Search results for: firm specific characteristics

Authors: Edson Vengesai

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Derivative products have become essential instruments in portfolio diversification, price discovery, and, most importantly, risk hedging. Derivatives are complex instruments; their valuation, volatility implications, and real impact on the underlying assets' behaviour are not well understood. Little is documented empirically, with conflicting conclusions on how these instruments affect firm risk exposures. Given the growing interest in using derivatives in risk management and portfolio engineering, this study examines the practical impact of derivative usage on the underlying stock price exposure and systematic risk. The paper uses data from South African listed firms. The study employs GARCH models to understand the effect of derivative uses on conditional stock volatility. The GMM models are used to estimate the effect of derivatives use on stocks' systematic risk as measured by Beta and on the total risk of stocks as measured by the standard deviation of returns. The results provide evidence on whether derivatives use is instrumental in reducing stock returns' systematic and total risk. The results are subjected to numerous controls for robustness, including financial leverage, firm size, growth opportunities, and macroeconomic effects.

Keywords: derivatives use, hedging, volatility, stock price exposure

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Authors: Anita Richter

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Innovation is one of the key foundations of competitive advantage, generating growth and welfare worldwide. Consequently, all firms should innovate to bring new ideas to the market. Innovation is a vital growth driver, particularly for transition countries to move towards knowledge-based, high-income economies. However, numerous barriers, such as financial, regulatory or infrastructural constraints prevent, in particular, new and small firms in transition countries from innovating. Thus SMEs’ innovation output may benefit substantially from government support. This research paper aims to assess the effect of government interventions on innovation activities in SMEs in emerging countries. Until now academic research related to the innovation policies focused either on single country and/or high-income countries assessments and less on cross-country and/or low and middle-income countries. Therefore the paper seeks to close the research gap by providing empirical evidence from 8,500 firms in 15 transition countries (Eastern Europe, South Caucasus, South East Europe, Middle East and North Africa). Using firm-level data from the Business Environment and Enterprise Performance Survey of the World Bank and EBRD and policy data from the SME Policy Index of the OECD, the paper investigates how government interventions affect SME’s likelihood of investing in any technological and non-technological innovation. Using the Standard Linear Regression, the impact of government interventions on SMEs’ innovation output and R&D activities is measured. The empirical analysis suggests that a firm’s decision to invest into innovative activities is sensitive to government interventions. A firm’s likelihood to invest into innovative activities increases by 3% to 8%, if the innovation eco-system noticeably improves (measured by an increase of 1 level in the SME Policy Index). At the same time, a better eco-system encourages SMEs to invest more in R&D. Government reforms in establishing a dedicated policy framework (IP legislation), institutional infrastructure (science and technology parks, incubators) and financial support (public R&D grants, innovation vouchers) are particularly relevant to stimulate innovation performance in SMEs. Particular segments of the SME population, namely micro and manufacturing firms, are more likely to benefit from an increased innovation framework conditions. The marginal effects are particularly strong on product innovation, process innovation, and marketing innovation, but less on management innovation. In conclusion, government interventions supporting innovation will likely lead to higher innovation performance of SMEs. They increase productivity at both firm and country level, which is a vital step in transitioning towards knowledge-based market economies.

Keywords: innovation, research and development, government interventions, economic development, small and medium-sized enterprises, transition countries

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Authors: Noorlizawati Abd Rahim, Zainai Mohamed, Zaidatun Tasir, Astuty Amrin, Haliyana Khalid, Nina Diana Nawi

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Entrepreneurial leaders have been sought as in-demand talents to lead profit-driven organizations during turbulent and unprecedented times. However, research regarding the pertinence of their roles in the public sector has been limited. This paper examined the characteristics of the challenging experiences encountered by senior leaders in public universities that require them to embrace entrepreneurialism in their leadership. Through a focus group interview with five Malaysian university top senior leaders with experience being Vice-Chancellor, we explored and developed a framework of institutional adversity characteristics and exemplary entrepreneurial leadership competency in the face of adversity. Complexity of diverse stakeholders, multiplicity of academic disciplines, unfamiliarity to lead different and broader roles, leading new directions, and creating change in high velocity and uncertain environment are among the dimensions that characterise institutional adversities. Our findings revealed that learning agility, opportunity recognition capacity, and bridging capability are among the characteristics of entrepreneurial university leaders. The findings reinforced that the presence of specific attributes in institutional adversity and experiences in overcoming those challenges may contribute to the development of entrepreneurial leadership capabilities.

Keywords: bridging capability, entrepreneurial leadership, leadership development, learning agility, opportunity recognition, university leaders

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Authors: Eugene Y. C. Wong

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The increased market competition, customer expectation, and warehouse operating cost in third-party logistics have motivated the continuous exploration in improving operation efficiency in warehouse logistics. Cargo tracing in ordering picking process consumes excessive time for warehouse operators when handling enormous quantities of goods flowing through the warehouse each day. Internet of Things (IoT) with mobile cargo tracing apps and database management systems are developed this research to facilitate and reduce the cargo tracing time in order picking process of a third-party logistics firm. An operation review is carried out in the firm with opportunities for improvement being identified, including inaccurate inventory record in warehouse management system, excessive tracing time on stored products, and product misdelivery. The facility layout has been improved by modifying the designated locations of various types of products. The relationship among the pick and pack processing time, cargo tracing time, delivery accuracy, inventory turnover, and inventory count operation time in the warehouse are evaluated. The correlation of the factors affecting the overall cycle time is analysed. A mobile app is developed with the use of MIT App Inventor and the Access management database to facilitate cargo tracking anytime anywhere. The information flow framework from warehouse database system to cloud computing document-sharing, and further to the mobile app device is developed. The improved performance on cargo tracing in the order processing cycle time of warehouse operators have been collected and evaluated. The developed mobile voice picking and tracking systems brings significant benefit to the third-party logistics firm, including eliminating unnecessary cargo tracing time in order picking process and reducing warehouse operators overtime cost. The mobile tracking device is further planned to enhance the picking time and cycle count of warehouse operators with voice picking system in the developed mobile apps as future development.

