Search results for: financial sustainability

Authors: Hasnizan Aksah, Adi Irfan Che Ani

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Refurbished historic government buildings should perform as intended to support the organization’s goals that enhance occupant satisfaction. However, these buildings may have issues associated with functional performance evaluation. The aim of this study is to develop a Post Occupancy Evaluation (POE) sustainability assessment tool for functional performance evaluation of refurbished historic government buildings. Developing an assessment tool requires a strategic methodology for a logical and cohesive tool that incorporating relevant theories and practical experiences. In this study, mixed method approaches use to collect all necessary data to achieve the objectives of this study. The design of sampling involves are interviews and survey questionnaires to relevant professionals in order to evaluate the criteria and problem encircled in functional performance evaluation. Then, the involvement of expert panels is required in establishing the assessment tool. During the process of investigation on the functional performance criteria, it was discovered that is seen to be critical in aspects of comfort, safety, and services. The proposed assessment tool has a significant role in providing opportunities for the improvement of building performance especially on functional performance for the future historic government building refurbishment project. It is hoped that the tool developed from this study will give benefits to related professionals, public agencies, local municipality, and relevant interested parties in historic building management.

Keywords: refurbished historic government buildings, functional performance, Post Occupancy Evaluation, sustainability

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Authors: Hadach Mohamed

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Tourism becomes more and more a source of added value for developing countries. In Morocco, the sector contributes at 20% of national GDP, or the effects of this activity become increasingly harmful. The methodology we followed is qualitative, we analyzed the data according to a process-based approach in two longitudinal period from 2001 to 2009 and a period of real time from 2010 to 2014.Through a process-based longitudinal study we analyzed the effects of tourism on the three components of sustainability: economic, environmental and socio-cultural in Essaouira destination in the south west of Morocco. The objective of this paper is to identify among others, harmful effects of mass tourism on fragile destination in terms of load capacity, promotion of youth employment and respect for indigenous traditions. This study also aims to analyze the impact of tourism on the fragile destination, which depends heavily on this activity; it also seeks to test a series of indicators for sustainable development of sensitive areas. Within results, we found that tourism as an activity is very linked to the international situation, tested sustainable development indicators showed us that tourism is environmentally destructive, job creator and changer modes and lives of indigenous. Between the two periods analyzed, the situation becomes more and more vulnerable and the state intervention is becoming more indispensable. We also found that 70% of the population of the destination does not benefit from the income generated by the destination. This raises questions about the fate of the added value of this activity.

Keywords: economic, environmental and socio-cultural, fragile destination, tourism sustainability

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Authors: Tan Swee Liang

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This paper estimates bank and stock market efficiency associations with real per capita GDP growth by examining panel-data across three different regions using Panel-Corrected Standard Errors (PCSE) regression developed by Beck and Katz (1995). Data from five economies in ASEAN (Singapore, Malaysia, Thailand, Philippines, and Indonesia), five economies in Asia (Japan, China, Hong Kong SAR, South Korea, and India) and seven economies in OECD (Australia, Canada, Denmark, Norway, Sweden, United Kingdom U.K., and United States U.S.), between 1990 and 2017 are used. Empirical findings suggest one, for Asia-5 high bank net interest margin means greater bank profitability, hence spurring economic growth. Two, for OECD-7 low bank overhead costs (as a share of total assets) may reflect weak competition and weak investment in providing superior banking services, hence dampening economic growth. Three, stock market turnover ratio has negative association with OECD-7 economic growth, but a positive association with Asia-5, which suggest the relationship between liquidity and growth is ambiguous. Lastly, for ASEAN-5 high bank overhead costs (as a share of total assets) may suggest expenses have not been channelled efficiently to income generating activities. One practical implication of the findings is that policy makers should take necessary measures toward financial liberalisation policies that boost growth through the efficiency channel, so that funds are efficiently allocated through the financial system between financial and real sectors.

Keywords: financial development, banking system, capital markets, economic growth

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Authors: Minghua Chen, Rui Wang

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This paper addresses the impact of foreign ownership on the risk-taking behavior of banks. Using bank-level panel data of more than 1,300 commercial banks in 32 emerging economies during 2000-2013, we find that foreign owned banks take on more risk than their domestic counterparts. We further examine several factors that may potentially contribute to foreign banks’ differentiated riskiness from four perspectives, namely, foreign banks’ informational disadvantages, agency problems, the contagious effect of parent banks’ financial conditions and the disparity between home and host markets. We find supportive evidence that these factors play a significant role in affecting foreign banks’ risk-taking.

Keywords: bank risk-taking, emerging economies, financial liberalization, foreign banks

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Authors: Márcia Aparecida Teixeira

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Sports, in particular football, boosts considerably the financial market of a certain locality, be it city or even a country. The financial transactions involving this medium stand out from other existing businesses, such as small industries. Strategically, social networks are inserted in this sporting environment, in order to promote and attract new fans of this modality. The present study analyzes the use of social networks in Sports Marketing with a focus on football. For the object of this study, it was chosen a specific club, the Club Atlético Mineiro, a Brazilian club of great national notoriety. The social networks on focus will be: Facebook, Twitter, and Instagram. It will be analyzed the content and frequency of the posts, reception of the target public in relation to the content made available and its feedback.

