Search results for: financial behaviour

Authors: Igor Miňo, Lenka Lešková

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Over the past 80 years, open-field method has evolved as a commonly used tool for the analysis of animal behaviour. The study was carried out using 50 kennel-reared purebred puppies of the German Shepherd dog breed. All dogs were tested in 5^th, 7^th, and 9^th week of age. For the purpose of behavioural analysis, an open-field evaluation report was designed prior to testing to ensure the most convenient, rapid, and suitable way to assess selected behavioural patterns in field conditions. Onset of vocalisation, intensity of vocalisation, level of physical activity, response to sound, and overall behaviour was monitored in the study. Correlations between measures of height, weight and chest circumference, and behavioural characteristics in the 5^th, 7^th, and 9^th week of age were not statistically significant. Onset of vocalisation, intensity of vocalisation, level of physical activity and response to sound differed on statistically significant level between 5^th, 7^th, and 9^th week of age. Results suggest that our practical assessment report may be used as an applicable method to evaluate the suitability of service dog puppies for future working roles.

Keywords: dog, behaviour, open-field, testing

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Authors: Muhammad Arsalan

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The efficiency of a financial intermediation system is assessed by its ability to achieve allocative efficiency, asset transformation, and the subsequent economic development. Islamic Banking and Finance (IBF) was conceived to serve as an alternate financial intermediation system adherent to the injunctions of Islam. A critical appraisal of the state of contemporary IBF reveals that it neither fulfills the aspirations of Islamic rhetoric nor is efficient in terms of asset transformation and economic development. This paper is an intuitive pursuit to explore the economic rationale of established principles of IBF, and the reasons of the persistent divergence of IBF being accused of ruses and sophistry. Disentangling the varying viewpoints, the underdevelopment of IBF has been attributed to misinterpretation of Riba, which has been explicated through a narrow fiqhi and legally deterministic approach. It presents a critical account of how incorrect conceptualization of the key injunction on Riba, steered flawed institutionalization of an Islamic Financial intermediation system. It also emphasizes on the wrong interpretation of the ontological and epistemological sources of Islamic Law (primarily Riba), that explains the perennial economic underdevelopment of the Muslim world. Deeming ‘a collaborative and dynamic Ijtihad’ as the elixir, this paper insists on the exigency of redefining Riba, i.e., a definition that incorporates the modern modes of economic cooperation and the contemporary financial intermediation ecosystem. Finally, Riba has been articulated in an agency theoretic framework to eschew expropriation of wealth, and assure protection of property rights, aimed at realizing the twin goals of a) Shari’ah adherence in true spirit, b) financial and economic development of the Muslim world.

Keywords: agency theory, financial intermediation, Islamic banking and finance, ijtihad, economic development, Riba, information asymmetry

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Authors: K. P. Fasalu Rahman

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The financial services industry of Islam include large number of institutions, such as investment banks and commercial banks, investment companies and mutual insurance companies. All types of these financial institutions should have to deal with many issues and risks in their field of work. Islamic banks should expect to face two types of risks: risks that are similar to those faced by conventional financial intermediaries and risks that are unique to the Islamic Banks due to their compliance with the Shariah. The use of financial services and products that comply with the Shariah principles cause special issues for supervision and risk management. Risks are uncertain future events that could influence the achievement of the bank’s objectives, including strategic, operational, financial and compliance objectives. In Islamic banks, effective risk management deserves special attention. As an operational problem, risk management is the classification and identification of methods, processes, and risks in banks to supervise, monitor and measure them. In comparison to conventional banks, Islamic banks face big difficulties in identifying and managing risks due to bigger complexities emerging from the profit loss sharing (PLS) concept and nature of particular risks of Islamic financing. As the developing of managing risks tool becomes very essential, especially in Islamic banking as most of the products are depending on PLS principle, identifying and measuring each type of risk is highly important and critical in any Islamic finance based systems. This paper highlights the special and general risks surrounding Islamic banking. And it investigates in detail the need for risk management in Islamic banks. In addition to analyzing the effectiveness of risk management strategies adopted by Islamic financial institutions at present, this research is also suggesting strategies for improving risk management process of Islamic banks in future.

