Search results for: financial behaviour

Authors: Ali Isa Danlami

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This study examined the coaching leadership behaviours preferred by athletes in individual and team sports in Nigeria that may lead to increased satisfaction and performance. Six leadership behaviours were identified; these are democratic, training and instruction, situational consideration, autocratic, social support and positive feedback. The six leadership behaviours relate to the preference of coaches by athletes that leads to increased performance were the focus of this study. The population of this study is comprised of male and female athletes of states sports councils in Nigeria. An ex-post facto research design was employed for this study. Stratified and purposive sampling techniques were used to select the sampled states according to the six geo-political zones of the country. Two states (North Central (FCT, Nasarawa), North East (Bauchi, Gombe), North West (Kaduna, Sokoto), South East (Anambra, Imo), South west (Ogun, Ondo), South South (Delta, and Rivers) were selected from each stratum. A modified questionnaire was used to collect data for this study, and the data collected were subjected to a reliability test using the Statistical Package for Social Science (SPSS) to analyse the data. A two sample Z-test procedure was used to test the significant differences because of the large number of subjects involved in the different groups. All hypotheses were tested at 0.05 alpha value. The findings of the study concluded that: Athletes in team and individual sports generally preferred coaches who were more disposed towards training and instructions, social support, positive feedback, situational consideration and democratic behaviours. It was also found that athletes in team sports have higher preference for coaches with democratic behaviour. The result revealed that athletes in team and individual sports did not have a preference for coaches disposed towards autocratic behaviour. Based on this, the following recommendations were made: Democratic behaviour by coaches should be encouraged in team and individual sports. Coaches should not be engaged in autocratic behaviours when coaching. These behaviours should be adopted by coaches to increase athletes’ satisfaction and enhancement in performance.

Keywords: leadership behaviour, preference, athletes, individual, team, coaches’

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Authors: Hassan Barau Singhry

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Purpose: Leadership or the absence of it is an important behaviour affecting employees’ job satisfaction. Although, there are many models of leadership, one that stands out in a period of change is the transformational behaviour. The aim of this study is to investigate the role of an organizational justice on the relationship between transformational leadership and employee job satisfaction. The study is based on the assumption that change begins with leaders and leaders should be fair and just. Methodology: A cross-sectional survey through structured questionnaire was employed to collect the data of this study. The population is selected the three tiers of government such as the local, state, and federal governments in Nigeria. The sampling method used in this research is stratified random sampling. 418 middle managers of public organizations respondents to the questionnaire. Multiple regression aided by structural equation modeling was employed to test 4 hypothesized relationships. Finding: The regression results support for the mediating role of organizational justice such as distributive, procedural, interpersonal and informational justice in the link between transformational leadership and job satisfaction. Originality/value: This study adds to the literature of human resource management by empirically validating and integrating transformational leadership behaviour with the four dimensions of organizational justice theory. The study is expected to be beneficial to the top and middle-level administrators as well as theory building and testing.

Keywords: distributive justice, job satisfaction, organizational justice, procedural justice, transformational leadership

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Authors: Montoya C.A., Erina J., Erina I.

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The purpose of this research is to assess the performance and impact of CSR on business in the banking sector in Australia by applying the financial indicators of 20 ASX banks for the period from 2016-2017. The authors carried out CSR assessment in several stages of research: 1) gathering the nonfinancial and financial indicators of 20 ASX listed banks (available were only 16) from the annual reports of Australian banks for 2016 and 2017; 2) calculation of bank performance indicators using such financial indicators as return on assets (ROA), return on equity (ROE), efficiency ratio and net interest margin; 3) analysis of financial data using cross-sectional regression and answers to the research questions. Based on the obtained research results, the authors obtained answers to the initially raised research questions and came to a conclusion that Q1 - Insignificant positive coefficient result - slight positive relationship between CSR disclosure and business performance 2016; Q2 - Insignificant negative coefficient result - slight negative relationship between CSR disclosure and business performance 2017; Q3 - Insignificant positive coefficient result - slight positive relationship between CSR disclosure and business performance.

Keywords: Australia, banks, business performance, CSR

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Authors: Yana Gorina, Olga Lopatina, Elina Tsigeman, Larisa Mararitsa

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The ability to act in concert with others, the so-called sensorimotor synchronisation, is a fundamental human ability that underlies successful interpersonal coordination. The manifestation of accuracy and plasticity in synchronisation is an adaptive aspect of interaction with the environment, as well as the ability to predict upcoming actions and behaviour of others. The ability to temporarily coordinate one’s actions with a predictable external event is manifested in such types of social behaviour as a synchronised group dance to music played live by an orchestra, group sports (rowing, swimming, etc.), synchronised actions of surgeons during an operation, applause from an admiring audience, walking rhythms, etc. Both our body and mind are involved in achieving the synchronisation during social interactions. However, it has not yet been well described how the brain determine the external rhythm and what neuropeptides coordinate and synchronise actions. Over the past few decades, there has been an increased interest among neuroscientists and neurophysiologists regarding the neuropeptide oxytocin in the context of its complex, diverse and sometimes polar effects manifested in the emotional and social aspects of behaviour (attachment, trust, empathy, emotion recognition, stress response, anxiety and depression, etc.). Presumable, oxytocin might also be involved in social synchronisation processes. The aim of our study is to test the hypothesis that oxytocin is linked to interpersonal synchronisation in a pair of strangers.

