Search results for: multinational company

Authors: Alison L. Miles

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Almost all major financial institutions in the world suffered losses due to the financial crisis of 2007, but the extent varied widely. The causes of the crash of 2007 are well documented and predominately focus on the role and complexity of the financial markets. The dominant theme of the literature suggests the causes of the crash were a combination of globalization, financial sector innovation, moribund regulation and short termism. While these arguments are undoubtedly true, they do not tell the whole story. A key weakness in the current analysis is the lack of consideration of those leading the banks pre and during times of crisis. This purpose of this study is to examine the possible link between the leadership styles and characteristics of the CEO, CFO and chairman and the financial institutions that failed or needed recapitalization. As such, it contributes to the literature and debate on international financial crises and systemic risk and also to the debate on risk management and regulatory reform in the banking sector. In order to first test the proposition (p1) that there are prevalent leadership characteristics or traits in financial institutions, an initial study was conducted using a sample of the top 65 largest global banks and financial institutions according to the Banker Top 1000 banks 2014. Secondary data from publically available and official documents, annual reports, treasury and parliamentary reports together with a selection of press articles and analyst meeting transcripts was collected longitudinally from the period 1998 to 2013. A computer aided key word search was used in order to identify the leadership styles and characteristics of the chairman, CEO and CFO. The results were then compared with the leadership models to form a picture of leadership in the sector during the research period. As this resulted in separate results that needed combining, SPSS data editor was used to aggregate the results across the studies using the variables ‘leadership style’ and ‘company financial performance’ together with the size of the company. In order to test the proposition (p2) that there was a prevalent leadership style in the banks that failed and the proposition (P3) that this was different to those that did not, further quantitative analysis was carried out on the leadership styles of the chair, CEO and CFO of banks that needed recapitalization, were taken over, or required government bail-out assistance during 2007-8. These included: Lehman Bros, Merrill Lynch, Royal Bank of Scotland, HBOS, Barclays, Northern Rock, Fortis and Allied Irish. The findings show that although regulatory reform has been a key mechanism of control of behavior in the banking sector, consideration of the leadership characteristics of those running the board are a key factor. They add weight to the argument that if each crisis is met with the same pattern of popular fury with the financier, increased regulation, followed by back to business as usual, the cycle of failure will always be repeated and show that through a different lens, new paradigms can be formed and future clashes avoided.

Keywords: banking, financial crisis, leadership, risk

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Authors: Hasanein Hasan, Mohammed Al-Taie, Basil Shanshool, Khalaf Abd-Ali

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This approach aims to deal with establishing and operating Iraqi Fibre-To-The-Home (FTTH) projects. The problems they suffer from are organized sabotage, vandalism, accidental damage and poor planning. It provides practical solutions that deal with the aforementioned problems. These solutions consist of both technical and financial clarifications that ensure the achievement of the FTTH network’s stability for the purpose of equipping citizens, private sector companies, and governmental institutions with services, data transmission, the Internet, and other services. They aim to solve problems and obstacles accompanying the operation and maintenance of FTTH projects implemented by the Informatics and Telecommunications Public Company (ITPC)/ Iraqi Ministry of Communications (MoC). This approach takes the FTTH network of AlMaalif-AlMuaslat districts/ Baghdad-Iraq as a case study.

Keywords: CCTV, FTTH, ITPC, MoC, NVR, PTZ

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Authors: Anurag Reddy Ramireddy, Abrar Ahmed, G. Sourya Sri Harsha, Pushkala Muralidharan

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Supply chains have been developing over time since the inception of commercial trade and barter. The Green Supply Chain Management (GSCM) is a powerful way to differentiate a company from its competitors and it can greatly influence the plan success. With increased awareness to corporate responsibility and the requirement to meet the terms with environmental policy, GSCM is becoming increasingly important for companies. This paper explains the concept of green supply chain management, the difference between conventional supply chain management and green supply management and how GSCM benefits organizations while at the same time supporting a sustainable environment system. An effort has also been made to analyse research already done in this field while exploring the challenges and barriers that organizations face in implementing GSCM practices in their existing systems.

Keywords: corporate social responsibility, green supply chain management, sustainability

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Authors: Ana Hol

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Digital systems are in the cognitive wave of the eTransformations and are now extensively aimed at meeting the individuals’ demands, both those of customers requiring services and those of service providers. It is also apparent that successful future systems will not just simply open doors to the traditional owners/users to offer and receive services such as Uber for example does today, but will in the future require more customized and cognitively enabled infrastructures that will be responsive to the system user’s needs. To be able to identify what is required for such systems, this research reviews the historical and the current effects of the eTransformation process by studying: 1. eTransitions of company websites and mobile applications, 2. Emergence of new sheared economy business models as Uber and, 3. New requirements for demand driven, cognitive systems capable of learning and just in time decision making. Based on the analysis, this study proposes a Cognitive eTransformation Framework capable of guiding implementations of new responsive and user aware systems.

