Search results for: UK-based Goldcrest Film Company
Commenced in January 2007
Frequency: Monthly
Edition: International
Paper Count: 2778

Search results for: UK-based Goldcrest Film Company

1968 Delivery System Design of the Local Part to Reduce the Logistic Costs in an Automotive Industry

Authors: Alesandro Romero, Inaki Maulida Hakim

Abstract:

This research was conducted in an automotive company in Indonesia to overcome the problem of high logistics cost. The problem causes high of additional truck delivery. From the breakdown of the problem, chosen one route, which has the highest gap value, namely for RE-04. Research methodology will be started from calculating the ideal condition, making simulation, calculating the ideal logistic cost, and proposing an improvement. From the calculation of the ideal condition, box arrangement was done on the truck; the average efficiency was 97,4 % with three trucks delivery per day. Route simulation making uses Tecnomatix Plant Simulation software as a visualization for the company about how the system is occurred on route RE-04 in ideal condition. Furthermore, from the calculation of logistics cost of the ideal condition, it brings savings of Rp53.011.800,00 in a month. The last step is proposing improvements on the area of route RE-04. The route arrangement is done by Saving Method and sequence of each supplier with the Nearest Neighbor. The results of the proposed improvements are three new route groups, where was expected to decrease logistics cost Rp3.966.559,40 per day, and increase the average of the truck efficiency 8,78% per day.

Keywords: efficiency, logistic cost, milkrun, saving methode, simulation

Procedia PDF Downloads 440
1967 The Role of Contextual Factors in the Sustainability Reporting of Australian and New Zealand Companies

Authors: Ramona Zharfpeykan

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The concept of sustainability is generally considered as a key topic in many countries, and sustainability reporting is becoming an important tool for companies to communicate their sustainability plans and performance to their stakeholders. There have been various studies on factors that may influence sustainability reporting in companies. This study examines the possible effect of some of the organisational factors on corporate sustainability reporting. The organisational factors included in this study are a company’s type (public or private), industry, and size as well as managers’ perception of the level of importance of indicators in reporting these indicators. A survey was conducted from 240 Australian and New Zealand companies in various industries. They were asked about their perception of the importance of sustainability indicators in their performance and if they report these indicators. The GRI indicators used to develop the survey. A multiple regression model was developed using reporting strategy score as dependent and type, size, industry categorisation, and managers’ perception of the level of importance of the GRI indicators as independent factors. The results show that among all the factors included in the model, size of a company and the perception of managers of the level of importance of environmental and labour practice indicators can affect the sustainability scores of these companies.

Keywords: sustainability reporting, global reporting initiative, sustainability reporting strategy, organisational features

Procedia PDF Downloads 152
1966 Ethanolamine Detection with Composite Films

Authors: S. A. Krutovertsev, A. E. Tarasova, L. S. Krutovertseva, O. M. Ivanova

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The aim of the work was to get stable sensitive films with good sensitivity to ethanolamine (C2H7NO) in air. Ethanolamine is used as adsorbent in different processes of gas purification and separation. Besides it has wide industrial application. Chemical sensors of sorption type are widely used for gas analysis. Their behavior is determined by sensor characteristics of sensitive sorption layer. Forming conditions and characteristics of chemical gas sensors based on nanostructured modified silica films activated by different admixtures have been studied. As additives molybdenum containing polyoxometalates of the eighteen series were incorporated in silica films. The method of hydrolythic polycondensation from tetraethyl orthosilicate solutions was used for forming such films in this work. The method’s advantage is a possibility to introduce active additives directly into an initial solution. This method enables to obtain sensitive thin films with high specific surface at room temperature. Particular properties make polyoxometalates attractive as active additives for forming of gas-sensitive films. As catalyst of different redox processes, they can either accelerate the reaction of the matrix with analyzed gas or interact with it, and it results in changes of matrix’s electrical properties Polyoxometalates based films were deposited on the test structures manufactured by microelectronic planar technology with interdigitated electrodes. Modified silica films were deposited by a casting method from solutions based on tetraethyl orthosilicate and polyoxometalates. Polyoxometalates were directly incorporated into initial solutions. Composite nanostructured films were deposited by drop casting method on test structures with a pair of interdigital metal electrodes formed at their surface. The sensor’s active area was 4.0 x 4.0 mm, and electrode gap was egual 0.08 mm. Morphology of the layers surface were studied with Solver-P47 scanning probe microscope (NT-MDT, Russia), the infrared spectra were investigated by a Bruker EQUINOX 55 (Germany). The conditions of film formation varied during the tests. Electrical parameters of the sensors were measured electronically in real-time mode. Films had highly developed surface with value of 450 m2/g and nanoscale pores. Thickness of them was 0,2-0,3 µm. The study shows that the conditions of the environment affect markedly the sensors characteristics, which can be improved by choosing of the right procedure of forming and processing. Addition of polyoxometalate into silica film resulted in stabilization of film mass and changed markedly of electrophysical characteristics. Availability of Mn3P2Mo18O62 into silica film resulted in good sensitivity and selectivity to ethanolamine. Sensitivity maximum was observed at weight content of doping additive in range of 30–50% in matrix. With ethanolamine concentration changing from 0 to 100 ppm films’ conductivity increased by 10-12 times. The increase of sensor’s sensitivity was received owing to complexing reaction of tested substance with cationic part of polyoxometalate. This fact results in intramolecular redox reaction which sharply change electrophysical properties of polyoxometalate. This process is reversible and takes place at room temperature.

Keywords: ethanolamine, gas analysis, polyoxometalate, silica film

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1965 An Impact of Stock Price Movements on Cross Listed Companies: A Study of Indian ADR and Domestic Stock Prices

Authors: Kanhaiya Singh

Abstract:

Indian corporate sector has been raising resources through various international financial instruments important among them are Global depository receipts (GDRs) and American Depository Receipts (ADRs). The purpose of raising resources through such instruments is multifold such as lower cost of capital, increased visibility of the company, liberal tax environment, increased trading liquidity etc. One of the significant reason is also the value addition of the company in terms of market capitalization. Obviously, the stocks of such companies are cross listed, one in India and other at the International stock exchange. The sensitivity and movements of stock prices on one stock exchange as compared to other may have an impact on the price movement of the particular scrip. If there is any relationship exists is an issue of study. Having this in view this study is an attempt to identify the extent of impact of price movement of the scrip on one stock exchange on account of change in the prices on the counter stock exchange. Also there is an attempt to find out the difference between pre and post cross listed domestic firm. The study also analyses the impact of exchange rate movements on stock prices.