Keywords: social network, sport, strategy, marketing

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Authors: Baikuntha Prasad Acharya, Elizabeth Halpenny

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Small tourism enterprises (STEs) are primary providers of services and attractions in many destinations of less developed countries; they are considered the lifeblood of tourism sector. Furthermore, in rural community destinations of such countries including Nepal, STEs are regarded as alternative tools for advancing economic and sociocultural transformations. Many families in rural Nepali destinations are venturing into small tourism entrepreneurship so that their poverty can be reduced and they can live a sustained life. Most these communities are utilizing their lifestyles and natural and cultural heritages as tourism attractions. This study aimed to understand the sustainability of the STEs in rural destinations by synthesizing observations from Ghalegaon and Ghandruk of the Annapurna Conservation Area in western Nepal. Ghalegaon has community-based homestays and Ghandruk has independently owned and operated small tourism businesses such as cafes, tea houses, lodges, guest houses, and hotels, etc. The community-based homestays of Ghalegaon are compared with the independently owned and operated STEs of Ghandruk. The data were collected through multiple sources: 1) survey of tourists (n=112) and households (n=191); 2) interviews (n=14) with the locals, 3) group discussions (n=10) with different local groups including that of regional tourism players, experts and policy makers, 4) observations, and 5) document analysis. The STEs of both communities were first analyzed by understanding their level of sustainability as businesses, and then were explored how they were impacting on respective communities’ sustainability. The survey indicators and guidelines for interviews and group discussions were adapted to the Nepalese context based on four pillars of sustainability: economic, social, cultural and environmental; an additional dimension of management was also included, particularly for the STEs. The findings have shown a weaker economic and management dimensions of Ghalegaon’s Homestay than that of Ghandruk’s STEs. Some interesting social complexities of rural tourism and entrepreneurship were also revealed. This study’s findings do not much resonate to what Nepal government’s current rural tourism strategies that have been envisioned and prioritized for, particularly that the rural homestay tourism opportunities enhance inclusiveness of women and other deprived communities by spreading the benefits to the grassroots level. The study has highlighted several important applied implications to the local tourism management committees, tourism operators and associations, and regional and national tourism authorities. Further studies are advisable in other similar contexts in Nepal and in other countries to see whether there are variances in the findings.

Keywords: Nepal, rural tourism communities, small tourism enterprises, sustainability

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Authors: Valery A. Aurov, Maria D. Bausheva, Elena V. Uliyanova

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The problems of sustainability of contemporary high-rise buildings now demand an altogether new approach, which corresponds with the laws of dialectics. We should imply the principle “going from mega-object to the so called mezzo-object.” So the scientists have arrived at the conclusion that a contemporary “skyscraper” must not increase in height but develop horizontal space axes which unite a complex of high-rise buildings into a single composition. This is necessary both for safety issues and increasing skyscrapers’ functioning qualities. As a result, architects single out a quality unit in a dominating group of high-rise constructions and make a conclusion about the influence of visual fields on the designing parameters of this group.

Keywords: design, high-rise buildings, skyscrapers, sustainability, visual fields, dominating group, regulations, design recommendations

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Authors: Marta Christina Suciu, Cristina Andreea Florea

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The purpose of this paper is to highlight the relevance of building smart cities in the context of regional development and to analyze the important factors that make a city smart. These cities could be analyzed through the perspective of environment quality, the socio-cultural condition, technological applications and innovations, the vitality of the economic environment and public policies. Starting with these five sustainability domains, we will demonstrate the hypothesis that smart cities are the engine of the regional development. The aim of this paper is to assess the implications of smart cities, in the context of sustainable development, analyzing the benefits of developing creative and innovative cities. Regarding the methodology, it is used the systemic, logical and comparative analysis of important literature and data, also descriptive statistics and correlation analysis. In conclusion, we will define a direction on the regional development and competitiveness increasing.

Keywords: creativity, innovation, regional development, smart city, sustainability, triple helix

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Authors: Jenin Zidan

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This research paper investigates how planning, urban design, and architectural decisions affect the long-term environmental sustainability of residential buildings. The study, which focuses on the Al-Malaz District in Riyadh, Saudi Arabia, looks into how strategic planning, innovative urban design, and sustainable architectural practices might help mitigate environmental concerns and promote sustainable development in rapidly growing cities. This study attempts to shed light on the interplay of urban planning, design, and architecture in constructing sustainable residential environments by conducting a thorough examination of case studies and empirical data.

