Search results for: international market

Authors: Jelena Radmanovic

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On 5 March 2020, the International Criminal Court has decided to authorize the investigation into the crimes allegedly committed on the territory of Afghanistan after 1 May 2003. The said determination has raised several controversies, including the recently imposed sanctions by the United States, furthering the United States' long-standing rejection of the authority of the International Criminal Court. The purpose of this research is to address the said investigation in light of its importance for the prevention of impunity in the cases where the perpetrators are nationals of Non-Party States to the Rome Statute. Difficulties that the International Criminal Court has been facing, concerning the establishment of its jurisdiction in those instances where an involved state is not a Party to the Rome Statute, have become the most significant stumbling block undermining the importance, integrity, and influence of the Court. The Situation in Afghanistan raises even further concern, bearing in mind that the Prosecutor’s Request for authorization of an investigation pursuant to article 15 from 20 November 2017 has initially been rejected with the ‘interests of justice’ as an applied rationale. The first method used for the present research is the description of the actual events regarding the aforementioned decisions and the following reactions in the international community, while with the second method – the method of conceptual analysis, the research will address the decisions pertaining to the International Criminal Court’s jurisdiction and will attempt to address the mentioned Decision of 5 March 2020 as an example of good practice and a precedent that should be followed in all similar situations. The research will attempt parsing the reasons used by the International Criminal Court, giving rather greater attention to the latter decision that has authorized the investigation and the points raised by the officials of the United States. It is a find of this research that the International Criminal Court, together with other similar judicial instances (Nuremberg and Tokyo Tribunals, The International Criminal Tribunal for the former Yugoslavia, The International Criminal Tribunal for Rwanda), has presented the world with the possibility of non-impunity, attempting to prosecute those responsible for the gravest of crimes known to the humanity and has shown that such persons should not enjoy the benefits of their immunities, with its focus primarily on the victims of such crimes. Whilst it is an issue that will most certainly be addressed further in the future, with the situations that will be brought before the International Criminal Court, the present research will make an attempt at pointing to the significance of the situation in Afghanistan, the International Criminal Court as such and the international criminal justice as a whole, for the purpose of putting an end to impunity.

Keywords: Afghanistan, impunity, international criminal court, sanctions, United States

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Authors: Bita Mashayekhi, Seyed Meisam Tabatabaie Nasab

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Intellectual capital is one of the most valuable and important parts of the intangible assets of enterprises especially in knowledge-based enterprises. With respect to increasing gap between the market value and the book value of the companies, intellectual capital is one of the components that can be placed in this gap. This paper uses the value added efficiency of the three components, capital employed, human capital and structural capital, to measure the intellectual capital efficiency of Iranian industries groups, listed in the Tehran Stock Exchange (TSE), using a 8 years period data set from 2005 to 2012. In order to analyze the effect of intellectual capital on the market-to-book value ratio of the companies, the data set was divided into 10 industries, Banking, Pharmaceutical, Metals & Mineral Nonmetallic, Food, Computer, Building, Investments, Chemical, Cement and Automotive, and the panel data method was applied to estimating pooled OLS. The results exhibited that value added of capital employed has a positive significant relation with increasing market value in the industries, Banking, Metals & Mineral Nonmetallic, Food, Computer, Chemical and Cement, and also, showed that value added efficiency of structural capital has a positive significant relation with increasing market value in the Banking, Pharmaceutical and Computer industries groups. The results of the value added showed a negative relation with the Banking and Pharmaceutical industries groups and a positive relation with computer and Automotive industries groups. Among the studied industries, computer industry has placed the widest gap between the market value and book value in its intellectual capital.

Keywords: capital employed, human capital, intellectual capital, market-to-book value, structural capital, value added efficiency

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Authors: Günther Schuh, Christina König, Toni Drescher

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One of the key factors for the competitiveness and market success of technology-driven companies is the timely provision of information about emerging technologies, changes in existing technologies, as well as relevant related changes in the market's structures and participants. Therefore, many companies conduct technology intelligence (TI) activities to ensure an early identification of appropriate technologies and other (weak) signals. One base activity of TI is technology monitoring, which is defined as the systematic tracking of developments within a specified topic of interest as well as related trends over a long period of time. Due to the very large number of dynamically changing parameters within the technological and the market environment of a company as well as their possible interdependencies, it is necessary to focus technology monitoring on specific indicators or other criteria, which are able to point out technological developments and market changes. In addition to the execution of a literature review on existing approaches, which mainly propose patent-based indicators, it is examined in this paper whether indicator systems from other branches such as risk management or economic research could be transferred to technology monitoring in order to enable an efficient and focused technology monitoring for companies.