Keywords: Islamic banking, management, risk, risk management

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Authors: Mohamad Reza Asariha

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The development and extension of modern communication innovations at an extraordinary speed has caused crucial changes in all financial, social, social and political areas of the world. The improvement of toady and cable innovations, in expansion to expanding the generation and dissemination needs of worldwide programs; the financial defense made it more appealing. The alter of the administration of mechanical economy to data economy and benefit economy in created nations brought approximately uncommon advancements within the standards of world exchange and as a result, it caused the extension of media organizations in outside measurements, and the advancement of financial speculations in many Asian nations, beside the worldwide demand for the utilization of media merchandise, made new markets, and the media both within the household scene of the nations and within the universal field. Universal and financial are of great significance and have and viable and compelling nearness within the condition of picking up, keeping up and expanding financial control and riches within the world. Moreover, mechanical progresses and mechanical joining are critical components in media auxiliary alter. This auxiliary alter took put beneath the impact of digitalization. That’s, the method that broke the boundaries between electronic media administrations. Until presently, the direction of mass media was totally subordinate on certain styles of data transmission that were for the most part utilized. Digitization made it conceivable for any content to be effortlessly transmitted through distinctive electronic transmission styles, and this media merging has had clear impacts on media approaches and the way mass media are controlled.

Keywords: media, digital era, digital ages, media convergence

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Authors: Levan Sabauri

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The purpose of this article is an examination of the meaning of theoretic aspects of audit in the context of solving of specific problems of the audit. The audit’s aim is the estimation of financial statements by the auditor, i.e. if they are prepared according to the basic requirements of current financial statements. By examination of concrete examples, we can clearly see problems created in an audit and in often cases, those contradictions which can be caused by incompliance of matters regulated by legislation and by reality. An important part of this work is the analysis of reform in the direction of business accounting, statements and audit in Georgia and its comparison with EU countries. In the article, attention is concentrated on the analysis of specific problems of auditing practice and ways of their solving by taking into consideration theoretical aspects of the audit are proposed.

Keywords: audit, auditor, auditors’ ethic code, auditor’s risk, financial statement, objectivity

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Authors: Saurabh Ahluwalia, Sul Kassicieh

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The conventional wisdom has maintained that being in proximity to entrepreneurial ecosystems helps startups to raise financing, develop and grow. In this paper, we examine the effect of a major component of an entrepreneurial ecosystem- financial or venture capital clusters on the exit of a startup through mergers and acquisitions (M&A). We find that the presence of a venture capitalist in a venture capital (VC) cluster is a major success factor for M&A exits. The location of startups in the top VC clusters did not turn out to be significant for success. Our results are robust to different specifications of the model that use different time periods, types of success, the reputation of VC, industry and the quality of the startup company. Our results provide evidence for VCs, startups and policymakers who want to better understand the components of entrepreneurial ecosystems and their relation to the M&A exits of startups.

Keywords: financial institution, mergers and acquisitions, startup financing, venture capital

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Authors: Sulaiman Al amro, Ali Alkhalifah

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The growing number of computer viruses and the detection of zero day malware have been the concern for security researchers for a large period of time. Existing antivirus products (AVs) rely on detecting virus signatures which do not provide a full solution to the problems associated with these viruses. The use of logic formulae to model the behaviour of viruses is one of the most encouraging recent developments in virus research, which provides alternatives to classic virus detection methods. In this paper, we proposed a comparative study about different virus detection techniques. This paper provides the advantages and drawbacks of different detection techniques. Different techniques will be used in this paper to provide a discussion about what technique is more effective to detect computer viruses.

Keywords: computer viruses, virus detection, signature-based, behaviour-based, heuristic-based

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Authors: Prakash Singh, Thembinkosi Twalo

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The sustainability of the Buffalo City Metropolitan Municipality (BCMM), in South Africa, is being threatened by the reported cases of poor administration, weak management of resources, inappropriate job performance, and inappropriate job behaviour of some of the workers. Since the structural-functionalists assume that formal education is a solution to societal challenges, it therefore means that the BCMM should not be experiencing this threat since many of its workers have various levels of formal education. Consequently, this study using the mixed method research approach, set out to investigate the paradoxical co-existence of inappropriate job behaviour and performance with formal education at the BCMM. Considering the impact of human factors in the labour process, this study draws attention to the divergent objectives of skill and skill bearer, with the application of knowledge subject to the knowledge bearer’s motives, will, attitudes, ethics and values. Consequently, inappropriate job behaviour and performance practices could be due to numerous factors such as lack of the necessary capabilities or refusal to apply what has been learnt due to racial or other prejudices. The role of the human factor in the labour process is a serious omission in human capital theory, which regards schooling as the only factor contributing to the ability to do a job. For this reason this study’s theoretical framework is an amalgamation of the four theories - human capital, social capital, cultural capital, and reputation capital – in an effort to obtain a broader view of the factors that shape job behaviour and performance. Since it has been established that human nature plays a crucial role in how workers undertake their responsibilities, it is important that this be taken into consideration in the BCMM’s monitoring and evaluation of the workers’ job performance practices. Hence, this exploratory study brings to the fore, the effects of poor job performance practices on the job satisfaction of workers.

