Search results for: intangible investment

Authors: Amir Reza Talaghat

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Since 2015, a new approach and policy regarding energy resources protection and using renewable energies has been started in Iran which was developing new projects. Investigating about the feasibility study of these new projects helped to figure out five steps to prepare an executive feasibility study of the concerned projects, which are proper site selections, authorizations, design and simulation, economic study and programming, respectively. The results were interesting and essential for decision makers and investors to start implementing of these projects in reliable condition. The research is obtained through collection and study of the project's documents as well as recalculation to review conformity of the results with GIS data and the technical information of the bidders. In this paper, it is attempted to describe the result of the performed research by describing the five steps as an executive methodology, for preparing a feasible study of installing a 10 MW – solar farm project. The corresponding results of the research also help decision makers to start similar projects is explained in this paper as follows: selecting the best location for the concerned PV plant, reliable and safe conditions for investment and the required authorizations to start implementing the solar farm project in the concerned region, selecting suitable component to achieve the best possible performance for the plant, economic profit of the investment, proper programming to implement the project on time.

Keywords: solar farm, solar energy, execution of PV power plant PV power plant

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Authors: A. Sivakumar, S. S. Darun Prakash, P. Navaneethakrishnan

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In and around Erode District, it is estimated that more than 1250 chemical and allied textile processing fabric industries are affected, partially closed and shut off for various reasons such as poor management, poor supplier performance, lack of planning for productivity, fluctuation of output, poor investment, waste analysis, labor problems, capital/labor ratio, accumulation of stocks, poor maintenance of resources, deficiencies in the quality of fabric, low capacity utilization, age of plant and equipment, high investment and input but low throughput, poor research and development, lack of energy, workers’ fear of loss of jobs, work force mix and work ethic. The main objective of this work is to analyze the existing conditions in textile fabric sector, validate the break even of Total Productivity (TP), analyze, design and implement fuzzy sets and mathematical programming for improvement of productivity and quality dimensions in the fabric processing industry. It needs to be compatible with the reality of textile and fabric processing industries. The highly risk events from productivity and quality dimension were found by fuzzy systems and results are wrapped up among the textile fabric processing industry.

Keywords: break even point, fuzzy crisp data, fuzzy sets, productivity, productivity cycle, total productive maintenance

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Authors: Alok S Chauhan, Sridhar S., Pradyumna R.

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In the process of precision investment casting of turbine hollow blade/vane components, a part of the dimensional deviations observed in the castings can be attributed to the wax pattern. In the process of injection moulding of wax to produce patterns, heated wax shrinks in size during cooling in the die, leading to a reduction in the dimensions of the pattern. Also, flow and thermal induced residual stresses result in shrinkage & warpage of the component after removal from the die, further adding to the deviations. Injection moulding parameters such as wax temperature, flow rate, packing pressure, etc. affect the flow and thermal behavior of the component and hence are directly responsible for the dimensional deviations. There is a need to precisely determine and control these deviations in order to achieve stringent dimensional accuracies imposed on these castings by aerospace standards. Simulation based approaches provide a platform to predict these dimensional deviations without resorting to elaborate experimentation. In the present paper, Moldex3D simulation package has been utilized to analyze the effect of variations in injection temperature, packing pressure and cooling time on the shrinkage behavior of a stepped pattern. Two types of waxes with different rheological properties have been included in the study to gauge the effect of change in wax on the dimensional deviations. A full factorial design of experiments has been configured with these parameters and results of analysis of variance have been presented.

Keywords: wax patterns, investment casting, pattern die/mould, wax injection, Moldex3D simulation

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Authors: Y. Ghiassi-Farrokhfal

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The number of electric vehicles (EVs) is increasing worldwide. Replacing gas fueled cars with EVs reduces carbon emission. However, the extensive energy consumption of EVs stresses the energy systems, requiring non-green sources of energy (such as gas turbines) to compensate for the new energy demand caused by EVs in the energy systems. To make EVs even a greener solution for the future energy systems, new EV charging stations are equipped with solar PV panels and batteries. This will help serve the energy demand of EVs through the green energy of solar panels. To ensure energy availability, solar panels are combined with batteries. The energy surplus at any point is stored in batteries and is used when there is not enough solar energy to serve the demand. While EV charging stations equipped with solar panels and batteries are green and ecologically optimal, they might not be financially viable solutions, due to battery prices. To make the system viable, we should size the battery economically and operate the system optimally. This is, in general, a challenging problem because of the stochastic nature of the EV arrivals at the charging station, the available solar energy, and the battery operating system. In this work, we provide a mathematical model for this problem and we compute the return on investment (ROI) of such a system, which is designed to be ecologically and financially optimal. We also quantify the minimum required investment in terms of battery and solar panels along with the operating strategy to ensure that a charging station has enough energy to serve its EV demand at any time.

