Search results for: Financial Stability

Authors: Angrita Denziana, Haninun, Hepiana Patmarina, Ferdinan Fatah

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The aims of the study are to determine the effect of the company's financial performance with Return on Asset (ROA) and Return on Equity (ROE) indicators. The macroeconomic factors with the indicators of Indonesia interest rate (SBI) and exchange rate on stock returns of non-financial companies listed in IDX. The results of this study indicate that the variable of ROA has negative effect on stock returns, ROE has a positive effect on stock returns, and the variable interest rate and exchange rate of SBI has positive effect on stock returns. From the analysis data by using regression model, independent variables ROA, ROE, SBI interest rate and the exchange rate very significant (p value < 0.01). Thus, all the above variable can be used as the basis for investment decision making for investment in Indonesia Stock Exchange (IDX) mainly for shares in the non- financial companies.

Keywords: ROA, ROE, interest rate, exchange rate, stock return

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Authors: Muhammad Shehu Garba

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The financial statements of the firms between the periods of 2013 and 2022 were collected using the secondary method of data collection, and the study aims to investigate the effect of ownership structure on the financial performance of listed industrial goods companies in Nigeria. 10 firms were used as the study's sample size. The study used panel data variables of the study. The ownership structure is measured with managerial ownership, institutional ownership and foreign ownership, while financial performance is measured with return on asset and return on equity; the study made use of control variables leverage and firm size. The result shows a multivariate relationship that exists between variables of the study, which shows ROA has a positive correlation with ROE (0.4053), MO (0.2001), and FS (0.3048). It has a negative correlation with FO (-0.1933), IO (-0.0919), and LEV (-0.3367). ROE has a positive correlation with ROA (0.4053), MO (0.2001), and FS (0.2640). It has a negative correlation with FO (-0.1864), IO (-0.1847), and LEV (-0.0319). It is recommended that firms should focus on increasing their ROA. Firms should also consider increasing their MO, as this can help to align the interests of managers and shareholders. Firms should also be aware of the potential impact of FO and IO on their ROA.

Keywords: firm size, ownership structure, financial performance, leaverage

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Authors: Heather Wyman-Pain, Yuankai Bian, Furong Li

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The decreasing use of fossil fuel power stations has a negative effect on the stability of the electricity systems in many countries. Nuclear power stations have traditionally provided minimal ancillary services to support the system but this must change in the future as they replace fossil fuel generators. This paper explains the development of the four most popular reactor types still in regular operation across the world which have formed the basis for most reactor development since their commercialisation in the 1950s. The use of nuclear power in four countries with varying levels of capacity provided by nuclear generators is investigated, using the primary frequency response provided by generators as a measure for the electricity networks stability, to assess the need for nuclear generators to provide additional support as their share of the generation capacity increases.

Keywords: frequency control, nuclear power generation, power system stability, system inertia

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Authors: Joel Vilca Tarazona, Igor Aguilar-Alonso

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The problem of this research related to business intelligence is the lack of a tool that supports automated and efficient financial analysis for decision-making and allows an evaluation of the financial statements, which is why the availability of the information is difficult. Relevant information to managers and users as an instrument in decision making financial, and administrative. For them, a business intelligence solution is proposed that will reduce information access time, personnel costs, and process automation, proposing a 4-layer architecture based on what was reviewed by the research methodology.

Keywords: decision making, business intelligence, Google Cloud, Microsoft Power BI

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Authors: Andrea Paltrinieri, Alberto Dreassi, Stefano Miani, Alex Sclip

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The financial crises caused a collapse in prices of most asset classes, raising the attention on alternative investments such as Sukuk, a smaller, fast growing but often misunderstood market. We study diversification benefits of Sukuk, their correlation with other asset classes and the effects of their inclusion in investment portfolios of institutional and retail investors, through a comprehensive comparison of their risk/return profiles during and after the financial crisis. We find a beneficial performance adjusted for the specific volatility together with a lower correlation especially during the financial crisis. The distribution of Sukuk returns is positively skewed and leptokurtic, with a risk/return profile similarly to high yield bonds. Overall, our results suggest that Sukuk present diversification opportunities, a significant volatility-adjusted performance and lower correlations especially during the financial crisis. Our findings are relevant for a number of institutional investors. Long term investors, such as life insurers would benefit from Sukuk’s protective features during financial crisis yet keeping return and growth opportunities, whereas banks would gain due to their role of placers, advisors, market makers or underwriters.

