Search results for: private bond market

Authors: Jovana Vukcevic, Sanja Pekovic, Djurdjica Perovic, Tatjana Stanovcic

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This paper presents a critical inquiry into the role of uncomfortable heritage in nation branding with the particular focus on the specificities of the politics of memory, forgetting and revisionism in the post-communist post-Yugoslavia. It addresses legacies of unwanted, ambivalent or unacknowledged past and different strategies employed by the former-Yugoslav states and private actors in “rebranding” their heritage, ensuring its preservation, but re-contextualizing the narrative of the past through contemporary tourism practices. It questions the interplay between nostalgia, heritage and market, and the role of heritage in polishing the history of totalitarian and authoritarian regimes in the Balkans. It argues that in post-socialist Yugoslavia, the necessity to limit correlations with former ideology and the use of the commercial brush in shaping a marketable version of the past instigated the emergence of the profit-oriented heritage practices. Building on that argument, the paper addresses these issues as “commodification” and “disneyfication” of Balkans’ ambivalent heritage, contributing to the analysis of changing forms of memorialisation and heritagization practices in Europe. It questions the process of ‘coming to terms with the past’ through marketable forms of heritage tourism, fetching the boundary between market-driven nostalgia and state-imposed heritage policies. In order to analyse plurality of ways of dealing with controversial, ambivalent and unwanted heritage of dictatorships in the Balkans, the paper considers two prominent examples of heritage commodification in Serbia and Montenegro, and the re-appropriations of those narratives for the nation branding purposes. The first one is the story of the Tito’s Blue Train, the landmark of the socialist past and the symbol of Yugoslavia which has nowadays being used for birthday parties and marriage celebrations, while the second emphasises the unusual business arrangement turning the fortress Mamula, former concentration camp through the Second World War, into a luxurious Mediterranean resort. Questioning how the ‘uneasy’ past was acknowledged and embedded into the official heritage institutions and tourism practices, study examines the changing relation towards the legacies of dictatorships, inviting us to rethink the economic models of the things past. Analysis of these processes should contribute to better understanding of the new mnemonics strategies and (converging?) ways of ‘doing’ past in Europe.

Keywords: commodification, heritage tourism, totalitarianism, Serbia, Montenegro

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Authors: Zainal Abu Zatim, Hafizah Omar Zaki

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Substantial research had been done on refining employee’s customer service performance. Thus, there were very limited empirical studies that are engage in an inter-organizational climate study in assessing employee’s customer service performance. With the current economic situation as well as emerging needs and requirements, all businesses either from public or private sector serving customers put greater attention on fulfilling those needs and requirements. In this state of affairs, the act of polishing its employees’ skills, knowledge, teamwork and passion is very important in ensuring better performance deliverance. A study conducted in one of the telecommunication service provider company in Malaysia had been done to test its inter-organizational climate study. The Internal Climate Study was done to benchmark opinions and perceptions of its employees. The study had provided baseline information about perceptions that exist in the internal environment and ways forward to improve customer service performance. The approach used is through the use of focus group and qualitative interview.

Keywords: employees, Customer Service Performance, inter-organizational climate study, public and private sector

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Authors: Stig H. Jørgensen, Trond Nordfjærn, Øyvind Teige Hedenstrøm, Torbjørn Rundmo

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The aim of the paper is to estimate and forecast road traffic injuries in the coming 10-15 years given new targets in urban transport policy and shifts of mode of transport, including injury cross-effects of mode changes. The paper discusses possibilities and limitations in measuring and quantifying possible injury reductions. Injury data (killed and seriously injured road users) from six urban areas in Norway from 1998-2012 (N= 4709 casualties) form the basis for estimates of changing injury patterns. For the coming period calculation of number of injuries and injury rates by type of road user (categories of motorized versus non-motorized) by sex, age and type of road are made. A prognosticated population increase (25 %) in total population within 2025 in the six urban areas will curb the proceeded fall in injury figures. However, policy strategies and measures geared towards a stronger modal shift from use of private vehicles to safer public transport (bus, train) will modify this effect. On the other side will door to door transport (pedestrians on their way to/from public transport nodes) imply a higher exposure for pedestrians (bikers) converting from private vehicle use (including fall accidents not registered as traffic accidents). The overall effect is the sum of these modal shifts in the increasing urban population and in addition diminishing return to the majority of road safety countermeasures has also to be taken into account. The paper demonstrates how uncertainties in the various estimates (prediction factors) on increasing injuries as well as decreasing injury figures may partly offset each other. The paper discusses road safety policy and welfare consequences of transport mode shift, including reduced use of private vehicles, and further environmental impacts. In this regard, safety and environmental issues will as a rule concur. However pursuing environmental goals (e.g. improved air quality, reduced co2 emissions) encouraging more biking may generate more biking injuries. The study was given financial grants from the Norwegian Research Council’s Transport Safety Program.

