Search results for: market research

Authors: A. A. Adebayo, O. Osibanjo

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Informal electronic waste (e-waste) processing is a crude method of recycling, which is on the increase in Nigeria. The release of hazardous substances such as heavy metals (HMs) into the environment during informal e-waste processing has been a major concern. However, there is insufficient information on environmental contamination from e-waste recycling, associated ecological risk in Alaba International Market, a major electronic market in Lagos, Nigeria. The aims of this study were to determine the levels of HMs in soil, resulting from the e-waste recycling; and also assess associated ecological risks in Alaba international market. Samples of soils (334) were randomly collected seasonally for three years from fourteen selected e-waste activity points and two control sites. The samples were digested using standard methods and HMs analysed by inductive coupled plasma optical emission. Ecological risk was estimated using Ecological Risk index (ER), Potential Ecological Risk index (RI), Index of geoaccumulation (Igeo), Contamination factor (Cf) and degree of contamination factor (Cdeg). The concentrations range of HMs (mg/kg) in soil were: 16.7-11200.0 (Pb); 14.3-22600.0 (Cu); 1.90-6280.0 (Ni), 39.5-4570.0 (Zn); 0.79-12300.0 (Sn); 0.02-138.0 (Cd); 12.7-1710.0 (Ba); 0.18-131.0 (Cr); 0.07-28.0 (V), while As was below detection limit. Concentrations range in control soils were 1.36-9.70 (Pb), 2.06-7.60 (Cu), 1.25-5.11 (Ni), 3.62-15.9 (Zn), BDL-0.56 (Sn), BDL-0.01 (Cd), 14.6-47.6 (Ba), 0.21–12.2 (Cr) and 0.22-22.2 (V). The trend in ecological risk index was in the order Cu > Pb > Ni > Zn > Cr > Cd > Ba > V. The potential ecological risk index with respect to informal e-waste activities were: burning > dismantling > disposal > stockpiling. The index of geo accumulation indices revealed that soils were extremely polluted with Cd, Cu, Pb, Zn and Ni. The contamination factor indicated that 93% of the studied areas have very high contamination status for Pb, Cu, Ba, Sn and Co while Cr and Cd were in the moderately contaminated status. The degree of contamination decreased in the order of Sn > Cu > Pb >> Zn > Ba > Co > Ni > V > Cr > Cd. Heavy metal contamination of Alaba international market environment resulting from informal e-waste processing was established. Proper management of e-waste and remediation of the market environment are recommended to minimize the ecological risks.

Keywords: Alaba international market, ecological risk, electronic waste, heavy metal contamination

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Authors: Subarna Ferdous, Mitsuru Ikeda

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For the shrimp companies to remain relevant to its local and international consumers, they must offer new shrimp product and services. It must work actively not just to create value for the consumer, but to involve the consumer in co-creating value for shrimp product innovation in the market. In this theoretical work, we conceptualize the business concept of value co-creation in the context of shrimp products, and propose a framework of value co-creation for shrimp product innovation in shrimp industries. With guidance on value co-creation in in shrimp industry, and shrimp value chain actors mapped to the co-creation cycle, companies can use the framework to offer new shrimp product to consumer communities. Although customer co-creation is known approach in the world, it is not commonly used by the companies in Bangladesh. This paper makes an original contribution by conceptualizing co-creation and set the examples of best co-creation practices in food sector. The results of the study provide management with guidelines for successful co-creation projects with an innovation- and market-oriented approach. The framework also provides a basis for further research in this area.

Keywords: bangladesh, shrimp industry, value co-creation, shrimp product

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Authors: Yousef Alqaryouti, Mariam Al Suwaidi, Raed Mohmood AlKhuwaildi, Hind Kolthoum, Issa Youssef, Mohammed Al Imam

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The UAE has experienced rapid economic growth due to its mature oil production industry, leading to a surge in urbanization and infrastructure development in the construction sector. Sustainable development practices are becoming increasingly important, and the UAE government has taken proactive measures to promote them, including the introduction of sustainable building codes, energy-efficient technologies, and renewable energy sources. Initiatives such as the Masdar City project and the Emirates Green Building Council further demonstrate the government's commitment to a cleaner and healthier environment. By adopting sustainable practices, the UAE can reduce its carbon footprint, lessen its reliance on fossil fuels, and achieve cost savings in the long run. The purpose of this paper is to conduct a thorough review of the current state of sustainability in the construction industry of the UAE. Our research methodology includes a local market survey and qualitative observational analysis of executed housing construction projects by the Mohammed Bin Rashid Housing Establishment. The market survey assesses eleven different challenging factors that affect sustainable construction project delivery. The qualitative observational research is based on data collected from three projects, including construction progress, bill of quantity, and construction program. The study concludes that addressing these challenges requires a collaborative team approach, incentivized contracts, traditional project management practices, an integrated project team, and an increase in sustainability awareness among stakeholders. The recommendations proposed in this study aim to promote and improve the application of sustainability in the UAE's construction industry for the future.

