Search results for: accounting legislation

Authors: Filipe Cardoso de Oliveira, Lino Marcos da Silva, Ademar Nogueira do Nascimento, Cristiano Hora de Oliveira Fontes

Abstract:

This article presents a mathematical formulation for the production Break-Even Point problem in a non-homogeneous system. The optimization problem aims to obtain the composition of the best product mix in a non-homogeneous industrial plant, with the lowest cost until the breakeven point is reached. The problem constraints represent real limitations of a generic non-homogeneous industrial plant for n different products. The proposed model is able to solve the equilibrium point problem simultaneously for all products, unlike the existing approaches that propose a resolution in a sequential way, considering each product in isolation and providing a sub-optimal solution to the problem. The results indicate that the product mix found through the proposed model has economical advantages over the traditional approach used.

Keywords: branch and bound, break-even point, non-homogeneous production system, integer linear programming, management accounting

Procedia PDF Downloads 188

Authors: Diego Saldo Alves, Marcelo Paveck Ayub

Abstract:

The quality of accounting information is very important for the decision-making of managers, investors government and other information users. The opinion of the independent audit has a significant influence on the decision-making, especially the investors. Therefore, the aim of this study is to analyze the reasons that companies listed on Brazilian Stock Exchange B3, if they received qualified opinion and disclaimer of opinion of the independent auditors. We analyzed the reports of the independent auditors of 23 Brazilian companies listed in B3 that received qualified opinion and disclaimer of opinion between the years 2012 and 2017. The findings show that the companies do not comply the International Financial Reporting Standard, IFRS, also they did not provide documentation to prove the operations performed, did not account expenses, problems in corporate governance and internal controls.

Keywords: audit, disclaimer of opinion, independent auditors, qualified opinion

Procedia PDF Downloads 175

Authors: Vikram Singh

Abstract:

This paper aims to take into account carbon tax or cap-and-trade legislation to manage Delhi carbon emissions after a post-Kyoto treaty. This report estimated the influence of the carbon taxes or rebate/compensation cost at the household level. Here, the three possible scenarios will help to comprehend the difference between a straightforward compensation/rebate, and two clearly denoting progressive formula. The straightforward compensation is basically minimizing the regressive applications that will bears on cost. On the other hand, both the progressive formula will generate extra revenue, which will help for feasibility of more efficient, vehicles, appliances and buildings in the low-income household. For the hypothetical case of carbon price $40/tonne, low-income household for both urban and rural region could experience price burden up to 5% and 9% on their income as compared to 3% and 7% for high-income household respectively. The survey report also shown that carbon emission due low-income household are primarily by the substantive requirement like housing and transportation whereas almost 40% emission due to high-income household are by luxurious and non-essential items. The equal distribution of revenue cum incentives will not completely overcome high-income household’s investment in inessential items. However, it will merely help in investing their income in energy efficient and less carbon intensive items. Therefore, the rebate distribution on per capita basis instead on per households will benefit more especially large families at low-income group.

Keywords: household emission, carbon credit, carbon intensity, green house gas emission, carbon generation based insentives

Procedia PDF Downloads 417

Authors: Hani Albogami

Abstract:

The internal audit function is considered as one of the internal corporate governance mechanisms that may have an impact on improving earnings quality by constraining earnings management. The internal audit function is also a unique corporate governance mechanism because internal auditors have more involvement with the day-to-day operations comparing to the audit committee, and also internal auditors audit their companies the whole year compared to the external auditor who audits only a certain time of the year. The relationships between internal audit function and earnings management can be understood by some theories. Therefore, this paper provides a theoretical background of the influence of the quality of internal audit function on earnings management. In particular, the agency theory, institutional theory, singling theory, and resource dependency theory are adapted by this paper to provide some understanding and analyses that can be a basis for future research to contribute to the corporate governance academic studies.

Keywords: internal audit, corporate governance, earnings management, accounting

Procedia PDF Downloads 163

Authors: K. W. A. M. Kokila, Matsui Kenichi

Abstract:

Sri Lanka’s disaster management policy aims to protect lives and developments in disaster affected areas by effectively using resources for disaster risk reduction, emergency management, and community awareness. However, funding for these action programs has posed a serious challenge to the country’s economy. This paper examines the extent to which private-public partnerships (PPPs) can facilitate and expedite disaster management works. In particular, it discusses the results of the questionnaire survey among policymakers, government administrators, NGOs, and private businesses. This questionnaire was conducted in 2017. All respondents were selected based on their experience in PPP projects in the past. The survey focused on clarifying the effectiveness of past PPP projects as well as their efficiency and transparency. The respondents also provided their own opinions and suggestions to improve the future PPP projects in Sri Lanka. The questionnaire was distributed to fifteen persons. The results show that almost all respondents think that PPP projects are beneficial and important for future disaster risk management in Sri Lanka. The respondents, however, showed some reservation about effectiveness and transparency of the PPP process. This paper also discusses the results on the respondents’ perceptions about their capacity regarding human resources and management. This paper, overall, sheds light on technological, financial and human resource management practices in developed countries as well as policy and legislation provisions regarding PPP projects.

