Search results for: financial behavior

Authors: Jun Ming Moey, Zhiyaun Chen, David Nicholson

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Bad actors are often hard to detect in data that imprints their behaviour patterns because they are comparatively rare events embedded in non-bad actor data. An unsupervised machine learning framework is applied here to detect bad actors in financial crime datasets that record millions of transactions undertaken by hundreds of actors (<0.01% bad). Specifically, the framework combines ‘shallow’ (PCA, Isolation Forest) and ‘deep’ (Autoencoder) methods to detect outlier patterns. Detection performance analysis for both the individual methods and their combination is reported.

Keywords: detection, machine learning, deep learning, unsupervised, outlier analysis, data science, fraud, financial crime

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Authors: Eranga N. Somaratna, Pradeep Dharmadasa

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In the current competitive environment, the factors leading to organization success are not limited to the investment of capital, labor, and raw material, but in the ability of knowledge innovation from all the members of an organization. However, knowledge on its own cannot provide organizations with its promised benefits unless it is shared, as organizations are increasingly experiencing unsuccessful knowledge sharing efforts. In such a backdrop and due to the dearth of research in this area in the South Asian context, the study set forth to develop an understanding of the factors that influence knowledge-sharing behavior within an organizational framework, using widely accepted social psychology theories. The purpose of the article is to discover the determinants of knowledge-sharing intention and actual knowledge sharing behaviors of bank employees in Sri Lanka using an aggregate model. Knowledge sharing intentions are widely discussed in literature through the application of Ajzen’s Theory of planned behavior (TPB) and Theory of Social Capital (SCT) separately. Both the theories are rich to explain knowledge sharing intention of workers with limitations. The study, therefore, combines the TPB with SCT in developing its conceptual model. Data were collected through a self-administrated paper-based questionnaire of 199 bank managers from 6 public and private banks of Sri Lanka and analyzed the suggested research model using Structural Equation Modelling (SEM). The study supported six of the nine hypotheses, where Attitudes toward Knowledge Sharing Behavior, Perceived Behavioral Control, Trust, Anticipated Reciprocal Relationships and Actual Knowledge Sharing Behavior were supported while Organizational Climate, Sense of Self-Worth and Anticipated Extrinsic Rewards were not, in determining knowledge sharing intentions. Furthermore, the study investigated the effect of demographic factors of bankers (age, gender, position, education, and experiences) to the actual knowledge sharing behavior. However, findings should be confirmed using a larger sample, as well as through cross-sectional studies. The results highlight the need for theoreticians to combined TPB and SCT in understanding knowledge workers’ intentions and actual behavior; and for practitioners to focus on the perceptions and needs of the individual knowledge worker and the need to cultivate a culture of sharing knowledge in the organization for their mutual benefit.

Keywords: banks, employees behavior, knowledge management, knowledge sharing

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Authors: Ratna Kuswardani

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This paper aims to study the impact of recent Global Financial Crisis (GFC) on 6 selected emerging Asian economies (Indonesia, Malaysia, Thailand, Philippines, Singapore, and South Korea). We first figure out the contagion of GFC from the US and Europe to the selected emerging Asian countries by studying the tail dependence of market stock returns between those countries. We apply the concept of Extreme Value Theory (EVT) to model the dependence between multiple returns series of variables under examination. We explore the factors causing the contagion between the regions. We find dependencies between markets that are influenced by their size, especially for large markets in emerging Asian countries that tend to have a higher dependency to the market in the more advanced country such as the U.S. and some countries in Europe. The results also suggest that the dependencies between market returns and bank stock returns in the same region tend to be higher than dependencies between these returns across two different regions. We extend our analysis by studying the impact of GFC on the systemic in the banking system. We also find that larger institution has more dependencies with the market stock, suggesting that larger size bank can cause disruption in the market. Further, the higher probability of extreme loss can be seen during the crisis period, which is shown by the non-linear dependency between the pre-crisis and the post-crisis period. Finally, our analysis suggests that systemic risk appears in the domestic banking systems in emerging Asia, as shown by the extreme dependencies within banks in the system. Overall, our results provide caution to policy makers and investors alike on the possible contagion of the impact of global financial crisis across different markets.

Keywords: contagion, extreme value theory, global financial crisis, systemic risk

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Authors: Suleiman Ahmed Badayi

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Corporate governance literature is very wide and involves several empirical studies conducted on the relationship between board structure, composition and firm performance. The separation of ownership and control in organizations were aimed at reducing the losses suffered by the investors in the event of financial scandals. This paper reviewed the theoretical and empirical literature on the relationship between board composition and its impact on firm performance. The findings from the studies provide different results while some are of the view that board structure is related to firm performance, many empirical studies indicates no relationship. However, others found a U-shape relationship between firm performance and board structure. Therefore, this study argued that board structure is not much significant to determine the financial performance of a firm.

