Search results for: foreign investment

Authors: Urmi Khatri

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Capital asset pricing model (CAPM) draws a direct relationship between the risk and the expected rate of return. There was a criticism on the beta and the assumptions of CAPM, as they are not applicable in the real world. Fama French Three Factor Model and Fama French Five Factor Model have given different factors, which have an impact on the return of any asset like size, value, investment and profitability. This study proposes to see Capital Asset pricing Model through the lenses of the quality aspect. In the study, the six factors are studied. The Fama French Five Factor Model and addition of the quality dimension are studied. Here, Graham’s seven quality and quantity criteria are measured to determine the score of the sample firms. Thus, this study tries to check the model fit. The beta coefficient of the quality dimension and the R square value is seen to determine validity of the proposed model. The sample is drawn from the firms listed on Indian Stock Exchange (BSE). For the study, only nonfinancial firms are been selected. The time period of the study is from January 1999 to December 2019. Hence, the primary objective of the study is to check how robust the model becomes after giving the quality dimension to the capital asset pricing model in addition to the size, value, profitability and investment.

Keywords: asset pricing model, CAPM, Graham’s score, G-score, multifactor model, quality

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Authors: Zahira Anane, Abdelhafid Bayadi

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Corona in the HV overhead transmission lines is an important source of attenuation and distortion of overvoltage surges. This phenomenon of distortion, which is superimposed on the distortion by skin effect, is due to the dissipation of energy by injection of space charges around the conductor, this process with place as soon as the instantaneous voltage exceeds the threshold voltage of the corona effect conductors. This paper presents a mathematical model to determine the corona inception voltage, the critical electric field and the corona radius, to predict the capacitive changes at conductor of transmission line due to corona. This model has been incorporated into the Alternative Transients Program version of the Electromagnetic Transients Program (ATP/EMTP) as a user defined component, using the MODELS interface with NORTON TYPE94 of this program and using the foreign subroutine. For obtained the displacement of corona charge hell, dichotomy mathematical method is used for this computation. The present corona model can be used for computing of distortion and attenuation of transient overvoltage waves being propagated in a transmission line of the very high voltage electric power.

Keywords: high voltage, corona, Type94 NORTON, dichotomy, ATP/EMTP, MODELS, distortion, foreign model

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Authors: Bahia Braktia, Ana Marcela Montenegro Sanchez

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Social media, such as Facebook, Twitter, and YouTube, has been used for teaching and learning for quite some time. These platforms have been proven to be a good tool to improve various language skills, students’ performance of the English language, motivation as well as trigger the authentic language interaction. However, little is known about the potential effects of social media usage on the learning performance of Arabic language learners. The present study explores the potential role that the social media technologies play in learning Arabic as a foreign language at a university in Southeast of United States. In order to investigate this issue, an online survey was administered to examine the perceptions and attitudes of American students learning Arabic. The research questions were: How does social media, specifically Facebook and Twitter, impact the students' Arabic language skills, and what is their attitude toward it? The preliminary findings of the study showed that students had a positive attitude toward the use of social media to enhance their Arabic language skills, and that they used a range of social media features to expose themselves to the Arabic language and communicate in Arabic with native Arabic speaking friends. More detailed findings will be shared in the light data analysis with the audience during the presentation.

Keywords: foreign language learning, social media, students’ perceptions, survey

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Authors: Pham Duc Hieu, Do Thi Huong Lan

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The aim of this paper is to investigate the factors affecting the extent of voluntary disclosure by examining the annual reports of 205 industrial and manufacturing companies listing on Ho Chi Minh Stock Exchange (HSX) and Hanoi Stock Exchange (HNX) for the year end of 2012. Those factors include company size, profitability, leverage, state ownership, managerial ownership, and foreign ownership, board independence, role duality and type of external auditors. Evidence from this study suggests two main findings. (1) Companies with high foreign ownership have a high level of voluntary disclosure. (2) The company size is an important factor related to the increased level of voluntary disclosure in annual reports made by Vietnamese listed companies. The larger the company, the higher the information is disclosed. However, no significant associations are found between profitability, leverage, state ownership, managerial ownership, board independence, role duality and type of external auditors as hypothesized in this study.

Keywords: voluntary disclosure, Vietnamese listed companies, voluntary, duality

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Authors: Adeola Adenikinju, Olusanya E. Olubusoye, Lateef O. Akinpelu, Dilinna L. Nwobi

