Search results for: trade finance

Authors: Ayyavu Brama Dhayala Selvam

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Herbal medicines are gaining importance due to holistic nature and lesser side effects. Cycas beddomei Dyer is one of the highly exploited medicinal plants in India. Due to over-exploitation of male and female cones, young leaves and starch-bearing pithy stems for edible, medicinal and socio-cultural practices by the locals, tribals and traders, the plant population has drastically declined in its natural habitats. Cycas beddomei is an endemic to India. The current IUCN status of this plant species in the wild is endangered. Perhaps, it is the only species of Cycas enlisted in Appendix I of CITES (Convention on International Trade in Endangered Species of wild fauna and flora). Endorsing the CITES decisions, the Government of India has placed C. beddomei in the “Negative List of Exports” during 1998. Though this plant has been banned legally, but illegally, it is highly exploited by different means. Therefore, conservation of this species is an urgent need of the hour. The present paper highlights unique morphological and anatomical characters of C. beddomei, along with its present status, major threats and conservation measures. Cycas beddomei can easily be identified by some of the distinguishing morphological and anatomical characters, viz., 2–4 mm wide leaflets with revolute margins; the apices of microsporophylls from the middle to apex of the pollen cones turn downwards on maturity; mucilage canal cells are seen in the midrib region of the leaflets; stomatal frequency is about 18 numbers at 250x; pollen grains are monocolpate and their diameter ranging from 22.5 to 30 µm.

Keywords: CITES, Cycas beddomei, endangered, endemic

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Authors: Paramita Nur Kurniati, Stanislaus Riyanta

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In the midst of the heightened usage of electronic money (e-money), Indonesian government expenditure is yet governed through cash-basis transactions. This conventional system brings about a number of potential risks and obstacles to operational conduct, including state financial liquidity issue. Consequently, Ministry of Finance is currently establishing the cashless payment methods for State Budget (APBN). Included in those advance methods is credit card facility as a government expenditure payment scheme. This policy is one of the innovations within the public sector learned from other countries’ best practices. Moreover, this particular method is already prominent within the private-sector realm. Qualitative descriptive analysis technique is implemented to evaluate the contemporary innovation of using government credit card in the path towards cashless society. This approach is expected to generate several benefits for the government, particularly in minimizing corruption within the state financial management. Effective coordination among policy makers and policy implementers is essential for the success of this policy’s exercise, without neglecting prudence and public transparency aspects. Government credit card usage shall be the potent resolution for enhancing the government’s overall public service performance.

Keywords: cashless basis, cashless society, government credit card, public sector innovation

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Authors: Musa M. Umar, S. G. Ado

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The paper examines the activities of the National Programme for food security (NPFS) for averting food insecurity in Nigeria and beyond. The components of the NPFS include site development, outreach, community development and management support. On each site, core activities comprise crop productivity, production diversification and agro-processing. The outreach activities consist of inputs and commodity marketing, rural finance, strengthening research-extension-farmers-inputs linkages, health and nutrition and expansion of site activities. The community development activities include small-scale rural infrastructure, micro-earth dams and community forestry. The overall benefits include food security, improved productivity, marketing and processing, enhanced land and water use, increased animal production and fish catches, improved nutrition, reduction in post-harvest losses and value addition, improved rural infrastructure and diversification of production leading to improved livelihood. The NPFS would poster sustained development of small-holder agricultural and income generation.

Keywords: food-security, community development, post-harvest, production

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Authors: Monika Szpringer, Mariola Wojciechowska, Robert Dutkiewicz, Grażyna Nowak-Starz, Marzena Olędzka

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The main aim of this article is to determine the phenomenon of stress among academic teachers as well as to identify the extent to which the teachers experience work-related psychological risks. It is also important to support academic teachers trade unions in scope of stress-oriented activities, including psychological dangers in the assessment of risk in the workplace (college). The authors used a method of a diagnostic survey with a polling as a technique and authors’ questionnaire as a tool. The survey was conducted between September and December of 2013 and it comprised 1890 academic teachers from five voivodeships. The study reveals that 84.0% of the respondents found the work of an academic teacher to be borne with a considerable stress. The percentage values of the most frequent causes of stress are as follows: frequent changes of both organisational and didactic matters as well as overwhelming bureaucracy (77.8 %), time pressure regarding professional development and related risk of losing job (68.2 %), difficult working conditions (45.4%), conflicts and rivalry between teachers (44.1%), excessive amount of duties as well as increasing requirements and demanding attitude of students (33.7%). Work-related stress affects or significantly affects the private life of 69 % and 66.4 % of the respondents respectively. The majority of the people surveyed deals with stress by undertaking various activities, with 40% pointing at using various substances, mostly cigarettes and alcohol (p > 0,05) Physical ailments were experienced by 81% of the respondents, in 9% they were rare and 8 % of the respondents had never experienced such disorders. The entire group of the surveyed people (100 %) claimed that they have no possibility of contacting a psychologist at their workplace (p > 0.05), and they stated that the need of contacting specialists does exist.

