Search results for: global financial cycle

Authors: Wieland Hoppe, Nadine Wachter, Stefan Bringezu

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Carbon dioxide (CO2) utilization might be a promising way to substitute fossil raw materials like coal, oil or natural gas as carbon source of chemical production. While first life cycle assessments indicate a positive environmental performance of CO2-based process routes, a commercialization of CO2 is limited by several economic obstacles up to now. We, therefore, analyzed the economic performance of the three CO2-based chemicals methane and methanol as basic chemicals and polyoxymethylene as polymer on a cradle-to-gate basis. Our approach is oriented towards life cycle costing. The focus lies on the cost drivers of CO2-based technologies and options to stimulate a CO2-based economy by changing regulative factors. In this way, we analyze various modes of operation and give an outlook for the potentially cost-effective development in the next decades. Biogas, waste gases of a cement plant, and flue gases of a waste incineration plant are considered as CO2-sources. The energy needed to convert CO2 into hydrocarbons via electrolysis is assumed to be supplied by wind power, which is increasingly available in Germany. Economic data originates from both industrial processes and process simulations. The results indicate that CO2-based production technologies are not competitive with conventional production methods under present conditions. This is mainly due to high electricity generation costs and regulative factors like the German Renewable Energy Act (EEG). While the decrease in production costs of CO2-based chemicals might be limited in the next decades, a modification of relevant regulative factors could potentially promote an earlier commercialization.

Keywords: carbon capture and utilization (CCU), economic assessment, life cycle costing (LCC), power-to-X

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Authors: Cristian P. Topa, Esteban A. Valencia, Victor H. Hidalgo, Marco A. Martinez

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Wind tunnel experiments for aerodynamic profiles display numerous advantages, such as: clean steady laminar flow, controlled environmental conditions, streamlines visualization, and real data acquisition. However, the experiment instrumentation usually is expensive, and hence, each test implies a incremented in design cost. The aim of this work is to select and implement a low-cost static pressure data acquisition system for a NACA 2412 airfoil in an open cycle wind tunnel. This work compares wind tunnel experiment with Computational Fluid Dynamics (CFD) simulation and parametric analysis. The experiment was evaluated at Reynolds of 1.65 e⁵, with increasing angles from -5° to 15°. The comparison between the approaches show good enough accuracy, between the experiment and CFD, additional parametric analysis results differ widely from the other methods, which complies with the lack of accuracy of the lateral approach due its simplicity.

Keywords: wind tunnel, low cost instrumentation, experimental testing, CFD simulation

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Authors: Vakhtang Charaia, Mariam Lashkhi

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Foreign direct investment (FDI) plays a vital role in global business. It provides firms with new markets and advertising channels, cheaper production facilities, admission to new technology, products, skills and financing. FDI can provide a recipient country/company with a source of new technologies, capital, practice, products, management skills, and as such can be a powerful drive for economic development. It is one of the key elements of stable economic development in many countries, especially in developing ones. Therefore the size of FDI inflow is one of the most crustal factors for economic perfection in small economy countries (like, Georgia), while most of developed ones are net exporters of FDI. Since, FDI provides firms with new markets; admission to new technologies, products and management skills; marketing channels; cheaper production facilities, and financing opportunities. It plays a significant role in Georgian economic development. Increasing FDI inflows from all over the world to Georgia in last decade was achieved with the outstanding reforms managed by the Georgian government. However, such important phenomenon as world financial crisis and Georgian-Russian war put its consequence on the over amount of FDI inflow in Georgia in the last years. It is important to mention that the biggest investor region for Georgia is EU, which is interested in Georgia not only from the economic points of view but from political. The case studies from main EU investor countries show that Georgia has a big potential of investment in different areas, such as; financial sector, energy, construction, tourism industry, transport and communications. Moreover, signing of Association Agreement between Georgia and EU will further boost all the fields of economy in Georgia in both short and long terms. It will attract more investments from different countries and especially from EU. The last, but not least important issue is the calculation of annual FDI inflow to Georgia, which it is calculated differently by different organizations, based on different methodologies, but what is more important is that all of them show significant increase of FDI in last decade, which gives a positive signal to investors and underlines necessity of further improvement of investment climate in the same direction.