Keywords: urban planning, sustainable architecture, urban environmental challenge, residential buildings, villa house type

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Authors: Indarti, Li-Hsun Peng

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Batik is one of the most prominent expressions of cultural identity in Indonesia. On October 2009, UNESCO designated Indonesian batik as “a masterpiece of oral and intangible heritage of humanity”. The center of batik Indonesia is in middle of Java where there is center of Javanese royalty in the 17th century (known as classic batik). The development of batik spread to wide range of area in Indonesia, including in Sidoarjo city, East Java - Indonesia. Sidoarjo batik actually has long been around long time and is known as batik using bright colors, very different from classic batik. The aims of this study is to determine the kinds of ornament of Sidoarjo batik currently as one of the locally-based creative industry and to figure out how the attempt to sustainability of Sidoarjo batik from owner and government. The research is conducted in Jetis Village in Sidoarjo city known as village of batik. There is some batik business and batik maker in there. The research method used in-depth interview to search information about ornament of Sidoarjo batik and to analyze the attempt of business owner and government to sustainability of Sidoarjo Batik. In-depth interviews to batik business owners are used to determine the kinds of ornament of Sidoarjo Batik currently and how their attempt to maintain the existence of Sidoarjo Batik. In-depth interviews are also conducted to government to figure out how the support the sustainability of Sidoarjo batik. The result or research will introduce local products of Sidoarjo community to global market and increase knowledge about traditional textile design in one part of the world.

Keywords: Sidoarjo Batik, Traditional Textile, Ornament, Creative Design.

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Authors: Yousaf Ayub

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A co-gasification process, which involves the utilization of both biomass and plastic waste, has been developed to enable the production of blue and green hydrogen. To support this endeavor, an Aspen Plus simulation model has been meticulously created, and sustainability analysis is being conducted, focusing on economic viability, energy efficiency, advanced exergy considerations, and exergoeconomics evaluations. In terms of economic analysis, the process has demonstrated strong economic sustainability, as evidenced by an internal rate of return (IRR) of 8% at a process efficiency level of 70%. At present, the process has the potential to generate approximately 1100 kWh of electric power, with any excess electricity, beyond meeting the process requirements, capable of being harnessed for green hydrogen production via an alkaline electrolysis cell (AEC). This surplus electricity translates to a potential daily hydrogen production of around 200 kg. The exergy analysis of the model highlights that the gasifier component exhibits the lowest exergy efficiency, resulting in the highest energy losses, amounting to approximately 40%. Additionally, advanced exergy analysis findings pinpoint the gasifier as the primary source of exergy destruction, totaling around 9000 kW, with associated exergoeconomics costs amounting to 6500 $/h. Consequently, improving the gasifier's performance is a critical focal point for enhancing the overall sustainability of the process, encompassing energy, exergy, and economic considerations.

Keywords: blue hydrogen, green hydrogen, co-gasification, waste valorization, exergy analysis

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Authors: Njeze Anthony

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In the world economy, entrepreneurship is an outstanding venture. Failures in the businesses of over 70% of Entrepreneurs can be attributed to lack of proper planning. For an entrepreneur to succeed, there are some vital planning strategies that will come into play such as organizational, operational, financial and marketing plans. When an entrepreneur lacks the above mentioned, such an entrepreneur is bound to encounter a catastrophic failure. An entrepreneur with an adequate plan will examine his/her own goals, know why he is in business, look at the venture resource base, have a sound knowledge of his proposed venture and identify obstacles that will be surmounted to achieve the desired goals. This work is aimed at identifying the organizational, operational, financial and marketing impact of entrepreneurship in the world economy and as well the important issues in global entrepreneurship, possible obstacles, and solutions.

Keywords: economy, entrepreneurship, business, operation

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Authors: Anjula Negi, Sanjay Gupta

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Paradigms studied inform inadequacies of financial resources, be it to finance metro rails for construction or to meet operational revenues or to derive profits in the long term. Funding sustainability is far and wide for much-needed public transport modes, like urban rail or metro rails, to be successfully operated. India embarks upon a sustainable transport journey and has proposed metro rail systems countrywide. As an emerging economic leader, its fiscal constraints are paramount, and the land value capture (LVC) mechanism provides necessary support and innovation toward development. India’s metro rail policy promotes multiple methods of financing, including private-sector investments and public-private-partnership. The critical question that remains to be addressed is what factors can make such mechanisms work. Globally, urban rail is a revolution noted by many researchers as future mobility. Researchers in this study deep dive by way of literature review and empirical assessments into factors that can lead to the adoption of LVC mechanisms. It is understood that the adoption of LVC methods is in the nascent stages in India. Research posits numerous challenges being faced by metro rail agencies in raising funding and for incremental value capture. A few issues pertaining to land-based financing, inter alia: are long-term financing, inter-institutional coordination, economic/ market suitability, dedicated metro funds, land ownership issues, piecemeal approach to real estate development, property development legal frameworks, etc. The question under probe is what are the parameters that can lead to success in the adoption of land value capture (LVC) as a financing mechanism. This research provides insights into key parameters crucial to the adoption of LVC in the context of Indian metro rails. Researchers have studied current forms of LVC mechanisms at various metro rails of the country. This study is significant as little research is available on the adoption of LVC, which is applicable to the Indian context. Transit agencies, State Government, Urban Local Bodies, Policy makers and think tanks, Academia, Developers, Funders, Researchers and Multi-lateral agencies may benefit from this research to take ahead LVC mechanisms in practice. The study deems it imperative to explore and understand key parameters that impact the adoption of LVC. Extensive literature review and ratification by experts working in the metro rails arena were undertaken to arrive at parameters for the study. Stakeholder consultations in the exploratory factor analysis (EFA) process were undertaken for principal component extraction. 43 seasoned and specialized experts participated in a semi-structured questionnaire to scale the maximum likelihood on each parameter, represented by various types of stakeholders. Empirical data was collected on chosen eighteen parameters, and significant correlation was extracted for output descriptives and inferential statistics. Study findings reveal these principal components as institutional governance framework, spatial planning features, legal frameworks, funding sustainability features and fiscal policy measures. In particular, funding sustainability features highlight sub-variables of beneficiaries to pay and use of multiple revenue options towards success in LVC adoption. Researchers recommend incorporation of these variables during early stage in design and project structuring for success in adoption of LVC. In turn leading to improvements in revenue sustainability of a public transport asset and help in undertaking informed transport policy decisions.