Keywords: stress, academic teachers, psychological risks, work-related

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Authors: Galal H. Senussi, Muamar Benisa, Sanja Vasin

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In our business field today, one of the most important issues for any enterprises is cost minimization and profit maximization. Second issue is how to develop a strong and capable model that is able to give us desired forecasting of these two issues. Many researches deal with these issues using different methods. In this study, we developed a model for multi-criteria production program optimization, integrated with Artificial Neural Network. The prediction of the production cost and profit per unit of a product, dealing with two obverse functions at same time can be extremely difficult, especially if there is a great amount of conflict information about production parameters. Feed-Forward Neural Networks are suitable for generalization, which means that the network will generate a proper output as a result to input it has never seen. Therefore, with small set of examples the network will adjust its weight coefficients so the input will generate a proper output. This essential characteristic is of the most important abilities enabling this network to be used in variety of problems spreading from engineering to finance etc. From our results as we will see later, Feed-Forward Neural Networks has a strong ability and capability to map inputs into desired outputs.

Keywords: project profitability, multi-objective optimization, genetic algorithm, Pareto set, neural networks

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Authors: Ellen Kirkpatrick

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Deforestation, toxification, and loss of environmental habitats, accompanied by expanding production and urbanization, are visibly altering planetary life. This is bringing humans and non-human nature into closer contact, resulting in the emergence of infectious diseases such as the Covid-19 virus which, while zoonotic in origin, spread through market relations and networks of local and global production. However, while the pandemic sharply illuminated the role of labour within social transformations, the question remains about the role of labour in transforming ecological relations. Drawing on a historical materialist approach, this paper explores the emergence and transmission of the COVID-19 virus through the Marxist conceptualization of metabolic rift. This allows for a perspective of human and non-human nature, which is in constant motion and dialectical. This negotiates distinctions and binaries between them as humans and non-human nature are taken to mutually constrain, enable and constitute one another. This is particularly significant when considering the ongoing transformations of a climate-changing world and the corresponding effects on social life. To do this, this paper empirically focuses on the Huanan Seafood Wholesale Market in Wuhan, China, where the COVID-19 virus was first detected. It examines how the virus jumped from non-human animals to humans through concrete production operations locally before traveling globally through networks of abstract market relations based on the logic of circulation, trade and exchange. As a mediating relation between human and non-human nature, labour is an analytical tool that can create a dialogue between the concrete and the abstract, as well as the local and global.

Keywords: Marxism, social reproduction, metabolic rift, labour

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Authors: M. L. Mesquita, V. H. Ferreira, C. M. Cebola

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Mediation is an increasingly important mechanism, particularly in the European context, as demonstrated, for example, by the publication by the European Union of the Directive 2008/52/EC on certain aspects of mediation in civil and mercantile matters. Developments in international trade and globalization in this new century have led to an increase of the number of litigations, often cross-border, and the courts have failed to respond adequately. From the economic point of view, competitive negotiation can generate negative external effects in social terms. Not always the solution found in court is the most efficient solution taking into account all elements of society. On the other hand, the administration of justice adds in economic terms transaction costs that can be mitigated by the application of other forms of conflict resolution, such as mediation. In this paper, the economic benefits of mediation will be analysed in the light of various studies on the functioning of justice. Several theoretical arguments will be confronted with empirical studies to demonstrate that mediation has significant positive economic effects. In the Portuguese legal system, legislative frameworks for mediation display a state committed to creating a new architecture for the administration of justice, based on the construction of a multi-faceted legal system for dispute resolution mechanisms. Understanding the way in which the system of mediation in Portugal was introduced, allows us to point out that our internal ordering is creating the legal instruments which can assist citizens in the effective protection of their rights. However, data on the use of mediation in concrete proceedings and the consequent effectiveness of mediation in settling disputes, reveal a mechanism that is still far from the ideal results that were initially sought.

Keywords: access to justice, alternative dispute resolution, mediation, litigation

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Authors: Julinda Keçi

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In many countries, governments have been promoting the involvement of private sector entities to enter into long-term agreements for the development and delivery of large infrastructure projects, with a focus on overcoming the limitations upon public fund of the traditional approach. The involvement of private sector through public-private partnerships (PPP) brings in new capital investments, value for money and additional risks to handle. Worldwide research studies have shown that an objective, systematic, reliable and user-oriented risk assessment process and an optimal allocation mechanism among different stakeholders is crucial to the successful completion. In this framework this paper, which is the first stage of a research study, aims to identify the main risks for the delivery of PPP projects. A review of cross-countries research projects and case studies was performed to map the key risks affecting PPP infrastructure delivery. The matrix of mapping offers a summary of the frequency of factors, clustered in eleven categories: Construction, Design, Economic, Legal, Market, Natural, Operation, Political, Project finance, Project selection and Relationship. Results will highlight the most critical risk factors, and will hopefully assist the project managers in directing the managerial attention in the further stages of risk allocation.