Keywords: warehouse, order picking process, cargo tracing, mobile app, third-party logistics

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Authors: A. Veeresh Babu, M. Vijay Kumar, P. Ravi Kumar, Katam Ganesh Babu

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Biodiesel can be considered as a potential alternative fuel for compression ignition engines. These can be obtained from various resources. However, the usage of biodiesel in high percentage in compression ignition may cause some technical problems because of their higher viscosity, high pour point, and low volatility. Ethanol can be used as a fuel extender to enable use of higher percentage of biodiesel in CI engine. Blends of ethanol-animal fat oil biodiesel-diesel have been prepared and experimental study has been carried out. We have found that B40E20 fuel blend (40% biodiesel and 20 % ethanol in diesel) reduces the specific fuel consumption and improves brake thermal efficiency of engine compared to B40 fuel blend. We observed that fuel characteristics improved considerably with addition of ethanol to biodiesel. Emissions of CO, HC and smoke were reduced while CO2 emissions were increased because of more complete combustion of the blend.

Keywords: diesel, biodiesel, ethanol, CI engine, engine performance, exhaust emission

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Authors: Taghi-Zada T. G., Hajiyeva U. K.

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Recent years, due to the development of tourism, migration and globalization, brucellosis has spread to non-endemic regions of the country in Azerbaijan and this disease has become one of the main priority areas of medicine. In our daily practice, we face patients with specific symptoms of brucellosis and also infected with this disease but misdiagnosed. It should also be noted that the symptoms and signs of brucellosis are very diverse, and since none of these signs are specific enough to confirm the diagnosis, it creates difficulties in its timely detection and diagnosis. The main purpose of the work. Therefore, the main goal of the work is to investigate the cases of delay in making the correct diagnosis in children with brucellosis and the mistakes in this matter. Material and method. 50 children with brucellosis between the ages of 6 months and 17 years were examined. The medical history and anamnesis of these children were collected, clinical-instrumental examination, and serological tests for brucellosis were performed. Patients were divided into 2 groups, taking into account the specificity of symptoms and the timely diagnosis Results. Group I included 15 (40%) children aged 3-17 years. The main specific symptoms of brucellosis in these patients; persistent or long-term fever, night sweats, arthralgia were observed. In addition to specific symptoms, anamnesis and a specific serological test confirmed the diagnosis of brucellosis. 30 (60%) patients included in group II were misdiagnosed. 3 patients (up to 1 year) were diagnosed with sepsis, 6 with acute rheumatic fever, 10 with systemic diseases, 2 with tuberculosis, 5 with Covid 19, and 4 with unspecified fever. However, we included serological tests. detailed examination revealed the presence of brucellosis in them. As can be seen, compared to group I (40%) children included in group II (60%) In modern times, brucellosis manifests itself with its own characteristics, that is, imitating a number of other diseases, which has led to wrong diagnosis. Conclusion. Thus, the lack of specificity of clinical symptoms during brucellosis in children makes diagnosis difficult, causes mistakes and non-recognition of the disease. With this in mind, physicians in predominantly endemic and even sub-endemic areas should remain vigilant about this disease and consider brucellosis in the differential diagnosis of almost every unexplained medical problem until proven otherwise.

Keywords: brucellosis, pediatrics, diagnostics, serological tests

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Authors: Tahar Tayachi, Ahlam Alrehaili

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Purpose: The purpose of this paper is to investigate the relationship between the corporate board characteristics and the dividend policy among firms on the Saudi Stock Exchange. Design/Methodology/Approach: This paper uses a sample of 103 nonfinancial firms over a time period of 4 years from 2015 to 2018. To investigate how corporate governance mechanisms such as board independence, the board size, frequency of meetings, and free cash flow impact dividends, the study uses Logit and Tobit models. Findings: This paper finds that board size, board independence, and frequency of board meetings have no influence on a firm’s decision to pay dividends, while board size has a significantly positive impact on the levels of cash dividends paid to investors. This study also finds that the level of free cash flows has a positively significant influence on both the decision to pay dividends and the magnitude of dividend payouts. Research Limitations/Implications: This paper attempts to study the effectiveness of dividend policy among some firms on the Saudi Stock Exchange. Practical Implications: The findings reveal that board characteristics, which represent one of the crucial mechanisms of corporate governance, were found to be complementary to corporate laws and regulations imposed on the Saudi market in 2015. The findings also imply that capital market authorities should revise their corporate regulations and ensure that protection laws are adequate and strong enough to protect the interests of all shareholders. Originality/Value: This paper is among the few studies focusing on dividend policy in Saudi Arabia. Finally, these findings suggest that the improvements in corporate laws in Saudi Arabia led to such an outcome, and it has become prevalent in dividend policy decisions and behaviors of Saudi firms.

Keywords: agency theory, Tobit, corporate governance, dividend payout, Logit

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Authors: Wasim Orfali, Hesham Tolba

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This research investigates the acoustical characteristics of Al-Madinah Holy Mosque. Extensive field measurements were conducted in different locations of Al-Madinah Holy Mosque to characterize its acoustic characteristics. The acoustical characteristics are usually evaluated by the use of objective parameters in unoccupied rooms due to practical considerations. However, under normal conditions, the room occupancy can vary such characteristics due to the effect of the additional sound absorption present in the room or by the change in signal-to-noise ratio. Based on the acoustic measurements carried out in Al-Madinah Holy Mosque with and without occupancy, and the analysis of such measurements, the existence of acoustical deficiencies has been confirmed.

