Search results for: corporate bonds

Authors: Bita Mashayekhi, Hamid Kalhornia

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One of the most important roles of financial reporting is improving the firms’ investment decisions; however, there is not much supporting evidence for this claim in emerging markets like Iran. In this study, the effect of financial reporting transparency in investment efficiency of Iranian firms has been investigated. In order to do this, 336 listed companies on Tehran Stock Exchange (TSE) has been selected for time period 2012 to 2015 as research sample. For testing our main hypothesis, we classified sample firms into two groups based on their deviation from expected investment: under-investment and over-investment cases. The results indicate that there is positive significant relationship between financial transparency and investment efficiency. In the other words, transparency can mitigate both underinvestment and overinvestment situations.

Keywords: corporate governance, disclosure, investment decisions, investment efficiency, transparency

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Authors: Charles Mazhazhate

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This study interrogates and analyses the intricate kin- and- kith network patterns of corruption and mismanagement of resources prevalent in public sector supply chains bedeviling the developing economies of Sub-Saharan Africa with particular reference to Zimbabwe. This is forcing governments to resort to harsh fiscal policies that see their citizens paying high taxes against a backdrop of incomes below the poverty datum line, and this negatively affects their quality of life. The corporate world is also affected by the various tax-regime instituted. Mismanagement of resources and corrupt practices are rampant in state-owned enterprises to the extent that institutional policies, procedures, and practices are often flouted for the benefit of a clique of individuals. This interwoven in kith and kin blood human relations in organizations where appointments to critical positions are based on ascribed status. People no longer place value in their systems to make them work thereby violating corporate governance principles. Greediness and ‘unholy friendship connections’ are instrumental in fueling the employment of people who know each other from their discrete backgrounds. Such employments or socio-metric unions are meant to protect those at the top by giving them intelligent information through spying on what other subordinates are doing inside and outside the organization. This practice has led to the underperforming of organizations as those employees with connections and their upper echelons favorites connive to abuse resources for their own benefit. Even if culprits are known, no draconian measures are employed as a deterrence measure. Public value along public sector supply chains is lost. The study used a descriptive case study research design on fifty organizations in Zimbabwe mainly state-owned enterprises. Both qualitative and quantitative instrumentations were used. Both Snowball and random sampling techniques were used. The study found out that in all the fifty SOEs, there were employees in key positions related to top management, with tentacles feeding into the law enforcement agents, judiciary, security systems, and the executive. Such employees in public seem not to know each other with but would be involved in dirty scams and then share the proceeds with top people behind the scenes. The study also established that the same employees do not have the necessary competencies, qualifications, abilities, and capabilities to be in those positions. This culture is now strong that it is difficult to bust. The study recommends recruitment of all employees through an independent employment bureau to ensure strategic fit.

Keywords: corruption, state owned enterprises, strategic fit, public sector supply chains, efficiency

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Authors: N. Boukabcha, Y. Megrouss, N. Benhalima, S. Yahiaoui, A. Chouaih, F. Hamzaoui

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We present the electron density analysis of organic compound 4-methyl-N-[(5- nitrothiophen-2-ylmethylidene)] aniline with chemical formula C12H10N2O2S. Indeed, determining the electrostatic properties of nonlinear optical organic compounds requires knowledge of the distribution of the electron density with high precision. On the other hand, a structural analysis is performed. Two methods are used to obtain the structure, X-ray diffraction and theoretical calculation with density functional theory (DFT). The electron density study is performed using the Mopro program1503 based on the multipolar model of Hansen and Coppens. Electron density analysis allows determination of the value and orientation of the dipole moment. The net atomic charges, electrostatic potential and the molecular dipole moment have been determined in order to understand the nature of inter- and intramolecular charge transfer. The study reveals the nature of intermolecular interactions including charge transfer and hydrogen bonds in the title compound. Crystallographic data: monoclinic system - space group P21 / n. Celle parameters: a = 4.7606 (4) Å, b = 22.415 (2) Å, c = 10.7008 (15) Å, β = 92.566 (13) 0, V = 1140.7 (2) Å3, Z = 4, R = 0.0034 for 2693 observed reflections.

Keywords: electron density, dipole moment, electrostatic potential, DFT, Mopro

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Authors: M. S. Mrudula, M. R. Gopinathan Nair

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In order to utilize the natural rubber for developing new green polymeric materials for specialty applications, we have prepared natural rubber and polyethylene oxide based polymeric networks by two shot method. The polymeric networks thus formed have been used as chelating exchanger for metal ion binding. Chelating exchangers are, in general, coordinating copolymers containing one or more electron donor atoms such as N, S, O, and P that can form coordinate bonds with metals. Hydrogels are water- swollen network of hydrophilic homopolymer or copolymers. They acquire a great interest due to the facility of the incorporation of different chelating groups into the polymeric networks. Such polymeric hydrogels are promising materials in the field of hydrometallurgical applications and water purification due to their chemical stability. The current study discusses the swelling response of the polymeric networks as a function of time, temperature, pH and [NaCl] and sorption studies. Equilibrium swelling has been observed to depend on both structural aspects of the polymers and environmental factors. Metal ion sorption shows that these polymeric networks can be used for removal, separation, and enrichment of metal ions from aqueous solutions and can play an important role for environmental remediation of municipal and industrial wastewater.

