Search results for: market size

Authors: Saad Bin Nasir

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This research will examine the impact of corporate governance on firm performance in family and non-family owned firms in Pakistan. For the purpose of this research, corporate governance mechanisms which included are board size, board composition, leadership structure, board meetings are taken as independent variable and firm performance taken as dependent variable and it will be measured with return on asset and return on equity. Firm size and firm’s age will be taken as control variables. Secondary data will collect from audited annul reports of companies and panel data regression model will applied, to check the impact of corporate governance on firm performance.

Keywords: board size, board composition, Leadership Structure, board meetings, firm performance, family and non-family owned firms

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Authors: Marwen Ghouil, Jamel Eddine Mkadmi

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Banking performance is the pillar and goal of all banking activity and its impact on economic policy. First, researchers defined the principles for assessing and modeling bank performance, and then theories and models explaining bank performance were developed. The importance of credit as a means of financing businesses in most developing countries has led to questions about the effects of financial liberalisation on increased banking competition. In Tunisia, as in many other countries, the liberalization of financial services in general and of banks' activities has not ceased to evolve. The objective of this paper is to examine the determinants of banking performance for 8 Tunisian banks and their impact on economic policy during the Arab Spring. We used cointegration analysis and the ARDL Panel model, explaining using total assets, bank credits, guarantees, and bank size as performance drivers. The correlation analysis shows that there is a positive correlation relationship between total assets, bank credits, guarantees, and bank size and bank performance. Long-term empirical results show that bank loans, guarantees, bank size, and total assets have a positive and significant impact on bank performance. This means that bank credits, guarantees, bank size, and total assets are very important determinants of bank performance in Tunisia.

Keywords: bank performance, economic policy, finance, economic

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Authors: Ashenafi Beyene Fanta, Daniel Makina

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Economic theory predicts that finance promotes economic growth. Although the finance-growth link is among the most researched areas in financial economics, our understanding of the link between the two is still incomplete. This is caused by, among others, wrong econometric specifications, using weak proxies of financial development, and inability to address the endogeneity problem. Studies on the finance growth link in South Africa consistently report economic growth driving financial development. Early studies found that economic growth drives financial development in South Africa, and recent studies have confirmed this using different econometric models. However, the monetary aggregate (i.e. M2) utilized used in these studies is considered a weak proxy for financial development. Furthermore, the fact that the models employed do not address the endogeneity problem in the finance-growth link casts doubt on the validity of the conclusions. For this reason, the current study examines the finance growth link in South Africa using data for the period 1990 to 2011 by employing a generalized method of moments (GMM) technique that is capable of addressing endogeneity, simultaneity and omitted variable bias problems. Unlike previous cross country and country case studies that have also used the same technique, our contribution is that we account for the development of bond markets and non-bank financial institutions rather than being limited to stock market and banking sector development. We find that bond market development affects economic growth in South Africa, and no similar effect is observed for the bank and non-bank financial intermediaries and the stock market. Our findings show that examination of individual elements of the financial system is important in understanding the unique effect of each on growth. The observation that bond markets rather than private credit and stock market development promotes economic growth in South Africa induces an intriguing question as to what unique roles bond markets play that the intermediaries and equity markets are unable to play. Crucially, our results support observations in the literature that using appropriate measures of financial development is critical for policy advice. They also support the suggestion that individual elements of the financial system need to be studied separately to consider their unique roles in advancing economic growth. We believe that our understanding of the channels through which bond market contribute to growth would be a fertile ground for future research.

Keywords: bond market, finance, financial sector, growth

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Authors: Andrey Matyukhin

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Russian official statistics have been showing a steady decline in residential real estate prices for several consecutive years. Price risk in real estate markets is thus affecting various groups of economic agents, namely, individuals, construction companies and financial institutions. Potential use of property derivatives might help mitigate adverse consequences of negative price dynamics. Unless a sustainable price indicator is developed, settlement of such instruments imposes constraints on counterparties involved while imposing restrictions on real estate market development. The study addresses geographical and classification heterogeneity in real estate prices by means of variance analysis in various groups of real estate properties. In conclusion, we determine optimal sample structure of representative real estate assets with sufficient level of price homogeneity. The composite price indicator based on the sample would have a higher level of robustness and reliability and hence improving liquidity in the market for property derivatives through underlying standardization. Unlike the majority of existing real estate price indices, calculated on country-wide basis, the optimal indices for Russian market shall be constructed on the city-level.

