Search results for: startup capital

Authors: Rifaldy, Misbahudin, Khalid Rizky, Ricky Aryanto, M. Alfiyan Bagus, Fahri Septianto, Firman Najib Wibisana, Excobar Arman

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Indonesia is a country that has a high level of disaster because it is on the ring of fire, and there are several regions with three major plates meeting in the world. So that disaster analysis must always be done to see the potential disasters that might always occur, especially in this research are landslides and liquefaction. This research was conducted to analyze areas that are vulnerable to landslides and liquefaction hazards and their relationship with the assessment of the issue of moving the new capital of the Republic of Indonesia to the island of Kalimantan with a total area of 612,267.22 km². The method in this analysis uses the Analytical Hierarchy Process and consistency ratio testing as a complex and unstructured problem-solving process into several parameters by providing values. The parameters used in this analysis are the slope, land cover, lithology distribution, wetness index, earthquake data, peak ground acceleration. Weighted overlay was carried out from all these parameters using the percentage value obtained from the Analytical Hierarchy Process and confirmed its accuracy with a consistency ratio so that a percentage of the area obtained with different vulnerability classification values was obtained. Based on the analysis results obtained vulnerability classification from very high to low vulnerability. There are (0.15%) 918.40083 km² of highly vulnerable, medium (20.75%) 127,045,44815 km², low (56.54%) 346,175.886188 km², very low (22.56%) 138,127.484832 km². This research is expected to be able to map landslides and liquefaction disasters on the island of Kalimantan and provide consideration of the suitability of regional development of the new capital of the Republic of Indonesia. Also, this research is expected to provide input or can be applied to all regions that are analyzing the vulnerability of landslides and liquefaction or the suitability of the development of certain regions.

Keywords: analytic hierarchy process, Borneo Island, landslide and liquefaction, vulnerability analysis

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Authors: Siqin Wang, Jonathan Corcoran, Yan Liu, Thomas Sigler

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Australia is a quintessentially immigrant nation with 28 percent of its residents being foreign-born. By 2011, People’s Republic of China (PRC) overtook the United Kingdom to become the largest source country in Australia. Significantly, the profile of PRC-born migrants has changed to mirror broader global shifts towards high-skilled labour, education-related, and investment-focussed migration, all of which reflect an increasing trend in the mobility of wealthy and/or educated cohorts. Together, these coalesce to form a more complex pattern of migrant settlement –both spatially and socio-economically. This paper focuses on the PRC-born migration, redresses these lacunae, with regard to the settlement outcomes of PRC migrants to Australia, with a particular focus on spatial evolution and residential mobility at both the metropolitan and national scales. By drawing on Census Data and migration Micro Datasets, the aim of this paper is to examine the shifting dynamics of PRC-born migrants in Australian capital cities to unveil their socioeconomic characteristics, residential patterns and change of spatial concentrations during their transition into the new host society. This paper finds out three general patterns in the residential evolution of PRC-born migrants depending on the size of capital cities where they settle down, as well as the association of socio-economic characters with the formation of enclaves. It also examines the residential mobility across states and cities from 2001 to 2011 indicating the rising status of median-size Australian capital cities for receiving PRC-born migrants. The paper concludes with a discussion of evidences for policy formation, facilitates the effective transition of PRC-born populations into the mainstream of host society and enhances social harmony to help Australia become a more successful multicultural nation.

Keywords: Australia, Chinese migrants, residential mobility, spatial evolution

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Authors: Jukka Törrönen

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In the article, we examine the interplay between the practices of heavy drinking and exercise among young people as patterned around the ‘social’ and ‘physical health’ approaches. The comparison helps us to clarify why young people are currently drinking less than earlier and how the neoliberal healthism discourse, as well as the feminine tradition of taking care of one’s body, are modifying young people’s heavy drinking practices. The data is based on interviews (n = 56) in Sweden among 15-16-year-olds and 18˗19-year-olds. By drawing on Pierre Bourdieu’s concepts of habitus, field, and capital, we examine what kinds of resources of wellbeing young people accumulate in the fields of heavy drinking and exercise, how these resources carry symbolic value for distinction, and what kind of health-related habitus they imply. The analysis suggests that as heavy drinking is no longer able to stand as a practice through which one may acquire capital that is more valuable than the capital acquired in other fields, this lessens peer pressure to drink among young people. Our analysis further shows that the healthism discourse modifies young people’s heavy drinking practices both from inside and from outside. The interviewees translate the symbolic value of healthism discourse to social vulnerability and deploy it for the purposes of increasing one’s social status among peers. Moreover, our analysis demonstrates that the social spaces and positions in intoxication and exercise are shaped by gendered dualisms of masculine dominance. However, while the interviewees naturalize the gender binaries in intoxication as based on biological drives, they understand gender binaries in exercise as normative social constructions of neoliberal society. As these binaries emphasize the struggle for recognition of the symbolic value of bodily look, they may shift young men’s attention from risk-taking to issues that traditionally have been female concerns.