Keywords: sustainability, construction, challenges, opportunities, case study, market survey

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Authors: Eduardo Rodrigues, Gisela Mendes, José M. Torres, José E. Sousa

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In the sequence of the liberalisation of the electricity sector a progressive engagement of consumers has been considered and targeted by sector regulatory policies. With the objective of promoting market competition while protecting consumers interests, by transferring some of the upstream benefits to the end users while reaching a fair distribution of system costs, different market models to value consumers’ demand flexibility at the energy community level are envisioned. Local Energy and Flexibility Markets (LEFM) involve stakeholders interested in providing or procure local flexibility for community, services and markets’ value. Under the scope of DOMINOES, a European research project supported by Horizon 2020, the local market concept developed is expected to: • Enable consumers/prosumers empowerment, by allowing them to value their demand flexibility and Distributed Energy Resources (DER); • Value local liquid flexibility to support innovative distribution grid management, e.g., local balancing and congestion management, voltage control and grid restoration; • Ease the wholesale market uptake of DER, namely small-scale flexible loads aggregation as Virtual Power Plants (VPPs), facilitating Demand Response (DR) service provision; • Optimise the management and local sharing of Renewable Energy Sources (RES) in Medium Voltage (MV) and Low Voltage (LV) grids, trough energy transactions within an energy community; • Enhance the development of energy markets through innovative business models, compatible with ongoing policy developments, that promote the easy access of retailers and other service providers to the local markets, allowing them to take advantage of communities’ flexibility to optimise their portfolio and subsequently their participation in external markets. The general concept proposed foresees a flow of market actions, technical validations, subsequent deliveries of energy and/or flexibility and balance settlements. Since the market operation should be dynamic and capable of addressing different requests, either prioritising balancing and prosumer services or system’s operation, direct procurement of flexibility within the local market must also be considered. This paper aims to highlight the research on the definition of suitable DR models to be used by the Distribution System Operator (DSO), in case of technical needs, and by the retailer, mainly for portfolio optimisation and solve unbalances. The models to be proposed and implemented within relevant smart distribution grid and microgrid validation environments, are focused on day-ahead and intraday operation scenarios, for predictive management and near-real-time control respectively under the DSO’s perspective. At local level, the DSO will be able to procure flexibility in advance to tackle different grid constrains (e.g., demand peaks, forecasted voltage and current problems and maintenance works), or during the operating day-to-day, to answer unpredictable constraints (e.g., outages, frequency deviations and voltage problems). Due to the inherent risks of their active market participation retailers may resort to DR models to manage their portfolio, by optimising their market actions and solve unbalances. The interaction among the market actors involved in the DR activation and in flexibility exchange is explained by a set of sequence diagrams for the DR modes of use from the DSO and the energy provider perspectives. • DR for DSO’s predictive management – before the operating day; • DR for DSO’s real-time control – during the operating day; • DR for retailer’s day-ahead operation; • DR for retailer’s intraday operation.

Keywords: demand response, energy communities, flexible demand, local energy and flexibility markets

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Authors: Emanuele Peggi

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The regulation of competitive takeover bids is one of the most problematic issues of any legislation on takeovers since it concerns a particular type of market, that of corporate control, whose peculiar characteristic is that companies represent "assets" unique of their kind, for each of which there will be a relevant market characterized by the presence of different subjects interested in acquiring control. Firstly, this work aims to analyze, from a comparative point of view, the regulation of takeover bids in competitive scenarios, characterized by the presence of multiple takeover bids for the same target company, and contribute to the debate on the impact that various solutions adopted in some legal systems examined (Italy, UK, and USA) have had on the efficiency of the market for corporate control. Secondly, the different auction models identified by the economic literature and their possible applications to corporate acquisitions in competitive scenarios will be examined, as well as the consequences that the application of each of them causes on the efficiency of the market for corporate control and the interests of the target shareholders. The scope is to study the possibility of attributing to the management of the target company the power to design the auction in order to better protect the interests of shareholders through the adoption of ad hoc models according to the specific context. and in particular on the ground of their assessment of the buyer's risk profile.

Keywords: takeovers, auction theory, shareholders, target company

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Authors: Aminur Rahman

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The Unique feature of BROTHERS Furniture sofa stands in ergonomic Design, skilled hand work and art work. Present world market is passing through a contentious competitive situation that is rapidly and dramatic. Competitive strategy concerns how to create competitive advantage in upholstery businesses. In order to competitive advantage in upholstery sofa market, Design and develop a sofa that have to ergonomic features. Design an ergonomic upholstery sofa knowing and understanding the appropriate seat depth, seat height, angle between Seat & back, back height which is concurrent market demand, world class sofa has to incorporate ergonomic factors. The study the relationships between human, seat and context variables comfort and discomfort. We must have conduct market survey among users whose are need and use sofa. Health & safety factors should be examined from a variety of angle. An attractive design and meet customer requirements, ergonomically fit should be considered for sofa development. This paper will explain how to design & develop sofa’s as per standard specifications which have ergonomic features for users all over the world.

