Search results for: capital%20markets%20authority%20%28CMA%29

Authors: Kiranmay Sarma

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Recent decades have witnessed rapid increase in urbanization, for which, rural-urban migration is stated to be the principal reason. Urban growth throughout the world has already outstripped the capacities of most of the cities to provide basic amenities to the citizens, including clean drinking water and consequently, they are struggling to get fresh and clean water to meet water demands. Delhi, the capital of India, is one of the rapid fast growing metropolitan cities of the country. As a result, there has been large influx of population during the last few decades and pressure exerted to the limited available water resources, mainly on groundwater. Considering this important aspect, the present research has been designed to study the effects of urbanization on the green cover and groundwater and their relationships of Delhi. For the purpose, four different land uses of the study area have been considered, viz., protected forest area, trees outside forest, maintained park and settlement area. Samples for groundwater and vegetation were collected seasonally in post-monsoon (October), winter (February) and summer (June) at each study site for two years during 2012 and 2014. The results were integrated into GIS platform. The spatial distribution of groundwater showed that the concentration of most of the ions is decreasing from northern to southern parts of Delhi, thus groundwater shows an improving trend from north to south. The depth was found to be improving from south to north Delhi, i.e., opposite to the water quality. The study concludes the groundwater properties in Delhi vary spatially with depending on the types of land cover.

Keywords: groundwater, urbanization, GIS, green cover, Delhi

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Authors: Alin Veronika, Yusuf Latief

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This critical review meticulously delineates and elucidates the considerable deficiencies and voids that exist within the extant body of literature concerning the development strategies associated with risk-based Project Management Offices (PMOs). Although the advantages and positive outcomes linked to the establishment and functioning of PMOs are regularly articulated and acknowledged in various academic discourses, the empirical evidence that supports these claims frequently demonstrates a significant shortfall in methodological rigor and often encounters challenges when attempting to distinctly isolate and delineate the unique contributions and impacts of PMOs in contrast to other multifaceted organizational factors that may also play a role. This comprehensive review systematically scrutinizes and evaluates the current research landscape pertaining to the critical success factors that include, but are not limited to, strategic alignment, organizational structure, human capital, operational efficiency, technology, and the overarching influence of organizational culture, thereby identifying notable limitations within this research domain and proposing targeted areas for further scholarly investigation. Furthermore, the analysis accentuates the imperative need for the development and implementation of more sophisticated, nuanced risk assessment and mitigation frameworks that are specifically designed to cater to the unique operational characteristics of PMOs while simultaneously advocating for an elevated focus on the profound influence exerted by organizational culture and its various subcultures on the overall effectiveness and success of PMOs.

Keywords: organizational culture, project management office, risk management, risk-based PMO development

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Authors: M. Adamczak-Retecka, O. Hołub-Śniadach

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Dangerous of climate change is now global problem and as such has a strategic priority also for the European Union. Europe and European citizens try to do their best to cut greenhouse gas emissions, moreover they substantially encourage other nations and regions to follow the same way. The European Commission and a number of Member States have developed adaptation strategies in order to help strengthen EU's resilience to the inevitable impacts of climate change. The EU has long been a driving force in international negotiations on climate change and was instrumental in the development of the UN Framework Convention on Climate Change. As the world's leading donor of development aid, the EU also provides substantial funding to help developing countries tackle climate change problem. Global warming influences human health, biodiversity, ecosystems but also many social and economic sectors. The aim of this paper is to focus on impact of claimant change on for food security. Food security challenges are directly related to globalization, climate change. It means that current and future food policy is exposed to all cross-cutting and that must be linked with environmental and climate targets, which supposed to be achieved. In the 7th EAP —The new general Union Environment Action Program to 2020, called “Living well, within the limits of our planet” EU has agreed to step up its efforts to protect natural capital, stimulate resource efficient, low carbon growth and innovation, and safeguard people’s health and wellbeing– while respecting the Earth’s natural limits.

Keywords: climate change, food security, sustainable food consumption, climate governance

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Authors: Fatin Fadhilah Hasib, Dewi Nuraini, Nisful Laila, Muhammad Madyan

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A big political event such as Cabinet reshuffle mostly can affect the stock price positively or negatively, depend on the perception of each investor and potential investor. This study aims to analyze the movement of the market and trading activities which respect to an event using event study method. This method is used to measure the movement of the stock exchange in which abnormal return can be obtained by investor related to the event. This study examines the differences of reaction on abnormal return and trading volume activity from the companies listed in the Jakarta Islamic Index (JII), before and after the announcement of the Cabinet Work Volume II on 27 July 2016. The study was conducted in observation of 21 days in total which consists of 10 days before the event and 10 days after the event. The method used in this study is event study with market adjusted model method that observes market reaction to the information of an announcement or publicity events. The Results from the study showed that there is no significant negative nor positive reaction at the abnormal return and abnormal trading before and after the announcement of the cabinet reshuffle. It is indicated by the results of statistical tests whose value not exceeds the level of significance. Stock exchange of the JII just reflects from the previous stock prices without reflecting the information regarding to the Cabinet reshuffle event. It can be concluded that the capital market is efficient with a weak form.