Keywords: block copolymer, adsorption, chelating exchanger, swelling study, polymer, metal complexes

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Authors: Nawaporn Thongnut

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The objective was to study the process and how to prepare the accounting of the Thai temples and to study the performance and quality in the accounting preparation of the temples in accordance with the regulation. The population was the accountants and individuals involved in the accounting preparation of 17 temples in the suburban Bangkok. The measurement used in this study was questionnaire. The statistics used in the analysis are the descriptive statistic. The data was presented in the form of percentage tables to describe the data on the demographic characteristics. The study found that temple wardens were responsible for the accounting and reporting of the temples. Abbots were to check the accuracy of the accounts in the monasteries. Mostly, there was no account auditing of the monasteries from the outside. The practice when receiving income for most of the monasteries had been keeping financial document in an orderly manner.

Keywords: corporate social responsibility, creating shared value, management accountant’s roles, stock exchange of Thailand

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Authors: F. Zouai, F. Z. Benabid, S. Bouhelal, D. Benachour

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A method for the exfoliation of polyethylene terephtalate (PET) - clay nanocomposites has been reported in this study. Montmorillonite clay based polyethylene terephtalate nanocomposites were prepared by reactive melt-mixing. To achieve this, untreated clay was first functionalized with the crosslinking agent compound based mainly on peroxide/sulphur and TMTD as accelerator or activator for sulphur. Furthermore, the different blends composition of PET/clay were directly mixed in melt state in closed chamber of plastograph at given working conditions for short time and in one step process. To investigate the microstructure modification and thermal, mechanical and rheological properties the DSC, WAXS, microhardness, FTIR and tensile properties were performed. The resulting structure of the modified samples shows that total exfoliation appears at 4% w/w of clay to PET matrices. The crystallinity and tensile modulus were correlated by the H microhardness and the DSC shows no significant effect on the cristallinity degree. The mechanical properties were improved significantly. The viscosity decreases for 4% clay and the activation energy is the minimum. The WAXS measurement shows a partial exfoliation without any intercalation which is the most relevant point. The grafting of organic to inorganic nanolayers was observed by Si—O—C and Si—C bonds by FTIR.

Keywords: PET, montmorillonite, nanocomposites, exfoliation, reactive melt-mixing

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Authors: Petra F. A. Dilling, Sinan Caykoylu

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The aim of this study was to shed light on the understanding of the factors determining a company’s disclosure on climate change reporting. The underlying study examines the effect of gender diversity and the mediating effect of female representation in management and on the board of directors and the existence of a dedicated sustainability board committee. To test the study’s objectives, the authors use a global sample of the largest companies and their reporting for the year 2020. The results suggest that corporate female participation has a significant influence on the quality of climate change reporting. In addition, having a dedicated sustainability board committee also significantly impacts the non-financial disclosure of climate change information.

Keywords: climate change, non-financial reporting, governance, board diversity, sustainability, CSR

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Authors: Chaitanya Vyas

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This paper identifies limitations of existing two e-Governance services viz. railway ticket booking and passport service in India. The comparison has been made as to how in the past these two citizen services were operating manually and how these services are taken online via e-Governance. Different e-Governance projects, investment aspects, and role of corporate are discussed. For Indian Railway online ticketing a comparison has been made between state run booking website and popular private firm run booking website. For passport service, observation through personal visit to passport center is described. Suggestions are made to improve these services further to improve citizen service experiences.

Keywords: e-Governance, citizen services, passport, Indian Railways

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Authors: Ibitoye Olabode Clement

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The huge amount of grants for infrastructures development in Tertiary Institutions in Nigeria calls for transparency and accountability in the procurement process. However, questions have been raised concerning the judicious and appropriate use of the funds, and it was doubtful if the institutions complied with due process. This paper examined the causes of non-compliance with the Public Procurement Act (2007) in the procurement of Goods, Works, and Services through either direct or indirect processes of procurement, mostly in Tertiary Institutions of State government subvention institutions in Nigeria. Nigeria has over 120 public universities, polytechnics, and colleges of Education. This paper will take samples of some selected Institutions in southwest Nigeria. The institutions comprise 5 Universities, 5 Polytechnics, and 5 Colleges of Education / Health and Technology. The opinions of the institutions’ Procurement Officers on the tremendous investment through grants and interventions for infrastructure development in Tertiary Education Institutions (TEI) in Nigeria call for transparency and accountability in the procurement process. However, there are a lot of questions have been raised as to the judicious use of the funds, and it was doubtful if the institutions complied with due process. This study examined the causes of non-compliance with the Public Procurement Act (2007) in the procurement of Goods, Works, and Services in most State Government Public Institutions in Southwest Nigeria. Over, 120 public institutions comprising 5 Universities, 5 Polytechnics, and 5 Colleges of Education / Health and Technology were used for the study. The opinions of the institutions’ Procurement Officers on the causes of non-compliance with the Act in their procurement process were sought using a structured questionnaire. The results revealed that non-independent of Procurement Officers, non-compliance with the Act by some at the managerial level, claiming inadequate knowledge of the Act, non-employment of qualified and experienced Procurement officers, insufficient publicity of the Act, and non-existence of corporate governance led to poor management of procurement record and non-provision of incentive, Inability to separate the duties of Internal Auditors and Procurement Officers, Inability to translate procurement entity at large which makes nearly all at departmental level believe they procurement officers. Conclusively, on taking the Procurement Officers through interviewing having it that: the right educational and professional qualifications, understanding of the Act, sufficient cognate working experience, recruiting most professionals needed if not all, and occupying management position will enhance compliance. Hence, in addition, adopting an external empowered department from the Bureau should raise for monitoring the compliance mostly in State Government Tertiary Education Institution. Also, an organizational culture with a corporate governance structure that supports the engagement of the right and qualified personnel to handle procurement, encourages them to perform at their best and rewards excellent service by giving incentives, and operates within an administrative environment devoid of corruption.

