Search results for: foreign direct investment

Authors: Ghulam Mustafa, Richard Glavee-Geo

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This study examined the relationship between traditional variables of organizational structure (formalization and centralization), employee work related self-efficacy and employee subjective performance. The study further explored the moderating role of formalization and centralization on the link between employee self-efficacy and job performance. Five hypotheses were tested using a sample of employees from a large public organization in Pakistan. The results indicated a significant positive relationship between employee self-efficacy and job performance. Regarding the direct effects of formalization and centralization on self-efficacy, the results showed that formalization relates positively while centralization has a negative impact on self-efficacy. However, the results revealed no empirical evidence to confirm the hypotheses that formalization and centralization strengthen or weaken the relationship between self-efficacy and job performance.

Keywords: centralization, formalization, job performance, self-efficacy

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Authors: Aliyu Aminu Baba, Mustapha Makama

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Tertiary institutions are citadel of learning and societal orientation. Due to the huge investment of various government to tertiary institutions, these institutions are solely financed by the government alone. As stakeholders of society, corporations have to have to intervene and provide corporate social responsibility. The study intends to investigate the role of Entrepreneurs in incorporating social Responsibility. Tertiary institutions are citadel of learning and societal orientation. Due to the huge investment of various government to tertiary institutions, the study intends to investigate the role of businesses and Entrepreneurs, which could be among the important contributions of businesses and Entrepreneurs on corporate social Responsibility to Tertiary Institutions in Bauchi State. Corporate social responsibility is vital in enhancing the infrastructural development of the tertiary institution as almost all individuals and corporate bodies benefit from this tertiary institutions. The study intends to examine the impact of corporate social responsibility to tertiary institutions and entrepreneurs in Bauchi state Nigeria. Questionnaires would be distributed to tertiary institutions and entrepreneurs in the Bauchi metropolis. The data collected will be analyzed with the help of SPSS version 23. The main objective is to investigate the role of businesses and Entrepreneurs, which could be among the important contributions of businesses and entrepreneurs on corporate social Responsibility to Tertiary Institutions in Bauchi State.

Keywords: corporate social responsibility, tertiary, institutions, profitability

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Authors: Yuying Liu

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Despite the increasing popularity of Chinese and the recognition of the growing commodifying ideology of Chinese language in many contexts (Liu and Gao, 2020; Guo, Shin and Shen 2020), the ideological orientations of the Chinese diaspora community towards the Chinese language remain under-researched. This research contributes seeks to bridge this gap by investigating the micro-level language ideologies embedded in the Chinese complementary schools in the Republic of Ireland. Informed by Ruíz’s (1984) metaphorical representations of language, 11 Chinese complementary schools’ websites were analysed as discursive texts that signal the language policy and ideology to prospective learners and parents were analysed. The results of the analysis suggest that a move from a portrayal of Chinese as linked to student heritage identity, to the commodification of linguistic and cultural diversity, is evident. It denotes the growing commodifying ideology among the Chinese complementary schools in the Republic of Ireland. The changing profile of the complementary school, from serving an ethnical community to teaching Chinese as a foreign language for the wider community, indicates the possibility of creating the a positive synergy between the Complementary school and the mainstream education. This study contributes to the wider discussions of language ideology and language planning, with regards to modern language learning and heritage language maintenance.

Keywords: the Chinese language;, Chinese as heritage language, Chinese as foreign language, Chinese community schools

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Authors: Mohsin Sadaqat, Hilal Anwar Butt

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Following the stock selection guidelines provided by the Sharia Board (SB), we segregate the firms listed at Pakistan Stock Exchange (PSX) into Sharia Compliant (SC) and Non-Sharia Compliant (NSC) stocks. Subsequently, we form portfolios within each group based on market capitalization and volatility. The purpose is to analyze and compare the performance of these two groups as the SC stocks have lesser diversification opportunities due to SB restrictions. Using data ranging from January 2004 until June 2016, our results indicate that in most of the cases the risk-adjusted returns (alphas) for the returns differential between SC and NCS firms are positive. In addition, the SC firms in comparison to their counterparts in PSX provides excess returns that are hedged against the market, size, and value-based systematic risks factors. Overall, these results reconcile with one prevailing notion that the SC stocks that have lower financial leverage and higher investment in real assets are lesser exposed to market-based risks. Further, the SC firms that are more capitalized and less volatile, perform better than lower capitalized and higher volatile SC and NSC firms. To sum up our results, we do not find any substantial evidence for opportunity loss due to limited diversification opportunities in case of SC firms. To optimally utilize scarce resources, investors should consider SC firms as a candidate in portfolio construction.