Keywords: construction, infrastructure, public private partnerships, risks

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Authors: Ceren Vardar Acar, Mine Caglar

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In finance, the price of a volatile asset can be modeled using fractional Brownian motion (fBm) with Hurst parameter H>1/2. The Black-Scholes model for the values of returns of an asset using fBm is given as, 〖Y_t=Y_0 e^((r+μ)t+σB)〗_t^H, 0≤t≤T where Y_0 is the initial value, r is constant interest rate, μ is constant drift and σ is constant diffusion coefficient of fBm, which is denoted by B_t^H where t≥0. Black-Scholes model can be constructed with some Markov processes such as Brownian motion. The advantage of modeling with fBm to Markov processes is its capability of exposing the dependence between returns. The real life data for a volatile asset display long-range dependence property. For this reason, using fBm is a more realistic model compared to Markov processes. Investors would be interested in any kind of information on the risk in order to manage it or hedge it. The maximum possible loss is one way to measure highest possible risk. Therefore, it is an important variable for investors. In our study, we give some theoretical bounds on the distribution of maximum possible loss of fBm. We provide both asymptotical and strong estimates for the tail probability of maximum loss of standard fBm and fBm with drift and diffusion coefficients. In the investment point of view, these results explain, how large values of possible loss behave and its bounds.

Keywords: maximum drawdown, maximum loss, fractional brownian motion, large deviation, Gaussian process

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Authors: Ibrahim A. Alhammad, Suleiman A. Al-Otaibi, Khalid S. Al-Gahtani, Naïf Al-Otaibi, Abdulaziz A. Bubshait

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In the last decade, the use of project delivery system of design build engineering contracts is increasing in North America due to the reasons of reducing the project duration and minimizing costs. The shift from traditional approach of Design-Bid-Build to Design-Build contracts have been attributed to many factors such as evolution of the regulatory and legal frameworks governing the engineering contracts and improvement in integrating design and construction. The aforementioned practice of contracting is more appropriate in North America; yet, it may not be the case in Saudi Arabia where the traditional approach of construction contracting remains dominant. The authors believe there are number of factors related to the gaps in the level of sophistication of the engineering and management of the construction projects in both countries. A step towards improving the Saudi construction practice by adopting the new trend of construction contracting, this paper identifies the reasons why Design/Build form of contracting are not frequently utilized. A field survey, which includes the questionnaire addressing the research problem, is distributed to three main parties of the construction contracts: clients, consultants, and contractors. The analyzed collected data were statistically sufficient to finding the reasons of not adopting the new trend of good practice of deign build approach in Saudi Arabia. In addition, the reasons are: (1) lack of regulation and legal framework; (2) absence of clear criteria of the owner for the trade-off between competing contractors, (3) and lack of experience, knowledge and skill.

Keywords: design built projects, Saudi Arabia, GCC, mega projects

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Authors: Nor Hafizah Anuar, M. Gul Akdeniz

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This paper attempted on emphasize on the station buildings façade elements. Station buildings were essential part of the transportation that reflected the technology. Comparative analysis on architectural styles will also be made between the railway station buildings of Malaysia and any railway station buildings which have similarities. The Malay Peninsula which is strategically situated between the Straits of Malacca and the South China Sea makes it an ideal location for trade. Malacca became an important trading port whereby merchants from around the world stopover to exchange various products. The Portuguese ruled Malacca for 130 years (1511–1641) and for the next century and a half (1641–1824), the Dutch endeavoured to maintain an economic monopoly along the coasts of Malaya. Malacca came permanently under British rule under the Anglo-Dutch Treaty, 1824. Up to Malaysian independence in 1957, Malaya saw a great influx of Chinese and Indian migrants as workers to support its growing industrial needs facilitated by the British. The growing tin ore mining and rubber industry resulted as the reason of the development of the railways as urgency to transport it from one place to another. The existence of railway transportation becomes more significant when the city started to bloom and the British started to build grandeur buildings that have different functions; administrative buildings, town and city halls, railway stations, public works department, courts, and post offices.

Keywords: Malaysia, station building, architectural styles, facade elements

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Authors: I. L. Yakushev

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Economic sanctions are an integral part of the foreign policy repertoire of States. Increasingly, States and international organizations are resorting to sanctions to address a variety of issues -from fighting corruption to preventing the use of nuclear weapons. Over time, the ways in which economic sanctions have been used have changed, especially over the past two decades. In the late 1990s, the recognition of the humanitarian harm of economic sanctions and the "War on Terrorism" after the events of September 11, 2001, led to serious changes in the structure and mechanisms of their application. Questions about how these coercive tools work, when they are applied, what consequences they have, and when they are successful are still being determined by research conducted in the second half of the 20th century. The conclusions drawn from past cases of sanctions may not be fully applicable to the current sanctions policy. In the second half of the 20th century, most cases of sanctions were related to the United States, and it covered restrictions on international trade. However, over the past two decades, the European Union, the United Nations, and China have also been the main initiators of sanctions. Modern sanctions include targeted and financial restrictions and are applied against individuals, organizations, and companies. Changing the senders, targets, stakeholders, and economic instruments used in the sanctions policy has serious implications for effectiveness and results. The regulatory and bureaucratic infrastructure necessary to implement and comply with modern economic sanctions has become more reliable. This evolution of sanctions has provided the scientific community with an opportunity to study new issues of coercion and return to the old ones. The economic sanctions research program should be developed to be relevant for understanding the application of modern sanctions and their consequences.

