Search results for: external relational capital

Authors: C. E. Ogbanje, S. A. N. D. Chidebelu, N. J. Nweze

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The study evaluated off-farm work and cost efficiency in staple food production among small-scale farmers in North Central Nigeria. Multistage sampling technique was used to select 360 respondents (participants and non-participants in off-farm work). Primary data obtained were analysed using stochastic cost frontier and test of means’ difference. Capital input was lower for participants (N2,596.58) than non-participants (N11,099.14). Gamma (γ) was statistically significant. Farm size significantly (p<0.01) increased cost outlay for participants and non-participants. Average input prices of enterprises one and two significantly (p<0.01) increased cost. Sex, household size, credit obtained, formal education, farming experience, and farm income significantly (p<0.05) reduced cost inefficiency for non-participants. Average cost efficiency was 11%. Farm capital was wasted. Participants’ substitution of capital for labour did not put them at a disadvantage. Extension agents should encourage farmers to obtain financial relief from off-farm work but not to the extent of endangering farm cost efficiency.

Keywords: cost efficiency, mean difference, North Central Nigeria, off-farm work, participants and non-participants, small-scale farmers

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Authors: Maud Mthembu, Tanusha Raniga, Michael Boecker

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In South Africa and Germany, countless number of children are raised by single mothers with little or no support from the biological fathers. As evidenced in literature, having an involved father living at home can have a positive influence in the life of a child and the mother can be supported in her role. Often single parenting is seen as a causative factor in numerous psychological and social challenges which are faced by children from single-parent households, which is an indication of a pathological lens of viewing single parenting. The empirical data from our study reveals that single mothers in formal employment experience social, economic and emotional hardships of parenting. However, a sense of determination to raise healthy and well-balanced children using economic and social capital accessible to them was one of the key findings. The participants reported visible and invisible sources of support which creates an enabling environment for them to negotiate the challenges of parenting without support from non-residence fathers. Using a qualitative paradigm, a total of twenty professional single mothers were interviewed in Germany and South Africa. Four key themes emerged from the data analysis namely; internal locus of control, positive new experiences, access to economic capital and dependable social support. This study suggests that single mothers who are economically self-reliant and have access to bonding social capital are able to cope with the demands of single parenting. Understanding this multi-dimensional experience of parenting by single parents in formal employment is important to advocate for supportive working conditions for mothers.

Keywords: child parenting, child protection, single parenting, social capital

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Authors: Mateusz Mokrogulski, Piotr Śliwka

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The aim of this paper is the identification of periods of excessive credit growth in the Polish banking sector in years 2007-2014 using different methodologies. Due to the lack of precise guidance in CRD IV regarding methods of calculating the credit gap and related deviations from the long-term trends, a few filtering methods are applied, e.g. Hodrick-Prescott and Baxter-King. The solutions based on the switching model are also proposed. The next step represent computations of both the credit gap, and the counter cyclical capital buffer (CCB) rates on a quarterly basis. The calculations are carried out for the entire banking sector in Poland, as well as for its components (commercial and co-operative banks), and different types of loans. The calculations show vividly that in the analysed period there were the times of excessive credit growth. However, the results are different for the above mentioned sub-sectors. Of paramount importance here are mortgage loans, where the outcomes are distorted by high exchange rate fluctuations. The research on the CCB is now going to gain popularity as the buffer will soon become one of the tools of the macro prudential policy under CRD IV. Although the presented method is focused on the Polish banking sector, it can also be applied to other member states. Especially to the Central and Eastern European countries, that are usually characterized by smaller banking sectors compared to EU-15.

Keywords: countercyclical capital buffer, CRD IV, filtering methods, mortgage loans

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Authors: Rupert G. S. Legg

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The connection between poor health outcomes and living near contaminated land has long been understood. Less examined has been the impact of remediation on residents’ health. The cleaning process undoubtedly changes the local area in which it occurs, leading to the possibility that local housing and rental prices could increase resulting in the displacement of those least able to cope. Whether or not this potential displacement resulting from remediation has a considerable impact on health remains unknown. This review aims to determine how these health effects have been approached in the health geography literature. A systematic review of health geographies literature was conducted, searching for two-word clusters: ‘health’ and ‘remediation’ (100 articles); and ‘health’, ‘displacement’ and ‘gentrification’ (43 articles). 43 articles were selected for their relevance (7 from the first cluster, 20 from the second, and 16 from those cited within the reviewed articles). Several of the reviewed cases identified that potential displacement was a contributor to stress and worry in residents living near remediation projects. Likewise, the experience of displacement in other cases beyond remediation was linked with several mental health issues. However, no remediation cases followed-up on the ultimate effects of experiencing displacement on residents’ health. A reason identified for this was a tendency for reviewed studies to adopt a contextual or compositional approach, as opposed to a relational approach, which is more concerned with dimensions of mobility and temporality. Given that remediation and displacement both involve changing mobility and temporality, focussing solely on contextual or compositional factors is problematic. This review concludes by suggesting that more thorough, relational research is conducted into the extent to which potential displacement resulting from remediation affects health.

