Search results for: traditional financial systems

Authors: Bjornar Kjellstadli, Shaher A. I. Shalfawi

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The aim of this study was to investigate the effect of strength training Cluster set-method compared to traditional set-method 30 m sprinting time and maximum strength in squats and bench-press. Thirteen Physical Education students, 7 males and 6 females between the age of 19-28 years old were recruited. The students were random divided in three groups. Traditional set group (TSG) consist of 2 males and 2 females aged (±SD) (22.3 ± 1.5 years), body mass (79.2 ± 15.4 kg) and height (177.5 ± 11.3 cm). Cluster set group (CSG) consist of 3 males and 2 females aged (22.4 ± 3.29 years), body mass (81.0 ± 24.0 kg) and height (179.2 ± 11.8 cm) and a control group (CG) consist of 2 males and 2 females aged (21.5 ± 2.4 years), body mass (82.1 ± 17.4 kg) and height (175.5 ± 6.7 cm). The intervention consisted of performing squat and bench press at 70% of 1RM (twice a week) for 8 weeks using 10 repetition and 4 sets. Two types of strength-training methods were used , cluster set (CS) where the participants (CSG) performed 2 reps 5 times with a 10 s recovery in between reps and 50 s recovery between sets, and traditional set (TS) where the participants (TSG) performed 10 reps each set with 90 s recovery in between sets. The pre-tests and post-tests conducted were 1 RM in both squats and bench press, and 10 and 30 m sprint time. The 1RM test were performed with Eleiko XF barbell (20 kg), Eleiko weight plates, rack and bench from Hammerstrength. The speed test was measured with the Brower speed trap II testing system (Brower Timing Systems, Utah, USA). The participants received an individualized training program based on the pre-test of the 1RM. In addition, a mid-term test of 1RM was carried out to adjust training intensity. Each training session were supervised by the researchers. Beast sensors (Milano, Italy) were also used to monitor and quantify the training load for the participants. All groups had a statistical significant improvement in bench press 1RM (TSG 1RM from 56.3 ± 28.9 to 66 ± 28.5 kg; CSG 1RM from 69.8 ± 33.5 to 77.2 ± 34.1 kg and CG 1RM from 67.8 ± 26.6 to 72.2 ± 29.1 kg), whereas only the TSG (1RM from 84.3 ± 26.8 to 114.3 ± 26.5 kg) and CSG (1RM from 100.4 ± 33.9 to 129 ± 35.1 kg) had a statistical significant improvement in Squats 1RM (P < 0.05). However, a between groups examination reveals that there were no marked differences in 1RM squat performance between TSG and CSG (P > 0.05) and both groups had a marked improvements compared to the CG (P < 0.05). On the other hand, no differences between groups were observed in Bench press 1RM. The within groups results indicate that none of the groups had any marked improvement in the distances from 0-10 m and 10-30 m except the CSG which had a notable improvement in the distance from 10-30 m (-0.07 s; P < 0.05). Furthermore, no differences in sprinting abilities were observed between groups. The results from this investigation indicate that traditional set strength training at 70% of 1RM gave close results compared to Cluster set strength training at the same intensity. However, the results indicate that the cluster set had an effect on flying time (10-30 m) indicating that the velocity at which those repetitions were performed could be the explanation factor of this this improvement.

Keywords: physical performance, 1RM, pushing velocity, velocity based training

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Authors: Ondiba Hesborn Andole, Kenichi Matsui

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Women entrepreneurs in the rural areas of Kenya have continually been affected by culturally engraved gendered bias customs. This research investigates challenges and prospects of rural women entrepreneurship in Kakamega County, Kenya. We conducted the questionnaire survey and interviews among 153 women entrepreneurs in the County to better understand how traditional norms influence them in conducting or seeking small businesses. We found that Luhya customs significantly affect growth and performance of rural women enterprises. Traditional Luhya society does not recognize women’s rights to land and higher education. The Luhya traditional roles of women are limited so that, without competing with men, they need to find gender biased works through networking activities. Also, without higher education degrees, their business prospects are limited. Among the respondents, 31% had primary education and about 5% had no formal education at all. We discuss how these women may succeed in businesses under these conditions.

Keywords: chama, culture, entrepreneurs, rural women

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Authors: Salisu Ibrahim

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The paper studies the commutativity associated with fractional order linear time-varying systems (LTVSs), which is an important area of study in control systems engineering. In this paper, we explore the properties of these systems and their ability to commute. We proposed the necessary and sufficient condition for commutativity for fractional order LTVSs. Through a simulation and mathematical analysis, we demonstrate that these systems exhibit commutativity under certain conditions. Our findings have implications for the design and control of fractional order systems in practical applications, science, and engineering. An example is given to show the effectiveness of the proposed method which is been computed by Mathematica and validated by the use of Matlab (Simulink).

Keywords: fractional differential equation, physical systems, equivalent circuit, and analog control

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Authors: Ming-Chan Chung, Wen-Ming Huang, Yi-Chu Liu, Li-Hui Yang, Ming-Jyh Chen