Keywords: human capital, poor job performance practices, service delivery, workers’ job satisfaction

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Authors: Melby Chacko, Jagannath Nayak

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6061 Al-SiCp composite was solutionized at 350 °C for 30 minutes and water quenched. It was then underaged at 140 °C (T6 treatment). The aging behaviour of the composite was studied using Rockwell B hardness measurement. Corrosion behaviour of the underaged sample was studied in different concentrations of acetic acid and at different temperatures. Benzimidazole at different concentrations was used for the inhibition studies. Inhibition efficiency of benzimidazole was calculated for different experimental conditions. Thermodynamic parameters were found out which suggested benzimidazole is an efficient inhibitor and it adsorbed onto the surface of composite by mixed adsorption where chemisorption is predominant.

Keywords: 6061 Al-SiCp composite, T6 treatment, corrosion inhibition, chemisorption

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Authors: Hazaila Binti Hassan, Abu Yazid Bin Abu Bakar, Salleh Amat

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This study is to get the validity and reliability of the questionnaire for behaviour change on low-performing officers. This study aimed to develop and evaluate the behaviour of low performing officers. There are 75 items in this questionnaire which involves 5 subscales, which are the 5 dimensions intended to be studied: 1st emotional stability, 2nd psycho-spiritual enhancement, 3rd social skills development, 4th cognitive and rationality improvement and 5th behavioural alignment and adjustment. There are 2 processes in this research whereby to check the validity and reliability. Both use quantitative methods. Validity content testing has been conducted to validate the behavioural change questionnaire of the low performing officers. For the face validity, 4 people are involved, two are psychologists who carried out the program and the other two are officers of the same rank, i.e. supporting officers. They are involved in correction of sentences, languages, and grammar as well as the sentence structures so that it tallies with the purpose of studies. The questionnaire underwent content validity by the experts. Five experts are appointed to attend this session, 3 are directly involved in the construction of this questionnaire and 2 others are experts from the university with a background in questionnaire development. The result shows that the content validity obtained a high coefficient of 0.745 with a minimum and maximum value of more than 0.60 which satisfies the characteristic of Content Value Ratio. The Cronbach’s alpha result is 0.867. The highest scores are the behavioural alignment and adjustment sub-scale recorded the highest value, followed by social skills development sub-scale, cognitive and rational improvements sub-scale, psycho-spiritual enhancement sub-scale, and lastly emotional stability. Therefore, both of validity and reliability result were accepted that this questionnaire is valid and reliable can be used in the study of behaviour changes of low performing officers in the civil service.

Keywords: content validity, reliability, five dimension, low-performing officers, questionnaire

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Authors: Aisling Gough, Ruth F. Hunter, Jianjun Tang, Sarah F. Brennan, Oliver Smith, Mark A. Tully, Chris Patterson, Alberto Longo, George Hutchinson, Lindsay Prior, David French, Jean Adams, Emma McIntosh, Frank Kee

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Background: As a large proportion of the UK workforce is employed in sedentary occupations, worksite interventions have the potential to contribute significantly to the health of the population. The UK Government is currently encouraging the use of financial incentives to promote healthier lifestyles but there is a dearth of evidence regarding the effectiveness and sustainability of incentive schemes to promote physical activity in the workplace. Methods: A large cluster RCT is currently underway, incorporating nested behavioural economic field experiments and process evaluation, to evaluate the effectiveness of a Physical Activity Loyalty Scheme. Office-based employees were recruited from large public sector organisations in Lisburn and Belfast (Northern Ireland) and randomised to an Intervention or Control group. Participants in the Intervention Group were encouraged to take part in 150 minutes of physical activity per week through provision of financial incentives (retailer vouchers) to those who met physical activity targets throughout the course of the 6 month intervention. Minutes of physical activity were monitored when participants passed by sensors (holding a keyfob) placed along main walking routes, parks and public transport stops nearby their workplace. Participants in the Control Group will complete the same outcome assessments (waiting-list control). The primary outcome is steps per day measured via pedometers (7 days). Secondary outcomes include health and wellbeing (Short Form-8, EuroQol-5D-5L, Warwick Edinburgh Mental Well Being Scale), and work absenteeism and presenteeism. Data will be collected at baseline, 6, 12 and 18 months. Information on PAL card & website usage, voucher downloads and redemption of vouchers will also be collected as part of a comprehensive process evaluation. Results: In total, 853 participants have been recruited from 9 workplaces in Lisburn, 12 buildings within the Stormont Estate, Queen’s University Belfast and Belfast City Hospital. Participants have been randomised to intervention and control groups. Baseline and 6-month data for the Physical Activity Loyalty Scheme has been collected. Findings regarding the effectiveness of the intervention from the 6-month follow-up data will be presented. Discussion: This study will address the gap in knowledge regarding the effectiveness and cost-effectiveness of a workplace-based financial incentive scheme to promote a healthier lifestyle. As the UK workforce is increasingly sedentary, workplace-based physical activity interventions have significant potential in terms of encouraging employees to partake in physical activity during the working day which could lead to substantial improvements in physical activity levels overall. Implications: If a workplace based physical activity intervention such as this proves to be both effective and cost-effective, there is great potential to contribute significantly to the health and wellbeing of the workforce in the future. Workplace-based physical activity interventions have the potential to improve the physical and mental health of employees which may in turn lead to economic benefits for the employer, such as reduction in rates of absenteeism and increased productivity.

