Search results for: cash flow categorization

Authors: Kari Saarelainen, Marko Jantti

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IT service trending of root causes of service incidents and problems is an important part of proactive problem management and service improvement. Human error related root causes are an important root cause category also in IT service management, although it’s proportion among root causes is smaller than in the other industries. The research problem in this study is: How root causes of incidents related to human errors should be categorized in an ITSM organization to effectively support service improvement. Categorization based on IT service management processes and based on Human Factors Analysis and Classification System (HFACS) taxonomy was studied in a case study. HFACS is widely used in human error root cause categorization across many industries. Combining these two categorization models in a two dimensional matrix was found effective, yet impractical for daily work.

Keywords: IT service management, ITIL, incident, problem, HFACS, swiss cheese model

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Authors: Yolina A. Petrova, Georgi I. Petkov

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The paper presents a symbolic model for category learning and categorization (called RoleMap). Unlike the other models which implement learning in a separate working mode, role-governed category learning and categorization emerge in RoleMap while it does its usual reasoning. The model is based on several basic mechanisms known as reflecting the sub-processes of analogy-making. It steps on the assumption that in their everyday life people constantly compare what they experience and what they know. Various commonalities between the incoming information (current experience) and the stored one (long-term memory) emerge from those comparisons. Some of those commonalities are considered to be highly important, and they are transformed into concepts for further use. This process denotes the category learning. When there is missing knowledge in the incoming information (i.e. the perceived object is still not recognized), the model makes anticipations about what is missing, based on the similar episodes from its long-term memory. Various such anticipations may emerge for different reasons. However, with time only one of them wins and is transformed into a category member. This process denotes the act of categorization.

Keywords: analogy-making, categorization, category learning, cognitive modeling, role-governed categories

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Authors: Mohammadali Mokhtari

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Developing countries increasingly recognize the need to reduce energy subsidies. Cash transfers are proposed instead of subsidies to mitigate the negative effects of energy subsidy reforms. However, there is little evidence about the redistribution effect of these subsidy-to-cash reforms. We study the redistribution impact of the largest subsidy-to-cash reform in the history of developing countries in Iran in 2010. We find a strong pro-poor impact of the reform using five inequality measures, including the Gini index and the ratio of rich to poor expenditures. Finally, we show this pro-poor impact is on average and discuss other possible mechanisms by which low-income groups objected to these pro-poor reforms in the next round, which took place in November 2019 and led to wide and large protests.

Keywords: energy economics, subsidy reform, inequality, Middle East, Iran

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Authors: Gurleen Kaur

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Being tall-short, fat-thin, black-white, etc. is an inevitable part of how people perceive you. This association of people with your external appearance carves out an identity for you. This paper will look at the reasons why people relate a person to a particular categorization on the basis of his/her physical appearance. The paper delves into reasons for this categorization into groups: Subconscious grouping, personal gain, ease of relating to the group, and social acceptance. Development of certain unique physical features also leads to a person relating himself to a collective identity. Thus, this paper will support the fact that physical appearance plays a crucial role in categorization of people into groups and hence forming a group identity for them. This paper is divided into three parts. The first part will discuss what physical appearance is and how is it linked to our daily lives. The second part will talk about why it works i.e. why this factor of external appearance is important in formation of identity. The last part will talk about the factors which lead to categorization of identity because of physical appearance.

Keywords: group identity, physical appearance, subconscious grouping, collective identity

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Authors: Misrak Assefa

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The Amharic language is the second most widely spoken Semitic language in the world. There are several new overloaded on the web. Searching some useful documents from the web on a specific topic, which is written in the Amharic language, is a challenging task. Hence, document categorization is required for managing and filtering important information. In the classification of Amharic text news, there is still a gap in the domain of information that needs to be launch. This study attempts to design an automatic Amharic news classification using a supervised learning mechanism on four un-touch classes. To achieve this research, 4,182 news articles were used. Naive Bayes (NB) and Decision tree (j48) algorithms were used to classify the given Amharic dataset. In this paper, k-fold cross-validation is used to estimate the accuracy of the classifier. As a result, it shows those algorithms can be applicable in Amharic news categorization. The best average accuracy result is achieved by j48 decision tree and naïve Bayes is 95.2345 %, and 94.6245 % respectively using three categories. This research indicated that a typical decision tree algorithm is more applicable to Amharic news categorization.

