Search results for: financial products

Authors: Shekhar Chatterjee

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Architectural marvels of the Patan stepwell in Gujarat state in India were studied, to look into the cultural and design attributes in them. Direct observation, photography and interviewing the local people (especially senior citizens) were the methodology adopted. The aim was to look for clues into how culture and design affected architectural marvels of a building and convey that to the tourists. These interpretations from this building can offer many ideas to the contemporary design world in the form of design of modern day garments for various occasions, ornaments or accessory products for daily usage like bags, shoes and similar products. These monuments currently lack proper information system for guiding a tourist. Absence of any qualified tourist guides at the site compounds the problem further. This project investigates the feasibility of making the space more interactive for the tourist through proper digital information design and installations at places. Along with this, illumination and sound are also being used to narrate the history of these ancient monuments so that tourists get a flavor of the medieval past. Most importantly, all these digital interventions are low cost and done with easily available throw-away materials and can be replicated for other monuments as well.

Keywords: interaction, well, building, context

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Authors: Scott Wysong

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Qatar will spend billions of dollars to host the 2022 World Cup. While football fans around the globe get excited to cheer on their favorite team every four years, critics debate the merits of a country hosting such an expensive and large-scale event. That is, the host countries spend billions of dollars on stadiums and infrastructure to attract these mega sporting events with the hope of equitable returns in economic impact and creating jobs. Yet, in many cases, the host countries are left in debt with decaying venues. There are benefits beyond the economic impact of hosting mega-events. For example, citizens are often proud of their city/country to host these famous events. Yet, often overlooked in the literature is the proposition that serving as the host for a mega-event may enhance the country’s brand image, not only as a tourist destination but for the products made in that country of origin. This research aims to explore this phenomenon by taking an exploratory look at consumer perceptions of three host countries of a mega-event in sports. In 2014, the U.S., Chinese and Finn (Finland) consumer attitudes toward Brazil and its products were measured before and after the World Cup via surveys (n=89). An Analysis of Variance (ANOVA) revealed that there were no statistically significant differences in the pre-and post-World Cup perceptions of Brazil’s brand personality or country-of-origin image. After the World Cup in 2018, qualitative interviews were held with U.S. sports fans (n=17) in an effort to further explore consumer perceptions of products made in the host country: Russia. A consistent theme of distrust and corruption with Russian products emerged despite their hosting of this prestigious global event. In late 2021, U.S. football (soccer) fans (n=42) and non-fans (n=37) were surveyed about the upcoming 2022 World Cup. A regression analysis revealed that how much an individual indicated that they were a soccer fan did not significantly influence their desire to visit Qatar or try products from Qatar in the future even though the country was hosting the World Cup—in the end, hosting a mega-event as grand as the World Cup showcases the country to the world. However, it seems to have little impact on consumer perceptions of the country, as a whole, or its brands. That is, the World Cup appeared to enhance already pre-existing stereotypes about Brazil (e.g., beaches, partying and fun, yet with crime and poverty), Russia (e.g., cold weather, vodka and business corruption) and Qatar (desert and oil). Moreover, across all three countries, respondents could rarely name a brand from the host country. Because mega-events cost a lot of time and money, countries need to do more to market their country and its brands when hosting. In addition, these countries would be wise to measure the impact of the event from different perspectives. Hence, we put forth a comprehensive future research agenda to further the understanding of how countries, and their brands, can benefit from hosting a mega sporting event.

Keywords: branding, country-of-origin effects, mega sporting events, return on investment

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Authors: Lucas Kurth de Azambuja, Loise Silveira da Silva, Gean Vitor Salmoria, Darlan Dallacosta, Carlos Rodrigo de Mello Roesler