Keywords: Exploratory factor analysis, land value capture mechanism, financing metro rails, revenue sustainability, transport policy

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Authors: A. Buruzs, M. F. Hatwágner, A. Torma, L. T. Kóczy

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Recently, an increasing number of researchers have been focusing on working out realistic solutions to sustainability problems. As sustainability issues gain higher importance for organisations, the management of such decisions becomes critical. Knowledge representation is a fundamental issue of complex knowledge based systems. Many types of sustainability problems would benefit from models based on experts’ knowledge. Cognitive maps have been used for analyzing and aiding decision making. A cognitive map can be made of almost any system or problem. A fuzzy cognitive map (FCM) can successfully represent knowledge and human experience, introducing concepts to represent the essential elements and the cause and effect relationships among the concepts to model the behavior of any system. Integrated waste management systems (IWMS) are complex systems that can be decomposed to non-related and related subsystems and elements, where many factors have to be taken into consideration that may be complementary, contradictory, and competitive; these factors influence each other and determine the overall decision process of the system. The goal of the present paper is to construct an efficient IWMS which considers various factors. The authors’ intention is to propose an expert based system design approach for implementing expert decision support in the area of IWMSs and introduces an appropriate methodology for the development and analysis of group FCM. A framework for such a methodology consisting of the development and application phases is presented.

Keywords: factors, fuzzy cognitive map, group decision, integrated waste management system

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Authors: Seedwell Sithole

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One of the persistent problems in accounting education is how to effectively support students’ learning. A promising technique to this issue is to investigate the extent that learning is determined by the design of instructional material. This study examines the academic performance of students using three instructional designs in financial accounting. Student’s performance scores and reported mental effort ratings were used to determine the instructional effectiveness. The findings of this study show that accounting students prefer graph and text designs that are integrated. The results suggest that spatially separated graph and text presentations in accounting should be reorganized to align with the requirements of human cognitive architecture.

Keywords: accounting, cognitive load, education, instructional preferences, students

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Authors: Ikenna Michael Onuorah

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The relentless march of globalization in architecture has led to a homogenization of built environments, often characterized by an overreliance on imported, resource-intensive materials and a disregard for local cultural contexts. This research posits that such practices pose significant environmental and cultural perils, trapping communities in "caged concrete jungles" devoid of both ecological sustainability and a meaningful connection to their heritage. Through a mixed-method approach encompassing quantitative and qualitative data analysis, the study investigated the impacts of neglecting local materials and cultural expression in architectural design. The research is anticipated to yield significant insights into the multifaceted consequences of neglecting locally available materials and cultural expression in architecture. It creates a compelling case for reasserting local materials and cultural expression in architectural design. Based on the anticipated research findings, the study proposed series of actionable recommendations for architects, policymakers, and communities to promote sustainable and culturally sensitive built environments. This will serve as a wake-up call, urging architects, policymakers, and communities to break free from the confines of "caged concrete jungles" and embrace a more sustainable and culturally sensitive approach to design.

Keywords: sustainability, cultural identity, building materials, sustainable dsigns

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Authors: Fayaz Moosavi, Saeid Moradyfard

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One of the methods in avoiding management fraud and increasing the quality of financial information, is the notification of qualitative features of financial information, including conservatism characteristic. Although taking a conservatism approach, while boosting the quality of financial information, is able to reduce the informational risk and the cost of capital stock of commercial department, by presenting an improper image about the situation of the commercial department, raises the risk of failure in returning the main and capital interest, and consequently the cost of capital of the commercial department. In order to know if conservatism finally leads to the increase or decrease of the cost of capital or does not have any influence on it, information regarding accepted companies in Tehran stock exchange is utilized by application of pooling method from 2007 to 2012 and it included 124 companies. The results of the study revealed that there is an opposite and meaningful relationship between conditional conservatism and the cost of capital of the company. In other words, if bad and unsuitable news and signs are reflected sooner than good news in accounting profit, the cost of capital of the company increases. In addition, there is a positive and meaningful relationship between the cost of capital and lack of information asymmetry.