Keywords: text categorization, supervised machine learning, naive Bayes, decision tree

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Authors: Nabeel Safdar, Qian Aimin

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Corporate philanthropy is important, as the donations have been considered as a source to improve the image of business entity in modern era of high competition. We used data on annual basis from 2000 to 2014 for 1,248 firms listed at Shanghai and Shenzhen stock exchanges. Results for giving firms reveal that there is curve linear relation of profitability and CP, as profitable firms utilize cash in an efficient way and have fewer amounts of slack resource and tradeoff among stakeholder and agency cost made it more justifiable. We found that more profitability does not mean that the cash flows are available, actually good performing firms or profitable firm also good at cash management. Cash is utilized in an effective way by profitable firms, and have fewer extents of slack resources which generate curvilinear relationship of profitability with Corporate Philanthropy. We found that the trend of Corporate Philanthropy also got affected due to natural disasters. Analysis made by innovation, slack resources and directors salary revealed the positive significant relationship. It is not compulsory that firm should be only profitable for engaging in philanthropy rather they should have abundant slack resources to donate.

Keywords: corporate philanthropy, free cash flows, natural disasters, profitability

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Authors: Maria Grazia Albanesi, Riccardo Amadeo

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This study presents a new model of the human image quality assessment process: the aim is to highlight the foundations of the image quality metrics proposed in literature, by identifying the cognitive/physiological or mathematical principles of their development and the relation with the actual human quality assessment process. The model allows to create a novel categorization of objective and subjective image quality metrics. Our work includes an overview of the most used or effective objective metrics in literature, and, for each of them, we underline its main characteristics, with reference to the rationale of the proposed model and categorization. From the results of this operation, we underline a problem that affects all the presented metrics: the fact that many aspects of human biases are not taken in account at all. We then propose a possible methodology to address this issue.

Keywords: eye-tracking, image quality assessment metric, MOS, quality of user experience, visual perception

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Authors: Cathal Ffrench, Ryan Barrett, Mike Quayle

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It is accepted in social psychology that categorization leads to ingroup favoritism, without further thought given to the processes that may co-occur or even precede categorization. These categorizations move away from the conceptualization of the self as a unique social being toward an increasingly collective identity. Subsequently, many individuals derive much of their self-evaluations from these collective identities. The seminal literature on this topic argues that it is primarily categorization that evokes instances of ingroup favoritism. Apropos to these theories, we argue that categorization acts to enhance and further intergroup processes rather than defining them. More accurately, we propose categorization aids initial ingroup contact and this first contact is predictive of subsequent favoritism on individual and collective levels. This analysis focuses on Virtual Interaction APPLication (VIAPPL) based studies, a software interface that builds on the flaws of the original minimal group studies. The VIAPPL allows the exchange of tokens in an intra and inter-group manner. This token exchange is how we classified the first contact. The study involves binary longitudinal analysis to better understand the subsequent exchanges of individuals based on who they first interacted with. Studies were selected on the criteria of evidence of explicit first interactions and two-group designs. Our findings paint a compelling picture in support of a motivated contact hypothesis, which suggests that an individual’s first motivated contact toward another has strong predictive capabilities for future behavior. This contact can lead to habit formation and specific favoritism towards individuals where contact has been established. This has important implications for understanding how group conflict occurs, and how intra-group individual bias can develop.

Keywords: categorization, group dynamics, initial contact, minimal social networks, momentary contact

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Authors: Mas Pertiwi I. G. AG Istri, Sri Kristinayanti Wayan, Oka Aryawan I. Gede Made

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Ability of government to meet the needs of infrastructure investment constrained by the size of the budget commitments for other sectors. Another barrier is the complexity of the process of land acquisition. Public Private Partnership can help bridge the investment gap by including the amount of funding from the private sector, shifted the responsibility of financing, construction of the asset, and the operation and post-project design and care to them. In principle, a construction project implementation always requires the investor as a party to provide resources in the form of funding which it must be contained in a successor agreement in the form of a contract. In general, construction contracts consist of contracts which passed in Indonesia and contract International. One source of funding used in the implementation of construction projects comes from funding that comes from the collaboration between the government and the private sector, for example with the system: BLT (Build Lease Transfer), BOT (Build Operate Transfer), BTO (Build Transfer Operate) and BOO (Build Operate Own). And form of payment under a construction contract can be distinguished several ways: monthly payment, payments based on progress and payment after completed projects (Turn Key). One of the tools used to analyze the feasibility of the investment is to use financial models. The financial model describes the relationship between different variables and assumptions used. From a financial model will be known how the cash flow structure of the project, which includes revenues, expenses, liabilities to creditors and the payment of taxes to the government. Net cash flow generated from the project will be used as a basis for analyzing the feasibility of investment source of project financing Public Private Partnership could come from equity or debt. The proportion of funding according to its source is a comparison of a number of investment funds originating from each source of financing for a total investment cost during the construction period by selected the contract system and several alternative financing percentage ratio determined according to sources will generate cash flow structure that is different. Of the various possibilities for the structure of the cash flow generated will be analyzed by software is to test T Paired to compared the contract system used by various alternatives comparison of financing to determine the effect of the contract system and the comparison of such financing for the feasibility of investment toll road construction project for the economic life of 20 (twenty) years. In this use case studies of toll road contruction project Bali Mandara. And in this analysis only covered two systems contracts, namely Build Operate Transfer and Turn Key. Based on the results obtained by analysis of the variable investment feasibility of the NPV, BCR and IRR between the contract system Build Operate Transfer and contract system Turn Key on the interest rate of 9%, 12% and 15%.