Keywords: price homogeneity, property derivatives, real estate price index, real estate price risk

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Authors: Shane R. Jackson

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Gluteal augmentation with fat grafting, commonly referred to as the Brazilian Butt Lift, is the fastest-growing cosmetic surgical procedure, despite the risks and controversy that surrounds it. While many commentators attribute this rise in popularity with current societal trends towards public sharing of private life, the fascination with buttock size is in fact a much older human trait. By searching beyond medical literature and delving into historical sources, from ancient civilisations, through the Renaissance and Victorian eras to the ‘Instagram generation’ of the present day, this paper examines the differences – and similarities – in society’s ideal buttock shape and size. Furthermore, the ways in which these various cultures have altered their appearance to achieve this ideal are also examined, looking at the influence of the broader historical context. A deeper understanding of the historical, cultural and psychosocial factors that influence a patient’s desire for buttock augmentation allows the clinician to formulate a well-rounded surgical plan.

Keywords: augmentation, Brazilian butt lift, buttock, fat graft, gluteal

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Authors: M. Maleczek, Leszek Bogdan, Kazimierz Drabczyk, Agnieszka Iwan

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Crystalline silicon (Si) solar cells are the main product in the market among the various photovoltaic technologies concerning such advantages as: material richness, high carrier mobilities, broad spectral absorption range and established technology. However, photovoltaic technology on the stiff substrates are heavier, more fragile and less cost-effective than devices on the flexible substrates to be applied in special applications. The main goal of our work was to incorporate silicon solar cells into various fabric, without any change of the electrical and mechanical parameters of devices. This work is realized for the GEKON project (No. GEKON2/O4/268473/23/2016) sponsored by The National Centre for Research and Development and The National Fund for Environmental Protection and Water Management. In our work, the polyamide or polyester fabrics were used as a flexible substrate in the created devices. Applied fabrics differ in tensile and tear strength. All investigated polyamide fabrics are resistant to weathering and UV, while polyester ones is resistant to ozone, water and ageing. The examined fabrics are tight at 100 cm water per 2 hours. In our work, commercial silicon solar cells with the size 156 × 156 mm were cut into nine parts (called single solar cells) by diamond saw and laser. Gap and edge after cutting of solar cells were checked by transmission electron microscope (TEM) to study morphology and quality of the prepared single solar cells. Modules with the size of 160 × 70 cm (containing about 80 single solar cells) were created and investigated by electrical and mechanical methods. Weight of constructed module is about 1.9 kg. Three types of solar cell architectures such as: -fabric/EVA/Si solar cell/EVA/film for lamination, -backsheet PET/EVA/Si solar cell/EVA/film for lamination, -fabric/EVA/Si solar cell/EVA/tempered glass, were investigated taking into consideration type of fabric and lamination process together with the size of solar cells. In investigated devices EVA, it is ethylene-vinyl acetate, while PET - polyethylene terephthalate. Depend on the lamination process and compatibility of textile with solar cell an efficiency of investigated flexible silicon solar cells was in the range of 9.44-16.64 %. Multi folding and unfolding of flexible module has no impact on its efficiency as was detected by Instron equipment. Power (P) of constructed solar module is 30 W, while voltage about 36 V. Finally, solar panel contains five modules with the polyamide fabric and tempered glass will be produced commercially for different applications (dual use).

Keywords: flexible devices, mechanical properties, silicon solar cells, textiles

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Authors: Pornnapat Berndt

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The purpose of this research is to study the tourism routes in Bangnoi Floating Market, Bangkhontee District, Samut Songkhram province, Thailand in order to create type and form of interpretation to promote cultural tourism based on local community and visitor requirement. To accomplish the goals and objectives, qualitative research will be applied. The research instruments used are observation, questionnaires, basic interviews, in-depth interviews, focus group, interviewed of key local informants including site visitors. The study also uses both primary data and secondary data. A Statistical Package for Social Sciences (SPSS) was used to analyze the data. Descriptive and inferential statistics such as tables, percentage, mean and standard deviation were used for data analysis and summary. From research result, it is revealed that the local community requirement on types of interpretation conforms to visitors require which need guide post, guide book, etc. with up to date and informally content to present Bangnoi Floating Market which got the most demand score (3.78) considered as most wanted demand.

Keywords: interpretation, cultural tourism, tourism route, local community, stakeholders participated

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Authors: Roman Bieda

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The General Data Protection Regulation (GDPR) will come into force on 25 May 2018 which will create a new legal framework for the protection of personal data in the European Union. Article 20 of GDPR introduces a right to data portability. This right allows for data subjects to receive the personal data which they have provided to a data controller, in a structured, commonly used and machine-readable format, and to transmit this data to another data controller. The right to data portability, by facilitating transferring personal data between IT environments (e.g.: applications), will also facilitate changing the provider of services (e.g. changing a bank or a cloud computing service provider). Therefore, it will contribute to the development of competition and the digital market. The aim of this paper is to discuss the right to data portability and its influence on the development of new digital services.

