Search results for: financial targets

Authors: Abidemi C. Adegboye, Samuel Iweriebor

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The primary link between financial institutions and economic performance is the provision of resources by these institutions to businesses in order to drive enterprise expansion, sustainability, and development. In this study, the role of access to finance in driving innovations and productivity in Nigerian SMEs is investigated using the World Bank Enterprise Survey (ES) dataset. Innovation is defined based on the ES analysis using five compositions including product, method, organisational, use of foreign-licensed technology, and spending on R&D. The study considers finance in terms of source in meeting investment needs and in terms of access. Moreover, finance access is categorized as external and internal to a firm with each having different implications. The research methodology adopted a survey analysis based on the 2014 World Bank Enterprise Survey of 19 states in Nigeria. The survey comprised over 10,000 manufacturing and services firms, both at the small scale and medium scale levels. The logit estimation technique is used to estimate the relationships in the study. The results from the empirical analysis show that in general, access to finance drives SME innovation in Nigeria. In particular, ease of accessing bank loans and credit is shown to be the strongest positive force in driving all types of innovation among SMEs in Nigeria. In the same vein, the type of finance source for investment matters in terms of how it affects innovation: it is shown that both internal and external sources improve investment in product, process, and organisational innovation, but only external financing has effect on R&D spending and use of foreign licensed technology. Overall spending on R&D is only driven by access to external finance by the SMEs. For productivity, the results show that while structure of financing investment improves productivity, increased access to finance may actually lead to productivity decline among SMEs in Nigeria. There is a need for the financial system to evolve structures to increase fund availability to SMEs in Nigeria, especially for the purpose of innovation investment.

Keywords: access to finance, financing investment, innovation, productivity, SMEs

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Authors: Mohammad Soliman, Mohamed A. Abou-Shouk

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Knowledge management focuses on the development, storage, retrieval, and dissemination of information and expertise. It has become an important tool to improve performance in tourism enterprises. This includes improving decision-making, developing customer services, and increasing sales and profits. Knowledge management adoption depends on human, organizational and technological factors. This study aims to explore the concept of knowledge management in travel agents in Egypt. It explores the requirements of adoption and its impact on performance in these agencies. The study targets Category A travel agents in Egypt. The population of the study encompasses Category A travel agents having online presence. An online questionnaire is used to collect data from managers of travel agents. This study is useful for travel agents who are in urgent need to restructure their intermediary role and support their survival in the global travel market. The study sheds light on the requirements of adoption and the expected impact on performance. This could help travel agents identify their situation and the determine the extent to which they are ready to adopt knowledge management. This study is contributing to knowledge by providing insights from the tourism sector in a developing country where the concept of knowledge management is still in its infancy stages.

Keywords: knowledge management, knowledge management adoption, performance, travel agents

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Authors: Teresa Smith, Farrah Jacquez

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Health-risk behaviors (e.g., smoking, poor diet) directly increase the risk for chronic disease and morbidity. There is substantial evidence of a negative association between socioeconomic status (SES) and engagement in health-risk behaviors. However, due to the complexity of SES, researchers have suggested looking beyond this factor to fully understand the mechanisms that underlie engagement in health-risk behaviors. Stress is one plausible mechanism through which SES impacts health-risk behaviors. Currently, it remains unclear how stress occurring across the life course might impact health behaviors and explain the association between SES and these behaviors. To address the gaps in the literature, 172 adults between the ages of 18-49 were surveyed about their lifetime stress exposure, sociodemographic variables, and health-risk behaviors via an online recruitment portal, Prolific. Five major findings emerged from the current study. First, SES was negatively associated with engagement in health-risk behaviors and lifetime stress above and beyond current stress and other relevant demographics. Second, lifetime stress was significantly associated with health-risk behaviors above and beyond current stress and relevant demographic variables. Third, lifetime stress fully mediated the association between SES and health-risk behaviors above and beyond current stress and other demographics. Fourth, the severity of stress experienced emerged as the most significant lifetime stress variable that explains the relation between SES and health-risk behaviors. Fifth and finally, lower SES and experiencing financial and legal/crime stressors increased the likelihood of engaging in health-risk behaviors. The current study results align with previous research and suggest that stress occurring over the lifespan impacts the relation between SES and health-risk behaviors, which are in turn known to impact health outcomes. However, our findings move the current literature forward by providing a more nuanced understanding of the specific aspects of stress that influence this association. Specifically, the severity of stress experienced across the entire lifespan was the most important aspect of stress when examining the association between SES and health-risk behaviors. Further, individuals most at risk for engaging in health-risk behaviors are those of the lowest SES and experience financial and legal/crime stressors. These findings have the potential to inform interventions and policies aimed at addressing health-risk behaviors by providing a more sophisticated understanding of the impact of stress.

