Search results for: financial productivity

Authors: Ivan Samokhin

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A new two-factor model of school students’ capacity levels is proposed. It considers the academic productivity and emotional condition of children taking part in the study process. Each basic level reflects the correlation of these two factors. The teacher decides whether the required result is achieved or not and write down the grade (from 'A' to 'F') in the register. During the term, the teacher can estimate the students’ progress with any intervals, but it is not desirable to exceed a two-week period (with primary school being an exception). Each boy or girl should have a special notebook to record the emotions which they feel studying a subject. The children can make their notes the way they like it – for example, using a ten-point scale or a short verbal description. It is recommended to record the emotions twice a day: after the lesson and after doing the homework. Before the students start doing this, they should be instructed by a school psychologist, who has to emphasize that an attitude to the subject – not to a person in charge of it – is relevant. At the end of the term, the notebooks are given to the teacher, who is now able to make preliminary conclusions about academic results and psychological comfort of each student. If necessary, some pedagogical measures can be taken. The data about a supposed capacity level is available for the teacher and the school administration. In certain cases, this information can be also revealed to the student’s parents, while the student learns it only after receiving a school-leaving certificate (until this moment, the results are not considered ultimate). Then a person may take these data into consideration when choosing his/her future area of higher education. We single out four main capacity levels: 'nominally low', 'inclination', 'ability' and 'gift'.

Keywords: academic productivity, capacity level, emotional condition, school students

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Authors: Edlira Donefski, Tina Donefski, Lorenc Ekonomi

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Edgeworth Approximation, Bootstrap, and Monte Carlo Simulations have considerable impacts on achieving certain results related to different problems taken into study. In our paper, we have treated a financial case related to the effect that has the components of a cash-flow of one of the most successful businesses in the world, as the financial activity, operational activity, and investment activity to the cash and cash equivalents at the end of the three-months period. To have a better view of this case, we have created a vector autoregression model, and after that, we have generated the impulse responses in the terms of asymptotic analysis (Edgeworth Approximation), Monte Carlo Simulations, and residual bootstrap based on the standard errors of every series created. The generated results consisted of the common tendencies for the three methods applied that consequently verified the advantage of the three methods in the optimization of the model that contains many variants.

Keywords: autoregression, bootstrap, edgeworth expansion, Monte Carlo method

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Authors: S. K. Kakraliya, H. S. Jat, Manish Kakraliya, P. C. Sharma, M. L. Jat

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The biggest challenge in agriculture is to produce more food for the continually increasing world population with in the limited land and water resources. Serious water deficits and reducing natural resources are some of the major threats to the agricultural sustainability in many regions of South Asia. Food and water security may be gained by bringing improvement in the crop water productivity and the amount produced per unit of water consumed. Improvement in the crop water productivity may be achieved by pursuing alternative modern agronomics approaches, which are more friendly and efficient in utilizing natural resources. Therefore, a research trial on conservation agriculture (CA) and precision water management (PWM) was conducted in 2018-19 at Karnal, India to evaluate the effect on crop productivity and irrigation in sodic soils under rice-wheat (RW) systems of Indo-Gangetic Plains (IGP). Eight scenarios were compared varied in the tillage, crop establishment, residue and irrigarion management i.e., {First four scenarios irrigated with flood irrigation method;Sc1-Conventional tillage (CT) without residue, Sc2-CT with residue, Sc3- Zero tillage (ZT) without residue, Sc4-ZT with residue}, and {last four scenarios irrigated with sub-surface drip irrigation method; Sc5-ZT without residue, Sc6- ZT with residue, Sc7-ZT inclusion legume without residue and Sc8- ZT inclusion legume with residue}. Results revealed that CA-flood irrigation (S3, Sc4) and CA-PWM system (Sc5, Sc6, Sc7 and Sc8) recorded about ~5% and ~15% higher wheat yield, respectively compared to Sc1. Similar, CA-PWM saved ~40% irrigation water compared to Sc1. Rice yield was not different under different scenarios in the first year (kharif 2019) but almost half irrigation water saved under CA-PWM system. Therefore, results of our study on modern agronomic practices including CA and precision water management (subsurface drip irrigation) for RW rotation would be addressed the existing and future challenges in the RW system.