Keywords: young people, decline in drinking , health, intoxication, exercise, Bourdieu

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Authors: Vashti Carissa

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The main objective of this study is to examine whether the life-cycle theory of dividends could explain the determinant of an optimal dividend policy in Indonesia. The sample that was used consists of 1,420 non-financial and non-trade, services, investment firms listed in Indonesian Stock Exchange during the period of 2005-2014. According to this finding using logistic regression, firm life-cycle measured by retained earnings as a proportion of total equity (RETE) significantly has a positive effect on the propensity of a firm pays dividend. The higher company’s earned surplus portion in its capital structure could reflect firm maturity level which will increase the likelihood of dividend payment in mature firms. This result provides an additional empirical evidence about the existence of life-cycle theory of dividends for dividend payout phenomenon in Indonesia. It can be known that dividends tend to be paid by mature firms while retention is more dominating in growth firms. From the testing results, it can also be known that majority of sample firms are being in the growth phase which proves the fact about infrequent dividend distribution in Indonesia during the ten years observation period.

Keywords: dividend, dividend policy, life-cycle theory of dividends, mix of earned and contributed capital

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Authors: Hsin Hua He

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The purpose of this study is to strengthen the social cohesion of the local community by injecting the cultural and creative concept into the industrial heritage transformation. The paradigms of industrial heritage research tend to explore from the perspective of space analysis, which concerned less about the cultural regeneration and the development of local culture. The paradigms of cultural quarter research use to from the perspective of creative economy and urban planning, concerned less about the social impacts and the interaction between residents and industrial sites. This research combines these two research areas of industrial heritage and cultural quarter, and focus on the social and cultural aspects. The transformation from the industrial heritage into a cultural park not only enhances the cultural capital and the quality of residents’ lives, but also preserves the unique local values. Internally it shapes the local identity, while externally establishes the image of the city. This paper uses Westergasfabriek Cultural Park in Amsterdam as the case study, through literature analysis, field work, and depth interview to explore how the cultural regeneration transforms industrial heritage. In terms of the planners’ and residents’ point of view adopt the theory of community participation, social capital, and sense of place to analyze the social impact of the industrial heritage transformation. The research finding is through cultural regeneration policies like holding cultural activities, building up public space, social network and public-private partnership, and adopting adaptive reuse to fulfil the people’s need and desire and reach the social cohesion. Finally, the study will examine the transformation of Taiwan's industrial heritage into cultural and creative quarters. The results are expected to use the operating experience of the Amsterdam cases and provide directions for Taiwan’s industrial heritage management to meet the cultural, social, economic symbiosis.

Keywords: cultural regeneration, community participation, social capital, sense of place, industrial heritage transformation

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Authors: Tamer Mokhtar Mohamed Ahmed

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Throughout the ages the Caliphs, Sultans and rulers have paid great care to tomb covers and in particular to the cover of the tomb of the Prophet Muhammad as well as other prophets. For that purpose they established waqfs and ensured that the covers appeared in the most magnificent manner to befit their purpose, as we can see in the beautiful examples in museums across the world. In fact tomb covers are some of the most beautiful examples of Islamic art in their detail of craftsmanship which have made them great works of art. It became the custom that the Kiswa or the tomb covers were made of silk or satin with gold and silver threads. Museums across the word preserve examples of the highest craftsmanship of tomb covers produced in the capital of the Ottomans and other capital cities, all differing in their designs or colors reflecting the work of the individual cities like Cairo, Istanbul or Bursa. Other than the cover for the tomb of the Prophet, many other tomb covers were produced for the tombs of other prophets and their wives in Hebron. In addition tomb covers were made for the sufi saints as well as for the Ottoman sultans and for their wives and children. In this paper I will Study the Kiswa or the tomb covers in Ottoman period.

Keywords: kiswa, ottoman period, textiles, silk, tomb of the Prophet Muhammad

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Authors: Shah Hussain Awan

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This study investigates the role of Business Incubation Centers (BICs) in fostering entrepreneurship in Pakistani universities. The high failure rate in new startups around the world has opened a challenging discussion. Though encouraging steps and strategies have been taken to overcome these challenges, still more aggressive action needs to be taken. However, Pakistan is one of the countries that promote entrepreneurship through BICs. The purpose of the present study is to develop a conceptual model that assesses the moderating impact of government policy on entrepreneurship development through business incubation centers of public and private universities. This area is under-researched, particularly in the context of Pakistan; therefore, this research may contribute to the existing body of knowledge to appraise the industry in Pakistan. The data collection procedure included a survey of stakeholders from private and public universities in Pakistan and was analyzed by SmartPLS 4.0. The findings show that Business incubation centers and government support have a significant impact on entrepreneurship development in Pakistan. Moderation analysis showed that for business incubation centers to be successful and effective, the government needs to implement efficient policies to inculcate entrepreneurship.