Keywords: stress, health behaviors, socioeconomic status, health

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Authors: Qintao Shen, Lei Luo, Jun Ma, Jie Yu, Qingbo Wu, Yongqi Ma, Zhengji Liu

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Control Flow Integrity (CFI) is one of the most promising technique to defend Code-Reuse Attacks (CRAs). Traditional CFI Systems and recent Context-Sensitive CFI use coarse control flow graphs (CFGs) to analyze whether the control flow hijack occurs, left vast space for attackers at indirect call-sites. Coarse CFGs make it difficult to decide which target to execute at indirect control-flow transfers, and weaken the existing CFI systems actually. It is an unsolved problem to extract CFGs precisely and perfectly from binaries now. In this paper, we present an algorithm to get a more precise CFG from binaries. Parameters are analyzed at indirect call-sites and functions firstly. By comparing counts of parameters prepared before call-sites and consumed by functions, targets of indirect calls are reduced. Then the control flow would be more constrained at indirect call-sites in runtime. Combined with CCFI, we implement our policy. Experimental results on some popular programs show that our approach is efficient. Further analysis show that it can mitigate COOP and other advanced attacks.

Keywords: contex-sensitive, CFI, binary analysis, code reuse attack

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Authors: Farhan Beg, Raymond Moberly

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The Indian subcontinent is facing a massive challenge with regards to energy security in member countries, to provide reliable electricity to facilitate development across various sectors of the economy and consequently achieve the developmental targets. The instability of the current precarious situation is observable in the frequent system failures and blackouts. The deployment of interconnected electricity ‘Supergrid’ designed to carry huge quanta of power across the Indian sub-continent is proposed in this paper. Besides enabling energy security in the subcontinent, it will also provide a platform for Renewable Energy Sources (RES) integration. This paper assesses the need and conditions for a Supergrid deployment and consequently proposes a meshed topology based on Voltage Source High Voltage Direct Current (VSC-HVDC) converters for the Supergrid modeling. Various control schemes for the control of voltage and power are utilized for the regulation of the network parameters. A 3 terminal Multi Terminal Direct Current (MTDC) network is used for the simulations.

Keywords: super grid, wind and solar energy, high voltage direct current, electricity management, load flow analysis

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Authors: Ailing Yang, Penghan Song, Aihua Cai

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The nonlinear maneuvering target tracking problem is mainly a state estimation problem when the target motion model is uncertain. Traditional solutions include Kalman filtering based on Bayesian filtering framework and extended Kalman filtering. However, these methods need prior knowledge such as kinematics model and state system distribution, and their performance is poor in state estimation of nonprior complex dynamic systems. Therefore, in view of the problems existing in traditional algorithms, a convolution LSTM target state estimation (SAConvLSTM-SE) algorithm based on Self-Attention memory (SAM) is proposed to learn the historical motion state of the target and the error distribution information measured at the current time. The measured track point data of airborne radar are processed into data sets. After supervised training, the data-driven deep neural network based on SAConvLSTM can directly obtain the target state at the next moment. Through experiments on two different maneuvering targets, we find that the network has stronger robustness and better tracking accuracy than the existing tracking methods.

Keywords: maneuvering target, state estimation, Kalman filter, LSTM, self-attention

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Authors: Protima Chakraborty

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The sustainability of conventional agriculture in Bangladesh is under threat from the continuous degradation of land and water resources, and from declining yields due to indiscriminate use of agrochemicals. NASL (Northern Agro Services Limited) is pursuing efforts to promote ecological agriculture with emphasis on better use of organic fertilizer resources and the reduction of external inputs. This paper examines the sustainability of two production systems in terms of their environmental soundness, economic viability and social acceptability based on empirical data collected through making demonstration land cultivation, a household survey, soil sample analysis, observations and discussions with key informants. Twelve indicators were selected to evaluate sustainability. Significant differences were found between the two systems in crop diversification, soil fertility management, pests and diseases management, and use of agrochemicals & Organic Compost. However, significant variations were found in other indicators such as land-use pattern, crop yield and stability, risk and uncertainties, and food security. Although crop yield and financial return were found to be slightly higher in the ecological system, the economic return and value addition per unit of land show the positive difference of using compost rather than chemical fertilizer. The findings suggest that ecological agriculture has a tendency towards becoming ecologically, economically and socially more sound than conventional agriculture, as it requires considerably fewer agro-chemicals, adds more organic matter to the soil, provides balanced food, and requires higher local inputs without markedly compromising output and financial benefits. Broad-policy measures, including the creation of mass awareness of adverse health effects of agrochemical-based products, are outlined for the promotion of ecological agriculture.

Keywords: Bangladesh, compost, conventional agriculture, organic fertilizer, environmental sustainability, economic viability, social acceptability

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Authors: Echo Wang, Andrew Li

