Search results for: cash conversion cycle

Authors: Gaurav Gupta, Jitendra Mahakud

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This study focuses on the significance of internal financing constraints on the determination of corporate fixed investments in the case of Indian manufacturing companies. Financing constraints companies which have less internal fund or retained earnings face more transaction and borrowing costs due to imperfections in the capital market. The period of study is 1999-2000 to 2013-2014 and we consider 618 manufacturing companies for which the continuous data is available throughout the study period. The data is collected from PROWESS data base maintained by Centre for Monitoring Indian Economy Pvt. Ltd. Panel data methods like fixed effect and random effect methods are used for the analysis. The Likelihood Ratio test, Lagrange Multiplier test, and Hausman test results conclude the suitability of the fixed effect model for the estimation. The cash flow and liquidity of the company have been used as the proxies for the internal financial constraints. In accordance with various theories of corporate investments, we consider other firm specific variable like firm age, firm size, profitability, sales and leverage as the control variables in the model. From the econometric analysis, we find internal cash flow and liquidity have the significant and positive impact on the corporate investments. The variables like cost of capital, sales growth and growth opportunities are found to be significantly determining the corporate investments in India, which is consistent with the neoclassical, accelerator and Tobin’s q theory of corporate investment. To check the robustness of results, we divided the sample on the basis of cash flow and liquidity. Firms having cash flow greater than zero are put under one group, and firms with cash flow less than zero are put under another group. Also, the firms are divided on the basis of liquidity following the same approach. We find that the results are robust to both types of companies having positive and negative cash flow and liquidity. The results for other variables are also in the same line as we find for the whole sample. These findings confirm that internal financing constraints play a significant role for determination of corporate investment in India. The findings of this study have the implications for the corporate managers to focus on the projects having higher expected cash inflows to avoid the financing constraints. Apart from that, they should also maintain adequate liquidity to minimize the external financing costs.

Keywords: cash flow, corporate investment, financing constraints, panel data method

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Authors: Celso Afonso Klein Jr., Henrique Cantarelli, Fernando Portella, Keiichi Hosaka, Eduardo Reston, Fabricio Collares, Roberto Zimmer

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TTo evaluate the influence of preheating self-adhesive cement at 39ºC on cell migration, cytotoxicity and degree of conversion. RelyX U200, Set PP and MaxCem Elite were subjected to a degree of conversion analysis (FTIR-ATR). For the cytotoxicity analysis, extracts (24 h and 7 days) were placed in contact with NIH/3T3 cells. For cell migration, images were captured of each sample until the possible closure of the cleft occurred. In the results of the degree of conversion, preheating did not improve the conversion of cement. For the MTT, preheating did not improve the results within 24 hours. However, it generated positive results within 7 days for the Set PP resin cement. For cell migration, high rates of cell death were found in all groups. It is concluded that preheating at 39ºC caused a positive effect only in increasing the cell viability of the Set PP resin cement and that both materials analyzed are highly cytotoxic.

Keywords: dental cements, resin cements, degree of conversion, cytotoxicity, cell migration assays

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Authors: Jaroslav Frantík, Jan Najser

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This article deals with increasing the energy efficiency of a plant in terms of optimizing the process. The European Union is striving to achieve the climate-energy package in the area increasing of energy efficiency. The goal of energy efficiency is to reduce primary energy consumption by 20% within the EU until 2020. The objective of saving energy consumption in the Czech Republic was set at 47.84 PJ (13.29 TWh). For reducing electricity consumption, it is possible to choose: a) mandatory increasing of energy efficiency, b) alternative scheme, c) combination of both actions. The Czech Republic has chosen for reducing electricity consumption using-alternative scheme. The presentation is focused on the proposal of a technological unit dealing with the gasification process of processing of biomass with an increase of power in the output. The synthesis gas after gasification of biomass is used as fuel in a cogeneration process of reciprocating internal combustion engine with the classic production of heat and electricity. Subsequently, there is an explanation of the ORC system dealing with the conversion of waste heat to electricity with the using closed cycle of the steam process with organic medium. The arising electricity is distributed to the power grid as a further energy source, or it is used for needs of the partial coverage of the technological unit. Furthermore, there is a presented schematic description of the technology with the identification of energy flows starting from the biomass treatment by drying, through its conversion to gaseous fuel, producing of electricity and utilize of thermal energy with minimizing losses. It has been found that using of ORC system increased the efficiency of the produced electricity by 7.5%.