Keywords: ergonomics, angle between seat & back, standard dimension, seat comfort

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Authors: Selina Schwaabe

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Community pharmacies deliver high-quality health care and are responsible for medication safety. During the pandemic, accessibility to the nearest pharmacy became more essential to get vaccinated against Covid-19 and to get medical aid. The government's goal is to ensure nationwide, reachable, and affordable medical health care services by pharmacies. Therefore, the density of community pharmacies matters. Overall, the density of community pharmacies is fluctuating, with slightly decreasing tendencies in some countries. So far, the literature has shown that changes in the system affect prices and density. However, a European overview of the development of the density of community pharmacies and its triggers is still missing. This research is essential to counteract against decreasing density consulting in a lack of professional health care through pharmacies. The analysis focuses on liberal versus regulated market structures, mail-order prescription drug regulation, and third-party ownership consequences. In a panel analysis, the relative influence of the measures is examined across 27 European countries over the last 21 years. In addition, the paper examines seven selected countries in depth, selected for the substantial variance in their pharmacy system: Germany, Austria, Portugal, Denmark, Sweden, Finland and Poland. Overall, the results show that regulated pharmacy markets have over 10.75 pharmacies/100.000 inhabitants more than liberal markets. Further, mail-order prescription drugs decrease the density by -17.98 pharmacies/100.000 inhabitants. Countries allowing third-party ownership have 7.67 pharmacies/100.000 inhabitants more. The results are statistically significant at a 0.001 level. The output of this analysis recommends regulated pharmacy markets, with a ban on mail-order prescription drugs allowing third-party ownership to support nationwide medical health care through community pharmacies.

Keywords: community pharmacy, market conditions, pharmacy, pharmacy market, pharmacy lobby, prescription, e-prescription, ownership structures

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Authors: Md. Shafiullah, Ali T. Al-Awami

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This project proposes optimal scheduling of imported power of a load aggregator with the utilization of EVs to maximize its profit. As with the increase of renewable energy resources, electricity price in competitive market becomes more uncertain and, on the other hand, with the penetration of renewable distributed generators in the distribution network the predicted load of a load aggregator also becomes uncertain in real time. Though there is uncertainties in both load and price, the use of EVs storage capacity can make the operation of load aggregator flexible. LA submits its offer to day-ahead market based on predicted loads and optimized use of its EVs to maximize its profit, as well as in real time operation it uses its energy storage capacity in such a way that it can maximize its profit. In this project, load aggregators profit maximization algorithm is formulated and the optimization problem is solved with the help of CVX. As in real time operation the forecasted loads differ from actual load, the mismatches are settled in real time balancing market. Simulation results compare the profit of a load aggregator with a hypothetical group of 1000 EVs and without EVs.

Keywords: CVX, electricity market, load aggregator, load and price uncertainties, profit maximization, real time balancing operation

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Authors: Ezgi Avci-Surucu, Doganbey Akgul

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Turkey’s energy reforms has achieved energy security through a variety of interlinked measures including electricity, gas, renewable energy and energy efficiency legislation; the establishment of an energy sector regulatory authority; energy price reform; the creation of a functional electricity market; restructuring of state-owned energy enterprises; and private sector participation through privatization and new investment. However, current strategies, namely; “Electricity Sector Reform and Privatization Strategy” and “Electricity Market and Supply Security Strategy” has been criticized for various aspects. The present paper analyzes the implementation of the aforementioned strategies in the framework of generation scheduling, transmission constraints, bidding structure and general aspects; and argues the deficiencies of current strategies which decelerates power investments and creates uncertainties. We conclude by policy suggestions to eliminate these deficiencies in terms of price and risk management, infrastructure, customer focused regulations and systematic market development.

Keywords: electricity markets, risk management, regulations, balancing and settlement, bilateral trading, generation scheduling, bidding structure

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

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

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

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Authors: Edward Pol

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All companies are confronted with the need to innovate in order to meet market demands. In so doing they are challenged with the dilemma of whether to aim to be first into the market with a new innovative product or to deliberately wait and learn from a pioneers’ mistakes; potentially avoiding higher risks. It is therefore important to critically understand from a first-mover advantage and disadvantage perspective the decision-making implications of defence industry transformation onset by an innovative paradigm shift. This paper will argue that the type of industry characteristics matter, especially when considering what role the clients play in the innovation process and what is their level of influence. Through investigation of qualitative case study research, this inquiry will focus on first mover advantages and first mover disadvantages with a view to establish practical and value-added academic findings by focusing on specific industries where the clients play an active role in cooperation with the supplier innovation. The resulting findings will help managers to mitigate risk in innovative technology introduction. A selection from several defense industry innovations is specifically chosen because of the client-supplier relationship typically differing from traditional first-mover research. In this instance, case studies will be used referencing vertical-takeoff-and-landing defence equipment innovations.