Keywords: technology forecasting, technology indicator, technology intelligence, technology management, technology monitoring

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Authors: Victor Romanov, Daria Efimenko

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The focus on innovation in modern economy is the main factor in surviving business in a competitive environment. The innovations are based on the search and use of knowledge in a global context. Nowadays consumers and market demand are the main innovation drivers. This leads to build a business as a system with feedback, promptly restructuring production and innovation implementation in response to market demands. In modern knowledge economy, because of speed of technical progress, the product's lifecycle became much shorter, what makes more stringent requirements for innovation implementation on the enterprises of and therefore the possibility for enterprise for receiving extra income is decreasing. This circumstance imposes additional requirements for the replacement of obsolete products and the prompt release of innovative products to the market. The development of information technologies has led to the fact that only in the conditions of partnership and knowledge sharing with partners it is possible to update products quickly for innovative products. Many companies pay attention to updating innovations through the search for new partners, but the task of finding new partners presents some difficulties. The search for a suitable one includes several stages such as: determining the moment of innovation-critical, introducing a search, identifying search criteria, justifying and deciding on the choice of a partner. No less important is the question of how to manage an innovative product in response to a changing market. The article considers the problems of information support for the search for the source of innovation and partnership to decrease the time for implementation of novelty products.

Keywords: partnership, novelty, market feedback, alliance

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Authors: Hirreche Baghdad Mohamed

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Our research is linked to cultural policies because the initiation to taste and beauty is a matter for all cultural and educational institutions. It's done by a downstream process (programs, actions, lessons, etc.) that begins at a young age in order to inscribe aesthetic values in memories, imaginations, and practices. Preparing future art lovers probably takes a lot of time. Upstream, continuity is ensured by the "cultural industries" which make cultural products available to actors in the "art market" through professional training, production, dissemination, and sales processes. It turns out that the cultural industries borrow from the "classical" industries the same processes and logic: product, production, marketing, diffusion, profit and profits, supply and demand, the market, the creation of wealth, the entrepreneurship. Today, culture has become a product almost like the others. In the cultural industries system, we protect the rights of authors (owners) and the rights of intermediaries (entrepreneurs of culture), and we provide consumers with an accessible product that meets their needs and expectations. We aim to present an inventory and to reveal, through the speeches of the actors themselves, the processes and modes of operation and deployment of the plastic arts market by showing how it is perceived, imagined, and lived in the city of 'Oran from the 2000s to the present day. However, it is possible to clarify this field of research by looking at previous periods; and even to make comparisons with other regions in Algeria in order to give meaning to practices in various contexts.

Keywords: Oran, Algeria, fine art, art market

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Authors: Cassandra Seery

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During the twentieth century, the notion of child rights at the international level began with the League of Nations’ Geneva Declaration of the Rights of the Child 1924, culminating in the development and adoption of the UN Convention on the Rights of the Child (‘the Convention’) in 1989. A key foundation of child rights lies in the development of the ‘best interests of the child’ principle and its subsequent incorporation into domestic legislation across the globe. This principle has become a key concept in child rights protection and has become a widely recognized principle in the protection of child rights. However, despite its status as the primary operating standard in child and family law and its ‘deepening hold in domestic and international instruments’, the meaning of the ‘best interests of the child’ principle has been criticised as open-ended and vague. This paper explores the evolution and development of the principle in the context of parental separation at international law throughout the 21st century and identifies opportunities for the Nation States to further improve legislative responses in associated child protection cases. An extensive review of relevant United Nations documentation (including instruments, resolutions and comments, jurisprudence, reports, guidelines and policies, training materials and so forth) explores: (i) what progress has been made to further develop the principle at the international level with regard to parental separation; and (ii) what developments participating the Nation States should consider as part of future legal and social policy reforms in this space. It will highlight opportunities for improvement and explore the benefit and relevance of international approaches for the Nation States moving forward.

Keywords: international human rights, best interests of the child, legal and social policy, child rights

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Authors: Shu-Hui Chuang, Shao-Chun Chiu, Shu-Hsin Chuang

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While the marketing management literature is regarding the direct benefits of market orientation (MO) on firm value, the impact of such MO-based value co-creation remains largely an unexplored area of research. Thus, the primary objective of this study is to provide some new perspectives in examining how MO can enhance value co-creation for customers and sellers. In particular, drawing from the relational view of the firm and IT literature, we propose that the chain of MO-based co-creation of value and how adopt e-marketing systems between partners can facilitate this chain. Using data on use of the e-marketing system, we empirically validate that the sellers’ integrated MO is critical in increasing the e-marketing adoption, which in turn helps to creation co-creation value for both parties.