Keywords: non compliance of procurement act, tertiary education institution, university, polytechnic and college of education/ health science and technology, Nigeria

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Authors: Md. Abu Yousuf

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Islamic social financing (ISF) refers to the fair distribution of wealth and financial dealings and prevents economic exploitation at all levels. ISF instruments include Islamic institutions Zakat (obligatory charity), Sadaqah (voluntary charity) and Waqf (endowment) based on philanthropy such and Qard-al Hasan (beautiful loan), micro takaful (insurance) and social investments through Sukuk (bonds) based on cooperation. ISF contributes to socio-economic development, end poverty, protects environmental sustainability, promotes education, equality, social justice and above all, establishes social well-being since the birth of Islam. ISF tools are instrumental towards achieving sustainable development goals (SDGs) set by United Nations (UN). The present study will explore the scope of ISF for community development in Bangladesh and examine the challenges in implementing ISF tools and will provide the most practical model of ISF. The study will adopt a mixed-method (MM) design in the process of data collection and analysis. The researcher will consider all issues related to ethics, reliability, validity and feasibility while conducting the study.

Keywords: Islamic social financing, sustainable development goals, poverty eradication, zakat, waqf, sadaqah, Islamic microfinance

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Authors: Alese Boniface K., Adu Michael K., Owa Victor K.

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Security can be defined as the degree of resistance to, or protection from harm. It applies to any vulnerable and valuable assets, such as persons, dwellings, communities, nations or organizations. Cybercrime is any crime committed or facilitated via the Internet. It is any criminal activity involving computers and networks. It can range from fraud to unsolicited emails (spam). It includes the distant theft of government or corporate secrets through criminal trespass into remote systems around the globe. Nigeria like any other nations of the world is currently having their own share of the menace that has been used even as tools by terrorists. This paper is an attempt at presenting cyber security as an issue that requires a coordinated national response. It also acknowledges and advocates the key roles to be played by stakeholders and the importance of forging strong partnerships to prevent and tackle cybercrime in Nigeria.

Keywords: security, cybercrime, internet, government, stakeholders, partnerships

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Authors: Gerhard D. Muller, Nadine C. Sonnenberg, Suné Donoghue

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This study delves into the intricacies of male and female consumers’ perceptions of Corporate Social Responsibility (CSR) in the South African clothing retail sector, a sector experiencing increasing consumption, yet facing significant environmental and social challenges. The aim is to discern between male and female consumers’ perceptions of clothing retailers’ CSR initiatives based on the Triple Bottom Line (TBL) framework, which evaluates organizational sustainability across social, environmental, and economic domains. Methodologically, the study is embedded in a quantitative research paradigm adopting a cross-sectional survey design. A purposive sampling strategy was used to recruit male and female respondents from a diverse South African demographic background. A structured questionnaire was developed and included established consumer CSR perception scales that were adapted for the purposes of this study. The questionnaire was distributed via online platforms. The data collected from the online survey, were split by gender to allow for comparison between male and female consumers’ perceptions of clothing retailers’ CSR initiatives. Exploratory Factor Analysis (EFA) was conducted on each of the datasets. The EFA for females revealed a five-factor solution, whereas the male EFA presented a six-factor solution, with the notable addition of an Economic Performance dimension. Results indicate subtle differences in the gender groups’ CSR perceptions. While both genders seem to value clothing retailers’ focus on quality services, females seem to have more pronounced perceptions surrounding clothing retailers’ contributions to social and environmental causes. Males, on the other hand, seem to be more discerning in their perceptions surrounding clothing retailers’ support of social and environmental causes. Ethical stakeholder relationships emerged as a shared concern across genders. Still, males presented a distinct factor, Economic Performance, highlighting a gendered divergence in the weighting of economic success and financial performance in CSR evaluation. The implications of these results are multifaceted. Theoretically, the study enriches the discourse on CSR by integrating gender insights into the TBL framework, offering a greater understanding of consumers’ CSR perceptions in the South African clothing retail context. Practically, it provides actionable insights for clothing retailers, suggesting that CSR initiatives should be gender-sensitive and communicate the TBL's elements effectively to resonate with the pertinent concerns of each segment. Additionally, the findings advocate for a contextualized approach to CSR in emerging markets that aligns with local cultural and social differences.

