Search results for: financial behaviour

Authors: Andrew Hardman, Alistair T. McIlhagger, Edward Archer

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A degree of research has been undertaken in the determination of 3D textile preforms behaviour to compression with direct comparison to 2D counterparts. Multiscale simulations have been developed to try and accurately analyse the behaviour of varying architectures post-consolidation. However, further understanding is required to experimentally identify the mechanisms and deformations that exist upon conforming to a complex contour. Due to the complexity of 3D textile preforms, determination of yarn behaviour to a complex contour is assessed through consolidation by means of vacuum assisted resin transfer moulding (VARTM), and the resulting mechanisms are investigated by micrograph analysis. Varying architectures; with known areal densities, pic density and thicknesses are assessed for a cohesive study. The resulting performance of each is assessed qualitatively as well as quantitatively from the perspective of material in terms of the change in representative unit cell (RVE) across the curved beam contour, in crimp percentage, tow angle, resin rich areas and binder distortion. A novel textile is developed from the resulting analysis to overcome the observed deformations.

Keywords: comformability, compression, binder architecture, 3D weaving, textile preform

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Authors: Kanika Naresh Singh, Uday Shankar

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Background: Human behaviours are influenced by drives. Sexual drive is one of them. Education regarding sexual behaviour plays a great role in shaping one’s attitude towards it. These days after attaining the age of puberty, adolescents are confused and feel shy to talk about it. In order to get information, they refer to various types of sources and these sources play a greater role in spreading awareness in the mass adolescent population. Sometimes it also leads to the building of myths and misconceptions. Due to increasing incidences of HIV/AIDS, RTIs/STIs and teenage pregnancies, there is a rising need to impart sex education. Aim: The aim of this research was to study the level of sexual awareness among the youth of Bihar and also study their sexual behaviour and sources of influence. It also aims to study the correlation between sexual awareness, behaviour and sources of sexual knowledge among youth in Bihar. Methods: The sample size for the project was 50 youth consisting of both boys and girls, in between the age group of 18 to 23 years from urban and semi-urban areas. The purposive sampling method was used in the research. The tools used were the Sexual Awareness Questionnaire and Sexual Behavior and Sources of Influence (SBSI) scale. The sexual Awareness Questionnaire was developed by Snell, having 35 items. A socio-demographic data sheet was also used. Results: The youth had poor sexual awareness. Internet and Friends were found to be the major source for gathering information. The youth of Bihar were less inclined towards resolving their doubts with their parents. There was a positive correlation between sexual awareness, behaviour and sources of knowledge. Conclusion: The youth of Bihar has poor sexual knowledge. Internet and Friends are major sources of information. Sex Education should be promoted as suggested by various institutions like World Health Organization United Nations. Psychiatrists and psychologists have a key leadership role in introducing these potentially emotionally challenging issues to the youth with consideration of psychosocial and cultural factors.

Keywords: sexual awareness, sexual behavior, sources of influence, youths, Bihar, India

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Authors: Latha Krishnan, Andrew Cobley

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Epoxy resin is most widely used as matrices for composites of aerospace, automotive and electronic applications due to its outstanding mechanical properties. These properties are chiefly predetermined by the chemical structure of the prepolymer and type of hardener but can also be varied by the processing conditions such as prepolymer and hardener mixing, degassing and curing conditions. In this research, the effect of degassing on the curing behaviour and the void occurrence is experimentally evaluated for epoxy /anhydride resin system. The epoxy prepolymer was mixed with an anhydride hardener and accelerator in an appropriate quantity. In order to investigate the effect of degassing on the curing behaviour and void content of the resin, the uncured resin samples were prepared using three different methods: 1) no degassing 2) degassing on prepolymer and 3) degassing on mixed solution of prepolymer and hardener with an accelerator. The uncured resins were tested in differential scanning calorimeter (DSC) to observe the changes in curing behaviour of the above three resin samples by analysing factors such as gel temperature, peak cure temperature and heat of reaction/heat flow in curing. Additionally, the completely cured samples were tested in DSC to identify the changes in the glass transition temperature (Tg) between the three samples. In order to evaluate the effect of degassing on the void content and morphology changes in the cured epoxy resin, the fractured surfaces of cured epoxy resin were examined under the scanning electron microscope (SEM). In addition, the amount of void, void geometry and void fraction were also investigated using an optical microscope and image J software (image analysis software). It was found that degassing at different stages of resin mixing had significant effects on properties such as glass transition temperature, the void content and void size of the epoxy/anhydride resin system. For example, degassing (vacuum applied on the mixed resin) has shown higher glass transition temperature (Tg) with lower void content.