Keywords: foreign direct investment (FDI), Georgia, investment development path, investment climate

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Authors: T. A. Rosy, M. R. I. Talukdar, N. S. Juyena, F. Y. Bari, M. N. Islam

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The ovarian follicular dynamics, vaginal electrical resistance (VER) and progesterone (P4) and estrogen (E2) profiles were investigated during estrus cycle in four indigenous ewes. Daily VER values were recorded with heat detector. The follicles were observed and measured by trans-rectal ultrasonography. Blood was collected daily for hormonal profiles. Results showed a significant variation in VER values (P<0.05) at estrus in regards to ewes and cycles. The day difference between two successive lower values in VER waves ranged from 13-17 days which might indicate the estrus cycle in indigenous ewes. Trans-rectal ultrasonography of ovaries revealed the presence of two to four waves of follicular growth during the study period. Results also showed that follicular diameter was negatively correlated with VER values. Study of hormonal profiles by ELISA revealed a positive correlation between E2 concentration and development of follicle and negative correlation between P4 concentration and development of follicle. The concentrations of estradiol increased at the time of estrus and then fall down in a basal level. Development of follicular size was accompanied by an increase in the concentration of serum estradiol. Inversely, when follicles heed to ovulation concentration of progesterone starts to fall down and after ovulation it turns its way to the zenith and remains at this state until next ovulatory follicle comes to its maximum diameter. This study could help scientists to set up a manipulative reproductive technique for improving genetic values of sheep in Bangladesh.

Keywords: ovarian follicle, hormonal profile, sheep, ultrasonography, vaginal electrical resistance

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Authors: Alejandro Salicrup, Riacrdo Gelhman, Geetha Gopalakrishna

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The main aim of this session is to have a panel to discuss specific steps for the integration of traditional, complementary and alternative medicine (TCAM) with conventional oncology for enhancing treatment practices at the global level, specifically in low-and-middle-income-countries (LMICs). Concrete current and required programs for strengthening Integrative Oncology research in LMICs will also be discussed. Case Studies from Latin America, Asia, Europe and Africa will discuss and highlight 1) What is working regarding treatment practices in integrative oncology in their countries/regions providing concrete examples 2) What is not working on this integration for cancer treatment in their countries/regions with concrete examples and 3) What are the challenges and opportunities for research related to integrative oncology treatment. Discussion will include potential next steps and potential mechanisms to enhance global integrative oncology research aimed to enhance the use of TCAM therapies and strengthening cancer treatment in LMICs.

Keywords: global cancer treatment, integrative oncology research, low and middle income countries, traditional, complementary and alternative medicines

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Authors: Hoda Aslani, Mohammad Moghiman, Mohammad Aslani

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Considering the demand to reduce global warming potential and importance of solidification in various applications, there is an increasing interest in energy storage systems to find the efficient phase change materials. Therefore, this paper presents an experimental study and comparison on the potential of titania nanofluids with and without surfactant for cooling energy storage systems. A designed cooling generation device based on compression refrigeration cycle is used to explore nanofluids solidification characteristics. In this work, titania nanoparticles of 0.01, 0.02 and 0.04 wt.% are dispersed in deionized water as base fluid. Measurement of phase change parameters of nanofluids illustrates that the addition of polyvinylpyrrolidone (PVP) as surfactant to titania nanofluids advances the onset nucleation time and leads to lower solidification time. Also, the experimental results show that only adding 0.02 wt.% titania nanoparticles, especially in the case of nanofluids with a surfactant, can evidently reduce the supercooling degree by nearly 70%. Hence, it is concluded that there is a great energy saving potential in the energy storage systems using titania nanofluid with PVP.

Keywords: cooling energy storage, nanofluid, PVP, solidification, titania

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Authors: G. Bravo, D. Lopez, A. Iriarte