Keywords: contract system, financing, internal rate of return, net present value

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Authors: Victoria Adikpe

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The ills of the Nigerian public sector have been identified at various fora to include lack of financial accountability and poor reporting of government performance. With the enthronement of democracy, citizens’ expectations from the government are drifting from the mere provision of public services to efficiency and accountability. One of the major challenges to achieving accountability in Nigeria is the capability of the cash basis of accounting to meet the reporting requirements of policies and programmes of the government. This paper discussed the growing trend in the debate about the adoption of private sector financial management processes in the public sector as part of the public sector reform programmes. The paper does not claim the ultimate superiority of accrual over cash accounting but shows how it will help to further strengthen the quality of government accounting and reporting.

Keywords: cash accounting, accrual accounting, accountability, reporting

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Authors: R. O. Babatunde, O. M. Igbalajobi, F. Matambalya

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Moderate economic growth in developing and emerging countries has led to improvement in the food consumption and nutrition situation in the last two decades. Nevertheless, about 870 million people, with a quarter of them from Sub-Saharan Africa, are still suffering from hunger worldwide. As part of measures to reduce the widespread poverty and hunger, cash transfer programmes are now being implemented in many countries of the world. While nationwide cash transfer schemes are few in Sub-Saharan Africa generally, the available ones are more concentrated in East and Southern Africa. Much of the available literature on social protection had focused on the poverty impact of cash transfer schemes at the household level, with the larger proportion originating from Latin America. On the contrary, much less empirical studies have been conducted on the poverty impact of cash transfer in Sub-Saharan Africa, let alone on the food security and nutrition impact. To fill this gap in knowledge, this paper examines the impact of cash transfer on food security in Nigeria. As a case study, the paper analysed the Ekiti State Cash Transfer Scheme (ECTS). ECTS is an unconditional transfer scheme which was established in 2011 to directly provide cash transfer to elderly persons aged 65 years and above in Ekiti State of Nigeria. Using survey data collected in 2013, we analysed the impact of the scheme on food availability and dietary diversity of the beneficiary households. Descriptive and Propensity Score Matching (PSM) techniques were used to estimate the Average Treatment Effect (ATE) and Average Treatment Effect on the Treated (ATT) among the beneficiary and control groups. Thereafter, a model to test for the impact of participation in the cash transfer scheme on calorie availability and dietary diversity was estimated. The results indicate that while households in the sample are clearly vulnerable, there were statistically significant differences between the beneficiary and control groups. For instance, monthly expenditure, calorie availability and dietary diversity were significantly larger among the beneficiary and consequently, the prevalence and depth of hunger were lower in the group. Econometric results indicate that the cash transfer has a positive and significant effect on food availability and dietary diversity in the households. Expanding the coverage of the present scheme to cover all eligible households in the country and incorporating cash transfer into a comprehensive hunger reduction policy will make it to have a greater impact at improving food security among the most vulnerable households in the country.

Keywords: calorie availability, cash transfers, dietary diversity, propensity score matching

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Authors: Lina Najafian, Hamidreza Vakilifard

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The present study focused on the relationship between the quality of accruals and non-systematic risk. The independent study variables included the ability of accruals, the information content of accruals, and amount of discretionary accruals considered as accruals quality measures. The dependent variable was non-systematic risk based on the Fama and French Three Factor model (FFTFM) and the capital asset pricing model (CAPM). The control variables were firm size, financial leverage, stock return, cash flow fluctuations, and book-to-market ratio. The data collection method was based on library research and document mining including financial statements. Multiple regression analysis was used to analyze the data. The study results showed that there is a significant direct relationship between financial leverage and discretionary accruals and non-systematic risk based on FFTFM and CAPM. There is also a significant direct relationship between the ability of accruals, information content of accruals, firm size, and stock return and non-systematic based on both models. It was also found that there is no relationship between book-to-market ratio and cash flow fluctuations and non-systematic risk.

Keywords: accruals quality, non-systematic risk, CAPM, FFTFM

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Authors: Wafa Ghonaim

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Though quite fast on growth, Islamic financing at large, and its diverse instruments, is a controversial matter among scholars. This is evident from the ongoing debates on its Shariah compliance. Arguments, however, are inciting doubts and concerns among clients about its credibility, which is harming this lucrative sector. The work here investigates, particularly, some issues related to the Tawarruq instrument. The work examines the issues of linking Murabaha and Wakala contracts, the reselling of commodities to same traders, and the transfer of ownerships. The work affirms that a multi-agent smart electronic market design would facilitate Shariah compliance. The smart market exploits the rational decision-making capabilities of autonomous proxy agents that enable the clients, traders, brokers, and the bank buy and sell commodities, and manage transactions and cash flow. The smart electronic market design delivers desirable qualities that terminate the need for Wakala contracts and the reselling of commodities to the same traders. It also resolves the ownership transfer issues by allowing stakeholders to trade independently. The bank administers the smart electronic market and assures reliability of trades, transactions and cash flow. A multi-agent simulation is presented to validate the concept and processes. We anticipate that the multi-agent smart electronic market design would deliver Shariah compliance of personal financing to the aspiration of scholars, banks, traders and potential clients.