Keywords: board structure, composition, firm performance, corporate governance

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Authors: Leonie Jooste

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The main purpose of this article is to explore the ethical values of accounting students at Universities and Business Managers. Financial fraud (earnings management) is continuing to exist and published in literature and social media. However, irrespective of extensive publication, and academic research, financial fraud is still happening or still being committed. The student of today may be the manager in the future. In a study by Bruns and Merchant, the authors found that the morality of short-term earnings management was of little concern to researchers and accounting practitioners. However, in the light of increased financial frauds and failures, new and increased emphasis has been placed on the importance of the concepts of earnings quality, earnings management practices, and the inclusion of business ethics in accounting syllabi. This study uses a quantitative analysis related to the Bruns and Merchant survey of accounting students. 59 accounting students in the MENA area were surveyed in 2022 to measure their ethical values regarding earning management practices in organisations. The results of this survey were compared the surveys in 2013 to determine if courses in business ethics offered at the university influenced the perceptions of students on unethical behaviour in business practices. For the data analysis, the mean values and significant differences were calculated and compared. Overall, the results showed that there was hardly any significant difference between the two surveys.

Keywords: ethics, earnings management, corporate social responsibility, business courses.

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Authors: Norashikin Ismail, Nadia Anridho

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

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

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Authors: Juan Pedro Aznar Alarcon, Josep Maria Sayeras Maspera

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Airbnb and other similar platforms are offering a near substitute to the traditional accommodation service supplied by the hotel sector. In this context, hotels can try to compete by offering higher quality and additional services, which imply the need for new investments or try to compete by reducing prices. The theoretical model presented in this paper analyzes the best response using a sequential game theory model. The main conclusion is that due to the financial constraints that small and medium hotels have these hotels have reduced prices whereas hotels that belong to international groups or have an easy access to financial resources have increased their investment to increase the quality of the service provided. To check the validity of the theoretical model financial data from Barcelona, London and Paris hotels have been used analyzing profitability, quality of the service provided, the investment propensity and the evolution of the gross profit. The model and the empirical data provide the base for some industrial policy in the hospitality industry. To address the extra cost that small hotels in Europe have to face compared by bigger firms would help to improve the level of quality provided and to some extent have positive externalities in terms of job creation and an increasing added value for the industry.

Keywords: Airbnb, profitability, hospitality industry, game theory

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Authors: Faustina Masocha

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This study sought to determine if the Covid-19 pandemic played a disruptive role in the signalling effect of dividend increases for the Top 40 companies listed on the Johannesburg Stock Exchange. With the use of Event Study Methodologies, it was found that dividend increases that were announced in the 2018 and 2019 financial years resulted in Cumulative Abnormal Returns (CARs) that were significantly different from zero, as confirmed by a p-value of 0,0300. This resulted in the conclusion that, under normal circumstances, dividend increases follow the precepts outlined in signalling theories which indicate that the announcement of dividend increases sent positive signals about the expected financial performance of a company. To prove the notion that Covid-19 plays a disruptive role on the signalling hypothesis, it was found from both parametric and non-parametric tests of significance that CARs related to dividend increases that were announced during the 2020 and 2021 financial years, when the Covid-19 pandemic was at its peak, were not significantly different from zero. Therefore, although the dividend increases still resulted in some CARs, such CARs were not statistically different from zero to confirm the signalling hypothesis. A p-value of 0.9830 from parametric t-tests and a p-value of 0.8971 from the Wilcoxon signed-rank test were used as a gauge that led to the conclusion that Covid-19 plays a disruptive effect on the signalling process of dividend increases.

Keywords: cumulative abnormal returns, dividend increases, event study methodology, signalling

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Authors: Alexandru-Ion Marinescu

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There exist a plethora of methods in the scientific literature which tackle the well-established task of credit score evaluation. In its most abstract form, a credit scoring algorithm takes as input several credit applicant properties, such as age, marital status, employment status, loan duration, etc. and must output a binary response variable (i.e. “GOOD” or “BAD”) stating whether the client is susceptible to payment return delays. Data imbalance is a common occurrence among financial institution databases, with the majority being classified as “GOOD” clients (clients that respect the loan return calendar) alongside a small percentage of “BAD” clients. But it is the “BAD” clients we are interested in since accurately predicting their behavior is crucial in preventing unwanted loss for loan providers. We add to this whole context the constraint that the algorithm must yield an actual, tractable mathematical formula, which is friendlier towards financial analysts. To this end, we have turned to genetic algorithms and genetic programming, aiming to evolve actual mathematical expressions using specially tailored mutation and crossover operators. As far as data representation is concerned, we employ a very flexible mechanism – LINQ expression trees, readily available in the C# programming language, enabling us to construct executable pieces of code at runtime. As the title implies, they model trees, with intermediate nodes being operators (addition, subtraction, multiplication, division) or mathematical functions (sin, cos, abs, round, etc.) and leaf nodes storing either constants or variables. There is a one-to-one correspondence between the client properties and the formula variables. The mutation and crossover operators work on a flattened version of the tree, obtained via a pre-order traversal. A consequence of our chosen technique is that we can identify and discard client properties which do not take part in the final score evaluation, effectively acting as a dimensionality reduction scheme. We compare ourselves with state of the art approaches, such as support vector machines, Bayesian networks, and extreme learning machines, to name a few. The data sets we benchmark against amount to a total of 8, of which we mention the well-known Australian credit and German credit data sets, and the performance indicators are the following: percentage correctly classified, area under curve, partial Gini index, H-measure, Brier score and Kolmogorov-Smirnov statistic, respectively. Finally, we obtain encouraging results, which, although placing us in the lower half of the hierarchy, drive us to further refine the algorithm.

