Search results for: corporate growth

Authors: Zintle Sikhunyana

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Management of public finance in many countries such as South Africa is affected by political decisions and by policies around fiscal decentralization amongst the government spheres. Economic success is said to be determined by efficient management of public finance and by the policies or strategies that are implemented to support efficient public finance management. Policymakers focus on pay attention to how economic policies have been implemented and how they are directed into ensuring stable development. This will allow policymakers to address economic challenges through the usage of fiscal policy parameters that are linked to the achieved rate of economic growth and development. Efficient public finance management reduces the likelihood of corruption and corruption is said to have negative effects on economic growth and development. Corruption in public finance refers to an act of using funds for personal benefits. To achieve macroeconomic objectives, governments make use of government expenditure and government expenditure is financed through tax revenue. The main aim of this paper is to investigate the potential impact of public finance management on economic growth and development in South Africa. The secondary data obtained from the South African Reserve Bank (SARB) and World Bank for 1980- 2020 has been utilized to achieve the research objectives. To test the impact of public finance management on economic growth and development, the study will use Seeming Unrelated Regression Equation (SURE) Modelling that allows researchers to model multiple equations with interdependent variables. The advantages of using SUR are that it efficiently allows estimation of relationships between variables by combining information on different equations and SUR test restrictions that involve parameters in different equations. The findings have shown that there is a positive relationship between efficient public finance management and economic growth/development. The findings also show that efficient public finance management has an indirect positive impact on economic growth and development. Corruption has a negative impact on economic growth and development. It results in an efficient allocation of government resources and thereby improves economic growth and development. The study recommends that governments who aim to stimulate economic growth and development should target and strengthen public finance management policies or strategies.

Keywords: corruption, economic growth, economic development, public finance management, fiscal decentralization

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Authors: Prasanjit Das, M. M. K. Khan, M. G. Rasul, Jie Wu, I. Youn

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Mineral scale formation is undoubtedly a more serious problem in the mineral industry than other process industries. To better understand scale growth and suppression, an experimental model is proposed in this study for supersaturated crystallised solutions commonly found in mineral process plants. In this experiment, surface crystallisation of potassium nitrate (KNO3) on the wall of the agitation tank and agitation effects on the scale growth and suppression are studied. The new quantitative scale suppression model predicts that at lower agitation speed, the scale growth rate is enhanced and at higher agitation speed, the scale suppression rate increases due to the increased flow erosion effect. A lab-scale agitation tank with and without baffles were used as a benchmark in this study. The fluid dynamic effects on scale growth and suppression in the agitation tank with three different size impellers (diameter 86, 114, 160 mm and model A310 with flow number 0.56) at various ranges of rotational speed (up to 700 rpm) and solution with different concentration (4.5, 4.75 and 5.25 mol/dm3) were investigated. For more elucidation, the effects of the different size of the impeller on wall surface scale growth and suppression rate as well as bottom settled scale accumulation rate are also discussed. Emphasis was placed on applications in the mineral industry, although results are also relevant to other industrial applications.

Keywords: agitation tank, crystallisation, impeller speed, scale

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Authors: Stellina Jolly

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July 18th to August 19th 2013 has gone down in the history of India for undertaking the country’s first environment referendum. The Supreme Court had ruled that the Vedanta Group's bauxite mining project in the Niyamgiri Hills of Orissa will have to get clearance from the gram sabha, which will consider the cultural and religious rights of the tribals and forest dwellers living in Rayagada and Kalahandi districts. In the Niyamgiri hills, people of small tribal hamlets were asked to voice their opinion on bauxite mining in their habitat. The ministry has reiterated its stand that mining cannot be allowed on the Niyamgiri hills because it will affect the rights of the Dongria Kondhs. The tribal person who occupies the Niyamgiri Hills in Eastern India accomplished their first success in 2010 in their struggle to protect and preserve their existence, culture and land against Vedanta a London-based mining giant. In August, 2010 Government of India revoked permission for Vedanta Resources to mine bauxite from hills in Orissa State where the Dongria Kondh live as forest dwellers. This came after various protests and reports including amnesty report wherein it highlighted that an alumina refinery in eastern India operated by a subsidiary of mining company. Vedanta was accused of causing air and water pollution that threatens the health of local people and their access to water. The abuse of human rights by corporate is not a new issue it has occurred in Africa, Asia and other parts of the world. Paper focuses on the instances and extent of human right especially in terms of environment violations by corporations. Further Paper details on corporations and sustainable development. Paper finally comes up with certain recommendation including call for a declaration by United Nations on Corporate environment Human Rights Liability.

