Search results for: corporate credit rating prediction

Authors: Raif Parlakkaya, Mustafa Nihat Demirci, Mehmet Nuri Salur

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Environmental pollution has detrimental effects on the quality of our life and its scope has reached such an extent that measures are being taken both at the national and international levels to reduce, prevent and mitigate its impact on social, economic and political spheres. Therefore, awareness of environmental problems has been increasing among stakeholders and accordingly among companies. It is seen that corporate reporting is expanding beyond environmental performance. Primary purpose of publishing an environmental report is to provide specific audiences with useful, meaningful information. This paper is intended to analyze the extent and qualification of environmental disclosures of Turkish publicly quoted firms and see how it varies from one sector to another. The data for the study were collected from annual activity reports of companies, listed on the corporate governance index (BIST-XKURY) of Istanbul Stock Exchange. Content analysis was the research methodology used to measure the extent of environmental disclosure. Accordingly, 2015 annual activity reports of companies that carry out business in some particular fields were acquired from Capital Market Board, websites of Public Disclosure Platform and companies’ own websites. These reports were categorized into five main aspects: Environmental policies, environmental management systems, environmental protection and conservation activities, environmental awareness and information on environmental lawsuits. Subsequently, each component was divided into several variables related to what each firm is supposed to disclose about environmental information. In this context, the nature and scope of the information disclosed on each item were assessed according to five different ways (N.I: No Information; G.E.: General Explanations; Q.E.: Qualitative Detailed Explanations; N.E.: Quantitative (numerical) Detailed Explanations; Q.&N.E.: Both Qualitative and Quantitative Explanations).

Keywords: environmental accounting, disclosure, corporate governance, content analysis

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Authors: Soha A. Bahanshal, Vaibhav Verdhan, Bayong Kim

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Graduation rates at six-year colleges are becoming a more essential indicator for incoming fresh students and for university rankings. Predicting student graduation is extremely beneficial to schools and has a huge potential for targeted intervention. It is important for educational institutions since it enables the development of strategic plans that will assist or improve students' performance in achieving their degrees on time (GOT). A first step and a helping hand in extracting useful information from these data and gaining insights into the prediction of students' progress and performance is offered by machine learning techniques. Data analysis and visualization techniques are applied to understand and interpret the data. The data used for the analysis contains students who have graduated in 6 years in the academic year 2017-2018 for science majors. This analysis can be used to predict the graduation of students in the next academic year. Different Predictive modelings such as logistic regression, decision trees, support vector machines, Random Forest, Naïve Bayes, and KNeighborsClassifier are applied to predict whether a student will graduate. These classifiers were evaluated with k folds of 5. The performance of these classifiers was compared based on accuracy measurement. The results indicated that Ensemble Classifier achieves better accuracy, about 91.12%. This GOT prediction model would hopefully be useful to university administration and academics in developing measures for assisting and boosting students' academic performance and ensuring they graduate on time.

Keywords: prediction, decision trees, machine learning, support vector machine, ensemble model, student graduation, GOT graduate on time

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Authors: Antonio Piga

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The study of language strategies in financial and corporate discourse has always been vital for understanding how companies manage to communicate effectively with a wider customer base and offers new perspectives on how companies interact with key stakeholders, not only to convey transparency and an image of trustworthiness, but also to create affiliation and attract investment. In the light of Systemic Functional Linguistics, the purpose of this study is to examine and analyse the annual reports of Asian and Western joint-stock companies involved in oil refining and power generation from the point of view of the functions and frequency of grammatical metaphors. More specifically, grammatical metaphor - through the lens of Critical Discourse Analysis (CDA) - is used as a theoretical tool for analysing a synchronic cross-cultural study of the communicative strategies adopted by Asian and Western companies to communicate social and environmental sustainability and showcase their ethical values, performance and competitiveness to local and global communities and key stakeholders. According to Systemic Functional Linguistics, grammatical metaphor can be divided into two broad areas: ideational and interpersonal. This study focuses on the first type, ideational grammatical metaphor (IGM), which includes de-adjectival and de-verbal nominalisation. The dominant and more effective grammatical tropes used by Asian and Western corporations in their annual reports were examined from both a qualitative and quantitative perspective. The aim was to categorise and explain how ideational grammatical metaphor is constructed cross-culturally and presented through structural language patterns involving re-mapping between semantics and lexico-grammatical features. The results show that although there seem to be more differences than similarities in terms of the categorisation of the ideational grammatical metaphors conceptualised in the two case studies analysed, there are more similarities than differences in terms of the occurrence, the congruence of process types and the role and function of IGM. Through the immediacy and essentialism of compacting and condensing information, IGM seems to be an important linguistic strategy adopted in the rhetoric of corporate annual reports, contributing to the ideologies and actions of companies to report and promote efficiency, profit and social and environmental sustainability, thus advocating the engagement and investment of key stakeholders.