Keywords: solar energy, battery storage, electric vehicle, charging stations

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Authors: Ran Etgar, Yuval Cohen, Erel Avineri

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One of the major challenges of transportation in medium sized inner-cities (such as Tel-Aviv) is the last-mile solution. Personal rapid transit (PRT) seems like an applicable candidate for this, as it combines the benefits of personal (car) travel with the operational benefits of transit. However, the investment required for large area PRT grid is significant and there is a need to economically justify such investment by correctly evaluating the grid capacity. PRT main elements are small automated vehicles (sometimes referred to as podcars) operating on a network of specially built guideways. The research is looking at a specific concept of elevated PRT system. Literature review has revealed the drawbacks PRT modelling and simulation approaches, mainly due to the lack of consideration of technical and operational features of the system (such as headways, acceleration, safety issues); the detailed design of infrastructure (guideways, stations, and docks); the stochastic and sessional characteristics of demand; and safety regulations – all of them have a strong effect on the system performance. A highly detailed model of the system, developed in this research, is applying a discrete event simulation combined with an agent-based approach, to represent the system elements and the podecars movement logic. Applying a case study approach, the simulation model is used to study the capacity of the system, the expected throughput of the system, the utilization, and the level of service (journey time, waiting time, etc.).

Keywords: capacity, productivity measurement, PRT, simulation, transportation

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Authors: V. Charaia

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From the strategic point of view, not all Foreign Direct Investments (FDIs) are always positively benefiting the host economy, i.e. not all Multinational Enterprises (MNEs) are promoting local/host economies. FDI could have different impact on different sectors of the economy, based not only on annual investment amount, but MNE motivations and peculiarities of the host economy in particular. FDI analysis based only on its amount can lead to incorrect decisions, it is much more important to understand the essence of investment. Consequently, our research is oriented on MNE’s motivations, answering which sectors are most popular among international investors and why, what motivated them to invest into one or another business. Georgian economy for the last period of time is attracting more and more efficiency seeking investments, which could be translated as - concentrating production in a limited number of locations to supply various markets, while benefiting local economy with: new technologies, employment, exports diversification, increased income for the local economy and so on. Foreign investors and MNEs in particular are no longer and not so much interested in the resource seeking investments, which was the case for Georgia in the last decade of XX century. Despite the fact of huge progress for the Georgian economy, still there is a room for foreign investors to make a local market oriented investments. The local market is still rich in imported products, which should be replaced by local ones. And the last but not the least important issue is that approximately 30% of all FDIs in Georgia according to this research are “efficiency seeking” investments, which is an enormous progress and a hope for future Georgian success.

Keywords: investments, MNE, FDI motivations, Georgian economy

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Authors: David Calderon Villegas, Thomas Kaltizky

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Run-of-river (RoR) hydropower projects represent a viable, clean, and cost-effective alternative to dam-based plants and provide decentralized power production. However, RoR schemes cost-effectiveness depends on the proper selection of site and design flow, which is a challenging task because it requires multivariate analysis. In this respect, this study presents the development of an investment decision support tool for assessing the optimal size of an RoR scheme considering the technical, environmental, and cost constraints. The net present value (NPV) from a project perspective is used as an objective function for supporting the investment decision. The tool has been tested by applying it to an actual RoR project recently proposed in Colombia. The obtained results show that the optimum point in financial terms does not match the flow that maximizes energy generation from exploiting the river's available flow. For the case study, the flow that maximizes energy corresponds to a value of 5.1 m3/s. In comparison, an amount of 2.1 m3/s maximizes the investors NPV. Finally, a sensitivity analysis is performed to determine the NPV as a function of the debt rate changes and the electricity prices and the CapEx. Even for the worst-case scenario, the optimal size represents a positive business case with an NPV of 2.2 USD million and an IRR 1.5 times higher than the discount rate.

Keywords: small hydropower, renewable energy, RoR schemes, optimal sizing, objective function

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Authors: Ali Asghar Asad Sangabi, Afsaneh Aeen, Mohammad Behroozi

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Knowledge management is vital in today's world as one of the most valuable intangible assets regarded by companies. This study aimed to identify factors that affect the application of knowledge management in the Iranian Oil Terminals Company in 2022. In this study, 12 of the factors affecting the application of knowledge management have been studied, and implement practical solutions, and reuse has been studied. This study is descriptive data from the questionnaire factors affecting knowledge management application used by Cronbach's Coefficient Alpha equal to 0.85. The population of this study consisted of 1500 IOTC employees. The sample is determined by the Cochran formula sample; the results of this study showed that between the application of knowledge management and factors, there is a significant correlation. Among the factors that have been studied, valuable teamwork and organizational culture were the most effective, and the infrastructure of information systems had the least impact on Knowledge management.