Keywords: expression trees, financial credit scoring, genetic algorithm, genetic programming, symbolic evolution

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Authors: Michael Nicolosi, Karola Dillenburger

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The University of California at Los Angeles-Young Autism Project (UCLA-YAP) provides one of the best-known and most researched comprehensive applied behavior analysis-based intervention models for young children on the autism spectrum. This paper reports a systematic literature review of replication studies over more than 30 years. The data show that the relatively high-intensity UCLA-YAP model can be greatly beneficial for children on the autism spectrum, particularly with regard to their cognitive functioning and adaptive behavior. This review concludes that, while more research is always welcome, the impact of the UCLA-YAP model on autism interventions is justified by more than 30 years of outcome evidence.

Keywords: ABA, applied behavior analysis, autism, California at Los Angeles Young Autism project, intervention, Lovaas, UCLA-YAP

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Authors: Satinder Bhatia

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Limited Liability Partnerships (LLPs) was a concept introduced in India in 2009. Ever since then, there has been a fierce growth in the number of organizations registered as LLPs outpacing the number of registrations as private companies. Among other benefits extended to LLPs, the audit being mandated only for LLPs having a turnover of at least Rs 40 lakhs or capital contribution of Rs 25 lakhs, has been a major attraction. This has resulted in only about 10 per cent of LLPs coming under mandatory audit. Even for such companies, the accounting standards to be followed in the preparation of financial statements have not been specified. The Revised Indian Accounting Standards (Revised IndAS) which are aligned with IFRS to a great extent, may apply to LLPs only under limited conditions. Thus, the veracity of even the audited financial statements of LLPs can be questioned. If in future, these LLPs would like to list on a stock exchange to raise capital, there can be serious hurdles if investors do not find the financial statements to be reliable and consistent. LLPs are generally governed by country-specific rules in the area of accounts and audit. Thus, such rules vary across UK, EU and the USA. Some countries have adopted the IFRS for SMEs and since LLPs can be referred to as SMEs; they would come under the ambit of these IFRS provisions. Besides, as the scope of audit widens to cover qualitative information in addition to quantitative data, audit of LLPs has now acquired a new meaning and a new urgency as demands for at least limited purpose audits are arising from different stakeholders including lenders, suppliers, customers and joint venture partners.

Keywords: audit disclosures, audit quality, guidance for SMEs, non-audit services

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Authors: Mohammad Hosein Panahi, Naser Yazdani

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we present a technical trading strategy that leverages the FinBERT language model and financial news analysis with a focus on news related to a subset of Nasdaq 100 stocks. Our approach surpasses the baseline Range Break-out strategy in the Bitcoin market, yielding a remarkable 24.8% increase in the win ratio for all Friday trades and an impressive 48.9% surge in short trades specifically on Fridays. Moreover, we conduct rigorous hypothesis testing to establish the statistical significance of these improvements. Our findings underscore considerable potential of our NLP-driven approach in enhancing trading strategies and achieving greater profitability within financial markets.

Keywords: quantitative finance, technical analysis, bitcoin market, NLP, language models, FinBERT, technical trading

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Authors: K. Benyounes, A. Benmounah

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Cement-based grouts has been used successfully to repair cracks in many concrete structures such as bridges, tunnels, buildings and to consolidate soils or rock foundations. In the present study, the rheological characterization of cement grout with water/binder ratio (W/B) is fixed at 0.5. The effect of the replacement of cement by bentonite (2 to 10 % wt) in presence of superplasticizer (0.5 % wt) was investigated. Several rheological tests were carried out by using controlled-stress rheometer equipped with vane geometry in temperature of 20°C. To highlight the influence of bentonite and superplasticizer on the rheological behavior of grout cement, various flow tests in a range of shear rate from 0 to 200 s-1 were observed. Cement grout showed a non-Newtonian viscosity behavior at all concentrations of bentonite. Three parameter model Herschel-Bulkley was chosen for fitting of experimental data. Based on the values of correlation coefficients of the estimated parameters, The Herschel-Bulkley law model well described the rheological behavior of the grouts. Test results showed that the dosage of bentonite increases the viscosity and yield stress of the system and introduces more thixotropy. While the addition of both bentonite and superplasticizer with cement grout improve significantly the fluidity and reduced the yield stress due to the action of dispersion of SP.