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Transparency could be defined as the voluntary release of information by institutions that is relevant to their own evaluation. Transparency based on information disclosure is recognised to be vital for the Third Sector, as civil society organisations are under pressure to become more transparent to answer the call for accountability. The growing importance of social enterprises as hybrid organisations emerging from the nexus of the public, the private and the Third Sector makes their transparency a topic worth exploring. However, transparency for social enterprises has not yet been studied: as a new form of organisation that combines non-profit missions with commercial means, it is unclear to both the practical and the academic world if the shift in operational logics from non-profit motives to for-profit pursuits has significantly altered their transparency. This is especially so in China, where informational governance and practices of information disclosure by local governments, industries and civil society are notably different from other countries. This study investigates the transparency-seeking behaviour of social enterprises in Greater China to understand what factors at the organisational level may affect their transparency, measured by their willingness to disclose financial information. We make use of the Survey on the Models and Development Status of Social Enterprises in the Greater China Region (MDSSGCR) conducted in 2015-2016. The sample consists of more than 300 social enterprises from the Mainland, Hong Kong and Taiwan. While most respondents have provided complete answers to most of the questions, there is tremendous variation in the respondents’ demonstrated level of transparency in answering those questions related to the financial aspects of their organisations, such as total revenue, net profit, source of revenue and expense. This has led to a lot of missing data on such variables. In this study, we take missing data as data. Specifically, we use missing values as a proxy for an organisation’s level of transparency. Our dependent variables are constructed from missing data on total revenue, net profit, source of revenue and cost breakdown. In addition, we also take into consideration the quality of answers in coding the dependent variables. For example, to be coded as being transparent, an organization must report the sources of at least 50% of its revenue. We have four groups of predictors of transparency, namely nature of organization, decision making body, funding channel and field of concentration. Furthermore, we control for an organisation’s stage of development, self-identity and region. The results show that social enterprises that are at their later stages of organisational development and are funded by financial means are significantly more transparent than others. There is also some evidence that social enterprises located in the Northeast region in China are less transparent than those located in other regions probably because of local political economy features. On the other hand, the nature of the organisation, the decision-making body and field of concentration do not systematically affect the level of transparency. This study provides in-depth empirical insights into the information disclosure behaviour of social enterprises under specific social context. It does not only reveal important characteristics of Third Sector development in China, but also contributes to the general understanding of hybrid institutions.

Keywords: China, information transparency, organisational behaviour, social enterprise

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Authors: Azam Abkhiz, Abolghasem Nasir

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To achieve sustainable competitive advantage in the market, it is necessary to provide and improve customer satisfaction and Loyalty. To reach this objective, companies need to identify and analyze their customers. Thus, it is critical to measure the level of customer satisfaction and Loyalty very carefully. This study attempts to build a conceptual model to provide clear insights of customer loyalty. Using Bayesian networks (BNs), a model is proposed to evaluate customer loyalty and its consequences, such as repurchase and positive word-of-mouth. BN is a probabilistic approach that predicts the behavior of a system based on observed stochastic events. The most relevant determinants of customer loyalty are identified by the literature review. Perceived value, service quality, trust, corporate image, satisfaction, and switching costs are the most important variables that explain customer loyalty. The data are collected by use of a questionnaire-based survey from 1430 customers of a home appliances manufacturer in Iran. Four scenarios and sensitivity analyses are performed to run and analyze the impact of different determinants on customer loyalty. The proposed model allows businesses to not only set their targets but proactively manage their customer behaviors as well.

Keywords: customer satisfaction, customer loyalty, Bayesian networks, home appliances industry

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Authors: Michelle C. S. Azevedo, Priscila M. Colavite, Carolina F. Francisconi, Ana P. Trombone, Gustavo P. Garlet

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VIP (vasoactive intestinal peptide) know as a potential protective factor in the view of its marked immunosuppressive properties. In this work, we investigated a possible association of VIP with the clinical status of experimental periapical granulomas and the association with expression markers in the lesions potentially associated with periapical lesions pathogenesis. C57BL/6WT mice were treated or not with recombinant VIP. Animals with active/progressive (N=40), inactive/stable (N=70) periapical granulomas and controls (N=50) were anesthetized and the right mandibular first molar was surgically opened, allowing exposure of dental pulp. Endodontic pathogenic bacterial strains were inoculated: Porphyromonas gingivalis, Prevotella nigrescens, Actinomyces viscosus, and Fusobacterium nucleatum subsp. polymorphum. The cavity was not sealed after bacterial inoculation. During lesion development, animals were treated or not with recombinant VIP 3 days post infection. Animals were killed after 3, 7, 14, and 21 days of infection and the jaws were dissected. The extraction of total RNA from periodontal tissues was performed and the integrity of samples was checked. qPCR reaction using TaqMan chemistry with inventoried primers were performed in ViiA7 equipment. The results, depicted as the relative levels of gene expression, were calculated in reference to GAPDH and β-actin expression. Periodontal tissues from upper molars were vested and incubated supplemented RPMI, followed by processing with 0.05% DNase. Cell viability and couting were determined by Neubauer chamber analysis. For flow cytometry analysis, after cell counting the cells were stained with the optimal dilution of each antibody; (PE)-conjugated and (FITC)-conjugated antibodies against CD4, CD25, FOXP3, IL-4, IL-17 and IFN-γ antibodies, as well their respective isotype controls. Cells were analyzed by FACScan and CellQuest software. Results are presented as the number of cells in the periodontal tissues or the number of positive cells for each marker in the CD4+FOXp3+, CD4+IL-4+, CD4+IFNg+ and CD4+IL-17+ subpopulations. The levels mRNA were measured by qPCR. The VIP expression was predominated in inactive lesions, as well part of the clusters of cytokine/Th markers identified as protective factors and a negative correlation between VIP expression and lesion evolution was observed. A quantitative analysis of IL1β, IL17, TNF, IFN, MMP2, RANKL, OPG, IL10, TGFβ, CTLA4, COL5A1, CTGF, CXCL11, FGF7, ITGA4, ITGA5, SERP1 and VTN expression was measured in experimental periapical lesions treated with VIP 7 and 14 days after lesion induction and healthy animals. After 7 days, all targets presented a significate increase in comparison to untreated animals. About migration kinetics, profile of chemokine receptors expression of TCD4+ subsets and phenotypic analysis of Tregs, Th1, Th2 and Th17 cells during the course of experimental periodontal disease evaluated by flow cytometry and depicted as the number of positive cells for each marker. CD4+IFNg+ and CD4+FOXp3+ cells migration were significate increased 7 days post VIP treatment. CD4+IL17+ cells migration were significate increased 7 and 14 days post VIP treatment, CD4+IL4+ cells migration were significate increased 14 and 21 days post VIP treatment compared to the control group. In conclusion, our experimental data support VIP involvement in determining the inactivity of periapical lesions. Financial support: FAPESP #2015/25618-2.