Keywords: data portability, digital market, GDPR, personal data

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Authors: Seyran Naghdi

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Background: Orphan drug development is limited by very high costs attributed to the research and development and small size market. How health policymakers address this challenge to consider both supply and demand sides need to be explored for directing the policies and plans in the right way. The price is an important signal for pharmaceutical companies’ profitability and the patients’ accessibility as well. Objective: This study aims to find out the orphan drugs' price-setting patterns and approaches in health systems through a systematic review of the available evidence. Methods: The Preferred Reporting Items for Systematic Reviews and Meta-Analysis (PRISMA) approach was used. MedLine, Embase, and Web of Sciences were searched via appropriate search strategies. Through Medical Subject Headings (MeSH), the appropriate terms for pricing were 'cost and cost analysis', and it was 'orphan drug production', and 'orphan drug', for orphan drugs. The critical appraisal was performed by the Joanna-Briggs tool. A Cochrane data extraction form was used to obtain the data about the studies' characteristics, results, and conclusions. Results: Totally, 1,197 records were found. It included 640 hits from Embase, 327 from Web of Sciences, and 230 MedLine. After removing the duplicates, 1,056 studies remained. Of them, 924 studies were removed in the primary screening phase. Of them, 26 studies were included for data extraction. The majority of the studies (>75%) are from developed countries, among them, approximately 80% of the studies are from European countries. Approximately 85% of evidence has been produced in the recent decade. Conclusions: There is a huge variation of price-setting among countries, and this is related to the specific pharmacological market structure and the thresholds that governments want to intervene in the process of pricing. On the other hand, there is some evidence on the availability of spaces to reduce the very high costs of orphan drugs development through an early agreement between pharmacological firms and governments. Further studies need to focus on how the governments could incentivize the companies to agree on providing the drugs at lower prices.

Keywords: orphan drugs, orphan drug production, pricing, costs, cost analysis

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Authors: V. Benedico, C. Anacleto, A. Bearzi, L. Brice, V. Delahaye

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The aim in present paper is to construct an affordable and reliable commodity prices based on a recalculation of its cost through time which allows visualize the potential risks and thus, take more appropriate decisions regarding forecasts. Here attention has been focused on Levy model, more reliable and realistic than classical random Gaussian one as it takes into consideration observed abrupt jumps in case of sudden price variation. In application to Energy Trading sector where it has never been used before, equations corresponding to Levy model have been written for electricity pricing in European market. Parameters have been set in order to predict and simulate the price and its evolution through time to remarkable accuracy. As predicted by Levy model, the results show significant spikes which reach unconventional levels contrary to currently used Brownian model.

Keywords: commodity pricing, Lévy Model, price spikes, electricity market

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Authors: Mohammed Kafaji

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This paper aims to investigate the influence of quality of education and quality of research, provided by local educational institutions, on the adoption of Information and Communication Technology (ICT) in managing business operations for companies in Saudi market. A model was developed and tested using data collected from 138 CEO’s of foreign companies in diverse business sectors. The data is analysed and managed using multivariate approaches through standard statistical packages. The results showed that educational quality has little contribution to the ICT adoption while research quality seems to play a more prominent role. These results are analysed in terms of business environment and market constraints and further extended to the perceived effectiveness of applied pedagogical approaches in schools and universities.

Keywords: quality of education, quality of research, mediation, domestic competition, ICT adoption

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Authors: Nastaran Ahmadpour Samani, Shahram Talebi

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Added mass is an important quantity in analysis of the motion of a submerged object ,which can be calculated by solving the equation of potential flow around the object . Here, we consider systems in which a square object is submerged in a channel of fluid and moves parallel to the wall. The corresponding added mass at a given distance from the wall d and for the object size s (which is the side of square object) is calculated via lattice Blotzmann simulation . By changing d and s separately, their effect on the added mass is studied systematically. The simulation results reveal that for the systems in which d > 4s, the distance does not influence the added mass any more. The added mass increases when the object approaches the wall and reaches its maximum value as it moves on the wall (d -- > 0). In this case, the added mass is about 73% larger than which of the case d=4s. In addition, it is observed that the added mass increases by increasing of the object size s and vice versa.

Keywords: Lattice Boltzmann simulation , added mass, square, variable size

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Authors: Peter Dzakah Fanam, Hong O. Nguyen, Stephen Cahoon

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The objective of this study is to explore the buying behavior of the freight forwarders and to evaluate how their buying decision affects the ocean container carriers’ market share. This study analysed the buying decisions of the freight forwarders and validated the process of stages that the freight forwarders’ pass through before choosing an ocean container carrier. Factor analysis was applied to data collected from 105 freight forwarding companies to unveil the influential factors the freight forwarders’ consider important when selecting an ocean container carrier. This study did not only analysed the buying behaviour of the freight forwarders but also unveiled the influential factors affecting the competitiveness of the ocean container carriers in their market share maximisation. Furthermore, the study have made a methodological contribution that helps in better understanding of the critical factors influencing the selection of the ocean container carriers from the freight forwarders’ perspective. The implications of the freight forwarders’ buying behaviour is important to the ocean container carriers because it have severe effect on the market share of the ocean container carriers and the percentage of customers they control within the liner shipping sector. The findings of this study will help the ocean container carriers to formulate relevant marketing strategies in attracting the freight forwarders in purchasing the liner shipping service.