Keywords: consumer perceptions, corporate Social responsibility, gender differentiation, triple bottom line

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Authors: Bagam Venkateswarlu

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NMDC Limited, Indian multinational mining company operates under administrative control of Ministry of Steel, Government of India. This study is undertaken to evaluate how sustainable mining practiced by the company fulfils the provisions of Indian Constitution to secure to its citizen – justice, equality of status and opportunity, promoting social, economic, political, and religious wellbeing. The Constitution of India lays down a road map as to how the goal of being a “Welfare State” shall be achieved. The vision of sustainable mining being practiced is oriented along the constitutional responsibilities on Indian Citizens and the Corporate World. This qualitative study shall be backed by quantitative studies of National Mineral Development Corporation performances in various domains of sustainable mining and ESG, that is, environment, social and governance parameters. For example, Five Star Rating of mine is a comprehensive evaluation system introduced by Ministry of Mines, Govt. of India is one of the methodologies. Corporate Social Responsibilities is one of the thrust areas for securing social well-being. Green energy initiatives in and around the mines has given the title of “Eco-Friendly Miner” to NMDC Limited. While operating fully mechanized large scale iron ore mine (18.8 million tonne per annum capacity) in Bacheli, Chhattisgarh, M/s NMDC Limited caters to the needs of mineral security of State of Chhattisgarh and Indian Union. It preserves forest, wild-life, and environment heritage of richly endowed State of Chhattisgarh. In the remote and far-flung interiors of Chhattisgarh, NMDC empowers the local population by providing world class educational & medical facilities, transportation network, drinking water facilities, irrigational agricultural supports, employment opportunities, establishing religious harmony. All this ultimately results in empowered, educated, and improved awareness in population. Thus, the basic tenets of constitution of India- secularism, democracy, welfare for all, socialism, humanism, decentralization, liberalism, mixed economy, and non-violence is fulfilled. Constitution declares India as a welfare state – for the people, of the people and by the people. The sustainable mining practices by NMDC are in line with the objective. Thus, the purpose of study is fully met with. The potential benefit of the study includes replicating this model in existing or new establishments in various parts of country – especially in the under-privileged interiors and far-flung areas which are yet to see the lights of development.

Keywords: ESG values, Indian constitution, NMDC limited, sustainable mining, CSR, green energy

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Authors: Payel Ghosh, Rama Chandra Pradhan, Sabyasachi Mishra

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Jamun (Syzygium cuminii L.) is one of the important indigenous minor fruit with high medicinal value. The jamun cultivation is unorganized and there is huge loss of this fruit every year. The perishable nature of the fruit makes its postharvest management further difficult. Due to the strong cell wall structure of pectin-protein bonds and hard seeds, extraction of juice becomes difficult. Enzymatic treatment has been commercially used for improvement of juice quality with high yield. The objective of the study was to optimize the best treatment method for juice extraction. Enzymes (Pectinase and Tannase) from different stains had been used and for each enzyme, best result obtained by using response surface methodology. Optimization had been done on the basis of physicochemical property, nutritional property, sensory quality and cost estimation. According to quality aspect, cost analysis and sensory evaluation, the optimizing enzymatic treatment was obtained by Pectinase from Aspergillus aculeatus strain. The optimum condition for the treatment was 44 ^oC with 80 minute with a concentration of 0.05% (w/w). At these conditions, 75% of yield with turbidity of 32.21NTU, clarity of 74.39%T, polyphenol content of 115.31 mg GAE/g, protein content of 102.43 mg/g have been obtained with a significant difference in overall acceptability.

Keywords: enzymatic treatment, Jamun, optimization, physicochemical property, sensory analysis

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Authors: Laura Frydel

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Chloroxylenol is a common ingredient in disinfectants. Due to the use of this compound in large amounts, it is more and more often detected in rivers, sewage, and also in human body fluids. In recent years, there have been concerns about the potentially harmful effects of chloroxylenol on human health and the environment. This paper presents the synthesis, a brief characterization and the use of a halloysite-carbon adsorbent for the removal of chloroxylenol from water. The template in the halloysite-carbon adsorbent was acid treated bleached halloysite, and the carbon precursor was cellulose dissolved in zinc (II) chloride, which was dissolved in 37% hydrochloric acid. The FTIR spectra before and after the adsorption process allowed to determine the presence of functional groups, bonds in the halloysite-carbon composite, and the binding mechanism of the adsorbent and adsorbate. The morphology of the bleached halloysite sample and the sample of the halloysite-carbon adsorbent were characterized by scanning electron microscopy (SEM) with surface analysis by X-ray dispersion spectrometry (EDS). The specific surface area, total pore volume and mesopore and micropore volume were determined using the ASAP 2020 volumetric adsorption analyzer. Total carbon and total organic carbon were determined for the halloysite-carbon adsorbent. The halloysite-carbon adsorbent was used to remove chloroxylenol from water. The degree of removal of chloroxylenol from water using the halloysite-carbon adsorbent was about 90%. Adsorption studies show that the halloysite-carbon composite can be used as an effective adsorbent for removing chloroxylenol from water.