Keywords: chronic inflammation, cytokines, osteolytic lesions, VIP (Vasoactive Intestinal Peptide)

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Authors: Seyedmohammad Mousavian

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Technological advancements are becoming unprecedentedly dominant everywhere. This dominance requires drastic chTechnological advancements are becoming unprecedentedly dominant everywhere. This dominance requires drastic changes in traditional thinking, procedures, and responsibilities. Chief Financial Officers (CFOs) have long played a key role in every organization around the globe and must adapt themselves to the disruptive technology which brings positive and negative points. This paper will discuss the shift of the traditional role of CFOs from just reporting toward more innovative roles like “Storytelling”, business partnering, and strategic planning.

Keywords: accounting information system, technology, data, CFO, finance

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Authors: Mohamed A. Mohamed-Ali, Jannis Simos, Khalid M. Kheiralla

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The Ingessana hills in the southern Blue Nile of Sudan are part of the southern sector of the NE-SW trending ophiolithic belt of the Arab-Nubian Shield with mid-neoproterozoic age. The rocks are mainly serpentinized and in parts highly silicified dunites especially towards the contact with the intruding Bau granite. A promising chromite mineralization zones in the area tend to be generally associated with NE-SW trending shear-zones. A detailed geophysical survey employing electrical resistivity tomography (ERT) at 34 lines were carried out over a zone of a known chromite mineralization to test feasibility of detecting and delineating the ore (if exist) and accordingly facilitate the positioning of exploratory drill holes. ERT sections were inverted with smooth constraints inversion code where the contacts between the granite and the ultramafics are showing up clearly. The continuity of mineralization along the contact is not well confirmed. However, the low-resistivity anomalies are probably recognized as potential chromite mineralization zones. These anomalies represent prime targets for further exploration by drilling, trenching or shallow pits. If the results of the drilling or excavations are positive, small open pit exploitations may produce important tonnages of chromite.

Keywords: chromite exploration, ERT, Ingessana Hills, inversion

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Authors: Abebe Mulugojam Negash, Yongbin Yu, Ekong Favour, Bekalu Nigus Dawit, Molla Woretaw Teshome, Aynalem Birtukan Yirga

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Breast cancer remains a significant health concern, necessitating advancements in diagnostic methodologies. Addressing this, our paper confronts the notable challenges in breast cancer classification, particularly the imbalance in datasets and the constraints in the accuracy and interpretability of prevailing deep learning approaches. We proposed an attention-based residual neural network (ResNet), which effectively combines the robust features of ResNet with an advanced attention mechanism. Enhanced through strategic data augmentation and positive weight adjustments, this approach specifically targets the issue of data imbalance. The proposed model is tested on the BreakHis dataset and achieved accuracies of 99.00%, 99.04%, 98.67%, and 98.08% in different magnifications (40X, 100X, 200X, and 400X), respectively. We evaluated the performance by using different evaluation metrics such as precision, recall, and F1-Score and made comparisons with other state-of-the-art methods. Our experiments demonstrate that the proposed model outperforms existing approaches, achieving higher accuracy in breast cancer classification.

Keywords: residual neural network, attention mechanism, positive weight, data augmentation

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Authors: Tchapo Tchaga Sophia, Cai Chun

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This study measures the efficiency level of corporate governance to improve the quality level of value relevance in the resolution of market value efficiency increase issues, transparency problems, risk frauds, agency problems, investors' confidence, and decision-making issues using IFRS and Corporate Governance Acts (CGA). The final sample of this study contains 3660 firms from ten countries' stock markets from 2010 to 2020. Based on the efficiency market theory and the positive accounting theory, this paper uses multiple econometrical methods (DID method, multivariate and univariate regression methods) and models (Ohlson model and compliance index model) regression to see the incidence results of corporate governance mechanisms on the value relevance level under the influence of IFRS and corporate governance regulations act framework in Africa's stock exchanges for non-financial firms. The results on value relevance show that the corporate governance system, strengthened by the adoption of IFRS and enforcement of new corporate governance regulations, produces better financial statement information when its compliance level is high. And that is both value-relevant and comparable to results in more developed markets. Similar positive and significant results were obtained when predicting future book value per share and earnings per share through the determination of stock price and stock return. The findings of this study have important implications for regulators, academics, investors, and other users regarding the effects of IFRS and the Corporate Governance Act (CGA) on the relationship between corporate governance and accounting information relevance in the African stock market. The contributions of this paper are also based on the uniqueness of the data used in this study. The unique data is from Africa, and not all existing findings provide evidence for Africa and of the DID method used to examine the relationship between corporate governance and value relevance on African stock exchanges.