Keywords: abnormal return, abnormal trading volume activity, event study, political event

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Authors: Shima Naderi, Abbas Abbaszadeh Shahri

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Energy resources are reachable and affordable in Iran, thus surplus access to fossil fuels besides high level of economic growth leads to serious environmental critical such as pollutants and greenhouse gases in the atmosphere, increase in average degrease and lack of water sources specially in Tehran as a capital city of Iran. As building sector consumes a huge portion of energy, taking actions towards alternative sources of energy as well as conserving non-renewable energy resources and architectural energy saving methods are the fundamental basis for achieving sustainability`s goals. This study tries to explore implantation of both high technologies and traditional issues for reduction of energy demands in buildings of Tehran and introduce some factors and instructions for achieving this purpose. Green and energy efficient buildings such as ZEBs make it possible to preserve natural resources for the next generations by reducing pollution and increasing ecosystem self-recovery. However ZEB is not widely spread in Iran because of its low economic efficiency, it is not viable for a private entrepreneur without the governmental supports. Therefore executing of Architectural Energy Efficiency can be a better option. It is necessary to experience a substructure expansion with respect to traditional residential building style. Renewable energies and passive design which are the substantial part of the history of architecture in Iran can be regenerated and employed as an essential part of designing energy efficient buildings.

Keywords: architectural energy efficiency, passive design, renewable energies, zero energy buildings

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Authors: Raffaello Furlan

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In the 21st century, the sustainable urban development of GCC-cities is challenged by inhabitants’ over-dependency on private-use vehicles. In turn, this habit has generated problems of urban inefficiency, contributing to traffic congestion, pollution, urban sprawling, fragmentation of the urban fabric, and various environmental and social challenges. In the context of Doha, the capital city of the State of Qatar, the over-dependency on private-use vehicles is justified by the lack of alternative public modes of transportation that support the need to connect fragmented urban districts and provide an effective solution to urban sprawl. Therefore, the current construction of the Qatar Metro Rail is offering the potential for investigating and defining a strategy for the sustainable urban development and/or urban regeneration of transit villages (TODs) in Qatar. Namely, the aim of this research study is (i) to investigate the development of transit villages (TODs) in the cultural-heritage district of Msheireb, Downtown Doha, (ii) to explore how the introduction of the new public transport system of Doha Metro can be effectively utilized as means of urban regeneration of the cultural core of the city, (iii) to propose a masterplan for TOD suitable for the district, suiting and responding to regional cultural and societal values. The findings reveal that the strategies for the sustainable urban regeneration of Msheireb are based on (i) the integration of land-use and multimodal transportation systems, (ii) the implementation of the public realm, and (iii) conservation of culture and urban identity.

Keywords: sustainable urbanism, smart growth, TODs, cultural district, Msheireb Downtown Doha

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Authors: Sujeet Kumar

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Education has greater importance particularly in terms of increasing human capital and economic competitiveness. It plays a crucial role in terms of cognitive and skill development. Its plays a vital role in process of socialization, fostering social justice, and enhancing social cohesion. Policy related to education has been always a priority for developed countries, which is later adopted by developing countries also. The government of India has also brought change in education polices in line with recognizing change at national and supranational level. However, quality education is still not become an open door for every child in India and several reports are produced year to year about level of school education in India. This paper is concerned with schooling in India. Particularly, it focuses on two government and two private schools in Bihar, but reference has made to schools in Delhi especially around slum communities. The paper presents brief historical context and an overview of current school systems in India. Later, it focuses on analysis of current development in policy in reference with field observation, which is anchored around choice, diversity, market – orientation and gap between different groups of pupils. There is greater degree of difference observed at private and government school levels in terms of quality of teachers, method of teaching and overall environment of learning. The paper concludes that the recent policy development in education particularly Sarva Siksha Abhiyaan (SAA) and Right to Education Act (2009) has required renovating new approach to bridge the gap through broader consultation at grassroots and participatory approach with different stakeholders.

Keywords: education, public policy, participatory approach

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Authors: Timothy E. Frank, Josh R. Aldred, Sophie B. Boulware, Michelle K. Cabonce, Justin H. White

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Materials degrade at different rates in different environments depending on factors such as temperature, aridity, salinity, and solar radiation. Therefore, predicting asset longevity depends, in part, on the environmental conditions to which the asset is exposed. Heating, ventilation, and air conditioning (HVAC) systems are critical to building operations yet are responsible for a significant proportion of their energy consumption. HVAC energy use increases substantially with slight operational inefficiencies. Understanding the environmental influences on HVAC degradation in detail will inform maintenance schedules and capital investment, reduce energy use, and increase lifecycle management efficiency. HVAC inspection records spanning 14 years from 21 locations across the United States were compiled and associated with the climate conditions to which they were exposed. Three environmental features were explored in this study: average high temperature, average low temperature, and annual precipitation, as well as four non-environmental features. Initial insights showed no correlations between individual features and the rate of HVAC component degradation. Using neighborhood component analysis, however, the most critical features related to degradation were identified. Two models were considered, and results varied between them. However, longitude and latitude emerged as potentially the best predictors of average HVAC component degradation. Further research is needed to evaluate additional environmental features, increase the resolution of the environmental data, and develop more robust models to achieve more conclusive results.

