Search results for: business group affiliated firms

Authors: Preecha Phongpeng

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The objectives of this research are to assess the prevalence of travel businesses websites in Thailand, investigate and evaluate the quality of travel business websites in Thailand. The sample size includes 323 websites from the population of 1,458 websites. The study covers 4 types of travel business websites including: 78 general travel agents, 30 online reservation travel agents, 205 hotels, 7 airlines, and 3 car-rental companies with nation-wide operation. The findings indicated that e-tourism in Thailand is at its growth stage, with only 13% of travel businesses having websites, 28% of them providing e-mail and the quality of travel business websites in Thailand was at the average level. Seven common problems were found in websites: lack of travel essential information, insufficient transportation information, lack of navigation tools, lack of link pages to other organizations, lack of safety features, unclear online booking functions, and lack of special features also as well.

Keywords: traveling business, website evaluation, e-commerce, e-tourism

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Authors: Fethia Zenak, Salima Benbernou, Linda Zaoui

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Recently, many companies are based on process development from scratch to achieve their business goals. The process development is not trivial and the main objective of enterprise managing processes is to decrease the software development time. Several concepts have been proposed in the field of business process-based reused development, known as BP Mashup. This concept consists of reusing existing business processes which have been modeled in order to respond to a particular goal. To meet user process requirements, our contribution is to mix parts of processes as 'processes fragments' components to build a new process (i.e. process mashup). The main idea of our paper is to offer graphical framework tool for both creating and running processes mashup. Allow users to perform a mixture of fragments, using a simple interface with set of graphical mixture operators based on a proposed formal model. A process mashup and mixture behavior are described within a new specification of a high-level language, language for process mashup (BPML).

Keywords: business process, mashup, fragments, bp mashup

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Authors: Massimo Ferrari, Maria Sole Pagliari

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Pollution is a classic example of economic externality: agents who produce it do not face direct costs from emissions. Therefore, there are no direct economic incentives for reducing pollution. One way to address this market failure would be directly taxing emissions. However, because emissions are global, governments might as well find it optimal to wait let foreign countries to tax emissions so that they can enjoy the benefits of lower pollution without facing its direct costs. In this paper, we first document the empirical relation between pollution and economic output with static and dynamic regression methods. We show that there is a negative relation between aggregate output and the stock of pollution (measured as the stock of CO₂ emissions). This relationship is also highly non-linear, increasing at an exponential rate. In the second part of the paper, we develop and estimate a two-country, two-sector model for the US and the euro area. With this model, we aim at analyzing how the public sector should respond to higher emissions and what are the direct costs that these policies might have. In the model, there are two types of firms, brown firms (which produce a polluting technology) and green firms. Brown firms also produce an externality, CO₂ emissions, which has detrimental effects on aggregate output. As brown firms do not face direct costs from polluting, they do not have incentives to reduce emissions. Notably, emissions in our model are global: the stock of CO₂ in the economy affects all countries, independently from where it is produced. This simplified economy captures the main trade-off between emissions and production, generating a classic market failure. According to our results, the current level of emission reduces output by between 0.4 and 0.75%. Notably, these estimates lay in the upper bound of the distribution of those delivered by studies in the early 2000s. To address market failure, governments should step in introducing taxes on emissions. With the tax, brown firms pay a cost for polluting hence facing the incentive to move to green technologies. Governments, however, might also adopt a beggar-thy-neighbour strategy. Reducing emissions is costly, as moves production away from the 'optimal' production mix of brown and green technology. Because emissions are global, a government could just wait for the other country to tackle climate change, ripping the benefits without facing any costs. We study how this strategic game unfolds and show three important results: first, cooperation is first-best optimal from a global prospective; second, countries face incentives to deviate from the cooperating equilibria; third, tariffs on imported brown goods (the only retaliation policy in case of deviation from the cooperation equilibrium) are ineffective because the exchange rate would move to compensate. We finally study monetary policy under when costs for climate change rise and show that the monetary authority should react stronger to deviations of inflation from its target.

Keywords: climate change, general equilibrium, optimal taxation, monetary policy

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Authors: Evisa Mitrou, Nicholas Tsitsianis, Supriya Shinde

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In the age of digitisation and globalisation, businesses have shifted online and are investing in big data analytics (BDA) to respond to changing market conditions and sustain their performance. Our study shifts the focus from the adoption of BDA to the impact of BDA on financial performance. We explore the financial performance of both BDA-vendors (business-to-business) and BDA-clients (business-to-customer). We distinguish between the five BDA-technologies (big-data-as-a-service (BDaaS), descriptive, diagnostic, predictive, and prescriptive analytics) and discuss them individually. Further, we use four perspectives (internal business process, learning and growth, customer, and finance) and discuss the significance of how each of the five BDA-technologies affects the performance measures of these four perspectives. We also present the analysis of employee engagement, average turnover, average net income, and average net assets for BDA-clients and BDA-vendors. Our study also explores the effect of the COVID-19 pandemic on business continuity for both BDA-vendors and BDA-clients.