Keywords: behaviour change, cluster randomised controlled trial, loyalty scheme, physical activity

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Authors: M. Chen, H. Lee, D. M. Weary

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China is the world’s largest egg producer, with more than 90% of production occurring in conventional cages. Cage-free housing systems offer the potential for improving hen welfare, but the growth of this system requires consumer demand, making it is important to understand consumers’ willingness to engage with cage-free eggs. Previous survey research indicates that the majority of Chinese consumers have a basic understanding of cage-free eggs and that some are willing to pay a price premium for these eggs. The aim of this research is to understand consumer behaviour, experience, and motivations when purchasing cage-free eggs in China. Purposive sampling will be used to select 20 participants from each of 2 groups: 1) consumers of cage-free eggs and 2) sales representatives who promote these eggs directly to consumers in supermarkets. This 4-month study will use methods of virtual ethnography to interact with participants repeatedly. Consumers will be asked to share their egg shopping, cooking, and eating experiences, and sales representatives will be asked to share their experiences promoting the eggs to consumers. Data collection will involve audio-recorded interviews, informal conversations (casual texts and calls), participant observation (video calling during shopping, cooking, and eating), and informant diaries (written reflections, photos, videos). All data (field notes, transcripts, diaries, photos, and videos) will be analyzed using Thematic Analysis. We expect that these will result in a nuanced understanding of consumer purchasing behaviour and motivation and will thus help identify strategies to promote higher animal welfare and cage-free egg products in China.

Keywords: animal welfare, cage-free eggs, China, consumer behaviour, ethnography

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Authors: Wassamon Kun-Amornpong

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When a financial crisis occurs, there will be a law and regulatory reform in order to manage the turmoil and prevent a future crisis. One of the most important regulatory efforts to help cope with systemic risk and a financial crisis is the third version of the Basel Accord. Basel III has introduced some measures and tools (e.g., systemic risk buffer, countercyclical buffer, capital conservation buffer and liquidity risk) in order to mitigate systemic risk. Nevertheless, the effectiveness of these measures in Basel III in adequately addressing the problem of contagious runs that can quickly spread throughout the financial system is questionable. This paper seeks to contribute to the knowledge regarding the role of the Basel Accords in mitigating systemic risk. The research question is to what extent the Basel Accords can help control systemic risk in the financial markets? The paper tackles this question by analysing the concept of systemic risk. It will then examine the weaknesses of the Basel Accords before and after the Global financial crisis in 2008. Finally, it will suggest some possible solutions in order to improve the Basel Accord. The rationale of the study is the fact that academic works on systemic risk and financial crises are largely studied from economic or financial perspective. There is comparatively little research from the legal and regulatory perspective. The finding of the paper is that there are some problems in all of the three pillars of the Basel Accords. With regards to Pillar I, the risk model is excessively complex while the benefits of its complexity are doubtful. Concerning Pillar II, the effectiveness of the risk-based supervision in preventing systemic risk still depends largely upon its design and implementation. Factors such as organizational culture of the regulator and the political context within which the risk-based supervision operates might be a barrier against the success of Pillar II. Meanwhile, Pillar III could not provide adequate market discipline as market participants do not always act in a rational way. In addition, the too-big-to-fail perception reduced the incentives of the market participants to monitor risks. There has been some development in resolution measure (e.g. TLAC and MREL) which might potentially help strengthen the incentive of the market participants to monitor risks. However, those measures have some weaknesses. The paper argues that if the weaknesses in the three pillars are resolved, it can be expected that the Basel Accord could contribute to the mitigation of systemic risk in a more significant way in the future.

Keywords: Basel accords, financial regulation, risk-based supervision, systemic risk

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Authors: Francesca Spagnoli, Shenja van der Graaf, Pieter Ballon