Keywords: corporate annual reports, cross-cultural perspective, ideational grammatical metaphor, rhetoric, systemic functional linguistics

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Authors: Ivana Knezevic, Kenneth D. Candido, N. Nick Knezevic

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Background: While pain intensity scales remain generally accepted assessment tool, and the numeric pain rating score is highly subjective, we nevertheless rely on them to make a judgment about treatment effects. Misinterpretation of pain can lead practitioners to underestimate or overestimate the patient’s medical condition. The purpose of this study was to analyze how the numeric rating pain scores given by patients with low back pain correlate with their functional activity levels. Methods: We included 100 consecutive patients with radicular low back pain (LBP) after the Institutional Review Board (IRB) approval. Pain scores, numeric rating scale (NRS) responses at rest and in the movement,Oswestry Disability Index (ODI) questionnaire answers were collected 10 times through 12 months. The ODI questionnaire is targeting a patient’s activities and physical limitations as well as a patient’s ability to manage stationary everyday duties. Statistical analysis was performed by using SPSS Software version 20. Results: The average duration of LBP was 14±22 months at the beginning of the study. All patients included in the study were between 24 and 78 years old (average 48.85±14); 56% women and 44% men. Differences between ODI and pain scores in the range from -10% to +10% were considered “normal”. Discrepancies in pain scores were graded as mild between -30% and -11% or +11% and +30%; moderate between -50% and -31% and +31% and +50% and severe if differences were more than -50% or +50%. Our data showed that pain scores at rest correlate well with ODI in 65% of patients. In 30% of patients mild discrepancies were present (negative in 21% and positive in 9%), 4% of patients had moderate and 1% severe discrepancies. “Negative discrepancy” means that patients graded their pain scores much higher than their functional ability, and most likely exaggerated their pain. “Positive discrepancy” means that patients graded their pain scores much lower than their functional ability, and most likely underrated their pain. Comparisons between ODI and pain scores during movement showed normal correlation in only 39% of patients. Mild discrepancies were present in 42% (negative in 39% and positive in 3%); moderate in 14% (all negative), and severe in 5% (all negative) of patients. A 58% unknowingly exaggerated their pain during movement. Inconsistencies were equal in male and female patients (p=0.606 and p=0.928).Our results showed that there was a negative correlation between patients’ satisfaction and the degree of reporting pain inconsistency. Furthermore, patients talking opioids showed more discrepancies in reporting pain intensity scores than did patients taking non-opioid analgesics or not taking medications for LBP (p=0.038). There was a highly statistically significant correlation between morphine equivalents doses and the level of discrepancy (p<0.0001). Conclusion: We have put emphasis on the patient education in pain evaluation as a vital step in accurate pain level reporting. We have showed a direct correlation with patients’ satisfaction. Furthermore, we must identify other parameters in defining our patients’ chronic pain conditions, such as functionality scales, quality of life questionnaires, etc., and should move away from an overly simplistic subjective rating scale.

Keywords: pain score, functionality scales, low back pain, lumbar

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Authors: Najmeh Mohsenifar, Narjes Mohsenifar, Abbas Kargar

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In this paper, has been presented a stable method for predicting the ECG signals through the RBF neural networks, by the PSO algorithm. In spite of quasi-periodic ECG signal from a healthy person, there are distortions in electro cardiographic data for a patient. Therefore, there is no precise mathematical model for prediction. Here, we have exploited neural networks that are capable of complicated nonlinear mapping. Although the architecture and spread of RBF networks are usually selected through trial and error, the PSO algorithm has been used for choosing the best neural network. In this way, 2 second of a recorded ECG signal is employed to predict duration of 20 second in advance. Our simulations show that PSO algorithm can find the RBF neural network with minimum MSE and the accuracy of the predicted ECG signal is 97 %.

Keywords: electrocardiogram, RBF artificial neural network, PSO algorithm, predict, accuracy

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Authors: Lama Bendak

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Parents and teachers face major problems dealing with attention deficit hyperactivity students. One solution is by changing the school to a less restrictive one or leaving school for good. The purpose of this study is to highlight the importance and role of individual educational plans (IEP) in helping cycle one ages six to nine attention deficit hyperactivity disorder (ADHD) students on the behavioral level. We have adopted the qualitative approach experimental where the total number of the students in our field of study was 66 from four schools. We have limited our study to cycle one students; that is grades 1, 2 and 3, whose ages range from 5.5 to 8.5. We divided the students into two groups where the controlled group was 36 students, and the experimental group was 30 students. The measuring instrument or tool that we used in our study is The SNAP-IV Teacher and Parents Rating Scale and was filled by class teachers. We did the pretest during the first trimester of the school year. Then we applied the Individual Educational Plans IEP's for two trimesters. Then we did the posttest and submitted the results for analysis, where we used the ANCOVA. The results of this study showed that the IEP's efficacy in helping ADHD students on the behavioral aspect showed statistical differences and varied depending on the initial level of difficulty of the student.

Keywords: attention deficit hyperactivity disorder, individual educational plans, behavioral charts, SNAP-IV teacher and parents rating scale

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Authors: Yuichi Kida, Takuro Kida

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In a new smart society supported by the recent development of 5G and 6G Communication systems, the im- portance of wireless power transmission is increasing. These systems contain discrete sampling systems in the middle of the transmission path and equivalent circuit representation of lossless or lossy power transmission through these systems is an important issue in circuit theory. In this paper, for the given weight function, we show that a lossless power transmission system with the given weight is expressed by an equivalent circuit representation of the Kida’s optimal signal prediction system followed by a reactance multi-port circuit behind it. Further, it is shown that, when the system is lossy, the system has an equivalent circuit in the form of connecting a multi-port positive-real circuit behind the Kida’s optimal signal prediction system. Also, for the convenience of the reader, in this paper, the equivalent circuit expression of the reactance multi-port circuit and the positive- real multi-port circuit by Cauer and Ohno, whose information is currently being lost even in the world of the Internet.

