Search results for: intellectual capital development

Authors: Narges Sadat Myrmousavy, Maryam Eslampanah

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The aim of this study was to investigate the relationship between social capital and knowledge sharing is the Ministry of Culture and Islamic Guidance. They are descriptive correlation study. The study sample consisted of all the experts in the Ministry of Culture and Islamic Guidance helping professionals headquarters in Tehran in the summer period is 2012, the number is 650. Random sampling is targeted. The sample size is 400. The data collection tool was a questionnaire that was used for the preparation of a standard questionnaire. They also examine the assumptions of the regression coefficient for the relationship between variables in order to investigate the main hypothesis test is used. The findings suggest that the structural and knowledge-sharing between components, there is a direct relationship. The components of the relationship between Impression management and knowledge sharing, there is a direct relationship. There was no significant relationship between Individual pro-social motives and knowledge sharing. Both components of the cognitive aspects of open mindedness and competence are directly related with knowledge sharing. Finally, the comparison between the different dimensions of social capital, the largest of its structure, and its relationship with knowledge sharing is the least relation.

Keywords: social capital, knowledge sharing, ministry of culture and Islamic guidance (Iran), open mindedness, pro-social motives

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Authors: Muhammad Tahir, Mushtaq Muhammad

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Capital structure is one of the key decisions taken by the financial managers. This study aims to investigate the factors influencing capital structure decision in Oil and Gas industry of Pakistan using secondary data from published annual reports of listed Oil and Gas Companies of Pakistan. This study covers the time-period from 2008-2014. Capital structure can be affected by profitability, firm size, growth opportunities, dividend payout, liquidity, business risk, and ownership structure. Panel data technique with Ordinary least square (OLS) regression model has been used to find the impact of set of explanatory variables on the capital structure using the Stata. OLS regression results suggest that dividend payout, firm size and government ownership have the most significant impact on financial leverage. Dividend payout and government ownership are found to have significant negative association with financial leverage however firm size indicated positive relationship with financial leverage. Other variables having significant link with financial leverage includes growth opportunities, liquidity and business risk. Results reveal significant positive association between growth opportunities and financial leverage whereas liquidity and business risk are negatively correlated with financial leverage. Profitability and managerial ownership exhibited insignificant relationship with financial leverage. This study contributes to existing Managerial Finance literature with certain managerial implications. Academically, this research study describes the factors affecting capital structure decision of Oil and Gas Companies in Pakistan and adds latest empirical evidence to existing financial literature in Pakistan. Researchers have studies capital structure in Pakistan in general and industry at specific, nevertheless still there is limited literature on this issue. This study will be an attempt to fill this gap in the academic literature. This study has practical implication on both firm level and individual investor/ lenders level. Results of this study can be useful for investors/ lenders in making investment and lending decisions. Further, results of this study can be useful for financial managers to frame optimal capital structure keeping in consideration the factors that can affect capital structure decision as revealed by this study. These results will help financial managers to decide whether to issue stock or issue debt for future investment projects.

Keywords: capital structure, multicollinearity, ordinary least square (OLS), panel data

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Authors: Parma Chakravartti

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The impact of government spending and taxation on economic growth has remained a central issue of fiscal policy analysis. There is a wide range of opinions over the strength of fiscal policy’s effect on macroeconomic variables. It can be argued that the impact of fiscal policy depends on the structure and economic condition of the economy. This study makes an attempt to examine the effect of fiscal policy shocks on growth in India using the structural vector autoregressive model (SVAR), considering data from 1950 to 2019. The study finds that government spending is an important instrument of growth in India, where the share of revenue expenditure to capital expenditure plays a key role. The optimum composition of total expenditure is important for growth and it is not necessarily true that capital expenditure multiplier is more than revenue expenditure multiplier. The study also finds that the impact of public economic activities on private economic activities for both consumption expenditure and gross capital formation of government crowds in private consumption expenditure and private gross capital formation, respectively, thus indicating that government expenditure complements private expenditure in India.

Keywords: government spending, fiscal policy, multiplier, growth

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Authors: Zahid Ahmad, Samia Yousaf

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The main purpose of this study is to evaluate and assess the financial position, operating performance, and recent outlook of the companies. This study investigates the impact of capital structure, dividend policy and sustainability on the value of firms of textile spinning sector of Pakistan which is listed on Pakistan stock exchange. The panel data technique has been applied to this group of textile sector which is textile spinning. This study covers the last ten years of time period. All the data related to the variables have been collected from the annual reports and financial statements of the textile sector firms. There are differently related determinants to measure the capital structure which are fixed assets turnover ratio, debt ratio, equity ratio, debt to equity ratio, assets tangibility, and shareholder’s equity. Dividend policy is being measured by two determinants which are earning per share (EPS) and dividend payout ratio. Sustainability is being measured by three suitable factors which are sales growth, gross profit margin ratio and firm size. These are three independent variables and their determinants of this study. Value of firm is measured through the return on asset (ROA). Capital structure is at the top of the list among all the three variables. According to the results of this research work, somewhere all the three variables generates positive and significant effect on the firm’s performance and its growth.

