Search results for: financial information transparency

Authors: Reham Barakat

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Over the last few decades, the influence of International Financial Institutions (IFIs), especially the World Bank (WB), has significantly increased. Since the early 1980s, IFIs have assumed greater role, especially in developing countries; their total lending has dramatically increased, affecting billions of people in their Borrower States. Though the purpose of the development assistance provided by IFIs is to alleviate poverty and promote economic and social development in their member countries, IFIs have been subject to massive criticism by civil society institutions, international NGOs and local communities for the harmful environmental, social and economic impacts resulting from their development interventions in borrower countries, such as deforestation, displacement of indigenous peoples, and unemployment. While the role of IFIs has expanded over time, affecting billions of people, their accountability mechanisms remained behind and were criticized for lacking sufficient independency and enforceability. The serious adverse environmental impacts of the World Bank’s funded projects, along with their weak accountability mechanisms, raises the question of 'To what extent IFIs should be held internationally responsible for the harmful environmental consequences arising from their development interventions?'. This paper argues that IFIs are legally responsible for the harmful environmental consequences arising from their development interventions. The study (i) identifies the applicable laws and relevant primary rules from which the international environmental obligations of IFIs towards their borrower countries are derived (ii) assesses the World Bank’s compliance to the principles of the International Environmental Law including the precautionary principle, the polluter pays principle, and the principle of Good-Neighborliness, (iii) assesses the World Bank’s current internal accountability mechanisms for harmful environmental impacts resulting from the World Bank’s funded projects, and finally (iv) identifies the appropriate dispute settlement mechanisms to which states and non-state actors could raise their claims against IFIs for harmful environmental consequences arising from their interventions.

Keywords: international environmental law, international financial institutions, international responsibility, world bank, environmental and social safeguards

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Authors: M. Vlahovic

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This paper presents a model of public finances, which combines three concepts: participatory budgeting, crowdfunding and blockchain technology. Participatory budgeting is defined as a process in which community members decide how to spend a part of community’s budget. Crowdfunding is a practice of funding a project by collecting small monetary contributions from a large number of people via an Internet platform. Blockchain technology is a distributed ledger that enables efficient and reliable transactions that are secure and transparent. In this hypothetical model, the government or authorities on local/regional level would set up a platform where they would propose public projects to citizens. Citizens would browse through projects and support or vote for those which they consider justified and necessary. In return, they would be entitled to a tax relief in the amount of their monetary contribution. Since the blockchain technology enables tracking of transactions, it can be used to mitigate corruption, money laundering and lack of transparency in public finances. Models of its application have already been created for e-voting, health records or land registries. By presenting a model of application of blockchain technology in public finances, this paper takes into consideration the potential of blockchain technology to disrupt governments and make processes more democratic, secure, transparent and efficient. The framework for this paper consists of multiple streams of research, including key concepts of direct democracy, public finance (especially the voluntary theory of public finance), information and communication technology, especially blockchain technology and crowdfunding. The framework defines rules of the game, basic conditions for the implementation of the model, benefits, potential problems and development perspectives. As an oversimplified map of a new form of public finances, the proposed model identifies primary factors, that influence the possibility of implementation of the model, and that could be tracked, measured and controlled in case of experimentation with the model.

Keywords: blockchain technology, distributed ledger, participatory budgeting, crowdfunding, direct democracy, internet platform, e-government, public finance

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Authors: Alfred Kamate Siviri, Angelus Mafikiri Tsongo, Jean Robert Kala Kamdjoug

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Digitalization and information systems well organized have been selected as relevant measures to mitigate operational risks within organizations. Unfortunately, information system comes with new threats that can cause severe damage and quick organization lockout. This study aims to measure perceived information system risks and their effects on operational risks within the microfinance institution in D.R. Congo. Also, the factors influencing the operational risk are identified, and the link between operational risk with other risks and performance is to be assessed. The study proposes a research model drawn on the combination of Resources-Based-View, dynamic capabilities, the agency theory, the Information System Security Model, and social theories of risk. Therefore, we suggest adopting a mixed methods research with the sole aim of increasing the literature that already exists on perceived operational risk assessment and its link with other risk and performance, a focus on IT risk.