Keywords: conditional conservatism, lack of information asymmetry, the cost of capital, stock exchange

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Authors: Antonio Piga

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The study of language strategies in financial and corporate discourse has always been vital for understanding how companies manage to communicate effectively with a wider customer base and offers new perspectives on how companies interact with key stakeholders, not only to convey transparency and an image of trustworthiness, but also to create affiliation and attract investment. In the light of Systemic Functional Linguistics, the purpose of this study is to examine and analyse the annual reports of Asian and Western joint-stock companies involved in oil refining and power generation from the point of view of the functions and frequency of grammatical metaphors. More specifically, grammatical metaphor - through the lens of Critical Discourse Analysis (CDA) - is used as a theoretical tool for analysing a synchronic cross-cultural study of the communicative strategies adopted by Asian and Western companies to communicate social and environmental sustainability and showcase their ethical values, performance and competitiveness to local and global communities and key stakeholders. According to Systemic Functional Linguistics, grammatical metaphor can be divided into two broad areas: ideational and interpersonal. This study focuses on the first type, ideational grammatical metaphor (IGM), which includes de-adjectival and de-verbal nominalisation. The dominant and more effective grammatical tropes used by Asian and Western corporations in their annual reports were examined from both a qualitative and quantitative perspective. The aim was to categorise and explain how ideational grammatical metaphor is constructed cross-culturally and presented through structural language patterns involving re-mapping between semantics and lexico-grammatical features. The results show that although there seem to be more differences than similarities in terms of the categorisation of the ideational grammatical metaphors conceptualised in the two case studies analysed, there are more similarities than differences in terms of the occurrence, the congruence of process types and the role and function of IGM. Through the immediacy and essentialism of compacting and condensing information, IGM seems to be an important linguistic strategy adopted in the rhetoric of corporate annual reports, contributing to the ideologies and actions of companies to report and promote efficiency, profit and social and environmental sustainability, thus advocating the engagement and investment of key stakeholders.

Keywords: corporate annual reports, cross-cultural perspective, ideational grammatical metaphor, rhetoric, systemic functional linguistics

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Authors: Paramita Nur Kurniati, Stanislaus Riyanta

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

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

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Authors: Ibrahim Ali, Adamu Danlami Ahmed

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This study examines the impact of depreciation on taxable income and financial performance of consumer goods companies quoted on the Nigerian stock exchange. The study adopts ex-post factor research design. Data were collected using a secondary source. The findings of the study suggest that, method of depreciation adopted in any organization influence the taxable profit. Depreciation techniques can either be: depressive, accelerative and linear depreciation. It was also recommended that consumer goods should adjust their method of depreciation to make sure an appropriate method is adopted. This will go a long way to revitalize their taxable profit.

Keywords: accelerated, linear, depressive, depreciation

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Authors: Connor Dunlop, Bassim Abbassi, Richard G. Zytner

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Life cycle assessment (LCA) is a powerful tool established by the International Organization for Standardization (ISO) that can be used to assess the environmental impacts of a product or process from cradle to grave. Many studies utilize the LCA methodology within the site remediation field to compare various decontamination methods, including bioremediation, soil vapor extraction or excavation, and off-site disposal. However, with the authors' best knowledge, limited information is available in the literature on a sustainability tool that could be used to help with the selection of the optimal remediation technology. This tool, based on the LCA methodology, would consider site conditions like environmental, economic, and social impacts. Accordingly, this project was undertaken to develop a tool to assist with the selection of optimal sustainable technology. Developing a proper tool requires a large amount of data. As such, data was collected from previous LCA studies looking at site remediation technologies. This step identified knowledge gaps or limitations within project data. Next, utilizing the data obtained from the literature review and other organizations, an extensive LCA study is being completed following the ISO 14040 requirements. Initial technologies being compared include bioremediation, excavation with off-site disposal, and a no-remediation option for a generic gasoline-contaminated site. To complete the LCA study, the modelling software SimaPro is being utilized. A sensitivity analysis of the LCA results will also be incorporated to evaluate the impact on the overall results. Finally, the economic and social impacts associated with each option will then be reviewed to understand how they fluctuate at different sites. All the results will then be summarized, and an interactive tool using Excel will be developed to help select the best sustainable site remediation technology. Preliminary LCA results show improved sustainability for the decontamination of a gasoline-contaminated site for each technology compared to the no-remediation option. Sensitivity analyses are now being completed on on-site parameters to determine how the environmental impacts fluctuate at other contaminated gasoline locations as the parameters vary, including soil type and transportation distances. Additionally, the social improvements and overall economic costs associated with each technology are being reviewed. Utilizing these results, the sustainability tool created to assist in the selection of the overall best option will be refined.

