Search results for: Spanish companies
1788 The Role of Inventory Classification in Supply Chain Responsiveness in a Build-to-Order and Build-To-Forecast Manufacturing Environment: A Comparative Analysis
Authors: Qamar Iqbal
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Companies strive to improve their forecasting methods to predict the fluctuations in customer demand. These fluctuation and variation in demand affect the manufacturing operations and can limit a company’s ability to fulfill customer demand on time. Companies keep the inventory buffer and maintain the stocking levels to reduce the impact of demand variation. A mid-size company deals with thousands of stock keeping units (skus). It is neither easy and nor efficient to control and manage each sku. Inventory classification provides a tool to the management to increase their ability to support customer demand. The paper presents a framework that shows how inventory classification can play a role to increase supply chain responsiveness. A case study will be presented to further elaborate the method both for build-to-order and build-to-forecast manufacturing environments. Results will be compared that will show which manufacturing setting has advantage over another under different circumstances. The outcome of this study is very useful to the management because this will give them an insight on how inventory classification can be used to increase their ability to respond to changing customer needs.Keywords: inventory classification, supply chain responsiveness, forecast, manufacturing environment
Procedia PDF Downloads 5901787 Counteracting Disruptions during the COVID-19 Pandemic in the Supply Chains of the Automotive Industry: The Example of Polish Enterprises
Authors: Tomasz Rokicki, Piotr Bórawski, Aneta Bełdycka-Bórawska, András Szeberényi
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The aim of the article was to present ways to counteract disruptions during the COVID-19 pandemic occurring in the supply chain of enterprises from the automotive industry. The specific objectives are to determine changes in the automotive industry during the pandemic, to show the types of disruptions in supply chains, and how to counteract these unfavorable situations. Enterprises from the automotive industry operating in Poland were deliberately selected for research. Using the purposive sampling method, ten companies from the automotive industry were selected for qualitative research. In-depth research was carried out in selected enterprises using a personal interview. At the beginning of the pandemic, lockdowns and unpredictability were a problem. The key was to protect employees and introduce appropriate procedures. In the later stages of the pandemic, there were restrictions on the timeliness of deliveries and extension of delivery times. There were problems with the shortage of materials, and the costs of products and transport increased. In automotive companies, counteracting the effects of the pandemic consisted of ensuring the safety of employees, maintaining constant contact and communication with branches and headquarters, as well as with suppliers and contractors. Therefore, appropriate communication, cooperation, and flexibility were important.Keywords: disruptions, automotive industry, supply chain disruption, cooperation in supply chain
Procedia PDF Downloads 581786 The Journey from Lean Manufacturing to Industry 4.0: The Rail Manufacturing Process in Mexico
Authors: Diana Flores Galindo, Richard Gil Herrera
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Nowadays, Lean Manufacturing and Industry 4.0 are very important in every country. One of the main benefits is continued market presence. It has been identified that there is a need to change existing educational programs, as well as update the knowledge and skills of existing employees. It should be borne in mind that behind each technological improvement, there is a human being. Human talent cannot be neglected. The main objectives of this article are to review the link between Lean Manufacturing, the incorporation of Industry 4.0 and the steps to follow to implement it; analyze the current situation and study the implications and benefits of this new trend, with a particular focus on Mexico. Lean Manufacturing and Industry 4.0 implementation waves must always take care of the most important capital – intellectual capital. The methodology used in this article comprised the following steps: reviewing the reality of the fourth industrial revolution, reviewing employees’ skills on the journey to become world-class, and analyzing the situation in Mexico. Lean Manufacturing and Industry 4.0 were studied not as exclusive concepts, but as complementary ones. The methodological framework used is focused on motivating companies’ collaborators to guarantee common results, innovate, and remain in the market in the face of new requirements from company stakeholders. The key findings were that both trends emphasize the need to improve communication across the entire company and incorporate new technologies into everyday work, from the shop floor to administrative staff, to help improve processes. Taking care of people, activities and processes will bring a company success. In the specific case of Mexico, companies in all sectors need to be aware of and implement technological improvements according to their specific needs. Low-cost labor represents one of the most typical barriers. In conclusion, companies must build a roadmap according to their strategy and needs to achieve their short, medium- and long-term goals.Keywords: lean management, lean manufacturing, industry 4.0, motivation, SWOT analysis, Hoshin Kanri
Procedia PDF Downloads 1381785 The Effect of LEADER and Community-Led Local Development in Spanish Municipal Unemployment: A Difference-in-Difference Approach
Authors: Miguel A. Borrella, Ana P. Fanjul, Suca Munoz, Liliana Herrera
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This paper evaluates the impact of LEADER, a remarkable Community-Led Local Development (CLLD) approach of the European Program for Rural Development applied to rural municipalities of Spain in 2018 and 2019. Using a difference-in-difference estimation strategy and a newly-constructed database, results show that aided municipalities have significantly lower unemployment levels than non-aided municipalities. Results are significant for the decrease in unemployment for both women and people younger than 25 years old, two of the target groups of the policy. Nevertheless, they are larger for male and older workers. Therefore, findings suggest that LEADER 2017-2018 was successful in reducing unemployment in rural areas.Keywords: community-led local development, ex-post evaluation, LEADER, rural development
Procedia PDF Downloads 3311784 Sociological Review of the Implantation of New Religious Movements in Spain
Authors: María Del Mar Ramos-Lorente, Rafael Martínez-Martín