Keywords: disaster management, policy, private public partnership, projects

Procedia PDF Downloads 143

Authors: Maria Reznakova, Michala Strnadova, Lukas Reznak

Abstract:

Successful achievement of strategic goals requires an effective performance management system, i.e. determining the appropriate indicators measuring the rate of goal achievement. Assuming that the goal of the owners is to grow the assets they invested in, it is vital to identify the key performance indicators, which contribute to value creation. These indicators are known as value drivers. Based on the undertaken literature search, a value driver is defined as any factor that affects the value of an enterprise. The important factors are then monitored by both financial and non-financial indicators. Financial performance indicators are most useful in strategic management, since they indicate whether a company's strategy implementation and execution are contributing to bottom line improvement. Non-financial indicators are mainly used for short-term decisions. The identification of value drivers, however, is problematic for companies which are not publicly traded. Therefore financial ratios continue to be used to measure the performance of companies, despite their considerable criticism. The main drawback of such indicators is the fact that they are calculated based on accounting data, while accounting rules may differ considerably across different environments. For successful enterprise performance management it is vital to avoid factors that may reduce (or even destroy) its value. Among the known factors reducing the enterprise value are the lack of capital, lack of strategic management system and poor quality of production. In order to gain further insight into the topic, the paper presents results of the research identifying factors that adversely affect the performance of mechanical engineering enterprises in the Czech Republic. The research methodology focuses on both the qualitative and the quantitative aspect of the topic. The qualitative data were obtained from a questionnaire survey of the enterprises senior management, while the quantitative financial data were obtained from the Analysis Major Database for European Sources (AMADEUS). The questionnaire prompted managers to list factors which negatively affect business performance of their enterprises. The range of potential factors was based on a secondary research – analysis of previously undertaken questionnaire surveys and research of studies published in the scientific literature. The results of the survey were evaluated both in general, by average scores, and by detailed sub-analyses of additional criteria. These include the company specific characteristics, such as its size and ownership structure. The evaluation also included a comparison of the managers’ opinions and the performance of their enterprises – measured by return on equity and return on assets ratios. The comparisons were tested by a series of non-parametric tests of statistical significance. The results of the analyses show that the factors most detrimental to the enterprise performance include the incompetence of responsible employees and the disregard to the customers‘ requirements.

Keywords: business value, financial ratios, performance measurement, value drivers

Procedia PDF Downloads 204

Authors: Kathy Mwende Kiema, Remember Samu, Murat Fahrioglu

Abstract:

The potential of power generation from solar resources has been established as being robust in sub Saharan Africa. Consequently many governments in the region have encouraged the exploitation of this resource through, inter alia direct funding, subsidies and legislation (such as feed in tariffs). Through a case study of Kenya and Zimbabwe it is illustrated that a good deal of proposed grid connected solar power projects and related feed in tariffs have failed to take into account key economic and technical considerations in the selection of solar technologies to be implemented. This paper therefore presents a comparison between concentrated solar power (CSP) and solar photovoltaic (PV) to assess which technology is better suited to meet the energy demand for a given set of prevailing conditions. The evaluation criteria employed is levelized cost of electricity (LCOE), net present value (NPV) and plant capacity factor. The outcome is therefore a guide to aid policy makers and project developers in choosing between CSP and PV given certain solar irradiance values, planned nominal plant capacity, availability of water resource and a consideration of whether or not the power plant is intended to compete with existing technologies, primarily fossil fuel powered, in meeting the peak load.load.

Keywords: capacity factor, peak load, solar PV, solar CSP

Procedia PDF Downloads 271

Authors: Fines Fatimah, SH. MH.