Keywords: knowledge management, knowledge-based organization, Iranian Oil Terminals

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Authors: Anna Paola Micheli, Anna Maria Calce, Loris Di Nallo

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Sustainable finance identifies the process that leads, in the adoption of investment decisions, to take into account environmental and social factors, with the aim of orienting investments towards sustainable and long-term activities. Considering that the topic is at the center of the interest of national agendas, long-term investments will no longer be analyzed only by looking at financial data, but environmental, social, and governance (ESG) factors will be increasingly important and will play a fundamental role in determining the risk and return of an investment. Although this perspective does not deny the orientation to profit, ESG mutual funds represent sustainable finance applied to the world of mutual funds. So the goal of this paper is to verify this attitude, in particular in the energy sector. The choice of the sector is not casual: ESG is the acronym for environmental, social, and governance, and energy companies are strictly related to the environmental theme. The methodology adopted leads to a comparison between a sample of ESG funds and a sample of ESG funds with similar characteristics, using the most important indicators of literature: yield, standard deviation, and Sharpe index. The analysis is focused on equity funds. Results that are partial, due to the lack of historicity, show a good performance of ESG funds, testifying how a sustainable approach does not necessarily mean lower profits. It is clear that these first findings do not involve an absolute preference for ESG funds in terms of performance because the persistence of results is requested. Furthermore, these findings are to be verified in other sectors and in bond funds.

Keywords: mutual funds, ESG, performance, energy

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Authors: Kathleen Frances Haigh, Mieke Nieder-Heitmann, Somayeh Farzad, Mohsen Ali Mandegari, Johann Ferdinand Gorgens

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Lignocellulose can be converted to a range of biochemicals and biofuels. Where this is derived from agricultural waste, issues of competition with food are virtually eliminated. One such source of lignocellulose is the South African sugar industry. Lignocellulose could be accessed by changes to the current farming practices and investments in more efficient boilers. The South African sugar industry is struggling due to falling sugar prices and increasing costs and it is proposed that annexing a biorefinery to a sugar mill will broaden the product range and improve viability. Process simulations of the selected chemicals were generated using Aspen Plus®. It was envisaged that a biorefinery would be annexed to a typical South African sugar mill. Bagasse would be diverted from the existing boilers to the biorefinery and mixed with harvest residues. This biomass would provide the feedstock for the biorefinery and the process energy for the biorefinery and sugar mill. Thus, in all scenarios a portion of the biomass was diverted to a new efficient combined heat and power plant (CHP). The Aspen Plus® simulations provided the mass and energy balance data to carry out an economic assessment of each scenarios. The net present value (NPV), internal rate of return (IRR) and minimum selling price (MSP) was calculated for each scenario. As a starting point scenarios were generated to investigate the production of ethanol, ethanol and lactic acid, ethanol and furfural, butanol, methanol, and Fischer-Tropsch syncrude. The bypass to the CHP plant is a useful indicator of the energy demands of the chemical processes. An iterative approach was used to identify a suitable bypass because increasing this value had the combined effect of increasing the amount of energy available and reducing the capacity of the chemical plant. Bypass values ranged from 30% for syncrude production to 50% for combined ethanol and furfural production. A hurdle rate of 15.7% was selected for the IRR. The butanol, combined ethanol and furfural, or the Fischer-Tropsch syncrude scenarios are unsuitable for investment with IRRs of 4.8%, 7.5% and 11.5% respectively. This provides valuable insights into research opportunities. For example furfural from sugarcane bagasse is an established process although the integration of furfural production with ethanol is less well understood. The IRR for the ethanol scenario was 14.7%, which is below the investment criteria, but given the technological maturity it may still be considered for investment. The scenarios which met the investment criteria were the combined ethanol and lactic acid, and the methanol scenarios with IRRs of 20.5% and 16.7%, respectively. These assessments show that the production of biochemicals from lignocellulose can be commercially viable. In addition, this assessment have provided valuable insights for research to improve the commercial viability of additional chemicals and scenarios. This has led to further assessments of the production of itaconic acid, succinic acid, citric acid, xylitol, polyhydroxybutyrate, polyethylene, glucaric acid and glutamic acid.

Keywords: biorefineries, sugar mill, methanol, ethanol

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Authors: Papathanasiou Anastasios, Liontos George, Liagkou Vasiliki, Glavas Euripides

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The purpose of this paper is to describe the growing problem of various cyber fraud schemes that exist on the internet and are currently among the most prevalent. The main focus of this paper is to provide a detailed description of the modus operandi, tools, and techniques utilized in four basic typologies of cyber frauds: Business Email Compromise (BEC) attacks, investment fraud, romance scams, and online sales fraud. The paper aims to shed light on the methods employed by cybercriminals in perpetrating these types of fraud, as well as the strategies they use to deceive and victimize individuals and businesses on the internet. Furthermore, this study outlines defense strategies intended to tackle the issue head-on, with a particular emphasis on the crucial role played by European Legislation. European legislation has proactively adapted to the evolving landscape of cyber fraud, striving to enhance cybersecurity awareness, bolster user education, and implement advanced technical controls to mitigate associated risks. The paper evaluates the advantages and innovations brought about by the European Legislation while also acknowledging potential flaws that cybercriminals might exploit. As a result, recommendations for refining the legislation are offered in this study in order to better address this pressing issue.