Keywords: ADR, GDR, cross listing, liquidity, exchange rate

Procedia PDF Downloads 378
1964 Contemporary Malayalam Independent Cinema: Limited Location Storytelling and It’s Prominence in the Pandemic Era.

Authors: Krishnanunni S.

Abstract:

The COVID-19 Pandemic has had an impact on every part of our lives, and the film industry is no exception. The restrictions the pandemic has brought made filmmakers confine their films to limited spaces. In India, Malayalam cinema was the first to incorporate the pandemic into its stories and started producing films within existing constraints. The purpose of this study was to study how the limited location storytelling concept influenced Malayalam independent and lockdown films. To answer this question, the three of the most popular films that we shot during the pandemic: The Great Indian Kitchen, Joji and Joyful Mystery, were dissected through text analysis and in-depth interviews were conducted with the makers of The Great Indian Kitchen and Joyful Mystery. The study revealed that the pandemic had had an influence on the way filmmakers visualize their stories and shoot them, especially while working within the restrictions of the pandemic. It was also observed that working with limited locations was the only way for filmmakers to make films during the times of pandemic. But rather than a hindrance to their work, filmmakers saw it as a new possibility to create in times of confinement. The findings of this study expanded the work of previous researchers about films shot in limited locations and the significant changes the pandemic has brought to the film industry.

Keywords: limited location storytelling, pandemic, pandemic restrictions, lockdown cinema, pandemic films, Malayalam cinema, OTT revolution, cinema, films

Procedia PDF Downloads 74
1963 Impact of Technology on Product Quality, Speed up Delivery and Cost

Authors: Rehan Ullah

Abstract:

This paper explores the hypothesis that technology can be used to improve product quality, speed up delivery and reduced cost. For companies improving the quality of their products, reducing the cost and improving the speed of delivery makes them favorable to the client who feels like all their needs have been met. The research occurs between the months of January 2018 to April 2018 which is about four months. The research experiment design uses the pretest-posttest experimental design set up between two companies both using the traditional method of manufacturing with no technology. In one company technology is introduced while in the other company the process remains the same traditional method of production. Both companies analyze the results at the end of a four-month period before a conclusion is drawn from both the pretest and the final test. The experiment results show that technology improves quality of the product, improves the speed of delivery while at the same time reduce cost benefiting both the producer and the client. Technology should, therefore, be implemented in companies to give them an edge over the competition. With technology in companies, the United States can reclaim production from overseas companies that have taken over by providing cheap labor. Better satisfied customers mean more production which in turn means more jobs for the people in the United States.

Keywords: technology, quality of product, speed up delivery, cost

Procedia PDF Downloads 154
1962 Low-Surface Roughness and High Optical Quality CdS Thin Film Deposited on Heated Substrate Using Room-Temperature Chemical Solution

Authors: A. Elsayed, M. H. Dewaidar, M. Ghali, M. Elkemary

Abstract:

The high production cost of the conventional solar cells requires the search for economic methods suitable for solar energy conversion. Cadmium Sulfide (CdS) is one of the most important semiconductors used in photovoltaics, especially in large area solar cells; and can be prepared in a thin film form by a wide variety of deposition techniques. The preparation techniques include vacuum evaporation, sputtering and molecular beam epitaxy. Other techniques, based on chemical solutions, are also used for depositing CdS films with dramatically low-cost compared to other vacuum-based methods. Although this technique is widely used during the last decades, due to simplicity and low-deposition temperature (~100°C), there is still a strong need for more information on the growth process and its relation with the quality of the deposited films. Here, we report on deposition of high-quality CdS thin films; with low-surface roughness ( < 3.0 nm) and sharp optical absorption edge; on low-temperature glass substrates (70°C) using a new method based on the room-temperature chemical solution. In this method, a mixture solution of cadmium acetate and thiourea at room temperature was used under special growth conditions for deposition of CdS films. X-ray diffraction (XRD) measurements were used to examine the crystal structure properties of the deposited CdS films. In addition, UV-VIS transmittance and low-temperature (4K) photoluminescence (PL) measurements were performed for quantifying optical properties of the deposited films. The deposited films show high optical quality as confirmed by observation of both, sharp edge in the transmittance spectra and strong PL intensity at room temperature. Furthermore, we found a strong effect of the growth conditions on the optical band gap of the deposited films; where remarkable red-shift in the absorption edge with temperature is clearly seen in both transmission and PL spectra. Such tuning of both optical band gap of the deposited CdS films can be utilized for tuning the electronic bands' alignments between CdS and other light-harvesting materials, like CuInGaSe or CdTe, for potential improvement in the efficiency of solar cells devices based on these heterostructures.

Keywords: chemical deposition, CdS, optical properties, surface, thin film

Procedia PDF Downloads 158
1961 Bed Scenes Allurement as Entertainment and Selling Point in Nigeria's Nollywood Movie Industry

Authors: Ojinime E. Ojiakor, Allen N. Adum

Abstract:

We report on bed scenes allurement as entertainment and selling point in Nigeria’s Nollywood movie industry. In recent times, there has been an increase in the portrayal of bed scenes in Nollywood movies. Before now, Nigerian film producers have been very conservative when it comes to showing sex and nudity. This appears to have changed in line with global trends. Movie industries all over the world appear a haven for delectable women who glamorize our screens, not only with their beauty but also their acting skills. At Hollywood, Bollywood, Ghollywood and the like, pretty actresses with sensuous endowments engage in bed scenes which allure the minds of viewers. The idea that, a ravishing beauty on cast is as good as a box office hit apparently drives Nigerian film producers to incorporate bed scenes in their movies. In this era of sex crusade where what sells is sex and maybe a little bit of violence, there is the suggestion that producers believe that if the talent of an actress doesn’t do the trick, the sexiness she exudes is bound to get attention. Against this backdrop, our study examined bed scenes depiction by Nollywood films, in an attempt to establish if their allurement influences the choice of movie and purchase decisions of target markets. We assessed Nollywood films and viewer preference using the mixed method approach. Our findings reveal that bed scenes, as portrayed in Nigerian movies are a significant determinant of which films to watch and which films to purchase among the respondents studied.