Keywords: capital structure, dividend policy, panel data, sustainability

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Authors: Saurabh Ahluwalia, Sul Kassicieh

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The conventional wisdom has maintained that being in proximity to entrepreneurial ecosystems helps startups to raise financing, develop and grow. In this paper, we examine the effect of a major component of an entrepreneurial ecosystem- financial or venture capital clusters on the exit of a startup through mergers and acquisitions (M&A). We find that the presence of a venture capitalist in a venture capital (VC) cluster is a major success factor for M&A exits. The location of startups in the top VC clusters did not turn out to be significant for success. Our results are robust to different specifications of the model that use different time periods, types of success, the reputation of VC, industry and the quality of the startup company. Our results provide evidence for VCs, startups and policymakers who want to better understand the components of entrepreneurial ecosystems and their relation to the M&A exits of startups.

Keywords: financial institution, mergers and acquisitions, startup financing, venture capital

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Authors: Sohil I. Alqazlan

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Introduction and Objectives: There is limited research focusing on young adults with intellectual disabilities (ID) and their experiences after finishing compulsory education, especially in the Middle Eastern/Arab countries. This paper aims to further understand the lives of young adults with ID in Riyadh [the capital city of Saudi Arabia], particularly as they go on to access Post-Secondary Education [PSE]. As part of this study, it is important to understand the roles of high schools in Riyadh in terms of preparing their students for post-school life. To achieve this, the researcher has asked Saudi Arabia’s Ministry of Education to provide student transition plans (TPs) for post-school opportunities. However, and unfortunately, high schools in Riyadh do not use transition plans for their students. Therefore, the researcher has requested individual education plans (IEPs) for students with ID in their final year at high school to find the type of support the students had regarding both their long- and short-term goals that might help them access PSE or the labour market. Methods: The researcher analysed 10 IEPs of students in their final year at high school. To achieve the aim of the study, the researcher compared these IEPs with expectations set out in the official IEP framework of the MoE in Saudi Arabia, such as collaboration on the IEP sample and the focus on adult life. By analysing the students’ IEPs in terms of various goals, this study attempts to highlight skills that might offer students more independence after finishing compulsory education and going on to PSE. Results: Unfortunately, communication between IEP team members proved persistently absent in the sample. This was clear from the fact that none of the team members, apart from the SEN teachers, had signed any of the IEPs. Thus, none of the daily or weekly goals outlined were sent to parents to review at home. As a result of this, there were no goals in the IEPs that clearly referred to PSE. However, some long-term goals were set which might help those with ID become more independent in their adult life. For example, in the IEPs, which dealt with computer skills, the student had goals related to using Microsoft Word. Finally, just one goal of these IEPs set an important independent skill for the young adults with ID: “the student will learn how to use public transportation”. Conclusions: From analysing the ten IEPs, it was clear that SEN teachers in Riyadh schools were working without any help from other professionals. The students with ID, as well as their families, were not consulted on their views on important goals. Therefore, more work needs to be done with the students regarding their transition to PSE, perhaps by building partnerships between high schools and potential PSE institutions. Finally, more PSE programmes and a higher level of employer awareness could help create a bridge for students transferring from high school to PSE. Schools could also focus their IEP goals towards specific PSE programmes the student might attend, which could increase their chances of success.

Keywords: high school, post-secondary education, PSE, students with intellectual disabilities

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Authors: Merry Pearl Rupinta, Rivika Alda

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Inclusive education provides the same opportunity for all students regardless of the difficulties they encounter. Teaching English to learners with special education needs (LSENs) is a significant factor for learners to cope with the academic demands in the regular class. However, these special education (SPED) teachers lack specialized training to teach specific skills in English. Using purposive sampling, this study explored the lived experience of nine SPED teachers handling English to learners with intellectual disabilities from the four divisions of Region 10. An interview schedule, validated by experts, was used in conducting the investigation, where a semi-structured one-on-one interview was employed. The data were analyzed using Smith's (2009) five-step data analysis. The study highlighted themes on challenges in teaching English, coping strategies, adjusted classroom management, and inclusivity. The results suggest that SPED teachers' experience teaching English is a continuous and indefinite loop that continues until the primary goal of mainstreaming LSENs into the regular class is achieved. This study recommends that policymakers and curriculum developers focus their efforts on professional development through a series of training on various strategies and approaches in teaching English that can help SPED teachers provide a more effective and efficient teaching-learning experience.