Keywords: global analysis, economic sanctions, targeted sanctions, foreign policy, domestic policy, United Nations, European Union, USA, economic pressure

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Authors: Guang Zou, Kian Banisoleiman, Arturo González

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Crack initiation and propagation threatens structural integrity of welded joints and normally inspections are assigned based on crack propagation models. However, the approach based on crack propagation models may not be applicable for some high-quality welded joints, because the initial flaws in them may be so small that it may take long time for the flaws to develop into a detectable size. This raises a concern regarding the inspection planning of high-quality welded joins, as there is no generally acceptable approach for modeling the whole fatigue process that includes the crack initiation period. In order to address the issue, this paper reviews treatment methods for crack initiation period and initial crack size in crack propagation models applied to inspection planning. Generally, there are four approaches, by: 1) Neglecting the crack initiation period and fitting a probabilistic distribution for initial crack size based on statistical data; 2) Extrapolating the crack propagation stage to a very small fictitious initial crack size, so that the whole fatigue process can be modeled by crack propagation models; 3) Assuming a fixed detectable initial crack size and fitting a probabilistic distribution for crack initiation time based on specimen tests; and, 4) Modeling the crack initiation and propagation stage separately using small crack growth theories and Paris law or similar models. The conclusion is that in view of trade-off between accuracy and computation efforts, calibration of a small fictitious initial crack size to S-N curves is the most efficient approach.

Keywords: crack initiation, fatigue reliability, inspection planning, welded joints

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Authors: Musa Mayanja Lwanga, Annet Adong

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This study provides a micro perspective on the impact of mobile money services on individual’s saving behavior using the 2013 Uganda FinScope data. Results show that although saving through the mobile phone is not a common practice in Uganda, being a registered mobile money user increases the likelihood to save with mobile money. Saving using mobile is more prevalent in urban areas and in Kampala and Central region compared to other regions. This can be explained by: first, rural dwellers tend on average to have lower incomes and thus have lower to saving compared to the urban counterpart. Similarly, residents of Kampala tend to have higher incomes and thus high savings compared to residents of other regions. Secondly, poor infrastructure in rural areas in terms of lack of electricity and poor telecommunication network coverage may limit the use of mobile phones and consequently the use of mobile money as a saving mechanism. Overall, the use of mobile money as a saving mechanism is still very low and this could be partly explained by limitations in the legislation that does not incorporate mobile finance services into mobile money. The absence of interest payments on mobile money savings may act as a disincentive to save through this mechanism. Given the emerging mobile banking services, there is a need to create more awareness and the need for enhanced synergies between telecom companies and commercial banks.

Keywords: financial inclusion, mobile money, savings, Uganda

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Authors: Premjit K. Sanjram, Gagan Jakhotiya, Apoorv Goyal, Shanu Shukla

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In psychological research, laboratory experiments often face the trade-off issue between experimental control and mundane realism. With the advent of Immersive Virtual Environment Technology (IVET), this issue seems to be at bay. However there is a growing challenge within the IVET itself to design and develop system or software that captures the psychological phenomenon of everyday lives. One such phenomena that is of growing interest is ‘media-multitasking’ To aid laboratory researches in media-multitasking this paper introduces Query Task Modulator (QTM), a computerized experimentation system to study media-multitasking behavior in a controlled laboratory environment. The system provides a computerized platform in conducting an experiment for experimenters to study media-multitasking in which participants will be involved in a query task. The system has Instant Messaging, E-mail, and Voice Call features. The answers to queries are provided on the left hand side information panel where participants have to search for it and feed the information in the respective communication media blocks as fast as possible. On the whole the system will collect multitasking behavioral data. To analyze performance there is a separate output table that records the reaction times and responses of the participants individually. Information panel and all the media blocks will appear on a single window in order to ensure multi-modality feature in media-multitasking and equal emphasis on all the tasks (thus avoiding prioritization to a particular task). The paper discusses the development of QTM in the light of current techniques of studying media-multitasking.