Keywords: business email compromise, cybercrime, European legislation, investment fraud, NIS, online sales fraud, romance scams

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Authors: Ouassim Chemrouk, Naima Chabbi-Chemrouk

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Contemporary settlements and urban places are becoming increasingly complex involving technologically advanced building materials, and mechanical systems for controlling environmental quality such as thermal comfort, lighting, acoustics and other building performances. These systems, which rely exclusively on the utilization of nonrenewable energy are often expensive and environment pollutants. The proposed paper illustrates the important role of traditional knowledge and practice and what is sometimes called intangible cultural heritage assume in the design of the built environment. It shows that some traditional “ways of doing” that are transmitted at local scales from generation to generation could be built upon to become key resources for more livable urban places. Based on evidence from documentary sources and field surveys, it also shows how different attempts were made to translate some traditional practices and local know-how in the proposal of new urban schemes.

Keywords: key resource, know-how, local people, capacity building, liveable built environments

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Authors: Katalin Juhasz-Dora

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Several studies have shown that physical environments, milieu, atmosphere and service space play a significant role in the consumer experience. In the case of themed servicescapes, different tangible assets (design, decoration, facilities, amenities), intangible assets (service, activities) contribute to the luxury guest experience. This current study summarizes the literature related to the guest experience in the case of luxury hotels. Based on the results of a case study, additional dimensions of guest experience are explored. The research findings contribute to the extension of literature by providing a conceptual framework in specific themed luxury hotels. Understanding the elements of themed servicescape and dimensions of guest experience play a significant role in consumer behavior. Implications for management and future research directions are presented.

Keywords: atmosphere, guest experience, luxury service, themed hotel

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Authors: Martin Surya Mulyadi, Yunita Anwar, Rosinta Ria Panggabean

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Major transformations in economic activity from an agricultural economy to knowledge economy have led to an increasing focus on intellectual capital (IC) that has been characterized by continuous innovation, the spread of digital and communication technologies, intangible and human factors. IC is defined as the possession of knowledge and experience, professional knowledge and skill, proper relationships and technological capacities, which when applied will give organizations a competitive advantage. All of IC report/disclosure could be captured from the corporate annual report as it is a communication device that allows a corporation to connect with various external and internal stakeholders. This study was conducted using sentence-content analysis of IC disclosure in the annual report. This research aims to analyze whether the keyword-content analysis is reliable research methodology for IC disclosure related research.

Keywords: intellectual capital, intellectual capital disclosure, content analysis, annual report, sentence analysis, keyword analysis

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Authors: Martin Böhmer, Agatha Dabrowski, Boris Otto

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The trend of digitization significantly changes the role of data for enterprises. Data turn from an enabler to an intangible organizational asset that requires management and qualifies as a tradeable good. The idea of a networked economy has gained momentum in the data domain as collaborative approaches for data management emerge. Traditional organizational knowledge consequently needs to be extended by comprehensive knowledge about data. The knowledge about data is vital for organizations to ensure that data quality requirements are met and data can be effectively utilized and sovereignly governed. As this specific knowledge has been paid little attention to so far by academics, the aim of the research presented in this paper is to conceptualize it by proposing a “data knowledge model”. Relevant model entities have been identified based on a design science research (DSR) approach that iteratively integrates insights of various industry case studies and literature research.

Keywords: data management, digitization, industry 4.0, knowledge engineering, metamodel

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Authors: K. Volkonitskaya, S. Lyapina

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According to the National Monitoring Centre of innovation infrastructure, scientific and technical activities and regional innovation systems by December 2014. 166 technology parks were established in Russia. Comparative analysis of technological parks performance in Russia, the USA, Israel and the European Union countries revealed significant reduction of key performance indicators in Russian innovation infrastructure institutes. The largest deviations were determined in the following indicators: new products and services launched, number of companies and jobs, amount of venture capital invested. Lower performance indicators of Russian technology parks can be partly explained by slack demand for national high-tech products and services, lack of qualified specialists in the sphere of innovation management and insufficient cooperation between different innovation infrastructure institutes. In spite of all constraints in innovation segment of Russian economy in 2010-2012 private investors for the first time proceeded to finance building of technological parks. The general purpose of the research is to answer two questions: why despite the significant investment risks private investors continue to implement such comprehensive infrastructure projects in Russia and is business model of private technological park more efficient than strategies of state innovation infrastructure institutes? The goal of the research was achieved by analyzing business models of private technological parks in Moscow, Kaliningrad, Astrakhan and Kazan. The research was conducted in two stages: the on-line survey of key performance indicators of private and state Russian technological parks and in-depth interviews with top managers and investors, who have already build private technological parks in by 2014 or are going to complete investment stage in 2014-2016. The results anticipated are intended to identify the reasons of efficient and inefficient technological parks performance. Furthermore, recommendations for improving the efficiency of state technological and industrial parks were formulated. Particularly, the recommendations affect the following issues: networking with other infrastructural institutes, services and infrastructure provided, mechanisms of public-private partnership and investment attraction. In general intensive study of private technological parks performance and development of effective mechanisms of state support can have a positive impact on the growth rates of the number of Russian technological, industrial and science parks.

