Search results for: financial capacity

Authors: Anne Kariuki, Kellen Kiambati

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The broad objective of this study was to establish the mediating effect of media visibility on the relationship between corporate Social Responsibility (CSR) and the corporate performance of firms listed on the Nairobi Securities Exchange. The review of the literature provided conceptual and empirical gaps that formed the basis of the conceptual hypotheses. A survey questionnaire was distributed to the 50 heads of human resource departments in the different firms. A survey was conducted on fifty (50) companies listed on the Nairobi Securities Exchange. The study findings reported a significant relationship between CSR and non-financial performance and the mediating role of media visibility on the relationship between CSR and performance. The findings of the study support the signaling theory and stakeholder’s theory. Conclusively, CSR activities have an effect on media visibility, which in turn affects performance.

Keywords: corporate social responsibility, media visibility, corporate performance, non-financial performance

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Authors: Abu Zafor Sadek

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Pharmaceuticals were one of the least impacted business sectors during the corona pandemic as they are the center point of Covid-19 fight. Emergency use authorization, unproven indication of some commonly used drugs, self-medication, research and production capacity of an individual country, capacity of producing vaccine by many countries, Active Pharmaceutical Ingredients (APIs) related uncertainty, information gap among manufacturer, practitioners and user, export restriction, duration of lock-down, lack of harmony in transportation, disruption in the regulatory approval process, sudden increased demand of hospital items and protective equipment, panic buying, difficulties in in-person product promotion, e-prescription, geo-politics and associated issues added a new dimension to this industry. Although the industry maintains a reasonable growth throughout Covid-19 days; however, it has been characterized by both long- and short-term effects. Short-term effects have already been visible to so many countries, especially those who are import-dependent and have limited research capacity. On the other hand, it will take a few more time to see the long-term effects. Nevertheless, supply chain disruption, changes in strategic planning, new communication model, squeezing of job opportunity, rapid digitalization are the major short-term effects, whereas long-term effects include a shift towards self-sufficiency, growth pattern changes of certain products, special attention towards clinical studies, automation in operations, the increased arena of ethical issues etc. Therefore, this qualitative and exploratory study identifies the post-covid-19 landscape of the global pharmaceutical industry.

Keywords: covid-19, pharmaceutical, businees, landscape

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Authors: Inese Tenberga

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Undoubtedly, the focus of the present capitalist system of finance has shifted from the concept of productivity of money to the ‘cult of money’, which is characterized by such notions as speculative activity, squander, self-profit, vested interest, etc. The author is certain that a civilized society cannot follow this economic path any longer and therefore suggests that one solution would be to integrate the Islamic financial model in the banking sector of the EU to overcome its economic vulnerability and structurally transform its economies or build resilience against shocks and crisis. The researcher analyses the Islamic financial model, which is providing the basis for the concept of non-productivity of money, and proposes to consider it as a new paradigm of economic thinking. The author argues that it seeks to establish a broad-based economic well-being with an optimum rate of economic growth, socio-economic justice, equitable distribution of income and wealth. Furthermore, the author analyses and proposes to use the experience of member states of the Islamic Development Bank for the formation of a new EU interest free banking. It is offered to create within the EU banking system a credit sector and investment sector respectively. As a part of the latter, it is recommended to separate investment banks specializing in speculative investments and non­speculative investment banks. Meanwhile, understanding of the idea of Islamic banking exclusively from the perspective of the manner of yielding profit that differs from credit banking, without considering the legal, social, ethical guidelines of Islam impedes to value objectively the advantages of this type of financial activities at the non-Islamic jurisdictions. However, the author comes to the conclusion the imperative of justice and virtue, which is inherent to all of us, exists regardless of religion. The author concludes that the global community should adopt the experience of the Muslim countries and focus on the Islamic banking model.

Keywords: credit sector, EU banking system, investment sector, Islamic banking

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Authors: Jizhi Zhao, Qiliang Zhou, Muxuan Tao

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The calculation of the ultimate loading capacity of composite frame beams is an important step in the design of composite frame structural systems. Currently, the plastic limit theory is mainly used for this calculation in the codes adopted by many countries; however, the effective slab width recommended in most codes is based on the elastic theory, which does not accurately reflect the complex stress mechanism at the beam-column joints in the ultimate loading state. Therefore, the authors’ research group put forward the Compression-on-Column-Face mechanism and Tension-on-Transverse-Beam mechanism to explain the mechanism in the ultimate loading state. Formulae are derived for calculating the effective slab width in composite frames with rectangular/square-section columns under ultimate lateral loading. Moreover, this paper discusses the calculation method of the effective slab width for the beam-end flexural strength of composite frames with circular-section columns. The proposed design formula is suitable for exterior and interior joints. Finally, this paper compares the proposed formulae with available formulae in other literature, current design codes, and experimental results, providing the most accurate results to predict the effective slab width and ultimate loading capacity.

Keywords: composite frame structure, effective slab width, circular-section column, design formulae, ultimate loading capacity

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Authors: Dana Abed, Mu`Tasim Abdel-Jaber, Nasim Shatarat

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This study aims at investigating the influence of cross-sectional size on axial compressive capacity of carbon fiber reinforced polymer (CFRP) wrapped square reinforced concrete short columns. Three sets of columns were built for this purpose: 200x200x1200 mm; 250x250x1500 mm and 300x300x1800 mm. Each set includes a control column and a strengthened column with one layer of CFRP sheets. All columns were tested under the effect of pure axial compression load. The results of the study show that using CFRP sheets resulted in capacity enhancement of 37%, 32% and 27% for the 200×200, 250×250, and 300×300 mm, respectively. The results of the experimental program demonstrated that the percentage of improvement in strength decreased by increasing the cross-sectional size of the column.