Keywords: diversification, performance, sharia compliant stocks, risk adjusted returns

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Authors: Harsimran Kaur Chadha, Preeti Onkar

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Tourism has grown into one of the world’s largest industries in the last two decades all over the world. It is an important sector of Indian economy as it contributes substantially to the foreign exchange earnings of the country. The tourism policies of India aim to position tourism as a major engine of economic growth. These policies work towards utilizing tourism’s direct and multiplier effect on employment and poverty eradication in a sustainable manner. India is blessed with a great ancient and living civilization that gave rise to four of the world’s great religions and philosophies. Diverse religions, castes, languages, culture of India build a tremendous potential for religious tourism in India. Religious Tourism facilitates development of basic infrastructural facilities, generates income for the local community as well as the government, balances regional development, and fosters peace and socio-cultural harmony. However, tourism development needs to be regulated to prevent the negative impacts. The main challenge towards Sustainable Tourism development is to balance limits and usage of natural resources. The uncontrollable growth of tourism should not lead to resource degradation. Since tourism growth is inevitable, the challenge is to manage it sustainably within environmental, social and economic constraints. This paper tries to explore both the benefits and costs of Religious Tourism Development, using the example of Simhasth Kumbh Mahaparv at Ujjain. Finally it concludes by putting forth the notion that heavy investments for temporary infrastructure development incurred during these large spiritual gatherings need to be sustainable in the long run.

Keywords: challenges, religious, sustainable, tourism

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Authors: Shazmeen Maroof

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The study is motivated by a desire to investigate whether there is substance to claims that, relative to traditional donors, China disregards human rights considerations when allocating overseas aid. While the stated policy of the U.S. is that consideration of potential aid recipients’ respect for human rights is mandatory, some quantitative studies have cast doubt on whether this is reflected in actual allocations. There is a lack of academic literature that formally assesses the extent to which the two countries' aid allocations differ; which is essential to test whether the criticisms of China's aid policy in comparison to that of the U.S. are justified. Using data on two standard human rights measures, 'Political Terror Scale' and 'Civil Liberties', the study analyse the two donors’ aid allocations among 125 countries over the period 2000 to 2014. The bivariate analysis demonstrated that a significant share of China’s aid flow to countries with poor human rights record. At the same time, the U.S. seems little different in providing aid to these countries. The empirical results obtained from the Fractional Logit model also provided some support to the general pessimism regarding China’s provision of aid to countries with poor human rights record, yet challenge the optimists expecting better targeted aid from the U.S. These findings are consistent with the split between humanitarian and non-humanitarian aid and in the sample of countries whose human rights record is below some threshold level.

Keywords: China's aid policy, foreign aid allocation, human rights, United States Foreign Assistance Act

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Authors: Dorota Kobus-Ostrowska

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Work for everyone, especially for person with disability is a condition in independence; it secures basic needs and develops manual and intellectual capabilities. The work is a source of income, and it builds and strengthens of self-esteem and competence. The purpose of this article is to identify work as an important factor in everyone’s life, despite Polish disabled persons rarely having the chance to undertake a job. In order to achieve this purpose, two methods were used: comparative and qualitative. The theoretical part of this article is based on studies of a wide range of Polish and foreign literature devoted to the issue of the occupational development of people with disabilities. The article was also enriched with the institutional and legal analysis types of support for people with disabilities in Poland. Currently, a Polish person with disability who wants to enter or return to the labor market is under a special protection. Those entities employing workers with disabilities may obtain a subsidy for the salary of a person with disabilities. Unfortunately, people with disability in Poland rarely participate in the workforce. The factors that contribute to this include the difficulty in obtaining work, the uncertainty of keeping it, and the low salary offered. Despite that domestic and foreign literature highlight the important role of disabled people as a workforce, very few people with disability in Poland are economically active.

Keywords: disabled person, employer, rehabilitation, work

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Authors: Yeganeh Mousavi Jahromi, Sahar Dehghan

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In Direct Tax Act, penalties and incentives are two strategies for realization of the expected tax revenues. In this study, the interaction between individual businesses' taxpayers' behaviors and National Tax Administration is investigated by using prospect theory which is based on behavioral economics approach. For this purpose, the structure of the tax compliance of the mentioned taxpayers is evaluated via the changes in penalty and incentive rates. In this way, a special questionnaire regarding the items of individual businesses sector of Direct Tax Act was designed for tax compliance evaluation, and the results were obtained using Bayesian Hierarchical method. The results indicate that the investigated individual business taxpayers, at all income levels, were more sensitive toward incentive rates so that this result can be useful for tax policymakers.

Keywords: behavioral economics, prospect theory, tax compliance, penalties, incentives

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Authors: Kyonghoon Kim, Wonyoung Park, Taeil Park

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In 1994, Korea experienced a national tragedy of Seongsu Bridge collapse. The accident was severe enough to alert governmental officers to the problem of existing management policy for national infrastructures. As a result, government legislated the ‘Guidelines for the safety inspection and test of infrastructure’ which have been utilized as the primary tool to make decision for the maintenance and rehabilitation of infrastructure for last twenty years. Although it is clear that the guideline established a basics how to evaluate and manage the condition of infrastructures in systematic manner, it is equally clear that the guideline needs improvements in order to obtain reasonable investment decisions for budget allocation. Because its inspection and evaluation procedures mainly focused on the structural condition of infrastructures, it was hard to make decision when the infrastructures were in same level of structural condition. In addition, it did not properly reflect various aspects of infrastructures such as performance, public demand, capacity, etc., which were more valuable to public. Regardless of the importance, these factors were commonly neglected in governmental decision-making process, because there factors were somewhat subjective and difficult to quantify in rational manner. Thus, this study proposes a framework to properly evaluate the serviceability indicators using AHP and Fuzzy approach. The framework is expected to assist governmental agency in establishing effective investment strategies for budget planning.