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Since the enactment of the Fiscal Responsibility Act (2007), the Federal Government of Nigeria (FGN) has made public its fiscal budget and the subsequent implementation report. A critical review of these documents shows significant variations in the five macroeconomic variables which are inputs in each Presidential budget; oil Production target (mbpd), oil price ($), Foreign exchange rate(N/$), and Gross Domestic Product growth rate (%) and inflation rate (%). This results in underperformance of the Federal budget expected output in terms of non-oil and oil revenue aggregates. This paper evaluates first the existing variance between budgeted and actuals, then the relationship and causality between the determinants of Federal fiscal budget assumptions, and finally the determinants of FGN’s Gross Oil Revenue. The paper employed the use of descriptive statistics, the Autoregressive distributed lag (ARDL) model, and a Profit oil probabilistic model to achieve these objectives. This model permits for both the static and dynamic effect(s) of the independent variable(s) on the dependent variable, unlike a static model that accounts for static or fixed effect(s) only. It offers a technique for checking the existence of a long-run relationship between variables, unlike other tests of cointegration, such as the Engle-Granger and Johansen tests, which consider only non-stationary series that are integrated of the same order. Finally, even with small sample size, the ARDL model is known to generate a valid result, for it is the dependent variable and is the explanatory variable. The results showed that there is a long-run relationship between oil revenue as a proxy for budget performance and its determinants; oil price, produced oil quantity, and foreign exchange rate. There is a short-run relationship between oil revenue and its determinants; oil price, produced oil quantity, and foreign exchange rate. There is a long-run relationship between non-oil revenue and its determinants; inflation rate, GDP growth rate, and foreign exchange rate. The grangers’ causality test results show that there is a mono-directional causality between oil revenue and its determinants. The Federal budget assumptions only explain 68% of oil revenue and 62% of non-oil revenue. There is a mono-directional causality between non-oil revenue and its determinants. The Profit oil Model describes production sharing contracts, joint ventures, and modified carrying arrangements as the greatest contributors to FGN’s gross oil revenue. This provides empirical justification for the selected macroeconomic variables used in the Federal budget design and performance evaluation. The research recommends other variables, debt and money supply, be included in the Federal budget design to explain the Federal budget revenue performance further.

Keywords: ARDL, budget performance, oil price, oil quantity, oil revenue

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Authors: Asiye Aydilek, Harun Aydilek

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We investigate the costs of various suboptimal allocations in housing, consumption, bond and stock holdings of a retiree in a setting with recursive utility, considering the extensive empirical evidence that investors make suboptimal decisions in different ways. We find that suboptimal stock holdings impose only modest costs on the retiree. This may have a merit in explaining the limited stock investment in the data. The cost of suboptimal bond holdings is higher than that of stocks, but still small. This may partially explain why many more people hold bonds compared to stocks. We find that positive deviations from the optimal level are less costly relative to the negative ones in suboptimal housing allocations. This may help us to clarify why the elderly are over consuming housing, as seen in the housing data. The cost of suboptimal consumption is quite high and the highest of all. Our paper suggests that, in terms of welfare, the decisions of how much of liquid wealth to use for consumption and for saving are more important than the decision about the composition of liquid savings. Suboptimal stock holdings are twice more costly in power utility and suboptimal bond holdings are twenty times more costly in recursive utility. Recursive utility is superior to power utility in terms of rationalizing many people's preference for bonds instead of stocks in investment.

Keywords: housing, recursive utility, retirement, suboptimal decisions, welfare cost

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Authors: Bahman Gorjian

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This study investigated the effects of closed-captioning on vocabulary learning and listening comprehension of English-language movies. Captioning is thus an effective language-learning tool for persons learning English as a second language. Because students may learn a foreign language "passively," utilizing subtitles on television could make learning English enjoyable for them. Closed captioning is an electrical technique that converts spoken words from a television program's audio into written text that mimics subtitles in another language. The findings of this study showed the importance of using closed-captioning software when learning a foreign language. As a result, these must be considered when teaching EFL/ESL. The influence of watching movies with closed captions on vocabulary and hearing is compared in this study. This goal can be reached by employing a closed-captioned movie as a teaching tool in the classroom. This research was critical because it demonstrates the advantages of closed-captioning programs in EFL classrooms for both teachers and students. The study's findings assisted teachers in better understanding how to employ closed captioning as a teaching tool in the classroom. The effects will be seen as even more significant for language learners who use the method.

Keywords: closed-captions, listening, comprehension, vcabulary

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Authors: Zuhal Mohammed, Khalid Siddig, Harald Grethe

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Vocational training (VT) has been identified as a potential engine for achieving economic and social development, particularly in developing countries, while during the last two decades it is deemed as an essential determinant of human capital accumulation. Furthermore, it has a crucial role in reducing inequality, wage gaps and unemployment and in promoting skill decomposition. Government plays an important role in the human capital formulation by providing finance for education. In some countries, a large portion of the public educational investment is devoted to academic education (primary, secondary and tertiary). This is reflected in disproportionately increasing investment in various education sectors other than vocational education and VT. Nevertheless, the finance of VT system is not likely to increase or even remain at its existing level. This paper conducts an in-depth analysis to quantify the impacts of various options for expanding the public expenditure on education as well as vocational training in the Sudan. The study uses a recursive dynamic CGE modelling framework that accommodates VT and allows depicting the impact of various policies targeting the vocational training system with special focus on the agricultural sector. This allows for depicting the potential effects of various resource allocation policies not only among education versus non-education sectors, but also between the various types of education and training. Moreover, the study assesses the role of VT system in the economy through its influence on workers’ skill improvement and their movement across sectors. The results show that an increase in the public educational investment will lead to decrease the supply of low and high educated workers as results of increasing the school participation of the students in the short run. While in the medium to long run, this measure guides to increase the productivity of the labour and thus the growth rate of the gross domestic product (GDP). Therefore, the findings of the study provide Sudanese policymakers with needed information to help to adopt measures to reduce unemployment, enhance workers’ skill and ultimately improve livelihoods.