Keywords: Islamic finance, share'ah compliance, smart electronic markets design, multiagent systems

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Authors: Mahdi Azizzadeh, Ali Nabizadeh

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This paper investigates whether ownership structure has significant effects on dividend policy and the percentage of cash dividend payout ratio in Iranian companies listed on the Tehran Stock Exchange. We use a sample of 300 firm-years for 2010-2014. Results indicate that there is no significant relationship between family ownership and/or institutional ownership and dividend policy. Furthermore, there is no significant relationship between dividend policies in family-owned firms with high or low institutional ownership. However, our empirical test shows that family firms with a low level of institutional investors distribute more cash dividends on average than family firms with a high level of institutional ownership.

Keywords: family ownership, institutional ownership, dividend policy, dividend payout ratio

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Authors: Yaser Miaji, Mohammed Aloryani

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The rise of recent applications in everyday implementation like videoconferencing, online recreation and voice speech communication leads to pressing the need for novel mechanism and policy to serve this steep improvement within the application itself and users‟ wants. This diversity in web traffics needs some classification and prioritization of the traffics since some traffics merit abundant attention with less delay and loss, than others. This research is intended to reinforce the mechanism by analysing the performance in application according to the proposed mechanism implemented. The mechanism used is quite direct and analytical. The mechanism is implemented by modifying the queue limit in the algorithm.

Keywords: traffic classification, IPv6, internet, application categorization

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Authors: Eliane Abdo

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Small and medium sized firms “SMEs” play essential role in the countries’ economic development mainly in terms of production, employment and equitable distribution of income. For innovative SMEs, the investment in the human capital and in research and development are crucial to survive in a competitive environment. In this paper we perform a literature review to underline the financing difficulties and constraints which innovative SMEs face while investing in intangible assets: not only when defining amount of the investments but also while choosing its financing methods. Literature review revealed that in order to finance their intangible assets, SMEs rely in first on their internal financing: the availability of internal cash flows can then determine their investment’s decision. Moreover SMEs face difficulties to finance their intangibles by financial debts due to the uncertainty of future cash flow and the absence of physical guarantees; they will therefore go for the issuance of new shares as a second choice, since innovative companies have high opportunity of growth that attract new shareholders.

Keywords: small and medium sized firms, capital structure, intangible investment, financial constraints

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Authors: Lina Martinez, Juan David Rivera Acevedo, Isabella Franco

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The informal economy plays a significant role in the job market in Colombia. Cali, the third largest city in the country, is characterized by a high percentage of socially and economically vulnerable population groups who take part in the urban informal economy, with street vending as their primary source of income. This paper studies the socio-economic dimensions of street vendors in Cali. In particular, it examines why they are unable to capitalize on their comparatively high earnings and are not likely to escape poverty even though they usually profit from government welfare and tax evasion due to the non-regulated character of informality. The analysis of an observational study and two surveys with 637 and 300 participants show that street vending is a cash-based day-to-day activity. Since most of the street vendors do not have access to formal banking systems, they depend on payday loans with incomparably high interest rates which absorb a large share of their income and maintain a continuous indebtedness. This is one of the main reasons why they are unable to improve their living conditions. However, the daily cash flow masks the high opportunity cost of loans and long-term deficits.

Keywords: Colombia, informal economy, payday loans, street vendors

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Authors: Basma Yassa

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Evidence on cash transfers’ effectiveness in mitigating macro and idiosyncratic shocks’ impacts has been mixed and is mostly concentrated in Latin America, Sub-Saharan Africa, and South Asia with very limited evidence from the MENA region. Yet conditional cash transfers schemes have been continually used, especially in Egypt, as the main social protection tool in response to the recent socioeconomic crises and macro shocks. We use 2 panel datasets and 1 cross-sectional dataset to estimate the effectiveness of cash transfers as a shock-mitigative mechanism in the Egyptian context. In this paper, the results from the different models (Panel Fixed Effects model and the Regression Discontinuity Design (RDD) model) confirm that micro and macro shocks lead to significant decline in several household-level welfare outcomes and that Takaful cash transfers have a significant positive impact in mitigating the negative shock impacts, especially on households’ debt incidence, debt levels, and asset ownership, but not necessarily on food, and non-food expenditure levels. The results indicate large positive significant effects on decreasing household incidence of debt by up to 12.4 percent and lowered the debt size by approximately 18 percent among Takaful beneficiaries compared to non-beneficiaries’. Similar evidence is found on asset ownership levels, as the RDD model shows significant positive effects on total asset ownership and productive asset ownership, but the model failed to detect positive impacts on per capita food and non-food expenditures. Further extensions are still in progress to compare the models’ results with the DID model results when using a nationally representative ELMPS panel data (2018/2024) rounds. Finally, our initial analysis suggests that conditional cash transfers are effective in buffering the negative shock impacts on certain welfare indicators even after successive macro-economic shocks in 2022 and 2023 in the Egyptian Context.

