Search results for: international financial reporting standards (ifrs)

Authors: Jelena Radmanovic

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On 5 March 2020, the International Criminal Court has decided to authorize the investigation into the crimes allegedly committed on the territory of Afghanistan after 1 May 2003. The said determination has raised several controversies, including the recently imposed sanctions by the United States, furthering the United States' long-standing rejection of the authority of the International Criminal Court. The purpose of this research is to address the said investigation in light of its importance for the prevention of impunity in the cases where the perpetrators are nationals of Non-Party States to the Rome Statute. Difficulties that the International Criminal Court has been facing, concerning the establishment of its jurisdiction in those instances where an involved state is not a Party to the Rome Statute, have become the most significant stumbling block undermining the importance, integrity, and influence of the Court. The Situation in Afghanistan raises even further concern, bearing in mind that the Prosecutor’s Request for authorization of an investigation pursuant to article 15 from 20 November 2017 has initially been rejected with the ‘interests of justice’ as an applied rationale. The first method used for the present research is the description of the actual events regarding the aforementioned decisions and the following reactions in the international community, while with the second method – the method of conceptual analysis, the research will address the decisions pertaining to the International Criminal Court’s jurisdiction and will attempt to address the mentioned Decision of 5 March 2020 as an example of good practice and a precedent that should be followed in all similar situations. The research will attempt parsing the reasons used by the International Criminal Court, giving rather greater attention to the latter decision that has authorized the investigation and the points raised by the officials of the United States. It is a find of this research that the International Criminal Court, together with other similar judicial instances (Nuremberg and Tokyo Tribunals, The International Criminal Tribunal for the former Yugoslavia, The International Criminal Tribunal for Rwanda), has presented the world with the possibility of non-impunity, attempting to prosecute those responsible for the gravest of crimes known to the humanity and has shown that such persons should not enjoy the benefits of their immunities, with its focus primarily on the victims of such crimes. Whilst it is an issue that will most certainly be addressed further in the future, with the situations that will be brought before the International Criminal Court, the present research will make an attempt at pointing to the significance of the situation in Afghanistan, the International Criminal Court as such and the international criminal justice as a whole, for the purpose of putting an end to impunity.

Keywords: Afghanistan, impunity, international criminal court, sanctions, United States

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Authors: Viktorija Mano

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The objective of my research is to critique the International Monetary Fund (IMF) stance on foreign investment and the benefits for small, open economies of allowing the free movement of capital. In my research as a whole I will explore the extent to which this stance impacted upon and influenced the economic policies of Macedonia. This will involve providing a contextualized, critical account of the policy of the IMF focusing on a comparison of its policies during the early 2000s through policy documents, political discourse and enacted policies in Macedonia. The conditionality associated with these policies, such as the enforcement of austerity measures (including cutting public spending and reducing debt) and the privatization of public institutions has provoked strong reactions in countries which receive such loans. My main focus in my research is on exploring how the process of Financial Liberalization (FL) of the Macedonian economy affected capital flows in the form of foreign direct investments (FDI) in the private sector and how the recent Greek crisis of 2008 has impacted on this. In the case of Macedonia, the reality of FL was tested by the collapse of the Greek economy. However, this paper will highlight the main duties of the IMF and the goals of the FL process implemented in various countries.Additionally, I will undertake a rhetorical documentary analysis on the IMF reports regarding the process of FL in Macedonia since its independence until today.

Keywords: FDI, financial liberalization, Greece, IMF, Macedonia

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Authors: Josip Visković, Josip Arnerić, Ante Rozga

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Based on the fact that volatility is time varying in high frequency data and that periods of high volatility tend to cluster, the most successful and popular models in modelling time varying volatility are GARCH type models. When financial returns exhibit sudden jumps that are due to structural breaks, standard GARCH models show high volatility persistence, i.e. integrated behaviour of the conditional variance. In such situations models in which the parameters are allowed to change over time are more appropriate. This paper compares different GARCH models in terms of their ability to describe structural changes in returns caused by financial crisis at stock markets of six selected central and east European countries. The empirical analysis demonstrates that Markov regime switching GARCH model resolves the problem of excessive persistence and outperforms uni-regime GARCH models in forecasting volatility when sudden switching occurs in response to financial crisis.