Keywords: Al-Madinah Holy Mosque, mosque acoustics, speech intelligibility, worship sound

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Authors: Tianyang Xu

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Small underwater targets generally have a non-centrosymmetric geometry, and the acoustic scattering field of the target has spatial inhomogeneity under active sonar detection conditions. In view of the above problems, this paper takes the hemispherical cylindrical shell as the research object, and considers the angle continuity implied in the echo characteristics, and proposes a cluster-driven research method for the non-uniform characteristics of target echo angle. First, the target echo features are extracted, and feature vectors are constructed. Secondly, the t-SNE algorithm is used to improve the internal connection of the feature vector in the low-dimensional feature space and to construct the visual feature space. Finally, the implicit angular relationship between echo features is extracted under unsupervised condition by cluster analysis. The reconstruction results of the local geometric structure of the target corresponding to different categories show that the method can effectively divide the angle interval of the local structure of the target according to the natural acoustic scattering characteristics of the target.

Keywords: underwater target;, non-uniform characteristics;, cluster-driven method;, acoustic scattering characteristics

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Authors: Songyun Chen

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Recent scholarly attention to sentiment analysis has provided researchers with a deeper understanding of how emotions are conveyed in writing and leveraged by academic authors as a persuasive tool. Using the National Research Council (NRC) Sentiment Lexicons (version 1.0) created by the National Research Council Canada, this study examined specific emotions in research articles (RAs) across four disciplines, including literature, education, biology, and computer & information science based on four datasets totaling over three million tokens, aiming to reveal how the emotions are conveyed by authors in academic writing. The results showed that four emotions—trust, anticipation, joy, and surprise—were observed in all four disciplines, while sadness emotion was spotted solely in literature. With the emotion of trust being overwhelmingly prominent, the rest emotions varied significantly across disciplines. The findings contribute to our understanding of emotion strategy applied in academic writing and genre characteristics of RAs.

Keywords: sentiment analysis, specific emotions, emotional landscape, research articles, academic writing

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Authors: Shimaa Abdel-Rahman Amin El-Badawy

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Commercial law is the set of legal rules that apply to business and regulates the trade of trade. The meaning of this is that the commercial law regulates certain relations only that arises as a result of carrying out certain businesses. which are business, as it regulates the activity of a specific sect, the sect of merchants, and the commercial law as other branches of the law has characteristics that distinguish it from other laws and various, and various sources from which its basis is derived from It is the objective or material source. the historical source, the official source and the interpretative source, and we are limited to official sources and explanatory sources. so what do you see what these sources are, and what is their degree and strength in taking it in commercial disputes. The first topic / characteristics of commercial law. Commercial law has become necessary for the world of trade and economics, which cannot be dispensed with, given the reasons that have been set as legal rules for commercial field.In fact, it is sufficient to refer to the stability and stability of the environment, and in exchange for the movement and the speed in which the commercial environment is in addition to confidence and credit. the characteristic of speed and the characteristic of trust, and credit are the ones that justify the existence of commercial law.Business is fast, while civil business is slow, stable and stability. The person concludes civil transactions in his life only a little. And before doing any civil action. he must have a period of thinking and scrutiny, and the investigation is the person who wants the husband, he must have a period of thinking and scrutiny. as if the person who wants to acquire a house to live with with his family, he must search and investigate. Discuss the price before the conclusion of a purchase contract. In the commercial field, transactions take place very quickly because the time factor has an important role in concluding deals and achieving profits. This is because the merchant in contracting about a specific deal would cause a loss to the merchant due to the linkage of the commercial law with the fluctuations of the economy and the market. The merchant may also conclude more than one deal in one and short time. And that is due to the absence of commercial law from the formalities and procedures that hinder commercial transactions.

Keywords: law, commercial law, Islamic law, custom and Islamic law

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Authors: Felix Schumann, Giorgia Carratta, Tobias Dauth, Liv Jaeckel

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In the last few decades, the rapid growth of the use and disposal of plastic items has led to their overaccumulation in the environment. As a result, plastic pollution has become a subject of global concern. Today plastics are used as raw materials in almost every industry. While the recognition of the ecological, social, and economic impact of plastics in academic research is on the rise, the potential role of the ‘plastic industry’ in dealing with such issues is still largely underestimated. Therefore, the literature on sustainable plastic management is still nascent and fragmented. Working towards sustainability requires a fundamental shift in the way companies employ plastics in their day-to-day business. For that reason, the applicability of the business model concept has recently gained momentum in environmental research. Business model innovation is increasingly recognized as an important driver to re-conceptualize the purpose of the firm and to readily integrate sustainability in their business. It can serve as a starting point to investigate whether and how sustainability can be realized under industry- and firm-specific circumstances. Yet, there is no comprehensive view in the plastic industry on how firms start refining their business models to embed sustainability in their operations. Our study addresses this gap, looking primarily at the industrial sectors responsible for the production of the largest amount of plastic waste today: plastic packaging, consumer goods, construction, textile, and transport. Relying on the archetypes of sustainable business models and applying them to the aforementioned sectors, we try to identify companies’ current strategies to make their business models more sustainable. Based on the thematic clustering, we can develop an integrative framework for the plastic industry. The findings are underpinned and illustrated by a variety of relevant plastic management solutions that the authors have identified through a systematic literature review and analysis of existing, empirically grounded research in this field. Using the archetypes, we can promote options for business model innovations for the most important sectors in which plastics are used. Moreover, by linking the proposed business model archetypes to the plastic industry, our research approach guides firms in exploring sustainable business opportunities. Likewise, researchers and policymakers can utilize our classification to identify best practices. The authors believe that the study advances the current knowledge on sustainable plastic management through its broad empirical industry analyses. Hence, the application of business model archetypes in the plastic industry will be useful for shaping companies’ transformation to create and deliver more sustainability and provides avenues for future research endeavors.