Keywords: business incubation centers, government support, policies, startup performance, entrepreneurship development

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Authors: Sa'ad Ali

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This study explores wasta as an example of a social network and how it impacts business practice in the Arab Middle East, drawing links with social network impact in different regions of the world. In doing so, particular attention will be paid to the socio-economic and cultural influences on business practice. In exploring relationships in business, concepts such as social network analysis, social capital and group identity are used to explore the different forms of social networks and how they influence business decisions and practices in the regions and countries where they prevail. The use of social networks to achieve objectives is known as guanxi in China, wasta in the Arab Middle East and blat in ex-Soviet countries. Wasta can be defined as favouritism based on tribal and family affiliation and is a widespread practice that has a substantial impact on political, social and business interactions in the Arab Middle East. Within the business context, it is used in several ways, such as to secure a job or promotion or to cut through bureaucracy in government interactions. The little research available is fragmented, and most studies reveal a negative attitude towards its usage in business. Paradoxically, while wasta is widely practised, people from the Arab Middle East often deny its influence. Moreover, despite the regular exhibition of a negative opinion on the practice of wasta, it can also be a source of great pride. This paper addresses this paradox by conducting a positional literature review, exploring the current literature on wasta and identifying how the identified paradox can be explained. The findings highlight how wasta, to a large extent, has been treated as an umbrella concept, whilst it is a highly complex practice which has evolved from intermediary wasta to intercessory wasta and therefore from bonding social capital relationships to more bridging social capital relationships. In addition, the research found that Islam, as the predominant religion in the region and the main source of ethical guidance for the majority of people from the region, plays a substantial role in this paradox. Specifically, it is submitted that wasta can be viewed positively in Islam when it is practised to aid others without breaking Islamic ethical guidelines, whilst it can be viewed negatively when it is used in contradiction with the teachings of Islam. As such, the unique contribution to knowledge of this study is that it ties together the fragmented literature on wasta, highlighting and helping us understand its complexity. In addition, it sheds light on the role of Islam in wasta practices, aiding our understanding of the paradoxical nature of the practice.

Keywords: Islamic ethics, social capital, social networks, Wasta

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Authors: Eliane Abdo

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Small and medium sized firms “SMEs” play essential role in the countries’ economic development mainly in terms of production, employment and equitable distribution of income. For innovative SMEs, the investment in the human capital and in research and development are crucial to survive in a competitive environment. In this paper we perform a literature review to underline the financing difficulties and constraints which innovative SMEs face while investing in intangible assets: not only when defining amount of the investments but also while choosing its financing methods. Literature review revealed that in order to finance their intangible assets, SMEs rely in first on their internal financing: the availability of internal cash flows can then determine their investment’s decision. Moreover SMEs face difficulties to finance their intangibles by financial debts due to the uncertainty of future cash flow and the absence of physical guarantees; they will therefore go for the issuance of new shares as a second choice, since innovative companies have high opportunity of growth that attract new shareholders.

Keywords: small and medium sized firms, capital structure, intangible investment, financial constraints

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Authors: Linda O. N. Nwabunike

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The role of internal and external efforts in the management of exploration and exploitation has been highlighted in literature. External ties support ambidexterity at different levels with, for instance: business unit ambidexterity, individual ambidexterity, organizational ambidexterity, and alliance ambidexterity. Recently studies have highlighted the combination of organization, alliance, and acquisition strategies for ambidexterity by conceptualizing ambidexterity across modes of operation. Literature still lacks detailed understanding of how these different processes are combined in the management of ambidexterity across modes of operation. This study plans to propose a conceptual model that illustrates the social processes involved in the management of ambidexterity across modes of operation. Main arguments are integrated from social structures, organizational design, and ambidexterity literature. The framework illustrates that how social capital is promoted by hierarchical relations within the organization and business relations across the boundaries of the organization. Whereby such social relations within and outside the organization are supported by the dual structures of the organization in the coordination of multiple efforts. This paper has potential to contribute to the understanding about how ambidexterity is attained.

Keywords: ambidexterity, coordination, external-ties, social-capital

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Authors: Peter Boyes, Sarah Sharples, Paul Tennent, Gary Priestnall, Jeremy Morley

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Significant long-term investment projects can involve complex decisions. These are often described as capital projects, and the factors that contribute to their complexity include budgets, motivating reasons for investment, stakeholder involvement, interdependent projects, and the delivery phases required. The complexity of these projects often requires management groups to be established involving stakeholder representatives; these teams are inherently multidisciplinary. This study uses two university campus capital projects as case studies for this type of management group. Due to the interaction of projects with wider campus infrastructure and users, decisions are made at varying spatial granularity throughout the project lifespan. This spatial-related context brings complexity to the group decisions. Sensemaking is the process used to achieve group situational awareness of a complex situation, enabling the team to arrive at a consensus and make a decision. The purpose of this study is to understand the role of people and data in the complex spatial related long-term decision and sensemaking processes. The paper aims to identify and present issues experienced in practical settings of these types of decision. A series of exploratory semi-structured interviews with members of the two projects elicit an understanding of their operation. From two stages of thematic analysis, inductive and deductive, emergent themes are identified around the group structure, the data usage, and the decision making within these groups. When data were made available to the group, there were commonly issues with the perception of veracity and validity of the data presented; this impacted the ability of group to reach consensus and, therefore, for decisions to be made. Similarly, there were different responses to forecasted or modelled data, shaped by the experience and occupation of the individuals within the multidisciplinary management group. This paper provides an understanding of further support required for team sensemaking and decision making in complex capital projects. The paper also discusses the barriers found to effective decision making in this setting and suggests opportunities to develop decision support systems in this team strategic decision-making process. Recommendations are made for further research into the sensemaking and decision-making process of this complex spatial-related setting.