Keywords: central and east European countries, financial crisis, Markov switching GARCH model, transition probabilities

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Authors: Omar Farahat Hassanein, A. Samer Ezeldin

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The construction industry is a very dynamic field. Every day new technologies and methods are developing to fasten the process and increase its efficiency. Hence, if a project uses fewer resources, it will be more efficient. This paper examines the recycling of concrete construction and demolition (C&D) waste to reuse it as aggregates in on-site applications for construction projects in Egypt and possibly in the Middle East. The study focuses on a stationary plant setting. The machinery set-up used in the plant is analyzed technically and financially. The findings are gathered and grouped to obtain a comprehensive cost-benefit financial model to demonstrate the feasibility of establishing and operating a concrete recycling plant. Furthermore, a detailed business plan including the time and hierarchy is proposed.

Keywords: construction wastes, recycling, sustainability, financial model, concrete recycling, concrete life cycle

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Authors: Muhammad Tahir, Mushtaq Muhammad

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Capital structure is one of the key decisions taken by the financial managers. This study aims to investigate the factors influencing capital structure decision in Oil and Gas industry of Pakistan using secondary data from published annual reports of listed Oil and Gas Companies of Pakistan. This study covers the time-period from 2008-2014. Capital structure can be affected by profitability, firm size, growth opportunities, dividend payout, liquidity, business risk, and ownership structure. Panel data technique with Ordinary least square (OLS) regression model has been used to find the impact of set of explanatory variables on the capital structure using the Stata. OLS regression results suggest that dividend payout, firm size and government ownership have the most significant impact on financial leverage. Dividend payout and government ownership are found to have significant negative association with financial leverage however firm size indicated positive relationship with financial leverage. Other variables having significant link with financial leverage includes growth opportunities, liquidity and business risk. Results reveal significant positive association between growth opportunities and financial leverage whereas liquidity and business risk are negatively correlated with financial leverage. Profitability and managerial ownership exhibited insignificant relationship with financial leverage. This study contributes to existing Managerial Finance literature with certain managerial implications. Academically, this research study describes the factors affecting capital structure decision of Oil and Gas Companies in Pakistan and adds latest empirical evidence to existing financial literature in Pakistan. Researchers have studies capital structure in Pakistan in general and industry at specific, nevertheless still there is limited literature on this issue. This study will be an attempt to fill this gap in the academic literature. This study has practical implication on both firm level and individual investor/ lenders level. Results of this study can be useful for investors/ lenders in making investment and lending decisions. Further, results of this study can be useful for financial managers to frame optimal capital structure keeping in consideration the factors that can affect capital structure decision as revealed by this study. These results will help financial managers to decide whether to issue stock or issue debt for future investment projects.

Keywords: capital structure, multicollinearity, ordinary least square (OLS), panel data

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Authors: Ali Alsawayeh, Ibrahim Eldanfour

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This paper examines the extent of disclosure of oil and gas reserve quantum in annual reports of international oil and gas exploration and production companies, particularly companies in untested international markets, such as Canada, the UK and the US, and seeks to determine the underlying factors that affect the level of disclosure on oil reserve quantum. The study is concerned with the usefulness of disclosure of oil and gas reserves quantum to investors and other users. Given the primacy of the annual report (10-k) as a source of supplemental reserves data about the company and as the channel through which companies disseminate information about their performance, the annual reports for one year (2009) were the central focus of the study. This comparative study seeks to establish whether differences exist between the sample companies, based on new disclosure requirements by the Securities and Exchange Commission (SEC) in respect of reserves classification and definition. The extent of disclosure of reserve is provided and compared among the selected companies. Statistical analysis is performed to determine whether any differences exist in the extent of disclosure of reserve under the determinant variables. This study shows that some factors would affect the extent of disclosure of reserve quantum in the above-mentioned countries, namely: company’s size, leverage and quality of auditor. Companies that provide reserves quantum in detail appear to display higher size. The findings also show that the level of leverage has affected companies’ reserves quantum disclosure. Indeed, companies that provide detailed reserves quantum disclosure tend to employ a ‘high-quality auditor’. In addition, the study found significant independent variable such as Profit Sharing Contracts (PSC). This factor could explain variations in the level of disclosure of oil reserve quantum between the contractor and host governments. The implementation of SEC oil and gas reporting requirements do not enhance companies’ valuation because the new rules are based only on past and present reserves information (proven reserves); hence, future valuation of oil and gas companies is missing for the market.

Keywords: comparison, company characteristics, disclosure, reserve quantum, regulation

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Authors: Stephen Gerome

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This study examines the translation and use of metaphors in the realm of public safety discourse and intends to shed light on a continuing problem in cross-cultural communication. Metaphors can cause problems not only within languages but also in interlingual communication. The use and misuse of metaphors may hinder the ability to adequately communicate prevention efforts and, in some cases, facilitate and allow financial crime to go undetected. The use of lexicalized metaphors in communications by political entities, journalists, and legal agents in communications regarding law, policy making, compliance monitoring and enforcement as well as in adjudication can have negative consequences if misconstrued. This study provides examples of metaphor usage in published documents in a corpus linguistic study that compares the use of lexicalized metaphors in this discourse to shed light on possible unexpected consequences as well as counterproductive ones.