Keywords: CFRP, columns, concentric loading, cross-sectional

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Authors: Rendong Cai, Bei Peng, Yanping Dong

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In risk decision making, individuals are found to be susceptible to 'frames': people tend to be risk averse when the choice is described in terms of potential 'gains' (gain frame), whereas they tend to be risk seeking when the same choice is described in terms of potential 'losses' (loss frame); this effect is termed the framing effect. The framing effect has been well documented and some studies even find a developmental reversal in the framing effect: The more experience an individual has in a certain field, the easier for him to be influenced by the frame relevant to the field, resulting in greater decision inconsistency. Recent studies reported that using a foreign language can reduce the framing effect. However, it is not clear whether foreign language use can overcome the developmental reversal in the framing effect. The present study investigated three potential factors that may influence the developmental reversal in the framing effect: specialized knowledge of the participants, the language in which the problem is presented, and the types of problems. The present study examined the decision making behavior of 188 Chinese-English bilinguals who majored in Finance, with a group of 277 English majors as the control group. They were asked to solve a financial problem (experimental condition) and a life problem (control condition). Each problem was presented in one of the following four versions: native language-gain frame, foreign language-gain frame, native language-loss frame, and foreign language-loss frame. Results revealed that for the life problem, under the native condition, both groups were affected by the frame; but under the foreign condition, this framing effect disappeared for the financial majors. This confirmed that foreign language use modulates framing effects in general decision making, which served as an effective baseline. For the financial problem, under the native condition, only the financial major was observed to be influenced by the frame, which was a developmental reversal; under the foreign condition, however, this framing effect disappeared. The results provide further empirical evidence for the universal of the developmental reversal in risky decision making. More importantly, the results suggest that using a foreign language can overcome such reversal, which has implications for the reduction of decision biases in professionals. The findings also shed new light on the complex interaction between general decision-making and bilingualism.

Keywords: the foreign language effect, developmental reversals, the framing effect, bilingualism

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Authors: Stanislavs Gendelis, Maris Sinka, Andris Jakovics

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Insulation materials made from natural sources have become more popular for the ecologisation of buildings, meaning wide use of such renewable materials. Such natural materials replace synthetic products which consume a large quantity of energy. The most common and the cheapest natural materials in Latvia are cellulose-based (wood and agricultural plants). The ecological aspects of such materials are well known, but experimental data about physical properties remains lacking. In this study, six different samples of wood wool panels and a mixture of hemp shives and lime (hempcrete) are analysed. Thermal conductivity and heat capacity measurements were carried out for wood wool and cement panels using the calibrated hot plate device. Water vapor permeability was tested for hempcrete material by using the gravimetric dry cup method. Studied wood wool panels are eco-friendly and harmless material, which is widely used in the interior design of public and residential buildings, where noise absorption and sound insulation is of importance. They are also suitable for high humidity facilities (e.g., swimming pools). The difference in panels was the width of used wood wool, which is linked to their density. The results of measured thermal conductivity are in a wide range, showing the worsening of properties with the increasing of the wool width (for the least dense 0.066, for the densest 0.091 W/(m·K)). Comparison with mineral insulation materials shows that thermal conductivity for such materials are 2-3 times higher and are comparable to plywood and fibreboard. Measured heat capacity was in a narrower range; here, the dependence on the wool width was not so strong due to the fact that heat capacity value is related to mass, not volume. The resulting heat capacity is a combination of two main components. A comparison of results for different panels allows to select the most suitable sample for a specific application because the dependencies of the thermal insulation and heat capacity properties on the wool width are not the same. Hempcrete is a much denser material compared to conventional thermal insulating materials. Therefore, its use helps to reinforce the structural capacity of the constructional framework, at the same time, it is lightweight. By altering the proportions of the ingredients, hempcrete can be produced as a structural, thermal, or moisture absorbent component. The water absorption and water vapor permeability are the most important properties of these materials. Information about absorption can be found in the literature, but there are no data about water vapor transmission properties. Water vapor permeability was tested for a sample of locally made hempcrete using different air humidity values to evaluate the possible difference. The results show only the slight influence of the air humidity on the water vapor permeability value. The absolute ‘sd value’ measured is similar to mineral wool and wood fiberboard, meaning that due to very low resistance, water vapor passes easily through the material. At the same time, other properties – structural and thermal of the hempcrete is totally different. As a result, an experimentally-based knowledge of thermal and water vapor transmission properties for cellulose-based materials was significantly improved.

Keywords: heat capacity, hemp concrete, thermal conductivity, water vapor transmission, wood wool

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Authors: Romain Ben Taleb, Aurélie Montarnal, Matthieu Lauras, Mathieu Dahan, Romain Miclo

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To be competitive and sustainable, any company has to maximize its value. However, unlike listed companies that can assess their values based on market shares, most Small and Medium Enterprises (SMEs) which are non-listed cannot have direct and live access to this critical information. Traditional accounting reports only give limited insights to SME decision-makers about the real impact of their day-to-day decisions on the company’s performance and value. Most of the time, an SME’s financial valuation is made one time a year as the associated process is time and resource-consuming, requiring several months and external expertise to be completed. To solve this issue, we propose in this paper a value-oriented metamodel that enables real-time and dynamic assessment of the SME’s value based on the large definition of their assets. These assets cover a wider scope of resources of the company and better account for immaterial assets. The proposal, which is illustrated in a case study, discusses the benefits of incorporating assets in the SME valuation.