Keywords: biomass, efficiency, gasification, ORC system

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Authors: Basma Yassa

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Evidence on cash transfers’ effectiveness in mitigating macro and idiosyncratic shocks’ impacts has been mixed and is mostly concentrated in Latin America, Sub-Saharan Africa, and South Asia with very limited evidence from the MENA region. Yet conditional cash transfers schemes have been continually used, especially in Egypt, as the main social protection tool in response to the recent socioeconomic crises and macro shocks. We use 2 panel datasets and 1 cross-sectional dataset to estimate the effectiveness of cash transfers as a shock-mitigative mechanism in the Egyptian context. In this paper, the results from the different models (Panel Fixed Effects model and the Regression Discontinuity Design (RDD) model) confirm that micro and macro shocks lead to significant decline in several household-level welfare outcomes and that Takaful cash transfers have a significant positive impact in mitigating the negative shock impacts, especially on households’ debt incidence, debt levels, and asset ownership, but not necessarily on food, and non-food expenditure levels. The results indicate large positive significant effects on decreasing household incidence of debt by up to 12.4 percent and lowered the debt size by approximately 18 percent among Takaful beneficiaries compared to non-beneficiaries’. Similar evidence is found on asset ownership levels, as the RDD model shows significant positive effects on total asset ownership and productive asset ownership, but the model failed to detect positive impacts on per capita food and non-food expenditures. Further extensions are still in progress to compare the models’ results with the DID model results when using a nationally representative ELMPS panel data (2018/2024) rounds. Finally, our initial analysis suggests that conditional cash transfers are effective in buffering the negative shock impacts on certain welfare indicators even after successive macro-economic shocks in 2022 and 2023 in the Egyptian Context.

Keywords: cash transfers, fixed effects, household welfare, household debt, micro shocks, regression discontinuity design

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Authors: Ugbor Raphael Oluchukwu

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The survey research design was adopted to examine whether liquidity and cash management practices of owner-managed firms in South East Nigeria influence their profitability, growth and survival. Four independent variables (accounting systems, working capital management, budgetary control, and managerial planning) were used in the evaluation which was restricted to eight small firms. Results indicate that one variable, working capital management alone dominate the liquidity perception of owner managers. As a result, owner managers find it difficult to meet maturing business obligations as growth sets in. The study also reveals that the four independent variables have significant impact on the profitability, growth and survival of owner managed firms. Owner managers are therefore advised to undertake regular entrepreneurship training in order to upgrade their liquidity and cash management knowledge and practices to enhance their overall performance.

Keywords: liquidity management, owner-managed firm, profitability, survival

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Authors: Weiping Liu

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This paper presents an equation to calculate stock prices of different growth model. This equation is mathematically derived by using discounted cash flow method. It has the advantages of being very easy to use and very accurate. It can still be used even when the first stage is lengthy. This equation is more generalized because it can be used for all the three popular stock price models. It can be programmed into financial calculator or electronic spreadsheets. In addition, it can be extended to a multistage model. It is more versatile and efficient than the traditional methods.

Keywords: stock price, multistage model, different growth model, discounted cash flow method

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Authors: Farheen Akram

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Research and Development (R&D) is the most crucial element of the firm’s survival in a competitive business environment. R&D is a long-term investment; therefore, executives having the power to make the investment decisions may be pessimistic when their compensation is closely linked with short-term firm performance. Thus, the current study investigates the impact of board composition and executives’ compensation (cash or short-term benefits and LTIs) on R&D spending using a sample of 85 S&P/100 firms listed on the Australian Stock Exchange (ASX) in 2017. SmartPLS (v.3.2.7) was used to evaluate the proposed model of current research. The empirical findings of this study indicate that board composition has a significant and positive effect on R&D spending. While, as expected, executive cash compensation has negative and Long-Term-Incentives (LTIs) has a positive impact on R&D spending. Based on current findings, the study suggested that myopic behavior of CEOs and top management towards long-term value creation investment like R&D can be controlled by using long-term compensation rewards.