Keywords: allurement, bed scenes, nollywood, selling point

Procedia PDF Downloads 269
1960 Influence of Dry-Film Lubricants on Bond Strength and Corrosion Behaviour of 6xxx Aluminium Alloy Adhesive Joints for Automotive Industry

Authors: Ralph Gruber, Martina Hafner, Theresia Greunz, Christian Reisecker, David Stifter

Abstract:

The application of dry lubricant on aluminium for automotive industry is indispensable for a high-quality forming behaviour. To provide a short production time those forming aids will not be removed during the joining step. The aim of this study was the characterization of the influence of dry lubricants on the bond strength and the corrosion resistance of an 6xxx aluminium alloy for automotive applications. For this purpose, samples with a well-defined surface were lubricated with 1 g/m² dry lubricant and joined with a commercial thermosetting 1K-epoxy structural adhesive. The bond strength was characterized by means of lap shear test. To evaluate the corrosion resistance of the adhered aluminium samples an immersion test in 5 w% NaCl-solution was used. Based on fracture pattern analysis, the corrosion behaviour could be described. Dissolved corrosion products were examined using ICP-MS and NMR. By means of SEM/EDX the elementary composition of precipitated solids was determined. The results showed a dry lubricant independent bond strength for standard testing conditions. However, a significant effect of the forming aid, regarding the corrosion resistance of adhered aluminium samples against corrosive infiltration of the metal-adhesive-interface, was observed

Keywords: aluminium alloys, dry film lubricants, automotive industry, adhesive bonding, corrosion

Procedia PDF Downloads 94
1959 Optical Characterization of Anisotropic Thiophene-Phenylene Co-Oligomer Micro Crystals by Spectroscopic Imaging Ellipsometry

Authors: Christian Röling, Elena Y. Poimanova, Vladimir V. Bruevich

Abstract:

Here we demonstrate a non-destructive optical technique to localize and characterize single crystals of semiconductive organic materials – Spectroscopic Imaging Ellipsometry. With a combination of microscopy and ellipsometry, it is possible to characterize even micro-sized thin film crystals on plane surface regarding anisotropy, optical properties, crystalline domains and thickness. The semiconducting thiophene-phenylene co-oligomer 1,4-bis(5'-hexyl-[2,2'-bithiophen]-5-yl)benzene (dHex-TTPTT) crystals were grown by solvent based self-assembly technique on silicon substrate with 300 nm thermally silicon dioxide. The ellipsometric measurements were performed with an Ep4-SE (Accurion). In an ellipsometric high-contrast image of the complete sample, we have localized high-quality single crystals. After demonstrating the uniaxial anisotropy of the crystal by using Müller-Matrix imaging ellipsometry, we determined the optical axes by rotating the sample and performed spectroscopic measurements (λ = 400-700 nm) in 5 nm intervals. The optical properties were described by using a Lorentz term in the Ep4-Model. After determining the dispersion of the crystals, we converted a recorded Delta and Psi-map into a 2D thickness image. Based on a quantitative analysis of the resulting thickness map, we have calculated the height of a molecular layer (3.49 nm).

Keywords: anisotropy, ellipsometry, SCFET, thin film

Procedia PDF Downloads 243
1958 An Investigation of Passivation Technology in Stainless Steel Alloy

Authors: Feng-Tsai Weng, Rick Wang, Yan-Cong Liao

Abstract:

Passivation is a kind of surface treatment for material to reinforce the corrosion resistance specially the stainless alloy. Passive film, is to getting more potential compared to their status before passivation. An oxidation film can be formed on the surface of stainless steel, which has a strong corrosion resistance ability after passivation treatment. In this research, a new passivation technology is proposed for a special stainless alloy which contains a 12-14% Chromium. This method includes the A-A-A (alkaline-acid-alkaline) process basically, which was developed by Carpenter that can neutralize trapped acid. Besides, a corrosion resistant coating layer was obtained by immersing the parts in a water bath of mineral oil at high temperature. Salt spray test ASTM B368 was conducted to investigated performance of corrosion resistant of the passivated stainless steel alloy parts. Results show much better corrosion resistant that followed a coating process after A-A-A Passivation process, than only using A-A-A process. The passivation time is with more than 380 hours of salt spray test ASTM B368, which is equal to 3000 hours of Salt spray test ASTM B117. Proposed passivation method of stainless steel can be completed in about 3 hours.

Keywords: passivation, alkaline-acid-alkaline, stainless steel, salt spray test

Procedia PDF Downloads 358
1957 Combustion Variability and Uniqueness in Cylinders of a Radial Aircraft Piston Engine

Authors: Michal Geca, Grzegorz Baranski, Ksenia Siadkowska

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The work is a part of the project which aims at developing innovative power and control systems for the high power aircraft piston engine ASz62IR. Developed electronically controlled ignition system will reduce emissions of toxic compounds as a result of lowered fuel consumption, optimized combustion and engine capability of efficient combustion of ecological fuels. The tested unit is an air-cooled four-stroke gasoline engine of 9 cylinders in a radial setup, mechanically charged by a radial compressor powered by the engine crankshaft. The total engine cubic capac-ity is 29.87 dm3, and the compression ratio is 6.4:1. The maximum take-off power is 1000 HP at 2200 rpm. The maximum fuel consumption is 280 kg/h. Engine powers aircrafts: An-2, M-18 „Dromader”, DHC-3 „OTTER”, DC-3 „Dakota”, GAF-125 „HAWK” i Y5. The main problems of the engine includes the imbalanced work of cylinders. The non-uniformity value in each cylinder results in non-uniformity of their work. In radial engine cylinders arrangement causes that the mixture movement that takes place in accordance (lower cylinder) or the opposite (upper cylinders) to the direction of gravity. Preliminary tests confirmed the presence of uneven workflow of individual cylinders. The phenomenon is most intense at low speed. The non-uniformity is visible on the waveform of cylinder pressure. Therefore two studies were conducted to determine the impact of this phenomenon on the engine performance: simulation and real tests. Simplified simulation was conducted on the element of the intake system coated with fuel film. The study shows that there is an effect of gravity on the movement of the fuel film inside the radial engine intake channels. Both in the lower and the upper inlet channels the film flows downwards. It follows from the fact that gravity assists the movement of the film in the lower cylinder channels and prevents the movement in the upper cylinder channels. Real tests on aircraft engine ASz62IR was conducted in transients condition (rapid change of the excess air in each cylinder were performed. Calculations were conducted for mass of fuel reaching the cylinders theoretically and really and on this basis, the factors of fuel evaporation “x” were determined. Therefore a simplified model of the fuel supply to cylinder was adopted. Model includes time constant of the fuel film τ, the number of engine transport cycles of non-evaporating fuel along the intake pipe γ and time between next cycles Δt. The calculation results of identification of the model parameters are presented in the form of radar graphs. The figures shows the averages declines and increases of the injection time and the average values for both types of stroke. These studies shown, that the change of the position of the cylinder will cause changes in the formation of fuel-air mixture and thus changes in the combustion process. Based on the results of the work of simulation and experiments was possible to develop individual algorithms for ignition control. This work has been financed by the Polish National Centre for Research and Development, INNOLOT, under Grant Agreement No. INNOLOT/I/1/NCBR/2013.