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More than 40 years have passed since the Spanish Constitution in force today was approved in 1978. The period prior to that Constitution, which marked the transition to democracy, was marked by National Catholicism, which actively limited the existence of religions other than Catholicism in the national territory. The approval of this norm allowed the opening in many aspects, including the religious one. This work will profusely describe the evolution of the appearance of religious minorities in Spain from the moment of the transition, in which the space for religious freedom appears up to the present. The methodology is twofold. On the one hand, qualitative analysis of the legislation has allowed the religious opening. On the other, the quantitative analysis of the NMRs implemented in Spain. The entire analysis establishes the increase in religious organizations as a result, with notable variations across the territory.Keywords: new religious movements, religious minorities, sociological analysis, Spain
Procedia PDF Downloads 1571783 An Impact of Stock Price Movements on Cross Listed Companies: A Study of Indian ADR and Domestic Stock Prices
Authors: Kanhaiya Singh
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Indian corporate sector has been raising resources through various international financial instruments important among them are Global depository receipts (GDRs) and American Depository Receipts (ADRs). The purpose of raising resources through such instruments is multifold such as lower cost of capital, increased visibility of the company, liberal tax environment, increased trading liquidity etc. One of the significant reason is also the value addition of the company in terms of market capitalization. Obviously, the stocks of such companies are cross listed, one in India and other at the International stock exchange. The sensitivity and movements of stock prices on one stock exchange as compared to other may have an impact on the price movement of the particular scrip. If there is any relationship exists is an issue of study. Having this in view this study is an attempt to identify the extent of impact of price movement of the scrip on one stock exchange on account of change in the prices on the counter stock exchange. Also there is an attempt to find out the difference between pre and post cross listed domestic firm. The study also analyses the impact of exchange rate movements on stock prices.Keywords: ADR, GDR, cross listing, liquidity, exchange rate
Procedia PDF Downloads 3781782 Implementation of an Open Source ERP for SMEs in the Automotive Sector in Peru: A Case Study
Authors: Gerson E. Cornejo, Luis A. Gamarra, David S. Mauricio
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The Enterprise Resource Planning Systems (ERP) allows the integration of all the business processes of the functional areas of the companies, in order to automate and standardize the processes, obtain accurate information and improve decision making in time real. In Peru, 79% of medium and small companies (SMEs) do not use any management software, this is because it is believed that ERPs are expensive, complex and difficult to implement. However, for more than 20 years there have been Open Source ERPs, which are more accessible and have the same benefit as proprietary ERPs, but there is little information on the implementation process. In this work is made a case of study, in order to show the implementation process of an Open Source ERP, Odoo, based on the ASAP methodology (Accelerated SAP) and applied to a company of corrective and preventive maintenance services of vehicles. The ERP allowed the SME to standardize its business processes, increase its productivity, reducing up to 40% certain processes. The study of this case shows that it is feasible and profitable to implement an Open Source ERP in SMEs in the Automotive Sector of Peru. In addition, it is shown that the ASAP methodology is adequate to carry out Open Source ERPs implementation projects.Keywords: ASAP, automotive sector, ERP implementation, open source
Procedia PDF Downloads 3281781 Automation of Process Waste-Free Air Filtration in Production of Concrete, Reinforced with Basalt Fiber
Authors: Stanislav Perepechko
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Industrial companies - one of the major sources of harmful substances to the atmosphere. The main cause of pollution on the concrete plants are cement dust emissions. All the cement silos, pneumatic transport, and ventilation systems equipped with filters, to avoid this. Today, many Russian companies have to decide on replacement morally and physically outdated filters and guided back to the electrostatic filters as usual equipment. The offered way of a cleaning of waste-free filtering of air differs in the fact that a filtering medium of the filter is used in concrete manufacture. Basalt is widespread and pollution-free material. In the course of cleaning, one part of basalt fiber and cement immediately goes to the mixer through flow-control units of initial basalt fiber and cement. Another part of basalt fiber goes to filters for purification of the air used in systems of an air lift, and ventilating emissions passes through them, and with trapped particles also goes to the mixer through flow-control units of the basalt fiber fulfilled in filters. At the same time, regulators are adjusted in such a way that total supply of basalt fiber and cement into the mixer remains invariable and corresponds to a given technological mode.Keywords: waste-free air filtration, concrete, basalt fiber, building automation
Procedia PDF Downloads 4251780 GIS-Based Identification of Overloaded Distribution Transformers and Calculation of Technical Electric Power Losses
Authors: Awais Ahmed, Javed Iqbal
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Pakistan has been for many years facing extreme challenges in energy deficit due to the shortage of power generation compared to increasing demand. A part of this energy deficit is also contributed by the power lost in transmission and distribution network. Unfortunately, distribution companies are not equipped with modern technologies and methods to identify and eliminate these losses. According to estimate, total energy lost in early 2000 was between 20 to 26 percent. To address this issue the present research study was designed with the objectives of developing a standalone GIS application for distribution companies having the capability of loss calculation as well as identification of overloaded transformers. For this purpose, Hilal Road feeder in Faisalabad Electric Supply Company (FESCO) was selected as study area. An extensive GPS survey was conducted to identify each consumer, linking it to the secondary pole of the transformer, geo-referencing equipment and documenting conductor sizes. To identify overloaded transformer, accumulative kWH reading of consumer on transformer was compared with threshold kWH. Technical losses of 11kV and 220V lines were calculated using the data from substation and resistance of the network calculated from the geo-database. To automate the process a standalone GIS application was developed using ArcObjects with engineering analysis capabilities. The application uses GIS database developed for 11kV and 220V lines to display and query spatial data and present results in the form of graphs. The result shows that about 14% of the technical loss on both high tension (HT) and low tension (LT) network while about 4 out of 15 general duty transformers were found overloaded. The study shows that GIS can be a very effective tool for distribution companies in management and planning of their distribution network.Keywords: geographical information system, GIS, power distribution, distribution transformers, technical losses, GPS, SDSS, spatial decision support system
