Search results for: investment decision making

Authors: Sonia Anand Knowlton

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In many ways, judges can express their personality within and beyond their role as a judge. Judges can use their unique backgrounds and life experiences to inform their legal reasons and can also participate in certain extrajudicial activities outside of their role on the bench. For many judges, the line between the expression of this judicial personality, on the one hand, and the consequence of jeopardizing the public’s perception of their impartiality, on the other, is ambiguous if not wholly unclear. In the famous Canadian decision R v RDS, for instance, a Black judge who was hearing a case about police violence against a Black person was accused of being biased after she acknowledged that her community’s racial dynamics may have impacted the police’s conduct. Many within the legal community might find comfort in the belief that judges do not need to bring their ‘personality’ to the bench in order to uncover the law’s truths and impartially apply it. Indeed, and for a good reason, judges are often discouraged from allowing their personality to shine through in their role as a judge – because the expression of judicial personality can compromise the public perception of the impartiality of the administration of justice. This paper evaluates the theoretical constraints on the expression of judicial personality as a tool for legal decision-making and argues that judges from minority groups are held to a higher level of impartiality. Specifically, minority judges are disproportionately constrained from 1) using life experience to apply the law and 2) engaging in certain extrajudicial activities.

Keywords: judging, legal decision making, judicial personality, extrajudicial activities

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Authors: Anna Sikharulidze, Gia Sirbiladze

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For the evaluation of unreliability levels of movement on the closed routes in the vehicle routing problem, the fuzzy operators family is constructed. The interactions between routing factors in extreme conditions on the roads are considered. A multi-criteria decision-making model (MCDM) is constructed. Constructed aggregations are based on the Choquet integral and the associated probability class of a fuzzy measure. Propositions on the correctness of the extension are proved. Connections between the operators and the compositions of dual triangular norms are described. The conjugate connections between the constructed operators are shown. Operators reflect interactions among all the combinations of the factors in the fuzzy MCDM process. Several variants of constructed operators are used in the decision-making problem regarding the assessment of unreliability and possibility levels of movement on closed routes.

Keywords: vehicle routing problem, associated probabilities of a fuzzy measure, choquet integral, fuzzy aggregation operator

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Authors: Zahra Abdolkarimi, Naser Zouri

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Nowadays, there is unbelievable growing of Robots created a collection of complex and motivate subject in robotic and intellectual ornate, also it made a mechatronics style base of theoretical and technical way in Robocop. Additionally, robotics system recommended RoboCup factor as a provider of some standardization and testing method in case of computer discussion widely. The actual purpose of RoboCup is creating independent team of robots in 2050 based of FiFa roles to bring the victory in compare of world star team. In addition, decision making of robots depends to environment reaction, self-player and rival player with using inductive Fuzzy system valuation subsidiary to solve issue of robots in land game. The measure of selection in compare with other methods depends to amount of victories percentage in the same team that plays accidently. Consequences, shows method of our discussion is the best way for Particle Swarm Optimization and Fuzzy system compare to other decision of robotics algorithmic.

Keywords: PSO algorithm, inference fuzzy system, chaos theory, soccer robot league

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Authors: Mark Lokanan

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The paper analyzes the processing of complaints against investment brokers and dealer members through the Investment Industry Regulatory Organization of Canada (IIROC) from 2008 to 2017. IIROC is the self-regulatory organization (SRO) that is responsible for policing investment dealers and brokerage firms that trade in Canada’s securities market. Data from the study came from IIROC's enforcement annual reports for the years examined. The case processing is evaluated base on the misconduct funnel that was originally designed for street crime and applies to the enforcement of investment fraud. The misconduct funnel is used as a framework to examine IIROC’s claim that it brought in more complaints (funnel in) than government regulators and shows how these complaints are funneled out and funneled away as they are processed through IIROC’s enforcement system. The results indicate that IIROC is ineffective in disciplining its members and is unable to handle the more serious quasi-criminal and improper sales practices offenses. It is hard not to see the results of the paper being used by the legislator in Ottawa to show the importance of a federal securities regulatory agency such as the Securities and Exchange Commission (SEC) in the United States.