Keywords: anhydride epoxy, curing behaviour, degassing, void occurrence

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Authors: Omar Farahat Hassanein, A. Samer Ezeldin

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The construction industry is a very dynamic field. Every day new technologies and methods are developing to fasten the process and increase its efficiency. Hence, if a project uses fewer resources, it will be more efficient. This paper examines the recycling of concrete construction and demolition (C&D) waste to reuse it as aggregates in on-site applications for construction projects in Egypt and possibly in the Middle East. The study focuses on a stationary plant setting. The machinery set-up used in the plant is analyzed technically and financially. The findings are gathered and grouped to obtain a comprehensive cost-benefit financial model to demonstrate the feasibility of establishing and operating a concrete recycling plant. Furthermore, a detailed business plan including the time and hierarchy is proposed.

Keywords: construction wastes, recycling, sustainability, financial model, concrete recycling, concrete life cycle

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Authors: Muhammad Tahir, Mushtaq Muhammad

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Capital structure is one of the key decisions taken by the financial managers. This study aims to investigate the factors influencing capital structure decision in Oil and Gas industry of Pakistan using secondary data from published annual reports of listed Oil and Gas Companies of Pakistan. This study covers the time-period from 2008-2014. Capital structure can be affected by profitability, firm size, growth opportunities, dividend payout, liquidity, business risk, and ownership structure. Panel data technique with Ordinary least square (OLS) regression model has been used to find the impact of set of explanatory variables on the capital structure using the Stata. OLS regression results suggest that dividend payout, firm size and government ownership have the most significant impact on financial leverage. Dividend payout and government ownership are found to have significant negative association with financial leverage however firm size indicated positive relationship with financial leverage. Other variables having significant link with financial leverage includes growth opportunities, liquidity and business risk. Results reveal significant positive association between growth opportunities and financial leverage whereas liquidity and business risk are negatively correlated with financial leverage. Profitability and managerial ownership exhibited insignificant relationship with financial leverage. This study contributes to existing Managerial Finance literature with certain managerial implications. Academically, this research study describes the factors affecting capital structure decision of Oil and Gas Companies in Pakistan and adds latest empirical evidence to existing financial literature in Pakistan. Researchers have studies capital structure in Pakistan in general and industry at specific, nevertheless still there is limited literature on this issue. This study will be an attempt to fill this gap in the academic literature. This study has practical implication on both firm level and individual investor/ lenders level. Results of this study can be useful for investors/ lenders in making investment and lending decisions. Further, results of this study can be useful for financial managers to frame optimal capital structure keeping in consideration the factors that can affect capital structure decision as revealed by this study. These results will help financial managers to decide whether to issue stock or issue debt for future investment projects.

Keywords: capital structure, multicollinearity, ordinary least square (OLS), panel data

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Authors: Stephen Gerome

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This study examines the translation and use of metaphors in the realm of public safety discourse and intends to shed light on a continuing problem in cross-cultural communication. Metaphors can cause problems not only within languages but also in interlingual communication. The use and misuse of metaphors may hinder the ability to adequately communicate prevention efforts and, in some cases, facilitate and allow financial crime to go undetected. The use of lexicalized metaphors in communications by political entities, journalists, and legal agents in communications regarding law, policy making, compliance monitoring and enforcement as well as in adjudication can have negative consequences if misconstrued. This study provides examples of metaphor usage in published documents in a corpus linguistic study that compares the use of lexicalized metaphors in this discourse to shed light on possible unexpected consequences as well as counterproductive ones.

Keywords: translation, legal, corpus linguistics, financial

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Authors: Sabur Mollah, Asma Mobarek

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This study aims to explore the endogenous relationship between Shari’ah governance and board governance for Islamic banks to identify complementary or substituting relationship between these governance parameters. By using a sample of 161 Islamic Banks from 24 countries for the period of 2005-2013, we show an endogenous relationship between Shari’ah Supervisory Board (SSB) and Board of Directors (BoD). In this relationship, SSB and BoD complement each other. We also show that this complementary relationship between SSB and BoD helps enhance both management and asset quality, but mitigates capital adequacy, earnings, and liquidity in Islamic banks. The study has important implications for financial stability in the Islamic banking system.

Keywords: Shari’ah Supervisory Board, Boards of Directors, Islamic banking, financial stability

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Authors: Sri Poedjiastoeti

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One of the traits of living beings is eating. As the living beings, people must provide their life by taking material. They must assimilate for themselves with substances. They grow and develop themselves by changing what they eat and digest into their own substance. This happened in the so-called eating. This article aims to analyze distinction between human beings and other infrahumans when facing and eating food. It uses the analytical description with metaphysical anthropology approach. As a result, to give the expression that eating is not simply to put food in mouth, chew and swallow it. Eating constitutes a sacred ceremonial if it is done in accordance with human dignity. They face food with distance and moderation as well as civilize or make their behaviour better for it. Accordingly, they are being to be human.