Keywords: BDA-clients, BDA-vendors, big data analytics, financial performance

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Authors: Atia Alam

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Growing liberalisation and intense market competition increase firm’s risk exposure and induce corporations to use derivatives extensively as a risk management instrument, which results in decrease in firm’s risk, and increase in value. Present study contributes towards existing literature by providing an in-depth analysis regarding the effect of extent of derivative usage on firm’s risk and value by using panel data models and seemingly unrelated regression technique. New evidence is established in current literature by dividing the sample data based on firm’s Exchange Rate (ER) and Interest Rate (IR) exposure. Analysis is performed for the effect of extent of derivative usage on firm’s risk and value and its variation with respect to the ER and IR exposure. Sample data consists of 166 Pakistani firms listed on Pakistan stock exchange for the period of 2004-2010. Results show that extensive usage of derivative instruments significantly increases firm value and reduces firm’s risk. Furthermore, comprehensive analysis depicts that Pakistani corporations having higher exchange rate exposure, with respect to foreign sales, and higher interest rate exposure, on the basis of industry adjusted leverage, have higher firm value and lower risk. Findings from seemingly unrelated regression also provide robustness to results obtained through panel data analysis. Study also highlights the role of derivative usage as a risk management instrument in high and low ER and IR risk and helps practitioners in understanding how value increasing effect of extent of derivative usage varies with the intensity of firm’s risk exposure.

Keywords: extent of derivative usage, firm value, risk, Pakistan, non-financial firms

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Authors: Pallav Singh, Rajesh Yabaji, Rajesh Dhir, Chanakya Hridaya

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Supply Chain Costs for the Indian Industries have been on an exponential trend due to steep inflation on fundamental cost factors – Fuel, Labour, Rents. In this changing context organizations have been focusing on adopting multiple approaches to keep logistics costs under control to protect the profit margins. The lever of ‘Business to Business (B2B) collaboration’ can be used by organizations to garner higher value. Given the context of Indian Logistics Industry the penetration of B2B Collaboration initiatives have been limited. This paper outlines a structured framework for adoption of B2B collaboration through discussion of a successful initiative between ITC’s Leaf Tobacco Business and a leading Indian Media House. Multiple barriers to such a collaborative process exist which need to be addressed through comprehensive structured approaches. This paper outlines a generic framework approach to B2B collaboration for the Indian Logistics Space, outlining the guidelines for arriving at potential opportunities, identification of collaborators, effective tie-up process, design of operations and sustenance factors. The generic methods outlined can be used in any other industry and also builds a foundation for further research on many topics.

Keywords: business to business collaboration, reverse haul logistics, transportation cost optimization, exports logistics

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Authors: Fahad Ahmed Qureshi

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Is it essential for a Muslim businessperson and employees of Islamic financial institutions not only in Islamic Banks to perform his/her actions ethically in a universally, competing habitat? The answer is an emphatic NO! in Islam, ethics conduct all departments of life. The orders for eternal success or falah in Islam are the same for all Muslims–whether in managing their business activities or in carrying out their routine affairs. Without designating any circumstantial ambience, Allah specify people who achieve success as those who are “inviting to all that is good (Khayr), enjoining what is right (Ma'ruf) and forbidding what is wrong (Munkar).” Within a business context, however, what sole axioms of regimen should a company follow? What is a Muslim businessperson’s encumbrance to internal and external stakeholders? Although an organization’s top executives may display sterling ethical behavior, how can middle- and lower-level managers be enthusiastic to perform in a correspondingly ethical manner? What are some protocols that would clinch persistent ethical behavior in a Muslim business?

Keywords: business, ethics, finance, Islam

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Authors: Hanei Son

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Since the beginning of the 2010s, ‘start-up boom’ has continued with the creation of many new enterprises in Korea. Such tendency was led by various changes in society such as emergence and diffusion of smartphones. Especially, the Korean government has been interested in start-ups and entrepreneurship as an alternative engine for Korea's economic growth. With strong support from the government, as a result, many new enterprises have been established for recent years and the Korean government seems to have achieved its goal: expanding the basis of start-ups. However, it is unclear which factors affect the survival and growth of these new enterprises after their creation. Therefore, this study aims to identify which start-ups from early 2010s survived and which factors influenced their survival and growth. The study will strongly focus on which industries the new enterprises were in, as environmental elements are expected to be critical factors for business of start-ups in Korean context. For this purpose, 105 companies which were introduced as high potential start-ups from 2010 to 2012 were considered in the analysis. According to their current status, dead or alive, the start-ups were categorized by their industries and service area. Through this analysis, it was observed that many start-ups that are still in business are in internet or mobile platform businesses and four major sectors. In each group, a representative case has been studied to reveal its survival and growth factors. The results point to the importance of industrial characteristics for the survival and success of Korean startups and offer political implications in which sector and business more potentials for start-ups in Korea lie in.

