Search results for: financial progress

Authors: Ronelle Prinsloo

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In South Africa, married retirement fund members can manipulate the legal framework to prevent their spouses from accessing shared retirement benefits during divorce proceedings. The current legal structure allows retirement fund members to accelerate the accrual of their benefits, often by resigning or purchasing living annuities before the finalization of a divorce. This action effectively places these benefits beyond the reach of their spouses, leading to substantial financial prejudice, particularly for financially weaker spouses, typically women. The research highlights that South African courts, including the Supreme Court of Appeal (SCA), have not adequately scrutinized the implications of these actions. Specifically, the SCA has ruled that the capital and proceeds from living annuities are not subject to division during divorce, which undermines the financial rights of non-member spouses. The court's failure to consider the source of the money used to purchase these annuities and its potential inclusion in the joint estate or accrual system is a significant concern. The South African Law Reform Commission has recognized this issue, noting the negative impact on financially weaker spouses. The article critiques the lack of legislative response to this problem despite its significant implications for the equitable distribution of marital assets. The current legal framework, particularly the definition of "pension interest" and the provisions under sections 7(7) and 7(8) of the Divorce Act, is inadequate in addressing the complexities surrounding the sharing of retirement benefits in divorce cases. The article argues for a comprehensive review and reform of the law to ensure that retirement benefits are treated as patrimonial assets, subject to division upon the occurrence of any trigger event, such as resignation, retirement, or retrenchment. The need for such reform is urgent to prevent economically disadvantaged spouses from being unjustly deprived of their fair share of retirement benefits. In conclusion, the article advocates for legislative amendments to the Divorce Act, specifically section 7(7), to clarify that pension interests automatically form part of the joint estate, regardless of whether divorce proceedings are underway. This change would safeguard the financial rights of non-member spouses and ensure a more equitable distribution of retirement benefits during divorce. Failure to address this issue perpetuates economic inequality and leaves financially weaker spouses vulnerable during divorce proceedings.

Keywords: Constitution of South Africa, non-member spouse, retirement benefits, spouse

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Authors: Uwalomwa Uwuigbe, Olubukola Ranti Uwuigbe, Jinadu Olugbenga, Otekunrin Adegbola

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Corporate reporting has evolved over the years resulting from criticisms of the precedent by shareholders, stakeholders and other relevant financial institutions. Integrated reporting has become a globalized corporate reporting style, with its adoption around the world occurring rapidly to bring about an improvement in the quality of corporate reporting. While some countries have swiftly clinched into reporting in an integrated manner, others have not. In addition, there are ample research that has been conducted on the benefits of adopting integrated reporting, however, the same is not true in developing economies like Nigeria. Hence, this study basically examined the factors determining the adoption of integrated reporting in Nigeria. One hundred (100) copies of questionnaire was administered to financial managers of 20 selected listed companies in the Nigeria stock exchange market. The data obtained was analysed using the Spearman Rank Order Correlation via the Statistical Package for Social Science. This study observed that there is a significant relationship between the social pressures of isomorphic changes and integrated reporting adoption in Nigeria. The study recommends the need for an enforcement mechanism to be put in place while considering the adoption of integrated reporting in Nigeria, enforcement mechanisms should put into consideration the investors demand, the level of economic development, and the degree of corporate social responsibility.

Keywords: corporate social responsibility, isomorphic, integrated reporting, Nigeria, sustainability

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Authors: Ayman Haddad, Wafaa Sbeiti, Amr Qasem

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The main aim of this paper is to provide an overview of the most influential economic changes and accounting legislation affecting financial reporting and disclosure practices in Jordan. It also provides an overview of disclosure studies conducted in Jordan covering the year(s) between 1986 and 2014. The economic changes in Jordan required conducting economic reform and revising/issuing new regulations and financial market reforms that led to an improvement in disclosure practices. The issuance of Temporary Securities Law and its Directives of Disclosure in 1997, which came into effect in 1998, is considered as the turning point in the improvement of disclosure practice in Jordan. Based on a review of prior disclosure studies, we conclude that disclosure practices have improved overtime. We also observe that that firm size as a factor has always affected the level of disclosure in Jordan and followed by external auditing while liquidity was found to have the least effect. The paper also addresses the disclosure items required in Corporate Governance Codes that exist for listed shareholding companies, banks, and insurance companies. Finally, the paper discusses the quality of accounting education in Jordan since prior studies noted its impact on accounting practice.

Keywords: accounting legislation, corporate governance, disclosure practice, Jordan

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Authors: Data Collete Bob-Manuel

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In light of global financial crisis in 2007-2008 various factors including board diversity, succession planning and board evaluation have been identified as essential ingredients in ensuring board effectiveness. The composition and structure of the board is of outmost importance in assessing a board’s ability and success in achieving its objectives. Following the corporate frauds and accounting scandals such as Enron, WorldCom, Parmalat, Oceanic Bank Nigeria and AfriBank Nigeria, there has been a notable amount of research about the effectiveness of the board of directors in the corporate governance of firms. The need to have an effective board cannot be over emphasized as it results in a more stable and thriving company. There has been an overarching need in the business world for a more diverse workforce and board of directors. Big corporations like Texaco, Ford Motors and DuPont have stated how diversity at every level of the workforce including the board of directors has been cited as a vital element for a company to succeed. Developed countries are also seeking for companies to have a more diverse board. For instance Norway has implemented a 60:40 board ratio to all companies. In West Africa, particularly Nigeria, the topic of diversity has received little attention as most studies conducted have focused on the gender aspect of diversity, which results found to have a negative impact on firm performance. This paper seeks to examine four variables of diversity; age, ethnicity, gender and skills to weigh the positive or negative impact the variables have on firm performance, based on evidence from the Nigerian Financial sector. Information used for this study will be gathered from financial statements and annual reports so as to enable the researcher to reflect on past years to know what is being done differently today. The findings of this study will help the researcher to develop a working definition for ethnicity with regards to the West African context where the issue of “tribe” is a sensitive topic.

