Search results for: tourism market

Authors: A.N. Zhilkaidarov, G.K. Iskakova, V.Y. Chernyh

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High-qualified and not-expensive products of daily usage have a big demand on food products’ market. Moreover, it is about independent and irreplaceable product as pasta. Pasta is a product, which represents itself the conserved dough from wheat flour made through special milling process. A wide assortment of the product and its pleasant taste properties allow to use pasta products in very different combinations with other food products. Pasta industry of Kazakhstan has large perspectives of development. There are many premises for it, which includes first an importance of pasta as a social product. Due to for its nutritional and energetically value pasta is the part of must have food. Besides that, the pasta production in Kazakhstan has traditional bases, and nowadays the market of this product develops rapidly as in quantity as well as in quality aspects. Moreover, one of the advantages of this branch is an economical aspect – pasta is the product of secondary processing, and therefore price for sailing is much higher as its own costs.

Keywords: pasta, new wheat sorts, domesic sorts of wheat, macaronic flour

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Authors: Yaojun Wang, Yaoqing Wang

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Stock selection is an important decision-making problem. Many machine learning and data mining technologies are employed to build automatic stock-selection system. A profitable stock-selection system should consider the stock’s investment value and the market timing. In this paper, we present a hybrid system including both engage for stock selection. This system uses a case-based reasoning (CBR) model to execute the stock classification, uses a decision-tree model to help with market timing and stock selection. The experiments show that the performance of this hybrid system is better than that of other techniques regarding to the classification accuracy, the average return and the Sharpe ratio.

Keywords: case-based reasoning, decision tree, stock selection, machine learning

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Authors: Mauricio Quintero Angel, Andrés A. Duque Nivia, Carlos H. Fajardo Toro

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This paper analyzes two approaches of sustainability, the weak and strong, considering a case of study of oil palm production for an industry of biodegradable detergent. In this case, a company demand the oil palm as the active element for washing and through its trademark aims to supply 10% of the Colombian market of washing powders. Under each approach the economic and ecological implications of the palm oil production and especially the implications for crop management are described. The crop production under the weak sustainability implies plantations, intensive use of agrochemicals and the inclusion of new areas of cultivation as the market grows. Under the strong sustainability the production system is limited by the productive vocation of the ecosystem, so that new approaches and creativity for making viable the nature conservancy and the business development are require.

Keywords: agriculture, environmental impacts, oil palm, strong sustainability, weak sustainability

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Authors: Woosik Jang, Seung Heon Han, Seung Won Baek

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Natural gas (NG) is an energy resource in a few countries, and most NG producers do business in politically unstable countries. In addition, as 90% of the LNG market is controlled by a small number of international oil companies (IOCs) and national oil companies (NOCs), entry of latecomers into the market is extremely limited. To meet these challenges, project viability needs to be assessed based on limited information from a project screening perspective. However, the early stages of the project have the following difficulties: (1) What are the factors to consider? (2) How many professionals do you need to decide? (3) How to make the best decision with limited information? To address this problem, this study proposes a model for evaluating LNG project viability based on the Dempster-Shafer theory (DST). A total of 11 indicators for analyzing the gas field, reflecting the characteristics of the LNG industry, and 23 indicators for analyzing the market environment, were identified. The proposed model also evaluates the LNG project based on the survey and provides uncertainty of the results based on DST as well as quantified results. Thus, the proposed model is expected to be able to support the decision-making process of the gas field project using quantitative results as a systematic framework, and it was developed as a stand-alone system to improve its usefulness in practice. Consequently, the amount of information and the mathematical approach are expected to improve the quality and opportunity of decision making for LNG projects for enterprises.

Keywords: project screen, energy enterprise, decision support system, Dempster-Shafer theory

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Authors: Carolina Silva Ansélmo

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Airports are demand-generating poles that affect the flow of traffic around them. The airport access system must be fast, convenient, and adequately planned, considering its potential users. An airport with good ground access conditions can provide the user with a more satisfactory access experience. When several transport options are available, service providers must understand users' preferences and the expected quality of service. The present study focuses on airport access in a comparative scenario between bus, private vehicle, subway, taxi and urban mobility transport applications to São Paulo/Guarulhos International Airport. The objectives are (i) to identify the factors that influence the choice, (ii) to measure Willingness to Pay (WTP), and (iii) to estimate the market share for each modal. The applied method was Adaptive Choice-based Conjoint Analysis (ACBC) technique using Sawtooth Software. Conjoint analysis, rooted in Utility Theory, is a survey technique that quantifies the customer's perceived utility when choosing alternatives. Assessing user preferences provides insights into their priorities for product or service attributes. An additional advantage of conjoint analysis is its requirement for a smaller sample size compared to other methods. Furthermore, ACBC provides valuable insights into consumers' preferences, willingness to pay, and market dynamics, aiding strategic decision-making to provide a better customer experience, pricing, and market segmentation. In the present research, the ACBC questionnaire had the following variables: (i) access time to the boarding point, (ii) comfort in the vehicle, (iii) number of travelers together, (iv) price, (v) supply power, and (vi) type of vehicle. The case study questionnaire reached 213 valid responses considering the scenario of access from the São Paulo city center to São Paulo/Guarulhos International Airport. As a result, the price and the number of travelers are the most relevant attributes for the sample when choosing airport access. The market share of the selection is mainly urban mobility transport applications, followed by buses, private vehicles, taxis and subways.