Keywords: market orientation, value co-creation, e-marketing system, relational view of the firm

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Authors: Tri Sulistyaningtyas, Yani Suryani, Dana Waskita, Linda Handayani Sukaemi, Ferry Fauzi Hermawan

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The enthusiasm of foreigners studying the Indonesian language by Foreign Speakers (BIPA) was documented in a sitcom "International Class". Tone and stress when they speak the Indonesian language is unique and different from Indonesian pronunciation. By using the Praat program, this research aims to describe prosodic Indonesian language which is spoken by ‘International Class” actors consisting of Abbas from Nigeria, Lee from Korea, and Kotaro from Japan. Data for the research are taken from the video sitcom "International Class" that aired on Indonesian television. The results of this study revealed that pitch movement that arises when pronouncing Indonesian sentences was up and down gradually, there is also a rise and fall sharply. In terms of stress, respondents tend to contain a lot of stress when pronouncing Indonesian sentences. Meanwhile, in terms of temporal structure, the duration pronouncing Indonesian sentences tends to be longer than that of Indonesian speakers.

Keywords: melodic structure, temporal structure, prosody, experimental phonetics, international class

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Authors: Konstantinos Kottikas, Vlasis Stathakopoulos, Ioannis G. Theodorakis, Efthymia Kottika

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Theorists have argued that Market Orientation is comprised of two facets, namely the Market Driven and the Market Driving components. The present theoretical paper centers on the latter, which to date has been notably under-investigated. The term Market Driving (MD) pertains to influencing the structure of the market, or the behavior of market players in a direction that enhances the competitive edge of the firm. Presently, the main objectives of the paper are the specification of key antecedents and outcomes of Market Driving behavior. Market Driving firms behave proactively, by leading their customers and changing the rules of the game rather than by responding passively to them. Leading scholars were the first to conceptually conceive the notion, followed by some qualitative studies and a limited number of quantitative publications. However, recently, academicians noted that research on the topic remains limited, expressing a strong necessity for further insights. Concerning the key antecedents, top management’s Transformational Leadership (i.e. the form of leadership which influences organizational members by aligning their values, goals and aspirations to facilitate value-consistent behaviors) is one of the key drivers of MD behavior. Moreover, scholars have linked the MD concept with Entrepreneurship. Finally, the role that Employee’s Creativity plays in the development of MD behavior has been theoretically exemplified by a stream of literature. With respect to the key outcomes, it has been demonstrated that MD Behavior positively triggers firm Performance, while theorists argue that it empowers the Competitive Advantage of the firm. Likewise, researchers explicate that MD Behavior produces Radical Innovation. In order to test the robustness of the proposed theoretical framework, a combination of qualitative and quantitative methods is proposed. In particular, the conduction of in-depth interviews with distinguished executives and academicians, accompanied with a large scale quantitative survey will be employed, in order to triangulate the empirical findings. Given that it triggers overall firm’s success, the MD concept is of high importance to managers. Managers can become aware that passively reacting to market conditions is no longer sufficient. On the contrary, behaving proactively, leading the market, and shaping its status quo are new innovative approaches that lead to a paramount competitive posture and Innovation outcomes. This study also exemplifies that managers can foster MD Behavior through Transformational Leadership, Entrepreneurship and recruitment of Creative Employees. To date, the majority of the publications on Market Orientation is unilaterally directed towards the responsive (i.e. the Market Driven) component. The present paper further builds on scholars’ exhortations, and investigates the Market Driving facet, ultimately aspiring to conceptually integrate the somehow fragmented scientific findings, in a holistic framework.

Keywords: entrepreneurial orientation, market driving behavior, market orientation

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Authors: К. Lisinchuk

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An effective approach to the management of international educational mobility in regional universities with the purpose of increasing tourist activity in the region is considered.