Keywords: environment, corporate, human rights, sustainable development

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Authors: K. P. K. S. Lahirushan, W. G. V. Gunasekara

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Main purpose of this study is to identifying the impact of government expenditure on economic growth in Asian Countries. Consequently, Fist, objective is to analyze whether government expenditure causes economic growth in Asian countries vice versa and then scrutinizing long-run equilibrium relationship exists between them. The study completely based on secondary data. The methodology being quantitative that includes econometrical techniques of cointegration, panel fixed effects model and granger causality in the context of panel data of Asian countries; Singapore, Malaysia, Thailand, South Korea, Japan, China, Sri Lanka, India and Bhutan with 44 observations in each country, totaling to 396 observations from 1970 to 2013. The model used is the random effects panel OLS model. As with the above methodology, the study found the fascinating outcome. At first, empirical findings exhibit a momentous positive impact of government expenditure on Gross Domestic Production in Asian region. Secondly, government expenditure and economic growth indicate a long-run relationship in Asian countries. In conclusion, there is a unidirectional causality from economic growth to government expenditure and government expenditure to economic growth in Asian countries. Hence the study is validated that it is in line with the Keynesian theory and Wagner’s law as well. Consequently, it can be concluded that role of government would play a vital role in economic growth of Asian Countries .However; if government expenditure did not figure out with the economy’s needs it might be considerably inspiration the economy in a negative way so that society bears the costs.

Keywords: Asian countries, government expenditure, Keynesian theory, Wagner’s theory, random effects panel ols model

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Authors: Muga Moses

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Plant growth regulators are actively involved in the growth and yield of plants. However, limited information is available on the combined effect of gibberellic acid (GA3) on growth attributes and yield of African nightshade. This experiment will be designed to fill this gap by studying the performance of African nightshade under the application of hormones. Gibberellic acid is a plant growth hormone that promotes cell expansion and division. A greenhouse and laboratory experiment will be conducted at the University of Sussex biotechnology greenhouse and Agriculture laboratory using a growth chamber to study the effect of GA3 on the growth and development attributes of African nightshade. The experiment consists of three replications and 5 treatments and is laid out in a randomized complete block design consisting of various concentrations of GA3. 0ppm, 50ppm, 100ppm, 150ppm and 200ppm. local farmer seed was grown in plastic pots, 6 seeds then hardening off to remain with four plants per pot at the greenhouse to attain purity of germplasm, proper management until maturity of berries then harvesting and squeezing to get seeds, paper dry on the sun for 7 days. In a laboratory, place 5 Whatman filter paper on glass petri-dish subject to different concentrations of stock solution, count 50 certified and clean, healthy seeds, then arrange on the moist filter paper and mark respectively. Spray with the stock solution twice a day and protrusion of radicle termed as germination count and discard to increase the accuracy of precision. Data will be collected on the application of GA3 to compare synergistic effects on the growth, yield, and nutrient contents on African nightshade.

Keywords: African nightshade, growth, yield, shoot, gibberellins

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Authors: An-an Chiu, Shaio Yan Huang, Ling-Na Chen, Wei-Hua Lin

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Research has primarily focused on listed companies, less is done regarding small and medium-sized enterprises. Under the authorities' support, Taipei Exchange (TPEx) started Go Incubation Board for Startup and Acceleration Firms (GISA) in January 2014. This platform is designed to help small-sized innovative companies grow and to enter the capital market in the future. This research yield insight into earnings management activities around seasoned equity offerings (SEO) based on Taiwan’s GISA firms and the effectiveness of external corporate governance. Data for the study come from the GISA Market Observation Post System from January 2014 to December 2016. The result finds that GISA firms prone to upward accrual-based earnings management during SEO to avoid long-term negative consequences. Especially, firms with paid-in capital more than NT$ 30 million, higher fundraising amounts, or smaller-sized firms, tend to increase discretionary accruals. Finally, consistent with prior literature, CPA firms effectively serve as the role of external corporate governances on mitigating earnings management.

Keywords: GISA, earnings　management, CPA, seasoned equity offerings

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Authors: Hailemariam Gebremichael Gebretsadik, Abrham Hagos Tesfaslasea

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To satisfy the high need for ICT entrepreneurship and rectify the weak entrepreneurial culture in Ethiopia, the country has established ICT Business incubation centers with the intention of preventing business failures, promoting innovation, and accelerating the growth and success of firms. This study investigates the role of business incubators and social capital on the innovation and growth of firms in Ethiopia. In this research, innovation and growth of firms were considered as dependent variables, whereas business incubation and social capital were treated as independent variables. The researcher employed an e-mail survey among 137 tenant Firms (Firms that joined and/or graduated to/from the Business incubation centers available in Ethiopia) to collect the data and obtained 113 responses that were appropriate for this research. The result of this study reveals that the dimensions of business incubation (physical resource, business support, and networking) have a significant effect on the innovation of Firms, but these dimensions of business incubation do not show a significant effect on the growth of firms. On the other hand, the dimensions of social capital (structural, cognitive, and relational) show a significant positive impact on the likelihood of Firms' growth but not on the innovation of firms. Moreover, the result of this study indicates that the dimensions of business incubation and social capital together have a significant effect on the likelihood of tenant firms innovating and growing.