Keywords: Democratic Republic Congo, information system risk, microfinance performance, operational risk

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Authors: A. Mourtzikou, D. Sygkridou, T. Georgakopoulos, G. Katsagounos, E. Stathatos

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Over 60% highly transparent quasi-solid-state dye-sensitized solar cells (DSSCs) with dimension of 50x50 cm² were fabricated via inkjet printing process using nanocomposite inks as raw materials and tested under outdoor illumination conditions. The cells were electrically characterized, and their possible application to the shell of greenhouses was also examined. The panel design was in Z-interconnection, where the working electrode was inkjet printed on one conductive glass and the counter electrode on a second glass in a sandwich configuration. Silver current collective fingers were printed on the glasses to make the internal electrical connections. In that case, the adjacent cells were connected in series via silver fingers and finally insulated using a UV curing resin to protect them from the corrosive (I^-/I₃^-) redox couple of the electrolyte.

Keywords: Dye-sensitized solar panels, inkjet printing, quasi-solid state electrolyte, semi-transparency, scale up

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Authors: Elham Fakhrpoor, Daryush Mohammadi Zanjirani, Maziyar Nojaba

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Business process reengineering is one of the most important strategies in banks in recent years that not only it increases customers’ satisfaction, but also it increases performance of banks. The purpose of elementary (initial) business process reengineering is reinforcing banks abilities to obtain new customers and making long-term relationships with existed customers and increasing customers’ satisfaction among service quality in global level. Banks specially the private ones are the main streams of state, because cash flow is necessary to survive a state. What guarantees survival and permanency of financial institutes’ activities is providing favorite, certain, and proper services. Capital market being small and state financial system being bank-oriented needs optimum usage from banks. According to this fact and role and importance of developing banking system, the present study tried to offer a constructed model using Lisrel and also spss software to evaluate effects of business process reengineering on performance of private banks. We have one min hypothesis and four sub-hypotheses. The main hypothesis says reengineering factors have positive effects on bank performances (balanced- scores card aspects). These hypotheses were tested by structural equations modeling.

Keywords: effect, business, reengineering, private bank

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Authors: Salihu Maiwada

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The large scale textile industry in Nigeria was at one time the second largest employer of labor after government. With recent developments and changing situations, there is a serious decline in this sector which consequently forced the local textile industries to close down and the workers retrenched. the category of people worst hit was the youths and the middle age. This paper examines the potentials of the textile cottage industry as a facilitator for capacity building and economic empowerment among the Nigerian youths. The paper focuses on economic viability, persistence, and above-all, its potentials for poverty reduction as well as self employment. The methodology used in the study is the survey method and the instrument used to collect the necessary information is field interview. The results obtained showed that the textile cottage industries are flourishing and the Nigerian youths are engaged in the practice. In addition, the paper suggests areas that require government's financial intervention which will facilitate the establishment and ensure the sustainability of the textile cottage industry. The paper concludes with some recommendations for the youths and for the government.

Keywords: capacity building, economic, empowerment, persistence, sustainability, youths

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Authors: Pauliasi Tony Fakahau

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This paper provides an overview of the impact of the revenue reform programme on vulnerable communities in the Kingdom of Tonga. Economic turmoil and mismanagement during the late 1990s forced the government to seek technical and financial assistance from the Asian Development Bank to undertake a comprehensive Economic and Public Sector Reform (EPSR) programme. The EPSR is a Western model recommended by donor agencies as the solution to Tonga’s economic challenges. The EPSR programme included public sector reform, private sector growth, and revenue generation. Tax reform was the main tool for revenue generation, which set out to strengthen tax compliance and administration as well as implement a value-added consumption tax. The EPSR is based on Western values and ideology but failed to recognise that Tongan cultural values are important to the local community. Two participant groups were interviewed. Participant group one consisted of 51 people representing vulnerable communities. Participant group two consisted of six people from the government and business sector who were from the elite of Tongan society. The Kakala Research Methodology provided the framework for the research, and the Talanoa Research Method was used to conduct semi-structured interviews in the homes of the first group and in the workplaces of the second group. The research found a heavy burden of the consumption tax on the purchasing power of participant group one (vulnerable participants), having an impact on nearly every financial transaction they made. Participant group ones’ main financial priorities were kavenga fakalotu (obligations to the church), kavenga fakafāmili (obligations to the family) and kavenga fakafonua (obligations to cultural events for the village, nobility, and royalty). The findings identified inequalities of the revenue reform, especially from consumption tax, for vulnerable people and communities compared to the elite of society. The research concluded that government and donor agencies need ameliorating policies to reduce the burden of tax on vulnerable groups more susceptible to the impact of revenue reform.