Keywords: human beings, behaviour, eating, dignity

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Authors: Hadi Mousavi, Majid Davoudi Nasr

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Executives can maximize profits by recognizing the factors that affect investment and using them to obtain the optimal level of investment. Inefficient markets have shortcomings that can impact the optimal level of investment, leading to the process of over-investment or under-investment. In the present study, the relationship between the overconfidence of senior managers and abnormal cash fluctuations with respect to financial flexibility in companies listed in the Tehran stock exchange from 2009 to 2013 were evaluated. In this study, the sample consists of 84 companies selected by a systematic elimination method and 420 year-companies in total. In this research, EVIEWS software was used to test the research hypotheses by linear regression and correlation coefficient and after designing and testing the research hypothesis. After designing and testing research hypotheses that have been used to each hypothesis, it was concluded that there was a significant relationship between the overconfidence of senior managers and abnormal cash fluctuations, and this relationship was not significant at any level of financial flexibility. Moreover, the findings of the research showed that there was a significant relationship between senior manager’s overconfidence and positive abnormal cash flow fluctuations in firms, and this relationship is significant only at the level of companies with high financial flexibility. Finally, the results indicate that there is no significant relationship between senior managers 'overconfidence and negative cash flow abnormalities, and the relationship between senior managers' overconfidence and negative cash flow fluctuations at the level of companies with high financial flexibility was confirmed.

Keywords: abnormal cash fluctuations, overconfidence of senior managers, financial flexibility, accounting

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Authors: Beata Zatwarnicka-Madura

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The objective of the article was to identify the impacts of gamification on customers' behaviour. The most important applications of games in marketing and mechanisms of gamification are presented in the article. A detailed analysis of the influence of gamification on customers using two brands, Foursquare and Nike, was also presented. Research studies using auditory survey methods were carried out among 176 young respondents, who are potential targets of gamification. The studies confirmed a huge participation of young people in customer loyalty programs with relatively low participation in other gamification-based marketing activities. The research findings clearly indicate that gamification mechanisms are the most attractive.

Keywords: customer loyalty, games, gamification, social aspects

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Authors: Ameer A. Jebur, William Atherton, Rafid M. Alkhaddar, Edward Loffill

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Understanding the behaviour of the piles under the action of the independent lateral loads and the precise prediction of the capacity of piles subjected to different lateral loads are vital topics in foundation design and analysis. Moreover, the laterally loaded behaviour of deep foundations penetrated in cohesive and non-cohesive soils is basically analysed by the Winkler Model (beam on elastic foundation), in which the interaction between the pile embedded depth and contacted soil is simulated by nonlinear p–y curves. The presence of many approaches to interpret the behaviour of soil-pile interaction has resulted in numerous outputs and indicates that no general approach has yet been adopted. The current study presents the result of numerical modelling of the behaviour of steel tubular piles (25.4mm) outside diameter with various embedment depth-to-diameter ratios (L/d) embedded in a sand calibrated chamber of known relative density. The study revealed that the shear strength parameters of the sand specimens and the (L/d) ratios are the most significant factor influencing the response of the pile and its capacity while taking into consideration the complex interaction between the pile and soil. Good agreement has been achieved when comparing the application of this modelling approach with experimental physical modelling carried out by another researcher.

Keywords: deep foundations, slenderness ratio, soil-pile interaction, winkler model (beam on elastic foundation), non-cohesive soil

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Authors: Juariah Salam Suryadi

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North coast (Pantura) line is known as a high-risk area related to reproductive health. This is because along the line, there are many food stalls and entertainment industries that at night the function changed to be sexual transaction areas. This business line also facilitate circulation and transaction of drug and substance abuse. The environment conditions can influence adolescents who live in this area. It is because of adolescence characteristics that has high curiosity and looking for their identities. Therefore, purposes of this study were to explore reproductive health behaviour of early adolescents who lived in Pantura line and to suggest intervention based on the adolescents reproductive health conditions. This study was conducted in November 2016 among the seventh-grade students of Pusakajaya Junior High School 1 and 2, Subang District. Number of respondents were 269 students (Male=135, Female=134). The students were interviewed using a semi-structured questionnaire. Some teachers also interviewed to complement the data. The quantitative data was analyzed with univariate analysis, while content analysis was used for the qualitative data. Findings of this study showed that 85,2% of male students were smoker. Most of them started smoking at elementary school. Male students who often drunk alcohol were about 25,2% and all of them initiated to drink at elementary school. There were about 21,5% of male students ever used drug and substance abuse. There were 54,6% of the students that confessed having a lover. Most of them were female students. Sexual behaviour that ever done with their lovers were: holding hands (37,4%), kissing (4%) and embracing (6,8%). Although all of the students claimed to have never had sexual intercourse, but 5,9% of them said that they had friends who have had sexual intercourse. Most of the students also had friends with negative characteristics. Their friends were smoker (82,2%), drinker (53,2%) and drug abuse (42%). Most of the students recognized that they took the risks behaviour to get pleasure with their peers. Information from the teachers indicated that most problem of male students were smoking and drug and substance abuse; while sexuality including unwanted pregnancies were reproductive problems of many female students. Therefore, It is recommended to enhance understanding of the adolescents about risks of unhealthy behaviour through continuing reproductive health education, both in school and out of school. Policy support to create positive social environment and adolescents friendly is also suggested.

