Search results for: profitability firm size

Authors: Farheen Akram

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Research and Development (R&D) is the most crucial element of the firm’s survival in a competitive business environment. R&D is a long-term investment; therefore, executives having the power to make the investment decisions may be pessimistic when their compensation is closely linked with short-term firm performance. Thus, the current study investigates the impact of board composition and executives’ compensation (cash or short-term benefits and LTIs) on R&D spending using a sample of 85 S&P/100 firms listed on the Australian Stock Exchange (ASX) in 2017. SmartPLS (v.3.2.7) was used to evaluate the proposed model of current research. The empirical findings of this study indicate that board composition has a significant and positive effect on R&D spending. While, as expected, executive cash compensation has negative and Long-Term-Incentives (LTIs) has a positive impact on R&D spending. Based on current findings, the study suggested that myopic behavior of CEOs and top management towards long-term value creation investment like R&D can be controlled by using long-term compensation rewards.

Keywords: cash compensation, LTIs, board composition, R&D spending

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Authors: Juan Pedro Aznar Alarcon, Josep Maria Sayeras Maspera

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Airbnb and other similar platforms are offering a near substitute to the traditional accommodation service supplied by the hotel sector. In this context, hotels can try to compete by offering higher quality and additional services, which imply the need for new investments or try to compete by reducing prices. The theoretical model presented in this paper analyzes the best response using a sequential game theory model. The main conclusion is that due to the financial constraints that small and medium hotels have these hotels have reduced prices whereas hotels that belong to international groups or have an easy access to financial resources have increased their investment to increase the quality of the service provided. To check the validity of the theoretical model financial data from Barcelona, London and Paris hotels have been used analyzing profitability, quality of the service provided, the investment propensity and the evolution of the gross profit. The model and the empirical data provide the base for some industrial policy in the hospitality industry. To address the extra cost that small hotels in Europe have to face compared by bigger firms would help to improve the level of quality provided and to some extent have positive externalities in terms of job creation and an increasing added value for the industry.

Keywords: Airbnb, profitability, hospitality industry, game theory

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Authors: Lee Li

Abstract:

The strategic management literature posits that the major motive of strategic alliances is to share resources, costs and risks. However, the literature also indicates that such sharing leads to transaction costs which are positively correlated with environmental dynamism. As such, it is not clear why firms are willing to cover high transaction costs for sharing resources, costs and risks. This study categorizes resources into firm-specific and general resource; costs into accounting and non-accounting cost; and risks into visible and invisible risks. Using data from 167 Canadian firms in technology industries, we find that sharing firm-specific resources and non-accounting costs are negatively correlated with environmental dynamism but sharing general resources, accounting costs and visible risks are positively correlated with environmental dynamism. Findings suggest that sharing certain resources, costs and risks do not necessarily incur high transaction costs.

Keywords: environmental dynamism, strategic alliances, resource/cost/risk sharing

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Authors: Levan Sabauri

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In this paper, we discuss the deteriorated standing of engineering companies, some of the reasons behind it and the problems facing engineering enterprises during the financial crisis. We show the part that financial analysis plays in the detection of the main factors affecting the standing of a company, classify internal problems and the reasons influencing efficiency thereof. The publication contains the analysis of municipal engineering companies in post-Soviet transitional economies. In the wake of the 2008 world financial crisis the issue became even more poignant. It should be said though that even before the problem had been no less acute for some post-Soviet states caught up in a lengthy transitional period. The paper highlights shortcomings in the management of transportation companies, with new, more appropriate methods suggested. In analyzing the financial stability of a company, three elements need to be considered: current assets, investment policy and structural management of the funding sources leveraging the stability, should be focused on. Inappropriate management of the three may create certain financial problems, with timely and accurate detection thereof being an issue in terms of improved standing of an enterprise. In this connection, the publication contains a diagram reflecting the reasons behind the deteriorated financial standing of a company, as well as a flow chart thereof. The main reasons behind low profitability are also discussed.