Keywords: government support for start-ups, industrial characteristics, Korean start-ups, survival of start-ups

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Authors: Eyüp S. Akbas, Betul Ayaz, Beyza S. Haksever, Sema Basat

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We aimed to evaluate the relationship between insulin resistance, muscle mass and muscle strength in patients with Hepatitis B virus-related cirrhosis. In our study, there were 65 patients with hepatitis B virus-related cirrhosis in Child A and B group and 65 healthy control individual. Control group was chosen between patients who admitted to the internal medicine clinic and had no pathological values in a routine examination. Muscle mass index was calculated with bioimpedance analysis for both groups to determine muscle strength and muscle mass. Handgrip strength, arm, and calf circumference were measured. In both groups, HOMA-IR was calculated to determine insulin resistance. Homeostatic Model Assessment of Insulin Resistance (HOMA-IR) value was detected 3,47±3,80 in the study group and 1,83±1,20 in control group. There were significant differences between the two groups in arm circumference, fasting insulin, fasting glucose, HOMA-IR, High-density lipoprotein (HDL) and total cholesterol parameters. The correlation coefficient between muscle mass and insulin resistance was statistically insignificant, especially in the study group. In healthy individuals group and all the groups, there wasn’t a correlation between muscle mass and insulin resistance. The upper limit for HOMA-IR was determined as 3,2. In control group, %78,9 of individuals were in HOMA-IR ( < 3.2) group and %21,1 of them were in ( ≥ 3,2) group. In study group, %68,3 of individuals were in HOMA-IR ( < 3,2) group and %31.7 were in HOMA-IR ( ≥ 3,2) group. In our study, we did not find a relationship between muscle mass and insulin resistance in patients with liver cirrhosis. In the study group, we detected a positive relationship between muscle mass, handgrip strength, and calf circumference. We did not find a relationship between insulin resistance and handgrip strength in our study.

Keywords: cirrhosis, hepatitis B, Insulin resistance, muscle mass

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Authors: Hyunsik Park

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As the rate of cerebrovascular disease increases in old populations, the prevalence rate of vascular dementia would be expected. Therefore, authors designed this study to find out the possibility of somatosensory evoked potentials(SSEP) as a parameter for early diagnosis and prognosis prediction of vascular dementia in cortical vascular dementia patients. 21 patients who met the criteria for vascular dementia according to DSM-IV,ICD-10and NINDS-AIREN with the history of recent cognitive impairment, fluctuation progression, and neurologic deficit. We subdivided these patients into two groups; a mild dementia and a severe dementia groups by MMSE and CDR score; and analysed comparison between normal control group and patient control group who have been cerebrovascular attack(CVA) history without dementia by using N20 latency and amplitude of median nerve. In this study, mild dementia group showed significant differences on latency and amplitude with normal control group(p-value<0.05) except patient control group(p-value>0.05). Severe dementia group showed significant differences both normal control group and patient control group.(p-value<0.05, <001). Since no significant difference has founded between mild dementia group and patient control group, SSEP has limitation to use for early diagnosis test. However, the comparison between severe dementia group and others showed significant results which indicate SSEP can predict the prognosis of vascular dementia in cortical vascular dementia patients.

Keywords: SSEP, cortical vascular dementia, N20 latency, N20 amplitude

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Authors: Kapil Khanna, Swee Kuik, Joowon Ban

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The current linear economic system is unsustainable due to its dependence on the uncontrolled exploitation of diminishing natural resources. The integration of business innovation and supply chain management has brought about the redesign of business processes through the implementation of a closed-loop approach. The circular economy (CE) offers a sustainable solution to improve business opportunities in the near future by following the principles of rejuvenation and reuse inspired by nature. Those business owners start to rethink and consider using waste as raw material to make new products for consumers. The implementation of CE helps organisations to incorporate new strategic plans for decreasing the use of virgin materials and nature resources. Supply chain partners that are geographically dispersed rely heavily on innovative approaches to support supply chain management. Presently, numerous studies have attempted to establish the concept of supply chain management (SCM) by integrating CE principles, which are commonly denoted as circular SCM. While many scholars have recognised the challenges of transitioning to CE, there is still a lack of consensus on business best practices that can facilitate companies in embracing CE across the supply chain. Hence, this paper strives to scrutinize the SCM practices utilised for CE, identify the obstacles, and recommend best practices that can enhance a company's ability to incorporate CE principles toward business innovation and supply chain performance. Further, the paper proposes future research in the field of using specific technologies such as artificial intelligence, Internet of Things, and blockchain as business innovation tools for supply chain management and CE adoption.

Keywords: business innovation, challenges, circular supply chain, supply chain management, technology

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Authors: Biswanath Swain

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Ethical relativism, as an ethical perspective, holds that moral worth of a course of action is dependent on a particular space and time. Moral rightness or wrongness of a course of action varies from space to space and from time to time. In short, ethical relativism holds that morality is relative to the context. If we reflect conscientiously on the scope of this perspective, we will find that it is wide-spread amongst the marketers involved in the offshore business. However, the irony is that most of the marketers gone along with ethical relativism in their offshore business have been found to be unsuccessful in terms of loss in market-share and bankruptcy. The upshot is purely self-defeating in nature for the marketers. GSK in China and Nestle Maggi in India are some of the burning examples of that sort. The paper argues and recommends that a marketer, as an alternative, should have recourse to Kantian ethical perspective to deliberate courses of action sensitive to offshore business as Kantian ethical perspective is logically and methodologically sound in nature.