Keywords: SME, metamodel, decision support system, financial valuation, assets

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Authors: Sajad Haghanifar, Seyed-Farshid Kashani Bozorg

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Nano-crystalline Mg2Ni-based powder was produced by mechanical alloying technique using binary and ternary powder mixtures with stoichiometric compositions of Mg2Ni, Mg1.9C0.1Ni and Mg2C0.1Ni0.9. The structures and morphologies of the milled products were studied by XRD, SEM and HRTEM. Their electrochemical hydrogen storage characteristics were investigated in 6 M KOH solution. X-Ray diffraction, scanning and transmission electron microscopy of the milled products showed the formation of Mg2Ni-based nano-crystallites after 5, 15 and 30 h of milling using the initial powder mixtures of Mg1.9C0.1Ni, Mg2Ni and Mg2C0.1Ni0.9, respectively. It was found that partial substitution of C for Mg has beneficial effect on the formation kinetic of nano-crystalline Mg2Ni. Contrary to this, partial substitution of C for Ni was resulted in retardation of formation kinetic of nano-crystalline Mg2Ni. In addition, the negative electrode made from Mg1.9C0.1Ni ternary milled product after 30 hour of milling exhibited the highest initial discharge capacity and longest discharge life. Thus, partial substitution of C for Mg is beneficial to electrode properties of the Mg2Ni-based crystallites. The relation between the discharge capacity and cycling number of mechanically alloyed products was proposed on the basis of the fact that the degradation of discharge capacity was mainly caused by the oxidation of magnesium and nickel. The experimental data fitted the deduced equation well.

Keywords: Mg2Ni, hydrogen absorbing materials, electrochemical properties, nano-crystalline, amorphous, mechanical alloying, carbon

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Authors: Bambang Novianto, Rizal Aditya Herdianto, Raphael Bianco Huwae, Afifah, Alfonso Brolin Sihite, Rudi Lumanto

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The mobile banking application is a type of mobile application that is growing rapidly. This is caused by the ease of service and time savings in making transactions. On the other hand, this certainly provides a challenge in security issues. The use of mobile banking can not be separated from cyberattacks that may occur which can result the theft of sensitive information or financial loss. The financial loss and the theft of sensitive information is the most avoided thing because besides harming the user, it can also cause a loss of customer trust in a bank. Cyberattacks that are often carried out against mobile applications are phishing, hacking, theft, misuse of data, etc. Cyberattack can occur when a vulnerability is successfully exploited. OWASP mobile Top 10 has recorded as many as 10 vulnerabilities that are most commonly found in mobile applications. In the others, android permissions also have the potential to cause vulnerabilities. Therefore, an overview of the profile of the mobile banking application becomes an urgency that needs to be known. So that it is expected to be a consideration of the parties involved for improving security. In this study, an experiment has been conducted to capture the profile of the mobile banking applications in Indonesia based on android permission and OWASP mobile top 10 2016. The results show that there are six basic vulnerabilities based on OWASP Mobile Top 10 that are most commonly found in mobile banking applications in Indonesia, i.e. M1:Improper Platform Usage, M2:Insecure Data Storage, M3:Insecure Communication, M5:Insufficient Cryptography, M7:Client Code Quality, and M9:Reverse Engineering. The most permitted android permissions are the internet, status network access, and telephone read status.

Keywords: mobile banking application, OWASP mobile top 10 2016, android permission, sensitive information, financial loss

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Authors: Hilal Köse, Şeyma Dombaycıoğlu, Ali Osman Aydın, Hatem Akbulut

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Rechargeable lithium-ion batteries (LIBs) have become promising power sources for a wide range of applications, such as mobile communication devices, portable electronic devices and electrical/hybrid vehicles due to their long cycle life, high voltage and high energy density. Graphite, as anode material, has been widely used owing to its extraordinary electronic transport properties, large surface area, and high electrocatalytic activities although its limited specific capacity (372 mAh g-1) cannot fulfil the increasing demand for lithium-ion batteries with higher energy density. To settle this problem, many studies have been taken into consideration to investigate new electrode materials and metal oxide/graphene composites are selected as a kind of promising material for lithium ion batteries as their specific capacities are much higher than graphene. Among them, SnO₂, an n-type and wide band gap semiconductor, has attracted much attention as an anode material for the new-generation lithium-ion batteries with its high theoretical capacity (790 mAh g-1). However, it suffers from large volume changes and agglomeration associated with the Li-ion insertion and extraction processes, which brings about failure and loss of electrical contact of the anode. In addition, there is also a huge irreversible capacity during the first cycle due to the formation of amorphous Li₂O matrix. To obtain high capacity anode materials, we studied on the synthesis and characterization of SnO₂-Graphene nanocomposites and investigated the capacity of this free-standing anode material in this work. For this aim, firstly, graphite oxide was obtained from graphite powder using the method described by Hummers method. To prepare the nanocomposites as free-standing anode, graphite oxide particles were ultrasonicated in distilled water with SnO2 nanoparticles (1:1, w/w). After vacuum filtration, the GO-SnO₂ paper was peeled off from the PVDF membrane to obtain a flexible, free-standing GO paper. Then, GO structure was reduced in hydrazine solution. Produced SnO2- graphene nanocomposites were characterized by scanning electron microscopy (SEM), energy dispersive X-ray spectrometer (EDS), and X-ray diffraction (XRD) analyses. CR2016 cells were assembled in a glove box (MBraun-Labstar). The cells were charged and discharged at 25°C between fixed voltage limits (2.5 V to 0.2 V) at a constant current density on a BST8-MA MTI model battery tester with 0.2C charge-discharge rate. Cyclic voltammetry (CV) was performed at the scan rate of 0.1 mVs-1 and electrochemical impedance spectroscopy (EIS) measurements were carried out using Gamry Instrument applying a sine wave of 10 mV amplitude over a frequency range of 1000 kHz-0.01 Hz.