Abstract:

Indonesia is one of the countries that has ratified the UNCRPD (United Nations Convention on the Rights of Persons with Disabilities). The ratification of this convention brings consequences on the adjustment of national legislation with the UNCRPD convention, where this ratification at the same time is a measure in the eyes of the international community that a state party could be consistent with the issues and problems of disability. Persons with disabilities often have little access to justice when they are forced to deal with the criminal justice system. Pursuit of justice through litigation are often not in their favor, therefore without any awareness of law enforcement/awareness of disability will further complicate access to justice for persons with disabilities. Under Article 13 of the UNCRPD, it appeared that the convention requires ratifying states to guarantee equal opportunity and treatment in justice for persons with disabilities. The States should also ensure that any judicial rules must be adapted to the circumstances of persons with disabilities so that people with disabilities can fully participate in all stages of the trial court and, for example, as a witness. Finally, the state must provide training to understand these persons with disabilities (for those who work in the judiciary institution such as police or prison officials). Further, this paper aims to describe problem faced by persons with intellectual disabilities to access justice in Indonesian Criminal Justice System. This paper tries to find and propose the alternative solutions to promote the quality of law enforcement in Indonesia, especially for persons with intellectual disabilities.

Keywords: access to justice, Indonesian criminal justice system, intellectual disability, ratifying states

Procedia PDF Downloads 498

Authors: M. Sarai Atab, A. Smallbone, A. P. Roskilly

Abstract:

A thermodynamic study is performed on the Reverse Osmosis (RO) desalination process for brackish water. The detailed RO model of thermodynamics properties with and without an energy recovery device was built in Simulink/MATLAB and validated against reported measurement data. The efficiency of desalination plants can be estimated by both the first and second laws of thermodynamics. While the first law focuses on the quantity of energy, the second law analysis (i.e. exergy analysis) introduces quality. This paper used the Main Outfall Drain in Iraq as a case study to conduct energy and exergy analysis of RO process. The result shows that it is feasible to use energy recovery method for reverse osmosis with salinity less than 15000 ppm as the exergy efficiency increases twice. Moreover, this analysis shows that the highest exergy destruction occurs in the rejected water and lowest occurs in the permeate flow rate accounting 37% for 4.3% respectively.

Keywords: brackish water, exergy, irrigation, reverse osmosis (RO)

Procedia PDF Downloads 158

Authors: Mabrouka Immhemd Al-Werfalli

Abstract:

How are political alienation and corruption related? What is the nature of relationship linking corruption and political alienation? When citizens withdraw their loyalty from their political regime and leaders, they highlight their alienation from them. The link between corruption and political alienation is that the individual would intentionally involve in corruption particularly when a state of lawlessness prevails. This paper represents a challenge- how to gauge a link between political alienation culture of corruption and corruption. It aims to highlight the political alienation related factors that determine the levels of corruption in Libya. One of the most prominent reasons for the Libyan uprising in February 2011 was the pervasiveness of corruption. Corruption in Libya remained a significant problem despite a robust anti-corruption discourse and harsh legislation undertaken by the previous regime. The long-standing political corruption in Libya has offered ample opportunity for the evolution of a structure of negative values and morals. This has formed what is termed as a ‘culture of corruption’, which has induced people to accept and justify corrupt behavior. The paper is a part of a study concerns the phenomenon of political alienation in Libya which was based on a survey conducted in 2001 in the city of Benghazi. The finding shows that abuse of power, embezzlement and misuse of public funds for personal enrichment was thought to be rife within public bodies, institutions, companies, factories, banks and enterprises owned entirely or partially by the state.

Keywords: Libya, abuse of power, anti-corruption, corruption, culture of corruption, embezzlement, participation in corruption, political alienation

Procedia PDF Downloads 292

Authors: Valean Maria

Abstract:

Construction and demolition waste management is a timely topic, due to the urgency of its transition to sustainability. This sector is responsible for over a third of the waste generated in the E.U., while the legislation requires a proportion of at least 70% preparation for reuse and recycle, excluding backfilling. To this end, the E.U. Commission has provided the Level(s) methodology, allowing for the standardized planning and reporting of waste quantities across all levels of the construction process, from the architecture, to the demolition, from the estimation stage, to the actual measurements at the end of the operations. We applied Level(s) for the first time to the Romanian context, a developing E.U. country in which illegal dumping of contruction waste in nature and landfills, are still common practice. We performed the desk study of the buildings’ documents, followed by field studies of the sites, and finally the insertion and calculation of statistical data of the construction and demolition waste. We learned that Romania is far from the E.U. average in terms of the initial estimations of waste, with some numbers being higher, others lower, and that the price of evacuation to landfills is significantly lower in the developing country, a possible barrier to adopting the new regulations. Finally, we found that concrete is the predominant type waste, in terms of quantity as well as cost of disposal. Further directions of research are provided, such as mapping out all of the alternative facilities in the region and the calculation of the financial costs and of the CO2 footprint, for preparing and delivering waste sustainably, for a more sound and locally adapted model of waste management.