Keywords: decision making, decisions under uncertainty, real decisions, sensemaking, spatial, team decision making

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Authors: Valerio D’Andrea

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The GERmanium Detector Array (GERDA) experiment, located at the Laboratori Nazionali del Gran Sasso (LNGS) of INFN, searches for 0νββ of 76Ge. Germanium diodes enriched to ∼ 86 % in the double beta emitter 76Ge(enrGe) are exposed being both source and detectors of 0νββ decay. Neutrinoless double beta decay is considered a powerful probe to address still open issues in the neutrino sector of the (beyond) Standard Model of particle Physics. Since 2013, just after the completion of the first part of its experimental program (Phase I), the GERDA setup has been upgraded to perform its next step in the 0νββ searches (Phase II). Phase II aims to reach a sensitivity to the 0νββ decay half-life larger than 1026 yr in about 3 years of physics data taking. This exposing a detector mass of about 35 kg of enrGe and with a background index of about 10^−3 cts/(keV·kg·yr). One of the main new implementations is the liquid argon scintillation light read-out, to veto those events that only partially deposit their energy both in Ge and in the surrounding LAr. In this paper, the GERDA Phase II expected goals, the upgrade work and few selected features from the 2015 commissioning and 2016 calibration runs will be presented. The main Phase I achievements will be also reviewed.

Keywords: gerda, double beta decay, LNGS, germanium

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Authors: Lidia Sanchis-Marco, Antonio Rubia, Pedro Serrano

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This paper studies the informational content of pricing errors in the term structure of sovereign CDS spreads. The residuals from a non-arbitrage model are employed to construct a Price discrepancy estimate, or noise measure. The noise estimate is understood as an indicator of market distress and reflects frictions such as illiquidity. Empirically, the noise measure is computed for an extensive panel of CDS spreads. Our results reveal an important fraction of systematic risk is not priced in default swap contracts. When projecting the noise measure onto a set of financial variables, the panel-data estimates show that greater price discrepancies are systematically related to a higher level of offsetting transactions of CDS contracts. This evidence suggests that arbitrage capital flows exit the marketplace during time of distress, and this consistent with a market segmentation among investors and arbitrageurs where professional arbitrageurs are particularly ineffective at bringing prices to their fundamental values during turbulent periods. Our empirical findings are robust for the most common CDS pricing models employed in the industry.

Keywords: credit default swaps, noise measure, illiquidity, capital arbitrage

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Authors: Isabela Romanha de Alcantara, Jose Eustaquio Ribeiro Vieira Filho, Jose Garcia Gasques

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Innovation and technology can be determinant factors to ensure agricultural and sustainable growth, as well as productivity gains. Technical change has contributed considerably to supply agricultural expansion in Brazil. This agricultural growth could be achieved by incorporating more land or capital. If capital is the main source of agricultural growth, it is possible to increase production per unit of land. The objective of this paper is to estimate: 1) total factor productivity (TFP), which is measured in terms of the rate of output per unit of input; and 2) the land-saving effect (LSE) that is the amount of land required in the case that yield rate is constant over time. According to this study, from 1990 to 2019, it appears that 87 percent of Brazilian agriculture product growth comes from the gains of productivity; the rest of 13 percent comes from input growth. In the same period, the total LSE was roughly 400 Mha, which corresponds to 47 percent of the national territory. These effects reflect the greater efficiency of using productive factors, whose technical change has allowed an increase in agricultural production based on productivity gains.

Keywords: agriculture, land-saving effect, livestock, productivity

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Authors: Gerard R. Lekhema, Willie A Cronje, Ian Korir

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The objective of this research work is to investigate the use of a micro-grid system to improve the reliability and availability of emergency electrical power in a nuclear facility. The nuclear facility is a safety-critical application that requires reliable electrical power for safe startup, operation and normal or emergency shutdown conditions. The majority of the nuclear facilities around the world utilize diesel generators as emergency power supply during loss of offsite power events. This study proposes the micro-grid system with distributed energy sources and energy storage systems for use as emergency power supply. The systems analyzed include renewable energy sources, decay heat recovery system and large scale energy storage system. The configuration of the micro-grid system is realized with guidelines of nuclear safety standards and requirements. The investigation results presented include performance analysis of the micro-grid system in terms of reliability and availability.

Keywords: emergency power supply, micro-grid, nuclear facility, renewable energy sources