Keywords: tax reform, tonga vulnerable community revenue, revenue reform, public sector reform

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Authors: Daningsih Sulaeman, Achmad Sjarmidi, Djoko T. Iskandar

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Komodo National Park can be associated with the implementation of ecotourism program. The result of Principal Components Analysis is synthesized, tested, and compared to the basic concept of ecotourism with some field adjustments. Principal aspects of professional management should involve ecotourism and wildlife welfare. The awareness should be focused on the future of the Natural Park as 7^th Wonder Natural Heritage and its wildlife components, free from human wastes and beneficial to wildlife and local people. According to perceptions and expectations of visitors from various results of tourism programs, the visitor’s perceptions showed that the tourism management in Komodo National Park should pay more attention to visitor's satisfaction and expectation and gives positive impact directly to the ecosystem sustainability, local community and transparency to the conservation program.

Keywords: 7th wonders of nature, ecotourism, Komodo dragon, visitor’s perceptions, wildlife management

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Authors: Ilhan Keskin, Hasan Bulent Kantarci

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In this study, one of the tools of Islamic financing known as “Sukuk” a non-interest bearing investment which has started to be implemented in Turkey and the world as a whole is discussed. In order to increase the vitality and efficiency of the economy, by taking lessons from the recent economic crisis new developments in the banking and investment sector are being expanded. The purpose of all investors is to obtain more revenue through the use of capital. The inability of traditional investment tools to meet the expectations of investors and the interest based financial system where one investor benefits at the expense of another there has been the need for a different, reliable and non-interest bearing financial market that is consistent with the Islamic rule. As a result an alternative and more reliable interest free financing tool “Sukuk” rental certificates covering people who are sensitive to Islamic rules, appeal to all segments, hidden remaining capital that contributes to the economy, reduce disparities in income distribution, common risk sharing system of profit and loss sharing has emerged. Today, for the structural countries by examining the state of the world market economy the applicability, enactment and future issues associated with this attractive kind of Islamic finance namely the “Sukuk” market has been explained.

Keywords: Islamic finance, islamic markets, non-interest bearing, rental certificates

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Authors: K. Power, M. White, B. Dunleavey, E. Comerford, C. Doherty, N. Delanty, R. Corbridge, M. Fitzsimons

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Introduction: Providing people with access to their own healthcare information and engaging them as co-authors of their health record can promote better transparency, trust, and inclusivity in the healthcare system. With the advent of electronic health records, there is a move towards involving patients as partners in their healthcare by providing them with access to their own health data via electronic patient portals (ePortal). For example, a recently developed ePortal to the Irish National Epilepsy Electronic Patient Record (EPR) provides access to summary medical records, tools for Patient Reported Outcomes (PROM), health goal-setting and preparation for clinical appointments. Aim: To determine what people with epilepsy (their families/carers) value about the Irish epilepsy ePortal. Methods: A socio-technical process was employed recruiting 30 families of people with epilepsy who also have an intellectual disability (ID). Family members who are a care partner of the person with epilepsy (PWE) were invited to co-design, develop and implement the ePortal. Family members engaged in usability and utility testing which involved a face to face meeting to learn about the ePortal, register for a user account and evaluate its structure and content. Family members were instructed to login to the portal on at least two separate occasions following the meeting and to complete a self-report evaluation tool during this time. The evaluation tool, based on a Usability Questionnaire (Lewis, 1993), consists of a short assessment of comfort using technology, instructions for using the ePortal and some tasks to complete. Tasks included validating summary record details, assessing ePortal ease of use, evaluation of information presented. Participants were asked for suggestions on how to improve the portal and make it more applicable to PWE who also have an ID. Results: Family members responded positively to the ePortal and valued the ability to share information between clinicians and care partners; use the ePortal as a passport between different healthcare settings (e.g., primary care to hospital). In the context of elderly parents of PWE, the ePortal is valued as a tool for supporting shared care between family members. Participants welcomed the facility to log lists of questions and goals to discuss with the clinician at the next clinical appointment as a means of improving quality of care. Participants also suggested further enhancements to the ePortal such as access to clinic letters which can provide an aide memoir in terms of the careplan agreed with the clinical team. For example, through the ePortal, people could see what investigations or therapies are scheduled. Conclusion: The Epilepsy Patient Portal is accessible via a range of devices such as smartphones and tablets. ePortals have the potential to help personalise care, improve patient involvement in clinical decision making, engage them as quality and safety partners, and help clinicians be more responsive to patient needs. Acknowledgement: The epilepsy ePortal project is part of PISCES, a Lighthouse Project funded by eHealth Ireland and HSE to help build an understanding of the benefits of eHealth technologies in the Irish Healthcare System.