Keywords: vocational training, recursive dynamic CGE, skill level, labour market, economic growth, Sudan

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Authors: Sachoiba Inkah

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The Northeast region has not been a major factor in India’s foreign policy calculation since independence. Instead, the region was ignored and marginalized even to the extent of using force and repressive Acts such as AFSPA(Armed Forces Special Powers Act) to suppress the voices of both states and non-state actors. The liberalization of the economy in the 90s in the wake of globalization gave India a new outlook and the Look East Policy (LEP) was a paradigm shift in India’s engagement with the Southeast Asian nations as it seeks to explore the benefits of the ASEAN. The reorienting of India’s foreign policy to ‘Neighborhood First” is attributed to the present political dispensation, which is further widened to include ‘Extended Neighborhood.’ As a result, the Northeastern states have become key players in India’s participation in regional groupings such as SAARC, BIMSTEC, and BCIM. The need for external balancing, diplomacy and development has reset India’s foreign policy priorities as the Northeast states lie in the confluence of South Asia, Southeast and East Asia, and a stakeholder in Act East Policy. The paper will explore the role of Northeastern states in the framework of Indian foreign policy as it shares international boundaries with China, Bhutan, Bangladesh, and Myanmar and most importantly, study the case of Nagas who are spread across Manipur, Nagaland, and Arunachal Pradesh bordering Myanmar. The Indo-Myanmar border is an area of conflict and various illegal activities such as arms trafficking, illegal migrants, drug, and human trafficking are still being carried out and in order to address this issue, both India and Myanmar need to take into consideration the various communities living across the border. And conflict and insurgency should not be a yardstick to curtailed development of infrastructures such as roads, health facilities, transport, and communication in the contested region. The realities, perceptions, and contentions of the Northeastern states and the different communities living in the border areas need a wider discourse as the region the potential to drive India’s diplomatic relations with its neighbors and extended neighborhood. The methods employed are analytical and more of a descriptive analysis on India’s foreign policy framework with a focus on Nagas in Myanmar, drawing from both primary and secondary sources. Primary sources include official documents, data, and statistics released by various governmental agencies, parliamentary debates, political speeches, press releases, treaties and agreements, historical biographies and organizational policy papers, protocols and procedures of government conferences, regional organization study reports etc. The paper concludes that the recent proactive engagement between India and Myanmar on trade, defense, economic, and infrastructure development are positive signs cementing bilateral ties, but there is not much room for the people-to-people connect, especially for people living in the borderland. The Freedom of Movement Regime that is in place is limited and there is more scope for improvement as people in the borderland looks towards trade and commerce to not only uplift the border economy but also act as a catalyst for robust engagement between the two countries, albeit with more infrastructure such as road, healthcare, education, a tourist hotspot, trade centers, mobile connectivity, etc.

Keywords: foreign policy, infrastructure development, insurgency, people to people connect

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Authors: Qi Wang

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Chinese has become a powerful worldwide language and millions of learners are studying it all over the words. Chinese is a tone language with unique meaningful characters, which makes foreign learners master it with more difficulties. On the other hand, as each foreign language, the learners of Chinese first will learn the basic Chinese Sound Structure (the initials and finals, tones, Neutral Tone and Tone Sandhi). It’s quite common that in the following studies, teachers made a lot of efforts on drilling and error correcting, in order to help students to pronounce correctly, but ignored the training of suprasegmental features (e.g. stress, intonation). This paper analysed the oral data based on our graduation students (two-year program) from 2006-2013, presents the intonation pattern of our graduates to speak Chinese as second language -high and plain with heavy accents, without lexical stress, appropriate stop endings and intonation, which led to the misunderstanding in different real contexts of communications and the international official Chinese test, e.g. HSK (Chinese Proficiency Test), HSKK (HSK Speaking Test). This paper also demonstrated how the Chinese to use the suprasegmental features strategically in different functions and moods (declarative, interrogative, imperative, exclamatory and rhetorical intonations) in order to train the learners to achieve better Communicative Performance.

Keywords: second language learning, suprasegmental, communication, HSK (Chinese Proficiency Test)

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Authors: Jayanta Pokharel, Gokarna Aryal, Netra Kanaal, Chris Tsokos

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Investment in stocks and shares aims to seek potential gains while weighing the risk of future needs, such as retirement, children's education etc. Analysis of the behavior of the stock market returns and making prediction is important for investors to mitigate risk on investment. Historically, the normal variance models have been used to describe the behavior of stock market returns. However, the returns of the financial assets are actually skewed with higher kurtosis, heavier tails, and a higher center than the normal distribution. The Laplace distribution and its family are natural candidates for modeling stock returns. The Variance-Gamma (VG) distribution is the most sought-after distributions for modeling asset returns and has been extensively discussed in financial literatures. In this paper, it explore the other Laplace family, such as Asymmetric Laplace, Skewed Laplace, Kumaraswamy Laplace (KS) together with Variance-Gamma to model the weekly returns of the S&P 500 Index and it's eleven business sector indices. The method of maximum likelihood is employed to estimate the parameters of the distributions and our empirical inquiry shows that the Kumaraswamy Laplace distribution performs much better for stock returns modeling among the choice of distributions used in this study and in practice, KS can be used as a strong alternative to VG distribution.