Keywords: cash compensation, LTIs, board composition, R&D spending

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Authors: Mihir Mouchum Hazarika, Maddali Ramgopal, Souvik Bhattacharyya

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The thermodynamic analysis shows that the performance of the R744 based transcritical refrigeration cycle drops drastically for higher ambient temperatures. This is due to the peculiar s-shape of the isotherm in the supercritical region. However, subcooling of the refrigerant at the gas cooler exit enhances the performance of the R744 based system. The present study is carried out to analyze the R744 based transcritical system with dedicated mechanical subcooling cycle. Based on this proposed cycle, the thermodynamic analysis is performed, and optimum operating parameters are determined. The amount of subcooling and the pressure ratio in the subcooling cycle are the parameters which are needed to be optimized to extract the maximum COP from this proposed cycle. It is expected that this study will be helpful in implementing the dedicated subcooling cycle with R744 based transcritical system to improve the performance.

Keywords: optimization, R744, subcooling, transcritical

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Authors: Ying Wang, Haiyan Xie, Aoming Zhang

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The degree distance of a graph is a graph invariant that is more sensitive than the Wiener index. In this paper, we calculate the vertex degree distances of one vertex union of the cycle and the star, and the degree distance of one vertex union of the cycle and the star. These results lay a foundation for further study on the extreme value of the vertex degree distances, and the distribution of the vertices with the extreme value in one vertex union of the cycle and the star.

Keywords: degree distance, vertex-degree-distance, one vertex union of a cycle and a star, graph

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Authors: K. Fraňa, M. Müller

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A presentation of the design of the Organic Rankine Cycle (ORC) with heat regeneration and super-heating processes is a subject of this paper. The maximum temperature level in the ORC is considered to be 110°C and the maximum pressure varies up to 2.5MPa. The selection process of the appropriate working fluids, thermal design and calculation of the cycle and its components are described. With respect to the safety, toxicity, flammability, price and thermal cycle efficiency, the working fluid selected is R134a. As a particular example, the thermal design of the condenser used for the ORC engine with a theoretical thermal power of 179 kW was introduced. The minimal heat transfer area for a completed condensation was determined to be approximately 520m2.

Keywords: organic rankine cycle, thermal efficiency, working fluids, environmental engineering

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Authors: Tagel Gebrehiwot, Carolina Castilla

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Food insecurity and child malnutrition are among the most critical issues in Ethiopia. Accordingly, different reform programs have been carried to improve household food security. The Food Security Program (FSP) (among others) was introduced to combat the persistent food insecurity problem in the country. The FSP combines a safety net component called the Productive Safety Net Program (PSNP) started in 2005. The goal of PSNP is to offer multi-annual transfers, such as food, cash or a combination of both to chronically food insecure households to break the cycle of food aid. Food or cash transfers are the main elements of PSNP. The case for cash transfers builds on the Sen’s analysis of ‘entitlement to food’, where he argues that restoring access to food by improving demand is a more effective and sustainable response to food insecurity than food aid. Cash-based schemes offer a greater choice of use of the transfer and can allow a greater diversity of food choice. It has been proven that dietary diversity is positively associated with the key pillars of food security. Thus, dietary diversity is considered as a measure of household’s capacity to access a variety of food groups. Studies of dietary diversity among Ethiopian rural households are somewhat rare and there is still a dearth of evidence on the impact of PSNP on household dietary diversity. In this paper, we examine the impact of the Ethiopia’s PSNP on household dietary diversity and child nutrition using panel household surveys. We employed different methodologies for identification. We exploit the exogenous increase in kebeles’ PSNP budget to identify the effect of the change in the amount of money households received in transfers between 2012 and 2014 on the change in dietary diversity. We use three different approaches to identify this effect: two-stage least squares, reduced form IV, and generalized propensity score matching using a continuous treatment. The results indicate the increase in PSNP transfers between 2012 and 2014 had no effect on household dietary diversity. Estimates for different household dietary indicators reveal that the effect of the change in the cash transfer received by the household is statistically and economically insignificant. This finding is robust to different identification strategies and the inclusion of control variables that determine eligibility to become a PSNP beneficiary. To identify the effect of PSNP participation on children height-for-age and stunting we use a difference-in-difference approach. We use children between 2 and 5 in 2012 as a baseline because by then they have achieved long-term failure to grow. The treatment group comprises children ages 2 to 5 in 2014 in PSNP participant households. While changes in height-for-age take time, two years of additional transfers among children who were not born or under the age of 2-3 in 2012 have the potential to make a considerable impact on reducing the prevalence of stunting. The results indicate that participation in PSNP had no effect on child nutrition measured as height-for-age or probability of beings stunted, suggesting that PSNP should be designed in a more nutrition-sensitive way.