Keywords: road injuries, forecasting, reduced private care use, urban, Norway

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Authors: Sahin Yakut, H. Kemal Ulutas, Deniz Deger

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Plasma Assisted Physical Vapor Deposition (PAPVD) method used to produce Poly(ethylene oxide) (pPEO) thin films. Depositions were progressed at various plasma discharge powers as 0, 2, 5 and 30 W for pPEO at 500nm film thicknesses. The capacitance and dielectric dissipation of the thin films were measured at 0,1-107 Hz frequency range and 173-353 K temperature range by an impedance analyzer. Then, alternative conductivity (σac) and activation energies were derived from capacitance and dielectric dissipation. σac of conventional PEO (PEO precursor) was measured to determine the effect of plasma discharge. Differences were observed between the alternative conductivity of PEO’s and pPEO’s depending on plasma discharge power. By this purpose, structural characterization techniques such as Differential Scanning Calorimetry (DSC) and Fourier Transform Infrared Spectroscopy (FT-IR) were applied on pPEO thin films. Structural analysis showed that density of crosslinking is plasma power dependent. The crosslinking density increases with increasing plasma discharge power and this increase is displayed as increasing dynamic glass transition temperatures at DSC results. Also, shifting of frequencies of some type of bond vibrations, belonging to bond vibrations produced after fragmentation because of plasma discharge, were observed at FTIR results. The dynamic glass transition temperatures obtained from alternative conductivity results for pPEO consistent with the results of DSC. Activation energies exhibit Arrhenius behavior. Activation energies decrease with increasing plasma discharge power. This behavior supports the suggestion expressing that long polymer chains and long oligomers are fragmented into smaller oligomers or radicals.

Keywords: activation energy, dielectric spectroscopy, organic thin films, plasma polymer

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Authors: Muhammad Bilal Mustafa, Javed Hussain, Simeon Babatunde

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The Covid-19 pandemic has exposed the vulnerabilities of countless organisations beyond their size, type, and location. However, some groups and sectors are disproportionally get impacted by the pandemic. In the context of the UK, ethnic Small and Medium Enterprises (SMEs) turn out to be the most precarious group among all private sectors. Many ethnic SMEs shut down their business operations during a pandemic. A large portion of Black, Asian and minority ethnic (BAME) owners have huge concerns regarding their business’ survival and resilience. The current UK-centric studies have focused on the large business population, and there is a gap in ethnic SMEs and how they get affected by the Covid-19 pandemic. Moreover, there is a need to further knowledge and academic research to investigate the fundamental factors that could strengthen the resilience of ethnic SMEs as well as contribute to long-term sustainability. Therefore, this study aims to capture the effect of the Covid-19 pandemic on ethnic SMEs in the UK and assess the survival measures taken by ethnic SMEs during Covid-19. Besides, this study adopts a dynamic capabilities perspective that how firms' specific capabilities enable ethnic SMEs to exploit entrepreneurial opportunities during the Covid-19 pandemic. Finally, this research will help ethnic SMEs to develop vigorous resilience to address future external shocks and market uncertainties.

Keywords: COVID-19 pandemic, ethnic minority SMEs, entrepreneurial resilience, dynamic capabilities, sustainability

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Authors: Mucahit Unal, Ibrahim Arslan

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The New Turkish Commercial Code (TCC) No. 6102 was published in the Official Gazette on February 14, 2011. As stated in the New Turkish Commercial Code No. 6102 and Law No. 6103 on Validity and Application of the Turkish Commercial Code, TCC came into effect on July 1, 2012. The basic purpose of the TCC is to form corporate governance coherent with the international standards; to provide transparency in company management; to adjust the Turkish Commercial Code rules with European Union legislations and to simplify establishing a company for foreigner investors to move investments to Turkish market. In this context according to TCC, joint stock companies and limited liability companies can establish with only one single shareholder; the one single shareholder can be foreigner; all board of director members can be foreigner, also all shareholders and board of director members can be non-resident foreigners. Additionally, TCC does not require physical participation to the general shareholders and board members meetings. TCC allows that the general shareholders and board members meetings can hold in an electronic form and resolution of these meetings may also be approved via electronic signatures. Through this amendment, foreign investors no longer have to deal with red tapes. This amendment also means the TCC prevents foreign companies from incurring unnecessary travel expenses. In accordance with all this amendments about TCC, to invest in Turkish market is easy, simple and transparent for foreigner investors and also investors can establish a company in Turkey, irrespective of nationality or place of residence. This article aims to analyze ‘Establish a Company in Turkey for Foreigners’ and inform investors about investing (especially establishing a company) in the Turkish market.

Keywords: establish a company, foreigner investors, invest in Turkish market, Turkish commercial code

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Authors: Keith Dominic T. Li

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The soaring prices of residential properties in Hong Kong has become a social problem that even the middle class is having dif?iculties in purchasing homes. In making policies to curb the prices, it is important to determine the factors that contribute to the property in?lation. Many researches attribute this in?lation to macroeconomic factors especially the interest rate. However, it is important to remember that Hong Kong is under a Currency Board system which makes its interest rate exogenously determined. This research aims to show the signi?icance of the money supply on Hong Kong residential property prices in post-1997 Asian Financial Crisis period. Using money supply data, macroeconomic fundamentals, and demographic variables from 2000Q1 to 2013Q2, the factors contributed to residential property price in?lation are estimated to calculate the share of each explanatory variable in disparity. It is found that the Hong Kong property market is mainly driven by investment and that the in?lation on Hong Kong residential property prices can explained by the increase in the Hang Seng Index and in the money supply M2.