Procedia PDF Downloads 3681779 BIM-based Construction Noise Management Approach With a Focus on Inner-City Construction
Authors: Nasim Babazadeh
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Growing demand for a quieter dwelling environment has turned the attention of construction companies to reducing the propagated noise of their project. In inner-city constructions, close distance between the construction site and surrounding buildings lessens the efficiency of passive noise control methods. Dwellers of the nearby areas may file complaints and lawsuits against the construction companies due to the emitted construction noise, thereby leading to the interruption of processes, compensation costs, or even suspension of the project. Therefore, construction noise should be predicted along with the project schedule. The advantage of managing the noise in the pre-construction phase is two-fold. Firstly, changes in the time plan and construction methods can be applied more flexibly. Thus, the costs related to rescheduling can be avoided. Secondly, noise-related legal problems are expected to be reduced. To implement noise mapping methods for the mentioned prediction, the required detailed information (such as the location of the noisy process, duration of the noisy work) can be exported from the 4D BIM model. The results obtained from the noise maps would be used to help the planners to define different work scenarios. The proposed approach has been applied for the foundation and earthwork of a site located in a residential area, and the obtained results are discussed.Keywords: building information modeling, construction noise management, noise mapping, 4D BIM
Procedia PDF Downloads 1771778 The Transnationalization of Anti-Corruption Compliance Programs in Latin America
Authors: Hitalo Silva
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The most famous corruption scandals in the past four years were taken in Latin America, especially in Brazil, but besides the stain that these countries suffered in an international field, there was a huge effort to create or modernize its national anti-corruption laws. Also, the countries are implementing new standards for investigations and corporate compliance programs, in order to combat corruption and prevent the money laundering. But here is the following question: is here an invisible uniformization/transnationalization of the anti-corruption systems in Latin America? This new scenario reflects the impacts of the corruption investigations conducted in Latin America countries, such as Car Wash Operation in Brazil, Pretelt Case in Colombia, Gasoducto Sur Peruano case and the Mr. Alex Kouri’s case both in Peru. Legal and institutional pro-transparency reforms were made recently, the companies are trying to implement new standards of conduct and investing in their compliance department. In this sense, there is a huge homogeneity in Latin America concerning the structuring of corporate compliance programs, a truly transnationalization not only of laws but also corporate standards among these countries. Although legislative initiatives vary among the countries, there is a tendency to impose rigid liability standards for the companies being investigated for corruption, not only the personal punishments of their executives, which demonstrate the power of authorities to strength the investigative tools. Also, instruments such as leniency agreements and plea bargain are essential to put a central role in enforcement activities in Latin America. In other words, in a region where six former Presidents were convicted for acts of corruption, and, companies such as Odebrecht that is accused of offering bribes to politicians from Argentina to México, passing through Ecuador, Colombia, Guatemala and Panama, this demonstrates the necessity to increase strength of their legal framework in a sense that unify transnational goals. All things considered, this paper will show how anti-corruption regulators are cooperating in Latin America jurisdictions in order to unify their laws and how the private sector is dealing with this new scenario of corporate culture change.Keywords: compliance, corruption, investigations, Latin America, transnational
Procedia PDF Downloads 1201777 Knowledge Transfer in Industrial Clusters
Authors: Ana Paula Lisboa Sohn, Filipa Dionísio Vieria, Nelson Casarotto, Idaulo José Cunha
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This paper aims at identifying and analyzing the knowledge transmission channels in textile and clothing clusters located in Brazil and in Europe. Primary data was obtained through interviews with key individuals. The collection of primary data was carried out based on a questionnaire with ten categories of indicators of knowledge transmission. Secondary data was also collected through a literature review and through international organizations sites. Similarities related to the use of the main transmission channels of knowledge are observed in all cases. The main similarities are: influence of suppliers of machinery, equipment and raw materials; imitation of products and best practices; training promoted by technical institutions and businesses; and cluster companies being open to acquire new knowledge. The main differences lie in the relationship between companies, where in Europe the intensity of this relationship is bigger when compared to Brazil. The differences also occur in importance and frequency of the relationship with the government, with the cultural environment, and with the activities of research and development. It is also found factors that reduce the importance of geographical proximity in transmission of knowledge, and in generating trust and the establishment of collaborative behavior.Keywords: industrial clusters, interorganizational learning, knowledge transmission channels, textile and clothing industry
Procedia PDF Downloads 3641776 Cybercrime: International Police Cooperation with Europol
Authors: Daniel Suarez Alonso
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Cybercrime is a growing international threat and a challenge for law enforcement agencies and judicial systems worldwide. International cooperation is necessary to solve this problem because cybercrime knows no borders and often involves multiple jurisdictions, being related to organised crime. The purpose of this article is to analyse international cooperation in the investigation and prosecution of cybercrime, focusing on the framework of the Regulation of the European Union Agency for Law Enforcement Cooperation (EUROPOL), cooperation that takes place between police authorities from different countries. It examines the legal and operational mechanisms in place to facilitate international cooperation in Europe in this area and assesses their effectiveness in the fight against cybercrime. In addition, the study of a Spanish investigation where cooperation with EUROPOL took place will be examined, analyzing how international cooperation was carried out to investigate and track down criminals. Lessons learned from this case will be discussed and recommendations for improving international cooperation in the fight against cybercrime will be proposed.Keywords: Europol, international cooperation, cybercrime, computer crime, law