Keywords: construction, waste, management, levels, EU

Procedia PDF Downloads 58

Authors: Shubham Jaiswal

Abstract:

In this study, the numerical solution of two-dimensional solute transport system in a homogeneous porous medium of finite-length is obtained. The considered transport system have the terms accounting for advection, dispersion and first-order decay with first-type boundary conditions. Initially, the aquifer is considered solute free and a constant input-concentration is considered at inlet boundary. The solution is describing the solute concentration in rectangular inflow-region of the homogeneous porous media. The numerical solution is derived using a powerful method viz., spectral collocation method. The numerical computation and graphical presentations exhibit that the method is effective and reliable during solution of the physical model with complicated boundary conditions even in the presence of reaction term.

Keywords: two-dimensional solute transport system, spectral collocation method, Chebyshev polynomials, Chebyshev differentiation matrix

Procedia PDF Downloads 212

Authors: Lorena F. Axinte

Abstract:

Territorial rescaling is a universal practice in the UK, following a logic of agglomeration and competition as the only chance for cities to thrive. Cardiff Capital Region is one of the latest examples, and its governance structures and developmental narratives are currently being shaped. Its evolution must be compatible with the Wellbeing of Future Generations Act, a Welsh legislation that requires public bodies to put sustainability at the core of all actions. Departing from this case study, the project follows the evolution of Cardiff Capital Region and assesses it based on a new a conceptual framework that connects the notions of regenerative development, collaborative governance, and progressive regionalism. The hypothetical synergies between these different theoretical perspectives are demonstrated, inferring that if regenerative development is aimed at, it must necessarily start with collaborative modes of governance. The objective is to explore (a) whether expanding the network of active stakeholders who get to intervene in the governance structure can contribute to a more progressive definition and development of the city region and (b) whether this can be considered a pathway towards regenerative development. The exploratory fieldwork conducted during the initial phase of the project used qualitative methods, which will be complemented next by different participatory research approaches, as well as a quantitative analysis. Despite being in its early days, the study is showing that a wider range of voices can indeed change priorities, reconcile and balance between the economic drivers and the wider social, economic, cultural and environmental aspects.

Keywords: Cardiff Capital Region, collaborative governance, progressive regionalism, regenerative development

Procedia PDF Downloads 282

Authors: Mohd Jaish Siddiqui

Abstract:

Laryngeal TB is extremely rare in the pediatric population, accounting for 1% of all cases. Here, we present a case of laryngeal TB with miliary tuberculosis and tuberculous encephalitis, presented with sore throat, hoarseness, severe cough and, acute obstruction the larynx, sputum for AFB was negative, T-SPOT was positive and X-pert was positive, bronchoscopy revealed multiple nodules and edema around the larynx, epiglottis, bilateral arytenopharyngeal folds and vocal cord. Enhanced MRI revealed multiple small nodules in bilateral cerebral hemispheres and right thalamus, however CSF was negative. We reviewed the LTB cases that were published up to 2021. A total of twenty fine cases were identified in English literature. The most common manifestation was hoarseness of voice with 80% followed by stridor 40% of cases. Pulmonary involvement was found in 36% of cases, whereas, 45% of cases had no underlying TB. We did not find any case who developed tuberculous encephalitis in the literature.

Keywords: laryngeal tb, treatment, tuberculous encephalitis, children

Procedia PDF Downloads 24

Authors: Estelle Abrahams, Tania Pretorius

Abstract:

A joint media statement by the South African Reserve Bank, the Banking Association of South Africa, the Financial Sector Conduct Authority, and the Payments Association of South Africa was recently published, stating that the receipt or acceptance of cheques will terminate effectively on 31 December 2020. All stakeholders are urged to cease accepting or issuing cheques as a payment method. The purpose of the study is to examine the effect that the discontinuation of the usage of cheques has on bank reconciliations for the subject: economic and management sciences. A literature study was performed to gain insight into the bank reconciliation process to be able to draw conclusions on the outcome of the discontinuation of cheques on the bank reconciliation. The study found that the teaching of the bank reconciliation process will change to introduce new replacement source documents for digital payments, and this impacts the teaching of reconciling differences.