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introduction: Hospital buildings require considerable energy, including air conditioning, lighting, elevators, heating, and medical equipment. Energy consumption in hospitals is expected to increase significantly due to innovative equipment and continuous development plans. Consequently, the environment and climate will be adversely affected. Hospitals should therefore consider transforming from their traditional role of saving lives to being at the forefront of global efforts to reduce carbon dioxide emissions. As healthcare providers, it is our responsibility to provide a high-quality environment while using as little energy as possible. Purpose / Methods: Compare the energy-saving benefits of solar photovoltaic systems and solar hot water systems. The proportion of electricity consumption effectively reduced after the installation of solar photovoltaic systems. To comprehensively assess the potential benefits of utilizing solar energy for both photovoltaic (PV) and solar thermal applications in hospitals, a solar PV system was installed covering a total area of 28.95 square meters in 2021. Approval was obtained from the Taiwan Power Company to integrate the system into the hospital's electrical infrastructure for self-use. To measure the performance of the system, a dedicated meter was installed to track monthly power generation, which was then converted into area output using an electric energy conversion factor. This research aims to compare the energy efficiency of solar PV systems and solar thermal systems. Results: Using the conversion formula between electrical and thermal energy, we can compare the energy output of solar heating systems and solar photovoltaic systems. The comparative study draws upon data from February 2021 to February 2023, wherein the solar heating system generated an average of 2.54 kWh of energy per panel per day, while the solar photovoltaic system produced 1.17 kWh of energy per panel per day, resulting in a difference of approximately 2.17 times between the two systems. Conclusions: After conducting statistical analysis and comparisons, it was found that solar thermal heating systems offer higher energy and greater benefits than solar photovoltaic systems. Furthermore, an examination of literature data and simulations of the energy and economic benefits of solar thermal water systems and solar-assisted heat pump systems revealed that solar thermal water systems have higher energy density values, shorter recovery periods, and lower power consumption than solar-assisted heat pump systems. Through monitoring and empirical research in this study, it has been concluded that a heat pump-assisted solar thermal water system represents a relatively superior energy-saving and carbon-reducing solution for medical institutions. Not only can this system help reduce overall electricity consumption and the use of fossil fuels, but it can also provide more effective heating solutions.

Keywords: sustainable development, energy conservation, carbon reduction, renewable energy, heat pump system

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Authors: Joseph E. Cobbinah, Abigail A. Aryeh-Adjei

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Over the years, entry into the academia in any Ghanaian university requires an advanced research degree, more preferably traditional doctorate (PhD or DPhil). It is however argued that PhD is more research intensive, so since university teaching involves a lot of research, those having traditional doctorate have good research background to teach in a university and are thus recruited as lecturers. However, in the last ten years, a reasonable number of academics enter Ghanaian universities with professional doctorate degrees, which hitherto was considered to be only suitable for industry, because it gives individuals with just basic research skills needed for professional practice, unlike the traditional PhD which is research intensive degree. Currently, there are a reasonable number of professional doctorate degree holders with qualifications like DBA, EdD, PsychD, DPharm, EngD, among others in various departments in many Ghanaian universities. Maybe, because such degree holders also use the title Dr, some university authorities put them at par with their counterparts with traditional doctorate, although some lecturers with PhD seem to look down upon those with traditional doctorate degrees and this has created some tension amongst those academics. This makes their promotions and holding of university academic positions very problematic in some ways. This paper therefore seeks to investigate the types of professional doctorate degree holders working as lecturers in some selected universities in Ghana and the challenges associated with their recruitment, acceptability and proper integration into universities’ teaching and learning. The paper adopted qualitative research methodology. In all, respondents from three state-owned and privately owned universities were involved in the study. Administrators, lecturers, heads of departments and deans of faculty were interviewed to assess the challenges associated with the recruitment of professional doctorate degree holders and any problems they face in the departments they work. It became evident that, although some lecturers enter the academia with professional doctorate degrees, their counterparts seem not to give them the recognition and respect they deserve. Although there is little or no evidence that professional doctorate degree holders are under performing, recruiting professional doctorate degree holders does not only become a challenge, but also their progression into the university’s promotion ladder become very slow compared to their counterparts with traditional PhD degrees.

Keywords: professional doctorate, academia, lecturers, Ghanaian universities, orate

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Authors: Hauwau Mohammed

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Research purpose: the integration of Traditional Birth Attendants (TBAs) has long been initiated into healthcare systems. This has been to help improve maternal mortality, particularly in developing countries. Nigeria is seen as one of the countries with a high maternal death rate due to common pregnancy complications and low resources. Communities with challenges of universal coverage of skilled workers rely on TBAs for pregnancy-related services, including delivery. The Sokoto State government has conducted several training programs on a significant number of TBAs to enable a formal integration of relationships with skilled healthcare for women in rural regions. This study aims to explore a standard method and develop an assessment framework for improving TBAs training programs in Sokoto State. Research Design, Methodology & Methods : Using a qualitative design, an interpretive phenomenology approach will be applied to explore the lived-experiences of 28 TBAs, who have undergone a form of training while also examining the strategies used to develop those programs through 8 policymakers and/or program trainers. For the collection stage, a focus group discussion and a face-to-face interview will be conducted, where the latter is for TBAs and the former for policymakers and training officials. Analysis: Data will be analyse through IPA format while using Nvivo to code and catalog personal experiential generated patterns. Secondary review: a scoping review of secondary data from Nigeria was used to map the knowledge gap and the extent of available data. The thematic analytic findings suggested that there are various approaches used to incorporate TBAs into the healthcare system, which include interventional programs targeted at specific health issues. In addition, incentives were used to encourage TBAs to facilitate the frequent use of skilled care for women.