Keywords: infrastructure, evaluation, serviceability, fuzzy

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Authors: Athari Farhani

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Abstract The existence of space debris is a direct implication of human activities in outer space. The amount of orbital debris resulting from human exploration and use of outer space has been steadily increasing in the history of human exploration and use of outer space, so that space debris in the responsibility of the launching state. Space debris not only hs a direct impact on environmentalpollution but can also harm and endanger the safety of human life. Despite the legal provisions governing the exploration and use of outer space, both international space law and liability convention, however, these legal provisions are only basic prinsiples, so that further thought or effort are needed, such as new international legal instruments to regulate the existence of space debris. The method used in this research is normative juridical with an approach to written legal regulation, especially international agreements related to space law.

Keywords: state’s responsibility, space debris, outerspace, international law

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Authors: Justine Ugochukwu Osuagwu, Sazali Abd Wahab

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The performance and operation of NNPC have faced series of attacks by all stakeholders as many have observed lots of inefficiency not only on the part of the management but the staff. This has raised questions of whether their operations and performance are being seriously affected by lack of transformational leadership, and the political competition prevalent in the country. The author has applied the administrative leadership theory and institutional theory as a guide to this study and empirically relates such theories to the study. The study also has utilized the quantitative approach where questionnaires were distributed to 370 participants, and the correctly filled and returned questionnaires were used for the analysis using structural equation modeling. The path coefficient of transformational leadership to performance is strong and positive with β = 0.672; t-value = 14.245; p-value = 0.000. Also, the result found that political competition does not mediate the relationship between transformational leadership and performance of NNPC. (β = -0.008; t-value = -0.600; p- value > 0.05). However, the indirect path is all insignificant, meaning that transformational leadership has relationship with corporate performance.The study found that,while political competition does not serve as a mediator in the relationship between transformational leadership and corporate performance, these styles of leadership have a direct and positive impact on corporate performance. The direct relationship between transformational leadership and political competition was not discovered, despite the fact that political competition has a direct and significant impact, both positive and negative, on corporate performance. As a result, both political competition and transformational leadership have the potential to significantly alter corporate performance.

Keywords: performance, transformational leadership, political competition, corporation performance, Nigeria national petroleum corporation

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Authors: Rowland Brucken

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This paper argues that nation-building theories that prioritize democratic governance best explain the successful post-independence development of Botswana. Three main competing schools of thought exist regarding the sequencing of policies that should occur to re-build weakened or failed states. The first posits that economic development should receive foremost attention, while democratization and a binding sense of nationalism can wait. A second group of experts identified constructing a sense of nationalism among a populace is necessary first, so that the state receives popular legitimacy and obedience that are prerequisites for development. Botswana, though, transitioned into a multi-party democracy and prosperous open economy due to the utilization of traditional democratic structures, enlightened and accountable leadership, and an educated technocratic civil service. With these political foundations already in place when the discovery of diamonds occurred, the resulting revenues were spent wisely on projects that grew the economy, improved basic living standards, and attracted foreign investment. Thus democratization preceded, and therefore provided an accountable basis for, economic development that might otherwise have been squandered by greedy and isolated elites to the detriment of the greater population. Botswana was one of the poorest nations in the world at the time of its independence in 1966, with little infrastructure, a dependence on apartheid South Africa for trade, and a largely subsistence economy. Over the next thirty years, though, its economy grew the fastest of any nation in the world. The transparent and judicious use of diamond returns is only a partial explanation, as the government also pursued economic diversification, mass education, and rural development in response to public needs. As nation-building has become a project undertaken by nations and multilateral agencies such as the United Nations and the North Atlantic Treaty Organization, Botswana may provide best practices that others should follow in attempting to reconstruct economically and politically unstable states.