Keywords: radial engine, ignition system, non-uniformity, combustion process

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1956 The Significance of a Well-Defined Systematic Approach in Risk Management for Construction Projects within Oil Industry

Authors: Batool Ismaeel, Umair Farooq, Saad Mushtaq

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Construction projects in the oil industry can be very complex, having unknown outcomes and uncertainties that cannot be easily predicted. Each project has its unique risks generated by a number of factors which, if not controlled, will impact the successful completion of the project mainly in terms of schedule, cost, quality, and safety. This paper highlights the historic risks associated with projects in the south and east region of Kuwait Oil Company (KOC) collated from the company’s lessons learned database. Starting from Contract Award through to handover of the project to the Asset owner, the gaps in project execution in terms of managing risk will be brought to discussion and where a well-defined systematic approach in project risk management reflecting many claims, change of scope, exceeding budget, delays in engineering phase as well as in the procurement and fabrication of long lead items should be adopted. This study focuses on a proposed feasible approach in risk management for engineering, procurement and construction (EPC) level projects including the various stakeholders involved in executing the works from International to local contractors and vendors in KOC. The proposed approach covers the areas categorized into organizational, design, procurement, construction, pre-commissioning, commissioning and project management in which the risks are identified and require management and mitigation. With the effective deployment and implementation of the proposed risk management system and the consideration of it as a vital key in achieving the project’s target, the outcomes will be more predictable in the future, and the risk triggers will be managed and controlled. The correct resources can be allocated on a timely basis for the company for avoiding any unpredictable outcomes during the execution of the project. It is recommended in this paper to apply this risk management approach as an integral part of project management and investigate further in the future, the effectiveness of this proposed system for newly awarded projects and compare the same with those projects of similar budget/complexity that have not applied this approach to risk management.

Keywords: construction, project completion, risk management, uncertainties

Procedia PDF Downloads 148
1955 Offshore Facilities Load Out: Case Study of Jacket Superstructure Loadout by Strand Jacking Skidding Method

Authors: A. Rahim Baharudin, Nor Arinee binti Mat Saaud, Muhammad Afiq Azman, Farah Adiba A. Sani

Abstract:

Objectives: This paper shares the case study on the engineering analysis, data analysis, and real-time data comparison for qualifying the stand wires' minimum breaking load and safe working load upon loadout operation for a new project and, at the same time, eliminate the risk due to discrepancies and unalignment of COMPANY Technical Standards to Industry Standards and Practices. This paper demonstrates “Lean Construction” for COMPANY’s Project by sustaining fit-for-purpose Technical Requirements of Loadout Strand Wire Factor of Safety (F.S). The case study utilizes historical engineering data from a few loadout operations by skidding methods from different projects. It is also demonstrating and qualifying the skidding wires' minimum breaking load and safe working load used for loadout operation for substructure and other facilities for the future. Methods: Engineering analysis and comparison of data were taken as referred to the international standard and internal COMPANY standard requirements. Data was taken from nine (9) previous projects for both topsides and jacket facilities executed at the several local fabrication yards where load out was conducted by three (3) different service providers with emphasis on four (4) basic elements: i) Industry Standards for Loadout Engineering and Operation Reference: COMPANY internal standard was referred to superseded documents of DNV-OS-H201 and DNV/GL 0013/ND. DNV/GL 0013/ND and DNVGL-ST-N001 do not mention any requirements of Strand Wire F.S of 4.0 for Skidding / Pulling Operations. ii) Reference to past Loadout Engineering and Execution Package: Reference was made to projects delivered by three (3) major offshore facilities operators. Strand Wire F.S observed ranges from 2.0 MBL (Min) to 2.5 MBL (Max). No Loadout Operation using the requirements of 4.0 MBL was sighted from the reference. iii) Strand Jack Equipment Manufacturer Datasheet Reference: Referring to Strand Jack Equipment Manufactured Datasheet by different loadout service providers, it is shown that the Designed F.S for the equipment is also ranging between 2.0 ~ 2.5. Eight (8) Strand Jack Datasheet Model was referred to, ranging from 15 Mt to 850 Mt Capacity; however, there are NO observations of designed F.S 4.0 sighted. iv) Site Monitoring on Actual Loadout Data and Parameter: Max Load on Strand Wire was captured during 2nd Breakout, which is during Static Condition of 12.9 MT / Strand Wire (67.9% Utilization). Max Load on Strand Wire for Dynamic Conditions during Step 8 and Step 12 is 9.4 Mt / Strand Wire (49.5% Utilization). Conclusion: This analysis and study demonstrated the adequacy of strand wires supplied by the service provider were technically sufficient in terms of strength, and via engineering analysis conducted, the minimum breaking load and safe working load utilized and calculated for the projects were satisfied and operated safely for the projects. It is recommended from this study that COMPANY’s technical requirements are to be revised for future projects’ utilization.

Keywords: construction, load out, minimum breaking load, safe working load, strand jacking, skidding

Procedia PDF Downloads 101
1954 Synchronous Versus Asynchronous Telecollaboration in Intercultural Communication

Authors: Vita Kalnberzina, Lauren Miller Anderson

Abstract:

The aim of the paper is to report on the results of the telecollaboration project results carried out between the students of the University of Latvia, National Louis University in the US, and Austral University in Chili during the Intercultural Communication course. The objectives of the study are 1) to compare different forms of student telecollaboration and virtual exchange, 2) to collect and analyse the student feedback on the telecollaboration project, 3) to evaluate the products (films) produced during the telecollaboration project. The methods of research used are as follows: Survey of the student feedback after the project, video text analysis of the films produced by the students, and interview of the students participating in the project. We would like to compare the results of a three-year collaboration project, where we tried out synchronous telecollaboration and asynchronous collaboration. The different variables that were observed were the impact of the different time zones, different language proficiency levels of students, and different curricula developed for collaboration. The main findings suggest that the effort spent by students to organize meetings in different time zones and to get to know each other diminishes the quality of the product developed and thus reduces the students' feeling of accomplishment. Therefore, we would like to propose that asynchronous collaboration where the national teams work on a film project specifically developed by the students of one university for the students of another university ends up with a better quality film, which in its turn appeals more to the students of the other university and creates a deeper intercultural bond between the collaborating students.