Keywords: adsorption, cellulose, chloroxylenol, halloysite

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Authors: Fatima M. Kabbashi, Abdalla M. Abdalla, Hussam K. Hamad, Elias S. Hassan

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This study investigates the production of renewable energy (biogas) from biomedical hazard waste (blood) and eco-friendly disposal. Biogas is produced by the bacterial anaerobic digestion of biomaterial (blood). During digestion process bacterial feeding result in breaking down chemical bonds of the biomaterial and changing its features, by the end of the digestion (biogas production) the remains become manure as known. That has led to the economic and eco-friendly disposal of hazard biomedical waste (blood). The samples (Whole blood, Red blood cells 'RBCs', Blood platelet and Fresh Frozen Plasma ‘FFP’) are collected and measured in terms of carbon to nitrogen C/N ratio and total solid, then filled in connected flasks (three flasks) using water displacement method. The results of trails showed that the platelet and FFP failed to produce flammable gas, but via a gas analyzer, it showed the presence of the following gases: CO, HC, CO₂, and NOX. Otherwise, the blood and RBCs produced flammable gases: Methane-nitrous CH₃NO (99.45%), which has a blue color flame and carbon dioxide CO₂ (0.55%), which has red/yellow color flame. Methane-nitrous is sometimes used as fuel for rockets, some aircraft and racing cars.

Keywords: renewable energy, biogas, biomedical waste, blood, anaerobic digestion, eco-friendly disposal

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Authors: Juan Xia, Jiaxu Yan, Ze Xiang Shen

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The tuneable interlayer interactions in two-dimensional (2D) transition metal dichlcogenides (TMDs) offer an exciting platform for exploring new physics and applications by material variety, thickness, stacking sequence, electromagnetic filed, and stress/strain. Compared with the five methods mentioned above, high pressure is a clean and powerful tool to induce dramatic changes in lattice parameters and physical properties for 2D TMD materials. For instance, high pressure can strengthen the van der Waals interactions along c-axis and shorten the covalent bonds in atomic plane, leading to the typical first-order structural transition (2Hc to 2Ha for MoS2), or metallization. In particular, in the case of WTe₂, its unique symmetry endows the significant anisotropy and the corresponding unexpected properties including the giant magnetoresistance, pressure-induced superconductivity and Weyl semimetal states. Upon increasing pressure, the Raman peaks for WTe₂ at ~120 cm⁻¹, are gradually red-shifted and totally suppressed above 10 GPa, attributed to the possible structural instability of orthorhombic Td phase under high pressure and phase transition to a new monoclinic T' phase with inversion symmetry. Distinct electronic structures near Fermi level between the Td and T' phases may pave a feasible way to achieve the Weyl state tuning in one material without doping.

Keywords: 2D TMDs, electronic property, high pressure, first-principles calculations

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Authors: Meriem Harmel, Houari Khachai

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The full potential linearized augmented plane wave (FP-LAPW)method within density functional theory is applied to study, for the first time, the structural and electronic properties of CaFI and to compare them with CaFCl and CaFBr, all compounds belonging to the tetragonal PbFCl structure group with space group P4/nmm. We used the generalized gradient approximation (GGA) based on exchange–correlation energy optimization to calculate the total energy and also the Engel– Vosko GGA formalism, which optimizes the corresponding potential for band structure calculations. Ground state properties such as the lattice parameters, c/a ratio, bulk modulus, pressure derivative of the bulk modulus and cohesive energy are calculated, as well as the optimized internal parameters, by relaxing the atomic position in the force directions. The variations of the calculated interatomic distances and angles between different atomic bonds are discussed. CaFCl was found to have a direct band gap at whereas CaFBr and BaFI have indirect band gaps. From these computed bands, all three materials are found to be insulators having band gaps of 6.28, 5.46, and 4.50 eV, respectively. We also calculated the valence charge density and the total density of states at equilibrium volume for each compound. The results are in reasonable agreement with the available experimental data.

Keywords: DFT, matlockite, structural properties, electronic structure

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Authors: Ismatilla Mardanov

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There are three types of countries, the first of which is willing to attract foreign direct investment (FDI) in enormous amounts and do whatever it takes to make this happen. Therefore, FDI pours into such countries. In the second cluster of countries, even if the country is suffering tremendously from the shortage of investments, the governments are hesitant to attract investments because they are at the hands of local oligarchs/cartels. Therefore, FDI inflows are moderate to low in such countries. The third type is countries whose companies prefer investing in the most efficient locations globally and are hesitant to invest in the homeland. Sorting countries into such clusters, the present study examines the essential institutions and economic factors that make these countries different. Past literature has discussed various determinants of FDI in all kinds of countries. However, it did not classify countries based on government motivation, institutional setup, and economic factors. A specific approach to each target country is vital for corporate foreign direct investment risk analysis and decisions. The research questions are 1. What specific institutional and economic factors paint the pictures of the three clusters; 2. What specific institutional and economic factors are determinants of FDI; 3. Which of the determinants are endogenous and exogenous variables? 4. How can institutions and economic and political variables impact corporate investment decisions Hypothesis 1: In the first type, country institutions and economic factors will be favorable for FDI. Hypothesis 2: In the second type, even if country economic factors favor FDI, institutions will not. Hypothesis 3: In the third type, even if country institutions favorFDI, economic factors will not favor domestic investments. Therefore, FDI outflows occur in large amounts. Methods: Data come from open sources of the World Bank, the Fraser Institute, the Heritage Foundation, and other reliable sources. The dependent variable is FDI inflows. The independent variables are institutions (economic and political freedom indices) and economic factors (natural, material, and labor resources, government consumption, infrastructure, minimum wage, education, unemployment, tax rates, consumer price index, inflation, and others), the endogeneity or exogeneity of which are tested in the instrumental variable estimation. Political rights and civil liberties are used as instrumental variables. Results indicate that in the first type, both country institutions and economic factors, specifically labor and logistics/infrastructure/energy intensity, are favorable for potential investors. In the second category of countries, the risk of loss of assets is very high due to governmentshijacked by local oligarchs/cartels/special interest groups. In the third category of countries, the local economic factors are unfavorable for domestic investment even if the institutions are well acceptable. Cluster analysis and instrumental variable estimation were used to reveal cause-effect patterns in each of the clusters.