Keywords: English language teaching, inclusive education, intellectual disability, special education

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Authors: Dishant Shahi, Aradhya Shandilya, Nand Kumar

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We study here the impact of the black component referred to as X component in the text on Real estate transactions. The X component involved not only acts as friction in transaction but also leads to dysfunctionality in the capital market of real estate. The effect of the component is presented by using a model of economy which seeks resemblance with that of India involving property deals. The rigidities which hinder smooth transactions in property or land deals are depicted and their impact on the economy as a whole has been modelled. The effect of subprime crisis (2007) on Indian housing capital market and the role which the X component played during it, is also included in one of the sections. In the entire text, we have utilised 4 Quadrant graphs to study supply and demand causalities involved in commercial real estate. At the end we have included the impact of demonetisation as a move to counter the problem of overvaluation in the property assets arising due to the X component. The case of Demonetisation which has been the latest move by the Indian Government to control huge amount of black money in circulation has been included along with its impact on the housing and rent as well as the capital market.

Keywords: X-component, 4Q graph, real estate, capital markets, demonetisation, consumer sentiments

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Authors: Farhad Nouparast

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For more production we need more capital formation. Capital formation in each country should be based on comparative advantages in different economic sectors due to the different production possibility curves. In regional planning, recognizing the relative advantages and consequently investing in more production requires identifying areas with the necessary capabilities and location of each region compared to other regions. In this article, ranking of Iran's provinces is done according to the specific and given variables as the best investment position in agricultural activity. So we can provide the necessary background for investment analysis in different regions of the country to formulate national and regional planning and execute investment projects. It is used factor analysis technique and numerical taxonomy analysis to do this in thisarticle. At first, the provinces are homogenized and graded according to the variables using cross-sectional data obtained from the agricultural census and population and housing census of Iran as data matrix. The results show that which provinces have the most potential for capital formation in agronomy sub-sector. Taxonomy classifies organisms based on similar genetic traits in biology and botany. Numerical taxonomy using quantitative methods controls large amounts of information and get the number of samples and categories and take them based on inherent characteristics and differences indirectly accommodates. Numerical taxonomy is related to multivariate statistics.

Keywords: Capital Formation, Factor Analysis, Multivariate statistics, Numerical Taxonomy Analysis, Production, Ranking, Spatial Planning

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Authors: Jessica Liqin Kong

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Female engineers and scientists face unique challenges in their careers that make the development of professional networks crucial, but also more difficult. Working to overcome these challenges, ‘The Network’ was established in 2013 at the Queensland University of Technology (QUT) in Australia as an alumni chapter with the purpose of evoking continuous positive change for female participation and retention in science, technology, engineering and mathematics (STEM). ‘The Network’ adopts an innovative model for a Women in STEM alumni chapter which was inspired by the cradle to cradle approach to engagement, and the concept of growing and harvesting individual and collective social capital through a variety of initiatives. ‘The Network’ fosters an environment where the values exchanged in social and professional relationships can be capitalized for both current and future women in STEM. The model of ‘The Network’ acts as a simulation and opportunity for participants to further develop their leadership and other soft skills through learning, building and experimenting with ‘The Network’.

Keywords: women in STEM, engagement, Cradle-to-Cradle, social capital

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Authors: Shams Ul Hussain Zaheer, Bibi Alia, Shehla Shams

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With the creation of human beings, almost all of them are blessed with the award of the power of expression, and this series starts from the life of Adam (A.S) in Paradise when he was blesses with language and knowledge and given priority upon the Angels. Later on, when the population spread and many other languages came into being, the method of the different people of different regions remained various. And when the Arabic was formed as a language after Ismail (A.S) and his sons spread in the gulf area, the words adopted from other gulf languages also became a part of this new language with it immense. Beside this, the tone of expression in other areas of the word was different, but the incidents, norms of bad and good, parameters for like and dislike, thinking styles, and rules of good and bad governance with social values remained round about the same. People practiced their lives according to the set norms everywhere in the world. Especially the two built, i.e., Hijaz and Khurasan, wherein Arabs and Pashtun accordingly were dwelling; it seems that their social values were much closed to each other. These norms reflect in various kinds of literature of both of the nations, but this article deals in with their proverbs specifically. This article discusses the intellectual telepathic between them in a research way. And put the defined similarities and dissimilarities between both in the proverb. And it also draws a sketch in front of readers that how the thinking and expression styles remains same in humans. As it belongs to a comparative analysis of the proverbs so, the same methodology has been adopted in the articles.