Keywords: contamination, displacement, health geography, remediation

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Authors: B. G. Muhammad, S. M. Jafar

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Neutron Activation Analysis (NAA) and Inductively Coupled Plasma Mass Spectrometry (ICP-MS) were employed to analyze the level of trace elements concentrations in sediment samples and their bioaccumulation in some aquatic species selected randomly from surface water resources in the Northern peninsula of Malaysia. The NAA results of the sediment samples indicated a wide range in concentration of different elements were observed. Fe, K, and Na were found to have major concentration values that ranges between 61,000 ± 1400 to 4,500 ± 100 ppm, 20100±1000 to 3100±600 and 3,100±600 and 200±10 ppm, respectively. Traces of heavy metals with much more contamination health concern, such as Cr and As, were also identified in many of the samples analyzed. The average specific activities of 40K, 232Th and 226Ra in soil and the corresponding radium equivalent activity and the external hazard index were all found to be lower than the maximum permissible limits (370 Bq kg-1 and 1).

Keywords: external hazard index, Neutron Activation Analysis, radium equivalent, trace elements concentrations

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Authors: Hung-Yu Lin

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Background: Parts of researchers assert that external hyperactivity behaviors of ADHD children interfere with their abilities to perform internal cognitive tasks; however, there are still other researchers hold the opposite viewpoint, the external high level of activity may serve as the role of improving internal executive function.Objectives: Thisstudy explored the effects of external motor behavior of ADHD on internal visual attentional performance. Methods: A randomized, two-period crossover design was used in this study, a total of 80 children (aged 6-12) were recruited in this study. 40participants have received ADHD diagnosis, and others are children with typically developing. These children were measured through the visual edition of TOVA (The Test of Variables of Attention) when they wore actigraphy, their testing behavior and movement data werecollected through closely observation and the actigraphies under different research conditions. Result: According to the research result, the author found (1) Higherfrequencyof movement under attentional testing condition was found in children with ADHD, comparing to children with typically developing, and (2) Higher frequency of foot movement showed better attentional performance of the visual attentional test in children with ADHD. However, these results were not showed in children with typically developing. Conclusions: The findings support the functional working memory model, which advocated that a positive relation between gross motor activity and attentional performance within the context of attentive behavior in children with ADHD.

Keywords: ADHD, movement, visual attention, children

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Authors: Yi-De Liu

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For many European cities, a key motivation in developing event strategies is to use event as a catalyst for urban regeneration. One type of event that is particularly used as a means of urban development is the European Capital of Culture (ECOC) initiative. Based on a case study of the 2008 ECOC Liverpool, this paper aims at conceptualising the significance of major event for a city’s economic, cultural and social regenerations. In terms of economic regeneration, the role of the ECOC is central in creating Liverpool’s visitor economy and reshaping city image. Liverpool planned different themes for eight consecutive years as a way to ensure economic sustainability. As far as cultural regeneration is concerned, the ECOC contributed to the cultural regeneration of Liverpool by stimulating cultural participation and interest from the demand side, as well as improving cultural provision and collaboration within the cultural sector from the supply side. So as to social regeneration, Liverpool treated access development as a policy guideline and considered the ECOC as an opportunity to enhance the sense of place. The most significant lesson learned from Liverpool is its long-term planning and efforts made to integrate the ECOC into the overall urban development strategy. As a result, a more balanced and long-term effect on urban regeneration could be achieved.

Keywords: cultural event, urban regeneration, european capital of culture, Liverpool

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Authors: Yasir Ramadhan

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This study aims to investigate tax avoidance practices when a financial crisis occurs due to the effects of the COVID-19 pandemic. This study also finds out how the influence of independent commissioners and external auditors on tax avoidance practices during the COVID-19 pandemic. Tax avoidance practices are measured by the current ETR. The role of the independent board of commissioners is measured by the proportion of independent commissioners in the composition of the board of commissioners, while the external auditor is measured by audit quality. In this study, there were 342 observations of companies listed on the Indonesia Stock Exchange from 2019 to 2020. This study used the difference-in-differences (DiD) method in data analysis. The results of this study indicate that companies do tax avoidance during the COVID-19 pandemic. Meanwhile, independent commissioners and qualified audits are not proven to be able to negate tax avoidance practices during the COVID-19 Pandemic. These results also show that a higher proportion of independent commissioners and audit quality are not sufficient for countries with low levels of auditor litigation and investor protection and weak regulatory frameworks.

Keywords: audit, commissioner, tax avoidance, COVID-19 pandemic

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Authors: Mitra Sadoughi

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This study presents the knowledge-sharing model based on individual and organizational factors related to faculty members. To achieve this goal, individual and organizational factors were presented through qualitative research in the form of open codes, axial, and selective observations; then, the final model was obtained using structural equation model. Participants included 1,719 faculty members of the Azad Universities, Mazandaran Province, Region 3. The samples related to the qualitative survey included 25 faculty members experienced at teaching and the samples related to the quantitative survey included 326 faculty members selected by multistage cluster sampling. A 72-item questionnaire was used to measure the quantitative variables. The reliability of the questionnaire was 0.93. Its content and face validity was determined with the help of faculty members, consultants, and other experts. For the analysis of quantitative data obtained from structural model and regression, SPSS and LISREL were used. The results showed that the status of knowledge sharing is moderate in the universities. Individual factors influencing knowledge sharing included the sharing of educational materials, perception, confidence and knowledge self-efficiency, and organizational factors influencing knowledge sharing included structural social capital, cognitive social capital, social capital relations, organizational communication, organizational structure, organizational culture, IT infrastructure and systems of rewards. Finally, it was found that the contribution of individual factors on knowledge sharing was more than organizational factors; therefore, a model was presented in which contribution of individual and organizational factors were determined.