Keywords: life cycle assessment, site remediation, sustainability tool, contaminated sites

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Authors: Claire Norman-Maillet

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Insider fraud, including its various synonyms such as occupational, employee or internal fraud, is a major financial crime threat whereby an employee defrauds (or attempts to defraud) their current, prospective, or past employer. ‘Employee’ covers anyone employed by the company, including contractors, directors, and part time staff; they may be a solo bad actor or working in collusion with others, whether internal or external. Insider fraud is even more of a concern given the impacts of the Coronavirus pandemic, which has generated multiple opportunities to commit insider fraud. Insider fraud is something that is not necessarily thought of as a significant financial crime threat; the focus of most academics and practitioners has historically been on that of ‘external fraud’ against businesses or entities where an individual or group has no professional ties. Without the face-to-face, ‘over the shoulder’ capabilities of staff being able to keep an eye on their employees, there is a heightened reliance on trust and transparency. With this, naturally, comes an increased risk of insider fraud perpetration. The objective of the research is to better understand how companies are impacted by insider fraud, and therefore how to stop it. This research will make both an original contribution and stimulate debate within the financial crime field. The financial crime landscape is never static – criminals are always creating new ways to perpetrate financial crime, and new legislation and regulations are implemented as attempts to strengthen controls, in addition to businesses doing what they can internally to detect and prevent it. By focusing on insider fraud specifically, the research will be more specific and will be of greater use to those in the field. To achieve the aims of the research, semi-structured interviews were conducted with 22 individuals who either work in financial services and deal with insider fraud or work within insider fraud perpetration in a recruitment or advisory capacity. This was to enable the sourcing of information from a wide range of individuals in a setting where they were able to elaborate on their answers. The principal recruitment strategy was engaging with the researcher’s network on LinkedIn. The interviews were then transcribed and analysed thematically. Main findings in the research suggest that insider fraud has been ignored owing to the denial of accepting the possibility that colleagues would defraud their employer. Whilst Coronavirus has led to a significant rise in insider fraud, this type of crime has been a major risk to businesses since their inception, however have never been given the financial or strategic backing required to be mitigated, until it's too late. Furthermore, Coronavirus should have led to companies tightening their access rights, controls and policies to mitigate the insider fraud risk. However, in most cases this has not happened. The research concludes that insider fraud needs to be given a platform upon which to be recognised as a threat to any company and given the same level of weighting and attention by Executive Committees and Boards as other types of economic crime.

Keywords: fraud, insider fraud, economic crime, coronavirus, Covid-19

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Authors: Mohammed Lawal Danrimi, Ervina Alfan, Mazni Abdullah

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The purpose of this study is to investigate whether the adoption of International Financial Reporting Standards (IFRS) encourages information-based trading and mitigates investors’ herding practice in emerging EU equity markets. Utilizing a modified non-linear model of cross-sectional absolute deviation (CSAD), we find that the hypothesis that mandatory IFRS adoption improves the information set of investors and reduces irrational investment behavior may in some cases be incorrect, and the reverse may be true. For instance, with regard to herding concerns, the new reporting benchmark has rather aggravated investors’ herding practice. However, we also find that mandatory IFRS adoption does not appear to be the only instigator of the observed herding practice; national institutional factors, particularly regulatory quality, political stability and control of corruption, also significantly contribute to investors’ herd formation around the new reporting regime. The findings would be of interest to academics, regulators and policymakers in performing a cost-benefit analysis of the so-called better reporting regime, as well as financial statement users who make decisions based on firms’ fundamental variables, treating them as significant indicators of future market movement.

Keywords: equity markets, herding, IFRS, CSAD

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Authors: Miriam Corrado, Roberta Ciccola, Maria Serena Chiucchi

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SDGs represent the last edge in the sustainability corporate practices, including the supply chain management. Supply chains are becoming more global and complex, can create more inclusive markets and make contribution to the advance of the sustainable development. In corporate practices, the presence of sustainability criteria in supply chain management could offer an opportunity to increase competitiveness and to meet stakeholders’ expectations in terms of sustainability and corporate accountability. The research aims to understand how focal companies can integrate SDGs in their supply chain and how they can measure and assess their impacts on SDGs. The study adopts a multiple case study methodology based on four case studies referred to companies committed in measuring SDGs’ performance in their supply chains. Preliminary findings demonstrate the willingness and the need of companies to commit under a supply-chain perspective for the achievement of SDGs. Companies recognize their role in impacting the SDGs through their procurement choices by defining and implementing an SDGs scoring system. The contribution of the study is twofold: first, given the lack of research and studies addressing the integration of SDGs in the supply chain and in the performance measurement systems, the research provides a contribution to the current academic literature in relation to these emerging gaps; second, the research provides a practical guidance to implement a sustainable supply chain and advance towards the achievement of SDGs.