Keywords: Botswana, democratization, economic development, nation-building

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Authors: Weixing Tan

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Production of nutraceuticals from microalgae—a virtually untapped natural phyto-based source of which there are 200,000 to 1,000,000 species—offers a sustainable and healthy alternative to conventionally sourced nutraceuticals for the market. Microalgae can be grown organically using only natural sunlight, water and nutrients at an extremely fast rate, e.g. 10-100 times more efficiently than crops or trees. However, the commercial success of microalgae products at scale remains limited largely due to the lack of economically viable technologies. There are two major microalgae production systems or technologies currently available: 1) the open system as represented by open pond technology and 2) the closed system such as photobioreactors (PBR). Each carries its own unique features and challenges. Although an open system requires a lower initial capital investment relative to a PBR, it conveys many unavoidable drawbacks; for example, much lower productivity, difficulty in contamination control/cleaning, inconsistent product quality, inconvenience in automation, restriction in location selection, and unsuitability for cold areas – all directly linked to the system openness and flat underground design. On the other hand, a PBR system has characteristics almost entirely opposite to the open system, such as higher initial capital investment, better productivity, better contamination and environmental control, wider suitability in different climates, ease in automation, higher and consistent product quality, higher energy demand (particularly if using artificial lights), and variable operational expenses if not automated. Although closed systems like PBRs are not highly competitive yet in current nutraceutical supply market, technological advances can be made, in particular for the PBR technology, to narrow the gap significantly. One example is a readily scalable P2P Microalgae PBR Technology at Grande Prairie Regional College, Canada, developed over 11 years considering return on investment (ROI) for key production processes. The P2P PBR system is approaching economic viability at a pre-commercial stage due to five ROI-integrated major components. They include: (1) optimum use of free sunlight through attenuation (patented); (2) simple, economical, and chemical-free harvesting (patent ready to file); (3) optimum pH- and nutrient-balanced culture medium (published), (4) reliable water and nutrient recycling system (trade secret); and (5) low-cost automated system design (trade secret). These innovations have allowed P2P Microalgae Technology to increase daily yield to 106 g/m2/day of Chlorella vulgaris, which contains 50% proteins and 2-3% omega-3. Based on the current market prices and scale-up factors, this P2P PBR system presents as a promising microalgae technology for market competitive nutraceutical supply.

Keywords: microalgae technology, nutraceuticals, open pond, photobioreactor PBR, return on investment ROI, technological advances

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Authors: Md. Omar Bin Harun Khan

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The collapse of the infamous Rana Plaza, a multi-storeyed commercial building in Savar, near Dhaka, Bangladesh has brought with it a plethora of positive and negative consequences. Bangladesh being a key player in the export of clothing, found itself amidst a wave of economic upheaval following this tragic incident that resulted in numerous Bangladeshis, most of whom were factory workers. This paper compares the consequences that the country’s Ready Made Garments (RMG) sector is facing now, two years into the incident. The paper presents a comparison of statistical data from study reports and brings forward perspectives from all dimensions of Labour, Employment and Industrial Relations in Bangladesh following the event. The paper brings across the viewpoint of donor organizations and donor countries, the impacts of several initiatives taken by foreign organizations like the International Labour Organization, and local entities like the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) in order to reinforce compliance and stabilize the shaky foundation that the RMG sector had found itself following the collapse. Focus of the paper remains on the stance taken by the suppliers in Bangladesh, with inputs from buying houses and factories, and also on the reaction of foreign brands. The paper also focuses on the horrific physical, mental and financial implications sustained by the victims and their families, and the consequent uproar from workers in general regarding compliance with work safety and workers’ welfare conditions. The purpose is to get across both sides of the scenario: the economic impact that suppliers / factories/ sellers/ buying houses/exporters have faced in Bangladesh as a result of complete loss of reliability on them regarding working standards; and also to cover the aftershock felt on the other end of the spectrum by the importers/ buyers, particularly the foreign entities, in terms of the sudden accountability of being affiliated with non- compliant factories. The collapse of Rana Plaza has received vast international attention and strong criticism. Nevertheless, the almost immediate strengthening of labourrights and the wholesale reform undertaken on all sides of the supply chain, evidence a move of all local and foreign stakeholders towards greater compliance and taking of precautionary steps for prevention of further disasters. The tragedy that Rana Plaza embodies served as a much-needed epiphany for the soaring RMG Sector of Bangladesh. Prompt co-operation on the part of all stakeholders and regulatory bodies now show a move towards sustainable development, which further ensures safeguarding against any future irregularities and pave the way for steady economic growth.

Keywords: economy, employment standards, Rana Plaza, RMG

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Authors: Rabia Khan, Nargis Munir, Suriya Gharib, Syeda Roshana Ali

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In this paper linear equations are discussed in detail along with elimination method. Gaussian elimination and Gauss Jordan schemes are carried out to solve the linear system of equation. This paper comprises of matrix introduction, and the direct methods for linear equations. The goal of this research was to analyze different elimination techniques of linear equations and measure the performance of Gaussian elimination and Gauss Jordan method, in order to find their relative importance and advantage in the field of symbolic and numeric computation. The purpose of this research is to revise an introductory concept of linear equations, matrix theory and forms of Gaussian elimination through which the performance of Gauss Jordan and Gaussian elimination can be measured.