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Authors: Jun Ha Whang

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As New York City weathers a swelling 'affordability crisis' marked by rapid transformation in land development and urban culture, much of the associated scholarly debate has turned to questions of the underlying mechanisms of gentrification. Though classically approached from the point of view of urban planning, increasingly these questions have been addressed with an eye to understanding the role of cultural capital in neighborhood valuation. This paper will examine the construction of an artist-specific affordable housing development in the Spanish Harlem neighborhood of Manhattan in order to identify and discuss several cultural parameters of gentrification. This study’s goal is not to argue that the development in question, named Art space PS 109, straightforwardly increases or decreases the rate of gentrification in Spanish Harlem, but rather to study dynamics present in the construction of Art space PS 109 as a case study considered against the broader landscape of gentrification in New York, particularly with respect to the impact of artist communities on housing supply. In the end, what Art space PS 109 most valuably offers us is a reference point for a comparative analysis of affordable housing strategies currently being pursued within municipal government. Our study of Art space PS 109 has allowed us to examine a microcosm of the city’s response and evaluate its overall strategy accordingly. As a base line, the city must aggressively pursue an affordability strategy specifically suited to the needs of each of its neighborhoods. It must also conduct this in such a way so as not to undermine its own efforts by rendering them susceptible to the exploitative involvement of real estate developers seeking to identify successive waves of trendy neighborhoods. Though Art space PS 109 offers an invaluable resource for the city’s legitimate aim of preserving its artist communities, with such a high inclusion rate of artists from outside of the community the project risks additional displacement, strongly suggesting the need for further study of the implications of sites of cultural capital for neighborhood planning.

Keywords: artist housing, displacement, east Harlem, urban planning

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Authors: Michael Adedotun Oke

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In Nigeria, Bamboo is one of the most socioeconomically beneficial farming crops, with yearly investment returns of up to N1.6 million. Growing bamboo is a fantastic long-term investment. It may self-renew for up to 70 years and is durable, long-lasting, and environmentally friendly; through an oral interview with the sellers, usage examples, and visual depiction to support those examples, The paper was able to discuss the different uses for bamboo. The various field observations in Federal Capital Territory, including the electric poles, buildings, paper production, and decoration, from picture frames to room dividing screens, bamboo can make some elegant and exotic decorations for the home, building, furniture, cooking, agriculture, instrument, in construction for flooring, roofing designing, scaffolding, garden planting, even to control erosion and slope stabilization in erosion are observed. The use of it is multiplexed with straightforward man-made technology, in contrast. 'This study wants more innovative practices that will be able to make it lucrative for business purposes and sustainability of the process. Although there are various uses and requirements for growing bamboo successfully, it is advised to receive the proper training and in-depth understanding of the growth and management procedures. Consult an experienced bamboo farmer for help.

Keywords: bamboo, use, Nigeria, socioeconomically

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Authors: Milind Bharambe, Chander Shekhar

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India is a vast country with its 1.21 billion population at the dawn of new decade, which accounts for one sixth of the global human capital in the world today. It is well known that health expenditure in India is dominated by private spending. This is an unfortunate consequence of India’s development because of large positive externality associated with health spending, which make health a merit good. This paper has used data from NSSO and Indian Government’s spending on health as reported by Ministry of Health and Family Welfare. Understanding of the dynamism of age-structure of the population would greatly optimize the expenditure on health care services. A country with good public health indicators is bound to possess good human capital which is an asset to the economic growth and indicator of development status of country. The paper tries to present the linkages between the health expenditure incurred by different states at various levels of demographic transition levels and the efficiency in utilization of health expenditure. It also looks into the way in which allocative efficiency health services can be improved. Paper tries to explore the per capita spending on health and how the demographic transition taking place in different states of India affect the required quantity and quality of health services.

Keywords: age structure, demographic transition, health expenditure, morbidity

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Authors: Nasser Alsadoun

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Today's companies in Saudi Arabian capital market must comply with strict criteria and adhere to rigid corporate governance rules and continuous disclosure requirements. Unlike other regulators in the region, decision makers of the Capital Market Authority (hereafter CMA) of Saudi Arabia believes that the announcements of economic sanctions and penalties for non-compliance firms will foster more effective regulatory compliance and hence improve the quality of financial reporting. An implied argument put forward by the opponents, however, states that such penalties are unnecessary and stated to be onerous for non-compliance firms. Over that last years, the CMA has publicly announced several economic fines levied on some listed companies for their failing to comply with corporate governance and continuous disclosure regulation clauses, with the amount of fine levied ranges between 50,000 SR to 100,000 SR for each failing. Economic theory suggests that rational investors make decisions based on a cost-benefit principal. The regulatory intervention made by CMA on the announcement of economic sanctions has been costly to the society (economy) hoping that it improves the transparency of financial statements. It is argued, therefore, that threat of regulators and economic sanctions will provide incentives for firms’ managers to report more relevant and reliable accounting information, and the benefit of such announcements is likely to be reflected in the context of the quality of the financial reports. Yet, the economic consequences of the revealed fines announcement for non-compliance firms in Saudi Arabian market have not been examined. Thus, this study attempts to empirically examine whether market participants are pricing the supposed benefits of rigid governance and disclosure rules in the Saudi market. The study employs an event study methodology to assess the impact of CMA economic sanctions announcements on the market price of non-compliance firms. The study also estimates and examines bid–ask spread behavior of violated firms around the CMA announcements. The findings indicate that the CMA fines announcements for failing to comply with governance and disclosure rules do not appear to play any significant role in securities pricing. In addition, tests of bid-ask behavior does not indicate any significant increases in information asymmetry surrounding these announcements. While the CMA has developed many goals to increase the awareness of listed companies with the best governance and disclosure practices, it seems they have to develop more goals to improve market efficiency and increase investors and public awareness.