Keywords: electronic patient portal, electronic patient record, epilepsy, intellectual disability, usability testing

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Authors: David Yartel

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Drawing on the current state of software engineering and information technology in Ghana, the study documents its significant contribution to the development of Ghanaian industries. The study focuses on the application of modern trends in technology and the barriers faced in the area of software engineering and information technology. A thorough analysis of a dozen of interviews with stakeholders in software engineering and information technology via interviews reveals how modern trends in software engineering pose challenges to the industry in Ghana. Results show that to meet the expectation of modern software engineering and information technology trends, stakeholders must have skilled professionals, adequate infrastructure, and enhanced support for technology startups. Again, individuals should be encouraged to pursue a career in software engineering and information technology, as it has the propensity to increase the efficiency and effectiveness of work-related activities. This study recommends that stakeholders in software engineering and technology industries should invest enough in training more professionals by collaborating with international institutions well-versed in the area by organizing frequent training and seminars. The government should also provide funding opportunities for small businesses in the technology sector to drive creativity and development in order to bring about growth and development.

Keywords: software engineering, information technology, Ghana, development

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Authors: Routsukol Sunalai

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The objectives of this paper were to study current problem of ethics of entrepreneurs in information and communication technology professional, and to build their awareness of ethics, which would be useful as guidance for strengthening professional ethics among them. The study employed quantitative research method in order to analyze relationships or differences found in each ethics factor and report in statistics. The sample of this paper was 300 information technology users of Rajabhat Universities in Bangkok. The findings revealed that the ethics factors which gained the highest and high level of opinion included possessing principles of righteousness, having trust in themselves and others, and respecting different opinions of others and accepting the fact that people of different opinions.

Keywords: communication, ethics, information, entrepreneurs

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Authors: Ali Ashjaran

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Graphene is undoubtedly emerging as one of the most promising materials because of its unique combination of superb properties, which opens a way for its exploitation in a wide spectrum of applications ranging from electronics to optics, sensors, and biodevices. In addition, Graphene-based nanomaterials have many promising applications in energy-related areas. Graphene a single layer of carbon atoms, combines several exceptional properties, which makes it uniquely suited as a coating material: transparency, excellent mechanical stability, low chemical reactivity, Optical, impermeability to most gases, flexibility, and very high thermal and electrical conductivity. Graphene is a material that can be utilized in numerous disciplines including, but not limited to: bioengineering, composite materials, energy technology and nanotechnology, biological engineering, optical electronics, ultrafiltration, photovoltaic cells. This review aims to provide an overiew of graphene structure, properties and some applications.

Keywords: graphene, carbon, anti corrosion, optical and electrical properties, sensors

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Authors: Mukesh Ranjan

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Applying probit model on the micro data of NSS 71st round on education for understanding the access to education post the passage of Right to Education act,2009 in India. The empirical analysis shows that at all India level the mean age of enrollment in school is 5.5 years and drop-out age is around 14 years (or studied up to class 7) and around 60 percent females never get enrolled in any school in their lifetime. Nearly 20 percent children in Bihar never seen school and surprisingly, the relatively developed states like Gujarat, Maharashtra, Karnataka, Kerala and Tamil Nadu have more than one-third of the children and half of the children in Andhra Pradesh, West Bengal and Orissa as educationally wasted. The relative contribution in educational wastage is maximum by Bengal (10 %) while UP contributed a maximum of 30 % in educational non-enrollment in the country. Educational wastage is more likely to increase with age. Marriage is a resistive factor in getting education. Muslims are educationally more deprived than Hindus. Larger family and rich household are less likely to be educationally deprived. Major reasons for drop-out until 9 years were lack of interest in education and financial constraint; between 10-12 years, lack of interest and unable to cope up with studies and post 12 years financial constraint, marriage and other household reasons.

Keywords: probit model, educational wastage, educational non-enrollment, educational deprivation

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Authors: Farid Habibi Tanha, Mojtaba Jahanbazi, Morteza Foroutan, Rasidah Mohd Rashid

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This paper depicts the effects of asymmetric information in determining capital inflows to be captured through stock market microstructure. The model can explain several stylized facts regarding the capital immobility. The first phase of the research involves in collecting and refining 150,000,000 daily data of 11 stock markets over a period of one decade in an effort to minimize the impact of survivorship bias. Three micro techniques were used to measure information asymmetries. The final phase analyzes the model through panel data approach. As a unique contribution, this research will provide valuable information regarding negative effects of information asymmetries in stock markets on attracting foreign investments. The results of this study can be directly considered by policy makers to monitor and control changes of capital flow in order to keep market conditions in a healthy manner, by preventing and managing possible shocks to avoid sudden reversals and market failures.