Keywords: sukuk, zero beta asset, asset allocation, sukuk market

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Authors: Disha Batra

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With the advent of economic reforms in India in 1992, economic journalism in India has undergone a sea change along with the rise in the Indian economy. Squeezing out of economic news stories (economy-in-general) over business (individual corporate stories) and financial (financial and equity markets) news stories have been done and are still underway. The objective of the study is to explore how economic journalism – news stories about macroeconomic issues or economy-in-general has changed over the past three decades with the emergence of LPG (Liberalisation, Privatisation, and Globalisation) policies in India. The purpose of the study is to examine to what extent business and financial news are constricting economic news which is done by analysing news stories and content of business papers. The study is based on the content analyses of the top three Indian business dailies as per IRS (Indian Readership Survey) 2017. The parametric analysis of the different parameters (source of information, sub-topic, a dominant source in economic news, layout and framing, etc.) has been done in order to come across with the distinct adaptations and modifications by these dailies. The paper significantly dwells upon the thematic analysis of these newspapers in order to explore and find out the coverage given to various sub-themes of EBF (economic, business, and financial) journalism. The study revealed that stories concerning broader issues about the economy which are likely to be of public concern had been dropped. The paper further indicates an upward trend for the stories concerning individual corporate, equity, and financial markets. Findings of the study raise concern over the indicated disparity between economic and business news stories which may further limit the information that people need in order to make well-versed decisions.

Keywords: business-papers, business news, economic news, financial news

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Authors: Ofuan James Ilaboya, Okhae J. Ibhadode

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The objective of this paper is to theoretically examine the truism of the “true and fair view” in the context of financial reporting. The paper examines the concepts such as true, fair, true and fair view, problems of true and fair view, the origin/history of true and fair view, review of attributes and key issues relating to true and fair view. The methodological approach adopted in this paper is library-based research, focusing on the review of relevant and related extant literature. The findings based on the review of relevant and related literature is suggestive of the fact that the true and fair concept in financial reporting environment is contentious. The study concludes that given the circumstances as chronicled on this paper, it is evident that the truism of the true and fair view of the auditor’s opinion is under serious threat. The way forward may be for the auditor to certify the accuracy and the correctness of the financial statement. While this position being canvassed here may help to substantially bridge the age-long expectation gap, it may as well require an upward review of the current audit fee structure in order to be able to operationalize the onerous task of certifying the accuracy and correctness of the financial statement. This position is contentious and will require a robust consideration which is not within the purview of the present review.

Keywords: fiduciary duty, financial statement, true and correct, true and fair

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Authors: Sunday Odunaiya

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The statistics of banks in operation in this current dispensation compared to some decades ago has brought about a lot of changes on the face of the financial system. The demand of customers, technological advancement, and government policies among others has therefore generated a lot of heat for financial sector’s growth, sustenance and survival. This paper discusses mergers and acquisitions (M&A) in banking sector using West Africa as a yardstick of evaluation. It explains rigorously the conditions that warrant mergers and acquisitions in the banking sector, its effect, and how to ensure mergers and acquisitions effectiveness in the banking sector. The conceptual and empirical review of the relevant literature were done systematically while value-increasing and value-decreasing theories were used to substantiate the discourse. Findings of this paper show that mergers and acquisitions is a practical and conscious activity in Nigeria, Ghana and Ivory Coast from earliest time till date with tremendous turnaround in the financial sector. It was found out that M&A is consensually arrived at by the targets and the acquirer on a value-based account. In other words, merger and acquisition is a deliberate decision reached by the management of such bank for a ‘just cause’.