Keywords: Sub-surface drip, Crop residue, Crop yield , Zero tillage

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Authors: Muhammad Kashif

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The primary aim of this paper is to investigate the influence of financial technology (FinTech) on sustainable finance. The sample for this study spans from 2010 to 2021, encompassing data from 89 countries worldwide. The study employed two-stage least squares (2SLS) regression approach with the instrumental variables and validated the findings using a two-step system generalized method of moments (GMM). The findings indicate that fintech has a significant favorable impact on sustainable finance. While other factors such as institutional quality, socio-economic condition, and renewable energy have a significant and beneficial influence on the trajectory of sustainable finance, except globalization's impact is positive but insignificant. Furthermore, fintech is crucial in driving the transition toward a sustainable future characterized by a lower carbon economy. The study found that fintech has extensive application across various sectors of sustainable finance and has substantial potential to create long-term positive effects on sustainable finance. Fintech can integrate extensively with other technologies to facilitate diversified growth in sustainable finance. Additionally, this study highlights fintech-related trends and research opportunities in sustainable finance, showing how these can promote each other worldwide with important policy implications for countries looking to advance sustainable finance through technology.

Keywords: sustainable development goals (SDGs), financial technology (FinTech), genuine savings index (GSI), financial stability index, sustainable finance

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Authors: Maryam Kalkatechi

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Architecture students spent most of their qualitative time in studios during their years of study. The studio table’s importance as furniture in the studio is that it elevates the quality of the projects and positively influences the student’s productivity. This paper first describes the aspects considered in designing comprehensive studio table and later details on each aspect. Comprehensive studio tables are meant to transform the studio space to an efficient yet immense place of learning, collaboration, and participation. One aspect of these tables is that the surface transforms to a place of accommodation for design conversations, the other aspect of these tables is the efficient interactive platform of the tools. The discussion factors of the comprehensive studio include; the comprehensive studio setting of workspaces, the arrangement of the comprehensive studio tables, the collaboration aspects in the studio, the studio display and lightings shaped by the tables and lighting of the studio.

Keywords: studio tables, student performance, productivity, hologram, 3D printer

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Authors: Masoumeh Ghasemi, Afshin Farahbakhsh, Arman Farahbakhsh, Ali Asghar Safari

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In this study, lipase production has been investigated using submerge fermentation by Aspergillus niger in Kilka fish oil as main substrate. The Taguchi method with an L9 orthogonal array design was used to investigate the effect of parameters and their levels on lipase productivity. The optimum conditions for Kilka fish oil concentration, incubation temperature and pH were obtained 3 gr./ml 35°C and 7, respectively. The amount of lipase activity in optimum condition was obtained 4.59IU/ml. By comparing this amount with the amount of productivity in the olive oil medium based on the cost of each medium, it was that using Kilka fish oil is 84% economical. Therefore Kilka fish oil can be used as an economical and suitable substrate in the lipase production and industrial usages.

Keywords: lipase, Aspergillus niger, Kilka fish oil, submerge fermentation method

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Authors: Veerpal Kaur

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The present paper aims at investigating the role of dynamic externalities of agglomeration in the regional productivity growth of manufacturing sector in India and China. Taking 2-digit level manufacturing sector data of states and provinces of India and China respectively for the period of 1998-99 to 2011-12, this paper examines the effect of dynamic externalities namely – Marshall-Arrow-Romer (MAR) specialization externalities, Jacobs’s diversity externalities, and Porter’s competition externalities on regional total factor productivity growth (TFPG) of manufacturing sector in both economies. Regressions have been carried on pooled data for all 2-digit manufacturing industries for India and China separately. The estimation of Panel has been based on a fixed effect by sector model. The results of econometric exercise show that labour-intensive industries in Indian regional manufacturing benefit from diversity externalities and capital intensive industries gain more from specialization in terms of TFPG. In China, diversity externalities and competition externalities hold better prospectus for regional TFPG in both labour intensive and capital intensive industries. But if we look at results for coastal and non-coastal region separately, specialization tends to assert a positive effect on TFPG in coastal regions whereas it has a negative effect on TFPG of coastal regions. Competition externalities put a negative effect on TFPG of non-coastal regions whereas it has a positive effect on TFPG of coastal regions. Diversity externalities made a positive contribution to TFPG in both coastal and non-coastal regions. So the results of the study postulate that the importance of dynamic externalities should not be examined by pooling all industries and all regions together. This could hold differential implications for region specific and industry-specific policy formulation. Other important variables explaining regional level TFPG in both India and China have been the availability of infrastructure, level of competitiveness, foreign direct investment, exports and geographical location of the region (especially in China).