Keywords: stock returns, variance-gamma, kumaraswamy laplace, maximum likelihood

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Authors: Obaid Alotaibi

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Tourism and recreation have become one of the important and influential sectors in most of the modern economies. This sector has been accepted as one of the alternative sources of national income, employment, and foreign exchange. Kuwait has many potentialities in tourism and recreation, and exploitation of this leads to more diversification of the economy besides augmenting its contribution to the GDP. It is an import-oriented economy; it requires hard currencies (foreign exchange) to meet the import costs as well as to maintain stability in the international market. To compensate for the revenue fall stemmed from fluctuations in oil prices -where the agriculture, fisheries, and industrial sectors are too immune and inelastic- the only alternative solution is the regeneration of the tourism and recreation to surface. This study envisages the characteristics of tourism and recreation, the economic and social importance for the society, the physical and human endowments, as well as the tourist pattern and plans for promoting and sustaining tourism in the country. The study summarizes many recommendations, including the necessity of establishing authority or a council for tourism, linking the planning of tourism development with the comprehensive planning for economic and social development in Kuwait in the shadow of 2035 vision, and to encourage the investors to develop new tourist and recreation projects.

Keywords: Kuwait, public-private, partnership, tourism, 2035 vision

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Authors: Dmitry Aron

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Major radiation accidents carry not only the potential risks of negative consequences for public health due to exposure but also because of large-scale emergency measures were taken by authorities to protect the population, which can lead to unreasonable social and economic damage. It is technically difficult, as a rule, to assess the possible costs and damages from decisions on evacuation or resettlement of residents in the shortest possible time, since it requires specially prepared information systems containing relevant information on demographic, economic parameters and incoming data on radiation conditions. Foreign observers also face the difficulties in assessing the consequences of an accident in a foreign territory, since they usually do not have official and detailed statistical data on the territory of foreign state beforehand. Also, they can suppose the application of unofficial data from open Internet sources is an unreliable and overly labor-consuming procedure. This paper describes an approach to prompt creation of relational database that contains detailed actual data on economics, demographics and radiation situation at the Fukushima Prefecture during the Fukushima Daiichi NPP accident, received by the author from open Internet sources. This database was developed and used to assess the number of evacuated population, radiation doses, expected financial losses and other parameters of the affected areas. The costs for the areas with temporarily evacuated and long-term resettled population were investigated, and the radiological and economic effectiveness of the measures taken to protect the population was estimated. Some of the results are presented in the article. The study showed that such a tool for analyzing the consequences of radiation accidents can be prepared in a short space of time for the entire territory of Japan, and it can serve for the modeling of social and economic consequences for hypothetical accidents for any nuclear power plant in its territory.

Keywords: Fukushima, radiation accident, emergency measures, database

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Authors: Siqin Wang, Jonathan Corcoran, Yan Liu, Thomas Sigler

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Australia is a quintessentially immigrant nation with 28 percent of its residents being foreign-born. By 2011, People’s Republic of China (PRC) overtook the United Kingdom to become the largest source country in Australia. Significantly, the profile of PRC-born migrants has changed to mirror broader global shifts towards high-skilled labour, education-related, and investment-focussed migration, all of which reflect an increasing trend in the mobility of wealthy and/or educated cohorts. Together, these coalesce to form a more complex pattern of migrant settlement –both spatially and socio-economically. This paper focuses on the PRC-born migration, redresses these lacunae, with regard to the settlement outcomes of PRC migrants to Australia, with a particular focus on spatial evolution and residential mobility at both the metropolitan and national scales. By drawing on Census Data and migration Micro Datasets, the aim of this paper is to examine the shifting dynamics of PRC-born migrants in Australian capital cities to unveil their socioeconomic characteristics, residential patterns and change of spatial concentrations during their transition into the new host society. This paper finds out three general patterns in the residential evolution of PRC-born migrants depending on the size of capital cities where they settle down, as well as the association of socio-economic characters with the formation of enclaves. It also examines the residential mobility across states and cities from 2001 to 2011 indicating the rising status of median-size Australian capital cities for receiving PRC-born migrants. The paper concludes with a discussion of evidences for policy formation, facilitates the effective transition of PRC-born populations into the mainstream of host society and enhances social harmony to help Australia become a more successful multicultural nation.

Keywords: Australia, Chinese migrants, residential mobility, spatial evolution

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Authors: Aliyu Aminu Baba, Mustapha Makama

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Tertiary institutions are citadel of learning and societal orientation. Due to the huge investment of various government to tertiary institutions, these institutions are solely financed by the government alone. As stakeholders of society, corporations have to have to intervene and provide corporate social responsibility. The study intends to investigate the role of Entrepreneurs in incorporating social Responsibility. Tertiary institutions are citadel of learning and societal orientation. Due to the huge investment of various government to tertiary institutions, the study intends to investigate the role of businesses and Entrepreneurs, which could be among the important contributions of businesses and Entrepreneurs on corporate social Responsibility to Tertiary Institutions in Bauchi State. Corporate social responsibility is vital in enhancing the infrastructural development of the tertiary institution as almost all individuals and corporate bodies benefit from this tertiary institutions. The study intends to examine the impact of corporate social responsibility to tertiary institutions and entrepreneurs in Bauchi state Nigeria. Questionnaires would be distributed to tertiary institutions and entrepreneurs in the Bauchi metropolis. The data collected will be analyzed with the help of SPSS version 23. The main objective is to investigate the role of businesses and Entrepreneurs, which could be among the important contributions of businesses and entrepreneurs on corporate social Responsibility to Tertiary Institutions in Bauchi State.