Keywords: signal prediction, pseudo inverse matrix, artificial intelligence, power transmission

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Authors: Omar M. Elmabrouk

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The cutting tool, in the high-speed machining process, is consistently dealing with high localized stress at the tool tip, tip temperature exceeds 800°C and the chip slides along the rake face. These conditions are affecting the tool wear, the cutting tool performances, the quality of the produced parts and the tool life. Therefore, a thin film coating on the cutting tool should be considered to improve the tool surface properties while maintaining its bulks properties. One of the general coating processes in applying thin film for hard coating purpose is PVD magnetron sputtering. In this paper, the prediction of the effects of PVD magnetron sputtering coating process parameters, sputter power in the range of (4.81-7.19 kW), bias voltage in the range of (50.00-300.00 Volts) and substrate temperature in the range of (281.08-600.00 °C), were studied using artificial neural network (ANN). The results were compared with previously published results using RSM model. It was found that the ANN is more accurate in prediction of tool hardness, and hence, it will not only improve the tool life of the tool but also significantly enhances the efficiency of the machining processes.

Keywords: artificial neural network, hardness, prediction, titanium aluminium nitrate coating

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Authors: Bolanle Deborah Motilewa, E. K. Rowland Worlu, Gbenga Mayowa Agboola, Ayodele Maxwell Olokundun

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Several studies have proposed a one-size fit all approach to Corporate Social Responsibility (CSR) practices, such that CSR as it applies to developed countries is adapted to developing countries, ignoring the differing institutional environments (such as the regulative, economic, social and political environments), which affects the profitability and practices of businesses operating in them. CSR as it applies to filling institutional gaps in developing countries, was categorized into four themes: environmental protection, product and service innovation, social innovation and local cluster development. Based on the four themes, the study employed a qualitative research approach through the use of interviews and review of available publications to study the influence of institutional environments on CSR practices engaged in by three renewable energy firms operating in Nigeria. Over the course of three 60-minutes sessions with the top management and selected workers of the firms, four propositions were made: regulatory environment influences environmental protection practice of Nigerian renewable firms, economic environment influences product and service innovation practice of Nigerian renewable energy firms, the social environment impacts on social innovation in Nigerian renewable energy firms, and political environment affects local cluster development practice of Nigerian renewable energy firms. It was also observed that beyond institutional environments, the international exposure of an organization’s managers reflected in their approach to CSR. This finding on the influence of international exposure on CSR practices creates an area for further study. Insights from this paper are set to help policy makers in developing countries, CSR managers, and future researchers.

Keywords: corporate social responsibility, renewable energy firms, institutional environment, social entrepreneurship

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Authors: Synthia A. Sari

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The transparent nomination and selection process is the first step to obtaining qualified members of board. It is believed as the representative (agent) of the owners, members of the board must consist of competent and professional people. However, the development of transparent and ideal nomination and selection process in Indonesian State-owned enterprises (SOEs) has been based on relatively little research. Considering the relative importance attached by boards to conduct their roles in their principal’s interest in a variety of governance tasks in state-owned enterprises, the primary aim of this paper is to shed light on the extent of nomination and selection process impact performance of the board in implementing good corporate governance in Indonesian SOEs. The exploratory nature of this study led to the adoption of a qualitative research methodology which uses semi-structured interviews and publically available documents to collect a range of data pertaining board nomination and selection and the work of boards. Interviews were conducted with four informants from three Indonesian SOEs and Ministry of SOEs. Findings in this study demonstrate unclear job description and expectations board members as a result of unclear functions of the board in Indonesian SOEs make transparent and accountable nomination and selection process hard to conduct. This situation is vulnerable to the influences from political interest and that even the process itself can degenerate into situations of political interference. In the end, it leads to choosing the wrong person for membership of the board. This study makes a significant contribution to several fields; the human resource management, corporate governance, and Southeast studies by addressing the basic research gaps of board selection process issues in Indonesian SOEs. The gap is addressed by providing a more coherent framework for effective nomination and selection system which reflects more clearly the real experiences of those actually involved at board level.

Keywords: board selection and nomination process, Indonesian stated-owned enterprises, good corporate governance, political influence

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Authors: O. M. van den Broek

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This article examines how large German companies have responded to the 2014 refugee crisis. It challenges the assumption that the historical legacy of implicit CSR in Germany would lead to low levels of business response through CSR channels. Instead, and building on institutional CSR and the converging forces of globalization, this article argues that the urgency of a humanitarian crisis creates incentives, in the absence of formal institutional arrangement, for explicit CSR responses. This explorative research encompasses the 53 German companies presented on 2015 Forbes2000. A qualitative content analysis of corporate websites was supplemented with inquiry e-mails. Results indicate considerable evidence for the main hypothesis, showing a vast majority of companies responding to the refugee crisis. Levels of engagement varied, depending on the phase of the crisis, from core-business activities to non-integrated action. The high level of partnerships with the state and other non-state actors indicates a quest for enhanced legitimacy in the face of an absent democratic mandate.