Keywords: efficiency, financial management, financial analysis funding structure, financial sustainability, investment policy, profitability, solvency, working capital

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Authors: S. Channgam, A. Sae-Tang, T. Termsaithong

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In this research, the occurrences of large size events in various system sizes of the Bak-Tang-Wiesenfeld sandpile model are considered. The system sizes (square lattice) of model considered here are 25×25, 50×50, 75×75 and 100×100. The cross-correlation between the ratio of sites containing 3 grain time series and the large size event time series for these 4 system sizes are also analyzed. Moreover, a prediction method of the large-size event for the 50×50 system size is also introduced. Lastly, it can be shown that this prediction method provides a slightly higher efficiency than random predictions.

Keywords: Bak-Tang-Wiesenfeld sandpile model, cross-correlation, avalanches, prediction method

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Authors: Siti Anis Nadia Abu Bakar, Vani Tanggamani

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Over recent years, the quality and environmental management practices are the necessary tasks in hospitality industry in order to provide high quality services, a comfortable and safe environment for occupants as well as innovative nature and shareholders' satisfaction, its environmental and social added value sustainable. Numerous studies have observed and measured quality management program (QMProg) and environmental management practices (EMPrac) independently. This paper analyzed the level of QMProg, and EMPrac in hospitality industry, particularly on hotel performance, specifically in the context of Malaysia as hotel industry in Malaysia has contributed tremendously to the development in the Malaysia tourism industry.The research objectives are; (1) to analyze how the level of QMProg influences on firm performance; (2) to investigate the level of EMPrac and its influence on firm performance. This paper contributes to the literature by providing added-value to the service industry strategic decision-making processes by helping to predict the varying impacts of positive and negative corporate social responsibility (CSR) activities on financial performance in their respective industries. Further, this paper also contributes to develop more applicable CSR strategies. As a matter of fact, the findings of this paper has contributed towards an integrated management system that will assist a firm in implementation of their environmental strategy by creating a higher level of accountability for environmental performance. The best results in environmental systems have instigated managers to explore more options when dealing with problems, especially problems involving the reputation of their hotel. In conclusion, the results of the study infer that the best CSR strategies of the quality and environmental management practices influences hotel performance.

Keywords: corporate social responsibility (CSR), environmental management practices (EMPrac), performance (PERF), quality management program (QMProg)

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Authors: Sudeepti Dayal, Neelesh Gupta

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In terms of transmission, bigger the size of any image, longer the time the channel takes for transmission. It is understood that the bandwidth of the channel is fixed. Therefore, if the size of an image is reduced, a larger number of data or images can be transmitted over the channel. Compression is the technique used to reduce the size of an image. In terms of storage, compression reduces the file size which it occupies on the disk. Any image is based on two parameters, region of interest and non-region of interest. There are several algorithms of compression that compress the data more economically. In this paper we have reviewed region of interest and non-region of interest based compression techniques and the algorithms which compress the image most efficiently.

Keywords: compression ratio, region of interest, DCT, DWT

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Authors: Achsania Hendratmi, Puji Sucia Sukmaningrum, Fatin Fadhilah Hasib, Nisful Laila

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The research aimed to know the influence of Capital Adequacy Ratio (CAR), Return on Assets (ROA) and Size of the Financing to Deposit Ratio (FDR) Islamic Banks in Malaysia by using eleven Islamic Banks in Indonesia and fifteen Islamic Banks in Malaysia in the period 2012 to 2016 as samples. The research used a quantitative approach method, and the analysis technique used multiple linear regression. Based on the result of t-test (partial), CAR, ROA and size significantly affect of FDR. While the results of f-test (simultaneous) showed that CAR, ROA and Size significant effect on FDR.

Keywords: capital adequacy ratio, financing to deposit ratio, return on assets, size

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Authors: Y. T. Lee, J. H. Na, S. H. Kim, S. U. Hong

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In this study, an experimental research for estimation of slab depth, column size and location of rebar of concrete specimen is conducted using the Impact Echo Method (IE) based on stress wave among non-destructive test methods. Estimation of slab depth had total length of 1800×300 and 6 different depths including 150 mm, 180 mm, 210 mm, 240 mm, 270 mm and 300 mm. The concrete column specimen was manufactured by differentiating the size into 300×300×300 mm, 400×400×400 mm and 500×500×500 mm. In case of the specimen for estimation of rebar, rebar of ∅22 mm was used in a specimen of 300×370×200 and arranged at 130 mm and 150 mm from the top to the rebar top. As a result of error rate of slab depth was overall mean of 3.1%. Error rate of column size was overall mean of 1.7%. Mean error rate of rebar location was 1.72% for top, 1.19% for bottom and 1.5% for overall mean showing relative accuracy.