Keywords: foreign direct investment, economy, institutions, instrumental variable estimation

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Authors: Ilknur Çevik Tekin, Serdar Öge

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As a result of globalization and changing consumer preferences, the number of shopping malls has increased significantly in recent years. Consumers prefer shopping malls to both do comfortable shopping in a short time and benefit from the social facilities there. Employees, who are obliged to behave to the consumers in the way the company wants them to do, often spend intensive emotional effort because companies buy the emotions the employees must display to customers in order to ensure customer satisfaction. The emotions the employees constantly try to contain may lead to the phenomenon of burn-out in time. This study was conducted to reveal the relationship between the emotional labor and burn-out levels of shopping mall employees, who work in shopping malls and are supposed to reflect the corporate culture.

Keywords: emotional labor, burnout, shopping mall employees

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Authors: Ildikó Balatoni, Nikolett Kosztin

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In this study the importance of maintaining the mental and physical health of employees was examined from the perspective of the employers. To this end companies in Hajdú-Bihar county of Hungary that are within in the TOP 100 based on their net revenue were interviewed. Economic sectors that were represented the most in this survey were processing, services, trade, agriculture, and construction. We examined whether or not companies provided any benefits to their employees concerning health awareness. Among respondents those who offered various services of medical specialists and/or discounted gym or swim passes in addition to compulsory medical examinations were hard to find, however more employers organize health and sports days. Nevertheless, a significant albeit very shallow positive correlation were found between the number of offered benefits vs. total gross income and vs. number of employees (r2=0.2555, p<0.001 and r2=0.1196 and p<0.05, respectively). In conclusion, while workplace health promotion is necessary it requires a change in employers’attitudes.

Keywords: corporate health promotion, employees, employers, health

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Authors: Chengwei Wang, Shuqing Xu, Philipp M. Schlüter

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The genus Ophrys is remarkable for its mimicry, flower-lip closely resembling pollinator females in a species-specific manner. Therefore, floral traits associated with pollinator attraction, especially scent, are suitable models for investigating the molecular basis of adaption, speciation, and evolution. Within the two Ophrys species groups: O. sphegodes (S) and O. fusca (F), pollinator shifts among the same insect species have taken place. Preliminary data suggest that they involve a comparable hydrocarbon profile in their scent, which is mainly composed of alkanes and alkenes. Genes encoding stearoyl-acyl carrier protein desaturases (SAD) involved in alkene biosynthesis have been identified in the S group. This study aims to investigate the control and parallel evolution of ecologically significant alkene production in Ophrys. Owing to the central role those SAD genes play in determining positioning of the alkene double-bonds, a detailed understanding of their functional mechanism and of regulatory aspects is of utmost importance. We have identified 5 transcription factors potentially related to SAD expression in O. sphegodes which belong to the MYB, GTE, WRKY, and MADS families. Ultimately, our results will contribute to understanding genes important in the regulatory control of floral scent synthesis.

Keywords: floral traits, transcription factors, biosynthesis, parallel evolution

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Authors: Tatiana V. Korsakova

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The cognitive methodology in management is considered: Cognitive structuring - the formation of ideas about the functioning of a developing organization; Cognitive modeling - heuristic construction of existing actions (zone of successful actions); and Cognitive construct - the formation of filters for converting external information into specific events of managerial reality. The major findings of the study are the identification of areas of successful actions in the organization, harmonization of criteria for evaluating the effectiveness of company management, and the frame-description that indicates the connection of environmental elements with the elements of the organization. It is stated the development of specific events of managerial reality in the direction of the further development of the organization depends on the personal cognitive construct of the development-subjects when it is used in the zone of successful actions.

Keywords: cognitive construct, focus of applicability, knowledge corporate culture, zones of successful actions

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Authors: Michael Radwan Omary