Keywords: governance and disclosure violations, financial reporting quality, regulatory intervention, market efficiency

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Authors: Burcin Basyazici

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The history of urban regeneration in Istanbul dates to the 1980s and has been generated by various reasons, from political state-based decisions to cultural migrations and/or translocations and economical private sector-based reasons. However, one of the latest regeneration areas in Fikirtepe that have been still under construction for ten years becomes dissimilar to other regeneration areas in Istanbul. The region is located very close to Kadıkoy's downtown area but was still considered a slum due to its inhabitants -who mostly belong to lower-income immigrants. The process begun in 2011 with the decision of the government, and the settlement has been emptied and demolished also by the government -together with the investors and construction companies. Although there has been much research on the process of deconstruction and the relocation of landlords, there hasn’t been any research on what happened after the regeneration. While many high-rise luxurious gated communities were constructed and inhabited in five years, many constructions have stopped due to the latest economic devastation in Turkey. Then the region stayed as an unfinished construction area with its new upper-income and upper-middle-income residents and old low-income landlords. This situation has also changed the commercial activities in Fikirtepe. While some new retail facilities have been offered for new residents, some of the oldest ones have also survived in new-Fikirtepe. This study aims to investigate the urban everyday life of Fikirtepe with relation to its retail-based regeneration with the help of the theories of Bourdieu called cultural capital and cultural omnivorousness. To achieve this aim, after presenting the historical background of urban regeneration in Istanbul, Bourdieu’s conceptualism of cultural capital, habitus, and the consumption tendencies related to those are introduced and discussed within the scope of the Fikirtepe case. To represent the retail-based regeneration in the area, the current situation of retail premises is mapped by comparing to its pre-situation before urban gentrification. To better understand the change of cultural capital and the consumption tendencies of the new residents, eighteen semi-structured in-depth interviews have been conducted with twelve inhabitants from three different luxurious gated communities and six shop owners containing the new ones after regeneration and old ones before it. The interview questions have been structured to understand the motivation of change and/or inhibition of retail premises and the consumption tendencies of the new residents. In conclusion, the study shows that even though the cultural capital has been changed in Fikirtepe, the new residents also tend to act as culturally omnivorous by referring to Bourdieu's theories on multi-cultural tendencies of the upper-class and upper-middle-class societies, that should be questioned regarding the cultural regeneration in in-town urban regeneration areas in metropoles.

Keywords: bourdieu, cultural omnivorousness, fikirtepe, urban regeneration in istanbul

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Authors: S. Sansone-Casaburi

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The pandemic that the world is going through is causing important changes in the daily life of all cities, which can translate into opportunities to rearrange pending situations. Among others: the town-city relationship and sustainability. On the one hand, the city continues to be the center of attention, and the countryside is assumed as the supplier of food. However, the temporary closure of cities highlighted the importance of the rural environment, and many people are reassessing this context as an alternative for life. Furthermore, the countryside is not simply the home and the center of activity of the people who inhabit it, but rather constitutes the active group of all citizens, both rural and urban. On the other hand, the pandemic is the opportunity to meet sustainable development goals. Sustainable development is understood as the capital to be transferred to future generations made up of three types of wealth: natural capital (environment), human capital (people, relationships, culture), and artificial or built capital, made up of buildings and infrastructure, or by cities and towns. The 'new normal' can mean going back to the countryside, but not to a merely agricultural place but to a sustainable, affordable, and healthy place, which, with the appropriate infrastructures, allows work from a distance, a new post-COVID-19 modality. The contribution of the research is towards the recovery of traditional villages from the perspective of populations that have managed to maintain their vitality with innovative solutions. It is assumed that innovation is a path for the recovery of traditional villages, so we ask: what conditions are necessary for innovation to be successful and sustainable? In the research, several variables were found, among which culture is named, so the objective of this article is to understand Uruena, a town in the province of Valladolid, which with only 182 inhabitants houses five museums and twelve bookstores that make up the first Villa del Libro in Spain. The methodology used is mixed: inductive and deductive and the results were specified in determining the formula of innovative peoples in culture: PIc = Pt + C [E (Aec) + S (pp) + A (T + s + t + enc)]. Where the innovative villages in culture PIc are the result of traditional villages Pt that from a cultural innovation C, integrates into the economic, economic and cultural activities E (Aec); in the social sphere, the public and private actors S (pp); and in the environmental (A), Territory (T), services (s), technology (t) and natural and built spaces (enc). The results of this analysis will focus on determining what makes the structure of innovative peoples sustainable and understanding what variables make up that structure to verify if they can be applied in other contexts and repower abandoned places to provide a solution for people who migrate to this context. That is, learn from what has been done to replicate it in similar cases.

Keywords: culture as innovation, depopulation, sustainability, traditional villages

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Authors: Peng Yew Wong

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House prices in the Australian capital cities were at record levels subsequent to Global Financial Crisis (GFC) 2008 and many believed that foreign investors, especially the Chinese investors, were the main reason for the Australian capital cities’ house prices escalation. This research conducted an Australian cross border semi-structured interviews in Shanghai, China to uncover historical evidence and emerging trend supporting the existence of a significant relationship between overseas investors and residential housing markets performance in Australia subsequent to the GFC 2008. Some unique investment strategies of private investors from China which emphasised on non-capitalist factors such as early education were identified, alongside with some insights on the significant China government policies that have incentivised the cross border investments from China. It is believed that this understanding will assist policy makers to effectively manage the overheated Australian residential property market without compromising the steady flow of FREI.