Keywords: direct, indirect, backward stage, forward stage

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Authors: Mitakshara Sharma, Sonal Sharma

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Vesiculobullous diseases are heterogeneous group of dermatological disorders with protean manifestations. The most important technique for the patients with vesiculobullous diseases is conventional histopathology and confirmatory tests like direct immunofluorescence (DIF) and indirect immunofluorescence (IIF). DIF has been used for decades to investigate pathophysiology and in the diagnosis. It detects molecules such as immunoglobulins and complement components. It is done on the perilesional skin. Diagnosis of DIF test depends on features like primary site of the immune deposits, class of immunoglobulin, number of immune deposits and deposition at other sites. The aim of the study is to correlate DIF with clinical and histopathological findings and to analyze the utility of DIF in the diagnosis of these disorders. It is a retrospective descriptive study conducted for 2 years from 2015 to 2017 in Department of Pathology, GTB Hospital on perilesional punch biopsies of vesiculobullous lesions. Biopsies were sent in Michael’s medium. The specimens were washed, frozen and incubated with fluorescein isothiocyanate (FITC) tagged antihuman antibodies IgA, IgG, IgM, C3 & F and were viewed under fluorescent microscope. Out of 401 skin biopsies submitted for DIF, 285 were vesiculobullous diseases, in which the most common was Pemphigus vulgaris (34%) followed by Bullous pemphigoid (21.5%), Dermatitis herpetiformis (16%), Pemphigus foliaceus (11.9%), Linear IgA disease (11.9%), Epidermolysisbullosa (2.39%) and Pemphigus herpetiformis (1.7%). We will be presenting the DIF findings in the all these vesiculobullous diseases. DIF in conjugation with histopathology gives the best diagnostic yield in these lesions. It also helps in the diagnosis whenever there is a clinical and histopathological overlap.

Keywords: antibodies, direct immunofluorescence, pemphigus, vesiculobullous

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Authors: Jawad Taheri

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This paper investigates the impact of foreign aid-funded development projects on corruption perception in Afghanistan, utilizing instrumental variable (IV) approaches in regression analysis setting. Seven sub-categories of development projects are examined in order to have a glance over comparative usefulness of each project. The study incorporates natural disaster indicators as exogenous variables to mitigate endogeneity concerns and control variables. The findings reveal significant associations between certain types of projects and corruption perception. Road and bridge construction, irrigation, and agriculture projects are found to decrease corruption perception, fostering optimism and trust within affected communities. Mosque construction and healthcare initiatives aligned with religious beliefs also contribute to reduced corruption perception. However, drinking water projects are associated with increased corruption perception, highlighting potential challenges in their implementation. The study emphasizes the importance of well-implemented projects, cultural contexts, and effective governance in mitigating corruption and fostering trust within communities. These findings contribute to a refined understanding of the relationship between development projects and corruption perception in Afghanistan.

Keywords: foreign aid, development projects, corruption perception, Afghanistan, instrumental variable analysis, survey of Afghan people (SAP), natural disasters, exogenous variation

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Authors: Davut Uysal

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Turkish higher education system has experienced some structural changes in recent decades, which resulted in the concentration on English language teaching as a foreign language at high education institutions. However, the number of studies examining the relationship between organizational culture and job satisfaction among language teachers at higher education institutions, who are the key elements of the teaching process, is very limited in the country. The main objective of this study is to find out the perceptions of English language instructors regarding organizational culture and its impact on their job satisfaction at School of Foreign Language, Anadolu University in Turkey. Questionnaire technique was used in data collection, and the collected data was analysed with the help of SPSS data analysis program. The findings of the study revealed that the respondents of the study had positive perceptions regarding current organizational culture indicating satisfaction with co-worker relations and administration, supervision support and the work itself, as well as their satisfaction with the available professional development opportunities provided by their institution. A significant relationship between overall organizational culture and job satisfaction was found in the study. This study also presents some key elements to increase the job satisfaction levels of the language teachers by managing corporate communication and to improve the organisational culture based on the findings of the study as they are two interrelated issues.

Keywords: corporate communication, English teacher, organizational culture, job satisfaction

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Authors: S. M. A. Al Qawabah, A. I. O. Zaid

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Al-4%Cu alloys are now widely used in many engineering applications especially in robotic, aerospace and vibration control area. The main problem arises from the weakness of their mechanical characteristics. Therefore, this study is directed towards enhancing the mechanical properties through severe plastic deformation. In this work, the hot direct extrusion process was chosen to provide the required hot work for this purpose. A direct extrusion die was designed and manufactured to be used in this investigation. The general microstructure, microhardness, surface roughness, and compression tests were performed on specimens from the produced Al-4%Cu alloy both in the as cast and after extrusion conditions. It was found that a pronounced enhancement in the mechanical characteristics of the produced Al-4%Cu after extrusion was achieved. The microhardness increased by 89.3%, the flow stress was decreased by 10% at 0.2 strain and finally the surface roughness was reduced by 81.6%.

Keywords: aluminum, copper, surface roughness, hot extrusion

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Authors: Hanan Mikhael Dawood, Haider Salim, Jafar Al-Wash

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This paper presents Proportional-Integral (PI) controller to improve the system performance which gives better torque and flux response. In addition, it reduces the undesirable torque ripple. The conventional DTC controller approach for induction machines, based on an improved torque and stator flux estimator, is implemented using Xilinx System Generator (XSG) for MATLAB/Simulink environment through Xilinx blocksets. The design was achieved in VHDL which is based on a MATLAB/Simulink simulation model. The hardware in the loop results are obtained considering the implementation of the proposed model on the Xilinx NEXYS2 Spartan 3E1200 FG320 Kit.