Keywords: export and import of tourist and educational services, international academic mobility, regional tourist activities

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Authors: Nurzahidah Haji Jaapar, Anis Husna Abdul Halim, Mohd Faiz Mohamed Yusof, Mohd Dani Muhamad, Sharifah Fadylawaty Syed Abdullah

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The growing size of Muslim is recognised with significant increasing of purchasing power in the market. The realm of trade and business has embedded religious values as the new market segments are emerging in offering food products to meet needs and demands of Muslim consumer. The emergence of new market in food industry, advertising is charged with all sort of negative effects includes promoting controversial unsafety and harmful products, wasteful spending and exploiting women and kids. Therefore, this research attempts to examine between previous examinations of advertising standardisation in ancient era and current practices in the market. This paper is based on content analysis of the literature. The results show that there are a bridge gap between the implementation of practices as the advent in industrial 4.0 in using digital advertising by food industry. Thus, this paper is able to recognize the differences between two era and significant in determining the best practices in advertising by following Islamic principles.

Keywords: Islamic advertising, unethical advertising, ethical advertising, Islamic principles

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Authors: Feddaoui Amina

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This paper aimed to help researchers and international companies to the differences and similarities between IFRS (International financial reporting standards) and UK GAAP or UK accounting principles, and to the accounting changes between standard setting of the International Accounting Standards Board and the Accounting Standards Board in United Kingdom. We will use in this study statistical methods to calculate similarities and difference frequencies between the UK standards and IFRS standards, according to the PricewaterhouseCoopers report in 2005. We will use the one simple test to confirm or refuse our hypothesis. In conclusion, we found that the gap between UK GAAP and IFRS is small.

Keywords: accounting, UK GAAP, IFRS, similarities, differences

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Authors: Aswin V. J., Sreeja S., R. Harikumar

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Ship collision is one of the major concerns while navigating in the ocean. In congested sea routes where there are hectic offshore operations, ships are often forced to take close encounter maneuvers. Maritime rules for preventing collision at sea are defined in the International Regulations for Preventing Collision at Sea. Traffic Separation Schemes (TSS) are traffic management route systems ruled by International Maritime Organization (IMO), where the traffic lanes indicate the general direction of traffic flow. The Rule 10 of International Regulations for Preventing Collision at Sea prescribes the conduct of vessels while navigating through TSS. But no quantitative criteria regarding the procedures to detect and evaluate collision risk is specified in International Regulations for Preventing Collision at Sea. Most of the accidents that occur are due to operational errors affected by human factors such as lack of experience and loss of situational awareness. In open waters, the traffic density is less when compared to that in TSS, and hence the vessels can be operated in autopilot mode. A collision avoidance method that uses the possible obstacle trajectories in advance to predict “collision occurrence” and can generate suitable maneuvers for collision avoidance is presented in this paper. The suitable course and propulsion changes that can be used in a TSS considering International Regulations for Preventing Collision at Sea are found out for various obstacle scenarios.

Keywords: collision avoidance, maneuvers, obstacle trajectories, traffic separation scheme

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Authors: Kalinga Jagoda

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With changing population demographics and consumer preferences, specialty crops present significant opportunities for Ontario agri-businesses to develop niche markets. However, the greater rewards offered by such opportunities come with comparable challenges that are driven by specific productmarket attributes, as well as supply and demand-side factors, including certain risks. Thus, initiatives to promote and support such sectors need to be informed by an understanding of the impact of these product-market and industry specific factors on supply chain development. To this end, this project proposes to map selected specialty crops supply chains, using a suite of tested methodological approaches to evaluate their market potential, considering total supply chain costs, lead times and responsiveness. The project will deliver comprehensive supply chain maps identifying the points of value addition and value capture that are of benefit to key stakeholders for the purposes of developing policy interventions, conducting market appraisals and identifying industry best practices.

Keywords: supply chain management, hazelnut industry, supply chain maps, market opportunity

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Authors: Heesu Kim

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This paper determines the varieties of state roles played in East Asia’s telecommunication market, regarding broadband industry. Technological capacity and the relationship between state and market affect the varieties of state role. In explaining the state’s engagement in the market, technology has always been considered as a necessary and sufficient condition. However technology variable has been useful in only explaining the extent of state’s involvement. This paper contributes by bringing in the political-economic factor, which is the relationship between state and market. This factor aids in distinguishing the varieties of state role played in emerging industries. Interaction between these two variables distinguishes 4 types of state roles played in the broadband industry. These roles are distinguished and characterized by the intensity of state’s intervention and the existence of technological capacity. This paper classifies four types of state role through the case of Singapore, China, Taiwan and Korea’s broadband industrial policy.