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Context: This scientific innovation demonstrate organic catalysis engineered media effective desalination of surface and groundwater. The author has developed a technology called “Storm-Water Ions Filtration Treatment” (SWIFTTM) cold reactor modules designed to retrofit typical urban street storm drains or catch basins. SWIFT triggers biochemical redox reactions with water stream-embedded toxic total dissolved solids (TDS) and electrical conductivity (EC). SWIFTTM Catalysts media unlock the sub-molecular bond energy, break down toxic chemical bonds, and neutralize toxic molecules, bacteria and pathogens. Research Aim: This research aims to develop and design lower O&M cost, zero-brine discharge, energy input-free, chemical-free water desalination and disinfection systems. The objective is to provide an effective resilient and sustainable solution to urban storm-water and groundwater decontamination and disinfection. Methodology: We focused on the development of organic, non-chemical, no-plugs, no pumping, non-polymer and non-allergenic approaches for water and waste water desalination and disinfection. SWIFT modules operate by directing the water stream to flow freely through the electrically charged media cold reactor, generating weak interactions with a water-dissolved electrically conductive molecule, resulting in the neutralization of toxic molecules. The system is powered by harvesting sub-molecular bonds embedded in energy. Findings: The SWIFTTM Technology case studies at CSU-CI and CSU-Fresno Water Institute, demonstrated consistently high reduction of all 40 detected waste-water pollutants including pathogens to levels below a state of California Department of Water Resources “Drinking Water Maximum Contaminants Levels”. The technology has proved effective in reducing pollutants such as arsenic, beryllium, mercury, selenium, glyphosate, benzene, and E. coli bacteria. The technology has also been successfully applied to the decontamination of dissolved chemicals, water pathogens, organic compounds and radiological agents. Theoretical Importance: SWIFT technology development, design, engineering, and manufacturing, offer cutting-edge advancement in achieving clean-energy source bio-catalysis media solution, an energy input free water and waste water desalination and disinfection. A significant contribution to institutions and municipalities achieving sustainable, lower cost, zero-brine and zero CO2 discharges clean energy water desalination. Data Collection and Analysis Procedures: The researchers collected data on the performance of the SWIFTTM technology in reducing the levels of various pollutants in water. The data was analyzed by comparing the reduction achieved by the SWIFTTM technology to the Drinking Water Maximum Contaminants Levels set by the state of California. The researchers also conducted live oral presentations to showcase the applications of SWIFTTM technology in storm water capture and decontamination as well as providing clean drinking water during emergencies. Conclusion: The SWIFTTM Technology has demonstrated its capability to effectively reduce pollutants in water and waste water to levels below regulatory standards. The Technology offers a sustainable solution to groundwater and storm-water treatments. Further development and implementation of the SWIFTTM Technology have the potential to treat storm water to be reused as a new source of drinking water and an ambient source of clean and healthy local water for recharge of ground water.

Keywords: catalysis, bio electro interactions, water desalination, weak-interactions

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Authors: N. Rajeswara Rao, T. Venkatappa Rao, K. Sowri Babu, N. Srinivas Rao, P. S. V. Shanmukhi

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Carboxymethyl Starch (CMS) is a biopolymer derived from starch by the substitution method. CMS is proclaimed to have improved physicochemical properties than native starch. The present work deals with the effect of gamma radiation on the physicochemical properties of CMS. The samples were exposed to gamma irradiation of doses 30, 60 and 90 kGy. The resultant properties were studied with electron spin resonance (ESR), fourier transform infrared spectrometer (FTIR), differential scanning calorimeter (DSC), X-ray diffractometer (XRD) and scanning electron microscopy. Irradiation of CMS by gamma rays initiates cleavage of glucosidic bonds producing different types of radicals. Some of these radicals convert to peroxy radicals by abstracting oxygen. The ESR spectrum of CMS is anisotropic and is thought to be due to the superposition of various component spectra. In order to analyze the ESR spectrum, computer simulations were also employed. ESR spectra are also recorded under different conditions like post-irradiation times, variable temperatures and saturation behavior in order to evaluate the stability of free radicals produced on irradiation. Thermal studies from DSC depict that for CMS the gelatization process was absconded at higher doses. Relative crystallinity was reduced significantly after irradiation from XRD Studies. FTIR studies also confirm the same aspect. From ESR studies, it was concluded that irradiated CMS could be a potential reference material in ESR dosimetry.

Keywords: gamma rays, free radicals, ESR simulations, gelatization

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Authors: Luke Miller

Abstract:

This paper develops an options pricing methodology to value strategic pricing strategies in the services sector. More specifically, this study provides a unifying taxonomy of current service sector pricing practices, frames these pricing decisions as strategic real options, demonstrates accepted option valuation techniques to assess service sector pricing decisions, and suggests future research areas where pricing decisions and real options overlap. Enhancing revenue in the service sector requires proactive decision making in a world of uncertainty. In an effort to strategically price service products, revenue enhancement necessitates a careful study of the service costs, customer base, competition, legalities, and shared economies with the market. Pricing decisions involve the quality of inputs, manpower, and best practices to maintain superior service. These decisions further hinge on identifying relevant pricing strategies and understanding how these strategies impact a firm’s value. A relatively new area of research applies option pricing theory to investments in real assets and is commonly known as real options. The real options approach is based on the premise that many corporate decisions to invest or divest in assets are simply an option wherein the firm has the right to make an investment without any obligation to act. The decision maker, therefore, has more flexibility and the value of this operating flexibility should be taken into consideration. The real options framework has already been applied to numerous areas including manufacturing, inventory, natural resources, research and development, strategic decisions, technology, and stock valuation. Additionally, numerous surveys have identified a growing need for the real options decision framework within all areas of corporate decision-making. Despite the wide applicability of real options, no study has been carried out linking service sector pricing decisions and real options. This is surprising given the service sector comprises 80% of the US employment and Gross Domestic Product (GDP). Identifying real options as a practical tool to value different service sector pricing strategies is believed to have a significant impact on firm decisions. This paper identifies and discusses four distinct pricing strategies available to the service sector from an options’ perspective: (1) Cost-based profit margin, (2) Increased customer base, (3) Platform pricing, and (4) Buffet pricing. Within each strategy lie several pricing tactics available to the service firm. These tactics can be viewed as options the decision maker has to best manage a strategic position in the market. To demonstrate the effectiveness of including flexibility in the pricing decision, a series of pricing strategies were developed and valued using a real options binomial lattice structure. The options pricing approach discussed in this study allows service firms to directly incorporate market-driven perspectives into the decision process and thus synchronizing service operations with organizational economic goals.

