Search results for: global capital

Authors: Rakesh Mishra, Mukunda Upadhyay, Rajni Singh

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This paper attempts to link remittances sent by internal as well as international out-migrants and its domestic preferences of usage in three different dimension of Household level development in India and its states. Investment of remittances in these sectors reveals for mixed choices of preferential among the states from where people have out-migrated. The multivariate analysis implies that among all three indicators of human development, health (Investment in Food and Health) is the one that attracts the major investment followed by capital formation and least on Education. Usage of the remittances has been found to be varying across all the states in India as far as usage in health, capital formation and education are concerned. Orissa, Nagaland, Madhya Pradesh, Jharkhand, Gujarat, D & H Haweli are some of the states and union territory that contributes highest of its international remittances on health, while most of the usage of the internal remittances has second or third preferences of investment on the health except for Uttar Pradesh, D & H Haweli, Arunachal Pradesh and A & N Is. This paper tries to access usage of international remittances as well as internal remittances on the flow of remittances at the micro level and its implications across three basic determinants of Human Development that is Health, Capital formation and Education coupled with the preferences of usage in presence of Several Socio economic and Demographic variable.

Keywords: multivariate analysis, household development, remittances, internal and international migration

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

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

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

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Authors: Sudipto Sarkar

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Capital is the primary fuel for starting and running a business. Since capital is crucial for every business, entrepreneurs must successfully acquire adequate capital for executing their projects. Sources for the necessary capital for entrepreneurs include their own personal funds from existing bank accounts, or lines of credit or loans from banks or financial institutions, or equity funding from investors. The most commonly selected source of capital is a bank loan. However, acquiring a loan by any entrepreneur requires adhering to strict guidelines, conditions and norms. Because not only they have to show evidence for viability of the project, but also the means to return the acquired loan. On the bank’s part, it requires that every loan officer performs a thorough credit appraisal of the prospective borrowers and makes decisions about whether or not to lend money, how much to lend, and what conditions should be attached to it. Moreover, these credit decisions in general were often based on biases, analytical techniques, or prior experience. A loan can either turn out to be good or poor, irrespective of what type of credit decisions were followed. However, based on prior experience, the loan officers seem to differentiate between a good and a bad loan by examining the borrower’s credit history, pattern of borrowing, volume of borrowing, frequency of borrowing, and reasons for borrowing. As per an article written by Maureen Wallenfang on postcrescent.com dated May 10, 2010, it is observed that borrowers with good credit, solid business plans and adequate collateral security were able to procure loans very easily in the Fox Valley region. Since loans are required to run businesses, and also with the propensity of loans to become bad, loan officers tend to be very critical and cautious before approving and disbursing the loans. The pressure to be critical and cautious, at least partly, is a result of increased scrutiny by the Securities and Exchange Commission. As per Wall Street Journal (Sidel & Eaglesham, March, 3 2011, online), the Securities and Exchange Commission scrutinized banks that have restructured troubled loans in order to make them appear healthier than they really are. Therefore, loan officers’ loan criteria are of immense importance for entrepreneurs and banks alike.

Keywords: entrepreneur, loans, marketing, banks

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Authors: Azaz Zaman, Mirazur Rahman

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Capital market is a crucial financial market place where companies and the government can raise long-term funds and, at the same time, investors get the opportunity to invest in the listed companies. Capital markets play a vital role not only in shifting the funds from surplus entity to deficit for investment, but also in the overall economic development of any developing country like Bangladesh. Being the first and biggest capital market of Bangladesh, Dhaka Stock Exchange (DSE) is the prime bourse of the country. The differences in the investment preference— among three broad categories of investors in DSE including individual investors, institutional investors, and government— are easily observed. Authors of this article have used five categories of investors such as sponsors or directors of the company, institutional investors, foreign investors, government, and the general public in order to present a comparative analysis of their investment patterns. Obtaining data on the percentage of investment by these five types of investors in different sectors from the DSE website, this study aims to analyze the sector-wise investment preference of these investors using August 2018 data. The study has found that the sponsors or directors of the company have the highest percentage of investment in the textile industry which is close to 16%. The Bangladesh government, as an investor, has the highest percentage of investment in the fuel & power sector, approximately 32%. It has also found that the mutual funds' sector is mostly financed by institutional investors, nearly 28%. Foreign investors have their most investments in the banking sector, which is close to 22%. It has also revealed that the textile sector is mostly financed by the general public, close to 17%. Nevertheless, general public, surprisingly, has the lowest percentage of investment in the telecommunication sector, which is 0.10%.

