Search results for: mix of earned and contributed capital

Authors: Nana Segu Acquaah-Harrison, James Osei Mensah, Richard Aidoo, David Amponsah, Amy Buah, Gilbert Aboagye

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The study aimed at assessing the feasibility of commercial meat rabbit production in the Kumasi Metropolis of Ghana. Structured and unstructured questionnaires were utilized in obtaining information from two hundred meat consumers and 15 meat rabbit farmers. Data were analyzed using Net Present Value (NPV), Internal Rate of Return (IRR), Benefit Cost Ratio (BCR)/Profitability Index (PI) technique, percentages and chi-square contingency test. The study found that the current demand for rabbit meat is low (36%). The desirable nutritional attributes of rabbit meat and other socio economic factors of meat consumers make the potential demand for rabbit meat high (69%). It was estimated that GH¢5,292 (approximately $ 2672) was needed as a start-up capital for a 40-doe unit meat rabbit farm in Kumasi Metropolis. The cost of breeding animals, housing and equipment formed 12.47%, 53.97% and 24.87% respectively of the initial estimated capital. A Net Present Value of GH¢ 5,910.75 (approximately $ 2984) was obtained at the end of the fifth year, with an internal rate return and profitability index of 70% and 1.12 respectively. The major constraints identified in meat rabbit production were low price of rabbit meat, shortage of fodder, pest and diseases, high cost of capital, high cost of operating materials and veterinary care. Based on the analysis, it was concluded that meat rabbit production is feasible in the Kumasi Metropolis of Ghana. The study recommends embarking on mass advertisement; farmer association and adapting to new technologies in the production process will help to enhance productivity.

Keywords: feasibility, commercial meat rabbit, production, Kumasi, Ghana

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Authors: Mahalakshmi Vivekanandan S.

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As per the recent changes happening in the global policies, climate-related changes and the impact it causes across every sector are viewed as green swan events – in essence, climate-related changes can often happen and lead to risk and a lot of uncertainty, but needs to be mitigated instead of considering them as black swan events. This brings about a question on how this risk can be computed so that the financial institutions can plan to mitigate it. Climate-related changes impact all risk types – credit risk, market risk, operational risk, liquidity risk, reputational risk and other risk types. And the models required to compute this has to consider the different industrial needs of the counterparty, as well as the factors that are contributing to this – be it in the form of different risk drivers, or the different transmission channels or the different approaches and the granular form of data availability. This brings out the suggestion that the climate-related changes, though it affects Pillar I risks, will be a Pillar II risk. This has to be modeled specifically based on the financial institution’s actual exposure to different industries instead of generalizing the risk charge. And this will have to be considered as the additional capital to be met by the financial institution in addition to their Pillar I risks, as well as the existing Pillar II risks. In this paper, the author presents a risk assessment framework to model and assess climate change risks - for both credit and market risks. This framework helps in assessing the different scenarios and how the different transition risks affect the risk associated with the different parties. This research paper delves into the topic of the increase in the concentration of greenhouse gases that in turn cause global warming. It then considers the various scenarios of having the different risk drivers impacting the Credit and market risk of an institution by understanding the transmission channels and also considering the transition risk. The paper then focuses on the industry that’s fast seeing a disruption: the automobile industry. The paper uses the framework to show how the climate changes and the change to the relevant policies have impacted the entire financial institution. Appropriate statistical models for forecasting, anomaly detection and scenario modeling are built to demonstrate how the framework can be used by the relevant agencies to understand their financial risks. The paper also focuses on the climate risk calculation for the Pillar II Capital calculations and how it will make sense for the bank to maintain this in addition to their regular Pillar I and Pillar II capital.

Keywords: capital calculation, climate risk, credit risk, pillar ii risk, scenario modeling

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Authors: Arun Kumar Yadav

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Coal contributes a significant role in India’s developmental mission. But, ironically, on the other side it causes large scale population displacement and significant changes in indigenous people’s livelihood mechanism. Dhanbad which is regarded as one of the oldest and large mining area, as well as a “Coal Capital of India”. Here, mining exploration work started nearly a century ago. But with the passage of time, mining brings a lot of changes in the life of local people. In this context, study tries to do comparative situational analysis of the changes in the living condition of dwellers living in mines affected and non-mines affected villages based on livelihood approach. Since, this place has long history of mining so it is very difficult to conduct before and after comparison between mines and non-mines affected areas. Consequently, the present study is based on relative comparison approach to elucidate the actual scenario. By using primary survey data which was collected by the author during the month of September 2014 to March 2015 at Dhanbad, Jharkhand. The data were collected from eight villages, these were categorised broadly into mines and non-mines affected villages. Further at micro level, mines affected villages has been categorised into open cast and underground mines. This categorization will help us to capture the deeper understanding about the issues of mine affected villages group. Total of 400 household were surveyed. Result depicts that in every sphere mining affected villages are more vulnerable. Regarding financial capital, although mine affected villages are engaged in mining work and get higher mean income. But in contrast, non-mine affected villages are more occupationally diversified. They have an opportunity to earn money from diversified extents like agricultural land, working in mining area, selling coal informally as well as receiving remittances. Non-mines affected villages are in better physical capital which comprises of basic infrastructure to support livelihood. They have an access to secured shelter, adequate water supply & sanitation, and affordable information and transport. Mining affected villages are more prone to health risks. Regarding social capital, it shows that in comparison to last five years, law and order has been improved in mine affected villages.