Keywords: SnO₂-graphene, nanocomposite, anode, Li-ion battery

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Authors: Washima Tuleun

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Cybercrime is a global concern, and Nigeria is not immune to its effects. This paper investigates the cybercrimes and significant cyber-attacks that have targeted businesses and institutions in Nigeria, examining their various forms and the financial and economic impacts they have on individuals, businesses, and the nation as a whole. As technological advancements rapidly evolve and online services gain widespread adoption, there has been a corresponding rise in cyber-related attacks. These attacks often target personal data, exploit system vulnerabilities, and result in the theft of sensitive information, leading to financial losses, reputational damage, and broader impacts on organizations. The study conducts a thorough review of existing literature, case studies, and statistical data to provide a comprehensive understanding of Nigeria’s cybercrime landscape. Additionally, it assesses the efforts by both the government and the private sector to address these challenges and offers recommendations for more effective strategies to mitigate and reduce their impact.

Keywords: cybersecurity, telecommunications engineering, information technology, threat intelligence, vulnerability management, computing

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Authors: Jedli Hedi, Hedfi Hachem, Abdessalem Jbara, Slimi Khalifa

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Natural and modified clay were used as an adsorbent for CO2 capture. Sample of clay was subjected to acid treatments to improve their textural properties, namely, its surface area and pore volume. The modifications were carried out by heating the clays at 120 °C and then by acid treatment with 3M sulphuric acid solution at boiling temperature for 10 h. The CO2 adsorption capacities of the acid-treated clay were performed out in a batch reactor. It was found that the clay sample treated with 3M H2SO4 exhibited the highest Brunauer–Emmett–Teller (BET) surface area (16.29–24.68 m2/g) and pore volume (0.056–0.064 cm3/g). After the acid treatment, the CO2 adsorption capacity of clay increased. The CO2 adsorption capacity of clay increased after the acid treatment. The CO2 adsorption by clay, were characterized by SEM, FTIR, ATD-ATG and BET method. For describing the phenomenon of CO2 adsorption for these materials, the adsorption isotherms were modeled using the Freundlich and Langmuir models. CO2 adsorption isotherm was found attributable to physical adsorption.

Keywords: clay, acid treatment, CO2 capture, adsorption mechanism

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Authors: Ishay Wolf

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In this study, the financial position of pension actors in the market during the pension system transition toward a more funded capitalized scheme is explored, mainly via an option benefit model. This is enabled by not considering the economy as a single earning cohort. We analytically demonstrate a socio-economic anomaly in the funded pension system, which is in favor of high earning cohorts on at the expense of low earning cohorts. This anomaly is realized by a lack of insurance and exposure to financial and systemic risks. Furthermore, the anomaly might lead to pension re-reform back to unfunded scheme, mostly due to political pressure. We find that a minimum pension guarantee is a rebalance mechanism to this anomaly, which increases the probability to of the sustainable pension scheme. Specifically, we argue that implementing the guarantee with an intra-generational, risk-sharing mechanism is the most efficient way to reduce the effect of this abnormality. Moreover, we exhibit the convergence process toward implementing minimum pension guarantee in many countries which have capitalized their pension systems during the last three decades, particularly among Latin America and CEE countries.

Keywords: benefits, pension scheme, put option, social security

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Authors: Hai Chien Pham, Thi Phuong Anh Vo, Chansik Park

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Risks management in construction projects is important to ensure the positive feasibility of the projects in which financial risks are most concerned while construction projects always run on a credit basis. Credit risks, therefore, require unique and technical tools to be well managed. Underwriting technique in credit risks, in its most basic sense, refers to the process of evaluating the risks and the potential exposure of losses. Risks analysis and underwriting are applied as a must in banks and financial institutions who are supporters for constructions projects when required. Recently, construction organizations, especially contractors, have recognized the significant increasing of credit risks which caused negative impacts to project performance and profit of construction firms. Despite the successful application of underwriting in banks and financial institutions for many years, there are few contractors who are applying this technique to analyze and mitigate the credit risks of their potential owners before signing contracts with them for delivering their performed services. Thus, contractors have taken credit risks during project implementation which might be not materialized due to the bankruptcy and/or protracted default made by their owners. With this regard, this study proposes a model using the underwriting technique for contractors to analyze and assess credit risks of their owners before making final decisions for the potential construction contracts. Contractor’s underwriters are able to analyze and evaluate the subjects such as owner, country, sector, payment terms, financial figures and their related concerns of the credit limit requests in details based on reliable information sources, and then input into the proposed model to have the Overall Assessment Score (OAS). The OAS is as a benchmark for the decision makers to grant the proper limits for the project. The proposed underwriting model is validated by 30 subjects in Asia Pacific region within 5 years to achieve their OAS, and then compare output OAS with their own practical performance in order to evaluate the potential of underwriting model for analyzing and assessing credit risks. The results revealed that the underwriting would be a powerful method to assist contractors in making precise decisions. The contribution of this research is to allow the contractors firstly to develop their own credit risk management model for proactively preventing the credit risks of construction projects and continuously improve and enhance the performance of this function during project implementation.