Keywords: impact echo method, estimation, slab depth, column size, rebar location, concrete

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Authors: Joanna Konstantinou

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The study is about the challenges faced by entrepreneurs in a crisis context and in turbulent economies. The scope is to determine which factors, if any, are related to the success of a new business venture, such as innovation, access to funding and capital, enhanced digital skills, employment relations and organizational culture as well as a company’s strategic orientation towards international markets. The crisis context has been recorded to have affected the number of SMEs in the Greek economy, the number of people employed as well as the volume of the output produced. Although not all SMEs have been equally impacted by the crisis, which has been identified to affect certain sectors more than others, and although research is not exhaustive in that end, employment relations and patterns, firm’s age, and innovation practices in relation to employees’ learning curve seem to have a positive correlation with the successful survival and resilience of the firm. The aim is to identify important factors that can contribute positively to the success of a startup business, and that will allow businesses to acquire resilience and survive economic adversities, and it will focus on businesses of the Greek economy, the country with the longer lasting economic crisis and the findings will be lessons to learn for other economies.

Keywords: entrepreneurship, innovation, crisis, challenges

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Authors: S. Phanyaem

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This paper presents the confidence intervals for the effect size base on bootstrap resampling method. The meta-analytic confidence interval for effect size is proposed that are easy to compute. A Monte Carlo simulation study was conducted to compare the performance of the proposed confidence intervals with the existing confidence intervals. The best confidence interval method will have a coverage probability close to 0.95. Simulation results have shown that our proposed confidence intervals perform well in terms of coverage probability and expected length.

Keywords: effect size, confidence interval, bootstrap method, resampling

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Authors: Salim Ahmad, Ahamed Sani Kazaure, Haruna Musa

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Outsourcing had been the contractual relationship in which the responsibility for a function or task is handed over to an outside firm for a fixed period of time which is not the same as contracting where a specific one-off task is allocated to an external business; therefore in information technology a specialist area such as maintenance of web servers is controlled by an outside firm or if the department is not a critical factor the whole IT section may be outsourced. Organisation contracts is frequently a major area in successful outsourcing relationship, whereby the contracts specify the right, liability and expectation of the vendor and contracts are mostly of high value and last for very long. Therefore, in this research one particular project that is been outsourced for the financial industry (Guarantee Trust Assurance PlC) is been discussed along with the approach used and the various problems encountered, though Outsourcing is not necessarily a perfect and easy way out for business. It is extremely critical for a company to look at all the aspect of outsourcing before deciding to use it as an instrument for development. Moreover, critical analysis of the management issues encountered while implementing the outsourcing project have been fully discussed in the paper.

Keywords: outsourcing, techniques used in outsourcing, challenges of outsourcing implementation, management issues during implementation of outsourcing project

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Authors: Henriette Scholtz

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Excessive executive directors’ remuneration remains a major concern for many stakeholders and are some of the factors to blame for the recent global financial crisis. The objective of this study was to examine whether certain firm characteristics are an effective way of protecting shareholders’ interests with respect to executive directors’ remuneration. To achieve this, an ordinary least squares model was used to test the relationship between the remuneration of executive directors and a number of firm and corporate governance characteristics to determine whether these characteristics have an influence on executive directors’ remuneration of large listed companies in South Africa. It was found that corporate governance reforms relating to institutional ownership, shareholder voting on the remuneration policy and the number of remuneration committee meetings acts as an effective governance tool to protect shareholder’s interests with regard to executive remuneration. There is no evidence that the number of non-executive directors on the remuneration committee has an influence on the executive directors’ remuneration.