Keywords: knowledge sharing, social capital, organizational communication, knowledge self-efficiency, perception, trust, organizational culture

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Authors: Arif Anwar Surani, Salman Ali, Asif Surani, Sohaib Zahid, Akbar Shoukat Ali, Zeeshan-Ul-Hassan Usmani, Joseph Varon, Salim Surani

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Objective: Terrorism and suicidal bomb blast attacks are commonplace in Karachi, Pakistan. During the years 2000 to 2007, there were over 60 bomb explosions resulting in more than 1500 casualties. These explosions produce a wide variety of external injuries. We undertook this study to evaluate pattern of external injury produced after bomb blast attacks and to compare injury profile resulting from explosions in open versus semi-confined blast environments. Method: A retrospective, cross-sectional, study was conducted to review injuries sustained after bomb blast attacks in Karachi, Pakistan, from January 2000 to October 2007. Emergency medical records and medico legal certificates of patients presented to three major public sector hospitals of Karachi were evaluated using self-design proforma. Results: Data of 481 victims meet inclusion criteria and were incorporated for final analysis. Of these, 63.6% were injured in open spaces and 36.4% were injured in semi-confined blast environments. Lacerations were commonly encountered as external injury (47.7%) followed by penetrating wounds (15.3%). Lower and upper extremities were most commonly affected (38.6% and 19% respectively). Open and semi-confined blast environments produced a specific injury pattern and profile (p=<0.001). Conclusions: Bomb blast attacks in Karachi produce an external injury pattern consistent with other studies, with exception of an increased frequency in penetrating wounds. Semi-confined blast environments were associated with severe injuries. Further studies are required to better classify injuries and their severity based on standardized scoring systems. Effective emergency response systems must be designed to cope with mass causalities following bomb explosions.

Keywords: bomb blast attacks, injury pattern, external injury, open space, semi-confined space, blast environment

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Authors: Shubhangi Roy

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Relational Contracts (informal understandings not enforceable by law) are a common feature of most economies. However, their dominance is higher in developing countries. Such informality of economic sectors is often co-related to lower economic growth. The aim of this paper is to investigate whether informal arrangements i.e. relational contracts are a cause or symptom of lower levels of economic and/or institutional development. The methodology followed involves an initial survey of 150 test subjects in Northern India. The subjects are all members of occupations where they frequently transact ensuring uniformity in transaction volume. However, the subjects are from varied socio-economic backgrounds to ensure sufficient variance in transaction values allowing us to understand the relationship between the amount of money involved to the method of transaction used, if any. Questions asked are quantitative and qualitative with an aim to observe both the behavior and motivation behind such behavior. An overarching similarity observed during the survey across all subjects’ responses is that in an economy like India with pervasive corruption and delayed litigation, economy participants have created alternative social sanctions to deal with non-performers. In a society that functions predominantly on caste, class and gender classifications, these sanctions could, in fact, be more cumbersome for a potential rule-breaker than the legal ramifications. It, therefore, is a symptom of weak formal regulatory enforcement and dispute settlement mechanism. Additionally, the study bifurcates such informal arrangements into two separate systems - a) when it exists in addition to and augments a legal framework creating an efficient socio-legal equilibrium or; b) in conflict with the legal system in place. This categorization is an important step in regulating informal arrangements. Instead of considering the entire gamut of such arrangements as counter-development, it helps decision-makers understand when to dismantle (latter) and when to pivot around existing informal systems (former). The paper hypothesizes that those social arrangements that support the formal legal frameworks allow for cheaper enforcement of regulations with lower enforcement costs burden on the state mechanism. On the other hand, norms which contradict legal rules will undermine the formal framework. Law infringement, in presence of these norms, will have no impact on the reputation of the business or individual outside of the punishment imposed under the law. It is especially exacerbated in the Indian legal system where enforcement of penalties for non-performance of contracts is low. In such a situation, the social norm will be adhered to more strictly by the individuals rather than the legal norms. This greatly undermines the role of regulations. The paper concludes with recommendations that allow policy-makers and legal systems to encourage the former category of informal arrangements while discouraging norms that undermine legitimate policy objectives. Through this investigation, we will be able to expand our understanding of tools of market development beyond regulations. This will allow academics and policymakers to harness social norms for less disruptive and more lasting growth.