Keywords: business models, environmental economics, plastic management, plastic pollution, sustainability

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Authors: Sevilay Çankaya

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The detection of deception in children’s interviews is essential for statement veracity. The widely used method for deception detection is building cognitive load, which is the logic of the cognitive interview (CI), and its effectiveness for adults is approved. This meta-analysis delves into the effectiveness of inducing cognitive load as a means of enhancing veracity detection during interviews with children. Additionally, the effectiveness of cognitive load on children's total number of events recalled is assessed as a second part of the analysis. The current meta-analysis includes ten effect sizes from search using databases. For the effect size calculation, Hedge’s g was used with a random effect model by using CMA version 2. Heterogeneity analysis was conducted to detect potential moderators. The overall result indicated that cognitive load had no significant effect on veracity outcomes (g =0.052, 95% CI [-.006,1.25]). However, a high level of heterogeneity was found (I² = 92%). Age, participants’ characteristics, interview setting, and characteristics of the interviewer were coded as possible moderators to explain variance. Age was significant moderator (β = .021; p = .03, R2 = 75%) but the analysis did not reveal statistically significant effects for other potential moderators: participants’ characteristics (Q = 0.106, df = 1, p = .744), interview setting (Q = 2.04, df = 1, p = .154), and characteristics of interviewer (Q = 2.96, df = 1, p = .086). For the second outcome, the total number of events recalled, the overall effect was significant (g =4.121, 95% CI [2.256,5.985]). The cognitive load was effective in total recalled events when interviewing with children. All in all, while age plays a crucial role in determining the impact of cognitive load on veracity, the surrounding context, interviewer attributes, and inherent participant traits may not significantly alter the relationship. These findings throw light on the need for more focused, age-specific methods when using cognitive load measures. It may be possible to improve the precision and dependability of deceit detection in children's interviews with the help of more studies in this field.

Keywords: deceit detection, cognitive load, memory recall, children interviews, meta-analysis

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Authors: B. Chetti, W. A. Crosby

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The work described in this paper is an investigation of the static and dynamic characteristics of two-lobe journal bearings taking into consideration the thermal effects. A thermo-hydrodynamic solution of a finite two-lobe journal bearing is performed by solving the generalized form Reynolds equation with the energy equation, taking into consideration viscosity variation across the film thickness. The static and dynamic characteristics were numerically obtained. The results are evaluated for different values of viscosity-temperature coefficient and Peclet number. The results show that considering the thermal effects in the solution of the two-lobe journal bearing has a marked on the study of its stability.

Keywords: two-lobe bearing, thermal effect, static, dynamic characteristics

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Authors: Sevde D. Karayel, Ediz Atmaca

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Supplier selection subject is vital because of development competitiveness and performance of firms which have right, rapid and with low cost procurement. Considering the fact that competition between firms is no longer on their supply chains, hence it is very clear that performance of the firms’ not only depend on their own success but also success of all departments in supply chain. For this purpose, firms want to work with suppliers which are cost effective, flexible in terms of demand and high quality level for customer satisfaction. However, diversification and redundancy of their expectations from suppliers, supplier selection problems need to be solved as a hard problem. In this study, supplier selection problem is discussed for critical piece, which is using almost all production of products in and has troubles with lead time from supplier, in a firm that produces medical devices. Analyzing policy in the current situation of the firm in the supplier selection indicates that supplier selection is made based on the purchasing department experience and other authorized persons’ general judgments. Because selection do not make based on the analytical methods, it is caused disruptions in production, lateness and extra cost. To solve the problem, AHP and TOPSIS which are multi-criteria decision making techniques, which are effective, easy to implement and can analyze many criteria simultaneously, are used to make a selection among alternative suppliers.

Keywords: AHP-TOPSIS methods, multi-criteria decision making, supplier selection problem, supply chain management

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Authors: H. Naccache, R. Hleiss

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The aim of this research is to study the relationship between the performance of engineering students in different math courses and their performance in specific engineering courses. The considered courses are taken mainly by engineering students during the first two years of their major. Several factors are being studied, such as gender and final grades in the math and specific engineering courses. Participants of this study comprised a sample of more than thousands of engineering students at Lebanese University during their tertiary academic years. A significant relationship tends to appear between these factors and the performance of students in engineering courses. Moreover, female students appear to outperform their male counterparts in both the math and engineering courses, and a high correlation was found between their grades in math courses and their grades in specific engineering courses. The results and implications of the study were being discussed.

Keywords: education, engineering, math, performance

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Authors: Shumani Ramuhaheli, Christopher C. Enweremadu, Hilary L. Rutto

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In this study, biodiesel from used cooking oil was produced as purified by washing with water (water wash) and amberlite (dry wash). The work presents the results of short term tests on performance characteristics of diesel engine using both biodiesel-fuel samples. In this investigation, the water wash biodiesel and dry wash biodiesel and diesel were compared for performance using a four-cylinder diesel engine. The torque, brake power, specific fuel consumption and brake thermal efficiency were analyzed. The tests showed that in all cases, dry wash biodiesel performed marginally poorer compared to water wash biodiesel. Except for brake thermal efficiency, diesel fuel had better engine performance characteristics compared to the biodiesel-fuel samples. According to these results, dry washing of biodiesel has a marginal effect on engine performance.