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Several organizations and governments have created a demand for information about the environmental impacts of agricultural products. Today, the export oriented fruit sector in Chile is being challenged to quantify and reduce their environmental impacts. Chile is the largest southern hemisphere producer and exporter of sweet cherry fruit. Chilean sweet cherry production reached a volume of 80,000 tons in 2012. The main destination market for the Chilean cherry in 2012 was Asia (including Hong Kong and China), taking in 69% of exported volume. Another important market was the United States with 16% participation, followed by Latin America (7%) and Europe (6%). Concerning geographical distribution, the Chilean conventional cherry production is focused in the center-south area, between the regions of Maule and O’Higgins; both regions represent 81% of the planted surface. The Life Cycle Assessment (LCA) is widely accepted as one of the major methodologies for assessing environmental impacts of products or services. The LCA identifies the material, energy, material, and waste flows of a product or service, and their impact on the environment. There are scant studies that examine the impacts of sweet cherry cultivation, such as acidification and eutrophication. Within this context, the main objective of this study is to evaluate, using the LCA, the acidification and eutrophication impacts of sweet cherry production in Chile. The additional objective is to identify the agricultural inputs that contributed significantly to the impacts of this fruit. The system under study included all the life cycle stages from the cradle to the farm gate (harvested sweet cherry). The data of sweet cherry production correspond to nationwide representative practices and are based on technical-economic studies and field information obtained in several face-to-face interviews. The study takes into account the following agricultural inputs: fertilizers, pesticides, diesel consumption for agricultural operations, machinery and electricity for irrigation. The results indicated that the mineral fertilizers are the most important contributors to the acidification and eutrophication impacts of the sheet cherry cultivation. Improvement options are suggested for the hotspot in order to reduce the environmental impacts. The results allow planning and promoting low impacts procedures across fruit companies, as well as policymakers, and other stakeholders on the subject. In this context, this study is one of the first assessments of the environmental impacts of sweet cherry production. New field data or evaluation of other life cycle stages could further improve the knowledge on the impacts of this fruit. This study may contribute to environmental information in other countries where there is similar agricultural production for sweet cherry.

Keywords: acidification, eutrophication, life cycle assessment, sweet cherry production

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Authors: Yasser Mohamed Abdelrahman Tarshany

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The emergence of the digital economy has transformed global business and created new opportunities for growth and development. However, as digital technologies continue to reshape the global economy, there is a growing need to ensure that these transformations are guided by ethical principles that serve the common good. In this context, Maqasid, the Islamic ethical framework that focuses on the higher objectives and values of Shariah, offers a valuable lens for examining the ethical implications of digital transformation. The research objective of this study is to explore the opportunities and challenges of integrating Maqasid into the global digital economy from a business and management perspective. Specifically, the study aims to analyze the ethical implications of digital technologies for the economy and to identify strategies for leveraging Maqasid to promote ethical and socially responsible practices in the digital age. The study adopts a qualitative research methodology, drawing on existing literature and empirical data to develop a conceptual framework for understanding the relationship between Maqasid and the global digital economy. The study also employs case studies and interviews with business leaders and policymakers to explore practical strategies for integrating Maqasid into digital business practices. The research findings reveal that Maqasid can serve as a powerful framework for promoting ethical and socially responsible practices in the digital economy. Specifically, the study identifies several key strategies for leveraging Maqasid in digital business practices, including promoting social justice, protecting privacy and personal data, and ensuring transparency and accountability in business operations. The research outcomes of this study provide a valuable contribution to the field of business and management by demonstrating the importance of integrating ethical principles into the digital economy. Furthermore, the study highlights the potential of Maqasid as a powerful framework for promoting ethical and socially responsible practices in the digital age. Finally, the study suggests several avenues for future research, including exploring the role of Maqasid in promoting digital inclusion and reducing inequality in the global economy.

Keywords: Maqasid, global digital, economy, opportunities, challenges for business, management

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Authors: Seedwell Sithole

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

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

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Authors: Fayaz Moosavi, Saeid Moradyfard

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

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

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Authors: Paramita Nur Kurniati, Stanislaus Riyanta

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

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

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Authors: Hernández Marieta, Aguayo Mauricio, Pedreros María, Llompart Ovidio