Keywords: asymmetric information, capital inflow, market microstructure, investment

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Authors: David Abad, M. Encarnación Lucas-Pérez, Antonio Minguez-Vera, José Yagüe

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We examine explicitly the relation between the gender diversity on corporate boards and the levels of information asymmetry in the stock market. Based on prior evidence that suggests that the presence of women on director boards increases the quantity and quality of public disclosure by firms, we expect firms with higher gender diversity on their boards to show lower levels of information asymmetry in the market. Using a Spanish sample for the period 2004-2009, proxies for information asymmetry estimated from high-frequency data, and a system GMM methodology, we find that the gender diversity on boards is negative associated with the level of information asymmetry in the stock market. Our findings support legislative changes implemented to increase the presence of women on boards in several European countries by providing evidence that gender diverse boards have beneficial effects on stock markets.

Keywords: corporate board, female directors, gender diversity, information asymmetry, market microstructure

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Authors: Kamran Rashid, Tashfeen M. Azhar, Asad-ur-Rahman Wahla

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Current research aims to understand the role of successful buyer-supplier relationship in achieving supply chain competitiveness in a developing country perspective. Five hypotheses are developed to test structural model. Survey data is collected from the manufacturing sector of Pakistan. Analysis is conducted using Partial Least Squares (PLS) Structural Equation Modeling (SEM) through Smart PLS version 2.0 M3. Results demonstrate positive impact of effective supplier selection, buyer-supplier engagement, and information sharing capability on success of buyer supplier relationship. This successful buyer supplier relationship drives the supply chain firm financial and market performance. Additional analyses with large sample sizes are required in other developing countries to cross validate the results. Current study provides empirical evidence of the role of successful buyer supplier relationship in achieving supply chain competitiveness.

Keywords: supply chain management, successful buyer-supplier relationship, supply chain competitiveness, developing country

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Authors: Seongryong Kang, Woonjin Kim, Sungjoo Lee

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Under the environment of fierce competition and globalized economy, international technology collaboration has gained increasing attention as a way to improve innovation efficiency. While international technology transfer helps a firm to acquire necessary technology in a short period of time, it also has a risk; embedding external technology from overseas partners may cause a transaction cost due to the regional, cultural and language barriers, which tend to offset the benefits of such transfer. Though a number of previous studies have focused on the effects of technology in-transfer on firm performance, few have conducted in the context of international technology transfer. To fill this gap, this study aims to investigate the impact of international technology in-transfer on firm performance – both innovation and financial performance, with a particular emphasis on the diversity and intensity of such transfer. To do this, we adopted technology balance payment (TBP) data of Korean firms from 2010 to 2011, where an intermediate regression analysis was used to identify the intermediate effects of absorptive capacity. The analysis results indicate that i) the diversity and intensity of international technology transfer influence innovation performance by improving R&D capability positively; and ii) the diversity has a positive impact but the intensity has a negative impact on financial performance through the intermediation of R&D intensity. The research findings are expected to provide meaningful implications for establishing global technology strategy and developing policy programs to facilitate technology transfer.

Keywords: diversity, intensity, international technology acquisition, performance, technology transfer

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Authors: Benhamouda Sara, Guezouli Larbi

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Nowadays, the dissemination of information touches the distributed world, where selecting the relevant servers to a user request is an important problem in distributed information retrieval. During the last decade, several research studies on this issue have been launched to find optimal solutions and many approaches of collection selection have been proposed. In this paper, we propose a new collection selection approach that takes into consideration the number of documents in a collection that contains terms of the query and the weights of those terms in these documents. We tested our method and our studies show that this technique can compete with other state-of-the-art algorithms that we choose to test the performance of our approach.

Keywords: distributed information retrieval, relevance, server selection, collection selection

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Authors: Kanda Runapongsa Saikaew, Chaluemwut Noyunsan

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Nowadays social media information, such as news, links, images, or VDOs, is shared extensively. However, the effectiveness of disseminating information through social media lacks in quality: less fact checking, more biases, and several rumors. Many researchers have investigated about credibility on Twitter, but there is no the research report about credibility information on Facebook. This paper proposes features for measuring credibility on Facebook information. We developed the system for credibility on Facebook. First, we have developed FB credibility evaluator for measuring credibility of each post by manual human’s labelling. We then collected the training data for creating a model using Support Vector Machine (SVM). Secondly, we developed a chrome extension of FB credibility for Facebook users to evaluate the credibility of each post. Based on the usage analysis of our FB credibility chrome extension, about 81% of users’ responses agree with suggested credibility automatically computed by the proposed system.