Keywords: Board of Directors, Board Diversity, Firm Performance, Nigeria

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Authors: Camila Plaza, Stefan Felder

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In October 2014, the TARMED reform was implemented in Switzerland. In an effort to even out the financial standing of general practitioners (including pediatricians) relative to that of specialists in the outpatient sector, the reform tackled two aspects: on the one hand, GPs would be able to bill an additional 9 CHF per patient, once per consult per day. This is referred to as the surcharge position. As a second measure, it reduced the fees for certain technical services targeted to specialists (e.g., imaging, surgical technical procedures, etc.). Given the fee-for-service reimbursement system in Switzerland, we predict that physicians reacted to the economic incentives of the reform by increasing the consults per patient and decreasing the average amount of time per consult. Within this framework, our treatment group is formed by GPs and our control group by those specialists who were not affected by the reform. Using monthly insurance claims panel data aggregated at the physician praxis level (provided by SASIS AG), for the period of January 2013-December 2015, we run difference in difference panel data models with physician and time fixed effects in order to test for the causal effects of the reform. We account for seasonality, and control for physician characteristics such as age, gender, specialty, and physician experience. Furthermore, we run the models on subgroups of physicians within our sample so as to account for heterogeneity and treatment intensities. Preliminary results support our hypothesis. We find evidence of an increase in consults per patients and a decrease in time per consult. Robustness checks do not significantly alter the results for our outcome variable of consults per patient. However, we do find a smaller effect of the reform for time per consult. Thus, the results of this paper could provide policymakers a better understanding of physician behavior and their sensitivity to financial incentives of reforms (both past and future) under the current reimbursement system.

Keywords: difference in differences, financial incentives, health reform, physician behavior

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Authors: Abdelsalam Elawwad, Mostafa Ragab, Hisham Abdel-Halim

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Leakage in sewerage system can cause groundwater and soil contamination in urban areas, especially in area with a high groundwater table. This is a serious problem in small villages in developing countries that rely on ground water as a source for irrigation and drinking purposes. In the developed countries, the recent trend in areas with low population densities is vacuum sewerage system, which is environmentally safer than conventional gravity system, protecting public health, preventing exfiltration to the ground water, very easily applied in a relatively short time and can cope with a faster expansion of the urbanized areas. The aim of this work is to assess the feasibility of using vacuum sewerage in developing country, such as Egypt. Knowledge of local conditions can determine the most suitable sewer system for a specific region. Technical, environmental and financial comparisons between conventional sewerage system and vacuum sewerage system were held using statistical analysis. Different conditions, such as population densities, geometry of area, and ground water depths were evaluated. Sample comprising of 30 Egyptian villages was selected, where a complete design for conventional sewerage system and vacuum sewerage system was done. Based on this study, it is recommended from the environmental point of view to construct the vacuum sewerage system in such villages with low population densities; however, it is not economic for all cases. From financial point of view, vacuum sewerage system was a good competitor to conventional systems in flat areas and areas with high groundwater table. The local market supplying of the construction equipment especially collection chambers will greatly affect the investment cost. Capacity building and social mobilization will also play a great role in sustainability of this system. At the end, it is noteworthy that environmental sustainability and public health are more important than the financial aspects.

Keywords: ground water, conventional system, vacuum system, statistics, cost, density, terrain

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Authors: Chien-Chun Huang, P. W. Yuan