Keywords: corporate social responsibility, tertiary, institutions, profitability

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Authors: Mohsin Sadaqat, Hilal Anwar Butt

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Following the stock selection guidelines provided by the Sharia Board (SB), we segregate the firms listed at Pakistan Stock Exchange (PSX) into Sharia Compliant (SC) and Non-Sharia Compliant (NSC) stocks. Subsequently, we form portfolios within each group based on market capitalization and volatility. The purpose is to analyze and compare the performance of these two groups as the SC stocks have lesser diversification opportunities due to SB restrictions. Using data ranging from January 2004 until June 2016, our results indicate that in most of the cases the risk-adjusted returns (alphas) for the returns differential between SC and NCS firms are positive. In addition, the SC firms in comparison to their counterparts in PSX provides excess returns that are hedged against the market, size, and value-based systematic risks factors. Overall, these results reconcile with one prevailing notion that the SC stocks that have lower financial leverage and higher investment in real assets are lesser exposed to market-based risks. Further, the SC firms that are more capitalized and less volatile, perform better than lower capitalized and higher volatile SC and NSC firms. To sum up our results, we do not find any substantial evidence for opportunity loss due to limited diversification opportunities in case of SC firms. To optimally utilize scarce resources, investors should consider SC firms as a candidate in portfolio construction.

Keywords: diversification, performance, sharia compliant stocks, risk adjusted returns

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Authors: Yuying Liu

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Despite the increasing popularity of Chinese and the recognition of the growing commodifying ideology of Chinese language in many contexts (Liu and Gao, 2020; Guo, Shin and Shen 2020), the ideological orientations of the Chinese diaspora community towards the Chinese language remain under-researched. This research contributes seeks to bridge this gap by investigating the micro-level language ideologies embedded in the Chinese complementary schools in the Republic of Ireland. Informed by Ruíz’s (1984) metaphorical representations of language, 11 Chinese complementary schools’ websites were analysed as discursive texts that signal the language policy and ideology to prospective learners and parents were analysed. The results of the analysis suggest that a move from a portrayal of Chinese as linked to student heritage identity, to the commodification of linguistic and cultural diversity, is evident. It denotes the growing commodifying ideology among the Chinese complementary schools in the Republic of Ireland. The changing profile of the complementary school, from serving an ethnical community to teaching Chinese as a foreign language for the wider community, indicates the possibility of creating the a positive synergy between the Complementary school and the mainstream education. This study contributes to the wider discussions of language ideology and language planning, with regards to modern language learning and heritage language maintenance.

Keywords: the Chinese language;, Chinese as heritage language, Chinese as foreign language, Chinese community schools

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Authors: Shazmeen Maroof

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The study is motivated by a desire to investigate whether there is substance to claims that, relative to traditional donors, China disregards human rights considerations when allocating overseas aid. While the stated policy of the U.S. is that consideration of potential aid recipients’ respect for human rights is mandatory, some quantitative studies have cast doubt on whether this is reflected in actual allocations. There is a lack of academic literature that formally assesses the extent to which the two countries' aid allocations differ; which is essential to test whether the criticisms of China's aid policy in comparison to that of the U.S. are justified. Using data on two standard human rights measures, 'Political Terror Scale' and 'Civil Liberties', the study analyse the two donors’ aid allocations among 125 countries over the period 2000 to 2014. The bivariate analysis demonstrated that a significant share of China’s aid flow to countries with poor human rights record. At the same time, the U.S. seems little different in providing aid to these countries. The empirical results obtained from the Fractional Logit model also provided some support to the general pessimism regarding China’s provision of aid to countries with poor human rights record, yet challenge the optimists expecting better targeted aid from the U.S. These findings are consistent with the split between humanitarian and non-humanitarian aid and in the sample of countries whose human rights record is below some threshold level.

Keywords: China's aid policy, foreign aid allocation, human rights, United States Foreign Assistance Act

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Authors: Dorota Kobus-Ostrowska

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Work for everyone, especially for person with disability is a condition in independence; it secures basic needs and develops manual and intellectual capabilities. The work is a source of income, and it builds and strengthens of self-esteem and competence. The purpose of this article is to identify work as an important factor in everyone’s life, despite Polish disabled persons rarely having the chance to undertake a job. In order to achieve this purpose, two methods were used: comparative and qualitative. The theoretical part of this article is based on studies of a wide range of Polish and foreign literature devoted to the issue of the occupational development of people with disabilities. The article was also enriched with the institutional and legal analysis types of support for people with disabilities in Poland. Currently, a Polish person with disability who wants to enter or return to the labor market is under a special protection. Those entities employing workers with disabilities may obtain a subsidy for the salary of a person with disabilities. Unfortunately, people with disability in Poland rarely participate in the workforce. The factors that contribute to this include the difficulty in obtaining work, the uncertainty of keeping it, and the low salary offered. Despite that domestic and foreign literature highlight the important role of disabled people as a workforce, very few people with disability in Poland are economically active.