Keywords: climate, degradation, HVAC, neighborhood component analysis

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Authors: Euphrasia Susy Suhendra, Lies Handrijaningsih

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The banking sector as an intermediary party or intermediaries occupies a very important position in bridging the needs of working capital investment in the real sector with funds owner. This will certainly make money more effectively to improve the economic value added. As an intermediary, Islamic banks raise funds from the public and then distribute in the form of financing. In practice, the distribution of funding that is run by Islamic Banking is not as easy as, in theory, because, in fact, there are many financing problems; some are caused by lacking the assessment and supervision of banks to customers. This study aims to analyze the influence of the Third Party Funds, Return on Assets (ROA), Non Performing Financing (NPF), and Financing Deposit Ratio (FDR) to Total Financing provided to the Community by Islamic Banks in Indonesia. The data used is monthly data released by Bank of Indonesia in Islamic Banking Statistics in the time period of January 2009 - December 2013. This study uses cointegration test to see the long-term relationship, and use error correction models to examine the relationship of short-term. The results of this study indicate that the Third Party Fund has a short-term effect on total funding, Return on Assets has a long term effect on the total financing, Non Performing Financing has long-term effects of total financing, and Financing deposit ratio has the effect of short-term and long-term of the total financing provided by Islamic Banks in Indonesia.

Keywords: Islamic banking, third party fund, return on asset, non-performing financing, financing deposit ratio

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Authors: Joseph J. Okoh, Samuel T. Mbap, Tahir Ibrahim, Yusuf P. Mancha

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The influence of plumage colour on measurable attributes of 6176 adult indigenous chickens of mixed-sex from four states of the North Central Zone of Nigeria namely; Nasarawa, Niger, Benue, Kogi and the Federal Capital Territory (FCT) Abuja were assessed. The overall average body weight of the chickens was 1.95 ± 0.03kg. The body weights of black, white, black/white, brown, black/brown, grey and mottled chicken however were 1.87 ± 0.04, 1.94 ± 0.04, 1.95 ± 0.03, 1.93 ± 0.03, 2.01 ± 0.04, 1.96 ± 0.04 and 1.94±0.14kg respectively. Only body length did not vary by plumage colour. The others; body weight and width, shank, comb and breast length, breast height (p < 0.001), beak and wing lengths (p < 0.001) varied significantly. Generally, no colour was outrightly superior to others in all body measurements. However, body weight and breast height were both highest in black/brown chickens which also had the second highest breast length. Body width, shank, beak, comb and wing lengths were highest in grey chickens but lowest in those with white colour and combinations. Egg quality was on the other hand mostly lowest in grey chickens. In selection for genetic improvement in body measurements, black/brown and grey chickens should be favoured. However, in view of the known negative relationship between body weight and egg attributes, selection in favour of grey plumage may result in chickens of poor egg attributes. Therefore, grey chickens should be selected against egg quality.

Keywords: body weight, indigenous chicken, measurements, plumage colour

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Authors: Gupta Indu

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This paper aims to examine the relationship between foreign direct investment and globalization. Foreign direct investment plays an important role in globalization. It is dramatically increasing in the age of globalization. It has played an important role for economic growth in this global process. It can provide new markets and marketing channels, cheaper production facilities, access to new technology, products to a firm. FDI has come to play a major role in the internationalization of business. FDI has become even more important than trade. Growing liberalization of the national regulatory framework governing investment in enterprises and changes in capital markets profound changes have occurred in the size, scope and methods of FDI. New information technology systems, decline in global communication costs have made management of foreign investments far easier than in the past. FDI provide opportunities to host countries to enhance their economic development and opens new opportunities to home countries to optimize their earnings by employing their ideal resources. Smaller and weaker economies can drive out much local competition. For small and medium sized companies, FDI represents an opportunity to become more actively involved in international business activities. In the past decade, foreign direct investment has expanded its role by change in trade policy, investment policy, tariff liberalization, easing of restrictions on foreign investment and acquisition in many nations, and the deregulation and privatization of many industries. In present competitive scenario, FDI has become a prominent external source of finance for developing countries.

Keywords: foreign direct investment, globalization, economic development, information technology systems new opportunities

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Authors: Wenjuan Lu

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China and Hungary have risen from a friendly and comprehensive cooperative relationship to a comprehensive strategic partnership in recent years, and the economic and trade relations between the two countries have developed smoothly. As an important country along the ‘Belt and Road’, Hungary and China have strong economic complementarities and have unique advantages in carrying China's industrial transfer and economic transformation and development. The construction of the China-Hungary Economic and Trade Cooperation Zone, which was initiated by the ‘Sino-Hungarian Borsod Industrial Zone’ and the ‘Hungarian Central European Trade and Logistics Cooperation Park’ has promoted infrastructure construction, optimized production capacity, promoted industrial restructuring, and formed brand and agglomeration effects. Enhancing the influence of Chinese companies in the European market has also promoted economic development in Hungary and even in Central and Eastern Europe. However, as the China-Hungary Economic and Trade Cooperation Zone is still in its infancy, there are still shortcomings such as small scale, single function, and no prominent platform. In the future, based on the needs of China's cooperation with ‘17+1’ and China-Hungary cooperation, on the basis of appropriately expanding the scale of economic and trade cooperation zones and appropriately increasing the number of economic and trade cooperation zones, it is better to focus on optimizing and adjusting its functions and highlighting different economic and trade cooperation. The differentiated function of the trade zones strengthens the multi-faceted cooperation of economic and trade cooperation zones and highlights its role as a platform for cooperation in information, capital, and services.