Keywords: corporate governance value, market efficiency value, value relevance, African stock market, stock return-stock price

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Authors: Margarita Gáfaro, Karelys Guzmán, Paola Poveda

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This paper establishes the theoretical aspects that explain the barriers to accessing credit for small agricultural producers in developing countries and identifies successful policy experiences to mitigate them. We will test two hypotheses. The first one is that information asymmetries, high transaction costs and high-risk exposure limit the supply of credit to small agricultural producers in developing countries. The second hypothesis is that low levels of financial education and productivity and high uncertainty about the returns of agricultural activity limit the demand for credit. To test these hypotheses, a review of the theoretical and empirical literature on access to rural credit in developing countries will be carried out. The first part of this review focuses on theoretical models that incorporate information asymmetries in the credit market and analyzes the interaction between these asymmetries and the characteristics of the agricultural sector in developing countries. Some of the characteristics we will focus on are the absence of collateral, the underdevelopment of the judicial systems and insurance markets, and the high dependence on climatic factors of production technologies. The second part of this review focuses on the determinants of credit demand by small agricultural producers, including the profitability of productive projects, security conditions, risk aversion or loss, financial education, and cognitive biases, among others. There are policies that focus on resolving these supply and demand constraints and managing to improve credit access. Therefore, another objective of this paper is to present a review of effective policies that have promoted access to credit for smallholders in the world. For this, information available in policy documents will be collected. This information will be complemented by interviews with officials in charge of the design and execution of these policies in a subset of selected countries. The information collected will be analyzed in light of the conceptual framework proposed in the first two parts of this section. The barriers to access to credit that each policy attempts to resolve and the factors that could explain its effectiveness will be identified.

Keywords: agricultural economics, credit access, smallholder, developing countries

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Authors: Mahshid TalebianKiakalayeh

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As AI technologies can be used by both civilians and soldiers, it is vital to consider the consequences emanating from AI military as well as civilian use. Indeed, many of the same technologies can have a dual-use. This paper will explore the military uses of AI and assess its compliance with international legal norms. AI developments not only have changed the capacity of the military to conduct complex operations but have also increased legal concerns. The existence of a potential legal vacuum in legal principles on the military use of AI indicates the necessity of more study on compliance with International Humanitarian Law (IHL), the branch of international law which governs the conduct of hostilities. While capabilities of new means of military AI continue to advance at incredible rates, this body of law is seeking to limit the methods of warfare protecting civilian persons who are not participating in an armed conflict. Implementing AI in the military realm would result in potential issues, including ethical and legal challenges. For instance, when intelligence can perform any warfare task without any human involvement, a range of humanitarian debates will be raised as to whether this technology might distinguish between military and civilian targets or not. This is mainly because AI in fully military systems would not seem to carry legal and ethical judgment, which can interfere with IHL principles. The paper will take, as a case study, Canada’s compliance with IHL in the area of AI and the related legal issues that are likely to arise as this country continues to develop military uses of AI.

Keywords: artificial intelligence, military use, international humanitarian law, the Canadian perspective

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Authors: Ian C. Padgett

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Future of society is built on the foundations built by the parents of today and how they raise their children. Strong foundations are made by accepting environments, good morals, and sound educations. Child abuse is a harm that immediately corrupts a child and everything that could do for society. Every child is a segment of modern society and future society, every child corrupted is a segment of society corrupted. Physical abuse is a clear abuse that leaves bruises and can traumatize a child for life, it can leave scars but effect a child’s mind for life. Another form of abuse, however, still impacts a child for life but with no scars to be seen. Child mental abuse directly targets children’s minds to control, manipulate, and belittle them. It becomes close to impossible to escape as there is no clear law defining mental abuse, the parent manipulates the child to stay quiet, and finally the child must come to terms that there parent is harming them. Society does not react to mental and physical abuse in the same manner. In a society that works to protect it future and it children, mental abuse is given a strange lack of attention. In order to protect children, all forms of abuse must be treated and given attention to. Mental abuse comes in many forms and can be extremely hard to spot, unlike physical abuse, but can still lead to the trauma other abuse can cause. While no abuse is worse than others, mental abuse should not be treated like it is nonexistent.

Keywords: Abuse Awareness, Child Mental Abuse, Effects of Abuse, Societal Issues

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Authors: Azhar Abdul Rahman

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This paper examines the readability of the chairman’s narratives, as determined by the Flesch score, of a Malaysian public listed company’s corporate reports from 1962 to 2009. It partially supports earlier studies which demonstrated that corporate reports were difficult to read, and had shown very negligible decrease in difficulty over time. Net profit to sales and readability was significantly positively correlated but number of financial statements was significantly negatively correlated with readability.