Keywords: distribution of income, emerging economies, relational contracts, sample survey, social norms

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Authors: Thomas Meier

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One of the major challenges for sustainable smart building systems is to support device interoperability, i.e. connecting sensor or actuator devices from different vendors, and present their functionality to the external applications. Furthermore, smart building systems are supposed to connect with devices that are not available yet, i.e. devices that become available on the market sometime later. It is of vital importance that a sustainable smart building platform provides an appropriate external interface that can be leveraged by external applications and smart services. An external platform interface must be stable and independent of specific devices and should support flexible and scalable usage scenarios. A typical approach applied in smart home systems is based on a generic device interface used within the smart building platform. Device functions, even of rather complex devices, are mapped to that generic base type interface by means of specific device drivers. Our new approach, presented in this work, extends that approach by using the smart building system’s rule engine to create complex virtual devices that can represent the most diverse properties of real devices. We examined and evaluated both approaches by means of a practical case study using a smart building system that we have developed. We show that the solution we present allows the highest degree of flexibility without affecting external application interface stability and scalability. In contrast to other systems our approach supports complex virtual device configuration on application layer (e.g. by administration users) instead of device configuration at platform layer (e.g. platform operators). Based on our work, we can show that our approach supports almost arbitrarily flexible use case scenarios without affecting the external application interface stability. However, the cost of this approach is additional appropriate configuration overhead and additional resource consumption at the IoT platform level that must be considered by platform operators. We conclude that the concept of complex virtual devices presented in this work can be applied to improve the usability and device interoperability of sustainable intelligent building systems significantly.

Keywords: Internet of Things, smart building, device interoperability, device integration, smart home

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Authors: Thammanoon Charmjuree, Yuosre F. Badir, Umar Safdar

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There is a consensus among innovation scholars that knowledge is a vital antecedent for firm’s innovation; e.g., process innovation. Recently, there has been an increasing amount of attention to more open approaches to innovation. This open model emphasizes the use of purposive flows of knowledge across the organization boundaries. Firms adopt open innovation strategy to improve their innovation performance by bringing knowledge into the organization (inbound open innovation) to accelerate internal innovation or transferring knowledge outside (outbound open innovation) to expand the markets for external use of innovation. Reviewing open innovation research reveals the following. First, the majority of existing studies have focused on inbound open innovation and less on outbound open innovation. Second, limited research has considered the possible interaction between both and how this interaction may impact the firm’s innovation performance. Third, scholars have focused mainly on the impact of open innovation strategy on product innovation and less on process innovation. Therefore, our knowledge of the relationship between firms’ inbound and outbound open innovation and how these two impact process innovation is still limited. This study focuses on the firm’s external technology acquisition (ETA) and external technology exploitation (ETE) and the firm’s process innovation performance. The ETA represents inbound openness in which firms rely on the acquisition and absorption of external technologies to complement their technology portfolios. The ETE, on the other hand, refers to commercializing technology assets exclusively or in addition to their internal application. This study hypothesized that both ETA and ETE have a positive relationship with process innovation performance and that ETE fully mediates the relationship between ETA and process innovation performance, i.e., ETA has a positive impact on ETE, and turn, ETE has a positive impact on process innovation performance. This study empirically explored these hypotheses in software development firms in Thailand. These firms were randomly selected from a list of Software firms registered with the Department of Business Development, Ministry of Commerce of Thailand. The questionnaires were sent to 1689 firms. After follow-ups and periodic reminders, we obtained 329 (19.48%) completed usable questionnaires. The structure question modeling (SEM) has been used to analyze the data. An analysis of the outcome of 329 firms provides support for our three hypotheses: First, the firm’s ETA has a positive impact on its process innovation performance. Second, the firm’s ETA has a positive impact its ETE. Third, the firm’s ETE fully mediates the relationship between the firm’s ETA and its process innovation performance. This study fills up the gap in open innovation literature by examining the relationship between inbound (ETA) and outbound (ETE) open innovation and suggest that in order to benefits from the promises of openness, firms must engage in both. The study went one step further by explaining the mechanism through which ETA influence process innovation performance.

Keywords: process innovation performance, external technology acquisition, external technology exploitation, open innovation

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Authors: Buket Canbaz Öztürk, N. Füsun Çam, Günseli Yaprak, Osman Candan

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The external terrestrial radiation exposure is related to the types of rock from which the soils originate. Higher radiation levels are associated with igneous rocks, such as granite, and lower levels with sedimentary rocks. Therefore, this study aims to assess the gamma radiation exposure of soils associated with granitic rocks in Kapıdağ Peninsula, Turkey. In the ongoing study, a comprehensive survey carried out systematically as a part of the environmental monitoring program on radiologic impact of the granitoid areas in Western Anatolia. The activity measurements of the gamma emitters (238U, 232Th and 40K) in the surface soil samples and the granitic rocks carried out by means of NaI(Tl) gamma-ray spectrometry system. To evaluate the radiological hazard of the natural radioactivity, the absorbed dose rate (D), the annual effective dose rate (AED), the radium equivalent activity (Raeq) and the external (Hex) hazard index were calculated according to the UNSCEAR 2000 report. The corresponding absorbed dose rates in air from all natural radionuclides were always much lower than 200 nGy h-1 and did not exceed the typical range of worldwide average values noticed in the UNSCEAR (2000) report. Furthermore, the correlation between soil and granitic rock samples were utilized, and external gamma radiation exposure distribution was mapped in Kapıdağ Peninsula.