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Banana is one of the important fruits which constitute a valuable source of energy, vitamins and minerals and an important food component throughout the world. The fruit ripening and maturity standards vary from country to country depending on the expected shelf life of market. During ripening there are changes in appearance, texture and chemical composition of banana. The changes of component of banana during ethylene-induced ripening are categorized as nutritive values and commercial utilization. The objectives of this study were to investigate the changes of chemical composition and physicochemical properties of banana during ethylene-induced ripening. Green bananas were harvested and ripened by ethylene gas at low temperature (15℃) for seven stages. At each stage, banana was sliced and freeze-dried for banana flour preparation. The changes of total starch, resistant starch, chemical compositions, physicochemical properties, activity of amylase, polyphenolic oxidase (PPO) and phenylalanine ammonia lyase (PAL) of banana were analyzed each stage during ripening. The banana starch was isolated and analyzed for gelatinization properties, pasting properties and microscopic appearance each stage of ripening. The results indicated that the highest total starch and resistant starch content of green banana were 76.2% and 34.6%, respectively at the harvest stage. Both total starch and resistant starch content were significantly declined to 25.3% and 8.8%, respectively at the seventh stage. Soluble sugars content of banana increased from 1.21% at harvest stage to 37.72% at seventh stage during ethylene-induced ripening. Swelling power of banana flour decreased with the progress of ripening stage, but solubility increased. These results strongly related with the decreases of starch content of banana flour during ethylene-induced ripening. Both water insoluble and alcohol insoluble solids of banana flour decreased with the progress of ripening stage. Both activity of PPO and PAL increased, but the total free phenolics content decreased, with the increases of ripening stages. As ripening stage extended, the gelatinization enthalpy of banana starch significantly decreased from 15.31 J/g at the harvest stage to 10.55 J/g at the seventh stage. The peak viscosity and setback increased with the progress of ripening stages in the pasting properties of banana starch. The highest final viscosity, 5701 RVU, of banana starch slurry was found at the seventh stage. The scanning electron micrograph of banana starch showed the shapes of banana starch appeared to be round and elongated forms, ranging in 10-50 μm at the harvest stage. As the banana closed to ripe status, some parallel striations were observed on the surface of banana starch granular which could be caused by enzyme reaction during ripening. These results inferred that the highest resistant starch was found in the green banana could be considered as a potential application of healthy foods. The changes of chemical composition and physicochemical properties of banana could be caused by the hydrolysis of enzymes during the ethylene-induced ripening treatment.

Keywords: maturation of banana, appearance, texture, soluble sugars, resistant starch, enzyme activities, physicochemical properties of banana starch

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Authors: Maha Hammami, Olfa Benouda Sioud

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This study investigates the reliability of management earnings forecasts with reference to these two ingredients: verifiability and neutrality. Specifically, we examine the biasedness (or accuracy) of management earnings forecasts and company specific characteristics that can be associated with accuracy. Based on sample of 102 IPO prospectuses published for admission on NYSE Euronext Paris from 2002 to 2010, we found that these forecasts are on average optimistic and two of the five test variables, earnings variability and financial leverage are significant in explaining ex post bias. Acknowledging the possibility that the bias is the result of the managers’ forecasting behavior, we then examine whether managers decide to under-predict, over-predict or forecast accurately for self-serving purposes. Explicitly, we examine the role of financial distress, operating performance, ownership by insiders and the economy state in influencing managers’ forecasting preferences. We find that managers of distressed firms seem to over-predict future earnings. We also find that when managers are given more stock options, they tend to under-predict future earnings. Finally, we conclude that the management earnings forecasts are affected by an intentional bias due to managers’ forecasting preferences.

Keywords: intentional bias, management earnings forecasts, neutrality, verifiability

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Authors: Matthew I. Bellgard

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The field of bioinformatics has made, and continues to make, substantial progress and contributions to life science research and development. However, this paper contends that a systems approach integrates bioinformatics activities for any project in a defined manner. The application of critical control points in this bioinformatics systems approach may be useful to identify and evaluate points in a pathway where specified activity risk can be reduced, monitored and quality enhanced.

Keywords: bioinformatics, food security, personalized medicine, systems approach

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Authors: Mohamed Abdalla Khalil Mahmoud, Omnia Haidar Suliman

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Information and Communication technologies have revolutionized the way services are developed and offered to customers and have achieved evident success in a variety of vital sectors and widely contributed to the growth and resilience of the economy worldwide. Consequently, governments, especially of developing countries, have turned their attention to examine possible ways to utilize contemporary technology advances to offer essential governmental services to citizens, especially in areas where government agencies are not present. This paper investigates the challenges that impede governments of developing countries to provide basic services to its constituents nationwide. Sudan, as a case study, has taken major steps to provide essential governmental services via electronic channels. However, these services are still not widely used by the citizens, resulting in waste of financial and human resources and efforts that could have been invested more appropriately. This paper examines the challenges that hinder the Sudan’s government in their pursuit of availing its services via electronic channels. Different categories of e-government challenges, such as organizational, technological, social and, demographic, and financial and economic, have been explored in order to pinpoint the major challenges. A structured questionnaire is used to survey the target population of e-government professionals and executives who have direct involvement in the implementation of this nationwide endeavor in Sudan. The survey has successfully identified the main challenges that have high impact on the government’s effort to offer its services via electronic channels, such as Lack of coordination between public and private sectors and Lack of the benefits recognition of the e-government program. The findings of this paper can be used as a solid foundation for improving the way governmental services are offered to citizens in Sudan, resulting in a successful investment of financial and human resources and benefiting the targeted customers of all types.

Keywords: citizen, digital, e-channels, public sector, Sudan, technology

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Authors: Dean Sinković, Tea Golja, Morena Paulišić