Keywords: stock market investment, Dhaka stock exchange, capital market, Bangladesh

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Authors: Shamila Ahmed

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

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

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Authors: Yousef Rostami Gharainy

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We look at the late financial exhibitions of China and India utilizing a simple growth accounting framework that creates assessments of the commitment of work, capital, training, and aggregate variable profitability for the three parts of agribusiness, industry, and administrations and in addition for the total economy. Our examination consolidates late information updates in both nations and incorporates broad examination of the basic information arrangement. The development records demonstrate a generally square with division in each nation between the commitments of capital gathering and TFP to development in yield every specialist over the period 1980-2007, and an increasing speed of development when the period is separated at 1993. Be that as it may, the size of yield development in China is generally twofold that of India at the total level, and additionally higher in each of the three segments in both sub-periods. In China the post-1993 increasing speed was amassed generally in industry, which contributed about 61 percent of China’s total efficiency development. Interestingly, 48 percent of the development in India in the second sub-period came in administrations. Reallocation of specialists from farming to industry and administrations has contributed 1.3 rate focuses to efficiency development in every nation.

Keywords: China, India, growth accounting framework, work, capital, training, aggregate variable profitability

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Authors: Joachim Monkelbaan, Marcia Hale

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

Keywords: governance, transitions, global frameworks, infrasystems

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Authors: Tovondahiniriko Fanjirindratovo, Olga Ramiarinjanahary, Paulisimone Rasoavonjy

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The sunshine duration, which is the sum of all the moments when the solar beam radiation is up to a minimal value, is an important parameter for climatology, tourism, agriculture and solar energy. Its measure is usually given by a pyrheliometer installed on a two-axis solar tracker. Due to the high cost of this device and the availability of global radiation on a horizontal surface, on the other hand, several studies have been done to make a correlation between global radiation and sunshine duration. Most of these studies are fitted for the northern hemisphere using a pyrheliometric database. The aim of the present work is to list and assess all the existing methods and apply them to Reunion Island, a tropical region in the southern hemisphere. Using a database of ten years, global, diffuse and beam radiation for a horizontal surface are employed in order to evaluate the uncertainty of existing algorithms for a tropical region. The methodology is based on indirect comparison because the solar beam radiation is not measured but calculated by the beam radiation on a horizontal surface and the sun elevation angle.

Keywords: Carpentras method, data fitting, global radiation, sunshine duration, Slob and Monna algorithm, step algorithm

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Authors: Snezana Svetozarevic

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The aim of the research was to determine whether there were significant changes in perceptions of family functioning by families in Serbia 12 months after the coronavirus (COVID-19) outbreak has been declared a global pandemic. Above all, what has protected families in the face of the global crisis caused by COVID-19. The Self-Report Family Inventory, II version (SFI-II; Beavers and Hampson, 2013) and the Inventory of Family Protective Factors (IFPF; Gardner et al., 2008) were used to assess family functioning and protective factors. Currently, families perceive their functioning as more problematic regarding family emotional expressiveness, conflict, cohesion, and global family health/competence. Adaptive appraisal based on positive coping experiences significantly predicted values on emotional expressiveness, conflict, leadership, and global family health/competence dimensions -a higher prevalence of this factor was associated with more optimal family functioning and fewer problems. The growing problem in family functioning with the beginning of the pandemic is inevitable. However, our research confirmed that it is not enough to take into account what families do to survive. It is equally important to learn about what they do to thrive i.e., to study the family resilience.

Keywords: family, coping, resilience, pandemic, COVID-19

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Authors: Esra Cebeci

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As a result of acceleration of globalization in the 21st century economic boundaries are removed. With liberalization of capital and foreign trade, not only developed countries but also developing countries get into rapid growth efforts. In developing countries, one of the most important problem is insufficient capital accumulation. For reduce this deficit, one of the general approaches that is offered increasing amount of foreign direct investments. Also, in developing countries saving rates are low. So, foreign direct investments make possible an increase for domestic savings. In this regard, the multinational corporations are capable of these investments have importance. By providing micro-macro effects for countries, demand for these firms are many. These effects in general positive, some negative effects may able to come into being especially for developing countries. Foreign direct investments are performed buying an existing corporation, merging or greenfield investments. In recent, foreign direct investments are performed as a green field investments for developing countries. The study aims to analysis foreign direct investment trends for 2000-2013 years. In the first part of this study, the importance of foreign direct investments and their determinants are explained. In the second part, the article also shows that comparative analysis of the inward and outward investments for developing and developed countries. In conclusion, while developed countries can stand competition against other countries with these investments, developing countries can provide a sustainable growth with capital inflows.