Keywords: intellectual telepathy, hijaz, arab, khurasan, pashtun, proverbs, comparison

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Authors: Chitresh Kumar, Santanu Gupta

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The research work intends to understand the process of initiation, planning and development of capital-intensive urban area level infrastructure development in East Asian Cities (specific to Indian Cities). With the onset of emphasis on sustainable urban transport, self-financed urban local bodies, it has become of utmost important to identify infrastructure and projects on a priority basis, which provide optimal utility to the urban area. Through identification of Spatial, Demographic and Socio-Economic and Political Instability Parameters and their trends for the past 60 years at the urban area and state level, the paper attempts to identify the most suitable time period when initiation of the project would become economically and demographically viable for the city.

Keywords: urban planning, regional planning, mass transit, infrastructure development, spatial planning

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Authors: Jagul Huma Lashari, Arabella Bhutto

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Last few years have shown increased an interest of researchers in knowledge and technology transfer. However, facts show fewer types of knowledge transfer practices in the developing countries. This article focuses on assessment transfer channels of academic research produced by highly qualified academicians working in universities in Sindh offering degrees in field of an Environment in Sindh Pakistan. The academic field has been chosen because in field of the environment there is alarming need of research into practice for sustainable development. Using case study approach; in this research qualitative interviews have been conducted from PhD faculty members working in the universities offering degrees in field of environment. Obtained data is analyzed using descriptive statistics and chi-square test with the help of statistical packages for social sciences (SPSS). Research explored 31 channels of academic knowledge transfer from detailed review of literature and exploratory interviews with participants. Identified knowledge transfer channels have been grouped together in 6 groups of knowledge transfer channels; As knowledge transfer through publications, networking, mobility of researchers, joint research, intellectual property and co-operations. Results revealed that academic knowledge have been transferred through publications, networking, and co-operation. However, less number of academic knowledge has been transferred through groups of knowledge transfer channels such as Intellectual Property and joint research.

Keywords: environment, research knowledge, transfer channels, universities

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Authors: Fatemeh Moosavi, Tumelo Franck Nkoshwane

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Peter Drucker the renowned management guru once said, “The best way to predict the future is to create it.” Mr. Drucker is also the man who placed human capital as the most vital resource of any institution. As such any institution bent on creating a better future, requires a competent human capital, one that is able to execute with efficiency and effectiveness the objective a society aspires to. Technology today is accelerating the rate at which many societies transition to knowledge based societies. In this accelerated paradigm, it is imperative that those in leadership establish a platform capable of sustaining the planned future; intellectual capital. The capitalist economy going into the future will not just be sustained by dollars and cents, but by individuals who possess the creativity to enterprise, innovate and create wealth from ideas. This calls for cities of the future, to have this premise at the heart of their future plan, if the objective of designing sustainable and liveable future cities will be realised. The knowledge economy, now transitioning to the creative economy, requires cities of the future to be ‘gardens’ of inspiration, to be places where knowledge, creativity, and innovation can thrive as these instruments are becoming critical assets for creating wealth in the new economic system. Developing nations must accept that learning is a lifelong process that requires keeping abreast with change and should invest in teaching people how to keep learning. The need to continuously update one’s knowledge, turn these cities into vibrant societies, where new ideas create knowledge and in turn enriches the quality of life of the residents. Cities of the future must have as one of their objectives, the ability to motivate their citizens to learn, share knowledge, evaluate the knowledge and use it to create wealth for a just society. The five functional factors suggested by Kevin Lynch;-vitality, meaning/sense, adaptability, access, control, and monitoring should form the basis on which policy makers and urban designers base their plans for future cities. The authors of this paper believe that developing nations “creative economy clusters”, cities where creative industries drive the need for constant new knowledge creating sustainable learning creative cities. Obviously the form, shape and size of these districts should be cognisant of the environmental, cultural and economic characteristics of each locale. Gaborone city in the republic of Botswana is presented as the case study for this paper.

Keywords: learning city, sustainable creative city, creative industry, good city form

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Authors: Sérgio J. Teixeira, João J. Ferreira

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Tourism frequently gets identified as one of the sectors with the greatest potential for expansion on a global scale and hence conveying the importance of attempting to better understand the regional factors of competitiveness prevailing in this sector. This study’s objective essentially strives to provide a mapping of the scientific publications and the intellectual knowledge therein contained while conveying past research trends and identifying potential future lines of research in the fields of regional competitiveness and tourism innovation. This correspondingly deploys a systematic review of the literature in keeping with the bibliometric approach based upon VOSviewer software, with a particular focus on drafting maps for visualising the underlying intellectual structure. This type of analysis encapsulates the number of articles published and their annual number of citations for the period between 1900 and 2016 as registered by the Web of Science database. The results demonstrate how the intellectual structure on regional competitiveness divides essentially into three major categories: regional competitiveness, tourism innovation, and tourism clusters. Thus, the main contribution of this study arises out of identifying the main research trends in this field and the respective shortcomings and specific needs for future scientific research in the field of regional competitiveness and innovation in tourism.