Keywords: option pricing theory, real options, service sector, valuation

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Authors: Jo-Ann Müller

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The integration-responsiveness (IR) framework presents four distinct internationalization strategies which differ depending on the extent of pressure the company faces for local responsiveness and global integration. This study applies the framework to standards by examining differences in the relative importance of three types of standards depending on the role the subsidiary plays within the corporate group. Hypotheses are tested empirically in a two-stage procedure. First, the subsidiaries are grouped performing cluster analysis. In the second step, the relationship between cluster affiliation and subsidiary strategy is tested using multinomial Probit estimation. While the level of local responsiveness of a firm relates to the relative importance of national and international formal standards, the degree of vertical integration is associated with the application of internal company.

Keywords: FDI, firm-level data, standards, subsidiary strategy

Procedia PDF Downloads 287

Authors: Richard Fairchild, Abdullah Al-Ghazali, Yilmaz Guney

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This study analyses the relationship between managerial overconfidence, dividends, and firm value by developing theoretical models that examine the condition under which managerial overconfident, dividends, and firm value may be positive or negative. Furthermore, the models incorporate moral hazard, in terms of managerial effort shirking, and the potential for the manager to choose negative NPV projects, due to private benefits. Our models demonstrate that overconfidence can lead to higher dividends (when the manager is overconfident about his current ability) or lower dividends (when the manager is overconfident about his future ability). The models also demonstrate that higher overconfidence may result in an increase or a decrease in firm value. Numerical examples are illustrated for both models which interestingly support the models’ propositions.

Keywords: behavioural corporate finance, dividend policy, overconfidence, moral hazard

Procedia PDF Downloads 341

Authors: S. El Hasini, M. El Azzouzi, M. De Nobili, K. Azim, A. Zouahri

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Soil salinization is one of the most severe environmental hazards which threaten sustainable agriculture in arid and semi-arid regions, including Morocco. In this regard the application of organic matter to saline soil has confirmed its effectiveness. The present study was aimed to examine the effect of humic acid which represent, among others, the important component of organic matter that contributes to reduce soil salinity. In fact, different composts taken from Agadir (Morocco), with different C/N ratio, were tested. After extraction and purification of humic acid, the interaction with Na2CO3 was carried out. The reduction of salinity is calculated as a value expressed in mg Na2CO3 equivalent/g HA. The results showed that humic acid had generally a significant effect on salinity. In that respect, the hypothesis proposed that carboxylic groups of humic acid create bonds with excess sodium in the soil to form a coherent complex which descends by leaching operation. The comparison between composts was based on C/N ratio, it showed that the compost with the lower ratio C/N had the most important effect on salinity reduction, whereas the compost with higher C/N ratio was less effective. The study is attended also to evaluate the quality of each compost by determining the humification index, we noticed that the compost which have the lowest C/N (20) ratio was relatively less stable, where a greater predominance of the humified substances, when the compost with C/N ratio is 35 exhibited higher stability.

Keywords: compost, humic acid, organic matter, salinity

Procedia PDF Downloads 242

Authors: Boyu Li

Abstract:

Mixed matrix membranes (MMMs), as a separation technology, can improve CO₂ recycling efficiency and reduce the environmental impacts associated with huge emissions. Nevertheless, many challenges must be overcome to design excellent selectivity and permeability performance MMMs. Herein, this work demonstrates the design of nano-scale GNPs (Cu-BDC@PEG) with strong compatibility and high free friction volume (FFV) is an effective way to construct non-interfacial voids MMMs with a desirable combination of selectivity and permeability. Notably, the FFV boosted thanks to the chain length and shape of the GNPs. With this, the permeability and selectivity of Cu-BDC@PEG/PVDF MMMs had also been significantly improved. As such, compatible Cu-BDC@PEG proves very efficient for resolving challenges of MMMs with poor compatibility on the basis of the interfacial defect. Poly (Ethylene Glycol) (PEG) with oxygen groups can be finely coordinated with Cu-MOFs to disperse Cu-BDC@PEG homogenously and form hydrogen bonds with matrix to achieve continuous phase. The resultant MMMs exhibited a simultaneous enhancement of gas permeability (853.1 Barrer) and ideal CO₂/N selectivity (41.7), which has surpassed Robenson's upper bound. Moreover, Cu-BDC@PEG/PVDF has a high-temperature resistance and a long time sustainably. This attractive separation performance of Cu-BDC@PEG/PVDF offered an exciting platform for the development of composite membranes for sustainable CO₂ separations.

Keywords: metal organic framework, CO₂ separation, mixed matrix membrane, polymer

Procedia PDF Downloads 117