Keywords: Australian housing market, residential property, foreign real estate investment, education, China investor

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Authors: Sheraz Ahmad Choudhary

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Health plays a vital role in the growth. The study examined the effect of health indicator on the growth of Pakistan. ARDL model is used to check the growth rate which is affected by the health by using the time series date of Pakistan from 1990 to 2017. Health indicator, fertility rate, life expectancy, foreign direct investment, and infant mortality rate are variables Where the unit root is applied to check the stationarity of the model. consequences find a significant relationship between GDP, foreign direct investment, fertility rate, and life expectancy in the short run, whereas mortality rate effected negatively to economic growth but have significant values. In the long run, foreign direct investment (FDI) and fertility rate(FR) have significantly influenced the GDP. The results show thateconomic growth is positively stimulated by most of the health indicators. The study accomplishes that nations can achieve a high level of economic growth by increasing wellbeing human capital.

Keywords: economic growth, health expenditures, fertility rate, human capital, life expectancy, foreign direct investment, and infant mortality rate

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Authors: Rodrigo Buaiz Boabaid

Abstract:

Tokenization of Blue Bonds is an emerging Green Finance tool that has the potential to scale Blue Carbon Projects to fight climate change. This innovative solution has a huge potential to democratize the green finance market and catalyze innovations in the climate change finance sector. Switzerland has emerged as a leader in the Green Finance space and is well-positioned to drive the adoption of Tokenization of Blue & Green Bonds. This unique approach has the potential to unlock new sources of capital and enable global investors to participate in the financing of sustainable blue carbon projects. By leveraging the power of blockchain technology, Tokenization of Blue Bonds can provide greater transparency, efficiency, and security in the investment process while also reducing transaction costs. Investments are in line with the highest regulations and designed according to the stringent legal framework and compliance standards set by Switzerland. The potential benefits of Tokenization of Blue Bonds are significant and could transform the way that sustainable projects are financed. By unlocking new sources of capital, this approach has the potential to accelerate the deployment of Blue Carbon projects and create new opportunities for investors to participate in the fight against climate change.

Keywords: blue bonds, blue carbon, tokenization, green finance

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Authors: Ons Triki, Fathi Abid

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Along with the increase in the use of leasing contracts in corporate finance, multiple studies aim to model the credit risk of the lease in order to cover the losses of the lessor of the asset if the lessee goes bankrupt. In the current research paper, a convertible lease contract is elaborated in a continuous time stochastic universe aiming to ensure the financial stability of the firm and quickly recover the losses of the counterparties to the lease in case of default. This work examines the term structure of the lease rates taking into account the credit default risk and the capital structure of the firm. The interaction between the lessee's capital structure and the equilibrium lease rate has been assessed by applying the competitive lease market argument developed by Grenadier (1996) and the endogenous structural default model set forward by Leland and Toft (1996). The cumulative probability of default was calculated by referring to Leland and Toft (1996) and Yildirim and Huan (2006). Additionally, the link between lessee credit risk and lease rate was addressed so as to explore the impact of convertible lease financing on the term structure of the lease rate, the optimal leverage ratio, the cumulative default probability, and the optimal firm value by applying an endogenous conversion threshold. The numerical analysis is suggestive that the duration structure of lease rates increases with the increase in the degree of the market price of risk. The maximal value of the firm decreases with the effect of the optimal leverage ratio. The results are indicative that the cumulative probability of default increases with the maturity of the lease contract if the volatility of the asset service flows is significant. Introducing the convertible lease contract will increase the optimal value of the firm as a function of asset volatility for a high initial service flow level and a conversion ratio close to 1.

Keywords: convertible lease contract, lease rate, credit-risk, capital structure, default probability

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Authors: Natia Tsiklashvili, Tamari Poladashvili

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Education is one of the fundamental factors of economic prosperity in all respects. It is impossible to talk about the sustainable economic development of the country without substantial investments in human capital and investment into higher educational institutions. Education improves the standard of living of the population and expands the opportunities to receive more benefits, which will be equally important for both the individual and the society as a whole. There are growing initiatives among educated people such as entrepreneurship, technological development, etc. At the same time, the distribution of income between population groups is improving. The given paper discusses the scientific literature in the field of sustainable development through higher educational institutions. Scholars of economic theory emphasize a few major aspects that show the role of higher education in economic growth: a) Alongside education, human capital gradually increases which leads to increased competitiveness of the labor force, not only in the national but also in the international labor market (Neoclassical growth theory), b) The high level of education can increase the efficiency of the economy, investment in human capital, innovation, and knowledge are significant contributors to economic growth. Hence, it focuses on positive externalities and spillover effects of a knowledge-based economy which leads to economic development (endogenous growth theory), c) Education can facilitate the diffusion and transfer of knowledge. Hence, it supports macroeconomic sustainability and microeconomic conditions of individuals. While discussing the economic importance of education, we consider education as the spiritual development of the human that advances general skills, acquires a profession, and improves living conditions. Scholars agree that human capital is not only money but liquid assets, stocks, and competitive knowledge. The last one is the main lever in the context of increasing human competitiveness and high productivity. To address the local issues, the present article researched ten educational institutions across Georgia, including state and private HEIs. Qualitative research was done by analyzing in-depth interweaves of representatives from each institution, and respondents were rectors/vice-rectors/heads of quality assurance service at the institute. The result shows that there is a number of challenges that institution face in order to maintain sustainable development and be the strong links to education and the labor market. Mostly it’s contacted with bureaucracy, insufficient finances they receive, and local challenges that differ across the regions.