Keywords: displacement, indigenous, livelihood, mining

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Authors: Kishor Prasad Bhatta, Suman Ghimire, Durga Prasad Joshi

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Invasive Alien Species (IAS) are considered waste forest resources in Nepal. The rapid expansion of IAS is one of the nine main drivers of forest degradation, though the extent and distribution of this species are not well known. Further, the knowledge of the impact of IAS removal on forest plant diversity is hardly known, and the possibilities of income generation from them at the grass-root communities are rarely documented. Systematic sampling of 1% with nested circular plots of 500 square meters was performed in IAS removed and non-removed area, each of 30 hectares in Udayapur Community Forest User Group (CFUG), Chitwan, central Nepal to observe whether the removal of IAS contributed to an increase in plant diversity. In addition, ten entrepreneurs of Udaypur CFUG, involved in the charcoal production, briquette making and marketing were interviewed and interacted as well as their record keeping booklets were reviewed to understand if the charcoal production contributed to their income and employment. The average annual precipitation and temperature of the study area is 2100 mm and 34 degree Celsius respectively with Shorea robusta as main tree species and Eupatorium odoratum as dominant IAS. All the interviewed households were from the ̔below-poverty-line’ category as per Community Forestry Guidelines. A higher Shannon-Weiner plant diversity index at regeneration level was observed in IAS removed areas (2.43) than in control site (1.95). Furthermore, the number of tree seedlings and saplings in the IAS harvested blocks were significantly higher (p < 0.005) compared to the unharvested one. The sale of charcoal produced through the pyrolysis of IAS in ̔ Bio-energy kilns’ contributed for an average increased income of 30.95 % (Nepalese rupees 31,000) of the involved households. Despite above factors, some operational policy hurdles related to charcoal transport and taxation existed at field level. This study suggests that plant diversity could be increased through the removal of IAS, and considerable economic benefits could be achieved if charcoal is substantially produced and utilized.

Keywords: briquette, economic benefits, pyrolysis, regeneration

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Authors: Jonathan Adeyemi

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Context: This study focuses on El Anatsui and his global acclaim in the art world despite his origins from the global artworld’s margins. It addresses the disparities in the treatment between Western and non-Western artists and questions whether Anatsui’s consecration is a result of exoticism or the growing consensus on decolonization. Research Aim: The aim of this study is to investigate how El Anatsui achieved global acclaim from the margins of the art world and determine if his consecration represents a mark of decolonization or the typical Western desire for exoticism. Methodology: The study utilizes a case study approach, literature analysis, and in-depth interviews. The artist, the organizers of the Venice Biennale, the relevant curators at Tate Modern London, and the October Gallery in London, and other galleries in Nigeria, which represent the artist were interviewed for data collection. Findings: The study seeks to determine the authenticity of the growing consensus on decolonization, inclusion, and diversity in the global artistic field. Preliminary findings show that domestic socio-economic and political factors debilitated the mechanisms for local validation in Nigeria, weakening the domestic foundation for international engagement. However, alternative systems of exhibition, especially in London and the USA contributed critically to providing the initial international visibility, which formed the foundation for his global acclaim. Out of the 21 winners of the Golden Lion for Lifetime Achievement since its inception at the 47th Venice Biennale in 1997, American artists have dominated with 10 recipients, 8 recipients from Europe, 2 recipients from Africa (2007 and 2015) and 1 from Asia. This aligns with Bourdieu’s concept of cultural and economic capital, which prevented Africa countries from participation until recently. Moreover, while the average age of recipients is 76 years, Anatsui received the award at the age of 71, while Malick Sidibé (Mali) was awarded at 72. Thus, the Venice Biennale award for El Anatsui incline more towards a commitment to decolonisation than exoticism. Theoretical Importance: This study contributes to the field by examining the dynamics of the art world's monopoly of legitimation and the role of national, ethnicity and cultural differences in the promotion of artists. It aims to challenge the Westernized hierarchy of valorization and consecration in the art world. The research supports Bourdieu’s artistic field theory, which emphasises the importance of cultural, economic and social capital in determining agents’ position and access to the field resources (symbolic capital). Bourdieu also established that dominated agents can change their position in the field’s hierarchy either by establishing or navigating alternative systems. Data Collection and Analysis Procedures: The opacity of art world’s operations places the required information within the purview of the insiders (agents). Thus, the study collects data through in-depth interviews with relevant and purposively selected individuals and organizations. The data was/will be analyzed using qualitative methods, such as thematic analysis and content analysis. The interpretive analytical approach adopted facilitated the construction of meanings that may not be apparent in the data or responses. Questions Addressed: The study addresses how El Anatsui achieved global acclaim despite being from the margins, whether his consecration represents decolonization or exoticism, and the extent to which the global artistic field embraces decolonization, inclusion, and diversity. Conclusion: The study will contribute to knowledge by providing insights into the extent of commitment to decolonization, inclusion, and diversity in the global artistic field. It also shed light on the mechanisms behind El Anatsui's rise to global acclaim and challenge Western-dominated artistic hierarchies.