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Humans do not behave rationally. We are emotional, easily influenced by others, as well as by our context. The study of human behaviour became a supreme endeavour within many academic disciplines, including economics, sociology, and clinical and social psychology. Understanding what motivates humans and triggers them to perform certain activities, and what it takes to change their behaviour, is central both for researchers and companies, as well as policy makers to implement efficient public policies. While numerous theoretical approaches for diverse domains such as health, retail, environment have been developed, the methodological models guiding the evaluation of such research have reached for a long time their limits. Within this context, digitisation, the Information and communication technologies (ICT) and wearable, the Internet of Things (IoT) connecting networks of devices, and new possibilities to collect and analyse massive amounts of data made it possible to study behaviour from a realistic perspective, as never before. Digital technologies make it possible to (1) capture data in real-life settings, (2) regain control over data by capturing the context of behaviour, and (3) analyse huge set of information through continuous measurement. Within this complex context, this paper describes a new framework for initiating behavioural change, capitalising on the digital developments in applied research projects and applicable both to academia, enterprises and policy makers. By applying this model, behavioural research can be conducted to address the issues of different domains, such as mobility, environment, health or media. The Modular Behavioural Analysis Approach (MBAA) is here described and firstly validated through a concrete use case within the domain of health. The results gathered have proven that disclosing information about health in connection with the use of digital apps for health, can be a leverage for changing behaviour, but it is only a first component requiring further follow-up actions. To this end, a clear definition of different 'behavioural profiles', towards which addressing several typologies of interventions, it is essential to effectively enable behavioural change. In the refined version of the MBAA a strong focus will rely on defining a methodology for shaping 'behavioural profiles' and related interventions, as well as the evaluation of side-effects on the creation of new business models and sustainability plans.

Keywords: behavioural change, framework, health, nudging, sustainability

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Authors: Alireza Naserpoor

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Derivatives are the most important innovation which has happened in the past decades. When it comes to financial markets, it has changed the whole way of operations of stock, commodities and currency market. Beside a lot of advantages, Conventional derivatives contracts have some disadvantages too. Some problems have been caused by derivatives contain raising Volatility, increasing Bankruptcies and causing financial crises. Standard Parallel Salam contract as an Islamic financial product meanwhile is a financing instrument can be used for risk management by investors. Standard Parallel Salam is a Shari’ah-Compliant contract. Furthermore, it is an alternative to conventional derivatives. Despite the fact that the unstructured types of that, has been used in several Islamic countries, This contract as a structured and standard financial instrument introduced in Iran Mercantile Exchange in 2014. In this paper after introducing parallel Salam, we intend to examine a collection of international experience and local measure regarding launching standard parallel Salam contract and proceed to describe standard scenarios for trading this instrument and practical experience in Iran Mercantile Exchange about this instrument. Afterwards, we make a comparison between SPS and Futures contracts as a conventional derivative. Standard parallel salam contract as an Islamic financial product, can be used for risk management by investors. SPS is a Shariah-Compliant contract. Furthermore it is an alternative to conventional derivatives. This contract as a structured and standard financial instrument introduced in Iran Mercantile Exchange in 2014. despite the fact that the unstructured types of that, has been used in several Islamic countries. In this article after introducing parallel salam, we intend to examine a collection of international experience and local measure regarding launching standard parallel salam contract and proceed to describe standard scenarios for trading this instrument containing two main approaches in SPS using, And practical experience in IME about this instrument Afterwards, a comparison between SPS and Futures contracts as a conventional derivatives.

Keywords: futures contracts, hedging, shari’ah compliant instruments, standard parallel salam

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Authors: Yadgar Tayfur, Antony Darby, Tim Ibell, Mark Evernden, John Orr

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Fabric form-work is a technique to cast concrete structures with a great advantage of saving concrete material of up to 40%. This technique is particularly associated with the optimized concrete structures that usually have smaller cross-section dimensions than equivalent prismatic members. However, this can make the structural system produced from these members prone to smaller serviceability safety margins. Therefore, it is very important to understand the serviceability issue of non-prismatic concrete structures. In this paper, an analytical computer-based model to optimize concrete beams and to predict load-deflection behaviour of both prismatic and non-prismatic concrete beams is presented. The model was developed based on the method of sectional analysis and integration of curvatures. Results from the analytical model were compared to load-deflection behaviour of a number of beams with different geometric and material properties from other researchers. The results of the comparison show that the analytical program can accurately predict the load-deflection response of concrete beams with medium reinforcement ratios. However, it over-estimates deflection values for lightly reinforced specimens. Finally, the analytical program acceptably predicted load-deflection behaviour of on-prismatic concrete beams.