Keywords: reproductive health, behaviour, early adolescents, pantura line

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Authors: Sheetla Prasad

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The focus issue of this article is to determine the mechanism of mind with geometrical analysis of human face. Research paradigm has been designed for study of spatial dynamic of face and it was found that different shapes of face have their own function for determine the action of mind. The functional ratio (FR) of face has determined the behaviour operation of human beings. It is not based on the formulistic approach of prediction but scientific dogmatism and mathematical analysis is the root of the prediction of behaviour. For analysis, formulae were developed and standardized. It was found that human psyche is designed in three forms; manipulated, manifested and real psyche. Functional output of the psyche has been determined by degree of energy flow in the psyche and reserve energy for future. Face is the recipient and transmitter of energy but distribution and control is the possible by mind. Mind directs behaviour. FR indicates that the face is a power house of energy and as per its geometrical domain force of behaviours has been designed and actions are possible in the nature of individual. The impact factor of this study is the promotion of human capital for job fitness objective and minimization of criminalization in society.

Keywords: functional ratio, manipulated psyche, manifested psyche, real psyche

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Authors: Mesias Alfeus, Kirsty Fitzhenry, Alessia Lederer

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The present paper provides empirical studies to estimate defaultable bonds in the South African financial market. The main goal is to estimate the unobservable factors affecting bond yields for South African major banks. The maximum likelihood approach is adopted for the estimation methodology. Extended Kalman filtering techniques are employed in order to tackle the situation that the factors cannot be observed directly. Multi-dimensional Cox-Ingersoll-Ross (CIR)-type factor models are considered. Results show that default risk increased sharply in the South African financial market during COVID-19 and the CIR model with jumps exhibits a better performance.

Keywords: default intensity, unobservable state variables, CIR, α-CIR, extended kalman filtering

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Authors: Sadek Younes, Fali Leyla, Rikioui Tayeb, Zizouni Khaled

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Stabilization of clay with lime as bearing stratum is an alternative to replacement of original soil. By adding lime to clay soil, the soil workability is improved due to the combination of calcium ions to the clay minerals, which means, modified soil properties. The paper investigates the effect of hydrated lime on the behaviour of lime treated, arid zones clay (Abadla Clay). A number of mechanical and hydraulic tests were performed to identify the effect of lime dosage and compaction water content on the compressibility, permeability, and shear strength parameters of the soil. Test results show that the soil parameters can be improved through additives such as lime. Overall, the addition percentages of 6% and 9% lime give the best desired results. Also, results revealed that the compressibility behavior of lime-treated soil strongly affected by lime content. The results are presented in terms of modern interpretation of the behaviour of treated soils, in comparison with the parameters of the untreated soil.

Keywords: arid zones, compressibility, lime, soil behaviour, soil stabilization, unsaturated soil

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Authors: Megersa Dugasa Fite

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This paper analyses regulatory and supervisory issues in the Ethiopian micro finance sector, which caters to the needs of those who have been excluded from the formal financial sector. Micro-finance has received increased importance in development because of its grand goal to give credits to the poor to raise their economic and social well-being and improve the quality of lives. The micro-finance at present has been moving towards a credit-plus period through covering savings and insurance functions. It thus helps in reducing the rate of financial exclusion and social segregation, alleviating poverty and, consequently, stimulating development. The Ethiopian micro finance policy has been generally positive and developmental but major regulatory and supervisory limitations such as the absolute prohibition of NGOs to participate in micro credit functions, higher risks for depositors of micro-finance institutions, lack of credit information services with research and development, the unmet demand, and risks of market failures due to over-regulation are disappointing. Therefore, to remove the limited reach and high degree of problems typical in the informal means of financial intermediation plus to deal with the failure of formal banks to provide basic financial services to a significant portion of the country’s population, more needs to be done on micro finance. Certain key regulatory and supervisory revisions hence need to be taken to strengthen the Ethiopian micro finance sector so that it can practically provide majority poor access to a range of high quality financial services that help them work their way out of poverty and the incapacity it imposes.