Keywords: ‘One Belt, One Road’ Initiative, China-Hungary economic and trade cooperation zone, function optimization, Central and Eastern Europe

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Authors: T. Miková

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This paper analyzes the effect of a single uniform accounting rule on reporting quality by investigating the influence of IFRS on earnings management. This paper examines whether earnings management is reduced after IFRS adoption through the use of “loss avoidance thresholds”, a method that has been verified in earlier studies. This paper concentrates on two European countries: one that represents the continental code law tradition with weak protection of investors (France) and one that represents the Anglo-American common law tradition, which typically implies a strong enforcement system (the United Kingdom). The research investigates a sample of 526 companies (6822 firm-year observations) during the years 2000 – 2013. The results are different for the two jurisdictions. This study demonstrates that a single set of accounting standards contributes to better reporting quality and reduces the pervasiveness of earnings management in France. In contrast, there is no evidence that a reduction in earnings management followed the implementation of IFRS in the United Kingdom. Due to the fact that IFRS benefit France but not the United Kingdom, other political and economic factors, such legal system or capital market strength, must play a significant role in influencing the comparability and transparency cross-border companies’ financial statements. Overall, the result suggests that IFRS moderately contribute to the accounting quality of reported financial statements and bring benefit for stakeholders, though the role played by other economic factors cannot be discounted.

Keywords: accounting standards, earnings management, international financial reporting standards, loss avoidance, reporting quality

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Authors: Mohammad Saraj Sharifzai, Keisuke Kitagawa, Ahmad Javid Habib Mohammad Kamil Halimee, Daishi Sakaguchi

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The main purpose of this research is to recognize indoor comfort in contemporary Afghan courtyard house with outdoor welfare in housing layout and neighborhood design where sustainability is a local consideration. This research focuses on three new neighborhoods (Gawoond) in three different provinces of Afghanistan. Since 2001, the capital Kabul and major cities including Kandahar, which will be compared with Peshawar city in Pakistan, have faced a fast, rough-and-tumble process of urban innovation. The effects of this innovation necessitate reconsideration of the formation of sustainable urban environments and in-house thermal comfort. The lack of sustainable urban life in many newly developed Afghan neighborhoods can pose a major challenge to the process of sustainable urban development. Several factors can affect the success or failure of new neighborhoods in the context of urban life. For thermal analysis, we divide our research into three different climatic zones. This study is an evaluation of the environmental impacts of the interior comfort of contemporary courtyard housing with the exterior welfare of neighborhood sustainable design strategy in dry and cold, semi-hot and arid, and semi-humid and hot climates in Afghan cities and Peshawar.

Keywords: Afghan contemporary courtyard house, neighbourhood, street pattern and housing layout, sustainability, welfare, comfort, climate zone, Afghanistan

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Authors: Xiao Hu

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Children’s social and emotional development is critical for developing their future relationships and behaviors, and poor social skills may result in serious emotional externalizations such as anxiety, distress and aggression. Recent research has emphasized the role of family socio-economic status on children’s emotional development, and this study contributes to this academic discussion by reviewing how socio-economic status affects children at three critical development stages: infancy (0-3months), pre-school (4 months-5 years) and school aged (6-10 years). Results show a consensus in the research literature on a positive relationship between family socio-economic status and children’s emotional development. Socialization, a crucial development milestone, is highly affected by a family’s socio-economic status, as families with higher incomes have access to improved social environments, healthier parenting styles and greater access to social capital and peer support. In contrast, families with lower income and SES (socio-economic status) have lower access to these benefits and are frequently ignored within social environments. This review concludes with a critical discussion on how family income affects children’s social environment, highlighting the important role that “permanent” income plays in children’s development. Consequently, the review suggests that future governments should provide temporary economic support for lower-income families, allowing children to be raised in a healthy social environment with limited economic fluctuation.

Keywords: family socio-economic status, parenting style, children’s emotional development, family permanent income

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Authors: Asamaporn Puetpaiboon, Sunisa Chatmongkolchart, Nalinee Kovitwanawong, Osaree Akaraborworn

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Traumatic patients with massive bleeding require intensive resuscitation. The actual cost of anesthesia per case has never been clarified, so our study aimed to quantify the direct cost, and cost-to-charge ratio of anesthetic care in traumatic patients with intraoperative massive bleeding. This study was a prospective, observational, cost analysis study, conducted in Prince of Songkla University hospital, Thailand, with traumatic patients, of any mechanisms being recruited. Massive bleeding was defined as estimated blood loss of at least one blood volume in 24 hours, or a half of blood volume in 3 hours. The cost components were identified by the micro-costing method, and valued by the bottom-up approach. The direct cost was divided into 4 categories: the labor cost, the capital cost, the material cost and the cost of drugs. From September 2017 to August 2018, 10 patients with multiple injuries were included. Seven patients had motorcycle accidents, two patients fell from a height and another one was in a minibus accident. Two patients died on the operating table, and another two died within 48 hours. The median Sequential Organ Failure Assessment (SOFA) score was 8. The median intraoperative blood loss was 3,500 ml. The median direct cost, per case, was 250 United States Dollars (2017 exchange rate), and the cost-to-charge ratio was 0.53. In summary, the direct cost was nearly half of the hospital charge, for these traumatic patients with massive bleeding. However, our study did not analyze the indirect cost.