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The hydrological cycle is influenced by multiple factors, including climate change, land use changes, and anthropogenic activities, all of which threaten water availability and quality worldwide. In recent decades, numerous investigations have used landscape metrics and hydrological modeling to demonstrate the influence of landscape patterns on the hydrological cycle components' natural dynamics. Many of these investigations have determined the repercussions on the quality and availability of water, sedimentation, and erosion regime, mainly in Asian basins. In fact, there is progress in this branch of science, but there are still unanswered questions for our region. This study examines the hydrological response in Chilean basins under various land use change scenarios (LUCC) and the influence of climate change. The components of the water cycle were modeled using a physically distributed type hydrological and hydraulic simulation model based on and oriented to mountain basins TETIS model. Future climate data were derived from Chilean regional simulations using the WRF-MIROC5 model, forced with the RCP 8.5 scenario, at a 25 km resolution for the periods 2030-2060 and 2061-2091. LUCC scenarios were designed based on nature-based solutions, landscape pattern influences, current national and international water conservation legislation, and extreme scenarios of non-preservation and conservation of native forests. The scenarios that demonstrate greater water availability, even under climate change, are those promoting the restoration of native forests in over 30% of the basins, even alongside agricultural activities. Current legislation promoting the restoration of native forests only in riparian zones (30-60 m or 200 m in steeper areas) will not be resilient enough to address future water shortages. Evapotranspiration, direct runoff, and water availability at basin outlets showed the greatest variations due to LUCC. The relationship between hydrological modeling and landscape configuration is an effective tool for establishing future territorial planning that prioritizes water resource protection.

Keywords: TETIS, landscape pattern, hydrological process, water availability, Chilean basins

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Authors: Yogi Sirodz Gaos, Irvan Wiradinata

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In the 500 kW Organic Rankine Cycle (ORC) power plant in Indonesia, an AFT (according to the Tubular Exchanger Manufacturers Association – TEMA) type shell and tube heat exchanger device is used as a pre-heating system for the ORC’s hot water circulation system. The pre-heating source is a waste heat recovery of the brine water, which is tapped from a geothermal power plant. The brine water itself has 5 MWₜₕ capacities, with average temperature of 170ᵒC, and 7 barg working pressure. The aim of this research is to examine the performance of the heat exchanger in the ORC system in a 500 kW ORC power plant. The data for this research were collected during the commissioning on the middle of December 2016. During the commissioning, the inlet temperature and working pressure of the brine water to the shell and tube type heat exchanger was 149ᵒC, and 4.4 barg respectively. Furthermore, the ΔT for the hot water circulation of the ORC system to the heat exchanger was 27ᵒC, with the inlet temperature of 140ᵒC. The pressure in the hot circulation system was dropped slightly from 7.4ᵒC to 7.1ᵒC. The flow rate of the hot water circulation was 80.5 m³/h. The presentation and discussion of a case study on the performance of the heat exchanger on the 500 kW ORC system is presented as follows: (1) the heat exchange duty is 2,572 kW; (2) log mean temperature of the heat exchanger is 13.2ᵒC; (3) the actual overall thermal conductivity is 1,020.6 W/m².K (4) the required overall thermal conductivity is 316.76 W/m².K; and (5) the over design for this heat exchange performance is 222.2%. An analysis of the heat exchanger detailed engineering design (DED) is briefly discussed. To sum up, this research concludes that the shell and tube heat exchangers technology demonstrated a good performance as pre-heating system for the ORC’s hot water circulation system. Further research need to be conducted to examine the performance of heat exchanger system on the ORC’s hot water circulation system.

Keywords: shell and tube, heat exchanger, organic Rankine cycle, performance, commissioning

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Authors: Ibrahim Ali, Adamu Danlami Ahmed

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

Keywords: accelerated, linear, depressive, depreciation

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Authors: Isabella Maria Beil