Keywords: East Asia, entrpreneurial state, industrial policy, regulatory state, technological capacity

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Authors: Radhika Jagtap

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Contemporary scholarship in international legal theory is investigating new avenues of providing alternatives to dominant concepts. Indigenous peoples’ philosophies and perspectives developed through them provide a fertile ground to explore similar alternative ideas. This review paper evaluates the theorized accounts of indigenous scholarships which have contributed towards a rich body of knowledge generating alternative visions on dominant notions of ‘post coloniality’, ‘resistance’ and ‘globalization’. Further, it shall assess the relevance of such a project in shaping contemporary international legal thought. Traditional or classical international law has been opined to be highly influenced by the colonial and imperialist history which also left a mark on the way dominant discourses of resistance and globalization are read in mainstream international law. The paper shall first define what do we mean by indigenous philosophy and what kind of indigeneity is that inclusive of. Second, the paper defines the dominant discourse and then counters the same with the alternative indigenous perspective in the case of each concept that is in question. Finally, the paper shall conclude with certain theoretical findings – that the post coloniality, from indigenous perspective, lead to the further marginalization of indigeneity, especially in the third world; that human rights as the sole means of representing resistance in international law ends up making it a very state-centric discipline and last, that globalization from an indigenous, marginalised perspective is not as celebrated as it is in mainstream international law. Major scholarly works that shall be central to the discussion are those of Linda Tuiwahi Smith, Ella Shohat and David Harvey. The nature of the research shall be inductive and involve mostly theoretical review of scholarly works.

Keywords: indigenous, post colonial, globalization, perspectives

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Authors: Ana Hol

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Study and work operations are being transformed with the uses of technologies and are consequently becoming global. This paper outlines lessons learned based on the international study tour that Australian Bachelor of Information Systems students undertook. This research identifies that for the study tour to be successful, students need to gain skills that global citizens require. For example, students will need to gain an understanding of local cultures, local customs and habits. Furthermore, students would also need to gain an understanding of how a field of their future career expertise operates in the host country, how study and business are conducted internationally, which tools and technologies are currently being utilized on a global scale, what trends drive future developments world-wide and how business negotiations and collaborations are being undertaken across borders. Furthermore, this research provides a guide to educators who are planning, guiding and running study tours as it outlines the requirements of having a pre-tour preparatory session, carefully planned and executed tour itineraries and post-tour sessions during which students can reflect on their experiences and lessons learned so that they can apply them to future international business visits and ventures.

Keywords: global education, international experiences, international study tours, students as global citizens, student centered education,

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Authors: Ralph Barnes

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The internationalization and globalization of education are now a huge, multi-million dollar industry. The movement of international students across the globe has provided a rich vein of revenue for universities and institutions of higher learning to exploit and harvest. A concerted effort has been made by universities worldwide to court students from overseas, with some countries relying up to one-third of student fees, coming from international students. Australian universities and English Language Centres are coming under increased government scrutiny in respect to such areas as the academic progression of international students, management and understanding of student visa requirements and the design of higher education courses and effective assessment regimes. As such, universities and other higher education institutions are restructuring themselves more as service providers rather than as strictly education providers. In this paper, the high-touch, tailored academic model currently followed by some Australian educational institutions to support international students, is examined and challenged. Academic support services offered to international students need to be coordinated, sustained and reviewed regularly, in order to assess their effectiveness. Maintaining the delivery of high-quality educational programs and learning outcomes for this high income-generating student cohort is vital, in order to continue the successful academic and social engagement by international students across the Australian university and higher education landscape.

Keywords: ESL, engagement, tertiary, learning

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Authors: C. F. Popoola, P. Osho, S. B. Babarinde

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This study examined economic indicators as correlates of inward FDI. An exploratory research design was used to obtained annual published data on inflation rate, market size, exchange rate, political instability, human development, and infrastructure from Central Bank of Nigeria, National Bureau of Statistics, Nigerian Capital Market, Nigeria Institute of Social and Economic Research, and UNCTAD. Data generated were analyzed using Pearson correlation, analysis of variance and regression. The findings of the study revealed that market size (r = 0.852, p < 0.001), infrastructure (r = 0.264, p < 0.001), human development (r = 0.154, p < 0.01) and exchange rate ( r= 0.178, p < 0.05) correlate positively with inward FDI, while inflation rate (r = -0.88, p < 0.001), and political instability (r= -0.102, p < 0.05) correlate negatively with inward FDI. Findings also revealed that the economic indicators significantly predicted inward FDI (R2 = 0.913; F(1,19) = 29.40; p < 0.05) for Nigeria. It was concluded that exchange rate, market size, human development, and infrastructure positively related to inward FDI while the high level of inflation and political instability negatively related to inward FDI. Therefore, it was suggested that policy makers and government agencies should readdress steps and design policies that would encourage more FDI into the country.