Keywords: behavior, movement, oxytocin, synchronization

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Authors: Rukhsana Shaheen, Tahira Ifraq

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Interest based transactions led the advent of Islamic banking. In order to provide an alternative to Interest based banking, financial transactions found in classical books of fiqh were employed. Musharakah, Mudarabah, Murabahah Salam, Ijara, and some other modes were adopted. These modes were modified so that they can be adopted for banking and satisfy the needs of customers. Since the inception of Islamic banking, these modes are being used and with the passage of time, are being molded and experimented with to cater different kinds of customers and requirements. Human efforts cannot be errorless. These modes too bear legal defects which need an in-depth scrutiny and refinement. The aim of this paper is to dig the basis and rulings of these modes in classical books of fiqh and analyze its modification and adoption in Islamic banking and the legal defects that these modes are bearing. Paper will prove itself fruitful by providing remedies for the legal defects.

Keywords: financial instruments, legal defects, remedies, Islamic banking

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Authors: Liming Chen, Baoxin Xu, Zhaoyun Ding, Bin Liu, Xianqiang Zhu

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In the era of big data, public investors are faced with more complicated information related to investment decisions than ever before. To survive in the fierce competition, it has become increasingly urgent for investors to combine multi-source knowledge and evaluate the companies’ true value efficiently. For this, a rule-based ontology reasoning method is proposed to support steel companies’ value assessment. Considering the delay in financial disclosure and based on cost-benefit analysis, this paper introduces the supply chain enterprises financial analysis and constructs the ontology model used to value the value of steel company. In addition, domain knowledge is formally expressed with the help of Web Ontology Language (OWL) language and SWRL (Semantic Web Rule Language) rules. Finally, a case study on a steel company in China proved the effectiveness of the method we proposed.

Keywords: financial ontology, steel company, supply chain, ontology reasoning

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Authors: Alicja Reuben, Amira Annabi

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In this paper, we explore the relationship between the selection of valuation techniques by investment banks and the banks’ risk perceptions and performance in the context of the theory of performativity. We use inferential statistics to study these relationships by building a unique dataset based on the disclosure of 12 investment banks’ 2012-2015 annual financial statements. Moreover, we create two constructs, namely intensity of use and risk perception. We measure the intensity of use as a frequency metric of how often a particular bank adopts valuation techniques for a particular asset or liability. We measure risk perception based on disclosed ranges of values for unobservable inputs. Our results are twofold: we find a significant negative correlation between (1) intensity of use and investment bank performance and (2) intensity of use and risk perception. These results indicate that a performative process takes place, and the valuation techniques are enacting their environment.

Keywords: language, linguistics, performativity, financial techniques

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Authors: Ade Oyedijo

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This paper reports the findings of a study on the strategic and organizational antecedents and effects of two opposing pay patterns used by some manufacturing companies in Lagos Nigeria with particular reference to the behavioural correlates of the pay strategies considered. The assumed relationship between pay strategies and some organizational correlates such as business and corporate strategies and firm size was considered problematic in view of their likely implications for employee motivation and citizenship behaviour and firm performance. The survey research method was used for the study. Structured, close ended questions were used to collect primary data from the respondents. A multipart Likert scale was used to measure the pay orientations of the respondent firms and the job and organizational involvement of the respondent employees. Utilizing hierarchical linear regression method and "t-test" to analyze the data obtained from 48 manufacturing companies of various sizes and strategies, it was found that the dominant pattern of employee compensation in the sampled manufacturing companies. The study also revealed that the choice of a pay strategy was strongly influenced by organizational size as well as the type of business and corporate level strategies adopted by afirm. Firms pursuing a strategy of related and unrelated diversification are more likely to adopt the algorithmic compensation system than single product firms because of their relatively larger size and scope. However; firms that pursue a competitive advantage through a business level strategy of cost efficiency are more likely to use the experiential, variable pay strategy. The study found that an algorithmic compensation strategy is as effective as experiential compensation strategy in the promotion of organizational citizenship behaviour and motivation of employees.