Keywords: investment fraud, securities regulation, compliance, enforcement

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Authors: Razan Salem

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Gender plays a vital role in the stock markets because men and women differ in their behavior when investing in stocks. Accordingly, the role of gender differences in investment behavior is an increasingly important strand in the field of behavioral finance research. The investment behaviors of women relative to men have been examined in the behavioral finance literature, mainly for comparison purposes. Women's roles in the stock market have not been examined in the behavioral finance literature, however, particularly with respect to the Arab region. This study aims to contribute towards a better understanding of the investment behavior of Arab women (in regards to their risk tolerance, investment confidence, and investment literacy levels) relative to Arab men; using a sample from Arab women and men investors living in Saudi Arabia and Jordan. In order to achieve the study's main aim, the researcher used non-parametric tests, as Mann-Whitney U test, along with frequency distribution analysis to analyze the study’s primary data. The researcher distributed close-ended online questionnaires to a sample of 550 Arab male and female individuals investing in stocks in both Saudi Arabia and Jordan. The results confirm that the sample Arab women invest less in stocks compared to Arab men due to their risk-averse behaviors and limited confidence levels. The results also reveal that due to Arab women’s very low investment literacy levels, they fear from taking the risk and invest often in stocks relative to Arab men. Overall, the study’s main variables (risk tolerance, investment confidence, and investment literacy levels) have a combined effect on the investment behavior of Arab women and their limited participation in the stock market. Hence, this study is one of the very first studies that indicate the combined effect of the three main variables (which are usually studied separately in the existing literature) on the investment behavior of women, particularly Arab women. This study makes three important contributions to the growing literature on gender differences in investment behavior. First, while the behavioral finance literature documents evidence on gender differences in investment behaviors in many developed countries, there are very limited studies that investigate such differences in Arab countries. Arab women investors, generally, are ignored from the behavioral finance literature due probably to cultural barriers and data collection difficulties. Thus, this study extends the literature to include Arab women and their investment behaviors when trading stock relative to Arab men. Moreover, the study associates women investment literacy and confidence levels with their financial risk behaviors and participation in the stock market. This study provides direct evidence on Arab women's investment behaviors when trading stocks. Overall, studying Arab women investors is important to investigate whether the investment behavior identified for Western women investors are also found in Arab women investors.

Keywords: Arab women, gender differences, investment behavior, stock markets

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Authors: Monica Lia

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This article presents a customer data analysis model using business intelligence tools for data modelling, transforming, data visualization and dynamic reports building. Economic organizational customer’s analysis is made based on the information from the transactional systems of the organization. The paper presents how to develop the data model starting for the data that companies have inside their own operational systems. The owned data can be transformed into useful information about customers using business intelligence tool. For a mature market, knowing the information inside the data and making forecast for strategic decision become more important. Business Intelligence tools are used in business organization as support for decision-making.

Keywords: customer analysis, business intelligence, data warehouse, data mining, decisions, self-service reports, interactive visual analysis, and dynamic dashboards, use cases diagram, process modelling, logical data model, data mart, ETL, star schema, OLAP, data universes

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Authors: Ismail Karaca, Ridvan Saracoglu, Omer Soner

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Fuzzy Logic, an advanced method to support decision-making, is used by various scientists in many disciplines. Fuzzy programming is a product of fuzzy logic, fuzzy rules, and implication. In marine science, fuzzy programming for ships is dramatically increasing together with autonomous ship studies. In this paper, a program to support the decision-making process for ship navigation has been designed. The program is produced in fuzzy logic and rules, by taking the marine accidents and expert opinions into account. After the program was designed, the program was tested by 46 ship accidents reported by the Transportation Safety Investigation Center of Turkey. Wind speed, sea condition, visibility, day/night ratio have been used as input data. They have been converted into a risk factor within the Fuzzy Logic Designer application and fuzzy rules set by marine experts. Finally, the expert's meteorological risk factor for each accident is compared with the program's risk factor, and the error rate was calculated. The main objective of this study is to improve the navigational safety of ships, by using the advance decision support model. According to the study result, fuzzy programming is a robust model that supports safe navigation.

Keywords: calculation of risk factor, fuzzy logic, fuzzy programming for ship, safety navigation of ships

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Authors: Amal Mohammed Alqahatni

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This paper is a non-empirical analysis of existing literature on digital leadership competency, data-driven organizations, and dealing with AI technology (big data). This paper will provide insights into the importance of developing the leader’s analytical skills and style to be more effective for high-quality decision-making in a data-driven organization and achieve creativity during the organization's transformation to be digitalized. Despite the enormous potential that big data has, there are not enough experts in the field. Many organizations faced an issue with leadership style, which was considered an obstacle to organizational improvement. It investigates the obstacles to leadership style in this context and the challenges leaders face in coaching and development. The leader's lack of analytical skill with AI technology, such as big data tools, was noticed, as was the lack of understanding of the value of that data, resulting in poor communication with others, especially in meetings when the decision should be made. By acknowledging the different dynamics of work competency and organizational structure and culture, organizations can make the necessary adjustments to best support their leaders. This paper reviews prior research studies and applies what is known to assist with current obstacles. This paper addresses how analytical leadership will assist in overcoming challenges in a data-driven organization's work environment.