Keywords: decolonisation, exorticism, artistic field, culture game

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Authors: Pui-sze Yeung, Connie Suk-han Ho, David Wai-ock Chan, Kevin Kien-hoa Chung

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Background: Recent findings have shown that transcription skills play a unique and significant role in Chinese word reading and spelling (i.e. word dictation), and written composition development. The interrelationships among component skills of transcription, word reading, word spelling, and written composition in Chinese have rarely been examined in the literature. Is the contribution of component skills of transcription to Chinese written composition mediated by word level skills (i.e., word reading and spelling)? Methods: The participants in the study were 249 Chinese children in Grade 1, Grade 3, and Grade 5 in Hong Kong. They were administered measures of general reasoning ability, orthographic knowledge, stroke sequence knowledge, word spelling, handwriting fluency, word reading, and Chinese narrative writing. Orthographic knowledge- orthographic knowledge was assessed by a task modeled after the lexical decision subtest of the Hong Kong Test of Specific Learning Difficulties in Reading and Writing (HKT-SpLD). Stroke sequence knowledge: The participants’ performance in producing legitimate stroke sequences was measured by a stroke sequence knowledge task. Handwriting fluency- Handwriting fluency was assessed by a task modeled after the Chinese Handwriting Speed Test. Word spelling: The stimuli of the word spelling task consist of fourteen two-character Chinese words. Word reading: The stimuli of the word reading task consist of 120 two-character Chinese words. Written composition: A narrative writing task was used to assess the participants’ text writing skills. Results: Analysis of covariance results showed that there were significant between-grade differences in the performance of word reading, word spelling, handwriting fluency, and written composition. Preliminary hierarchical multiple regression analysis results showed that orthographic knowledge, word spelling, and handwriting fluency were unique predictors of Chinese written composition even after controlling for age, IQ, and word reading. The interaction effects between grade and each of these three skills (orthographic knowledge, word spelling, and handwriting fluency) were not significant. Path analysis results showed that orthographic knowledge contributed to written composition both directly and indirectly through word spelling, while handwriting fluency contributed to written composition directly and indirectly through both word reading and spelling. Stroke sequence knowledge only contributed to written composition indirectly through word spelling. Conclusions: Preliminary hierarchical regression results were consistent with previous findings about the significant role of transcription skills in Chinese word reading, spelling and written composition development. The fact that orthographic knowledge contributed both directly and indirectly to written composition through word reading and spelling may reflect the impact of the script-sound-meaning convergence of Chinese characters on the composing process. The significant contribution of word spelling and handwriting fluency to Chinese written composition across elementary grades highlighted the difficulty in attaining automaticity of transcription skills in Chinese, which limits the working memory resources available for other composing processes.

Keywords: orthographic knowledge, transcription skills, word reading, writing

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Authors: Fouad Mrad, Viviane Zaccour

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The accelerated developments in the political, economic, environmental, security, health, and social folders are exhausting planners across the world, especially in Arab countries. The impact of the tension is multifaceted and has resulted in conflicts, wars, migration, and human insecurity. The potential cross-cutting role that science, innovation and technology can play in supporting Arab societies to address these pressing challenges is a serious, unique chance for the people of the region. This opportunity is based on the existing capacity of educated youth and inaccessible talents in the local universities and research centers. It has been accepted that Arab countries have achieved major advancements in the economy, education and social wellbeing since the 70s of the 20th Century. Mainly direct outcome of the oil and other natural resources. The UN Secretary-General, during the Education Summit in Sep 2022, stressed that “Learning continues to underplay skills, including problem-solving, critical thinking and empathy.” Stars of Science by Qatar Foundation was launched in 2009 and has been sustained through 2023. Consistent mission from the start: To mobilize a new generation of Pan-Arab innovators and problem solvers by encouraging youth participation and interest in Science, Technology and Entrepreneurship throughout the Arab world via the program and its social media activities. To make science accessible and attractive to mass audiences by de-mystifying the process of innovation. Harnessing best practices within reality TV to show that science, engineering, and innovation are important in everyday life and can be fun.” Thousands of Participants learned unforgettable lessons; winners changed their lives forever as they learned and earned seed capital; they became drivers of change in their countries and families; millions of viewers were exposed to an innovative experimental process, and culturally, several relevant national institutions adopted the SOS track in their national initiatives. The program exhibited experientially youth self-efficacy as the most distinct core property of human agency, which is an individual's belief in his or her capacity to execute behaviors necessary to produce specific performance attainments. In addition, the program proved that innovations are performed by networks of people with different sets of technological, useful knowledge, skills and competencies introduced by socially shared technological knowledge as a main determinant of economic activities in any economy.

Keywords: science, invention, innovation, Qatar foundation, QSTP, prototyping

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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: B. Seetanah, H. Neeliah

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This paper investigates the relationship among energy, emissions and economic growth in Mauritius in the presence of trade activities, with capital and labour as other control variables. Using annual data from 1960 to 2011, it is found that the variables are non-stationary and cointegrated. The relationship among the various variables are thus examined in a dynamic VECM framework. Our empirical results comply with the growth hypothesis. Output elasticities of 0.17, 0.25 and 0.43 show that increases in energy consumption cause increases in economic growth, capital accumulation and trade in the long run. We also found that CO2 negatively affects output, but has no significant effect on trade. Findings for the long-run generally tend to tally with those in the short-run. Interestingly we found that energy consumption has a significant impact on CO2 emissions. Our results tend to suggest that implementing energy conservation strategies to mitigate the negative impact of CO2 emissions can dent economic growth, and that promoting cleaner energy production could be a better alternative for Mauritius.