Keywords: system implementations, AI supported systems, cognitive systems, eTransformation

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Authors: Katarzyna Bialik-Wąs, Klaudia Pluta, Dagmara Malina, Małgorzata Miastkowska

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In recent years, biocompatible hydrogels have been used more and more in medical applications, especially as modern dressings and drug delivery systems. The main goal of this research was the characteristics of bio-hybrid hydrogel materials incorporated with the nanocarrier-drug system, which enable the release in a gradual and prolonged manner, up to 7 days. Therefore, the use of such a combination will provide protection against mechanical damage and adequate hydration. The proposed bio-hybrid hydrogels are characterized by: transparency, biocompatibility, good mechanical strength, and the dual release system, which allows for gradual delivery of the active substance, even up to 7 days. Bio-hybrid hydrogels based on sodium alginate (SA), poly(vinyl alcohol) (PVA), glycerine, and Aloe vera solution (AV) were obtained through the chemical crosslinking method using poly(ethylene glycol) diacrylate as a crosslinking agent. Additionally, a nanocarrier-drug system was incorporated into SA/PVA/AV hydrogel matrix. Here, studies were focused on the release profiles of active substances from bio-hybrid hydrogels using the USP4 method (DZF II Flow-Through System, Erweka GmbH, Langen, Germany). The equipment incorporated seven in-line flow-through diffusion cells. The membrane was placed over support with an orifice of 1,5 cm in diameter (diffusional area, 1.766 cm²). All the cells were placed in a cell warmer connected with the Erweka heater DH 2000i and the Erweka piston pump HKP 720. The piston pump transports the receptor fluid via seven channels to the flow-through cells and automatically adapts the setting of the flow rate. All volumes were measured by gravimetric methods by filling the chambers with Milli-Q water and assuming a density of 1 g/ml. All the determinations were made in triplicate for each cell. The release study of the model active substance was carried out using a regenerated cellulose membrane Spectra/Por®Dialysis Membrane MWCO 6-8,000 Carl Roth® Company. These tests were conducted in buffer solutions – PBS at pH 7.4. A flow rate of receptor fluid of about 4 ml /1 min was selected. The experiments were carried out for 7 days at a temperature of 37°C. The released concentration of the model drug in the receptor solution was analyzed using UV-Vis spectroscopy (Perkin Elmer Company). Additionally, the following properties of the modified materials were studied: physicochemical, structural (FT-IR analysis), morphological (SEM analysis). Finally, the cytotoxicity tests using in vitro method were conducted. The obtained results exhibited that the dual release system allows for the gradual and prolonged delivery of the active substances, even up to 7 days.

Keywords: wound dressings, SA/PVA hydrogels, nanocarrier-drug system, USP4 method

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Authors: Rattakorn Poonsuph

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Technological innovation plays a crucial role in virtual healthcare services. A growing number of telehealth platforms are concentrating on using digital tools to improve the quality and availability of care. As a result, telehealth represents an opportunity to redesign the way health services are delivered. The research objective is to discover a new business model for digital health services and related industries to participate with telehealth solutions. The business opportunity is valuable for healthcare investors as a startup company to further investigations or implement the telehealth platform. The paper presents a digital healthcare business model and business opportunities to related industries. These include digital healthcare services extending from a traditional business model and use cases of business opportunities to related industries. Although there are enormous business opportunities, telehealth is still challenging due to the patient adaption and digital transformation process within a healthcare organization.

Keywords: telehealth, Internet hospital, HealthTech, InsurTech

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Authors: Saurabh Ahluwalia, Sul Kassicieh

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The conventional wisdom has maintained that being in proximity to entrepreneurial ecosystems helps startups to raise financing, develop and grow. In this paper, we examine the effect of a major component of an entrepreneurial ecosystem- financial or venture capital clusters on the exit of a startup through mergers and acquisitions (M&A). We find that the presence of a venture capitalist in a venture capital (VC) cluster is a major success factor for M&A exits. The location of startups in the top VC clusters did not turn out to be significant for success. Our results are robust to different specifications of the model that use different time periods, types of success, the reputation of VC, industry and the quality of the startup company. Our results provide evidence for VCs, startups and policymakers who want to better understand the components of entrepreneurial ecosystems and their relation to the M&A exits of startups.

Keywords: financial institution, mergers and acquisitions, startup financing, venture capital

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Authors: Hasan Vural

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In this study, innovation subject is explained firstly. Later the basic concepts of innovation and new food products development in marketing of bee products are investigated. Examples of the application of research results will be presented. Subject will be discussed benefiting from scientific studies based on literature review. Innovation is widely recognised as important to commercial success in the food industry, as both a major source of competitive advantage and the creation of a company’s future. However, the new product development process is described as being fraught with failures, with only approximately 10% of new products remaining on the market within a year of commercialisation. In addition, for every new food product that does reach commercialisation, there are likely to be many concepts that are rejected during the new food product development process. No roadmap exactly describes a route to a goal: exhortations to follow ‘10 Steps to a successful Product’ or use ‘Smith’s Method to Do Successful Products’ are, therefore, all approximations. Roadmaps do not describe the actual journey, only the general direction.

Keywords: innovation, agrofood product development, beekeeping products, honey marketing

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Authors: Sarah E. Stief, Anne Theresa Eidhoff, Markus Voeth

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Despite all progress firms are facing the increasing need to adapt and assimilate digital technologies to transform their business activities in order to pursue business development. By using new digital technologies, firms can implement major business improvements in order to stay competitive and foster new growth potentials. The corresponding phenomenon of digital transformation has received some attention in previous literature in respect to industries such as media and publishing. Nevertheless, there is a lack of understanding of the concept and its organization within firms. With the help of twenty-three in-depth field interviews with German experts responsible for their company’s digital transformation, we examined what digital transformation encompasses, how it is organized and which opportunities and challenges arise within firms. Our results indicate that digital transformation is an inevitable task for all firms, as it bears the potential to comprehensively optimize and reshape established business activities and can thus be seen as a strategy of business development.