Keywords: adaptive choice-based conjoint analysis, ground access to airport, market share, willingness to pay

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Authors: Paola Bordon, Breno Braga

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This paper investigates whether firms use university prestige to statistically discriminate among college graduates. The test is based on the employer learning literature which suggests that if firms use a characteristic for statistical discrimination, this variable should become less important for earnings as a worker gains labor market experience. In this framework, we use a regression discontinuity design to estimate a 19% wage premium for recent graduates of two of the most selective universities in Chile. However, we find that this premium decreases by 3 percentage points per year of labor market experience. These results suggest that employers use college selectivity as a signal of workers' quality when they leave school. However, as workers reveal their productivity throughout their careers, they become rewarded based on their true quality rather than the prestige of their college.

Keywords: employer learning, statistical discrimination, college returns, college selectivity

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Authors: Ebrahim Sabermaash Eshghi, Donna Sandsmark

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Nowadays, successful companies try to create a reliable and unique competitive position in the market. It is important to consider that only choosing and codifying a competitive strategy appropriate with the market conditions does not have any influence on the final performance of the company by itself, but it is the connection and interaction between upstream level strategies and functional level strategies which leads to development of company performance in its operating environment. Given the importance of the subject, this study tries to investigate effective factors on product performance and prioritize them. This study was done with quantitative-qualitative approach (interview and questionnaire). In sum, 103 informed managers and experts of Pars-Khazar Company were investigated in a census. Validity of measure tools was approved through experts’ judgments. Reliability of the tools was also gained through Cronbach's Alpha Coefficient as 0.930 and in sum, validity and reliability of the tools was approved generally. Analysis of collected data was done through Spearman Correlation Test and Friedman Test using SPSS software. The results showed that management of distribution and demand process (0.675), management of Product Pre-test (0.636) and Manufacturing and inventory management(0.628) had the highest correlation with product performance. Prioritization of factors of structure of launching new products based on the average showed that management of volume of launched products and Manufacturing and inventory management had the most importance.

Keywords: product performance, home appliances, market, case study

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Authors: Mai Maitiaili Tuerdi

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Turkey is one of the countries in which fast food service is growing increasingly in the world. The emergence of KFC and McDonald's to Turkish market is affecting every aspects of local fast-food services. The Turkey's famous catering companies named "Simit Sarayi" and "Güllüoğlu" are famous for accepting the Western fast food management service and skills in order to increase their market share. Also, they have created their unique management skills in this field. In this paper, through empirical and comparative study method we will analyze the famous Turkish local fast-food companies and western human resource management. We will argue how to create and adapt the human resource management while the company is economically and socially growing.

Keywords: human resources management, Turkey, fast food, management

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Authors: Priyal Motwani, Garvit Goel

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In this study, we have studied and analysed the transaction data of investors of a mutual fund investment company based in India. Based on the data available, we have identified the top four biases that affect the investors of the emerging market economies through regression analysis and three uniquely defined ratios. We found that the four most prominent biases that affected the investment making decisions in India are– Chauffer Knowledge, investors tend to make ambitious decisions about sectors they know little about; Bandwagon effect – the response of the market indices to macroeconomic events are more profound and seem to last longer compared to western markets; base-rate neglect – judgement about stocks are too much based on the most recent development ignoring the long-term fundamentals of the stock; availability bias – lack of proper communication channels of market information lead people to be too reliant on limited information they already have. After segregating the investors into six groups, the results have further been studied to identify a correlation among the demographics, gender and unique cultural identity of the derived groups and the corresponding prevalent biases. On the basis of the results obtained from the derived groups, our study recommends six methods, specific to each group, to educate the investors about the prevalent biases and their role in investment decision making.