Keywords: traditional birth attendants, Nigeria, training, program

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Authors: Maria Philokyprou, Aimilios Michael

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Contemporary theories of sustainability, concerning the natural and built environment, have recently introduced an environmental attitude towards the architectural design that, in turn, affects the practice of conservation and reuse of the existing building stock. This paper presents an environmentally friendly approach towards the conservation of vernacular architecture and it is based on the results of a research program which involved the investigation of sustainable design elements of traditional buildings in Cyprus. The research in question showed that Cypriot vernacular architecture gave more emphasis on cooling rather than heating strategies. Another notable finding of the investigation was the great importance given to courtyards as they enhance considerably, and in various ways, the microclimatic conditions of the immediate environment with favorable results throughout the year. Moreover, it was shown that the reduction in temperature fluctuation observed in the closed and semi-open spaces, compared to the respective temperature fluctuation of the external environment - due to the thermal inertia of the building envelope - helps towards the achievement of more comfortable living conditions within traditional dwellings. This paper concludes with a proposal of a sustainable approach towards the conservation of the existing environment and the introduction of new environmental criteria for the conservation of traditional buildings, beyond the aesthetic, morphological and structural ones that are generally applied.

Keywords: bioclimatic, conservation, environmental, traditional dwellings, vernacular architecture

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Authors: Zahra Hatami, Hesham Ali, David Volkman

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Selecting a portfolio for investing is a crucial decision for individuals and legal entities. In the last two decades, with economic globalization, a stream of financial innovations has rushed to the aid of financial institutions. The importance of selecting stocks for the portfolio is always a challenging task for investors. This study aims to create a financial network to identify optimal portfolios using network centralities metrics. This research presents a community detection technique of superior stocks that can be described as an optimal stock portfolio to be used by investors. By using the advantages of a network and its property in extracted communities, a group of stocks was selected for each of the various time periods. The performance of the optimal portfolios compared to the famous index. Their Sharpe ratio was calculated in a timely manner to evaluate their profit for making decisions. The analysis shows that the selected potential portfolio from stocks with low centrality measurement can outperform the market; however, they have a lower Sharpe ratio than stocks with high centrality scores. In other words, stocks with low centralities could outperform the S&P500 yet have a lower Sharpe ratio than high central stocks.

Keywords: portfolio management performance, network analysis, centrality measurements, Sharpe ratio

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Authors: Tyler D. Cesarone, Tatiana M. Wugalter

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The movement of patients from the Global North to the Global South in pursuit of inexpensive healthcare and touristic experiences dominates the academic discourse on international medical travel (IMT). However, medical travel exists in higher numbers between Global South countries as patients who lack trust in, and feel disenfranchised by, their national healthcare systems seek treatment in nearby countries. Through a review of the existing literature, this paper examines patterns of IMT in the Middle East, Southeast Asia, and Southern Africa, distinguishing North-South medical tourism from South-South intra-regional medical mobility (IRMM). Evidence from these case studies demonstrates that notions of medical distrust and disenfranchisement, rooted in low-resourced and poor quality healthcare systems, are key drivers of IRMM in the Global South. The movement of patients from lower income to proximate higher income countries not only reveals tensions between patients and their healthcare systems but widens gaps in the quality of healthcare between departing and destination countries. In analyzing these cross-regional similarities, the paper moves beyond the current literature’s focus on singular case studies to expose global patterns of South-South IRMM. This presents a shift from the traditional focus on North-South medical tourism, demonstrating how disparities in healthcare systems both influence and are influenced by IRMM.

Keywords: global South, healthcare quality, international medical travel (IMT), intra-regional medical mobility (IRMM), medical disenfranchisement, medical distrust, medical tourism

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Authors: Ikechukwu Ndu

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This study examines the econometric modeling of the relation between discretionary accrual earnings management, International Financial Reporting Standards (IFRS), and certain corporate governance factors with regard to listed Nigerian non-financial firms. Although discretionary accrual earnings management is a well-known and global problem that has an adverse impact on users of the financial statements, its relationship with IFRS and corporate governance is neither adequately researched nor properly systematically investigated in Nigeria. The dearth of research in the relation between discretionary accrual earnings management, IFRS and corporate governance in Nigeria has made it difficult for academics, practitioners, government setting bodies, regulators and international bodies to achieve a clearer understanding of how discretionary accrual earnings management relates to IFRS and certain corporate governance characteristics. This is the first study to the author’s best knowledge to date that makes interesting research contributions that significantly add to the literature of discretionary accrual earnings management and its relation with corporate governance and IFRS pertaining to the Nigerian context. A comprehensive review is undertaken of the literature of discretionary total accrual earnings management, IFRS, and certain corporate governance characteristics as well as the data, models, methodologies, and different estimators used in the study. Secondary financial statement, IFRS, and corporate governance data are sourced from Bloomberg database and published financial statements of Nigerian non-financial firms for the period 2004 to 2016. The methodology uses both the total and working capital accrual basis. This study has a number of interesting preliminary findings. First, there is a negative relationship between the level of discretionary accrual earnings management and the adoption of IFRS. However, this relationship does not appear to be statistically significant. Second, there is a significant negative relationship between the size of the board of directors and discretionary accrual earnings management. Third, CEO Separation of roles does not constrain earnings management, indicating the need to preserve relationships, personal connections, and maintain bonded friendships between the CEO, Chairman, and executive directors. Fourth, there is a significant negative relationship between discretionary accrual earnings management and the use of a Big Four firm as an auditor. Fifth, including shareholders in the audit committee, leads to a reduction in discretionary accrual earnings management. Sixth, the debt and return on assets (ROA) variables are significant and positively related to discretionary accrual earnings management. Finally, the company size variable indicated by the log of assets is surprisingly not found to be statistically significant and indicates that all Nigerian companies irrespective of size engage in discretionary accrual management. In conclusion, this study provides key insights that enable a better understanding of the relationship between discretionary accrual earnings management, IFRS, and corporate governance in the Nigerian context. It is expected that the results of this study will be of interest to academics, practitioners, regulators, governments, international bodies and other parties involved in policy setting and economic development in areas of financial reporting, securities regulation, accounting harmonization, and corporate governance.