Keywords: corporate social responsibility (CSR), implicit versus explicit CSR, public-private partnerships, European refugee crisis

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Authors: S. R. M. Krishna, R. Santosh Kumar, V. Kamakshi Prasad

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Machine learning techniques are applied for the analysis of the impact of mental illness on the burden of disease. It is calculated using the disability-adjusted life year (DALY). DALYs for a disease is the sum of years of life lost due to premature mortality (YLLs) + No of years of healthy life lost due to disability (YLDs). The critical analysis is done based on the Data sources, machine learning techniques and feature extraction method. The reviewing is done based on major databases. The extracted data is examined using statistical analysis and machine learning techniques were applied. The prediction of the impact of mental illness on the population using machine learning techniques is an alternative approach to the old traditional strategies, which are time-consuming and may not be reliable. The approach makes it necessary for a comprehensive adoption, innovative algorithms, and an understanding of the limitations and challenges. The obtained prediction is a way of understanding the underlying impact of mental illness on the health of the people and it enables us to get a healthy life expectancy. The growing impact of mental illness and the challenges associated with the detection and treatment of mental disorders make it necessary for us to understand the complete effect of it on the majority of the population.

Keywords: ML, DAL, YLD, YLL

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Authors: Manmeet Kaur, Madhu Vij

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The Board of Directors in a firm performs the primary role of an internal control mechanism. This Study seeks to understand the relationship between internal governance and performance of banks in India. The research paper investigates the effect of board structure (proportion of nonexecutive directors, gender diversity, board size and meetings per year) on the firm performance. This paper evaluates the impact of corporate governance mechanisms on bank’s financial performance using panel data for 28 listed banks in National Stock Exchange of India for the period of 2008-2014. Returns on Asset, Return on Equity, Tobin’s Q and Net Interest Margin were used as the financial performance indicators. To estimate the relationship among governance and bank performance initially the Study uses Pooled Ordinary Least Square (OLS) Estimation and Generalized Least Square (GLS) Estimation. Then a well-developed panel Generalized Method of Moments (GMM) Estimator is developed to investigate the dynamic nature of performance and governance relationship. The Study empirically confirms that two-step system GMM approach controls the problem of unobserved heterogeneity and endogeneity as compared to the OLS and GLS approach. The result suggests that banks with small board, boards with female members, and boards that meet more frequently tend to be more efficient and subsequently have a positive impact on performance of banks. The study offers insights to policy makers interested in enhancing the quality of governance of banks in India. Also, the findings suggest that board structure plays a vital role in the improvement of corporate governance mechanism for financial institutions. There is a need to have efficient boards in banks to improve the overall health of the financial institutions and the economic development of the country.

Keywords: board of directors, corporate governance, GMM estimation, Indian banking

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Authors: Praveen Chandramenon, Andrew Gascoyne, Fideline Tchuenbou-Magaia

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Aquaponics offers a simple conclusive solution to the food and environmental crisis of the world. This approach combines the idea of Aquaculture (growing fish) to Hydroponics (growing vegetables and plants in a soilless method). Smart Aquaponics explores the use of smart technology including artificial intelligence and IoT, to assist farmers with better decision making and online monitoring and control of the system. Identification of different growth stages of Swiss Chard plants and predicting its harvest time is found to be important in Aquaponic yield management. This paper brings out the comparative analysis of a standard Aquaponics with a Vermiponics (Aquaponics with worms), which was grown in the controlled environment, by implementing IoT and deep learning-based growth stage segregation and harvest time prediction of Swiss Chards before and after applying an optimal freshwater replenishment. Data collection, Growth stage classification and Harvest Time prediction has been performed with and without water replenishment. The paper discusses the experimental design, IoT and sensor communication with architecture, data collection process, image segmentation, various regression and classification models and error estimation used in the project. The paper concludes with the results comparison, including best models that performs growth stage segregation and harvest time prediction of the Aquaponic and Vermiponic testbed with and without freshwater replenishment.

Keywords: aquaponics, deep learning, internet of things, vermiponics

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Authors: Mayur Kudale, Priyanka Panchal

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Cellulose fibres, mainly cotton, are the most important kind of fibre used for manufacturing shirting fabric. However, to overcome its main disadvantage, that is it gets wrinkled after washing, is to use special kind of finish which is resin finish. This finish provides a resistance against shrinkage along with improved wet and dry wrinkle recovery to cellulosic textiles. The Durable Press (DP) finish uses a mechanism of cross-linking with polymers or resin to inhibit the easy movement of the cellulose chains. The purpose of these experimentations on the weave is to observe and compare the variations in properties after DP finish without adverse effect on strength of the fabric. In this work, we have prepared three types of fabric weaves viz. Plain, Twill and Sateen with their construction parameters intact. To get the projected results, this work uses three types of variables viz. concentration of Resin, Temperature and Time. Resultant of these variables is only change in weave or construction on DP finish which further opens the possibilities of improvement of DP either of mentioned weaves. The combined effect of such various parametric resin finish methodology will give the best method to improve the DP. However, the DP finish can cause a side effect of reduction in elasticity and flexibility of cellulosic fibres. The natural cellulose could loss abrasion resistance along with tear and tensile strength by applying DP finish. In this work, it is taken care that the tear strength of fabric will not drop below certain limit otherwise the fabric will tear down easily. In this work, it is found that there is a significant drop in tearing and tensile strength with the improvement of DP finish. Later on, it is also found that the twill weave has more percentage drop in tearing strength as compared to plain and sateen weave. There is major kind of observations obtained after this work. First, the mixing of cotton should be done properly to achieve the higher DP rating in plain weave. Second, the careful combination of warp, weft and fabric construction must be decided to avoid the high drop in tear and tensile strength in a twill weave. Third, the sateen weave has a good sheen and DP rating hence it can be used in shirting of gents and ladies dress materials. This concludes that to achieve higher DP ratings, use plain weave construction than twill and sateen because it has the lowest tear and tensile strength drop.