Keywords: real estate, Hong Kong, property market, monetary economics, monetary policy

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Authors: Francisca Margarita Ocran

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Underwear, and more particularly bras and panties, are defined as intimate clothing. Strictly speaking, they enhance the place of women in the public or private satchel. Therefore, women's lingerie is a complex garment with a high involvement profile, motivating consumers to buy it not only by its functional utility but also by the multisensory experience it provides them. Customer behavior models are generally based on customer data mining, and each model is designed to answer questions at a specific time. Predicting the customer experience is uncertain and difficult. Thus, knowledge of consumers' tastes in lingerie deserves to be treated as an experiential product, where the dimensions of the experience motivating consumers to buy a lingerie product and to remain faithful to it must be analyzed in detail by the manufacturers and retailers to engage and retain consumers, which is why this research aims to identify the variables that push consumers to choose their lingerie product, based on an in-depth analysis of the types of fabrics used to make lingerie. The data used in this study comes from online purchases. Machine learning approach with the use of Python programming language and Pycaret gives us a precision of 86.34%, 85.98%, and 84.55% for the three algorithms to use concerning the preference of a buyer in front of a range of lingerie. Gradient Boosting, random forest, and K Neighbors were used in this study; they are very promising and rich in the classification of preference in the textile industry.

Keywords: consumer behavior, data mining, lingerie, machine learning, preference

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Authors: Hachmi Ben Ameur, Jean Luc Prigent

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We propose an extension of the CPPI method, which is based on conditional floors. In this framework, we examine in particular the TIPP and margin based strategies. These methods allow keeping part of the past gains and protecting the portfolio value against future high drawdowns of the financial market. However, as for the standard CPPI method, the investor can benefit from potential market rises. To control the risk of such strategies, we introduce both Value-at-Risk (VaR) and Expected Shortfall (ES) risk measures. For each of these criteria, we show that the conditional floor must be higher than a lower bound. We illustrate these results, for a quite general ARCH type model, including the EGARCH (1,1) as a special case.

Keywords: CPPI, conditional floor, ARCH, VaR, expected ehortfall

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Authors: Ghita Benayad

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Asset allocation, which affects the long-term profitability of portfolios by distributing assets to fulfill a range of investment objectives, is the cornerstone of investment management in the dynamic and complicated world of financial markets. This paper offers a technique for optimizing strategic asset allocation with the goal of improving portfolio performance by addressing the inherent complexity and uncertainty of the market through the use of Principal Component Analysis (PCA) in a multi-objective modeling framework. The study's first section starts with a critical evaluation of conventional asset allocation techniques, highlighting how poorly they are able to capture the intricate relationships between assets and the volatile nature of the market. In order to overcome these challenges, the project suggests a PCA-driven methodology that isolates important characteristics influencing asset returns by decreasing the dimensionality of the investment universe. This decrease provides a stronger basis for asset allocation decisions by facilitating a clearer understanding of market structures and behaviors. Using a multi-objective optimization model, the project builds on this foundation by taking into account a number of performance metrics at once, including risk minimization, return maximization, and the accomplishment of predetermined investment goals like regulatory compliance or sustainability standards. This model provides a more comprehensive understanding of investor preferences and portfolio performance in comparison to conventional single-objective optimization techniques. While applying the PCA-driven multi-objective optimization model to historical market data, aiming to construct portfolios better under different market situations. As compared to portfolios produced from conventional asset allocation methodologies, the results show that portfolios optimized using the proposed method display improved risk-adjusted returns, more resilience to market downturns, and better alignment with specified investment objectives. The study also looks at the implications of this PCA technique for portfolio management, including the prospect that it might give investors a more advanced framework for navigating financial markets. The findings suggest that by combining PCA with multi-objective optimization, investors may obtain a more strategic and informed asset allocation that is responsive to both market conditions and individual investment preferences. In conclusion, this capstone project improves the field of financial engineering by creating a sophisticated asset allocation optimization model that integrates PCA with multi-objective optimization. In addition to raising concerns about the condition of asset allocation today, the proposed method of portfolio management opens up new avenues for research and application in the area of investment techniques.

Keywords: asset allocation, portfolio optimization, principle component analysis, multi-objective modelling, financial market

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Authors: Tanzeel Ur Rehman Khan, Franz Josef Behr, Phillip Davis

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Open source geospatial certifications are needed in geospatial technology education and industry sector. In parallel with proprietary software, free and open source software solutions become important in geospatial technology research and play an important role for the growth of the geospatial industry. ESRI, GISCI (GIS Certification Institute), ASPRS (American Society of Photogrammetry and remote sensing), and Meta spatial are offering certifications on proprietary and open source software. These are portfolio and competency based certifications depending on GIS Body of Knowledge (Bok). The analysis of these certification approaches might lead to the discovery of some gaps in them and will open a new way to develop certifications related to the geospatial open source (OS). This new certification will investigate the different geospatial competencies according to open source tools that help to identify geospatial professionals and strengthen the geospatial academic content. The goal of this research is to introduce a geospatial certification model based on geospatial technology competency model (GTCM).The developed certification will not only incorporate the importance of geospatial education and production of the geospatial competency-based workforce in universities and companies (private or public) as well as describe open source solutions with tools and technology. Job analysis, market analysis, survey analysis of this certification opens a new horizon for business as well.