Keywords: chairman’s narratives, corporate communications, readability, longitudinal

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Authors: Mirzet SeHo, Alaa Alaabed, Mansur Masih

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In theory, risk-sharing-based financing (RSF) is considered a corner stone of Islamic finance. It is argued to render Islamic banks more resilient to shocks. In practice, however, this feature of Islamic financial products is almost negligible. Instead, debt-based instruments, with conventional like features, have overwhelmed the nascent industry. In addition, the framework of present-day economic, regulatory and financial reality inevitably exposes Islamic banks in dual banking systems to problems of conventional banks. This includes, but is not limited to, interest rate risk. Empirical evidence has, thus far, confirmed such exposures, despite Islamic banks’ interest-free operations. This study applies system GMM in modeling the determinants of RSF, and finds that RSF is insensitive to changes in interest rates. Hence, our results provide support to the “stability” view of risk-sharing-based financing. This suggests RSF as the way forward for risk management at Islamic banks, in the absence of widely acceptable Shariah compliant hedging instruments. Further support to the stability view is given by evidence of counter-cyclicality. Unlike debt-based lending that inflates artificial asset bubbles through credit expansion during the upswing of business cycles, RSF is negatively related to GDP growth. Our results also imply a significantly strong relationship between risk-sharing deposits and RSF. However, the pass-through of these deposits to RSF is economically low. Only about 40% of risk-sharing deposits are channeled to risk-sharing financing. This raises questions on the validity of the industry’s claim that depositors accustomed to conventional banking shun away from risk sharing and signals potential for better balance sheet management at Islamic banks. Overall, our findings suggest that, on the one hand, Islamic banks can gain ‘independence’ from conventional banks and interest rates through risk-sharing products, the potential for which is enormous. On the other hand, RSF could enable policy makers to improve systemic stability and restrain excessive credit expansion through its countercyclical features.

Keywords: Islamic banks, risk-sharing, financing, interest rate, dynamic system GMM

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Authors: Arpita Roy, Navneeta Bharadvaja

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Cancer is an uncontrolled growth of abnormal cells in the body. It is one of the most serious diseases on which extensive research work has been going on all over the world. Structure-based drug designing is a computational approach which helps in the identification of potential leads that can be used for the development of a drug. Plumbagin is a naphthoquinone derivative from Plumbago zeylanica roots and belongs to one of the largest and diverse groups of plant metabolites. Anticancer and antiproliferative activities of plumbagin have been observed in animal models as well as in cell cultures. Plumbagin shows inhibitory effects on multiple cancer-signaling proteins; however, the binding mode and the molecular interactions have not yet been elucidated for most of these protein targets. In this investigation, an attempt to provide structural insights into the binding mode of plumbagin against four cancer receptors using molecular docking was performed. Plumbagin showed minimal energy against targeted cancer receptors, therefore suggested its stability and potential towards different cancers. The least binding energies of plumbagin with COX-2, TACE, and CDK6 are -5.39, -4.93, -and 4.81 kcal/mol, respectively. Comparison studies of plumbagin with different receptors showed that it is a promising compound for cancer treatment. It was also found that plumbagin obeys the Lipinski’s Rule of 5 and computed ADMET properties which showed drug likeliness and improved bioavailability. Since plumbagin is from a natural source, it has reduced side effects, and these results would be useful for cancer treatment.

Keywords: cancer, receptor, plumbagin, docking

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Authors: Yusuf Abubakar Mamud

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Highlighting the imperatives of local conflicts considering the dangerous dimensions of terrorism they are assuming in Africa has not attracted serious academic and political attention. The discourse about conflict in Africa was discussed within five identified conflict zones in the continent. The threats from these local conflicts are diverse and complex and the acts of terrorism in these local conflicts are driven by certain attitudes and behaviours linked to the African leadership. The paper examined and noted that the current conflict resolution model of the African Union (AU) was robust with requisite institutions to address the trends in local conflicts. However, it was observed that the AU peace and security framework lacked the requisite structural and technical capabilities to proactively address the drivers of local conflicts in Africa. It was found that the persistence of local conflicts in the African region may deny her the opportunities of achievement of the targets envisioned in the Sustainable Development Goals (SDGs). Consequently, the paper called on the international community to support Africa through provision of capacity. It urged the African leaders themselves to develop the political will to ensure that all issues concerning peace and security in the continent were guided by the provisions of the AU Constitutive Act. The need to strengthen the APRM in the light of the current trends in local conflicts was also highlighted.

Keywords: conflicts, local conflicts, terrorism, sustainable development

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Authors: Gechbaia Badri

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The paper discusses in today's world of economic globalization and development of innovative economic integration is one of the issues of the day in the world. The article analyzes the innovation economy development trends in EU, showed the innovation economy formation of the main problems and results, also the development of innovative potential of the economy. The author reckons that the European economy will contribute to the development of innovative economic space of speech in recent years developed a financial and economic crisis.

Keywords: European Union, innovative system, innovative development, innovations

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Authors: Olena Mayboroda, Angel Gonzalez Benito, Jonathan Sabate Del Rio, Marketa Svobodova, Sandra Julich, Herbert Tomaso, Ciara K. O'Sullivan, Ioanis Katakis

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DNA amplification is required for most molecular diagnostic applications but conventional PCR has disadvantages for field testing. Isothermal amplification techniques are being developed to respond to this problem. One of them is the Recombinase Polymerase Amplification (RPA) that operates at isothermal conditions without sacrificing specificity and sensitivity in easy-to-use formats. In this work RPA was used for the optical detection of solid-phase amplification of the potential biowarfare agent Yersinia pestis. Thiolated forward primers were immobilized on the surface of maleimide-activated microtitre plates for the quantitative detection of synthetic and genomic DNA, with elongation occurring only in the presence of the specific template DNA and solution phase reverse primers. Quantitative detection was achieved via the use of biotinylated reverse primers and post-amplification addition of streptavidin-HRP conjugate. The overall time of amplification and detection was less than 1 hour at a constant temperature of 37oC. Single-stranded and double-stranded DNA sequences were detected achieving detection limits of 4.04*10-13 M and 3.14*10-16 M, respectively. The system demonstrated high specificity with negligible responses to non-specific targets.