Keywords: discretionary accrual earnings management, earnings manipulation, IFRS, corporate governance

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Authors: Oludare Isaac Abiodun, Esther Omolara Abiodun

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The purpose of this paper is to demonstrate that cyberterrorism is existing and poses a threat to computer security and national security. Nowadays, people have become excitedly dependent upon computers, phones, the Internet, and the Internet of things systems to share information, communicate, conduct a search, etc. However, these network systems are at risk from a different source that is known and unknown. These network systems risk being caused by some malicious individuals, groups, organizations, or governments, they take advantage of vulnerabilities in the computer system to hawk sensitive information from people, organizations, or governments. In doing so, they are engaging themselves in computer threats, crime, and terrorism, thereby making the use of computers insecure for others. The threat of cyberterrorism is of various forms and ranges from one country to another country. These threats include disrupting communications and information, stealing data, destroying data, leaking, and breaching data, interfering with messages and networks, and in some cases, demanding financial rewards for stolen data. Hence, this study identifies many ways that cyberterrorists utilize the Internet as a tool to advance their malicious mission, which negatively affects computer security and safety. One could identify causes for disparate anomaly behaviors and the theoretical, ideological, and current forms of the likelihood of cyberterrorism. Therefore, for a countermeasure, this paper proposes the use of previous and current computer security models as found in the literature to help in countering cyberterrorism

Keywords: cyberterrorism, computer security, information, internet, terrorism, threat, digital forensic solution

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Authors: Osama Shibani

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Corporate governance effective is critical to the proper functioning of the banking sector and the economy as a whole, the Basel Committee have issued principles of corporate governance inspired from Organisation for Economic Co-operation and Development (OECD), but there is no single model of corporate governance that can work well in every country; each country, or even each organization should develop its own model that can cater for its specific needs and objectives, the corporate governance in Islamic Institutions is unique and offers a particular structure and guided by a control body which is Shariah supervisory Board (SSB), for this reason Islamic Financial Services Board in Malaysia (IFSB) has amended BCBS corporate governance principles commensurate with Islamic financial Institutions to suit the nature of the work of Islamic institutions, this paper highlight these amended by using comparative analysis method in context of the differences of corporate governance structure of Islamic banks and conventional banks. We find few different between principles (Principle 1: The Board's overall responsibilities, Principles 3: Board’s own structure and practices, Principles 9: Compliance, Principle 10: Internal audit, Principle 12: Disclosure and transparency) and there are similarities between principles (Principle 2: Board qualifications and composition, Principles 4: Senior Management (composition and tasks), Principle 6: Risk Management and Principle 8: Risk communication). Finally, we found that corporate governance principles issued by Islamic Financial Services Board (IFSB) are complemented to CG principles of Basel Committee on Banking Supervision (BCBS) with some modifications to suit the composition of Islamic banks, there are deficiencies in the interest of the Basel Committee to Islamic banks.

Keywords: basel committee (BCBS), corporate governance principles, Islamic financial services board (IFSB), agency theory

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Authors: Uyanga Jadamba

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Globalisation of the world economy has necessitated the development and implementation of a comparable and understandable reporting language suitable for use by all reporting entities. The International Accounting Standard Board (IASB) provides an international reporting language that lets all users understand the financial information of their business and potentially allows them to have access to finance at an international level. The study is based on logistic regression analysis to investigate the factors for the adoption of theInternational Financial Reporting Standard for Small and Medium sized Entities (IFRS for SMEs). The study started with a list of 217 countries from World Bank data. Due to the lack of availability of data, the final sample consisted of 136 countries, including 60 countries that have adopted the IFRS for SMEs and 76 countries that have not adopted it yet. As a result, the study included a period from 2010 to 2020 and obtained 1360 observations. The findings confirm that the adoption of the IFRS for SMEs is significantly related to the existence of national reporting standards, law enforcement quality, common law (legal system), and extent of disclosure. It means that the likelihood of adoption of the IFRS for SMEs decreases if the country already has a national reporting standard for SMEs, which suggests that implementation and transitional costs are relatively high in order to change the reporting standards. The result further suggests that the new standard adoption is easier in countries with constructive law enforcement and effective application of laws. The finding also shows that the adoption increases if countries have a common law system which suggests that efficient reportingregulations are more widespread in these countries. Countries with a high extent of disclosing their financial information are more likely to adopt the standard than others. The findings lastly show that the audit qualityand primary education levelhave no significant impact on the adoption.One possible explanation for this could be that accounting professionalsfrom in developing countries lacked complete knowledge of the international reporting standards even though there was a requirement to comply with them. The study contributes to the literature by providing factors that impact the adoption of the IFRS for SMEs. It helps policymakers to better understand and apply the standard to improve the transparency of financial statements. The benefit of adopting the IFRS for SMEs is significant due to the relaxed and tailored reporting requirements for SMEs, reduced burden on professionals to comply with the standard, and provided transparent financial information to gain access to finance.The results of the study are useful toemerging economies where SMEs are dominant in the economy in informing its evaluation of the adoption of the IFRS for SMEs.

Keywords: IFRS for SMEs, international financial reporting standard, adoption, institutional factors

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Authors: Carrie Prendergast, Lisa Bortman

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The focus of this presentation will be on non-traditional (adult) students as they seek their Bachelors’ degrees online. This presentation will specifically examine nontraditional online student perceptions of Tinto’s success conditions: expectations, support, assessment, and engagement. Expectations include those of the student, the faculty and the institution. Support includes academic, social, and financial support. Feedback and assessment encompasses feedback in the classroom, upon entry, and on an institutional level. The fourth success condition is involvement or engagement of students with their peers and faculty in both academic and social contexts. This program will review and discuss a rich, detailed description of the lived experience of the nontraditional online student to add to the paucity of research on this understudied population and guide higher education professionals in supporting this growing population of students.