Keywords: higher education, higher educational institutions, sustainable development, regions, Georgia

Procedia PDF Downloads 69

Authors: Mary Cruz

Abstract:

Founded from 1496 to 1502, Santo Domingo is the oldest European settlement in the Americas, inhabited without any discontinuity and was the first seat of Spanish power in the new world. Capital of the country since 1932.In this text, we discover Santo Domingo as an international tourist center, Urban Structure, Eco-tourism, Contamination and other issues related to tourism and development of this city. Founded from 1496 to 1502, Santo Domingo is the oldest European settlement in the Americas, inhabited without any discontinuity and was the first seat of Spanish power in the new world. Capital of the country since 1932. Encouraged by the United Nations and the World Bank, many Caribbean governments have encouraged tourism from the 1950s to boost their Third World economies. In this text, we discover Santo Domingo as an international tourist center, Urban Structure, Eco-tourism, Contamination and challenges of the first tourist destination in the Caribbean.

Keywords: eco-tourism, urban structure, contamination, development

Procedia PDF Downloads 297

Authors: Mahfoud Djebbar

Abstract:

Stock dilution is a financial phenomenon resulting from the issue of additional shares by a company, or when holders convert their convertibles into new shares (capital increase). This issue and/or conversion enlarge the company’s share base that will result in marginal dilution (loss) for existing shareholders, and a benefit to new ones. Dilution issues have already been addressed in mainstream finance, particularly as far as information disclosure is concerned. However, in Islamic finance, stock dilution problems have not been deeply studied and the subject has not received sufficient attention from shariah-compatible firms, investors, and scholars. In this regard, this paper emphasises the forms, the effects of capital dilution on current shareholders as well as the ways and techniques of compensating them. And since the research in this field, in its Islamic perspective, is still in its infancy, the paper tries to analyse the phenomenon theoretically in detail using numerical examples, and expose some case studies of Shariah-compliant issuers of convertible Sukuk and how they compensate their existing shareholders. Finally, this study shows that the Sukuk issuers compensate old shareholders using the right of shuf’ah as a well known and practiced pre-emptive right in Islamic transactions centuries ago, as well as the ways conventional bond issuers use.

Keywords: compensating shareholders, convertible Sukuk, Islamic financial innovation, Shuf’ah

Procedia PDF Downloads 309

Authors: Katarzyna Niewiadomska

Abstract:

Many technology startups fail to achieve a worthwhile return on investment for their funders, founders, and employees. Failures in product development, to-market strategy, sales, and delivery are commonly recognized. Founder failures are not as obvious and harder to identify. This paper explores six critical failure points that entrepreneurs and innovators are susceptible to and aims to link their emotional intelligence and behavioral profile to the points at which they experienced self-perceived failure. A model of six failure points from the perspective of the technology entrepreneur ranging from pre-startup to maturity is provided. By analyzing emotional and behavioral profile data from entrepreneurs and recording in-person accounts, certain key emotional and behavioral clusters contributing to each failure point are determined, and several underlying factors are defined and discussed. Recommendations that support entrepreneurs and innovators stalling at each failure point are given. This work can enable stakeholders to evaluate founder emotional and behavioral profiles and to take risk-mitigating action, either through coaching or through more robust team creation, to avoid founder-related company failure. The paper will be of interest to investors funding startups, executives leading them and mentors supporting them.

Keywords: behavior, emotional intelligence, entrepreneur, failure

Procedia PDF Downloads 209

Authors: H. L. M. Fawzan

Abstract:

Undoubtedly, learning English as a second language (ESL) is considered a challenging task. It is more difficult for students in far-away districts when compared with the students in the capital cities, where learning resources are easily available and where the environment is conducive to learning. Thus, this study is an analysis of the challenges faced by learners in learning English as the second language within kurunegala district in Sri Lanka. Even though various efforts have been taken by the Sri Lankan Educationalists for improving the situation of English language teaching for the past few decades, a disappointing situation still exist in the achievements of English learning among Sri Lankan students. So, it is necessary to explore real reasons behind the poor achievements of the students in the English Language. It is also an attempt to highlight what can be done to improve the situation significantly. Kurunegala is far away from the capital city of Sri Lanka and is a densely populated district. In the year 2020, state university admission was 45.87% from the Kurunegala district (Department of Examinations). The researcher strived to examine some of the likely challenges faced when teaching English in secondary schools in Kurunegala. The data was collected using a questionnaire from 35 students from schools within the Kurunegala education division. The result of the study reveals that students were highly motivated to learn English for their prospects and expectations such as local and international communication, academic advancement, and employment prospects.

Keywords: english, teaching, Kurunegala, Sri Lanka, challenges

Procedia PDF Downloads 137