Keywords: telecollaboration, intercultural communication, synchronous collaboration, asynchronous collaboration

Procedia PDF Downloads 95
1953 Growth and Characterization of Cuprous Oxide (Cu2O) Nanorods by Reactive Ion Beam Sputter Deposition (Ibsd) Method

Authors: Assamen Ayalew Ejigu, Liang-Chiun Chao

Abstract:

In recent semiconductor and nanotechnology, quality material synthesis, proper characterizations, and productions are the big challenges. As cuprous oxide (Cu2O) is a promising semiconductor material for photovoltaic (PV) and other optoelectronic applications, this study was aimed at to grow and characterize high quality Cu2O nanorods for the improvement of the efficiencies of thin film solar cells and other potential applications. In this study, well-structured cuprous oxide (Cu2O) nanorods were successfully fabricated using IBSD method in which the Cu2O samples were grown on silicon substrates with a substrate temperature of 400°C in an IBSD chamber of pressure of 4.5 x 10-5 torr using copper as a target material. Argon, and oxygen gases were used as a sputter and reactive gases, respectively. The characterization of the Cu2O nanorods (NRs) were done in comparison with Cu2O thin film (TF) deposited with the same method but with different Ar:O2 flow rates. With Ar:O2 ratio of 9:1 single phase pure polycrystalline Cu2O NRs with diameter of ~500 nm and length of ~4.5 µm were grow. Increasing the oxygen flow rates, pure single phase polycrystalline Cu2O thin film (TF) was found at Ar:O2 ratio of 6:1. The field emission electron microscope (FE-SEM) measurements showed that both samples have smooth morphologies. X-ray diffraction and Rama scattering measurements reveals the presence of single phase Cu2O in both samples. The differences in Raman scattering and photoluminescence (PL) bands of the two samples were also investigated and the results showed us there are differences in intensities, in number of bands and in band positions. Raman characterization shows that the Cu2O NRs sample has pronounced Raman band intensities, higher numbers of Raman bands than the Cu2O TF which has only one second overtone Raman signal at 2 (217 cm-1). The temperature dependent photoluminescence (PL) spectra measurements, showed that the defect luminescent band centered at 720 nm (1.72 eV) is the dominant one for the Cu2O NRs and the 640 nm (1.937 eV) band was the only PL band observed from the Cu2O TF. The difference in optical and structural properties of the samples comes from the oxygen flow rate change in the process window of the samples deposition. This gave us a roadmap for further investigation of the electrical and other optical properties for the tunable fabrication of the Cu2O nano/micro structured sample for the improvement of the efficiencies of thin film solar cells in addition to other potential applications. Finally, the novel morphologies, excellent structural and optical properties seen exhibits the grown Cu2O NRs sample has enough quality to be used in further research of the nano/micro structured semiconductor materials.

Keywords: defect levels, nanorods, photoluminescence, Raman modes

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1952 Circular Economy Maturity Models: A Systematic Literature Review

Authors: Dennis Kreutzer, Sarah Müller-Abdelrazeq, Ingrid Isenhardt

Abstract:

Resource scarcity, energy transition and the planned climate neutrality pose enormous challenges for manufacturing companies. In order to achieve these goals and a holistic sustainable development, the European Union has listed the circular economy as part of the Circular Economy Action Plan. In addition to a reduction in resource consumption, reduced emissions of greenhouse gases and a reduced volume of waste, the principles of the circular economy also offer enormous economic potential for companies, such as the generation of new circular business models. However, many manufacturing companies, especially small and medium-sized enterprises, do not have the necessary capacity to plan their transformation. They need support and strategies on the path to circular transformation, because this change affects not only production but also the entire company. Maturity models offer an approach, as they enable companies to determine the current status of their transformation processes. In addition, companies can use the models to identify transformation strategies and thus promote the transformation process. While maturity models are established in other areas, e.g. IT or project management, only a few circular economy maturity models can be found in the scientific literature. The aim of this paper is to analyse the identified maturity models of the circular economy through a systematic literature review (SLR) and, besides other aspects, to check their completeness as well as their quality. Since the terms "maturity model" and "readiness model" are often used to assess the transformation process, this paper considers both types of models to provide a more comprehensive result. For this purpose, circular economy maturity models at the company (micro) level were identified from the literature, compared, and analysed with regard to their theoretical and methodological structure. A specific focus was placed, on the one hand, on the analysis of the business units considered in the respective models and, on the other hand, on the underlying metrics and indicators in order to determine the individual maturity level of the entire company. The results of the literature review show, for instance, a significant difference in the holism of their assessment framework. Only a few models include the entire company with supporting areas outside the value-creating core process, e.g. strategy and vision. Additionally, there are large differences in the number and type of indicators as well as their metrics. For example, most models often use subjective indicators and very few objective indicators in their surveys. It was also found that there are rarely well-founded thresholds between the levels. Based on the generated results, concrete ideas and proposals for a research agenda in the field of circular economy maturity models are made.

Keywords: maturity model, circular economy, transformation, metric, assessment

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1951 The Role of Middle Managers SBU's in Context of Change: Sense-Making Approach

Authors: Hala Alioua, Alberic Tellier

Abstract:

This paper is designed to spotlight the research on corporate strategic planning, by emphasizing the role of middle manager of SBU’s and related issues such as the context of vision change. Previous research on strategic vision has been focused principally at the SME, with relatively limited consideration given to the role of middle managers SBU’s in the context of change. This project of research has been done by using a single case study. We formulated through our immersion for 2.5 years on the ground and by a qualitative method and abduction approach. This entity that we analyze is a subsidiary of multinational companies headquartered in Germany, specialized in manufacturing automotive equipment. The "Delta Company" is a French manufacturing plant that has undergone numerous changes over the past three years. The two major strategic changes that have a significant impact on the Delta plant are the strengths of its core business through « lead plant strategy» in 2011 and the implementation of a new strategic vision in 2014. These consecutive changes impact the purpose of the mission of the middle managers. The plant managers ask the following questions: How the middle managers make sense of the corporate strategic planning imposed by the parent company? How they appropriate the new vision and decline it into actions on the ground? We chose the individual interview technique through open-ended questions as the source of data collection. We first of all carried out an exploratory approach by interviewing 8 members of the Management committee’s decision and 19 heads of services. The first findings and results show that exist a divergence of opinion and interpretations of the corporate strategic planning among organization members and there are difficulties to make sense and interpretations of the signals of the environment. The lead plant strategy enables new projects which insure the workload of Delta Company. Nevertheless, it creates a tension and stress among the middle managers because its provoke lack of resources to the detriment of their main jobs as manufacturer plant. The middle managers does not have a clear vision and they are wondering if the new strategic vision means more autonomy and less support from the group.