Keywords: China, dynamic externalities, India, manufacturing, productivity

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Authors: M. B. Sokoto, L. Tanko, Y. M. Abdullahi

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The study aimed at examining the impact of climatic factors (rainfall, minimum and maximum temperature) on the productivity of major cereals in Sokoto state, Nigeria. Secondary data from 1997-2008 were used in respect of annual yield of Major cereals crops (maize, millet, rice, and sorghum (t ha-1). Data in respect of climate was collected from Sokoto Energy Research Centre (SERC) for the period under review. Data collected was analyzed using descriptive statistics, correlation and regression analysis. The result of the research reveals that there is variation in the trend of the climatic factors and also variation in cereals output. The effect of average temperature on yields has a negative effect on crop yields. Similarly, rainfall is not significant in explaining the effect of climate on cereal crops production. The study has revealed to some extend the effect of climatic variables, such as rainfall, relative humidity, maximum and minimum temperature on major cereals production in Sokoto State. This will assist in planning ahead in cereals production in the area. Other factors such as soil fertility, correct timing of planting and good cultural practices (such as spacing of strands), protection of crops from weeds, pests and diseases and planting of high yielding varieties should also be taken into consideration for increase yield of cereals.

Keywords: cereals, climate, impact, major, productivity

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Authors: C. C. Chima, C. J. M. Anumaka

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This study evaluates environmental disclosures on the financial performance of quoted industrial goods manufacturing sectors in Nigeria. The study employed a quasi-experimental research design to establish the relationship that exists between the environmental disclosure index and financial performance indices (return on assets - ROA, return on equity - ROE, and earnings per share - EPS). A purposeful sampling technique was employed to select five (5) industrial goods manufacturing sectors quoted on the Nigerian Stock Exchange. Secondary data covering 2011 to 2020 financial years were extracted from annual reports of the study sectors using a content analysis method. The data were analyzed using SPSS, Version 23. Panel Ordinary Least Squares (OLS) regression method was employed in estimating the unknown parameters in the study’s regression model after conducting diagnostic and preliminary tests to ascertain that the data set are reliable and not misleading. Empirical results show that there is an insignificant negative relationship between the environmental disclosure index (EDI) and the performance indices (ROA, ROE, and EPS) of the industrial goods manufacturing sectors in Nigeria. The study recommends that: only relevant information which increases the performance indices should appear on the disclosure checklist; environmental disclosure practices should be country-specific; and company executives in Nigeria should increase and monitor the level of investment (resources, time, and energy) in order to ensure that environmental disclosure has a significant impact on financial performance.

Keywords: earnings per share, environmental disclosures, return on assets, return on equity

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Authors: Arunas Burinskas, Manuela Tvaronavičienė

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Although the new trade theories, unlike the theories of an industrial organisation, see the structure of the market and competition between enterprises through their heterogeneity according to various parameters, they do not pay any particular attention to the analysis of the market structure and its development. In this article, although we relied mainly on models developed by the scholars of new trade theory, we proposed a different approach. In our simulation model, we model market demand according to normal distribution function, while on the supply side (as it is in the new trade theory models), productivity is modeled with the Pareto distribution function. The results of the simulation show that companies with higher productivity (lower marginal costs) do not pass on all the benefits of such economies to buyers. However, even with higher marginal costs, firms can choose to offer higher value-added goods to stay in the market. In general, the structure of the market is formed quickly enough and depends on the skills available to firms.

Keywords: market, structure, simulation, heterogenous firms

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Authors: Ndeye Tiguida Sarr, Onur Akpinar

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The tourism industry, being the sector that includes all the activities related to the organization and satisfaction of tourists during their trip, also has a very important role in the national economy of the host country. In order to measure the stakes of tourism on the economy, microeconomic and macroeconomic factors are elements of analysis. While microeconomics is limited to an individual perspective, macroeconomics extends to a global perspective and treats the economy as a whole by focusing on social and economic actors in general. It is in this context that this study focuses on macroeconomic variables in order to determine the factors that influence the financial performance of tourism firms in Turkey, which is one of the world's major destinations. The aim of the study is to demonstrate the relationship between macroeconomic variables and the financial performance of tourism firms. Data from 2011 to 2020 are collected, from a sample of 16 companies that represent the tourism sector in Borsa Istanbul. Tobin’s Q ratio, Market to Book ratio, Return on Invested Capital, and Return on Assets as the financial performance indicators were dependent variables of the study. Gross Domestic Products, Inflation, Interest Rates, and Unemployment as macroeconomic indicators were independent variables. Again, Size, Liquidity, Leverage, and Age were control variables of the study. According to the results, value indicators, which are Tobin’s Q ratio and Market to Book ratio, have a statistically significant relationship with Inflation, Interest Rates, and Unemployment. A negative relationship is found between value indicators and Interest rates and a positive relationship between value indicators and Unemployment and Inflation. On the other hand, there is no significant relationship between profit indicators (Return on Invested Capital and Return on Assets) and macroeconomic variables. Accordingly, Interest rates negatively affect the financial performance of tourism firms and stand out as a factor that decreases the value.