Keywords: business development, digitalization, digital strategies, digital transformation

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Authors: Najeebah Almahmeed

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Risk Management is an evolving subject among organizations that include corporations, governments, non-governmental organizations, and not-for-profit corporations. In order to enhance awareness around the importance of Risk Management and make sure everyone is using it in their day-to-day job, the Risk Culture topic has emerged and gained importance not only in the Finance Sector but also in the National Oil Companies in Kuwait. Risk Culture can be defined as the shared beliefs, attitudes, and behaviors within a company that guide its approach to managing risks. It acts as a connecting force that links policies, procedures, and individuals, influencing how risks are understood and tackled through activities. In this research, benefits of Risk Culture are shared, guidelines are presented to promote a risk aware culture, and fully embed and enforce Risk-based processes and procedures. Moreover, this research demonstrates methodologies of measuring the Risk Culture using specific dimensions and clusters.

Keywords: clusters, dimensions, national oil companies, risk culture, risk management

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Authors: Bhupinder Kaur, O. P. Pandey

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An automobile industry is using variety of materials for better comfort and utility. The present work describes the details of failure analysis done for windshield glass of a four-wheeler class. The failure occurred in two different models of the heavy duty class of four wheelers, which analysed separately. The company reported that the failure has occurred only in their rear windshield when vehicles parked under shade for several days. These glasses were characterised by dilatometer, differential thermal analyzer, and X-ray diffraction. The glasses were further investigated under scanning electron microscope with energy dispersive X-ray spectroscopy and X-ray dot mapping. The microstructural analysis of the glasses done at the surface as well as at the fractured area indicates that carbon as an impurity got segregated as banded structure throughout the glass. Since carbon absorbs higher heat, it causes thermal mismatch to the entire glass system, and glass shattered down. In this work, the details of sequential analysis done to predict the cause of failure are present.

Keywords: failure, windshield, thermal mismatch, carbon

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Authors: Roshan Jelal, Charles Mbohwa

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In today’s world, internal fraud remains one of the most challenging problems within companies worldwide and despite investment in controls and attention given to the problem, the instances of internal fraud has not abated. To the contrary it appears that internal fraud is on the rise especially in the wake of the economic downturn. Leadership within companies believes that the more sophisticated the controls employed the less likely it would be for employees to pilfer. This is a very antiquated view as investment in controls may not be enough to curtail internal fraud; however, ensuring that a company drives the correct culture and behaviour within the organisation is likely to yield desired results. This research aims to understand how creating a strong ethical culture and embedding the principle of good corporate governance impacts on levels of internal fraud with an organization (a South African Bank).

Keywords: internal fraud, corporate governance, ethics, reserve bank, the King Code

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Authors: Ismail Muratoglu, Ahmet Meyveci, Abdurrahman Tuncer, Erkan Demirci

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This study is dedicated to the analysis of the problems of occupational safety in Turkey, Italy and Poland. The need analysis was applied to three different countries which are Turkey; 4, Poland; 1, Italy; 1 state. The number of the subjects is 891 in Turkey. The number of the subjects is 26 in Italy and the number of the subjects is 19 in Poland. The total number of samples of study is 936. Four different forms (Job Security Experts Form, Student Form, Teacher Form and Company Form) were applied. Results of experts of job security forms are rate of 7.1%. Then, the students’ forms are rate of 34.3%, teacher or instructor forms are rate of 9.9%. The last corporation forms are rate of 48.7%.

Keywords: Europe, need analysis, occupational safety, Turkey, vocational education

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Authors: Sérgio Afonso Mulema, Andrés Carrión García, Vicente Ernesto

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This paper analyses the effect of fertilizer (organic and inorganic) in the growth of tilapia. An experiment was implemented in the Aquapesca Company of Mozambique; there were considered four different treatments. Each type of fertilizer was applied in two of these treatments; a feed was supplied to the third treatment, and the fourth was taken as control. The weight and length of the tilapia were used as the growth parameters, and to measure the water quality, the physical-chemical parameters were registered. The results show that the weight and length were different for tilapias cultivated in different treatments. These differences were evidenced mainly by organic and feed treatments, where there was the largest and smallest value of these parameters, respectively. In order to prove that these differences were caused only by applied treatment without interference for the aquatic environment, a Fisher discriminant analysis was applied, which confirmed that the treatments were exposed to the same environment condition.

Keywords: fertilizer, tilapia, growth, statistical methods

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Authors: Baeza S. Roberto

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The knitted fabric suffers a deformation in its dimensions due to stretching and tension factors, transverse and longitudinal respectively, during the process in rectilinear knitting machines so it performs a dry relaxation shrinkage procedure and thermal action of prefixed to obtain stable conditions in the knitting. This paper presents a dry relaxation shrinkage prediction of Bordeaux fiber using a feed forward neural network and linear regression models. Six operational alternatives of shrinkage were predicted. A comparison of the results was performed finding neural network models with higher levels of explanation of the variability and prediction. The presence of different reposes are included. The models were obtained through a neural toolbox of Matlab and Minitab software with real data in a knitting company of Southern Guanajuato. The results allow predicting dry relaxation shrinkage of each alternative operation.