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The International Geosciences and Geoparks Programme (IGGP) were officially created in 2015 by the United Nations Educational, Scientific and Cultural Organization (UNESCO) to enhance the protection of the geological heritage and fill the gaps on the World Heritage Convention. According to UNESCO, a Global Geopark is an unified area where sites and landscapes of international geological significance are managed based on a concept of sustainable development. Tourism is seen as a main activity to develop new sources of revenue. Currently (November 2022), UNESCO recognized 177 Global Geoparks, of which more than 50% are in Europe, 40% in Asia, 6% in Latin America, and the remaining 4% are distributed between Africa and Anglo-Saxon America. This picture shows the existence of a much uneven geographical distribution of these areas across the planet. Currently, there are three Geoparks in Brazil; however, the first of them was accepted by the Global Geoparks Network in 2006 and, just fifteen years later, two other Brazilian Geoparks also obtained the UNESCO title. Therefore, this paper aims to provide an overview of the current geopark situation in Brazil and to identify the main challenges faced by the implementation of these areas in the country. To this end, the Brazilian history and its main characteristics regarding the development of geoparks over the years will be briefly presented. Then, the results obtained from interviews with those responsible for each of the current 29 aspiring geoparks in Brazil will be presented. Finally, the main challenges related to the implementation of Geoparks in the country will be listed. Among these challenges, the answers obtained through the interviews revealed conflicts and problems that pose hindrances both to the start of the development of a Geopark project and to its continuity and implementation. It is clear that the task of getting multiple social actors, or stakeholders, to engage with the Geopark, one of UNESCO’s guidelines, is one of its most complex aspects. Therefore, among the main challenges, stand out the difficulty of establishing solid partnerships, what directly reflects divergences between the different social actors and their goals. This difficulty in establishing partnerships happens for a number of reasons. One of them is that the investment in a Geopark project can be high and investors often expect a short-term financial return. In addition, political support from the public sector is often costly as well, since the possible results and positive influences of a Geopark in a given area will only be experienced during future mandates. These results demonstrate that the research on Geoparks goes far beyond the geological perspective linked to its origins, and is deeply embedded in political and economic issues.

Keywords: Brazil, geoparks, tourism, UNESCO

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Authors: S. C. Santos, S. R. Dionísio, A. L. D. De Andrade, L. R. Roque, A. C. Da Costa, J. L. Ienczak

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In this work, two fermentations at different temperatures (25 and 30 ºC), with cell recycling, were accomplished to produce ethanol, using a mix of commercial substrates, xylose (70%) and glucose (30%), as organic source for Scheffersomyces stipitis. Five consecutive fermentations of 80 g L-1 (1º, 2º and 3º recycles), 96 g L-1 (4º recycle) and 120 g L-1 (5º recycle)reduced sugars led to a final maximum ethanol concentration of 17.2 and 34.5 g L-1, at 25 and 30 ºC, respectively. Glucose was the preferred substrate; moreover xylose startup degradation was initiated after a remaining glucose presence in the medium. Results showed that yeast acid treatment, performed before each cycle, provided improvements on cell viability, accompanied by ethanol productivity of 2.16 g L-1 h-1 at 30 ºC. A maximum 36% of xylose was retained in the fermentation medium and after five-cycle fermentation an ethanol yield of 0.43 g ethanol/g sugars was observed. S. stipitis fermentation capacity and tolerance showed better results at 30 ºC with 83.4% of theoretical yield referenced on initial biomass.

Keywords: 5-carbon sugar, cell recycling fermenter, mixed sugars, xylose-fermenting yeast

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Authors: Jing Zhang

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To reduce the carbon footprint of mankind and become more sustainable is one of the major challenges in our era. Internet of Things (IoT) mainly resolves three problems: Things to Things (T2T), Human to Things, H2T), and Human to Human (H2H). Borrowing the classification of IoT, we can find carbon prints of industries also can be divided in these three ways. Therefore, monitoring the routes of generation and circulation of products may help calculate product carbon print. This paper does not consider any technique used by IoT itself, but the ideas of it look at the connection of products. Carbon prints are like a gene or mark of a product from raw materials to the final products, which never leave the products. The contribution of this paper is to combine the characteristics of IoT and the methodology of network science to find a way to calculate the product's carbon footprint. Life cycle assessment, LCA is a traditional and main tool to calculate the carbon print of products. LCA is a traditional but main tool, which includes three kinds.

Keywords: product carbon footprint, Internet of Things, network science, life cycle assessment

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Authors: Tikumporn Rodkhunmuang

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The importance of ‘international law of governance’ is the means and end to deal with international affairs. This research paper seeks to first study the historical development of international law of governance from the classical period of the international legal framework of global governance until the contemporary period of its framework. Second, the international law of governance is extremely turning into the crucial point in its long history because of the changing of China's foreign policies towards ‘One Belt One Road Initiative’. Third, the proposing model of the existing international law of governance within Chinese characteristics will be the new rules and modalities of modern diplomacy and governed international affairs. Methodologically speaking, this research paper is conducting under mixed methods research, which are also included numerical analysis and theoretical considerations. As a result, this research paper is the critical point of the international legal framework of global governance that changing the diplomatic paradigm as well as turning China into a great-power in international politics. So, this research paper is useful for international legal scholars and diplomats for slightly changing their understanding of the rapidly changing their norms from western norms to the eastern norms of international law. Therefore, the outcome of the research is the modern model of China to make a diplomatic relationship with other countries in the global society.