Keywords: external absorbed dose, granitic rocks, Kapıdağ Peninsula, soil

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Authors: Angelika Kris D. Dalangin, Cesar B. Quicoy

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Rice farming is a major source of livelihood and employment in the Philippines, but it requires a substantial amount of capital. Capital may come from income (farm, non-farm, and off-farm), savings and credit. However, rice farmers suffer from lack of capital due to high costs of inputs and low productivity. Capital insufficiency, coupled with low productivity, hindered them to meet their basic household and production needs. Hence, they resorted to borrowing money, mostly from informal lenders who charge very high interest rates. As another source of capital, savings can help rice farmers meet their basic needs for both the household and the farm. However, information is inadequate whether the farmers save or not, as well as, why they do not depend on savings to augment their lack of capital. Thus, it is worth analyzing how rice farmers saved. The study revealed, using the actual savings which is the difference between the household income and expenditure, that about three-fourths (72%) of the total number of farmers interviewed are savers. However, when they were asked whether they are savers or not, more than half of them considered themselves as non-savers. This gap shows that there are many farmers who think that they do not have savings at all; hence they continue to borrow money and do not depend on savings to augment their lack of capital. The study also identified the forms of savings, saving motives, and savings utilization among rice farmers. Results revealed that, for the past 12 months, most of the farmers saved cash at home for liquidity purposes while others deposited cash in banks and/or saved their money in the form of livestock. Among the most important reasons of farmers for saving are for daily household expenses, for building a house, for emergency purposes, for retirement, and for their next production. Furthermore, the study assessed the factors affecting the rice farmers’ savings behaviour using logistic regression. Results showed that the factors found to be significant were presence of non-farm income, per capita net farm income, and per capita household expense. The presence of non-farm income and per capita net farm income positively affects the farmers’ savings behaviour. On the other hand, per capita household expenses have negative effect. The effect, however, of per capita net farm income and household expenses is very negligible because of the very small chance that the farmer is a saver. Generally, income and expenditure were proved to be significant factors that affect the savings behaviour of the rice farmers. However, most farmers could not save regularly due to low farm income and high household and farm expenditures. Thus, it is highly recommended that government should develop programs or implement policies that will create more jobs for the farmers and their family members. In addition, programs and policies should be implemented to increase farm productivity and income.

Keywords: agricultural economics, agricultural finance, binary logistic regression, logit, Philippines, Quezon, rice farmers, savings, savings behaviour

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Authors: Gamze Sekeroglu, Mikail Altan

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Working capital is identified as firm’s all current assets. Inventories which are one of the working capital elements are very important among current assets for firms. Because, profitability is an indicator for firms’ financial success is provided with minimum cost and optimum inventory quantity. So in this study, it is investigated as comparatively that the effect of inventory management on the profitability of Turkish firms which operated in weaving industry, eatables industry, wholesale and retail industry in between 2003 – 2012 years. Research data consist of profitability ratios and inventory turnovers ratio calculated by using balance sheets and income statements of firms which operated in Borsa Istanbul (BIST). In this research, the relationship between inventories and profitability is investigated by using SPSS-20 software with regression and correlation analysis. The results achieved from three industry departments which exist in study interpreted as comparatively. Accordingly, it is determined that there is a positive relationship between inventory management and profitability in eatables industry. However, it was founded that there is no relationship between inventory management and profitability in weaving industry and wholesale and retail industry.

Keywords: profitability, regression analysis, inventory management, working capital

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Authors: Shuchi Bharti

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This article intends to analyse the transforming nature of state and corporate sector relationship in the light of evolving regulatory and institutional aspects pertaining to Corporate Social Responsibility (CSR) in India. The focus is on evaluating the accounts of law and decentred discourses, relevant within the changing regulatory and institutional paradigm that substantially goes ahead of formal legal control of state towards corporate actors. At this vantage point, it is important to understand the state’s posture towards a changing scenario particularly as the tone is set by regulatory parameters pertaining to CSR to drive process of engagement with the stakeholders. The tripartite framework of the article intends to focus on finding on the vital interconnected aspects of the CSR provisions (Section 135) of The Companies Act 2013 (The Act), rise of new institutions and the emergence of the decentred regulatory space. Thus is earmarked in a neo-liberal paradigm; state is witnessed to perform a responsive function in engendering enhanced public role for the corporate sector. In this overarching framework the aim is to undertake a causal, exploratory and relational analysis of aspects pertaining law, regulation and institutional transformations. Firstly, focus is drawn on to investigate the relational facets of the advent of law and regulatory framework of CSR. Secondly, in the light of the historical evolution, a causal connection is attempted between globalization, emergence of international soft law framework and the Indian case of CSR. Finally, I look into how the new Companies Act mandates CSR expenditure vis- a -vis multiple parameters and guidelines.

Keywords: corporate social responsibility, stakeholders, soft law, decentred regulation

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Authors: Syed Noaman Shah

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The current paper evaluates the effect of external public debt risk on the borrowing cost of private non-financial firms in euro zone. Further, the study also treats the impact of austerity measures on syndicated-loan spreads of private firm followed by euro area member states to revive the economic growth in the region. To test these hypotheses, we follow multivariate ordinary least square estimation method to assess the effect of external public debt on the borrowing cost of private firms. By using foreign syndicated-loan issuance data of non-financial private firms from 2005 to 2011, we attempt to gauge how the private financing cost varies with high levels of sovereign external debt prevalent in the euro zone. Our results suggest significant effect of external public debt on the borrowing cost of private firm. In particular, an increase in external public debt by one standard deviation from its sample mean raises syndicated-loan spread by 89 bps. Furthermore, weak creditor rights protection prevalent in member states deepens this effect. However, we do not find any significant effect of domestic public debt on the private sector borrowing cost. In addition, the results show significant effect of austerity measures on private financing cost, both in normal and in crisis period in the euro zone. In particular, one standard deviation change in fiscal consolidation conditional mean reduces the syndicated-loan spread by 22 bps. In turn, it indicates strong presence of credibility channel due to austerity measures in euro area region.