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Upon the end of the vicious war in former Yugoslavia in 1995, international development community widely promoted microfinance as the key development framework to eradicate poverty, create jobs, increase income. Widespread claims were made that microfinance institutions would play vital role in creating a bedrock for sustainable ‘bottom-up’ economic development trajectory, thus, helping newly formed states to find proper way from economic post-war depression. This uplifting neoliberal narrative has no empirical support in the Republic of Croatia. Firstly, the type of enterprises created via microfinance sector are small, unskilled, labor intensive, no technology and with huge debt burden. This results in extremely high failure rates of microenterprises and poor individuals plunging into even deeper poverty, acute indebtedness and social marginalization. Secondly, evidence shows that microcredit is exact reflection of dangerous and destructive sub-prime lending model with ‘boom-to-bust’ scenarios in which benefits are solely extracted by the tiny financial and political elite working around the microfinance sector. We argue that microcredit providers are not proper financial structures through which developing countries should look way out of underdevelopment and poverty. In order to achieve sustainable long-term growth goals, public policy needs to focus on creating, supporting and facilitating the small and mid-size enterprises development. These enterprises should be technically sophisticated, capable of creating new capabilities and innovations, with managerial expertise (skills formation) and inter-connected with other organizations (i.e. clusters, networks, supply chains, etc.). Evidence from South-East Europe suggest that such structures are not created via microfinance model but can be fostered through various forms of social enterprises. Various legal entities may operate as social enterprises: limited liability private company, limited liability public company, cooperative, associations, foundations, institutions, Mutual Insurances and Credit union. Our main hypothesis is that cooperatives are potential agents of social and economic transformation and community development in the region. Financial cooperatives are structures that can foster more efficient allocation of financial resources involving deeper democratic arrangements and more socially just outcomes. In Croatia, pioneers of the first social enterprises were civil society organizations whilst forming a separated legal entity. (i.e. cooperatives, associations, commercial companies working on the principles of returning the investment to the founder). Ever since 1995 cooperatives in Croatia have not grown by pursuing their own internal growth but mostly by relying on external financial support. The greater part of today’s registered cooperatives tend to be agricultural (39%), followed by war veterans cooperatives (38%) and others. There are no financial cooperatives in Croatia. Due to the above mentioned we look at the historical developments and the prevailing social enterprises forms and discuss their advantages and disadvantages as potential agents for social and economic transformation and community development in the region. There is an evident lack of understanding of this business model and of its potential for social and economic development followed by an unfavorable institutional environment. Thus, we discuss the role of governance and management in the formation of social enterprises in Croatia, stressing the challenges for the governance of the country’s social enterprise movement.

Keywords: financial cooperatives, governance and management models, microfinance institutions, social enterprises

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Authors: Arnaud Deshais

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The supply chain industry has integrated the need for supplier Diversity and Inclusion (D&I), mostly from an ethical and moral argument. In addition, in some countries, it is also a legal requirement for companies reaching a certain size. As a matter of fact, a lot of successful companies have developed a Corporate Social Responsibility Program that encourages diversity and inclusion in the supply chain, such as building strong relationships with minority owned businesses (women, LGBT, veterans, etc.). Outside ethical and legal perspectives, it is also worth researching the economic and financial benefits of pursuing such efforts. Through surveys of purchasing and supply chain managers in their current roles as well as review of some case studies on supplier based D&I programs, it becomes apparent that a financial return on investment is to be expected as well for companies who make a concerted effort to grow their D&I programs. The study explores the levers to increase shareholder value and business efficiencies. Finally, the research highlights the competitive advantage related to a broad minority based supplier network. The benefits manifest themselves in the areas of competitiveness, innovation, and collaboration. The economic reward ends up being at the forefront of those programs while being an opportunity for organizations to become 'a good citizen'.

Keywords: diversity, inclusion, purchasing, supplier

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Authors: Nouha Ben Salah, Mohamed Ali Omri

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This paper treats the association between disclosure level and the cost of equity capital in Tunisian’slisted firms. This relation is tested by using two models. The first is used for testing this relation directly by regressing firm specific estimates of cost of equity capital on market beta, firm size and a measure of disclosure level. The second model is used for testing this relation by introducing information asymmetry as mediator variable. This model is suggested by Baron and Kenny (1986) to demonstrate the role of mediator variable in general. Based on a sample of 21 non-financial Tunisian’s listed firms over a period from 2000 to 2004, the results prove that greater disclosure is associated with a lower cost of equity capital. However, the results of indirect relationship indicate a significant positive association between the level of voluntary disclosure and information asymmetry and a significant negative association between information asymmetry and cost of equity capital in contradiction with our previsions. Perhaps this result is due to the biases of measure of information asymmetry.

Keywords: cost of equity capital, voluntary disclosure, information asymmetry, and Tunisian’s listed non-financial firms

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Authors: Yu-Chen Wei, Yang-Cheng Lu, I-Chi Lin

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This study examines the impacts of news sentiment and press freedom on abnormal returns during the earnings announcement in greater China including the Shanghai, Shenzhen and Taiwan stock markets. The news sentiment ratio is calculated by using the content analysis of semantic orientation. The empirical results show that news released prior to the event date may decrease the cumulative abnormal returns prior to the earnings announcement regardless of whether it is released in China or Taiwan. By contrast, companies with optimistic financial news may increase the cumulative abnormal returns during the announcement date. Furthermore, the difference in terms of press freedom is considered in greater China to compare the impact of press freedom on abnormal returns. The findings show that, the freer the press is, the more negatively significant will be the impact of news on the abnormal returns, which means that the press freedom may decrease the ability of the news to impact the abnormal returns. The intuition is that investors may receive alternative news related to each company in the market with greater press freedom, which proves the efficiency of the market and reduces the possible excess returns.