Keywords: underwriting technique, credit risk, risk management, construction project

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Authors: Javad Shamsi Soosahab, Reza Ziaie Moayed

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The compressive and tensile bearing capacity of helical piles in sand is investigated by means of numerical modeling. The analyses are carried out using two-dimensional finite-element software, Optum G2. The load–displacement behavior under compression and tension is compared in different relative densities for constant and various elastic modulus. The criterion used to find the ultimate axial load is the load corresponding to 5% of the helical diameter. The results show that relative density of sand plays an essential role in the response of ultimate capacities towards various condition. Increase in elastic modulus with depth is found to play a relatively more significant role to the increase in ultimate compressive load capacities, however tension bearing capacity decreases.

Keywords: helical piles, Optum G2, relative density, constant and various elastic modulus

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Authors: Varong Pongsai

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The objective of this paper is introducing a new method of accounting posting which is called Matrix Method Posting. This method is based on the Matrix operation of pure Mathematics. Although, accounting field is classified as one of the social-science knowledge, many of accounting operations are placed by Mathematics sign and operation. Through the operation applying, it seems to be that the operations of Mathematics should be applied to accounting possibly. So, this paper tries to over-lap Mathematics logic to accounting logic smoothly. According to the context of discovery, deductive approach is employed to prove a simultaneously logical concept of both Mathematics and Accounting. The result proves that the Matrix can be placed to operate accounting perfectly, because Matrix and accounting logic also have a similarity concept which is balancing 2 sides during operations. Moreover, the Matrix posting also has a lot of benefit. It can help financial analyst calculating financial ratios comfortably. Furthermore, the matrix determinant which is a signature operation itself also helps auditors checking out the correction of clients’ recording. If the determinant is not equaled to 0, it will point out that the recording process of clients getting into the problem. Finally, the Matrix should be easily determining a concept of merger and consolidation far beyond the present day concept.

Keywords: matrix method posting, deductive approach, determinant, accounting application

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Authors: Katarzyna Stoklosa

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Introduction: European Public Prosecutor’s Office (EPPO) is an independent office in European Union which was established under the article 86 of the Treaty on the Functioning of the European Union by the Treaty of Lisbon following the method of enhanced cooperation. EPPO is aimed at combating crimes against the EU’s financial interest et fraud against the EU budgets on the one hand, EPPO will give a chance to effective fight with organized criminality, on the other it seems to be a threat for member-states which bound with justice the problem of sovereignty. It is a new institution that will become effective from 2020, which is why it requires prior analysis. Methodology: The author uses statistical and comparative methods by collecting and analyzing the work of current institutions such as Europol, Eurojust, as well as the future impact of EPPO on detection and prosecution of crimes. The author will also conduct questionnaire among students and academic staff involved in the perception of EU institutions and the need to create new entities dealing with inter-agency cooperation in criminal matters. Thanks to these research the author will draw up present ways of cooperation between member-states and changes in fighting with financial crimes which will grow up under new regulation. Major Finding of the Study: Analysis and research show that EPPO is an institution based on the principle of mutual recognition, which often does not work in cooperation between Member States. Distrust and problems with the recognition of judgments of other EU Member States may significantly affect the functioning of EPPO. Poland is not part of the EPPO, because arguments have been raised that the European Public Prosecutor's Office interferes too much with the Member States’ pro-active sovereignty and duplicates competences. The research and analyzes carried out by the author show that EPPO has completely new competences, for example, it may file indictments against perpetrators of financial crimes. However, according to the research carried out by the author, such competences may undermine the sovereignty and the principle of protecting the public order of the EU. Conclusion: After the analysis, it will be possible to set following thesis: EPPO is only possible way to effective fight with organized financial criminality. However in conclusion Polish doubts should not be criticized at all. Institutions as EPPO must properly respect sovereignty of member-states. Even instruments like that cannot provoke political contraventions, because there are no other ways to effective resolving of international criminality problem.

Keywords: criminal trial, economic crimes, European Public Prosecutor's Office, European Union

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Authors: Iman Atighi, Jalal Soleimannejad, Reza Pourjafarabadi, Saeid Moradpour

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In the past, we could increase profit by increasing product prices. But in the new decade, a competitive market does not let us to increase profit with increased prices. Therefore, the only way to increase profit will be to reduce costs. A significant percentage of production costs are the maintenance costs, and analysis of these costs could achieve more profit. Most maintenance strategies such as RCM (Reliability-Center-Maintenance), TPM (Total Productivity Maintenance), PM (Preventive Maintenance) and etc., are trying to reduce maintenance costs. In this paper, decreasing the maintenance costs of Concentration Plant of Golgohar Iron Ore Mining & Industrial Company (GeG) was examined by using of MTBF (Mean Time Between Failures) and MTTR (Mean Time To Repair) analyses. These analyses showed that instead of buying new machines and increasing costs in order to promote capacity, the improving of MTBF and MTTR indexes would solve capacity problems in the best way and decrease costs.

Keywords: GeG company, maintainability, maintenance costs, reliability-center-maintenance

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Authors: Hsiao-Tien Pao, Yi-Ying Li, Hsin-Chia Fu

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This paper addressed the impacts of energy consumption, economic growth, financial development, and population size on environmental degradation using grey relational analysis (GRA) for China, where foreign direct investment (FDI) inflows is the proxy variable for financial development. The more recent historical data during the period 2004–2011 are used, because the use of very old data for data analysis may not be suitable for rapidly developing countries. The results of the GRA indicate that the linkage effects of energy consumption–emissions and GDP–emissions are ranked first and second, respectively. These reveal that energy consumption and economic growth are strongly correlated with emissions. Higher economic growth requires more energy consumption and increasing environmental pollution. Likewise, more efficient energy use needs a higher level of economic development. Therefore, policies to improve energy efficiency and create a low-carbon economy can reduce emissions without hurting economic growth. The finding of FDI–emissions linkage is ranked third. This indicates that China do not apply weak environmental regulations to attract inward FDI. Furthermore, China’s government in attracting inward FDI should strengthen environmental policy. The finding of population–emissions linkage effect is ranked fourth, implying that population size does not directly affect CO₂ emissions, even though China has the world’s largest population, and Chinese people are very economical use of energy-related products. Overall, the energy conservation, improving efficiency, managing demand, and financial development, which aim at curtailing waste of energy, reducing both energy consumption and emissions, and without loss of the country’s competitiveness, can be adopted for developing economies. The GRA is one of the best way to use a lower data to build a dynamic analysis model.