Keywords: cash transfers, fixed effects, household welfare, household debt, micro shocks, regression discontinuity design

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Authors: Ugbor Raphael Oluchukwu

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The survey research design was adopted to examine whether liquidity and cash management practices of owner-managed firms in South East Nigeria influence their profitability, growth and survival. Four independent variables (accounting systems, working capital management, budgetary control, and managerial planning) were used in the evaluation which was restricted to eight small firms. Results indicate that one variable, working capital management alone dominate the liquidity perception of owner managers. As a result, owner managers find it difficult to meet maturing business obligations as growth sets in. The study also reveals that the four independent variables have significant impact on the profitability, growth and survival of owner managed firms. Owner managers are therefore advised to undertake regular entrepreneurship training in order to upgrade their liquidity and cash management knowledge and practices to enhance their overall performance.

Keywords: liquidity management, owner-managed firm, profitability, survival

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Authors: Farheen Akram

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Research and Development (R&D) is the most crucial element of the firm’s survival in a competitive business environment. R&D is a long-term investment; therefore, executives having the power to make the investment decisions may be pessimistic when their compensation is closely linked with short-term firm performance. Thus, the current study investigates the impact of board composition and executives’ compensation (cash or short-term benefits and LTIs) on R&D spending using a sample of 85 S&P/100 firms listed on the Australian Stock Exchange (ASX) in 2017. SmartPLS (v.3.2.7) was used to evaluate the proposed model of current research. The empirical findings of this study indicate that board composition has a significant and positive effect on R&D spending. While, as expected, executive cash compensation has negative and Long-Term-Incentives (LTIs) has a positive impact on R&D spending. Based on current findings, the study suggested that myopic behavior of CEOs and top management towards long-term value creation investment like R&D can be controlled by using long-term compensation rewards.

Keywords: cash compensation, LTIs, board composition, R&D spending

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Authors: Amornchai Challcharoenwattana, Chanathip Pharino

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Rising amount of MSW every day, maximizing material diversions from landfills via recycling is a prefer method to land dumping. Characteristic of Thai MSW is classified as 40 -60 per cent compostable wastes while potentially recyclable materials in waste streams are composed of plastics, papers, glasses, and metals. However, rate of material recovery from MSW, excluding composting or biogas generation, in Thailand is still low. Thailand’s recycling rate in 2010 was only 20.5 per cent. Central government as well as local governments in Thailand have tried to curb this problem by charging some of MSW management fees at the users. However, the fee is often too low to promote MSW minimization. The objective of this paper is to identify levels of willingness-to-pay (WTP) for MSW recycling in different social structures with expected outcome of sustainable MSW managements for different town settlements to maximize MSW recycling pertaining to each town’s potential. The method of eliciting WTP is a payment card. The questionnaire was deployed using online survey during December 2012. Responses were categorized into respondents living in Bangkok, living in other municipality areas, or outside municipality area. The responses were analysed using descriptive statistics, and multiple linear regression analysis to identify relationships and factors that could influence high or low WTP. During the survey period, there were 168 filled questionnaires from total 689 visits. However, only 96 questionnaires could be usable. Among respondents in the usable questionnaires, 36 respondents lived in within the boundary of Bangkok Metropolitan Administration while 45 respondents lived in the chartered areas that were classified as other municipality but not in BMA. Most of respondents were well-off as 75 respondents reported positive monthly cash flow (77.32%), 15 respondents reported neutral monthly cash flow (15.46%) while 7 respondent reported negative monthly cash flow (7.22%). For WTP data including WTP of 0 baht with valid responses, ranking from the highest means of WTP to the lowest WTP of respondents by geographical locations for good MSW management were Bangkok (196 baht/month), municipalities (154 baht/month), and non-urbanized towns (111 baht/month). In-depth analysis was conducted to analyse whether there are additional room for further increase of MSW management fees from the current payment that each correspondent is currently paying. The result from multiple-regression analysis suggested that the following factors could impacts the increase or decrease of WTP: incomes, age, and gender. Overall, the outcome of this study suggests that survey respondents are likely to support improvement of MSW treatments that are not solely relying on landfilling technique. Recommendations for further studies are to obtain larger sample sizes in order to improve statistical powers and to provide better accuracy of WTP study.