Keywords: ocean carrier, freight forwarder, buying behaviour, influential factors

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Authors: P. Selyshchev

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The theoretical approach is developed to describe the change of drops in the atmosphere of own steam and buffer gas under irradiation. It is shown that the irradiation influences on size of stable droplet and on the conditions under which the droplet exists. Under irradiation the change of drop becomes more complex: the not monotone and periodical change of size of drop becomes possible. All possible solutions are represented by means of phase portrait. It is found all qualitatively different phase portraits as function of critical parameters: rate generation of clusters and substance density.

Keywords: irradiation, steam, plasma, cluster formation, liquid droplets, evolution

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Authors: Obadiah Nwabueze

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Bodija market is classified as Central Business District (CBD) of Ibadan North Local Government Area of Oyo State (Nigeria) because of socio economic activities, so Crime is a peculiar social issue that causes insecurity. The law enforcement agencies tasked with crime prevention and control such as the Nigerian Police have insufficient manpower, and a resultant effect is the emergence of Vigilante groups as citizen’s response to crime control and prevention (self-help). The research design adopted for this study is a case study design exploring Vigilante activities in Bodija Market. The study utilizes both quantitative and qualitative approach, sources of data includes primary and secondary sources. A sample of 127 respondents randomly picked from the 4 sections of Bodija Market through questionnaire, comprising of 50 male and 77 females which alienates issues of gender bias in addition to the 4 in-depth interview, making a total of 131 respondents. Statistical package for Social Sciences (SPSS) was used. The descriptive statistics of simple frequency, percentage, charts and graphs were computed for the analysis. Finding in the study shows that the market vigilante is able to deter and disrupt criminal activities through strategic spiritual intelligence (SSI), use of charm and juju, physical presence in strategic locations vulnerable to crime occurrence. Findings in the study also show that vigilantes collaborate with the police by assisting them in surveillance, tracking down criminals, identifying black spots, acting as informants to the police, arrest and handover criminal to police. Their challenges include poor equipment, motivation, unhealthy rivalry between the vigilante and the police. The study recommends that the government should support vigilantes with logistics and training, including patrol vehicle and radio communication. The study also recommends the integration of the informal mechanism (juju and charm) of crime detection and prevention into the formal policing strategy, an office should be created in the force commands for use of SSI.

Keywords: central business district, CBD, charm, Juju, strategic spiritual intelligence, SSI

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Authors: Saira Tajdar, Sajad Ahmad

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The pharmaceutical market of Pakistan showed a mixed trend since 1947. In these six decades various local and foreign pharmaceutical companies entered the market with their highly researched based formulas and brands for various diseases. It also created a very competitive market between local and foreign companies and brands. But this intense competition does not clear the picture that whether the customers (Doctors) are preferring/prescribing foreign or local brands more frequently. Previous research has been done in various markets for different brands that whether the customers in that industry prefer foreign or local brands. However, the pharmaceutical industry in this regard has been ignored by the researchers. Generally people don't know that for prescription brands of medicines what the preferences of customers (Doctors) are. Therefore, this study is conducted in two departments of Pharmaceutical industry by selecting the top recommended formulas in those departments that for those formulas whether the customers (Doctors) are prescribing either foreign brands or local brands. Secondary data has been collected from previous studies on the country of origin (COO), ethnocentrism and factors influencing brands preferences from authentic sources. Primary data was also collected through 100 self administered questionnaires from top five hospitals of Peshawar. The results of the study were analyzed through SPSS which shows that in some categories of pharmaceutical products the COO is very important but not for all.

Keywords: customer prescription, country of origin, empirical study, foreign versus local brands, pharmaceutical industry, Pakistan

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Authors: Rodrigo Baggi Prieto Alvarez, Jorge Miguel Bravo