Keywords: cost, cost-to-charge ratio, micro-costing, trauma

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Authors: Habibi Said Mustafa, Hiroko Ono

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Kabul, the capital of Afghanistan, has witnessed a major population growth in the last decades which caused a significant increase in the number of informal settlements. The residents are suffering from many problems such as poor infrastructure, shortage of public facilities, depriving of the sense of ownership and facing much environmental degradation. Even though majority of the residents are living in such condition, the government response has been quite weak. The government’s main planning strategy has been upgrading in the form of provision of facilities and improving elements of physical infrastructure, unfortunately most of the projects which had not community’s support, faced with lots of challenges such as people’s resistance or even in some cases the project rather than solving the problem, compounded them to a worse condition. A major reason as to why many projects have not been effective in achieving certain objectives in the past is the results of local people were not being involved. Community participation plays an important role in slum development projects. The development of an integrated urban development concept these days without the mobilization of participants and community seems difficult and impossible. Therefore this paper looks into factors and methods which can help in creating a participatory approach for developing the slums in Kabul city. Furthermore, it describes the result of a questionnaire which was conducted on a part of the Kabul Old City due to hear resident’s problem related to the slum upgrading and collect their opinions on this regard. The research also points out some factors which can severely hamper the successful implementation of a slum upgrading project if not adequately addressed.

Keywords: Community empowerment, Informal settlements, Job opportunities, People participation

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Authors: Funmilayo Lanrewaju Amao, Amos Olusegun Amao, Odetoye Adeola Sunday, Joseph Joshua Olu

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There is a high magnitude of housing inadequacy in urban centers in Nigeria. This is manifested in quantitative and qualitative terms. Severe overcrowding and insanitary physical environment characterize the housing in the urban centers. The culminating effect of this is the growth of slum areas. This paper takes a critical look at inter-allia history and anatomy, general characteristic, present condition, root causes, official responses and reactions, possible solution and advocacy housing in central city slum of Ibadan. It also examines slum development and consequent deviant behaviors in the inner-city neighborhoods of Ibadan, the capital city of Oyo State, Nigeria. Residing there are many underemployed and unemployed individuals, these are miscreants who are generally socially frustrated. The activities of this group of people are a cause of concern. Deleterious and anti-social behaviors such as prostitution and house burglary are commonplace in the neighborhoods. The paper examines building conditions in the neighborhoods and the nexus with the deviant behavior of the inhabitants. The paper affirms that there is monumental deficiency in housing quality, while the design and the arrangement of the buildings into spatial units significantly influence the behavior of the residents. The paper suggests a two-prong approach in dealing with the situation. This involves urban renewal and slum upgrading programmes on the one hand, and an improvement in the socio-economic circumstances of the inhabitants, especially an increase in employment opportunity on the other.

Keywords: slum, behavior, housing, poverty, environmental degeneration

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Authors: Sunyoung Park

Abstract:

Context: Talent management is a strategic approach that has received considerable attention in recent years to improve employee competency and organizational performance in many organizations. The implementation of talent management involves identifying objectives and positions within the organization, developing a pool of high-potential employees, and establishing appropriate HR functions to promote high employee and organizational performance. This study aims to investigate the relationship between talent management, HR functions, employee competency, and organizational performance in the South Korean context. Research Aim: The main objective of this study is to investigate the structural relationships among talent management, human resources (HR) functions, employee competency, and organizational performance. Methodology: To achieve the research aim, this study used a quantitative research method. Specifically, a total of 1,478 responses were analyzed using structural equation modeling based on data obtained from the Human Capital Corporate Panel (HCCP) survey in South Korea. Findings: The study revealed that talent management has a positive influence on HR functions and employee competency. Additionally, HR functions directly affect employee competency and organizational performance. Employee competency was found to be related to organizational performance. Moreover, talent management and HR functions indirectly affect organizational performance through employee competency. Theoretical Importance: This study provides empirical evidence of the relationship between talent management, HR functions, employee competency, and organizational performance in the South Korean context. The findings suggest that organizations should focus on developing appropriate talent management and HR functions to improve employee competency, which, in turn, will lead to better organizational performance. Moreover, the study contributes to the existing literature by emphasizing the importance of the relationship between talent management and HR functions in improving organizational performance.