Keywords: concentration of resin, cross-linking, durable press (DP) finish, sheen, tear and tensile strength, weave

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Authors: Waqas Ahmed Khan Afridi, Subhas Chandra Mukhopadhyay, Bandita Mainali

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The research paper presents a unique approach to evapotranspiration (ET) prediction using a Support Vector Machine (SVM) learning algorithm. The study leverages real-time sensor node data to develop an accurate and adaptable prediction model, addressing the inherent challenges of traditional ET estimation methods. The integration of the SVM algorithm with real-time sensor node data offers great potential to improve spatial and temporal resolution in ET predictions. In the model development, key input features are measured and computed using mathematical equations such as Penman-Monteith (FAO56) and soil water balance (SWB), which include soil-environmental parameters such as; solar radiation (Rs), air temperature (T), atmospheric pressure (P), relative humidity (RH), wind speed (u2), rain (R), deep percolation (DP), soil temperature (ST), and change in soil moisture (∆SM). The one-year field data are split into combinations of three proportions i.e. train, test, and validation sets. While kernel functions with tuning hyperparameters have been used to train and improve the accuracy of the prediction model with multiple iterations. This paper also outlines the existing methods and the machine learning techniques to determine Evapotranspiration, data collection and preprocessing, model construction, and evaluation metrics, highlighting the significance of SVM in advancing the field of ET prediction. The results demonstrate the robustness and high predictability of the developed model on the basis of performance evaluation metrics (R2, RMSE, MAE). The effectiveness of the proposed model in capturing complex relationships within soil and environmental parameters provide insights into its potential applications for water resource management and hydrological ecosystem.

Keywords: evapotranspiration, FAO56, KNIME, machine learning, RStudio, SVM, sensors

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Authors: Vaidehi Iyer, Konstantin Borozdin

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Time series prediction problems have many important practical applications, but are notoriously difficult for statistical modeling. Recently, machine learning methods have been attracted significant interest as a practical tool applied to a variety of problems, even though developments in this field tend to be semi-empirical. This paper explores application of Long Short Term Memory based Recurrent Neural Networks to the one-step prediction of time series for both trend and stochastic components. Two types of data are analyzed - daily stock prices, that are often considered to be a typical example of a random walk, - and weather patterns dominated by seasonal variations. Results from both analyses are compared, and reinforced learning framework is used to select more efficient between Recurrent Neural Networks and more traditional auto regression methods. It is shown that both methods are able to follow long-term trends and seasonal variations closely, but have difficulties with reproducing day-to-day variability. Future research directions and potential real world applications are briefly discussed.

Keywords: long short term memory, prediction methods, recurrent neural networks, reinforcement learning

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Authors: Tanapond S.

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Typically, most of the controlling firms are relate to family firms which are widespread and important for economic growth particularly in Asian Pacific region. The unique characteristics of the controlling families tend to play an important role in determining the corporate policies such as dividend policy. Given the complexity of the family business phenomenon, the empirical evidence has been unclear on how the families behind business groups influence dividend policy in Asian markets with the prevalent existence of cross-shareholdings and pyramidal structure. Dividend policy as one of an important determinant of firm value could also be implemented in order to examine the effect of the controlling families behind business groups on strategic decisions-making in terms of a governance perspective and agency problems. The purpose of this paper is to investigate the impact of ownership structure and concentration which are influential internal corporate governance mechanisms in family firms on dividend decision-making. Using panel data and constructing a unique dataset of family ownership and control through hand-collecting information from the nonfinancial companies listed in Stock Exchange of Thailand (SET) between 2000 and 2015, the study finds that family firms with large stakes distribute higher dividends than family firms with small stakes. Family ownership can mitigate the agency problems and the expropriation of minority investors in family firms. To provide insight into the distinguish between ownership rights and control rights, this study examines specific firm characteristics including the degrees of concentration of controlling shareholders by classifying family ownership in different categories. The results show that controlling families with large deviation between voting rights and cash flow rights have more power and affect lower dividend payment. These situations become worse when second blockholders are families. To the best knowledge of the researcher, this study is the first to examine the association between family firms’ characteristics and dividend policy from the corporate governance perspectives in Thailand with weak investor protection environment and high ownership concentration. This research also underscores the importance of family control especially in a context in which family business groups and pyramidal structure are prevalent. As a result, academics and policy makers can develop markets and corporate policies to eliminate agency problem.