Keywords: compensation, corporate strategy, business strategy, motivation, citizenship behaviour, algorithmic, experiential, organizational commitment, work environment

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Authors: Bahram Soltani, Louai Ghazieh

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Following the high profile financial scandals of 2007-2008, corporate management has been faced with strong pressures resulting from more regulatory requirements, as well as the increasing expectations of various groups of stakeholders. The responsibility acquired a big importance in front of this financial crisis. This responsibility requires more transparency and communication, inside the company with the collaborators and outside of the company with the society, while companies try to improve the degree of control and to authorize managers to realize the objectives of the company. The objective of this paper is to present the concept of the responsibility generally and the various types of manager’s responsibility in private individual within the company, as well as the explanatory theories of this responsibility through the various perspectives such as: economic, political, social and behavioral. This study should have academic and practical contributions particularly for regulators seeking to improve the companies’ practices and organizational functioning within capital market economy.

Keywords: manager, accountability, corporate performance, financial crisis, behavior

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Authors: Mohamad Saberi, Arash Sohrabi

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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: Ndagi Salihu

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Corporate governance mechanisms are the control measures for ensuring that all the interests groups are equally represented and management are working towards wealth creation in the interest of all. Therefore, there are many empirical studies during the last three decades on corporate governance and firm performance. However, little is known about the effects of family ownership on the relationship between corporate governance and firm performance, especially in the developing economy like Nigeria. This limit our understanding of the unique governance dynamics of family ownership with regards firm performance. This study examined the impact of family ownership on the relationship between governance mechanisms and financial performance of publicly listed companies in Nigeria. The study adopted quantitative research methodology using correlational ex-post factor design and secondary data from annual reports and accounts of a sample of 23 listed companies for a period of 5 years (2014-2018). The explanatory variables are the board size, board composition, board financial expertise, and board audit committee attributes. Financial performance is proxy by Return on Assets (ROA) and Return on Equity (ROE). Multiple panel regression technique of data analysis was employed in the analysis, and the study found that family ownership has a significant positive effect on the relationships between corporate governance mechanisms and financial performance of publicly listed firms in Nigeria. This finding is the same for both the ROA and ROE. However, the findings indicate that board size, board financial expertise, and board audit committee attributes have a significant positive impact on the ROA and ROE of the sample firms after the moderation. Moreover, board composition has significant positive effect on financial performance of the sample listed firms in terms of ROA and ROE. The study concludes that the use of family ownership in the control of firms in Nigeria could improve performance by reducing the opportunistic actions managers as well as agency problems. The study recommends that publicly listed companies in Nigeria should allow significant family ownership of equities and participation in management.

Keywords: profitability, board characteristics, agency theory, stakeholders

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Authors: Muhammad Shujaat Saleem, Imamuddin

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In reply to the argument made by the non-believers of Makkah “Sale is similar to riba”, Almighty Allah ordered “Sale is permissible while riba is impermissible”. The main intent of the study was to clarify the fallacy prevailing among the Muslims that in practical terms the product of Murabaha which is being offered by the Islamic banks is similar to that of conventional interest based business loan. However, specific objective was to ascertain the degree of financial efficiency on the basis of fund/loan utilization for intended purpose of Murabaha financing vis-à-vis conventional interest based business loan. The study employed survey strategy to collect primary data through structured close ended questionnaires from the sample of 98 Murabaha officers and 178 loan officers out of the whole population of 5 Islamic and 10 conventional banks respectively. Quantitative and qualitative techniques were used to analyze the data and the same is tabulated by use of frequency tables. The study found that the financial efficiency of Murabaha financing is more than that of conventional interest based business loan by 28% as Murabaha funds of Islamic banks are utilized for its intended purpose to the extent of 97% on average, compared to 69% of business loan offered by conventional banks.

Keywords: financial efficiency, murabaha funds, loan amount, intended purpose

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Authors: Benjamin Bae

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This study investigates the relationship between the adoption of International Financial Reporting Standards (IFRS) and the performance of banks in a number of Middle East countries. We examine whether performance levels and audit qualities play any role in adopting the International Financial Reporting Standards (IFRS) in Middle East banks. This study hypothesizes that, in general, banks with high performance and audit quality measures tend to adopt the IFRS than low-performing banks, as the adoption of a new standard takes lots of time and expenses, which could be an additional burden to them. The results show that three hypotheses are strongly supported whereas the cultural factor hypothesis is not. Banks with high ROA and ROE tend to adopt IFRS than low-performing banks. Big banks are also more likely to adopt IFRS than small or medium-sized banks. Contrary to the hypothesis, the Islamic bank status as a cultural factor has some positive impact on the adoption of the banks in the region. Overall, this research adds to our understanding of the bank’s performance. First, evidence on the relationship between the adoption of IFRS and the bank’s performance should be useful to investors. Second, the findings of this study provide financial statement users with useful information about the bank’s performance measures.