Keywords: energy, emissions, economic growth, export, VECM

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Authors: M. P. Raju, P. D. Safai, P. S. P. Rao, P. C. S. Devara, C. V. Naidu

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In order to study the Physical and chemical characteristics of aerosols, samples of Total Suspended Particulates (TSP) were collected using a high volume sampler at Pune, a semi-urban location in SW India during March 2009 to February 2010. TSP samples were analyzed for water soluble components like F, Cl, NO3, SO4, NH4, Na, K, Ca, and Mg and acid soluble components like Al, Zn, Fe and Cu using Ion-Chromatograph and Atomic Absorption Spectrometer. Analysis of the data revealed that the monthly mean TSP concentrations varied between 471.3 µg/m3 and 30.5 µg/m3 with an annual mean value of 159.8 µg/m3. TSP concentrations were found to be less during post-monsoon and winter (October through February), compared to those in summer and monsoon (March through September). Anthropogenic activities like vehicular emissions and dust particles originated from urban activities were the major sources for TSP. TSP showed good correlation with all the major ionic components, especially with SO4 (R= 0.62) and NO3 (R= 0.67) indicating the impact of anthropogenic sources over the aerosols at Pune. However, the overall aerosol nature was alkaline (Ave pH = 6.17) mainly due to the neutralizing effects of Ca and NH4. SO4 contributed more (58.8%) to the total acidity as compared to NO3 (41.1%) where as, Ca contributed more (66.5%) to the total alkalinity than NH4 (33.5%). Seasonality of acid soluble component Al, Fe and Cu showed remarkable increase, indicating the dominance of soil source over the man-made activities. Overall study on TSP indicated that aerosols at Pune were mainly affected by the local sources.

Keywords: chemical composition, acidic and neutralization potential, radiative forcing, urban station

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Authors: Ugbor Raphael Oluchukwu

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The survey research design was adopted to examine whether liquidity and cash management practices of owner-managed firms in South East Nigeria influence their profitability, growth and survival. Four independent variables (accounting systems, working capital management, budgetary control, and managerial planning) were used in the evaluation which was restricted to eight small firms. Results indicate that one variable, working capital management alone dominate the liquidity perception of owner managers. As a result, owner managers find it difficult to meet maturing business obligations as growth sets in. The study also reveals that the four independent variables have significant impact on the profitability, growth and survival of owner managed firms. Owner managers are therefore advised to undertake regular entrepreneurship training in order to upgrade their liquidity and cash management knowledge and practices to enhance their overall performance.

Keywords: liquidity management, owner-managed firm, profitability, survival

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Authors: Savin Phoeun

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Long time civil war, economic, infrastructure, social, and political structure were destroyed and everything starts from zero. Transport and communication are the key feature of the national economic growth, especially inland transport and other mode take a complementary role which supported by government and international organization both direct and indirect to private sector and small and medium size enterprises. The objectives of this study are to study the general characteristics, capacity and competitive KPIs of Cambodian Inland Transport Operators. Questionnaire and interview were formed from capacity and competitiveness key performance indicators to take apart in survey to Inland Transport Companies in Phnom Penh capital city of Cambodia. And descriptive statistics was applied to identify the data. The result of this study divided into three distinct sectors: 1). Management ability of transport operators – capital management, financial and qualification are in similar level which can compete between local competitors (moderated level). 2). Ability in operation: customer service providing is better but seemed in high cost operation because mostly they are in family size. 3). Local Cambodian Inland Transport Service Providers are able to compete with each other because they are in similar operation level while Thai competitors mostly higher than. The suggestion and recommendation from the result that inland transport companies should access to new technology, improve strategic management, build partnership (join/corporate) to be bigger size of capital and company in order to attract truthfulness from customers and customize the services to satisfy. Inland Service Providers should change characteristic from only cost competitive to cost saving and service enhancement.

Keywords: assessment, competitiveness, inland transport, operator

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Authors: Sabrina Tabassum

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Using Census Data for Housing and Population of Australia 2001, 2006, 2011, and 2016, this paper shows the existence of wage differences between natives and immigrants in Australia. Addressing the heterogeneous nature of immigrants, this study group the immigrants in three broad categories- migrants from English speaking countries and migrants from India and China. Migrants from English speaking countries and India earn more than the natives per week, whereas migrants from China earn far less than the natives per week. Oaxaca decomposition suggests that major part of this differential is unexplained. Using the occupational segregation concept and Brown decomposition, this study indicates that migrants from India and China would have been earned more than the natives if they had the same occupation distribution as natives due to their individual characteristics. Within occupation, wage differences are more prominent than inter-occupation wage differences for immigrants from China and India.

Keywords: Australia, labour, migration, wage

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Authors: Stefanie Behncke

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This paper analyses the effects of different macroprudential policy measures that have recently been implemented in Switzerland. Among them is the activation and the increase of the countercyclical capital buffer (CCB) and a tightening of loan-to-value (LTV) requirements. These measures were introduced to limit systemic risks in the Swiss mortgage and real estate markets. They were meant to affect mortgage growth, mortgage risks, and banks’ capital buffers. Evaluation of their quantitative effects provides insights for Swiss policymakers when reassessing their policy. It is also informative for policymakers in other countries who plan to introduce macroprudential instruments. We estimate the effects of the different macroprudential measures with a Differences-in-Differences estimator. Banks differ with respect to the relative importance of mortgages in their portfolio, their riskiness, and their capital buffers. Thus, some of the banks were more affected than others by the CCB, while others were more affected by the LTV requirements. Our analysis is made possible by an unusually informative bank panel data set. It combines data on newly issued mortgage loans and quantitative risk indicators such as LTV and loan-to-income (LTI) ratios with supervisory information on banks’ capital and liquidity situation and balance sheets. Our results suggest that the LTV cap of 90% was most effective. The proportion of new mortgages with a high LTV ratio was significantly reduced. This result does not only apply to the 90% LTV, but also to other threshold values (e.g. 80%, 75%) suggesting that the entire upper part of the LTV distribution was affected. Other outcomes such as the LTI distribution, the growth rates of mortgages and other credits, however, were not significantly affected. Regarding the activation and the increase of the CCB, we do not find any significant effects: neither LTV/LTI risk parameters nor mortgage and other credit growth rates were significantly reduced. This result may reflect that the size of the CCB (1% of relevant residential real estate risk-weighted assets at activation, respectively 2% at the increase) was not sufficiently high enough to trigger a distinct reaction between the banks most likely to be affected by the CCB and those serving as controls. Still, it might be have been effective in increasing the resilience in the overall banking system. From a policy perspective, these results suggest that targeted macroprudential policy measures can contribute to financial stability. In line with findings by others, caps on LTV reduced risk taking in Switzerland. To fully assess the effectiveness of the CCB, further experience is needed.