Keywords: regional competitiveness, tourism cluster, bibliometric studies, tourism innovation, systematic review

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Authors: Jonghae Park, Daesung Kim

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

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

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Authors: Wan Norhayate Wan Daud, Fakhrul Anwar Zainol, Maslina Mansor

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The study was conducted to produce case studies from the Malaysian public universities stands point East Coast of Malaysia. The aim of this study is to analyze the effects of knowledge management on human capital toward organizational innovation. The focus point of this study is on the management member in the faculties of these three Malaysian Public Universities in the East Coast state of Peninsular Malaysia. In this case, respondents who agreed to further participate in the research will be invited to a one-hour face-to-face semi-structured, in-depth interview. As a result, the sample size for this study was 3 deans of Faculty of Management. Lastly, this study tries to recommend the framework of organizational innovation in Malaysian Public Universities.

Keywords: human capital, knowledge management, organizational innovation, public university

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Authors: Shota Gulbani

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At the present stage, for the countries with developing economies, studying, and researching financial markets, gains special importance, because the situation of financial markets shapes an exact views about the carried out economic policy of the country. Besides, it’s unimaginable any country with developed economy, without healthy and functioning financial markets, whereas, for any kind of business it has got a great importance in terms of finding diversified and alternative capital. In this regard; it should be noted that the segments of Georgian financial markets are developed quite unequally, as evidenced by the fact that the Georgian financial sector is represented by 93% of commercial banks, what does not create an conformable environment for non-bank financial institutions development. In spite of the fact that Georgia has got one of the best banking system of region, it is important to properly analyze that this system should not hinder the development of other participants of Georgian financial sector.

Keywords: financial markets, macroeconomics, investments, stock exchange

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Authors: Qazi Mohammed Ahmed, Osman Sadiq Paracha, Iftikhar Hussain

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The study aims to explore the unaddressed relationship between social capital and consumers’ underlying behavioral intentions. The study postulates that this association is mediated by the role of attitudes and peer influence. The research attains evidence from a usable sample of 673 responses. The majority consists of the young and energetic social media users of Pakistan that utilize virtual communities as a way of life. A variance based structural equation modeling has been applied through SmartPLS 3. The results reveal that social capital exerts a statistically supportive association with both attitudes and peer influence. Contrastingly, this predictor variable shows an insignificant linkage with behavioral intentions but this relationship is fully mediated by consumer attitudes and peer influence. The paper enhances marketing literature with respect to an unexplored society of Pakistan. It also provides a lens for the contemporary advertisers, in terms of supporting their social media campaigns with affiliative and cohesive elements. The study also identifies a series of predictor variables that could further be tested with attitudes, subjective norms and behavioral responses.

Keywords: social capital, consumer attitudes, peer influence, behavioral intentions

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Authors: T. Yamazaki, R. Onuma, H. Kaminaga, Y. Miyadera, S. Nakamura

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Web exploration has increasingly diversified in accordance with the development of browsing environments on the Internet. Moreover, advanced exploration often conducted in intellectual activities such as surveys in research activities. This kind of exploration is conducted for a long period with trials and errors. In such a case, it is extremely important for a user to accumulate the search contexts and understand them. However, existing support systems were not effective enough since most systems could not handle the various factors involved in the exploration. This research aims to develop a novel system to support web exploration focusing on the accumulation of the search contexts. This paper mainly describes the outline of the system. An experiment using the system is also described. Finally, features of the system are discussed based on the results.

Keywords: web exploration context, refinement of search intention, accumulation of context, exploration support, information visualization

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Authors: Hongmin Chun

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This paper examines corporate cash holdings and their effect on the cost of equity capital. In addition, this study examines the potentially different effects when the firm belongs to chaebol and non-chaebol groups. Chaebol is a South Korean form of business conglomerate. Chaebol is typically global multinationals and owns numerous international enterprises, controlled by a chairman with power over all the operations. The overall empirical result suggests that higher cash holdings are a risk increasing factor which holds for the chaebol group of firms. This result is valid in a battery of robustness tests and 2SLS regressions. In Korea, higher cash holdings represent a risk premium factor that is closely related to the overinvestment and agency problems between managers and shareholders.