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This work provides a physicochemical and thermal characterization assessment of three different hyaluronic acid (HA)-based injections used for rejuvenation skin treatments. The three products analyzed are manufactured by the same manufacturer and commercialized for application on different skin levels. According to the manufacturer, all three HA-based injections are crosslinked and have a concentration of 23 mg/mL of HA, and 0.3% of lidocaine. Samples were characterized by Fourier-transformed infrared (FTIR), differential scanning calorimetry (DSC), thermogravimetric analysis (TGA), and scanning electron microscope (SEM) techniques. FTIR analysis resulted in a similar spectrum when comparing the different products. DSC analysis demonstrated that the fusion points differ in each product, with a higher fusion temperature observed in specimen A, which is used for subcutaneous applications, when compared with B and C, which are used for the middle dermis and deep dermis, respectively. TGA data demonstrated a considerable mass loss at 100°C, which means that the product has more than 50% of water in its composition. TGA analysis also showed that Specimen A had a lower mass loss at 100°C when compared to Specimen C. A mass loss of around 220°C was observed on all samples, characterizing the presence of hyaluronic acid. SEM images displayed a similar structure on all samples analyzed, with a thicker layer for Specimen A when compared with B and C. This series of analyses demonstrated that, as expected, the physicochemical and thermal properties of the products differ according to their application. Furthermore, to better characterize the crosslinking degree of each product and their mechanical properties, a set of different techniques should be applied in parallel to correlate the results and, thereby, relate injection application with material properties.

Keywords: hyaluronic acid, characterization, soft-tissue fillers, injectable gels

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Authors: Y. A. Sani., A. A. Yakubu., A. A. Jamilu., J. Omeke, I. J. Sambo

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With the rising global threat of food security, cancer, and related diseases (carcinogenic) because of increased usage of inorganic substances in agricultural food production, the Ministry of Food Agriculture and Livestock of the Republic of Turkey organized an International Workshop on Organic Agriculture between 8–12th December 2014 at the International Agricultural Research and Training Center, Izmir. About 21 countries, including Nigeria, were invited to attend the training workshop. Several topics on organic agriculture were presented by renowned scholars, ranging from regulation, certification, crop, animal, seed production, pest and disease management, soil composting, and marketing of organic agricultural products, among others. This paper purposely selected two countries (Macedonia and Iran) out of the 21 countries to assess their level of development in terms of organic agriculture as compared to Nigeria. Macedonia, with a population of only 2.1 million people as of 2014, started organic agriculture in 2005 with only 266ha of land and has grown significantly to over 5,000ha in 2010, covering such crops as cereals (62%), forage (20%) fruit orchard (7%), vineyards (5%), vegetables (4%), oil seed and industrial crops (1%) each. Others are organic beekeeping from 110 hives to over 15,000 certified colonies. As part of government commitment, the level of government subsidy for organic products was 30% compared to the direct support for conventional agricultural products. About 19 by-laws were introduced on organic agricultural production that was fully consistent with European Union regulations. The republic of Iran, on the other hand, embarked on organic agriculture for the fact, that the country recorded the highest rate of cancer disease in the world, with over 30,000 people dying every year and 297 people diagnosed every day. However, the host country, Turkey, is well advanced in organic agricultural production and now being the largest exporter of organic products to Europe and other parts of the globe. A technical trip to one of the villages that are under the government scheme on organic agriculture reveals that organic agriculture was based on market-demand-driven and the support of the government was very visible, linking the farmers with private companies that provide inputs to them while the companies purchase the products at harvest with a high premium price. However, in Nigeria, research on organic agriculture was very recent, and there was very scanty information on organic agriculture due to poor documentation and very low awareness, even among the elites. The paper, therefore, recommends that the government should provide funds to NARIs to conduct research on organic agriculture and to establish clear government policy and good pre-conditions for sustainable organic agricultural production in the country.

Keywords: organic agriculture, food security, food safety, food nutrition

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Authors: Tiberiu Socaciu, Tudor Colomeischi, Eugenia Iancu

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Business failure affects in various proportions shareholders, managers, lenders (banks), suppliers, customers, the financial community, government and society as a whole. In the era in which we have telecommunications networks, exists an interdependence of markets, the effect of a failure of a company is relatively instant. To effectively manage risk exposure is thus require sophisticated support systems, supported by analytical tools to measure, monitor, manage and control operational risks that may arise. As we know, bankruptcy is a phenomenon that managers do not want no matter what stage of life is the company they direct / lead. In the analysis made by us, by the nature of economic models that are reviewed (Altman, Conan-Holder etc.), estimating the risk of bankruptcy of a company corresponds to some extent with its own business cycle tracing of the company. Various models for predicting bankruptcy take into account direct / indirect aspects such as market position, company growth trend, competition structure, characteristics and customer retention, organization and distribution, location etc. From the perspective of our research we will now review the economic models known in theory and practice for estimating the risk of bankruptcy; such models are based on indicators drawn from major accounting firms.