Keywords: Bandwagon effect, behavioural biases, Chauffeur knowledge, demographics, investor literacy, mutual funds

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Authors: Okupe Temitope Oluwaseun

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Purpose: The paper determines the existing position of attitudes to disability in a Nigerian organisation. It further assessed the progress that has been made in relation to employment matters as an indication of the Nigerian employment market. Design/methodology/approach: The paper discusses an investigative study which adopted survey research-based approach involving a Nigerian Management Agency. Findings: The paper finds that, although there have been some steps forward, not much has been done with regard to disability equality in the Nigerian employment market. Lack of education, lack of implementing and enforcing the law, inadequate awareness process and international culture have contributed to the current situation. International culture, in particular, is one of the major attributes to lack of disability equality. For example, in the rural areas, the majority of people believe that disability is a form of witchcraft. This paper argues that these traditions, attitudes, and beliefs make it difficult for an organisation to recruit people with disability. Practical Implications: This paper provides a deeper understanding of how organisations can address attitudes to disability within the workplace in Nigeria. The research findings give a fresher perspective on some of the issues associated with disability in this country. This increased understanding has potential to improve the education and training of staff in this area. Originality/value: A paper which human resources managers in Nigerian organisation and the rest of the world can reflect upon in order to assess their own organisation attitudes to the employment of staff with a disability.

Keywords: disability, international culture, Nigeria, attitudes

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Authors: Nidhal Mgadmi, Abdelhafidh Othmani

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This article examines the causal relationship between stock indices and cryptocurrencies during the current war between Russia and Ukraine. The econometric investigation runs from February 24, 2022, to April 12, 2023, focusing on seven stock market indices (S&P500, DAX, CAC40, Nikkei, TSX, MOEX, and PFTS) and seven cryptocurrencies (Bitcoin, Ethereum, Litcoin, Dash, Ripple, DigiByte and XEM). In this article, we try to understand how investors react to fluctuations in financial assets to seek safe havens in cryptocurrencies. We used dynamic causality to detect a possible causal relationship in the short term and seven models to estimate the long-term relationship between cryptocurrencies and financial assets. The causal relationship between financial market indexes and cryptocurrency coins in the short run indicates that three famous cryptocurrencies (BITCOIN, ETHEREUM, RIPPLE) and the two digital assets with minor popularity (XEM, Digibyte) are impacted by the German, Russian, and Ukrainian stock markets. In the long run, we found a positive and significate effect of the American, Canadian, French, and Ukrainian stock market indexes on Bitcoin. Thus, the stability of the traditional financial markets during the current war period can be explained on the one hand by investors’ fears of an unstable business climate, and on the other hand, by speculators’ sentiment towards new electronic products, which are perceived as hedging instruments and a safe haven in the face of the conflict between Ukraine and Russia.

Keywords: causality, stock indices, cryptocurrency, war, Russia, Ukraine

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Authors: Eduardo Rodrigues, Gisela Mendes, José M. Torres, José E. Sousa

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In the sequence of the liberalisation of the electricity sector a progressive engagement of consumers has been considered and targeted by sector regulatory policies. With the objective of promoting market competition while protecting consumers interests, by transferring some of the upstream benefits to the end users while reaching a fair distribution of system costs, different market models to value consumers’ demand flexibility at the energy community level are envisioned. Local Energy and Flexibility Markets (LEFM) involve stakeholders interested in providing or procure local flexibility for community, services and markets’ value. Under the scope of DOMINOES, a European research project supported by Horizon 2020, the local market concept developed is expected to: • Enable consumers/prosumers empowerment, by allowing them to value their demand flexibility and Distributed Energy Resources (DER); • Value local liquid flexibility to support innovative distribution grid management, e.g., local balancing and congestion management, voltage control and grid restoration; • Ease the wholesale market uptake of DER, namely small-scale flexible loads aggregation as Virtual Power Plants (VPPs), facilitating Demand Response (DR) service provision; • Optimise the management and local sharing of Renewable Energy Sources (RES) in Medium Voltage (MV) and Low Voltage (LV) grids, trough energy transactions within an energy community; • Enhance the development of energy markets through innovative business models, compatible with ongoing policy developments, that promote the easy access of retailers and other service providers to the local markets, allowing them to take advantage of communities’ flexibility to optimise their portfolio and subsequently their participation in external markets. The general concept proposed foresees a flow of market actions, technical validations, subsequent deliveries of energy and/or flexibility and balance settlements. Since the market operation should be dynamic and capable of addressing different requests, either prioritising balancing and prosumer services or system’s operation, direct procurement of flexibility within the local market must also be considered. This paper aims to highlight the research on the definition of suitable DR models to be used by the Distribution System Operator (DSO), in case of technical needs, and by the retailer, mainly for portfolio optimisation and solve unbalances. The models to be proposed and implemented within relevant smart distribution grid and microgrid validation environments, are focused on day-ahead and intraday operation scenarios, for predictive management and near-real-time control respectively under the DSO’s perspective. At local level, the DSO will be able to procure flexibility in advance to tackle different grid constrains (e.g., demand peaks, forecasted voltage and current problems and maintenance works), or during the operating day-to-day, to answer unpredictable constraints (e.g., outages, frequency deviations and voltage problems). Due to the inherent risks of their active market participation retailers may resort to DR models to manage their portfolio, by optimising their market actions and solve unbalances. The interaction among the market actors involved in the DR activation and in flexibility exchange is explained by a set of sequence diagrams for the DR modes of use from the DSO and the energy provider perspectives. • DR for DSO’s predictive management – before the operating day; • DR for DSO’s real-time control – during the operating day; • DR for retailer’s day-ahead operation; • DR for retailer’s intraday operation.