Keywords: foreign direct investments, multinational corporations, determinants of FDI, FDI trend

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Authors: Ndeye Tiguida Sarr, Onur Akpinar

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The tourism industry, being the sector that includes all the activities related to the organization and satisfaction of tourists during their trip, also has a very important role in the national economy of the host country. In order to measure the stakes of tourism on the economy, microeconomic and macroeconomic factors are elements of analysis. While microeconomics is limited to an individual perspective, macroeconomics extends to a global perspective and treats the economy as a whole by focusing on social and economic actors in general. It is in this context that this study focuses on macroeconomic variables in order to determine the factors that influence the financial performance of tourism firms in Turkey, which is one of the world's major destinations. The aim of the study is to demonstrate the relationship between macroeconomic variables and the financial performance of tourism firms. Data from 2011 to 2020 are collected, from a sample of 16 companies that represent the tourism sector in Borsa Istanbul. Tobin’s Q ratio, Market to Book ratio, Return on Invested Capital, and Return on Assets as the financial performance indicators were dependent variables of the study. Gross Domestic Products, Inflation, Interest Rates, and Unemployment as macroeconomic indicators were independent variables. Again, Size, Liquidity, Leverage, and Age were control variables of the study. According to the results, value indicators, which are Tobin’s Q ratio and Market to Book ratio, have a statistically significant relationship with Inflation, Interest Rates, and Unemployment. A negative relationship is found between value indicators and Interest rates and a positive relationship between value indicators and Unemployment and Inflation. On the other hand, there is no significant relationship between profit indicators (Return on Invested Capital and Return on Assets) and macroeconomic variables. Accordingly, Interest rates negatively affect the financial performance of tourism firms and stand out as a factor that decreases the value.

Keywords: financial performance, macroeconomic variables, panel data, Tobin Q

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Authors: Alex Knighton, Roba Khundkar, Michael Dunn

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Neo-colonialism is defined as the use of economic, political, cultural, or other pressures to control or influence other countries, especially former dependencies, and concerns have been raised about its presence in surgical missions. Surgical missions aim to rectify the huge disparity in surgical access worldwide, but their ethics must be carefully considered. This is especially in light of colonial history which affects international relations and global health today, to ensure that colonial attitudes are not influencing efforts to promote equity. This review examines the history of colonial global health, demonstrating that global health initiatives have consistently been used to benefit those providing them, and then asks whether elements of colonialism are still pervasive in surgical missions today. Data was collected from the literature using specified search terms and snowball searching, as well as from international expert web-based conferences on global surgery ethics. A thematic analysis was then conducted on this data, resulting in the identification of six themes which are identifiable in both past and present global health initiatives. These six themes are power, lack of understanding or respect, feelings of superiority, exploitation, enabling of dependency, and acceptance of poorer standards of care. An ethical analysis follows, concluding that the concerns of power and neo-colonialism in global surgery would be addressed by adopting a framework of procedural justice that promotes a refined governance process in which stakeholders are able to propose and reject decisions that affect them. The paper argues that adopting this model would address concerns of the power disparity in the field directly, as well as promoting an ethical framework to enable the other concerns of power disparity and neo-colonialism identified in the present analysis to be addressed.

Keywords: medical ethics, global surgery, global health, neocolonialism, surgical missions

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Authors: Mohamed Rahal, Djaouida Guetta

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In this paper, the one-dimensional unconstrained global optimization problem of continuous functions satifying a Hölder condition is considered. We extend the algorithm of sequential covering SCA for Lipschitz functions to a large class of Hölder functions. The convergence of the method is studied and the algorithm can be applied to systems of nonlinear equations. Finally, some numerical examples are presented and illustrate the efficiency of the present approach.