Keywords: adult students, online education, student success, vincent tinto

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Authors: Giriraj Achari, Malay Bhattacharyya

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In this paper, the effectiveness of Copula Markov Switching Multifractal (MSM) models at forecasting Value-at-Risk of a two-stock portfolio is studied. The innovations are allowed to be drawn from distributions that can capture skewness and leptokurtosis, which are well documented empirical characteristics observed in financial returns. The candidate distributions considered for this purpose are Johnson-SU, Pearson Type-IV and α-Stable distributions. The two univariate marginal distributions are combined using the Student-t copula. The estimation of all parameters is performed by Maximum Likelihood Estimation. Finally, the models are compared in terms of accurate Value-at-Risk (VaR) forecasts using tests of unconditional coverage and independence. It is found that Copula-MSM-models with leptokurtic innovation distributions perform slightly better than Copula-MSM model with Normal innovations. Copula-MSM models, in general, produce better VaR forecasts as compared to traditional methods like Historical Simulation method, Variance-Covariance approach and Copula-Generalized Autoregressive Conditional Heteroscedasticity (Copula-GARCH) models.

Keywords: Copula, Markov Switching, multifractal, value-at-risk

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Authors: Yu Shan Wang

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Different from other industries, the structure of the tourism industry depends to a large degree the environmental and cultural resources. The industry has to undertake social responsibilities for its commercial behaviour. This paper refers to the seven dimensions of the KLD STATS in 1991-2011 as the indicator to CSR practices. The purpose is to investigate what CSR activities create significant impacts on accounting-based financials and firm values by delving into different CSR dimensions. Meanwhile, this paper takes into consideration S&P 500 and control variables (firm sizes and financial leverage). In fact, the commercial behavior of the tourism-related industry may result in negative impacts on the economy and the society. Therefore, this paper classifies a positive set of CSR elements and a negative set of CSR elements for the tourism-related industry in order to examine their respective effects on short-term profitability and long-term firm values. This can shed light on which CSR dimensions exhibit significant impacts on CFP better than holistic CSR indicators, and hence provide more useful information to investors and corporates. This paper uses quantile regressions to avoid the impact of outliers in the data set. This helps to offer specific information so that companies can make informed decisions.

Keywords: corporate social responsibility, CSR, firm value, tourism, corporate financial performance, CFP

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Authors: Najlae Bendou, Jean-Jacques Lilti, Khalid Elbadraoui

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In this paper, we examine stock market integration of emerging markets around the global financial turmoil of 2007-2008. Following Pukthuanthong and Roll (2009), we measure the integration of 46 emerging countries using the adjusted R-square from the regression of each country's daily index returns on global factors extracted from the covariance matrix computed using dollar-denominated daily index returns of 17 developed countries. Our sample surrounds the global financial crisis and ranges between 2000 and 2018. We analyze results using four cohorts of emerging countries: East Asia & Pacific and South Asia, Europe & Central Asia, Latin America & Caribbean, Middle East & Africa. We find that the level of integration of emerging countries increases at the commencement of the crisis and during the booming phase of the business cycles. It reaches a maximum point in the middle of the crisis and then tends to revert to its pre-crisis level. This pattern tends to be common among the four geographic zones investigated in this study. Finally, we investigate the determinants of stock market integration of emerging countries in our sample using panel regressions. Our results suggest that the degree of stock market integration of these countries should be put into perspective by some macro-economic factors, such as the size of the equity market, school enrollment rate, international liquidity level, stocks traded volume, tax revenue level, imports and exports volumes.

Keywords: correlations, determinants of integration, diversification, emerging markets, financial crisis, integration, markets co-movement, panel regressions, r-square, stock markets

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Authors: Badrane Nohayla, Bamousse Zineb

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Financial crises, exchange rate volatility, fluctuations in commodity prices, increased competitive pressures, and environmental issues are all threats that businesses face. In light of these diverse challenges, proactive, agile, and innovative cash management becomes an indispensable financial shield, allowing companies to thrive despite the adverse conditions of the global environment. In the same spirit, uncertainty, turbulence, volatility, and competitiveness continue to disrupt economic environments, compelling companies to swiftly master innovative breakthroughs that provide added value. In such a context, innovation emerges as a catalytic vector for performance, aiming to reduce costs, strengthen growth, and ultimately ensure the sustainability of Moroccan companies in the national arena. Moreover, innovation in treasury management promises to be one of the key pillars of financial stability, enabling companies to navigate the tumultuous waters of a globalized environment. Therefore, the objective of this study is to better understand the impact of innovative treasury management on cost optimization and, by extension, performance improvement. To elucidate this relationship, we conducted an exploratory qualitative study with 20 large Moroccan companies operating in the Casablanca-Settat region. The results highlight that innovation at the heart of treasury management is a guarantee of sustainability against the risks of failure and stands as a true pivot of the performance of Moroccan companies, an important parameter of their financial balance and a catalytic vector of their growth in the national economic landscape. In this regard, this study aims to provide answers to the following question: To what extent does innovation at the core of the treasury function prove to be the indispensable shield to boost performance while optimizing costs for large Moroccan companies?