Keywords: innovation, pioneer, first-mover advantage, first-mover disadvantage, risk

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Authors: Robert Grzeszczak, Magdalena Gniadzik

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The article deals with one of the most significant issues concerning the functioning of the internal market of the European Union – the free movement of workers and free movement of persons. The purpose is to identify the political and legal effects of the “renationalisation process” on the EU and its Member States. The concept of renationalisation is expressed through Member States’ aim to verify the relationship with the EU. The tendency is more visible in the public opinion of several MS’s of the ‘EU core’ and may be confirmed by the changes applied by the regulatory body. The thesis for the article is the return of renationalisation tendencies in the area of the Single Market, which is supported by, among others, an open criticism of the foundations of EU integration or considerations on withdrawal from the EU by some MS. This analysis will focus primarily on the effects that renationalisation may have on the free movement of persons. The free movement of persons is one of the key issues for the development of the European integration. It is still subject to theoretical reflections, new doubts and practical issues. The latest developments in politics, law and jurisprudence demonstrate the need to reflect on the attempts to redefine certain principles regarding migrant EU workers and their protection against nationality-based discrimination.

Keywords: European Union, Singel Market, free movement of persons, posting of workers

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Authors: Ruba Hamed, Khaled Hussainey, Basiem Al-Shattarat, Wasim Al-Shattarat

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This paper examines how the influence of mandating corporate social responsibility reporting (CSR) on subsequent financial performance through accounting-based measures and market-based measures. We provide evidence about the negative impact of reporting CSR voluntarily on the firm’s future performance due to the increased spending on and costs related to such activities. On the contrary, mandating CSR reporting enhances firms’ future performance by signalling to the market about the firm’s positive stance towards sustainability issues in the UK. Our findings are of interest to regulation setters and stakeholders with respect to mandatory CSR reporting and provide further insight and feedback into accounting and reporting practices.

Keywords: accounting-based performance, mandatory CSR, mandatory regulation, market-based performance

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Authors: Sandra Maria Cerqueira Da Silva

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In Brazil, women are the majority of the country's population. They have advanced in terms of years of education and professional training. However, this has not prevented the differences in the labor market from being sustained, particularly the wage gap and inequalities concerning the access to command positions and promotions, i.e., in the gender relations and treatment. One of the conditions which constitute a barrier to career advancement is the necessary support chain to support women when they are in the labor market. Therefore, the purpose of this research is to demonstrate, describe, and criticize some of the current conformations of support chains and how these compete to promote the phenomenon known as glass ceiling in the country. However, this support may come even from inside a woman's own home, with a fairer division of household activities between men and women. Such behavior can free an entire network of women within the same family. In addition, it can serve as pressure to structure better conditions for women as a whole, improving the living conditions of the poor population. This can occur through programs and projects for qualification and retraining of adult women. In answer to the question that guides this study, it is concluded that a family support system is critical to the success of women in management positions. To meet this demand, one of the ways could be the development of specific gender policies by the public authorities, in accordance with the emerging global economic policies, in order to provide and structure the necessary support. This would respond to feminist manifestations - which should go on pointing needs – although the legislative assembly should also propose ideas to change this picture. This is a qualitative research, with a poststructuralist approach, featuring a cutout corpus of three interviews carried out with women holding leadership positions in the academia. Questions related to this very discussion are many. New studies could address points as the promotion of qualification and expansion of skills of women in subaltern condition. There is also need to investigate possible support systems, considering the inequalities and local economic conditions.

Keywords: gender and labor market, glass ceiling, post-structuralism, support chain

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Authors: Meron Okbandrias

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The South African formal economy is rule-based economy, unlike most African and Asian markets. It has a highly developed financial market. In such a market, foreign migrants have dominated the small or spaza shops that service the poor. They are highly competitive and capture significant market share in South Africa. This paper analyses the factors that assisted the foreign migrants in having a competitive age. It does that by interviewing Somali, Bangladesh, and Ethiopian shop owners in Cape Town analysing the data through a narrative analysis. The paper also analyses the 2019 South African consumer report. The three migrant nationalities mentioned above dominate the spaza shop business and have significant distribution networks. The findings of the paper indicate that family, ethnic, and nationality based network, in that order of importance, form bases for a relationship-based business network that has trust as its mainstay. Therefore, this network ensures the pooling of resources and abiding by certain principles outside the South African rule-based system. The research identified practises like bulk buying within a community of traders, sharing information, buying from a within community distribution business, community based transportation system and providing seed capital for people from the community to start a business is all based on that relationship-based system. The consequences of not abiding by the rules of these networks are social and economic exclusion. In addition, these networks have their own commercial and social conflict resolution mechanisms aside from the South African justice system. Network theory and relationship based systems theory form the theoretical foundations of this paper.