Keywords: neural network, dry relaxation, knitting, linear regression

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Authors: Jot Prakash Kaur

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The paper aims to showcase that with the introduction of anti-graft instruments and willingness of the governments towards their implementation, a significant change can be witnessed in the anti-corruption landscape of any country. Since the past decade anti-graft instruments have been introduced by several international non-governmental organizations with the vision of curbing corruption. Transparency International’s ‘Integrity Pact’ has been one such initiative. Integrity Pact has been described as a tool for preventing corruption in public contracting. Integrity Pact has found its relevance in a developing country like India where public procurement constitutes 25-30 percent of Gross Domestic Product. Corruption in public procurement has been a cause of concern even though India has in place a whole architecture of rules and regulations governing public procurement. Integrity Pact was first adopted by a leading Oil and Gas government company in 2006. Till May 2015, over ninety organizations had adopted Integrity Pact, of which majority of them are central government units. The methodology undertaken to understand impact of Integrity Pact on Public procurement is through analyzing information received from important stakeholders of the instrument. Government, information was sought through Right to Information Act 2005 about the details of adoption of this instrument by various government organizations and departments. Contractor, Company websites and annual reports were used to find out the steps taken towards implementation of Integrity Pact. Civil Society, Transparency International India’s resource materials which include publications and reports on Integrity Pact were also used to understand the impact of Integrity Pact. Some of the findings of the study include organizations adopting Integrity pacts in all kinds of contracts such that 90% of their procurements fall under Integrity Pact. Indian State governments have found merit in Integrity Pact and have adopted it in their procurement contracts. Integrity Pact has been instrumental in creating a brand image of companies. External Monitors, an essential feature of Integrity Pact have emerged as arbitrators for the bidders and are the first line of procurement auditors for the organizations. India has cancelled two defense contracts finding it conflicting with the provisions of Integrity Pact. Some of the clauses of Integrity Pact have been included in the proposed Public Procurement legislation. Integrity Pact has slowly but steadily grown to become an integral part of big ticket procurement in India. Government’s commitment to implement Integrity Pact has changed the way in which public procurement is conducted in India. Public Procurement was a segment infested with corruption but with the adoption of Integrity Pact a number of clean up acts have been performed to make procurement transparent. The paper is divided in five sections. First section elaborates on Integrity Pact. Second section talks about stakeholders of the instrument and the role it plays in its implementation. Third section talks about the efforts taken by the government to implement Integrity Pact in India. Fourth section talks about the role of External Monitor as Arbitrator. The final section puts forth suggestions to strengthen the existing form of Integrity Pact and increase its reach.

Keywords: corruption, integrity pact, procurement, vigilance

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Authors: G. Andreutti, G. Saccone, D. Lucariello, C. Pirozzi, S. Franchitti, R. Borrelli, C. Toscano, P. Caso, G. Ferraro, C. Pascarella

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The reduction of greenhouse gases and pollution emissions is a worldwide environmental issue. The amount of CO₂ released by an aircraft is associated with the amount of fuel burned, so the improvement of engine thermo-mechanical efficiency and specific fuel consumption is a significant technological driver for aviation. Moreover, with the prospect that avgas will be phased out, an engine able to use more available and cheaper fuels is an evident advantage. An advanced aeronautical Diesel engine, because of its high efficiency and ability to use widely available and low-cost jet and diesel fuels, is a promising solution to achieve a more fuel-efficient aircraft. On the other hand, a Diesel engine has generally a higher overall weight, if compared with a gasoline one of same power performances. Fixing the MTOW, Max Take-Off Weight, and the operational payload, this extra-weight reduces the aircraft fuel fraction, partially vinifying the associated benefits. Therefore, an effort in weight saving manufacturing technologies is likely desirable. In this work, in order to achieve the mentioned goals, innovative Electron Beam Melting – EBM, Additive Manufacturing – AM technologies were applied to a two-stroke, common rail, GF56 Diesel engine, developed by the CMD Company for aeronautic applications. For this purpose, a consortium of academic, research and industrial partners, including CMD Company, Italian Aerospace Research Centre – CIRA, University of Naples Federico II and the University of Salerno carried out a technological project, funded by the Italian Minister of Education and Research – MIUR. The project aimed to optimize the baseline engine in order to improve its performance and increase its airworthiness features. This project was focused on the definition, design, development, and application of enabling technologies for performance improvement of GF56. Weight saving of this engine was pursued through the application of EBM-AM technologies and in particular using Arcam AB A2X machine, available at CIRA. The 3D printer processes titanium alloy micro-powders and it was employed to realize new connecting rods of the GF56 engine with an additive-oriented design approach. After a preliminary investigation of EBM process parameters and a thermo-mechanical characterization of titanium alloy samples, additive manufactured, innovative connecting rods were fabricated. These engine elements were structurally verified, topologically optimized, 3D printed and suitably post-processed. Finally, the overall performance improvement, on a typical General Aviation aircraft, was estimated, substituting the conventional engine with the optimized GF56 propulsion system.