Keywords: experimentation system, human performance, media-multitasking, query-task

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Authors: Marwen Ghouil, Jamel Eddine Mkadmi

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Banking performance is the pillar and goal of all banking activity and its impact on economic policy. First, researchers defined the principles for assessing and modeling bank performance, and then theories and models explaining bank performance were developed. The importance of credit as a means of financing businesses in most developing countries has led to questions about the effects of financial liberalisation on increased banking competition. In Tunisia, as in many other countries, the liberalization of financial services in general and of banks' activities has not ceased to evolve. The objective of this paper is to examine the determinants of banking performance for 8 Tunisian banks and their impact on economic policy during the Arab Spring. We used cointegration analysis and the ARDL Panel model, explaining using total assets, bank credits, guarantees, and bank size as performance drivers. The correlation analysis shows that there is a positive correlation relationship between total assets, bank credits, guarantees, and bank size and bank performance. Long-term empirical results show that bank loans, guarantees, bank size, and total assets have a positive and significant impact on bank performance. This means that bank credits, guarantees, bank size, and total assets are very important determinants of bank performance in Tunisia.

Keywords: bank performance, economic policy, finance, economic

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Authors: Sara Shuger Fox, Oscar Reynaga

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This session explains the process and lessons learned as Central College (USA) faculty and staff developed undergraduate research opportunities within the model of a short-term faculty-led study abroad program in Costa Rica. The program in Costa Rica increases access to research opportunities across the disciplines and was developed by faculty from English, Biology, and Exercise Science. Session attendees will benefit from learning how faculty and staff navigated the program proposal process at a small liberal arts college and, in particular, how the program was built to be inclusive of departments with lower enrollment, like those currently seen in the humanities. Vital to this last point, presenters will explain how they negotiated issues of research supervision and disciplinary authority in such a way that the program is open to students from multiple disciplines without forcing the program budget to absorb costs for multiple faculty supervisors traveling and living in-country. Additionally, session attendees will learn how scouting laid the groundwork for mutually beneficial relationships between the program and the communities with which it collaborates. Presenters will explain how they built a coalition of students, faculty advisors, study abroad staff and local research hosts to support the development of research questions that are of value not just to the students, but to the community in which the research will take place. This program also incorporates principles of fair-trade learning by intentionally reporting research findings to local community members, as well as encouraging students to proactively share their research as a way to connect with local people.

Keywords: Costa Rica, research, sustainability, transdisciplinary

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Authors: Seyed Habib A. Rahmati, Parsa Fallah Sheikhlari, Morteza Musakhani

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This paper studies the structure of financial investment and efficiency on the subway would be created between Hashtgerd and Qazvin in Iran. Regarding ascending rate of transportation between Tehran and Qazvin which directly air pollution, it clearly implies to public transportation requirement between these two cities near Tehran. The railway transportation like subway can help each country to terminate traffic jam which has some advantages such as speed, security, non-pollution, low cost of public transport, etc. This type of transportation needs national infrastructures which require enormous investment. It couldn’t implement without leading and managing funds and investments properly. In order to response 'needs', clear norms or normative targets have to be agreed and obviously it is important to distinguish costs from investment requirements critically. Implementation phase affects investment requirements and financing needs. So recognizing barrier related to investment and the quality of investment (what technologies and services are invested in) is as important as the amounts of investment. Different investment methods have mentioned as follows loan, leasing, equity participation, Line of financing, finance, usance, bay back. Alternatives survey before initiation and analyzing of risk management is one of the most important parts in this project. Observation of similar project cities each country has the own specification to choose investment method.

Keywords: subway project, project investment, project contract, project management

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Authors: Zain Khalid

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The paper outlines the trends of cyber financial crimes and frauds – approximating upto – in Pakistan after the enactment of The Prevention of Electronic Crimes Act in 2016. The paper elaborates on the newer methods that fraudsters have adopted after tighter preventive and counter measures were employed in Pakistan partly as a result of following the international finance related commitments, particularly the FATF regulations. The paper adopts case studies methods to highlight various aspects of the financial frauds and crimes committed and later investigated jointly by Pakistan’s one of the federal law enforcement agencies, the Federal Investigation Agency, and Mobilink Microfinance Bank , Pakistan’s premier microfinance bank. It additionally enriches the data through expert interviews – with crime investigators and the experts to carry out an in-depth analysis of the various factors involving the crime. This paper emphasizes the structural and situational factors that shape up the cyber financial crimes in Pakistan vis-à-vis digital illiteracy and lack of awareness among the users of financial services. This paper, thus, on the basis of findings and expert interviews, suggests policy reforms to reduce the instances of the financial crimes, especially in the remotest areas of the country.

Keywords: financial crimes, cyber crimes, digital literacy, terrorism financing, banking sector

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Authors: Patraporn Kaewkhanitarak, Weerawan Marangkun

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The objective of this study was to explore the establishment and to investigate the relationship between the gender (male or female) of SME owner-managers/ entrepreneurs and their risk perception in business activity. The study examines the data by interviewing 76 SME owner-managers/entrepreneurs’ responses (37 males, 39 females) in manufacturing, finance, human resources and marketing sector in the economic regions of Songkhla province, Thailand. This study found that four tools which were operation, cash flow, staff, and new market were perceived by the SME owner-managers/entrepreneurs at high level. However, male and female SME owner-managers/entrepreneurs perceived some factors such as the age of SME owner-managers/entrepreneurs, the duration of firm operation, type of firm, and type of business without significant differences. In contrast, the gender affected the risk perception about increasing cost, fierce competition, leapfrog development of firm, substandard staff, namely that male and female perceived these factors with significant differences. According to the research, SME owner-managers/entrepreneurs should develop their risk management competency to deal with the risk efficiently. Secondly, SME firms should gather into groups. Furthermore, it was shown that the five key tools used to manage these risky situations were the use of managerial competencies and clustering.