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The Exchange-Traded Funds (ETFs) have transformed asset allocation, allowing investors to gain exposure to diverse asset classes with a single instrument. In turn, forecast combination models have emerged as advantageous methods for improving prediction accuracy. While the Efficient Market Hypothesis (EMH) posits that prices fluctuate randomly, making abnormal returns unattainable, empirical evidence reveals autocorrelation in stock returns, challenging the EMH's strict interpretation. This raises the question of whether econometric models, machine learning methods and forecast combinations can predict asset prices more effectively. Also, comparing forecasts with futures market prices may reveal potential arbitrage opportunities, offering insights into market inefficiencies. Using ETFs indices from January 1st, 2015, to September 30th, 2024, across equity markets (S&P 500, Russell 2000, MSCI Developed Markets and MSCI Emerging Markets), fixed income (7-10 Year Treasury Bond, Developed Markets Treasury Bond, Emerging Markets Treasury Bond and U.S. Corporate Bonds), commodity (Gold Shares ETF) and crypto (ProShares Bitcoin ETF), this paper tests the predictive accuracy of traditional econometric models (ARIMA, ETS), machine learning (SVM, Random Forest, XGBoost) and forecast combinations (ARIMA-SVR, ARIMA-ANN, Ridge Regression and LASSO). Preliminary results suggest that ensemble methods can indeed outperform simple models, indicating that combinations like the Ridge Regression and LASSO are superior to econometric and machine learning models individually. Also, prediction accuracy is better for fixed income ETFs, aligned with the lower volatility of these assets, while models show higher forecast error for crypto and equity ETFs. Finally, initial comparisons between forecasts and the futures market prices reveal potential inefficiencies, suggesting opportunities for spot-futures index arbitrage. Providing empirical evidence on the application of forecasting models to a significant group of financial assets, these findings contribute to discussions on market efficiency and highlight the role of ensemble methods in improving asset price predictability and portfolio management.

Keywords: ETF, asset prediction, forecast combination, EMH, spot-futures index arbitrage

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Authors: Muhammad Naeem, Abdus Salam, Sumera Yasmin, Abir Ishtiaq

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In the present study, eighty-three wild Oreochromis aureus of different body size ranging 5.3-14.6 cm in total length were collected from the River Chenab, District Muzzafer Garh, Pakistan to investigate the parameters of length –weight, length-length relationships and condition factor in relation to size. Each fish was measured and weighed on arrival at laboratory. Log transformed regressions were used to test the allometric growth. Length-weight relationship was found highly significant (r = 0.964; P < 0.01). The values of exponent “ b” in Length–weight regression (W=aL^b), deviated from 3, showing isometric growth (b = 2.75). Results for LLRs indicated that these are highly correlated (P < 0.001). Condition factor (K) found constant with increasing body weight, however, showed negative influence with increasing total length.

Keywords: lenght-weight, Oreochromis aureus, morphometric study

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Authors: Abdullah Almulhim

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The International Accounting Standards Board (IASB) was established in 2001 to develop International Financial Reporting Standards (IFRS) that bring transparency, accountability, and efficiency to financial markets around the world. In addition, the IFRS provide a unified accounting language, which is especially important in the era of globalization. However, the establishment of a single set of high-quality international accounting standards is a matter of growing importance, as participants in the increasingly integrated world capital market demand comparability and transparency of financial reporting worldwide. Saudi Arabia became the 149th member of the World Trade Organization (WTO) on 11 December 2005, which has increased the need to convert to IFRS. Currently, the Saudi Arabian Monetary Authority (SAMA) requires banks and insurance companies in Saudi Arabia to report under IFRS Standards. However, until the end of 2016, SOCPA standards were applied to all other companies, listed and unlisted. From 2017, listed Saudi companies would be required to report under IFRS Standards as adopted by SOCPA effective 2017. This paper is to investigate the expected benefits gained and highlight the challenges faced by adopting IFRS by the listed companies in the Saudi Stock Exchange. Questionnaires were used as the main method of data collection. They were distributed to listed companies in the Saudi Capital Market. Data obtained through the questionnaires have been imported into SPSS statistical software for analysis. The expected results of this study will show the benefits of adopting IFRS by Saudi Listed Companies. However, this study will investigate the challenges faced by adopting IFRS by the listed companies in the Saudi Arabian Stock Market. Findings will be discussed later upon completion of initial analysis.

Keywords: challenges, IAS, IFRS, opportunities, Saudi, SOCPA

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Authors: Harpreet Kaur, Er. Arjun, Kirandeep Kaur, P. K. Mittal

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Simulation of a human body from 20% gelatin & 80% water mixture is examined from wound ballistics point of view. Parameters such as incapacitation energy & temporary to permanent cavity size & tools of hydrodynamics have been employed to arrive at a model of human body similar to the one adopted by NATO. Calculations using equations of motion yield a value of 339 µs in which a temporary cavity with maximum size settles down to permanent cavity. This occurs for a 10mm size bullets & settle down to permanent cavity in case of 4 different bullets i.e. 5.45, 5.56, 7.62,10 mm sizes The obtained results are in excellent agreement with the body as right circular cylinder of 15 cm height & 10 cm diameter. An effort is made here in this work to present a sound theoretical base to parameters commonly used in wound ballistics from field experience discussed by Col Coats & Major Beyer. Keywords. Gelatin, gunshot, hydrodynamic model, oscillation time, temporary cavity and permanent cavity, Wound Ballistic.