Keywords: disabled person, employer, rehabilitation, work

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Authors: Kyonghoon Kim, Wonyoung Park, Taeil Park

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In 1994, Korea experienced a national tragedy of Seongsu Bridge collapse. The accident was severe enough to alert governmental officers to the problem of existing management policy for national infrastructures. As a result, government legislated the ‘Guidelines for the safety inspection and test of infrastructure’ which have been utilized as the primary tool to make decision for the maintenance and rehabilitation of infrastructure for last twenty years. Although it is clear that the guideline established a basics how to evaluate and manage the condition of infrastructures in systematic manner, it is equally clear that the guideline needs improvements in order to obtain reasonable investment decisions for budget allocation. Because its inspection and evaluation procedures mainly focused on the structural condition of infrastructures, it was hard to make decision when the infrastructures were in same level of structural condition. In addition, it did not properly reflect various aspects of infrastructures such as performance, public demand, capacity, etc., which were more valuable to public. Regardless of the importance, these factors were commonly neglected in governmental decision-making process, because there factors were somewhat subjective and difficult to quantify in rational manner. Thus, this study proposes a framework to properly evaluate the serviceability indicators using AHP and Fuzzy approach. The framework is expected to assist governmental agency in establishing effective investment strategies for budget planning.

Keywords: infrastructure, evaluation, serviceability, fuzzy

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Authors: Weixing Tan

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Production of nutraceuticals from microalgae—a virtually untapped natural phyto-based source of which there are 200,000 to 1,000,000 species—offers a sustainable and healthy alternative to conventionally sourced nutraceuticals for the market. Microalgae can be grown organically using only natural sunlight, water and nutrients at an extremely fast rate, e.g. 10-100 times more efficiently than crops or trees. However, the commercial success of microalgae products at scale remains limited largely due to the lack of economically viable technologies. There are two major microalgae production systems or technologies currently available: 1) the open system as represented by open pond technology and 2) the closed system such as photobioreactors (PBR). Each carries its own unique features and challenges. Although an open system requires a lower initial capital investment relative to a PBR, it conveys many unavoidable drawbacks; for example, much lower productivity, difficulty in contamination control/cleaning, inconsistent product quality, inconvenience in automation, restriction in location selection, and unsuitability for cold areas – all directly linked to the system openness and flat underground design. On the other hand, a PBR system has characteristics almost entirely opposite to the open system, such as higher initial capital investment, better productivity, better contamination and environmental control, wider suitability in different climates, ease in automation, higher and consistent product quality, higher energy demand (particularly if using artificial lights), and variable operational expenses if not automated. Although closed systems like PBRs are not highly competitive yet in current nutraceutical supply market, technological advances can be made, in particular for the PBR technology, to narrow the gap significantly. One example is a readily scalable P2P Microalgae PBR Technology at Grande Prairie Regional College, Canada, developed over 11 years considering return on investment (ROI) for key production processes. The P2P PBR system is approaching economic viability at a pre-commercial stage due to five ROI-integrated major components. They include: (1) optimum use of free sunlight through attenuation (patented); (2) simple, economical, and chemical-free harvesting (patent ready to file); (3) optimum pH- and nutrient-balanced culture medium (published), (4) reliable water and nutrient recycling system (trade secret); and (5) low-cost automated system design (trade secret). These innovations have allowed P2P Microalgae Technology to increase daily yield to 106 g/m2/day of Chlorella vulgaris, which contains 50% proteins and 2-3% omega-3. Based on the current market prices and scale-up factors, this P2P PBR system presents as a promising microalgae technology for market competitive nutraceutical supply.

Keywords: microalgae technology, nutraceuticals, open pond, photobioreactor PBR, return on investment ROI, technological advances

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Authors: Rowland Brucken

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This paper argues that nation-building theories that prioritize democratic governance best explain the successful post-independence development of Botswana. Three main competing schools of thought exist regarding the sequencing of policies that should occur to re-build weakened or failed states. The first posits that economic development should receive foremost attention, while democratization and a binding sense of nationalism can wait. A second group of experts identified constructing a sense of nationalism among a populace is necessary first, so that the state receives popular legitimacy and obedience that are prerequisites for development. Botswana, though, transitioned into a multi-party democracy and prosperous open economy due to the utilization of traditional democratic structures, enlightened and accountable leadership, and an educated technocratic civil service. With these political foundations already in place when the discovery of diamonds occurred, the resulting revenues were spent wisely on projects that grew the economy, improved basic living standards, and attracted foreign investment. Thus democratization preceded, and therefore provided an accountable basis for, economic development that might otherwise have been squandered by greedy and isolated elites to the detriment of the greater population. Botswana was one of the poorest nations in the world at the time of its independence in 1966, with little infrastructure, a dependence on apartheid South Africa for trade, and a largely subsistence economy. Over the next thirty years, though, its economy grew the fastest of any nation in the world. The transparent and judicious use of diamond returns is only a partial explanation, as the government also pursued economic diversification, mass education, and rural development in response to public needs. As nation-building has become a project undertaken by nations and multilateral agencies such as the United Nations and the North Atlantic Treaty Organization, Botswana may provide best practices that others should follow in attempting to reconstruct economically and politically unstable states.