Keywords: China, CO₂ emissions, foreign direct investment, grey relational analysis

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Authors: Florian Mach, Eric Hund, Malte Stonis

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The dismantling of disused industrial facilities such as nuclear power plants or refineries is an enormous challenge for the planning and control of the logistic processes. Existing control models do not meet the requirements for a proper dismantling of industrial plants. Therefore, the paper presents an approach for the control of dismantling and post-processing processes (e.g. decontamination) in plant decommissioning. In contrast to existing approaches, the dismantling sequence and depth are selected depending on the capacity utilization of required post-processing processes by also considering individual characteristics of respective dismantling tasks (e.g. decontamination success rate, uncertainties regarding the process times). The results can be used in the dismantling of industrial plants (e.g. nuclear power plants) to reduce dismantling time and costs by avoiding bottlenecks such as capacity constraints.

Keywords: dismantling management, logistics planning and control models, nuclear power plant dismantling, reverse logistics

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Authors: Noor Suhaida Kasri

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In the last three decades, Malaysia has developed fundamental legal and regulatory structures that aim to accommodate and facilitate the growth of Islamic banking and finance industry. Important building blocks have been put in place, to cite a few, the elevation of the position of the Malaysian Central Bank Shariah Advisory Council (SAC) as the apex advisory body and the empowerment of their Shariah resolutions through the Central Bank Act 1958; the promulgation of the Islamic Financial Services Act 2013 that regulate and govern Islamic finance market with a robust statutory requirement of Shariah governance and Shariah compliance. Notwithstanding these achievements, enforceability of Shariah-compliant contract remains a contentious subject. The validity of Al Bai Bithaman Ajil concept that was commonly used by the Islamic financial institutions in their financing facilities structures and documentation has been unabatedly challenged by the customers in courts. The challenge was due to the manner in which the Al Bai Bithaman Ajil transactions were carried out. Due to this legal challenge, Al Bai Bithaman Ajil financing structure seems to no longer be the practitioners’ favourite in Malaysia, though its substitute tawarruq and commodity murabahah financing structure may potentially face similar legal challenges. This paper examines the legal challenges affecting the enforceability of these underlying Shariah contracts. The examination of these cases highlights the manner in which these contracts were being implemented and applied by the Malaysian Islamic financial institutions that triggered Shariah and legal concern. The analysis also highlights the approach adopted by the Malaysian courts in determining the Shariah issues as well as the SAC in ascertaining the rulings on the Shariah issues referred to it by the courts. The paper adopts a qualitative research methodology by using textual and documentary analysis approach. The outcome of this study underlines factors that require consideration by industry stakeholder in order to ameliorate the efficacy of the existing building blocks that would eventually strengthens the validity and enforceability of Shariah-compliant contracts. This, in the long run, will further reinforce financial stability and trust into the Islamic banking and finance industry in Malaysia.

Keywords: enforceability of Shariah compliant contract, legal challenge, legal and regulatory framework, Shariah Advisory Council

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Authors: Ranjan Chakravarty, Satpal Yadav, Biswajit Basumatary, Arvind S. Sajwan

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The purpose of this study is to compare the basketball players of different level on selected respiratory indices. Ninety male basketball players from different universities those who participated in intercollegiate and inter- varsity championship. Selected respiratory indices were resting pulse rate, resting blood pressure, vital capacity and resting respiratory rate. Mean and standard deviation of selected respiratory indices were calculated and three different levels i.e. beginners, intermediate and advanced were compared by using analysis of variance. In order to test the hypothesis, level of significance was set at 0.05. It was concluded that variability does not exist among the basketball players of different groups with respect to their selected respiratory indices i.e. resting pulse rate, resting blood pressure, vital capacity and resting respiratory rate.

Keywords: respiratory indices, sports performance, basketball players, intervarsity level

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Authors: Pardhasaradhi Gudla, Imanual A.

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The generated electrical power in offshore needs to be transmitted to grid which is located in onshore by using subsea cables. Long subsea cables produce reactive power, which should be compensated in order to limit transmission losses, to optimize the transmission capacity, and to keep the grid voltage within the safe operational limits. Installation cost of wind farm includes the structure design cost and electrical system cost. India has targeted to achieve 175GW of renewable energy capacity by 2022 including offshore wind power generation. Due to sea depth is more in India, the installation cost will be further high when compared to European countries where offshore wind energy is already generating successfully. So innovations are required to reduce the offshore wind power project cost. This paper presents the optimized techniques to reduce the installation cost of offshore wind firm with respect to electrical transmission systems. This technical paper provides the techniques for increasing the current carrying capacity of subsea cable by decreasing the reactive power generation (capacitance effect) of the subsea cable. There are many methods for reactive power compensation in wind power plants so far in execution. The main reason for the need of reactive power compensation is capacitance effect of subsea cable. So if we diminish the cable capacitance of cable then the requirement of the reactive power compensation will be reduced or optimized by avoiding the intermediate substation at midpoint of the transmission network.