Keywords: facebook, social media, credibility measurement, internet

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Authors: Felicia Wong Yen Myan, James Walker

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Development of micro topographies usually begins with the fabrication of a master stamp. Fabrication of such small structures can be technically challenging and expensive. These techniques are often used for applications where patterns only cover a small surface area (e.g. semiconductors, microfluidic channels). This research investigated the use of benchtop lithography to fabricate patterns with average widths of 50 and 100 microns on silicon wafer substrates. Further development of this method will attempt to layer patterns to create hierarchical structures. Photomasks consisted of patterns printed onto transparency films with a high resolution printer and a fully patterned 10cm by 10cm area has been successfully developed. UV exposure was carried out with a self-made array of ultraviolet LEDs that was positioned a distance above a glass diffuser. Observations under a light microscope and SEM showed that developed patterns exhibit an adequate degree of fidelity with patterns from the master stamp.

Keywords: lithography, antifouling, marine, microtopography

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Authors: A. Al Drees, A. Alahmari, R. Almuwayshir

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The advanced information technology is becoming an important factor in the development of financial services industry, especially the banking industry. It has introduced new ways of delivering banking to the customer, such as Internet Banking. Banks began to look at electronic banking (e-banking) as a means to replace some of their traditional branch functions using the Internet as a new distribution channel. Some consumers have at least more than one account, and across banks, and access these accounts using e-banking services. To look at the current net worth position, customers have to login to each of their accounts and get the details and work on consolidation. This not only takes ample time but it is a repetitive activity at a specified frequency. To address this point, an account aggregation concept is added as a solution. E-banking account aggregation, as one of the e-banking types, appeared to build a stronger relationship with customers. Account Aggregation Service generally refers to a service that allows customers to manage their bank accounts maintained in different institutions through a common Internet banking operating a platform, with a high concern to security and privacy. This paper presents an overview of an e-banking account aggregation approach as a new service in the e-banking field.

Keywords: e-banking, account aggregation, security, enterprise development

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Authors: Guo Jinhong

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The purpose of this study is to explore the association between board member functions and information disclosure levels. Based on the literature variables, such as the characteristics of the board of directors in the past, a single comprehensive indicator is established as a substitute variable for board functions, and the information disclosure evaluation results published by the Securities and Foundation are used to measure the information disclosure level of the company. This study focuses on companies listed on the Taiwan Stock Exchange from 2006 to 2010 and uses descriptive statistical analysis, univariate analysis, correlation analysis and ordered normal probability (Ordered Probit) regression for empirical analysis. The empirical results show that there is a significant positive correlation between the function of board members and the level of information disclosure. This study also conducts a sensitivity test and draws similar conclusions, showing that boards with better board member functions have higher levels of information disclosure. In addition, this study also found that higher board independence, lower director shareholding pledge ratio, higher director shareholding ratio, and directors with rich professional knowledge and practical experience can help improve the level of information disclosure. The empirical results of this study provide strong support for the "relative regulations to improve the level of information disclosure" formulated by the competent authorities in recent years.

Keywords: function of board members, information disclosure, securities, foundation

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Authors: Ranjith Ihalanayake, Lalith Seelanatha, John Breen