Keywords: migrant, spaza shops, relationship-based system, South Africa

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Authors: Obadiah Nwabueze

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Bodija market is classified as Central Business District (CBD) of Ibadan North Local Government Area of Oyo State (Nigeria) because of socio economic activities, so Crime is a peculiar social issue that causes insecurity. The law enforcement agencies tasked with crime prevention and control such as the Nigerian Police have insufficient manpower, and a resultant effect is the emergence of Vigilante groups as citizen’s response to crime control and prevention (self-help). The research design adopted for this study is a case study design exploring Vigilante activities in Bodija Market. The study utilizes both quantitative and qualitative approach, sources of data includes primary and secondary sources. A sample of 127 respondents randomly picked from the 4 sections of Bodija Market through questionnaire, comprising of 50 male and 77 females which alienates issues of gender bias in addition to the 4 in-depth interview, making a total of 131 respondents. Statistical package for Social Sciences (SPSS) was used. The descriptive statistics of simple frequency, percentage, charts and graphs were computed for the analysis. Finding in the study shows that the market vigilante is able to deter and disrupt criminal activities through strategic spiritual intelligence (SSI), use of charm and juju, physical presence in strategic locations vulnerable to crime occurrence. Findings in the study also show that vigilantes collaborate with the police by assisting them in surveillance, tracking down criminals, identifying black spots, acting as informants to the police, arrest and handover criminal to police. Their challenges include poor equipment, motivation, unhealthy rivalry between the vigilante and the police. The study recommends that the government should support vigilantes with logistics and training, including patrol vehicle and radio communication. The study also recommends the integration of the informal mechanism (juju and charm) of crime detection and prevention into the formal policing strategy, an office should be created in the force commands for use of SSI.

Keywords: central business district, CBD, charm, Juju, strategic spiritual intelligence, SSI

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Authors: Akor Omachile Opaluwah

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Entrepreneurs are heralded as a very vital force in the growth of economies. This is because they create businesses, employ people, have direct access to the local consumer, and primarily utilize local sources of raw materials, have an understanding of the immediate need of consumers, and they have the capacity to keep in motion the economy. The rise of social enterprises takes these advantages further beyond the business and economic benefits. These Social enterprises help address developmental issues in the society while maintaining a profit for their investors and shareholders. These combined roles create a unique synergy between the civil society and the market, therefore placing the social enterprise in a position where they can access directly, the benefits of the market while meeting the needs of the citizens and their environment. With such a unique position, social enterprises hold a place in the development discourse that has previously been left unexplored. This hybridisation of the functions of civil societies and the market can provide to development, practices, and benefits that have previously been only available in trace amounts. It, therefore, is imperative to understand the efficacy of social enterprises. With the discourse of social enterprises still in its early stages. This paper looks at selected social enterprise cases in Nigeria and analyses their approach and contribution to development.

Keywords: business, civil society, development, entrepreneurs, innovation, market, Nigeria, social enterprise

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Authors: Li Lin, Hein Roelfsema

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To achieve aggressive expansion goals, many Chinese companies are seeking resources and market around the world. To an increasing extent, Chinese enterprises recognized the Netherlands as their gateway to Europe Market. Yet, large cultural gaps (e.g. individualism/collectivism, power distance) may influence expat leaders’ influencing process, in turn affect intercultural teamwork. Lessons and suggestions from Chinese expat leaders could provide profound knowledge for managerial practice and future research. The current research focuses on the cultural difference between China and the Netherlands, along with leadership tactics for coping and handling differences occurring in the international business work. Exclusive 47 in-depth interviews with Chinese expat leaders were conducted. Within each interview, respondents were asked what were the main issues when working with Dutch employees, and what they believed as the keys to successful leadership in Dutch-Chinese cross-cultural workplaces. Consistent with previous research, the findings highlight the need to consider the cultural context within which leadership adapts. In addition, the findings indicated the importance of recognizing and applying the cultural advantages from which leadership originates. The results address observation ability as a crucial key for Chinese managers to lead Dutch/international teams. Moreover, setting a common goal help a leader to overcome the challenges due to cultural differences. Based on the analysis, we develop a process model to illustrate the dynamic mechanisms. Our study contributes to the better understanding of transference of management practices, and has important practical implications for managing Dutch employees.

Keywords: Chinese managers, Dutch employees, leadership, interviews

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Authors: H. Florianová, J. Nešleha

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Financial derivatives are considered to be risky investment instruments which could possibly bring another financial crisis. As prevention, European Union and its member states have released new legal acts adjusting this area of law in recent years. There have been several cases in history of capital markets worldwide where it was shown that legislature may affect behavior of subjects on capital markets. In our paper we analyze main events on selected European stock exchanges in order to apply them on three chosen markets - Czech capital market represented by Prague Stock Exchange, German capital market represented by Deutsche Börse and Polish capital market represented by Warsaw Stock Exchange. We follow time series of development of the sum of listed derivatives on these three stock exchanges in order to evaluate popularity of those exchanges. Afterwards we compare newly listed derivatives in relation to the speed of development of these exchanges. We also make a comparison between trends in derivatives and shares development. We explain how a legal regulation may affect situation on capital markets. If the regulation is too strict, potential investors or traders are not willing to undertake it and move to other markets. On the other hand, if the regulation is too vague, trading scandals occur and the market is not reliable from the prospect of potential investors or issuers. We see that making the regulation stricter usually discourages subjects to stay on the market immediately although making the regulation vaguer to interest more subjects is usually much slower process.