Keywords: IFRS, financial performance, audit quality, culture, firm size

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Authors: Siti Zabedah Saidin, Aidi Ahmi, Azharudin Ali, Wan Norhayati Wan Ahmad

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In today's increasingly complex and interconnected world, the concept of sustainability has transcended mere corporate social responsibility, evolving into a fundamental driver of organizational behaviour and disclosure. This content analysis study delves into the Malaysian federal-level statutory bodies’ annual report for the year 2021, aiming to elucidate the extent of sustainability disclosures within the non-financial sections of these reports. The escalating global emphasis on sustainability has prompted organizations to embrace transparency as a means to demonstrate their commitment to environmental, social, and governance (ESG) considerations. Voluntary sustainability disclosure has emerged as a crucial channel through which organizations communicate their efforts, initiatives, and impacts in these areas, thereby fostering trust and accountability with stakeholders. The study aims to identify and examine the types of sustainability information disclosed voluntarily by the federal-level statutory bodies, concentrating on the non-financial sections of the annual reports. To achieve this, the study adopts a simplified disclosure index, a pragmatic tool that quantifies the extent of sustainability reporting in a standardized manner. Using convenience sampling, the study selects a sample of annual reports from the federal-level statutory bodies in Malaysia, as provided on their respective websites. The content analysis is centred on the non-financial sections of these reports, allowing for an in-depth exploration of sustainability disclosures. The findings of the study present the extent to which Malaysian federal-level statutory bodies embrace sustainability reporting. Through thorough content analysis, the study uncovered diverse dimensions of sustainability information, encompassing environmental impact assessments, social engagement endeavours, and governance frameworks. This reveals a deliberate effort by these bodies to encapsulate their holistic organizational contributions and challenges, transcending traditional financial metrics. This research contributes to the existing literature by providing insights into the evolving landscape of sustainability disclosure practices among Malaysian federal-level statutory bodies. The findings underline the proactive nature of these bodies in voluntarily sharing sustainability-related information, reflecting their recognition of the interconnectedness between organizational success and societal well-being. Furthermore, the study underscores the potential influence of regulatory guidelines and societal expectations in shaping the extent and nature of voluntary sustainability disclosures. Organizations are not merely responding to regulatory mandates but are actively aligning with global sustainability goals and stakeholder expectations. As organizations continue to navigate the intricate web of stakeholder expectations and sustainability imperatives, this study enriches the discourse surrounding transparency and sustainability reporting. The analysis emphasizes the important role of non-financial disclosures in portraying a holistic organizational narrative. In an era where stakeholders demand accountability, and the interconnectedness of global challenges necessitates collaborative action, the voluntary disclosure of sustainability information stands as a testament to the commitment of Malaysian federal-level statutory bodies in shaping a more sustainable future.

Keywords: voluntary disclosure, sustainability information, annual report, federal-level statutory body

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Authors: Aticha Kwaengsopha

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The purpose of this research was to study the behaviour and related factors that tourists utilized for making decisions to choose their accommodations at a tourist destination, Bangkontee district, Samut Songkhran Province, Thailand. The independent variables included gender, age, income, occupation, and region, while the three important dependent variables included selection behaviour, factors related selection process, and satisfaction of the accommodation service. A total of 400 Thai and international tourists were interviewed at tourist destination of Bangkontee. A questionnaire was used as the tool for collecting data. Descriptive statistics in this research included percentage, mean, and standard deviation. The findings revealed that the majority of respondents were single, female, and with the age between 23-30 years old. Most of the international tourists were from Asia and planned to stay in Thailand about 1-6 days. In addition, the majority of tourists preferred to travel in small groups of 3 persons. The majority of respondents used internet and word of mouth as the main tool to search for information. The majority of respondents spent most of their budget on food & drink, accommodation, and travelling. Even though the majority of tourists were satisfied with the quality of accommodation, the price range of accommodation, and the image of accommodation and the facilities of the accommodation, they indicated that they were not likely to re-visit Thailand in the near future.

Keywords: behaviour, decision factors, tourists, media engineering

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Authors: S. Mogili, J. S. Kuang, N. Zhang

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Knee joints, the beam column connections found at the roof level of a moment resisting frame buildings, are inherently different from conventional interior and exterior beam column connections in the way that forces from adjoining members are transferred into joint and then resisted by the joint. A knee connection has two distinct load resisting mechanisms, each for closing and opening actions acting simultaneously under reversed cyclic loading. In spite of many distinct differences in the behaviour of shear resistance in knee joints, there are no special design provisions in the major design codes available across the world due to lack of in-depth research on the knee connections. To understand the relative importance of opening and closing actions in design, it is imperative to study knee joints under varying shear stresses, especially at higher opening-to-closing shear stress ratios. Three knee joint specimens, under different input shear stresses, were designed to produce a varying ratio of input opening to closing shear stresses. The design was carried out in such a way that the ratio of flexural strength of beams with consideration of axial forces in opening to closing actions are maintained at 0.5, 0.7, and 1.0, thereby resulting in the required variation of opening to closing joint shear stress ratios among the specimens. The behaviour of these specimens was then carefully studied in terms of closing and opening capacities, hysteretic behaviour, and envelope curves to understand the differences in joint performance based on which an attempt to suggest design guidelines for knee joints is made emphasizing the relative importance of opening and closing actions. Specimens with relatively higher opening stresses were observed to be more vulnerable under the action of seismic loading.