Keywords: executive directors’ remuneration, agency theory, corporate governance, remuneration committee, directors’ shareholding, institutional ownership

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Authors: Sewe Silvanus Odhiambo

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Globally, many governments have publicly recognized private security firms as essential services providers. The private security firms face a lot of challenges, but the COVID-19 situation also has exacerbated them to another level. This paper locates its relevance in the post-coronavirus era. The COVID-19 pandemic has redefined the world operation, which shows a higher impact on the security field. Accordingly, the purpose of the study was to examine the role of corporate governance on the performance of private security firms in a post-covid pandemic era in Kenya. The study employed a descriptive research design, which included a quantitative approach and secondary data. The study was carried in the month of July 2021 from the registered private security firms. After targeting all private security firms, only 54 firms had disclosed their annual report by the time of conducting the study. The results depicted that pandemic has affected the performance of private security firms measures unfavorably. Further, boards of directors show a positive association with security firm performance. The study recommends that there is need board of directors to enhance management’s risk assessments in the midst of COVID-19; ensure that there are business continuity plans; there is organizational resilience; there is need for the development of new digital strategies; enabling the digital workforce in the firms and have effective communication plans with both internal and external stakeholders to deal with uncertainties and develop more post-COVID practices for boards of directors to improve performance of private security firms in Kenya. The practical implications of the study are that the research outcomes might assist regulatory bodies, investors, policymakers, and the security sector in general in their formulation of public and corporate governance strategies concerning future emergency preparedness and responses. This study also provides a unique contribution to the literature of COVID-19 and security firm performance in emerging economies context.

Keywords: COVID-19, corporate governance, firm performance, private security firms

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Authors: Aliyu Aminu Baba, Yahaya Danjuma, Ahmad Sule Liman-Katagum

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This paper examines the effects of the board of directors’ diversity on firm performance. We investigate the relationship between the number of women directors on the board and important board committees and financial performance measured as return on assets. Our statistical analysis supports the theoretical position of the effect diversity on financial performance. These studies enhanced the previous studies on the board of director’s gender diversity, board committees, and its impacts on firm financial performance. The study uses data from eighteen (18) Nigerian commercial banks. The study finds that banks with a higher number of females directors on board and board committees have higher Earning per share(EPS)) and Return on Assets (ROA). It also finds that some banks did not even have a single female on its corporate board. Evidence imply that decisions concerning the appointment of women to corporate boards should be on criteria and financial performance. It is recommended that banks can enhance their financial performance by having more female directors on their corporate board.

Keywords: board of directors, gender diversity, board committees, financial performance

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Authors: Selma R. Oliveira, E. W. Cazarini

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Recently, studies have referenced innovation as a key factor affecting the performance of firms. Companies make use of its innovative capacities to achieve sustainable competitive advantage. In this perspective, the objective of this paper is to contribute to innovation planning policies in industry 4.0. Thus, this paper examines the disruptive innovation capacity on firm performance in Europe. This procedure was prepared according to the following phases: Phase 1: Determination of the conceptual model; and Phase 2: Verification of the conceptual model. The research was initially conducted based on the specialized literature, which extracted the data regarding the constructs/structure and content in order to build the model. The research involved the intervention of experts knowledgeable on the object studied, selected by technical-scientific criteria. The data were extracted using an assessment matrix. To reduce subjectivity in the results achieved the following methods were used complementarily and in combination: multicriteria analysis, multivariate analysis, psychometric scaling and neurofuzzy technology. The data were extracted using an assessment matrix and the results were satisfactory, validating the modeling approach.

Keywords: disruptive innovation, capacity, performance, Industry 4.0

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Authors: P. B. Sob, T. B. Tengen, A. A. Alugongo

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Mechanical behavior of 6082T6 aluminum is investigated at different temperatures. The strain rate sensitivity is investigated at different temperatures on the grain size variants. The sensitivity of the measured grain size variants on 3-D grain is discussed. It is shown that the strain rate sensitivities are negative for the grain size variants during the deformation of nanostructured materials. It is also observed that the strain rate sensitivities vary in different ways with the equivalent radius, semi minor axis radius, semi major axis radius and major axis radius. From the obtained results, it is shown that the variation of strain rate sensitivity with temperature suggests that the strain rate sensitivity at the low and the high temperature ends of the 6082T6 aluminum range is different. The obtained results revealed transition at different temperature from negative strain rate sensitivity as temperature increased on the grain size variants.