Keywords: induction motor, Direct Torque Control (DTC), Xilinx FPGA, motor drive

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Authors: Joseph Paul Chunga

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The investment universe is awash with a myriad of financial choices that investors have to opt for, which principally culminates into a duality between aggressive or conservative approaches. Howbeit, it is pertinent to emphasize that the investment vehicles with an aggressive approach tend to take on more risk than the latter group in an effort to generate higher future returns for their respective investors. This study examines the conditionality effect that such partiality in financing has on the High-Tech and Public Utility companies listed on the Shenzhen Stock Exchange (SSE). Specifically, it examines the significance of the relationship between capitalization ratios of Total Debt Ratio (TDR), Degree of Financial Leverage (DFL) and profitability ratios of Earnings per Share (EPS) and Returns on Equity (ROE) on the Financial Risk of the two industries. We employ a modified version of the Panel Regression Model used by Rahman (2017) to estimate the relationship. The study finds that there is a significant positive relationship between the capitalization ratios on the financial risk of Public Utility companies more than High-Tech companies and a substantial negative relationship between the profitability ratios and the financial risk of the former than the latter companies. This then spells an important insight for prospective investors with regards to the volatility of earnings of such companies.

Keywords: financial leverage, debt financing, conservative firms, aggressive firms

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Authors: Jie Bai, Yongsheng Gao, Shengxin Wang, Jie Zhao

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Through the establishment of the elbow biomechanical model, it can provide theoretical guide for rehabilitation therapy on the upper limb of the human body. A biomechanical model of the elbow joint can be built by the connection of muscle force model and elbow dynamics. But there are many undetermined coefficients in the model like the optimal joint angle and optimal muscle force which are usually specified as the experimental parameters of other workers. Because of the individual differences, there is a certain deviation of the final result. To this end, the RMS value of the deviation between the actual angle and calculated angle is considered. A set of coefficients which lead to the minimum RMS value will be chosen to be the optimal parameters. The direct search method and the conjugacy search method are used to get the optimal parameters, thus the model can be more accurate and mode adaptability.

Keywords: elbow biomechanical model, RMS, direct search, conjugacy search

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Authors: Muhammad Rifqi Hafizhudin Arif, Mukhamad Zulfal Faradis, Ahmad Hidayatullah

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Indonesia is the country that uses conventional financial system adopted from European countries as a form of finance in the national banking system. Many of the derivative products of conventional banks either investment, buy and sell, saving and loan, which is not in accordance with Islamic Ethics. While the majority population in Indonesia are belief in Islam, which Islam has had financial management guide is written in the Quran, the Hadith, as well as the opinions of experts who strongly prohibits the use of interest in each transaction activities. Many different expert opinions on the application of the Islamic financial system in Indonesia. However, as the majority of the population of Indonesia, Islamic community have not been able to get the opportunities to choose the Islamic financial system that has mutual benefit between consumers and banks, particularly fairness in transactions, ethical investment, uphold the values of solidarity and brotherhood in every transaction activities, and avoid speculation. In this paper, we will discuss the reasons for the importance of providing an option for Islamic community as the majority of the population of Indonesia to use the banking system which adopted the Islamic ethical values that have been much discussed by other researchers in various countries. The existence of this research is expected to Government, academia and the general public aware of the urgency of Islamic economic system implementation in Indonesian banking as the solution and justice especially for the Islamic community to use the values which they held.

Keywords: Islamic economic system, conventional system, Islamic value, banking

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Authors: Bâlc Denisa-Maria

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This paper aims to present some ways of preserving a language heritage in the global era. Teaching a second language to foreign students does not imply only teaching the grammar and the vocabulary in order to reach the 4 skills, but it means constant work on developing strategies to make the students aware of the heritage that the language they learn has. Teachers and professors need to be aware of the fact that language is in constant change, they need to adjust their techniques to the digital era, but they also have to be aware of the changes, the good and the bad parts of globalizations. How is it possible to preserve the patrimony of a certain language in a globalized era? What transformations does a language face in time? What does it mean to preserve the heritage of a language through L2 teaching? What makes a language special? What impact does it have on the foreign students? How can we, as teachers, preserve the heritage of our language? Would it be everything about books, films, music, cultural events or what else? How is it possible to include digital programs in your teaching and preserving the patrimony of a language at the same time? How does computational linguistics help us in teaching a certain language? All these questions will be tackled during the essay, with special accent on the definition of a language heritage, the new perspectives for teachers/ professors, everything in a multimodal and complex way of presenting the context. The objectives of this research are: - to present some ways of preserving the heritage of a certain language against globalization - to illustrate what preservation means for L2 teaching - to encourage teachers to be aware of their language patrimony The main contributions of my research are on moving the discussion of preserving a certain language patrimony in the context of L2 teaching.