Keywords: business incubation, innovation, social capital, tenant firms

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Authors: Uzoma Emmanuel Igboji

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This paper examines the influence of public debts (external and internal) on economic growth and development in Nigeria from (1980-2015). The study uses aggregate GDP as a proxy for economic growth, per capital income as a proxy for standard of living and Government expenditure on health as a proxy for human capital development, while Foreign Direct Investment, Unemployment rate, and Oil revenue were used as control variables. The study made use of ex-post facto research design with the data extracted from the Central Bank of Nigeria (CBN) Statistical Bulletin and the World Bank database. It adopted a multiple regression analysis of the ordinary least square (OLS) method with the help of E-View version 3.0. The results revealed that external debt has a negative and insignificant effect on GDP, per capital income and human capital development. The study concluded that external debts were being channeled to meet the recurrent expenditures of the nation’s economy at the expense of productive investment that could stimulate growth and poverty alleviation. It, however, recommended that government should ensure that the bulk of the total borrowings are mostly sourced from within the domestic economy so that the repayment of the principal and interest will serve as a crowd in-effect rather that crowd out-effect which in turn further accelerates the country’s economic growth and development.

Keywords: economic growth, external debt, internal debt, Nigeria

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Authors: Bahaa Fawwaz‬‏

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The study was conducted on a papyrus housed at the Museum of Islamic Art in Cairo, Egypt. This papyrus was inscribed with black ink. Twelve fungal species were isolated and identified. Five types of fungi were ultimately identified to complete the study. The isolated fungi were then incubated for three months after the aging procedure. This study investigates the in-vitro growth inhibition of Aspergillus niger, Aspergillus flavus, Penicillium chrysogenum, Trichoderma longibrachiatum Rifai, and Paecilomyces variotii on papyrus. The hyphal growth was observed using the environmental scanning electron microscope (ESEM). Natural oils, such as lavender oil, lemongrass oil, and rosemary oil, were used. The impact of these natural oils on the newly aged papyrus was assessed using scanning electron microscopy and color analysis to identify the most effective oils for inhibiting fungus growth.

Keywords: conservation, papyrus, fungi, growth, environmental, essential oils

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Authors: Smart E. Amanfo

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Although the exact functional relationship between energy consumption and economic growth and development remains a complex social science, there is a sustained growing of agreement among energy economists and the likes on direct or indirect role of energy use in the development process, and as sustenance for many of societal achieved socio-economic and environmental developments in any economy. According to OECD, the world economy will double by 2050 in which the two members of BRICS (Brazil, Russia, India, China and South Africa) countries: China and India lead. There is a global apprehension that if countries constituting the epicenter of the present and future economic growth follow the same trajectory as during and after Industrial Revolution, involving higher energy throughputs, especially fossil fuels, the already known and models predicted threats of climate change and global warming could be exacerbated, especially in the developing economies. The international community’s challenge is how to address the trilemma of economic growth, social development, poverty eradication and stability of the ecological systems. This paper aims at providing the estimates of economic growth, energy consumption, and carbon dioxide emissions using BRICS members’ panel data from 1980 to 2017. The preliminary results based on fixed effect econometric model show positive significant relationship between energy consumption and economic growth. The paper further identified a strong relationship between economic growth and CO2 emissions which suggests that the global agenda of low-carbon-led growth and development is not a straight forward achievable The study therefore highlights the need for BRICS member states to intensify low-emissions-based production and consumption policies, increase renewables in order to avoid further deterioration of climate change impacts.

Keywords: BRICS, sustainability, sustainable development, energy consumption, economic growth

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Authors: Simonida S. Djuric, Timea I. Hajnal Jafari, Dragana R. Stamenov

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The use of plant growth promoting fungi (PGPF) has significantly increased in the last decade mostly due to their multi-level properties, and their expected success as biofertilizers in agriculture. Beneficial fungi with broad-host range undergo long-term interactions with a large variety of plants thereby playing a significant role in managed ecosystems and in the adaptation of crops to global climate changes. Trichoderma spp. are promising fungi toward the development of sustainable agriculture. The aim of our experiment was to investigate the effect of seed inoculation of sunflower, maize, soybean, paprika, melon, and watermelon seeds with Trichoderma sp. on early seed germination energy and initial growth of the plant. The seed inoculation with Trichoderma sp. increased the seedling emergence from 7, 85% in melon to 156,70% in watermelon. The inoculation had the best effect on initial growth of maize shoot (+23,80%) and soybean root (+106,30%). The different response of seed and young plants on Trichoderma sp. inoculation implicate the need for future investigations of successful inoculation systems and modes of their integration in sustainable agriculture production systems.