Keywords: nanostructured materials, grain size variants, temperature, yield stress, strain rate sensitivity

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Authors: Aamar Ilyas

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Value of firm does not only depend upon its financial and material resources rather human resource is also a significant contributor in success of organizations by achieving competitive advantage. Human resource is an important asset so it is the main responsibility of employers to get the best use of this resource. Hence, this paper will explore the human resource practices used by entrepreneurs in the informal economy in Lahore, the provincial capital of Punjab, Pakistan. In this study three major sectors are randomly selected. Snowball sampling technique was applied to collect data. Survey was conducted through interviews of 45 respondents working in the informal sector. The results show that informal sector in Pakistan is not using any formal human resource practices as done by formal enterprises. Findings suggest that there should be the implementation of the human resource practices that help the firm to increase its productivity and ensure the betterment of the employees. The main limitation of the study was short time period to cater all sectors of informal economy of Pakistan which limits the extent of its generalizability. The rationale behind this study is to uncover the facts regarding management practices of human capital in the informal sector.

Keywords: HR practices, informal economy, working condition, recruitment, training, employee motivation, welfare

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Authors: Amira Racha Ben Yakoub, Ali Ferchichi

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In order to investigate the impact of sowing time on growth parameters, the length of the development cycle and yield of tossa jute (Corchorus olitorius L.), a field experiment was conducted from March to May 2011 at the Laboratoire d’Aridoculture et Cultures Oasiennes, ‘Institut des Régions Arides de Médénine’, Tunisia. Results of the experiment revealed that the early sowing (the middle of March, the beginning of April) induced a cycle of more than 100 days to reach the stage maturity and generates a marked drop in production. This period of plantation affects plant development and leads to a sharp drop in performance marked primarily by a reduction in growth, number and size of leaves, number of flowers and pods and weight of different parts of plant. Sowing from the end of April seems appropriate for shortening the development cycle and better profitability than the first two dates. Seeding of C. olitorius during May enhance the development of plants more dense, which explains the superiority of production marked by the increase of seed yield and leaf fresh and dry weight of this leafy vegetables.

Keywords: tossa jute (Corchorus olitorius L), sowing date, growth, yield

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Authors: Francesco Paolone

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This paper investigates the role of Operating Cash Flow (OCF) and accruals in firm valuation analyzing financial statement information from the largest European companies and evaluating their relation to firm market value. Using a dataset of 500 largest European companies in 2018, the study investigates the relative value-relevance of equity, net income and operating cash flow (OCF). Findings show that the cash flow measure has the same explanatory power and intensity as equity and earnings to explain the market value. This study contributes to the debate on the value relevance of OCF incremental to book value and earnings. It also extends the literature, showing that OCF has information content (value relevance) superior to earnings and book value in the main European markets (Bepari et al., 2013). Finally, the study provides a support that accounting method choice may confuse investors, who have reduced confidence in accounting earnings and book value; in other words, nowadays European investors rely more on cash flows instead of accruals numbers.

Keywords: Cash Flow Statement, Value Relevance, Accounting, Financial Statement Analysis

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Authors: T. Nishimura, K. Doi, H. Fujimoto, T. Wada

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We conducted perception experiments on tactile symbols to elucidate the impact of the size of these letters on the level of perceptibility. This study was based on the accessible design perspective and aimed at expanding the availability of tactile symbols for the visually impaired who are unable to read Braille characters. In particular, this study targeted people with acquired visual impairments as users of the tactile symbols. The subjects (young and elderly individuals) in this study had normal vision. They were asked to participate in the experiments to identify tactile symbols while unable to see their hand during the experiments. This study investigated the relation between the size and perceptibility of tactile symbols based on an examination using test pieces of these letters in different sizes. The results revealed that the error rates for both young and elderly subjects converged to almost 0% when 12 mm size tactile symbols were used. The findings also showed that the error rate was low and subjects could identify the symbols in 5 s when 16 mm size tactile symbols were introduced.

Keywords: accessible design, tactile sense, tactile symbols, bioinformatic

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Authors: Burcu Akyildiz, Cigdem Kadaifci, Y. Ilker Topcu, Burc Ulengin

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In today’s business environment, companies should make strategic decisions to gain sustainable competitive advantage. Order selection is a crucial issue among these decisions especially for steel production industry. When the companies allocate a high proportion of their design and production capacities to their ongoing projects, determining which customer order should be chosen among the potential orders without exceeding the remaining capacity is the major critical problem. In this study, it is aimed to identify and prioritize the evaluation factors for the customer order selection problem. Conjoint analysis is used to examine the importance level of each factor which is determined as the potential profit rate per unit of time, the compatibility of potential order with available capacity, the level of potential future order with higher profit, customer credit of future business opportunity, and the negotiability level of production schedule for the order.