Keywords: innovative cash management, artificial intelligence (ai), financial performance, risk management, cost savings

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Authors: H. Chabalala, A. Grootboom, M. Tang

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The innovative development, production, and clinical utilisation of African natural medicines requires frameworks from systematisation, innovation, registration. Afrika faces challenges when it comes to these sectors. The opposite is the case as is is evident in ancient Asian (Traditional Chinese Medicine and Indian Ayurveda and Siddha) medical systems, which are interfaced into their respective national health and educational systems. Afrikan Natural Medicines (ANMs) are yet to develop systematisation frameworks, i.e. disease characterisation and medicines classification. This paper explores classical medical systems drawn from Afrikan and Chinese experts in natural medicines. An Afrikological research methodology was used to conduct in-depth interviews with 20 key respondents selected through purposeful sampling technique. Data was summarised into systematisation frameworks for classical disease theories, patient categorisation, medicine classification, aetiology and pathogenesis of disease, diagnosis and prognosis techniques and treatment methods. It was discovered that ancient Afrika had systematic medical cosmologies, remnants of which are evident in most Afrikan cultural health practices. Parallels could be drawn from classical medical concepts of antiquity, like Chinese Taoist and Indian tantric health systems. Data revealed that both the ancient and contemporary ANM systems were based on living medical cosmologies. The study showed that African Natural Healing Systems have etiological systems, general pathogenesis knowledge, differential diagnostic techniques, comprehensive prognosis and holistic treatment regimes. Systematisation models were developed out of these frameworks, and this could be used for evaluation of clinical research, medical application including development of curriculum for high-education. It was envisaged that frameworks will pave way towards the development, production and commercialisation of ANMs. This was piloted in inclusive innovation, technology transfer and commercialisation of South African natural medicines, cosmeceuticals, nutraceuticals and health infusions. The central model presented here in will assist in curriculum development and establishment of Afrikan Medicines Hospitals and Pharmaceutical Industries.

Keywords: African Natural Medicines, Indigenous Knowledge Systems, Medical Cosmology, Clinical Application

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Authors: Mohammed Alghamdi, Ghanem Al-Ghamdi

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The Governorate of Al-Baha is known for a history of farming that focused on plant products such as Date Palm, olives, figs, pomegranate and cereals as well as raising cattle, sheep, goats and to some extent camels for many decades. However, farmers have been facing with very significant natural and artificial challenges lately. The goal of this study was to determine the most significant challenges facing farmers in the Governorate of Al-Baha. Sixty farms were surveyed during the year of 2013. Farm survey focused on the farm management, farm financial status and governmental support. Our results showed that most farms were dedicated to farming with limited number of farms used parts of its premises for recreation. About 90% of farms were engaged in exclusively farming business. The financial status was good in most of the farms (80%), stable in 16% and hardly standing in less than 5%. Nearly 60% of the farms marketed 1-3 products and 23% marketed up to 6 products, 14% of the farms marketed up to 9 products and 4% marketed more than 9 products. Less than 14% had a chance to market their products over seven times per year while about 11% market their products and 32% of farms market 3-4 per year and 43% of farms market 1-2 per year. Our data showed that most farmers are in good financial status producing healthy food.

Keywords: farming system, Al-Baha, healthy food, Saudi Arabia

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Authors: Deden Misbahudin Muayyad, Lavlimatria Esya

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Up to the month of June 2015, Indonesia has 12 Islamic Commercial Banks, 22 Islamic Business Unit, 327 offices in 33 provinces. The initial purpose of the establishment of Islamic financial institutions is to achieve and the welfare of the people in this world and in the hereafter. To realize these goals, the Islamic financial institutions in every kind of aspect of product development and in terms of operations should be based on maqashid sharia, namely keeping the faith, keep the soul, keep the sense, maintain the property, keeping the offspring. To see whether Islamic banking grounded in maqasid sharia, the Islamic banking performance measurements based on the principles of maqasid sharia. Banking performance measurement is not only focusing on profit and other financial measures, but put other values of banks reflects the size of the benefit of non-profit in accordance with the bank's objectives. The measurement using the measurement of financial performance called maqasid sharia index. Maqasid syariah index is a model of Islamic banking performance measurement in accordance with the objectives and characteristics of Islamic banking. Maqasid syariah index was developed based on three main factors, namely the education of individuals, the creation of justice, the achievement of well-being, where the three factors were in accordance with the common goal of maqasid sharia is achieving prosperity and avoid evil. Maqasid syariah index shows that maqasid sharia approach can be a strategic alternative approach to describe how good the performance of the banking system and it can be implemented in the comprehensive policy strategy. This study uses a model of performance measurement framework based on maqasid syariah, in addition to financial performance measures that already exist. Methods to develop the idea of a performance measurement framework of Islamic banking by maqasid sharia is the Sekaran method. Operationally, the methods have now able to describe the elements that will be measured by this study. This is done by observing the behavior of the dimensions illustrated through a concept that has been set. These dimensions translate into derivative elements that can be observed and more scalable, so it can establish measurement indices. This research is descriptive quantitative. Techniques are being made to collect data in this paper is by using purposive sampling method, with 12 Islamic Commercial Banks that qualify as research samples. The financial data taken at 12 banks was sourced from the annual financial statements the period 2008 to 2012 with consideration of the database and ease of access to data. The ratio measured in this study only 7 ratio used in determining the performance of Islamic banking, namely: four ratio refers to the sharia objectives related to education. three ratio while again referring to sharia objectives related to the achievement of welfare. While other ratios associated with justice can not be used in this study because of the limited data used. Total overall calculation of performance indicators and performance ratios on each goal for each bank describes the maqasid syariah index.

Keywords: Islamic banking, Maslahah, maqashid syariah, maqashid syariah index

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Authors: Raif Parlakkaya, Huseyin Cetin, Halil Akmese, Mesut Murat Adabali

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As the economies of other countries in the Mediterranean Basin, the tourism sector in our country has a high denominator in economics. Tourism businesses, which are building blocks of tourism, sector faces with a variety of problems during their activities. These problems faced make business efficiency and competition conditions of the businesses difficult. Most of the problems faced by the tourism businesses and the information of consumers about consumers’ rights were used in this study, which is conducted to determine the problems of tourism businesses in the Central Anatolia Region. It is aimed to contribute the awareness of staff and executives working at tourism sector and to attract attention of businesses active concurrently with tourism sector and legislators.