Keywords: geospatial certification, open source, geospatial technology competency model, geoscience

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Authors: Samir Assal

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This paper considers an international sample of venture capital and private equity funds to assess the role of law, corruption and culture in setting fund manager fees in terms of their fixed management fees, carried interest performance fees, clawbacks of fees and cash versus share distributions of fees. The data highlight a role of legal conditions in shaping fees paid to fund managers. In countries with better legal conditions, fixed fees are lower, carried interest fees are higher, clawbacks are less likely, and share distributions are more likely. These findings suggest legal conditions help to align the interests of managers and shareholders. More specifically, we examine which element of legal conditions matter most, and discover that corruption levels play a pronounced role in shaping fund manager fee contracts. We also show that cultural forces such as Hofstede’s measures of power distance and uncertainty avoidance likewise play a role in influencing fees.

Keywords: managerial compensation, incentive contracts, private equity, law and finance

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Authors: Farrah Anne Robert, Robert McClelland, Seng Kiat Kok

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Higher education service quality is widely regarded as key factors in the long term success of a higher education institution in attracting and retaining students. This research attempted to establish the impact of service quality on recruiting and retaining students in private higher education institutions (PHEI’s). 501 local and international students responded to a 49 item educational service measure questionnaire from PHEIs in Kuala Lumpur and Selangor, two states in Malaysia which together account for 60% of private colleges in Malaysia. Results from this research revealed that, inter-alia, facilities, employability, management and administration services, academic staff competence, curriculum and student overall experiences were key driving factors in attracting and retaining students. Lack of “campus-like building” facilities and lecturer’s effectiveness in delivering lectures were keys concerns in the provision of service quality by PHEI’s in Malaysia. Over the last decade, the Government of Malaysia has set a target of recruiting 200,000 international students to study in Malaysia by PHEI’s and PHEI’s have failed to achieve this target. This research suggests that service quality issues identified above are impacting efforts to recruit and retain both local and international students by PHEIs. The researcher recommends that further and detailed research be carried on these factors and its impact on recruitment and retention. PHEI administrators can benefit from this research by conducting an evaluation of service measures delivered in their institutions and take corrective measures. Prospective students can benefit from this study by including in their choice factors the “service quality delivery” of PHEI’s when deciding to enroll in a particular PHEI.

Keywords: higher education, recruitment, retention, service quality

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Authors: Navid Kaboudi, Ali Shayanfar

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Introduction: Feeding infants with safe milk from the beginning of their life is an important issue. Drugs which are used by mothers can affect the composition of milk in a way that is not only unsuitable, but also toxic for infants. Consuming permeable drugs during that sensitive period by mother could lead to serious side effects to the infant. Due to the ethical restrictions of drug testing on humans, especially women, during their lactation period, computational approaches based on structural parameters could be useful. The aim of this study is to develop mechanistic models to predict the M/P ratio of drugs during breastfeeding period based on their structural descriptors. Methods: Two hundred and nine different chemicals with their M/P ratio were used in this study. All drugs were categorized into two groups based on their M/P value as Malone classification: 1: Drugs with M/P>1, which are considered as high risk 2: Drugs with M/P>1, which are considered as low risk Thirty eight chemical descriptors were calculated by ACD/labs 6.00 and Data warrior software in order to assess the penetration during breastfeeding period. Later on, four specific models based on the number of hydrogen bond acceptors, polar surface area, total surface area, and number of acidic oxygen were established for the prediction. The mentioned descriptors can predict the penetration with an acceptable accuracy. For the remaining compounds (N= 147, 158, 160, and 174 for models 1 to 4, respectively) of each model binary regression with SPSS 21 was done in order to give us a model to predict the penetration ratio of compounds. Only structural descriptors with p-value<0.1 remained in the final model. Results and discussion: Four different models based on the number of hydrogen bond acceptors, polar surface area, and total surface area were obtained in order to predict the penetration of drugs into human milk during breastfeeding period About 3-4% of milk consists of lipids, and the amount of lipid after parturition increases. Lipid soluble drugs diffuse alongside with fats from plasma to mammary glands. lipophilicity plays a vital role in predicting the penetration class of drugs during lactation period. It was shown in the logistic regression models that compounds with number of hydrogen bond acceptors, PSA and TSA above 5, 90 and 25 respectively, are less permeable to milk because they are less soluble in the amount of fats in milk. The pH of milk is acidic and due to that, basic compounds tend to be concentrated in milk than plasma while acidic compounds may consist lower concentrations in milk than plasma. Conclusion: In this study, we developed four regression-based models to predict the penetration class of drugs during the lactation period. The obtained models can lead to a higher speed in drug development process, saving energy, and costs. Milk/plasma ratio assessment of drugs requires multiple steps of animal testing, which has its own ethical issues. QSAR modeling could help scientist to reduce the amount of animal testing, and our models are also eligible to do that.

Keywords: logistic regression, breastfeeding, descriptors, penetration

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Authors: Ugochukwu D. Abasilim, Aize I. Obayan, Adedayo J. Odukoya, Godwyns Agube, Power A. I. Wogu, Nchekwube Excellence-Oluye

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This paper examines the effect of transformational leadership style on organizational commitment among Private University employees in Nigeria. A quantitative methodology was adopted for this study. A structured Multi-factor Leadership Questionnaire (MLQ) developed by Bass and Avolio (1997) and Organizational Commitment Questionnaire (OCQ) developed by Meyer and Allen (1997) were the major instruments used for data collection. Simple linear regression was used for testing the hypothesis. The results indicated that there was no significant positive effect of transformational leadership style on organizational commitment among employees of the Nigerian private university studied. Though the respondents rated their leaders high on transformational leadership style, their organizational commitment rating was average for majority, which implies that employees’ level of commitment could be accounted for by transformational leadership style existing in the institution. This finding is antithetical to the common submission in literature that transformational leadership style has a significant effect on organizational commitment. It was therefore recommended that further studies may want to further explore the reasons for this variance.