Keywords: initial growth, inoculation, seedling, Trichoderma sp.

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Authors: Cheba Ben Amar

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Bacillus and Paenibacillus are Gram-positive aerobic endospore-forming bacteria (AEFB) and most abundant in the rhizosphere, they mediated plant growth promotion and disease protection by several complex and interrelated processes involving direct and indirect mechanisms that include nitrogen fixation, phosphate solubilization, siderophores production, phytohormones production and plant diseases control. In addition to their multiple PGPR properties, high secretory capacity, spore forming ability and spore resistance to unfavorable conditions enabling their extended commercial applications for long shelf-life. Due to these unique advantages, Bacillus species were the most an ideal candidate for developing efficient PGPR products such as biopesticides, fungicides and fertilizers. This review list all studied and reported plant growth promoting Bacillus species and strains, discuss their capacities to enhance plant growth and protection with special focusing on the most frequent species Bacillus subtilis, B. pumilus ,B. megaterium, B. amyloliquefaciens , B. licheniformis and B. sphaericus, furthermore we recapitulate the beneficial activities and mechanisms of several species and strains of the genus Paenibacillus involved in plant growth stimulation and plant disease control.

Keywords: bacillus, paenibacillus, PGPR, beneficial activities, mechanisms, growth promotion, disease control, agrobiotechnology

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Authors: Haruna Modibbo Usman, Mustapha Muktar, Nasiru Inuwa

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This paper examined the long run relationship between health outcomes and economic growth in Nigeria from 1961 to 2012. Using annual time series data, Augmented Dickey-Fuller (ADF) test is conducted to check the stochastic properties of the variables. Also, the long run relationship among the variables is confirmed based on Johansen Multivariate Cointegration approach whereas the long run and short run dynamics are observed using Vector Error Correction Mechanism (VECM). In addition, VEC Granger causality test is employed to examine the direction of causality among the variables. On the whole, the results obtained revealed the existence of a long run relationship between health outcomes and economic growth in Nigeria and that both life expectancy and crude death rate as measures of health are found to have a long run negative and statistically significant impact on the economic growth over the study period. This is further buttressed by the results of Granger causality test which indicated the existence of unidirectional causality running from life expectancy and crude death rate to economic growth. The study therefore, calls for governments at various levels to create preconditions for health improvements in Nigeria in order to boost the level of health outcomes.

Keywords: cointegration, economic growth, Granger causality, health outcomes, VECM

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Authors: Elnaz Entezar, Reza Ezzati

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In recent decades, trade flows, capital, workforce, technology and information have increased between international borders and the globalization has turned to an undeniable process in international economics. Meanwhile, despite the positive aspects of globalization, the critics of globalization opine that the risks and costs of globalization for developing vulnerable economies and the world's impoverished people are high and significant. In this regard, this study by using the data of KOF Economic Institute and the World Bank for 113 different countries during the period 2002-2012, by taking advantage of panel smooth transition regression, and by taking the gross domestic product as transmission variables discuss the nonlinear relationship between research variables. The results have revealed that globalization in low regime (countries with low GDP) has negative impact whereas in high regime (countries with high GDP) has a positive impact. In spite of the fact that in the early stages of growth, control of corruption has a positive impact on economic growth, after a threshold has a negative impact on economic growth.

Keywords: globalization, corruption, panel smooth transition model, economic growth, threshold, economic convergence

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Authors: Ahmed Bellakhdhar

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This paper aims to test the impact of various variables-namely, investment in physical capital, investment in human capital, openness to trade and foreign direct investments, and distance from the technology frontier-on economic growth in the Tunisian context during the period 1976-2010. Empirical results identify that the impact of human capital is significantly positive. This finding confirms the hypothesis that human capital is a main driver of economic performance through its role of improving the internal productive capacity and the absorption of foreign technology especially via foreign direct investments. The effect of FDI is significantly positive in all alternative regressions and the coefficient associated to physical capital variable is positive, but not significant overall. Concerning the import of technologically advanced equipments, our estimates show the absence of a significant direct impact on economic growth in Tunisia. Our empirical results also support the assumption of a non linear relationship between tax and growth and demonstrate the existence of an inverted-U curve between the two variables, in the spirit of the “Laffer curve”.