Keywords: agency theory, dividend policy, family control, Thailand

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Authors: Jens Friedrich, Matthias A. Gebele, Armin Lechler, Alexander Verl

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Chatter vibrations and process instabilities are the most important factors limiting the productivity of the milling process. Chatter can leads to damage of the tool, the part or the machine tool. Therefore, the estimation and prediction of the process stability is very important. The process stability depends on the spindle speed, the depth of cut and the width of cut. In milling, the process conditions are defined in the NC-program. While the spindle speed is directly coded in the NC-program, the depth and width of cut are unknown. This paper presents a new simulation based approach for the prediction of the depth and width of cut of a milling process. The prediction is based on a material removal simulation with an analytically represented tool shape and a multi-dexel approach for the work piece. The new calculation method allows the direct estimation of the depth and width of cut, which are the influencing parameters of the process stability, instead of the removed volume as existing approaches do. The knowledge can be used to predict the stability of new, unknown parts. Moreover with an additional vibration sensor, the stability lobe diagram of a milling process can be estimated and improved based on the estimated depth and width of cut.

Keywords: dexel, process stability, material removal, milling

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Authors: Diqin Qi, Jiaming Li, Siman Li

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Based on the use of the three-point smoothing method for selectively processing original data columns, this paper establishes a group of grey GM(1,1) models to predict the concentration ranges of four major air pollutants in Shanghai from 2023 to 2024. The results indicate that PM₁₀, SO₂, and NO₂ maintain the national Grade I standards, while the concentration of PM₂.₅ has decreased but still remains within the national Grade II standards. Combining the forecast results, recommendations are provided for the Shanghai municipal government's efforts in air pollution prevention and control.

Keywords: atmospheric pollutant prediction, Grey GM(1, 1), model group, three-point smoothing method

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Authors: Ojo Adeshina Akinwumi

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This study investigated leadership style and organizational culture as predictors of unethical work behaviour among employees in corporate organizations. This study adopted an expo facto research design. Two Hundred and Seventy-Four (274) employees (149 males, 125 females) sampled from the organization participated in the study. Their ages ranged from 19 to 65, with a mean of 36.36 years and a standard deviation of 10.43. Unethical Work Behaviour was measured using Unethical Work Behaviour Scale (UWBC), Organizational Culture was measured using Organizational Culture Scale, (and OCS and Leadership Styles were measured using Multifactor Leadership Questionnaire (LSMLQ). Two hypotheses were formulated and tested using Pearson Product Moment Correlation and Multiple Regressions Analysis. Results indicated that leadership styles had no significant relationship with unethical work behaviour (r(274)=.09;>0.05). However, organizational culture had a significant relationship with unethical work behaviour (r(274)=.15;p,0.05). Lastly, leadership style and organizational culture jointly predicted unethical work behaviour among employees. [F (2, 273) =3.65, p<0.05). Findings from this study were discussed in line with existing literature. It was also recommended that leadership styles and organizational culture should be improved upon in order to reduce unethical work behaviour by employees.

Keywords: leadership style, organizational culture, unethical work behavior, employees in corporate organisations in Nigeria

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Authors: Sana Masmoudi, Yosra Makni

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Regulators highlight the importance of the Audit Committee (AC) as a key internal corporate governance mechanism. One of the most important roles of this committee is to oversee the financial reporting process. The purpose of this paper is to examine the link between the characteristics of an audit committee and the financial reporting quality by investigating whether the formation of audit committees and their characteristics are associated with improved financial reporting quality. This study provides empirical evidence of the association between audit committee independence, financial expertise, gender diversity, and meetings and Real Earnings Management (REM) as a proxy of financial reporting quality. Using data from, with a sample of 80 companies listed on the Amsterdam Stock Exchange during 2010-2017, the study finds that independence and AC Gender diversity are strongly related to financial reporting quality. In fact, these two characteristics constrain REM. The results also suggest that AC-financial expertise reduces to some extent, the likelihood of engaging in REM. These conclusions provide support then to the audit committee requirement under the Dutch Corporate Governance Code rules regarding gender diversity and AC meetings.

Keywords: audit committee, financial expertise, independence, real earnings management

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Authors: G. Bruno, A. Ciavarella, N. Linciano

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The proportion of women in boardroom has traditionally been low around the world. Over the last decades, several jurisdictions opted for active intervention, which triggered a tangible progress in female representation. In Europe, many countries have implemented boardroom diversity policies in the form of legal quotas (Norway, Italy, France, Germany) or governance code amendments (United Kingdom, Finland). Policy actions rest, among other things, on the assumption that gender balanced boards result in improved corporate governance and performance. The investigation of the relationship between female boardroom representation and firm value is therefore key on policy grounds. The evidence gathered so far, however, has not produced conclusive results also because empirical studies on the impact of voluntary female board representation had to tackle with endogeneity, due to either differences in unobservable characteristics across firms that may affect their gender policies and governance choices, or potential reverse causality. In this paper, we study the relationship between the presence of female directors and corporate performance in Italy, where the Law 120/2011 envisaging mandatory quotas has introduced an exogenous shock in board composition which may enable to overcome reverse causality. Our sample comprises Italian firms listed on the Italian Stock Exchange and the members of their board of directors over the period 2008-2016. The study relies on two different databases, both drawn from CONSOB, referring respectively to directors and companies’ characteristics. On methodological grounds, information on directors is treated at the individual level, by matching each company with its directors every year. This allows identifying all time-invariant, possibly correlated, elements of latent heterogeneity that vary across firms and board members, such as the firm immaterial assets and the directors’ skills and commitment. Moreover, we estimate dynamic panel data specifications, so accommodating non-instantaneous adjustments of firm performance and gender diversity to institutional and economic changes. In all cases, robust inference is carried out taking into account the bidimensional clustering of observations over companies and over directors. The study shows the existence of a U-shaped impact of the percentage of women in the boardroom on profitability, as measured by Return On Equity (ROE) and Return On Assets. Female representation yields a positive impact when it exceeds a certain threshold, ranging between about 18% and 21% of the board members, depending on the specification. Given the average board size, i.e., around ten members over the time period considered, this would imply that a significant effect of gender diversity on corporate performance starts to emerge when at least two women hold a seat. This evidence supports the idea underpinning the critical mass theory, i.e., the hypothesis that women may influence.