Keywords: aeronautic propulsion, additive manufacturing, performance improvement, weight saving, piston engine

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Authors: Sudawan Somjai

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The purpose of this paper was to find an appropriate outsourcing system model for the Thai electrical appliances industry. The objective was to increase competitive capability of the industry with an outsourcing system. The population for this study was the staff in the selected 10 companies in Thai electrical appliances industry located in Bangkok and the eastern part of Thailand. Data collecting techniques included in-depth interviews, focus group and storytelling techniques. The data was collected from 5 key informants from each company, making a total of 50 informants. The findings revealed that an outsourcing model would consist of important factors including outsourcing system, labor flexibility, capability of business process, manpower management efficiency, cost reduction, business risk elimination, core competency and competitiveness. Different suggestions were made as well in this research paper.

Keywords: outsourcing system, model, Thailand, electrical appliances industry

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Authors: Jim Shih-Chiao Chin, Yu Ting Yeh, Shui Lien Chen, Yi-Fen Tsai

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his study is taking Adidas Company as the object, explored the brand awareness directly or indirectly affects brand affect and word of mouth. First, explored the brand awareness on category fit and image fit, and examined the influence of category fit and image fit on extension attitude. This study then designates the effect of extension attitude on brand affect and word-of-mouth. The relationship of brand awareness on brand affect and word-of-mouth was also explored. The study participants are people who have purchased Adidas extension products. A total of 700 valid questionnaires were collected and statistical software AMOS 20.0 was used to examine the research hypotheses by using structural equation modeling (SEM). Finally, theoretical implications and research directions are provided for future studies.

Keywords: brand extension, brand awareness, product category fit, brand image fit, brand affect, word-of-mouth (WOM)

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Authors: Michal Lysek, Mike Danilovic, Jasmine Lihua Liu

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HMS Industrial Networks AB has been recognized as one of the most innovative companies in the industrial communication industry worldwide. The creation of their Anybus innovation during the 1990s contributed considerably to the company’s success. From inception, HMS’ employees were innovating for the purpose of creating new business (the creation phase). After the Anybus innovation, they began the process of internationalization (the commercialization phase), which in turn led them to concentrate on cost reduction, product quality, delivery precision, operational efficiency, and increasing growth (the growth phase). As a result of this transformation, performing new radical innovations have become more complicated. The purpose of our research was to explore the dynamics of innovation at HMS from the aspect of key actors, activities, and events, over the three phases, in order to understand what led to the creation of their Anybus innovation, and why it has become increasingly challenging for HMS to create new radical innovations for the future. Our research methodology was based on a longitudinal, retrospective study from the inception of HMS in 1988 to 2014, a single case study inspired by the grounded theory approach. We conducted 47 interviews and collected 1 024 historical documents for our research. Our analysis has revealed that HMS’ success in creating the Anybus, and developing a successful business around the innovation, was based on three main capabilities – cultivating customer relations on different managerial and organizational levels, inspiring business relations, and balancing complementary human assets for the purpose of business creation. The success of HMS has turned the management’s attention away from past activities of key actors, of their behavior, and how they influenced and stimulated the creation of radical innovations. Nowadays, they are rhetorically focusing on creativity and innovation. All the while, their real actions put emphasis on growth, cost reduction, product quality, delivery precision, operational efficiency, and moneymaking. In the process of becoming an international company, HMS gradually refocused. In so doing they became profitable and successful, but they also forgot what made them innovative in the first place. Fortunately, HMS’ management has come to realize that this is the case and they are now in search of recapturing innovation once again. Our analysis indicates that HMS’ management is facing several barriers to innovation related path dependency and other lock-in phenomena. HMS’ management has been captured, trapped in their mindset and actions, by the success of the past. But now their future has to be secured, and they have come to realize that moneymaking is not everything. In recent years, HMS’ management have begun to search for innovation once more, in order to recapture their past capabilities for creating radical innovations. In order to unlock their managerial perceptions of customer needs and their counter-innovation driven activities and events, to utilize the full potential of their employees and capture the innovation opportunity for the future.

Keywords: barriers to innovation, dynamics of innovation, in search of excellence and innovation, radical innovation

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Authors: Nisa Nur Duman, Sümeyya Kiliç

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In global competition conditions, survival of the plants by obtaining competitive advantage relies on the effective usage of existing sources. By this way, the plants can minimize their costs without losing their quality. They also take advantage took advantage on their competitors and enlarge customer portfolio by increasing profit margins. Changing structure of market and customer demands also change the structure of the competition between companies. Furthermore, competition is not only between the companies. By this manner, supply chain and supply chain management get importance by considering company performances. Companies that want to survive, search the ways of decreasing costs and the ways of meeting customer expectations. One of the important tools for reaching these goals is inventory managemet. The best inventory management system is meeting the demands by considering plant goals.

Keywords: Supply chain, inventory management, apparel sector, garment industry

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Authors: Chen Shuwen, Nunthapin Chantachaimongkol