Keywords: gelatin, gunshot, wound, cavity

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Authors: Chongtham Jiten, K. Chandramani Singh, Radhapiyari Laishram

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Nanocrystalline powders of the lead-free piezoelectric material, tantalum-substituted potassium sodium niobate (K0.5Na0.5)(Nb0.9Ta0.1)O3 (KNNT), were produced using a Retsch PM100 planetary ball mill by setting the milling time to 15h, 20h, 25h, 30h, 35h and 40h, at a fixed speed of 250rpm. The average particle size of the milled powders was found to decrease from 12nm to 3nm as the milling time increases from 15h to 25h, which is in agreement with the existing theoretical model. An anomalous increase to 98nm and then a drop to 3nm in the particle size were observed as the milling time further increases to 30h and 40h respectively. Various sizes of these starting KNNT powders were used to investigate the effect of milling time on the microstructure, dielectric properties, phase transitions and piezoelectric properties of the resulting KNNT ceramics. The particle size of starting KNNT was somewhat proportional to the grain size. As the milling time increases from 15h to 25h, the resulting ceramics exhibit enhancement in the values of relative density from 94.8% to 95.8%, room temperature dielectric constant (εRT) from 878 to 1213, and piezoelectric charge coefficient (d33) from 108pC/N to 128pC/N. For this range of ceramic samples, grain size refinement suppresses the maximum dielectric constant (εmax), shifts the Curie temperature (Tc) to a lower temperature and the orthorhombic-tetragonal phase transition (Tot) to a higher temperature. Further increase of milling time from 25h to 40h produces a gradual degradation in the values of relative density, εRT, and d33 of the resulting ceramics.

Keywords: perovskite, dielectric, ceramics, high-energy milling

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Authors: Iveta Řepková

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The aim of this paper is to estimate the efficiency of the Slovak commercial banks employing the Data Envelopment Analysis (DEA) window analysis approach during the period 2003-2012. The research is based on unbalanced panel data of the Slovak commercial banks. Undesirable output was included into analysis of banking efficiency. It was found that most efficient banks were Postovabanka, UniCredit Bank and Istrobanka in CCR model and the most efficient banks were Slovenskasporitelna, Istrobanka and UniCredit Bank in BCC model. On contrary, the lowest efficient banks were found Privatbanka and CitiBank. We found that the largest banks in the Slovak banking market were lower efficient than medium-size and small banks. Results of the paper is that during the period 2003-2008 the average efficiency was increasing and then during the period 2010-2011 the average efficiency decreased as a result of financial crisis.

Keywords: data envelopment analysis, efficiency, Slovak banking sector, window analysis

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Authors: Heeyong Noh, Seongryong Kang, Sungjoo Lee

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As the world becomes increasingly interconnected, firms have tried to explore market opportunities not only in the domestic market but also abroad. In particular, transactions of intangible assets in the global market now take on great importance. Accordingly, technology transfer activities such as patent licensing, copyright transfer, or workforce trainings which are considered significant to leverage an organization’s internal capabilities, are occurring more frequently and briskly across the world than ever before. Though a number of studies have addressed the issues regarding technology transfer, most of them have focused on university-industry technology transfer. Of course, some have investigated international technology transfer phenomenon but used patent citations data as a proxy. In order to understand the phenomena more clearly, it would be necessary to collect and analyze data that can measure technology transfer activities between firms more directly. Therefore, this study aims to examine the patterns of international trade in technology by employing data about international technology in-licensing activities in Korean firms. We also investigate the effect of international technology in-licensing strategy on a firm’s innovation performance. The research findings are expected to help R&D managers understand how firms have absorbed technological knowledge from foreign firms in the form of licensing and further develop effective international collaboration strategies. In addition, significant implications can be offered for political decision-making regarding technology trade within increasing international interconnections.

Keywords: international technology trade, technology trade effect, technology transfer, R&D managers

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Authors: Tomasz L. Nawrocki

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Due to the growing global interest of investment society in innovative enterprises, as the objective of this research was adopted to examine the investment efficiency in shares of companies with innovative characteristics in the risk-return layout. The research was carried out for companies listed on the Warsaw Stock Exchange taking into various consideration time ranges of investment. Obtained results show that in shorter periods of time, investors buy expectations connected with innovative companies and therefore the efficiency of investment in their shares is relatively high, but in the longer term expectations are revised by companies financial results, which in turn negatively affects the efficiency of investment in their shares.