Keywords: gender diversity, quotas, firms performance, corporate governance

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Authors: Aidan J. Bowes, Reaz Hasan

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The automotive industry is continually aiming to develop the aerodynamics of car body design. This may be for a variety of beneficial reasons such as to increase speed or fuel efficiency by reducing drag. However recently there has been a greater amount of focus on wind noise produced while driving. Designers in this industry seek a combination of both simplicity of approach and overall effectiveness. This combined with the growing availability of commercial CFD (Computational Fluid Dynamics) packages is likely to lead to an increase in the use of RANS (Reynolds Averaged Navier-Stokes) based CFD methods. This is due to these methods often being simpler than other CFD methods, having a lower demand on time and computing power. In this investigation the effectiveness of turbulent flow and acoustic noise prediction using RANS based methods has been assessed for different wing mirror geometries. Three different RANS based models were used, standard k-ε, realizable k-ε and k-ω SST. The merits and limitations of these methods are then discussed, by comparing with both experimental and numerical results found in literature. In general, flow prediction is fairly comparable to more complex LES (Large Eddy Simulation) based methods; in particular for the k-ω SST model. However acoustic noise prediction still leaves opportunities for more improvement using RANS based methods.

Keywords: acoustics, aerodynamics, RANS models, turbulent flow

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Authors: Parthiban Srinivasan

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With recent advances in computational power and access to enough data in biosciences, artificial intelligence methods are increasingly being used in drug discovery research. These methods are essentially a series of advanced statistics based exercises that review the past to indicate the likely future. Our goal is to develop a model that accurately predicts biological activity and toxicity parameters for novel compounds. We have compiled a robust library of over 150,000 chemical compounds with different pharmacological properties from literature and public domain databases. The compounds are stored in simplified molecular-input line-entry system (SMILES), a commonly used text encoding for organic molecules. We utilize an automated process to generate an array of numerical descriptors (features) for each molecule. Redundant and irrelevant descriptors are eliminated iteratively. Our prediction engine is based on a portfolio of machine learning algorithms. We found Random Forest algorithm to be a better choice for this analysis. We captured non-linear relationship in the data and formed a prediction model with reasonable accuracy by averaging across a large number of randomized decision trees. Our next step is to apply deep neural network (DNN) algorithm to predict the biological activity and toxicity properties. We expect the DNN algorithm to give better results and improve the accuracy of the prediction. This presentation will review all these prominent machine learning and deep learning methods, our implementation protocols and discuss these techniques for their usefulness in biomedical and health informatics.

Keywords: deep learning, drug discovery, health informatics, machine learning, toxicity prediction

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Authors: Nishank Raisinghani

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Efficiently predicting drug response remains a challenge in the realm of drug discovery. To address this issue, we propose four model architectures that combine graphical representation with varying positions of multiheaded self-attention mechanisms. By leveraging two types of multi-omics data, transcriptomics and genomics, we create a comprehensive representation of target cells and enable drug response prediction in precision medicine. A majority of our architectures utilize multiple transformer models, one with a graph attention mechanism and the other with a multiheaded self-attention mechanism, to generate latent representations of both drug and omics data, respectively. Our model architectures apply an attention mechanism to both drug and multiomics data, with the goal of procuring more comprehensive latent representations. The latent representations are then concatenated and input into a fully connected network to predict the IC-50 score, a measure of cell drug response. We experiment with all four of these architectures and extract results from all of them. Our study greatly contributes to the future of drug discovery and precision medicine by looking to optimize the time and accuracy of drug response prediction.

Keywords: drug discovery, transformers, graph neural networks, multiomics

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Authors: Ling Qi, Matloob Khushi, Josiah Poon

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This paper introduces a pre-trained Masked Candlestick Model (MCM) for trading time-series data. The pre-trained model is based on three core designs. First, we convert trading price data at each data point as a set of normalized elements and produce embeddings of each element. Second, we generate a masked sequence of such embedded elements as inputs for self-supervised learning. Third, we use the encoder mechanism from the transformer to train the inputs. The masked model learns the contextual relations among the sequence of embedded elements, which can aid downstream classification tasks. To evaluate the performance of the pre-trained model, we fine-tune MCM for three different downstream classification tasks to predict future price trends. The fine-tuned models achieved better accuracy rates for all three tasks than the baseline models. To better analyze the effectiveness of MCM, we test the same architecture for three currency pairs, namely EUR/GBP, AUD/USD, and EUR/JPY. The experimentation results demonstrate MCM’s effectiveness on all three currency pairs and indicate the MCM’s capability for signal extraction from trading data.