Keywords: demand response, energy communities, flexible demand, local energy and flexibility markets

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Authors: Raif Parlakkaya, Ahmet Diken, Erkan Kara

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This paper examines the relationship between corporate governance rating and stock prices of 26 Turkish firms listed in Turkish stock exchange (Borsa Istanbul) by using panel data analysis over five-year period. The paper also investigates the stock performance of firms with governance rating with regards to the market portfolio (i.e. BIST 100 Index) both prior and after governance scoring began. The empirical results show that there is no relation between corporate governance rating and stock prices when using panel data for annual variation in both rating score and stock prices. Further analysis indicates surprising results that while the selected firms outperform the market significantly prior to rating, the same performance does not continue afterwards.

Keywords: corporate governance, stock price, performance, panel data analysis

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Authors: Dorothy Kagazi

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The African elephant (Loxodonta africana) remains one of the most crop-damaging species around Kibale National Park, western Uganda. Elephant crop raiding deprives communities of food and incomes, consequently impacting livelihoods, attitude, and support for conservation. It also attracts an aggressive reaction from local communities including the retaliatory killing of a species that is already endangered and listed under Appendix I of the Convention on Endangered Species of Flora and Fauna (CITES). In order to mitigate against elephant crop raiding and minimize conflict, a number of interventions were devised by the government of Uganda such as physical guarding, scare-shooting, excavation of trenches, growing of unpalatable crops and fire lighting all of which have over the years been implemented around the park. These generated varying degrees of effectiveness but largely never solved the problem of elephants crossing into communities to destroy food and shelter which had a negative effect onto sustainable tourism of the communities who often resorted to killing these animals and hence contributing the falling numbers of these animals. It was until government discovered that there are far more effective ways of deterring these animals from crossing to communities that it commissioned a study to deploy the African honeybee (Apis mellifera scutellata) as a deterrent against elephant crop raiding and income enhancement for local people around the park. These efforts led to a number of projects around Kibale National Park where communities were facilitated to keep bees for human-elephant conflict mitigation and rural income enhancement through the sale of honey. These projects have registered tremendous success in reducing crop damage, enhance rural incomes, influence positive attitude change and ultimately secure community support for elephant and park conservation which is a clear manifestation of sustainable tourism development in the area. To address the issue of sustainability, the project was aligned with four major objectives that contributed to the overall goal of maintaining the areas around the parks and the national park itself in such a manner that it remains viable over an infinite period. Among these included determining deterrence effects of bees against elephant crop raiding, assessing the contribution of beekeeping towards rural income enhancement, determining the impact of community involvement of park conservation and management among others. The project deployed 500 improved hives by placing them at specific and previously identified and mapped out elephant crossing points along the park boundary. A control site was established without any intervention to facilitate comparison of findings and data was collected on elephant raiding frequency, patterns, honey harvested, and community attitude towards the park. A socio-economic assessment was also undertaken to ascertain the contribution of beekeeping to incomes and attitude change. In conclusion, human-wildlife conflicts have disturbed conservation and sustainable tourism development efforts. Such success stories like the beekeeping strategy should hence be extensively discussed and widely shared as a conservation technique for sustainable tourism.