Keywords: bank reconciliation, internal control, accounting education, source documents

Procedia PDF Downloads 88

Authors: Elvin Lim

Abstract:

This article integrates the debate about presidential powers with the debate about federalism, arguing that there are two ways of exercising presidential powers, one working in tandem with expanding federal powers, and the other working against it. Alexander Hamilton and Thomas Jefferson—the former a Federalist and the latter echoing the views of many Anti-Federalists—disagreed not only on the constitutional basis of prerogative, but also on the ends for which it should be deployed. This tension has always existed in American politics, and is reproduced today. Modern Democrats and Republicans both want a strong executive, but the Democrats who want a strong executive to pass legislation to expand the reach of the federal government; naturally, they must rely on an equally empowered Congress to do so. Republicans generally do not want an intrusive federal government, which is why their defense of a strong presidency does not come alongside a call for a strong Congress. This distinction cannot be explained without recourse to foundational yet opposing views about the appropriate role of federal power. When we bring federalism back in, we see that there are indeed two presidencies; one neo-Federalist, in favor of moderate presidential prerogative alongside a robust Congress directed collectively to a national state-building agenda and expanding the federal prerogative; another, neo-Anti-Federalist, in favor of expansive presidential prerogative and an ideologically sympathetic Congress equally suspicious of federal power to retard or roll back national state-building in favour of states rights.

Keywords: US presidency, federalism, prerogative, anti-federalism

Procedia PDF Downloads 96

Authors: W. J. Strydom, K. Puren

Abstract:

Place-making is viewed here as an empowering process in which people represent, improve and maintain their spatial (natural or built) environment. With the above-mentioned in mind, place-making is multi-dimensional and include a spatial dimension (including visual properties or the end product/plan), a procedural dimension during which (negotiation/discussion of ideas with all relevant stakeholders in terms of end product/plan) and a psychological dimension (inclusion of intrinsic values and meanings related to a place in the end product/plan). These three represent dimensions of place-making. The purpose of this paper is to explore these dimensions of place-making in a case study of a local community in Ikageng, Potchefstroom, North-West Province, South Africa. This case study represents an inclusive process that strives to empower a local community (forcefully relocated due to Apartheid legislation in South Africa). This case study focussed on the inclusion of participants in the decision-making process regarding their daily environment. By means of focus group discussions and a collaborative design workshop, data is generated and ultimately creates a linkage with the theoretical dimensions of place-making. This paper contributes to the field of spatial planning due to the exploration of the dimensions of place-making and the relevancy of this process on spatial planning (especially in a South African setting).

Keywords: community engagement, place-making, planning theory, spatial planning

Procedia PDF Downloads 377

Authors: Hasrat Arjjumend, Sabiha Alam

Abstract:

The Nagoya Protocol is landmark international legislation governing access to genetic resources and benefit sharing from utilization of genetic resource and traditional knowledge. The field implications of the international law have been assessed by surveying academic/ research institutions, civil society organizations (CSOs) and concerned individuals, who gave their opinions on whether the provider parties (usually developing countries) would ensure effective participation of Indigenous people and local communities (ILCs) in establishing the mechanisms to inform the potential users of traditional knowledge (TK) about their obligations under art. 12.2 of Nagoya Protocol. First of all, involvement and participation of ILCs in suggested clearing-house mechanisms of the Parties are seldom witnessed. Secondly, as respondents expressed, it is doubtful that developing countries would ensure effective participation of ILCs in establishing the mechanisms to inform the potential users of TK about their obligations. Yet, as most of ILCs speak and understand local or indigenous languages, whether the Nagoya Protocol provides or not, it is a felt need that the Parties should disclose information in a language understandable to ILCs. Alternative opinions indicate that if TK held by ILCs is disclosed, the value is gone. Therefore, it should be protected by the domestic law first and should be disclosed then.

Keywords: genetic resources, indigenous people, language, Nagoya protocol, participation, traditional knowledge

Procedia PDF Downloads 127

Authors: Andres Calderon

Abstract:

In order to avoid detection and punishment, cartels have recruited the help of third parties to organize, execute and disguise the anticompetitive practices cartel members have agreed upon. These third parties may take the form of consultancy firms, guilds or professional advisors that do not perform an economic activity in the market where the collusion takes place. This paper takes a look into how national competition authorities and national legislators have dealt with the emergence of the cartels’ facilitators in Latin America. Following the practice of other jurisdictions such as United States (Toys R' Us, Apple), European Union (AC Treuhand), United Kingdom (Replica Kits, Hasbro) and Spain (Urban, Snap-On), some countries (e.g. Argentina, Chile) in Latin America have started to conduct investigations and find antitrust liability in cartels’ facilitators for helping others to violate their national competition laws. Some countries (e.g. Peru and Colombia) have also amended their legislation to amplify the subjective scope of application in order to include cartels’ facilitators. The Latin American case is one of special relevance because public officials are often prone to promote or indulge agreements between competitors in sectors of political interest. A broad definition of cartels’ facilitator, consequently, could lead to the prosecution of punishment of public officials that may hinder the competitive process.