Keywords: acquisitions, merger, management, financial sector

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Authors: P. C. Ihenacho, M. Burby, G. G. Nasr, G. C. Enyi

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Formulation of a low oil-water ratio drilling mud with vegetable oil continuous phase without adversely affecting the mud rheology and stability has been a major challenge. A low oil-water ratio is beneficial in producing low fluid loss which is essential for wellbore stability. This study examined the possibility of 50/50 oil-water ratio invert emulsion drilling mud using a vegetable oil continuous phase. Jatropha oil was used as continuous phase. 12 ml of egg yolk which was separated from the albumen was added as the primary emulsifier additive. The rheological, stability and filtration properties were examined. The plastic viscosity and yield point were found to be 36cp and 17 Ib/100 ft2 respectively. The electrical stability at 48.9ºC was 353v and the 30 minutes fluid loss was 6ml. The results compared favourably with a similar formulation using 70/30 oil - water ratio giving plastic viscosity of 31cp, yield point of 17 Ib/100 ft2, electrical stability value of 480v and 12ml for the 30 minutes fluid loss. This study indicates that with a good mud composition using guided empiricism, 50/50 oil-water ratio invert emulsion drilling mud is feasible with a vegetable oil continuous phase. The choice of egg yolk as emulsifier additive is for compatibility with the vegetable oil and environmental concern. The high water content with no fluid loss additive will also minimise the cost of mud formulation.

Keywords: environmental compatibility, low cost of mud formulation, low fluid loss, wellbore stability

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Authors: Yasmin Umar Assegaf, Falikhatun, Salamah Wahyuni

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This study aims to provide empirical evidence about the influence of Islamic Corporate Social Responsibility Disclosures of the financial performance of Islamic banking with the characteristics of the company, as a control variable in Islamic banking in Indonesia. ICSR disclosures are an independent variable, while the Financial Performance is the dependent variable (proxied by Return on Assets (ROA), Return on Equity (ROE), Income Expense Ratio (IER), and Non-net Interest Margin (NIM). The control variables used are firm size, firm age and the type of audit. The population of the study was all Islamic Banks (BUS) operate in Indonesia. The research sample is Islamic Commercial Bank which has existed in Indonesia since 2002 and publishes financial statements between the years of 2007-2011. The sample of the study were include 31 Annual Report published. The results of this study concluded that there are significant influences between the ICSR Disclosures and financial performance. The disclosure is partially effect on ROA, IER and NIM, whereas there is no influence on ROE. Further result shows that all control variables (Firm Size, Age, and Type of Audit Companies) does not have any influence on ICSR Disclosures in Indonesia. This research gives a suggestion for further research to compare these ICSR disclosures in Indonesia with ICSR disclosures in other countries that have Islamic banking, by using other measure variables of financial performance, to get more comprehensive model and real picture.

Keywords: ROA, ROE, IER, NIM, company size, age of the company, audit type, Islamic banking

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Authors: Kang Sungjae

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This research proposes a gait stability evaluation technique based on the linear inverted pendulum model and moving support foot Zero Moment Point. With this, an improvement towards the gait analysis of the orthosis walk is validated. The application of Lagrangian mechanics approximation to the solutions of the dynamics equations for the linear inverted pendulum does not only simplify the solution, but it provides a smooth Zero Moment Point for the double feet support phase. The Zero Moment Point gait analysis techniques mentioned above validates reference trajectories for the center of mass of the gait orthosis, the timing of the steps and landing position references for the swing feet. The stability evaluation technique are tested with a 6 DOF powered gait orthosis. The results obtained are promising for implementations.