Keywords: micro-finance, micro-finance regulation and supervision, micro-finance institutions, financial access, social segregation, poverty alleviation, development, Ethiopia

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Authors: Sonia Rebai, Mohamed Naceur Azaiez, Dhafer Saidane

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In this study, we develop a performance evaluation model based on a multi-attribute utility approach aiming at reaching the sustainable banking (SB) status. This model is built accounting for various banks’ stakeholders in a win-win paradigm. In addition, it offers the opportunity for adopting a global measure of performance as an indication of a bank’s sustainability degree. This measure is referred to as banking sustainability performance index (BSPI). This index may constitute a basis for ranking banks. Moreover, it may constitute a bridge between the assessment types of financial and extra-financial rating agencies. A real application is performed on three French banks.

Keywords: multi-attribute utility theory, performance, sustainable banking, financial rating

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Authors: Mikel Alonso López

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This paper explores, in depth, the idea that emotions are present in all consumer decision making processes, meaning that purchase decisions have never been purely cognitive or as they traditionally have been defined, rational. Human beings, in all kinds of decisions, has "always" used neural systems related to emotions along with neural systems related to cognition, regardless of the type of purchase or the product or service in question. Therefore, all purchase decisions are, at the same time, cognitive and emotional. This paper presents an analysis of the main contributions of researchers in this regard.

Keywords: emotions, decision making, consumer behaviour, emotional behaviour

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Authors: Komlan Sedzro

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We apply the non-parametric, unconditional, hyperbolic order-α quantile estimator to appraise the relative efficiency of Microfinance Institutions in Africa in terms of outreach. Our purpose is to verify if these institutions, which must constantly try to strike a compromise between their social role and financial sustainability are operationally efficient. Using data on African MFIs extracted from the Microfinance Information eXchange (MIX) database and covering the 2004 to 2006 periods, we find that more efficient MFIs are also the most profitable. This result is in line with the view that social performance is not in contradiction with the pursuit of excellent financial performance. Our results also show that large MFIs in terms of asset and those charging the highest fees are not necessarily the most efficient.

Keywords: data envelopment analysis, microfinance institutions, quantile estimation of efficiency, social and financial performance

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Authors: Tawanda Mushiri, Charles Mbohwa

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When an external load is applied to one of its ends, a pipe’s bends cross section tends to deform significantly both in and out of its end plane. This shell type behaviour characteristic of pipe bends and mainly due to their curves geometry accounts for their greater flexibility. This added flexibility is also accompanied by stressed and strains that are much higher than those present in a straight pipe. The primary goal of this research is to study the elastic-plastic behaviour of pipe bends under out of plane moment loading. It is also required to study the effects of changing the value of the pipe bend factor and the value of the internal pressure on that behaviour and to determine the value of the limit moments in each case. The results of these analyses are presented in the form of load deflection plots for each load case belonging to each model. From the load deflection curves, the limit moments of each case are obtained. The limit loads are then compared to those computed using some of the analytical and empirical equation available in the literature. The effects of modelling parameters are also studied. The results obtained from small displacement and large displacement analyses are compared and the effects of using a strain hardened material model are also investigated. To better understand the behaviour of pipe elbows under out of plane bending and internal pressure, it was deemed important to know how the cross section deforms and to study the distribution of stresses that cause it to deform in a particular manner. An elbow with pipe bend factor h=0.1 to h=1 is considered and the results of the detailed analysis are thereof examined.