Keywords: cash holdings, implied cost of equity capital, chaebol, agency problem

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Authors: Khan Md. Abdus Subhan, Rabeya Bushra

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The management of Intellectual Property (IP) in museums can be complex and challenging, as it requires balancing access and control. On the one hand, museums must ensure that they have balanced permissions to display works in their collections and make them accessible to the public. On the other hand, they must also protect the rights of creators and owners of works and ensure that they are not infringing on IP rights. Intellectual property has become an increasingly important aspect of museum operations in the digital age. Museums hold a vast array of cultural assets in their collections, many of which have significant value as IP assets. The balanced management of IP in museums can help generate additional revenue and promote cultural heritage while also protecting the rights of the museum and its collections. Digital technologies have greatly impacted the way museums manage IP, providing new opportunities for revenue generation through e-commerce and licensing while also presenting new challenges related to IP protection and management. Museums must take a comprehensive approach to IP management, leveraging digital technologies, protecting IP rights, and engaging in licensing and e-commerce activities to maximize income and the economy of countries through the strong management of cultural institutions. Overall, the balanced management of IP in museums is crucial for ensuring the sustainability of museum operations and for preserving cultural heritage for future generations. By taking a balanced approach to identifying museum IP assets, museums can generate revenues and secure their financial sustainability to ensure the long-term preservation of their cultural heritage. We can divide IP assets in museums into two kinds: collection IP and museum-generated IP. Certain museums become confused and lose sight of their mission when trying to leverage collections-based IP. This was the case at the German State Museum in Berlin when the museum made 100 replicas from the Nefertiti bust and wrote under the replicas all rights reserved to the Berlin Museum and issued a certificate to prevent any person or Institution from reproducing any replica from this bust. The implications of IP in museums are far-reaching and can have significant impacts on the preservation of cultural heritage, the dissemination of information, and the development of educational programs. As such, it is important for museums to have a comprehensive understanding of IP laws and regulations and to properly manage IP to avoid legal liability, damage to reputation, and loss of revenue. The research aims to highlight the importance and role of intellectual property in museums and provide some illustrative examples of this.

Keywords: zakat, economic development, Muslim world, poverty alleviation.

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Authors: Yi-De Liu

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Destination branding is a popular practice adopted by many cities in the context of intensified tourism competition. However, branding for major event is a relatively new domain in the studies of destination marketing. Based on a case study of Liverpool as the 2008 European Capital of Culture, the aim of this paper is to explore the effectiveness of the key branding campaign - the ‘Look of the City’ programme. This study looks at quantitative data collected from on-street face-to-face survey. 611 questionnaires were distributed to and collected from local residents, visitors from the immediate hinterland, domestic tourists and overseas visitors. The analysis is done, first by investigating respondents’ impression on the Liverpool 08 brand and the branding campaign, and then by exploring the effects of campaign. The positioning of Liverpool compared with other similar cities is addressed in the end. The final section extracts lessons from this empirical investigation.

Keywords: destination branding, major event, European capital of culture, Liverpool

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Authors: Piotr Prewysz-Kwinto

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A dynamic development of financial market is accompanied by the emergence of new products on stock exchanges which give absolutely new possibilities of investing money. Currently, the most innovative financial instruments offered to investors are exchange traded products (ETP). They can be defined as financial instruments whose price depends on the value of the underlying instrument. Thus, they offer investors a possibility of making a profit that results from the change in value of the underlying instrument without having to buy it. Currently, the Warsaw Stock Exchange offers many types of ETPs. They are investment products with full or partial capital protection, products without capital protection as well as leverage products, issued on such underlying instruments as indices, sector indices, commodity indices, prices of energy commodities, precious metals, agricultural produce or prices of shares of domestic and foreign companies. This paper presents the mechanism of functioning of ETP available on the Warsaw Stock Exchange and the results of the analysis of statistical data on these financial instruments.

Keywords: exchange traded products, financial market, investment, stock exchange

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Authors: Ranjith Ihalanayake, Lalith Seelanatha, John Breen