Keywords: biodiesel, engine performance, used cooking oil, water wash, dry wash

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Authors: Ing-Jen Hung, Tzu-Chien Wang

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Nowadays, customers can interact with firms through miscellaneous online ads on different channels easily. In other words, customer now has innumerable options and limitless time to accomplish their commercial activities with firms, individualizing their own online customer journey. This kind of convenience emphasizes the importance of online advertisement allocation on different channels. Therefore, profound understanding of customer behavior can make considerable benefit from optimizing fund allocation on diverse ad channels. To achieve this objective, multiple firms utilize numerical methodology to create data-driven advertisement policy. In our research, we aim to exploit online customer click data to discover the correlations between each channel and their sequential relations. We use LSTM to deal with sequential property of our data and compare its accuracy with other non-sequential methods, such as CART decision tree, logistic regression, etc. Besides, we also classify our customers into several groups by their behavioral characteristics to perceive the differences between all groups as customer portrait. As a result, we discover distinct customer journey under each customer portrait. Our article provides some insights into marketing research and can help firm to formulate online advertising criteria.

Keywords: LSTM, customer journey, marketing, channel ads

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Authors: Natasha Hazarika, Xiaoling Zhang

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Eco- innovations, unlike regular innovations, are not self-enforcing and are associated with the double externality problem. Therefore, it is emphasized that eco-innovations need government. intervention in the form of supportive policies on priority. Off late, factors like consumer demand, technological advancement as well as the competitiveness of the firms have been considered as equally important. However, the interaction among these driving forces has not been fully traced out. Also, the theory on eco-innovation is found to be at a nascent stage which does not resonate with its dynamics as it is traditionally studied under the neo- classical economics theory. Therefore, to begin with, insights for this research have been derived from the merits of ‘neo- classical economics’, ‘evolutionary approach’, and the ‘resource based view’ which revealed the issues pertaining to technological system lock- ins and firm- based capacities which usually remained undefined by the neo classical approach; it would be followed by determining how the policies (in the national level) and their instruments are designed in order to motivate firms to eco-innovate, by analyzing the innovation ‘friendliness’ of the policy style and the policy instruments as per the indicators provided in innovation literature by means of document review (content analysis) of the relevant policies introduced by the Chinese government. The significance of theoretical analysis lies in its ability to show why certain practices become dominant irrespective of gains or losses, and that of the policy analysis lies in its ability to demonstrate the credibility of govt.’s sticks, carrots and sermons for eco-innovation.

Keywords: firm competency, eco-innovation, policy, theory

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Authors: Henry Kiptum Yatich, Ronald Chepkilot, Aquilars Mutuku Kalio

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Studies on energy management have focused on environmental conservation, reduction in production and operation expenses. However, transferring gains of energy management practices to competitive advantage is importance to manufacturers in Kenya. Success in managing competitive advantage arises out of a firm’s ability in identifying and implementing actions that can give the company an edge over its rivals. Manufacturing firms in Kenya are the highest consumers of both electricity and petroleum products. In this regard, the study posits that transfer of the gains of energy management practices to competitive advantage is imperative. The study was carried in Nairobi and its environs, which hosts the largest number of manufacturers. The study objectives were; to determine the level of implementing energy management regulations on sustaining competitive advantage, to determine the level of implementing company energy management policy on competitive advantage, to examine the level of implementing energy efficient technology on sustaining competitive advantage, and to assess the percentage energy expenditure on sustaining competitive advantage among manufacturing firms. The study adopted a survey research design, with a study population of 145,987. A sample of 384 respondents was selected randomly from 21 proportionately selected firms. Structured questionnaires were used to collect data. Data analysis was done using descriptive statistics (mean and standard deviations) and inferential statistics (correlation, regression, and T-test). Data is presented using tables and diagrams. The study found that Energy Management Regulations, Company Energy Management Policies, and Energy Expenses are significant predictors of Competitive Advantage (CA). However, Energy Efficient Technology as a component of Energy Management Practices did not have a significant relationship with Competitive Advantage. The study revealed that the level of awareness in the sector stood at 49.3%. Energy Expenses in the sector stood at an average of 10.53% of the firm’s total revenue. The study showed that gains from energy efficiency practices can be transferred to competitive strategies so as to improve firm competitiveness. The study recommends that manufacturing firms should consider energy management practices as part of its strategic agenda in assessing and reviewing their energy management practices as possible strategies for sustaining competitiveness. The government agencies such as Energy Regulatory Commission, the Ministry of Energy and Petroleum, and Kenya Association of Manufacturers should enforce the energy management regulations 2012, and with enhanced stakeholder involvement and sensitization so as promote sustenance of firm competitiveness. Government support in providing incentives and rebates for acquisition of energy efficient technologies should be pursued. From the study limitation, future experimental and longitudinal studies need to be carried out. It should be noted that energy management practices yield enormous benefits to all stakeholders and that the practice should not be considered a competitive tool but rather as a universal practice.