Procedia PDF Downloads 611775 Measuring Audit Quality Using Text Analysis: An Empirical Study of Indian Companies
Authors: Leesa Mohanty, Ashok Banerjee
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Better audit quality signifies the financial statements of the auditee firm reflect true and fair view of their actual state of affairs, which reduces information asymmetry between management and shareholders, as a result, helps protect interests of shareholders. This study examines the impact of joint audit on audit quality. It is motivated by the ongoing debate where The Institute of Chartered Accountants of India (ICAI), the regulatory body governing auditors, has advocated the finance ministry and the Reserve Bank of India (RBI) for the mandatory use of joint audit in private banks to enhance the quality of audit. Earlier, the Government of India had rejected the plea by ICAI for mandatory joint audits in large companies stating it is not a viable option for promoting domestic firms. We introduce a new measure of audit quality. Drawing from the domain of text analytics, we use relevant phrases in audit reports to gauge audit quality and demonstrate that joint audit improves audit quality. We also, for robustness, use prevalent proxy for audit quality (Big N Auditor, ratio of audit fees to total fees) and find negative effect of joint audit on audit quality. We, therefore highlight that different proxy for audit quality show opposite effect of joint audit.Keywords: audit fees, audit quality, Big N. Auditor, joint audit
Procedia PDF Downloads 3461774 Speaker Recognition Using LIRA Neural Networks
Authors: Nestor A. Garcia Fragoso, Tetyana Baydyk, Ernst Kussul
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This article contains information from our investigation in the field of voice recognition. For this purpose, we created a voice database that contains different phrases in two languages, English and Spanish, for men and women. As a classifier, the LIRA (Limited Receptive Area) grayscale neural classifier was selected. The LIRA grayscale neural classifier was developed for image recognition tasks and demonstrated good results. Therefore, we decided to develop a recognition system using this classifier for voice recognition. From a specific set of speakers, we can recognize the speaker’s voice. For this purpose, the system uses spectrograms of the voice signals as input to the system, extracts the characteristics and identifies the speaker. The results are described and analyzed in this article. The classifier can be used for speaker identification in security system or smart buildings for different types of intelligent devices.Keywords: extreme learning, LIRA neural classifier, speaker identification, voice recognition
Procedia PDF Downloads 1701773 The Effect of Market Orientation on Marketing Performance through Product Adaptation Strategy
Authors: Hotlan Siagian, Hatane Semuel, Wilma Laura Sahetapy
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This study aims at examining the effect of market orientation on marketing performance through product adaptation strategy. The population of the research is domestic leather craft companies located in five regions, the center of the leather craft industry in Indonesia, i.e., Central Java, East Java, South Sulawesi, Bali, and West Kalimantan. The respondent consists of a manager level from each company. Data collection used a questionnaire designed with five-item Likert scale. Collected data were analyzed using structural equation modeling (SEM) technique with SmartPLS software version 3.0 to examine the hypotheses. The result of the study shows that all hypotheses are supported. Market orientation affects marketing performance. Market orientation affects product adaptation strategy. Product adaptation strategy influences the marketing performance. The research also has revealed the main finding that product adaptation strategy contributes to a mediating role in the market orientation strategy and marketing performance relationship. The leather craft companies in Indonesia, therefore, may refer to this result in improving their marketing performance.Keywords: leather craft industry, market orientation, marketing performance, product adaptation strategy
Procedia PDF Downloads 3521772 Service Information Integration Platform as Decision Making Tools for the Service Industry Supply Chain-Indonesia Service Integration Project
Authors: Haikal Achmad Thaha, Pujo Laksono, Dhamma Nibbana Putra
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Customer service is one of the core interest in a service sector of a company, whether as the core business or as service part of the operation. Most of the time, the people and the previous research in service industry is focused on finding the best business model solution for the service sector, usually to decide between total in house customer service, outsourcing, or something in between. Conventionally, to take this decision is some important part of the management job, and this is a process that usually takes some time and staff effort, meanwhile market condition and overall company needs may change and cause loss of income and temporary disturbance in the companies operation . However, in this paper we have offer a new concept model to assist decision making process in service industry. This model will featured information platform as central tool to integrate service industry operation. The result is service information model which would ideally increase response time and effectivity of the decision making. it will also help service industry in switching the service solution system quickly through machine learning when the companies growth and the service solution needed are changing.Keywords: service industry, customer service, machine learning, decision making, information platform
Procedia PDF Downloads 6131771 Data Acquisition System for Automotive Testing According to the European Directive 2004/104/EC
Authors: Herminio Martínez-García, Juan Gámiz, Yolanda Bolea, Antoni Grau
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This article presents an interactive system for data acquisition in vehicle testing according to the test process defined in automotive directive 2004/104/EC. The project has been designed and developed by authors for the Spanish company Applus-LGAI. The developed project will result in a new process, which will involve the creation of braking cycle test defined in the aforementioned automotive directive. It will also allow the analysis of new vehicle features that was not feasible, allowing an increasing interaction with the vehicle. Potential users of this system in the short term will be vehicle manufacturers and in a medium term the system can be extended to testing other automotive components and EMC tests.Keywords: automotive process, data acquisition system, electromagnetic compatibility (EMC) testing, European Directive 2004/104/EC
Procedia PDF Downloads 3311770 Factors Affecting the Success of Private Higher Education Businesses in Malaysia
Authors: Nasir Khalid