Keywords: continuous treatment, dietary diversity, impact, nutrition security

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Authors: Mahsa Karimpour, Martin Belusko, Ke Xing, Frank Bruno

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Traditionally the embodied energy of design choices which reduce operational energy were assumed to have a negligible impact on the life cycle energy of buildings. However with new buildings having considerably lower operational energy, the significance of embodied energy increases. A life cycle assessment of a population of house designs was conducted in a mild and mixed climate zone. It was determined not only that embodied energy dominates life cycle energy, but that the impact on embodied of design choices was of equal significance to the impact on operational energy.

Keywords: building life cycle energy, embodied energy, energy design measures, low energy buildings

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Authors: Nurliani, Ida Rosada

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The national rice consumption keeps increasing along with raising income of the households and the rapid growth of population. However, food availability, particularly rice, is limited. Impacts of rice-field conversion have run cumulatively, as we can see on potential losses of rice and crops production, as well as work opportunity that keeps increasing year-by-year. Therefore, it requires policy recommendation to control rice-field conversion through economic, social, and ecological approaches. The research was a survey method intended to: (1) Identify internal factors; quality and productivity of the land as the cause of land conversion, (2) Identify external factors of land conversion, value of the rice-field and the competitor’s land, workforce absorption, and regulation, as well as (3) Formulate strategies in controlling rice-field conversion. Population of the research was farmers who applied land conversion at Pangkep Regency, South Sulawesi. Samples were determined using the incidental sampling method. Data analysis used productivity analysis, land quality analysis, total economic value analysis, and SWOT analysis. Results of the research showed that the quality of rice-field was low as well as productivity of the grains (unhulled-rice). So that, average productivity of the grains and quality of rice-field were low as well. Total economic value of rice-field was lower than the economic value of the embankment. Workforce absorption value on rice-field was higher than on the embankment. Strategies in controlling such rice-field conversion can be done by increasing rice-field productivity, improving land quality, applying cultivation technique of specific location, improving the irrigation lines, and socializing regulation and sanction about the transfer of land use.

Keywords: land conversion, quality of rice-field, productivity, land economic value.

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Authors: Jeni A. Popescu, Ionut Porumbel, Valeriu A. Vilag, Cleopatra F. Cuciumita

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The paper presents a thermodynamic cycle analysis for three turboshaft engines. The first is the cycle is a Brayton cycle, describing the evolution of a classical turboshaft, based on the Klimov TV2 engine. The other two cycles aim at approaching an Ericsson cycle, by replacing the Brayton cycle adiabatic expansion in the turbine by quasi-isothermal expansion. The maximum quasi-Ericsson cycles temperature is set to a lower value than the maximum Brayton cycle temperature, equal to the Brayton cycle power turbine inlet temperature, in order to decrease the engine NOx emissions. Also, the power distribution over the stages of the gas generator turbine is maintained the same. In the first of the two considered quasi-Ericsson cycle, the efficiencies of the gas generator turbine stage. Also, the power distribution over the stages of the gas generator turbine is maintained the same. In the first of the two considered quasi-Ericsson cycle, the efficiencies of the gas generator turbine stages are maintained the same as for the reference case, while for the second, the efficiencies are increased in order to obtain the same shaft power as in the reference case. It is found that in the first case, both the shaft power and the thermodynamic efficiency of the engine decrease, while in the second, the power is maintained, and even a slight increase in efficiency can be noted.

Keywords: combustion, Ericsson, thermodynamic analysis, turbine

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Authors: Surinder Singh, Gursewak Singh Lovkesh

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We have designed wavelength conversion based on four wave mixing in an optical fiber at 10 Gb/s. The power of converted signal increases with increase in signal power. The converted signal power is investigated as a function of input signal power and pump power. On comparison of converted signal power at different value of input signal power, we observe that best converted signal power is obtained at -2 dBm input signal power for both up conversion as well as for down conversion. Further, FWM efficiency, quality factor is observed for increase in input signal power and optical fiber length.