Keywords: digital leadership, big data, leadership style, digital leadership challenge

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Authors: Dejene Gizaw Kidane

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This study examines the impact of foreign direct investment on economic growth of Ethiopia using yearly time-series data for 1974 through 2013. Economic growth is proxies by real per capita gross domestic product and foreign direct investment proxies by the inflow of foreign direct investment. Other control variables such as gross domestic saving, trade, government consumption and inflation has been incorporated. In order to fully account for feedbacks, a vector autoregressive model is utilized. The results show that there is a stable, long-run relationship between foreign direct investment and economic growth. The variance decomposition results show that the main sources of Ethiopia economic growth variations are due largely own shocks. The pairwise Granger causality results show that there is a unidirectional causality that runs from FDI to economic growth of Ethiopia. Hence, the researcher therefore recommends that, FDI facilitate economic growth, so the government has to exert much effort in order to attract more FDI into the country.

Keywords: real per capita GDP, FDI, co-integration, VECM, Granger causality

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Authors: Muhammad Asim, Mehvish Amjad

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Background: Less than half of women in South Asia (SA) use any modern contraceptive method which leads to a huge burden of unintended pregnancies, unsafe abortions, maternal deaths, and socioeconomic loss. Women empowerment plays a pivotal role in improving various health seeking behaviours, including contraceptive use. The objective of this study to explore the association between women's empowerment and modern contraceptive, among rich and poor segment of population in SA. Methods: We used the most recent, large-scale, demographic health survey data of five South Asian countries, namely Afghanistan, Pakistan, Bangladesh, India, and Nepal. The outcome variable was the current use of modern contraceptive methods. The main exposure variable was a combination (interaction) of socio-economic status (SES) and women’s level of empowerment (low, medium, and high), where SES was bifurcated into poor and rich; and women empowerment was divided into three categories: decision making, attitude to violence and social independence. Moreover, overall women empowerment indicator was also created by using three dimensions of women empowerment. We applied both descriptive statistics and multivariable logistic regression techniques for data analyses. Results: Most of the women possessed ‘medium’ level of empowerment across South Asian Countries. The lowest attitude to violence empowerment was found in Afghanistan, and the lowest social independence empowerment was observed in Bangladesh across SA. However, Pakistani women have the lowest decision-making empowerment in the region. The lowest modern contraceptive use (22.1%) was found in Afghanistan and the highest (53.2%) in Bangladesh. The multivariate results depict that the overall measure of women empowerment does not affect modern contraceptive use among poor and rich women in most of South Asian countries. However, the decision-making empowerment plays a significant role among both poor and rich women to use modern contraceptive methods across South Asian countries. Conclusions: The effect of women’s empowerment on modern contraceptive use is not consistent across countries, and among poor and rich segment of population. Of the three dimensions of women’s empowerment, the autonomy of decision making in household affairs emerged as a stronger determinant of mCPR as compared with social independence and attitude towards violence against women.

Keywords: women empowerment, modern contraceptive use, South Asia, socio economic status

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Authors: Humayun Murshed, Shibly Abdullah

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The research conducted in early seventies apparently assumed the existence of a universal decision model for union negotiators and furthermore tended to regard financial information as a ‘neutral’ input into a rational decision-making process. However, research in the eighties began to question the neutrality of financial information as an input in collective bargaining rather viewing it as a potentially effective means for controlling the labour force. Furthermore, this later research also started challenging the simplistic assumptions relating particularly to union objectives which have underpinned the earlier search for universal union decision models. Despite the above developments there seems to be a dearth of studies in developing countries concerning the use of financial information in collective bargaining. This paper seeks to begin to remedy this deficiency. Utilising a case study approach based on two enterprises, one in the public sector and the other a multinational, the universal decision model is rejected and it is argued that the decision whether or not to use financial information is a contingent one and such a contingency is largely defined by the context and environment in which both union and management negotiators work. An attempt is also made to identify the factors constraining as well as promoting the use of financial information in collective bargaining, these being regarded as unique to the organizations within which the case studies are conducted.

Keywords: collective bargaining, developing countries, disclosures, financial information

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Authors: D. Garg, S. Luthra, A. Haleem

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Reverse logistics (RL) is supposed to be a systematic procedure that helps in improving the environmental hazards and maintain business sustainability for industries. Industries in Indian are now opting for adoption of RL techniques in business. But, RL practices are not popular in Indian industries because of many barriers for its successful implementation. Therefore, need arises to identify and evaluate the barriers to implement RL practices by taking an Indian industries perspective. Literature review approach and case study approach have been adapted to identify relevant barriers to implement RL practices. Further, Fuzzy Decision Making Trial and Evaluation Laboratory methodology has been brought into use for evaluating causal relationships among the barriers to implement RL practices. Seven barriers out of ten barriers have been categorized into the cause group and remaining into effect group. This research will help Indian industries to manage these barriers towards effective implementing RL practices.