Keywords: offshore wind power, optimized techniques, power system, sub sea cable

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Authors: Arturo Galvan, Jatziri Y. Moreno-Martinez, Daniel Arroyo-Montoya, Jose M. Gutierrez-Villalobos

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Bridges are one of the most seismically vulnerable structures on highway transportation systems. The general process for assessing the seismic vulnerability of a bridge involves the evaluation of its overall capacity and demand. One of the most common procedures to obtain this capacity is by means of pushover analysis of the structure. Typically, the bridge capacity is assessed using non-linear static methods or non-linear dynamic analyses. The non-linear dynamic approaches use step by step numerical solutions for assessing the capacity with the consuming computer time inconvenience. In this study, a nonlinear static analysis (‘pushover analysis’) was performed to predict the collapse mechanism of a typical bridge built in the central zone of Mexico (Celaya, Guanajuato). The bridge superstructure consists of three simple supported spans with a total length of 76 m: 22 m of the length of extreme spans and 32 m of length of the central span. The deck width is of 14 m and the concrete slab depth is of 18 cm. The bridge is built by means of frames of five piers with hollow box-shaped sections. The dimensions of these piers are 7.05 m height and 1.20 m diameter. The numerical model was created using a commercial software considering linear and non-linear elements. In all cases, the piers were represented by frame type elements with geometrical properties obtained from the structural project and construction drawings of the bridge. The deck was modeled with a mesh of rectangular thin shell (plate bending and stretching) finite elements. The moment-curvature analysis was performed for the sections of the piers of the bridge considering in each pier the effect of confined concrete and its reinforcing steel. In this way, plastic hinges were defined on the base of the piers to carry out the pushover analysis. In addition, time history analyses were performed using 19 accelerograms of real earthquakes that have been registered in Guanajuato. In this way, the displacements produced by the bridge were determined. Finally, pushover analysis was applied through the control of displacements in the piers to obtain the overall capacity of the bridge before the failure occurs. It was concluded that the lateral deformation of the piers due to a critical earthquake occurred in this zone is almost imperceptible due to the geometry and reinforcement demanded by the current design standards and compared to its displacement capacity, they were excessive. According to the analysis, it was found that the frames built with five piers increase the rigidity in the transverse direction of the bridge. Hence it is proposed to reduce these frames of five piers to three piers, maintaining the same geometrical characteristics and the same reinforcement in each pier. Also, the mechanical properties of materials (concrete and reinforcing steel) were maintained. Once a pushover analysis was performed considering this configuration, it was concluded that the bridge would continue having a “correct” seismic behavior, at least for the 19 accelerograms considered in this study. In this way, costs in material, construction, time and labor would be reduced in this study case.

Keywords: collapse mechanism, moment-curvature analysis, overall capacity, push-over analysis

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Authors: Nattawat Thongpraphai, Anusorn Boonpoke

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This study aimed to determine the removal of colour and curcuminoids from turmeric wastewater using granular activated carbon (GAC) adsorption. The adsorption isotherm and kinetic behavior of colour and curcuminoids was invested using batch and fixed bed columns tests. The results indicated that the removal efficiency of colour and curcuminoids were 80.13 and 78.64%, respectively at 8 hr of equilibrium time. The adsorption isotherm of colour and curcuminoids were well fitted with the Freundlich adsorption model. The maximum adsorption capacity of colour and curcuminoids were 130 Pt-Co/g and 17 mg/g, respectively. The continuous experiment data showed that the exhaustion concentration of colour and curcuminoids occurred at 39 hr of operation time. The adsorption characteristic of colour and curcuminoids from turmeric wastewater by GAC can be described by the Thomas model. The maximum adsorption capacity obtained from kinetic approach were 39954 Pt-Co/g and 0.0516 mg/kg for colour and curcuminoids, respectively. Moreover, the decrease of colour and curcuminoids concentration during the service time showed a similar trend.

Keywords: adsorption, turmeric, colour, curcuminoids, activated carbon

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Authors: Obiamaka Nwobu, Samuel Faboyede, O. Oluseyi

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This study investigated the influence of gender on expectations and actual experiences from Industrial Work Experience, which is an aspect of the curriculum of undergraduate accounting students in selected Nigerian Universities. A survey research design was employed. Copies of a research questionnaire were made and administered to eighty (80) accounting students in selected Nigerian Universities who embarked on Students’ Industrial Work Experience Scheme (SIWES). Their expectations were juxtaposed with their actual experiences gleaned from the Industrial Work Experience. The data for the purpose of this study was analyzed using independent sample t-test. A total of fifteen (15) male and forty four (44) female students responded to the survey. This resulted in a response rate of 73.8 per cent. The results of this study indicated that there was no significant difference in the expectation of male and female undergraduate accounting students that the internship experience will be able to prepare them for an accounting career in the future, impart relevant knowledge, relate theories to work environment, enhance knowledge in financial accounting, cost accounting, accounting software, and general practice of accounting; prepare financial statements, interpret financial statements, develop problem solving skills, communication skills, and interpersonal skills; improve personal confidence and self-esteem, increase exposure to latest technology in the workplace, build rapport and networks, provide earnings, job experience, provide information and experience to choose career path. Furthermore, findings from the survey showed that there were differences in the expectations of students and their actual experiences with respect to their ability to relate theories to work environment, enhance knowledge in financial accounting, cost accounting, accounting software and exposure to latest technology in the workplace. The study only examined the perceptions of students from two Universities in South-West Nigeria. The research instrument used in this study can be administered to undergraduate accounting students in other universities in Nigeria. The Industrial Work Experience Scheme for undergraduate accounting students should be highly encouraged by tertiary institutions in Nigeria. This will ultimately make the students well prepared for a career in accounting.