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In Malaysia, higher education is big business. There are many companies that are willing if not already to invest heavily in higher education for students that aspire to pursue their degree in diploma, undergraduate as well as graduate studies. These companies sometimes even have a joint venture twinning program with other already established universities in and across Europe, Australia, the United States, and Canada. Some of these investments have been successful whereas others find themselves limited by the obstacle of receiving new students. Recently, the Malaysian Ministry of Higher Education has stopped issuing licenses to set up private institutions of higher education. This paper will thus examine the factors affecting the success of private higher education businesses in Malaysia. The samples will consist of thirty private institutions [N=30]. Among the factors that will be mentioned in the literature are academic programs, student quality and achievement, student employability, alumni satisfaction, student enrolment, institutional environment, lecturer-quality and effectiveness of supporting staff. A questionnaire was developed and analyzed using statistical analysis. The result of this study found that the top three factors affecting the success of private higher education businesses in Malaysia are student enrolment, institutional environment and the academic programs offered.Keywords: higher education business, successful business factors, private institutions, business in Malaysia
Procedia PDF Downloads 3041769 Multi-National Corporations and International Communication. An Analysis of Arçelik globals’ Online Presences
Authors: Aisha Iddrsiu
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Public Relations (PR) has rapidly evolved around the world, just as companies have expanded to reach other parts of the world. With most multinational corporations conducting businesses in more than one country, only a few of these Multinational Corporations (MNC’s) are actual public relations firms, many have public relations departments or divisions that conduct public relations practices internationally. Hence international public relations is seen as a fast-growing specialty in the field of Public Relations. Multinational companies have devised strategies to effectively communicate and execute their roles within and between foreign publics and other cultures in which they operate through various means including the internet which is among the major inventions that have enabled corporations to establish their presents while targeting anonymous and diverse publics from varied cultures. International public relations practitioners rely on strategies coupled with internet use to communicate among and with foreign publics. Corporate websites and various social media handles have served as an important channel for public relations activities targeting both internal and international publics. In an incessant expansion of corporations and interactions with the publics from different cultures, it has become eminent to understand the public relation strategies used by MNCs in their international communication. This study therefore seeks to establish the international public relation strategies or models employed by Multinational Corporations specifically Arcelik Global in the management of its subsidiaries and communicating with international public. This study analyses both Arçelik global’s (one of the largest multinational companies in Turkey) website and social media accounts to understand the management strategy used with it subsidiary as well as strategies used to communicate with its global and local publics. Other underlying objective of this study are, 1. To examine the dominant international public relations models used by Multinational Corporations (Arcelik global). 2. To understand how Multinational Corporations manage (Arcelik global) its subsidiaries. 3. To understand how Multinational Corporations (Arcelik global) communicate with international or global publics. Research Questions 1. The main global PR strategies employed by multinational corporations (Arcelik global) 2. How subsidiaries of multinational corporations like Arcelik Global are managed. 3. How multinational corporations, like Arcelik worldwide, interact with international publics.Keywords: multinational corporation, ethnocentric model, polycentric model, international public relations
Procedia PDF Downloads 781768 Impact of Working Capital Management Strategies on Firm's Value and Profitability
Authors: Jonghae Park, Daesung Kim
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The impact of aggressive and conservative working capital‘s strategies on the value and profitability of the firms has been evaluated by applying the panel data regression analysis. The control variables used in the regression models are natural log of firm size, sales growth, and debt. We collected a panel of 13,988 companies listed on the Korea stock market covering the period 2000-2016. The major findings of this study are as follow: 1) We find a significant negative correlation between firm profitability and the number of days inventory (INV) and days accounts payable (AP). The firm’s profitability can also be improved by reducing the number of days of inventory and days accounts payable. 2) We also find a significant positive correlation between firm profitability and the number of days accounts receivable (AR) and cash ratios (CR). In other words, the cash is associated with high corporate profitability. 3) Tobin's analysis showed that only the number of days accounts receivable (AR) and cash ratios (CR) had a significant relationship. In conclusion, companies can increase profitability by reducing INV and increasing AP, but INV and AP did not affect corporate value. In particular, it is necessary to increase CA and decrease AR in order to increase Firm’s profitability and value.Keywords: working capital, working capital management, firm value, profitability
Procedia PDF Downloads 1781767 Intestacy and Business Continuity among Entrepreneurs in Ondo State, Nigeria
Authors: Igbekoyi Olusola Esther, Olurankinse Felix
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This paper examined the factors that militate against Will writing among entrepreneurs in Ondo State Nigeria and the effect of intestate death on business continuity after the exit of the entrepreneurs. The paper was written with a view to providing information on the reasons why intestate death is common among entrepreneurs in Ondo State and the effects on continuity of business after death of the initial owners. Data were obtained from primary source through the administration of questionnaires to entrepreneurs drawn from 50 registered manufacturing companies. These companies have been in existence for a minimum of 10 years with minimum staff strength of 20 workers each. These companies were selected using the purposive random sampling technique in order to capture firms that meet the requirements of this paper. Data obtained were analyzed using descriptive statistics, chi-square and regression analysis. The findings of the paper revealed that administration of Will, traditional beliefs, Will execution procedures, age and non- admissibility of Wills in court are the major factors that militates against Will writing among entrepreneurs in Ondo State. It was also discovered that chaos and instability in business, reduction in sales and productivity, poor succession planning, polygamous nature of marriages, difficulty in sourcing for funds and gender preference are joint predictors of business continuity in event intestate death which is evident in the result where R2 =.954;(F 6, 26)= 89.644; (P < 0.01). The individual beta co-efficient, t- statistics and significance of each variable revealed that gender preference (.735; 7.031; .000) and poor succession plan (.402; 2.840; .009) have significant positive effect on business continuity; while reduction in sales and productivity (-.059; -.335; .740) and difficulty in sourcing for funds (-.217; -1.367; .188) have negative effect; other variables also have positive relationship but they are not significant. It is therefore concluded that business continuity after the exit of the entrepreneur is highly dependent on the rebuilding of confidence on Wills administration in ondo state Nigeria, proper succession planning and elimination of gender preferences.Keywords: intestacy, business continuity, entrepreneurs, will, succession planning