Keywords: corporate debt, fiscal consolidation, sovereign debt, syndicated-loan spread

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Authors: Fatemeh Rouhi, Hadi Nassiri

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Earning forecast is a key element in economic decisions but there are some situations, such as conflicts of interest in financial reporting, complexity and lack of direct access to information has led to the phenomenon of information asymmetry among individuals within the organization and external investors and creditors that appear. The adverse selection and moral hazard in the investor's decision and allows direct assessment of the difficulties associated with data by users makes. In this regard, the role of trustees in corporate governance disclosure is crystallized that includes controls and procedures to ensure the lack of movement in the interests of the company's management and move in the direction of maximizing shareholder and company value. Therefore, the earning forecast of companies in the capital market and the need to identify factors influencing this study was an attempt to make relationship between moral hazard and corporate governance with earning forecast quality companies operating in the capital market and its impact on Earnings Forecasts quality by the company to be established. Getting inspiring from the theoretical basis of research, two main hypotheses and sub-hypotheses are presented in this study, which have been examined on the basis of available models, and with the use of Panel-Data method, and at the end, the conclusion has been made at the assurance level of 95% according to the meaningfulness of the model and each independent variable. In examining the models, firstly, Chow Test was used to specify either Panel Data method should be used or Pooled method. Following that Housman Test was applied to make use of Random Effects or Fixed Effects. Findings of the study show because most of the variables are positively associated with moral hazard with earnings forecasts quality, with increasing moral hazard, earning forecast quality companies listed on the Tehran Stock Exchange is increasing. Among the variables related to corporate governance, board independence variables have a significant relationship with earnings forecast accuracy and earnings forecast bias but the relationship between board size and earnings forecast quality is not statistically significant.

Keywords: corporate governance, earning forecast quality, moral hazard, financial sciences

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Authors: Yan Li, Yujiang Gao

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Passengers are the main users of the airport. Whether the travel experience of passengers in the airport is comfortable or not is an important indicator for evaluating the reasonableness of airport design. Taking the Terminal 3 of Beijing Capital International Airport as an example, this paper analyzes the airport’s solution to the problem of passengers’ inconvenience caused by lost directions, excessive congestion, and excessively long streamlines during passenger use. First of all, by using the method of analyzing the design of architectural function streamlines, the design of interior spaces of buildings, and the interrelationship between interior design and passenger experience, it was first concluded that the airport is capable of performing the two major problems of easy disorientation and excessive congestion. Later, by using the method of analyzing architectural function streamlines and collecting passenger experience evaluations, it was concluded that the airport could not solve the inconvenience caused by excessively long streamlines to passengers. Finally came to the conclusion that the airport design meets the demand in terms of the overall design of the passenger experience, but the boarding line is still relatively long and some fly in the ointment.

Keywords: passengers’ experience, terminal 3 of Beijing capital international airport, lost directions, excessive congestion, excessively long streamlines

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Authors: Pascual García, Francisco Ochoa, Jessica Ordoñez

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The links between migration and development have been widely written and analyzed from different perspectives. However, the nexus between entrepreneurship and migration is of recent interest. The different studies related to this have focused on the ventures of ethnic enclaves, or on transnational businesses, which link the community of origin and destination. Beyond this perspective, this work analyzes the return migration, (a few studies until now, but forming part of a theoretical body of migration). As a result of the European crisis started between 2007-2008. Many Ecuadorians who lived in Europe, decided to return to their place of origin. The rise of the price of the oil and commodities presented a better panorama in Ecuador than in Europe. Faced with the magnitude of returnees, the opportunities for entrepreneurship in Ecuador increased (Accumulation of human capital, social capital, learned skills and capital). Thus there is an interest in the possibility of returned migrants in the country to start a business in their place of origin. The following study is the result of this. A survey of 110 returned migrants was carried out in the south of Ecuador and, using a Probit econometric model, we determined that the variables specified as geographic area, sex, education level are not significant, so they are not determinant when undertaking. However, time abroad and skills learned, if they were significant at the time of the decision to start a business.

Keywords: entrepreneurship, development, migration, returned migration

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Authors: Ayoub Moufid, Najib Bennis, Soumia El Hani

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The objective of greenhouse climate control is to improve the culture development and to minimize the production costs. A greenhouse is an open system to external environment and the challenge is to regulate the internal climate despite the strong meteorological disturbances. The internal state of greenhouse considered in this work is defined by too relevant and coupled variables, namely inside temperature and hygrometry. These two variables are chosen to describe the internal state of greenhouses due to their importance in the development of plants and their sensitivity to external climatic conditions, sources of weather disturbances. A multivariable model is proposed and validated by considering a greenhouse as black-box system and the least square method is applied to parameters identification basing on collected experimental measures. To regulate the internal climate, we propose a Model Predictive Control (MPC) scheme. This one considers the measured meteorological disturbances and the physical and operational constraints on the control and state variables. A successful feasibility study of the proposed controller is presented, and simulation results show good performances despite the high interaction between internal and external variables and the strong external meteorological disturbances. The inside temperature and hygrometry are tracking nearly the desired trajectories. A comparison study with an On/Off control applied to the same greenhouse confirms the efficiency of the MPC approach to inside climate control.