Keywords: exchange rate, foreign direct investment, human development, inflation rate, infrastructure, market size, political instability

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Authors: Ihab S. Jweida

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Libya is witnessing major shifts in international migration flows resulting frompolitical, economic, social, security and environmental reasons as a result of what it iswitnessing from the elements of a fragile state due to government division, politicalconflicts, security chaos and the spread of terrorist organizations, since the popularuprising in February 2011, which threatens economic, social and security stability andthen The political stability of the Mediterranean basin countries. Therefore, this studycame as a scientific research aimed at analyzing the role of political economy inexplaining international migration with application to the case of Libya during theperiod from 2011-2021. To achieve this objective, the researcher relied on the descriptive approach basedon qualitative and quantitative analysis to analyze studies, reports, and internationalmigration policies in Libya, and conducted an exploratory study based on a personalinterview questionnaire for (670) migrants present in the distribution areas in Libyaand (65) Libyan migrants,

Keywords: international, migration, Libya, case

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Authors: Adel Atta Youssef Rezkalla

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Russia's invasion of Ukraine tested the international community and prompted not only states but also non-state actors to take deterrent measures in response. In fact, international sports federations, notably FIFA and UEFA, have managed to shift the power dynamic quite effectively by imposing a blanket ban on Russian national teams and clubs. The purpose of this article is to examine the human rights consequences of such actions by international sports organizations. First, the article moves away from assessing the legal status of FIFA and UEFA under international law and examines the question of how a legal connection can be established with their human rights obligations. Secondly, the human rights aspects of the controversial FIFA and UEFA measures against Russian athletes are examined and these are analyzed in more detail using the proportionality test than the principle of non-discrimination under international human rights law. Finally, the main avenues for redress for possible human rights violations related to the actions taken by these organizations are identified and the challenges of arbitration and litigation in Switzerland are highlighted.

Keywords: sustainable development, human rights, the right to development, the human rights-based approach to development, environmental rights, economic development, social sustainability human rights protection, human rights violations, workers’ rights, justice, security.

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Authors: Amy Atkinson

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Teacher burnout and dissatisfaction is a concerning challenge for visual art (VA) programs within the western (Canadian) educational context, however VA programs who offer the International Baccalaureate (IB) curriculum within international schools are thriving. The purpose of this research was to investigate the experiences of Canadian-educated seasoned VA teachers within a range of curriculums, administrative systems and locations focusing on issues related to the VA teaching experience such as viability of the artist-teacher relationship, teaching satisfaction and teacher burnout. Research was conducted using an auto-ethnography approach coupled with a comparative case study method using in-depth interviews. Insights were uncovered into VA teacher’s lived experience, values and decisions, occupational ideology, cultural knowledge, and perspectives. Research for creation methods were explored to develop a creative narrative to amplify teacher voice; endeavouring to make the obscure vivid, empathy possible, direct attention to individuality and locate the universal. Case study results sustain ethnographic observations revealing that VA teachers are experiencing more efficacy, satisfaction and success, with less burn out within the international school/IB context.

Keywords: international baccalaureate, autoethnography, teacher voice, visual arts

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Authors: Santi Mutiara Asih, Sinta Kemala Asih

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Along with the development of tourism in Indonesia, which is increasingly a lot of domestic and foreign public interest in sharia tourism, the Indonesian government is currently developing the program. It was seen that this program would have a good impact, especially for Indonesian tourism. So it is necessary to develop appropriate marketing strategies. Then to develop tourism prospects sharia government could use such a marketing strategy, for instance, marketing mix and Segmenting, Targeting, and Positioning (STP). The marketing mix is a set of marketing tools used by a state or a company to continue achieving its marketing objectives in target market. STP is the most important initial step in identifying customer value. In such away, it is expected from the use of this strategy could make sharia tourism as a market leader in the field of tourism in Indonesia, it also could attract more tourists to visit and increase economic returns.