Keywords: translation, legal, corpus linguistics, financial

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Authors: Sabur Mollah, Asma Mobarek

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This study aims to explore the endogenous relationship between Shari’ah governance and board governance for Islamic banks to identify complementary or substituting relationship between these governance parameters. By using a sample of 161 Islamic Banks from 24 countries for the period of 2005-2013, we show an endogenous relationship between Shari’ah Supervisory Board (SSB) and Board of Directors (BoD). In this relationship, SSB and BoD complement each other. We also show that this complementary relationship between SSB and BoD helps enhance both management and asset quality, but mitigates capital adequacy, earnings, and liquidity in Islamic banks. The study has important implications for financial stability in the Islamic banking system.

Keywords: Shari’ah Supervisory Board, Boards of Directors, Islamic banking, financial stability

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Authors: Cassandra Seery

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During the twentieth century, the notion of child rights at the international level began with the League of Nations’ Geneva Declaration of the Rights of the Child 1924, culminating in the development and adoption of the UN Convention on the Rights of the Child (‘the Convention’) in 1989. A key foundation of child rights lies in the development of the ‘best interests of the child’ principle and its subsequent incorporation into domestic legislation across the globe. This principle has become a key concept in child rights protection and has become a widely recognized principle in the protection of child rights. However, despite its status as the primary operating standard in child and family law and its ‘deepening hold in domestic and international instruments’, the meaning of the ‘best interests of the child’ principle has been criticised as open-ended and vague. This paper explores the evolution and development of the principle in the context of parental separation at international law throughout the 21st century and identifies opportunities for the Nation States to further improve legislative responses in associated child protection cases. An extensive review of relevant United Nations documentation (including instruments, resolutions and comments, jurisprudence, reports, guidelines and policies, training materials and so forth) explores: (i) what progress has been made to further develop the principle at the international level with regard to parental separation; and (ii) what developments participating the Nation States should consider as part of future legal and social policy reforms in this space. It will highlight opportunities for improvement and explore the benefit and relevance of international approaches for the Nation States moving forward.

Keywords: international human rights, best interests of the child, legal and social policy, child rights

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Authors: Tri Sulistyaningtyas, Yani Suryani, Dana Waskita, Linda Handayani Sukaemi, Ferry Fauzi Hermawan

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The enthusiasm of foreigners studying the Indonesian language by Foreign Speakers (BIPA) was documented in a sitcom "International Class". Tone and stress when they speak the Indonesian language is unique and different from Indonesian pronunciation. By using the Praat program, this research aims to describe prosodic Indonesian language which is spoken by ‘International Class” actors consisting of Abbas from Nigeria, Lee from Korea, and Kotaro from Japan. Data for the research are taken from the video sitcom "International Class" that aired on Indonesian television. The results of this study revealed that pitch movement that arises when pronouncing Indonesian sentences was up and down gradually, there is also a rise and fall sharply. In terms of stress, respondents tend to contain a lot of stress when pronouncing Indonesian sentences. Meanwhile, in terms of temporal structure, the duration pronouncing Indonesian sentences tends to be longer than that of Indonesian speakers.

Keywords: melodic structure, temporal structure, prosody, experimental phonetics, international class

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Authors: Jessica Kate Simonds