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Since the world has moved into a transitional period, known as globalization; the business environment is now more complicated than ever before. Corporate information has become a matter of great importance for stakeholders, in order to understand the current situation. As a result of this, the concept of corporate governance has been broadly introduced to manage and control the affairs of corporations while businesses are required to disclose both financial and non-financial information to public via various communication channels such as the annual report, the financial report, the company’s website, etc. However, currently there are several other issues related to asymmetric information such as moral hazard or adverse selection that still occur intensively in workplaces. To prevent such problems in the business, it is required to have an understanding of what factors strengthen their transparency, accountability, fairness, and responsibility. Under aforementioned arguments, this paper aims to propose a conceptual framework that enables an investigation on how corporate governance mechanism influences disclosure efficiency of listed companies in the Association of Southeast Asia Nations (ASEAN) and the factors that should be considered for further development of good behaviors, particularly in regards to voluntary disclosure practices. To achieve its purpose, extensive reviews of literature are applied as a research methodology. It is divided into three main steps. Firstly, the theories involved with both corporate governance and disclosure practices such as agency theory, contract theory, signaling theory, moral hazard theory, and information asymmetry theory are examined to provide theoretical backgrounds. Secondly, the relevant literatures based on multi- perspectives of corporate governance, its attributions and their roles on business processes, the influences of corporate governance mechanisms on business performance, and the factors determining corporate governance characteristics as well as capability are reviewed to outline the parameters that should be included in the proposed model. Thirdly, the well-known regulatory document OECD principles and previous empirical studies on the corporate disclosure procedures are evaluated to identify the similarities and differentiations with the disclosure patterns in the ASEAN. Following the processes and consequences of the literature review, abundant factors and variables are found. Further to the methodology, additional critical factors that also have an impact on the disclosure behaviors are addressed in two groups. In the first group, the factors which are linked to the national characteristics - the quality of national code, legal origin, culture, the level of economic development, and so forth. Whereas in the second group, the discoveries which refer to the firm’s characteristics - ownership concentration, ownership’s rights, controlling group, and so on. However, because of research limitations, only some literature are chosen and summarized to form part of the conceptual framework that explores the relationship between corporate governance and the disclosure practices of listed companies in ASEAN.

Keywords: corporate governance, disclosure practice, ASEAN, listed company

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Authors: Hideaki Endo, Mika Goto

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The global outbreak of the COVID-19 pandemic has seriously affected railway businesses. The number of railway passengers decreased due to the decline in the number of commuters and business travelers to avoid crowded trains and a sharp drop in inbound tourists visiting Japan. This has affected not only railway businesses but also related businesses, including hotels, leisure businesses, and retail businesses at station buildings. In 2021, the companies were divided into profitable and loss-making companies. This division suggests that railway companies, particularly loss-making companies, needed to decrease operational inefficiency. To measure the impact of COVID-19 and discuss the sustainable management strategies of railway companies, we examine the cost inefficiency of Japanese listed railway companies by applying stochastic frontier analysis (SFA) to their operational and financial data. First, we employ the stochastic frontier cost function approach to measure inefficiency. The cost frontier function is formulated as a Cobb–Douglas type, and we estimated parameters and variables for inefficiency. This study uses panel data comprising 26 Japanese-listed railway companies from 2005 to 2020. This period includes several events deteriorating the business environment, such as the financial crisis from 2007 to 2008 and the Great East Japan Earthquake of 2011, and we compare those impacts with those of the COVID-19 pandemic after 2020. Second, we identify the characteristics of the best-practice railway companies and examine the drivers of cost inefficiencies. Third, we analyze the factors influencing cost inefficiency by comparing the profiles of the top 10 railway companies and others before and during the pandemic. Finally, we examine the relationship between cost inefficiency and the implementation of efficiency measures for each railway company. We obtained the following four findings. First, most Japanese railway companies showed the lowest cost inefficiency (most efficient) in 2014 and the highest in 2020 (least efficient) during the COVID-19 pandemic. The second worst occurred in 2009 when it was affected by the financial crisis. However, we did not observe a significant impact of the 2011 Great East Japan Earthquake. This is because no railway company was influenced by the earthquake in this operating area, except for JR-EAST. Second, the best-practice railway companies are KEIO and TOKYU. The main reason for their good performance is that both operate in and near the Tokyo metropolitan area, which is densely populated. Third, we found that non-best-practice companies had a larger decrease in passenger kilometers than best-practice companies. This indicates that passengers made fewer long-distance trips because they refrained from inter-prefectural travel during the pandemic. Finally, we found that companies that implement more efficiency improvement measures had higher cost efficiency and they effectively used their customer databases through proactive DX investments in marketing and asset management.

Keywords: COVID-19 pandemic, stochastic frontier analysis, railway sector, cost efficiency

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Authors: Maria Reznakova, Michala Strnadova, Lukas Reznak

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Successful achievement of strategic goals requires an effective performance management system, i.e. determining the appropriate indicators measuring the rate of goal achievement. Assuming that the goal of the owners is to grow the assets they invested in, it is vital to identify the key performance indicators, which contribute to value creation. These indicators are known as value drivers. Based on the undertaken literature search, a value driver is defined as any factor that affects the value of an enterprise. The important factors are then monitored by both financial and non-financial indicators. Financial performance indicators are most useful in strategic management, since they indicate whether a company's strategy implementation and execution are contributing to bottom line improvement. Non-financial indicators are mainly used for short-term decisions. The identification of value drivers, however, is problematic for companies which are not publicly traded. Therefore financial ratios continue to be used to measure the performance of companies, despite their considerable criticism. The main drawback of such indicators is the fact that they are calculated based on accounting data, while accounting rules may differ considerably across different environments. For successful enterprise performance management it is vital to avoid factors that may reduce (or even destroy) its value. Among the known factors reducing the enterprise value are the lack of capital, lack of strategic management system and poor quality of production. In order to gain further insight into the topic, the paper presents results of the research identifying factors that adversely affect the performance of mechanical engineering enterprises in the Czech Republic. The research methodology focuses on both the qualitative and the quantitative aspect of the topic. The qualitative data were obtained from a questionnaire survey of the enterprises senior management, while the quantitative financial data were obtained from the Analysis Major Database for European Sources (AMADEUS). The questionnaire prompted managers to list factors which negatively affect business performance of their enterprises. The range of potential factors was based on a secondary research – analysis of previously undertaken questionnaire surveys and research of studies published in the scientific literature. The results of the survey were evaluated both in general, by average scores, and by detailed sub-analyses of additional criteria. These include the company specific characteristics, such as its size and ownership structure. The evaluation also included a comparison of the managers’ opinions and the performance of their enterprises – measured by return on equity and return on assets ratios. The comparisons were tested by a series of non-parametric tests of statistical significance. The results of the analyses show that the factors most detrimental to the enterprise performance include the incompetence of responsible employees and the disregard to the customers‘ requirements.