Keywords: global governance, international law, landscape, one belt one road

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Authors: M. A. Ahmed, Sidra A. Shaikh, M. W. Akhtar

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Solar radiation on horizontal surface over three southern cities of Sindh, namely Karachi, Hyderabad and Nawabshah has been investigated to asses the feasibility of solar energy application for power generation. In the present work, measured data of bright sunshine hour of the region have been used to estimate the global and diffuse solar radiation. The regression coefficient 'a' and 'b' have been calculated using first order Angstrom type co-relation. The result obtained shows that the contribution of direct solar radiation is low and diffuse radiation is high during the monsoon months July and August for Karachi and Hyderabad. The sky remains clear from September to June, whereas for Nawabshah the global radiation remains high throughout the year. The potential of grid quality solar photovoltaic power in Karachi is estimated for 10 square meter area of solar panel.

Keywords: solar potential over Sindh, global and diffuse solar radiation, radiation over three cities of Sindh, solar panels

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Authors: Claire Norman-Maillet

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

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

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Authors: Mohammed Lawal Danrimi, Ervina Alfan, Mazni Abdullah

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

Keywords: equity markets, herding, IFRS, CSAD

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Authors: Zohreh Soltani, Seyedmohammadhossein Hosseinian

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Reduction of energy consumption in built infrastructure, through the installation of energy-efficient technologies, is a major approach to achieving sustainability. In practice, the viability of energy efficiency projects strongly depends on the cost reimbursement and profitability. These projects are subject to failure if the actual cost savings do not reimburse the project cost in a timely manner. In such cases, refinancing could be a solution to benefit from the long-term returns of the project if implemented wisely. However, very little is still known about the effect of refinancing options on financial performance of energy efficiency projects. To fill this gap, the present study investigates the financial behavior of energy efficiency projects with focus on refinancing options, such as Leveraged Loans. A System Dynamics (SD) model is introduced, and the model application is presented using an actual case-study data. The case study results indicate that while high-interest start-ups make using Leveraged Loan inevitable, refinancing can rescue the project and bring about profitability. This paper also presents some managerial implications of refinancing energy efficiency projects based on the case-study analysis. Results of this study help implementing financially viable energy efficiency projects, so the community could benefit from their environmental advantages widely.

Keywords: energy efficiency projects, leveraged loan, refinancing, sustainability

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Authors: Tedros Asefaw Gebremeskel, Xaoyi Yang

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The potential of solar energy in Eritrea is relatively high, based on this truth, there are a number of isolated and remote villages situated far away from the electrical national grid which don’t get access to electricity. The core objective of this work is to design a most favorable and cost-effective power by means of standalone PV system for the electrification of a single housing in the inaccessible area of Eritrea. The sizing of the recommended PV system is achieved, such as radiation data and electrical load for the typical household of the selected site is also well thought-out in the design steps. Finally, the life cycle cost (LCC) analysis is conducted to evaluate the economic viability of the system. The outcome of the study promote the use of PV system for a residential building and show that PV system is a reasonable option to provide electricity for household applications in the rural area of Eritrea.

Keywords: electrification, inaccessible area, life cycle cost, residential building, stand-alone PV system