Keywords: financial problems, the problems of tourism businesses, tourism businesses, tourism sector in Turkey

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Authors: Edward B. Ssekulima, Amir Etemadi

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This paper presents a Systems Thinking and System of Systems (SoS) viewpoint for managing requirements complexity in the grid integration of Variable Renewable Energy (VRE). To achieve a SoS approach, it is often necessary to inculcate a Systems Thinking (ST) perspective in the planning and design of the attendant system. We show how this approach can support the enhanced integration of VRE (wind, solar small hydro) for which intermittency is a key inhibiting factor to their sustainable grid integration. The results indicate that a ST and SoS approach are a critical tool for decision makers in the planning, design and deployment of VRE Sources for their sustainable grid-integration in accordance with relevant techno-economic, social and environmental requirements.

Keywords: sustainable grid-integration, system of systems, systems thinking, variable energy resources

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Authors: Youssef El Makhrout, Aude Pommeret, Tunç Durmaz

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This paper analyses the consequences of a heat pump on the optimal behavior of a prosumer. A theoretical microeconomic model is developed for household heating and electricity consumption to analyze the profitability of installing a solar PV system with a heat pump, battery storage, and grid use. The aim is to present the optimal scenario of investment in renewable energy equipment to cover domestic and heating needs. Simulation data of a French house of 170m² in Chambery are used in this paper. The house is divided into 5 zones with 3 heated zones of 89.4 m² occupied by two people. The analysis is based on hourly data for one year, from 00:00 01/01/2021 to 23:00 31/12/2021. Results indicate that without taking the cost of materials and no financial aid, the most profitable scenario for a household is when he owns solar panels, a heat pump, and battery storage. However, with the costs and financial aid of the French government for energy renovation, the net economic surplus change and the profitability during 20 years are important when the household decides to add a heat pump to existing solar panels. In this scenario, the household can realize 35.84% as a surplus change improvement, but this cannot cover all installation costs. The household can get benefits and cover all installation costs after exploiting financial support in the case of adopting a heat pump. The investment in a battery is still not profitable because of its high cost and the lack of financial aid. Some public policy recommendations are proposed, especially for solar panels and battery storage.

Keywords: household’s heating, prosumer, electricity consumption, renewable energy, welfare gain, comfort, solar PV, heat pumps, storage

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Authors: Reenu Yadav, Vidhi Guha, Udit N. Soni, Jay Ram Patel

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Chewing gums are mobile novel drug delivery systems, with a potential for administering drugs either for local action or for systemic absorption via the buccal route. An antimicrobial chewing gum delivery system of the methanolic extracts of Beatea monosperma (barks and twigs), Cordia obliqua (leaves and seeds) and Cuminun cyminum (seeds) against periodontal diseases caused by some oral pathogens, was designed and characterized on various parameters.The results of the study support the traditional application of the plants and suggest, plant extracts possess compounds with antimicrobial properties that can be used as potential antimicrobial agents and gums can be a good carrier of herbal extracts. Developed formulation will cure/protect from various periodontal diseases. Further development and evaluations chewing gums including the isolated compounds on the commercial scale and their clinical and toxicological studies are the future challenges.

Keywords: periodontal diseases, herbal chewing gum, herbal extracts, novel drug delivery systems

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Authors: Golnush Masghati-Amoli, Paul Chin

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Over the past recent years, with the rapid increases in data availability and computing power, Machine Learning (ML) techniques have been called on in a range of different industries for their strong predictive capability. However, the use of Machine Learning in commercial banking has been limited due to a special challenge imposed by numerous regulations that require lenders to be able to explain their analytic models, not only to regulators but often to consumers. In other words, although Machine Leaning techniques enable better prediction with a higher level of accuracy, in comparison with other industries, they are adopted less frequently in commercial banking especially for scoring purposes. This is due to the fact that Machine Learning techniques are often considered as a black box and fail to provide information on why a certain risk score is given to a customer. In order to bridge this gap between the explain-ability and performance of Machine Learning techniques, a Hybrid Model is developed at Dun and Bradstreet that is focused on blending Machine Learning algorithms with traditional approaches such as scorecards. The Hybrid Model maximizes efficiency of traditional scorecards by merging its practical benefits, such as explain-ability and the ability to input domain knowledge, with the deep insights of Machine Learning techniques which can uncover patterns scorecard approaches cannot. First, through development of Machine Learning models, engineered features and latent variables and feature interactions that demonstrate high information value in the prediction of customer risk are identified. Then, these features are employed to introduce observed non-linear relationships between the explanatory and dependent variables into traditional scorecards. Moreover, instead of directly computing the Weight of Evidence (WoE) from good and bad data points, the Hybrid Model tries to match the score distribution generated by a Machine Learning algorithm, which ends up providing an estimate of the WoE for each bin. This capability helps to build powerful scorecards with sparse cases that cannot be achieved with traditional approaches. The proposed Hybrid Model is tested on different portfolios where a significant gap is observed between the performance of traditional scorecards and Machine Learning models. The result of analysis shows that Hybrid Model can improve the performance of traditional scorecards by introducing non-linear relationships between explanatory and target variables from Machine Learning models into traditional scorecards. Also, it is observed that in some scenarios the Hybrid Model can be almost as predictive as the Machine Learning techniques while being as transparent as traditional scorecards. Therefore, it is concluded that, with the use of Hybrid Model, Machine Learning algorithms can be used in the commercial banking industry without being concerned with difficulties in explaining the models for regulatory purposes.