Keywords: Anglo-Saxon models, continental models, national models, statistical models

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Authors: Mahfoud Djebbar

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Stock dilution is a financial phenomenon resulting from the issue of additional shares by a company, or when holders convert their convertibles into new shares (capital increase). This issue and/or conversion enlarge the company’s share base that will result in marginal dilution (loss) for existing shareholders, and a benefit to new ones. Dilution issues have already been addressed in mainstream finance, particularly as far as information disclosure is concerned. However, in Islamic finance, stock dilution problems have not been deeply studied and the subject has not received sufficient attention from shariah-compatible firms, investors, and scholars. In this regard, this paper emphasises the forms, the effects of capital dilution on current shareholders as well as the ways and techniques of compensating them. And since the research in this field, in its Islamic perspective, is still in its infancy, the paper tries to analyse the phenomenon theoretically in detail using numerical examples, and expose some case studies of Shariah-compliant issuers of convertible Sukuk and how they compensate their existing shareholders. Finally, this study shows that the Sukuk issuers compensate old shareholders using the right of shuf’ah as a well known and practiced pre-emptive right in Islamic transactions centuries ago, as well as the ways conventional bond issuers use.

Keywords: compensating shareholders, convertible Sukuk, Islamic financial innovation, Shuf’ah

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Authors: Oluwole A. Solanke

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This article explores internal generation of revenues in higher education institutions. The research focuses on how polytechnic institutions in Nigeria generate other sources of revenues to augment government subventions and tuition fees. The study provides a qualitative case study and triangulation data on three polytechnics representing tertiary institution structure of federal, state and private ownership in Nigeria. The article argues that dependence on government subventions by the public polytechnics and tuition fees by private polytechnic would not provide funding adequacy for the activities of the institutions under study. Findings revealed that there are basically seven themes; guest houses; poly consult; part-time courses; tuition fees; capitation fees; ownership contribution; and printing and business centre by which the polytechnics generate additional sources of revenues in the management of the institutions. The research concludes that for the polytechnics to gain financial adequacy, entrepreneurial activities must be embarked upon vigorously by stakeholders of the polytechnics as this is the only way by which financial self-reliance can be achieved.

Keywords: entrepreneurial, government subventions, internal generation, polytechnics, revenues

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Authors: Fereshteh Darash

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Reflective tax management corresponds to the Agency Theory since it determines the motivation of managers for tax management actions and short-term and long-term consequences. Therefore, selection of tax strategy contributes to the tax and financial position of the firm in the future. The aim of the present research is to evaluate the effect of tax management components on risk-taking of firms listed in Tehran stock exchange by using regression analysis method. Results show that tax effective rate, tax risk and tax planning have no significant effect on the firm's future risk. Results suggest that stakeholders assess the effective tax rate and delay in tax payment in line with their benefits. They tend to accept the higher risk cost for reduction of tax payments and benefits of higher liquidity in current period. Hence, effective tax rate and tax risk have no significant effect on future risk of the firm. Moreover, tax planning yields no information regarding the predictability of the future profits and as a result, it has no significant effect on the future risk of the firm since specific goals of financial reporting are in priority for the stakeholders and regardless of the firm’s data analysis, they take investment decisions and they less intend to purchase the stocks in a rational manner.

Keywords: tax management, tax effective rate, tax risk, tax planning, firm risk

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Authors: Anne Theresa Eidhoff, Sarah E. Stief, Markus Voeth, Sarah Gundlach

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With digitalization increasingly changing the rules of competition, firms face the need to adapt and assimilate digital technologies in order to remain competitive. Firms can choose from various possibilities to integrate digital technologies including the option to embed digital technologies aiming to innovate products or to develop digital products. However, the question of which specific factors influence a firm’s decision to pursue digital product innovation remains unanswered in research. By adopting the Technology-Organization-Environment (TOE)-framework we have designed a qualitative exploratory study including eleven German practitioners to investigate relevant contingency factors. Our results indicate that the most critical factors for a company’s decision to pursue digital product innovation can be found in the technological and environmental dimensions, namely customers, competitive pressure, technological change, as well as digitalization fit. 