Keywords: bees, communities, conservation, elephants

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Authors: Shui Lien Chen, Chen-Yin Kuo

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U-computing use has brings many new services of commerce, which could provide a new experience for customer. Location Based Services (LBS) is one of U-computing service. With increase of the smartphone and mobile internet users, there are many small and medium-sized enterprises (SMEs) take LBS in marketing strategy in Taiwan. For example, they would provide Facebook check-in to get a benefit (e.g. discount, free dessert and coupon) to attract customers purchasing. Therefore, this study is to understand which factors would affect SMEs adoption of u-computing and the performances after adopt U-computing. This study collected 187 useful data that were analyzed by SmartPLS 2.0 software. The results of this study are as follows. First, entrepreneurial orientation and market orientation positively affects innovation. Second, business resources and innovation positively affect u-computing use. Finally, U-computing positively affects both business value and customer value.

Keywords: entrepreneurial orientation, market orientation, innovation, business resources, u-computing use, LBS

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Authors: Brianna Douglas

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A literary Meta-Analysis was conducted in order to form a proactive solution to the systematic issue of international human trafficking stemming from the Asia-Pacific region. This approach seeks to resolve the low economic prospect for women in the region, along with other identified drivers, to mitigate human trafficking before it begins. Through the reallocation of aid in agriculture, implementation of an education-for-education model, and provision of access to market information to the women in rural regions, the retraction of both the supply and international demand curves of trafficked humans is possible; resulting in the shutdown of the market as a whole. This report provides a basic and adaptable proposal to mitigation the selling of Asia Pacific women within international trafficking schemes with byproduct effects of increasing food, sustainability and decreasing government spending.

Keywords: human trafficking, agricultural development, Asia Pacific, women's empowerment

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Authors: Sayedramin Hashemianesfehani, Seyed Hossein Hosseinilargani

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In this study, we attempt to realize that to what extent the increase in selected commodities in Iran Market is originated from the implementation of the targeted subsidies law. Hence, an econometric model based on existing theories of increasing and transferring prices in order to transferring inflation is developed. In other words, world price index and virtual variables defined for targeted subsidies has significant and positive impact on the producer price index. The obtained results indicated that the targeted subsidies act in Iran has influential long and short-term impacts on producer price indexes. Finally, world prices of dairy products and dairy price with respect to major parameters is carried out to obtain some managerial ‎results.

Keywords: econometric models, targeted subsidies, consumer price index (CPI), producer price index (PPI)

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Authors: Mónica Catarina Soares

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Neoliberal rationality is currently changing the ways concepts like freedom or equality are framed. As an omnipresent and context-sensitive paradigm, homo oeconomicus is continuously taking place in realms of life previously insulated from economic and market-driven principles. This presentation is based on the argument that, more than ever, this paradigm is nowadays framing institutional and everyday discourses in regard to social problems. Although neoliberal rationality is based on the putative ideological basis that everyone is equal, equality seems to be reshaped by specific meanings apprehended by this rationality. In this sense, an illusion of equality seems to be relevant to legitimize different social inequalities (e.g., access to health care or to habitation). Political psychology has studied how ideology is relevant to legitimize market and unequal systems, but still the specific relation between markets, (in)equality and neoliberal languages is not widely addressed. The goal is to discuss the smithereens of the neoliberal rationality when it comes to legitimizing social inequalities by contesting the arguments of meritocracy, progressive freedom and minimal guarantees obeying to market-rules and principles. This analysis can be helpful to grasp for instance the continuously dismantlement of the welfare-state in different countries of the global north and how it is turning the regulation/emancipation tension inside out. The ultimate goal is to contribute to the breaking up of a paradigm that is still too big to capture, too depoliticized and chameleonic to fully acknowledge the biopolitics of power that is helping to create it.

Keywords: discourses, legitimacy, neoliberal rationality, social inequality

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Authors: Olatokunbo Shoyemi, Mario Brito, Ian Dawson

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In recent times, the Nigerian motor insurers have experienced high volume of motor insurance claim pay-outs and insignificant contribution to the net premium income of the Nigerian insurance market, which has been a major concern for the shareholders/stakeholders. It has been argued that there are many factors that have brought about these concerns. However, anecdotal evidence (ongoing debates among industry practitioners) suggests prevalence of fraud due to poor practices in motor insurance business in Nigeria. This study is therefore aimed to carry out an assessment of fraud in motor insurance claims as perceived by experts in the Nigerian insurance market. This study adopted a descriptive research design, and the analysis was built on a survey among insurance experts in Nigeria using a designed questionnaire. A purposive and snowball sampling were used to select our sample (N = 120) - representing a selection of all professionally qualified insurance experts in Nigeria insurance industry. The study found that Nigerian insurance experts (i) largely agree that there is a problematic level of fraud in the Nigerian motor insurance industry; (ii) perceive soft fraud to be about 3 times more common than hard fraud in the Nigerian motor insurance industry, and (iii) strongly agree there are problematic impacts from fraud on the solvency of the Nigerian motor insurers. This paper has provided an empirical understanding of the existence, extent, and impact of fraud risks within the Nigerian insurance market based on expert knowledge and insights rather than, as has often been the case, a reliance on individual anecdotes.