Keywords: sustainable supply chains, sustainable development goals, performance measurement, performance management

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Authors: Medya Fathi

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Moving toward sustainable development is among today’s critical issues worldwide that make all industries, particularly construction, pay increasing attention to a healthy environment and a society with a prosperous economy. One of the solutions is to improve buildings’ energy performance by cutting energy consumption and related carbon emissions, eventually improving the quality of life. Unfortunately, the energy demand for buildings is rising. For instance, in Europe, the building sector accounts for 19% of the global energy-related greenhouse gas (GHGs) emissions, the main contributor to global warming in the last 50 years, and 36% of the total CO2 emissions, according to European Commission 2019. The crisis of energy use demands expanding knowledge and understanding of the potential benefits of energy-efficient buildings. In this regard, the present paper aims to critically review the existing body of knowledge on improving energy efficiency in buildings and detail the significant research contributions. Peer-reviewed journal articles published in the last decade in reputed journals were reviewed using the database Scopus and keywords of Sustainability, Sustainable Development, Energy Performance, Energy Consumption, Energy Efficiency, and Buildings. All contributions will be classified by journal type, publication time, country/region, building occupancy type, applied strategies, and findings. This study will provide an essential basis for researchers working on missing areas and filling the existing gaps in the body of knowledge.

Keywords: sustainability, energy performance, energy efficiency, buildings, review

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Authors: Joanna Stawska

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The main objective of this article is to examine the impact of interest rates on investments in Poland in the context of financial crisis. The paper also investigates the dependence of bank loans to enterprises on interbank market rates. The article studies the impact of interbank market rate on the level of investments in Poland. Besides, this article focuses on the research of the correlation between the level of corporate loans and the amount of investments in Poland in order to determine the indirect impact of central bank interest rates through the transmission mechanism of monetary policy on the real economy. To achieve the objective we have used econometric and statistical research methods like: econometric model and Pearson correlation coefficient. This analysis suggests that the central bank reference rate inversely proportionally affects the level of investments in Poland and this dependence is moderate. This is also important issue because it is related to preparing of Poland to accession to euro area. The research is important from both theoretical and empirical points of view. The formulated conclusions and recommendations determine the practical significance of the paper which may be used in the decision making process of monetary and economic authorities of the country.

Keywords: central bank, financial crisis, interest rate, investments

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Authors: Eliane Abdo, Olivier Colot

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SMEs are always considered as a national priority due to their contribution to job creation, innovation and growth. Once the start-up phase is crossed with encouraging results, the company enters the phase of growth. In order to improve its competitiveness, maintain and increase its market share, the company is in the necessity even the obligation to develop its tangible and intangible investments. SMEs are generally closed companies with special and critical financial situation, limited resources and difficulty to access the capital markets; their shareholders are always living in a conflict between their independence and their need to increase capital that leads to the entry of new shareholder. The capital structure was always considered the core of research in corporate finance; moreover, the financial crisis and its repercussions on the credit’s availability, especially for SMEs make SME financing a hot topic. On the other hand, financial theories do not provide answers to capital structure’s questions; they offer tools and mode of financing that are more accessible to larger companies. Yet, SME’s capital structure can’t be independent of their governance structure. The classic financial theory supposes independence between the investment decision and the financing decision. Thus, investment determines the volume of funding, but not the split between internal or external funds. In this context, we find interesting to study the hypothesis that SMEs respond positively to the financial theories applied to large firms and to check if they are constrained by conventional solutions used by large companies. In this context, this research focuses on the analysis of the resource’s structure of SME in parallel with their investments’ structure, in order to highlight a link between their assets and liabilities structure. We founded our conceptual model based on two main theoretical frameworks: the Pecking order theory, and the Trade Off theory taking into consideration the SME’s characteristics. Our data were generated from DIANE database. Five hypotheses were tested via a panel regression to understand the type of dependence between the financing methods of 3,244 French SMEs and the development of their investment over a period of 10 years (2007-2016). The results show dependence between equity and internal financing in case of intangible investments development. Moreover, this type of business is constraint to financial debts since the guarantees provided are not sufficient to meet the banks' requirements. However, for tangible investments development, SMEs count sequentially on internal financing, bank borrowing, and new shares issuance or hybrid financing. This is compliant to the Pecking Order Theory. We, therefore, conclude that unlisted SMEs incur more financial debts to finance their tangible investments more than their intangible. However, they always prefer internal financing as a first choice. This seems to be confirmed by the assumption that the profitability of the company is negatively related to the increase of the financial debt. Thus, the Pecking Order Theory predictions seem to be the most plausible. Consequently, SMEs primarily rely on self-financing and then go, into debt as a priority to finance their financial deficit.

Keywords: capital structure, investments, life cycle, pecking order theory, trade off theory

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Authors: Ilaria Barletta, Mahesh Mani, Björn Johansson