Keywords: banks, financial stability, macroprudential policy, mortgages

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Authors: Anyia Nduka, Aslan Bin Amad Senin

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Environmental degradation and infrastructure abuse in the Niger Delta have received increasing attention over the last two decades in several sectors, like strategic management, societal impacts, etc. Resilience strategy in human capital development and technology has inspired the formulation and implementation of strategies, policies, or activities to mitigate risks while taking advantage of opportunities to respond to crisis management. This research hopes to add to the debate on the resilient strategic model in the Niger Delta region, which is plagued with environmental and infrastructure mismanagement. It further proposes a conceptual framework of robust strategy and open technology model on bibliometric analysis. This article is intended to be a starting point for an in-depth discussion of the factors that lead to these mismanagements. Four factors were discovered for a resilient strategy leading to a more efficient and effective management procedure.

Keywords: resilience strategy, infrastructural mismanagement, human capital development., strategic management

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Authors: Irfan Mohiuddin, Ahmad Al Mogren

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In recent years, cloud computing has earned substantial attention in the Oil and Gas Industry and provides services in all the phases of the industry lifecycle. Oil and gas supply infrastructure, in particular, is more vulnerable to accidental, natural and intentional threats because of its widespread distribution. Numerous surveys have been conducted on cloud security and privacy. However, to the best of our knowledge, hardly any survey is carried out that reviews cyber security in all phases with a cloud computing perspective. Moreover, a distinctive classification is performed for all the cloud-based cyber security measures based on the cloud component in use. The classification approach will enable researchers to identify the required technique used to enhance the security in specific cloud components. Also, the limitation of each component will allow the researchers to design optimal algorithms. Lastly, future directions are given to point out the imminent challenges that can pave the way for researchers to further enhance the resilience to cyber security threats in the oil and gas industry.

Keywords: cyber security, cloud computing, safety and security, oil and gas industry, security threats, oil and gas pipelines

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Authors: M. Akhlaque Ahmed, Maliha Afshan, Adeel Tahir

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Global and diffuse solar radiation studies have been carried out for the Capital city of Pakistan, Islamabad ( latitude 330 43’N and Longitude 370 71’E) to assess the solar potential of the area. The global and diffuse solar radiation were carried out using sunshine hour data for the above-mentioned area. Monthly total solar radiation is calculated through regression constants a and b through declination angle of the sun and sunshine hours and KT that is cloudiness index are used to calculate the diffuse solar radiation. Result obtained shows variation in the direct and diffuse component of solar radiation in summer and winter months for Islamabad. Diffuse solar radiation was found maximum in July, i.e., 32% whereas direct or beam radiation was found to be high in April to June, i.e., 73%. During July, August, and December, the sky was found cloudy. From the result, it appears that with the exception of monsoon month July and August the solar energy can be utilized very efficiently throughout the year in Islamabad.

Keywords: global radiation, Islamabad, diffuse radiation, sky condition, sunshine hour

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Authors: Ayedh Alqahtani, Andrew Whyte

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Life Cycle Cost (LCC) is one of the goals and key pillars of the construction management science because it comprises many of the functions and processes necessary, which assist organisations and agencies to achieve their goals. It has therefore become important to design and control assets during their whole life cycle, from the design and planning phase through to disposal phase. LCCA is aimed to improve the decision making system in the ownership of assets by taking into account all the cost elements including to the asset throughout its life. Current application of LCC approach is impractical during misunderstanding of the advantages of LCC. This main objective of this research is to show a different relationship between capital cost and long-term running costs. One hundred and thirty eight actual building projects in United Kingdom (UK) were used in order to achieve and measure the above-mentioned objective of the study. The result shown that LCC is one of the most significant tools should be considered on the decision making process.

Keywords: building projects, capital cost, life cycle cost, maintenance costs, operation costs

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Authors: Muhammad Ashfaq

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Main theme: This prime focus of this study is on the role of digital technology in crime prevention, with special focus on Cellular Forensic Unit, Capital City Police Peshawar-Khyber Pakhtunkhwa-Pakistan. Objective(s) of the study: The prime objective of this study is to provide statistics, strategies and pattern of analysis used for crime prevention in Cellular Forensic Unit of Capital City Police Peshawar, Khyber Pakhtunkhwa-Pakistan. Research Method and Procedure: Qualitative method of research has been used in the study for obtaining secondary data from research wing and Information Technology (IT) section of Peshawar police. Content analysis was the method used for the conduction of the study. This study is delimited to Capital City Police and Cellular Forensic Unit Peshawar-KP, Pakistan. information technologies. Major finding(s): It is evident that the old traditional approach will never provide solutions for better management in controlling crimes. The best way to control crimes and promotion of proactive policing is to adopt new technologies. The study reveals that technology have transformed police more effective and vigilant as compared to traditional policing. The heinous crimes like abduction, missing of an individual, snatching, burglaries and blind murder cases are now traceable with the help of technology. Recommendation(s): From the analysis of the data, it is reflected that Information Technology (IT) expert should be recruited along with research analyst to timely assist and facilitate operational as well as investigation units of police.A mobile locator should be Provided to Cellular Forensic Unit to timely apprehend the criminals .Latest digital analysis software should be provided to equip the Cellular Forensic Unit.