Keywords: FWM, optical fiiber, wavelngth converter, quality

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Authors: Gabriella Tjondro, Julita Dortua Laurentina Nainggolan

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Introduction: There are several things affecting menstrual cycle, namely, nutritional status, diet, financial status of one’s household and exercises. The most commonly used parameter to calculate the fat in a human body is body mass index. Therefore, it is necessary to do research to prevent complications caused by menstrual disorder in the future. Design Study: This research is an observational analytical study with the cross-sectional-case control approach. Participants (n = 124; median age = 19.5 years ± SD 3.5) were classified into 2 groups: normal, NM (n = 62; BMI = 18-23 kg/m²) and obese, OB (n = 62; BMI = > 25 kg/m²). BMI was calculated from the equation; BMI = weight, kg/height, m². Results: There were 79.10% from obese group who experienced menstrual cycle disorders (n=53, 79.10%; p value 0.00; OR 5.25) and 20.90% from normal BMI group with menstrual cycle disorders. There were several factors in this research that also influence the menstrual cycle disorders such as stress (44.78%; p value 0.00; OR 1.85), sleep disorders (25.37%; p value 0.00; OR 1.01), physical activities (25.37%; p value 0.00; OR 1.24) and diet (10.45%; p value 0.00; OR 1.07). Conclusion: There is a significant relation between body mass index (obese) and menstrual cycle disorders. However, BMI is not the only factor that affects the menstrual cycle disorders. There are several factors that also can affect menstrual cycle disorders, in this study we use stress, sleep disorders, physical activities and diet, in which none of them are dominant.

Keywords: menstrual disorders, menstrual cycle, obesity, body mass index, stress, sleep disorders, physical activities, diet

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Authors: Tao Lin, Shanghong Zhao, Yufu Yin, Zihang Zhu, Wei Jiang, Xuan Li, Qiurong Zheng

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A simple operated, stable and compact multi-band frequency conversion and multi-phase shift is proposed to satisfy the demands of multi-band communication and radar phase array system. The dual polarization quadrature phase shift keying (DP-QPSK) modulator is employed to support the LO sideband and the optical frequency comb simultaneously. Meanwhile, the fiber is also used to introduce different phase shifts to different sidebands. The simulation result shows that by controlling the DC bias voltages and a C band microwave signal with frequency of 4.5 GHz can be simultaneously converted into other signals that cover from C band to K band with multiple phases. It also verifies that the multi-band and multi-phase frequency conversion system can be stably performed based on current manufacturing art and can well cope with the DC drifting. It should be noted that the phase shift of the converted signal also partly depends of the length of the optical fiber.

Keywords: microwave photonics, multi-band frequency conversion, multi-phase shift, conversion efficiency

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Authors: Asma Bentaifa

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This paper investigates the effect of ownership concentration and especially the presence of controlling shareholders on the firm’s payout decisions. Using a sample of 870 French companies during 2007 to 2012, we find that the share of dividends in total payout is negatively correlated with the size of cash flow held by controlling shareholder, and positively related to the divergence between voting rights and cash flow rights of largest shareholders. We also document that controlled firms tend to prefer dividends over repurchases to mitigate conflicts between controlling shareholders and minority shareholders related to the presence of control enhancing devices.

Keywords: ownership, payout policy, dividend, minority expropriation

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Authors: Muhammad Tahir Khalily

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Aim: The purpose of the present study was to examine the effectiveness of alpha-theta brainwave Neuro feedback treatment for the internal self-exploration of individuals with conversion disorder. Method: A Purposive sample technique was used and data collected from Kalsoom International Hospital Islamabad and Al-Malik Medical Center Rawalpindi. 123 participants were examined, Male child = 5, female child = 6, male adult = 64, female adult = 48. This study retrospectively examined the symptomatic changes in clients with a range of psychiatric disorders particularly 13 (Male = 3, Female = 10) conversion disorder clients who have received Neuro feedback treatment. Results: Our results indicated a significant improvement (P < .001) in the amelioration of our clients’ symptoms which have enabled them to bring their emotional memories into conscious awareness for the peaceful resolution without self-detachment. Conclusion: Majority of the clients improved their psychiatric symptoms including the symptoms of conversion disorder and was discharged from therapy with the accomplishment of therapeutic goals.

Keywords: EEG, neurofeedback, conversion, therapy

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Authors: Maria A. Murtiati, Ancella A. Hermawan

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The objective of this study is to examine whether the firm’s eligibility to get a bank loan is influenced by earnings management. The earnings management is distinguished between accruals and real earnings management. Hypothesis testing is carried out with logistic regression model using sample of 285 companies listed at Indonesian Stock Exchange in 2010. The result provides evidence that a greater magnitude in accruals earnings management increases the firm’s probability to be eligible to get bank loan. In contrast, real earnings management through abnormal cash flow and abnormal discretionary expenses decrease firm’s probability to be eligible to get bank loan, while real management through abnormal production cost increases such probability. The result of this study suggests that if the earnings management is assumed to be opportunistic purpose, the accruals based earnings management can distort the banks credit analysis using financial statements. Real earnings management has more impact on the cash flows, and banks are very concerned on the firm’s cash flow ability. Therefore, this study indicates that banks are more able to detect real earnings management, except abnormal production cost in real earning management.