Keywords: global optimization, Hölder functions, sequential covering method, systems of nonlinear equations

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Authors: Renato Figueira Franco

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This paper aims to create a representational information system applied to the securities market, particularly the development of an ontology applied to the analysis of the Key Information Documents of Contracts for Difference. The process of obtaining knowledge and its proper formal representation has raised the attention both from the scientific literature and the capital markets supervisory authorities. The formal knowledge representation is embodied in the construction of ontologies, which are responsible for defining a knowledge base structure of a given scientific domain, facilitating its understanding, and allowing its sharing among the scientific community. The scope of this study is restricted to the analysis of capital markets ontologies in order to capture its structure, semantics and knowledge sharing between people and systems.

Keywords: ontology, financial markets, CFD, PRIIPs, key information documents

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Authors: Adelayo Akeem Jolaoye

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Historically urban centers serve as the fulcrum upon which significant complex social and economic development rest. Despite their fixed geographical locations, though in different degree, cities generate self-sustenance and multiplier effects in all aspects of life. They also house inestimable human capital, which serves as a power house for future generation transformation requirements. Unfortunately, the untamed global urbanization process has resulted in an unimaginable damage to the urban social structure as well as urban environmental value. The preceding has caused cities failure in performing their expected roles worst still becoming a regional burden and national liabilities. This paper briefly discusses the ecological concept of urban settlements and reviews the world historical urban evolution and growth. Also, given the above-mentioned anomalies, the paper also raised conceptual principles of urban planning as well as administrative policies for its strategic management.

Keywords: city, urbanization, urban planning, urban malice

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Authors: Agnes Utari Widyaningdyah

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This study investigates the relationship between strategy, intellectual capital (IC) disclosure, and the firm’s performance by considering business competition as a moderating variable. The secondary sectors manufacturing firms in the Jakarta Stock Industrial Classification as sample because this group represents a knowledge-intensive firm according to the OECD (Organization for Economic Cooperation and Development) criteria. Using path analysis, this study reveals that there is a significant influence of strategy toward IC disclosure. Firms with differentiation strategy tend to withhold its strategic information included IC because of afraid in losing their competitive advantage. The results also indicate that firms are more likely to withhold information about IC if they perceive that current or potential competition is strong. However, firms should consider that IC disclosure is a positive signal to the investor.

Keywords: strategy, IC disclosure, market performance, business competition

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Authors: Francois Defay

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Uses of Unmanned aerial vehicle (UAV) are increasing for many applicative cases. Long endurance UAVs are required for inspection or transportation in some deserted places. The global optimization of the efficiency is the aim of the works in ISAE-SUPAERO. From the propulsive part until the motor control, the global optimization can increase significantly the global efficiency. This paper deals with the global improvement of the efficiency of the electrical propulsion for the aerial vehicle. The application case of study is a small airplane of 2kg. A global modelization is presented in order to validate the electrical engine in a complete simulation from aerodynamics to battery. The classical control of the synchronous permanent drive is compared to the field-oriented control which is not yet applied for UAVs. The experimental results presented show an increase of more than 10 percent of the efficiency. A complete modelization and simulation based on Matlab/ Simulink are presented in this paper and compared to the experimental study. Finally this paper presents solutions to increase the endurance of the electrical aerial vehicle and provide models to optimize the global consumption for a specific mission. The next step is to use this model and the control to work with distributed propulsion which is the future for small distance plane.

Keywords: electrical propulsion, endurance, field-oriented control, UAV

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Authors: Karolina Patora

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

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

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Authors: Mahmoud M. S. Albattah

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Urbanization results in the expansion of administrative boundaries, mainly at the periphery, ultimately leading to changes in landcover. Agricultural land, naturally vegetated land, and other land types are converted into residential areas with a high density of constructs, such as transportation systems and housing. In urban regions of rapid growth and change, urban planners need regular information on up to date ground change. Amman (the capital of Jordan) is growing at unprecedented rates, creating extensive urban landscapes. Planners interact with these changes without having a global view of their impact. The use of aerial photographs and satellite images data combined with topographic information and field survey could provide effective information to develop urban change and growth inventory which could be explored towards producing a very important signature for the built-up area changes.

Keywords: highway design, satellite technologies, remote sensing, GIS, image segmentation, classification

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Authors: A. Beril Tugrul

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Demand on production and thereby the global need of energy is growing continuously. Each country has different trends on energy demand and supply according to their geopolitical and geographical locations, underground reserves, weather conditions and level of industrialization. Conventional energy resources such as oil, gas and coal –in other words fossil resources- remain dominant on primary energy supply in spite of causing of environmental problems. Energy supply and demand securities are essential within the energy importing and exporting countries. This concept affected all sectors, but especially impressed on political aspects of the countries and also global economic views.