Keywords: crime prevention, digital technology, pakistan, police

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Authors: A. J. Netshipale, M. L. Mashiloane, S. J. Oosting, I. J. M. De Boer, E. N. Raidimi

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Three tier land reform programme (land restitution, land redistribution and land tenure reform) had been implemented for the past two decades in South Africa with an aim of redressing the unjust land ownership patterns of the past. Land restitution and redistribution seeked to make land available for beneficiaries’ ownership based on policy guidelines. Attention given to the two sub-programmes was mostly land reform focused with the quantity of land that exchanged ownership being used as a measure of success with disregard for how the land is used by the beneficiaries for their livelihoods. In few cases that the land use assessment was done for the two sub-programmes it was assessed on a case basis or few selected cases. The current study intended to shed light on a broader scope. This study investigated the extent to which land reform farms were used and contribution made by farms to the livelihoods of active beneficiaries. Seventy six farms that represented restitution (16 farms) and redistribution (60) programmes were selected for land use investigation. Land use data were collected from farm representatives by means of semi-structured questionnaire. A stratified sample of 87 households (38 for restitution and 49 for redistribution) were selected for livelihood investigations. Data on income generating activities and passive income sources were collected from household heads using semi-structured questionnaire. Additional data were collected through focus group discussions and from stakeholders through key-informants interviews. Livestock production used more land per farm on average (45%) in relation to the amount of average total land used per farm of 77% under land redistribution programme. Land restitution transformed crop farms into mixed farming and unused farms to be under use while land redistribution converted conservation land into agricultural land and also unused farms to be used. Livestock production contributed on average 25% to the livelihoods of 48% of the households whereas crop production contributed 31% on average to the livelihoods of 67% of the households. Government grants had the highest contribution of 54% on average and contributed to most households (72%). Agriculture was the sole source of livelihoods to only three per cent of the households. Most households (40%) had a mix of three livelihoods sources as their livelihood strategy. It could be concluded that the use of reformed land would be mainly influenced by the agro-ecological conditions of the area and agriculture could not be the main source of livelihoods for households that benefited from land reform. Land reform policies which accommodate diverse livelihoods activities could contribute to sustainable livelihoods.

Keywords: active beneficiaries, households, land reform, land use, livelihoods

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Authors: Zeljana Aljinovic Barac, Marina Granic, Tina Vuko

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Study investigates the level and extent of voluntary disclosure practice in Croatia. The research was conducted on the sample of 130 medium and large companies. Findings indicate that two thirds of the companies analysed disclose below-average number of additional information. The explanatory analyses has shown that firm size, listing status and industrial sector significantly and positively affect the level and extent of voluntary disclosure in the annual report of Croatian companies. On the other hand, profitability and ownership structure were found statistically insignificant. Unlike previous studies, this paper deals with level of voluntary disclosure of medium and large companies, as well as companies whose shares are not listed on the organized capital market, which can be found as our contribution. Also, the research makes contribution by providing the insights into voluntary disclosure practices in Croatia, as a case of macro-oriented accounting system economy, i.e. bank oriented economy with an emerging capital market.

Keywords: annual report, Croatian companies, disclosure index, voluntary disclosure

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Authors: Mahmoud Hassan, Walid Oueslati, Damien Rousseliere

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This paper explores the channels through which energy taxes may affect economic growth, using a simultaneous equations model for a balanced panel data of 31 OECD countries over the 1994–2013 period. The empirical results reveal a negative impact of energy taxes on physical investment in the short and long term. This impact is negatively sensitive to the existence and level of public debt. Additionally, the results show that energy taxes have an indirect effect on human capital through their impact on polluting emissions. The taxes on energy products are able to reduce both the flux and the stock of polluting emissions that have a negative impact on human capital skills in the short and long term. Finally, we found that energy taxes could encourage eco-innovation in the short and long term.

Keywords: energy taxes, economic growth, public debt, simultaneous equations model, multiple imputation

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Authors: Eny Suastuti

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This paper is about state’s capital equity in establishing State-owned Company (PT Merpati Persero). Under private law regime, PT Merpati Persero equity is a state asset allocated separately from the State Budget. Consequently, it is no longer a state asset; rather, it becomes a part of company assets. The adoption of Act No. 17 of 2003 on State Finance, Act No. 31 of 1999, which is amended by Act No. 20 of 2001 on Eradication of Corrupt Practices, Act No. 15 of 2004 on Auditing, Management, and Accountability of State Finance, and Act No. 15 of 2006 Audit Board raises legal issues of whether State-owned Company’s (PT Merpati Persero) loss may be deemed as loss on state finance made by the Directors of PT Merpati Persero, which implication leads to corrupt practices conducted by the Directors. The principle of civil law states that state assets are separated from the state budget is not a government asset. Therefore the case of a lease agreement 2 (two) units of Boeing 737-400 and Boeing 737-500 between PT Merpati Nusantara Airlines with companies Third Stone Aircraft Leasing Group (TALG) the United States cannot be prosecuted under Articles 2 and 3 of Act No. 31 of 1999 Jo Act No. 20 of 2001 on Eradication of Corrupt Practices (Law PTPK). From this paper, three things are found. First, state’s capital equity, which has been allocated separately from state assets in establishing the PT Merpati Perserois not state asset; rather, it is company’s asset. Second, in the case of mismanagement leading to company loss, the Directors of PT Merpati Persero may not be charged with committing corrupt practice as prescribed in Articles 2 and 3 of Corrupt Practices Eradication Law. Third, misperception has been made by judicial practices since the courts consider loss in certain transaction made by Directors of PT Merpati Persero to be loss of state finance whose implication is applicability of Articles 2 and 3 of Corrupt Practices Eradication Law.