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The last successful hijacking perpetrated by Somali pirates in 2012 represented a critical turning point for the identity and brand of Indian Ocean (IO) insecurity, coined in this paper as the era of the post-piratical. This paper explores the broadening of the PMSC business model to account and contribute to the design of a new IO security environment that prioritises foreign and insurgency drone activity and Houthi rebel operations as the main threat to merchant shipping in the post-2012 era. This study is situated within a longer history of analysing maritime insecurity and also contributes a bespoke conceptual framework that understands the sea as a space that is produced and reproduced relative to existing and emerging threats to merchant shipping based on bespoke models of information sharing and intelligence acquisition. This paper also makes a prominent empirical contribution by drawing on a post-positivist methodology, data drawn from original semi-structured interviews with senior maritime insurers and active merchant seafarers that is triangulated with industry-produced guidance such as the BMP series as primary data sources. Each set is analysed through qualitative discourse and content analysis and supported by the quantitative data sets provided by the IMB Piracy Reporting center and intelligence networks. This analysis reveals that mechanisms such as the IGP&I Maritime Security Committee and intelligence divisions of PMSC’s have driven the exchanges of knowledge between land and sea and thus the reproduction of the maritime security environment through new regulations and guidance to account dones, rebels and bombs as the key challenges in the IO, beyond piracy. A contribution of this paper is the argument that experts who may not be in the highest-profile jobs are the architects of maritime insecurity based on their detailed knowledge and connections to vessels in transit. This paper shares the original insights of those who have served in critical decision making spaces to demonstrate that the development and refinement of industry produced deterrence guidance that has been accredited to the mitigation of piracy, have shaped new editions such as BMP 5 that now serve to frame a new security environment that prioritises the mitigation of risks from drones and WBEID’s from both state and insurgency risk groups. By highlighting the experiences and perspectives of key players on both land and at sea, the key finding of this paper is outlining that as pirates experienced a financial boom by profiteering from their bespoke business model during the peak of successful hijackings, the private security market encountered a similar level of financial success and guaranteed risk environment in which to prospect business. Thus, the reproduction of the Indian Ocean as a maritime security environment reflects a new found purpose for PMSC’s as part of the broader conglomerate of maritime insurers, regulators, shipowners and managers who continue to redirect the security consciousness and IO brand of insecurity.

Keywords: maritime security, private security, risk intelligence, political geography, international relations, political economy, maritime law, security studies

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Authors: Hadi Mousavi, Majid Davoudi Nasr

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Executives can maximize profits by recognizing the factors that affect investment and using them to obtain the optimal level of investment. Inefficient markets have shortcomings that can impact the optimal level of investment, leading to the process of over-investment or under-investment. In the present study, the relationship between the overconfidence of senior managers and abnormal cash fluctuations with respect to financial flexibility in companies listed in the Tehran stock exchange from 2009 to 2013 were evaluated. In this study, the sample consists of 84 companies selected by a systematic elimination method and 420 year-companies in total. In this research, EVIEWS software was used to test the research hypotheses by linear regression and correlation coefficient and after designing and testing the research hypothesis. After designing and testing research hypotheses that have been used to each hypothesis, it was concluded that there was a significant relationship between the overconfidence of senior managers and abnormal cash fluctuations, and this relationship was not significant at any level of financial flexibility. Moreover, the findings of the research showed that there was a significant relationship between senior manager’s overconfidence and positive abnormal cash flow fluctuations in firms, and this relationship is significant only at the level of companies with high financial flexibility. Finally, the results indicate that there is no significant relationship between senior managers 'overconfidence and negative cash flow abnormalities, and the relationship between senior managers' overconfidence and negative cash flow fluctuations at the level of companies with high financial flexibility was confirmed.

Keywords: abnormal cash fluctuations, overconfidence of senior managers, financial flexibility, accounting

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Authors: К. Lisinchuk

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An effective approach to the management of international educational mobility in regional universities with the purpose of increasing tourist activity in the region is considered.

Keywords: export and import of tourist and educational services, international academic mobility, regional tourist activities

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Authors: Aswin V. J., Sreeja S., R. Harikumar

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Ship collision is one of the major concerns while navigating in the ocean. In congested sea routes where there are hectic offshore operations, ships are often forced to take close encounter maneuvers. Maritime rules for preventing collision at sea are defined in the International Regulations for Preventing Collision at Sea. Traffic Separation Schemes (TSS) are traffic management route systems ruled by International Maritime Organization (IMO), where the traffic lanes indicate the general direction of traffic flow. The Rule 10 of International Regulations for Preventing Collision at Sea prescribes the conduct of vessels while navigating through TSS. But no quantitative criteria regarding the procedures to detect and evaluate collision risk is specified in International Regulations for Preventing Collision at Sea. Most of the accidents that occur are due to operational errors affected by human factors such as lack of experience and loss of situational awareness. In open waters, the traffic density is less when compared to that in TSS, and hence the vessels can be operated in autopilot mode. A collision avoidance method that uses the possible obstacle trajectories in advance to predict “collision occurrence” and can generate suitable maneuvers for collision avoidance is presented in this paper. The suitable course and propulsion changes that can be used in a TSS considering International Regulations for Preventing Collision at Sea are found out for various obstacle scenarios.