Keywords: energy policy, energy economics, energy strategy, global trends, petro-dollar recycling

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Authors: Wera Supa, Panita Wannapiroon

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This paper is a report on the designing of the social collaborative learning model based on proactive involvement to Promote the global merit principle in cultivating youths’ morality. The research procedures into two phases, the first phase is to design the social collaborative learning model based on proactive involvement to promote the global merit principle in cultivating youths’ morality, and the second is to evaluate the social collaborative learning model based on proactive involvement. The sample group in this study consists of 15 experts who are dominant in proactive participation, moral merit principle and youths’ morality cultivation from executive level, lecturers and the professionals in information and communication technology expertise selected using the purposive sampling method. Data analyzed by arithmetic mean and standard deviation. This study has explored that there are four significant factors in promoting the hands-on collaboration of global merit scheme in order to implant virtues to adolescences which are: 1) information and communication Technology Usage; 2) proactive involvement; 3) morality cultivation policy, and 4) global merit principle. The experts agree that the social collaborative learning model based on proactive involvement is highly appropriate.

Keywords: social collaborative learning, proactive involvement, global merit principle, morality

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Authors: Nader Chavoshi Boroujeni, Naser Chavoshi Boroujeni

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Considering the importance of managerial competencies on organizational performance as well as the role of social capital and entrepreneurship as mediator parameters affecting organizational performance, this study attempts to examine the impact carefully. In this regard, Isfahan Science and Technology Town (ISTT) as an effective and knowledge generator company that has a great effect on improving organizational performances of many other companies such as Knowledge-Based Companies (KBCs) activing in the ISTT's site was selected as statistical population. According to coordination with the Department of Development and Technology of ISTT, all employees of ISTT and active KBCs were selected as sample. Then, to analyze the variables a standard and self-made questionnaire containing 98 questions was designed and distributed. Of the 350 questionnaires distributed, 319 questionnaires were collected that 313 cases were confirmed and analyzed. To confirm the reliability of questionnaire, the Leader professor and two other professors approved it. Cronbach's alpha coefficient was used to validate the questionnaire that all coefficient was between 0/7 and 0/95. So, the validity was confirmed. After descriptive study population, the normality of distribution was investigated with Kolmogorov-Smirnov test. Finally, the results obtained from the questionnaires were analyzed by Amos software that all hypotheses were confirmed.

Keywords: managerial competencies, personnel organizational performance, entrepreneurship, social capital

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Authors: Liu Yi Hui, Chun-Liang Lai, Jhang Yu Cih, He You Jing, Chiu Fan-Yun, Lin Yu Fang

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For universities offering long-term care education, the inclusion of adulting learning and practices in professional courses as appropriate based on holistic design and evaluation could improve talent empowerment by leveraging social capital. Moreover, it could make the courses and materials used in long-term care education responsive to real-life needs. A mixed research method was used in the research design. A quantitative study was also conducted using a questionnaire survey, and the data were analyzed by SPSS 22.0 Chinese version. The qualitative data included students’ learning files (learning reflection notes, course reports, and experience records).

Keywords: adult learning, community empowerment, social capital, mixed research

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Authors: Silvia Lorenzo, Hongmian Gong

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With the influx of research assessing the economic impact of the global financial crisis of 2007-8, a spatial analysis based on empirical data is needed to better understand the spatial significance of the financial crisis in New York, a key international financial center also considered the origin of the crisis. Using spatial statistics, the existence of financial clusters specializing in credit and securities throughout the New York metropolitan area are identified for 2000 and 2010, the time period before and after the height of the global financial crisis. Geographically Weighted Regressions are then used to examine processes underlying the formation and movement of financial geographies across state, county and ZIP codes of the New York metropolitan area throughout the 2000s with specific attention to tax regimes, employment, household income, technology, and transportation hubs. This analysis provides useful inputs for financial risk management and public policy initiatives aimed at addressing regional economic sustainability across state boundaries, while also developing the groundwork for further research on a spatial analysis of the global financial crisis.