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In this study, we explored the current working capital management practices as applied in small businesses in Victoria, filling an existing theoretical and empirical gap in literature in general and in Australia in particular. Amidst the current global competitive and dynamic environment, the short term insolvency of small businesses is very critical for the long run survival. A firm’s short-term insolvency is dependent on the availability of sufficient working capital for feeding day to day operational activities. Therefore, given the reliance for short-term funding by small businesses, it has been recognized that the efficient management of working capital is crucial in respect of the prosperity and survival of such firms. Against this background, this research was an attempt to understand the current working capital management strategies and practices used by the small scale businesses. To this end, we conducted an internet survey among 220 small businesses operating in Victoria, Australia. The survey results suggest that the majority of respondents are owner-manager (73%) and male (68%). Respondents participated in this survey mostly have a degree (46%). About a half of respondents are more than 50 years old. Most of respondents (64%) have business management experience more than ten years. Similarly, majority of them (63%) had experience in the area of their current business. Types of business of the respondents are: Private limited company (41%), sole proprietorship (37%), and partnership (15%). In addition, majority of the firms are service companies (63%), followed by retailed companies (25%), and manufacturing (17%). Size of companies of this survey varies, 32% of them have annual sales $100,000 or under, while 22% of them have revenue more than $1,000,000 every year. In regards to the total assets, majority of respondents (43%) have total assets $100,000 or less while 20% of respondents have total assets more than $1,000,000. In regards to WCMPs, results indicate that almost 70% of respondents mentioned that they are responsible for managing their business working capital. The survey shows that majority of respondents (65.5%) use their business experience to identify the level of investment in working capital, compared to 22% of respondents who seek advice from professionals. The other 10% of respondents, however, follow industry practice to identify the level of working capital. The survey also shows that more than a half of respondents maintain good liquidity financial position for their business by having accounts payable less than accounts receivable. This study finds that majority of small business companies in western area of Victoria have a WCM policy but only about 8 % of them have a formal policy. Majority of the businesses (52.7%) have an informal policy while 39.5% have no policy. Of those who have a policy, 44% described their working capital management policies as a compromise policy while 35% described their policy as a conservative policy. Only 6% of respondents apply aggressive policy. Overall the results indicate that the small businesses pay less attention into the management of working capital of their business despite its significance in the successful operation of the business. This approach may be adopted during favourable economic times. However, during relatively turbulent economic conditions, such an approach could lead to greater financial difficulties i.e. short-term financial insolvency.

Keywords: small business, working capital management, Australia, sufficient, financial insolvency

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Authors: Manaf Bashir

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Corporate social responsibility (CSR) has become a tool for corporations to meet the expectations of different stakeholders about economic, social and environmental issues. It has become indispensable for an organization’s success, positive image and reputation. Equally important is how corporations communicate and report their CSR. Employing the stakeholder theory, the purpose of this research is to analyse CSR content of leading Kuwaiti corporations. No research analysis of CSR reporting has been conducted in Kuwait and this study is an attempt to redress in part this empirical deficit in the country and the region. It attempts to identify the issues and stakeholders of the CSR and if corporations are following CSR reporting standards. By analysing websites, annual and CSR reports of the top 100 Kuwaiti corporations, this study found low mentions of the CSR issues and even lower mentions of CSR stakeholders. Environmental issues were among the least mentioned despite an increasing global concern toward the environment. ‘Society’ was mentioned the most as a stakeholder and ‘The Environment’ was among the least mentioned. Cross-tabulations found few significant relationships between type of industry and the CSR issues and stakeholders. Independent sample t-tests found no significant difference between the issues and stakeholders that are mentioned on the websites and the reports. Only two companies from the sample followed reporting standards and both followed the Global Reporting Initiative. Successful corporations would be keen to identify the issues that meet the expectations of different stakeholders and address them through their corporate communication. Kuwaiti corporations did not show this keenness. As the stakeholder theory suggests, extending the spectrum of stakeholders beyond investors can open mutual dialogue and understanding between corporations and various stakeholders. However, Kuwaiti corporations focus on few CSR issues and even fewer CSR stakeholders. Kuwaiti corporations need to pay more attention to CSR and particularly toward environmental issues. They should adopt a strategic approach and allocate specialized personnel such as marketers and public relations practitioners to manage it. The government and non-profit organizations should encourage the private sector in Kuwait to do more CSR and meet the needs and expectations of different stakeholders and not only shareholders. This is in addition to reporting the CSR information professionally because of its benefits to corporate image, reputation, and transparency.

Keywords: corporate social responsibility, environmental responsibility, Kuwait, stakeholder theory

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Authors: Wiji Wijaya

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The aim of this research is to examine the effect of internal control weaknesses and audit opinion on the state’s loss findings of audit compliance to the regulation in public sector. The samples of this research consisted of 175 local government financial statements in the area of Central Java Province at 2009 until 2013. Area sampling design was used to select the financial statements. This study using quantitative descriptive statistical analysis and regression was run for data analysis and hypothesis examination. Result of this study indicated that internal control weaknesses and audit opinion contributes a positive influence which is significant to the state’s loss findings of audit compliance to the regulation. The internal control weaknesses that affect the state's loss finding are weakness control system of accounting and reporting with the value of the critical ratio 0.010 p 2.613 ; weakness budget execution control system with critical ratio value of 3.421 p 0.001 and weaknesses internal control structure with critical ratio value of 2.246 p 0.026 . While the audit opinion with a critical ratio value of 4.401 p 0.000. The implications of this research so that policy makers at the local government should give more attention to the implementation and improvement of internal control system.