Keywords: digital innovation, digitalization, product innovation, TOE-framework

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Authors: Suzanne Bouma

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In the Netherlands, the assumed causal relationship between employment, economic independence and individual freedom of choice has been extended to the approach of intimate partner violence (IPV). In the interests of combating IPV, it is crucial to further investigate this relationship. Based on a literature review, this article shows that the relationship between economic independence and IPV is highly complex. To unravel this complex relationship, a socio-ecological analysis framework has been applied. First, it is a layered relation, in where employment does not necessarily lead to economic independence, which can be explained by social inequalities. Second, the relation is bidirectional, where women do not by definition have access to their own financial recourses due to tactics of financial control by the intimate partner. This reveals the coexistence of IPV and economic abuse and the extent to which an intimate relationship affects the scope for individual choice. Third, there is a paradoxical relationship in which employment is both a protective and risk factor for IPV. This, in turn, cannot be separated from traditional norms about masculinity and femininity, where men occupy a position of power and derive status from being the breadwinner. These findings imply that not only the approach to IPV but also the labor market policy requires a gender-sensitive approach.

Keywords: intimate partner violence, economic independence, literature review, socio-ecological analysis framework

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Authors: Jiashu Shen

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Background: The abortion rate has increased significantly, which is harmful especially to adolescents, making repeat induced abortion (RIA) among adolescents a social problem. This study aims to investigate the associations of family support with sexual behavior and repeat induced abortion among Chinese adolescents Methods: This study based on a national hospital-based sample with 945 girls aged 15-19 who underwent induced abortion in 43 hospitals. Multivariate logistic regressions were performed to estimated odds ratio for the risk factors. Results: Adolescences living with parents were less inclined to undergo RIA, especially if they were rural (adjusted odds ratio=0.48 95%CI 0.31-0.72) and local (adjusted odds ratio =0.39 95%=0.23-0.66). Those with parental financial support were likely to have less sexual partnersand take contraceptives more regularly. Those with higher self-perceived importance in family were more likely to take contraceptives during the first sexual intercourse in higher age, and with higher first abortion age and less sexual partners. Conclusion: In mainland China, living with parents, parental financial support, high self-perceived importance in family and adequate family sexuality communications may contribute to lower incidence of RIA.

Keywords: Chinese adolescent, family support, repeat induced abortion, sexual behavior

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Authors: Sherry Robinson, Hans Anton Stubberud

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Entrepreneurship can take many forms. Traditional entrepreneurs seek profits and growth for the businesses they start themselves. Intrapreneurs act entrepreneurially within a business they do not own. Social entrepreneurs have goals other than (but not excluding) profit and growth as they seek to solve social problems or protect the environment. This type of entrepreneur often focuses on the triple bottom line, which includes a concern for people and the planet as well as profit. Ecopreneurs in particular are driven by their desire to create and promote environmentally sustainable products and processes. All of these entrepreneurs need an entrepreneurial orientation in order to survive and thrive. The three most common elements of an entrepreneurial orientation are (1) creativity and innovation, (2) the willingness to take risks and (3) the proactiveness to put ideas into action. This study describes an interdisciplinary entrepreneurship course integrating topics regarding the triple bottom line with those relevant to an entrepreneurial orientation. The results show that students significantly increased their skill levels in many areas, including soft skills such as communicating and working in teams, as well as designing innovative products and taking calculated risk.