Keywords: recombinase polymerase amplification, Yersinia pestis, solid-phase detection, ELONA

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Authors: Meriem El Kolli, Hocine Laouer, Hayet El Kolli, Salah Akkal

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The methanolic extract (ME) of C. montanum obtained by a hydo-alcoholic maceration and its polyphenol content was evaluated by Folin-Ciocalteu method. This extract and C. montanum essential oil were screened for antimicrobial activity against 21 microbial strains by agar diffusion method. MICs of the EO were determined by the broth micro dilution method. The mechanism of action of the EO was determined on the susceptible strains by the time kill assay and the lysis experience. Antioxidant properties were studied by both free DPPH radical scavenging and reducing power techniques. The TPC in the ME showed a high level of 101.50 ± 5.33 mg GAE /mg. B. cereus was the most sensitive strain with MIC of 55.5 µg/ml , then K. pneumoniae (111 µg/ml). A remarkable decrease in a survival rate as well as in the absorbance at 260 nm were recorded, which suggest that the cytoplasm membrane is one of the targets of the EO. Antioxidant effects were concentration dependent and IC50 values were 1.09 ± 0.37 µg/ml for the EO and 65.04 ± 0.00 µg/ml for the ME by DPPH method and a reducing power dose-dependent. In conclusion, C. montanum extracts showed potent which could be exploited in the food industry for food preservation.

Keywords: C. montanum, Apiaceae, essential oils, antimicrobial activity, antioxidant activity, reducing power

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Authors: T. Niracharapa

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The research studied and examined the competitiveness of the animation industry in Thailand. Data were collected based on articles, related reports and websites, news, research, and interviews of key persons from both public and private sectors. The diamond model was used to analyze the study. The major factor driving the Thai animation industry forward includes a quality workforce, their creativity and strong associations. However, discontinuity in government support, infrastructure, marketing, IP creation and financial constraints were factors keeping the Thai animation industry less competitive in the global market.

Keywords: animation, competitiveness, government, Thailand, market

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Authors: Raid Hommady, Waseem Al-Talalwah, Shorok Al Dorazi, Roger Soames

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The iliolumbar artery is a regular branch of posterior division of the internal iliac artery. The present study investigate 82 specimens to identify the origin of iliolumbar artery. The present study targets the sciatic nerve root supply from iliolumbar artery based on its origin and course. In present study, the ililumbar artery arose from the posterior division of internal iliac artery in 52.2%. In few cases, it arose from dorsomedial aspect of the internal iliac artery in 28.8%. In few cases, the iliolumbar artery arose from the dorsal aspects of the internal iliac artery as well as from the common and external iliac artery 1.7%. Also, the iliolumbar artery arose from the sciatic artery as well as from superior and inferior gluteal arteries in 5.1%. Conversely, it found to be congenital absent in 8.5%. Therefore, the posterior trunk of the internal iliac artery is the most common origin of the iliolumbar artery. With the origin variability of the iliolumbar artery, there is a vascular supply variability of the lumbosacral trunk and sacral root of sciatic nerve. The iliolumbar artery provides vascular supply for lumbosacral trunk 57.3% in whereas the sacral root in 5.1%. As a result, surgeons should pay attention to these variations to decrease iatrogenic fault.

Keywords: iliolumbar, sciatic artery, internal iliac, external iliac, posterior division

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Authors: Swathi Sampath, V. Kalaichelvi

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The assessment of the risk posed by a borrower to a lender is one of the common problems that financial institutions have to deal with. Consumers vying for a mortgage are generally compared to each other by the use of a number called the Credit Score, which is generated by applying a mathematical algorithm to information in the applicant’s credit report. The higher the credit score, the lower the risk posed by the candidate, and the better he is to be taken on by the lender. The objective of the present work is to use fuzzy logic and linguistic rules to create a model that generates Credit Scores.

Keywords: credit scoring, fuzzy logic, mortgage, risk assessment

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Authors: Thevaranchany Sivaskaran