Keywords: anticompetitive practices, cartel, collusion, competition, facilitator, hub and spoke

Procedia PDF Downloads 149

Authors: Lisa Listiana

Abstract:

ASEAN leader agreed to accelerate ASEAN Economic Community (AEC) implementation by 2015. The AEC Blueprint has set up obligations for its members to follow which include the establishment of (a) free trade in goods, according to ASEAN Free Trade Area: AFTA, (b) free trade in services, according to ASEAN Framework Agreement on Services: AFAS, (c) free trade in investment, according to ASEAN Comprehensive Investment Agreement: ACIA, (d) free capital flow, and (e) free flow of skilled labors. Consequently, these obligations bring both challenges and opportunities for its members. As accountant is included in the coverage of 8 skilled labors, the readiness of accounting profession to embrace AEC 2015 is pivotal. If Indonesian accountants do not accelerate their learning effort, the knowledge gap between Indonesian accountants and their international colleagues will only be worsened. This paper aims to analyze the current progress of AEC preparation and its challenges and opportunities for Indonesian accountants, and also to propose recommendation as necessary.

Keywords: AEC, ASEAN, readiness, Indonesian accountants

Procedia PDF Downloads 419

Authors: Josephine Eghonghon Ahiante, Barry Hanyane

Abstract:

To give effect to the constitutional rights of gender equality, the South African government instituted various legislative policy frameworks and legislations to equalise the public service. Nonetheless, gender inequality in senior management positions remains a rift in government institutions, particularly the local sphere of government. The methodology for gathering and analysing data for this study was based on both primary and secondary data sources, namely literature review, qualitative and quantitative data collection and analysis, triangulation, and inductive and deductive thematic analysis. The study found that misogynist tendencies which are manifest in organisational culture suffocate the good intentions of government in ensuring social justices, leadership diversity, and women equality. It also demonstrates that traditional gender role expectation still informs the ground in which senior management positions are allocated, men perceive women as non-leadership fit and discriminate against them during recruitment, selection, and promotion into high positions. The analyses from the study portray that, while government legislation and framework has been instrumental in the leadership acceleration of women, much more has to be done to deconstruct internalised leadership stereotypes on women's gender roles and leadership requirements. The study recommends that gender bias training intervention is needed to teach public employees on management excellence.

Keywords: gender, leadership, misogyny, orgnisational cultural, patriachy

Procedia PDF Downloads 130

Authors: Miang Hong Ngerng, Noor Diyana Jasme, May Jin Theong

Abstract:

Volatile market environment is inevitable. Fund managers are struggling to choose the right strategy to survive and overcome uncertainties and adverse market movement. Therefore, finding certainty in the mist of uncertainty future is one of the key performance objectives for fund managers. Current available theoretical results are not practical due to strong reliance on the investment assumption made. This paper is to identify the component that can be forecasted in Ex-ante setting which is the realistic situation facing a fund manager in the actual execution of asset allocation in portfolio management. Partial lease square method was used to generate an index with 10 years accounting data from 191 companies listed in KLSE. The result shows that the index reflects the inner nature of the business and up to 30% of the stock return can be explained by the index.

Keywords: active portfolio management, asset allocation ex-ante investment, asset class, partial lease square

Procedia PDF Downloads 253

Authors: P. Makendran, M. Pragadeesh, N. Narash, N. Manikandan, A. Rajasri, V. Sanal Kumar

Abstract:

The growing severity of government-obligatory emissions legislation has required continuous improvement in catalysts performance and the associated reactor systems. IC engines emit a lot of harmful gases into the atmosphere. These gases are toxic in nature and a catalytic converter is used to convert these toxic gases into less harmful gases. The catalytic converter converts these gases by Oxidation and reduction reaction. Stoichiometric engines usually use the three-way catalyst (TWC) for simultaneously destroying all of the emissions. CO and NO react to form CO2 and N2 over one catalyst, and the remaining CO and HC are oxidized in a subsequent one. Literature review reveals that typically precious metals are used as a catalyst. The actual reactor is composed of a washcoated honeycomb-style substrate, with the catalyst being contained in the washcoat. The main disadvantage of a catalytic converter is that it exerts a back pressure to the exhaust gases while entering into them. The objective of this paper is to optimize the back pressure developed by the catalytic converter through geometric optimization of catalystic converter. This can be achieved by designing a catalyst with a optimum cone angle and a more surface area of the catalyst substrate. Additionally, the arrangement of the pores in the catalyst substrate can be changed. The numerical studies have been carried out using k-omega turbulence model with varying inlet angle of the catalytic converter and the length of the catalyst substrate. We observed that the geometry optimization is a meaningful objective for the lucrative design optimization of a catalytic converter for industrial applications.