Keywords: collision avoidance, maneuvers, obstacle trajectories, traffic separation scheme

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Authors: Natalia Selezneva

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The level of crime depends on a number of factors, such as political and economic instability, social inequality and ineffective legislation. A special place in the overall level of crime takes juvenile delinquency. United Nations Standard Minimum developed rules for the administration of juvenile justice (The Beijing Rules), in order to ensure the rights of juvenile offenders under the various legal systems. Most countries support these recommendations, and Russia is no exception. Russia's criminal code establishes the minimum age of criminal liability; types of crimes for which the possible involvement of minors to justice; punishment; sentencing and execution of punishment for minors. However, these provisions cause heated debates in the scientific literature. The high level of juvenile crime indicates the ineffectiveness of legal regulation of criminal liability of minors. In order to ensure compliance with international standards require new and modern approaches to improve national legislation and practice of its application. Achieving this goal will be achieved through the following tasks: 1. Create sub-branches of law regulating the legal status of minors; 2. Improving the types of penalties; 3. The possibility of using alternative measures; 4. The introduction of the procedure of extrajudicial settlement of the conflict. The criminal law of each country depends on the historical, national and cultural characteristics. The development of the Russian legislation taking into account international experience is extremely essential and will be a new stage in the formation of a legal state, especially in the sphere of protection of the rights of juvenile offenders.

Keywords: criminal law, juvenile offender, punishment, the age of criminal responsibility

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Authors: Radhika Jagtap

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Contemporary scholarship in international legal theory is investigating new avenues of providing alternatives to dominant concepts. Indigenous peoples’ philosophies and perspectives developed through them provide a fertile ground to explore similar alternative ideas. This review paper evaluates the theorized accounts of indigenous scholarships which have contributed towards a rich body of knowledge generating alternative visions on dominant notions of ‘post coloniality’, ‘resistance’ and ‘globalization’. Further, it shall assess the relevance of such a project in shaping contemporary international legal thought. Traditional or classical international law has been opined to be highly influenced by the colonial and imperialist history which also left a mark on the way dominant discourses of resistance and globalization are read in mainstream international law. The paper shall first define what do we mean by indigenous philosophy and what kind of indigeneity is that inclusive of. Second, the paper defines the dominant discourse and then counters the same with the alternative indigenous perspective in the case of each concept that is in question. Finally, the paper shall conclude with certain theoretical findings – that the post coloniality, from indigenous perspective, lead to the further marginalization of indigeneity, especially in the third world; that human rights as the sole means of representing resistance in international law ends up making it a very state-centric discipline and last, that globalization from an indigenous, marginalised perspective is not as celebrated as it is in mainstream international law. Major scholarly works that shall be central to the discussion are those of Linda Tuiwahi Smith, Ella Shohat and David Harvey. The nature of the research shall be inductive and involve mostly theoretical review of scholarly works.

Keywords: indigenous, post colonial, globalization, perspectives

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Authors: Mesias Alfeus, Kirsty Fitzhenry, Alessia Lederer

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The present paper provides empirical studies to estimate defaultable bonds in the South African financial market. The main goal is to estimate the unobservable factors affecting bond yields for South African major banks. The maximum likelihood approach is adopted for the estimation methodology. Extended Kalman filtering techniques are employed in order to tackle the situation that the factors cannot be observed directly. Multi-dimensional Cox-Ingersoll-Ross (CIR)-type factor models are considered. Results show that default risk increased sharply in the South African financial market during COVID-19 and the CIR model with jumps exhibits a better performance.

Keywords: default intensity, unobservable state variables, CIR, α-CIR, extended kalman filtering

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Authors: Ana Hol

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Study and work operations are being transformed with the uses of technologies and are consequently becoming global. This paper outlines lessons learned based on the international study tour that Australian Bachelor of Information Systems students undertook. This research identifies that for the study tour to be successful, students need to gain skills that global citizens require. For example, students will need to gain an understanding of local cultures, local customs and habits. Furthermore, students would also need to gain an understanding of how a field of their future career expertise operates in the host country, how study and business are conducted internationally, which tools and technologies are currently being utilized on a global scale, what trends drive future developments world-wide and how business negotiations and collaborations are being undertaken across borders. Furthermore, this research provides a guide to educators who are planning, guiding and running study tours as it outlines the requirements of having a pre-tour preparatory session, carefully planned and executed tour itineraries and post-tour sessions during which students can reflect on their experiences and lessons learned so that they can apply them to future international business visits and ventures.