Keywords: locomotion, center of mass, gait stability, linear inverted pendulum model

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Authors: Antoine F. Dedewanou, Eric N. Ekpinda

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We investigate whether and how deposit insurance program affects savings decisions in the Economic Community of Central African States (ECCAS). Specifically, using the World Bank’s 2014 and 2011 Global Financial Inclusion (Global Findex) databases, we apply special regressor approach. We find that the deposit insurance program increases significantly, everything else equal, the probability that people save their money at a financial institution by 11 percentage points in Gabon, by 22.2 percentage points in DR Congo and by 15.1 percentage points in Chad. These effects are matched with positive effects of age and education level. But in Cameroon, the effect of deposit insurance is not significant. The policies aimed at fostering financial inclusion will be more effective if there is a deposit insurance scheme in place, along with awareness among young people, and education programs. JEL Classification: G21, O12, O16

Keywords: deposit insurance, savings, special regressor, ECCAS countries

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Authors: Mei-Jen Lin, Yuan-Yuan Yu

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Low heat stability of goat milk limited the application of ultra-high temperature (UHT) sterilization on producing sterilized goat milk in order to keep excess goat milk in summer for producing goat dairy products in winter in Taiwan. Therefore, this study aimed to add stabilizers in goat milk to increase the heat stability for producing UHT sterilized goat milk preserved for making goat dairy products in winter. The amounts of 0.05-0.11% blend of sodium phosphates (Na) and blend of sodium/potassium phosphates (Sp) were added in raw goat milk at different seasons a night before autoclaved sterilization at 135°C 4 sec. The coagulation, ion calcium concentration and ethanol stability of sterilized goat milk were analyzed. Results showed that there were seasonal differences on choosing the optimal stabilizers and the addition levels. Addition of 0.05% and 0.22% of both Na and Sp salts in Spring goat milk, 0.10-0.11% of both Na and Sp salts in Summer goat milk, and 0.05%Na Sp group in Autumn goat milk were coagulated after autoclaved, respectively. There was no coagulation found with the addition of 0.08-0.09% both Na and Sp salts in goat milk; furthermore, the ionic calcium concentration were lower than 2.00 mM and ethanol stability higher than 70% in both 0.08-0.09% Na and Sp salts added goat milk. Therefore, the optimal addition level of blend of sodium phosphates and blend of sodium/potassium phosphates were 0.08-0.09% for producing sterilized goat milk at different seasons in Taiwan.

Keywords: coagulation, goat milk, phosphates, stability

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Authors: Muhadam Labolo, Afdal R. Anwar, Sucia Miranti Sipisang

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Electronic Local Finance Management Information System (ELFMIS) is integrated application that was used as a tool for local governments to improve the effectiveness of the implementation of the various areas of financial management regulations. Appropriate With Exceptions Opinion (WDP) of Indonesia Audit Agency (BPK) for local governments Mempawah is a financial management problem that must be improved to avoid mistakes in decision-making. The use of Electronic Local Finance Management Information System (ELFMIS) by Mempawah authority has not yet performed maximally. These problems became the basis for research in measuring the effectiveness LFMIS in Mempawah regency. This research uses an indicator variable for measuring information systems effectiveness proposed by Bodnar. This research made use descriptive with inductive approach. Data collection techniques were mixed from qualitative and quantitative techniques, used questionnaires, interviews and documentation. The obstacles in Local Finance Board (LFB) for the application of ELFMIS such as connection, the quality and quantity of human resources, realization of financial resources, absence of maintenance and another facilities of ELFMIS and verification for financial information.

Keywords: effectiveness, E-LFMIS, finance, local government, system

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Authors: V. Sankaranarayanan, V. Amrita Sundari, Sunit P. Gopal

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This paper presents the design and implementation of a nonlinear controller for the point to point control of a mobile inverted pendulum (MIP). The controller is designed based on the kinematic model of the MIP to stabilize all the four coordinates. The stability of the closed-loop system is proved using Lyapunov stability theory. The proposed controller is validated through numerical simulations and also implemented in a laboratory prototype. The results are presented to evaluate the performance of the proposed closed loop system.