Keywords: financial performance, macroeconomic variables, panel data, Tobin Q

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Authors: Pascal François Faye, Baye Mor Sall, Bineta Dembele, Jeanne Ana Awa Faye

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In agriculture, estimating crop yields is key to improving productivity and decision-making processes such as financial market forecasting and addressing food security issues. The main objective of this paper is to have tools to predict and improve the accuracy of crop yield forecasts using machine learning (ML) algorithms such as CART , KNN and SVM . We developed a mobile app and a web app that uses these algorithms for practical use by farmers. The tests show that our system (collection and deployment architecture, web application and mobile application) is operational and validates empirical knowledge on agro-climatic parameters in addition to proactive decision-making support. The experimental results obtained on the agricultural data, the performance of the ML algorithms are compared using cross-validation in order to identify the most effective ones following the agricultural data. The proposed applications demonstrate that the proposed approach is effective in predicting crop yields and provides timely and accurate responses to farmers for decision support.

Keywords: prediction, machine learning, artificial intelligence, digital agriculture

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Authors: William Middleton, Nodumo Zulu, Sue Harrison

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Open raceway ponds are currently the most used system for the commercial cultivation of algal biomass, as it is a cost-effective means of production. However, raceway ponds suffer from lower algal productivity when compared to closed photobioreactors. This is due to poor gas exchange between the fluid and the atmosphere. Carbon dioxide (CO₂) mass transfer is a large concern in the production of algae in raceway pond systems. The utilization of atmospheric CO₂ does not support maximal growth; however, CO₂ supplementation in the form of flue gas or concentrated CO₂ is not cost-effective. The introduction of slopes into the raceway system presents a possible improvement to the mass transfer from the air, as seen in previous work conducted at CeBER. Slopes improve turbulence (decreasing the concentration gradient of dissolved CO₂) and can cause air entrainment (allowing for greater surface area and contact time between the air and water). This project tests the findings of previous studies conducted in an indoor lab-scale raceway on a larger scale under outdoor conditions. The addition of slopes resulted in slightly increased CO₂ mass transfer as well as algal growth rate and productivity. However, there were reductions in energy consumption and average fluid velocity in the system. These results indicate a potential to improve the economic feasibility of algal biomass production, but further economic assessment would need to be carried out.

Keywords: algae, raceway ponds, mass transfer, algal culture, biotechnology, reactor design

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Authors: Paulo Sergio Altman Ferreira

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Relationship development plays an essential role in every logistics company. Logistics companies are service-based businesses essentially performing the flow of materials, housing, and inventory management for a wide range of customers. The service encounter between the logistics provider’s personnel and the customers may form a connection that will demonstrate a strong impact, not only to the customers' overall satisfaction but may also provide the perception of individualized services. Logistics services must drive value. It also shows a close influence on the quality and costs of client-centered services. If we describe logistics value creation as the function of quality perception of the client divided by service costs, there is a requirement to better outline and explain the measures and analytics for logistics costs and relationship performance. This critical shift to understand logistics services is a relevant contribution to capture how relationship value can be quantified. This might involve changing our current perspective on logistics providers beyond uniquely measuring the services in terms of activities, personnel levels, and financial/costs ratios. This paper argues that measuring value creation accomplishments of logistics services needs to consider the relational improvements for the wider range of logistics companies. Accurate logistics value requires a description of the financial impact of the relational perspective of the service.

Keywords: logistics services providers, financial metrics, relationship management, value creation

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Authors: Loreta Kaklauskiene, Arturas Kaklauskas

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The Integrated Human Resources and Work Environment Management (HOWE) System optimises employee productivity, improves the work environment, and, at the same time, meets the employer’s strategic goals. The HOWE system has been designed to ensure an organisation can successfully compete in the global market, thanks to the high performance of its employees. The HOWE system focuses on raising workforce productivity and improving work conditions to boost employee performance and motivation. The methods used in our research are linear correlation, INVAR multiple criteria analysis, digital twin, and affective computing. The HOWE system is based on two patents issued in Lithuania (LT 6866, LT 6841) and one European Patent application (No: EP 4 020 134 A1). Our research analyses ways to make human resource management more efficient and boost labour productivity by improving and adapting a personalised work environment. The efficiency of human capital and labour productivity can be increased by applying personalised workplace improvement systems that can optimise lighting colours and intensity, scents, data, information, knowledge, activities, media, games, videos, music, air pollution, humidity, temperature, vibrations, and other workplace aspects. HOWE generates and maintains a personalised workspace for an employee, taking into account the person’s affective, physiological and emotional (APSE) states. The purpose of this project was to create a HOWE for the customisation of quality control in smart workspaces taking into account the user’s APSE states in an integrated manner as a single unit. This customised management of quality control covers the levels of lighting and colour intensities, scents, media, information, activities, learning materials, games, music, videos, temperature, energy efficiency, the carbon footprint of a workspace, humidity, air pollution, vibrations and other aspects of smart spaces. The system is based on Digital Twins technology, seen as a logical extension of BIM.