Keywords: global education, international experiences, international study tours, students as global citizens, student centered education,

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Authors: Abdelrahman Mohamed

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Copyright law is a branch of the Intellectual Property Law that gives authors exclusive rights to copy, display, perform, and distribute copyrightable works. In theory, copyright law aims to promote the welfare of society by granting exclusive rights to the creators in exchange for the works that these creators produce for society. Thus, there are two different types of rights that a just regime should balance between them which are owners' rights and users' rights. The paper argues that there is a conflict between the current international copyright regime and the Islamic Social Justice Theory. This regime is unjust from the Islamic Social Justice Theory's perspective regarding access to educational materials because this regime was unjustly established by the colonizers to protect their interests, starting from the Berne Convention for the Protection of Literary and Artistic Works 1886 and reaching to the Trade-Related Aspects of Intellectual Property Rights 1994. Consequently, the injustice of this regime was reflected in the regulations of these agreements and led to an imbalance between the owners' rights and the users' rights in favor of the former at the expense of the latter. As a result, copyright has become a barrier to access to knowledge and educational materials. The paper starts by illustrating the concept of justice in Islamic sources such as the Quran, Sunnah, and El-Maslha-Elmorsalah. Then, social justice is discussed by focusing on the importance of access to knowledge and the right to education. The theory assumes that the right to education and access to educational materials are necessities; thus, to achieve justice in this regime, the users' rights should be granted regardless of their region, color, and financial situation. Then, the paper discusses the history of authorship protection under the Islamic Sharia and to what extent this right was recognized even before the existence of copyright law. According to this theory, the authors' rights should be protected, however, this protection should not be at the expense of the human's rights to education and the right to access to educational materials. Moreover, the Islamic Social Justice Theory prohibits the concentration of wealth among a few numbers of people, 'the minority'. Thus, if knowledge is considered an asset or a good, the concentration of knowledge is prohibited from the Islamic perspective, which is the current situation of the copyright regime where a few countries control knowledge production and distribution. Finally, recommendations will be discussed to mitigate the injustice of the current international copyright regime and to fill the gap between the current international copyright regime and the Islamic Social Justice Theory.

Keywords: colonization, copyright, intellectual property, Islamic sharia, social justice

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Authors: Ralph Barnes

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The internationalization and globalization of education are now a huge, multi-million dollar industry. The movement of international students across the globe has provided a rich vein of revenue for universities and institutions of higher learning to exploit and harvest. A concerted effort has been made by universities worldwide to court students from overseas, with some countries relying up to one-third of student fees, coming from international students. Australian universities and English Language Centres are coming under increased government scrutiny in respect to such areas as the academic progression of international students, management and understanding of student visa requirements and the design of higher education courses and effective assessment regimes. As such, universities and other higher education institutions are restructuring themselves more as service providers rather than as strictly education providers. In this paper, the high-touch, tailored academic model currently followed by some Australian educational institutions to support international students, is examined and challenged. Academic support services offered to international students need to be coordinated, sustained and reviewed regularly, in order to assess their effectiveness. Maintaining the delivery of high-quality educational programs and learning outcomes for this high income-generating student cohort is vital, in order to continue the successful academic and social engagement by international students across the Australian university and higher education landscape.

Keywords: ESL, engagement, tertiary, learning

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Authors: Jill Round

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In the economic system, the financial sector plays a crucial role as an intermediary between market participants, other financial institutions, and customers. Financial institutions such as banks have to make decisions to satisfy the demands of all the participants by keeping abreast of regulatory change. In recent years, progress has been made regarding frameworks, development of rules, standards, and processes to manage risks in the banking sector. The increasing focus of regulators and policymakers placed on risk management, corporate governance, and the organization’s culture is of special interest as it requires a well-resourced risk controlling function, compliance function, and internal audit function. In the past years, the relevance of these functions that make up the so-called Three Lines of Defense has moved from the backroom to the boardroom. The approach of the model can vary based on the various organizational characteristics. Due to the intense regulatory requirements, organizations operating in the financial sector have more mature models. In less regulated industries there is more cloudiness about what tasks are allocated where. All parties strive to achieve their objectives through the effective management of risks and serve the identical stakeholders. Today, the Three Lines of Defense model is used throughout the world. The research looks at trends and emerging issues in the professions of the Three Lines of Defense within the banking sector. The answers are believed to helping to explain the increasing regulatory requirements for the banking sector. While the number of supervisory practices increases the risk management requirements intensify and demand more regulatory compliance at the same time. The Structural Equation Modeling (SEM) is applied by making use of conducted surveys in the research field. It aims to describe (i) the theoretical model regarding the applicable linearity relationships, (ii) the causal relationship between multiple predictors (exogenous) and multiple dependent variables (endogenous), (iii) taking into consideration the unobservable variables and (iv) the measurement errors. The surveys conducted on the research field suggest that the observable variables are caused by various latent variables. The SEM consists of the 1) measurement model and the 2) structural model. There is a detectable correlation regarding the cause-effect relationship among the performed supervisory practices and the increasing scope of regulation. Supervisory practices reinforce the regulatory density. In the past, controls were placed after supervisory practices were conducted or incidents occurred. In further research, it is of interest to examine, whether risk management is proactive, reactive to incidents and supervisory practices or can be both at the same time.