Keywords: change, middle managers, vision, sensemaking

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1950 Corporate Social Responsibility Initiatives in COVID-19: The Effect of CSR Motives Attributions on Advocacy

Authors: Tengku Ezni Balqiah, Fanny Martdianty, Rifelly Dewi Astuti, Mutia Nurazizah Rachmawati

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The Corona Disease 2019 (COVID-19) pandemic has changed the world considerably and has disrupted businesses and people’s lives globally. In response to the pandemic, businesses have seen increased demand for corporate social responsibility (CSR). Businesses can increase their investments in CSR initiatives during the pandemic through various actions. This study examines how the various motives of philanthropy CSR influence perceived quality of life, company image, and advocacy. This study employed surveys of 719 respondents from seven provinces in Indonesia that had the highest number of COVID-19 cases in the country. A structural equation model was used to test the hypothesis. The results showed that value and strategic motives positively influenced the perceived quality of life and corporate image, while the egoistic motive was negatively associated with both the perceived quality of life and the image of the company. The study also suggested that advocacy was strongly related to the perceived quality of life instead of a corporate image. The results indicate that, during a pandemic, both public- (i.e. value) and firm-serving (i.e. strategic) motives can have the same impact as long as people perceive that the businesses are sincere.

Keywords: advocacy, COVID 19, CSR motive, Indonesia, quality of life

Procedia PDF Downloads 127
1949 Enhancement of Pool Boiling Regimes by Sand Deposition

Authors: G. Mazor, I. Ladizhensky, A. Shapiro, D. Nemirovsky

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A lot of researches was dedicated to the evaluation of the efficiency of the uniform constant and temporary coatings enhancing a heat transfer rate. Our goal is an investigation of the sand coatings distributed by both uniform and non-uniform forms. The sand of different sizes (0.2-0.4-0.6 mm) was attached to a copper ball (30 mm diameter) surface by means of PVA adhesive as a uniform layer. At the next stage, sand spots were distributed over the ball surface with an areal density that ranges between one spot per 1.18 cm² (for low-density spots) and one spot per 0.51 cm² (for high-density spots). The spot's diameter value varied from 3 to 6.5 mm and height from 0.5 to 1.5 mm. All coatings serve as a heat transfer enhancer during the quenching in liquid nitrogen. Highest heat flux densities, achieved during quenching, lie in the range 10.8-20.2 W/cm², depending on the sand layer structure. Application of the enhancing coating increases an amount of heat, evacuated by highly effective nucleate and transition boiling, by a factor of 4.5 as compared to the bare sample. The non-uniform sand coatings were increasing the heat transfer rate value under all pool boiling conditions: nucleate boiling, transfer boiling and the most severe film boiling. A combination of uniform sand coating together with high-density sand spots increased the average heat transfer rate by a factor of 3.

Keywords: heat transfer enhancement, nucleate boiling, film boiling, transfer boiling

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1948 Application of Electrochemically Prepared PPy/MWCNT:MnO2 Nano-Composite Film in Microbial Fuel Cells for Sustainable Power Generation

Authors: Rajeev jain, D. C. Tiwari, Praveena Mishra

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Nano-composite of polypyrrole/multiwalled carbon nanotubes:mangenese oxide (PPy/MWCNT:MnO2) was electrochemically deposited on the surface of carbon cloth (CC). The nano-composite was structurally characterized by FTIR, SEM, TEM and UV-Vis studies. Nano-composite was also characterized by cyclic voltammetry (CV), current voltage measurements (I-V) and the optical band gaps of film were evaluated from UV-Vis absorption studies. The PPy/MWCNT:MnO2 nano-composite was used as anode in microbial fuel cell (MFC) for sewage waste water treatment, power and coulombic efficiency measurement. The prepared electrode showed good electrical conductivity (0.1185 S m-1). This was also supported by band gap measurements (direct 0.8 eV, indirect 1.3 eV). The obtained maximum power density was 1125.4 mW m-2, highest chemical oxygen demand (COD) removal efficiency was 93% and the maximum coulombic efficiency was 59%. For the first time PPy/MWCNT:MnO2 nano-composite for MFC prepared from nano-composite electrode having the potential for the use in MFC with good stability and better adhesion of microbes is being reported. The SEM images confirm the growth and development of microbe’s colony.

Keywords: carbon cloth, electro-polymerization, functionalization, microbial fuel cells, multi walled carbon nanotubes, polypyrrole

Procedia PDF Downloads 262
1947 Polymer-Ceramic Composite Film Fabrication and Characterization for Harsh Environment Applications

Authors: Santiranjan Shannigrahi, Mohit Sharma, Ivan Tan Chee Kiang, Yong Anna Marie

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Polymer-ceramics composites are gaining importance due to their high specific strength, corrosion resistance, and high mechanical properties, as well as low cost. As a result, polymer composites are suitable for various industrial applications, like automobiles, aerospace, and biomedical areas. The present work comprises the development of polymer-ceramic composite films and is tested for the harsh environment including weatherability and UV barrier property. The polymer composite films are kept in weather chamber for a fixed period of time followed by tested for their physical, mechanical and chemical properties. The composite films are fabricated using compounding followed by hot pressing. UV-visible spectroscopy results reveal that the pure polymer polyethylene (PE) films are transparent in the visible range and do not absorb UV. However, polymer ceramic composite films start absorbing UV completely even at very low filler loading amount of 5 wt.%. The changes in tensile properties of the various composite films before and after UV illuminations for 40 hrs at 60 degC are analyzed. The tensile strength of neat PE film has been observed 8% reduction, whereas the remarkable increase in tensile strength has been observed (18% improvement for 10 wt. % filled composites films). The UV exposure leads to strengthen the crosslinking among PE polymer chains in the filled composite films, which contributes towards the incremented tensile strength properties.

Keywords: polymer ceramic composite, processing, harsh environment, mechanical properties

Procedia PDF Downloads 377
1946 Sustainability Reporting and Performances of the Companies in the Istanbul Stock Exchange Sustainability Index

Authors: Zeynep Şahin, Züleyha Yılmaz, Fikret Çankaya

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In today's business world, in which it is difficult to survive, the economic life of products, services or knowledge is considerably reduced. Competitors produce similar products or extra-featured ones instantly. In this environment, the contribution of companies to the social and economic environment is a preferred criterion by consumers alongside products or services. Therefore, consumers need to obtain more detailed information about companies. Besides, this drastic change in the market encourages companies to become sustainable. Sustainable business means the company puts consumed products back. Corporate sustainability, corresponds to sustainability at the level of the company, and gives equal importance to company growth and profitability together with environmental and social issues. The BIST Sustainability Index started to be calculated by the Istanbul Stock Exchange (BIST) in 2014 to evaluate the sustainability performance of companies in Turkey. The main objective of this study is to present the importance of sustainability reports in Turkey. To this aim, the performances of 15 companies in the BIST Sustainability Index were compared the periods before and after entering the index. On the other hand, sustainability reporting practices should be encouraged to increase studies on this issue. In this context, to remain on the agenda of the issue is a further objective of this study. To achieve these objectives, the financial data of the companies in the period before and after entering to the BIST Sustainability Index were analyzed using t-test in Statistical Package for the Social Sciences (SPSS) package. The results of the study showed that no significant difference between the performances of the companies in terms of the net profit margin, the return on assets and equity capital in these periods could be found. Therefore, it can be said that insufficient importance is given to sustainability issues in Turkey. The reasons for this situation might be considered as a lack of awareness due to the recent introduction and calculation of the index. It is expected that the awareness of firms and investors about sustainability will increase, and that they will demonstrate the necessary importance to this issue over time.