Keywords: employee competency, HR functions, organizational performance, talent management

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Authors: Tibah Alharbi, Renzo Cordina, David Power

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Relatively few studies have explored how venture capitalist investors (VCs) make investment decisions and the information they rely on when taking an equity stake in an investee company. In addition, little is known about how much investors monitor start-ups after the decision to invest has been made. The VC scene in the US or European context is understood better than that of developing countries such as those in the Middle East. Although some differences among VC investors have been identified, the reasons behind such differences have not been fully explored – especially in a country such as Saudi Arabia. Therefore, this research seeks to understand the impact of external factors on the VC investor’ behaviour. The unique cultural and legal environments in the Kingdom of Saudi Arabia, the growing VC sector in the country, and the increasing importance attached to start-ups under the Saudi Government’s Vision 2030 program make such an investigation timely. Ascertaining the perceptions of VC investors in such a context will provide a deeper understanding of the determinants of VC investment in a novel setting. Using semi-structured interviews with over 20 participants, the research explores the structure of VC funds, the cycle of the VC investment in a start-up from the sourcing of deals, the screening and evaluation of such deals, the closing of such deals, and finally, the monitoring of such investments before the decision to exit such deals at the appropriate time. The results show some similarities to the VC model, which characterizes such investment in the US and Europe, but several differences emerge given the unique cultural and legal settings within the Kingdom. The results provide an in-depth understanding of the VC investors’ mindset relative to the existing studies in the literature.

Keywords: exit, monitoring, start-ups, venture capital

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Authors: Rahmoune Abdelhaq

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Systemic risk is a key concern for central banks charged with safeguarding overall financial stability. In this work, we investigate how systemic risk is affected by the structure of the financial system. We construct banking systems that are composed of a number of banks that are connected by interbank linkages. We then vary the key parameters that define the structure of the financial system — including its level of capitalization, the degree to which banks are connected, the size of interbank exposures and the degree of concentration of the system — and analyses the influence of these parameters on the likelihood of contagious (knock-on) defaults. First, we find that the better-capitalized banks are, the more resilient is the banking system against contagious defaults and this effect is non-linear. Second, the effect of the degree of connectivity is non-monotonic, that is, initially a small increase in connectivity increases the contagion effect; but after a certain threshold value, connectivity improves the ability of a banking system to absorb shocks. Third, the size of interbank liabilities tends to increase the risk of knock-on default, even if banks hold capital against such exposures. Fourth, more concentrated banking systems are shown to be prone to larger systemic risk, all else equal. In an extension to the main analysis, we study how liquidity effects interact with banking structure to produce a greater chance of systemic breakdown. We finally consider how the risk of contagion might depend on the degree of asymmetry (tier) inherent in the structure of the banking system. A number of our results have important implications for public policy, which this paper also draws out. This paper also discusses why bank risk management is needed to get the optimal one.

Keywords: financial stability, contagion, liquidity risk, optimal risk

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Authors: Marina Kapsali, John S. Anagnostopoulos

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Greek islands’ interconnection (IC) with larger power systems, such as the mainland grid, is a crucial issue that has attracted a lot of interest; however, the recent economic recession that the country undergoes together with the highly capital intensive nature of this kind of projects have stalled or sifted the development of many of those on a more long-term basis. On the other hand, most of Greek islands are still heavily dependent on the lengthy and costly supply chain of oil imports whilst the majority of them exhibit excellent potential for wind energy (WE) applications. In this respect, the main purpose of the present work is to investigate −through a parametric study which varies both in wind farm (WF) and submarine IC capacities− the impact of large-scale WE development on the IC of the third in size island of Greece (Lesbos) with the mainland system. The energy and economic performance of the system is simulated over a 25-year evaluation period assuming two possible scenarios, i.e. S(a): without the contribution of the local Thermal Power Plant (TPP) and S(b): the TPP is maintained to ensure electrification of the island. The economic feasibility of the two options is investigated in terms of determining their Levelized Cost of Energy (LCOE) including also a sensitivity analysis on the worst/reference/best Cases. According to the results, Lesbos island IC presents considerable economic interest for covering part of island’s future electrification needs with WE having a vital role in this challenging venture.

Keywords: electricity generation cost, levelized cost of energy, mainland grid, wind energy rejection

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Authors: Muhammad Abdullah, Muhammad Atiq Ur Rehman Tariq, Faraz Ul Haq

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In developed countries, sustainability measures are widely accepted and acknowledged as crucial for addressing environmental concerns. Hydroponics, a soilless cultivation technique, has emerged as a potentially sustainable solution as it can reduce water consumption, land use, and environmental impacts. However, hydroponics may not be economically viable, especially when using reclaimed water, which may entail additional costs and risks. This study aims to address the critical question of whether hydroponics using reclaimed water can achieve a balance between sustainability and financial viability. Life Cycle Assessment (LCA) and Life Cycle Cost (LCC) will be integrated to assess the potential of hydroponics whether it is environmentally sustainable and economically viable. Life cycle assessment, or LCA, is a methodology for assessing environmental impacts associated with all the stages of the life cycle of a commercial product, process, or service. While Life Cycle Cost (LCC) is an approach that assesses the total cost of an asset over its life cycle, including initial capital costs and maintenance costs. The expected benefits of this study include supporting evidence-based decision-making for policymakers, farmers, and stakeholders involved in agriculture. By quantifying environmental impacts and economic costs, this research will facilitate informed choices regarding the adoption of hydroponics with reclaimed water. It is believed that the outcomes of this research work will help to achieve a sustainable approach to agricultural production, aligning with sustainability goals while considering economic factors by adopting hydroponic technique.