Keywords: climate control, constraints, identification, greenhouse, model predictive control, optimization

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Authors: Nasir Ullah

Abstract:

Marketing strategies are important factors in the success of a company. Local pharmaceutical companies in Pakistan face several issues, such as low-level budgets, lack of skilled human resources, and challenges to competing with multinational competitors that have negative impacts on their success. However, still there exist local companies with great levels of success in the pharmaceutical sector. This study aims to evaluate the marketing strategies of successful local companies in the pharmaceutical sector of Khyber Pakhtunkhwa, Pakistan. The study employed a constructivist approach to know about successful strategies of the marketing managers that worked well. For this purpose, in-depth interviews were conducted with marketing managers of four pharmaceutical companies which were deemed as successful on the basis of their annual target achievements. Thematic analysis was conducted using Nvivo to devise major themes from the collected data. Four major themes or successful strategies were identified. These are i) share in the profit to marketing and sales staff, ii) invitation to the doctors for participation in free medical camps and health awareness seminars, iv) incentives for the Doctors and retailers, v) utilization of traditional capital (local social relationships) by the marketing officers. The study concludes that profit share to the employees, valuing doctors through their involvement and utilization of traditional capital are the successful marketing strategies of the successful pharmaceutical companies in the Pakhtun society of Pakistan. The study suggests hiring local staff that can utilize their traditional capital to influence doctors' decisions regarding the prescription of their medicine to the patients. The study also suggests profit share or increased bonuses to the marketing and sales staff as a measure of success.

Keywords: successful marketing strategies, pharmaceutical industry, traditional social capital, local companies

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Authors: Shehu Isyaku

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The general objective of the study was to investigate ‘the relationship between the external business environment and the sustainability of micro, small and medium enterprises (MSMEs) in Jigawa state’, Nigeria. Specifically, the study was to examine the relationship between 1) the economic environment, 2) the social environment, 3) the technological environment, and 4) the political environment and the sustainability of MSMEs in Jigawa state, Nigeria. The study was drawn on Resource-Based View (RBV) Theory and Knowledge-Based View (KBV). The study employed a descriptive cross-sectional survey design. A researcher-made questionnaire was used to collect data from the 350 managers/owners who were selected using stratified, purposive and simple random sampling techniques. Data analysis was done using means and standard deviations, factor analysis, Correlation Coefficient, and Pearson Linear Regression analysis. The findings of the study revealed that the sustainability potentials of the managers/owners were rated as high potential (economic, environmental, and social sustainability using 5 5-point Likert scale. Mean ratings of effectiveness of the external business environment were; as highly effective. The results from the Pearson Linear Regression Analysis rejected the hypothesized non-significant effect of the external business environment on the sustainability of MSMEs. Specifically, there is a positive significant relationship between 1) economic environment and sustainability; 2) social environment and sustainability; 3) technological environment and sustainability and political environment and sustainability. The researcher concluded that MSME managers/owners have a high potential for economic, social and environmental sustainability and that all the constructs of the external business environment (economic environment, social environment, technological environment and political environment) have a positive significant relationship with the sustainability of MSMEs. Finally, the researcher recommended that 1) MSME managers/owners need to develop marketing strategies and intelligence systems to accumulate information about the competitors and customers' demands, 2) managers/owners should utilize the customers’ cultural and religious beliefs as an opportunity that should be utilized while formulating business strategies.

Keywords: business environment, sustainability, small and medium enterprises, external business environment

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Authors: Esmaeil Zabihi, Seyed Hossein Alavi

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The purpose of this study is the review and prioritizes of sport-centered social capital on Islamic Azad university of Garmsar student’s tendency in sports activities, especially public sports based on Bourdieu viewpoint. 365 students at of 6254 students (3140 male and 3114 female) of Islamic Azad university of Garmsar branch were selected randomly, Morgan also used. 272 person answer questionnaire (with the help of specific questionnaires moeinaldini, 1391) it has 30 questions. Researchers have confirmed the validity of this questionnaire justifiability. Reliability was achieved through Cronbach's alpha 84%. The analysis of data done by, SPSS software and independent t-tests, friedman, u Mann Whitney, Kruskal Wallis test. friedman test showed below things : environmental dimension (MR=4.71) social and economic factors (MR=3.57) and family (MR=3.47). These factors have significant role on sports activities of students (P≤1.0). Also, comparison of these dimensions showed that the men believe to university (t-4.30) in increasing students participation. These results show that environment like (such as) governmental organization, going to the stadium and life environment is the most important factor which can effect on sport and body activities of the students.