Keywords: Endogenous growth, Human capital, Technology transfer, Absorptive capacity

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Authors: Xueqing Sun, Pengcheng Xiang, Jr. Dong Ngoduy

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In the context of rapid urbanization, urban sprawl has brought about extensive negative impacts on ecosystems and the environment, resulting in a gradual shift from "incremental growth" to ‘stock growth’ in cities. A detailed urban growth boundary is a prerequisite for urban renewal and management. This study takes Shenyang City, China, as the study area and evaluates the spatial distribution of urban spatial suitability in the study area from the perspective of spatial constraints-suitability using multi-source data and simulates the future rigid and elastic growth boundaries of the city in the study area using the CA-Markov model. The results show that (1) the suitable construction area and moderate construction area in the study area account for 8.76% and 19.01% of the total area, respectively, and the suitable construction area and moderate construction area show a trend of distribution from the urban centre to the periphery, mainly in Shenhe District, the southern part of Heping District, the western part of Dongling District, and the central part of Dadong District; (2) the area of expansion of construction land in the study area in the period of 2023-2030 is 153274.6977hm2, accounting for 44.39% of the total area of the study area; (3) the rigid boundary of the study area occupies an area of 153274.6977 hm2, accounting for 44.39% of the total area of the study area, and the elastic boundary of the study area contains an area of 75362.61 hm2, accounting for 21.69% of the total area of the study area. The study constructed a method for urban growth boundary delineation, which helps to apply remote sensing to guide future urban spatial growth management and urban renewal.

Keywords: urban growth boundary, spatial constraints, spatial suitability, urban sprawl

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Authors: Medhin Haftom Hailu

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The advancement of information technology has significantly impacted Ethiopia's economy, driving innovation, productivity, job creation, and global connectivity. This research examined the impact of contemporary information and communication technologies on Ethiopian economic progress. The study examined eight variables, including mobile, internet, and fixed-line penetration rates, and five macroeconomic control variables. The results showed a positive and strong effect of ICT on economic growth in Ethiopia, with 1% increase in mobile, internet, and fixed line services penetration indexes resulting in an 8.03, 10.05, and 30.06% increase in real GDP. The Granger causality test showed that all ICT variables Granger caused economic growth, but economic growth Granger caused mobile penetration rate only. The study suggests that coordinated ICT infrastructure development, increased telecom service accessibility, and increased competition in the telecom market are crucial for Ethiopia's economic growth. Ethiopia is attempting to establish a digital economy through massive investment in ensuring ICT quality and accessibility. Thus, the research could enhance in understanding of the economic impact of ICT expansion for successful ICT policy interventions for future research.

Keywords: economic growth, cointegration and error correction, ICT expansion, granger causality, penetration

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Authors: Emine Şahin, Murat Soner Balcıoğlu

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The aim of this study was to determine the growth hormone (bGH) gene polymorphism in the Holstein cattle growing around Antalya in Turkey. In order to determine the bGH-AluI polymorphism, polymerase chain reaction - restriction fragment length polymorphism (PCR-RFLP) method was performed. A 891 bp fragment of bGH was amplified and two types of alleles C and D for bGH were observed. In this study, the frequencies of C and D alleles were 0.8438 and 0.1562, respectively. The genotype frequencies for CC, CD and DD were 0.787, 0.191 and 0.022, respectively. According to the results of the chi-square test, a significant deviation from the Hardy-Weinberg equilibrium was not determined for the bGH locus in the population.

Keywords: Growth Hormone Gene, Holstein , Polymorphism, RFLP

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Authors: Ashika Govender

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This study seeks to determine whether Okun’s Law is valid for the South African economy, using time series data for the period 2004 to 2014. The data were accessed from the South African Reserve Bank and Stats SA. The stationarity of the variables was analysed by applying unit root tests via the Augmented Dickey-Fuller test (ADF), the Phillips-Perron (PP) test, and the Kwiatkowski–Phillips–Schmidt–Shin test (KPSS) test. The study used an ordinary least square (OLS) model in analysing the dynamic version of Okun’s law. The Error Correction Model (ECM) was used to analyse the short-run impact of GDP growth on unemployment, as well as the speed of adjustment. The results indicate a short run and long run relationship between unemployment rate and GDP growth rate in period 2004q1-2014q4, suggesting that Okun’s law is valid for the South African economy. With a 1 percent increase in GDP, unemployment can decrease by 0.13 percent, ceteris paribus. The research culminates in important policy recommendations, highlighting the relationship between unemployment and economic growth in the spirit of the National Development Plan.

Keywords: unemployment, economic growth, Okun's law, South Africa

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Authors: Sandeep Sharma, Sarabjit Singh

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As per the user demand and growth trends of large free data the storage solutions are now becoming more challenge-able to protect, store and to retrieve data. The days are not so far when the storage companies and organizations are start saying 'no' to store our valuable data or they will start charging a huge amount for its storage and protection. On the other hand as per the environmental conditions it becomes challenge-able to maintain and establish new data warehouses and data centers to protect global warming threats. A challenge of small data is over now, the challenges are big that how to manage the exponential growth of data. In this paper we have analyzed the growth trend of big data and its future implications. We have also focused on the impact of the unstructured data on various concerns and we have also suggested some possible remedies to streamline big data.