Keywords: Botswana, democratization, economic development, nation-building

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Authors: Md. Omar Bin Harun Khan

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The collapse of the infamous Rana Plaza, a multi-storeyed commercial building in Savar, near Dhaka, Bangladesh has brought with it a plethora of positive and negative consequences. Bangladesh being a key player in the export of clothing, found itself amidst a wave of economic upheaval following this tragic incident that resulted in numerous Bangladeshis, most of whom were factory workers. This paper compares the consequences that the country’s Ready Made Garments (RMG) sector is facing now, two years into the incident. The paper presents a comparison of statistical data from study reports and brings forward perspectives from all dimensions of Labour, Employment and Industrial Relations in Bangladesh following the event. The paper brings across the viewpoint of donor organizations and donor countries, the impacts of several initiatives taken by foreign organizations like the International Labour Organization, and local entities like the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) in order to reinforce compliance and stabilize the shaky foundation that the RMG sector had found itself following the collapse. Focus of the paper remains on the stance taken by the suppliers in Bangladesh, with inputs from buying houses and factories, and also on the reaction of foreign brands. The paper also focuses on the horrific physical, mental and financial implications sustained by the victims and their families, and the consequent uproar from workers in general regarding compliance with work safety and workers’ welfare conditions. The purpose is to get across both sides of the scenario: the economic impact that suppliers / factories/ sellers/ buying houses/exporters have faced in Bangladesh as a result of complete loss of reliability on them regarding working standards; and also to cover the aftershock felt on the other end of the spectrum by the importers/ buyers, particularly the foreign entities, in terms of the sudden accountability of being affiliated with non- compliant factories. The collapse of Rana Plaza has received vast international attention and strong criticism. Nevertheless, the almost immediate strengthening of labourrights and the wholesale reform undertaken on all sides of the supply chain, evidence a move of all local and foreign stakeholders towards greater compliance and taking of precautionary steps for prevention of further disasters. The tragedy that Rana Plaza embodies served as a much-needed epiphany for the soaring RMG Sector of Bangladesh. Prompt co-operation on the part of all stakeholders and regulatory bodies now show a move towards sustainable development, which further ensures safeguarding against any future irregularities and pave the way for steady economic growth.

Keywords: economy, employment standards, Rana Plaza, RMG

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Authors: Jawad Taheri

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This paper investigates the impact of foreign aid-funded development projects on corruption perception in Afghanistan, utilizing instrumental variable (IV) approaches in regression analysis setting. Seven sub-categories of development projects are examined in order to have a glance over comparative usefulness of each project. The study incorporates natural disaster indicators as exogenous variables to mitigate endogeneity concerns and control variables. The findings reveal significant associations between certain types of projects and corruption perception. Road and bridge construction, irrigation, and agriculture projects are found to decrease corruption perception, fostering optimism and trust within affected communities. Mosque construction and healthcare initiatives aligned with religious beliefs also contribute to reduced corruption perception. However, drinking water projects are associated with increased corruption perception, highlighting potential challenges in their implementation. The study emphasizes the importance of well-implemented projects, cultural contexts, and effective governance in mitigating corruption and fostering trust within communities. These findings contribute to a refined understanding of the relationship between development projects and corruption perception in Afghanistan.

Keywords: foreign aid, development projects, corruption perception, Afghanistan, instrumental variable analysis, survey of Afghan people (SAP), natural disasters, exogenous variation

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Authors: Davut Uysal

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Turkish higher education system has experienced some structural changes in recent decades, which resulted in the concentration on English language teaching as a foreign language at high education institutions. However, the number of studies examining the relationship between organizational culture and job satisfaction among language teachers at higher education institutions, who are the key elements of the teaching process, is very limited in the country. The main objective of this study is to find out the perceptions of English language instructors regarding organizational culture and its impact on their job satisfaction at School of Foreign Language, Anadolu University in Turkey. Questionnaire technique was used in data collection, and the collected data was analysed with the help of SPSS data analysis program. The findings of the study revealed that the respondents of the study had positive perceptions regarding current organizational culture indicating satisfaction with co-worker relations and administration, supervision support and the work itself, as well as their satisfaction with the available professional development opportunities provided by their institution. A significant relationship between overall organizational culture and job satisfaction was found in the study. This study also presents some key elements to increase the job satisfaction levels of the language teachers by managing corporate communication and to improve the organisational culture based on the findings of the study as they are two interrelated issues.