Procedia PDF Downloads 3251766 Understanding the Productivity Effect on Industrial Management: The Portuguese Wood Furniture Industry Case Study
Authors: Jonas A. R. H. Lima, Maria Antonia Carravilla
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As productivity concepts are widely related to industrial savings, it is becoming particularly important in a more and more competitive world, to really understand how productivity can be well used in industrial management techniques. Nowadays, consumers are no more willing to pay for mistakes and inefficiencies. Therefore, one way for companies to stay competitive is to control and increase their productivity. This study aims to define clearly the productivity concept, understand how a company can affect productivity, and, if possible, identify the relation between each identified productivity factor. This will help managers, by clarifying the main issues behind productivity concepts and proposing a methodology to measure, control and increase productivity. The main questions to be answered are: what is the importance of productivity for the Portuguese Wood Furniture Industry? Is it possible to control productivity internally, or is it a phenomenon external to companies, hard or even impossible to control? How to understand, control and adjust productivity performance? How to make productivity to become one main asset for maximizing the use of the available resources? This essay will follow a constructive approach mostly based in the research hypothesis mentioned above. For that, a literature review is being done to find the main conceptual frameworks and empirical studies that already exist, and by doing so, highlight eventual knowledge or conflicting research to be addressed in this work. We expect to build theoretical explanations and test theoretical predictions from participants understandings and own experiences, by elaborating field surveys and interviews, to select adjusted productivity indicators and analyze the productivity evolution according the adjustments on other variables. Its intended the conduction of an exploratory work that can simultaneous clarify productivity concepts, objectives, and define frameworks. This investigation intends to migrate from merely academic concepts to a daily basis operational reality of the companies from the Portuguese Wood Furniture Industry highlighting productivity increased importance within modern engineering and industrial management. The ambition is to clarify, systemize and develop a management tool that may not only control but positively influence the way resources are used.Keywords: industrial management, motivation, productivity, performance indicators, reward management, wood furniture industry
Procedia PDF Downloads 2251765 E-Marketing Strategies and Destination Branding for the Tourism Industry in Nigeria
Authors: Abdullahi Marshal Idris, Murtala Mohammed Alamai, Adama Jummai Idris, Bello Mohammed Gwagwada
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The technological revolution of the 1990s have brought about many new opportunities and challenges for the tourism and hospitality industries mostly in Nigeria and with tourism having global industry information as its life-blood and technology becoming fundamental to the ability of the industry to operate effectively and competitively. The whole system of information technologies is being rapidly diffused throughout the tourism industry and no player will escape information technologies impacts. The paper gives an insight into the importance of destination branding and the application of information technologies and the use of Internet in tourism and hospitality industries in Nigeria giving strategic frameworks, providing analysis of the Internet and its impact on these sectors. It also aims to show how technological innovations and information system can be beneficial for destinations companies like game reserves national parks, and other resorts by using the literature of existing efforts in global industry players as well as documented evidences where recommendations for destinations and companies is made to seek to foster the development of this connection by investing considerable resources in marketing activities on social networks and by reinforcing the trust of users, because credibility and reliability are still critical in this area.Keywords: branding, marketing, technology, tourism product
Procedia PDF Downloads 4371764 An Investigation on Opportunities and Obstacles on Implementation of Building Information Modelling for Pre-fabrication in Small and Medium Sized Construction Companies in Germany: A Practical Approach
Authors: Nijanthan Mohan, Rolf Gross, Fabian Theis
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The conventional method used in the construction industries often resulted in significant rework since most of the decisions were taken onsite under the pressure of project deadlines and also due to the improper information flow, which results in ineffective coordination. However, today’s architecture, engineering, and construction (AEC) stakeholders demand faster and accurate deliverables, efficient buildings, and smart processes, which turns out to be a tall order. Hence, the building information modelling (BIM) concept was developed as a solution to fulfill the above-mentioned necessities. Even though BIM is successfully implemented in most of the world, it is still in the early stages in Germany, since the stakeholders are sceptical of its reliability and efficiency. Due to the huge capital requirement, the small and medium-sized construction companies are still reluctant to implement BIM workflow in their projects. The purpose of this paper is to analyse the opportunities and obstacles to implementing BIM for prefabrication. Among all other advantages of BIM, pre-fabrication is chosen for this paper because it plays a vital role in creating an impact on time as well as cost factors of a construction project. The positive impact of prefabrication can be explicitly observed by the project stakeholders and participants, which enables the breakthrough of the skepticism factor among the small scale construction companies. The analysis consists of the development of a process workflow for implementing prefabrication in building construction, followed by a practical approach, which was executed with two case studies. The first case study represents on-site