Keywords: barriers, decision making trial and evaluation laboratory (DEMATEL), fuzzy set theory, Indian industries, reverse logistics (RL)

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Authors: Deepak Singh, Rail Kuliev

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The abstract highlights the critical importance of optimizing data integration and management strategies in the upstream oil and gas industry. With its complex and dynamic nature generating vast volumes of data, efficient data integration and management are essential for informed decision-making, cost reduction, and maximizing operational performance. Challenges such as data silos, heterogeneity, real-time data management, and data quality issues are addressed, prompting the proposal of several strategies. These strategies include implementing a centralized data repository, adopting industry-wide data standards, employing master data management (MDM), utilizing real-time data integration technologies, and ensuring data quality assurance. Training and developing the workforce, “reskilling and upskilling” the employees and establishing robust Data Management training programs play an essential role and integral part in this strategy. The article also emphasizes the significance of data governance and best practices, as well as the role of technological advancements such as big data analytics, cloud computing, Internet of Things (IoT), and artificial intelligence (AI) and machine learning (ML). To illustrate the practicality of these strategies, real-world case studies are presented, showcasing successful implementations that improve operational efficiency and decision-making. In present study, by embracing the proposed optimization strategies, leveraging technological advancements, and adhering to best practices, upstream oil and gas companies can harness the full potential of data-driven decision-making, ultimately achieving increased profitability and a competitive edge in the ever-evolving industry.

Keywords: master data management, IoT, AI&ML, cloud Computing, data optimization

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Authors: Caglayan Hizal, Kutay Yuceturk, Ertugrul Turker Uzun, Hasan Ceylan, Engin Aktas, Gursoy Turan

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Monitoring concepts for structural systems have been investigated by researchers for decades since such tools are quite convenient to determine intervention planning of structures. Despite the considerable development in this regard, the efficient use of monitoring data in reliability assessment, and prediction models are still in need of improvement in their efficiency. More specifically, reliability-based seismic risk assessment of engineering structures may play a crucial role in the post-earthquake decision-making process for the structures. After an earthquake, professionals could identify heavily damaged structures based on visual observations. Among these, it is hard to identify the ones with minimum signs of damages, even if they would experience considerable structural degradation. Besides, visual observations are open to human interpretations, which make the decision process controversial, and thus, less reliable. In this context, when a continuous monitoring system has been previously installed on the corresponding structure, this decision process might be completed rapidly and with higher confidence by means of the observed data. At this stage, the Structural Health Monitoring (SHM) procedure has an important role since it can make it possible to estimate the system reliability based on a recursively updated mathematical model. Therefore, integrating an SHM procedure into the reliability assessment process comes forward as an important challenge due to the arising uncertainties for the updated model in case of the environmental, material and earthquake induced changes. In this context, this study presents a case study on SHM-integrated reliability assessment of the continuously monitored progressively damaged systems. The objective of this study is to get instant feedback on the current state of the structure after an extreme event, such as earthquakes, by involving the observed data rather than the visual inspections. Thus, the decision-making process after such an event can be carried out on a rational basis. In the near future, this can give wing to the design of self-reported structures which can warn about its current situation after an extreme event.

Keywords: condition assessment, vibration-based SHM, reliability analysis, seismic risk assessment

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Authors: Nivedita Ghosh

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In his critique of Lefebvre’s view that ‘technological capacities’ are class-dependent, Francois Hetman argues that technology today is participatory, allowing the entry of individuals from different levels of social stratification. As a result, we are entering into an era of technology operators or ‘clerks’ who become the new decision-makers because of the knowledge they possess of the use of technologies. In response to Hetman’s thesis, this paper argues that knowledge of technology, while indeed providing a momentary space for decision-making, does not necessarily restructure social hierarchies. Through case studies presented from the world of Indian documentary filmmaking, this paper puts forth the view that Hetman’s clerks, despite being technologically advanced, do not break into the filmmaking hierarchical order. This remains true even for a situation where technical knowledge rests most with those in the lowest rungs of the filmmaking ladder. Instead, technological knowledge provides the space for other kinds of relationships to evolve, such as those of ‘trusting the technician’ or ‘admiration for the technician’s work’. Furthermore, what continues to define documentary filmmaking hierarchy is conceptualization capacities of the practitioners, which are influenced by a similarity in socio-cultural backgrounds and film school training accessible primarily to the filmmakers instead of the technicians. Accordingly, the paper concludes with the argument that more than ‘technological-capacities’, it is ‘conceptualization capacities’ which are class-dependent, especially when we study the field of documentary filmmaking.