Keywords: MSW, willingness to pay, payment card, waste seperation

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Authors: Tahar Tayachi, Ahlam Alrehaili

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Purpose: The purpose of this paper is to investigate the relationship between the corporate board characteristics and the dividend policy among firms on the Saudi Stock Exchange. Design/Methodology/Approach: This paper uses a sample of 103 nonfinancial firms over a time period of 4 years from 2015 to 2018. To investigate how corporate governance mechanisms such as board independence, the board size, frequency of meetings, and free cash flow impact dividends, the study uses Logit and Tobit models. Findings: This paper finds that board size, board independence, and frequency of board meetings have no influence on a firm’s decision to pay dividends, while board size has a significantly positive impact on the levels of cash dividends paid to investors. This study also finds that the level of free cash flows has a positively significant influence on both the decision to pay dividends and the magnitude of dividend payouts. Research Limitations/Implications: This paper attempts to study the effectiveness of dividend policy among some firms on the Saudi Stock Exchange. Practical Implications: The findings reveal that board characteristics, which represent one of the crucial mechanisms of corporate governance, were found to be complementary to corporate laws and regulations imposed on the Saudi market in 2015. The findings also imply that capital market authorities should revise their corporate regulations and ensure that protection laws are adequate and strong enough to protect the interests of all shareholders. Originality/Value: This paper is among the few studies focusing on dividend policy in Saudi Arabia. Finally, these findings suggest that the improvements in corporate laws in Saudi Arabia led to such an outcome, and it has become prevalent in dividend policy decisions and behaviors of Saudi firms.

Keywords: agency theory, Tobit, corporate governance, dividend payout, Logit

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Authors: Lopamudra D. Satpathy, Bani Chatterjee, Jitendra Mahakud

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The rapid economic growth in terms of output and investment necessitates a substantial growth of Total Factor Productivity (TFP) of firms which is an indicator of an economy’s technological change. The strong empirical relationship between financial sector development and economic growth clearly indicates that firms financing decisions do affect their levels of output via their investment decisions. Hence it establishes a linkage between the financial factors and productivity growth of the firms. To achieve the smooth and continuous economic growth over time, it is imperative to understand the financial channel that serves as one of the vital channels. The theoretical or logical argument behind this linkage is that when the internal financial capital is not sufficient enough for the investment, the firms always rely upon the external sources of finance. But due to the frictions and existence of information asymmetric behavior, it is always costlier for the firms to raise the external capital from the market, which in turn affect their investment sentiment and productivity. This kind of financial position of the firms puts heavy pressure on their productive activities. Keeping in view this theoretical background, the present study has tried to analyze the role of both external and internal financial factors (leverage, cash flow and liquidity) on the determination of total factor productivity of the firms of manufacturing industry and its sub-industries, maintaining a set of firm specific variables as control variables (size, age and disembodied technological intensity). An estimate of total factor productivity of the Indian manufacturing industry and sub-industries is computed using a semi-parametric approach, i.e., Levinsohn- Petrin method. It establishes the relationship between financial factors and productivity growth of 652 firms using a dynamic panel GMM method covering the time period between 1997-98 and 2012-13. From the econometric analyses, it has been found that the internal cash flow has a positive and significant impact on the productivity of overall manufacturing sector. The other financial factors like leverage and liquidity also play the significant role in the determination of total factor productivity of the Indian manufacturing sector. The significant role of internal cash flow on determination of firm-level productivity suggests that access to external finance is not available to Indian companies easily. Further, the negative impact of leverage on productivity could be due to the less developed bond market in India. These findings have certain implications for the policy makers to take various policy reforms to develop the external bond market and easily workout through which the financially constrained companies will be able to raise the financial capital in a cost-effective manner and would be able to influence their investments in the highly productive activities, which would help for the acceleration of economic growth.

Keywords: dynamic panel, financial factors, manufacturing sector, total factor productivity

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Authors: Rebeca Ramirez Acosta, Sebastian Lenhoff

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Decision makers worldwide need to determine if the implementation of a new market mechanism will contribute to the sustainability and resilience of the power system. Due to smart grid technologies, new products in the distribution and transmission system can be traded; however, the impact of changing a market rule will differ between several regions. To test systematically those impacts, a market categorization has been compiled and organized in a smart grid market testing toolbox. This toolbox maps all actual energy products and sets the basis for running a co-simulation test with the new rule to be implemented. It will help to measure the impact of the new rule, based on the sustainable and resilience indicators.