Keywords: Knee-joints, large-scale testing, opening and closing shear stresses, seismic performance

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Authors: Maria Reznakova, Michala Strnadova, Lukas Reznak

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The global financial crisis that erupted in 2008 is associated mainly with the debt crisis. It quickly spread globally through financial markets, international banks and trade links, and affected many economic sectors. Measured by the index of the year-on-year change in GDP and industrial production, the consequences of the global financial crisis manifested themselves with some delay also in the Czech economy. This can be considered a result of the overwhelming export orientation of Czech industrial enterprises. These events offer an important opportunity to study how financial and macroeconomic instability affects corporate performance. Corporate performance factors have long been given considerable attention. It is therefore reasonable to ask whether the findings published in the past are also valid in the times of economic instability and subsequent recession. The decisive factor in effective corporate performance measurement is the existence of an appropriate system of indicators that are able to assess progress in achieving corporate goals. Performance measures may be based on non-financial as well as on financial information. In this paper, financial indicators are used in combination with other characteristics, such as the firm size and ownership structure. Financial performance is evaluated based on traditional performance indicators, namely, return on equity and return on assets, supplemented with indebtedness and current liquidity indices. As investments are a very important factor in corporate performance, their trends and importance were also investigated by looking at the ratio of investments to previous year’s sales and the rate of reinvested earnings. In addition to traditional financial performance indicators, the Economic Value Added was also used. Data used in the research were obtained from a questionnaire survey administered in industrial enterprises in the Czech Republic and from AMADEUS (Analyse Major Database from European Sources), from which accounting data of companies were obtained. Respondents were members of the companies’ senior management. Research results unequivocally confirmed that corporate performance dropped significantly in the 2010-2012 period, which can be considered a result of the global financial crisis and a subsequent economic recession. It was reflected mainly in the decreasing values of profitability indicators and the Economic Value Added. Although the total year-on-year indebtedness declined, intercompany indebtedness increased. This can be considered a result of impeded access of companies to bank loans due to the credit crunch. Comparison of the results obtained with the conclusions of previous research on a similar topic showed that the assumption that firms under foreign control achieved higher performance during the period investigated was not confirmed.

Keywords: corporate performance, foreign control, intercompany indebtedness, ratio of investment

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Authors: Ralph Gruber, Martina Hafner, Theresia Greunz, Christian Reisecker, David Stifter

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The application of dry lubricant on aluminium for automotive industry is indispensable for a high-quality forming behaviour. To provide a short production time those forming aids will not be removed during the joining step. The aim of this study was the characterization of the influence of dry lubricants on the bond strength and the corrosion resistance of an 6xxx aluminium alloy for automotive applications. For this purpose, samples with a well-defined surface were lubricated with 1 g/m² dry lubricant and joined with a commercial thermosetting 1K-epoxy structural adhesive. The bond strength was characterized by means of lap shear test. To evaluate the corrosion resistance of the adhered aluminium samples an immersion test in 5 w% NaCl-solution was used. Based on fracture pattern analysis, the corrosion behaviour could be described. Dissolved corrosion products were examined using ICP-MS and NMR. By means of SEM/EDX the elementary composition of precipitated solids was determined. The results showed a dry lubricant independent bond strength for standard testing conditions. However, a significant effect of the forming aid, regarding the corrosion resistance of adhered aluminium samples against corrosive infiltration of the metal-adhesive-interface, was observed

Keywords: aluminium alloys, dry film lubricants, automotive industry, adhesive bonding, corrosion

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Authors: Rebecca M. Dagger, Katy Hadgraft, Matthew Teggart, Peter Angell