Keywords: sustainability reporting, sustainability index, firm performance, BIST sustainability index

Procedia PDF Downloads 271
1945 Dilution Effect in Islamic Finance: The Case of Convertible Sukuk

Authors: Mahfoud Djebbar

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Stock dilution is a financial phenomenon resulting from the issue of additional shares by a company, or when holders convert their convertibles into new shares (capital increase). This issue and/or conversion enlarge the company’s share base that will result in marginal dilution (loss) for existing shareholders, and a benefit to new ones. Dilution issues have already been addressed in mainstream finance, particularly as far as information disclosure is concerned. However, in Islamic finance, stock dilution problems have not been deeply studied and the subject has not received sufficient attention from shariah-compatible firms, investors, and scholars. In this regard, this paper emphasises the forms, the effects of capital dilution on current shareholders as well as the ways and techniques of compensating them. And since the research in this field, in its Islamic perspective, is still in its infancy, the paper tries to analyse the phenomenon theoretically in detail using numerical examples, and expose some case studies of Shariah-compliant issuers of convertible Sukuk and how they compensate their existing shareholders. Finally, this study shows that the Sukuk issuers compensate old shareholders using the right of shuf’ah as a well known and practiced pre-emptive right in Islamic transactions centuries ago, as well as the ways conventional bond issuers use.

Keywords: compensating shareholders, convertible Sukuk, Islamic financial innovation, Shuf’ah

Procedia PDF Downloads 330
1944 Service Information Integration Platform as Decision Making Tools for the Service Industry Supply Chain-Indonesia Service Integration Project

Authors: Haikal Achmad Thaha, Pujo Laksono, Dhamma Nibbana Putra

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Customer service is one of the core interest in a service sector of a company, whether as the core business or as service part of the operation. Most of the time, the people and the previous research in service industry is focused on finding the best business model solution for the service sector, usually to decide between total in house customer service, outsourcing, or something in between. Conventionally, to take this decision is some important part of the management job, and this is a process that usually takes some time and staff effort, meanwhile market condition and overall company needs may change and cause loss of income and temporary disturbance in the companies operation . However, in this paper we have offer a new concept model to assist decision making process in service industry. This model will featured information platform as central tool to integrate service industry operation. The result is service information model which would ideally increase response time and effectivity of the decision making. it will also help service industry in switching the service solution system quickly through machine learning when the companies growth and the service solution needed are changing.

Keywords: service industry, customer service, machine learning, decision making, information platform

Procedia PDF Downloads 613
1943 Lean Environmental Management Integration System (LEMIS) Framework Development

Authors: A. P. Puvanasvaran, Suresh A. L. Vasu, N. Norazlin

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The Lean Environmental Management Integration System (LEMIS) framework development is integration between lean core element and ISO 14001. The curiosity on the relationship between continuous improvement and sustainability of lean implementation has influenced this study toward LEMIS. Characteristic of ISO 14001 standard clauses and core elements of lean principles are explored from past studies and literature reviews. Survey was carried out on ISO 14001 certified companies to examine continual improvement by implementing the ISO 14001 standard. The study found that there is a significant and positive relationship between Lean Principles: value, value stream, flow, pull and perfection with the ISO 14001 requirements. LEMIS is significant to support the continuous improvement and sustainability. The integration system can be implemented to any manufacturing company. It gives awareness on the importance on why organizations need to sustain its Environmental management system. At the meanwhile, the lean principle can be adapted in order to streamline daily activities of the company. Throughout the study, it had proven that there is no sacrifice or trade-off between lean principles with ISO 14001 requirements. The framework developed in the study can be further simplified in the future, especially the method of crossing each sub requirements of ISO 14001 standard with the core elements of Lean principles in this study.

Keywords: LEMIS, ISO 14001, integration, framework

Procedia PDF Downloads 401
1942 Studies on the Effect of Dehydration Techniques, Treatments, Packaging Material and Methods on the Quality of Buffalo Meat during Ambient Temperature Storage

Authors: Tariq Ahmad Safapuri, Saghir Ahmad, Farhana Allai

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The present study was conducted to evaluate the effect dehydration techniques (polyhouse and tray drying), different treatment (SHMP, SHMP+ salt, salt + turmeric), different packaging material (HDPE, combination film), and different packaging methods (air, vacuum, CO2 Flush) on quality of dehydrated buffalo meat during ambient temperature storage. The quality measuring parameters included physico-chemical characteristics i.e. pH, rehydration ratio, moisture content and microbiological characteristics viz total plate content. It was found that the treatment of (SHMP, SHMP + salt, salt + turmeric increased the pH. Moisture Content of dehydrated meat samples were found in between 7.20% and 5.54%.the rehydration ratio of salt+ turmeric treated sample was found to be highest and lowest for controlled meat sample. the bacterial count log TPC/g of salt + turmeric and tray dried was lowest i.e. 1.80.During ambient temperature storage ,there was no considerable change in pH of dehydrated sample till 150 days. however the moisture content of samples increased in different packaging system in different manner. The highest moisture rise was found in case of controlled meat sample HDPE/air packed while the lowest increase was reported for SHMP+ Salt treated Packed by vacuum in combination film packed sample. Rehydration ratio was found considerably affected in case of HDPE and air packed sample dehydrated in polyhouse after 150 days of ambient storage. While there was a very little change in the rehydration ratio of meat samples packed in combination film CO2 flush system. The TPC was found under safe limit even after 150 days of storage. The microbial count was found to be lowest for salt+ turmeric treated samples after 150 days of storage.