Keywords: leadership style, Nigeria, organizational, commitment, transformational leadership

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Authors: Pius Akindele Adeniyi

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The World's tropical forests are disappearing at an alarming rate of more than 200,000 ha per year as a result of deforestation due mainly to population pressures, economic growth, poor management and inappropriate policy. A forest policy determines the role of the sector in a nation's economy and it is formulated in accordance with the objectives of the national economic development. Urban forestry as a concept is relatively new in Nigeria when compared to European and American countries. It consists of growing of trees, shrubs and grass along streets, in parks, and around public or private buildings whose management rests in the hands of the public and private owners. Major urban centers in Nigeria are devoid of efficiently planned tree-planting programs. Hence, various factors militating against environmental improvements, such as climate and other agents of degradation, are highlighted for the necessary attention. The paper discusses the need for forest policy formulation and the objectives of forest policy. Elements of forest policy are also discussed and in particular, those peculiar to urbanization and degraded lands are Forest policy and land-use and policy implementation together with some problem issues in forest policy are discussed while recommendations are given on formulation of a forest policy.

Keywords: urban, forest, policy, environment, interaction, degraded

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Authors: Tomasz L. Nawrocki, Danuta Szwajca

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The growing importance of reputation in building enterprise value and achieving long-term competitive advantage creates the need for its measurement and evaluation for the management purposes (effective reputation and its risk management). The paper presents practical application of self-developed corporate reputation assessment model from the viewpoint of stock market investors. The model has a pioneer character and example analysis performed for selected industry is a form of specific test for this tool. In the proposed solution, three aspects - informational, financial and development, as well as social ones - were considered. It was also assumed that the individual sub-criteria will be based on public sources of information, and as the calculation apparatus, capable of obtaining synthetic final assessment, fuzzy logic will be used. The main reason for developing this model was to fulfill the gap in the scope of synthetic measure of corporate reputation that would provide higher degree of objectivity by relying on "hard" (not from surveys) and publicly available data. It should be also noted that results obtained on the basis of proposed corporate reputation assessment method give possibilities of various internal as well as inter-branch comparisons and analysis of corporate reputation impact.

Keywords: corporate reputation, fuzzy logic, fuzzy model, stock market investors

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Authors: Dina Maria Smit

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Worldwide, it seems as if women are adequately represented in government and parliament but are almost absent from governing boards of private enterprises. The reasons for this seem to be embedded in perceptions of inadequacy, remnants of patriarchy, glass ceilings and even female choice. Direct or indirect discrimination against females have been found to be one of the reasons that female employees are found in traditionally “softer” roles, whilst the old “Boy’s Club” is still operational to keep women out of senior managerial positions, especially in the private sector. The cultural construct of Indian society, focusing on male preference, patriarchy, divorce laws and low educational levels of females as opposed to men, is indicative of a society wherein high gender inequality still exists. The position in South Africa is similar in that substantive gender equality has not been reached despite a progressive constitution and anti-discrimination laws. There is a strong push to propel women to senior positions in South Africa, but these efforts have not yet translated into females taking up senior positions in private companies. In South Africa, females still earn less than their male counterparts whilst performing doing the same jobs, are overrepresented in parliament, but do not captain the ships in the private sector. The lack of female parity in employment leads to a lack of autonomy and authority in both South Africa and India. The divide between formal and informal work, unpaid work, mainly being done by women, need to be investigated to ensure substantive gender parity. The findings will show that females are still not equal to men in employment, especially in senior private positions; mainly due to the remnants of patriarchy and glass ceilings that still need to be shattered. This article aims to set out the reasons why gender disparity still exists in India and South Africa, seen through a legal lense. Both countries are signatories to the CEDAW Convention and have constitutions that advocate for the right of equality. Although equal rights have been implemented in both countries, equality may not be well implemented. This investigation is comparative in nature and aims to contribute to the growing body of evidence on how to ensure gender parity in all occupational levels and categories. The study is in quantitative in nature. If substantive gender equality, as opposed to formative gender equality, is a key motivator to ensure gender equality, an investigation into the reasons for this disparity is warranted before suggestions can be tendered to effect lasting change. The aim of this comparative study is not to plug the legal system of one country into the other, but to take into account of the autonomy of choice, set against cultural differences and similarities in an effort to shatter the glass ceilings for women who aspire to climb the corporate ladders.

Keywords: gender inequality, glass ceilings, patriarchy, female disparity

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Authors: Sy, Melecio Jr

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The decision to adopt vertical integration (VI) is firm-specific, but there is a common practice among businesses in an industry to maximize the massive potential benefits of VI. This study aims to determine VI adoption in the restaurant industry in Davao City. Using a two-step sampling process, the study used a validated survey questionnaire among 264 restaurant owners and managers randomly selected and geographically classified. It is a quantitative study where the data were subjected to a structural equation model (SEM). The results revealed that VI is present but limited to procurement, production, restaurant services, and online marketing. Raw materials were outsourced while delivery to customers through third-party delivery services. VI slowly increased over ten years except for online marketing, which has grown significantly in a few years. The endogenous and exogenous variables were correlated and established the linear regression model. The SEM's best fit model revealed that strategic motives (SMOT) and market factors (MFAC) influenced VI adoption while MFAC is the best predictor. Favorable market factors may lead restaurants to adopt VI. It is, thus, recommended for restaurants to institutionalize strategic management, quantify the impact of double marginalization in future studies as a reason for VI and conduct this study during the new normal to see the influence of business efficiencies and firm economies on VI adoption.