Keywords: documentary filmmaking, India, technology, knowledge, hierarchy

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

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

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

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Authors: Farnoosh Faal

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The rapid growth of social media has brought significant changes to the field of urban e-planning. This study aims to review the existing literature on the impact of social media on urban e-planning processes. The study begins with a discussion of the evolution of social media and its role in urban e-planning. The review covers research on the use of social media for public engagement, citizen participation, stakeholder communication, decision-making, and monitoring and evaluation of urban e-planning initiatives. The findings suggest that social media has the potential to enhance public participation and improve decision-making in urban e-planning processes. Social media platforms such as Facebook, Twitter, and Instagram can provide a platform for citizens to engage with planners and policymakers, express their opinions, and provide feedback on planning proposals. Social media can also facilitate the collection and analysis of data, including real-time data, to inform urban e-planning decision-making. However, the literature also highlights some challenges associated with the use of social media in urban e-planning. These challenges include issues related to the representativeness of social media users, the quality of information obtained from social media, the potential for bias and manipulation of social media content, and the need for effective data management and analysis. The study concludes with recommendations for future research on the use of social media in urban e-planning. The recommendations include the need for further research on the impact of social media on equity and social justice in planning processes, the need for more research on effective strategies for engaging underrepresented groups, and the development of guidelines for the use of social media in urban e-planning processes. Overall, the study suggests that social media has the potential to transform urban e-planning processes but that careful consideration of the opportunities and challenges associated with its use is essential for effective and ethical planning practice.

Keywords: social media, Urban e-planning, public participation, citizen engagement

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Authors: Ruqiya Anwar

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The present study is aimed to find out the Impact of Foreign direct Investment on lifestyle of working women in Rawalpindi and Islamabad (Pakistan). It was hypothesized that easy access to consumer loans uplifts the lifestyle of women. First part of the research study was aimed at developing a tool to measure the Impact of FDI on living pattern of women in Rawalpindi and Islamabad. Purposive sampling technique was used to collect the more reliable and valid data.81 females working in different banks of Rawalpindi and Islamabad (Pakistan) were included in the sample. The value of Alpha Reliability coefficient is .774 for the tool of study. Which was found satisfactory and indicated that tool is reliable to measure the study objectives. Finding of the study showed that foreign direct investment has significant and positive impact on lifestyle of women in Rawalpindi and Islamabad (Pakistan). Study also revealed that there is moderate and high level of consumption power women have through foreign direct investment, which supports the hypothesis.

Keywords: foreign direct investment, lifestyle of women, consumption power, consumer loans

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Authors: Ritsuko Kawasaki (Aiba), Takeshi Hiromatsu

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Management is required to understand all information security risks within an organization, and to make decisions on which information security risks should be treated in what level by allocating how much amount of cost. However, such decision-making is not usually easy, because various measures for risk treatment must be selected with the suitable application levels. In addition, some measures may have objectives conflicting with each other. It also makes the selection difficult. Moreover, risks generally have trends and it also should be considered in risk treatment. Therefore, this paper provides the extension of the model proposed in the previous study. The original model supports the selection of measures by applying a combination of weighted average method and goal programming method for multi-objective analysis to find an optimal solution. The extended model includes the notion of weights to the risks, and the larger weight means the priority of the risk.

Keywords: information security risk treatment, selection of risk measures, risk acceptance, multi-objective optimization

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Authors: Misganaw Ayele Gelaw

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This abstract presents an overview of agricultural investment in Ethiopia, with a focus on the Oromia Region. Ethiopia is a developing country that heavily relies on agriculture as a major contributor to its economic growth and employment. The Oromia Region, located in the central part of the country, is the largest region in Ethiopia and plays a significant role in the agricultural sector. The study aims to explore the current state of agricultural investment in the Oromia Region, focusing on the opportunities, challenges, and potential benefits that arise from such investments. It also highlights the key agricultural investment strategies and policies implemented by the Ethiopian government to attract domestic and foreign investors. To achieve these objectives, a comprehensive literature review and analysis of relevant reports, publications, and government policies will be conducted. The study will also incorporate qualitative and quantitative data collection methods, such as interviews, surveys, and statistical analysis, to provide a well-rounded understanding of agricultural investment dynamics in the Oromia Region. The findings of this study are expected to shed light on the impact of agricultural investments on local farmers, rural development, food security, income generation, and overall economic growth in the Oromia Region. It will also identify the key risk factors and potential mitigations associated with agricultural investment, offering recommendations to policymakers, investors, and stakeholders to improve the effectiveness and sustainability of investment efforts in the region. This abstract highlights the importance of agricultural investment in the Oromia Region and Ethiopia as a whole, as it strives to enhance productivity, increase farmers' income, and contribute to the country's long-term development goals. By understanding the challenges and opportunities associated with agricultural investment, policymakers and investors can develop targeted strategies to ensure inclusive and sustainable growth in the agricultural sector, leading to improved livelihoods and economic prosperity in the Oromia Region.