Keywords: risk perception, owner-managers/entrepreneurs, SME, Songkhla, Thailand

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Authors: Dimitrios J. Dimitriou, Maria F. Sartzetaki, Anastasia Kalamakidou

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Transport infrastructure assets are key components of the national asset portfolio. The decision to invest in a new infrastructure in transports could take from a few years to some decades. This is mainly because of the need to reserve and spent many capitals, the long payback period, the number of the stakeholders involved in the decision process and –many times- the investment and business risks are high. Decision makers and stakeholders need to define the framework and the outputs of the decision process taking into account the project characteristics, the business uncertainties, and the different expectations. Therefore, the decision assessment framework is an essential challenge linked with the key decision factors meet the stakeholder expectations highlighting project trade-offs, financial risks, business uncertainties and market limitations. This paper examines the decision process for new transport infrastructure projects in cross-border regions, where a wide range of stakeholders with different expectation is involved. According to a consequences analysis systemic approach, the relationship of transport infrastructure development, economic system development and stakeholder expectation is analysed. Adopting the on system of system methodological approach, the decision making the framework, variables, inputs and outputs are defined, highlighting the key shareholder’s role and expectations. The application provides the methodology outputs presenting the proposed decision framework for a strategic railway project in north Greece deals with the upgrade of the existing railway corridor connecting Greece, Turkey, and Bulgaria.

Keywords: system of system decision making, managing decisions for transport projects, decision support framework, defining decision process

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Authors: H. J. Liu, Y. A. Chan, C. K. Pai, K. C. Tseng, Y. H. Chen, Y. L. Chan, T. C. Kuo

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To satisfy the mission requirement of the FORMOSAT-7 project, NSPO has initialized a self-reliant development on satellite propulsion technology. A trade-off study on different types of on-board propulsion system has been done. A green propellant, high-concentration hydrogen peroxide (H2O2 hereafter), is chosen in this research because it is ITAR-free, nontoxic and easy to produce. As the components designed for either cold gas or hydrazine propulsion system are not suitable for H2O2 propulsion system, the primary objective of the research is to develop the components compatible with H2O2. By cooperating with domestic research institutes and manufacturing vendors, several prototype components, including a diaphragm-type tank, pressure transducer, ball latching valve, and one-Newton thruster with catalyst bed, were manufactured, and the functional tests were performed successfully according to the mission requirements. The requisite environmental tests, including hot firing test, thermal vaccum test, vibration test and compatibility test, are prepared and will be to completed in the near future. To demonstrate the subsystem function, an Air-Bearing Thrust Stand (ABTS) and a real-time Data Acquisition & Control System (DACS) were implemented to assess the performance of the proposed H2O2 propulsion system. By measuring the distance that the thrust stand has traveled in a given time, the thrust force can be derived from the kinematics equation. To validate the feasibility of the approach, it is scheduled to assess the performance of a cold gas (N2) propulsion system prior to the H2O2 propulsion system.

Keywords: FORMOSAT-7, green propellant, Hydrogen peroxide, thruster

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Authors: Zoe M. G. Skalkos, Sam N. Dowland, James U. Van Dyke, Camilla. M. Whittington

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Syngnathid fishes (seahorses, pipefishes, and seadragons) are unique because embryos develop on or in the male in a specialised brooding structure. Many seahorse species are endangered or vulnerable, while others are popular in the ornamental fish trade. Seahorses are capable of nutrient provisioning (patrotrophy) of lipids during pregnancy via their fully enclosed brood pouch. Protein is vital for gene regulation and tissue growth during embryogenesis. We tested the hypothesis that protein is paternally transported to developing embryos during pregnancy in the Australian Pot-bellied seahorse, Hippocampus abdominalis. We compared the dry masses and nitrogen content in recently fertilised H. abdominalis embryos and newborns. We calculated an updated patrotrophy index, 1.34, but without a significant difference in dry mass between the two developmental stages. There was, however, a significant increase in total protein content from recently fertilised embryos to neonates. This suggests paternal protein transport is essential for H. abdominalis embryogenesis because protein yolk reserves are depleted by embryonic metabolism, and supplementation is required. This study is the first to provide evidence for paternal protein transport during pregnancy in seahorses. It furthers our understanding of the paternal influence on embryonic development in male pregnancy and how a protein-deficient diet during pregnancy may limit the allocation of resources to embryos, reducing offspring fitness. This research contributes to a deeper understanding of the fundamental reproductive biology of seahorses, which can help improve conservation and farming production outcomes.