Keywords: risk management, structural equation model, supervisory practice, three lines of defense

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Authors: Ihab S. Jweida

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Libya is witnessing major shifts in international migration flows resulting frompolitical, economic, social, security and environmental reasons as a result of what it iswitnessing from the elements of a fragile state due to government division, politicalconflicts, security chaos and the spread of terrorist organizations, since the popularuprising in February 2011, which threatens economic, social and security stability andthen The political stability of the Mediterranean basin countries. Therefore, this studycame as a scientific research aimed at analyzing the role of political economy inexplaining international migration with application to the case of Libya during theperiod from 2011-2021. To achieve this objective, the researcher relied on the descriptive approach basedon qualitative and quantitative analysis to analyze studies, reports, and internationalmigration policies in Libya, and conducted an exploratory study based on a personalinterview questionnaire for (670) migrants present in the distribution areas in Libyaand (65) Libyan migrants,

Keywords: international, migration, Libya, case

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Authors: Megersa Dugasa Fite

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This paper analyses regulatory and supervisory issues in the Ethiopian micro finance sector, which caters to the needs of those who have been excluded from the formal financial sector. Micro-finance has received increased importance in development because of its grand goal to give credits to the poor to raise their economic and social well-being and improve the quality of lives. The micro-finance at present has been moving towards a credit-plus period through covering savings and insurance functions. It thus helps in reducing the rate of financial exclusion and social segregation, alleviating poverty and, consequently, stimulating development. The Ethiopian micro finance policy has been generally positive and developmental but major regulatory and supervisory limitations such as the absolute prohibition of NGOs to participate in micro credit functions, higher risks for depositors of micro-finance institutions, lack of credit information services with research and development, the unmet demand, and risks of market failures due to over-regulation are disappointing. Therefore, to remove the limited reach and high degree of problems typical in the informal means of financial intermediation plus to deal with the failure of formal banks to provide basic financial services to a significant portion of the country’s population, more needs to be done on micro finance. Certain key regulatory and supervisory revisions hence need to be taken to strengthen the Ethiopian micro finance sector so that it can practically provide majority poor access to a range of high quality financial services that help them work their way out of poverty and the incapacity it imposes.

Keywords: micro-finance, micro-finance regulation and supervision, micro-finance institutions, financial access, social segregation, poverty alleviation, development, Ethiopia

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Authors: Sonia Rebai, Mohamed Naceur Azaiez, Dhafer Saidane

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In this study, we develop a performance evaluation model based on a multi-attribute utility approach aiming at reaching the sustainable banking (SB) status. This model is built accounting for various banks’ stakeholders in a win-win paradigm. In addition, it offers the opportunity for adopting a global measure of performance as an indication of a bank’s sustainability degree. This measure is referred to as banking sustainability performance index (BSPI). This index may constitute a basis for ranking banks. Moreover, it may constitute a bridge between the assessment types of financial and extra-financial rating agencies. A real application is performed on three French banks.

Keywords: multi-attribute utility theory, performance, sustainable banking, financial rating

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Authors: Adel Atta Youssef Rezkalla

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Russia's invasion of Ukraine tested the international community and prompted not only states but also non-state actors to take deterrent measures in response. In fact, international sports federations, notably FIFA and UEFA, have managed to shift the power dynamic quite effectively by imposing a blanket ban on Russian national teams and clubs. The purpose of this article is to examine the human rights consequences of such actions by international sports organizations. First, the article moves away from assessing the legal status of FIFA and UEFA under international law and examines the question of how a legal connection can be established with their human rights obligations. Secondly, the human rights aspects of the controversial FIFA and UEFA measures against Russian athletes are examined and these are analyzed in more detail using the proportionality test than the principle of non-discrimination under international human rights law. Finally, the main avenues for redress for possible human rights violations related to the actions taken by these organizations are identified and the challenges of arbitration and litigation in Switzerland are highlighted.

Keywords: sustainable development, human rights, the right to development, the human rights-based approach to development, environmental rights, economic development, social sustainability human rights protection, human rights violations, workers’ rights, justice, security.

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Authors: Karl Mabiala Dondia, Jing Ma

Abstract:

In recent years, networks based on the 802.11 standards have gained a prolific deployment. The reason for this massive acceptance of the technology by both home users and corporations is assuredly due to the "plug-and-play" nature of the technology and the mobility. The lack of physical containment due to inherent nature of the wireless medium makes maintenance very challenging from a security standpoint. This study examines via continuous monitoring various predictable threats that 802.11 networks can face, how they are executed, where each attack may be executed and how to effectively defend against them. The key goal is to identify the key components of an effective wireless security policy.