Keywords: agriculture, investment, agriculture policy, economy

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Authors: Imen Latrous

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Family firm is the most common form of business organization in the world. Many family businesses rely heavily on their own capital to finance their expansion. This dependence on internal funds for their investment may be deliberate to maintain the family dominant position or involuntary as family firms have limited access to external funds. Our understanding of family firm’s choice to fund their own growth using existing capital is somewhat limited. The aim of this paper is to study whether the presence of a controlling family in the company either mitigates or exacerbates external financing constraints. The impact of family ownership on investment–cash flow sensitivity is ultimately an empirical question. We use a sample of 406 Canadian firms listed in Toronto Stock exchange (TSX) over the period 2005–2014 in order to explore this relationship. We distinguish between three elements in the definition of family firms, specifically ownership, control and management, to explore the issue whether family firms are more efficient organisational form. Our research contributes to the extant literature on family ownership in several ways. First, as our understanding of family firm’s investment cash flow sensitivity is somewhat limited in recession times, we explore the effect of family firms on the relation between investment and cash flow during the recent 2007-2009 financial crisis. We also analyse this relationship difference between family firms and non family firms before and during financial crisis. Finally, our paper addresses the endogeneity problem of family ownership and investment-cash flow sensitivity.

Keywords: family firms, investment–cash flow sensitivity, financial crisis, corporate governance

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Authors: Anocha Rojanapanich

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The purpose of this research is to develop and design an accounting management information system for convenient shop in Bangkok Thailand. The study applied the System Development Life Cycle (SDLC) for development which began with study and analysis of current data, including the existing system. Then, the system was designed and developed to meet users’ requirements via the internet network by use of application software such as My SQL for database management, Product diversity, Apache HTTP Server for Web Server and PHP Hypertext Preprocessor for an interface between web server, database and users. The system was designed into two subsystems as the main system, or system for head office, and the branch system for branch shops. These consisted of three parts which are classified by user management as shop management, inventory management and Point of Sale (POS) management and importance of cost information for decision making also as well as.

Keywords: accounting management information system, convenient shop, cost information for decision making system, development life cycle

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Authors: Uche A. Ibekwe

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Pension funds are pooled assets which are established to provide income for retirees. The funds are usually regulated to check excessive risk taking by fund managers. In Nigeria, the current defined contribution (DC) pension scheme appears to contain some overly stringent restrictions which might be hampering its successful implementation. Notable among these restrictions is the 25 percent maximum limit on investment in ordinary shares of quoted companies. This paper examines the extent to which these restrictions affect pension replacement rates at retirement. The study made use of both simulated and historical asset return distributions using mean-variance, regression analysis and ruin-risk analyses, the study found that the current equity investment restriction policy in Nigeria reduces replacement rates at retirement.

Keywords: equity investment, replacement rates, restrictions, ruin-risk

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Authors: Rebecca Hafner, Daniel Read, David Elmes

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The persuasive potential of normative and feedback (financial vs. environmental) information in ‘nudging’ people towards making environmentally sound decisions was explored in a hypothetical choice experiment. The research was specifically focused on determining how subtle variations in the decision frame could be used to increase the selection of energy efficient vs. standard technologies, using the context of home heating choice. Participants were given a choice of a standard heating system (a gas boiler) and a relatively more-energy efficient option (a heat pump). The experiment had a 2 (normative vs. no normative information) by 3 feedback type (financial, environmental, none) design. The last group constituted the control. Half of the participants were given normative information about what the majority of others in their neighbourhood had opted to do when faced with the same choice set, prior to making their decision. The other half received no such information. Varying feedback frames were incorporated by providing participants with information on either financial or environmental savings that could be achieved by choosing the heat pump. No such information was provided in the control group. A significant interaction was found between normative information and feedback frame type. Specifically, the impact of feedback frames was found to be reduced when normative information was provided; illustrating the overriding influence of normative information on option preference. Participants were significantly more likely to select the heat pump if they were vs. were not given normative information. Yet when no normative information was provided, the persuasive influence of the financial frame was increased – highlighting this as an effective means of encouraging uptake of new technologies in this instance. Conversely, the environmental frame was not found to differ significantly from the control. Marginal carryover effects were also found for stated future real-life decision-making behaviour, with participants who were versus were not given normative information being marginally more likely to state they would consider installing a heat pump when they next need to replace their heating system in real life. We conclude that normative and financial feedback framing techniques are highly effective in increasing uptake of new, energy efficient heating technologies involving significant upfront financial outlay. The implications for researchers looking to promote ‘green’ choice in the context of new technology adoption are discussed.

Keywords: energy-efficient technology adoption, environmental decision making, financial vs. environmental feedback framing techniques, social norms