Keywords: catalytic converter, emission control, reactor systems, substrate for emission control

Procedia PDF Downloads 884

Authors: Ashgar Ali Ali Mohamed, Farheen Baig Sardar Baig

Abstract:

In Malaysia, the Whistle-blower Protection Act 2010 provides protection to a person in an organization who exposes misconduct, alleged dishonest or illegal activity that violates the existing laws, among others. For example, alleged fraud, health and safety violations, and corruption, to name but a few. Undeniable, most whistle-blowers are internal to an organisation who report misconduct of a fellow employee or superior within their company and they frequently face reprisal at the hands of the organisation which they have accused. In fact, many people do not consider blowing the whistle because of fear of retaliation and losing their relationships at workplace. Although whistle-blowers are protected under law from employer retaliation, there have been many cases where punishment for whistleblowing has occurred, such as suspension, demotion, termination, or harsh mistreatment by other employees. Hence, this paper will analyse the adequacy of the legal protection available to employees who whistle-blow on their employers with reference to the Whistle-blower Protection Act 2010. Reference will also be made to the approach taken in other selected jurisdiction with a view of highlighting the adequacy of the Malaysian legislation on this subject besides strengthen employee whistle-blower protection. Further, reference is also made to the Islamic approach on this subject with particular reference to the concept of amr-bil-Ma’roof (ordering for acknowledged virtues) and nahi anil munkar (forbidding from sin). Allah (SWT) says: “And there should be a group amongst you who invite towards good, order for acknowledged virtues, forbid from sin and these it is that are the successful ones” (Al Imran(Chp 3), verse 104).

Keywords: whistleblower protection, employee whistleblower, detrimental and reprisal, Malaysian law

Procedia PDF Downloads 538

Authors: Kyriaki Kalaitzidou, Athanasia Tolkou, Christina Raptopoulou, Manassis Mitrakas, Anastasios Zouboulis

Abstract:

Phosphate rock is the main source of phosphorous (P) in fertilizers and is essential for high crop yield in agriculture; currently, it is considered as a critical element, phasing scarcity. Chemical precipitation, which is a commonly used method of phosphorous removal from wastewaters, finds its significance in that phosphates may be precipitated in appropriate chemical forms that can be reused-recovered. Most often phosphorous is removed from wastewaters in the form of insoluble phosphate salts, by using salts (coagulants) of multivalent metal ions, most frequently iron, aluminum, calcium, or magnesium. The removal degree is affected by various factors, such as pH, chemical agent dose, temperature, etc. In this study, phosphate precipitation from the secondary (biologically treated) effluent of a municipal wastewater treatment plant is examined. Using chlorosulfate (FeClSO4) it was attempted to either remove and/or recover PO43-. Results showed that the use of Fe3+ can achieve residual concentrations lower than the commonly applied legislation limit of PO43- (i.e. 3 mg PO43-/L) by adding 7.5 mg/L Fe3+ in the secondary effluent with an initial concentration of about 10 mg PO43-/L and at pH range between 6 to 9. In addition, the formed sediment has a percentage of almost 24% PO43- content. Therefore, simultaneous removal and recovery of PO43- as ferric phosphate can be achieved, making it possible for the ferric phosphate to be re-used as a possible (secondary) fertilizer source.

Keywords: ferric phosphate, phosphorus recovery, phosphorus removal, wastewater treatment

Procedia PDF Downloads 461

Authors: Phusit Phukamchanoad

Abstract:

This research was to analyze personality’s activities based on sufficiency economy philosophy of people and community leaders in urban communities. The data were collected through questionnaires administered to 392 people and interviewed with community leaders. It was found that most people revealed that their lives depend on activities in accordance with the sufficiency economy philosophy in high level especially, being honest and aware on sufficiency, occupations, peacefulness in the community leaders’ side, they reported on extravagant reduction, planting home vegetable garden, having household accounting, expense planning by dividing into 3 categories; 1) saving for illness cover 2) saving for business cover, and 3) household daily expense. The samples were also adjusted their livings quite well with the rapid change of urbanization. Although those people have encountered with any hardships, their honesty in occupations and awareness on sufficiency remain to survive happily.