Keywords: business efficiencies, business management, davao city, firm economies, market factors, philippines, strategic motives, structural equation model, supply chain, vertical integration adoption

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Authors: Huynh Viet Khai, Mitsuyasu Yabe

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The study investigated the economic value of biodiversity attributes that could provide policy-makers reliable information to estimate welfare losses due to biodiversity reductions and analyse the trade-off between biodiversity and economics. In order to obtain the non-market benefits of biodiversity conservation, an indirect utility function and willingness to pay for biodiversity attributes were applied using the approach of choice modelling with the analysis of conditional logit model. The study found that Mekong Delta residents accepted their willingness to pay for VND 913 monthly for a one percent increase in healthy vegetation, VND 360 for an additional mammal species and VND 2,440 to avoid the welfare losses of 100 local farmers.

Keywords: choice modelling, genetic resources, wetland conservation, marginal willingness to pay

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Authors: Sibongile Masemola

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In 2018, South Africa decriminalised recreational cannabis use and private cultivation, since then, cannabis businesses have been established to meet the demand. However, marketing activities remain limited in this industry, and businesses are unable to disseminate promotional messages, however, as a solution, firms can promote their brands and positioning instead of the actual product (Bick, 2015). Branding is essential to create differences among cannabis firms and to attract and keep customers (Abrahamsson, 2014). Building cannabis firms into brands can better position them in the mind of the consumer so that they become and remain competitive. The aim of this study was to explore how South African cannabis retailers can build brand equity in a stigmatised market, despite significant restrictions on marketing efforts. Keller’s (2001) customer-based brand equity (CBBE) model was used as the as the theoretical framework and explored how cannabis firms build their businesses into brands through developing their brand identity, meaning, performance, and relationships, and ultimately creating brand equity. The study employed a qualitative research method, using semi-structured in-depth interviews among 17 participants to gain insights from cannabis owners and marketers in the recreational cannabis environment. Most findings were presented according to the blocks of CBBE model. Furthermore, a conceptual framework named the stigma-based brand equity (SBBE) model was adapted from Keller’s CBBE model to include an additional building block that accounts for industry-specific characteristics unique to stigmatised markets. Findings revealed the pervasiveness of education and its significance to brand building in a stigmatised industry. Results also demonstrated the overall effect stigma has on businesses and their consumers due to the longstanding negative evaluations of cannabis. Hence, through stigma-bonding, brands can develop deep identity-related psychological bonds with their consumers that will potentially lead to strong brand resonance. This study aims to contribute business-relevant knowledge for firms operating in core-stigmatised markets under controlled marketing regulations by exploring how cannabis firms can build brand equity. Practically, this study presents recommendations for retailers in stigmatised markets on how to destigmatise, build brand identity, create brand meaning, elicit desired brand responses, and develop brand relationships – ultimately building brand equity.

Keywords: branding, brand equity, cannabis, organisational stigma

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Authors: Hoang Thi Quynh, Shima Kazuto

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Organic farming is gaining interest in Vietnam. However, organic fertilizer production is not sufficiently regulated, resulting in unknown quality. This study investigated characteristics of so-called organic fertilizers in the Vietnam’s market and their mineralization in soil-plant system. We collected 15 commercial products (11 domestic and 4 imported) which labelled 'organic fertilizer' in the market to analyze nutrients composition. A 20 day-incubation experiment was carried on with 80 g sandy-textured soil, amended with the fertilizer at a rate of 109.4 mgN.kg⁻¹soil in 150 mL glass bottle at 25℃. We categorized them according to nutrients content and mineralization rate, and then selected 8 samples for cultivation experiment. The experiment was conducted by growing Komatsuna (Brassica campestris) in sandy-textured soil using an automatic watering apparatus in a greenhouse. The fertilizers were applied to the top one-third of the soil stratum at a rate of 200 mgN.kg⁻¹ soil. Our study also analyzed material flow of coffee husk compost in Central Highland of Vietnam. Total N, P, K, Ca, Mg and C: N ratio varied greatly cross the domestic products, whereas they were quite similar among the imported materials. The proportion of inorganic-N to T-N of domestic products was higher than 25% in 8 of 11 samples. These indicate that N concentration increased dramatically in most domestic products compared with their raw materials. Additionally, most domestic products contained less P, and their proportions of Truog-P to T-P were greatly different. These imply that some manufactures were interested in adjusting P concentration, but some ones were not. Furthermore, the compost was made by mixing with chemical substances to increase nutrients content (N, P), and also added construction surplus soil to gain weight before packing product to sell in the market as 'organic fertilizer'. There was a negative correlation between C:N ratio and mineralization rate of the fertilizers. There was a significant difference in N efficiency among the fertilizer treatments. N efficiency of most domestic products was higher than chemical fertilizer and imported organic fertilizers. These results suggest regulations on organic fertilizers production needed to support organic farming that is based on internationally accepted standards in Vietnam.