Keywords: hydroponic, life cycle assessment, life cycle cost, sustainability

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Authors: Imoh Philip

Abstract:

This work investigates four verbal extensions; two in each set resulting in two opposite effects of the valency of verbs in Basà language. Basà language is an indigenous language spoken in Kogi, Nasarawa, Benue, Niger states and all the Federal Capital Territory (FCT) councils. Crozier & Blench (1992) and Blench & Williamson (1988) classify Basà as belonging to Proto–Kru, under the sub-phylum Western –Kru. It studies the effects of such morphosyntactic operations in Basà language with special focus on ‘reflexives’ ‘reciprocals’ versus ‘causativization’ and ‘applicativization’ both sets are characterized by polar syntactic processes of either decreasing or increasing the verb’s valency by one argument vis-à-vis the basic number of arguments, but by the similar morphological processes. In addition to my native intuitions as a native speaker of Basà language, data elicited for this work include discourse observation, staged and elicited spoken data from fluent native speakers. The paper argues that affixes attached to the verb root, result in either deriving an intransitive verb from a transitive one or a transitive verb from a bi/ditransitive verb and equally increase the verb’s valence deriving either a bitransitive verb from a transitive verb or a transitive verb from a intransitive one. Where the operation increases the verb’s valency, it triggers a transformation of arguments in the derived structure. In this case, the applied arguments displace the inherent ones. This investigation can stimulate further study on other transformations that are either syntactic or morphosyntactic in Basà and can also be replicated in other African and non-African languages.

Keywords: verbal extension, valency, reflexive, reciprocal, causativization, applicativization, Basà

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Authors: Mariusz Hofman

Abstract:

The paper ‘Theoretical framework for value creation in Project-Oriented Companies’ is designed to determine, how organisations create value and whether this allows them to achieve market success. An assumption has been made that there are two routes to achieving this value. The first one is to create intangible assets (i.e. the resources of human, structural and relational capital), while the other one is to create added value (understood as the surplus of revenue over costs). It has also been assumed that the combination of the achieved added value and unique intangible assets translates to the success of a project-oriented company. The purpose of the paper is to present hypothetical and deductive model which describing the modus operandi of such companies and approach to model operationalisation. All the latent variables included in the model are theoretical constructs with observational indicators (measures). The existence of a latent variable (construct) and also submodels will be confirmed based on a covariance matrix which in turn is based on empirical data, being a set of observational indicators (measures). This will be achieved with a confirmatory factor analysis (CFA). Due to this statistical procedure, it will be verified whether the matrix arising from the adopted theoretical model differs statistically from the empirical matrix of covariance arising from the system of equations. The fit of the model with the empirical data will be evaluated using χ2, RMSEA and CFI (Comparative Fit Index). How well the theoretical model fits the empirical data is assessed through a number of indicators. If the theoretical conjectures are confirmed, an interesting development path can be defined for project-oriented companies. This will let such organisations perform efficiently in the face of the growing competition and pressure on innovation.

Keywords: value creation, project-oriented company, structural equation modelling

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Authors: Basavaraj Kabade, K. T. Nagaraja, Swathi Ramanathan, A. Veeraragavan, P. S. Reashma

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Deteriorating quality of the pedestrian environment and the increasing risk of pedestrian crashes are major concerns for most of the cities in India. The recent shift in the priority to motorized transport and the abating condition of existing pedestrian facilities can be considered as prime reasons for the increasing pedestrian related crashes in India. Bengaluru City – the IT capital hub of the nation is not much different from this. The increase in number of pedestrian crashes in Bengaluru reflects the same. To resolve this issue and to ensure safe, sustainable and pedestrian friendly sidewalks, Govt. of Karnataka, India has implemented newfangled pedestrian sidewalks popularized programme named Tender S.U.R.E. (Specifications for Urban Road Execution) projects. Tender SURE adopts unique urban street design guidelines where the pedestrians are given prime preference. The present study presents an assessment of the quality and performance of the pedestrian side walk and the walkability index of the newly built pedestrian friendly sidewalks. Various physical and environmental factors affecting pedestrian safety are identified and studied in detail. The pedestrian mobility is quantified through Pedestrian Level of Service (PLoS) and the pedestrian walking comfort is measured by calculating the Walkability Index (WI). It is observed that the new initiatives taken in reference to improving pedestrian safety have succeeded in Bengaluru by attaining a level of Service of ‘A’ and with a good WI score.