Keywords: gender, expectations, actual experiences, industrial work experience

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Authors: Drago Jakovcevic, Mihovil Andelinovic, Igor Husak

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The aim of this paper is to explore the economic circumstances in which the selective credit policy, the least used instrument of four types of instruments on disposal to central banks, should be used. The most significant example includes the use of selective credit policies in response to the emergence of the global financial crisis by the FED. Specifics of the potential use of selective credit policies as the instigator of economic growth in Croatia, a small open economy, are determined by high euroization of financial system, fixed exchange rate and long-term trend growth of external debt that is related to the need to maintain high levels of foreign reserves. In such conditions, the classic forms of selective credit policies are unsuitable for the introduction. Several alternative approaches to implement selective credit policies are examined in this paper. Also, thorough analysis of distribution of selective monetary policy loans among economic sectors in Croatia is conducted in order to minimize the risk of investing funds and maximize the return, in order to influence the GDP growth.

Keywords: global crisis, selective credit policy, small open economy, Croatia

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Authors: Anar Koli

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After the Paris agreement in 2015, a comprehensive initiative both from the developed and developing countries towards the adaptation to climate change is emerging. The Global Environmental Facility (GEF), which is financing a global portfolio of adaptation projects and programs in over 124 countries is playing a significant role to a new financing framework that included the concept of “climate-resilient development”. However, both the adaptation and sustainable development paradigms remain continuously contested, especially the role of the multilateral institutions with their technical and financial assistance to the developing world. Focusing on the adaptation initiatives of the GEF, this study aims to understand to what extent the global multilateral institutions, particularly the GEF is contributing to the climate-resilient development. From the political ecology perspective, the argument of this study is that the global financial framework is highly politicized, and understanding the contribution of the global institutions of the global climate change needs to be related both from the response and causal perspectives. A holistic perspective, which includes the contribution of the GEF as a response to the climate change and as well the cause of global climate change, are needed to understand the broader environment- political economic relation. The study intends to make a critical analysis of the way in which the political economy structure and the environment are related along with the social and ecological implications. It does not provide a narrow description of institutional responses to climate change, rather it looks at how the global institutions are influencing the relationship of the global ecologies and economies. This study thus developed a framework combining the global governance and the political economy perspective. This framework includes environment-society relation, environment-political economy linkage, global institutions as the orchestra, and division between the North and the South. Through the analysis of the GEF as the orchestra of the global governance, this study helps to understand how GEF is coordinating the interactions between the North and the South and responding the global climate resilient development. Through the other components of the framework, the study explains how the role of the global institutions is related to the cause of the human induced global climate change. The study employs a case study based on both the quantitative and qualitative data. Along with the GEF reports and data sets, this study draws from an eclectic range of literature from a range of disciplines to explain the broader relation of the environment and political economy. Based on a case study on GEF, the study found that the GEF has positive contributions in bringing developing countries’ capacity in terms of sustainable development goal, local institutional development. However, through a critical holistic analysis, this study found that this contribution to the resilient development helps the developing countries to conform the fossil fuel based capitalist political economy. The global governance institution is contributing both to the pro market based environment society relation and, to the consequences of this relation.

Keywords: climate change adaptation, global environmental facility (GEF), political economy, the north -south relation

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Authors: Yun Yu Stephanie Law

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Sociometer Theory is well tested among young adults in western population, however, limited research is found for other age groups, like adolescent and middle-adulthood in Asia population. Thus, one of the main purposes of this study is to verify the validity of Sociometer Theory in different age groups among Asian. To be specific, we hypothesized that an increase in one’s perceived social rejection is associated to a decrease in his/her state self-esteem among all age groups in Asian population. And we expected that this association can be found among all age groups including adolescent, young adults and middle-adults group in our first study. In this way, we can verify the validity of Sociometer Theory across different age groups as well as its significance in Asian population. Furthermore, those participants who received rejection about ‘mate-role’ would also receive some negative feedbacks regarding their current/future capacity of being a good mate. Results suggested that participants’ state self-esteem sensitivity for mating-capacity rejection is higher when comparing to that of friend-capacity rejection, i.e. greater drop in state self-esteem when receiving mating-capacity feedbacks then receiving friend-capacity feedbacks. These results, however, is just applicable on young adults. Thus, the main purpose of study two would be testing the state self-esteem sensitivity towards social rejection in different domains among three age groups. We hypothesized that group differences would be found for three age groups regarding state self-esteem sensitivity. Research question 1: perceived social rejection is associated to decrease in state self-esteem, is applicable among different age groups in Asia population. Research question 2: there are significant group differences for three age groups regarding state self-esteem sensitivity. Methods: 300 subjects are divided into three age groups, adolescents group, young adult group and middle-adult group, with 100 subjects in each group. Two questionnaires were used in testing this fundamental concept. Subjects were then asked to rate themselves on questionnaire in measuring their current state self-esteem in order to obtain the baseline measurements for later comparison. In order to avoid demand characteristics from subjects, other unrelated tasks like word matching were also given after the first test. Results: A positive correlation between scores in questionnaire 1 and questionnaire 2 among all age groups. Conclusion: State self-esteem decrease to both imagined social rejection (study1) and experienced social rejection (study2). Moreover, level of decrease in state self-esteem vary when receiving different domains of social rejection. Implications: a better understanding of self-esteem development for various age group might bring insights for education systems and policies for teaching approaches and learning methods among different age groups.

Keywords: state self-esteem, social rejection, stage theory, self-feelings

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