Keywords: fabric-formed concrete, continuous beams, optimisation, serviceability

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Authors: Maruf Ariyo Raheem, Patrick Oseloka Ezepue

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This research aimed at determining most appropriate heteroskedastic model to predicting volatility of 10 major Nigerian banks: Access, United Bank for Africa (UBA), Guaranty Trust, Skye, Diamond, Fidelity, Sterling, Union, ETI and Zenith banks using daily closing stock prices of each of the banks from 2004 to 2014. The models employed include ARCH (1), GARCH (1, 1), EGARCH (1, 1) and TARCH (1, 1). The results show that all the banks returns are highly leptokurtic, significantly skewed and thus non-normal across the four periods except for Fidelity bank during financial crises; findings similar to those of other global markets. There is also strong evidence for the presence of heteroscedasticity, and that volatility persistence during crisis is higher than before the crisis across the 10 banks, with that of UBA taking the lead, about 11 times higher during the crisis. Findings further revealed that Asymmetric GARCH models became dominant especially during financial crises and post crises when the second reforms were introduced into the banking industry by the Central Bank of Nigeria (CBN). Generally, one could say that Nigerian banks returns are volatility persistent during and after the crises, and characterised by leverage effects of negative and positive shocks during these periods

Keywords: global financial crisis, leverage effect, persistence, volatility clustering

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Authors: Mahima D, Sini T

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The use of geocell in subgrade has been previously studied by various researchers in the past. It was observed that the infill material used could affect the performance of the geocell reinforced subgrade. So, the use of waste materials as infill in geocell reinforced subgrade may prove to be more effective, economical, and environment-friendly. The performance of demolition waste as an infill was studied using flexure testing, and we compared the results with that of the other infill materials; soil and sand. Flexural behaviour is very important to the geosynthetic application in pavements as it acts as a the geocell reinforcement acts as flexible layer embedded in pavements and leads to an improvement in stress distribution and reduction in stress on the soil subgrade. The flexural behaviour was determined using four-point bending tests and results were expressed in terms of modulus improvement factor (MIF) and load-deflection behaviour. The geocell reinforced subgrade with different infill materials was tested for flexural behaviour in a polywood-polywood three-layered beam model. The deflections of the three-layered model beam were measured for the corresponding load increments. Elastic modulus of the soil-geocell composite was calculated using closed-form solutions. Geocells were prepared from geonets with three different aspect ratios 0.45, 0.67, and 1. The demolition waste infilled geocell mattress with aspect ratio 0.67 showed improved flexural behavior with MIF of 2.67 followed by soil and sand. Owing to its improved flexural resistance as seen from the MIF and load-deflection behivour, crushed demolition waste can be effectively used as infill material for geocell reinforced subgrade, thereby reducing the difficulties in the management of demolition waste and improving the load distribution of weaker subgrade.

Keywords: demolition waste, flexural behavior, geocell, modulus improvement factor

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Authors: Ebru Esen, Omer Akkaya, Nattanan Pankrobkaew

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Though the experience concept found its place in the field of marketing in 1982, it is today in front of us as an important phenomenon in understanding the consumer behaviours. In parallel with the globalization and intensification of the competition, the enterprises have been in an effort to provide unique experiences for their consumers by going beyond providing services with the products. In this context, experience-oriented marketing enables the enterprises to use the marketing strategies of providing experiences for their customers and to have advantages in terms of competition. Based on it, this article discusses the concepts of experience, experience-oriented marketing and buying behaviour of consumers as a whole, and details about the application conducted in Konya Selcuklu University.

Keywords: consumer behavior, experience, experience marketing, marketing

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Authors: Maciej Kozlowski, Agnieszka Piotrowska-Piatek

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Purpose: This article analyses the most important financial participation programmes (FPP) in Poland to show the relationship between the programmes applied and the socio-economic results of enterprises and assesses the impact of participation on these results and the impact of selected factors on the introduction of FPP. Methodology: The research has been based on a questionnaire answered by senior management of listed Polish companies that had at least one out of three major FPPs in operation, namely share ownership, profit-sharing, or a stock option scheme. Findings: The results of the empirical study conducted indicate the existence of some peculiar relationships. The vast majority of schemes in Polish public companies are aimed at the participation of the management personnel; these programmes are narrow-based (only for management) and rather hermetic, with a high concentration of stocks or shares in the hands of the management. Conclusion: FPPs generally have a positive influence on enterprise functioning. However, the effects are more social than economic (no significant economic improvement after programme implementation). The paper contributes to the debate about financial participation and suggests actions to popularize these programmes on a wider scale.

Keywords: financial participation, profit sharing, stock options, worker attitude, worker ownership

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Authors: Ummu Salma Al Azizah, Herri Mulyono, Anisa Mauliata Suryana

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The significance of corporate governance regarding to the agency problem have been transparent. This study examine the impact of corporate governance on the performance of Islamic banking in Indonesia. By using fixed effect model and added some control variable, the current study try to explore the correlation between the theoretical framework on corporate governance, such as agency theory and risk management theory. The bank performance (Return on Asset and Return on Equity) which are operational performance and financial performance. And Corporate governance based on Board size, CEO duality, Audit committee and Shariah supervisory board. The limitation of this study only focus on the Islamic banks performance from year 2015 to 2020. The study fill the gap in the literature by addressing the issue of corporate governance on Islamic banks performance in Indonesia.