Keywords: pedestrian safety, pedestrian level of service (PLoS), Right of Way (RoW), Tender S.U.R.E (Specifications for Urban Road Execution), walkability index (WI), walkway facilities

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Authors: Wardoyo, Humairoh

Abstract:

In global competition nowadays, the world economy heavily depends upon high technology and capital intensive industries that are mainly owned by well-established economic and developed countries, such as United States of America, United Kingdom, Japan, and South Korea. Indonesia as a developing country is building its economic activities towards industrial country as well, although a slightly different approach was implemented. For example, similar to the concept of one village one product (OVOP) implemented in Japan, Indonesia also adopted this concept by promoting local traditional products to improve incomes of village people and to enhance local economic activities. Analysis on how OVOP program increase local people’s income and influence customer satisfaction were the objective of this paper. Behavioral intention to purchase and re-purchase, customer satisfaction and promotion are key factors for local products to play significant roles in improving local income and economy of the region. The concepts of OVOP and key factors that influence economic activities of local people and the region will be described and explained in the paper. Results of research, in a case study based on 300 respondents, customers of a local restaurant at Tangerang City, Banten Province of Indonesia, indicated that local product, service quality and behavioral intention individually have significant influence to customer satisfaction; whereas simultaneous tests to the variables indicated positive and significant influence to the behavioral intention through customer satisfaction as the intervening variable.

Keywords: behavioral intention, customer satisfaction, local products, one village one product (OVOP)

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Authors: Poonam A. Trambadia, Ashish V. Trambadia

Abstract:

The architecture of sultanate period of Ahmedabad had evolved just before the establishment of Mughal rule in North India. After shifting the capital of the kingdom from Patan to Ahmedabad, when the buildings and structures were being built, an interesting cultural blend happened in architecture. Many sultanate buildings in Ahmedabad historic city have resemblance with Patan including the names. Outer fortification walls and Gates were built during the rule of the third ruler in the late 15th century. All the gates had sandstone slabs supported by three arched entrance in sandstone with wooden shutter. A restoration project of Khanpur Gate was initiated in 2016. The paper identifies some evidences and some hidden layers of structures as important elements of cultural interchange while some were just forgotten in the process. The recycling of pre-existing elements of structures are examined and compared. There were layers uncovered that were hidden behind later repairs using traditional brick arch, which was taken out in the process. As the gate had partially collapsed, the restoration included piece by piece dismantling and restoring in the same sequence wherever required. The recycled materials found in the process were recorded and provided the basis for this study. The gate after this discovery sets a new example of fortification Gate built in Sultanate era. The comparison excludes Maratha and British Period Gates to avoid further confusion and focuses on 15th – 16th century sultanate architecture of Ahmedabad.

Keywords: Ahmedabad World Heritage, fortification, Indo-Islamic style, Sultanate architecture, cultural interchange

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Authors: Dibya Jivan Pati, Kazuhisa Iki, Riken Homma

Abstract:

Unlike other metro cities of India, Bhubaneswar–the capital city of Odisha, is expected to reach 1-million-mark population by now. The demands of dwelling unit requirement mostly among urban poor belonging to Economically Weaker section (EWS) and Low Income groups (LIG) is becoming a challenge due to high housing cost and rents. As a matter of fact, it’s also noted that, with increase in population, the solid waste generation also increases subsequently affecting the environment due to inefficiency in collection of waste by local government bodies. Methods of utilizing Solid Waste - especially in form of Plastic bottles, Glass bottles and Metal cans (PGM) are now widely used as an alternative material for construction of low-cost building by Non-Government Organizations (NGOs) in developing countries like India to help the urban poor afford a shelter. The application of disposed plastic bottle used in construction of single dwelling significantly reduces the overall cost of construction to as much as 14% compared to traditional construction material. Therefore, considering its cost-benefit result, it’s possible to provide housing to EWS and LIGs at an affordable price. In this paper, we estimated the quantity of plastic bottles generated in Bhubaneswar which further helped to estimate the possible number of single dwelling unit that can be constructed on yearly basis so as to refrain from further housing shortage. The estimation results will be practically used for planning and managing low-cost housing business by local government and NGOs.

Keywords: construction, dwelling unit, plastic bottle, solid waste generation, groups

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Authors: Jun-Ki Choi

Abstract:

The usage of valuable resources and the potential for waste generation at the end of the life cycle of photovoltaic (PV) technologies necessitate a proactive planning for a PV recycling infrastructure. To ensure the sustainability of PV in large scales of deployment, it is vital to develop and institute low-cost recycling technologies and infrastructure for the emerging PV industry in parallel with the rapid commercialization of these new technologies. There are various issues involved in the economics of PV recycling and this research examine those at macro and micro levels, developing a holistic interpretation of the economic viability of the PV recycling systems. This study developed mathematical models to analyze the profitability of recycling technologies and to guide tactical decisions for allocating optimal location of PV take-back centers (PVTBC), necessary for the collection of end of life products. The economic decision is usually based on the level of the marginal capital cost of each PVTBC, cost of reverse logistics, distance traveled, and the amount of PV waste collected from various locations. Results illustrated that the reverse logistics costs comprise a major portion of the cost of PVTBC; PV recycling centers can be constructed in the optimally selected locations to minimize the total reverse logistics cost for transporting the PV wastes from various collection facilities to the recycling center. In the micro- process level, automated recycling processes should be developed to handle the large amount of growing PV wastes economically. The market price of the reclaimed materials are important factors for deciding the profitability of the recycling process and this illustrates the importance of the recovering the glass and expensive metals from PV modules.

Keywords: photovoltaic, recycling, mathematical models, sustainability

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