Keywords: machine learning algorithms, scorecard, commercial banking, consumer risk, feature engineering

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Authors: Hussain Ali Bekhet, Tuan Ab. Rashid Bin Tuan Abdullah, Tahira Yasmin

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The strong relationship between energy consumption and economic growth is widely recognised. Most countries’ energy demand declined during the economic depression known as the Global Financial Crisis (GFC) of 2008–2009. The objective of the current study is to investigate the energy consumption and performance of Malaysia’s manufacturing sectors during the GFC. We applied the output multiplier approach, which is based on the input-output model. Two input-output tables of Malaysia covering 2005 and 2010 were used. The results indicate significant changes in the output multipliers of the manufacturing sectors between 2005 and 2010. Moreover, the energy-to-manufacturing sectors’ output multipliers also decreased during the GFC due to a decline in export-oriented industries during the crisis. The increasing importance of the manufacturing sector to the development of Malaysian trade resulted in a noticeable decrease in the consumption of each energy sector’s output, especially the electricity and gas sector. Based on the research findings, the Malaysian government released several policy implementations in the form of stimulus packages to enhance these sectors’ performance and generally improve the Malaysian economy.

Keywords: global financial crisis, input-output model, manufacturing, output multipliers, energy, Malaysia

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Authors: Nihal Chandratilaka Matara Arachchige, Nishantha Sampath Punichihewa

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Intellectual property (IP) assets are the ‘crown-jewels’ of innovation-driven businesses in the knowledge-based economy. In that sense, IP rights such as patents, trademarks and copyrights afford enormous economic opportunities to an enterprise, especially Small and Medium Enterprise (SME). As can be gleaned from the latest statistics, the domestic industries in Sri Lanka are predominantly represented by SMEs. Undeniably, in terms of economic contribution, the SME sector is considered to be the backbone of the country’s ‘real economy’. However, the SME sector in Sri Lanka faces number of challenges. One of the nearly-insurmountable-hurdles for small businesses is the access to credit facilities, due to the lack of collateral. In the eyes of law, the collateral is something pledged as security for repayment in the event of default. Even though the intellectual property rights are used as collateral in order to facilitate obtaining credit for businesses in number of Asian jurisdictions, financial institutions in Sri Lanka are extremely reluctant to accept IP rights as collateral for granting financial resources to SMEs. Against this backdrop, this research investigates from a legal perspective reasons for not accepting IP rights as collateral when granting loans for SMEs. Drawing emerging examples from other jurisdiction, it further examines the inadequacies of existing legal framework in relation to the use of IP rights as collateral. The methodology followed in this paper is qualitative research. Empirical research and analysis concerning the core research question are carried out by conducting in-depth interviews with stakeholders, including leading financial institutions in Sri Lanka.

Keywords: intellectual property assets, SMEs, collaterals financial facilities, credits

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Authors: Amira Kaddour

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To curb the problem of liquidity in times of financial crises, two cases arise; the Bailout or Bailin, two opposite choices that elicit the analysis of their effect on moral hazard. This paper attempts to empirically analyze the effect of these two types of events on the behavior of investors. For this end, we use the Emerging Market Bonds Index (EMBI-JP Morgan), and its excess of return, to detect the change in the risk premia through a Markov switching model. The results showed the transition to two types of regime and an effect on moral hazard; Bailout is an incentive of moral hazard, Bailin effectiveness remains subject of credibility.

Keywords: Bailout, Bailin, Moral hazard, financial crisis, Markov switching

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Authors: Paulette Henry

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If Caribbean Universities wish to remain sustainable in the global education market they must meet the new demands of the 21st Centuries learners. This means preparing the teaching and learning environment with the human and material and resources so that the University can blossom out into the entrepreneurial University. The entrepreneurial University prepares the learner to become a global citizen, one who is innovative and a critical thinker and has the competencies to create jobs. Entrepreneurship education provides more equitable access to university education building capacity for the local and global economy. The entrepreneurial thinking, the mindset, must therefore be among academic and support staff as well as students. In developing countries where resources are scarce, Universities are grappling with a myriad of financial and non-financial issues. These include increasing costs, Union demands for increased remuneration for staff and reduced subvention from governments which has become the norm. In addition, there is the political pressure against increasing tuition fees and the perceptions on the moral responsibilities of universities in national development. The question is how do small universities carve out their niche, meet both political and consumer demands for a high quality, low lost education, fulfil their development mandate and still remain not only viable but competitive. Themes which are central to this discourse on the transitions necessary for the entrepreneurial university are leadership, governance and staff well-being. This paper therefore presents a case study of a Caribbean University to show how transformational leadership and the change management framework propels change towards an entrepreneurial institution seeking to have a competitive advantage despite its low resourced context. Important to this discourse are the transformational approaches used by the University to prepare staff to move from their traditional psyche to embracing an entrepreneurial mindset whilst equipping students within the same mode to become work ready and creative global citizens. Using the mixed methods approach, opinions were garnered from both members of the University community as well as external stakeholder groups on their perception of the role of the University in the business arena and as a primary stakeholder in national development. One of the critical concepts emanating from the discourse was the need to change the mindset of the those in university governance as well as how national stakeholders engage the university. This paper shows how multiple non-financial factors can contribute to change. A combination of transformational and servant leadership, strengthened institutional structures and developing new ones, rebuilding institutional trust and pride have been among the strategies employed within the change management framework. The university is no longer limited by borders but through international linkages has transcended into a transnational stakeholder.

Keywords: competitiveness, context, entrepreneurial, leadership

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