Keywords: business value, financial ratios, performance measurement, value drivers

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Authors: Mohamad H. Atyeh, Wael Alrashed, Steven Telford

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The main objective of this research is to measure if there have been any notable changes in the trading actives of the Kuwait stock Exchange (KSE) after the privatization process that took place on the 25th of April 2016. The data that are used to test if there is any change in the KSE market performance are the daily indices for the period from the 25th of April 2016 till the 24th of October 2016 (after privatization) and a similar six months period before the date of the privatization from the 24th of October 2015 till the 24th of April 2016. In addition, as a control, the study included a period that is a period parallel to the six months period after the privatization. The results indicate that privatization is associated with lower variability for the majority of variables, but that the observed switch in slope direction is not actually a product of privatization, but rather one of serial correlation.

Keywords: privatization, Kuwait stock exchange (KSE), market capitalization (MCAP), capital markets authority (CMA), Boursa Kuwait securities company (BKSC)

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Authors: Pawel Magryta, Tytus Tulwin, Paweł Karpiński

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The ASz62IR engine is a radial aircraft engine with 9 cylinders. This object is produced by the Polish company WSK "PZL-KALISZ" S.A. This is engine is currently being developed by the above company and Lublin University of Technology. In order to provide an effective work of the technological development of this unit it was decided to made the simulation model. The model of ASz-62IR was developed with AVL BOOST software which is a tool dedicated to the one-dimensional modeling of internal combustion engines. This model can be used to calculate parameters of an air and fuel flow in an intake system including charging devices as well as combustion and exhaust flow to the environment. The main purpose of this model is the analysis of the charge exchange and mixture formation in this engine. For this purpose, the model consists of elements such: as air inlet, throttle system, compressor connector, charging compressor, inlet pipes and injectors, outlet pipes, fuel injection and model of fuel mixing and evaporation. The model of charge exchange and mixture formation was based on the model of mass flow rate in intake and exhaust pipes, and also on the calculation of gas properties values like gas constant or thermal capacity. This model was based on the equations to describe isentropic flow. The energy equation to describe flow under steady conditions was transformed into the mass flow equation. In the model the flow coefficient μσ was used, that varies with the stroke/valve opening and was determined in a steady flow state. The geometry of the inlet channels and other key components was mapped with reference to the technical documentation of the engine and empirical measurements of the structure elements. The volume of elements on the charge flow path between the air inlet and the exhaust outlet was measured by the CAD mapping of the structure. Taken from the technical documentation, the original characteristics of the compressor engine was entered into the model. Additionally, the model uses a general model for the transport of chemical compounds of the mixture. There are 7 compounds used, i.e. fuel, O2, N2, CO2, H2O, CO, H2. A gasoline fuel of a calorific value of 43.5 MJ/kg and an air mass fraction for stoichiometric mixture of 14.5 were used. Indirect injection into the intake manifold is used in this model. The model assumes the following simplifications: the mixture is homogenous at the beginning of combustion, accordingly, mixture stoichiometric coefficient A/F remains constant during combustion, combusted and non-combusted charges show identical pressures and temperatures although their compositions change. As a result of the simulation studies based on the model described above, the basic parameters of combustion process, charge exchange, mixture formation in cylinders were obtained. The AVL Boost software is very useful for the piston engine performance simulations. 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: aviation propulsion, AVL Boost, engine model, charge exchange, mixture formation

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Authors: Nicole Christiansen, Hanne Marie Motzfeldt

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In recent years, more and more HR professionals have been using cyber-vetting in job recruitment in an effort to find the perfect match for the company. These practices are growing rapidly, accessing a vast amount of data from social networks, some of which is privileged and protected information. Thus, there is a risk that the right to privacy is becoming a duty to manage your private data. This paper investigates to which degree a job applicant's fundamental rights are protected adequately in current and future legislation in the EU. This paper argues that current data protection regulations and forthcoming regulations on the use of AI ensure sufficient protection. However, even though the regulation on paper protects employees within the EU, the recruitment sector may not pay sufficient attention to the regulation as it not specifically targeting this area. Therefore, the lack of specific labor and employment regulation is a concern that the social partners should attend to.