Keywords: STP, marketing mix, market leader, sharia tourism

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Authors: Zeynep Selin Acar

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In international system, there has always been a cycle of violence, war and peace. As there travels the time, after Christianity and later Just War theorists, international relations theorists have been tried to limit violence and war. As pieces of international law, Peace of Augsburg, Kellog-Briand Pact, League of Nations Covenant and UN Charter were and are still not effective to prevent war. Moreover, in order to find a way around these rules, it is believed that a new excuse started to be used instead of violence or war, humanitarian intervention. However, it has neither a legal nor a universally accepted framework. As a result, it is open to be manipulated by states. In order to prevent this, Responsibility to Protect (RtoP) which gives a state the responsibility to protect its citizens against violence, is created. Additionally, RtoP transfers this responsibility to regional or international group of states at the time when a state is the origin of violence. In the lights of these, this paper analyzes RtoP as an ethical approach to war and peace studies because it provides other states as guardians and care-takers of people who do not belong to them or do not share any togetherness.

Keywords: ethics, humanitarian intervention, responsibility to protect, UN charter

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Authors: Wafa Ghonaim

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Though quite fast on growth, Islamic financing at large, and its diverse instruments, is a controversial matter among scholars. This is evident from the ongoing debates on its Shariah compliance. Arguments, however, are inciting doubts and concerns among clients about its credibility, which is harming this lucrative sector. The work here investigates, particularly, some issues related to the Tawarruq instrument. The work examines the issues of linking Murabaha and Wakala contracts, the reselling of commodities to same traders, and the transfer of ownerships. The work affirms that a multi-agent smart electronic market design would facilitate Shariah compliance. The smart market exploits the rational decision-making capabilities of autonomous proxy agents that enable the clients, traders, brokers, and the bank buy and sell commodities, and manage transactions and cash flow. The smart electronic market design delivers desirable qualities that terminate the need for Wakala contracts and the reselling of commodities to the same traders. It also resolves the ownership transfer issues by allowing stakeholders to trade independently. The bank administers the smart electronic market and assures reliability of trades, transactions and cash flow. A multi-agent simulation is presented to validate the concept and processes. We anticipate that the multi-agent smart electronic market design would deliver Shariah compliance of personal financing to the aspiration of scholars, banks, traders and potential clients.

Keywords: Islamic finance, share'ah compliance, smart electronic markets design, multiagent systems

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Authors: Semanur Soyyigit Kaya, Ercan Eren

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Energy has a prominent role for development of nations. Countries which have energy resources also have strategic power in the international trade of energy since it is essential for all stages of production in the economy. Thus, it is important for countries to analyze the weakness and strength of the system. On the other side, it is commonly believed that international trade has complex network properties. Complex network is a tool for the analysis of complex systems with heterogeneous agents and interaction between them. A complex network consists of nodes and the interactions between these nodes. Total properties which emerge as a result of these interactions are distinct from the sum of small parts (more or less) in complex systems. Thus, standard approaches to international trade are superficial to analyze these systems. Network analysis provides a new approach to analyze international trade as a network. In this network countries constitute nodes and trade relations (export or import) constitute edges. It becomes possible to analyze international trade network in terms of high degree indicators which are specific to complex systems such as connectivity, clustering, assortativity/disassortativity, centrality, etc. In this analysis, international trade of crude oil and coal which are types of fossil fuel has been analyzed from 2005 to 2014 via network analysis. First, it has been analyzed in terms of some topological parameters such as density, transitivity, clustering etc. Afterwards, fitness to Pareto distribution has been analyzed. Finally, weighted HITS algorithm has been applied to the data as a centrality measure to determine the real prominence of countries in these trade networks. Weighted HITS algorithm is a strong tool to analyze the network by ranking countries with regards to prominence of their trade partners. We have calculated both an export centrality and an import centrality by applying w-HITS algorithm to data.

Keywords: complex network approach, fossil fuel, international trade, network theory

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Authors: Hitakshi Mahendru, Advait Tambe, Simran Chandok, Niharika Sanadhya

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After the Second World War had come to an end, the Founding Fathers of the United Nations recognized a need for a supreme peacekeeping mechanism to act as a mediator between nations and moderate disputes that might blow up, if left unchecked. It has been more than seven decades since the establishment of the International Court of Justice (ICJ). When it was created, there were certain aim and objectives that the ICJ was intended to achieve. However, in today’s world, with change in political dynamics and international relations between countries, the ICJ has not succeeded in achieving several of these objectives. The ICJ is the only body in the international scenario that has the authority to regulate disputes between countries. However, in recent times, with countries like China disregarding the importance of the ICJ, there is no hope for the ICJ to command respect from other nations, thereby sending ICJ on a slow, yet steady path towards redundancy. The authority of the judgements given by the International Court of Justice, which is one of the main pillars of the United Nations, is questionable due to the forthcoming reactions from various countries on public platforms. The ICJ’s principal role within the United Nations framework is to settle peacefully international/bilateral disputes between the states that come under its jurisdiction and in accordance with the principles laid down in international law. By shedding light on the public backlash from the Chinese Government to the recent South China Sea judgement, we see the decreasing relevance of the ICJ in the contemporary world scenario. Philippines and China have wrangled over territory in the South China Sea for centuries but after the recent judgement the tension has reached an all-time high with China threatening to prosecute anybody as trespassers while continuing to militarise the disputed area. This paper will deal with the South China Sea judgement and the manner in which it has been received by the Chinese Government. Also, it will look into the consequences of counter-back. The authors will also look into the Marshall Island matter and propose a model judgement, in accordance with the principles of international law that would be the most suited for the given situation. Also, the authors will propose amendments in the working of the Security Council to ensure that the Marshal Island judgement is passed and accepted by the countries without any contempt.