Keywords: news, press freedom, Greater China, earnings announcement, abnormal returns

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Authors: Nasser Alsadoun

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Today's companies in Saudi Arabian capital market must comply with strict criteria and adhere to rigid corporate governance rules and continuous disclosure requirements. Unlike other regulators in the region, decision makers of the Capital Market Authority (hereafter CMA) of Saudi Arabia believes that the announcements of economic sanctions and penalties for non-compliance firms will foster more effective regulatory compliance and hence improve the quality of financial reporting. An implied argument put forward by the opponents, however, states that such penalties are unnecessary and stated to be onerous for non-compliance firms. Over that last years, the CMA has publicly announced several economic fines levied on some listed companies for their failing to comply with corporate governance and continuous disclosure regulation clauses, with the amount of fine levied ranges between 50,000 SR to 100,000 SR for each failing. Economic theory suggests that rational investors make decisions based on a cost-benefit principal. The regulatory intervention made by CMA on the announcement of economic sanctions has been costly to the society (economy) hoping that it improves the transparency of financial statements. It is argued, therefore, that threat of regulators and economic sanctions will provide incentives for firms’ managers to report more relevant and reliable accounting information, and the benefit of such announcements is likely to be reflected in the context of the quality of the financial reports. Yet, the economic consequences of the revealed fines announcement for non-compliance firms in Saudi Arabian market have not been examined. Thus, this study attempts to empirically examine whether market participants are pricing the supposed benefits of rigid governance and disclosure rules in the Saudi market. The study employs an event study methodology to assess the impact of CMA economic sanctions announcements on the market price of non-compliance firms. The study also estimates and examines bid–ask spread behavior of violated firms around the CMA announcements. The findings indicate that the CMA fines announcements for failing to comply with governance and disclosure rules do not appear to play any significant role in securities pricing. In addition, tests of bid-ask behavior does not indicate any significant increases in information asymmetry surrounding these announcements. While the CMA has developed many goals to increase the awareness of listed companies with the best governance and disclosure practices, it seems they have to develop more goals to improve market efficiency and increase investors and public awareness.

Keywords: governance and disclosure violations, financial reporting quality, regulatory intervention, market efficiency

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Authors: Stephen Bahooshy

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Our understanding of gender inequality has advanced in recent years. Differences in pay and societal gendered behaviour expectations have been emphasized. It is acknowledged globally that gender shapes everyone’s experiences of health and social care, including access to care, use of services and products, and the interaction with care providers. NHS Digital in England collects data from local authorities on the number of carers and people with support needs and the services they access. This data does not provide a gender breakdown. Caring can have many positive and negative impacts on carers’ health and wellbeing. For example, caring can improve physical health, provide a sense of pride and purpose, and reduced stress levels for those who undertake a caring role by choice. Negatives of caring include financial concerns, social isolation, a reduction in earnings, and not being recognized as a carer or involved and consulted by health and social care professionals. Treating male and female carers differently is by definition unequitable and precludes one gender from receiving the benefits of caring whilst potentially overburdening the other with the negatives of caring. In order to explore the issue on a preliminary basis, five local authorities who provide statutory adult social care services in England were sent Freedom of Information requests in 2019. The authorities were selected to include county councils and London boroughs. The authorities were asked to provide data on the amount of money spent on care at home packages to people over 65 years, broken down by gender and carer gender for each financial year between 2013 and 2019. Results indicated that in each financial year, female carers supporting someone over 65 years received less financial support for care at home support packages than male carers. Over the six-year period, this difference equated to a £9.5k deficit in financial support received on average per female carer when compared to male carers. An example of a London borough with the highest disparity presented an average weekly spend on care at home for people over 65 with a carer of £261.35 for male carers and £165.46 for female carers. Consequently, female carers in this borough received on average £95.89 less per week in care at home support than male carers. This highlights a real and potentially detrimental disparity in the care support received to female carers in order to support them to continue to care in parts of England. More research should be undertaken in this area to better explore this issue and to understand if these findings are unique to these social care providers or part of a wider phenomenon. NHS Digital should request local authorities collect data on gender in the same way that large employers in the United Kingdom are required by law to provide data on staff salaries by gender. People who allocate social care packages of support should consider the impact of gender when allocating support packages to people with support needs and who have carers to reduce any potential impact of gender bias on their decision-making.

Keywords: caregivers, carers, gender equality, social care

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Authors: Mohammed Sani Abdulai

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Public sector budgeting, all over the world, is underpinned by some universally accepted principles of sound budget management such as budget unity, universality, annuality, and a balanced budget. These traditional principles, though fundamental, had, in recent years, been augmented by the more modern principles of budgeting within fiscal objective, alignment with medium-term strategic plans as well as the observance of such related concepts as transparency, openness and accessibility. In this paper, we have endeavored to shed light, from literature and practice, on the meaning and purposes of such fundamental budgeting principles. We have also assessed the extent to which the Government of Ghana’s budget complies with the four traditional principles of budget unity, universality, annuality, and a balanced budget and the three out of the ten modern principles of budgetary governance of Organisation for Economic Co-operation and Development (OECD). We did so by using a qualitative method of review and analysis of existing documents and the performance assessment reports on Ghana’s Public Financial Management (PFM) measured using such frameworks as the Public Expenditure and Financial Accountability (PEFA), the Open Budget Survey (OBS) and its Index (OBI), the reports and action plans of Open Government Partnership (OGP) and the Global Initiative for Fiscal Transparency (GIFT). Other performance assessment reports that were relied on included, but not limited to, the Joint Evaluation Report of PFM in Ghana, 2001-2010, and the Joint Evaluation of Budget Support to Ghana, 2005-2015. We have, through this paper, brought to the fore the lessons that could be learned on how those budgetary principles undergird the Government of Ghana’s budget formulation, execution, accounting, control, and oversight. These lessons include, but are not limited to, the need for both scholars and practitioners in the PFM space to be aware of the impact of those principles on public sector budgeting.