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Background: There is a growing body of evidence that demonstrates the association between sedentary behaviour, cardiometabolic risk and all-cause mortality. Since full time working adults spend approximately 8 hours per day in the workplace, interventions to reduce sedentary behaviour at work may alleviate some of the negative health outcomes associated with sedentary behaviour. The aims of this pilot study were to assess the impacts of using a Sit-Stand workstation on markers of cardiometabolic health in a cohort of desk workers. Methods: Twenty eight participants were recruited and randomly assigned to a control (n=5 males, 9 females, mean age 37 years ± 9.4 years) or intervention group (n= 5 males, 9 females, mean age 42 years ± 12.7 years). All participants attended the labs on 2 occasion’s pre and post intervention, following baseline measurements the intervention participants had the Sit Stand Workstations (Ergotron, USA) installed for a 10 week intervention period. The Sit Stand workstations allow participants to stand or sit at their usual workstation and participants were encouraged to the use the desk in a standing position at regular intervals throughout the working day. Cardiometabolic risk markers assessed were body mass, body composition (using bio impedance analysis; Tanita, Tokyo), fasting blood Total Cholesterol (TC), lipid profiles (HDL-C, LDL-C, TC: HDL-C ratio), triglycerides and fasting glucose (Cholestech LDX), resting systolic and diastolic blood pressure and resting heart rate. ANCOVA controlling for baseline values was used to assess the group difference in changes in risk markers between pre and post intervention. Results: The 10 week intervention was associated with significant reductions in some cardiometabolic risk factors. There were significant group effects on change in body mass (F (1,25)=5.915, p<0.05), total body fat percentage (F(1,25)=12.615, p<0.01), total fat mass (F (1,25)=6.954, p<0.05), and systolic blood pressure (F (1,25)=5.012, p<0.05). There were no other significant group effects on changes in other cardiometabolic risk markers. Conclusion: This pilot study highlights the importance of reducing sedentary behaviour in the workplace for reduction in cardiometabolic risk markers. Further research is required to support these findings.

Keywords: sedentary behaviour, caridometabolic risk, evidence, risk makers

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Authors: Zain Ul Abideen

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The study examines the potentially dark and bright parts of behavioral biases in investors’ investment decisions in the Pakistani equity market. These biases, directly and indirectly, play a comprehensive role in controlling and deciding the investor’s investment decisions. Stock market anomalies are used as a mediator, while financial literacy is used as a moderator to check the mentioned relationship. The sample consisted of investors who have trading experience of more than two years in the stock market. The result indicates that calendar anomalies do not mediate between overconfidence bias and investment decisions. However, the study investigates the mediating role of fundamental and technical anomalies between overconfidence bias and investment decisions. Furthermore, calendar anomalies play a significant role between the disposition effect and investment decisions. Calendar anomalies also mediate between herding bias and investment decisions. Financial literacy significantly moderates between behavioral biases and stock market anomalies. This research would be beneficial for individual and professional investors in their investment decisions. They should be financially literate, consequently less biased and have no market anomalies. Investors in emerging and developed economies can make optimal decisions in their respective stock markets.

Keywords: behavioral biases, financial literacy, stock market anomalies, investment decision

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Authors: Rahmoune Abdelhaq

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Systemic risk is a key concern for central banks charged with safeguarding overall financial stability. In this work, we investigate how systemic risk is affected by the structure of the financial system. We construct banking systems that are composed of a number of banks that are connected by interbank linkages. We then vary the key parameters that define the structure of the financial system — including its level of capitalization, the degree to which banks are connected, the size of interbank exposures and the degree of concentration of the system — and analyses the influence of these parameters on the likelihood of contagious (knock-on) defaults. First, we find that the better-capitalized banks are, the more resilient is the banking system against contagious defaults and this effect is non-linear. Second, the effect of the degree of connectivity is non-monotonic, that is, initially a small increase in connectivity increases the contagion effect; but after a certain threshold value, connectivity improves the ability of a banking system to absorb shocks. Third, the size of interbank liabilities tends to increase the risk of knock-on default, even if banks hold capital against such exposures. Fourth, more concentrated banking systems are shown to be prone to larger systemic risk, all else equal. In an extension to the main analysis, we study how liquidity effects interact with banking structure to produce a greater chance of systemic breakdown. We finally consider how the risk of contagion might depend on the degree of asymmetry (tier) inherent in the structure of the banking system. A number of our results have important implications for public policy, which this paper also draws out. This paper also discusses why bank risk management is needed to get the optimal one.

Keywords: financial stability, contagion, liquidity risk, optimal risk

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Authors: Fatemeh Fahimifar, Rouhollah Nazari, Seyed Mohammad Reza Hosseini

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Achieving an adaptable rate of economic growth has always been at the forefront of Iran development programs. In order to increase welfare level of the people in the society, all economic and social indices should be improved which is possible just in case of country's economic development and growth. While developing countries has realized the gap between developed countries and developing countries in today's world, a massive movement has been emerged in less developed countries to eliminate this economic gap. Hence this study investigates the effect of financial development, foreign direct investment and intellectual property on Iran's economic growth and taking into account other variables on economic growth such as impact of the share of foreign direct investment on GDP, government consumptive expenditure share of GDP has been paid. Period used in this study is related to the years 1974 to 2009. Also, in this research we have used Generalized Method of Moments (GMM) to examine relationship between variables. The results of this study indicate a meaningful and negative impact of financial development, the share of government consumptive expenditure to GDP and similarly, the initial GDP on economic growth. Also, the degree of economy openness, foreign direct investment and intellectual property has a meaningful positive impact on economic growth.