Keywords: International Court of Justice, international law, Marshall Islands, South China Sea, United Nations Charter

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Authors: Merabi Khokhobaia

Abstract:

The aim of the investigation is definition of economic importance of tourism, evaluation of tourism’s influence on the economy of Georgia. Tourism in the world, as well, as in Georgia became one of the most significant activities. The outlook for the international arrivals in Georgia is highly optimistic. Increase of international travelers is an additional opportunity for Georgia in case of creating more jobs and generate incomes. The country has unique cultural heritage and traditions, there are many cultural monuments in Georgia which are significant precondition for the development of tourism. Despite the factors mentioned above, there are challenges and problems, development of infrastructure, quality of services, development of tourist products and etc. In the work has been used induction, deduction, analysis, synthesis, quantitative-based research technique.

Keywords: culture, development, economy, industry, tourism

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Authors: Byomakesh Debata, Jitendra Mahakud

Abstract:

The recent financial crisis has been characterized by massive monetary policy interventions by the Central bank, and it has amplified the importance of liquidity for the stability of the stock market. This paper empirically elucidates the actual impact of monetary policy interventions on stock market liquidity covering all National Stock Exchange (NSE) Stocks, which have been traded continuously from 2002 to 2015. The present study employs a multivariate VAR model along with VAR-granger causality test, impulse response functions, block exogeneity test, and variance decomposition to analyze the direction as well as the magnitude of the relationship between monetary policy and market liquidity. Our analysis posits a unidirectional relationship between monetary policy (call money rate, base money growth rate) and aggregate market liquidity (traded value, turnover ratio, Amihud illiquidity ratio, turnover price impact, high-low spread). The impulse response function analysis clearly depicts the influence of monetary policy on stock liquidity for every unit innovation in monetary policy variables. Our results suggest that an expansionary monetary policy increases aggregate stock market liquidity and the reverse is documented during the tightening of monetary policy. To ascertain whether our findings are consistent across all periods, we divided the period of study as pre-crisis (2002 to 2007) and post-crisis period (2007-2015) and ran the same set of models. Interestingly, all liquidity variables are highly significant in the post-crisis period. However, the pre-crisis period has witnessed a moderate predictability of monetary policy. To check the robustness of our results we ran the same set of VAR models with different monetary policy variables and found the similar results. Unlike previous studies, we found most of the liquidity variables are significant throughout the sample period. This reveals the predictability of monetary policy on aggregate market liquidity. This study contributes to the existing body of literature by documenting a strong predictability of monetary policy on stock liquidity in an emerging economy with an order driven market making system like India. Most of the previous studies have been carried out in developing economies with quote driven or hybrid market making system and their results are ambiguous across different periods. From an eclectic sense, this study may be considered as a baseline study to further find out the macroeconomic determinants of liquidity of stocks at individual as well as aggregate level.

Keywords: market liquidity, monetary policy, order driven market, VAR, vector autoregressive model

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Authors: Sonal Purohit, Animesh Dubey

Abstract:

Corporate governance deals with the entire network of formal and informal relationship with the management of the company and company’s stakeholders including employees, customers, creditors, local communities, and society in general. The recent financial crisis was truly a global crisis in its nature and effects. The Indian financial markets were not immune to this global financial crisis. It is believed that corporate governance also had a major role to play in staggering the effect of this crisis. The objective of this paper is to examine the failure of prevailing corporate governance practice in India during financial crisis. Lack of appropriate implementation of the corporate government norms was a reason behind the phenomenon of money being pulled-out by FIIs, which constitute major investors and influencers of the Indian financial market.

Keywords: corporate governance, FII, financial market, financial crisis

Procedia PDF Downloads 452