Keywords: capital markets, financial derivatives, investors' behavior, regulation

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Authors: Bingying Liu, Dandong Ge, Xinlan Zhang, Haoyang Liang

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Over the past two years, a new generation of No-Pile Bike sharing, represented by the Ofo, Mobike and HelloBike, has sprung up in various cities in China, and spread rapidly in countries such as Britain, Japan, the United States and Singapore. As a new green public transportation mode, bike sharing can bring a series of benefits to urban space. At first, this paper analyzes the specific impact of bike sharing on urban space in China. Based on the market research and data analyzing, it is found that bike sharing can improve the quality of urban space in three aspects: expanding the radius of public transportation service, filling service blind spots, alleviating urban traffic congestion, and enhancing the vitality of urban space. On the other hand, due to the immature market and the imperfect system, bike sharing has gradually revealed some difficulties, such as parking chaos, malicious damage, safety problems, imbalance between supply and demand, and so on. Then the paper investigates the characteristics of shared bikes, business model, operating mechanism on Chinese market currently. Finally, in order to make bike sharing serve urban construction better, this paper puts forward some specific countermeasures from four aspects. In terms of market operations, it is necessary to establish a public-private partnership model and set up a unified bike-sharing integrated management platform. From technical methods level, the paper proposes to develop an intelligent parking system for regulating parking. From policy formulation level, establishing a bike-sharing assessment mechanism would strengthen supervision. As to urban planning, sharing data and redesigning slow roadway is beneficial for transportation and spatial planning.

Keywords: bike sharing, impact analysis, improvement strategy, urban space

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Authors: Asror Nigmonov Asqar Ogli, Sitora Inoyatova Amonovna

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It has been a decade when the crowdfunding and P2P lending opportunities were created. Today, the market of these modern alternative investments is becoming increasingly complex to navigate. There are overwhelming amount of peer-to-peer lending platforms both in developed and emerging economies. This study looks into this market via the cross country empirical study. In this respect, it tests the effect of various macroeconomic factors on P2P loan lending. Based on the existing literature that largely lacks empirical investigations, it builds regression model that aims to explore the relationship between economy and P2P lending. Though the author found it extremely difficult to compare the findings with earlier studies, this paper had identified certain tendencies in the data and had certain policy implications. However, the paper could not find any significant effect of economic variables on P2P lending. The paper can be considered as a starting point in empirical investigation of P2P lending and highlights room further research based on limitations of the study.

Keywords: peer-to-peer lending, crowdfunding, marketplace lending, alternative finance, fintech

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Authors: Feyi Olorunshola

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Over the last few years, the senior travel market has been noted for its potential in the wider tourism industry. The tourism sector includes the hotel and hospitality, travel, transportation, and several other subdivisions to make it economically viable. In particular, the hotel attracts a substantial part of the expenditure in tourism activities as when people plan to travel, suitable accommodation for relaxation, dining, entertainment and so on is paramount to their decision-making. The global retail value of the hotel as of 2018 was significant for tourism. But, despite indications of the hotel to the tourism industry at large, very few empirical studies are available to establish how this sector can leverage on the senior demographic to achieve competitive advantage. Predominantly, studies on the mature market have focused on destination tourism, with a limited investigation on the hotel which makes a significant contribution to tourism. Also, several scholarly studies have demonstrated the importance of the senior travel market to the hotel, yet there is very little empirical research in the field which has explored the driving factors that will become the accepted new normal for this niche segment post-pandemic. Giving that the hotel already operates in a highly saturated business environment, and on top of this pre-existing challenge, the ongoing global health outbreak has further put the sector in a vulnerable position. Therefore, the hotel especially the full-service luxury category must evolve rapidly for it to survive in the current business environment. The hotel can no longer rely on corporate travelers to generate higher revenue since the unprecedented wake of the pandemic in 2020 many organizations have invented a different approach of conducting their businesses online, therefore, the hotel needs to anticipate a significant drop in business travellers. However, the rooms and the rest of the facilities must be occupied to keep their business operating. The way forward for the hotel lies in the leisure sector, but the question now is to focus on the potential demographics of travelers, in this case, the seniors who have been repeatedly recognized as the lucrative market because of increase discretionary income, availability of time and the global population trends. To achieve the study objectives, a mixed-method approach will be utilized drawing on both qualitative (netnography) and quantitative (survey) methods, cognitive and decision-making theories (means-end chain) and competitive theories to identify the salient drivers explaining senior hotel choice and its influence on their decision-making. The target population are repeated seniors’ age 65 years and over who are UK resident, and from the top tourist market to the UK (USA, Germany, and France). Structural equation modelling will be employed to analyze the datasets. The theoretical implication is the development of new concepts using a robust research design, and as well as advancing existing framework to hotel study. Practically, it will provide the hotel management with the latest information to design a competitive marketing strategy and activities to target the mature market post-pandemic and over a long period.

Keywords: competitive advantage, covid-19, full-service hotel, five-star, luxury hotels

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Authors: Andreas Gohs, Reinhold Kosfeld

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This study should be of interest for practitioners who want to predict precisely the sales numbers of vehicles equipped with an innovative propulsion technology as well as for researchers interested in applied (regional) time series analysis. The study is based on the numbers of new registrations of pure electric and hybrid cars. Methods of time series analysis like ARIMA are compared with the Bass Diffusion-model concerning their forecasting performances for new registrations in Germany at the national and federal state levels. Especially it is investigated if the additional information content from regional data increases the forecasting accuracy for the national level by adding predictions for the federal states. Results of parameters of the Bass Diffusion Model estimated for Germany and its sixteen federal states are reported. While the focus of this research is on the German market, estimation results are also provided for selected European and other countries. Concerning Bass-parameters and forecasting performances, we get very different results for Germany's federal states and the member states of the European Union. This corresponds to differences across the EU-member states in the adoption process of this innovative technology. Concerning the German market, the adoption is rather proceeded in southern Germany and stays behind in Eastern Germany except for Berlin.