Keywords: big data, unstructured data, volume, variety, velocity

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Authors: A. T. Muruviwa

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To-date, the discourse on corporate social responsibility (CSR) has primarily centred on the actions and inactions of corporations; hence, the dominant focus on CSR has been on impacts and outcomes. The obscuring effect of this approach has, arguably, resulted in the emergence of what may be termed a ‘Northern’ agenda on CSR theory and practice, in contrast to an emergency ‘Southern’ discourse, which appears to highlight the crucial issues of poverty reduction, infrastructure development and the broader questions of social provisioning and community empowerment. Some scholars have explicitly called for a CSR research agenda that focuses on the 'reciprocal duties' of the stakeholders in the CSR process rather than fixate on the actions and inactions of business. It is against the backdrop of these contestations that this study assesses the reciprocal relationships amongst CSR stakeholders in a Zimbabwean platinum mining town, with a view to demonstrating how such relationships – and the expectations and obligations embedded in them – impact on the success or failure of CSR initiatives. The existence of mutual relations between the corporation and its stakeholders signifies the successes of CSR processes and hence the outcomes. The company is Zimplats Mining Company; the community is Mhondoro-Ngezi, and the stakeholders are clearly identified in the study. The study utilised a triangulated design, with data collected using a mini survey, focus groups, in-depth interview and observation. The key findings are that the CSR process in the study community is dominated by the mining company. Despite the existence of a CSR framework that recognises government, local leaders and community members as legitimate stakeholders, there is little evidence of concrete contributions made by these stakeholders towards the realisation of CSR objectives. As a result, the community development process – in so far as CSR is concerned – fails to address the developmental concerns of the various stakeholders. On the basis of these findings, the study concludes that there is a crisis of reciprocity in the CSR process in Mhondoro-Ngezi, and that a situation where the conceptualisation of local development needs and the deployment of specific development tools seems to be driven by one stakeholder almost to the exclusion of all others, can only present contradictory development outcomes. The significance of this study is that it allows for the development of a more nuanced and robust CSR discourse. Rather than focusing on the corporate and stakeholder perspectives and outcomes of CSR initiatives, this study examines the CSR- development nexus by interrogating the idea of reciprocal responsibility as a sin qua non to CSR success. This analytical strategy and focus allow the researcher to gain a clear understanding of how stakeholder relationships and duties influence CSR processes and also the overall outcome. At a more practical level, the findings of the study should help to shape the policy on corporate community relationships with a view to enhancing the role of mining in development.

Keywords: community development, processes, reciprocity, stakeholders

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Authors: Jane N. O'Sullivan

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Although it is widely believed that fertility decline has benefitted economic advancement, particularly in East and South-East Asian countries, the causal mechanisms for this stimulus are contested. Since the turn of this century, demographic dividend theory has been increasingly recognised, hypothesising that higher proportions of working-age people can contribute to economic expansion if conditions are met to employ them productively. Population growth rate, as a systemic condition distinct from age composition, has not been similar attention since the 1970s and has lacked methodology for quantitative assessment. This paper explores conceptual and empirical quantification of the burden of expanding physical capital to accommodate a growing population. In proof-of-concept analyses of Australia and the United Kingdom, actual expenditure on gross fixed capital formation was compiled over four decades and apportioned to maintenance/turnover or expansion to accommodate population growth, based on lifespan of capital assets and population growth rate. In both countries, capital expansion was estimated to cost 6.5-7.0% of GDP per 1% population growth rate. This opportunity cost impedes the improvement of per capita capacity needed to realise the potential of the working-age population. Economic modelling of demographic scenarios have to date omitted this channel of influence; the implications of its inclusion are discussed.

Keywords: age dependency, demographic dividend, infrastructure, population growth rate

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Authors: Nikita Koradia

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Hyundai Motor Company, which started off as a small fish in a big sea, paved its way out successfully and established itself as an independent group from the conglomerate. Hyundai, with its officious power across the globe and particularly in South Korea in the automobile industry, has one the most complex yet fascinating governance structure. Being the second largest contributor to the Gross Domestic Product of South Korea after Samsung and having a market share of 51.3% domestically in automobile industry, Hyundai has faced its part of criticism owing to its anti-labor union approach and owing to its internalization of supply chain management. The censure has been coming from across jurisdictions like China, India, Canada, the EU, etc. The paper focuses on the growth of Hyundai and its inward and outward investment structure. The paper questions the ability of Hyundai to become a mini-state in itself by focusing on its governance structure. The paper further elaborates on its compliance and disclosure regime in the field of Corporate social responsibility and explores how far the business structure adopted by Hyundai works in its favor to become one of the leading automobile contenders in the market.