Keywords: inorganic N, mineralization, N efficiency, so-called organic fertilizers, Vietnam’s market

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Authors: C. Mothobiso, D. Root

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Purpose: This study attempts to identify the clients’ main priorities when delivering green projects. The aim is to compare if the clients have the same interest that are similar in delivery of convectional buildings as compared to green buildings. The main purpose is to find why other clients are investing in green buildings while others are reluctant and adopting green building at a slow pace. Design/methodology/approach: A sample of construction professional accredited by the Green Building Council of South Africa (GBCSA) was sent a questionnaire to participate in the research. Since GBSCSA accredited professionals have knowledge and experience about the green buildings, they are chosen as the sample. The research is qualitative because it evaluates the perceptions and knowledge around the subject matter. Research limitations: The research focuses only on the South African construction clients. Findings: Findings reveal that private clients invest more on green buildings as compared to government and parastatal entities. Private clients prioritise on maximising returns on investments and they mainly invest on buildings that save energies and have low life cycle costs. Private clients are perceived to be more knowledgeable about the benefits of green building project as compared to government and Parastatals clients. Shortage of expertise and managerial skill leads to low adaptation of green buildings in the government and parastatal projects. Other factors, which seem to disintegrate the adoption of green buildings, are the readiness of supply chain within the industry and inappropriate procurements strategies adopted by clients. The evaluation of the clients’ priorities will enable the design team to come up with innovative ways to approach the design process so that clients’ priorities and needs are identified and met. Practical implications: The findings are indicating that clients’ needs and priorities have a huge impact on the delivery of the project in terms of time, quality and cost of the project.

Keywords: construction clients, design team, green construction and project deliver

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Authors: Khalid Alshaikh

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Corporate Social Responsibility (CSR) in Libya has recently gained momentum, especially with the rise of the social issues ensued by the recent war. CSR is a new organisational culture designing its features and route within the Libyan financial institutions. Now, both the public and private banks invest in this construct trusting that its powers are capable of improving the economic, social and environmental problems the conflict has created. On the other hand, the Libyan commercial banks recognise the benefits of utilising CSR to entice investors and ensure their continuations in the national and international markets. Nevertheless, as a new concept, CSR necessitates an in-depth exploration and analysis to help its transition from the margins of religion to the mainstream of society and businesses. This can assist in constructing its activities to bring about change nation-wide. Therefore, this paper intends to explore the current definitions attached to this term through tracing back its historical beginnings. Then, it investigates its trends both in the public and private banks to identify where its sustainable development materialises. Lastly, it seeks to understand the key challenges that obscure its success in the Libyan environment. The research methodology used both public and private banks as case study and qualitative research to interview ten Board of Directors (BoDs) and eleven Chief Executive Managers (CEOs) to discover how CSR is defined and the core CSR activities practiced by the Libyan Commercial Banks (LCBs) and the key constraints that CSR faces and make it unsuccessful. The findings suggest that CSR is still influenced by the power of religion. Nevertheless, the Islamic perspective is more consistent with the social contract concept of CSR. The LCBs do not solely focus on the economic side of maximizing profits, but also concentrate on its morality. The issue is that CSR activities are not enough to achieve good charity publicly and needs strategies to address major social issues. Moreover, shareholders do not support CSR activities. Their argument is that the only social responsibility of businesses is to maximize profits, while the government should deal with the existing social issues. Finally, although the LCBs endeavour to embed CSR in their organisational culture, it is still important that different stakeholders need to do much more to entrench this construct through their core functions. The Central bank of Libya needs also to boost its standing to be more influential and ensure that the right discussions about CSR happen with the right stakeholders involved.

Keywords: corporate social responsibility, private banks, public banks, stakeholders

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Authors: Reem Alkadeem

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This study aims at evaluating the overall satisfaction of faculty members and relating it to organizational and personal aspects in Egyptian public and private universities. These aspects are identified through an extensive study of all factors that might affect job satisfaction. The most influencing parameters selected are academics’ demographics, human resource management, organizational profile, workload, teamwork skills, recognition, autonomy, teaching activity, research activity, and motivation. A questionnaire of 94 questions was used to assess job satisfaction and the previously mentioned parameters. It was distributed among seven hundred members of different universities in Egypt. Two hundred and twenty-seven faculty members responded. This sample was gathered from twelve universities and The Supreme Council of Universities. The ANOVA showed a significant relationship (p < 0.05) between eight of the selected parameters and job satisfaction. These parameters are age, rank, human resource management, profile of organizational characteristics, workload, recognition, teaching activity, and motivation.

Keywords: job satisfaction, higher education, organizational profile, Egyptian universities

Procedia PDF Downloads 468

Authors: Anudeep Appe, Bhanu Poluparthi, Lakshmi Kasivajjula, Udai Mv, Sobha Bagadi, Punya Modi, Aditya Singh, Hemanth Gunupudi, Spenser Troiano, Jeff Paul, Justin Stovall, Justin Yamamoto