Keywords: mobile inverted pendulum, switched control, nonlinear systems, lyapunov stability

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Authors: M. Madigoe, R. Modiba

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High alloyed beta (β) phase-stabilized titanium alloys are known to have a low elastic modulus comparable to that of the human bone (≈30 GPa). The β phase in titanium alloys exhibits an elastic Young’s modulus of about 60-80 GPa, which is nearly half that of α-phase (100-120 GPa). In this work, a theoretical investigation of structural stability and thermodynamic stability, as well as the elastic properties of a quaternary Ti-Nb-Ta-Zr alloy, will be presented with an attempt to lower Young’s modulus. The structural stability and elastic properties of the alloy were evaluated using the first-principles approach within the density functional theory (DFT) framework implemented in the CASTEP code. The elastic properties include bulk modulus B, elastic Young’s modulus E, shear modulus cʹ and Poisson’s ratio v. Thermodynamic stability, as well as the fraction of β phase in the alloy, was evaluated using the Thermo-Calc software package. Thermodynamic properties such as Gibbs free energy (Δ?⁰?) and enthalpy of formation will be presented in addition to phase proportion diagrams. The stoichiometric compositions of the alloy is Ti-Nbx-Ta5-Zr5 (x = 5, 10, 20, 30, 40 at.%). An optimum alloy composition must satisfy the Born stability criteria and also possess low elastic Young’s modulus. In addition, the alloy must be thermodynamically stable, i.e., Δ?⁰? < 0.

Keywords: elastic modulus, phase proportion diagram, thermo-calc, titanium alloys

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Authors: Safia Hocine, Djamil Aïssani

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Risk models, recently studied in the literature, are becoming increasingly complex. It is rare to find explicit analytical relations to calculate the ruin probability. Indeed, the stability issue occurs naturally in ruin theory, when parameters in risk cannot be estimated than with uncertainty. However, in most cases, there are no explicit formulas for the ruin probability. Hence, the interest to obtain explicit stability bounds for these probabilities in different risk models. In this paper, we interest to the stability bounds of the univariate classical risk model established using the regenerative processes approach. By adopting an algorithmic approach, we implement this approximation and determine numerically the bounds of ruin probability in the case of large claims (heavy-tailed distribution).

Keywords: heavy-tailed distribution, large claims, regenerative process, risk model, ruin probability, stability

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Authors: A. Bolaji Adesoye, Alimi Olorunfemi

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This paper examines the impact of small and medium-scale enterprises (SMEs) credit financing and financial market development and their shocks on the output growth of Nigeria. The study estimated a VAR model for Nigeria using 1970-2013 annual data series. Unit root tests and cointegration are carried out. The study also explores IRFs and FEVDs in a system that includes output, commercial bank loan to SMEs, domestic credit to private sector by banks, money supply, lending rate and investment. Findings suggest that shocks in commercial bank credit to SMEs has a major impact on the output changes of Nigeria. Money supply shocks also have a sizeable impact on output growth variations amidst other financial instruments. Lastly, neutrality of investment does not hold in Nigeria as it also has impact on output fluctuations.

Keywords: SMEs financing, financial development, investment, output, Nigeria

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Authors: Manuel A. Guzman, Davide Forcellini, Ricardo Moreno, Diego H. Giraldo

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Elastomeric bearings (EB) are used in many applications, such as base isolation of bridges, seismic protection and vibration control of other structures and machinery. Their versatility is due to their particular behavior since they have different stiffness in the vertical and horizontal directions, allowing to sustain vertical loads and at the same time horizontal displacements. Therefore, vertical, horizontal and bending stiffnesses are important parameters to take into account in the design of EB. In order to acquire a proper design methodology of EB all three, theoretical, finite element analysis and experimental, approaches should be taken into account to assess stability due to different loading states, predict their behavior and consequently their effects on the dynamic response of structures, and understand complex behavior and properties of rubber-like materials respectively. In particular, the recent large-displacement theory on the stability of EB formulated by Forcellini and Kelly is validated with both numerical simulations using the finite element method, and experimental results set at the University of Antioquia in Medellin, Colombia. In this regard, this study reproduces the behavior of EB under compression loads and investigates the stability behavior with the three mentioned points of view.