Keywords: co-simulation, electricity market, smart grid market, market testing

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Authors: Roya Yumul, Chse, Ofelia Loani Elvir Lazo, David Chernobylsky, Omar Durra

Abstract:

Background: Preoperative anxiety has been shown to be caused by the fear associated with surgical and anesthetic complications; however, the current gold standard for assessing patient anxiety, the STAI, is problematic to use in the preoperative setting given the duration and concentration required to complete the 40-item extensive questionnaire. Our primary aim in the study is to investigate the correlation of the Visual Facial Anxiety Scale (VFAS) and Numerical Verbal Rating Scale (NVRS) to State-Trait Anxiety Inventory (STAI) to determine the optimal anxiety scale to use in the perioperative setting. Methods: A clinical study of patients undergoing various surgeries was conducted utilizing each of the preoperative anxiety scales. Inclusion criteria included patients undergoing elective surgeries, while exclusion criteria included patients with anesthesia contraindications, inability to comprehend instructions, impaired judgement, substance abuse history, and those pregnant or lactating. 293 patients were analyzed in terms of demographics, anxiety scale survey results, and anesthesia data via Spearman Coefficients, Chi-Squared Analysis, and Fischer’s exact test utilized for comparison analysis. Results: Statistical analysis showed that VFAS had a higher correlation to STAI than NVRS (rs=0.66, p<0.0001 vs. rs=0.64, p<0.0001). The combined VFAS-Categorization Scores showed the highest correlation with the gold standard (rs=0.72, p<0.0001). Subgroup analysis showed similar results. STAI evaluation time (247.7 ± 54.81 sec) far exceeds VFAS (7.29 ± 1.61 sec), NVRS (7.23 ± 1.60 sec), and Categorization scales (7.29 ± 1.99 sec). Patients preferred VFAS (54.4%), Categorization (11.6%), and NVRS (8.8%). Anesthesiologists preferred VFAS (63.9%), NVRS (22.1%), and Categorization Scales (14.0%). Of note, the top five causes of preoperative anxiety were determined to be waiting (56.5%), pain (42.5%), family concerns (40.5%), no information about surgery (40.1%), or anesthesia (31.6%). Conclusions: Combined VFAS-Categorization Score (VCS) demonstrates the highest correlation to the gold standard, STAI. Both VFAS and Categorization tests also take significantly less time than STAI, which is critical in the preoperative setting. Among both patients and anesthesiologists, VFAS was the most preferred scale. This forms the basis of the Yumul FACES Anxiety Scale, designed for quick quantization and assessment in the preoperative setting while maintaining a high correlation to the golden standard. Additional studies using the formulated Yumul FACES Anxiety Scale are merited.

Keywords: numerical verbal anxiety scale, preoperative anxiety, state-trait anxiety inventory, visual facial anxiety scale

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Authors: Mehdi Fuladipanah, Mehdi Jorabloo

Abstract:

Water flow management is one of the most important parts of river engineering. Non-uniformity distribution of rainfall and various flow demand with unreasonable flow management will be caused destroyed of river ecosystem. Then, it is very serious to determine ecosystem flow requirement. In this paper, flow duration curve indices method which has hydrological based was used to evaluate environmental flow in Gharasou River, Ardabil, Iran. Using flow duration curve, Q90 and Q95 for different return periods were calculated. Their magnitude were determined as 1-day, 3-day, 7-day, and 30 day. According the second method, hydraulic alteration indices often had low and medium range. In order to maintain river at an acceptable ecological condition, minimum daily discharge of index Q95 is 0.7 m3.s-1.

Keywords: ardabil, environmental flow, flow duration curve, Gharasou river

Procedia PDF Downloads 653

Authors: Ofelia Loani Elvir Lazo, Roya Yumul, David Chernobylsky, Omar Durra

Abstract:

Background: It is crucial to detect the patient’s existing anxiety to assist patients in a perioperative setting which is to be caused by the fear associated with surgical and anesthetic complications. However, the current gold standard for assessing patient anxiety, the STAI, is problematic to use in the preoperative setting, given the duration and concentration required to complete the 40-item questionnaire. Our primary aim in the study is to investigate the correlation of the Yumul Visual Facial Anxiety Scale (VFAS) and Numerical Verbal Rating Scale (NVRS) to State-Trait Anxiety Inventory (STAI) to determine the optimal anxiety scale to use in the perioperative setting. Methods: A clinical study of patients undergoing various surgeries was conducted utilizing each of the preoperative anxiety scales. Inclusion criteria included patients undergoing elective surgeries, while exclusion criteria included patients with anesthesia contraindications, inability to comprehend instructions, impaired judgement, substance abuse history, and those pregnant or lactating. 293 patients were analyzed in terms of demographics, anxiety scale survey results, and anesthesia data via Spearman Coefficients, Chi-Squared Analysis, and Fischer’s exact test utilized for comparative analysis. Results: Statistical analysis showed that VFAS had a higher correlation to STAI than NVRS (rs=0.66, p<0.0001 vs. rs=0.64, p<0.0001). The combined VFAS-Categorization Scores showed the highest correlation with the gold standard (rs=0.72, p<0.0001). Subgroup analysis showed similar results. STAI evaluation time (247.7 ± 54.81 sec) far exceeds VFAS (7.29 ± 1.61 sec), NVRS (7.23 ± 1.60 sec), and Categorization scales (7.29 ± 1.99 sec). Patients preferred VFAS (54.4%), Categorization (11.6%), and NVRS (8.8%). Anesthesiologists preferred VFAS (63.9%), NVRS (22.1%), and Categorization Scales (14.0%). Of note, the top five causes of preoperative anxiety were determined to be waiting (56.5%), pain (42.5%), family concerns (40.5%), no information about surgery (40.1%), or anesthesia (31.6%). Conclusıons: Both VFAS and Categorization tests also take significantly less time than STAI, which is critical in the preoperative setting. Combined VFAS-Categorization Score (VCS) demonstrates the highest correlation to the gold standard, STAI. Among both patients and anesthesiologists, VFAS was the most preferred scale. This forms the basis of the Yumul Faces Anxiety Scale, designed for quick quantization and assessment in the preoperative setting while maintaining a high correlation to the golden standard. Additional studies using the formulated Yumul Faces Anxiety Scale are merited.