Keywords: corrupt practice, loss, state's capital equity, state finance (PT Merpati Persero)

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Authors: Phillip F. Blaauw, Anna M. Pretorius

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South Africa re-entered the international economy in the early 1990s, after Apartheid, at a time when globalisation was gathering momentum. Globalisation led to a more open economy, increased export volumes and a changed export mix. Manufacturing goods gained ground relative to mining products. After 21 years of democracy, South African researchers and policymakers need to evaluate the impact of international trade on the level of employment and compensation of employees in the South African manufacturing industry. This is important given the consistent and high levels of unemployment in South Africa. This paper has this evaluation as its aim. Two complimenting approaches are utilised. The 27 sub divisions of the South African manufacturing industry are classified according to capital/labour ratios. Possible trends in employment levels and employee compensation for these categories are then identified when comparing levels in 1995 to those in 2014. The supplementing empirical approach is cross-sectional and panel data regressions for the same period. The aim of the regression analysis is to explain the observed changes in employment and employee compensation levels between 1995 and 2014. The first part of the empirical approach revealed that over the 20-year period the intermediate capital intensive, labour intensive an ultra-labour intensive manufacturing industries all showed massive declines in overall employment. Only three of the 19 industries for these classifications showed marginal overall employment gains. The only meaningful gains were recorded in three of the eight capital intensive manufacturing industries. The overall performance of the South African manufacturing industry is therefore dismal at best. This scenario plays itself out for the skilled section of the intermediate capital intensive, labour intensive an ultra-labour intensive manufacturing industries as well. 18 out of the 19 industries displayed declines even for the skilled section of the labour force. The formal regression analysis supplements the above results. Real production growth is a statistically significant (95 per cent confidence level) explanatory variable of the overall employment level for the period under consideration, albeit with a small positive coefficient. The variables with the most significant negative relationship with changes in overall employment were the dummy variables for intermediate capital intensive and labour intensive manufacturing goods. Disaggregating overall changes in employment further in terms of skill levels revealed that skilled employment in particular responded negatively to increases in the ratio between imported and local inputs for manufacturing. The dummy variable for the labour intensive sectors remained negative and statistically significant, indicating that the labour intensive sectors of South African manufacturing remain vulnerable to the loss of employment opportunities. Whereas the first period (1995 to 2001) after the opening of the South African economy brought positive changes for skilled employment, continued increases in imported inputs displaced some of the skilled labour as well, putting further pressure on the South African economy with already high and persistent unemployment levels. Given the negative for the world commodity cycle and a stagnant local manufacturing sector, the challenge for policymakers is getting even more pronounced after South Africa’s political coming of age.

Keywords: capital/labour ratios, employment, employee compensation, manufacturing

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Authors: Liza Ireni-Saban

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The 6.6 magnitude quake event that occurred in 2003 (Bam, Iran) made it impossible for the Iranian government to handle disaster relief efforts domestically. In this extreme event, the Iranian government reached out to the international community, and this created a momentum that had to be carried out by trust-building efforts on all sides, often termed ‘Disaster Diplomacy’. Indeed, the circumstances were even more critical when one considers the increasing political and economic isolation of Iran within the international community. The potential for transformative political space to be opened by disaster has been recognized by dominant international political actors. Despite the fact that Bam 2003 post-disaster relief efforts did not catalyze any diplomatic activities on all sides, it is suggested that few international aid agencies have successfully used disaster recovery to enhance their popular legitimacy and reputation among the international community. In terms of disaster diplomacy, an actor’s reputational capital may affect his ability to build coalitions and alliances to achieve international political ends, to negotiate and build understanding and trust with foreign publics. This study suggests that the post-disaster setting may benefit from using the ecology of games framework to evaluate the role of bridging actors and mediators in facilitating collaborative governance networks. Recent developments in network theory and analysis provide means of structural embeddedness to explore how reputational capital can be built through brokerage roles of actors engaged in a disaster management network. This paper then aims to structure the relations among actors that participated in the post-disaster relief efforts in the 2003 Bam earthquake (Iran) in order to assess under which conditions actors may be strategically utilized to serve as mediating organizations for future disaster events experienced by isolated nations or nations in conflict. The results indicate the strategic use of reputational capital by the Iranian Ministry of Foreign Affairs as key broker to build a successful coordinative system for reducing disaster vulnerabilities. International aid agencies rarely played brokerage roles to coordinate peripheral actors. U.S. foreign assistance (USAID), despite coordination capacities, was prevented from serving brokerage roles in the system.

Keywords: coordination, disaster diplomacy, international aid organizations, Iran

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Authors: Majed Al-Quran

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Language arts, as a domain of learning, principally covers the study of literature and the arts of reading and writing. These three areas deal with the art of conceptualizing and representing in language how people live and might live their lives. And all three are significantly concerned with gaining command of language and expression. Of course, there is no command of language separate from the command of thought. The paper addresses how EFL learners can develop insight and sense into what can be earned from literature and a sense of putting experiences into words. It further shows how critical thinking-based instruction helps students develop command of their own ideas, which consequently requires command over the words in which they express them. Critical thinking stipulates that in words and ideas, there is the power to create systems of beliefs and multiple conceptions of life. Remodeling language lessons aim at overcoming the challenge of stimulating learners to cultivate a new and different conception of language skills, including those of reading and writing.