Keywords: financial clusters, New York, global financial crisis, geographically weighted regression

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Authors: Vidyarini Dwita, Rebecca Fanany

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This study will discuss the growth of the market for smartphone technology in Indonesia. This country, with the world’s fourth largest population, has a reputation as the social media capital of the world, and this reputation is largely justified. The penetration of social media is high in Indonesia which has one of the largest global markets. Most Indonesian users of Facebook, Twitter and other social media platforms access the sites from their mobile phones. Indonesia is expected to continue to be a major market for digital mobile devices, such as smartphone and tablets that can access the internet. The aim of this study to describe the way responses of Indonesian consumers to smartphone advertising using English and Indonesian will impact on their perceptions of the prestige and product image of the advertised items and thus influence consumer intention to purchase the item. Advertising for smartphones and similar products is intense and dynamic and often draws on the social attitudes of Indonesians with respect to linguistic and cultural content and especially appeals to their desire to be part of global mainstream culture. The study uses a qualitative method based on in-depth interviews with 30 participants. Content analysis is employed to analyse the responses of Indonesian consumers to smartphone advertising that uses English and Indonesian text. Its findings indicate that consumers’ impressions of English and Indonesian slogans influence their attitudes toward smartphones, suggesting that linguistic context plays a role in influencing consumer purchases.

Keywords: consumer purchases, marketing communication, product image, smartphone advertising, sociolinguistic

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Authors: Pratiwi Retnaningdyah, Sofie Dewayani

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Foreign domestic workers are arguably one of the most exploited and subordinated groups of women in the labor division under global capitalism. However, foreign domestic workers (FDWs) actively engage in activities to negotiate the prevailing structures of power in the transnational labor market. This paper seeks to understand the significance of Indonesian Domestic Workers (IDWs) cultural representations in relation to the themes of literacy and space. In particular, this paper addresses the issue of how IDWs in Hong Kong make use of the practice of suitcase libraries to make meaning of space within material limits. The term ‘suitcase libraries’ is used to refer to a literacy practice of book borrowing at outdoor public spaces in Hong Kong during IDWs’ days off. The books are displayed in open suitcases and mats, with IDWs both as administrators and consumers engaged in the practice. This paper argues that suitcase libraries can be considered representing Thirdspace in the form of a vernacular, grassroots literacy practice that creates a productive space of resistance and community empowerment. Employing participant observation and a textual analysis of IDWs’ literacy narratives, the study traced IDWs’ literacy trajectories to the period of IDWs’ permanent return to Indonesia. Through extended engagement in community literacy practices in their hometowns, former IDWs develop their literacy capital and break the stereotypes of uneducated and passive maids and change them into literate figures. In the context of literacy movement that has gained momentum in Indonesia recently, the practice of IDWs’ suitcase libraries is also useful as a reference point to further investigate how community literacy sponsors in Indonesia also create Thirdspace and develop literacy capital through community libraries (TBM, Taman Baca Masyarakat).

Keywords: identity, Indonesian domestic workers, literacy narratives, Thirdspace

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Authors: Abhinav Kumar Rajverma, Arun Kumar Misra, Abhijeet Chandra

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Family involvement in business is universal across countries, with varying characteristics. Firms of developed economies have diffused ownership structure; however, that of emerging markets have concentrated ownership structure, having resemblance with that of family firms. Optimization of dividend payout and leverage are very crucial for firm’s valuation. This paper studies dividend paying behavior of National Stock Exchange listed Indian firms from financial year 2007 to 2016. The final sample consists of 422 firms and of these more than 49% (207) are family firms. Results reveal that family firms pay lower dividend and are more leveraged compared to non-family firms. This unique data set helps to understand dividend behavior and capital structure of sample firms over a long-time period and across varying family ownership concentration. Using panel regression models, this paper examines factors affecting dividend payout and capital structure and establishes a link between the two using Two-stage Least Squares regression model. Profitability shows a positive impact on dividend and negative impact on leverage, confirming signaling and pecking order theory. Further, findings support bankruptcy theory as firm size has a positive relation with dividend and leverage and volatility shows a negative relation with both dividend and leverage. Findings are also consistent with agency theory, family ownership concentration has negative relation with both dividend payments and leverage. Further, the impact of family ownership control confirms the similar finding. The study further reveals that firms with high family ownership concentration (family control) do have an impact on determining the level of private benefits. Institutional ownership is not significant for dividend payments. However, it shows significant negative relation with leverage for both family and non-family firms. Dividend payout and leverage show mixed association with each other. This paper provides evidence of how varying level of family ownership concentration and ownership control influences the dividend policy and capital structure of firms in an emerging market like India and it can have significant contribution towards understanding and formulating corporate dividend policy decisions and capital structure for emerging economies, where majority of firms exhibit behavior of family firm.