Keywords: energy, efficiency, management, guidelines, policy, technology, competitive advantage

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Authors: Johan Esbach

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The entrepreneur has traditionally been defined through various historical lenses, emphasising individual traits, risk-taking, speculation, innovation and firm creation. However, these definitions often fail to address the dynamic nature of the modern entrepreneurial functions, which respond to unpredictable uncertainties and transition to routine management as certainty is achieved. This paper proposes a revised definition, positioning the entrepreneur as a dynamic function rather than a human construct, that emerges to address specific uncertainties in economic systems, but fades once uncertainty is resolved. By examining historical definitions and its limitations, including the works of Cantillon, Say, Schumpeter, and Knight, this paper identifies a gap in literature and develops a generalised definition for the entrepreneur. The revised definition challenges conventional thought by shifting focus from static attributes such as alertness, traits, firm creation, etc., to a dynamic role that includes reliability, adaptation, scalability, and adaptability. The methodology of this paper employs a mixed approach, combining theoretical analysis and case study examination to explore the dynamic nature of the entrepreneurial function in relation to uncertainty. The selection of case studies includes companies like Airbnb, Uber, Netflix, and Tesla, as these firms demonstrate a clear transition from entrepreneurial uncertainty to routine certainty. The data from the case studies is then analysed qualitatively, focusing on the patterns of entrepreneurial function across the selected companies. These results are then validated using quantitative analysis, derived from an independent survey. The primary finding of the paper will validate the entrepreneur as a dynamic function rather than a static, human-centric role. In considering the transition from uncertainty to certainty in companies like Airbnb, Uber, Netflix, and Tesla, the study shows that the entrepreneurial function emerges explicitly to address market, technological, or social uncertainties. Once these uncertainties are resolved and a certainty in the operating environment is established, the need for the entrepreneurial function ceases, giving way to routine management and business operations. The paper emphasises the need for a definitive model that responds to the temporal and contextualised nature of the entrepreneur. In adopting the revised definition, the entrepreneur is positioned to play a crucial role in the reduction of uncertainties within economic systems. Once the uncertainties are addressed, certainty is manifested in new combinations or new firms. Finally, the paper outlines policy implications for fostering environments that enables the entrepreneurial function and transition theory.

Keywords: dynamic function, uncertainty, revised definition, transition

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Authors: Konstantinos Kottikas, Vlasis Stathakopoulos, Ioannis G. Theodorakis, Efthymia Kottika

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Theorists have argued that Market Orientation is comprised of two facets, namely the Market Driven and the Market Driving components. The present theoretical paper centers on the latter, which to date has been notably under-investigated. The term Market Driving (MD) pertains to influencing the structure of the market, or the behavior of market players in a direction that enhances the competitive edge of the firm. Presently, the main objectives of the paper are the specification of key antecedents and outcomes of Market Driving behavior. Market Driving firms behave proactively, by leading their customers and changing the rules of the game rather than by responding passively to them. Leading scholars were the first to conceptually conceive the notion, followed by some qualitative studies and a limited number of quantitative publications. However, recently, academicians noted that research on the topic remains limited, expressing a strong necessity for further insights. Concerning the key antecedents, top management’s Transformational Leadership (i.e. the form of leadership which influences organizational members by aligning their values, goals and aspirations to facilitate value-consistent behaviors) is one of the key drivers of MD behavior. Moreover, scholars have linked the MD concept with Entrepreneurship. Finally, the role that Employee’s Creativity plays in the development of MD behavior has been theoretically exemplified by a stream of literature. With respect to the key outcomes, it has been demonstrated that MD Behavior positively triggers firm Performance, while theorists argue that it empowers the Competitive Advantage of the firm. Likewise, researchers explicate that MD Behavior produces Radical Innovation. In order to test the robustness of the proposed theoretical framework, a combination of qualitative and quantitative methods is proposed. In particular, the conduction of in-depth interviews with distinguished executives and academicians, accompanied with a large scale quantitative survey will be employed, in order to triangulate the empirical findings. Given that it triggers overall firm’s success, the MD concept is of high importance to managers. Managers can become aware that passively reacting to market conditions is no longer sufficient. On the contrary, behaving proactively, leading the market, and shaping its status quo are new innovative approaches that lead to a paramount competitive posture and Innovation outcomes. This study also exemplifies that managers can foster MD Behavior through Transformational Leadership, Entrepreneurship and recruitment of Creative Employees. To date, the majority of the publications on Market Orientation is unilaterally directed towards the responsive (i.e. the Market Driven) component. The present paper further builds on scholars’ exhortations, and investigates the Market Driving facet, ultimately aspiring to conceptually integrate the somehow fragmented scientific findings, in a holistic framework.

Keywords: entrepreneurial orientation, market driving behavior, market orientation

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Authors: Rosa Alin Cristian

Abstract:

As in any other sports branch, there is also a relationship of dependence between the motor qualities and the technical skills in the sports dance, in the sense that superior performances from a technical, artistic point of view can be obtained only on the basis of a certain level of motor qualities and of the morphological and functional indices of the organism. Starting from the premise that physical training is a basic component of the dancers' training process, determining the efficacy and efficiency of the athletes in training and competitions, its main objectives are to obtain an optimal functional capacity of the body, which is reached through a superior level of development and manifestation of the basic and specific motor qualities, through appropriate values of the morph-functional indices, all against the background of a perfect state of health. We propose in this paper to create an inventory of the motor qualities specific to the sports dance, of their forms of manifestation, to establish some methodical priorities for their development, in order to support the specialists in their attempt to approach the physical training in the most rigorous and efficient way, according to the characteristics of each age category.