Keywords: capital market, innovative company, investment strategies, risk and return analysis

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Authors: Florian Wohlfeil, Orestis Terzidis, Louisa Hellmann

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Radical technological innovations enable companies to reach strong market positions and are thus desirable. On the other hand, the innovation process is related to significant costs and risks. Hence, the knowledge of the factors that influence success is crucial for technology driven companies. In a previous study, we have developed a conceptual framework of 25 Critical Success Factors for radical technological innovations and mapped them to four main categories: Technology, Organization, Market, and Process. We refer to it as the Technology-Organization-Market-Process (TOMP) framework. Taking the TOMP framework as a reference model, we conducted a structured and focused literature review of eleven standard books on the topic of radical technological innovation. With this approach, we aim to evaluate, expand, and clarify the set of Critical Success Factors detailed in the TOMP framework. Overall, the set of factors and their allocation to the main categories of the TOMP framework could be confirmed. However, the factor organizational home is not emphasized and discussed in most of the reviewed literature. On the other hand, an additional factor that has not been part of the TOMP framework is described to be important – strategy fit. Furthermore, the factors strategic alliances and platform strategy appear in the literature but in a different context compared to the reference model.

Keywords: Critical Success Factors, radical technological innovation, TOMP framework, innovation process

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Authors: Petra Palic, Maruska Vizek

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We provide an in-depth analysis of interdependence of asset returns and volatilities in developed and developing countries. The analysis is split into three parts. In the first part, we use multivariate GARCH model in order to provide stylized facts on cross-market volatility spillovers. In the second part, we use a generalized vector autoregressive methodology developed by Diebold and Yilmaz (2009) in order to estimate separate measures of return spillovers and volatility spillovers among sovereign bond, equity, foreign exchange and commodity markets. In particular, our analysis is focused on cross-market return, and volatility spillovers in 19 developed and developing countries. In order to estimate named spillovers, we use daily data from 2008 to 2017. In the third part of the analysis, we use a generalized vector autoregressive framework in order to estimate total and directional volatility spillovers. We use the same daily data span for one developed and one developing country in order to characterize daily volatility spillovers across stock, bond, foreign exchange and commodities markets.

Keywords: cross-market spillovers, sovereign bond markets, equity markets, value at risk (VAR)

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Authors: Qing Cao

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Generally speaking, China has a relatively high level of intellectual property (IP) infringement. Risk assessment is indispensable in the strategic planning process. To complement the current literature in international business, the paper sheds the light on how to assess IP risk for foreign companies in planning market entry to China. Evaluating internal and external IP environment, proposed in the paper, consists of external analysis, internal analysis and further internal analysis. Through position the company’s IP environment, the risk assessment approach enables the foreign companies to either build the corresponding IP strategies or abort the entry plan beforehand to minimize the IP risks.

Keywords: intellectual property, IP environment, risk assessment

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Authors: David Amoah Oduro

Abstract:

In the ever-evolving terrain of international business, a profound revolution is underway, guided by the swift integration and advancement of disruptive technologies like digital analytics. In today's international business landscape, where competition is fierce, and decisions are data-driven, the essence of this paper lies in offering a tangible roadmap for practitioners. It is a guide that bridges the chasm between theory and actionable insights, helping businesses, investors, and entrepreneurs navigate the complexities of international expansion into sub-Saharan Africa. This practitioner paper distils essential insights, methodologies, and actionable recommendations for businesses seeking to leverage digital analytics in their pursuit of market entry and expansion across the African continent. What sets this paper apart is its unwavering focus on a region ripe with potential: sub-Saharan Africa. The adoption and adaptation of digital analytics are not mere luxuries but essential strategic tools for evaluating countries and entering markets within this dynamic region. With the spotlight firmly fixed on sub-Saharan Africa, the aim is to provide a compelling resource to guide practitioners in their quest to unearth the vast opportunities hidden within sub-Saharan Africa's digital desert. The paper illuminates the pivotal role of digital analytics in providing a data-driven foundation for market entry decisions. It highlights the ability to uncover market trends, consumer behavior, and competitive landscapes. By understanding Africa's incredible diversity, the paper underscores the importance of tailoring market entry strategies to account for unique cultural, economic, and regulatory factors. For practitioners, this paper offers a set of actionable recommendations, including the creation of cross-functional teams, the integration of local expertise, and the cultivation of long-term partnerships to ensure sustainable market entry success. It advocates for a commitment to continuous learning and flexibility in adapting strategies as the African market evolves. This paper represents an invaluable resource for businesses, investors, and entrepreneurs who are keen on unlocking the potential of digital analytics for informed market entry in Africa. It serves as a guiding light, equipping practitioners with the essential tools and insights needed to thrive in this dynamic and diverse continent. With these key insights, methodologies, and recommendations, this paper is a roadmap to prosperous and sustainable market entry in Africa. It is vital for anyone looking to harness the transformational potential of digital analytics to create prosperous and sustainable ventures in a region brimming with promise. In the ever-advancing digital age, this practitioner paper becomes a lodestar, guiding businesses and visionaries toward success amidst the unique challenges and rewards of sub-Saharan Africa's international business landscape.