Keywords: ambient temperature, dehydration technique, rehydration ratio, SHMP (sodium hexa meta phosphate), HDPE (high density polyethelene)

Procedia PDF Downloads 413
1941 CSR Health Programs: A Supplementary Tool of a Government’s Role in a Developing Nation

Authors: Kristine Demilou Santiago

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In a context of a developing nation, how important is the role of Corporate Social Responsibility health programs? Is there a possibility that this will render a large impact in a society where health benefits are insufficient? The Philippine government has been in an unceasing battle to provide its citizens competitive health benefits through launching various health programs. As the efforts are being claimed by the government, the numbers just show that all the health benefits being offered such as PhilHealth health cards, medical missions and other subsidized government health benefits are not effective and sufficient at the minimum level. This is a major characteristic of a developing nation which the Philippine government is focusing on addressing as it becomes a national concern under the effects of poverty. Industrial companies, through Corporate Social Responsibility, are playing an important role in the aspiration to resolve this problem on health programs as supposed to be basic services to citizens of the Philippine government. The rise of commitment by these industrial companies to render health programs to communities as part of their corporate citizenship has covered a large portion of the basic health services that the Filipino citizens are supposed to be receiving. This is the most salient subject that a developing nation should focus on determining the important contribution of industrial companies present in their country as part of the citizens’ access to basic health services. The use of survey forms containing quantitative and qualitative questions which aim to give numerical figures and support answers as to the role of CSR Health programs in helping the communities receive the basic health services they need was the methodological procedure followed in this research. A sample population in a community where the largest industrial company in a province of the Philippines was taken through simple random sampling. The assumption is that this sample population which represents the whole of the community has the highest opportunities to access both the government health services and the CSR health program services of the industrial company located in their community. Results of the research have shown a significant level of participation by industrial companies through their CSR health programs in the attainment of basic health services that should be rendered by the Philippine government to its citizens as part of the state’s health benefits. In a context of a developing nation such as the Philippines, the role of Corporate Social Responsibility is beyond the expectation of initiating to resolve environmental and social issues. It is moving deeper in the concept of the corporate industries being a pillar of the government in catering the support needed by the individuals in the community for its development. As such, the concept of the presence of an industrial company in a community is said to be a parallel progress: by which when an industrial company expands because it is becoming more profitable, so is the community gaining the same step of progress in terms of socioeconomic development.

Keywords: basic health services, CSR health program, health services in a developing nation, Philippines health benefits

Procedia PDF Downloads 201
1940 Investigation of Structural and Optical Properties of Coal Fly Ash Thin Film Doped with T𝒊O₂ Nanoparticles

Authors: Rawan Aljabbari, Thamer Alomayri, Faisal G. Al-Maqate, Abeer Al Suwat

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For environmentally friendly innovative technologies and a sustainable future, fly ash/TiO₂ thin film nanocomposites are essential. Fly ash will be doped with titanium dioxide in this work in order to better understand its optical characteristics and employ it in semiconductor electrical devices. This study focused on the structure, morphology, and optical properties of fly ash/TiO₂ thin films. The spin-coating technique was used to create thin coatings of fly ash/TiO₂. For the first time, the doping of TiO₂ in the fly ash host at ratios of 1, 2, and 3 wt% was investigated with the thickness of all samples fixed. When compared to undoped thin films, the surface morphology of the doped thin films was improved. The weakly crystalline structure of the doped fly ash films was verified by XRD. The optical bandgap energy of these films was successfully reduced by the TiO₂ doping, going from 3.9 to 3.5 eV. With increasing dopant concentration, the value of Urbach energy is increasing. The optical band gap is clearly in opposition to the disorder. While it considerably improved the optical conductivity to a value of 4.1 x 10^9 s^(-1), it also raised the refractive index and extinction coefficient. Depending on the TiO₂ doping ratio, the transmittance decreased, and the reflection increased. As the TiO₂ concentration rises, the absorption of photon energy rises, and the absorption coefficient of photon energy is reduced. results in their possible use as solar energy and semiconductor materials.

Keywords: fly ash, structural analysis, optical properties, morphology

Procedia PDF Downloads 77
1939 No-Par Shares Working in European LLCs

Authors: Agnieszka P. Regiec

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Capital companies are based on monetary capital. In the traditional model, the capital is the sum of the nominal values of all shares issued. For a few years within the European countries, the limited liability companies’ (LLC) regulations are leaning towards liberalization of the capital structure in order to provide higher degree of autonomy regarding the intra-corporate governance. Reforms were based primarily on the legal system of the USA. In the USA, the tradition of no-par shares is well-established. Thus, as a point of reference, the American legal system is being chosen. Regulations of Germany, Great Britain, France, Netherlands, Finland, Poland and the USA will be taken into consideration. The analysis of the share capital is important for the development of science not only because the capital structure of the corporation has significant impact on the shareholders’ rights, but also it reflects on relationships between creditors of the company and the company itself. Multi-level comparative approach towards the problem will allow to present a wide range of the possible outcomes stemming from the novelization. The dogmatic method was applied. The analysis was based on the statutes, secondary sources and judicial awards. Both the substantive and the procedural aspects of the capital structure were considered. In Germany, as a result of the regulatory competition, typical for the EU, the structure of LLCs was reshaped. New LLC – Unternehmergesellschaft, which does not require a minimum share capital, was introduced. The minimum share capital for Gesellschaft mit beschrankter Haftung was lowered from 25 000 to 10 000 euro. In France the capital structure of corporations was also altered. In 2003, the minimum share capital of société à responsabilité limitée (S.A.R.L.) was repealed. In 2009, the minimum share capital of société par actions simplifiée – in the “simple” version of S.A.R.L. was also changed – there is no minimum share capital required by a statute. The company has to, however, indicate a share capital without the legislator imposing the minimum value of said capital. In Netherlands the reform of the Besloten Vennootschap met beperkte aansprakelijkheid (B.V.) was planned with the following change: repeal of the minimum share capital as the answer to the need for higher degree of autonomy for shareholders. It, however, preserved shares with nominal value. In Finland the novelization of yksityinen osakeyhtiö took place in 2006 and as a result the no-par shares were introduced. Despite the fact that the statute allows shares without face value, it still requires the minimum share capital in the amount of 2 500 euro. In Poland the proposal for the restructuration of the capital structure of the LLC has been introduced. The proposal provides among others: devaluation of the capital to 1 PLN or complete liquidation of the minimum share capital, allowing the no-par shares to be issued. In conclusion: American solutions, in particular, balance sheet test and solvency test provide better protection for creditors; European no-par shares are not the same as American and the existence of share capital in Poland is crucial.

Keywords: balance sheet test, limited liability company, nominal value of shares, no-par shares, share capital, solvency test

Procedia PDF Downloads 180