Keywords: compliance regime, disclosure regime, Hyundai motor company, supply-chain management

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Authors: Elisha Didam Markus, Thapelo Maqame

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This paper focuses on studying the effects of magnetism on water and their impact to plant growth. Magnetic fields are known to induce higher rate of biochemical reaction and therefore can be used for growth related reactions in plants. For the purpose of this study, two 2 litres bottles were taken, one with two opposite poles magnets (500 mT) one on top and one at the bottom of the bottle. Another bottle was not altered in any way (used as control). Each bottle contained tap water stored up for 24 hours. Plants planted into different pots were watered using water from these bottles. Four pots with soil and manure equally mixed were used and equal volume of radish berry seeds were planted. Two pots were watered with magnetised water and the other two with normal tap water. The developments of plants were monitored in terms of their lengths for a period of 21 days. After 21 days, the lengths of plants watered with magnetised water were found to be 5.6% longer than those watered with tap water.

Keywords: magnetised water, radish berry, growth percentage, magnetic fields

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Authors: V. Benidze

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After the Rose Revolution of 2003, Georgia has achieved an unparalleled socioeconomic success. However, economic growth since 2012 has been sluggish and certainly not enough to rapidly improve the county’s standard of living that still remains substantially low compared to that in developed nations. Recent poor economic performance has shown that some key challenges need to be addressed if Georgia is to achieve high future economic growth that will decrease the poverty rate and create a middle class in the country. This paper offers in detail analysis of the economic performance of Georgia since 2012 and identifies key challenges facing the country’s economy. The main challenge going forward will be transforming Georgia from a consumption-driven to a production-oriented economy. It is identified that mobilizing domestic investment through savings, attracting foreign investment in tradable sectors and expanding the country’s export base will be crucial in the facilitation of the above-mentioned structural transformation. As the outcome of the research, the paper suggests a strategy for accelerating Georgia’ future economic growth and offers recommendations based on the relevant conclusions.

Keywords: challenges, development, economic growth, economic policy, Georgia

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Authors: C. Minguez, J. Bueso-Rodenas, C. Ibanez, A. Calvo

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Mannan oligosaccharides (MOS) is one of the prebiotic most used in livestock nutrition. In this research, the effect of MOS dietary supplementation on growth performance and mortality in meat guinea pigs were studied. Three different experimental groups were compared: Control group (no additives); MOS 1 (1.5 g kg−1); MOS 2 (2 g kg−1). Guinea pigs were housed in 15 collective cages (n = 50 animals in each trial; 10 animals per cage). The young guinea pigs were weaning at day 28 and individually identified by a little ear tag. The fattening period was 49 days. Guinea pigs in both groups were fed ad libitum, with a standard commercial pellet diet (10 MJ of digestible energy/kg, 17% crude protein, 11% crude fiber, and 4.5% crude fat) and alfalfa (Medicago sativa) as forage. Growth traits, including body weight (BW), average daily gain (ADG), feed intake (FI), and feed conversion ratio (FCR), were measured weekly. On day 74, the animals were slaughtered. Contrasts between groups were obtained by calculated generalized least squares values. Mortality were evaluated by Fisher's exact test. Between MOS groups no significant differences were observed for growth traits and mortality. However, significant differences against the control group were observed for traits studied (pvalue < 0.05). In conclusion, the use of MOS could be a good prebiotic supplement to raise guinea pigs because it MOS has shown positive effects in growth traits and immune response in animals.

Keywords: guinea pig, growth, mannan oligosaccharides, mortality

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Authors: Baikunthanath Sahoo, Santosh Kumar Sahu, Krishna Malakar

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With the essence of global environmental sustainability and green business management, the wind of business research moved towards Corporate Social Responsibility. In addition to international and national treaties, businesses have also started realising environmental protection and energy efficiency through CSR as part of business strategy in response to climate change. Considering the ambitious emission reduction target and rapid economic development of India, this study is an attempt to explore the effect of CSR on the energy efficiency management of manufacturing firms in India. By using firm-level data, the panel fixed effect model shows that the CSR dummy variable is negatively influencing the energy intensity or technically, they are energy efficient. The result demonstrates that in the presence of CSR, all the production economic variables are significant. The result also shows that doing environmental expenditure does not improve energy efficiency might be because very few firms are motivated to do such expenditure and also not common to all sectors. The interactive effect model result conforms that without considering CSR dummy as an intervening variable only Manufacturers of Chemical and Chemical products, Manufacturers of Pharmaceutical, medical chemical, and botanical products firms energy intensity low but after considering CSR in their business practices all six sub-sector firms become energy efficient. The empirical result also validate that firms are continuously engaged in CSR activities they are highly energy efficient. It is an important motivational factor for firms to become economically and environmentally sustainable in the corporate world. This analysis would help business practitioners to know how to manage today’s profitability and tomorrow’s sustainability to achieve a comparative advantage in the emerging market economy. The paper concludes that reducing energy consumption as part of their social responsibility to care for the environment, will need collaborative efforts of business society and policy bodies.