Keywords: financial development, FDI, intellectual property, economic growth, Iran

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Authors: Mimi Hafizah Abdullah, Hanani Farhah Harun, Nik Ruzni Nik Idris

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With the implied volatility as an important factor in financial decision-making, in particular in option pricing valuation, and also the given fact that the pricing biases of Leland option pricing models and the implied volatility structure for the options are related, this study considers examining the implied adjusted volatility smile patterns and term structures in the S&P/ASX 200 index options using the different Leland option pricing models. The examination of the implied adjusted volatility smiles and term structures in the Australian index options market covers the global financial crisis in the mid-2007. The implied adjusted volatility was found to escalate approximately triple the rate prior the crisis.

Keywords: implied adjusted volatility, financial crisis, Leland option pricing models, Australian index options

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Authors: Fatemeh Khalili Varnamkhasti

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Natural administration has outside impacts such that companies regularly respect natural input as a fetched with no clear advantage. In this manner, in case natural security can bring financial benefits, showing that natural security and financial interface are in concordance, companies will effectively fulfill their obligation to ensure the environment. Contamination is, for the most part, related to the squandering of assets, misplaced vitality, and crude materials not completely utilized. Contamination avoidance and clean innovation, as inner organizational hones, can offer assistance to play down taken toll and to develop economic aptitudes for the long run, whereas outside organizational hones (item stewardship and maintainability vision) can offer assistance to coordinated partner sees into trade operations and to define future commerce directions. Taken together, these practices can drive shareholder esteem while at the same time contributing to a more feasible world. On the off chance that the company's budgetary execution is nice, it'll draw in financial specialists to contribute and progress the company's execution. In this way, budgetary execution is additionally the determinant of the progression of a company. This can be because the monetary back gotten by the company gets to be the premise for the running of trade forms in the future. Moreover, A green picture can assist firms in pulling in more clients by influencing shopper choices and moving forward with buyer brand dependability. Numerous shoppers need to purchase items from ecologically inviting firms, in spite of the fact that there are, of course, a few who will not pay premium costs for green items.

Keywords: environmental activities, financial performanance, advantage, clients

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Authors: Ala Hanetite

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The purpose of this article is to present, by means of a model, the determinants of organisational culture which influence creativity and innovation. A literature study showed that a model, based on the open systems theory and the work of Schein, can offer a holistic approach in describing organisational culture. The relationship between creativity, innovation and culture is discussed in this context. Against the background of this model, the determinants of organisational culture were identified. The determinants are strategy, structure, support mechanisms, behaviour that encourages innovation, and open communication. The influence of each determinant on creativity and innovation is discussed. Values, norms and beliefs that play a role in creativity and innovation can either support or inhibit creativity and innovation depending on how they influence individual and group behaviour. This is also explained in the article.

Keywords: attitudes, creativity, innovation, organisational culture

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Authors: Irina Bondarenko, Olga Vandina

Abstract:

The theory of evolutionary economics is the basis for preparation and application of methods forming the stock market infrastructure development concept. The authors believe that the basis for the process of formation and development of the stock market model infrastructure in Russia is the theory of large systems. This theory considers the financial market infrastructure as a whole on the basis of macroeconomic approach with the further definition of its aims and objectives. Evaluation of the prospects for interaction of securities market institutions will enable identifying the problems associated with the development of this system. The interaction of elements of the stock market infrastructure allows to reduce the costs and time of transactions, thereby freeing up resources of market participants for more efficient operation. Thus, methodology of the transaction analysis allows to determine the financial infrastructure as a set of specialized institutions that form a modern quasi-stable system. The financial infrastructure, based on international standards, should include trading systems, regulatory and supervisory bodies, rating agencies, settlement, clearing and depository organizations. Distribution of financial assets, reducing the magnitude of transaction costs, increased transparency of the market are promising tasks in the solution for questions of services level and quality increase provided by institutions of the securities market financial infrastructure. In order to improve the efficiency of the regulatory system, it is necessary to provide "standards" for all market participants. The development of a clear regulation for the barrier to the stock market entry and exit, provision of conditions for the development and implementation of new laws regulating the activities of participants in the securities market, as well as formulation of proposals aimed at minimizing risks and costs, will enable the achievement of positive results. The latter will be manifested in increasing the level of market participant security and, accordingly, the attractiveness of this market for investors and issuers.