Keywords: annulaity, balanced budget, budget unity, budgetary principles, OECD’s principles on budgetary governance, open budget index, public expenditure and financial accountability, universality

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Authors: Claire Maillet

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Insider fraud, including its various forms such as employee fraud or internal fraud, is a major financial crime threat whereby an employee defrauds (or attempts to defraud) their current, prospective or past employer. ‘Employee’ covers anyone employed by the company, including contractors, agency workers, directors and part time staff. Insider fraud is even more of a concern given the impacts of the Coronavirus pandemic and the cost-of-living crisis, which have generated multiple opportunities to commit insider fraud. Insider fraud is something that is not necessarily thought of as a significant financial crime; Without the face-to-face, ‘over the shoulder’ capabilities of staff being able to keep an eye on their employees, there is a heightened reliance on trust and transparency. With this, naturally, comes an increased risk of insider fraud. Given that the number of FinTechs is on the rise and there is a significant lack of empirically based solutions for reducing insider fraud, these are gaps in the research space that this thesis aims to fill. Finally, Kassem (2022) notes that “academic research plays a crucial role in raising awareness about fraud and researching effective methods for countering it”. Thus, this thesis may be used as an opportune tool to provide an extensive list of controls spanning detection, deterrence and prevention, that are recommended to be implemented to help combat the insider threat.

Keywords: insider fraud, internal fraud, pandemic, Covid-19

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Authors: Mattahias Maj, Fabio Tatzgern, Karl Adam, Damir Kahrimanovic, Markus Varga

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Torpedo ladles are necessary transport carriages in steel production to move the molten crude iron from the blast furnace to the steel refining plant. This requires the ladles to be high temperature resistant and insulate well to preserve the temperature and hold the risk of solidification at bay. Therefore, the involved refractories lining the inside of the torpedo ladles are chosen mostly according to their thermal properties, although wear of the materials by the liquid iron is also of major importance. In this work, we combined investigations of the thermal behaviour with wear studies of the lining over the whole lifetime of a torpedo ladle. Additional numerical simulations enabled a detailed model of the mechanical loads and temperature propagation at the various stations (heating, filling, emptying, cooling). The core of the investigation were detailed 3D measurements of the ladle’s cavity and thereby quantitative information of the wear progress at different time intervals during the lifetime of the ladles. The measurements allowed for a separation of different wear zones according to severity, namely the “splash zone” where the melt directly hits the ladle, the “melt zone” where during transport always liquid melt is present, and the “slag zone”, where the slag floats on the melt causing the most severe wear loss. Numerical simulations of the filling process were taken to calculate stress levels and temperature gradients, which led to the different onset of wear on those zones. Thermal imaging and punctual temperature measurements allowed for a study of the thermal consequences entailed by the wear onset. Additional “classical” damage analysis of the worn refractories complete the investigation. Thereby the wear mechanisms leading to the substantial wear loss were disclosed.

Keywords: high temperature, tribology, liquid-solid interaction, refractories, thermography

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Authors: Brittany Richardson, Ying Wang

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For physical therapy, exercise prescription, athlete training, and regular fitness training, it is crucial to perform health assessments or fitness assessments periodically. An accurate assessment is propitious for tracking recovery progress, preventing potential injury and making long-range training plans. Assessments include necessary measurements, height, weight, blood pressure, heart rate, body fat, etc. and advanced evaluation, muscle group strength, stability-mobility, and movement evaluation, etc. In the current standard assessment procedures, the accuracy of assessments, especially advanced evaluations, largely depends on the experience of physicians, coaches, and personal trainers. And it is challenging to track clients’ progress in the current assessment. Unlike the tradition assessment, in this paper, we present a deep learning based face recognition algorithm for accurate, comprehensive and trackable assessment. Based on the result from our assessment, physicians, coaches, and personal trainers are able to adjust the training targets and methods. The system categorizes the difficulty levels of the current activity for the client or user, furthermore make more comprehensive assessments based on tracking muscle group over time using a designed landmark detection method. The system also includes the function of grading and correcting the form of the clients during exercise. Experienced coaches and personal trainer can tell the clients' limit based on their facial expression and muscle group movements, even during the first several sessions. Similar to this, using a convolution neural network, the system is trained with people’s facial expression to differentiate challenge levels for clients. It uses landmark detection for subtle changes in muscle groups movements. It measures the proximal mobility of the hips and thoracic spine, the proximal stability of the scapulothoracic region and distal mobility of the glenohumeral joint, as well as distal mobility, and its effect on the kinetic chain. This system integrates data from other fitness assistant devices, including but not limited to Apple Watch, Fitbit, etc. for a improved training and testing performance. The system itself doesn’t require history data for an individual client, but the history data of a client can be used to create a more effective exercise plan. In order to validate the performance of the proposed work, an experimental design is presented. The results show that the proposed work contributes towards improving the quality of exercise plan, execution, progress tracking, and performance.