Keywords: wireless LAN, IEEE 802.11 standards, continuous monitoring, security policy

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Authors: Komlan Sedzro

Abstract:

We apply the non-parametric, unconditional, hyperbolic order-α quantile estimator to appraise the relative efficiency of Microfinance Institutions in Africa in terms of outreach. Our purpose is to verify if these institutions, which must constantly try to strike a compromise between their social role and financial sustainability are operationally efficient. Using data on African MFIs extracted from the Microfinance Information eXchange (MIX) database and covering the 2004 to 2006 periods, we find that more efficient MFIs are also the most profitable. This result is in line with the view that social performance is not in contradiction with the pursuit of excellent financial performance. Our results also show that large MFIs in terms of asset and those charging the highest fees are not necessarily the most efficient.

Keywords: data envelopment analysis, microfinance institutions, quantile estimation of efficiency, social and financial performance

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Authors: Dan Wang, Qing Ma, Xiaodan Wang, Tianjiao Qi

Abstract:

The sound of peddling in Beijing, also called “yo-heave-ho” or “cry of one's ware”, is a unique folk culture and usually found in Beijing hutong. For the civilians in Beijing, sound of peddling is part of their childhood. And for those who love the traditional culture of Beijing, it is an old song singing the local conditions and customs of the ancient city. For example, because of his great appreciation, the British poet Osbert Stewart once put sound of peddling which he had heard in Beijing as a street orchestra performance in the article named "Beijing's sound and color".This research aims to collect and integrate the voice/photo resources and historical materials of sound concerning peddling in Beijing by digital technology in order to protect the intangible cultural heritage and pass on the city memory. With the goal in mind, the next stage is to collect and record all the materials and resources based on the historical documents study and interviews with civilians or performers. Then set up a metadata scheme (which refers to the domestic and international standards such as "Audio Data Processing Standards in the National Library", DC, VRA, and CDWA, etc.) to describe, process and organize the sound of peddling into a database. In order to fully show the traditional culture of sound of peddling in Beijing, web design and GIS technology are utilized to establish a website and plan holding offline exhibitions and events for people to simulate and learn the sound of peddling by using VR/AR technology. All resources are opened to the public and civilians can share the digital memory through not only the offline experiential activities, but also the online interaction. With all the attempts, a multi-media narrative platform has been established to multi-dimensionally record the sound of peddling in old Beijing with text, images, audio, video and so on.

Keywords: sound of peddling, GIS, metadata scheme, VR/AR technology

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Authors: Bilal Ahmed

Abstract:

Rehabilitation of congenital and acquired maxillofacial defects is always a challenging clinical scenario. These defects pose major physiological and psychological threat not only to the patient but to the entire family. There has been an enormous scientific development in maxillofacial rehabilitation with the advent of CAD CAM, 3-D scanning, Osseo-integrated implants and improved restorative materials. There are also specialized centers with latest diagnostic and treatment facilities in the developed countries. However, in certain clinical case scenarios, conventional prosthodontic principles are still the gold standards. Similarly in a less developed world, financial and technical constraints are factors affecting treatment planning and final outcomes. However, we can do a lot of benefits to the affected human beings, even with use of simple and cost-effective conventional prosthodontic techniques and materials. These treatment strategies may sometimes be considered as intermediate or temporary options, but with regular follow-up maintenance these can be used on a definitive basis.

Keywords: maxillofacial defects, obturators, prosthodontics, medical and health sciences

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Authors: Amy Atkinson

Abstract:

Teacher burnout and dissatisfaction is a concerning challenge for visual art (VA) programs within the western (Canadian) educational context, however VA programs who offer the International Baccalaureate (IB) curriculum within international schools are thriving. The purpose of this research was to investigate the experiences of Canadian-educated seasoned VA teachers within a range of curriculums, administrative systems and locations focusing on issues related to the VA teaching experience such as viability of the artist-teacher relationship, teaching satisfaction and teacher burnout. Research was conducted using an auto-ethnography approach coupled with a comparative case study method using in-depth interviews. Insights were uncovered into VA teacher’s lived experience, values and decisions, occupational ideology, cultural knowledge, and perspectives. Research for creation methods were explored to develop a creative narrative to amplify teacher voice; endeavouring to make the obscure vivid, empathy possible, direct attention to individuality and locate the universal. Case study results sustain ethnographic observations revealing that VA teachers are experiencing more efficacy, satisfaction and success, with less burn out within the international school/IB context.

Keywords: international baccalaureate, autoethnography, teacher voice, visual arts

Procedia PDF Downloads 184