Keywords: rheology, cement grout, bentonite, superplasticizer, viscosity, yield stress

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Authors: Ifeanyi Adigwe

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The influence of television on adolescents is prevalent and widespread because television is a powerful sex educator for adolescents. This study examined the relationship between viewing sexual content on television and sexual behaviour of adolescents in public senior secondary schools in Lagos, Nigeria. The study employed a survey research design with a structured questionnaire as instrument. The multi-stage sampling technique was adopted. Firstly, purposive sampling was adopted in selecting 3 educational districts namely: Agege, Maryland, and Agboju. These educational districts were chosen for convenience and its wide coverage area of public senior secondary schools in Lagos State. Secondly, the researcher adopted systematic sampling to select the schools. The schools were listed in alphabetical order in each district and every 10th school were selected, yielding 13 schools altogether. A total of 501 copies of questionnaire were administered to the students and a total 491 copies of the questionnaire were retrieved. Only 453 copies of the questionnaire met the inclusion criteria and were used for analysis. Data were analyzed using descriptive statistics, Pearson Correlation, Principal components analysis, and regression analysis. Results of correlation analysis showed a positive and significant relationship between adolescent sexual belief and their preference for sexual content in television (r =0.117, N =453, p=0.13), viewing sexual content on television and adolescent sexual behavior, (r =-0.112, N =453, p<0.05), adolescent television preference and their preference for sexual content in television (r =0.328, N =453, p<0.05), adolescent television preference and adolescent’s sexual behavior (r=0.093, N =453, p<0.05). However, a negative but significant relationship exists between adolescent’s sexual knowledge and their sexual behavior (r=-122, N=453, p=0.0009). Pearson’s correlation between adolescents’ sexual knowledge and sexual behavior shows that there is a positive significant but strong relationship between adolescent’s sexual knowledge and their sexual behavior (r=0.967, N=453, p<0.05). The results also show that adolescent’s preference for sexual content in television informs them about their sexuality, development and sexual health. The descriptive and inferential analysis of data revealed that the interaction among adolescent sexual belief, knowledge and adolescents’ preference of sexual in television and its resultant effect on adolescent sexual behavior is apparent because sexual belief and norms about sex of an adolescent can induce his television preference of sexual content on television. The study concludes that exposure to sexual content in television can impact on adolescent sexual behaviour. There is no doubt that the actual outcome of television viewing and adolescent sexual behavior remains controversial because adolescent sexual behavior is multifaceted and multi-dimensional. Since behavior is learned overtime, the frequency of exposure and nature of sexual content viewed overtime induces and hastens sexual activity.

Keywords: adolescent sexual behavior, Nigeria, sexual belief, sexual content, sexual knowledge, television preference

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Authors: Lina Najafian, Hamidreza Vakilifard

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The present study focused on the relationship between the quality of accruals and non-systematic risk. The independent study variables included the ability of accruals, the information content of accruals, and amount of discretionary accruals considered as accruals quality measures. The dependent variable was non-systematic risk based on the Fama and French Three Factor model (FFTFM) and the capital asset pricing model (CAPM). The control variables were firm size, financial leverage, stock return, cash flow fluctuations, and book-to-market ratio. The data collection method was based on library research and document mining including financial statements. Multiple regression analysis was used to analyze the data. The study results showed that there is a significant direct relationship between financial leverage and discretionary accruals and non-systematic risk based on FFTFM and CAPM. There is also a significant direct relationship between the ability of accruals, information content of accruals, firm size, and stock return and non-systematic based on both models. It was also found that there is no relationship between book-to-market ratio and cash flow fluctuations and non-systematic risk.