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Authors: Kunihisa Kakumoto

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Purpose: The global environmental problem is now raised in the global dimension. The sprawl phenomenon over the natural limitation is to be made a forecast beforehand in an algorithmic way so that the condition of our social life can hopefully be protected under the natural limitation. The sustainable condition in the globe is now to be found to keep the balance between the capacity of nature and the possibility of our social lives. The amount of water on the earth is limited. Therefore, on the reason, sustainable conditions are strongly dependent on the capacity of water. The amount of water can be considered in relation to the area of the green planting because a certain volume of the water can be obtained in the forest, where the green planting can be preserved. We can find the sustainable conditions of the water in relation to the green planting area. The reduction of CO₂ by green planting is also possible. Possible Measure and the Methods: Until now, by the opportunity of many international conferences, the concept of the solar community as one prototype has been introduced by technical papers. The algorithmic trial calculation on the basic concept of the solar community can be taken into consideration. The concept of the solar community is based on the collected data of the solar model house. According to the algorithmic results of the prototype, the simulation work in the globe can be performed as the algorithmic conversion results. This algorithmic study can be simulated by the amount of water, also in relation to the green planting area. Additionally, the submission of CO₂ in the solar community and the reduction of CO₂ by green planting can be calculated. On the base of these calculations in the solar community, the sustainable conditions on the globe can be simulated as the conversion results in an algorithmic way. The digital formation in the solar community can also be taken into consideration by this opportunity. Conclusion: For the finding of sustainable conditions around the globe, the solar community as one prototype has been taken into consideration. The role of the water is very important because the capacity of the water supply is very limited. But, at present, the cycle of the social community is not composed by the point of the natural mechanism. The simulative calculation of this study can be shown by the limitation of the total water supply. According to this process, the total capacity of the water supply and the capable residential number of the population and the areas can be taken into consideration by the algorithmic calculation. For keeping enough water, the green planting areas are very important. The planting area is also very important to keep the balance of CO₂. The simulative calculation can be performed by the relation between the submission and the reduction of CO₂ in the solar community. For the finding of this total balance and the sustainable conditions, the green planting area and the total amount of water can be recognized by the algorithmic simulative calculation. The study for the finding of sustainable conditions can be performed by the simulative calculations on the algorithmic model in the solar community as one prototype. The example of one prototype can be in balance. The activity of the social life must be in the capacity of the natural mechanism. The capable capacity of the natural environment in our world is very limited.

Keywords: the solar community, the sustainable condition, the natural limitation, the algorithmic calculation

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Authors: Joanna Stawska

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

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

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Authors: Lochan Basyal

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Global Automation is an emerging technology of today’s era and is based on Internet of Things (IoT). Global automation deals with the controlling of electrical appliances throughout the world. The fabrication of this system has been carried out with interfacing an electrical control system module to Raspberry Pi. An electrical control system module includes a relay driver mechanism through which appliances are controlled automatically in respective condition. In this research project, one email ID has been assigned to Raspberry Pi, and the users from different location having different email ID can mail to Raspberry Pi on assigned email address “[email protected]” with subject heading “Device Control” with predefined command on compose email line. Also, a notification regarding current working condition of this system has been updated on respective user email ID. This approach is an innovative way of implementing smart automation system through which a user can control their electrical appliances like light, fan, television, refrigerator, etc. in their home with the use of email facility. The development of this project helps to enhance the concept of smart home application as well as industrial automation.

Keywords: control circuit, e-mail, global automation, internet of things, IOT, Raspberry Pi

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Authors: Emilia Klepczarek

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

Keywords: autonomy, corporate governance, efficiency, governance culture

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Authors: Claudio Di Benedetto, Irene Bengo

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The objective of the paper is to study how large European companies develop social business (SB) at the base of the economic pyramid (BoP). BoP markets are defined as the four billions people living with an annual income below $3,260 in local purchasing power. Despite they are heterogeneous in terms of geographic range they present some common characteristics: the presence of significant unmet (social) needs, high level of informal economy and the so-called ‘poverty penalty’. As a result, most people living at BoP are excluded from the value created by the global market economy. But it is worth noting, that BoP population with an aggregate purchasing power of around $5 trillion a year, represent a huge opportunity for companies that want to enhance their long-term profitability perspective. We suggest that in this context, the development of SB is, for companies, an innovative and promising way to satisfy unmet social needs and to experience new forms of value creation. Indeed, SB can be considered a strategic model to develop CSR programs that fully integrate the social dimension into the business to create economic and social value simultaneously. Despite in literature many studies have been conducted on social business, only few have explicitly analyzed such phenomenon from a company perspective and their role in the development of such initiatives remains understudied with fragmented results. To fill this gap the paper analyzes the key characteristics of the social business initiatives developed by European companies at BoP. The study was performed analyzing 1475 European companies participating in the United Nation Global Compact, the world’s leading corporate social responsibility program. Through the analysis of the corporate websites the study identifies companies that actually do SB at BoP. For SB initiatives identified, information were collected according to a framework adapted from the SB model developed by preliminary results show that more than one hundred European companies have already implemented social businesses at BoP accounting for the 6,5% of the total. This percentage increases to 15% if the focus is on companies with more than 10.440 employees. In terms of geographic distribution 80% of companies doing SB at BoP are located in western and southern Europe. The companies more active in promoting SB belong to financial sector (20%), energy sector (17%) and food and beverage sector (12%). In terms of social needs addressed almost 30% of the companies develop SB to provide access to energy and WASH, 25% of companies develop SB to reduce local unemployment or to promote local entrepreneurship and 21% of companies develop SB to promote financial inclusion of poor. In developing SB companies implement different social business configurations ranging from forms of outsourcing to internal development models. The study identifies seven main configurations through which company develops social business and each configuration present distinguishing characteristics respect to the involvement of the company in the management, the resources provided and the benefits achieved. By performing different analysis on data collected the paper provides detailed insights on how European companies develop SB at BoP.