Keywords: numerical verbal anxiety scale, preoperative anxiety, state-trait anxiety inventory, visual facial anxiety scale

Procedia PDF Downloads 92

Authors: Kristel Faye Tandog

Abstract:

The State Owned Enterprise (SOE) or also called Public Enterprise (PE) has been playing a vital role in a country’s social and economic development. Following this idea, this study focused on the Factor Structures of Financial Performance of the Local Economic Enterprises (LEEs) namely: Food Court, Market, Slaughterhouse, and Terminal in Matalam, Cotabato. It aimed to determine the profile of the LEEs in terms of organizational structure, manner of creation, years in operation, source of initial operating requirements, annual operating budget, geographical location, and size or description of the facility. This study also included the different financial ratios of LEE that covered a five year period from Calendar Year 2009 to 2013. Primary data using survey questionnaire was administered to 468 respondents and secondary data were sourced out from the government archives and financial documents of the said LGU. There were 12 dominant factors identified namely: “management”, “enforcement of laws”, “strategic location”, “existence of non-formal competitors”, “proper maintenance”, “pricing”, “customer service”, “collection process”, “rentals and services”, “efficient use of resources”, “staffing”, and “timeliness and accuracy”. On the other hand, the financial performance of the LEE of Matalam, Cotabato using financial ratios needs reformatting. This denotes that refinement as to the following ratios: Cash Flow Indicator, Activity, Profitability and Growth is necessary. The cash flow indicator ratio showed difficulty in covering its debts in successive years. Likewise, the activity ratios showed that the LEE had not been effective in putting its investment at work. Moreover, profitability ratios revealed that it had operated in minimum capacity and had incurred net losses and thus, it had a weak profit performance. Furthermore, growth ratios showed that LEE had a declining growth trend particularly in net income.

Keywords: factor structures, financial performance, financial ratios, state owned enterprises

Procedia PDF Downloads 233

Authors: F. Kantaş, D. Boyacı, C. Dinç

Abstract:

Exhaust systems plays an important role in thermal heat management. Exhaust manifold picks burned gas from engine and exhaust pipes transmit exhaust gas to muffler, exhaust gas is reacted chemically to avoid noxious gas and sound is reduced in muffler then gas is threw out with tail pipe from muffler. Exhaust gas flows out from tail pipe and this hot gas flows to many parts that available around tail pipe and muffler, like spare tire, transmission, pipes etc. These parts are heated by hot exhaust gas. Also vehicle on ride, external flow effects exhaust gas flow and exhaust gas behavior is changed. It's impossible to understand which parts are heated by hot exhaust gas in tests. To understand this phenomena, exhaust gas flow is solved in CFD also external flow due to vehicle movement must be solved with exhaust gas flow. Because external flow effects exhaust gas flow behavior with many parameters. This paper investigates external flow effects exhaust gas flow behavior and other critical parameters effect exhaust gas flow behavior, like different tail pipe design, exhaust gas mass flow in critic vehicle driving situations.

Keywords: exhaust, gas flow, vehicle, external flow

Procedia PDF Downloads 416

Authors: Mohd Hazwan bin Yusof, Hiroshi Katanoda

Abstract:

In order to clarify the structure of the cold flow discharged from the vortex tube (VT), the pressure of the cold flow was measured, and a simple flow visualization technique using a 0.75 mm-diameter needle and an oily paint is made to study the reverse flow at the cold exit. It is clear that a negative pressure and positive pressure region exist at a certain pressure and cold fraction area, and that a reverse flow is observed in the negative pressure region.

Keywords: flow visualization, pressure measurement, reverse flow, vortex tube

Procedia PDF Downloads 489