Keywords: accruals quality, non-systematic risk, CAPM, FFTFM

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Authors: Luisa Kynast

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It is obvious that buildings and infrastructure are highly impacted by climate change (CC). Both, design and material of buildings need to be resilient to weather events in order to shelter humans, animals, or goods. As well as buildings and infrastructure are exposed to weather events, the construction process itself is generally carried out outdoors without being protected from extreme temperatures, heavy rain, or storms. The production process is restricted by technical limitations for processing materials with machines and physical limitations due to human beings (“outdoor-worker”). In future due to CC, average weather patterns are expected to change as well as extreme weather events are expected to occur more frequently and more intense and therefore have a greater impact on production processes and on the construction businesses itself. This research aims to examine this impact by analyzing an association between responses to CC and financial performance of businesses within the construction industry. After having embedded the above depicted field of research into the resource dependency theory, a literature review was conducted to expound the state of research concerning a contingent relation between climate change adaptation measures (CCAM) and corporate financial performance for construction businesses. The examined studies prove that this field is rarely investigated, especially for construction businesses. Therefore, reports of the Carbon Disclosure Project (CDP) were analyzed by applying content analysis using the software tool MAXQDA. 58 construction companies – located worldwide – could be examined. To proceed even more systematically a coding scheme analogous to findings in literature was adopted. Out of qualitative analysis, data was quantified and a regression analysis containing corporate financial data was conducted. The results gained stress adaptation measures as a response to CC as a crucial proxy to handle climate change impacts (CCI) by mitigating risks and exploiting opportunities. In CDP reports the majority of answers stated increasing costs/expenses as a result of implemented measures. A link to sales/revenue was rarely drawn. Though, CCAM were connected to increasing sales/revenues. Nevertheless, this presumption is supported by the results of the regression analysis where a positive effect of implemented CCAM on construction businesses´ financial performance in the short-run was ascertained. These findings do refer to appropriate responses in terms of the implemented number of CCAM. Anyhow, still businesses show a reluctant attitude for implementing CCAM, which was confirmed by findings in literature as well as by findings in CDP reports. Businesses mainly associate CCAM with costs and expenses rather than with an effect on their corporate financial performance. Mostly companies underrate the effect of CCI and overrate the costs and expenditures for the implementation of CCAM and completely neglect the pay-off. Therefore, this research shall create a basis for bringing CC to the (financial) attention of corporate decision-makers, especially within the construction industry.

Keywords: climate change adaptation measures, construction businesses, financial implication, resource dependency theory

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Authors: Shashwat Gangwal

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This paper analyses the effect of adding Bitcoin, to the portfolio (stocks, bonds, Baltic index, MXEF, gold, real estate and crude oil) of an international investor by using daily data available from 2^nd of July, 2010 to 2^{nd of} August, 2016. We conclude that adding Bitcoin to portfolio, over the course of the considered period, always yielded a higher Sharpe ratio. This means that Bitcoin’s returns offset its high volatility. This paper, recognizing the fact that Bitcoin is a relatively new asset class, gives the readers a basic idea about the working of the virtual currency, the increasing number developments in the financial industry revolving around it, its unique features and the detailed look into its continuously growing acceptance across different fronts (Banks, Merchants and Countries) globally. We also construct optimal portfolios to reflect the highly lucrative and largely unexplored opportunities associated with investment in Bitcoin.

Keywords: bitcoin, financial instruments, portfolio management, risk adjusted return

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Authors: Dhiaadin Bahaadin Noory

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This research involves the effect of both sizes of reinforced zone and the amount of polypropylene fiber reinforcement on the structural behavior of model-reinforced sand loaded by square footing. The ratio of the side of the square reinforced zone to the footing width (W/B) and the ratio of the square reinforced zone depth to footing width (H/B) has been varied from one to six and from one to three, respectively. The tests were carried out on a small-scale laboratory model in which uniform-graded sand was used as a fill material. It was placed in a highly dense state by hitting a thin wooden board placed on the sand surface with a hammer. The sand was reinforced with randomly oriented discrete fibrillated polypropylene fibers. The test results indicated a significant increase in the bearing capacity and stiffness of the subgrade and a modification of load–the settlement behavior of sand with the size of the reinforced zone and amount of fiber reinforcement. On the basis of the present test results, the optimal side width and depth of the reinforced zone were 4B and 2B, respectively, while the optimal percentage of fibers was 0.4%.

Keywords: square footing, polypropylene fibers, bearing capacity, stiffness, load settlement behavior, relative density

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Authors: Nasrin Akter, Prem Chhetri, Shams Rahman

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The present study tested Ajzen’s Theory of Planned Behavior (TPB) model to explain the formation of business customers’ intention to use 3PL services in Bangladesh. The findings show that the TPB model has a good fit to the data. Based on theoretical support and suggested modification indices, a refined TPB model was developed afterwards which provides a better predictive power for intention. Consistent with the theory, the results of a structural equation analysis revealed that the intention to use 3PL services is predicted by attitude and subjective norms but not by perceived behavioral control. Further investigation indicated that the paths between (attitude and intention) and (subjective norms and intention) did not statistically differ between 3PL user and non-user. Findings of this research provide an evidence base to formulate business strategies to increase the use of 3PL services in Bangladesh to enhance productivity and to gain economic efficiency.