Keywords: AI, cyber vetting, data protection, job recruitment, online privacy

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Authors: Burak Oksuzoglu, Savas Yildirim, Ferhat Kutlu

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Opinion mining (OM) is one of the natural language processing (NLP) problems to determine the polarity of opinions, mostly represented on a positive-neutral-negative axis. The data for OM is usually collected from various social media platforms. In an era where social media has considerable control over companies’ futures, it’s worth understanding social media and taking actions accordingly. OM comes to the fore here as the scale of the discussion about companies increases, and it becomes unfeasible to gauge opinion on individual levels. Thus, the companies opt to automize this process by applying machine learning (ML) approaches to their data. For the last two decades, OM or sentiment analysis (SA) has been mainly performed by applying ML classification algorithms such as support vector machines (SVM) and Naïve Bayes to a bag of n-gram representations of textual data. With the advent of deep learning and its apparent success in NLP, traditional methods have become obsolete. Transfer learning paradigm that has been commonly used in computer vision (CV) problems started to shape NLP approaches and language models (LM) lately. This gave a sudden rise to the usage of the pretrained language model (PTM), which contains language representations that are obtained by training it on the large datasets using self-supervised learning objectives. The PTMs are further fine-tuned by a specialized downstream task dataset to produce efficient models for various NLP tasks such as OM, NER (Named-Entity Recognition), Question Answering (QA), and so forth. In this study, the traditional and modern NLP approaches have been evaluated for OM by using a sizable corpus belonging to a large private company containing about 76,000 comments in Turkish: SVM with a bag of n-grams, and two chosen pre-trained models, multilingual universal sentence encoder (MUSE) and bidirectional encoder representations from transformers (BERT). The MUSE model is a multilingual model that supports 16 languages, including Turkish, and it is based on convolutional neural networks. The BERT is a monolingual model in our case and transformers-based neural networks. It uses a masked language model and next sentence prediction tasks that allow the bidirectional training of the transformers. During the training phase of the architecture, pre-processing operations such as morphological parsing, stemming, and spelling correction was not used since the experiments showed that their contribution to the model performance was found insignificant even though Turkish is a highly agglutinative and inflective language. The results show that usage of deep learning methods with pre-trained models and fine-tuning achieve about 11% improvement over SVM for OM. The BERT model achieved around 94% prediction accuracy while the MUSE model achieved around 88% and SVM did around 83%. The MUSE multilingual model shows better results than SVM, but it still performs worse than the monolingual BERT model.

Keywords: BERT, MUSE, opinion mining, pretrained language model, SVM, Turkish

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Authors: Julia Yalalova, Dilawar Khan Durrani

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Subjective and objective career success is one of the vital aims that the employees of any organization want to achieve. However, career success is affected by numerous factors. This study aims to identify few of such key factors that affect career success of individual employees. To achieve this objective, this study aims at empirically analyzing that weather or not self-efficacy of employees impacts their career success. Furthermore, this study also aims to analyze whether or not work effort mediates the relationship between self-efficacy and career success. The study will also test weather emotional intelligence moderate the relationship between self-efficacy and work effort. Furthermore, gender based differences related to all the variables are also the focus of this study. The data will be analyzed using SPSS software and the results, recommendations and future implications will be discussed.

Keywords: career success, emotional intelligence, self-efficacy, work effort

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Authors: Maria Evnevich

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In modern conditions, in most markets, price competition is becoming less effective. On the one hand, there is a gradual decrease in the level of marginality in main traditional sectors of the economy, so further price reduction becomes too ‘expensive’ for the company. On the other hand, the effect of price reduction is leveled, and the reason for this phenomenon is likely to be informational. As a result, it turns out that even if the company reduces prices, making its products more accessible to the buyer, there is a high probability that this will not lead to increase in sales unless additional large-scale advertising and information campaigns are conducted. Similarly, a large-scale information and advertising campaign have a much greater effect itself than price reductions. At the same time, the cost of mass informing is growing every year, especially when using the main information channels. The article presents generalization, systematization and development of theoretical approaches and best practices in the field of customer focus approach to business management and in the field of relationship marketing in the modern digital economy. The research methodology is based on the synthesis and content-analysis of sociological and marketing research and on the study of the systems of working with consumer appeals and loyalty programs in the 50 largest client-oriented companies in Russia. Also, the analysis of internal documentation on customers’ purchases in one of the largest retail companies in Russia allowed to identify if buyers prefer to buy goods for complex purchases in one retail store with the best price image for them. The cost of attracting a new client is now quite high and continues to grow, so it becomes more important to keep him and increase the involvement through marketing tools. A huge role is played by modern digital technologies used both in advertising (e-mailing, SEO, contextual advertising, banner advertising, SMM, etc.) and in service. To implement the above-described client-oriented omnichannel service, it is necessary to identify the client and work with personal data provided when filling in the loyalty program application form. The analysis of loyalty programs of 50 companies identified the following types of cards: discount cards, bonus cards, mixed cards, coalition loyalty cards, bank loyalty programs, aviation loyalty programs, hybrid loyalty cards, situational loyalty cards. The use of loyalty cards allows not only to stimulate the customer to purchase ‘untargeted’, but also to provide individualized offers, as well as to produce more targeted information. The development of digital technologies and modern means of communication has significantly changed not only the sphere of marketing and promotion, but also the economic landscape as a whole. Factors of competitiveness are the digital opportunities of companies in the field of customer orientation: personalization of service, customization of advertising offers, optimization of marketing activity and improvement of logistics.

Keywords: customer focus, digital economy, loyalty program, relationship marketing

Procedia PDF Downloads 163