Keywords: brood pouch, embryonic provisioning, nitrogen, parentotrophy, paternal investment, reproduction

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Authors: Catherine Heyjung Sonu

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This paper examines the effect of accounting quality on the process in which stock price is determined by focusing on contribution-in-kind valuations using Korean setting. In Korea, a number of chaebol firms have transformed into holding company system starting in 2003. With an attempt to gain as much voting right, management sold shares of subsidiaries to purchase shares of the holding company. In so doing, management of these firms received share issues for the contribution in kind that has been made to obtain additional shares of the holding company. The price of these share issues against contribution in kind is allowed to be discounted up to 30%. Using this interesting setting in Korea, this paper examines whether accounting quality affects the extent of the discount applied to the share issues. If the accounting quality of the firm for which the management is receiving share issues is poor, the extent of discount is likely to be high. The extent of discount is likely lower for firms with superior accounting quality. Using 24 cases, we find that, on average, the extent of discount is larger for share issues in which the accounting quality, proxied by the absolute value of discretionary accruals, is poor. This paper provides insight by examining the effect of accounting quality on the stock market. It sheds light on the intersection between finance and accounting research and should be of interest to researchers and practitioners.

Keywords: Accounting quality, Contribution-in-kind, discount, holding company

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Authors: Luedech Girdwichai, Witthaya Mekhum

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This research analyses the factors affecting the success and develops a guideline for self- reliance planning of the entrepreneurs for effective implementation. Samples in this study included 42 awarded winners from the 2nd Sufficiency Economics Philosophy (SEP) National Contest arranged by Office of the Royal Development Projects Board. The results revealed 4 main factors affecting the success as follows: 1) there is a need to encourage unity and cooperation in the enterprise in conducting development plan. 2) The entrepreneur must be a knowledge seeker and lead by example on SEP life. 3) The entrepreneur must be able to apply traditional local wisdom with his present experience and knowledge in defining product identity. 4) The entrepreneur should provide career training for the staffs to develop their competencies. The guideline for self-reliance planning consisted of 4 aspects: 1) Human resource development: the enterprise should develop its staffs especially on integrity, honesty, and public minded. 2) Local community development: there should be a clear target for the local community development. 3) Local community economic development: by encouraging additional incomes through experience sharing. 4) Enterprise development planning: by arranging monthly meeting to conduct the development plan including analysing problems and synthesizing data.

Keywords: potential development, SME entrepreneurs, sufficiency economics philosophy, finance, management

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Authors: Manoj K. Kumar, Deepthi Bathala

Abstract:

Man has the need to know and feel as a part of the historical continuum and it is this continuum that reinforces his identity. Architecture and the built environment contribute to this identity as established by the various identity theories exploring the relationship between the two. Architecture which is organic has been successful in maintaining a continuum of identity until the advent of globalization when the world saw a drastic shift to architecture of ‘placelessness’. The answer to the perfect synthesis of ‘universalization’ and ‘regionalism’ is an ongoing quest. However, history has established a smooth transition from vernacular to colonial to modern unlike the architecture of today. The traditional Kerala architecture has evolved from the tropical climate, geography, local needs, materials, skills and foreign influences. It is unique in contrast to the architecture of the neighboring states as a result of the geographical barriers however influenced by the architecture of the Orient due to trade relations. Through 1805 to 1950, the European influence on the architecture of Kerala resulted in the emergence of the colonial style which managed to establish a continuum of the traditional architecture. The paper focuses on the identification of the components of architecture that established the continuity of place-identity in the architecture of Kerala and examines the transition from the traditional Kerala architecture to colonial architecture during the colonial period. Visual surveys based on the principles of urban design, cognitive mapping, typology analysis followed by the strong understanding of the morphological and built environment along with the matrix method are the research tools used. The understanding of these components of continuity can be useful in creating buildings which people can relate to in the present day. South-Asia shares the history of colonialism and the understanding of these components can pave the way for further research on how to establish a regional identity in the era of globalization.

Keywords: colonial, identity, place, regional

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Authors: Deepika Verma, Runa Sarkar

Abstract:

One of the prominent debates in the social entrepreneurship literature has been to establish whether entrepreneurial work for social well-being by for-profit organizations can be classified as social entrepreneurship or not. Of late, the scholarship has reached a consensus. It concludes that there seems little sense in confining social entrepreneurship to just non-profit organizations. Boosted by this research, increasingly a lot of businesses engaged in filling the social infrastructure gaps in developing countries are calling themselves social enterprise. These organizations are diverse in their ownership, size, objectives, operations and business models. The lack of a comprehensive definition of social enterprise leads to three issues. Firstly, researchers may face difficulty in creating a database for social enterprises because the choice of an entity as a social enterprise becomes subjective or based on some pre-defined parameters by the researcher which is not replicable. Secondly, practitioners who use ‘social enterprise’ in their vision/mission statement(s) may find it difficult to adjust their business models accordingly especially during the times when they face the dilemma of choosing social well-being over business viability. Thirdly, social enterprise and social entrepreneurship attract a lot of donor funding and venture capital. In the paucity of a comprehensive definitional guide, the donors or investors may find assigning grants and investments difficult. It becomes necessary to develop an exhaustive and objective definition of social enterprise and examine whether the understanding of the academicians and practitioners about social enterprise match. This paper develops a dictionary of words often associated with social enterprise or (and) social entrepreneurship. It further compares two lexicographic definitions of social enterprise imputed from the abstracts of academic journal papers and trade publications extracted from the EBSCO database using the ‘tm’ package in R software.