Keywords: elastomeric bearings, experimental tests, numerical simulations, stability, large-displacement theory

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Authors: Mohammad Saber Rohi, Saghar Heidari

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In this paper, we studied the pricing problem of American options under a regime-switching model with the possibility of a non-optimal exercise policy (early or late exercise time) which is called an irrational strategy. For this, we consider a Markovmodulated model for the dynamic of the underlying asset as an alternative model to the classical Balck-Scholes-Merton model (BSM) and an intensity-based model for the irrational strategy, to provide more realistic results for American option prices under the irrational behavior in real financial markets. Applying a partial differential equation (PDE) approach, the pricing problem of American options under regime-switching models can be formulated as coupled PDEs. To solve the resulting systems of PDEs in this model, we apply a finite element method as the numerical solving procedure to the resulting variational inequality. Under some appropriate assumptions, we establish the stability of the method and compare its accuracy to some recent works to illustrate the suitability of the proposed model and the accuracy of the applied numerical method for the pricing problem of American options under the regime-switching model with irrational behaviors.

Keywords: irrational exercise strategy, rationality parameter, regime-switching model, American option, finite element method, variational inequality

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Authors: Omaima E. S. Mohammed, Amira A. A. Abdallah, Amal A. M. El Borady

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Background: Core stability training has recently attracted attention for improving muscle performance. Purpose: This study investigated the effect of beginners' core stability exercises on trunk active repositioning error at 30° and 60° trunk flexion. Methods: Forty healthy males participated in the study. They were divided into two equal groups; experimental “group I” and control “group II”. Their mean age, weight and height were 19.35±1.11 vs 20.45±1.64 years, 70.15±6.44 vs 72.45±6.91 kg and 174.7±7.02 vs 176.3±7.24 cm for group I vs group II. Data were collected using the Biodex Isokinetic system at an angular velocity of 60º/s. The participants were tested twice; before and after a 6-week period during which group I performed a core stability training program. Results: The Mixed 3-way ANOVA revealed significant increases (p<0.05) in the absolute error (AE) at 30˚ compared with 60˚ flexion in the pre-test condition of group I and II and the post-test condition of group II. Moreover, there were significant decreases (p<0.05) in the AE in the post-test condition compared with the pre-test in group I at both 30˚ and 60˚ flexion with no significant differences for group II. Finally, there were significant decreases (p<0.05) in the AE in group I compared with group II in the post-test condition at 30˚ and 60˚ flexion with no significant differences for the pre-test condition Interpretation/Conclusion: The improvement in trunk proprioception indicated by the decrease in the active repositioning error in the experimental group recommends including core stability training in the exercise programs that aim to improve trunk proprioception.

Keywords: core stability, isokinetic, trunk proprioception, biomechanics

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Authors: Medina Adulyarat

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Like many other countries, Thailand is experiencing an increase in its proportion of older adults. However, the political, social, and religious climates of the various regions of Thailand are very diverse and the life experiences of older Thai citizens can vary greatly by region. For more than a decade, the southernmost provinces, namely Yala, Pattani and Narathiwat, have experienced social and political unrest, often characterized by violence in the form of bombings and shootings, which has impacted the older adults residing in these regions. While, Muslims are considered a minority in Thailand, the majority of individuals in southernmost regions are Muslims, causing these regions to be different in terms of culture and beliefs. Using a phenomenological approach, this study examines older adults’ perceptions of successful aging within the context of violent social and political unrest. This research aims to 1) understand how older adults living in these areas perceive successful aging in relation to Rowe and Kahn’s successful ageing model, and 2) describe the experiences of older adults living in areas of violent social and political unrest. Data were collected using in-depth interviews with eight older adults living in the unrest area, composing of four males and four females aged between 55-75. Content analysis was used to investigate older adults’ perception of successful aging. Older adults living their life amidst the violence did not view the situation as a threat to their life for they viewed that they are not the targets of the unrest situation. Additionally, participants identified their religious beliefs and a strong sense of community belonging as coping strategies employed to deal with social and political unrest. Thus, according to them, the violence did not affect their perception of successful aging. While the participants’ perceptions of successful aging were generally consistent with aspects identified in the successful aging model proposed by Rowe and Kahn, a theme of “financial stability” emerged. The results can be divided into four interrelated themes, which are; 1) engaging with others; 2) religiosity; 3) financial stability; and 4) health. Understanding the older persons’ view of successful aging in vulnerable situations should add more depth and enhance the conceptualization of the successful aging concept.