Keywords: preservation, globalization, language heritage, L2 teaching

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Authors: Yasser Rammah, Wolf-Christian Mueller

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Nonlinear triad interactions in incompressible three-dimensional magnetohydrodynamic (3D-MHD) turbulence are studied by analyzing data from high-resolution direct numerical simulations of decaying isotropic (5123 grid points) and forced anisotropic (10242 x256 grid points) turbulence. An accurate numerical approach toward analyzing nonlinear turbulent energy transfer function and triad interactions is presented. It involves the direct numerical examination of every wavenumber triad that is associated with the nonlinear terms in the differential equations of MHD in the inertial range of turbulence. The technique allows us to compute the spectral energy transfer and energy fluxes, as well as the spectral locality property of energy transfer function. To this end, the geometrical shape of each underlying wavenumber triad that contributes to the statistical transfer density function is examined to infer the locality of the energy transfer. Results show that the total energy transfer is local via nonlocal triad interactions in decaying macroscopically isotropic MHD turbulence. In anisotropic MHD, turbulence subject to a strong mean magnetic field the nonlinear transfer is generally weaker and exhibits a moderate increase of nonlocality in both perpendicular and parallel directions compared to the isotropic case. These results support the recent mathematical findings, which also claim the locality of nonlinear energy transfer in MHD turbulence.

Keywords: magnetohydrodynamic (MHD) turbulence, transfer density function, locality function, direct numerical simulation (DNS)

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Authors: Lopamudra D. Satpathy, Bani Chatterjee, Jitendra Mahakud

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The rapid economic growth in terms of output and investment necessitates a substantial growth of Total Factor Productivity (TFP) of firms which is an indicator of an economy’s technological change. The strong empirical relationship between financial sector development and economic growth clearly indicates that firms financing decisions do affect their levels of output via their investment decisions. Hence it establishes a linkage between the financial factors and productivity growth of the firms. To achieve the smooth and continuous economic growth over time, it is imperative to understand the financial channel that serves as one of the vital channels. The theoretical or logical argument behind this linkage is that when the internal financial capital is not sufficient enough for the investment, the firms always rely upon the external sources of finance. But due to the frictions and existence of information asymmetric behavior, it is always costlier for the firms to raise the external capital from the market, which in turn affect their investment sentiment and productivity. This kind of financial position of the firms puts heavy pressure on their productive activities. Keeping in view this theoretical background, the present study has tried to analyze the role of both external and internal financial factors (leverage, cash flow and liquidity) on the determination of total factor productivity of the firms of manufacturing industry and its sub-industries, maintaining a set of firm specific variables as control variables (size, age and disembodied technological intensity). An estimate of total factor productivity of the Indian manufacturing industry and sub-industries is computed using a semi-parametric approach, i.e., Levinsohn- Petrin method. It establishes the relationship between financial factors and productivity growth of 652 firms using a dynamic panel GMM method covering the time period between 1997-98 and 2012-13. From the econometric analyses, it has been found that the internal cash flow has a positive and significant impact on the productivity of overall manufacturing sector. The other financial factors like leverage and liquidity also play the significant role in the determination of total factor productivity of the Indian manufacturing sector. The significant role of internal cash flow on determination of firm-level productivity suggests that access to external finance is not available to Indian companies easily. Further, the negative impact of leverage on productivity could be due to the less developed bond market in India. These findings have certain implications for the policy makers to take various policy reforms to develop the external bond market and easily workout through which the financially constrained companies will be able to raise the financial capital in a cost-effective manner and would be able to influence their investments in the highly productive activities, which would help for the acceleration of economic growth.

Keywords: dynamic panel, financial factors, manufacturing sector, total factor productivity

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Authors: W. Mughees, M. Alahmad

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Water is the most significant entity that controls local and global development. For the Gulf region, especially Saudi Arabia, with its limited potable water resources, the potential of the fresh water problem is highly considerable. In this research, the study involves the design and analysis of pinch-based water/wastewater networks. Multiple water/wastewater networks were developed using pinch analysis involving direct recycle/material recycle method. Property-integration technique was adopted to carry out direct recycle method. Particularly, a petroleum refinery was considered as a case study. In direct recycle methodology, minimum water discharge and minimum fresh water resource targets were estimated. Re-design (or retrofitting) of water allocation in the networks was undertaken. Chemical Oxygen Demand (COD) and hardness properties were taken as pollutants. This research was based on single and double contaminant approach for COD and hardness and the amount of fresh water was reduced from 340.0 m3/h to 149.0 m3/h (43.8%), 208.0 m3/h (61.18%) respectively. While regarding double contaminant approach, reduction in fresh water demand was 132.0 m3/h (38.8%). The required analysis was also carried out using mathematical programming technique. Operating software such as LINGO was used for these studies which have verified the graphical method results in a valuable and accurate way. Among the multiple water networks, the one possible water allocation network was developed based on mass exchange.