Keywords: CSR, Energy Efficiency, Indian manufacturing Sector, Business strategy

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Authors: J. Sharon Mano Pappu, Sathyanarayana N. Gummadi

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Growth of Debaryomyces nepalensis on mixed substrates in batch culture follows diauxic pattern of completely utilizing glucose during the first exponential growth phase, followed by an intermediate lag phase and a second exponential growth phase consuming xylose. The present study deals with the development of cybernetic mathematical model for prediction of xylitol production and yield. Production of xylitol from xylose in batch fermentation is investigated in the presence of glucose as the co-substrate. Different ratios of glucose and xylose concentrations are assessed to study the impact of multi substrate on production of xylitol in batch reactors. The parameters in the model equations were estimated from experimental observations using integral method. The model equations were solved simultaneously by numerical technique using MATLAB. The developed cybernetic model of xylose fermentation in the presence of a co-substrate can provide answers about how the ratio of glucose to xylose influences the yield and rate of production of xylitol. This model is expected to accurately predict the growth of microorganism on mixed substrate, duration of intermediate lag phase, consumption of substrate, production of xylitol. The model developed based on cybernetic modelling framework can be helpful to simulate the dynamic competition between the metabolic pathways.

Keywords: co-substrate, cybernetic model, diauxic growth, xylose, xylitol

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Authors: S.K. Bhandari, E. Veneklaas, L. McCaw, R. Mazanec, K. Whitford, M. Renton

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Eucalyptus marginata, E. diversicolor and Corymbia calophylla form widespread forests in south-west Western Australia (SWWA). These forests have economic and ecological importance, and therefore, tree growth and sustainable management are of high priority. This paper aimed to analyse and model the growth of these species at both stand and individual levels, but this presentation will focus on predicting the growth of E. Marginata at the individual tree level. More specifically, the study wanted to investigate how well individual E. marginata tree growth could be predicted by considering the diameter and height of the tree at the start of the growth period, and whether this prediction could be improved by also accounting for the competition from neighbouring trees in different ways. The study also wanted to investigate how many neighbouring trees or what neighbourhood distance needed to be considered when accounting for competition. To achieve this aim, the Pearson correlation coefficient was examined among competition indices (CIs), between CIs and dbh growth, and selected the competition index that can best predict the diameter growth of individual trees of E. marginata forest managed under different thinning regimes at Inglehope in SWWA. Furthermore, individual tree growth models were developed using simple linear regression, multiple linear regression, and linear mixed effect modelling approaches. Individual tree growth models were developed for thinned and unthinned stand separately. The developed models were validated using two approaches. In the first approach, models were validated using a subset of data that was not used in model fitting. In the second approach, the model of the one growth period was validated with the data of another growth period. Tree size (diameter and height) was a significant predictor of growth. This prediction was improved when the competition was included in the model. The fit statistic (coefficient of determination) of the model ranged from 0.31 to 0.68. The model with spatial competition indices validated as being more accurate than with non-spatial indices. The model prediction can be optimized if 10 to 15 competitors (by number) or competitors within ~10 m (by distance) from the base of the subject tree are included in the model, which can reduce the time and cost of collecting the information about the competitors. As competition from neighbours was a significant predictor with a negative effect on growth, it is recommended including neighbourhood competition when predicting growth and considering thinning treatments to minimize the effect of competition on growth. These model approaches are likely to be useful tools for the conservations and sustainable management of forests of E. marginata in SWWA. As a next step in optimizing the number and distance of competitors, further studies in larger size plots and with a larger number of plots than those used in the present study are recommended.

Keywords: competition, growth, model, thinning

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Authors: Lalla Nezha Lakmiti, Abdelkahar Zahid

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Due to the setbacks on the international scene and the wave of cacophonic financial scandals affecting large international groups, the new Islamic finance industry is not immune despite its initial resistance. The purpose of this paper is to understand and analyze the meaning of the Corporate Governance (CG) concept in Moroccan Islamic banking systems with specific reference to their institutions. The research objective is to identify also the path taken and adopted by these banks recently set up in Morocco. The foundation is rooted in shari'a, in particular, no stakeholder (the shareholding approach) must be harmed, and the ethical value is reflected into these parties’ behavior. We chose a qualitative method, semi-structured interviews where six managers provided answers about their banking systems. Since these respondents held a senior position (directors) within their organizations, it is felt that they are well placed and have the necessary knowledge to provide us with information to answer the questions asked. The results identified the orientation of participating banks and assessing how governance works, while determining which party is fovoured: shareholders, stakeholders or both. This study discusses the favorable condition to the harmonization of the regulations and therefore a better integration between Islamic finance and conventional ones in the economic context of Morocco.

Keywords: corporate governance, Islamic Banks, stakeholders, shareholders

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