Keywords: physical training, motor skills, sports dance, performance

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Authors: M. Kolotylo, H. Zheng, R. Parente, R. Dahiya

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Large number of organizations, frequently motivated by budget and cost cuts, outsource their Information Technology (IT) positions every year. Although the objective of reduction in financial obligations is often not accomplished, many buyer companies still manage to benefit from outsourcing projects. Knowledge Transfer (KT), being one of the major processes that take place during IT outsourcing partnership, may exert a strong impact on the performance of the parties involved, particularly that of the buyer. Research, however, lacks strong conceptual basis for the possible benefits that KT from supplier may bring to the buyer; and for the mechanisms that may be adopted by the buyer to maximize such benefit. This paper aims to fill this gap by proposing a conceptual framework of organizational learning and development of dynamic capabilities enabled by KT from the supplier to the buyer. The study examines buyer-supplier relationships in the context of IT outsourcing transactions, and theorizes how KT from the supplier to the buyer helps the performance of the buyer. It warrants that more research is carried out in order to explicate and provide evidence regarding the role that KT plays in strategic improvements for the buyer. The paper proposes to take up a two-fold approach to the research: conceptual development that utilizes logical argumentation and interpretive historical research, as well as a qualitative case study which aims to capture and understand the complex processes involved. Thus, the study provides a comprehensive visualization of the dynamics of the conditions under which participation in IT outsourcing partnership might be of benefit to the buyer company. The framework demonstrates the mechanisms involved in buyer’s achievement of strategic alignment through organizational learning enabled by KT from the supplier. It highlights that organizational learning involves a balance between exploitation of assets and exploration of new possibilities, and further notes that the dynamic capabilities mediate the effect of organizational learning on firm performance. The paper explicates in what ways managers can leverage outsourcing projects to execute strategy, which would enable their organization achieve better performance. The study concludes that organizational learning enables the firm to develop IT capabilities of strategic planning, IT integration, and IT relationships in the outsourcing context, and that IT capabilities developed through the organizational learning would help the firm in achieving strategic alignment.

Keywords: dynamic capabilities, it outsourcing, knowledge transfer, organizational learning, strategic alignment

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Authors: Mary David, Denis Basila

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This study assessed the Impact of Board Composition on the Performance of Listed Deposit Money Banks in Nigeria. A sample of ten (10) deposit money banks formed the sample of this study. Board size, gender diversity, and board independence were used as the independent variables, and firm size as a control variable, whiles the bank performance was proxy with Tobin’s Q (TQ) as the dependent variable. Secondary data was collected from secondary source through the annual report and account of the banks and was analyzed through the support of STATA 14 versions. Descriptive statistics, correlation matrix, and OLS multiple regression model were adopted for the study. Breusch and pagan lagrangian multiplier test for random effect was conducted. The findings of the study reveal that board size has positive and significant impact on Tobin’s Q, gender diversity has positive and significant impact on Tobin’s Q, while board independent had a negative and nonsignificant influence on the Tobin’s Q, Similarly, firm size was found to have a negative and nonsignificant impact on Tobin’s Q of the study banks. This study recommended that policy makers, stakeholders, and corporate managers of deposit money banks of Nigeria and related industries are encouraged to adopt board sizes and gender diversity that impact positively on bank performance.

Keywords: board composition, performance, deposit money banks, nigeria

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Authors: Qiuhua Miao, Peng Huang, Yifei Ding

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Particles with different properties tend to be unevenly distributed along an axial direction of the rotating drum, which is usually ignored. Therefore, it is important to study the relationship between axial segregation characteristics and particle crushing efficiency in longer drums. In this paper, a relative area total energy (RRTE) index is proposed, which aims to evaluate the overall crushing energy distribution characteristics. Based on numerical simulation verification, the proposed RRTE index can reflect the overall grinding effect more comprehensively, clearly representing crushing energy distribution in different drum areas. Furthermore, the proposed method is applied to the relation between axial segregation and crushing energy in drums. Compared with the radial section, the collision loss energy of the axial section can better reflect the overall crushing effect in long drums. The axial segregation characteristics directly affect the total energy distribution between medium and abrasive, reducing overall crushing efficiency. Therefore, the axial segregation characteristics should be avoided as much as possible in the crushing of the long rotary drum.

Keywords: relative regional total energy, crushing energy, axial segregation characteristics, rotary drum

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Authors: Ilma Robo, Saimir Heta, Rialda Xhizdari, Kers Kapaj

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Background: The ideal disinfectant for surfaces, instruments, air, skin, both in dentistry and in the fields of medicine, does not exist.This is for the sole reason that all the characteristics of the ideal disinfectant cannot be contained in one; these are the characteristics that if one of them is emphasized, it will conflict with the other. A disinfectant must be stable, not be affected by changes in the environmental conditions where it stands, which means that it should not be affected by an increase in temperature or an increase in the humidity of the environment. Both of these elements contradict the other element of the idea of an ideal disinfectant, as they disrupt the solubility ratios of the base substance of the disinfectant versus the diluent. Material and methods: The study aims to extract the constant of each disinfectant/antiseptic used during dental disinfection protocols, accompanied by the side effects of the surface of the skin or mucosa where it is applied in the role of antiseptic. In the end, attempts were made to draw conclusions about the best possible combination for disinfectants after a dental procedure, based on the data extracted from the basic literature required during the development of the pharmacology module, as a module in the formation of a dentist, against data published in the literature. Results: The sensitivity of the disinfectant to changes in the atmospheric conditions of the environment where it is kept is a known fact. The care against this element is always accompanied by the advice on the application of the specific disinfectant, in order to have the desired clinical result. The constants of disinfectants according to the classification based on the data collected and presented are for alcohols 70-120, glycols 0.2, aldehydes 30-200, phenols 15-60, acids 100, povidone iodine halogens 5-75, hypochlorous acid halogens 150, sodium hypochlorite halogens 30-35, oxidants 18-60, metals 0.2-10. The part of halogens should be singled out, where specific results were obtained according to the representatives of this class, since it is these representatives that find scope for clinical application in dentistry. Conclusions: The search for the "ideal", in the conditions where its defining criteria are also established, not only for disinfectants but also for any medication or pharmaceutical product, is an ongoing search, without any definitive results. In this mine of data in the published literature if there is something fixed, calculable, such as the specific constant for disinfectants, the search for the ideal is more concrete. During the disinfection protocols, different disinfectants are applied since the field of action is different, including water, air, aspiration devices, tools, disinfectants used in full accordance with the production indications.