Keywords: conjoint analysis, order prioritization, profit management, structural steel firm

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Authors: Wu Qinglong, Zhou Qicai, Xiong Xiaolei, Zhang Richeng

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In order to achieve the layout and size optimization of the web members of tower crane boom, a truss topology and cross section size optimization method based on continuum is proposed considering three typical working conditions. Firstly, the optimization model is established by replacing web members with web plates. And the web plates are divided into several sub-domains so that periodic soft kill option (SKO) method can be carried out for topology optimization of the slender boom. After getting the optimized topology of web plates, the optimized layout of web members is formed through extracting the principal stress distribution. Finally, using the web member radius as design variable, the boom compliance as objective and the material volume of the boom as constraint, the cross section size optimization mathematical model is established. The size optimization criterion is deduced from the mathematical model by Lagrange multiplier method and Kuhn-Tucker condition. By comparing the original boom with the optimal boom, it is identified that this optimization method can effectively lighten the boom and improve its performance.

Keywords: tower crane boom, topology optimization, size optimization, periodic, SKO, optimization criterion

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Authors: Cheniti Khalissa, Dekhili Mohamed

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Several fungal diseases may infect hard and soft wheat, which directly affect the yield and thus the economy of the homeland. So, a treatment fungicide is one of means of diseases control. In this context, we studied two varieties of wheat; Waha for soft wheat and Hidhab for hard wheat, at the level of the Technical Institute of crops (ITGC) in the wilaya of Setif under semi-arid conditions. This study consists of a successive application of three fungicides (Tilt, Artea, and Armistarxtra) according to three treatments (T1, T2, and T3) in addition to the witness (T0) at different stages of plant development (respectively, Montaison, earing and after flowering) whose purpose is to test and determine the effectiveness of these products used sequentially. The study showed good efficacy when we use the sum of these pesticides The comparison between these different treatments indicates that the T3 treatment reduced yield losses significantly; which is evident in the main yield components such as fertility, grain yield and weight of 1000 grains. The various components of yield and final yield are all parameters to be taken into account in such a study. In general, the fungal treatment is an effective way of improving profitability. In general, the fungal treatment is an effective way of improving profitability and positioning interventions in time is one of the requirements for an appreciable efficiency.

Keywords: hard wheat, soft wheat, diseases, fungicide treatment, fertility, 1000-grain weight, semi-arid zone

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Authors: Varutorn Tulnawat, Padcharee Phasuk

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This paper investigates the issue of China’s dumping on border trade between Thailand and Laos. From the pass mostly, the border trade goods are traditional textile and garment mainly served locals and tourists which majority of traders is of small and medium size. In the present day the competition is fierce, the volume of trade has expanded far beyond its original intent. The major competitors in Thai-Laos border trade are China, Vietnam and also South Korea. This research measures and compares the efficiency and ability to survive the onslaught of Thai and Laos firm along Thailand (Nong Kai province) and Laos (Vientiane) border. Two attack strategies are observed, price cutting and incense such as full facilitation for big volume order. Data Envelopment Analysis (DEA) is applied to data surveyed from 90 Thai and Laos entrepreneurs. The expected results are the proportion of efficiency and inefficiency firms. Points of inefficiency and suggested improvement are also discussed.

Keywords: border trade, dea, textile, garment

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Authors: Mohammad Nadeem, Haider Banka, R. Venugopal

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Granulation or agglomeration is a size enlargement process to transform the fine particulates into larger aggregates since the fine size of available materials and minerals poses difficulty in their utilization. Though a long list of methods is available in the literature for the modeling of granulation process to facilitate the in-depth understanding and interpretation of the system, there is still scope of improvements using novel tools and techniques. Intelligent techniques, such as artificial neural network, fuzzy logic, self-organizing map, support vector machine and others, have emerged as compelling alternatives for dealing with imprecision and complex non-linearity of the systems. The present study tries to review the applications of intelligent techniques in the modeling of size enlargement process for fine materials.