Keywords: corporate governance, financial performance, islamic banks, listed companies, Indonesia

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Authors: S. Turkan

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In this paper, the Turkey’s Top 500 Industrial Enterprises data in 2014 were analyzed by data envelopment analysis. Data envelopment analysis is used to detect efficient decision-making units such as universities, hospitals, schools etc. by using inputs and outputs. The decision-making units in this study are enterprises. To detect efficient enterprises, some financial ratios are determined as inputs and outputs. For this reason, financial indicators related to productivity of enterprises are considered. The efficient foreign weighted owned capital enterprises are detected via super efficiency model. According to the results, it is said that Mercedes-Benz is the most efficient foreign weighted owned capital enterprise in Turkey.

Keywords: data envelopment analysis, super efficiency, logistic regression, financial ratios

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Authors: Sarkar Humayun Kabir

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This paper aims to investigate whether ethical investment instruments could contribute to stability in financial markets. In order to address the main issue, the study investigates the stability of return in seven conventional and Islamic equity markets of Asia, Europe and North America and in five major commodity markets starting from 1996 to June 2012. In addition, the study examines the unconditional correlation between returns of the assets under review to investigate portfolio diversification benefits of investors. Applying relevant methods, the study finds that investors may enjoy sustainable returns from their portfolios by investing in ethical financial instruments such as Islamic equities. In addition, it should be noted that most of the commodities, gold in particular, are either low or negatively correlated with equity returns. These results suggest that investors would be better off by investing in portfolios combining Islamic equities and commodities in general. The sustainable returns of ethical investments has important implications for the investors and markets since these investments can provide stable returns while the investors can avoid production of goods and services which believes to be harmful for human and the society as a whole.

Keywords: financial sustainability, ethical investment instruments, islamic equity, dynamic conditional correlation, conditional volatility

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Authors: Obose Angela Oriazowanlan

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The role of entrepreneurship in preventing poverty and mitigating other post-retirement challenges has been acknowledged to be crucial for effective post-retirement life management, but financial constraints could constitute a bane to pre-retirees’ entrepreneurial intentions. Therefore, the study determined the financial knowledge that could spur their intentions and readiness for a business start that could enable them to surmount post-retirement life challenges. Two research questions guided the study. The descriptive survey research design was adopted and the population comprised all the pre-retirees in universities in Edo State. 250 respondents were randomly selected using the simple random sampling technique from three purposive selected universities. Primary data were gathered through the use of a structured questionnaire, which was validated and tested to have a reliability coefficient value of 0.84. The descriptive statistics of mean and standard deviation were used to answer the research questions and test the respondents’ homogeneity. The findings revealed, among others, that the respondents perceived the benefits of entrepreneurship-business startups to ensure their effective post-retirement life management but intended to rely totally on their retirement savings benefits with the Contributory Pension Scheme (CPS) for business startups. Based on the findings, it was recommended, among others, that pre-retirees should make contingency savings plans and that the employers and government should provide them with financial education in order to acquaint them with relevant financial knowledge to access other forms of business financing such as loans, bank overdraft, angel investors, venture capital and government grants among others prior to final disengagement.

Keywords: financial knowledge, entrepreneurial intentions, availability of business funds, business investment and fulfilled post-retirement living.

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Authors: Marpaleni

Abstract:

The intergovernmental Panel on Climate Change (IPCC) declared in 2007 that global warming and climate change are not just a series of events caused by nature, but rather caused by human behaviour. Thus, to reduce the impact of human activities on climate change it is required to have information about how people respond to the environmental issues and what constraints they face. However, information on these and other phenomena remains largely missing, or not fully integrated within the existing data systems. The proposed study is aimed at filling the gap in this knowledge by focusing on Environmentally Friendly Behaviour (EFB) of the people of Indonesia, by taking the province of South Sumatera as a case of study. EFB is defined as any activity in which people engage to improve the conditions of the natural resources and/or to diminish the impact of their behaviour on the environment. This activity is measured in terms of consumption in five areas at the household level, namely housing, energy, water usage, recycling and transportation. By adopting the Indonesia’s Environmentally Friendly Behaviour conducted by Statistics Indonesia in 2013, this study aims to precisely identify one’s orientation towards EFB based on socio demographic characteristics such as: age, income, occupation, location, education, gender and family size. The results of this research will be useful to precisely identify what support people require to strengthen their EFB, to help identify specific constraints that different actors and groups face and to uncover a more holistic understanding of EFB in relation to particular demographic and socio-economics contexts. As the empirical data are examined from the national data sample framework, which will continue to be collected, it can be used to forecast and monitor the future of EFB.