Keywords: exercise prescription, facial recognition, landmark detection, fitness assessments

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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: Aleksandra Dragojlov

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Since the election of Aleksandar Vučić and the Progressives, Serbia has witnessed a slow decline in media freedom, which has been worse than in the 1990s. Although the government adopted a package of three laws in August 2014 to bring the media landscape up to European standards, the implementation of the laws has been limited and marginal, with the progressives engaging in fake compliance. The adoption of the new media strategy for 2020-2025 in 2020 has not led to genuine domestic reform and compliance with EU conditionality. In fact, the EU Commission and journalists’ associations in Serbia have criticised the decline in Serbia’s media freedom citing continued attacks on journalists and indirect political and economic control through advertising and project co-financing, which continue to be features of the Serbian media landscape. In the absence of clear and credible EU conditionality, the decline of media freedom is in the eye of the beholder, where the gap between public engagements with Serbian politicians and the critical stance of progress reports regarding the degradation of the media have enabled Serbian elites to exploit this ambiguity to continue their strategy of fake compliance vis-a-vis rule of law. This study used a mixed methods approach combining both primary and secondary sources with those semi-structured interviews via Zoom, email, and in person with EU and Serbian officials and journalists. Our findings add to the studies where the lack of clear and credible conditionality has allowed Serbia politicians to exploit them in a manner that would suit their own interests, finding new means to retain their control over the media. We argued and concluded that it is this discrepancy between public engagements with Serbia and the progress reports in the area of freedom of expression that has not led to genuine domestic media reforms in Serbia and instead allowed Serbian elites to engage in a strategy of fake and even non-compliance towards media freedom conditionality.

Keywords: media freedom, EU conditionality, Serbia, fake compliance, EU integration, Chapter 23, justice and fundamental rights

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Authors: Tiberiu Socaciu, Tudor Colomeischi, Eugenia Iancu

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Business failure affects in various proportions shareholders, managers, lenders (banks), suppliers, customers, the financial community, government and society as a whole. In the era in which we have telecommunications networks, exists an interdependence of markets, the effect of a failure of a company is relatively instant. To effectively manage risk exposure is thus require sophisticated support systems, supported by analytical tools to measure, monitor, manage and control operational risks that may arise. As we know, bankruptcy is a phenomenon that managers do not want no matter what stage of life is the company they direct / lead. In the analysis made by us, by the nature of economic models that are reviewed (Altman, Conan-Holder etc.), estimating the risk of bankruptcy of a company corresponds to some extent with its own business cycle tracing of the company. Various models for predicting bankruptcy take into account direct / indirect aspects such as market position, company growth trend, competition structure, characteristics and customer retention, organization and distribution, location etc. From the perspective of our research we will now review the economic models known in theory and practice for estimating the risk of bankruptcy; such models are based on indicators drawn from major accounting firms.

Keywords: Anglo-Saxon models, continental models, national models, statistical models

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Authors: Mahfoud Djebbar

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

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

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Authors: Oluwole A. Solanke

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This article explores internal generation of revenues in higher education institutions. The research focuses on how polytechnic institutions in Nigeria generate other sources of revenues to augment government subventions and tuition fees. The study provides a qualitative case study and triangulation data on three polytechnics representing tertiary institution structure of federal, state and private ownership in Nigeria. The article argues that dependence on government subventions by the public polytechnics and tuition fees by private polytechnic would not provide funding adequacy for the activities of the institutions under study. Findings revealed that there are basically seven themes; guest houses; poly consult; part-time courses; tuition fees; capitation fees; ownership contribution; and printing and business centre by which the polytechnics generate additional sources of revenues in the management of the institutions. The research concludes that for the polytechnics to gain financial adequacy, entrepreneurial activities must be embarked upon vigorously by stakeholders of the polytechnics as this is the only way by which financial self-reliance can be achieved.

Keywords: entrepreneurial, government subventions, internal generation, polytechnics, revenues

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Authors: Fereshteh Darash

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Reflective tax management corresponds to the Agency Theory since it determines the motivation of managers for tax management actions and short-term and long-term consequences. Therefore, selection of tax strategy contributes to the tax and financial position of the firm in the future. The aim of the present research is to evaluate the effect of tax management components on risk-taking of firms listed in Tehran stock exchange by using regression analysis method. Results show that tax effective rate, tax risk and tax planning have no significant effect on the firm's future risk. Results suggest that stakeholders assess the effective tax rate and delay in tax payment in line with their benefits. They tend to accept the higher risk cost for reduction of tax payments and benefits of higher liquidity in current period. Hence, effective tax rate and tax risk have no significant effect on future risk of the firm. Moreover, tax planning yields no information regarding the predictability of the future profits and as a result, it has no significant effect on the future risk of the firm since specific goals of financial reporting are in priority for the stakeholders and regardless of the firm’s data analysis, they take investment decisions and they less intend to purchase the stocks in a rational manner.