Keywords: base of the economic pyramid, corporate social responsibility, social business, social enterprise

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Authors: Oscar Orlando Ortiz Rodriguez, Raquel A. Villamizar-G, Alexander Araque

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There is a total of 1027 municipal development plants in Colombia, 70% of municipalities had Potable Water Treatment Plants (PWTPs) in urban areas and 20% in rural areas. These PWTPs are typically supplied by surface waters (mainly rivers) and resort to gravity, pumping and/or mixed systems to get the water from the catchment point, where the first stage of the potable water process takes place. Subsequently, a series of conventional methods are applied, consisting in a more or less standardized sequence of physicochemical and, sometimes, biological treatment processes which vary depending on the quality of the water that enters the plant. These processes require energy and chemical supplies in order to guarantee an adequate product for human consumption. Therefore, in this paper, we applied the environmental methodology of Life Cycle Assessment (LCA) to evaluate the environmental loads of a potable water treatment plant (PWTP) located in northeastern Colombia following international guidelines of ISO 14040. The different stages of the potable water process, from the catchment point through pumping to the distribution network, were thoroughly assessed. The functional unit was defined as 1 m³ of water treated. The data were analyzed through the database Ecoinvent v.3.01, and modeled and processed in the software LCA-Data Manager. The results allowed determining that in the plant, the largest impact was caused by Clarifloc (82%), followed by Chlorine gas (13%) and power consumption (4%). In this context, the company involved in the sustainability of the potable water service should ideally reduce these environmental loads during the potable water process. A strategy could be the use of Clarifloc can be reduced by applying coadjuvants or other coagulant agents. Also, the preservation of the hydric source that supplies the treatment plant constitutes an important factor, since its deterioration confers unfavorable features to the water that is to be treated. By concluding, treatment processes and techniques, bioclimatic conditions and culturally driven consumption behavior vary from region to region. Furthermore, changes in treatment processes and techniques are likely to affect the environment during all stages of a plant’s operation cycle.

Keywords: climate change, environmental impact, life cycle assessment, treated water

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Authors: Md. Zahirul Islam, Chad A. Ulven

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Fiber-reinforced polymer matrix composites have a wide range of applications in the sectors of automotive, aerospace, sports utilities, among others, due to their high specific strength, stiffness as well as reduced weight. In addition to those favorable properties, composites composed of natural fibers and bio-based resins (i.e., biocomposites) have eco-friendliness and biodegradability. However, the applications of biocomposites are limited due to the lack of knowledge about their long-term reliability under fluctuating loads. In order to explore the long-term reliability of flax fiber reinforced composites under fluctuating loads through high cycle fatigue strength (HCFS), fatigue test were conducted on unidirectional flax fiber reinforced thermoset composites at different percentage loads of ultimate tensile strength (UTS) with a loading frequency of 5 Hz. Change of temperature of the sample during cyclic loading was captured using an IR camera. Initially, the temperature increased rapidly, but after a certain time, it stabilized. A mathematical model was developed to predict the fatigue life from the data of stabilized temperature. Stabilized temperature and dissipated energy per cycle were compared with applied stress. Both showed bilinear behavior and the intersection of those curves were used to determine HCFS. HCFS for unidirectional flax fiber reinforced composites is around 45% of UTS for a loading frequency of 5Hz. Unlike fatigue life, stabilized temperature and dissipated energy-based models are convenient to define HCFS as they have little variation from sample to sample.

Keywords: energy method, fatigue, flax fiber reinforced composite, HCFS, thermographic approach

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