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The concept of sustainability encompasses economic, environmental, social and institutional considerations. Sustainable manufacturing (SM) is, therefore, a multi-faceted concept. It broadly implies the development and implementation of technologies, projects and initiatives that are concerned with the life cycle of products and services, and are able to bring positive impacts to the environment, company stakeholders and profitability. Because of this, achieving SM-related goals requires a holistic, life-cycle-thinking approach from manufacturing companies. Further, such an approach must rely on a logic of continuous improvement and ease of implementation in order to be effective. Currently, there exists in the academic literature no comprehensively structured frameworks that support manufacturing companies in the identification of the issues and the capabilities that can either hinder or foster sustainability. This scarcity of support extends to difficulties in obtaining quantifiable measurements in order to objectively evaluate solutions and programs and identify improvement areas within SM for standards conformance. To bridge this gap, this paper proposes the concept of a framework for assessing and continuously improving the sustainability of manufacturing companies. The framework addresses strategies and projects for SM and operates in three sequential phases: analysis of the issues, design of solutions and continuous improvement. A set of interviews, observations and questionnaires are the research methods to be used for the implementation of the framework. Different decision-support methods - either already-existing or novel ones - can be 'plugged into' each of the phases. These methods can assess anything from business capabilities to process maturity. In particular, the authors are working on the development of a sustainable manufacturing maturity model (SMMM) as decision support within the phase of 'continuous improvement'. The SMMM, inspired by previous maturity models, is made up of four maturity levels stemming from 'non-existing' to 'thriving'. Aggregate findings from the use of the framework should ultimately reveal to managers and CEOs the roadmap for achieving SM goals and identify the maturity of their companies’ processes and capabilities. Two cases from two manufacturing companies in Australia are currently being employed to develop and test the framework. The use of this framework will bring two main benefits: enable visual, intuitive internal sustainability benchmarking and raise awareness of improvement areas that lead companies towards an increasingly developed SM.

Keywords: life cycle management, continuous improvement, maturity model, sustainable manufacturing

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Authors: Emilia Klepczarek

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The Basel Committee on Banking Supervision and the OECD found problems with the mechanisms of corporate governance as one of the major causes of destabilization of the financial system and the subprime crisis in the years 2007-2010. In response to these allegations, there were formulated a number of recommendations aimed at improving the quality of supervisory standards in financial institutions. They relate mainly to risk management, remuneration policy, the competence of managers and board members and transparency issues. Nevertheless, a review of the empirical research conducted by the author does not allow for an unambiguous confirmation of the positive impact of the postulated standards on the stability of banking entities. There is, therefore, a presumption of the existence of hidden variables determining the effectiveness of the governance mechanisms. According to the author, this involves concepts arising from behavioral economics and economic anthropology, which allow for an explanation of the effectiveness of corporate governance institutions on the basis of the socio-cultural profile of its members. The proposed corporate governance culture theory indicates that the attributes of the members of the organization and organizational culture can determine the different effectiveness level of the governance processes in similar formal corporate governance structures. The aim of the presentation is, firstly, to draw attention to the vast discrepancies existing within the results of research on the effectiveness of the standards of corporate governance in the banking sector. Secondly, the author proposes an explanation of these differences on the basis of governance theory breaking with common paradigms. The corporate governance culture theory is focused on the identity of the individual and the scope of autonomy offered within his or her institution. The coexistence of these two conditions - the adequate behavioral profile and enough freedom to decide - is a prerequisite for the efficient functioning of the institutions of corporate governance, which can contribute to rehabilitating and strengthening the stability of the financial sector.

Keywords: autonomy, corporate governance, efficiency, governance culture

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Authors: Zoran Veršić, Josip Galić, Marin Binički, Lucija Stepinac

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With the current increase in CO₂ emissions and global warming, the sustainability of both existing and new solutions must be assessed on a wide scale. As the implementation of closed cavity facades (CCF) is on the rise, a variety of factors must be included in the analysis of new types of CCF. This paper aims to cover the relevant factors included in the sustainability assessment of new types of CCF. Several mathematical models are being used to describe the physical behavior of CCF. Depending on the type of CCF, they cover the main factors which affect the durability of the façade: thermal behavior of various elements in the façade, stress, and deflection of the glass panels, pressure inside a cavity, exchange rate, and the moisture buildup in the cavity. CCF itself represents a complex system in which all mentioned factors must be considered mutually. Still, the façade is only an envelope of a more complex system, the building. Choice of the façade dictates the heat loss and the heat gain, thermal comfort of inner space, natural lighting, and ventilation. Annual consumption of energy for heating, cooling, lighting, and maintenance costs will present the operational advantages or disadvantages of the chosen façade system in both the economic and environmental aspects. Still, the only operational viewpoint is not all-inclusive. As the building codes constantly demand higher energy efficiency as well as transfer to renewable energy sources, the ratio of embodied and lifetime operational energy footprint of buildings is changing. With the drop in operational energy CO₂ emissions, embodied energy emissions present a larger and larger share in the lifecycle emissions of the building. Taken all into account, the sustainability assessment of a façade, as well as other major building elements, should include all mentioned factors during the lifecycle of an element. The challenge of such an approach is a timescale. Depending on the climatic conditions on the building site, the expected lifetime of CCF can exceed 25 years. In such a time span, some of the factors can be estimated more precisely than others. The ones depending on the socio-economic conditions are more likely to be harder to predict than the natural ones like the climatic load. This work recognizes and summarizes the relevant factors needed for the assessment of new types of CCF, considering the entire lifetime of a façade element and economic and environmental aspects.

Keywords: assessment, closed cavity façade, life cycle, sustainability

Procedia PDF Downloads 193