prefabrication, and the second was done for off-site prefabrication. It was planned in such a way that the first case study gives a first-hand experience for the workers at the site on the BIM model so that they can make much use of the created BIM model, which is a better representation compared to the traditional 2D plan. The main aim of the first case study is to create a belief in the implementation of BIM models, which was succeeded by the execution of offshore prefabrication in the second case study. Based on the case studies, the cost and time analysis was made, and it is inferred that the implementation of BIM for prefabrication can reduce construction time, ensures minimal or no wastes, better accuracy, less problem-solving at the construction site. It is also observed that this process requires more planning time, better communication, and coordination between different disciplines such as mechanical, electrical, plumbing, architecture, etc., which was the major obstacle for successful implementation. This paper was carried out in the perspective of small and medium-sized mechanical contracting companies for the private building sector in Germany.Keywords: building information modelling, construction wastes, pre-fabrication, small and medium sized company
Procedia PDF Downloads 1051763 Risk Assessment for International Investment: A Standardized Approach to Identify Risk, Risk Appetite, Risk Rating, Risk Treatment and Mitigation Plans
Authors: Pui Yong Leo, Normy Maziah Mohd Said
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Change of global economy landscape and business environment has led to companies’ decision to go global and enter international markets. As the companies go beyond the comfort zone (i.e. investing in the home country), it is important to ensure a comprehensive risk assessment is carried out. This paper describes a standardized approach for international investment, ensuring identification of risk, risk appetite, risk rating, risk treatment and mitigation plans for respective international investment proposal. The standardized approach is divided into three (3) stages as follows: Stage 1 – Preliminary Risk profiling; with the objective to gauge exposure to countries and high level risk factors as first level assessment. Stage 2 – Risk Parameters; with the objective to define risk appetite for the international investment from the perspective of likelihood and impact. Stage 3 – Detailed Risk Assessments; with the objectives to assess in detail any triggered elements from Stage 1, and project specific risks. The final output will include the mitigation plans for the identified risks for the total investment. Example will be given in this paper to show how comprehensive risk assessment is carried out for an international investment in power energy sector.Keywords: international investment, mitigation plans, risk appetite, risk assessment
Procedia PDF Downloads 3701762 CSR Health Programs: A Supplementary Tool of a Government’s Role in a Developing Nation
Authors: Kristine Demilou Santiago
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In a context of a developing nation, how important is the role of Corporate Social Responsibility health programs? Is there a possibility that this will render a large impact in a society where health benefits are insufficient? The Philippine government has been in an unceasing battle to provide its citizens competitive health benefits through launching various health programs. As the efforts are being claimed by the government, the numbers just show that all the health benefits being offered such as PhilHealth health cards, medical missions and other subsidized government health benefits are not effective and sufficient at the minimum level. This is a major characteristic of a developing nation which the Philippine government is focusing on addressing as it becomes a national concern under the effects of poverty. Industrial companies, through Corporate Social Responsibility, are playing an important role in the aspiration to resolve this problem on health programs as supposed to be basic services to citizens of the Philippine government. The rise of commitment by these industrial companies to render health programs to communities as part of their corporate citizenship has covered a large portion of the basic health services that the Filipino citizens are supposed to be receiving. This is the most salient subject that a developing nation should focus on determining the important contribution of industrial companies present in their country as part of the citizens’ access to basic health services. The use of survey forms containing quantitative and qualitative questions which aim to give numerical figures and support answers as to the role of CSR Health programs in helping the communities receive the basic health services they need was the methodological procedure followed in this research. A sample population in a community where the largest industrial company in a province of the Philippines was taken through simple random sampling. The assumption is that this sample population which represents the whole of the community has the highest opportunities to access both the government health services and the CSR health program services of the industrial company located in their community. Results of the research have shown a significant level of participation by industrial companies through their CSR health programs in the attainment of basic health services that should be rendered by the Philippine government to its citizens as part of the state’s health benefits. In a context of a developing nation such as the Philippines, the role of Corporate Social Responsibility is beyond the expectation of initiating to resolve environmental and social issues. It is moving deeper in the concept of the corporate industries being a pillar of the government in catering the support needed by the individuals in the community for its development. As such, the concept of the presence of an industrial company in a community is said to be a parallel progress: by which when an industrial company expands because it is becoming more profitable, so is the community gaining the same step of progress in terms of socioeconomic development.Keywords: basic health services, CSR health program, health services in a developing nation, Philippines health benefits
Procedia PDF Downloads 2011761 The Link between Corporate Governance and EU Competition Law Enforcement: A Conditional Logistic Regression Analysis of the Role of Diversity, Independence and Corporate Social Responsibility
Authors: Jeroen De Ceuster
