorted to remote work methods, which require organizational changes. The form of remote work is not new to the Georgian reality. In Georgia, as well as in the rest of the world, the business sector has undergone changes. It will be beneficial for many Georgian companies to make organizational changes that will allow them to work remotely. The current situation has shown the managers of both Georgian and other companies to have "weak points" in organizing modern business. A survey was conducted (online survey), as a result of which it received important information about the problems of remote work in Georgia.

Keywords: organizational change, coronomics, remote work, management

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Authors: Maciej Kozlowski, Agnieszka Piotrowska-Piatek

Abstract:

Purpose: This article analyses the most important financial participation programmes (FPP) in Poland to show the relationship between the programmes applied and the socio-economic results of enterprises and assesses the impact of participation on these results and the impact of selected factors on the introduction of FPP. Methodology: The research has been based on a questionnaire answered by senior management of listed Polish companies that had at least one out of three major FPPs in operation, namely share ownership, profit-sharing, or a stock option scheme. Findings: The results of the empirical study conducted indicate the existence of some peculiar relationships. The vast majority of schemes in Polish public companies are aimed at the participation of the management personnel; these programmes are narrow-based (only for management) and rather hermetic, with a high concentration of stocks or shares in the hands of the management. Conclusion: FPPs generally have a positive influence on enterprise functioning. However, the effects are more social than economic (no significant economic improvement after programme implementation). The paper contributes to the debate about financial participation and suggests actions to popularize these programmes on a wider scale.

Keywords: financial participation, profit sharing, stock options, worker attitude, worker ownership

Procedia PDF Downloads 139