Keywords: human resource management, health economics, work environment, organizational behaviour and employee productivity, prosperity in work, smart system

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Authors: M. S. Turan, Dimple

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Due to implementation of IFRS by several developed and developing countries, India has no option other than to converge their accounting standards with IFRS. There are over 10,000 listed companies required to implement IFRS in India. IFRS based financial information presented by a company is different from the same information provided by Indian GAAPs. In this study, we have brought out and analyzed the effect of IFRS reporting on the financial statements of selected companies. The results reveal that convergence with IFRS brought prominent positive variations in the values of quick ratio, debt/equity ratio, proprietary ratio and net profit ratio, while negative variation is brought in the values of current ratio, debt to total assets ratio, operating profit ratio, return on capital employed and return on shareholders’ equity ratios. It also presents significant changes in the values of items of balance sheet, profit and loss account and cash flow statement.

Keywords: IFRS, reporting standards, convergence process, results

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Authors: Precious M. Tshabalala, Thula S. Dlamini, Frikkie Liebenberg, Johann Kirsten

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Numerous studies have been conducted, and the evidence has been unambiguous showing that investing in agricultural research and development increases productivity. Continued investments in agricultural research have led to the development of over 26 successful plum cultivars since 1980 at the Agricultural Research Council’s (ARC) Infruitec/Nietvoorbij in South Africa, and more continue to be developed to meet the specific needs of both producers and consumers. Yet very little is known about the returns on any of these research initiatives. The objective of the study was determine the economic impact of plum research investments at the ARC-the main plum breeding research organization in the country. The rate of return to plum research is estimated by estimating parameters in plum production and expressing research investment as an explanatory variable. The marginal rate of return is then determined to be 14.23 per cent. The rate of return to investment being this high is indicative of an under investment in plum research.

Keywords: Agricultural research investments, productivity and rate of return, plum

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Authors: Kazi Rizvan, Yamin Rekhu

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Due to high competitiveness in industries throughout the world, every industry is trying hard to utilize all their resources to keep their productivity as high as possible. Many tools have been being used to ensure smoother flow of an operation, to balance tasks, to maintain proper schedules for tasks, to maintain proper sequence for tasks, to reduce unproductive time. All of these tools are used to augment productivity within an industry. Kanban board is one of them and of the many important tools of lean production system. Kanban Board is a visual depiction of the status of tasks. Kanban board shows the actual status of the tasks. It conveys the progress and issues of tasks as well. Using Kanban Board, tasks can be distributed among workers and operation targets can be visually represented to them. In this paper, an example of Kanban board from the aspects of Brothers Furniture Limited was taken and how the Kanban board system was implemented, how the board was designed and how it was made easily perceivable for the less literate or illiterate workers. The Kanban board was designed for the packing section of Brothers Furniture Limited. It was implemented for the purpose of representing the tasks flow to the workers and to mitigate the time that was wasted while the workers remained wondering about what task they should start after they finish one. Kanban board subsumed seven columns and there was a column for comments where if any problem occurred during working on the tasks. Kanban board was helpful for the workers as the board showed the urgency of the tasks. It was also helpful for the store section as they could understand which products and how much of them could be delivered to store at any certain time. Kanban board had all the information centralized which is why the work-flow got paced up and idle time was minimized. Regardless of many workers being illiterate or less literate, Kanban board was still explicable for the workers as the Kanban cards were colored. Since the significance of colors can be conveniently interpretable to them, colored cards helped a great deal in that matter. Hence, the illiterate or less literate workers didn’t have to spend time wondering about the significance of the cards. Even when the workers weren’t told the significance of the colored cards, they could grow a feeling about their meaning as colors can trigger anyone’s mind to perceive the situation. As a result, the board elucidated the workers about what board required them to do, when to do and what to do next. Kanban board alleviated excessive time between tasks by setting day-plan for targeted tasks and it also reduced time during tasks as the workers were acknowledged of forthcoming tasks for a day. Being very specific to the tasks, Kanban board helped the workers become more focused on their tasks helped them do their job with more perfection. As a result, The Kanban board helped achieve a 8.75% increase in productivity than the productivity before the Kanban board was implemented.