Keywords: audit compliance findings, state’s loss, audit opinion, internal control, local government

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Authors: Adnan H. M. Al-Helali, Hamza A. Ali

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Growth of censorship and pervasive monitoring on the Internet, Steganography arises as a new means of achieving secret communication. Steganography is the art and science of embedding information within electronic media used by common applications and systems. Generally, hiding information of multimedia within images will change some of their properties that may introduce few degradation or unusual characteristics. This paper presents a new image steganography approach for hiding information of multimedia (images, text, and audio) using generated Mandelbrot Fractal image as a cover. The proposed technique has been extensively tested with different images. The results show that the method is a very secure means of hiding and retrieving steganographic information. Experimental results demonstrate that an effective improvement in the values of the Peak Signal to Noise Ratio (PSNR), Mean Square Error (MSE), Normalized Cross Correlation (NCC) and Image Fidelity (IF) over the previous techniques.

Keywords: fractal image, information hiding, Mandelbrot et fractal, steganography

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Authors: Mary L. G. S. Senna, Afonso R. Aquino, Veruska C. Dutra, Carlos H. C. Tolentino

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The quality of life index, despite elucidating many discussions, the conceptual subjectivity of the term does not show precision, and consequently, many researchers seek to develop methods aiming to measure this concept, bringing it to a more concrete approach. In this study, the quality of life index method was used to analyze the population of Mateiros, Tocantins, Brazil for quality of life. After data collection, it was compared the quality of life index between the population and the group of beneficiaries of the Brazilian government assistance program Bolsa Família (Family Allowance). Some of the people interviewed receive financial aid from the federal government program Bolsa Família (22%). Comparisons were made among the final score of the quality of life index of the Mateiros population and the following factors: Gender, age, education, those working or not with tourism and those who receive or do not receive the Bolsa Família. It was observed that only the factor, Bolsa Família (p-score 0.0138), shows an association with quality of life improvement, noticing that those who have financial aid had a higher quality of life improvement than the rest of the population. It was concluded that, government assistance has shown a decisive element on the enhancement of Mateiros population quality of life, indicating that similar actions should be maintained.

Keywords: quality of life index, government aid to families, sustainable tourism, Bolsa Familia

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Authors: Kesya Terinda Natalie, Marcellina Natasha, Rosinta Ria Panggabean

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Purpose: Over the last few years, the company has been implementing sustainability practices to ensure business continuity. However, there are pros and cons regarding the impact of financial reports if companies provide non-financial reports. So this paper aims to prove what the effect of Sustainability Reporting (SR) has on company profitability, as well as things that can be considered as the decision-making of SR disclosure. Methodology: This paper uses the literature review method to describe the results of published articles concerning Sustainability Reporting and Profitability. This study links and analyzes the essence of 50 previous studies related to SR on company profitability, most of which were conducted in Asia. Therefore this research is limited to only 23 studies in Asia. Findings: Sustainability Reporting does not have a significant impact on company profitability because the SR quality of each company varies based on Agency & Legitimacy Theory considerations. Stakeholders are required to focus not only on profitability but also on the long-term of the company. Thus, it is found that SR is used by companies as a sustainable investment, which can improve overall company performance by reducing capital costs and generating positive company value in increasing reputation capital. Value: This paper focuses on how sustainability reporting affects company profitability, as well as things that can be considered as the decision-making of SR disclosure.

Keywords: sustainability reporting, profitability, agency theory, legitimacy theory

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Authors: Jessica Leigh Doyle

Abstract:

In recent years there has been increasing academic and policy interest in domestic violence (DV) and in the implications of DV for the physical and psychological well-being of those who experience it. Yet, despite this interest, very few detailed empirical explorations of these issues have been conducted to date. Of the detailed empirical work that does exist, most studies have focused narrowly on physical violence and the impact of physical violence on rates of depression, post-traumatic stress disorder (PTSD) and substance use. This has often been to the exclusion of wider experiences of DV in relation to psychological, sexual and financial abuse, and of broader victim self-perceptions of psychological well-being that include self-esteem, social participation and quality of life as core components. This paper contributes towards filling this gap by examining these issues on the basis of comprehensive empirical evidence from the Northern Ireland context. Using qualitative methods, the paper presents the findings from 63 semi-structured interviews with women victims of DV from across Northern Ireland. The findings discuss the varied types of violence (physical, psychological, sexual, and financial) that women experience, how these experiences shape their broad physical and psychological well-being and capacity to live active and fulfilling lives and the processes of recovery from IPV. The implications of these findings for research and policy are then discussed.

Keywords: domestic violence, gender equality, intimate partner violence, violence against women, well-being

Procedia PDF Downloads 272