Keywords: business, course of action, Kant, morality, offshore, relativism

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Authors: Ebrahim Mansoori, Datin Joriah Muhammad

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Recent studies in finance have focused on the effect of external variables on working capital management. This study investigates the effect of corruption indexes on firms' working capital management. A large data set that covers data from 2005 to 2013 from five ASEAN countries, namely, Malaysia, Indonesia, Singapore, Thailand, and the Philippines, was selected to investigate how the level of corruption in these countries affect working capital management. The results of panel data analysis include fixed effect estimations showed that a high level of countries' corruption indexes encourages managers to shorten the CCC length. Meanwhile, the managers reduce the level of investment in cash and cash equivalents when the levels of corruption indexes increase. Therefore, increasing the level of countries' corruption indexes encourages managers to select conservative working capital strategies by reducing the level of NLB.

Keywords: ASEAN, corruption indexes, panel data analysis, working capital management

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Authors: Sa'ad Ali

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This study explores wasta as an example of a social network and how it impacts business practice in the Arab Middle East, drawing links with social network impact in different regions of the world. In doing so, particular attention will be paid to the socio-economic and cultural influences on business practice. In exploring relationships in business, concepts such as social network analysis, social capital and group identity are used to explore the different forms of social networks and how they influence business decisions and practices in the regions and countries where they prevail. The use of social networks to achieve objectives is known as guanxi in China, wasta in the Arab Middle East and blat in ex-Soviet countries. Wasta can be defined as favouritism based on tribal and family affiliation and is a widespread practice that has a substantial impact on political, social and business interactions in the Arab Middle East. Within the business context, it is used in several ways, such as to secure a job or promotion or to cut through bureaucracy in government interactions. The little research available is fragmented, and most studies reveal a negative attitude towards its usage in business. Paradoxically, while wasta is widely practised, people from the Arab Middle East often deny its influence. Moreover, despite the regular exhibition of a negative opinion on the practice of wasta, it can also be a source of great pride. This paper addresses this paradox by conducting a positional literature review, exploring the current literature on wasta and identifying how the identified paradox can be explained. The findings highlight how wasta, to a large extent, has been treated as an umbrella concept, whilst it is a highly complex practice which has evolved from intermediary wasta to intercessory wasta and therefore from bonding social capital relationships to more bridging social capital relationships. In addition, the research found that Islam, as the predominant religion in the region and the main source of ethical guidance for the majority of people from the region, plays a substantial role in this paradox. Specifically, it is submitted that wasta can be viewed positively in Islam when it is practised to aid others without breaking Islamic ethical guidelines, whilst it can be viewed negatively when it is used in contradiction with the teachings of Islam. As such, the unique contribution to knowledge of this study is that it ties together the fragmented literature on wasta, highlighting and helping us understand its complexity. In addition, it sheds light on the role of Islam in wasta practices, aiding our understanding of the paradoxical nature of the practice.

Keywords: Islamic ethics, social capital, social networks, Wasta

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Authors: Mizuno Norihito

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This study attempts to examine Japanese views of Thailand primarily in the 1920s and 1930s through the analysis of documents published by the Office of Governor-General of Taiwan (Taiwan Sotokufu) and its affiliated organizations. Japan regarded Taiwan, under its control since 1895, as a foothold to making inroads into the South, and The governor-general office was active in investigations and intelligence gathering in Southeast Asia, as well as the southern part of the Chinese continent. Documents published by the governor-general office and its related organizations, especially those in a couple of decades following the First World War, reveal that the Japanese paid attention to the presence of the-Thai-Chinese during the time period. It would not be surprising that the desiring to penetrating into the Thai market, as well as the markets of the rest of Southeast Asia, the Japanese could not ignore the presence of the Thai-Chinese because of their local economic influences. The increased Japanese concern about the Thai-Chinese toward the end of the 1920s and throughout the 1930s was, moreover, intertwined with the increased tension between China and Japan. In other words, Thailand, as well as the rest of Southeast Asia, became another arena of Sino-Japanese confrontation. The rise of nationalism against Japan in China infected the Thai-Chinese communities and threatened Japanese economic activities in the country. However, the Japanese simultaneously found out that Thai-Chinese concert with anti-Japanese in China did not necessarily match their business interests and that the Thai government’s efforts to assimilate the Thai-Chinese into the Thais society and strategic approach to Japan in the late 1930s hampered their anti-Japanese actions.

Keywords: Japanese-Thai Relations, Sino-Japanese relations, Thai Chinese, Overseas Japanese

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Authors: Reza Yaghoubi, Stuart Locke, Jenny Gibb

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This study investigates sources of value in mergers and acquisitions. While much emphasis is put on operating synergies from acquisitions the evidence provided in this study shows that the difference between the WACCs of the combined firm and the merging firms may have a significant role on the value effect of mergers. These findings suggest that changes in the capital structure of the combined firm, compared to capital structures of the acquirer and the target, play a key role in determining the value of an acquisition. Moreover, findings of this study suggest that reducing the cost of capital of the combined firm, compared to the merging firms, is value creating even in the absence of operating synergies. Furthermore, this study shows that the component of value associated with the difference between the WACCs of the combined firm and the acquirer is mainly determined by leverage of the acquiring firm and the method of payment. While cash payment is value creating, high leverage of the acquirer prior to an acquisition can destroy value by raising the cost of capital of the firm. This is especially important to managers when they are planning an acquisition.