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Women entrepreneurs are the key players in the society and their contributions is highly highlighted to enhance economic stability in the country. In Sri Lanka, especially in North and East provinces people badly affected by war. Most of them are widows and women headed families. Due to this changing environment, Educational opportunities, and the support of NGO’s Most of the women have started their business and become entrepreneurs. Even though existing family setup and social setup entrepreneurial women are overburdened and difficult to balance their business and family roles. The research has been conducted on the experiences of women entrepreneurs with the family role support and work-life balance within the small and micro- enterprise sector in Jaffna, Srilanka. This study aims to identify that what extent the role of family support will be the tool to balancing work and life effectively and, secondly, the main challenges they face in achieving work-life balance. This is done by drawing on literatures including those on work-life balance, small-and micro enterprises, and entrepreneurship theories. To find out this objective, the data were collected from 50 entrepreneurs among the members of Jaffna women chamber in each GS division basis (cluster random sampling). A qualitative methodological technique and semi-structured interviews were used to collect the data for the case study on these entrepreneurs. The results indicate that the majority of entrepreneurs do not enjoy a sense of work-life balance because most of them are women headed family and they need to work hard to generate financial profit for the benefit of family. The motivation for them to work in this way is to provide basic needs. Results confirmed for others that support of husbands is very important. Mostly, emotional support (belief and empowerment) is exposed; however, getting financial contribution seems to be highly appreciated. More responsibilities which spouses were ready to take over regarding the home responsibilities (that is, childcare) should also not be neglected in the system of support to their entrepreneurial wives. Although, more important for all, women with children appreciated other members and spouses help and assistance to a higher extent. Results showed that majority of women who started their own business feel that in the first year of ope-ration the emotional support of family members was more important.

Keywords: family support, work life balance, women entrepreneurs, Jaffna District, Sri Lanka

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Authors: Fatemeh Rouhi, Hadi Nassiri

Abstract:

Earning forecast is a key element in economic decisions but there are some situations, such as conflicts of interest in financial reporting, complexity and lack of direct access to information has led to the phenomenon of information asymmetry among individuals within the organization and external investors and creditors that appear. The adverse selection and moral hazard in the investor's decision and allows direct assessment of the difficulties associated with data by users makes. In this regard, the role of trustees in corporate governance disclosure is crystallized that includes controls and procedures to ensure the lack of movement in the interests of the company's management and move in the direction of maximizing shareholder and company value. Therefore, the earning forecast of companies in the capital market and the need to identify factors influencing this study was an attempt to make relationship between moral hazard and corporate governance with earning forecast quality companies operating in the capital market and its impact on Earnings Forecasts quality by the company to be established. Getting inspiring from the theoretical basis of research, two main hypotheses and sub-hypotheses are presented in this study, which have been examined on the basis of available models, and with the use of Panel-Data method, and at the end, the conclusion has been made at the assurance level of 95% according to the meaningfulness of the model and each independent variable. In examining the models, firstly, Chow Test was used to specify either Panel Data method should be used or Pooled method. Following that Housman Test was applied to make use of Random Effects or Fixed Effects. Findings of the study show because most of the variables are positively associated with moral hazard with earnings forecasts quality, with increasing moral hazard, earning forecast quality companies listed on the Tehran Stock Exchange is increasing. Among the variables related to corporate governance, board independence variables have a significant relationship with earnings forecast accuracy and earnings forecast bias but the relationship between board size and earnings forecast quality is not statistically significant.

Keywords: corporate governance, earning forecast quality, moral hazard, financial sciences

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Authors: Magdalena Orth, Gunnar Gotz

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Background: Domestic accountability, budget transparency and public financial management (PFM) are considered vital components of good governance in developing countries. The aid modality budget support (BS) promotes these governance functions in developing countries. BS engages in political decision-making and provides financial and technical support to poverty reduction strategies of the partner countries. Nevertheless, many donors have withdrawn their support from this modality due to cases of corruption, fraud or human rights violations. This exit from BS is leaving a finance and governance vacuum in the countries. The evaluation team analyzed the consequences of terminating the use of this modality and found particularly negative effects for good governance outcomes. Methodology: The evaluation uses a qualitative (theory-based) approach consisting of a comparative case study design, which is complemented by a process-tracing approach. For the case studies, the team conducted over 100 semi-structured interviews in Malawi, Uganda, Rwanda and Zambia and used four country-specific, tailor-made budget analysis. In combination with a previous DEval evaluation synthesis on the effects of BS, the team was able to create a before-and-after comparison that yields causal effects. Main Findings: In all four countries domestic accountability and budget transparency declined if other forms of pressure are not replacing BS´s mutual accountability mechanisms. In Malawi a fraud scandal created pressure from the society and from donors so that accountability was improved. In the other countries, these pressure mechanisms were absent so that domestic accountability declined. BS enables donors to actively participate in political processes of the partner country as donors transfer funds into the treasury of the partner country and conduct a high-level political dialogue. The results confirm that the exit from BS created a governance vacuum that, if not compensated through external/internal pressure, leads to a deterioration of good governance. For example, in the case of highly aid dependent Malawi did the possibility of a relaunch of BS provide sufficient incentives to push for governance reforms. Overall the results show that the three good governance areas are negatively affected by the exit from BS. This stands in contrast to positive effects found before the exit. The team concludes that the relationship is causal, because the before-and-after comparison coherently shows that the presence of BS correlates with positive effects and the absence with negative effects. Conclusion: These findings strongly suggest that BS is an effective modality to promote governance and its abolishment is likely to cause governance disruptions. Donors and partner governments should find ways to re-engage in closely coordinated policy-based aid modalities. In addition, a coordinated and carefully managed exit-strategy should be in place before an exit from similar modalities is considered. Particularly a continued framework of mutual accountability and a high-level political dialogue should be aspired to maintain pressure and oversight that is required to achieve good governance.

Keywords: budget support, domestic accountability, public financial management and budget transparency, Sub-Sahara Africa

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