Keywords: color, Kanban Board, Lean Tool, literacy, packing, productivity

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Authors: Haouam Djemaa

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This study aimed to identify the possibility for applying fair value accounting by Algerian enterprises coted in capital maket (Algiers stock exchange). To achieve the objectives of this study, we made an interview with preparers of accounting information. The results document that enterprises are aware of fair value accounting in financial reporting because of its ability to provide useful accounting, but it depends on the availability of favorable circumstances for its application and this is what is missing in the Algerian environment.

Keywords: fair value, financial reporting, accounting information, valuation method

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Authors: Ese Urhie, Olabisi Popoola, Obindah Gershon, Olabanji Ewetan

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Modern agriculture involves the use of improved tools and equipment (instead of crude and ineffective tools) like tractors, hand operated planters, hand operated fertilizer drills and combined harvesters - which increase agricultural productivity. Farmers in Nigeria still have huge potentials to enhance their productivity. The study argues that the increase in agricultural output due to increased productivity, orchestrated by modern agriculture will promote forward linkages and opportunities in the processing sub-sector; both the manufacturing of machines and the processing of raw materials. Depending on existing incentives, foreign investment could be attracted to augment local investment in the sector. The availability of raw materials in large quantity – which prices are competitive – will attract investment in other industries. In addition, potentials for backward linkages will also be created. In a nutshell, adopting the unbalanced growth theory in favour of the agricultural sector could engender industrialization in a country with untapped potentials. The paper highlights the numerous potentials of modern agriculture that are yet to be tapped in Nigeria and also provides a theoretical analysis of how the realization of such potentials could promote industrialization in the country. The study adopts the Lewis’ theory of structural–change model and Hirschman’s theory of unbalanced growth in the design of the analytical framework. The framework will be useful in empirical studies that will guide policy formulation.

Keywords: modern agriculture, industrialization, structural change model, unbalanced growth

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Authors: M. R. Bhuiyan, S. M. M. Hossain, M. Z. Islam

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Autism Spectrum Disorder (ASD) is the fastest growing serious developmental disorder characterized by social deficits, communicative difficulties, and repetitive behaviors. ASD is an emerging public health issue globally which is associated with huge financial burden to the family, community and the nation. The aim of this study was to assess the financial burden of family for the children with Autism spectrum Disorder. This cross-sectional study was carried out from July 2015 to June 2016 among 154 children with ASD to assess the financial burden of family. Data were collected by face-to-face interview with semi-structured questionnaire following systematic random sampling technique. Majority (73.4%) children were male and mean (±SD) age was 6.66 ± 2.97 years. Most (88.8%) of the children were from urban areas with average monthly family income Tk. 41785.71±23936.45. Average monthly direct cost of the children was Tk.17656.49 ± 9984.35, while indirect cost was Tk. 13462.90 ± 9713.54 and total treatment cost was Tk. 23076.62 ± 15341.09. Special education cost (Tk. 4871.00), cost of therapy (Tk. 4124.07) and travel cost (Tk. 3988.31) were the major types of direct cost, while loss of income (Tk.14570.18) was the chief indirect cost incurred by the families. The study found that majority (59.8%) of the children attended special schools were incurred Tk.20001-78700 as total treatment cost, which were statistically significant (p<0.001). Again, families with higher monthly family income incurred higher treatment cost (r=0.526, p<0.05). Difference between mean direct and indirect cost was found significant (t=4.190, df=61, p<0.001). According to the analysis of variance, mean difference of father’s educational status among direct cost (F=10.337, p<0.001) and total treatment cost (F=7.841, p<0.001), which were statistically significant. The study revealed that maximum children with ASD were under five years, three-fourth were male. According to monthly family income, maximum family were in middle class. The study recommends cost effective interventions and financial safety-net measures to reduce the financial burden of families for the children with ASD.

Keywords: autism spectrum disorder, financial burden, direct cost, indirect cost, special education

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Authors: Fernanda Conforto de Oliveira

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The International Monetary Fund (IMF) has a central role in global financial governance as the world’s leading crisis lender. Its practice of conditional lending – conditioning loans on the implementation of economic policy adjustments – is the primary lever by which the institution interacts with and influences the policy choices of member countries and has been a key topic of interest to scholars and public opinion. However, empirical evidence about the economic and (geo)political determinants of IMF lending behavior remains inconclusive, and no model that explains IMF policies has been identified. This research moves beyond panel analysis to focus on financial negotiations for the first IMF programs in Argentina and Brazil in the early post-war period. It seeks to understand why negotiations achieved distinct objectives: Argentinean officials cooperated and complied with IMF policies, whereas their Brazilian counterparts hesitated. Using qualitative and automated text analysis, this paper analyses the hypothesis about whether a differential IMF treatment could help to explain these distinct outcomes. This paper contributes to historical studies on IMF-Latin America relations and the broader literature in international policy economy about IMF policies.