Keywords: corporate communication, English teacher, organizational culture, job satisfaction

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Authors: Joseph Paul Chunga

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The investment universe is awash with a myriad of financial choices that investors have to opt for, which principally culminates into a duality between aggressive or conservative approaches. Howbeit, it is pertinent to emphasize that the investment vehicles with an aggressive approach tend to take on more risk than the latter group in an effort to generate higher future returns for their respective investors. This study examines the conditionality effect that such partiality in financing has on the High-Tech and Public Utility companies listed on the Shenzhen Stock Exchange (SSE). Specifically, it examines the significance of the relationship between capitalization ratios of Total Debt Ratio (TDR), Degree of Financial Leverage (DFL) and profitability ratios of Earnings per Share (EPS) and Returns on Equity (ROE) on the Financial Risk of the two industries. We employ a modified version of the Panel Regression Model used by Rahman (2017) to estimate the relationship. The study finds that there is a significant positive relationship between the capitalization ratios on the financial risk of Public Utility companies more than High-Tech companies and a substantial negative relationship between the profitability ratios and the financial risk of the former than the latter companies. This then spells an important insight for prospective investors with regards to the volatility of earnings of such companies.

Keywords: financial leverage, debt financing, conservative firms, aggressive firms

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Authors: Muhammad Rifqi Hafizhudin Arif, Mukhamad Zulfal Faradis, Ahmad Hidayatullah

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Indonesia is the country that uses conventional financial system adopted from European countries as a form of finance in the national banking system. Many of the derivative products of conventional banks either investment, buy and sell, saving and loan, which is not in accordance with Islamic Ethics. While the majority population in Indonesia are belief in Islam, which Islam has had financial management guide is written in the Quran, the Hadith, as well as the opinions of experts who strongly prohibits the use of interest in each transaction activities. Many different expert opinions on the application of the Islamic financial system in Indonesia. However, as the majority of the population of Indonesia, Islamic community have not been able to get the opportunities to choose the Islamic financial system that has mutual benefit between consumers and banks, particularly fairness in transactions, ethical investment, uphold the values of solidarity and brotherhood in every transaction activities, and avoid speculation. In this paper, we will discuss the reasons for the importance of providing an option for Islamic community as the majority of the population of Indonesia to use the banking system which adopted the Islamic ethical values that have been much discussed by other researchers in various countries. The existence of this research is expected to Government, academia and the general public aware of the urgency of Islamic economic system implementation in Indonesian banking as the solution and justice especially for the Islamic community to use the values which they held.

Keywords: Islamic economic system, conventional system, Islamic value, banking

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Authors: Azize Serap Tuncer

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Turkey is one of the most outstanding figures among the Mediterranean countries from the natural and historical point at view. It is relatively rich country as regards the flora and vegetation. But at the same time as a result of improper and unplanned usage of the land for centuries, its forests and fertile soils have been exposed to great damages. While rapid and uncontrolled urbanization has important effects on the environment, urban development legislations, have become very unsufficient for the protection of these areas. Some of them have been completely eradicated, and some others have lost their fertility. Besides Turkey has a high main land with a rough surface and its soils areas exposed to heavy erosion. On the other hand as a developing country, it is not willing to endanger the goals of industrialization and avoid foreign direct investment by implementing strict environmental policies. Although this kind of pressure on forestland resources threatens the stability of forest land and land use management, in recent years, there has been an obvious increase in public concern about environmental problems like over global warming, environmental pollution, deforestation and their potential effects on natural resources. To protect the ecological balance and prevention of naturel resources from the unplanned intervention of human-beıng is only possible establishing conservation areas wıth co-operation at the national and the internatıonal levels. This study was carried out to evaluate the relation between urbanization and forestry policies in Turkey. While it elaborates the normative arrangements resulting in power conflicts, it also addresses which shortages and discrepancies are responsible for the said conflicts. The present urban reconstruction and transformation practices and their aesthetic and functional aspects were studied with some examples in a country level and evaluated within the assistance of literature researches, analyses, and observations. Atatürk Forest Farm and ODTU Forest examples were negotiated as two famous cases. Obtained findings were supported by charts and photos.

Keywords: deforestration, environmental policies, metropolitan, pollution, urbanization

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Authors: Bâlc Denisa-Maria

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This paper aims to present some ways of preserving a language heritage in the global era. Teaching a second language to foreign students does not imply only teaching the grammar and the vocabulary in order to reach the 4 skills, but it means constant work on developing strategies to make the students aware of the heritage that the language they learn has. Teachers and professors need to be aware of the fact that language is in constant change, they need to adjust their techniques to the digital era, but they also have to be aware of the changes, the good and the bad parts of globalizations. How is it possible to preserve the patrimony of a certain language in a globalized era? What transformations does a language face in time? What does it mean to preserve the heritage of a language through L2 teaching? What makes a language special? What impact does it have on the foreign students? How can we, as teachers, preserve the heritage of our language? Would it be everything about books, films, music, cultural events or what else? How is it possible to include digital programs in your teaching and preserving the patrimony of a language at the same time? How does computational linguistics help us in teaching a certain language? All these questions will be tackled during the essay, with special accent on the definition of a language heritage, the new perspectives for teachers/ professors, everything in a multimodal and complex way of presenting the context. The objectives of this research are: - to present some ways of preserving the heritage of a certain language against globalization - to illustrate what preservation means for L2 teaching - to encourage teachers to be aware of their language patrimony The main contributions of my research are on moving the discussion of preserving a certain language patrimony in the context of L2 teaching.

Keywords: preservation, globalization, language heritage, L2 teaching

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

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

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

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