Keywords: dividend, family firms, leverage, ownership structure

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Authors: Daan F. Oostveen

Abstract:

‘Religion’ as a term is not native to the Global East. The concept ‘religion’ is both understood in its meaning of ‘religious traditions’, commonly referring to the ‘World Religions’ and in its adjective meaning ‘the religious’ or ‘religiosity’ as a separate domain of human culture, commonly contrasted to the secular. Though neither of these understandings are native to the historical worldviews of East Asia, their development in modern Western scholarship has had an enormous impact on the self-understanding of cultural diversity in the Global East as well. One example is the identification and therefore elevation to the status of World Religion of ‘Buddhism’ which connected formerly dispersed religious practices throughout the Global East and subsumed them under this powerful label. On the other hand, we see how popular religiosity, shamanism and hybrid cultural expressions have become excluded from genuine religion; this had an immense impact on the sense of legitimacy of these practices, which became sometimes labeled as superstition are rejected as magic. Our theoretical frameworks on religion in the Global East do not always consider the complex power dynamics between religious actors, both elites and lay expressions of religion in everyday life, governments and religious studies scholars. In order to get a clear image of how religiosity functions in the context of the Global East, we have to take into account these power dynamics. What is important in particular is the issue of religious identity or absence of religious identity. The self-understanding of religious actors in the Global East is often very different from what scholars of religion observe. Religious practice, from an etic perspective, is often unrelated to religious identification from an emic perspective. But we also witness the rise of Christian churches in the Global East, in which religious identity and belonging does play a pivotal role. Finally, religion in the Global East has since the beginning of the 20th Century been conceptualized as the ‘other’ or republicanism or Marxist-Maoist ideology. It is important not to deny the key role of colonial thinking in the process of religion formation in the Global East. In this paper, it is argued that religious realities constituted emerging as a result from our theory of religion, and that these religious realities in turn inform our theory. Therefore, the relationship between phenomenology of religion and theory of religion can never be disentangled. In fact, we have to acknowledge that our conceptualizations of religious diversity are always already influenced by our valuation of those cultural expressions that we have come to call ‘religious’.

Keywords: global east, religion, religious belonging, secularity

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Authors: Duc Dong Do, Ngoc Ha Tran, Thanh Hai Dang, Cao Cuong Dang, Xuan Huan Hoang

Abstract:

Global aligning two protein-protein interaction networks is an essentially important task in bioinformatics/computational biology field of study. It is a challenging and widely studied research topic in recent years. Accurately aligned networks allow us to identify functional modules of proteins and/ororthologous proteins from which unknown functions of a protein can be inferred. We here introduce a novel efficient heuristic global network alignment algorithm called FASTAn, including two phases: the first to construct an initial alignment and the second to improve such alignment by exerting a local optimization repeated procedure. The experimental results demonstrated that FASTAn outperformed the state-of-the-art global network alignment algorithm namely SPINAL in terms of both commonly used objective scores and the run-time.

Keywords: FASTAn, Heuristic algorithm, biological network alignment, protein-protein interaction networks

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Authors: Muhammad Naveed Iftikhar, Farah Khalid

Abstract:

Global best practices as ordained by international organizations comprise a broader top-down approach to development problems, without taking into account country-specific factors. The political economy of each country is extremely different and the failure of several attempts of international organizations to implement global best practice models in developing countries each with its unique set of variables, goes on to show that this is not the most efficient solution to development problems. This paper is a humble attempt at shedding light on some specific examples of failures of the global best practices. Pakistan has its unique set of problems and unless those are added to the broader equation of development, country-specific reform and growth will continue to pose a challenge to reform programs initiated by international organizations. The three case studies presented in this paper are just a few prominent examples of failure of the global best practice, top-down, universalistic approach to development as ordained by international organizations. Development and reform can only be achieved if local dynamics are given their due importance. The modus operandi of international organizations needs to be tailored according to each country’s unique politico-economic environment.

Keywords: best practice, development, context

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