Keywords: disinfectant, constant, ideal, side effects

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Authors: Lina Najafian, Hamidreza Vakilifard

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The present study focused on the relationship between the quality of accruals and non-systematic risk. The independent study variables included the ability of accruals, the information content of accruals, and amount of discretionary accruals considered as accruals quality measures. The dependent variable was non-systematic risk based on the Fama and French Three Factor model (FFTFM) and the capital asset pricing model (CAPM). The control variables were firm size, financial leverage, stock return, cash flow fluctuations, and book-to-market ratio. The data collection method was based on library research and document mining including financial statements. Multiple regression analysis was used to analyze the data. The study results showed that there is a significant direct relationship between financial leverage and discretionary accruals and non-systematic risk based on FFTFM and CAPM. There is also a significant direct relationship between the ability of accruals, information content of accruals, firm size, and stock return and non-systematic based on both models. It was also found that there is no relationship between book-to-market ratio and cash flow fluctuations and non-systematic risk.

Keywords: accruals quality, non-systematic risk, CAPM, FFTFM

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Authors: Natalia Caldeira De Carvalho, Tassia Batista Pessato, Luis Gustavo R. Fernandes, Ricardo L. Zollner, Flavia Maria Netto

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Protein hydrolysates are ingredients of enteral diets and hypoallergenic formulas. Enzymatic hydrolysis is the most commonly used method for reducing the antigenicity of milk protein. The antigenicity and physicochemical characteristics of the protein hydrolysates depend on the reaction parameters. Among them, pH has been pointed out as of the major importance. Hydrolysis reaction in laboratory scale is commonly carried out under controlled pH (pH-stat). However, from the industrial point of view, controlling pH during hydrolysis reaction may be infeasible. This study evaluated the impact of pH control on the physicochemical properties and antigenicity of the hydrolysates of whey proteins with Alcalase. Whey protein isolate (WPI) solutions containing 3 and 7 % protein (w/v) were hydrolyzed with Alcalase 50 and 100 U g-1 protein at 60°C for 180 min. The reactions were carried out under controlled and uncontrolled pH conditions. Hydrolyses performed under controlled pH (pH-stat) were initially adjusted and maintained at pH 8.5. Hydrolyses carried out without pH control were initially adjusted to pH 8.5. Degree of hydrolysis (DH) was determined by OPA method, peptides profile was evaluated by HPLC-RP, and molecular mass distribution by SDS-PAGE/Tricine. The residual α-lactalbumin (α-La) and β-lactoglobulin (β-Lg) concentrations were determined using commercial ELISA kits. The specific IgE and IgG binding capacity of hydrolysates was evaluated by ELISA technique, using polyclonal antibodies obtained by immunization of female BALB/c mice with α-La, β-Lg and BSA. In hydrolysis under uncontrolled pH, the pH dropped from 8.5 to 7.0 during the first 15 min, remaining constant throughout the process. No significant difference was observed between the DH of the hydrolysates obtained under controlled and uncontrolled pH conditions. Although all hydrolysates showed hydrophilic character and low molecular mass peptides, hydrolysates obtained with and without pH control exhibited different chromatographic profiles. Hydrolysis under uncontrolled pH released, predominantly, peptides between 3.5 and 6.5 kDa, while hydrolysis under controlled pH released peptides smaller than 3.5 kDa. Hydrolysis with Alcalase under all conditions studied decreased by 99.9% the α-La and β-Lg concentrations in the hydrolysates detected by commercial kits. In general, β-Lg concentrations detected in the hydrolysates obtained under uncontrolled pH were significantly higher (p<0.05) than those detected in hydrolysates produced with pH control. The anti-α-La and anti-β-Lg IgE and IgG responses to all hydrolysates decreased significantly compared to WPI. Levels of specific IgE and IgG to the hydrolysates were below 25 and 12 ng ml-1, respectively. Despite the differences in peptide composition and α-La and β-Lg concentrations, no significant difference was found between IgE and IgG binding capacity of hydrolysates obtained with or without pH control. These results highlight the impact of pH on the hydrolysates characteristics and their concentrations of antigenic protein. Divergence between the antigen detection by commercial ELISA kits and specific IgE and IgG binding response was found in this study. This result shows that lower protein detection does not imply in lower protein antigenicity. Thus, the use of commercial kits for allergen contamination analysis should be cautious.

Keywords: allergy, enzymatic hydrolysis, milk protein, pH conditions, physicochemical characteristics

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Authors: Priscilla Omonedo, Paul Bocij

Abstract:

Since the emergence of e-commerce, the world of business has witnessed a radical shift in the way business activities are conducted. However, the emergence of m-Commerce has further pushed the boundaries of virtual commerce revolution. As a result, there seems to be a growing blur in the distinction between e-Commerce and m-Commerce. In addition, existing definitions for both forms of commerce highlight characteristics (e.g. type of device and activity conducted) that may be applicable to both concepts. The aim of this paper is to identify the characteristics that help define and delineate between e- and m- Commerce. The paper concludes that characteristics of mobility, ubiquity, and immediacy provides a clearer and simpler template to distinguish between e-commerce and m-commerce.

Keywords: e-commerce, m-commerce, mobility, ubiquity

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