Keywords: innovation development, innovation infrastructure, private technology park, public-private partnership

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Authors: Xinchao Liu

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Regulating environmental and human rights damages caused by transnational corporations in host States is a core issue in the business and human rights discourse. In current regulatory practices, host States, which are territorially based and should bear primary regulation responsibility, face dual challenges at both domestic and international levels, leading to their continued marginalization. Specifically, host States as TNC damage regulators are constrained domestically by territorial jurisdiction limitations and internationally by the neoliberal international economic order exemplified by investment protection mechanisms. Taking China as a sample, it currently lacks a comprehensive regulation system to address TNC damages; while domestic constraints manifest as the marginalization of judicial regulation, the absence of corporate duty of care, and inadequate extraterritorial regulation effectiveness, international constraints are reflected in the absence of foreign investor obligations in investment agreements and the asymmetry of dispute resolution clauses, challenging regulatory sovereignty. As China continues to advance its policy of high-quality opening up, the risks of negative externalities from transnational capital will continue to increase, necessitating a focus on building and perfecting a regulation mechanism for TNC damages within the framework of international law. To address domestic constraints, it is essential to clarify the division of regulation responsibilities between judicial and administrative bodies, promote the normalization of judicial regulation, and enhance judicial oversight of governmental settlements. Improving the choice of law rules for cross-border torts and the standards for parent company liability for omissions, and enhancing extraterritorial judicial effectiveness through transnational judicial dialogue and cooperation mechanisms are also crucial. To counteract international constraints, specifying investor obligations in investment treaties and designing symmetrical dispute resolution clauses are indispensable to eliminate regulatory chill. Additionally, actively advancing the implementation of TNC obligations in business and human rights treaty negotiations will lay an international legal foundation for the regulation sovereignty of host States.

Keywords: transnational corporate damages, home state litigation, optimization limit, investor-state dispute settlement

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Authors: Bahareh Mostofian

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Foreign Direct Investment (FDI) has long been recognized as a crucial driver of economic growth and development in less-developed countries and their integration into Global Production Networks (GPNs). FDI not only brings capital from the core countries but also technology, innovation, and know-how knowledge that can upgrade the capabilities of host automotive industries. On the other hand, FDI can also have negative impacts on host countries if it leads to significant import dependency. In the case of the Iranian automotive sector, the industry greatly benefited from FDI, with Western carmakers dominating the market. Over time, various types of know-how knowledge, including joint ventures (JVs), trade licenses, and technical assistance, have been provided, helping Iran upgrade its automotive industry. While after the severe geopolitical obstacles imposed by both the EU and the U.S., the industry became over-reliant on the car and spare parts imports, and the lack of emphasis on knowledge transfer further affected the growth and development of the Iranian automotive sector. To address these challenges, current research has adopted a descriptive-analytical methodology to illustrate the gradual changes accrued with foreign suppliers through FDI. The research finding shows that after the two-phase imposed sanctions, the detrimental linkages created by overreliance on the car and spare parts imports without any industrial upgrading negatively affected the growth and development of the national and assembled products of the Iranian automotive sector.

Keywords: less-developed country, FDI, GPNs, automotive industry, Iran

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Authors: Naim Ismajli, Ilir Rexhepi

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The article presents the results of the study about the motives and efficiency of quality management system (Quality System, QS) implementation in Kosovo companies. The main purpose of the study was to find out why Kosovo companies seek the implementation and certification of QS in accordance with the requirements of the ISO 9001 series of the standards and what has changed after the QS implementation. Furthermore, the results of the research were compared with similar performed in the other European countries. The performed research revealed that the implementation of QS mostly results in the benefits of an intangible nature that are internal to the company. In addition, although the main reasons to start implementing QS are the expectations of the external advantages, the implementation results mostly in the increase of the internal benefits such as an improvement in the definition of the responsibilities and obligations of the employees, a decrease in the nonconformities, better communication among the employees, and increased efficiency.