Keywords: acquisitions, mergers, synergy, value, WACC

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Authors: William Castillo, Hugo Viza, Arturo Vargas

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The Pacific Alliance is a trade bloc that is composed of four emerging economies: Chile, Colombia, Peru, and Mexico. These economies have gained macroeconomic stability in the past decade and as a consequence present future economic progress. Under this positive scenario, international business firms have flourished. However, the literature in this region has been widely unexamined. Therefore, it is critical to fill this theoretical gap, especially considering that Latin America is starting to become a global player and it possesses a different institutional context than developed markets. This paper analyzes the effect of international entrepreneurial orientation and institutionalism on international performance, for the Pacific Alliance small-to-medium enterprises (SMEs). The literature considers international entrepreneurial orientation to be a powerful managerial capability – along the resource based view- that firms can leverage to obtain a satisfactory international performance. Thereby, obtaining a competitive advantage through the correct allocation of key resources to exploit the capabilities here involved. Entrepreneurial Orientation is defined around five factors: innovation, proactiveness, risk-taking, competitive aggressiveness, and autonomy. Nevertheless, the institutional environment – both local and foreign, adversely affects International Performance; this is especially the case for emerging markets with uncertain scenarios. In this way, the study analyzes an Entrepreneurial Orientation, key endogenous variable of international performance, and Institutionalism, an exogenous variable. The survey data consists of Pacific Alliance SMEs that have foreign operations in at least another country in the trade bloc. Findings are still in an ongoing research process. Later, the study will undertake a structural equation modeling (SEM) using the variance-based partial least square estimation procedure. The software that is going to be used is the SmartPLS. This research contributes to the theoretical discussion of a largely postponed topic: SMEs in Latin America, that has had limited academic research. Also, it has practical implication for decision-makers and policy-makers, providing insights into what is behind international performance.

Keywords: institutional theory, international entrepreneurial orientation, international performance, SMEs, Pacific Alliance

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Authors: Ramazan F. Akkoc, Elif Erdem, Nalan Kaya, Gonca Ozan, D. Özlem Dabak, Enver Ozan

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Maternal tobacco smoke exposure is known to cause growth retardation in the neonatal skeletal system. Alpha lipoic acid, a natural antioxidant found in some foods, limits the activities of osteoclasts and supports the osteoblast's bone formation mechanism. In this study, it was aimed to investigate the effects of alpha lipoic acid (ALA) on the height, long bones and tail lengths of pups exposed to maternal tobacco smoke. The rats were divided into four groups: 1) control group, 2) tobacco smoke group, 3) tobacco smoke + ALA group, and 4) ALA group. Rats in the group 2 (tobacco smoke), group 3 (tobacco smoke + ALA) were exposed to tobacco smoke twice a day for one hour starting from eight weeks before mating and during pregnancy. In addition to tobacco smoke, 20 mg/kg of alpha lipoic acid was administered via oral gavage to the rats in the group 3 (tobacco smoke + ALA). Only alpha lipoic acid was administered to the rats in the group 4. On day 21 postpartum, the height and tail lengths of the pups in all groups were measured, and the length of the extremity long bones was measured after decapitation. All morphometric measurements performed in group 2 (tobacco smoke) showed a significant decrease compared to group 1 (control), while all measurements in group 3 (tobacco smoke + ALA) showed a significant increase compared to group 2 (tobacco smoke). It has been shown that ALA has a protective effect against the regression of height, long bones and tail lengths of pups exposed to maternal tobacco smoke.

Keywords: alpha lipoic acid, bone, morphometry, rat, tobacco smoke

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Authors: Isa Naina Mohamed, Mazliadiyana Mazlan, Ahmad Nazrun Shuid

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Stichopus chloronotus (Black Knobby or green fish) is a sea cucumber species commonly found along Malaysia’s coastline. In Malaysia, it is believed that sea cucumber can expedite healing of wounds, provide extra energy and used as an ointment to relieve pain. The aim of this study is to determine the best concentration of Stichopus chlronotus extract to promote wound healing. 12 male Sprague-Dawley rats with wounds created using 6mm disposable punch biopsy were divided into 6 treatment groups. The normal control group (untreated), positive control group (flavin treated only), negative control group (emulsifying ointment only), and group 0.1, group 0.5, group 1 were each treated with 0.1%, 0.5% and 1% of Stichopus chlronotus water extract mixed in emulsifying ointment, respectively. Treatments were administered topically for 10 days. Changes in wound area were measured using caliper and photographs were taken on day 2, 4, 6, 8, and 10 after index wound. Results showed that wound reduction of group 0.5 on day 4, 6, and 8 was significantly higher compared to normal control group and positive control group. Group 0.5 also had higher wound reduction from day 6 until day 10 compared to all other groups. In conclusion, Sea Cucumber (Stichopus chloronotus) extract demonstrated the best minor wound healing properties at concentration 0.5%. The potential of Stichopus chlronotus extract ointment for wound healing shall be investigated further.