Keywords: institutional infrastructure, financial assets, regulatory system, stock market, transparency of the market

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Authors: Farah Fazlinda Binti Mohamad, Ahmad Saifizul Abdullah, Mohamed Rehan Karim , Jamilah Mohamad, Siti Hikmah Musthar

Abstract:

Road safety is an important issue in Malaysia. It become important as it is discussed widely throughout printed and electronic media. Most of the news portrays on road accident and fatalities have increased the concern of everyone. This issue affects everyone's life as everyone shares the roads. The most vulnerable victims are the road user who uses the roads every day. It is appalling when World Health Organization (WHO) reported that in every 100,000 of population in Malaysia, 23 fatalities recorded due to road accident alone. This figure is quite alarming and requires serious attention. Furthermore, research by Malaysian Institute of Road Safety Research concluded that that speeding has contributed to 60% of all road accident in the country. Therefore, this study aims to elucidate the factors that influence road users’ speeding behaviour on selected roads in Peninsular Malaysia. To achieve this, set of questionnaires has distributed to 500 respondents on selected roads in Peninsular Malaysia. The respondents came from various demographic backgrounds in order to have a fair opinion on the issue. Using descriptive analysis, the results have indicated that psychological factors such as emotion and attitude of road user are the prominent factors that influence the road user’s speeding behaviour. Furthermore, the results have shown that male road users were dominant in speeding compared to female, which led to increased vulnerability to road injuries and fatalities. These findings are very useful in order for us to understand road users’ driving behaviour. Relevant authorities should also revise the existing countermeasures and find ways to reduce road accident. Engineers and road experts could cooperate in designing new road specifications for the road user. Nevertheless, it is important to comprehend this speeding issue and factors associated with it. Each road user should take this matter seriously and responsibly as road safety is a responsibility of all.

Keywords: countermeasures, psychological, road safety, speeding

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Authors: Wafaa Salah, Mostafa A. Salama, Jane Doe

Abstract:

Recently, the corporate social performance (CSP) is not less important than the corporate financial performance (CFP). Debate still exists about the nature of the relationship between the CSP and CFP, whether it is a positive, negative or a neutral correlation. The objective of this study is to explore the relationship between corporate social responsibility (CSR) reports and CFP. The study uses the accounting-based and market-based quantitative measures to quantify the financial performance of seven organizations listed on the Egyptian Stock Exchange in 2007-2014. Then uses the information retrieval technologies to quantify the contribution of each of the three dimensions of the corporate social responsibility report (environmental, social and economic). Finally, the correlation between these two sets of variables is viewed together in a model to detect the correlations between them. This model is applied on seven firms that generate social responsibility reports. The results show a positive correlation between the Earnings per share (market based measure) and the economical dimension in the CSR report. On the other hand, total assets and property, plant and equipment (accounting-based measure) are positively correlated to the environmental and social dimensions of the CSR reports. While there is not any significant relationship between ROA, ROE, Operating income and corporate social responsibility. This study contributes to the literature by providing more clarification of the relationship between CFP and the isolated CSR activities in a developing country.

Keywords: financial, social, machine learning, corporate social performance, corporate social responsibility

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Authors: Dimitrios Karanatsis

Abstract:

Non-crimp fabrics (NCFs) allow for high mechanical performance of a manufacture composite component by maintaining the fibre reinforcements parallel to each other. The handling of NCFs is enabled by the stitching of the tows. Although the stitching material has negligible influence to the performance of the manufactured part, it can affect the ability of the structural fabric to shear and drape over the part’s geometry. High resistance to shearing is attributed to the high tensile strain of the stitching yarn and can cause defects in the fabric. In the current study, a correlation based on the stitch tension and shear behaviour is examined. The purpose of the research is to investigate the upper and lower limits of non-crimp fabrics manufacture and how these affect the shear behaviour of the fabrics. Experimental observations show that shear behaviour of the fabrics is significantly affected by the stitch tension, and there is a linear effect to the degree of shear they experience. It was found that the lowest possible stitch tension on the manufacturing line settings produces an NCF that exhibits very low tensile strain on it’s yarns and that has shear properties similar to a woven fabric. Moreover, the highest allowable stitch tension results in reduced formability of the fabric, as the stitch thread rearranges the fibre filaments where these become packed in a tight formation with constricted movement.

Keywords: carbon fibres, composite manufacture, shear testing, textiles

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Authors: Yongsheng Guo, Mengyu Lu

Abstract:

This study investigates how Chinese SMEs manage financial risks in financing from customers from the perspectives of ethics and national culture. A grounded theory approach is adopted to identify the causal conditions, actions/interactions, and consequences. 32 interviews were conducted, and systematic coding methods were used to identify themes and categories. This study found that Chinese ethical principles, including integrity, friendship, and reciprocity, and cultural traits, including collectivism, acquaintance society, and long-term orientation, provide conditions for financing from customers. The SMEs establish trust-based relationships with customers through personal communications and social networks and reduce financial risk through diversification, frequent operations, and enterprise reputations. Both customers and SMEs can get benefits like financial resources and customer experiences. This study creates a theoretical framework that connects the causal conditions, processes, and outcomes, providing a deeper understanding of financing from customers. A resource and process capability theory of SMEs and a customer capital and customer value model are proposed to connect accounting and finance concepts. Suggestions are proposed for the authorities as more guidance and regulations are needed for this informal finance.

Keywords: CRM, culture, ethics, SME, risk management

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