Keywords: discretionary accruals, real earning management, bank loan, credit worthiness

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Authors: Gaya Tridinanti

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Enhanching English vocabulary in early childhood is the main problem often faced by teachers. Thus, the purpose of this study was to determine the enhancement of children’s English vocabulary acquisition by using digital storytelling. This type of research was an action research. It consisted of a series of four activities done in repeated cycles: planning, implementation, observation, and reflection. The subject of the study consisted of 30 students of B group (5-6 years old) attending Happy Kids Kindergarten Palembang, Indonesia. This research was conducted in three cycles. The methods used for data collection were observation and documentation. Descriptive qualitative and quantitative methods were also used to analyse the data. The research showed that the digital storytelling learning activities could enhance the children’s English vocabulary acquisition. It is based on the data in which the enhancement in pre-cycle was 37% and 51% in Cycle I. In Cycle II it was 71% and in Cycle III it was 89.3%. The results showed an enhancement of about 14% from the pre-cycle to Cycle I, 20% from Cycle I to Cycle II, and enhancement of about 18.3% from Cycle II to Cycle III. The conclusion of this study suggests that digital storytelling learning method could enhance the English vocabulary acquisition of B group children at the Happy Kids Kindergarten Palembang. Therefore, digital storytelling can be considered as an alternative to improve English language learning in the classroom.

Keywords: acquisition, enhancing, digital storytelling, English vocabulary

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Authors: Andreas Ahrens, Ojaras Purvinis, Jelena Zascerinska

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A successful shopping experience without overcrowded shops and long waiting times undoubtedly leads to the release of happiness hormones and is generally considered the goal of any optimization. Factors influencing the shopping experience can be divided into internal and external ones. External factors are related, e. g. to the arrival of the customers to the shop, whereas internal are linked with the service process itself when checking out (waiting in the queue to the cash register and the scanning of the goods as well as the payment process itself) or any other non-expected delay when changing the status from a visitor to a buyer by choosing goods or items. This paper divides the customer-server interaction into five phases starting with the customer's arrival at the shop, the selection of goods, the buyer waiting in the queue to the cash register, the payment process, and ending with the customer or buyer's departure. Our simulation results show how five phases are intertwined and influence the overall shopping experience. Parameters for measuring the shopping experience are estimated based on the burstiness level in each of the five phases of the customer-server interaction.

Keywords: customers’ burstiness, cash register, customers’ wait-ing time, gap distribution function

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Authors: Ilhem Ouelhazi, Mouna Elakhdar, Lakdar Kairouani

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A computer simulation model for a combined ejector-vapor compression cycle that uses working fluid R134a. A refrigeration system was developed which combines a basic vapor compression refrigeration cycle with an ejector cooling cycle. A one-dimensional mathematical model was developed using the equations governing the flow and thermodynamics based on the constant area ejector flow model. The effects of the operating parameters on the cooling capacity, the performance coefficient, and the entrainment ratio are studied. The current model is based on the NIST-REFPROP database for refrigerants properties calculations. The simulated performance is compared with the available experimental data from the literature for validation.

Keywords: combined refrigeration cycle, constant area ejector, R134a, ejector-cooling cycle, performance, mathematical simulation, vapor compression cycle

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Authors: Faisal Anwar, Dawar Zaidi, Shubham Dixit, Nafees Ahmedii

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This paper analyzes the various properties of biodiesel such as pour point, cloud point, viscosity, calorific value, etc produced from different feedstocks. The aim of the work is to analyze change in these properties after converting feedstocks to biodiesel and then comparring it with ASTM 6751-02 standards to check whether they are suitable for diesel engines or not. The conversion of feedstocks is carried out by a process called transesterification. This conversion is carried out to reduce viscosity, pour point, etc. It has been observed that there is some remarkable change in the properties of oil after conversion.