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This study is the first empirical analysis of the link between corporate governance and European Union competition law. Although competition law enforcement is often studied through the lens of competition law, we offer an alternative perspective by looking at a number of corporate governance factor at the level of the board of directors. We find that undertakings where the Chief Executive Officer is also chairman of the board are twice as likely to violate European Union competition law. No significant relationship was found between European Union competition law infringements and gender diversity of the board, the size of the board, the percentage of directors appointed after the Chief Executive Officer, the percentage of independent directors, or the presence of corporate social responsibility (CSR) committee. This contribution is based on a 1-1 matched peer study. Our sample includes all ultimate parent companies with a board that have been sanctioned by the European Commission for either anticompetitive agreements or abuse of dominance for the period from 2004 to 2018. These companies were matched to a company with headquarters in the same country, belongs to the same industry group, is active in the European Economic Area, and is the nearest neighbor to the infringing company in terms of revenue. Our final sample includes 121 pairs. As is common with matched peer studies, we use CLR to analyze the differences within these pairs. The only statistically significant independent variable after controlling for size and performance is CEO/Chair duality. The results indicate that companies whose Chief Executive Officer also functions as chairman of the board are twice as likely to infringe European Union competition law. This is in line with the monitoring theory of the board of directors, which states that its primary function is to monitor top management. Since competition law infringements are mostly organized by management and hidden from board directors, the results suggest that a Chief Executive Officer who is also chairman is more likely to be either complicit in the infringement or less critical towards his day-to-day colleagues and thus impedes proper detection by the board of competition law infringements.Keywords: corporate governance, competition law, board of directors, board independence, ender diversity, corporate social responisbility
Procedia PDF Downloads 1291760 Corporate Governance Attributes and Financial Performance in Malaysian Listed Companies
Authors: Idris Adamu Alhaji, Wan Fauziahbt Wan Yusoff
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This study was conducted to identify the relationship between Corporate Governance attributes and Firm Performance, various studies, had been carried out mostly in developed countries, in order to identify the relationship between corporate governance attributes and firm performance. Since, the value creation of corporate governance can be measured through the firm performance, corporate governance act as a mechanism to align management's goals with the stakeholders especially to increase firm performance. Despite extensive study of corporate governance there is still an inconsistence relationship between corporate governance attributes and firm performance. Therefore, the aim of this paper is to identify the relationship between corporate governance attributes and firm performance. Five corporate governance element were used as independent variables which include: Independent director, board size, audit committee, leadership structure and board meeting. Meanwhile, the dependent variables are two firm performance measurements; return on equity (ROE) and earning per share (EPS). This study uses quantitative approaches whereby data were gathered from secondary source data were collected from Annual Reports of the companies, online journals etc. This study revealed that, there is a significant relationship between corporate governance attributes and firm performance. Therefore, the results show that good corporate governance practice influence firm performance. Finally, it's hoped that this study provides current corporate governance scenario in Malaysia that can be used to enhance the development of corporate governance of the country.Keywords: corporate governance, return on equity, earning per share, financial performance
Procedia PDF Downloads 4621759 Integrating the Principles of Sustainability and Corporate Social Responsibility (CSR): By Engaging the India Inc. With Sustainable Development Goals (SDGs)
Authors: Radhika Ralhan
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With the formalization of 2030, Global Agenda for Sustainable Development nations have instantaneously geared up their efforts towards the implementation of a comprehensive list of global goals. The criticality of Sustainable Development Goals (SDGs) is imperative, as it will define the course and pace of development for the next 15 years. This development will entail transformational shifts towards a green and inclusive growth. Leadership, investments and technology will constitute as key ingredients of this transformational shift and governance will emerge as a one of the most significant driver of the global 2030 agenda. Corporate Governance is viewed as one of the key force to accelerate the momentum of SDGs and initiate these transformational shifts. Many senior level leaders have reinstated their conviction that adopting a triple bottom line approach will play an imperative role in transforming the entire industrial sector. In the Indian context, the above occurrence bears an intriguing facet, as the framing of SDGs in the global scenario coincided with the emergence of mandatory Corporate Social Responsibility (CSR) Rules in India at national level. As one of the leading democracies in the world, India is among few countries to formally mandate companies to spend 2% from their CSR funds under Section 135 of The New Companies Act 2013. The overarching framework of SDGs correlates to the areas of CSR interventions as mentioned in the Schedule VII of Section 135. As one of the legitimate stakeholders, business leaders have expressed their commitments to their respective governments, to reorient the entire fabric of their companies to scale up global priorities. This is explicitly seen in the case of India where leading business entities have converged national government priorities of Clean India, Make in India and Skill India by actively participating in the campaigns and incorporating these programmes within the ambit of their CSR policies. However, the CSR Act has received mixed responses with associated concerns such as the onus of doing what the government has to do, mandatory reporting mechanisms, policy disclosures, personnel handling CSR portfolios etc. The overall objective of the paper, therefore, rests in analyzing the discourse of CSR and the perspectives of Indian Inc. in imbibing the principles of SDGs within their business polices and operations. Through primary and secondary research analysis, the paper attempts to outline the diverse challenges that are being faced by Indian businesses while establishing the business case of sustainable responsibility. Some of the principal questions that paper addresses are: What are the SDG priorities for India Inc. as per their respective industry sectors? How can corporate policies imbibe the SDGs principles? How can the global concerns in form of SDGs align with the national CSR mandate and development issues? What initiatives have been undertaken by the companies to integrate their long term business strategy and sustainability? The paper will also reinstate an approach or a way forward that will enable businesses to proceed beyond compliance and accentuate the principles of responsibility and transparency within their operational framework.Keywords: corporate social responsibility, CSR, India Inc., section 135, new companies act 2013, sustainable development goals, SDGs, sustainability, corporate governance
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