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Authors: J. Hakula

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Discussion on euthanasia is a continuous process. Euthanasia is defined as 'deliberately ending a patient's life by administering life-ending drugs at the patient's explicit request'. With few exceptions, worldwide in most countries human societies have not been able to agree on some fundamental issues concerning ultimate decisions of life and death. Outranking methods in voting oriented social choice theory and multicriteria decision-making (MCDM) can be applied to issues in medical ethics. There is a wide range of voting methods, and using different methods the same group of voters can end up with different outcomes. In the MCDM context, decision alternatives can be substituted for candidates, and criteria for voters. The view chosen here is that of a single decision-maker. Initially, three alternatives and three criteria are chosen. Pairwise and basic positional voting rules - plurality, anti-plurality and the Borda count - are applied. In the MCDM solution, criteria are put weights by giving them the more 'votes'; the more important the decision-maker ranks them. A hypothetical example on evaluating properties of euthanasia consists of three alternatives A, B, and C, which are ranked according to three criteria - the patient’s willingness to cooperate, general action orientation (active/passive), and cost-effectiveness - the criteria having weights 7, 5, and 4, respectively. Using the plurality rule and the weights given to criteria, A is the best alternative, B and C thereafter. In pairwise comparisons, both B and C defeat A with weight scores 7 to 9. On the other hand, B is defeated by C with weights 11 to 5. Thus, C (i.e. the so-called Condorcet winner) defeats both A and B. The best alternative using the plurality principle is not necessarily the best in the pairwise sense, the conflict remaining unsolved with or without additional weights. Positional rules are sensitive to variations in alternative sets. In the example above, the plurality rule gives the rank ABC. If we leave out C, the plurality ranking between A and B results in BA. Withdrawing B or A the ranking is CA and CB, respectively. In pairwise comparisons an analogous problem emerges when the number of criteria is varied. Cyclic preferences may lead to a total tie, and no (rational) choice between the alternatives can be made. In conclusion, the choice of the best commitment to re-evaluate euthanasia, with criteria left unchanged, depends entirely on the evaluation method used. The right strategies matter, too. Future studies might concern the problem of an abstention - a situation where voters do not vote - and still their best candidate may win. Or vice versa, actively giving the ballot to their first rank choice might lead to a total loss. In MCDM terms, a decision might occur where some central criteria are not actively involved in the best choice made.

Keywords: medical ethics, euthanasia, voting methods, multicriteria decision-making

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Authors: Zahra Abdolkarimi, Naser Zouri

Abstract:

The actual purpose of RoboCup is creating independent team of robots in 2050 based of FiFa roles to bring the victory in compare of world star team. There is unbelievable growing of Robots created a collection of complex and motivate subject in robotic and intellectual ornate, also it made a mechatronics style base of theoretical and technical way in Robocop. Decision making of robots depends to environment reaction, self-player and rival player with using inductive Fuzzy system valuation subsidiary to solve issue of robots in land game. The measure of selection in compare with other methods depends to amount of victories percentage in the same team that plays accidentally.

Keywords: particle swarm optimization, chaos theory, inference fuzzy system, simulation environment rational fuzzy system, mamdani and assilian, deffuzify

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Authors: Nitin Singh, Meng Ling, Talha Ahmed, Tianxia Zhao, Reinier van de Pol

Abstract:

We propose the use of reinforcement learning (RL) as a viable alternative for optimizing supply chain management, particularly in scenarios with stochasticity in product demands. RL’s adaptability to changing conditions and its demonstrated success in diverse fields of sequential decision-making makes it a promising candidate for addressing supply chain problems. We investigate the impact of demand fluctuations in a multi-product supply chain system and develop RL agents with learned generalizable policies. We provide experimentation details for training RL agents and statistical analysis of the results. We study the generalization ability of RL agents for different demand uncertainty scenarios and observe superior performance compared to the agents trained with fixed demand curves. The proposed methodology has the potential to lead to cost reduction and increased profit for companies dealing with frequent inventory movement between supply and demand nodes.

Keywords: inventory management, reinforcement learning, supply chain optimization, uncertainty

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Authors: Farhad Eizakshiri

Abstract:

The potential for groupthink to explain the issues contributing to deterioration of decision-making ability within the unitary team and so to cause poor outcomes attracted a great deal of attention from a variety of disciplines, including psychology, social and organizational studies, political science, and others. Yet what remains unclear is how and why the team members’ strivings for unanimity and cohesion override their motivation to realistically appraise alternative courses of action. In this paper, the findings of a sequential explanatory mixed-methods research containing an experiment with thirty groups of three persons each and interviews with all experimental groups to investigate this issue is reported. The experiment sought to examine how individuals aggregate their views in order to reach a consensual group decision concerning the completion time of a task. The results indicated that groups made better estimates when they had no interaction between members in comparison with the situation that groups collectively agreed on time estimates. To understand the reasons, the qualitative data and informal observations collected during the task were analyzed through conversation analysis, thus leading to four reasons that caused teams to neglect divergent viewpoints and reduce the number of ideas being considered. Reasons found were the concurrence-seeking tendency, pressure on dissenters, self-censorship, and the illusion of invulnerability. It is suggested that understanding the dynamics behind the aforementioned reasons of groupthink will help project teams to avoid making premature group decisions by enhancing careful evaluation of available information and analysis of available decision alternatives and choices.