Keywords: biodiesel, ethyl ester, free fatty acid, production

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Authors: Michael McCann

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Managerial theories propose that, in joint stock companies, executives may be tempted to waste excess free cash on unprofitable projects to keep control of resources. In order to conceal their projects' poor performance, they may seek to engage in earnings management. On the one hand, managers may manipulate earnings upwards in order to post ‘good’ performances and safeguard their position. On the other, since managers pursuit of unrewarding investments are likely to lead to low long-term profitability, managers will use negative accruals to reduce current year’s earnings, smoothing earnings over time in order to conceal the negative effects. Agency models argue that boards of directors are delegated by shareholders to ensure that companies are governed properly. Part of that responsibility is ensuring the reliability of financial information. Analyses of the impact of board characteristics, particularly board independence on the misuse of free cash flow and earnings management finds conflicting evidence. However, existing characterizations of board independence do not account for such directors gaining firm-specific knowledge over time, influencing their monitoring ability. Further, there is little analysis of the influence of the relative experience of independent directors and executives on decisions surrounding the use of free cash. This paper contributes to this literature regarding the heterogeneous characteristics of boards by investigating the influence of independent director tenure on earnings management and the relative tenures of independent directors and Chief Executives. A balanced panel dataset comprising 51 companies across 11 annual periods from 2005 to 2015 is used for the analysis. In each annual period, firms were classified as conducting earnings management if they had discretionary accruals in the bottom quartile (downwards) and top quartile (upwards) of the distributed values for the sample. Logistical regressions were conducted to determine the marginal impact of independent board tenure and a number of control variables on the probability of conducting earnings management. The findings indicate that both absolute and relative measures of board independence and experience do not have a significant impact on the likelihood of earnings management. It is the level of free cash flow which is the major influence on the probability of earnings management. Higher free cash flow increases the probability of earnings management significantly. The research also investigates whether board monitoring of earnings management is contingent on the level of free cash flow. However, the results suggest that board monitoring is not amplified when free cash flow is higher. This suggests that the extent of earnings management in companies is determined by a range of company, industry and situation-specific factors.

Keywords: corporate governance, boards of directors, agency theory, earnings management

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Authors: Ishmael Obaeko Iwara

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The Point of Sale (POS) cash and cashless semi-formal business has emerged as a significant driver of employment in countries like Nigeria and Kenya, similar to other micro and small-scale enterprises. This business model enables individuals to establish cash in/out outlets, offering entrepreneurs and small business owners a lucrative opportunity to generate additional income. However, the benefits extend beyond employment, as the POS model has become an integral part of the payment system in these countries. It facilitates convenient fund transfers, cash deposits, and withdrawals for individuals residing in both urban and rural areas. Given South Africa's high youth unemployment rate and limited banking services in rural households, coupled with a vibrant informal business economy akin to Nigeria and Kenya, the POS model potentially presents a business opportunity for the unemployed and serves as a banking solution for remote communities. Nonetheless, its implementation within South Africa's entrepreneurial landscape remains a subject of contention. Through qualitative research employing a participatory community-led action research approach, this study analyzes feedback, critiques, and potential interventions from various stakeholders, including business actors, grassroots communities, financial institutions, and policymakers. The findings offer crucial insights into the challenges associated with the adoption of the POS model and suggest mitigating factors to facilitate its successful implementation.

Keywords: grassroots entrepreneurs, rural households, POS banking, youth employment

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Authors: Jonghae Park, Daesung Kim

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The impact of aggressive and conservative working capital‘s strategies on the value and profitability of the firms has been evaluated by applying the panel data regression analysis. The control variables used in the regression models are natural log of firm size, sales growth, and debt. We collected a panel of 13,988 companies listed on the Korea stock market covering the period 2000-2016. The major findings of this study are as follow: 1) We find a significant negative correlation between firm profitability and the number of days inventory (INV) and days accounts payable (AP). The firm’s profitability can also be improved by reducing the number of days of inventory and days accounts payable. 2) We also find a significant positive correlation between firm profitability and the number of days accounts receivable (AR) and cash ratios (CR). In other words, the cash is associated with high corporate profitability. 3) Tobin's analysis showed that only the number of days accounts receivable (AR) and cash ratios (CR) had a significant relationship. In conclusion, companies can increase profitability by reducing INV and increasing AP, but INV and AP did not affect corporate value. In particular, it is necessary to increase CA and decrease AR in order to increase Firm’s profitability and value.