Keywords: minor wound healing, expedite wound healing, sea cucumber, Stichopus chloronotus

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Authors: Shao-Cyuan Yewang, Yu-Wen Chen

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Background: Exercise training is well known to alleviate chronic pain syndromes improve of chronic pain. This study investigated the effect of swimming exercise training on thoracotomy and rib retraction-induced allodynia. Methods: Male Sprague Dawley rats that received animal model of persistent postthoracotomy pain. All rats were divided into three groups: sham operations group (Sham), thoracotomy and rib retraction group (TRR), and TRR with swimming exercise training for 90min/day, 7 days a week for 4 weeks (TRR-SEW). The sham group did not receive retraction of the ribs. Thus, they received a pleural incision. The levels of mechanical and cold allodynia were measured by von Frey and acetone test. Results: In von Frey test, the level of mechanical allodynia in the TRR group was significantly higher than the sham group. The level of mechanical allodynia in the TRR-SEW group was significantly lower than the TRR group. In acetone test, the level of cold allodynia in the TRR group was significantly higher than the sham group. The level of cold allodynia in the TRR-SEW group was significantly lower than the TRR group. Conclusions: These results suggest that swimming exercise training decreases persistent postthoracotomy pain caused by TRR surgery. It may provide one of the new therapeutic effects of swimming exercise training could alleviate persistent postthoracotomy pain.

Keywords: chronic pain, thoracotomy pain, swimming, von Frey test, acetone test

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Authors: Waleed Aly Sayed Ahmed, Eman Kishk, Tahani Shams

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Aim: To study the effects of co-administration of phosphodiesterase-5 inhibitor (PDE-5) and sodium selenite against the damage induced by ovarian ischemia-reperfusion in rats. Materials and Methods: A total of forty-two sexually mature, virgin, female rats were divided randomly into six groups of seven each: sham group (C), ischemia group (I), ischemia/reperfusion group (I/R), ischemia/reperfusion plus 1.4mg/kg sildenafil (I/R+S) group, ischemia/reperfusion plus 0.2mg/kg selenium (I/R+Se) group and ischemia/reperfusion plus combination of sildenafil and selenium (I/R+S+Se) group. In ischemia group (I), rats were exposed to ischemia for 3 hours (h). In ischemia/reperfusion group (I/R), rats were exposed to ischemia for 3 h followed by 6 h of reperfusion. Treated groups received 1.4mg/kg sildenafil or 0.2 mg/kg selenium or both 30 min before reperfusion. Both ovaries were surgically removed carefully. One ovary was examined for histopathological changes and the other was subject to biochemical analysis including malondialdehyde (MDA), catalase (CAT) and glutathione peroxidase (GPx). Results: Assessment of ovarian tissue damage using a scoring system showed marked vascular congestion, interstitial edema, leukocyte infiltration, hemorrhage, and follicular degeneration in ischemia and ischemia/reperfusion groups. Tissue damage score for I, IR and all treated groups were significantly higher than those of the sham group (p<0.001), while tissue damage score decreased significantly in I/R+S and I/R+Se groups compared to I/R group (p<0.05), and notably, the difference was highly significant in I/R+S+Se group (p<0.001). There was significant increase in MDA levels and reduction in activities of CAT and GPx in I/R group compared to the sham group (p < 0.05). In I/R+S and I/R+Se groups, MDA was significantly decreased compared to the I/R group (p<0.05) and the difference was highly significant with co-administration of sildenafil and selenium (p<0.001). CAT and GPx were higher in all treated groups compared to I/R group (p<0.05). Conclusion: The co-administration of sildenafil citrate and selenium are highly protective against damage induced by ovarian ischemia/reperfusion in rats.

Keywords: phosphodiesterase-5 inhibitor, sildenafil, antioxidant, selenium, ovarian ischemia

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Authors: Chen Shuwen, Nunthapin Chantachaimongkol

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Since the world has moved into a transitional period, known as globalization; the business environment is now more complicated than ever before. Corporate information has become a matter of great importance for stakeholders, in order to understand the current situation. As a result of this, the concept of corporate governance has been broadly introduced to manage and control the affairs of corporations while businesses are required to disclose both financial and non-financial information to public via various communication channels such as the annual report, the financial report, the company’s website, etc. However, currently there are several other issues related to asymmetric information such as moral hazard or adverse selection that still occur intensively in workplaces. To prevent such problems in the business, it is required to have an understanding of what factors strengthen their transparency, accountability, fairness, and responsibility. Under aforementioned arguments, this paper aims to propose a conceptual framework that enables an investigation on how corporate governance mechanism influences disclosure efficiency of listed companies in the Association of Southeast Asia Nations (ASEAN) and the factors that should be considered for further development of good behaviors, particularly in regards to voluntary disclosure practices. To achieve its purpose, extensive reviews of literature are applied as a research methodology. It is divided into three main steps. Firstly, the theories involved with both corporate governance and disclosure practices such as agency theory, contract theory, signaling theory, moral hazard theory, and information asymmetry theory are examined to provide theoretical backgrounds. Secondly, the relevant literatures based on multi- perspectives of corporate governance, its attributions and their roles on business processes, the influences of corporate governance mechanisms on business performance, and the factors determining corporate governance characteristics as well as capability are reviewed to outline the parameters that should be included in the proposed model. Thirdly, the well-known regulatory document OECD principles and previous empirical studies on the corporate disclosure procedures are evaluated to identify the similarities and differentiations with the disclosure patterns in the ASEAN. Following the processes and consequences of the literature review, abundant factors and variables are found. Further to the methodology, additional critical factors that also have an impact on the disclosure behaviors are addressed in two groups. In the first group, the factors which are linked to the national characteristics - the quality of national code, legal origin, culture, the level of economic development, and so forth. Whereas in the second group, the discoveries which refer to the firm’s characteristics - ownership concentration, ownership’s rights, controlling group, and so on. However, because of research limitations, only some literature are chosen and summarized to form part of the conceptual framework that explores the relationship between corporate governance and the disclosure practices of listed companies in ASEAN.