Keywords: cultural gerontology, minority population, successful aging, unrest situation

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Authors: M. H. Korayem, Sh. Ameri, N. Yousefi Lademakhi

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To ensure the stability of closed-loop nonlinear model predictive control (NMPC) within a finite horizon, there is a need for appropriate design terminal ingredients, which can be a time-consuming and challenging effort. Otherwise, in order to ensure the stability of the control system, it is necessary to consider an infinite predictive horizon. Increasing the prediction horizon increases computational demand and slows down the implementation of the method. In this study, a new technique has been proposed to ensure system stability without terminal ingredients. This technique has been employed in the design of the NMPC algorithm, leading to a reduction in the computational complexity of designing terminal ingredients and computational burden. The studied system is a wheeled mobile robot (WMR) subjected to non-holonomic constraints. Simulation has been investigated for two problems: trajectory tracking and adjustment mode.

Keywords: wheeled mobile robot, nonlinear model predictive control, stability, without terminal ingredients

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Authors: Amin AminiKhafri, James M. Dawson-Edwards, Ryan M. Simpson, Simaan M. AbouRizk

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Earned value management (EVM) has been introduced as an integrated method to combine schedule, budget, and work breakdown structure (WBS). EVM provides various indices to demonstrate project performance including the cost performance index (CPI). CPI is also used to forecast final project cost at completion based on the cost performance during the project execution. Knowing the final project cost during execution can initiate corrective actions, which can enhance project outputs. CPI, however, is not constant during the project, and calculating the final project cost using a variable index is an inaccurate and challenging task for practitioners. Since CPI is based on the cumulative progress values and because of the learning curve effect, CPI variation dampens and stabilizes as project progress. Although various definitions for the CPI stability have been proposed in literature, many scholars have agreed upon the definition that considers a project as stable if the CPI at 20% completion varies less than 0.1 from the final CPI. While 20% completion point is recognized as the stability point for military development projects, construction projects stability have not been studied. In the current study, an empirical study was first conducted using construction project data to determine the stability point for construction projects. Early findings have demonstrated that a majority of construction projects stabilize towards completion (i.e., after 70% completion point). To investigate the effect of CPI stability on cost forecast accuracy, the correlation between CPI stability and project cost at completion forecast accuracy was also investigated. It was determined that as projects progress closer towards completion, variation of the CPI decreases and final project cost forecast accuracy increases. Most projects were found to have 90% accuracy in the final cost forecast at 70% completion point, which is inlined with findings from the CPI stability findings. It can be concluded that early stabilization of the project CPI results in more accurate cost at completion forecasts.

Keywords: cost performance index, earned value management, empirical study, final project cost

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Authors: Soheib Fergani

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This paper concerns with the formal asymptotic stability guarantees, analysis and evaluation of a nonlinear controlled unmanned aerial vehicles (uav) for trajectory tracking purpose. As the system has been recognised as an under-actuated non linear system, the control strategy has been oriented towards a hierarchical control. The dynamics of the system and the mission purpose make it mandatory to provide an absolute proof of the vehicle stability during the maneuvers. For this sake, this work establishes the complete theoretical proof for an implementable control oriented strategy that asymptotically stabilizes (GAS and LISS) the system and has never been provided in previous works. The considered model is reorganized into two partly decoupled sub-systems. The concidered control strategy is presented into two stages: the first sub-system is controlled by a nonlinear backstepping controller that generates the desired control inputs to stabilize the second sub-system. This methodology is then applied to a harware in the loop uav simulator (SiMoDrones) that reproduces the realistic behaviour of the uav in an indoor environment has been performed to show the efficiency of the proposed strategy.