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In this study, we explored the current working capital management practices as applied in small businesses in Victoria, filling an existing theoretical and empirical gap in literature in general and in Australia in particular. Amidst the current global competitive and dynamic environment, the short term insolvency of small businesses is very critical for the long run survival. A firm’s short-term insolvency is dependent on the availability of sufficient working capital for feeding day to day operational activities. Therefore, given the reliance for short-term funding by small businesses, it has been recognized that the efficient management of working capital is crucial in respect of the prosperity and survival of such firms. Against this background, this research was an attempt to understand the current working capital management strategies and practices used by the small scale businesses. To this end, we conducted an internet survey among 220 small businesses operating in Victoria, Australia. The survey results suggest that the majority of respondents are owner-manager (73%) and male (68%). Respondents participated in this survey mostly have a degree (46%). About a half of respondents are more than 50 years old. Most of respondents (64%) have business management experience more than ten years. Similarly, majority of them (63%) had experience in the area of their current business. Types of business of the respondents are: Private limited company (41%), sole proprietorship (37%), and partnership (15%). In addition, majority of the firms are service companies (63%), followed by retailed companies (25%), and manufacturing (17%). Size of companies of this survey varies, 32% of them have annual sales $100,000 or under, while 22% of them have revenue more than $1,000,000 every year. In regards to the total assets, majority of respondents (43%) have total assets $100,000 or less while 20% of respondents have total assets more than $1,000,000. In regards to WCMPs, results indicate that almost 70% of respondents mentioned that they are responsible for managing their business working capital. The survey shows that majority of respondents (65.5%) use their business experience to identify the level of investment in working capital, compared to 22% of respondents who seek advice from professionals. The other 10% of respondents, however, follow industry practice to identify the level of working capital. The survey also shows that more than a half of respondents maintain good liquidity financial position for their business by having accounts payable less than accounts receivable. This study finds that majority of small business companies in western area of Victoria have a WCM policy but only about 8 % of them have a formal policy. Majority of the businesses (52.7%) have an informal policy while 39.5% have no policy. Of those who have a policy, 44% described their working capital management policies as a compromise policy while 35% described their policy as a conservative policy. Only 6% of respondents apply aggressive policy. Overall the results indicate that the small businesses pay less attention into the management of working capital of their business despite its significance in the successful operation of the business. This approach may be adopted during favourable economic times. However, during relatively turbulent economic conditions, such an approach could lead to greater financial difficulties i.e. short-term financial insolvency.

Keywords: small business, working capital management, Australia, sufficient, financial insolvency

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Authors: Monika Moggert

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The aim of the research evaluates the local centers' development of Berlin, the capital of Germany. There are included studies of their potential, considers the possibility of applying different cultural influences and the issue of the current demographic transformation of Europe. The solution utilizes the analysis of historical, cultural, political and sociological changes after 2nd World War; the exploration of historical as well as strategic maps and personal evaluation of the current condition of selected boroughs – Berlin Neuköln, Kreuzberg and Wedding, where more than 30% of the inhabitants have a migration background. The research provides an example of the likely development of centers in urban agglomerations. It examines the issue of local centers with an inhumane scale in contrast to small-scale centering sites, mostly located in areas largely with immigrant communities. The research results enable a better understanding of the influence of different cultures and lifestyles on the appearance of the city and its local centers. We can use it as an inspiration for the new design of the Berlin centers. The results will be used for further research on urban space development in the cultural environment of Europe and the Middle East as well.

Keywords: Berlin, cultural environment, life in the city, public and urban space, the urban city centers development, town and society

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Authors: K. J. Jegede, O. O. Odekunle

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The challenges facing government at all levels in the area of urban development are two folds, first is how to provide basic services for urban dwellers especially the urban poor and second, how to make cities and towns as model of good places for economic development. The key ingredients and catalysts for achieving these goals are strong and virile institutional capacity, urban infrastructure and a supportive urban policy framework. The government at all levels have been upgrading and expanding city infrastructure and services in Ibadan, the state capital to support sustainable economic development of the city, particularly in the areas of electricity, neighbourhood, solid waste management, transport, water supply, education, health facilities and markets developments to discourage street trading. This paper attempts to present Ibadan in the millennium as 'a model of a sustainable city'. A planned development strategy that had sustained the growth of the city from a war camp in the 19th century to a cosmopolitan city in the 21st century with the potential to become a megacity. The presentation examines, among others, the physical structure and population density of Ibadan city, the challenges of economic development, the development of urban infrastructure and services in Ibadan metropolitan area. The paper submitted by mapping out a strategy to achieve sustainable development of Ibadan city.