Keywords: bass diffusion model, electric vehicles, forecasting performance, market diffusion

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Authors: Claudia Troccoli

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Childbearing constitutes one of the key factors affecting labour market differences between men and women, accounting for almost a quarter of the gender wage gap. Family leave policies, such as maternity, paternity, and parental leave, represent potential key policy tools to address these inequalities, as they can promote mothers' job continuity and career progression. This paper analyses four major reforms implemented in Finland between the 1960s and the early 1980s. It studies the effects of these maternity and parental leave extensions on mothers' short- and long-run labour market outcomes. Eligibility to longer leave was determined on the basis of the child's date of birth. Therefore, estimation of the causal effects of the reforms is possible by exploiting random variation in children's birthdates and comparing the outcomes of mothers giving birth just before and just after the reform cutoff date. Overall, the three maternity leave reforms did not significantly improve mothers' earnings or employment rates. On the contrary, the estimates, although imprecise, seem to indicate negative effects on women's labour market outcomes. The extension of parental leave is, on the other hand, the only reform that improved mothers' short- and long-term labour market outcomes, both in terms of earnings and employment rate. At the same time, fathers appeared to be negatively affected by the reform. These results provide suggestive evidence that shareable parental leave might have more beneficial effects on mothers' job continuity, as it weakens the connotation of childcare as a task reserved for mothers.

Keywords: family policies, Finland, maternal labour market outcomes, maternity leave

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Authors: Andrea Paltrinieri, Alberto Dreassi, Stefano Miani, Alex Sclip

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The financial crises caused a collapse in prices of most asset classes, raising the attention on alternative investments such as Sukuk, a smaller, fast growing but often misunderstood market. We study diversification benefits of Sukuk, their correlation with other asset classes and the effects of their inclusion in investment portfolios of institutional and retail investors, through a comprehensive comparison of their risk/return profiles during and after the financial crisis. We find a beneficial performance adjusted for the specific volatility together with a lower correlation especially during the financial crisis. The distribution of Sukuk returns is positively skewed and leptokurtic, with a risk/return profile similarly to high yield bonds. Overall, our results suggest that Sukuk present diversification opportunities, a significant volatility-adjusted performance and lower correlations especially during the financial crisis. Our findings are relevant for a number of institutional investors. Long term investors, such as life insurers would benefit from Sukuk’s protective features during financial crisis yet keeping return and growth opportunities, whereas banks would gain due to their role of placers, advisors, market makers or underwriters.

Keywords: sukuk, zero beta asset, asset allocation, sukuk market

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Authors: Min Gao

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In the past year, the advent of large language models (LLMs) has brought about a revolution in the language service industry, making it possible to efficiently produce more satisfactory and higher-quality translations. This is groundbreaking news for commercial companies involved in language services since much of a translator's work can now be completed by machines. However, it may be bad news for universities that provide translation training programs. They need to confront the challenges posed by AI in education by reconsidering issues such as the reform of traditional teaching methods, the translation ethics of students, and the new demands of the job market for their graduates. This article is an exploratory study of these issues based on the author's experiences in translation teaching. The research combines methods in the form of questionnaires and interviews. The findings include: (1) students may lose their motivation to learn in the AI era, but this can be compensated for by encouragement from the lecturer; (2) Translation ethics are not a serious problem in schools, considering the strict policies and regulations in place; (3) The role of translators has evolved in the new era, necessitating a reform of the traditional teaching methods.

Keywords: job market of translation, large language model, translation ethics, translation training

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Authors: Ashenafi Beyene Fanta, Daniel Makina

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Economic theory predicts that finance promotes economic growth. Although the finance-growth link is among the most researched areas in financial economics, our understanding of the link between the two is still incomplete. This is caused by, among others, wrong econometric specifications, using weak proxies of financial development, and inability to address the endogeneity problem. Studies on the finance growth link in South Africa consistently report economic growth driving financial development. Early studies found that economic growth drives financial development in South Africa, and recent studies have confirmed this using different econometric models. However, the monetary aggregate (i.e. M2) utilized used in these studies is considered a weak proxy for financial development. Furthermore, the fact that the models employed do not address the endogeneity problem in the finance-growth link casts doubt on the validity of the conclusions. For this reason, the current study examines the finance growth link in South Africa using data for the period 1990 to 2011 by employing a generalized method of moments (GMM) technique that is capable of addressing endogeneity, simultaneity and omitted variable bias problems. Unlike previous cross country and country case studies that have also used the same technique, our contribution is that we account for the development of bond markets and non-bank financial institutions rather than being limited to stock market and banking sector development. We find that bond market development affects economic growth in South Africa, and no similar effect is observed for the bank and non-bank financial intermediaries and the stock market. Our findings show that examination of individual elements of the financial system is important in understanding the unique effect of each on growth. The observation that bond markets rather than private credit and stock market development promotes economic growth in South Africa induces an intriguing question as to what unique roles bond markets play that the intermediaries and equity markets are unable to play. Crucially, our results support observations in the literature that using appropriate measures of financial development is critical for policy advice. They also support the suggestion that individual elements of the financial system need to be studied separately to consider their unique roles in advancing economic growth. We believe that our understanding of the channels through which bond market contribute to growth would be a fertile ground for future research.