Keywords: sufficiency economy philosophy, individual and household activities, urban community

Procedia PDF Downloads 346

Authors: A. Szabó Nagy, J. Szabó, Zs. Csanádi, J. Erdős

Abstract:

In Hungary, the measurement of ambient PM10-bound polycyclic aromatic hydrocarbon (PAH) concentrations is great importance for a number of reasons related to human health, the environment and compliance with European Union legislation. However, the monitoring of PAHs associated with PM2.5 aerosol fraction is still incomplete. Therefore, the main aim of this study was to investigate the concentration levels of PAHs in PM2.5 urban aerosol fraction. PM2.5 and associated PAHs were monitored in November 2014 in an urban site of Győr (Northwest Hungary). The aerosol samples were collected every day for 24-hours over two weeks with a high volume air sampler provided with a PM2.5 cut-off inlet. The levels of 19 PAH compounds associated with PM2.5 aerosol fraction were quantified by a gas chromatographic method. Polluted air quality for PM2.5 (>25 g/m3) was indicated in 50% of the collected samples. The total PAHs concentrations ranged from 2.1 to 37.3 ng/m3 with the mean value of 12.4 ng/m3. Indeno(123-cd)pyrene (IND) and sum of three benzofluoranthene isomers were the most dominant PAH species followed by benzo(ghi)perylene and benzo(a)pyrene (BaP). Using BaP-equivalent approach on the concentration data of carcinogenic PAH species, BaP, and IND contributed the highest carcinogenic exposure equivalent (1.50 and 0.24 ng/m3 on average). A selected number of concentration ratios of specific PAH compounds were calculated to evaluate the possible sources of PAH contamination. The ratios reflected that the major source of PAH compounds in the PM2.5 aerosol fraction of Győr during the study period was fossil fuel combustion from automobiles.

Keywords: air, PM2.5, benzo(a)pyrene, polycyclic aromatic hydrocarbon

Procedia PDF Downloads 265

Authors: M. Peña Aguilar Juan, Ríos Hernández Ezequiel, R. Valencia Luis

Abstract:

For certification, certain goods of public interest, such as medicines and food, it is required the preparation and delivery of a dossier. For its elaboration, legal and administrative knowledge must be taken, as well as organization of the documents of the process, and an order that allows the file verification. Therefore, a virtual platform was developed to support the process of management and elaboration of the dossier, providing accessibility to the information and interfaces that allow the user to know the status of projects. The development of dossier system on the cloud allows the inclusion of the technical requirements for the software management, including the validation and the manufacturing in the field industry. The platform guides and facilitates the dossier elaboration (report, file or history), considering Mexican legislation and regulations, it also has auxiliary tools for its management. This technological alternative provides organization support for documents and accessibility to the information required to specify the successful development of a dossier. The platform divides into the following modules: System control, catalog, dossier and enterprise management. The modules are designed per the structure required in a dossier in those areas. However, the structure allows for flexibility, as its goal is to become a tool that facilitates and does not obstruct processes. The architecture and development of the software allows flexibility for future work expansion to other fields, this would imply feeding the system with new regulations.

Keywords: electronic dossier, cloud management software, pharmaceutical industry, sanitary registration

Procedia PDF Downloads 272

Authors: Chengli Liu, C. K. M. Lee

Abstract:

The tradition competitive newsvendor game assumes decision makers are rational. However, there are behavioral biases when people make decisions, such as loss aversion, mental accounting and overconfidence. Overestimation of a subject’s own performance is one type of overconfidence. The objective of this research is to analyze the impact of the overestimated demand in the newsvendor competitive game with two players. This study builds a competitive newsvendor game model where newsvendors have private information of their demands, which is overestimated. At the same time, demands of each newsvendor forecasted by a third party institution are available. This research shows that the overestimation leads to demand steal effect, which reduces the competitor’s order quantity. However, the overall supply of the product increases due to overestimation. This study illustrates the boundary condition for the overestimated newsvendor to have the equilibrium order drop due to the demand steal effect from the other newsvendor. A newsvendor who has higher critical fractile will see its equilibrium order decrease with the drop of estimation level from the other newsvendor.

Keywords: bias, competing newsvendor, Nash equilibrium, overestimation

Procedia PDF Downloads 242

Authors: Zakaria S. G. Hegazy, Walid M. A. Ahmed

Abstract:

This paper examines the dependence structure of Islamic stock markets on Bitcoin’s realized volatility components in bear, normal, and bull market periods. A quantile regression approach is employed, after adjusting raw returns with respect to a broad set of relevant global factors and accounting for structural breaks in the data. The results reveal that upside volatility tends to exert negative influences on Islamic developed-market returns more in bear than in bull market conditions, while downside volatility positively affects returns during bear and bull conditions. For emerging markets, we find that the upside (downside) component exerts lagged negative (positive) effects on returns in bear (all) market regimes. By and large, the dependence structures turn out to be asymmetric. Our evidence provides essential implications for investors.

Keywords: cryptocurrency markets, bitcoin, realized volatility measures, asymmetry, quantile regression

Procedia PDF Downloads 161