Keywords: groupthink, group decision, cohesiveness, project teams, mixed-methods research

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Authors: Mona Isazad Mashinchi, Davood Roshan Sangachin, Francis J. Sullivan, Dietrich Rebholz-Schuhmann

Abstract:

Background: Decision-making processes are nowadays driven by data, data analytics and Business Intelligence (BI). BI as a software platform can provide a wide variety of capabilities such as organization memory, information integration, insight creation and presentation capabilities. Visualizing data through dashboards is one of the BI solutions (for a variety of areas) which helps managers in the decision making processes to expose the most informative information at a glance. In the healthcare domain to date, dashboard presentations are more frequently used to track performance related metrics and less frequently used to monitor those quality parameters which relate directly to patient outcomes. Providing effective and timely care for patients and improving the health outcome are highly dependent on presenting and visualizing data and information. Objective: In this research, the focus is on the presentation capabilities of BI to design a dashboard for prostate cancer (PC) data that allows better decision making for the patients, the hospital and the healthcare system related to a cancer dataset. The aim of this research is to customize a retrospective PC dataset in a dashboard interface to give a better understanding of data in the categories (risk factors, treatment approaches, disease control and side effects) which matter most to patients as well as other stakeholders. By presenting the outcome in the dashboard we address one of the major targets of a value-based health care (VBHC) delivery model which is measuring the value and presenting the outcome to different actors in HC industry (such as patients and doctors) for a better decision making. Method: For visualizing the stored data to users, three interactive dashboards based on the PC dataset have been developed (using the Tableau Software) to provide better views to the risk factors, treatment approaches, and side effects. Results: Many benefits derived from interactive graphs and tables in dashboards which helped to easily visualize and see the patients at risk, better understanding the relationship between patient's status after treatment and their initial status before treatment, or to choose better decision about treatments with fewer side effects regarding patient status and etc. Conclusions: Building a well-designed and informative dashboard is related to three important factors including; the users, goals and the data types. Dashboard's hierarchies, drilling, and graphical features can guide doctors to better navigate through information. The features of the interactive PC dashboard not only let doctors ask specific questions and filter the results based on the key performance indicators (KPI) such as: Gleason Grade, Patient's Age and Status, but may also help patients to better understand different treatment outcomes, such as side effects during the time, and have an active role in their treatment decisions. Currently, we are extending the results to the real-time interactive dashboard that users (either patients and doctors) can easily explore the data by choosing preferred attribute and data to make better near real-time decisions.

Keywords: business intelligence, dashboard, decision making, healthcare, prostate cancer, value-based healthcare

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Authors: Nisa Mohan

Abstract:

Clinical coding is a feasible method for estimating the national prevalence of adverse drug event (ADE) admissions. However, under-coding of ADE admissions is a limitation of this method. Whilst the under-coding will impact the accurate estimation of the actual burden of ADEs, the feasibility of the coded data in estimating the adverse drug event admissions goes much further compared to the other methods. Therefore, it is necessary to know the reasons for the under-coding in order to improve the clinical coding of ADE admissions. The ability to identify the reasons for the under-coding of ADE admissions rests on understanding the decision-making process of coding ADE admissions. Hence, the current study aimed to explore the decision-making process of clinical coders when coding cases of ADE admissions. Clinical coders from different levels of coding job such as trainee, intermediate and advanced level coders were purposefully selected for the interviews. Thirteen clinical coders were recruited from two Auckland region District Health Board hospitals for the interview study. Semi-structured, one-on-one, face-to-face interviews using open-ended questions were conducted with the selected clinical coders. Interviews were about 20 to 30 minutes long and were audio-recorded with the approval of the participants. The interview data were analysed using a general inductive approach. The interviews with the clinical coders revealed that the coders have targets to meet, and they sometimes hesitate to adhere to the coding standards. Coders deviate from the standard coding processes to make a decision. Coders avoid contacting the doctors for clarifying small doubts such as ADEs and the name of the medications because of the delay in getting a reply from the doctors. They prefer to do some research themselves or take help from their seniors and colleagues for making a decision because they can avoid a long wait to get a reply from the doctors. Coders think of ADE as a small thing. Lack of time for searching for information to confirm an ADE admission, inadequate communication with clinicians, along with coders’ belief that an ADE is a small thing may contribute to the under-coding of the ADE admissions. These findings suggest that further work is needed on interventions to improve the clinical coding of ADE admissions. Providing education to coders about the importance of ADEs, educating clinicians about the importance of clear and confirmed medical records entries, availing pharmacists’ services to improve the detection and clear documentation of ADE admissions, and including a mandatory field in the discharge summary about external causes of diseases may be useful for improving the clinical coding of ADE admissions. The findings of the research will help the policymakers to make informed decisions about the improvements. This study urges the coding policymakers, auditors, and trainers to engage with the unconscious cognitive biases and short-cuts of the clinical coders. This country-specific research conducted in New Zealand may also benefit other countries by providing insight into the clinical coding of ADE admissions and will offer guidance about where to focus changes and improvement initiatives.

Keywords: adverse drug events, clinical coders, decision making, hospital admissions

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