Keywords: fine material, granulation, intelligent technique, modelling

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Authors: Nour Ismail, Sahar El Kardawy, Bassant Badwy

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Radiofrequency (RF) lesioning of nerves have been commonly used to alleviate chronic pain, where RF current preventing transmission of pain signals through the nerve by heating the nerve causing the pain. There are some factors that affect the temperature distribution and the nerve lesion size, one of these factors is the inhomogeneities in the tissue medium. Our objective is to calculate the temperature distribution and the nerve lesion size in a nonhomogenous medium surrounding the RF electrode. A two 3-D finite element models are used to compare the temperature distribution in the homogeneous and nonhomogeneous medium. Also the effect of temperature-dependent electric conductivity on maximum temperature and lesion size is observed. Results show that the presence of a nonhomogeneous medium around the RF electrode has a valuable effect on the temperature distribution and lesion size. The dependency of electric conductivity on tissue temperature increased lesion size.

Keywords: finite element model, nerve lesioning, pain relief, radiofrequency lesion

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Authors: Yousef Bakhbakhi

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Crystallization with supercritical fluids (SCFs), as a developed technology to produce particles of micron and sub-micron size with narrow size distribution, has found appreciable importance as an environmentally friendly technology. Particle synthesis using SCFs can be achieved employing a number of special processes involving solvent and antisolvent mechanisms. In this study, the compressed antisolvent (PCA) process is utilized as a model to analyze the theoretical complexity of crystallization with supercritical fluids. The population balance approach has proven to be an effectual technique to simulate and predict the particle size and size distribution. The nucleation and growth mechanisms of the particles formation in the PCA process is investigated using the population balance equation, which describes the evolution of the particle through coalescence and breakup levels with time. The employed mathematical population balance model contains a set of the partial differential equation with algebraic constraints, which demands a rigorous numerical approach. The combined Collocation and Galerkin finite element method are proposed as a high-resolution technique to solve the dynamics of the PCA process.

Keywords: particle formation, particle size and size distribution, PCA, supercritical carbon dioxide

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Authors: Paul Ojeaga

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Can the level of innovation use drive un-validated business models across regions? To what extent does industrial sector attractiveness drive firm’s success across regions at the time of start-up? This study examines the role of innovation on start-up success in six regions of the world (namely Sub Saharan Africa, the Middle East and North Africa, Latin America, South East Asia Pacific, the European Union and the United States representing North America) using macroeconomic variables. While there have been studies using firm level data, results from such studies are not suitable for national policy decisions. The need to drive a regional innovation policy also begs for an answer, therefore providing room for this study. Results using dynamic panel estimation show that innovation counts in the early infancy stage of new business life cycle. The results are robust even after controlling for time fixed effects and the study present variance-covariance estimation robust standard errors.

Keywords: industrial economics, un-validated business models, scalable models, entrepreneurship

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Authors: Dharshini M., Hema N. S.

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The project for the production of aniline is done by providing 295.46 tons per day of nitrobenzene as feed. The material and energy balance calculations for the different equipment like distillation column, heat exchangers, reactor and mixer are carried out with simulation via DWSIM. The conversion of nitrobenzene to aniline by hydrogenation process is considered to be 96% and the total production of the plant was found to be 215 TPD. The cost estimation of the process is carried out to estimate the feasibility of the plant. The net profit and percentage return of investment is estimated to be ₹27 crores and 24.6%. The payback period was estimated to be 4.05 years and the unit production cost is ₹113/kg. A techno-economic analysis was performed for the production of aniline; the result includes economic analysis and sensitivity analysis of critical factors. From economic analysis, larger the plant scale increases the total capital investment and annual operating cost, even though the unit production cost decreases. Uncertainty analysis was performed to predict the influence of economic factors on profitability and the scenario analysis is one way to quantify uncertainty. In scenario analysis the best-case scenario and the worst-case scenario are compared with the base case scenario. The best-case scenario was found at a feed rate of 120 kmol/hr with a unit production cost of ₹112.05/kg and the worst-case scenario was found at a feed rate of 60 kmol/hr with a unit production cost of ₹115.9/kg. The base case is closely related to the best case by 99.2% in terms of unit production cost. since the unit production cost is less and the profitability is more with less payback time, it is feasible to construct a plant at this capacity.

Keywords: aniline, nitrobenzene, economic analysis, unit production cost

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