Keywords: language arts, remodeling, critical thinking, pedagogy

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Authors: Abdullah Almulhim

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The International Accounting Standards Board (IASB) was established in 2001 to develop International Financial Reporting Standards (IFRS) that bring transparency, accountability, and efficiency to financial markets around the world. In addition, the IFRS provide a unified accounting language, which is especially important in the era of globalization. However, the establishment of a single set of high-quality international accounting standards is a matter of growing importance, as participants in the increasingly integrated world capital market demand comparability and transparency of financial reporting worldwide. Saudi Arabia became the 149th member of the World Trade Organization (WTO) on 11 December 2005, which has increased the need to convert to IFRS. Currently, the Saudi Arabian Monetary Authority (SAMA) requires banks and insurance companies in Saudi Arabia to report under IFRS Standards. However, until the end of 2016, SOCPA standards were applied to all other companies, listed and unlisted. From 2017, listed Saudi companies would be required to report under IFRS Standards as adopted by SOCPA effective 2017. This paper is to investigate the expected benefits gained and highlight the challenges faced by adopting IFRS by the listed companies in the Saudi Stock Exchange. Questionnaires were used as the main method of data collection. They were distributed to listed companies in the Saudi Capital Market. Data obtained through the questionnaires have been imported into SPSS statistical software for analysis. The expected results of this study will show the benefits of adopting IFRS by Saudi Listed Companies. However, this study will investigate the challenges faced by adopting IFRS by the listed companies in the Saudi Arabian Stock Market. Findings will be discussed later upon completion of initial analysis.

Keywords: challenges, IAS, IFRS, opportunities, Saudi, SOCPA

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Authors: Amira Khelil, Habib Affes

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Organization resource planning implementation success is important. Today`s competitors in business, in enterprise resource planning and in managing are becoming one of the main tools of achieving competitiveness in business. Resource technologies are considered as an infrastructure to create and maintain business to improve front and back-office efficiency and effectiveness. This study is significant to bring new ideas in determining the key antecedents which are technological resource planning implementation based on knowledge capacity perspectives and help to understand the key success factor in the Tunisian banks. Based on a survey of 150 front office Tunisian agents working in Tunisian banks with mixed capital, using Groupware system, only 51 respondents had given feedback to this survey. By using Warp PLS 3.0, through several tests the relationship between knowledge capability and Groupware implementation success having beta coefficient 0.37 and P-Value <0.01. This result highlights that knowledge capability of bank agent can influence the success of the Groupware implementation.

Keywords: groupware implementation, knowledge capacity, partial least squares method, Tunisian banks

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Authors: Eliane Abdo, Olivier Colot

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SMEs are always considered as a national priority due to their contribution to job creation, innovation and growth. Once the start-up phase is crossed with encouraging results, the company enters the phase of growth. In order to improve its competitiveness, maintain and increase its market share, the company is in the necessity even the obligation to develop its tangible and intangible investments. SMEs are generally closed companies with special and critical financial situation, limited resources and difficulty to access the capital markets; their shareholders are always living in a conflict between their independence and their need to increase capital that leads to the entry of new shareholder. The capital structure was always considered the core of research in corporate finance; moreover, the financial crisis and its repercussions on the credit’s availability, especially for SMEs make SME financing a hot topic. On the other hand, financial theories do not provide answers to capital structure’s questions; they offer tools and mode of financing that are more accessible to larger companies. Yet, SME’s capital structure can’t be independent of their governance structure. The classic financial theory supposes independence between the investment decision and the financing decision. Thus, investment determines the volume of funding, but not the split between internal or external funds. In this context, we find interesting to study the hypothesis that SMEs respond positively to the financial theories applied to large firms and to check if they are constrained by conventional solutions used by large companies. In this context, this research focuses on the analysis of the resource’s structure of SME in parallel with their investments’ structure, in order to highlight a link between their assets and liabilities structure. We founded our conceptual model based on two main theoretical frameworks: the Pecking order theory, and the Trade Off theory taking into consideration the SME’s characteristics. Our data were generated from DIANE database. Five hypotheses were tested via a panel regression to understand the type of dependence between the financing methods of 3,244 French SMEs and the development of their investment over a period of 10 years (2007-2016). The results show dependence between equity and internal financing in case of intangible investments development. Moreover, this type of business is constraint to financial debts since the guarantees provided are not sufficient to meet the banks' requirements. However, for tangible investments development, SMEs count sequentially on internal financing, bank borrowing, and new shares issuance or hybrid financing. This is compliant to the Pecking Order Theory. We, therefore, conclude that unlisted SMEs incur more financial debts to finance their tangible investments more than their intangible. However, they always prefer internal financing as a first choice. This seems to be confirmed by the assumption that the profitability of the company is negatively related to the increase of the financial debt. Thus, the Pecking Order Theory predictions seem to be the most plausible. Consequently, SMEs primarily rely on self-financing and then go, into debt as a priority to finance their financial deficit.

Keywords: capital structure, investments, life cycle, pecking order theory, trade off theory

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Authors: Ahmed Aisa, Tariq Iqbal

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This letter talks about the ready-to-use design of a solar water heating system because, in Canada, the average consumption of hot water per person is approximately 50 to 75 L per day and the average Canadian household uses 225 L. Therefore, this paper will demonstrate the method of designing a solar water heating system with thermal storage. It highlights the renewable hybrid power system, allowing you to obtain a reliable, independent system with the optimization of the ingredient size and at an improved capital cost. The system can provide hot water for a big building. The main power for the system comes from solar panels. Solar Advisory Model (SAM) and HOMER are used. HOMER and SAM are design models that calculate the consumption of hot water and cost for a house. Some results, obtained through simulation, were for monthly energy production, annual energy production, after tax cash flow, the lifetime of the system and monthly energy usage represented by three types of energy. These are system energy, electricity load electricity and net metering credit.

Keywords: water heating, thermal storage, capital cost solar, consumption

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