Keywords: international monetary fund, international history, financial history, Latin American economic history, natural language processing, sentiment analysis

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Authors: Aristeidis Samitas, Stathis Polyzos

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As the UK and the EU prepare to start negotiations for Brexit, it is important for both sides to comprehend the full extent of the consequences of this process. In this paper, we employ an object oriented simulation framework in order to test for the short-term and long-term effects of Brexit on both sides of the Channel. The relative strength of the UK economy and the banking sector vis-à-vis the EU is taken under consideration. Our results confirm predictions in the relevant literature regarding the output cost of Brexit, with particular emphasis on the EU. Furthermore, we show that financial stability is also an important issue on both sides, with the banking system suffering significant losses, particularly over the longer term. Our findings suggest that policymakers should be extremely careful in handling Brexit negotiations, making sure to consider dynamic effects that may be caused by UK bank assets moving to the EU after Brexit. The model results show that, as the UK banking system loses its assets, the end state of the UK economy is deteriorated while the end state of EU economy is improved.

Keywords: Banking Crises, Brexit, Financial Stability, VBanking

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Authors: Sania Sana, Afnan Nasim, Usman Malik, Maroof Tahir

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The aim of this research is to scrutinize the interdependent relationship between terrorism and behavioral changes in the tourism activities in Pakistan with the moderating impact of a unique variable titled 'Financial Risk Tolerance'. The article looks at the inter-reliant relationship with the alleged political and economic aspects and behavioral changes in the tourists and the consumers by these variables over time. The researchers used many underlying theories like the catastrophe theory by (Svyantek, Deshon and Siler 1991), information integration theory (Anderson 1981, 1982) and prospect theory (Kahneman and Tversky 1979) to shape the study’s framework as per tourist decision making model. A sample of around 110 locals was used for this purpose and the data was gathered by convenience sampling. The responses were analyzed using regression analysis. The results exhibited how terrorism along with the influence of financial risk tolerance had inclined a behavioral shift in the travelling patterns and vacation destination choice of the local tourists. Lastly, the paper proposes a number of suggestive measures for the tourism industry and the legislative bodies to ensure the safety of travelers and to boost the tourist activities in the vacation industry of Pakistan.

Keywords: terrorism, tourism, financial risk tolerance, tourist decision-making, destination choice

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Authors: Anand Choudhary

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Following the global economic crisis in 2008, businesses and more especially the big multinational conglomerates were increasingly viewed by the people world over as one of the major causes of the economic problems faced by millions globally, in terms of job loss and lifetime savings being wiped out as banks and pension funds went bankrupt and people stared at an insecure financial future. This caused a lot of resentment in the public against big businesses and fueled several protest movements by the people such as “Occupy Wall Street” in different parts of the world. This forced the big businesses to respond to the challenge by adopting more people-centric policies and initiatives for local communities in societies where they operate as part of their corporate social responsibility (CSR), in order to regain their social acceptance among the people whilst earning their ‘social license to operate’. The current paper studies many of such large MNCs across the United States of America, India and South Africa, which changed the way they did business earlier, following the global economic crisis in 2008, by incorporating capacity building initiatives for local communities as part of their CSR strategy and explores whether it has contributed to improving their financial performance. It is a conceptual research paper using secondary source data. The findings reveal that there is a positive correlation between the companies’ corporate social performance and corporate financial performance. In addition, the findings also bring to light that the MNCs examined as part of the current paper have improved their image in the eyes of their stakeholders following the change in their CSR strategy and initiatives.

Keywords: corporate social responsibility (CSR), Corporate Social Performance (CSP), Corporate Financial Performance (CFP), local communities

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Authors: Rafael Feldmann Farias, Fernando Tobal Berssaneti

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Since its emergence in 1998, ISO 10014 has been developed as a response to the need to demonstrate the economic and financial benefits that an organization can obtain from the implementation of a quality management system. With the publication of the new edition in 2021, this article aims to identify how this standard has been addressed through a literature review. Among the results, it was found that, of the 282 documents identified, only 0.7% of the publications used the standard and 1.4% of the publications cited it. This low adherence seems to be linked to the highly technical nature of the content of the standard.