Keywords: Bangladesh, intention, third-party logistics, Theory of Planned Behavior

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Authors: Ram Kishor

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The Lyapunov characteristic exponent (LCE) is an important tool to describe behavior of a dynamical system, which measures the average rate of divergence (or convergence) of a trajectory emanating in the vicinity of initial point. To analyze the behavior of nearby trajectory emanating in the neighborhood of an equilibrium point in the restricted three-body problem under the influence of perturbations in the form of radiation pressure and oblateness, we compute LCEs of first order with the help of slandered method which is based on variational equation of the system. It is observed that trajectories are chaotic in nature due positive LCEs. Also, we analyze the effect of radiation pressure and oblateness on the LCEs. Results are applicable to study the behavior of more generalized RTBP in the presence of perturbations such as PR drag, solar wind drag etc.

Keywords: Lyapunov characteristic exponent, RTBP, radiation pressure, oblateness

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Authors: Gracia V. Navarro, Maria V. Gonzalez, Carlos G. Reed

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The eudaimonic perspective in philosophy and psychology suggests that a good life is closely related to developing oneself in order to contribute to the well-being and happiness of other people and of the world as a whole. Educational psychology can help to achieve this through the design and validation of educative models. Since 2004, the University of Concepcion and other Chilean universities apply an educative model to train socially responsible professionals, people that in the exercise of their profession contribute to generate equity for the development and assess the impacts of their decisions, opting for those that serve the common good. The main aim is to identify if a relationship exists between achieved learning, attitudes toward social responsibility, self-attribution of socially responsible behavior, value type, professional behavior observed and, participation in a specific model to train socially responsible (SR) professionals. The Achieved Learning and Attitudes Toward Social Responsibility Questionnaire, interview with employers and Values Questionnaire and Self-attribution of SR Behavior Questionnaire is applied to 394 students and graduates, divided into experimental and control groups (trained and not trained under the educative model), in order to identify the professional behavior of the graduates. The results show that students and graduates perceive cognitive, affective and behavioral learning, with significant differences in attitudes toward social responsibility and self-attribution of SR behavior, between experimental and control. There are also differences in employers' perceptions about the professional practice of those who were trained under the model and those who were not. It is concluded that the educative model has an impact on the learning of social responsibility and educates for a full life. It is also concluded that it is necessary to identify mediating variables of the model effect.

Keywords: educative model, good life, professional social responsibility, values

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Authors: Gultekin Gurcay

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The objective of this study was to examine the relationship between transformational leadership and innovative work behavior and to evaluate the mediating role of leader-member exchange relationships (LMX) on the assumed relationship. This study has focused on the suggestion that LMX might emerge through transformational leadership behaviors and thus could mediate the relationship between transformational leadership and innovative behavior. A cross-sectional survey research has been conducted on the relationship these leadership approaches and their impact on organizational HRM-outcomes has been conducted on two organizations operating in the technical sector in Istanbul-Turkey. The results of the research have supported the hypotheses. Transformational leadership was positively related to the innovative behaviors and LMX emerged to mediate that relationship.

Keywords: innovative leadership, leader-member exchange, transformational leadership, Turkey

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Authors: Taha Zakaraia Abdel Wahid

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In the present study, a development of the papers is introduced. The behavior of the unsteady non-equilibrium distribution functions for a rarefied gas mixture under the effect of non-linear thermal radiation field is presented. For the best of our knowledge this is done for the first time at all. The distinction and comparisons between the unsteady perturbed and the unsteady equilibrium velocity distribution functions are illustrated. The equilibrium time for the rarefied gas mixture is determined for the first time. The non-equilibrium thermodynamic properties of the system is investigated. The results are applied to the Argon-Neon binary gas mixture, for various values of both of molar fraction parameters and radiation field intensity. 3D-Graphics illustrating the calculated variables are drawn to predict their behavior and the results are discussed.

Keywords: radiation field, binary gas mixture, exact solutions, travelling wave method, unsteady BGK model, irreversible thermodynamics

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Authors: R. Bakr, M. Elmeligy, A. Ibrahim

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When the building loads are relatively small, challenges are often facing the foundation design especially when inappropriate soil conditions exist. These may be represented in the existence of soft soil in the upper layers of soil while sandy soil or firm cohesive soil exist in the deeper layers. In such cases, the design becomes infeasible if the piles are extended to the deeper layers, especially when there are sandy layers existing at shallower depths underlain by stiff clayey soil. In this research, models of piles terminated in sand underlain by clay soils are numerically simulated by different modelling theories. Finite element software, Plaxis 3-D Foundation was used to evaluate the pile behavior under different loading scenarios. The standard static load test according to ASTM D-1143 was simulated and compared with the real-life loading scenario. The results showed that the pile behavior obtained from the current static load test do not realistically represent that obtained from real-life loading. Attempts were carried out to capture the proper numerical loading scenario that simulates the pile behavior in real-life loading including the long-term effect. A modified method based on this research findings is proposed for the static pile loading tests. Field loading tests were carried out to validate the new method. Results obtained from both numerical and field tests by using the modified method prove that this method is more accurate in predicting the pile behavior in sand soil underlain by clay more than the current standard static load.