Keywords: claims, net premium income, motor insurance, soft fraud, hard fraud

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Authors: Rosyidah, Permata Wulandari

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We investigate the price effect of addition and deletions from the Indonesia Sharia Stock Index (ISSI) and Jakarta Islamic Index (JII). Using event study methodology, we measure abnormal returns for firms over the period June 2019 - to December 2021. Through the sample of 107 additions and 95 deletions, we find evidence to support the theory of Muslim country investment behavior. We find that additions to the Islamic index led to a significant positive stock market reaction and deletions to the Islamic index led to a negative stock market reaction on Jakarta Islamic Index (JII) and there is no significant reaction of addition and deletion on Indonesia Sharia Stock Index (ISSI).

Keywords: abnormal return, abnormal volume, event study, index changes, sharia index

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Authors: A. Abyar, R. Khavarzadeh

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The most basic and important decision-making tool for industrial and service managers is understanding the market and customer behavior. In this regard, the Apriori algorithm, as one of the well-known machine learning methods, is used to identify customer preferences. On the other hand, with the increasing diversity of goods and services and the speed of changing customer behavior, we are faced with big data. Also, due to the large number of competitors and changing customer behavior, there is an urgent need for continuous analysis of this big data. While the speed of the Apriori algorithm decreases with increasing data volume. In this paper, the big data PCA method is used to reduce the dimension of the data in order to increase the speed of Apriori algorithm. Then, in the simulation section, the results are examined by generating data with different volumes and different diversity. The results show that when using this method, the speed of the a priori algorithm increases significantly.

Keywords: association rules, Apriori algorithm, big data, big data PCA, market basket analysis

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Authors: S. L. Tulasi Devi, Shivam Azad

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The primary objective of this study is to analyze the impact of green bond issuance on the stock prices of respective Indian companies. An event study methodology has been employed to study the effect of green bond issuance. For in-depth study and analysis, this paper used different window frames, including 15-15 days, 10-10 days, 7-7days, 6-6 days, and 5-5 days. Further, for better clarity, this paper also used an uneven window period of 7-5 days. The period of study covered all the companies which issued green bonds during the period of 2017-2022; Adani Green Energy, State Bank of India, Power Finance Corporation, Jain Irrigation, and Rural Electrification Corporation, except Indian Renewable Energy Development Agency and Indian Railway Finance Corporation, because of data unavailability. The paper used all three event study methods as discussed in earlier literature; 1) constant return model, 2) market-adjusted model, and 3) capital asset pricing model. For the fruitful comparison between results, the study considered cumulative average return (CAR) and buy and hold average return (BHAR) methodology. For checking the statistical significance, a two-tailed t-statistic has been used. All the statistical calculations have been performed in Microsoft Excel 2016. The study found that all other companies have shown positive returns on the event day except for the State Bank of India. The results demonstrated that constant return model outperformed compared to the market-adjusted model and CAPM. The p-value derived from all the methods has shown an almost insignificant impact of the issuance of green bonds on the stock prices of respective companies. The overall analysis states that there’s not much improvement in the market efficiency of the Indian Stock Markets.

Keywords: green bonds, event study methodology, constant return model, market-adjusted model, CAPM