Keywords: elasto-plastic, finite element analysis, pipe bends, simulation

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Authors: Stephen Bahooshy

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Our understanding of gender inequality has advanced in recent years. Differences in pay and societal gendered behaviour expectations have been emphasized. It is acknowledged globally that gender shapes everyone’s experiences of health and social care, including access to care, use of services and products, and the interaction with care providers. NHS Digital in England collects data from local authorities on the number of carers and people with support needs and the services they access. This data does not provide a gender breakdown. Caring can have many positive and negative impacts on carers’ health and wellbeing. For example, caring can improve physical health, provide a sense of pride and purpose, and reduced stress levels for those who undertake a caring role by choice. Negatives of caring include financial concerns, social isolation, a reduction in earnings, and not being recognized as a carer or involved and consulted by health and social care professionals. Treating male and female carers differently is by definition unequitable and precludes one gender from receiving the benefits of caring whilst potentially overburdening the other with the negatives of caring. In order to explore the issue on a preliminary basis, five local authorities who provide statutory adult social care services in England were sent Freedom of Information requests in 2019. The authorities were selected to include county councils and London boroughs. The authorities were asked to provide data on the amount of money spent on care at home packages to people over 65 years, broken down by gender and carer gender for each financial year between 2013 and 2019. Results indicated that in each financial year, female carers supporting someone over 65 years received less financial support for care at home support packages than male carers. Over the six-year period, this difference equated to a £9.5k deficit in financial support received on average per female carer when compared to male carers. An example of a London borough with the highest disparity presented an average weekly spend on care at home for people over 65 with a carer of £261.35 for male carers and £165.46 for female carers. Consequently, female carers in this borough received on average £95.89 less per week in care at home support than male carers. This highlights a real and potentially detrimental disparity in the care support received to female carers in order to support them to continue to care in parts of England. More research should be undertaken in this area to better explore this issue and to understand if these findings are unique to these social care providers or part of a wider phenomenon. NHS Digital should request local authorities collect data on gender in the same way that large employers in the United Kingdom are required by law to provide data on staff salaries by gender. People who allocate social care packages of support should consider the impact of gender when allocating support packages to people with support needs and who have carers to reduce any potential impact of gender bias on their decision-making.

Keywords: caregivers, carers, gender equality, social care

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Authors: Nurulasma Zainudin, Mashitah Mohd Yusoff, Kwok Feng Chong

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Functionalized reduced graphene oxide is essential importance for their end applications. Chemical functionalization of reduced graphene oxide with strange atoms is a leading strategy to modify the properties of the materials moreover maintains the inherent properties of reduced graphene oxide. A thionine functionalized reduce graphene oxide electrode was fabricated and was used to electrochemically determine nitrite. The electrochemical behaviour of thionine functionalized reduced graphene oxide towards oxidation of nitrite via cyclic voltammetry was studied and the proposed method exhibited enhanced electrocatalytic behaviour.

Keywords: nitrite, sensor, thionine, reduced graphene oxide

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Authors: Nikolaos Konstantopoulos, Aristeidis Samitas, Vasileiou Evangelos

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The purpose of this study is to examine if the financial trends influence not only the stock markets’ returns, but also their anomalies. We choose to study the day of the week effect (DOW) for the Greek stock market during the Euro period (2002-12), because during the specific period there are not significant structural changes and there are long term financial trends. Moreover, in order to avoid possible methodological counterarguments that usually arise in the literature, we apply several linear (OLS) and nonlinear (GARCH family) models to our sample until we reach to the conclusion that the TGARCH model fits better to our sample than any other. Our results suggest that in the Greek stock market there is a long term predisposition for positive/negative returns depending on the weekday. However, the statistical significance is influenced from the financial trend. This influence may be the reason why there are conflict findings in the literature through the time. Finally, we combine the DOW’s empirical findings from 1985-2012 and we may assume that in the Greek case there is a tendency for long lived turn of the week effect.

Keywords: day of the week effect, GARCH family models, Athens stock exchange, economic growth, crisis

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Authors: G. Olamiti; TK. Takalani; D. Beswa, AIO Jideani

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The study investigated the effects of malting and fermentation times on some chemical, functional properties and microstructural behaviour of Agrigreen, Babala pearl millet cultivars and sorghum flours using response surface methodology (RSM). Central Composite Rotatable Design (CCRD) was performed on two independent variables: malting and fermentation times (h), at intervals of 24, 48, and 72, respectively. The results of dependent parameters such as pH, titratable acidity (TTA), Water absorption capacity (WAC), Oil absorption capacity (OAC), bulk density (BD), dispersibility and microstructural behaviour of the flours studied showed a significant difference in p < 0.05 upon malting and fermentation time. Babala flour exhibited a higher pH value at 4.78 at 48 h malted and 81.9 fermentation times. Agrigreen flour showed a higher TTA value at 0.159% at 81.94 h malted and 48 h fermentation times. WAC content was also higher in malted and fermented Babala flour at 2.37 ml g-1 for 81.94 h malted and 48 h fermentation time. Sorghum flour exhibited the least OAC content at 1.67 ml g-1 at 14 h malted and 48 h fermentation times. Agrigreen flour recorded the least bulk density, at 0.53 g ml-1 for 72 h malted and 24 h fermentation time. Sorghum flour exhibited a higher content of dispersibility, at 56.34%, after 24 h malted and 72 h fermented time. The response surface plots showed that increased malting and fermentation time influenced the dependent parameters. The microstructure behaviour of malting and fermentation times of pearl millet varieties and sorghum flours showed isolated, oval, spherical, or polygonal to smooth surfaces. The optimal processing conditions, such as malting and fermentation time for Agrigreen, were 32.24 h and 63.32 h; 35.18 h and 34.58 h for Babala; and 36.75 h and 47.88 h for sorghum with high desirability of 1.00. The validation of the optimum processing malting and fermentation times (h) on the dependent improved the experimented values. Food processing companies can use the study's findings to improve food processing and quality.