Keywords: quality management systems, ISO 9001, total quality management, environmental management system, ISO 14000, competitiveness, efciency

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Authors: Caroline Lindlar, Eva Jakob

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Female entrepreneurs often face significant barriers in accessing funding due to biases from business angels, venture capitalists, and financial institutions, which tend to favor male entrepreneurs. These biases contribute to persistent funding disparities, with female entrepreneurs receiving less financial support than their male counterparts. The situation worsens when female entrepreneurs have prior experiences with venture failure, which diminishes their attractiveness to traditional investors. Venture failure, defined as the cessation of operations due to declining revenues, rising costs, or ownership changes, plays a substantial role in shaping funding opportunities. In response, female entrepreneurs frequently turn to alternative funding sources such as crowdlending, where gender biases are often reversed in favor of women, particularly when their ventures emphasize social value creation. While existing research highlights the positive impact of gender on crowdfunding success, it remains unclear how venture failure, known to negatively bias female entrepreneurs in traditional funding contexts, interacts with the positive effects of gender in crowdlending. This interaction is particularly relevant because crowdlending often involves non-professional funders who make repeated investment decisions under uncertainty, based on limited information and past experiences. Given that approximately one-third of ventures fail to deliver promised returns, the role of gender bias after failure in crowdlending is an important area of investigation. This study addresses How failure affects crowd funders’ gender bias in future funding decisions? Drawing on social role and role congruity theory, we posit that societal perceptions of women as more communal conflict with the agentic qualities traditionally associated with entrepreneurship. This incongruence may result in reduced confidence in the success of female entrepreneurs after failure, limiting their access to future funding. However, we also hypothesize that social framing may mitigate this bias by aligning perceptions of female entrepreneurs with traits such as warmth and caring, enhancing their appeal after failure. To test these assertions, it conducted a between-subject audio vignette experiment with 155 participants who listened to entrepreneur pitches manipulated by gender (male vs. female) and venture framing (social vs. commercial). Participants made initial investment decisions, received failure-related news about the venture, and then made subsequent investment decisions. Pre-tests with 159 participants ensured the validity and reliability of the experimental manipulations. Moreover, we did a metric conjoint analysis with 100 participants, and they had to decide between different crowdfunding campaigns based on the attributes of previous failure, gender, and venture mission. it findings reveal that failure activates gender biases in crowdlending. Female-led ventures receive significantly less funding after failure compared to male-led ventures, suggesting the positive bias toward female entrepreneurs in the pre-funding phase does not persist post-failure. Moreover, framing a venture as socially oriented exacerbates the negative effect of failure for female entrepreneurs, as they secure fewer funds after failure compared to male entrepreneurs leading similar social ventures. This indicates that role-congruent framing does not mitigate gender bias after failure. This study contributes to research on gender in entrepreneurship by exploring how failure impacts future funding for female entrepreneurs. It also expands social crowdfunding literature by examining social value framing and adds to the entrepreneurial failure literature by focusing on crowd funders’ post-failure behavior.

Keywords: gender bias, crowdfunding, investment failure, investment behavior, social 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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Authors: Zahra Bakhtiari

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Middle East countries confront a multitude of main environmental challenges which are inevitable. The unstable economic and political structure which dominates numerous middle East countries makes it difficult to react effectively to unfavorable climate change impacts. This study applies a qualitative methodology and relies on secondary literature aimed to investigate how countries in the Middle East are balancing economic security and climatic security in terms of budgeting, infrastructure investment, political engagement (domestically through discourses or internationally in terms of participation in international organizations or bargaining, etc.) There has been provided an outline of innovative measures in both economic and environmental fields that are in progress in the Middle East countries and what capacity they have for economic development and environmental adaptation, as well as what has already been performed. The primary outcome is that countries that rely more on infrastructure investment such as negative emissions technologies (NET) through green social capital enterprises and political engagement, especially nationally determined contributions (NDCs) commitments and United Nations Framework Convention on Climate Change (UNFCCC), experience more economic and climatological security balance in the Middle East. Since implementing these measures is not the same in all countries in the region, we see different levels of balance between climate security and economic security. The overall suggestion is that the collaboration of both the bottom-up and top-down approaches helps create strategic environmental strategies which are in line with the economic circumstances of each country and creates the desired balance.

Keywords: climate change, economic growth, sustainability, the Middle East, green economy, renewable energy

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Authors: Gebrehiwot H., Giorgis Bahita

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Firms in Africa experience less financial market in comparison to other emerging and developed countries, thus lagging behind the rest of the world in terms of innovation and growth. Though there are different factors to be considered, underdeveloped financial systems take the lion's share in hindering firm innovation and growth in Africa. Insufficient capacity to innovate is one of the problems facing African businesses. Moreover, a critical challenge faced by firms in Africa is access to finance and the inability of financially constrained firms to grow. Only little is known about how different sources of finance affect firm innovation and growth in Africa, specifically the formal and informal finance effect on firm innovation and growth. This study's aim is to address this gap by using formal and informal finance for working capital and fixed capital and its role in firm innovation and firm growth using firm-level data from the World Bank enterprise survey 2006-2019 with a total of 5661 sample firms from 14 countries based on available data on the selected variables. Additionally, this study examines factors for accessing credit from a formal financial institution. The logit model is used to examine the effect of finance on a firm’s innovation and factors to access formal finance, while the Ordinary List Square (OLS) regression mode is used to investigate the effect of finance on firm growth. 2SLS instrumental variables are used to address the possible endogeneity problem in firm growth and finance-innovation relationships. A result from the logistic regression indicates that both formal and informal finance used for working capital and investment in fixed capital was found to have a significant positive association with product and process innovation. In the case of finance and growth, finding show that positive association of both formal and informal financing to working capital and new investment in fixed capital though the informal has positive relations to firm growth as measured by sale growth but no significant association as measured by employment growth. Formal finance shows more magnitude of effect on innovation and growth when firms use formal finance to finance investment in fixed capital, while informal finance show less compared to formal finance and this confirms previous studies as informal is mainly used for working capital in underdeveloped economies like Africa. The factors that determine credit access: Age, firm size, managerial experience, exporting, gender, and foreign ownership are found to have significant determinant factors in accessing credit from formal and informal sources among the selected sample countries.