Keywords: working capital, working capital management, firm value, profitability

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Authors: Yasaman Samani, Ali Golmohammadi

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Introduction: The degree of conversion and depth of cure affects the clinical success of resin composite restorations directly. One of the main challenges in achieving a successful composite restoration is the achievement of sufficient depth of cure. The insufficient polymerization may lead to a decrease in the physical/mechanical and biological properties of resin composites and, as a result of that, unsuccessful composite restoration. Thus, because of the importance of studying and evaluating the depth of cure and degree of conversion in bulk-fill composites, we decided to evaluate and compare the degree of conversion and depth of cure in two bulk-fill composites; x-tra fill (Voco, Germany) and Opus Bulk fill APS (FGM, Brazil). Materials and Methods: Composite resin specimens (n=10) per group were prepared as cylinder blocks (4×8 mm) with bulk-fill composites, x-tra fil (Voco, Germany) designated as Group A, and Opus Bulk fill APS (FGM, Brazil) designated as Group B. Depth of cure was determined according to “ISO 4049; Depth of Cure” method, In which each specimen were cured (iLED, Woodpecker, China) 40 seconds and FTIR spectroscopy method was used to estimate the degree of conversion of both the bulk-fill composites. The degree of conversion of monomer to polymer was estimated individually in the coronal half (Group A1 and B1) and pulpal half (Group A2 and Group B2) by dividing each specimen into two halves. The data were analyzed using a Student’s t-test and one-way ANOVA at a 5% level of significance. Results: The mean depth of cure in x-tra fil (Voco, Germany) was 3.99 (±0.16), and for Opus Bulk fill, APS (FGM, Brazil) was 2.14 (±0.3). The degree of conversion percentage in Group A1 was 82.7 (±6.1), in group A2 was 73.4 (±5.2), in group B1 was 63.3 (±4.7) and in Group B2 was 56.5 (±7.7). Statistical analysis revealed a significant difference in the depth of cure between the two bulk-fill composites with x-tra fil (Voco, Germany) higher than Opus Bulk fill APS (FGM, Brazil) (P<0.001). The degree of conversion percentage also showed a significant difference, Group A1 being higher than A2 (P=0.0085), B1, and B2 (P<0.001). Group A2 was also higher than B1 (P=0.003) and B2 (P<0.001). There was no significant difference between B1 and B2 (P=0.072). Conclusion: The results indicate that x-tra fill has more depth of cure and a higher percentage of the degree of conversion than Opus Bulk fill APS. The coronal half of x-tra fil had the highest depth of cure percentage (82.66%), and the pulpal half of Opus Bulk fill APS had the lowest percentage (56.45%). Even though both bulk-fill composite materials had an acceptable degree of conversion (55% and higher), x-tra fill has shown better results.

Keywords: depth of cure, degree of conversion, bulk-fill composite, FTIR

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Authors: Thiago Brito Bezerra, Mauro Lopes de Freitas, Waldir Sabino da Silva Júnior

Abstract:

The Sigma-Delta A/D converters have been proposed as a practical application for A/D conversion at high rates because of its simplicity and robustness to imperfections in the circuit, also because the traditional converters are more difficult to implement in VLSI technology. These difficulties with conventional conversion methods need precise analog components in their filters and conversion circuits, and are more vulnerable to noise and interference. This paper aims to analyze the architecture, function and application of Analog-Digital converters (A/D) Sigma-Delta to overcome these difficulties, showing some simulations using the Simulink software and Multisim.

Keywords: analysis, oversampling modulator, A/D converters, sigma-delta

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Authors: Bahadir Aydin

Abstract:

It is difficult to access accurate knowledge because of mass data. This huge data make environment more and more caotic. Data are main piller of intelligence. The affiliation between intelligence and knowledge is quite significant to understand underlying truths. The data gathered from different sources can be modified, interpreted and classified by using intelligence cycle process. This process is applied in order to progress to wisdom as well as intelligence. Within this process the effect of tacit knowledge is crucial. Knowledge which is classified as explicit and tacit knowledge is the key element for any purpose. Tacit knowledge can be seen as "the tip of the iceberg”. This tacit knowledge accounts for much more than we guess in all intelligence cycle. If the concept of intelligence cycle is scrutinized, it can be seen that it contains risks, threats as well as success. The main purpose of all organizations is to be successful by eliminating risks and threats. Therefore, there is a need to connect or fuse existing information and the processes which can be used to develop it. Thanks to this process the decision-makers can be presented with a clear holistic understanding, as early as possible in the decision making process. Altering from the current traditional reactive approach to a proactive intelligence cycle approach would reduce extensive duplication of work in the organization. Applying new result-oriented cycle and tacit knowledge intelligence can be procured and utilized more effectively and timely.

Keywords: information, intelligence cycle, knowledge, tacit Knowledge

Procedia PDF Downloads 493