Keywords: tax management, tax effective rate, tax risk, tax planning, firm risk

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Authors: Ting Shen, Spyros Konstantopoulos

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During the past three decades, class size effects have been a focal debate in education. The idea of having smaller class is enormously popular among parents, teachers and policy makers. The rationale of its popularity is that small classroom could provide a better learning environment in which there would be more teacher-pupil interaction and more individualized instruction. This early stage benefits would also have a long-term positive effect. It is a common belief that reducing class size may result in increases in student achievement. However, the empirical evidence about class-size effects from experimental or quasi-experimental studies has been mixed overall. This study sheds more light on whether class size reduction impacts reading achievement in eight European countries: Bulgaria, Germany, Hungary, Italy, Lithuania, Romania, Slovakia, and Slovenia. We examine class size effects on reading achievement using national probability samples of fourth graders. All eight European countries had participated in the Progress in International Reading Literacy Study (PIRLS) in 2001, 2006 and 2011. Methodologically, the quasi-experimental method of instrumental variables (IV) has been utilized to facilitate causal inference of class size effects. Overall, the results indicate that class size effects on reading achievement are not significant across countries and years. However, class size effects are evident in Romania where reducing class size increases reading achievement. In contrast, in Germany, increasing class size seems to increase reading achievement. In future work, it would be valuable to evaluate differential class size effects for minority or economically disadvantaged student groups or low- and high-achievers. Replication studies with different samples and in various settings would also be informative. Future research should continue examining class size effects in different age groups and countries using rich international databases.

Keywords: class size, reading achievement, instrumental variables, PIRLS

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Authors: Michael Saad Thabet Azrek

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The advanced facts era is becoming a vital element within the improvement of financial offerings enterprise, in particular, the banking enterprise. It has introduced new approaches to delivering banking to the patron, including Internet Banking. Banks started to observe digital banking (e-banking) as a means to update a number of their conventional branch features using the net as a brand-new distribution channel. A few purchasers have, as a minimum, a couple of accounts across banks and get the right of entry to these accounts using e-banking offerings. To study the contemporary net really worth role, clients ought to log in to each of their debts and get the info and paintings on consolidation. This not simplest takes enough time, but it's also a repetitive hobby at a specific frequency. To cope with this point, an account aggregation idea is introduced as an answer. E-banking account aggregation, as one of the e-banking types, appeared to construct a more potent dating with clients. Account Aggregation provider usually refers to a provider that permits clients to manage their financial institution debts maintained in distinct establishments through a not unusual net banking operating a platform, with an excessive situation to protection and privateness. This paper gives an outline of an e-banking account aggregation method as a new provider in the e-banking field.

Keywords: compatibility, complexity, mobile banking, observation, risk banking technology, internet banks, modernization of banks, banks, account aggregation, security, enterprise development

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Authors: Antonio Pizzarello, Oris Friesen

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Networks, such as the electric power grid, must demonstrate exemplary performance and integrity. Integrity depends on the quality of both the system design model and the deployed software. Integrity of the deployed software is key, for both the original versions and the many that occur throughout numerous maintenance activity. Current software engineering technology and practice do not produce adequate integrity. Distributed systems utilize networks where each node is an independent computer system. The connections between them is realized via a network that is normally redundantly connected to guarantee the presence of a path between two nodes in the case of failure of some branch. Furthermore, at each node, there is software which may fail. Self-stabilizing protocols are usually present that recognize failure in the network and perform a repair action that will bring the node back to a correct state. These protocols first introduced by E. W. Dijkstra are currently present in almost all Ethernets. Super stabilization protocols capable of reacting to a change in the network topology due to the removal or addition of a branch in the network are less common but are theoretically defined and available. This paper describes how to use the Software Integrity Assessment (SIA) methodology to analyze self-stabilizing software. SIA is based on the UNITY formalism for parallel and distributed programming, which allows the analysis of code for verifying the progress property p leads-to q that describes the progress of all computations starting in a state satisfying p to a state satisfying q via the execution of one or more system modules. As opposed to demonstrably inadequate test and evaluation methods SIA allows the analysis and verification of any network self-stabilizing software as well as any other software that is designed to recover from failure without external intervention of maintenance personnel. The model to be analyzed is obtained by automatic translation of the system code to a transition system that is based on the use of the weakest precondition.

Keywords: network, power grid, self-stabilization, software integrity assessment, UNITY, weakest precondition

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Authors: Suzanne Bouma

Abstract:

In the Netherlands, the assumed causal relationship between employment, economic independence and individual freedom of choice has been extended to the approach of intimate partner violence (IPV). In the interests of combating IPV, it is crucial to further investigate this relationship. Based on a literature review, this article shows that the relationship between economic independence and IPV is highly complex. To unravel this complex relationship, a socio-ecological analysis framework has been applied. First, it is a layered relation, in where employment does not necessarily lead to economic independence, which can be explained by social inequalities. Second, the relation is bidirectional, where women do not by definition have access to their own financial recourses due to tactics of financial control by the intimate partner. This reveals the coexistence of IPV and economic abuse and the extent to which an intimate relationship affects the scope for individual choice. Third, there is a paradoxical relationship in which employment is both a protective and risk factor for IPV. This, in turn, cannot be separated from traditional norms about masculinity and femininity, where men occupy a position of power and derive status from being the breadwinner. These findings imply that not only the approach to IPV but also the labor market policy requires a gender-sensitive approach.

Keywords: intimate partner violence, economic independence, literature review, socio-ecological analysis framework

Procedia PDF Downloads 228