Keywords: quality management system, ISO 10014, economical benefits, financial benefits

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Authors: Bilal Ahmad Malik

Abstract:

With the fall of Soviet Union in 1991 the whole Central Asian region saw a dramatic rise in Muslim identity, a call back to Islamic legacy. Today, many Central Asian Muslims demand, what Islam has termed legal (Halal) and, avoid what Islam has termed illegal (Haram). The process of Islamic resurgence kicked off very quickly soon after the integration of Central Asian republics with other Muslim geographies through the membership of Organization of Islamic Conference (OIC) and other similar organizations. This interaction proved to be a vital push factor to the already existing indigenous reviving trends and sentiments. As a result, along with many other requirements, Muslim customer demand emerged as navel trend in the market in general and in banking and financial sector in particular. To get this demand fulfilled, the governments of CIS states like Kazakhstan, Uzbekistan, Azerbaijan, Turkmenistan, Kyrgyzstan and Tajikistan introduced Halal banking and financial products in the market. Firstly, the present paper would briefly discuss the core composition of Halal banking and financial products. Then, coming to its major theme, it would try to identify and analyze the causes that lead to the emergence of Islamic banking and finance industry in the Muslim majority Post-Soviet CIS States.

Keywords: causes, Central Asia, interest-free banking, Islamic Revival

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Authors: Edward A. Osifodunrin, Jose Manuel Dias Lopes

Abstract:

In Nigeria, enormous efforts/resources had, over the years, been expended on promoting financial inclusion (FI); however, it is seemingly discouraging that many of its self-declared targets on FI remained unachieved, especially amongst the Rural Dwellers and Actors in the Informal Sectors (RDAIS). Expectedly, many reasons had been earmarked for these failures: low literacy level, huge informal/rural sectors, etc. This study posits that in spite of these truly-debilitating factors, these FI policy failures could have been avoided or mitigated if the principles of active and better-managed citizens’ participation had been strictly followed in the (re)design/implementation of its FI policies. In other words, in a bid to mitigate the prevalent FE in Nigeria, this study hypothesizes the positive impact of increased/active citizens’ participation on FI outcome(s), backed by a preliminary empirical validation. Also, the study introduces the RDAIS-focused participatory financial inclusion policy (PFIP) as a major FI policy regeneration/improvement tool. The three categories of respondents that served as research subjects are FI experts in Nigeria (n = 72), RDAIS from the very rural/remote village of Unguwar Dogo in Northern Nigeria (n = 43), and RDAIS from another rural village of Sekere (n = 56) in the Southern region of Nigeria. Using survey design (5-point Likert scale questionnaires), random/stratified sampling, and descriptive/inferential statistics, the study often recorded independent consensus (amongst these three categories of respondents) that RDAIS’s active participation in iterative FI policy initiation, (re)design, implementation, (re)evaluation could indeed give improved FI outcomes. However, some questionnaire items also recorded divergent opinions and various statistically significant differences in the mean scores of these three categories. The PFIP (or any customized version of it) should then be carefully integrated into the NFIS of Nigeria (and possibly in the NFIS of other developing countries) to truly/fully provide FI policy integration for these excluded RDAIS and arrest the prevalence of FE.

Keywords: citizens’ participation, development, financial inclusion, formal financial services, national financial inclusion strategy, participatory financial inclusion policy, rural dwellers and actors in the informal sectors

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Authors: Aida Alemany, Laura Ballester, Ana González-Urteaga

Abstract:

From 2007 subprime crisis to the recent Eurozone debt crisis the European banking industry has experienced a terrible financial instability situation with increasing levels of CDS spreads (used as a proxy of credit risk). This paper investigates whether volatility transmission channels in European banking markets have changed after three significant crises’ events during the period January 2006 to March 2013. The global financial crisis is characterized by a unidirectional volatility shocks spillovers effect in credit risk from inside to outside the Eurozone. By contrast, the Eurozone debt crisis is revealed to be local in nature with the euro as the key element suggesting a market fragmentation between distressed peripheral and non-distressed core Eurozone countries, whereas retaining the local currency have acted as a firewall. With these findings we are able to shed light on the impact of the different crises on the European banking credit risk dynamics.

Keywords: CDS spreads, credit risk, volatility spillovers, financial crisis

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Authors: K. Hardy, A. Maurushat

Abstract:

Policy makers are increasingly looking to make evidence-based decisions. Evidence-based decisions have historically used rigorous methodologies of empirical studies by research institutes, as well as less reliable immediate survey/polls often with limited sample sizes. As we move into the era of Big Data analytics, policy makers are looking to different methodologies to deliver reliable empirics in real-time. The question is not why did these people do this for the last 10 years, but why are these people doing this now, and if the this is undesirable, and how can we have an impact to promote change immediately. Big data analytics rely heavily on government data that has been released in to the public domain. The open data movement promises greater productivity and more efficient delivery of services; however, Australian government agencies remain reluctant to release their data to the general public. This paper considers the barriers to releasing government data as open data, and how these barriers might be overcome.

Keywords: big data, open data, productivity, data governance

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