Keywords: formal finance, informal finance, innovation, growth

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Authors: Saurabh Gupta, Vanshdeep Parmar, Sri Harsha Reddy Yelly, Michele Baker, Elizabeth Bigler, Kunhee Choi

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It is known that the adoption of solar powered LED highway lighting systems or sensory LED highway lighting systems can dramatically reduce energy consumption by 55 percent when compared to conventional on-grid High Pressure Sodium (HPS) lamps that are widely applied to most highways. However, an initial high installation cost for building the infrastructure of solar photovoltaic devices hampers a wider adoption of such technologies. This research aims to examine currently available state-of-the-art solar photovoltaic and sensory technologies, identify major obstacles, and analyze each technology to create a benchmarking metrics from the benefit-cost analysis perspective. The on-grid HPS lighting systems will serve as the baseline for this study to compare it with other lighting alternatives such as solar and sensory LED lighting systems. This research will test the validity of the research hypothesis that alternative LED lighting systems produce more favorable benefit-cost ratios and the added initial investment costs are recouped by the savings in the operation and maintenance cost. The payback period of the excess investment and projected savings over the life-cycle of the selected lighting systems will be analyzed by utilizing the concept of Net Present Value (NPV). Researchers believe that if this study validates the research hypothesis, it can promote a wider adoption of alternative lighting systems that will eventually save millions of taxpayer dollars in the long-run.

Keywords: lighting systems, sensory and solar PV, benefit cost analysis, net present value

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Authors: M. Javahar, H. B. Dong

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Single crystal components manufactured using Ni-base Superalloys are routinely used in the hot sections of aero engines and industrial gas turbines due to their outstanding high temperature strength, toughness and resistance to degradation in corrosive and oxidative environments. To control the quality of the single crystal turbine blades, particular attention has been paid to grain selection, which is used to obtain the single crystal morphology from a plethora of columnar grains. For this purpose, different designs of grain selectors are employed and the most common type is the spiral grain selector. A typical spiral grain selector includes a starter block and a spiral (helix) located above. It has been found that the grains with orientation well aligned to the thermal gradient survive in the starter block by competitive grain growth while the selection of the single crystal grain occurs in the spiral part. In the present study, 2D spiral selectors with different geometries were designed and produced using a state-of-the-art Bridgeman Directional Solidification casting furnace to investigate the competitive growth during grain selection in 2d grain selectors. The principal advantage of using a 2-D selector is to facilitate the wax injection process in investment casting by enabling significant degree of automation. The automation within the process can be derived by producing 2D grain selector wax patterns parts using a split die (metal mold model) coupled with wax injection stage. This will not only produce the part with high accuracy but also at an acceptable production rate.

Keywords: grain selector, single crystal, directional solidification, CMSX-4 superalloys, investment casting

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Authors: Stanley Yap, Chong Wei Ying, Leow Hon Wei

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Purpose: In Malaysia, an effective financial planning is vital to accumulate wealth and financial independence. However, retirees are required to resume working due to insufficient pension fund. This study examines how the financial decision in retirement planning is being made based on the net worth from the household. Design/methodology/approach: This study uses financial data from a married working couple with children to evaluate their composition of financial position. Numerous financial methods are made pertaining to net worth analysis, insurance needs analysis, investment portfolio rebalancing, estate planning, education planning and retirement planning to enhance the financial decision. Findings: Our results show, firstly, financial planning is essential to achieve financial independence; secondly, insurance needs, education and retirement funding are the most significant for household. Thirdly, current resources are critical to maintain family lifestyle after retirement, emergency funds for critical illness, and the long term children education funding. Practical implications: Refer to the findings, sufficient net worth is priority in financial planning. Different suggestions for household include reduction of unnecessary expenses, re-allocate of cash flow, adequate insurance coverage and re-balancing of investment portfolios to accumulate wealth. It is a challenge to obtain financial independence, hence, there is a need to increase the literature on financial planning. Originality/value: To the best of our knowledge, this is the important paper that uses financial information from household to provide solutions to enhance the efficiency of financial planning industry.