Keywords: masked language model, transformer, time series prediction, trading prediction, embedding, transfer learning, self-supervised learning

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Authors: L. U. Dumuje, R. Leite

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There is an ongoing debate in terms of corporate social responsibility (CSR) initiative in Niger Delta, Nigeria, that originates from existing gap between stated objective of organizations in the Nigerian oil sector and their main activities that threaten the society. CSR in developing countries is becoming popular, and to contribute to scientific knowledge, we need to research on CSR practices and discourse in indigenous Nigeria that is scarce. Despite governments mandate in terms of unofficial blazing, methane gas is released into the air around refinery area which contributes to global warming. There is a need to understand if this practice applies to indigenous oil companies in Nigeria. To get a better understanding of CSR among indigenous oil companies in Nigeria, our study focuses on discourse and rhetoric regarding CSR. This current paper contributions is twofold: on the one hand, it aims to better understand practitioner’s rationale and fundamentals of CSR in Nigerian oil companies. On the other hand, it intends to identify the stages of CSR initiatives, advantages and difficulties of CSR implementation in indigenous Nigeria oil sector. This current paper uses the qualitative research as a methodological strategy. Instrument for data collection is semi-structured interview. Besides 28 interviews, we conduct five focus group discussions with stakeholders. Participant for this study consist of: employees, managers and executives of indigenous oil companies in Nigeria. It is relevant to mention, key informants as government institution, environmental organization and community leader/member are part of our sample. It is important that despite significant findings in some studies, there are still some gaps. To help filling this existing gaps, we have formulated some research questions, as follows: ‘What are the stages, opportunities and obstacles of having corporate social responsibility practice in indigenous oil companies in Nigeria’. This ongoing research sub-questions as follows: What are the CSR discourses and practices among indigenous companies in the Nigerian oil sector; what is the actual status regarding CSR development; what are the main perceptions of opportunities and obstacles with regard to CSR in indigenous Nigerian oil companies; who are the main stakeholders of indigenous Nigerian oil companies and their different meanings and understandings of CSR practices. Regarding the above questions, the following objectives have been determined: first, we conduct a literature review with the aim of understanding and identifying importance of CSR practises in western and developing countries. Second, this current paper identify specific characteristics of the national context in terms of CSR engagement in Nigeria, so we perform empirical research with relevant stakeholder in indigenous Nigerian, as well as key informants, in order to identify development of CSR and different perception of this praised initiative, CSR.

Keywords: corporate social responsibility, indigenous, oil organizations, Nigeria, practice

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Authors: Amira Abdelrasoul, Huu Doan, Ali Lohi

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An efficient and well-planned ultrafiltration process is becoming a necessity for monetary returns in the industrial settings. The aim of the present study was to develop a mathematical model for an accurate prediction of ultrafiltration membrane fouling of latex effluent applied to homogeneous and heterogeneous membranes with uniform and non-uniform pore sizes, respectively. The models were also developed for an accurate prediction of power consumption that can handle the large-scale purposes. The model incorporated the fouling attachments as well as chemical and physical factors in membrane fouling for accurate prediction and scale-up application. Both Polycarbonate and Polysulfone flat membranes, with pore sizes of 0.05 µm and a molecular weight cut-off of 60,000, respectively, were used under a constant feed flow rate and a cross-flow mode in ultrafiltration of the simulated paint effluent. Furthermore, hydrophilic ultrafilic and hydrophobic PVDF membranes with MWCO of 100,000 were used to test the reliability of the models. Monodisperse particles of 50 nm and 100 nm in diameter, and a latex effluent with a wide range of particle size distributions were utilized to validate the models. The aggregation and the sphericity of the particles indicated a significant effect on membrane fouling.

Keywords: membrane fouling, mathematical modeling, power consumption, attachments, ultrafiltration

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Authors: Thalia Viveros-Uehara

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The virtues of Corporate Social Responsibility (CSR) are explored widely in the academic literature. However, few studies address its link to human rights, per se; specifically, the right to a safe, clean and healthy environment. Fewer still are the research works in this area that relate to developing countries, where a number of areas are biodiversity hotspots. In Mexico, despite the rise and evolution of CSR schemes, grave episodes of pollution persist, especially those caused by the mining industry. These cases set up the question of the correspondence between the current CSR practices of mining companies in the country and their responsibility to respect the right to a safe, clean and healthy environment. The present study approaches precisely such a bridge, which until now has not been fully tackled in light of Mexico's 2011 constitutional human rights amendment and the United Nation's Guiding Principles on Business and Human Rights (UN Guiding Principles), adopted by the Human Rights Council in 2011. To that aim, it initially presents a contextual framework; it then explores qualitatively the adoption of human rights’ language in the CSR strategies of the three main mining companies in Mexico, and finally, it examines their standing with respect to the UN Guiding Principles. The results reveal that human rights are included in the RSE strategies of the analysed businesses, at least at the rhetoric level; however, they do not embrace the right to a safe, clean and healthy environment as such. Moreover, we conclude that despite the finding that corporations publicly express their commitment to respect human rights, some operational weaknesses that hamper the exercise of such responsibility persist; for example, the systematic lack of human rights impact assessments per mining unit, the denial of actual and publicly-known negative episodes on the environment linked directly to their operations, and the absence of effective mechanisms to remediate adverse impacts.

Keywords: corporate social responsibility, environmental impacts, human rights, right to a safe, clean and healthy environment, mining industry

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