Keywords: numerical simulation, static load test, pile behavior, sand underlain with clay, creep

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Authors: Oti Ibiam, Alexanda O. Kalu

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Human Resource Accounting is the process of identifying and measuring data about human resources and communicating this information to interested parties in order to meaningful investment decisions. In recent time, firms focus has shifted to human resource accounting so as to ensure efficiency and effectiveness in their operations. This study focused on the effect of human resource accounting on the financial performance of Banks in Nigerian. The problem that led to the study revolves around the current trend whereby Nigeria banks do not efficiently account for the input of human resource in their annual statement, thereby instead of capitalizing human resources in their statement of financial position; they expend it in their income statement thereby reducing their profit after tax. The broad objective of this study is to determine the extent to which human resource accounting affects the financial performance and value of Nigerian Banks. This study is therefore considered significant because, there are still universally, grey areas to be sorted out on the subject matter of human resources accounting. In the bid to achieve the study objectives, the researcher gathered data from sixteen commercial banks. Data were collected from both primary and secondary sources using an ex-post facto research design. The data collected were then tabulated and analyzed using the multiple regression analysis. The result of hypothesis one revealed that there is a significant relationship between Capitalized Human Resource Cost and post capitalization Profit before tax of banks in Nigeria. The finding of hypothesis two revealed that the association between Capitalized Human Resource Cost and post capitalization Net worth of banks in Nigeria is significant. The finding in Hypothesis three reveals that there is a significant difference between pre and post capitalization profit before tax of banks in Nigeria. The study concludes that human resources accounting positively influenced financial performance of banks in Nigeria within the period under study. It is recommended that standards should be set for human resources identification and measurement in the banking sector and also the management of commercial banks in Nigeria should have a proper appreciation of human resource accounting. This will enable managers to take right decision regarding investment in human resource. Also, the study recommends that policies on enhancing the post capitalization profit before tax of banks in Nigeria should pay great attention to capitalized human resources cost, net worth and total asset as the variables significantly influenced post capitalization profit before tax of the studied banks in Nigeria. The limitation of the study centers on the limited number of years and companies that was adopted for the study.

Keywords: capitalization, human resources cost, profit before tax, net worth

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Authors: Abdolghader Pourali, Mohammad V. Malakooti, Muhammad Hussein Yektaie

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A mobile payment system in mobile e-commerce generally have high security so that the user can trust it for doing business deals, sales, paying financial transactions, etc. in the mobile payment system. Since an architecture or payment model in e-commerce only shows the way of interaction and collaboration among users and mortgagers and does not present any evaluation of effectiveness and confidence about financial transactions to stakeholders. In this paper, we try to present a detailed assessment of the reliability of a mobile payment model in the mobile e-commerce using formal models and colored Petri nets. Finally, we demonstrate that the reliability of this system has high value (case study: a secure payment model in mobile commerce.

Keywords: reliability, colored Petri net, assessment, payment models, m-commerce

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Authors: Faruk Ortes, Baris Sayin, Tarik Serhat Bozkurt, Cemil Akcay

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The technique using near-surface mounted (NSM) carbon fiber-reinforced polymer (CFRP) composites has proved to be an reliable strengthening technique. However, the effects of different parameters for the use of NSM CFRP are not fully developed yet. This study focuses on the development of a numerical modeling that can predict the behavior of reinforced concrete (RC) beams strengthened with NSM FRP rods exposed to bending loading and the efficiency of various parameters such as CFRP rod size and filling material type are evaluated by using prepared models. For this purpose, three different models are developed and implemented in the ANSYS® software using Finite Element Analysis (FEA). The numerical results indicate that CFRP rod size and filling material type are significant factors in the behavior of the analyzed RC beams.

Keywords: numerical model, FEA, RC beam, NSM technique, CFRP rod, filling material

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Authors: Sayed Hessam Bahmani, Rolsndo P. Orense

Abstract:

From an engineering point of view, pumice particles are problematic because of their crushability and compressibility due to their vesicular nature. Currently, information on the geotechnical characteristics of pumice sands is limited. While extensive empirical and laboratory tests can be implemented to characterize their behavior, these are generally time-consuming and expensive. These drawbacks have motivated attempts to study the effects of particle breakage of pumice sand through the Discrete Element Method (DEM). This method provides insights into the behavior of crushable granular material at both the micro and macro-level. In this paper, the results of single-particle crushing tests conducted in the laboratory are simulated using DEM through the open-source code YADE. This is done to better understand the parameters necessary to represent the pumice microstructure that governs its crushing features, and to examine how the resulting microstructure evolution affects a particle’s properties. The DEM particle model is then used to simulate the behavior of pumice sand during consolidated drained triaxial tests. The results indicate the importance of incorporating particle porosity and unique surface textures in the material characterization and show that interlocking between the crushed particles significantly influences the drained behavior of the pumice specimen.