Keywords: bond market, finance, financial sector, growth

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Authors: Simiso Fisokuhle Nyandeni

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Climate change has turned out to be a pandemic that has drawn the attention of many countries’ households around the globe, especially those whose livelihood and economic status depend on agricultural productivity. Hence, the agricultural sector is regarded as the sector that is most dependent on climate conditions for its productivity/harvest, yet in recent years this sector has been experiencing drought. However, adaptation seems to be a tool that every farmer looks upon as a solution to their challenges as their productivity keeps on being vulnerable to climate effects. Thus, exposure/access to the market seems to be a major challenge that faces especially small-scale farmers. We, therefore, examine the small-scale farmers’ constraints or challenges towards getting access to the market for them to get proper sales of their farming products. As a result, the adaptation capacity of every farm household varies on the financial status.

Keywords: climate change, small-scale farming, agriculture sector, adaptation

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Authors: Shazia Ali, Yves Mard, Éric Severin

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To the best of our knowledge, this is the first study to have analyzed the impact of a) firm-specific product-market power and b) industry competition on earnings management behavior of European firms in distress versus healthy years while controlling for firm-level characteristics. We predicted a significant relationship between firms’ product market power and earnings management tools and their trade-off under the moderation effect of financial distress. We found that the firm-level market power hereinafter referred to as MP (proxied by the industry-adjusted Lerner Index) is positively associated with both real and accrual earnings management. However, MP is associated with a higher level of real earnings management compared to accrual earnings management in distress years compared to healthy years. On the other hand, industry product market power (representing low competition and proxied by the inverse of the total number of firms in an industry hereinafter referred to as NUMB) and firms product market power (proxied by firm market share hereinafter referred to as MS) are associated with lower inflationary accruals and higher deflationary accruals respectively. On the other hand, they are found to be linked with higher real earnings management in distress versus healthy years. When we divided the sample into small and big firms based on their respective industry-year median total assets, we found that all three measures of industry competition (Industry Median Lerner Index (hereinafter referred to as IMLI), NUMB, and Herfindahl–Hirschman Index (hereinafter referred to as HHI) indicate that small firms in low-competitive industries in financial distress are more likely to inflate their earnings through discretionary accruals. While big firms in this situation are more likely to lower the use of both inflationary and deflationary discretionary accruals as indicated by IMLI and HHI and trade-off accruals earnings management for real earnings management as indicated by NUMB. Moreover, IMLI and HHI did not show any interesting results when we divided the sample based on the firm Lerner Index/Market Power. However, the distressed firms with high market power (MP>industry median) are found to engage in income-decreasing discretionary accruals in low-competitive industries (high NUMB). Whereas firms with low market power in the same industry use downward discretionary accruals but inflate income using real activities (abnCFO). Our findings are robust across alternate measures of discretionary accruals and financial distress, such as the Altman Z-Score. The finding of the study is valuable for accounting standard setters, competition authorities, policymakers, and investors alike to help in informed decision-making.

Keywords: financial distress, earnings management, market competition

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Authors: A. Gokulram

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Industrial waste is often categorized as commercial and non-commercial waste by market value. In many Indian industries and other industrialized countries, the commercial value waste is capitalized and non-commercial waste is dumped to landfill. A lack of adequate research on industrial waste leads to the failure of effective resource management and the non-commercial waste are being considered as commercially non-viable residues. The term Industrial symbiosis refers to the direct inter-firm reuse or exchange of material and energy resource. The resource efficiency of commercial waste is mainly followed by an informal symbiosis in our research area. Some Industrial residues are reused within the facility where they are generated, others are reused directly nearby industrial facilities and some are recycled via the formal and informal market. The act of using industrial waste as a resource for another product faces challenges in India. This research study has observed a major negligence of trust and communication among several bodies to implement effective circular economy in India. This study applies interviewing process across researchers, government bodies, industrialist and designers to understand the challenges of circular economy in India. The study area encompasses an industrial estate in Ahmedabad in the state of Gujarat which comprises of 1200 industries. The research study primarily focuses on making industrial waste as commercial ready resource and implementing Indigenous sustainable practice in modern context to improve resource efficiency. This study attempted to initiate waste exchange platform among several industrialist and used varied methodologies from mail questionnaire to telephone survey. This study makes key suggestions to policy change and sustainable finance to improve circular economy in India.

Keywords: effective resource management, environmental policy, indigenous technique, industrial symbiosis, sustainable finance

Procedia PDF Downloads 119