Keywords: Pearl millet, malting, fermentation, microstructural behaviour

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Authors: Patricia Chinyere Oranefo

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This study examined the effect of sustainability accounting disclosure on financial performance of listed Brewery firms in Nigeria. The dearth of empirical evidence and literature on “governance disclosure” as one of the explanatory variables of sustainability accounting reporting were the major motivation for this study. The main objective was to ascertain the effect of sustainability accounting disclosure on financial performance of listed Brewery firms in Nigeria. An ex–post facto research design approach was adopted for the study. The population of this study comprises of five (5) Brewery firms quoted on the floor of the Nigeria exchange group (NSX) and the sample size of four (4) listed firms was drawn using purposive sampling method. Secondary data were carefully sourced from the financial statement/annual reports and sustainability reports from 2012 to 2021 of the Brewery firms quoted on the Nigeria exchange group (NSX). Panel regression analysis by aid of E-views 10.0 software was used to test for statistical significance of the effect of sustainability accounting disclosure on financial performance of listed Brewery firms in Nigeria. The results showed that economic sustainability disclosure indexes do not significantly affect return on asset of listed Brewery firms in Nigeria. The findings further revealed that environmental sustainability disclosure indexes do not significantly affect return on equity of listed Brewery firms in Nigeria. More so, results showed that Social Sustainability disclosure indexes significantly affect Net Profit Margin of listed Brewery firms in Nigeria. Finally, the result established also that governance sustainability disclosure indexes do not significantly affect Earnings per share of listed Brewery firms in Nigeria. Consequent upon the findings, this study recommended among others; that managers of Brewers in Nigeria should improve and sustain full disclosure practices on economic, environmental, social and governance disclosures following the guidelines of the Global Reporting Index (GRI) as they are capable of exerting significant effect on financial performance of firms in Nigeria.

Keywords: sustainability, accounting, disclosure, financial performance

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Authors: Jabulani Gilford Kheswa, Sinovuyo Takatshana

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Literature documented that the combination of permissive attitudes, sexual experimentation and lack of accurate information from parents to educate male adolescents, poses a threat to the sexual health of adolescent males and exposes them to risky sexual behaviours. Grounded in problem behaviour theory as a theoretical framework for this study in understanding health-related behaviours of adolescent males, the weaker one’s perceived self-efficacy, the more social and affective factors increase the likelihood of risky sexual behaviour, such as alcohol abuse and intimate partner violence. The purpose of this study was to determine the correlation between alcohol use and sexual behaviour among 176 purposively selected Xhosa- speaking adolescent males, from one school in the Nkonkobe Municipality, Eastern Cape Province, South Africa. These learners were in grade ten, eleven and twelve with an age range from a low of 14 to a high of 25 years. The mean age was 18.06 years while the standard deviation was .144. To be ethically bound, the researchers sought permission from the school principal to distribute self-administered questionnaires and assured the participants of confidentiality and anonymity. A survey was conducted by means of self-administered questionnaires. A cross-sectional study was carried out within the quantitative paradigm using the SPSS version 18 and the Chronbach’s alpha of 0.79 were found for alcohol and sexual behaviour of adolescent males. Findings showed that 59.6% (N=105) of the learners indicated that their caregivers talk about safe sex practice as compared to only 40.4% (N=71) who indicated that their caregivers do not talk to them about safe sex practice. A statistically significant association between alcohol and negotiation of safe sex at p-value of 0.05 (chi-square of 34.529, degree of freedom of 16) was reported. In conclusion, as young people in South Africa become sexually active at an early age, schools should initiate psycho-educational programmes to equip adolescents against risk- behaviours (such as HIV/AIDS, substance abuse, crime).

Keywords: adolescent males, alcohol, parents, sex

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Authors: Maria Krambia-Kapardis, Elisavet Charalambous

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Corruption has given rise to extensive discussion due to its notorious consequences. It undermines democracy, brings in inequalities and imbalances and weakens governance. With the recent financial turmoil pinpointing that corruption has played a vital part, lessons have to be learned and actions have to be taken. Regulation can be the means for doing so as it advances transparency and accountability, leaving no space for corruption to flourish. Much depends though on the culture of a state and how determined it is to mark the end of corruption.