Keywords: minimization, water pinch, water management, pollution prevention

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Authors: Shereen Yehia El Ezabi

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The transition from the advanced to the superior level of Arabic proficiency is widely known to pose considerable challenges for English speaking students of Arabic as a Foreign Language (AFL). Apart from the increasing complexity of the grammar at this juncture, together with the sprawling vocabulary, to name but two of those challenges, there is also the somewhat less studied hurdle along the way to superior level proficiency, namely, the seeming opacity of many aspects of Arab/ic culture to such learners. This presentation tackles one specific dimension of such issues: religious references in literary texts. It illustrates how carefully constructed translation activities may be used to expand and deepen students’ understanding and use of them. This is shown to be vital for making the leap to the desired competency, given that such elements, as reflected in customs, traditions, institutions, worldviews, and formulaic expressions lie at the very core of Arabic culture and, as such, pervade all modes and levels of Arabic discourse. A short story from the collection “Stories from Our Alley”, by preeminent novelist Naguib Mahfouz is selected for use in this context, being particularly replete with such religious references, of which religious expressions will form the focus of the presentation. As a miniature literary work, it provides an organic whole, so to speak, within which to explore with the class the most precise denotation, as well as the subtlest connotation of each expression in an effort to reach the ‘best’ English rendering. The term ‘best’ refers to approximating the meaning in its full complexity from the source text, in this case Arabic, to the target text, English, according to the concept of equivalence in translation theory. The presentation will show how such a process generates the sort of thorough discussion and close text analysis which allows students to gain valuable insight into this central idiom of Arabic. A variety of translation methods will be highlighted, gleaned from the presenter’s extensive work with advanced/superior students in the Center for Arabic Study Abroad (CASA) program at the American University in Cairo. These begin with the literal rendering of expressions, with the purpose of reinforcing vocabulary learning and practicing the rules of derivational morphology as they form each word, since the larger context remains that of an AFL class, as opposed to a translation skills program. However, departures from the literal approach are subsequently explored by degrees, moving along the spectrum of functional and pragmatic freer translations in order to transmit the ‘real’ meaning in readable English to the target audience- no matter how culture/religion specific the expression- while remaining faithful to the original. Samples from students’ work pre and post discussion will be shared, demonstrating how class consensus is formed as to the final English rendering, proposed as the closest match to the Arabic, and shown to be the result of the above activities. Finally, a few examples of translation work which students have gone on to publish will be shared to corroborate the effectiveness of this teaching practice.

Keywords: superior level proficiency in Arabic as a foreign language, teaching Arabic as a foreign language, teaching idiomatic expressions, translation in foreign language teaching

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Authors: Nahian Salsabeel, Faria Leera

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—“Whoever controls the Indian Ocean, dominates Asia. This ocean is the key to the seven seas. In the 21st century, the destiny of the world will be decided on its waters” -Alfred Mahan South Asia is increasingly becoming a hub for international politics. Numerous ventures are taking place in the strategic region. Of them, the most prominent is the Belt and Road Initiative (BRI). Originating from the concept of ancient Silk Route, the Chinese Xi Jin Ping regime looks to reestablish the vast connectivity project to connect the world through infrastructure and trade. On the other hand, the US, teamed up with India, Australia and Japan, thereby forming the Quad, have launched their own foreign policy, the Indo-Pacific Strategy. The ambitious 21st century initiative for the development of maritime trade, security and governance focuses critical importance to the Indo-Pacific region, especially to South Asia. Against the backdrop of contemporary political scenario, both the Quad and China airs to establish their own footprint across the region through respective mega projects, the Indo-Pacific Strategy and the BRI. This research employs a comparative case study research method, using a secondary research design. The paper looks at the variety of opportunities and challenges posed by the BRI and the Indo Pacific, and gives the comparative study on both ends.

Keywords: BRI, Foreign Policy, Indo-Pacific, South Asia

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Authors: Norashikin Ismail, Nadia Anridho

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Sustainable investing is a responsible investment that focuses on Environmental, Social, and Governance (ESG) elements. ESG integration is essential in the investment process as it provides a positive contribution to the corporate performance for stakeholders, specifically investors. Sustainable investing is in line with the objectives of Shariah (Maqasid of Shariah), such as social inclusion as well as environmental preservation. This study attempts to evaluate the impact of ESG elements to the corporate financial performance among Shariah compliant stocks listed in two countries, namely Malaysia and Indonesia. The motivation of this study is to provide a further understanding in corporate sustainability for two different Islamic capital markets. The existence of the FTSE4Good Asean Index has played a vital role for ESG practices and eventually encouraged specific index for ESG and Shariah Compliant stocks. Our sample consists of 60 companies over the period 2010-2020 from two Southeast countries. We employ System Generalized Method of Moments (GMM) to reduce bias and more specific parameter estimation. Shariah Compliant companies tend to have higher ESG scores and are positively correlated to corporate financial performance. ESG integration with Shariah based investing would provide higher returns and lower risks for Muslim investors. Essentially, integrating ESG and Shariah, compliant companies lead to better financial performance.

Keywords: shariah compliant, southeast asia, corporate performance, sustainable investing

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