Keywords: environmentally friendly behavior, demographic, South Sumatera, Indonesia

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Authors: Michael Alsop, Hannah Heitz, Prathiba Natesan Batley, Marion Hambrick, Jason Immekus

Abstract:

The impacts of cultural engagement on individuals’ health and well-being have been well documented. The purposes of this study were to create an instrument to measure wellbeing constructs, including cultural wellbeing, and explore the relationships between cultural wellbeing and other wellbeing constructs (e.g., emotional, social, physical, spiritual). A sample of 358 participants attending concerts performed by a civic orchestra in the southeastern United States completed a questionnaire designed to measure eight wellbeing constructs. Split-half exploratory, confirmatory factor analyses resulted in the retention of four wellbeing constructs: general, emotional, financial, and cultural. Structural equation modeling showed statistically significant relationships between cultural wellbeing and other wellbeing constructs. In addition to the indirect effect of financial wellbeing on emotional and general wellbeing through cultural wellbeing, there were also direct statistically significant relationships (i.e., moderator). This highlights the importance of removing financial barriers to cultural engagement and the relationship between cultural wellbeing on emotional and general wellbeing. Additionally, the retained cultural wellbeing items focused primarily on community features, indicating the value of community-based cultural engagement opportunities.

Keywords: cultural wellbeing, cultural engagement, factor analysis, structural equation modeling

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Authors: Li Sheng

Abstract:

Based on an extended post-Keynesian model, we find that the association between the savings rate and income inequality is negative if savers’ funds are borrowed by spending households for consumption but positive if savings are channeled to investing firms for production. A negative association, such as the one that exists in the U.S., hinges on an income illusion created by an asset bubble and cheap credit. Thus, financial globalization leads consumption and income inequality to diverge, and the divergence is more extreme if lower-income groups have higher debt ratios. A positive association, such as the one that exists in China, relates to liquidity constraints faced by consumers such that consumption inequality closely follows income inequality. Our results imply that income inequality must be reduced in both types of countries to increase savings in deficit economies with negative associations and to reduce savings in surplus economies with positive associations.

Keywords: savings rate, income inequality, financial globalization, global imbalances

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Authors: Mohamad Saberi, Arash Sohrabi

Abstract:

Tuned liquid damper is one the passive structural control ways which has been used since mid-1980 decade for seismic control in civil engineering. This system is made of one or many tanks filled with fluid, mostly water that installed on top of the high raised structure and used to prevent structure vibration. In this article we will show how to make seismic table contain TLD system and analysis the result of using this system in our structure. Results imply that when frequency ratio approaches 1 this system can perform its best in both dissipate energy and increasing structural damping. And also results of these serial experiments are proved compatible with Hunzer linear theory behaviour.

Keywords: TLD, seismic table, structural system, Hunzer linear behaviour

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Authors: Yu-Chen Wei, Dan-Leng Wang

Abstract:

This study examines whether the reputation from media press affect the financial performance and market abnormal returns around the announcement of corporate social responsibility (CSR) award in the Taiwan Stock Market. The differences between this study and prior literatures are that the media reputation of media coverage and net optimism are constructed by using content analyses. The empirical results show the corporation which won CSR awards could promote financial performance next year. The media coverage and net optimism related to CSR winner are higher than the non-CSR companies prior and after the CSR award is announced, and the differences are significant, but the difference would decrease when the day was closing to announcement. We propose that non-CSR companies may try to manipulate media press to increase the coverage and positive image received by investors compared to the CSR winners. The cumulative real returns and abnormal returns of CSR winners did not significantly higher than the non-CSR samples however the leading returns of CSR winners would higher after the award announcement two months. The comparisons of performances between CSR and non-CSR companies could be the consideration of portfolio management for mutual funds and investors.

Keywords: corporate social responsibility, financial performance, abnormal returns, media, reputation management

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Authors: Andrew John Zeller, Artjoms Formulevics

Abstract:

Banking and financial services are rapidly transitioning from being monolithic structures focusing merely on their own financial offerings to becoming integrated players in multiple customer journeys and supply chains. Banks themselves are refocusing on being liquidity providers and underwriters in these networks, while the general concept of ‘embeddedness’ builds on the market readily available API (Application Programming Interface) architectures to flexibly deliver services to various requestors, i.e., online retailers who need finance and insurance products to better serve their customers, respectively. With this new flexibility come new requirements for enhanced cybersecurity. API structures are more decentralized and inherently prone to change. Unfortunately, this has not been comprehensively addressed in the literature. This paper tries to fill this gap by looking at security approaches and technologies relevant to API architectures found in embedded finance. After presenting the research methodology applied and introducing the major bodies of knowledge involved, the paper will discuss six dominating technology trends shaping high-level financial services architectures. Subsequently, embedded finance and the respective usage of API strategies will be described. Building on this, security considerations for APIs in financial and insurance services will be elaborated on before concluding with some ideas for possible further research.

Keywords: embedded finance, embedded banking strategy, cybersecurity, API management, data security, cybersecurity, IT management

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