Keywords: corporate governance, disclosure practice, ASEAN, listed company

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Authors: Piyanud Chompookard

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This research aims to study the effect of self-compassion techniques for individuals with depression (A pilot study). A quasi-experimental research with pretest-posttest is used to design this work. The research includes 30 participants, divided into the experimental group (ten samples) and the control group (twenty samples). The experimental group received a self-compassion techniques with an appropriate treatment for a total six times. The control group received an appropriate treatment. The measurement of this study using the Hamilton Rating Scale for Depression (Thai version). There are significant differences in levels of depression after received a self-compassion techniques with an appropriate treatment (p<.01). And there are significant differences in levels of depression between the experimental group and the control group (p<.01).

Keywords: depression, self compassion techniques, psychotherapy, pilot study

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Authors: Nurgul Senol, Melda Azman

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In this study, the rate of release of gastrointestinal peptides heavy metal compounds applied to a certain extent (gastrin/CCK) on immunohistochemical aimed to determine the effect. This study was supported by TÜBİTAK. Subjects were randomly grouped into three. Group I; iron (Fe), Group II; zinc (Zn), Group III; control; gavage technique was applied to each group once a day throughout 30 days. At the end of the experiment, rats were decapitated and their stomach-intestine tissues removed, Peroxidase anti peroxidase method was applied following the routine histological follow-ups. According to the control group, in the stomach, had more positive cell density of gastrin in Fe groups, it was observed that group followed by Zn. It was found between the groups in the stomach and intestinal gastrin, gastrin-positive cell density decreases towards the intestines from the stomach. Although CCK differences in staining were observed in the control group, the intensity of staining intensity between the two groups in positive cells was determined to be more than the stomach. The group in the intestines, there is no change in terms of positivity CCK. Consequently, there is no significant effect on gastrointestinal peptides in Zn application. It has been identified Fe application has a significant effect on the releasing of CCK/gastrin peptides.

Keywords: alimentary canal, CCK, iron, gastrin, zinc

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Authors: Rostika Flora, Muhammad Zulkarnain, Syokumawena

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Background: Aerobic physical exercises are recommended to keep body fit and healthy although physical exercises themselves can increase body metabolism and oxygen and can lead into tissue hypoxia. Oxygen pressure can serve as Vascular Endhothelial Growth Factor (VEGF) regulator. Hypoxia increases gene expression of VEGF through ascendant regulation of HIF-1. VEGF is involved in regulating angiogenesis process. Aerobic physical exercises can increase the concentration of VEGF in brain and enables angiogenesis process. We have investigated the influence of aerobic physical exercise to the VGEF concentration of wistar rat’s brain. Methods: This was experimental study using post test only control group design. Independent t-test was used as statistical test. The samples were twenty four wistar rat (Rattus Norvegicus) which were divided into four groups: group P1 (control group), group P2 (treatment group with once-a-week exercise), group P3 (treatment group with three time-a-week exercise), and group P4 (treatment group with seven time-a-week exercise). Group P2, P3, and P4 were treated with treadmil with speed of 20 m/minute for 30 minutes. The concentration of VEGF was determined by ELISA. Results: There was a significant increase of VEGF in treatment group compared with control one (<0.05). The maximum increase was found in group P2 (129.02±64.49) and the minimum increase was in group P4 (96.98±11.20). Conclusion: The frequency of aerobic physical exercises influenced the concentration of Vascular Endhothelial Growth Factor (VEGF) of brain tissue of Rattus Norvegicus.

Keywords: brain tissue, hypoxia, physical exercises, vascular endhothelial growth factor

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Authors: Kristiana Haryanti, Theresia Dwi Hastuti, Agustine Eva Maria Soekesi

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Entrepreneurship is an important topic today that is widely discussed in the business world. The COVID-19 pandemic has devastated all businesses in the world, especially businesses at the micro-level. This study tries to prove the relationship between job satisfaction of micro-level business owners and family social support for their resilience. The respondents of this study amounted to 58 entrepreneurs. The results of this study indicate that there is a relationship between job satisfaction and social support with entrepreneurial resilience in continuing the family business.