Keywords: UAV application, trajectory tracking, backstepping, sliding mode control, input to state stability, stability evaluation

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Authors: Phuong Nguyen

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Along with the ongoing energy transition, the electrical power system is getting more vulnerable with the increasing penetration of renewable energy sources (RES). By replacing a large amount of fossil fuel-based power plants with RES, the rotating mass of the power grid is decreasing drastically, which has been reported by a number of system operators. This leads to a huge challenge for operators to secure the operation of their grids in all-time horizon ranges, from sub-seconds to minutes and even hours. There is a need to revise the grid capabilities in dealing with transient (angle) stability and voltage dynamics. While the traditional approaches relied on deterministic scenarios (worst-case scenarios), there is also a need to cover a whole range of probabilities regarding a wide range of uncertainties coming from massive RES units. To contribute to handle these issues, this paper aims to focus on developing a new analytical approach for transient stability.

Keywords: transient stability, uncertainties, renewable energy sources, analytical approach

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Authors: Piotr Prewysz-Kwinto, Grazyna Voss

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Accounting policies are a set of solutions compliant with legal regulations that an entity selects and adopts, and which guarantee a proper quality of financial statements. Those solutions may differ depending on whether the entity adopts national or international accounting standards. The aim of this article is to present accounting principles (policies) in Polish and international legal regulations and their adoption in selected Polish companies listed on the Warsaw Stock Exchange. The research method adopted in this work is the analysis and evaluation of legal conditions in Polish companies.

Keywords: accounting policies, international financial reporting standards, financial statement, method of measuring

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Authors: Chang-Ho Lee, Seung-Hoon Lee, Myeong-Jin Park, Oh-Min Kwon

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This paper investigates improved stability criteria for sampled-data control of linear systems with disturbances and time-varying delays. Based on Lyapunov-Krasovskii stability theory, delay-dependent conditions sufficient to ensure H∞ stability for the system are derived in the form of linear matrix inequalities(LMI). The effectiveness of the proposed method will be shown in numerical examples.

Keywords: sampled-data control system, Lyapunov-Krasovskii functional, time delay-dependent, LMI, H∞ control

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Authors: G. C. Surya Bahadur, Ranjana Kothari

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The paper attempts to analyze linkages between corporate governance and firm performance in India. The study employs a panel data of 50 Nifty companies from 2008 to 2012. Using LSDV panel data model and 2SLS model the study reveals that that good corporate governance practices adopted by companies is positively related with financial performance. Board independence, number of board committees and executive compensation are found to have positive relationship while ownership by promoters and financial leverage have negative relationship with performance. There is existence of bi-directional relationship between corporate governance and financial performance. Companies with sound financial performance are more likely to conform to corporate governance norms and standards and implement sound corporate governance system. The findings indicate that companies can enhance business performance and sustainability by embracing sound corporate governance practices.

Keywords: board structure, corporate governance, executive compensation, ownership structure

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Authors: Sampada Katekar, Namdeo Hedaoo

Abstract:

Cold Bituminous Emulsion Mixtures (CBEMs) are generally produced by mixing unheated aggregate, binder and filler at ambient temperature. Cold bituminous emulsion mixtures have several environmental and cost-effective benefits. But CBEMs offer poor early life properties too and they require long curing time to achieve maximum strength. The main focus of this study is to overcome inferiority of CBEMs by incorporating Rice Husk Ash (RHA) and Ordinary Portland Cement (OPC). In this study, RHA and OPC are substituted for conventional mineral filler in an increased percentage from 0 to 3% with an increment of 1%. Marshall stability, retained stability and tensile strength tests were conducted to evaluate the enhancement in performance of CBEMs. The experimental results have shown that Marshall stability and tensile strength of CBEMs increased significantly by replacing the conventional mineral filler with RHA and OPC. The addition of RHA and OPC in CBEMs result in a reduction in moisture induced damages. However, stability and tensile strength values of RHA modified CBEMs are higher than that of OPC modified CBEMs.

Keywords: cold bituminous emulsion mixtures, Marshall stability test, ordinary Portland cement, rice husk ash

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