Keywords: global analytics, digital analytics, sub-Saharan Africa, data analytics

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Authors: Chien Yang Erdem

Abstract:

This paper takes up the proliferating historical dramas and children’s programs featuring the Ottoman-Islamic legacy on Turkish television as a locus where the processes of subjectification take place. A critical analysis of this emergent cultural phenomenon reveals an alliance of neoliberal and neoconservative political rationalities based on which the Turkish media is restructured to transform society. The existing debates have focused on how the Ottoman historical dramas manifest the Justice and Development Party’s (Adalet ve Kalkınma Partisi) neo-Ottomanist ideology and foreign policy. However, this approach tends to overlook the more complex relationship between the media, government, and society. Employing Michel Foucault’s notion of 'technologies of the self,' this paper aims to examine the governing practices that are deployed to regulate the media and to transform individual citizens into governable subjects in contemporary Turkey. First, through a brief discussion of recent development of the Turkish media towards an authoritarian model, the paper suggests that the relation between the Ottoman television drama and the political subject in question cannot be adequately examined without taking into account the force of the market. Second, by focusing on the managerial restructuring of the Turkish Television and Radio Corporation (Türkiye Radyo ve Televizyon Kurumu), the paper aims to illustrate the rationale and process through which the Turkish media sector is transformed into an integral part of the free market where the government becomes a key actor. The paper contends that this new sphere of free market is organized in a way that enables direct interference of the government and divides media practitioners and consumers into opposing categories through their own participation in the media market. On the one hand, a 'free subject' is constituted based on the premise that the market is a sphere where individuals are obliged to exercise their right to freedom (of choice, lifestyle, and expression). On the other hand, this 'free subject' is increasingly subjugated to such disciplinary practices as censorship for being on the wrong side of the government. Finally, the paper examines the relation between the restructured Turkish media market and the proliferation of Ottoman television drama in the 2010s. The study maintains that the reorganization of the media market has produced a condition where private sector is encouraged to take an active role in reviving Turkey’s Ottoman-Islamic cultural heritage and promulgating moral-religious values. Paying specific attention to the controversial case of Magnificent Century (Muhteşem Yüzyıl) in contrast with TRT’s Ottoman historical drama and children’s programs, the paper aims to identify the ways in which individual citizens are directed to conduct themselves as a virtuous citizenry. It is through the double movement between the governing practices associated with the media market and those concerning the making of a 'conservative generation' that a subject of citizenry of new Turkey is constituted.

Keywords: neoconservatism, neoliberalism, ottoman historical drama, technologies of the self, Turkish television

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Authors: Chane-Yu Lai, Xiang-Yu Huang

Abstract:

This study conducted an assessment of sampling result by using the new development rotation filtration device (RFD) filled with porous media filters integrating the method of cyclone centrifugal spins. The testing system established for the experiment used corn oil and potassium sodium tartrate tetrahydrate (PST) as challenge aerosols and were produced by using an Ultrasonic Atomizing Nozzle, a Syringe Pump, and a Collison nebulizer. The collection efficiency of RFD for oil aerosol was assessed by using an Aerodynamic Particle Sizer (APS) and a Fidas® Frog. The results of RFD for the liquid particles condition indicated the cutoff size was 1.65 µm and 1.02 µm for rotation of 0 rpm and 9000 rpm, respectively, under an 80 PPI (pores per inch）foam with a thickness of 80 mm, and sampling velocity of 13.5 cm/s. As the experiment increased the foam thickness of RFD, the cutoff size reduced from 1.62 µm to 1.02 µm. However, when increased the foam porosity of RFD, the cutoff size reduced from 1.26 µm to 0.96 µm. Moreover, as increased the sampling velocity of RFD, the cutoff size reduced from 1.02 µm to 0.76 µm. These discrepancies of above cutoff sizes of RFD all had statistical significance (P < 0.05). The cutoff size of RFD for three experimental conditions of generated liquid oil particles, solid PST particles or both liquid oil and solid PST particles was 1.03 µm, 1.02 µm, or 0.99 µm, respectively, under a 80 PPI foam with thickness of 80 mm, rotation of 9000 rpm, and sampling velocity of 13.5 cm/s. In addition, under the best condition of the experiment, two hours of sampling loading, the RFD had better collection efficiency for particle diameter greater than 0.45 µm, under a 94 PPI nickel mesh with a thickness of 68 mm, rotation of 9000 rpm, and sampling velocity of 108.3 cm/s. The experiment concluded that increased the thickness of porous media, face velocity, and porosity of porous media of RFD could increase the collection efficiency of porous media for sampling oil particles. Moreover, increased the rotation speed of RFD also increased the collection efficiency for sampling oil particles. Further investigation is required for those above operation parameters for RFD in this study in the future.

Keywords: oil aerosol, porous media filter, rotation, filtration

Procedia PDF Downloads 403