Keywords: net worth, financial planning, wealth and financial independence, retirement planning

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Authors: Ratih Indraswari

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As it occupies a new status in international relations, Indonesia needs to re-organize its resources in projecting the preferred image internationally. Attractiveness becomes crucial as Indonesia needs to maintain its posture as a reliable contributor to the world. This paper tries to scrutinize the un-tap potential of ideational powers Indonesia possesses. Herein the ideational power is assumed to be translated into a soft power, intangible and rely on its influential degree to persuade and attract other countries, through its public diplomacy activities. A specific correlation will be dedicated to the effort of Indonesia public diplomacy on international education. It is believed that international education progresses mutual understanding in disseminating Indonesia values and engages public audience. As a result these exchanges and engagements support the attainment of Indonesia’s interests and forwarding Indonesia’s foreign policies. A case study on KNB (Kemitraan Negara berkembang) scholarship scheme will be provided and its impact towards building people-to-people connections.

Keywords: Indonesia, international education, KNB (Kemitraan Negara Berkembang), public diplomacy

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Authors: Naveed Iqbal Chaudhry, Mian Saqib Mehmood, Asif Mehmood

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This study investigates the motivators of foreign direct investment (FDI) which will provide a panacea tool and ground breaking results related to it in case of Pakistan. The study considers exchange rate, market size and human capital as the motivators for attracting FDI. In this regard, time series data on annual basis has been collected for the period 1985–2010 and an Augmented Dickey–Fuller (ADF) and Phillips–Perron (PP) unit root tests are utilized to determine the stationarity of the variables. A bound testing approach to co-integration was applied because the variables included in the model are at I(1) – first level stationary. The empirical findings of this study confirm the long run relationship among the variables. However, market size and human capital have strong positive and significant impact, in short and long-run, for attracting FDI but exchange rate shows negative impact in this regard. The significant negative coefficient of the ECM indicates that it converges towards equilibrium. CUSUM and CUSUMSQ tests plots are with in the lines of critical value, which indicates the stability of the estimated parameters. However, this model can be used by Pakistan in policy and decision making. For achieving higher economic growth and economies of scale, the country should concentrate on the ingredients of this study so that it could attract more FDI as compared to the other countries.

Keywords: ARDL, CUSUM and CUSUMSQ tests, ECM, exchange rate, FDI, human capital, market size, Pakistan

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Authors: Eğinç Simay Ertürk, Ferhan Gezi̇ci̇

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The decline of large cities and the rise of second-tier cities have been observed as a global trend with significant implications for economic development and urban planning. In this context, the concepts of agglomeration shadow and borrowed size have gained importance as network externalities that affect the growth and development of surrounding areas. Istanbul, Izmir, and Ankara are Turkey's most significant metropolitan cities and play a significant role in the country's economy. The surrounding cities rely on these metropolitan cities for economic growth and development. However, the concentration of resources and investment in a single location can lead to agglomeration shadows in the surrounding areas. On the other hand, network connectivity between metropolitan and second-tier cities can result in borrowed function and performance, enabling smaller cities to access resources, investment, and knowledge they would not otherwise have access. The study hypothesizes that the network connectivity between second-tier and metropolitan cities in Turkey enables second-tier cities to increase their urban performance by borrowing size through these networks. Regression analysis will be used to identify specific network connectivity parameters most strongly associated with urban performance. Network connectivity will be measured with parameters such as transportation nodes and telecommunications infrastructure, and urban performance will be measured with an index, including parameters such as employment, education, and industry entrepreneurship, with data at the province levels. The contribution of the study lies in its research on how networking can benefit second-tier cities in Turkey.

Keywords: network connectivity, borrowed size, agglomeration shadow, secondary cities

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Authors: Ana Pego

Abstract:

Environmental technologies were developed for decades. Clean technologies emerged a few years ago. In these perspectives, the use of cleantech technologies has become very important due the fact of new era of environmental feats. As such, the market itself has become more competitive, more collaborative towards a better use of clean technologies. This paper shows the importance of clean technologies in offshore energy sector in Portuguese market, its localization and its impact on economy. Clean technologies are directly related with renewable cluster and concomitant with economic and social resource optimization criteria, geographic aspects, climate change and soil features. Cleantech is related with regional development, socio-technical transitions in organisations. There are an economical and social combinations which allow specialisation of regions in activities, higher employment, reduce of energy costs, local knowledge spillover and, business collaboration and competitiveness. The methodology used will be quantitative (IO matrix for Portugal 2013) and qualitative (questionnaires to stakeholders). The mix of both methodologies will confirm whether the use of technologies will allow a positive impact on economic and social variables used on this model. It is expected a positive impact on Portuguese economy both in investment and employment taking in account the localization of offshore renewable activities. This means that the importance of offshore renewable investment in Portugal has a few points which should be pointed out: the increase of specialised employment, localization of specific activities in territory, and increase of value added in certain regions. The conclusion will allow researchers and organisation to compare the Portuguese model to other European regions in order to a better use of natural and human resources.

Keywords: cleantech, economic impact, localisation, territory dynamics

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