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Authors: Odina Omonjonova

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The Uzbek people have a rich history and a rapidly developing music culture for several centuries. Monuments, shrines, places of culture and spirituality, which are the most beautiful proofs of history, show that this country has been a center of wisdom since ancient times. Nowadays, Uzbekistan is opening its face to the world with its unique spiritual heritage, historical monuments, peaceful corners and beautiful landscapes. Tourists from many countries visit and get acquainted with Uzbek culture and history and acknowledge it with great respect. The place of traditional music in describing the national color on the world scale is incomparable. Oral folk works that have reached this period, lapar, yalla, songs and ‘Shashmaqom’ are the intangible spiritual wealth of the Uzbek people. They embody the ancient and great history, spiritual world, artistic philosophy, spirit and values of our nation. National music is the main part of the culture of the nation, and here it is worth emphasizing the importance of music in the tourism of Uzbekistan. Foreign guests can enjoy our national music in various ways: (1) Concerts: There are many concert halls and cultural centers in the cities of Uzbekistan, where many concerts and events are held. Well-known musicians, singers and ensembles add more beauty to the beauty of these places, performing musical samples in Shashmaqom and other traditional styles. In these concert programs, tourists will have the opportunity to listen to works of art in an attractive live performance. (2) Festivals: Many music festivals are held in Uzbekistan throughout the year. The ‘Sharq Taronalari’ international music festival is a unique holiday where musicians from all over the world gather to celebrate the diversity of musical traditions. In recent years, traditional music has been played regularly in a number of festivals such as the ‘International Maqom Festival’, ‘International Craft Festival’ and ‘Boysun Bahari’ held in our country, which has increased the attention of travelers to our music culture. (3) Cultural seminars. Tourists interested in hands-on musical experience can participate in musical workshops. These classes allow tourists to learn to play traditional musical instruments and even participate in group activities. (4) Street musicians: In the central places and ancient streets of Uzbekistan's cities, we can meet street musicians playing soulful tunes. Performing and singing folklore samples on modern instruments directly attracts foreign guests. In Uzbekistan, national music and tourism have a direct and indirect connection. Music serves as a bridge between the country's history and its modern identity and enriches the travel experience. The impact of national music on tourism goes beyond mere statistics. Although tourist arrivals have increased significantly due to music-related attractions, the real impact lies in the stories and live testimonies of visitors. Travelers often say that the rhythms of Uzbekistan touched their hearts and broadened their worldview. In addition, music tourism strengthens the country's economy, provides employment, supports local artisans and performers, and provides an opportunity to showcase their talents to a global audience. In short, Uzbekistan is not only a place of interest, but it is among the countries that attract travelers with its unique national music. Uzbek music, folklore, songs, from the wonderful melodies of ‘Shashmaqom’ to the attractive sounds of traditional musical instruments, give aesthetic and spiritual pleasure and are important in organizing a large-scale trip for tourists visiting the country.

Keywords: traditional music, folklore, shashmaqom, tourism, festivals, street musicians, traditional musical instruments

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Authors: Mncedisi Trinity Dewa, Andre Francois Van Der Merwe, Stephen Matope

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Tool, Die and Mould-making (TDM) firms have been known to play a pivotal role in the growth and development of the manufacturing sectors in most economies. Their output contributes significantly to the quality, cost and delivery speed of final manufactured parts. Unfortunately, the South African Tool, Die and Mould-making manufacturers have not been competing on the local or global market in a significant way. This reality has hampered the productivity and growth of the sector thus attracting intervention. The paper explores the shortcomings South African toolmakers have to overcome to restore their competitive position globally. Results from a global benchmarking survey on the tooling sector are used to establish a roadmap of what South African toolmakers can do to become a productive, World Class force on the global market.

Keywords: competitive performance objectives, toolmakers, world-class manufacturing, lead times

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Authors: K. A. Bindu, T. V. Raja, P. M. Rojan, A. Siby

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The multivariate path coefficient approach was employed to study the effects of various production and reproduction traits on the slaughter body weight of rabbits. Information on 562 rabbits maintained at the university rabbit farm attached to the Centre for Advanced Studies in Animal Genetics, and Breeding, Kerala Veterinary and Animal Sciences University, Kerala State, India was utilized. The manifest variables used in the study were age and weight of dam, birth weight, litter size at birth and weaning, weight at first, second and third months. The linear multiple regression analysis was performed by keeping the slaughter weight as the dependent variable and the remaining as independent variables. The model explained 48.60 percentage of the total variation present in the market weight of the rabbits. Even though the model used was significant, the standardized beta coefficients for the independent variables viz., age and weight of the dam, birth weight and litter sizes at birth and weaning were less than one indicating their negligible influence on the slaughter weight. However, the standardized beta coefficient of the second-month body weight was maximum followed by the first-month weight indicating their major role on the market weight. All the other factors influence indirectly only through these two variables. Hence it was concluded that the slaughter body weight can be predicted using the first and second-month body weights. The principal components were also developed so as to achieve more accuracy in the prediction of market weight of rabbits.

Keywords: component analysis, multivariate, slaughter, regression

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Authors: Panagodage Janaka Sampath Fernando

Abstract:

Brain circulation has become a buzzword in the skilled migration literature. However, promoting brain circulation; returning of skilled migrants is challenging. Success stories in Asia, for instances, Taiwan, and China, are results of rigorous policy interventions of the respective governments. Nonetheless, the same policy mix has failed in other countries making it skeptical to attribute the success of brain circulation to the policy interventions per se. The paper seeks to answer whether the success of brain circulation within the Knowledge Services Industry (KSI) in Sri Lanka is a policy driven or a market driven process. Mixed method approach, which is a combination of case study and survey methods, was employed. Qualitative data derived from ten case studies of returned entrepreneurs whereas quantitative data generated from a self-administered survey of 205 returned skilled migrants (returned skilled employees and entrepreneurs) within KSI. The pull factors have driven the current flow of brain circulation within KSI but to a lesser extent, push factors also have influenced. The founding stone of the industry has been laid by a group of returned entrepreneurs, and the subsequent growth of the industry has attracted returning skilled employees. Sri Lankan government has not actively implemented the reverse brain drain model, however, has played a passive role by creating a peaceful and healthy environment for the industry. Therefore, in contrast to the other stories, brain circulation within KSI has emerged as a market driven process with minimal government interventions. Entrepreneurs play the main role in a market-driven process of brain circulation, and it is free from the inherent limitations of the reverse brain drain model such as discriminating non-migrants and generating a sudden flow of low-skilled migrants. Thus, to experience a successful brain circulation, developing countries should promote returned entrepreneurs by creating opportunities in knowledge-based industries.

Keywords: brain circulation, knowledge services industry, return migration, Sri Lanka

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Authors: Marianna Russo

Abstract:

Ageing population and youth unemployment are the major challenges that Western Countries – and Italy in particular – are facing in recent years. These phenomena have a significant impact not only on the labour market and the welfare system, but also on the organisational models of work. Therefore, in Italy, in the past few years, there have been some attempts to regulate the management of generational turn-over: intergenerational pacts, early retirement incentives, solidarity contracts, etc. In particular, this paper aims to focus on the expansive solidarity contracts, that were introduced in the Italian legal system for the first time in 1984. Indeed, they have been little used during the thirty years of their lives, so the Legislative Decree no. 148/2015, implementing the so-called Jobs Act, has given them another opportunity. The paper tries to analyse the rules and the empirical data, looking for a sustainable model of generational turn-over management.

Keywords: ageing population, generational turn-over, Italian jobs' act, solidarity contracts

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Authors: Malihe Shahidan, Azin Madhi, Meisam Shahbaz

Abstract:

In recent decades, the role of supply chains in sustaining businesses and establishing their superiority in the market has been under focus. The realization of the goals and strategies of a business enterprise is largely dependent on the cooperation of the chain, including suppliers, distributors, retailers, etc. Supply chains can potentially be disrupted by both internal and external factors. In this paper, resilience strategies have been identified and analyzed in three levels: sourcing, producing, and distributing by considering economic depression as a current risk factor for the machine-made rugs industry. In this study, semi-structured interviews for data gathering and thematic analysis for data analysis are applied. Supply chain data has been gathered from seven rug factories before and after the economic depression through semi-structured interviews. The identified strategies were derived from literature review and validated by collecting data from a group of eighteen industry and university experts, and the results were analyzed using statistical tests. Finally, the outsourcing of new products and products in the new market, the development and completion of the product portfolio, the flexibility in the composition and volume of products, the expansion of the market to price-sensitive, direct sales, and disintermediation have been determined as strategies affecting supply chain resilience of machine-made rugs' industry during an economic depression.

Keywords: distribution, economic depression, machine-made rug, outsourcing, production, sourcing, supply chain, supply chain resilience

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Authors: Hsiao-Wen Wang

Abstract:

The split-share structure reform in China represents one of the most significant milestones in the evolution of the capital market. With the goal of converting non-tradable shares into tradable shares, the reform laid the foundation and supported the development of full-scale privatization. This study explores China’s split-share structure reform and its impact on statutory audit fees. This study finds that auditors earn a significant statutory audit fee premium after the split-share structure reform. The Big 4 auditors who provide better audit quality receive higher statutory audit fee premium than non-Big 4 auditors after the share reform, which is attributable to their brand reputation, rather than the relative market dominance.

Keywords: chinese split-share structure reform, statutory audit fees, big-4 auditors, corporate governance

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Authors: Yan Jia Jun

Abstract:

This paper analyzes procedural compliance and the handling of duty fulfillment applications in administrative lawsuits in China and Singapore. By examining cases such as Nanning Jiangnan District Market Supervision Bureau v. Yan Jiajun, Zhuzhou Tianyuan District Market Supervision Bureau v. Yan Wengao from China, and Tan Seet Eng v. Housing and Development Board (HDB) from Singapore, the study explores how procedural fairness affects litigation outcomes and governance. The paper concludes that both countries face challenges in procedural compliance, but also highlights unique approaches and lessons that can be drawn from each jurisdiction to improve governance, transparency, and legal compliance in administrative processes.

Keywords: administrative law, duty fulfillment, procedural justice, judicial review, administrative governance, government transparency, China-Singapore comparison

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