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The necessity of data-driven decisions in healthcare strategy formulation is rapidly increasing. A reliable framework which helps identify factors impacting a healthcare provider facility or a hospital (from here on termed as facility) market share is of key importance. This pilot study aims at developing a data-driven machine learning-regression framework which aids strategists in formulating key decisions to improve the facility’s market share which in turn impacts in improving the quality of healthcare services. The US (United States) healthcare business is chosen for the study, and the data spanning 60 key facilities in Washington State and about 3 years of historical data is considered. In the current analysis, market share is termed as the ratio of the facility’s encounters to the total encounters among the group of potential competitor facilities. The current study proposes a two-pronged approach of competitor identification and regression approach to evaluate and predict market share, respectively. Leveraged model agnostic technique, SHAP, to quantify the relative importance of features impacting the market share. Typical techniques in literature to quantify the degree of competitiveness among facilities use an empirical method to calculate a competitive factor to interpret the severity of competition. The proposed method identifies a pool of competitors, develops Directed Acyclic Graphs (DAGs) and feature level word vectors, and evaluates the key connected components at the facility level. This technique is robust since its data-driven, which minimizes the bias from empirical techniques. The DAGs factor in partial correlations at various segregations and key demographics of facilities along with a placeholder to factor in various business rules (for ex. quantifying the patient exchanges, provider references, and sister facilities). Identified are the multiple groups of competitors among facilities. Leveraging the competitors' identified developed and fine-tuned Random Forest Regression model to predict the market share. To identify key drivers of market share at an overall level, permutation feature importance of the attributes was calculated. For relative quantification of features at a facility level, incorporated SHAP (SHapley Additive exPlanations), a model agnostic explainer. This helped to identify and rank the attributes at each facility which impacts the market share. This approach proposes an amalgamation of the two popular and efficient modeling practices, viz., machine learning with graphs and tree-based regression techniques to reduce the bias. With these, we helped to drive strategic business decisions.

Keywords: competition, DAGs, facility, healthcare, machine learning, market share, random forest, SHAP

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Authors: Raphaël Weuts, Mykyta Petik, Anton Vedder

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Artificial Intelligence has the potential to create and already creates enormous value in healthcare. Prescriptive systems might be able to make the use of healthcare capacity more efficient. Such systems might entail interpretations that exclude the effect of confounders that brings risks with it. Those risks might be mitigated by regulation that prevents systems entailing such risks to come to market. One modality of regulation is that of legislation, and the European AI Act is an example of such a regulatory instrument that might mitigate these risks. To assess the risk mitigation potential of the AI Act for those risks, this research focusses on a case study of a hypothetical application of medical device software that entails the aforementioned risks. The AI Act refers to the harmonised norms for already existing legislation, here being the European medical device regulation. The issue at hand is a causal link between a confounder and the value the algorithm optimises for by proxy. The research identifies where the AI Act already looks at confounders (i.a. feedback loops in systems that continue to learn after being placed on the market). The research identifies where the current proposal by parliament leaves legal uncertainty on the necessity to check for confounders that do not influence the input of the system, when the system does not continue to learn after being placed on the market. The authors propose an amendment to article 15 of the AI Act that would require high-risk systems to be developed in such a way as to mitigate risks from those aforementioned confounders.

Keywords: AI Act, healthcare, confounders, risks

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Authors: Mohamed Zaher Bouaziz

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Our study examines the Ohlson Model, which links a company's market value to its equity and net earnings, in the context of the evolution of the Canadian accounting model, characterized by more extensive use of fair value and a broader measure of performance after IFRS adoption. Our hypothesis is that if equity is reported at its fair value, this valuation is closely linked to market capitalization, so the weight of earnings weakens or even disappears in the Ohlson Model. Drawing on Canada's adoption of the International Financial Reporting Standards (IFRS), our results support our hypothesis that equity appears to include most of the relevant information for investors, while earnings have become less important. However, the predictive power of earnings does not disappear.

Keywords: fair value accounting, Ohlson model, IFRS adoption, value-relevance of equity and earnings

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Authors: S. Akinde, Jubril Olatunbosun

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In recent years, most of the urban centers in Nigeria are fast experiencing housing problems such as unaffordable housing and environmental challenges, all of which determine the nature of housing quality. The population continues to increase and the demand for quality housing increases probably at the same rate. Several kinds of houses serve various purposes; the objectives of the low cost housing schemes as the name suggests is to make houses quality to both the middle and lower classes of people in Lagos. A casual look into the study area of Iba Low Cost Housing Estate and the Unity Low Cost Housing Estate, Ojo and Alimosho respectively in Lagos State have shown a huge demands for houses. The study area boasts of a large population all engaged in various commercial activities with income at various levels. It would be fair to say that these people are mainly of the middle class and lower class. This means the low cost housing scheme truly serves these purposes. A Low Cost Housing Scheme of Iba which is publicly owned and Low Cost Housing Scheme of Unity Estate (UE) is privately owned.  

Keywords: housing, residential quality, low cost housing scheme, public, private estates

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Authors: Arlan Zandro Brucal, John Lynham

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With the accelerated sea-level rise (SLR) increasingly becoming a concern, demand for coastal management and protection is expected to grow. Among the coastal management and protection methods, building seawalls are among the most controversial due to the negative externalities they impose on beachgoers and neighboring properties. This paper provides estimates of the external cost associated with building seawalls on the island of Oahu in Hawaii. Using hedonic pricing approach on real properties sold between 1980-2010 and aerial photographs of seawalls in 1995, the paper finds that (1) while seawalls do increase the value of protected properties, the share of armored properties appear to be negatively correlated with property sale prices, suggesting that the positive effect of seawalls tend to decline as more and more rely on this coastal management method; and (2) the value of beachfront properties tend to decline as they get approach seawalls. Results suggest that policymakers should devise a policy that would internalize the externalities associated with private-sector adaptation to climate change.

Keywords: private sector climate change adaptation, externalities, sea-level rise, hedonic pricing

Procedia PDF Downloads 279