Keywords: EBSCO database, lexicographic definition, social enterprise, text mining

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Authors: Bilal Ahmad Malik

Abstract:

With the fall of Soviet Union in 1991 the whole Central Asian region saw a dramatic rise in Muslim identity, a call back to Islamic legacy. Today, many Central Asian Muslims demand, what Islam has termed legal (Halal) and, avoid what Islam has termed illegal (Haram). The process of Islamic resurgence kicked off very quickly soon after the integration of Central Asian republics with other Muslim geographies through the membership of Organization of Islamic Conference (OIC) and other similar organizations. This interaction proved to be a vital push factor to the already existing indigenous reviving trends and sentiments. As a result, along with many other requirements, Muslim customer demand emerged as navel trend in the market in general and in banking and financial sector in particular. To get this demand fulfilled, the governments of CIS states like Kazakhstan, Uzbekistan, Azerbaijan, Turkmenistan, Kyrgyzstan and Tajikistan introduced Halal banking and financial products in the market. Firstly, the present paper would briefly discuss the core composition of Halal banking and financial products. Then, coming to its major theme, it would try to identify and analyze the causes that lead to the emergence of Islamic banking and finance industry in the Muslim majority Post-Soviet CIS States.

Keywords: causes, Central Asia, interest-free banking, Islamic Revival

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Authors: Yasufumi Yoshimoto, Enkhjargal Tserenochir, Eiji Kinoshita, Takeshi Otaka

Abstract:

Next generation bio-alcohols produced from non-food based sources like cellulosic biomass are promising renewable energy sources. The present study investigates engine performance, combustion characteristics, and emissions of a small single cylinder direct injection diesel engine fueled by four kinds of next generation bio-alcohol isomer and diesel fuel blends with a constant blending ratio of 3:7 (mass). The tested bio-alcohol isomers here are n-butanol and iso-butanol (C₄ alcohol), and n-pentanol and iso-pentanol (C₅ alcohol). To obtain simultaneous reductions in NOx and smoke emissions, the experiments employed supercharging combined with EGR (Exhaust Gas Recirculation). The boost pressures were fixed at two conditions, 100 kPa (naturally aspirated operation) and 120 kPa (supercharged operation) provided with a roots blower type supercharger. The EGR rates were varied from 0 to 25% using a cooled EGR technique. The results showed that both with and without supercharging, all the bio-alcohol blended diesel fuels improved the trade-off relation between NOx and smoke emissions at all EGR rates while maintaining good engine performance, when compared with diesel fuel operation. It was also found that regardless of boost pressure and EGR rate, the ignition delays of the tested bio-alcohol isomer blends are in the order of iso-butanol > n-butanol > iso-pentanol > n-pentanol. Overall, it was concluded that, except for the changes in the ignition delays the influence of bio-alcohol isomer blends on the engine performance, combustion characteristics, and emissions are relatively small.

Keywords: alternative fuel, butanol, diesel engine, EGR (Exhaust Gas Recirculation), next generation bio-alcohol isomer blended fuel, pentanol, supercharging

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Authors: Ferhat Erdal, Osman Tunca, Serkan Tas, Serdar Carbas

Abstract:

Web-expanded steel beams provide an easy and economical solution for the systems having longer structural members. The main goal of manufacturing these beams is to increase the moment of inertia and section modulus, which results in greater strength and rigidity. Until recently, there were two common types of open web-expanded beams: with hexagonal openings, also called castellated beams, and beams with circular openings referred to as cellular beams, until the generation of sinusoidal web-expanded beams. In the present research, the optimum design of a new generation beams, namely sinusoidal web-expanded beams, will be carried out and the design results will be compared with castellated and cellular beam solutions. Thanks to a reduced fabrication process and substantial material savings, the web-expanded beam with sinusoidal holes (Angelina™ Beam) meets the economic requirements of steel design problems while ensuring optimum safety. The objective of this research is to carry out non-linear finite element analysis (FEA) of the web-expanded beam with sinusoidal holes. The FE method has been used to predict their entire response to increasing values of external loading until they lose their load carrying capacity. FE model of each specimen that is utilized in the experimental studies is carried out. These models are used to simulate the experimental work to verify of test results and to investigate the non-linear behavior of failure modes such as web-post buckling, shear buckling and vierendeel bending of beams.

Keywords: steel structures, web-expanded beams, angelina beam, optimum design, failure modes, finite element analysis

Procedia PDF Downloads 277