Keywords: family business, family social support, job satisfaction, resilience

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Authors: Ying Yi Wu

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The study of finite groups is a central topic in algebraic structures, and one of the most fundamental questions in this field is the classification of finite groups up to isomorphism. In this paper, we investigate the cyclic property of groups of prime order, which is a crucial result in the classification of finite abelian groups. We prove the following statement: If p is a prime, then every group G of order p is cyclic. Our proof utilizes the properties of group actions and the class equation, which provide a powerful tool for studying the structure of finite groups. In particular, we first show that any non-identity element of G generates a cyclic subgroup of G. Then, we establish the existence of an element of order p, which implies that G is generated by a single element. Finally, we demonstrate that any two generators of G are conjugate, which shows that G is a cyclic group. Our result has significant implications in the classification of finite groups, as it implies that any group of prime order is isomorphic to the cyclic group of the same order. Moreover, it provides a useful tool for understanding the structure of more complicated finite groups, as any finite abelian group can be decomposed into a direct product of cyclic groups. Our proof technique can also be extended to other areas of group theory, such as the classification of finite p-groups, where p is a prime. Therefore, our work has implications beyond the specific result we prove and can contribute to further research in algebraic structures.

Keywords: group theory, finite groups, cyclic groups, prime order, classification.

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Authors: Maria Amaia Iza Padilla, Ibai Ostolozaga

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The objective of this paper is to analyze how transportation costs between regions within a country can affect not only domestic trade but also the allocation of resources in a given region, aggregate productivity, and relative domestic prices (tradable versus non-tradable). On the one hand, there is a vast literature that analyzes the transportation costs faced by countries when trading with the rest of the world. However, this paper focuses on the effect of transportation costs on domestic trade. Countries differ in their domestic road infrastructure and transport quality. There is also some literature that focuses on the effect of road infrastructure on the price difference between regions but not on relative prices at the aggregate level. On the other hand, this work is also related to the literature on resource misallocation. Finally, the paper is also related to the literature analyzing the effect of trade on the development of the manufacturing sector. Using the World Bank Enterprise Survey database, it is observed cross-country differences in the proportion of firms that consider transportation as an obstacle. From the International Comparison Program, we obtain a significant negative correlation between GDP per worker and relative prices (manufacturing sector prices relative to the service sector). Furthermore, there is a significant negative correlation between a country’s transportation quality and the relative price of manufactured goods with respect to the price of services in that country. This is consistent with the empirical evidence of a negative correlation between transportation quality and GDP per worker, on the one hand, and the negative correlation between GDP per worker and domestic relative prices, on the other. It is also shown that in a country, the share of manufacturing firms whose main market is at the local (regional) level is negatively related to the quality of the transportation infrastructure within the country. Similarly, this index is positively related to the share of manufacturing firms whose main market is national or international. The data also shows that those countries with a higher proportion of manufacturing firms operating locally have higher relative prices. With this information in hand, the paper attempts to quantify the effects of the allocation of resources between and within sectors. The higher the trade barriers caused by transportation costs, the less efficient allocation, which causes lower aggregate productivity. Second, it is built a two-sector model where regions within a country trade with each other. On the one hand, it is found that with respect to the manufacturing sector, those countries with less trade between their regions will be characterized by a smaller variety of goods, less productive manufacturing firms on average, and higher relative prices for manufactured goods relative to service sector prices. Thus, the decline in the relative price of manufactured goods in more advanced countries could also be explained by the degree of trade between regions. This trade allows for efficient intra-industry allocation (traders are more productive, and resources are allocated more efficiently)).

Keywords: misallocation, relative prices, TFP, transportation cost

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Authors: Saeed Dehnavi, Ismail Asadallahi, Fatemeh Rahmatian, Elahe Rahimian

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Purpose: Due to an increasing prevalence of over eating disorders, this paper aims to investigate the effectiveness of short-term group cognitive-behavioral therapy on reducing binge eating behavior and depression symptoms among females suffered from binge eating disorder (BED) in Qazvin, Iran. Methodology: This is aquasi-experimental study (pre-post testing plan with control group). Using a convenience sampling technique, binge eating scale (BES) and clinical interviews, 30 persons were selected among all clients who had referred to weight loss centers in Qazvin, these persons were randomly placed into two control and experimental groups. The experimental group participated in a seven-session plan on short-term cognitive-behavioral group therapy. Results: The results showed that the short term group cognitive-behavioral therapy results in a significant reduction in binge eating signs and depressive symptoms within the experimental group, compared to the control. Conclusion: Regarding the results, it is known that short-term group cognitive-behavioral therapy is effective in reducing overeating symptoms. Hence, it can be used as an economical and effective treatment method for individuals suffering from BED.

Keywords: cognitive-behavioral group therapy, binge eating disorder, depression

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Authors: Amritpal Slaich, Mark Elshaw

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This paper explores the development of a decision support framework for the introduction of business intelligence (BI) through operational research techniques for application by SMEs. Aligned with the goals of the new Midlands Enterprise Initiative of improving the skill levels of the Midlands workforce and addressing high levels of regional unemployment, we have developed a framework to increase the level of business intelligence used by SMEs to improve business decision-making. Many SMEs in the Midlands fail due to the lack of high quality decision making. Our framework outlines how universities can: engage with SMEs in the use of BI through operational research techniques; develop appropriate and easy to use Excel spreadsheet models; and make use of a process to allow SMEs to feedback their findings of the models. Future work will determine how well the framework performs in getting SMEs to apply BI to improve their decision-making performance.

Keywords: SMEs, decision support framework, business intelligence, operational research techniques

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