Keywords: banking regulation, corruption, culture, European Union

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Authors: Nadezhda Kvatashidze

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The conceptual framework of International Financial Reporting Standards determines the basic principles of accounting. The said principles have multiple applications, with professional judgments being one of those. Recognition and assessment of the information contained in financial reporting, especially so the somewhat uncertain events and transactions and/or the ones regarding which there is no standard or interpretation are based on professional judgments. Professional judgments aim at the formulation of expert assumptions regarding the specifics of the circumstances and events to be entered into the report based on the conceptual framework terms and principles. Experts have to make a choice in favor of one of the aforesaid and simulate the situations applying multi-variant accounting estimates and judgment. In making the choice, one should consider all the factors, which may help represent the information in the best way possible. Professional judgment determines the relevance and faithful representation of the presented information, which makes it more useful for the existing and potential investors. In order to assess the prospected net cash flows, the information must be predictable and reliable. The publication contains critical analysis of the aforementioned problems. The fact that the International Financial Reporting Standards are developed continuously makes the issue all the more important and that is another point discussed in the study.

Keywords: conceptual framework, faithful representation, professional judgement, relevance

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Authors: O. Colot, M. Croquet, L. Cultrera, Y. Fandja Collince

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The objective of our research is to evaluate the impact of the allowance for corporate equity (ACE) on the financial structure of Belgian SME in order to highlight the potential existence of a fiscal leverage. To limit the biases linked to the rationing of the capital further to the financial crisis, we compare first the dynamic evolution of the financial structure of the Belgian firms over the period 2006-2015 by focusing on three sub-periods: 2006-2008, 2009-2012 and 2013-2015. We give then an international size to this comparison by including SMEs from countries adjoining Belgium (France, Germany, Netherlands and the United Kingdom) and within which there is no ACE. This comparison allows better understanding the fiscal advantage linked to the ACE of firms evolving in a relatively unstable economic environment further to the financial crisis of 2008. This research is relevant given the economic and political context in which Belgium operates and the very uncertain future of the Belgian ACE. The originality of this research is twofold: the long study period and the consideration of the effects of the financial and economic crisis on the financing structure of Belgian SMEs. The results of this research, even though they confirm the existence of a positive fiscal leverage for the tax deduction for venture capital on the financing structure of Belgian SMEs, do not allow the extent of this leverage to be clearly quantified. The comparative evolution of financing structures over the period 2006-2015 of Belgian, French, German, Dutch and English SMEs shows a strong similarity in the overall evolution of their financing.

Keywords: allowance for corporate equity, Belgium, financial structure, small and medium sized firms

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Authors: Trevor Toy, Josef Langerman

Abstract:

Around a quarter of the world’s data is generated by financial with an estimated 708.5 billion global non-cash transactions reached between 2018 and. And with Open Banking still a rapidly developing concept within the financial industry, there is an opportunity to create a secure mechanism for connecting its stakeholders to openly, legitimately and consensually share the data required to enable it. Integration and data sharing of anonymised transactional data are still operated in silos and centralised between the large corporate entities in the ecosystem that have the resources to do so. Smaller fintechs generating data and businesses looking to consume data are largely excluded from the process. Therefore there is a growing demand for accessible transactional data for analytical purposes and also to support the rapid global adoption of Open Banking. The following research has provided a solution framework that aims to provide a secure decentralised marketplace for 1.) data providers to list their transactional data, 2.) data consumers to find and access that data, and 3.) data subjects (the individuals making the transactions that generate the data) to manage and sell the data that relates to themselves. The platform also provides an integrated system for downstream transactional-related data from merchants, enriching the data product available to build a comprehensive view of a data subject’s spending habits. A robust and sustainable data market can be developed by providing a more accessible mechanism for data producers to monetise their data investments and encouraging data subjects to share their data through the same financial incentives. At the centre of the platform is the market mechanism that connects the data providers and their data subjects to the data consumers. This core component of the platform is developed on a decentralised blockchain contract with a market layer that manages transaction, user, pricing, payment, tagging, contract, control, and lineage features that pertain to the user interactions on the platform. One of the platform’s key features is enabling the participation and management of personal data by the individuals from whom the data is being generated. This framework developed a proof-of-concept on the Etheruem blockchain base where an individual can securely manage access to their own personal data and that individual’s identifiable relationship to the card-based transaction data provided by financial institutions. This gives data consumers access to a complete view of transactional spending behaviour in correlation to key demographic information. This platform solution can ultimately support the growth, prosperity, and development of economies, businesses, communities, and individuals by providing accessible and relevant transactional data for big data analytics and open banking.

Keywords: big data markets, open banking, blockchain, personal data management

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