Keywords: megacity, physical structure, sustainable city, urban infrastructure

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Authors: Mauro Cristeche

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This work begins with a very simple question: How does the State spend? Argentina is witnessing a process of growing nationalization of social life, so it is necessary to find out the explanations of the phenomenon on the specific dynamic of the capitalist mode of production in Argentina and its transformations in the last decades. Then the new question is: what happened in Argentina that could explain this phenomenon? Since the seventies, the capital growth in Argentina faces deep competitive problems. Until that moment the agrarian wealth had worked as a compensation mechanism, but it began to find its limits. In the meantime, some important demographical and structural changes had happened. The strategy of the capitalist class had to become to seek in the cheapness of the labor force the main source of compensation of its weakness. As a result, a tendency to worsen the living conditions and fragmentation of the working class started to develop, manifested by unemployment, underemployment, and the fall of the purchasing power of the salary as a highlighted fact. As a consequence, it is suggested that the role of the State became stronger and public expenditure increased, as a historical trend, because it has to intervene to face the contradictions and constant growth problems posed by the development of capitalism in Argentina. On the one hand, the State has to guarantee the process of buying the cheapened workforce and at the same time the process of reproduction of the working class. On the other hand, it has to help to reproduce the individual capitals but needs to ‘attack’ them in different ways. This is why the role of the State is said to be the general political representative to the national portion of the total social capital. What will be studied is the dynamic of the intervention of the Argentine State in the context of the particular national process of capital growth, and its dynamics in the last decades. What this paper wants to show are the main general causes that could explain the phenomenon of nationalization of the social life and how it has impacted the life conditions of the working class and the system of rights.

Keywords: Argentina, nationalization, public policies, rights, state

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Authors: Sarah Faulkner, Patrick Faulkner, Caroline Ellison

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Improved mental and physical health, community connection, and increased life satisfaction has been strongly associated with bike riding for those with and without a disability. However, much evidence suggests that people living with a disability face increased barriers to engaging in cycling compared to members of the general population. People with an intellectual disability often live more sedentary and socially isolated lives that negatively impact their mental and physical health, as well as life satisfaction. This paper is based on preliminary findings from a three-year intervention cycling project funded by the South Australian Government. The cycling project was developed in partnership with community stakeholders that provided weekly instruction, training, and support to individuals living with intellectual disabilities to increase their capacity in cycling. This project aimed to support people living with intellectual disabilities to foster and facilitate improved physical and mental health, confidence, and independence and enhance social networking through their engagement in community cycling. The program applied principles of social role valorisation (SRV) theory as its guiding framework. Preliminary data collected is based on qualitative interviews with over 50 program participants, results from two participant wellness questionnaires, as well as a perceptually regulated exercise test administered throughout the project implementation. Preliminary findings are further supplemented with ethnographic analyses by the researchers who took a phenology of life experience approach. Preliminary findings of the program suggest a variety of social motivations behind participants' desire to learn cycling that acknowledges previous barriers to engagement and cycling’s role to address feelings of loneliness and social isolation. Meaningful health benefits can be achieved as demonstrated by increases in predicted V02 max measures, suggesting that physical intervention can not only improve physical health outcomes but also provide a variety of other social benefits. Initial engagement in the project has demonstrated an increase in participants' sense of confidence, well-being, and physical fitness. Implementation of the project in partnership with a variety of community stakeholders has identified a number of critical factors and processes necessary for future service replication, sustainability, and success. Findings from this intervention study contribute to the development of a knowledge base on how best to support individuals living with an intellectual disability to partake in bike riding and increase positive outcomes associated with their capacity building, social interaction, increased physical activity, physical health, and mental well-being. The initial findings of this study provide critical academic insights into the social and physical benefits of cycling for people living with a disability, as well as practical advice for future human service applications.

Keywords: cycling, disability, social inclusion, capacity building

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Authors: Diana Flores Galindo, Richard Gil Herrera

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Nowadays, Lean Manufacturing and Industry 4.0 are very important in every country. One of the main benefits is continued market presence. It has been identified that there is a need to change existing educational programs, as well as update the knowledge and skills of existing employees. It should be borne in mind that behind each technological improvement, there is a human being. Human talent cannot be neglected. The main objectives of this article are to review the link between Lean Manufacturing, the incorporation of Industry 4.0 and the steps to follow to implement it; analyze the current situation and study the implications and benefits of this new trend, with a particular focus on Mexico. Lean Manufacturing and Industry 4.0 implementation waves must always take care of the most important capital – intellectual capital. The methodology used in this article comprised the following steps: reviewing the reality of the fourth industrial revolution, reviewing employees’ skills on the journey to become world-class, and analyzing the situation in Mexico. Lean Manufacturing and Industry 4.0 were studied not as exclusive concepts, but as complementary ones. The methodological framework used is focused on motivating companies’ collaborators to guarantee common results, innovate, and remain in the market in the face of new requirements from company stakeholders. The key findings were that both trends emphasize the need to improve communication across the entire company and incorporate new technologies into everyday work, from the shop floor to administrative staff, to help improve processes. Taking care of people, activities and processes will bring a company success. In the specific case of Mexico, companies in all sectors need to be aware of and implement technological improvements according to their specific needs. Low-cost labor represents one of the most typical barriers. In conclusion, companies must build a roadmap according to their strategy and needs to achieve their short, medium- and long-term goals.

Keywords: lean management, lean manufacturing, industry 4.0, motivation, SWOT analysis, Hoshin Kanri

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