Keywords: cultural capital, social capital, Bourdieu viewpoint, sport for all

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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: Sridara Tipian, Henry Skates Jr., Antika Sawadsri

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It is widely recognized that universal design should be implemented as broadly as possible to benefit as many groups and sub groups of people within a society. In Thailand, public buildings such as public universities are obvious places where the benefits of universal design principles are easily appreciated and applied, but there are other building types such as private universities where the benefits may not be just as obvious. In these buildings, the implementation of universal design is not always achieved. There are many reasons given for this among which is the perceived additional cost of implementation. This paper argues that social capital should be taken into consideration when such decisions are being made. The paper investigates the background, principles and theories pertaining to universal design and using a case study of a private university, investigates the implementation of universal design against the background of current legislation and the perceptions of the private university administrators. The study examines the physical facilities of the case study university in the context of current theories and principles of universal design alongside the legal requirements for same. A survey of building users evaluates knowledge of and attitudes to universal design. The research shows that although administrators perceive the initial cost of investment to be prohibitive in the short term, in the long term, changes in societal values in relation to social inclusiveness are changing and that the social capital of investing in universal design should not be underestimated. The results of this study should provide greater incentive for the enforcement of the legal requirements for universal design in Thailand.

Keywords: public buildings, physical facilities, social capital private university, investment, decision making, value, enforcement, legal requirements

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Authors: Sungeun Hyun, Sooin Lee, Gyewan Moon

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Work-Family Conflict has been an active research area for the past decades. Work-Family Conflict harms individuals and organizations, it is ultimately expected to bring the cost of losses to the company in the long run. WFC has mainly focused on effects of organizational effectiveness and job attitude such as Job Satisfaction, Organizational Commitment, and Turnover Intention variables. This study is different from consequence variable with previous research. For this purpose, we selected the positive job attitude 'Work Engagement' as a consequence of WFC. This research has its primary research purpose in identifying the negative effects of the Work-Family Conflict, and started out from the recognition of the problem that the research on the direct relationship on the influence of the WFC on Work Engagement is lacking. Based on the COR(Conservation of resource theory) and JD-R(Job Demand- Resource model), the empirical study model to examine the negative effects of WFC with Emotional Exhaustion as the link between WFC and Work Engagement was suggested and validated. Also, it was analyzed how much Positive Psychological Capital may buffer the negative effects arising from WFC within this relationship, and the Mediated Moderation model controlling the indirect effect influencing the Work Engagement by the Positive Psychological Capital mediated by the WFC and Emotional Exhaustion was verified. Data was collected by using questionnaires distributed to 500 employees engaged manufacturing, services, finance, IT industry, education services, and other sectors, of which 389 were used in the statistical analysis. The data are analyzed by statistical package, SPSS 21.0, SPSS macro and AMOS 21.0. The hierarchical regression analysis, SPSS PROCESS macro and Bootstrapping method for hypothesis testing were conducted. Results showed that all hypotheses are supported. First, WFC showed a negative effect on Work Engagement. Specifically, WIF appeared to be on more negative effects than FIW. Second, Emotional exhaustion found to mediate the relationship between WFC and Work Engagement. Third, Positive Psychological Capital showed to moderate the relationship between WFC and Emotional Exhaustion. Fourth, the effect of mediated moderation through the integration verification, Positive Psychological Capital demonstrated to buffer the relationship among WFC, Emotional Exhastion, and Work Engagement. Also, WIF showed a more negative effects than FIW through verification of all hypotheses. Finally, we discussed the theoretical and practical implications on research and management of the WFC, and proposed limitations and future research directions of research.

Keywords: emotional exhaustion, positive psychological capital, work engagement, work-family conflict

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Authors: Brahim Brahmi, Mohammed Hamza Laraki, Mohammad Habibur Rahman, Islam M. Rasedul, M. Assad Uz-Zaman

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The humanoid robot, specifically the NAO robot must be able to provide a highly dynamic performance on the soccer field. Maintaining the balance of the humanoid robot during the required motion is considered as one of a challenging problems especially when the robot is subject to external disturbances, as contact with other robots. In this paper, a dynamic controller is proposed in order to ensure a robust walking (stabilization) and to improve the dynamic balance of the robot during its contact with the environment (external disturbances). The generation of the trajectory of the center of mass (CoM) is done by a model predictive controller (MPC) conjoined with zero moment point (ZMP) technique. Taking into account the properties of the rotational dynamics of the whole-body system, a modified previous control mixed with feedback control is employed to manage the angular momentum and the CoM’s acceleration, respectively. This latter is dedicated to provide a robust gait of the robot in the presence of the external disturbances. Simulation results are presented to show the feasibility of the proposed strategy.

Keywords: preview control, Nao robot, model predictive control

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Authors: Urmi Khatri

Abstract:

Capital asset pricing model (CAPM) draws a direct relationship between the risk and the expected rate of return. There was a criticism on the beta and the assumptions of CAPM, as they are not applicable in the real world. Fama French Three Factor Model and Fama French Five Factor Model have given different factors, which have an impact on the return of any asset like size, value, investment and profitability. This study proposes to see Capital Asset pricing Model through the lenses of the quality aspect. In the study, the six factors are studied. The Fama French Five Factor Model and addition of the quality dimension are studied. Here, Graham’s seven quality and quantity criteria are measured to determine the score of the sample firms. Thus, this study tries to check the model fit. The beta coefficient of the quality dimension and the R square value is seen to determine validity of the proposed model. The sample is drawn from the firms listed on Indian Stock Exchange (BSE). For the study, only nonfinancial firms are been selected. The time period of the study is from January 1999 to December 2019. Hence, the primary objective of the study is to check how robust the model becomes after giving the quality dimension to the capital asset pricing model in addition to the size, value, profitability and investment.

Keywords: asset pricing model, CAPM, Graham’s score, G-score, multifactor model, quality

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