Keywords: pumice sand, triaxial compression, simulation, particle breakage

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Authors: Waleed Omri

Abstract:

With the growth of the small business sector in emerging markets, developing a better understanding of what drives 'day-to-day' entrepreneurial activities has become an important issue for academicians and practitioners. Innovation, as an entrepreneurial behavior, revolves around individuals who creatively engage in new organizational efforts. In a similar vein, the innovation behaviors and processes at the organizational member level are central to any corporate entrepreneurship strategy. Despite the broadly acknowledged importance of entrepreneurship and innovation at the individual level in the establishment of successful ventures, the literature lacks evidence on how entrepreneurs can effectively harness their skills and knowledge in the workplace. The existing literature illustrates that religion can impact the day-to-day work behavior of entrepreneurs, managers, and employees. Religious beliefs and practices could affect daily entrepreneurial activities by fostering mental abilities and traits such as creativity, intelligence, and self-efficacy. In the present study, we define religious capital as a set of personal and intangible resources, skills, and competencies that emanate from an individual’s religious values, beliefs, practices, and experiences and may be used to increase the quality of economic activities. Religious beliefs and practices give individuals a religious satisfaction, which can lead them to perform better in the workplace. In addition, religious ethics and practices have been linked to various positive employee outcomes in terms of organizational change, job satisfaction, and entrepreneurial intensity. As investigations of their consequences beyond direct task performance are still scarce, we explore if religious capital plays a role in entrepreneurs’ innovative behavior. In sum, this study explores the determinants of individual entrepreneurial behavior by investigating the relationship between religious capital and entrepreneurs’ innovative behavior in the context of small businesses. To further explain and clarify the religious capital-innovative behavior link, the present study proposes a model to examine the mediating role of entrepreneurial creativity. We use both Islamic work ethics (IWE) and Islamic religious practices (IRP) to measure Islamic religious capital. We use structural equation modeling with a robust maximum likelihood estimation to analyze data gathered from 289 Tunisian small businesses and to explore the relationships among the above-described variables. In line with the theory of planned behavior, only religious work ethics are found to increase the innovative behavior of small businesses’ owner-managers. Our findings also clearly demonstrate that the connection between religious capital-related variables and innovative behavior is better understood if the influence of entrepreneurial creativity, as a mediating variable of the aforementioned relationship, is taken into account. By incorporating both religious capital and entrepreneurial creativity into the innovative behavior analysis, this study provides several important practical implications for promoting innovation process in small businesses.

Keywords: entrepreneurial behavior, small business, religion, creativity

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Authors: Maria Reznakova, Michala Strnadova, Lukas Reznak

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Successful achievement of strategic goals requires an effective performance management system, i.e. determining the appropriate indicators measuring the rate of goal achievement. Assuming that the goal of the owners is to grow the assets they invested in, it is vital to identify the key performance indicators, which contribute to value creation. These indicators are known as value drivers. Based on the undertaken literature search, a value driver is defined as any factor that affects the value of an enterprise. The important factors are then monitored by both financial and non-financial indicators. Financial performance indicators are most useful in strategic management, since they indicate whether a company's strategy implementation and execution are contributing to bottom line improvement. Non-financial indicators are mainly used for short-term decisions. The identification of value drivers, however, is problematic for companies which are not publicly traded. Therefore financial ratios continue to be used to measure the performance of companies, despite their considerable criticism. The main drawback of such indicators is the fact that they are calculated based on accounting data, while accounting rules may differ considerably across different environments. For successful enterprise performance management it is vital to avoid factors that may reduce (or even destroy) its value. Among the known factors reducing the enterprise value are the lack of capital, lack of strategic management system and poor quality of production. In order to gain further insight into the topic, the paper presents results of the research identifying factors that adversely affect the performance of mechanical engineering enterprises in the Czech Republic. The research methodology focuses on both the qualitative and the quantitative aspect of the topic. The qualitative data were obtained from a questionnaire survey of the enterprises senior management, while the quantitative financial data were obtained from the Analysis Major Database for European Sources (AMADEUS). The questionnaire prompted managers to list factors which negatively affect business performance of their enterprises. The range of potential factors was based on a secondary research – analysis of previously undertaken questionnaire surveys and research of studies published in the scientific literature. The results of the survey were evaluated both in general, by average scores, and by detailed sub-analyses of additional criteria. These include the company specific characteristics, such as its size and ownership structure. The evaluation also included a comparison of the managers’ opinions and the performance of their enterprises – measured by return on equity and return on assets ratios. The comparisons were tested by a series of non-parametric tests of statistical significance. The results of the analyses show that the factors most detrimental to the enterprise performance include the incompetence of responsible employees and the disregard to the customers‘ requirements.

Keywords: business value, financial ratios, performance measurement, value drivers

Procedia PDF Downloads 212