Keywords: creativity, entrepreneurship education, sustainability, triple bottom line

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Authors: Gulcin Yildiz, Gokcen Izli

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Drying (dehydration) is the process of removing water from food in order to preserve the food. Drying is one of the oldest methods known for the preservation of agricultural products such as fruits and vegetables. Drying of agricultural products enhances their storage life, minimizes losses during storage, and save shipping and transportation costs. Apples are considered excellent candidates for drying. The objective of this research was to investigate the effects of microwave and oven processing on the quality of selected apple products. Red delicious and golden delicious apples were washed, peeled, and sliced. Drying experiments were performed in an oven at 50, 75 and 100 °C and in a microwave at 140 W and 210 W. Quality attributes such as color, total phenolic content and antioxidant capacity of dried samples with different methods were compared with the fresh sample. A Minolta CR-300 Chroma Meter was used to examine color changes in the apples. Total phenolic content was determined using the Folin-Ciocalteu reagent. The free radical scavenging activity of the extract was determined using 1,1-diphenyl-2-picrylhydrazyl (DPPH). It was found that the phenolic contents and antioxidant capacities of dried samples under all drying conditions were decreased compared to the fresh samples. The phenolic contents of microwave dried samples at 140 W and 210 W for both red and golden delicious apples were higher than those of the oven drying at 50, 75 and 100 °C. Similarly, the antioxidant activities of microwave dried samples at 140 W and 210 W were higher than those of the oven drying at 50, 75 and 100 °C for both types of apples. All color parameters (L*, a*, b*) were changed significantly depending on the drying methods and temperatures. The closest color values to the fresh sample were found for the microwave dried samples at 140 W. Microwave drying was proven to be more effective than oven drying.

Keywords: antioxidant capacity, color, golden delicious, microwave, red delicious, total phenolic content

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Authors: Chariton Christou, David Cornwell

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Production Sharing Contract (PSC) is the type of contract that is being used widely in our time. The financial crisis made the governments tightfisted and they do not have the resources to participate in a development of a field. Therefore, more and more countries introduce the PSC. The companies have the power and the money to develop the field with their own way. The main problem is the transparency of oil and gas companies especially in the PSC and how this can be achieved. Many discussions have been made especially in the U.K. What we are suggesting is a dynamic financial simulation with the help of a flow meter. The flow meter will count the production of each field every day (it will be installed in a pipeline). The production will be the basic input of the simulation. It will count the profit, the costs and more according to the information of the flow meter. In addition it will include the terms of the contract and the costs that have been paid. By all these parameters the simulation will be able to present in real time the information of a field (taxes, employees, R-factor). By this simulation the company will share some information with the government but not all of them. The government will know the taxes that should be paid and what is the sharing percentage of it. All of the other information could be confidential for the company. Furthermore, oil company could control the R-factor by changing the production each day to maximize its sharing percentages and as a result of this the profit. This idea aims to change the way that governments 'control' oil companies and bring a transparency evolution in the industry. With the help of a simulation every country could be next to the company and have a better collaboration.

Keywords: production sharing contracts, transparency, simulation

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Authors: Georgios A. Fragkiadakis, Antonia Psaroudaki, Theodora Mouratidou, Eirini Sfakianaki

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Research: Within the project "Actions for the optimal utilization of the potential of carob in the Region of Crete" which is financed-supervised by the Region, with collaboration of Crete University and Hellenic Mediterranean University, a SWOT (strengths, weaknesses, opportunities, threats) survey was carried out, to evaluate the prospects of carob in human nutrition, in Crete. Results and conclusions: 1). Strengths: There exists a local production of carob for human consumption, based on international reports, and local-product reports. The data on products in the market (over 100 brands of carob food), indicates a sufficiency of carob materials offered in Crete. The variety of carob food products retailed in Crete indicates a strong demand-production-consumption trend. There is a stable number (core) of businesses that invest significantly (Creta carob, Cretan mills, etc.). The great majority of the relevant food stores (bakery, confectionary etc.) do offer carob products. The presence of carob products produced in Crete is strong on the internet (over 20 main professionally designed websites). The promotion of the carob food-products is based on their variety and on a few historical elements connected with the Cretan diet. 2). Weaknesses: The international prices for carob seed affect the sector; the seed had an international price of €20 per kg in 2021-22 and fell to €8 in 2022, causing losses to carob traders. The local producers do not sort the carobs they deliver for processing, causing 30-40% losses of the product in the industry. The occasional high price triggers the collection of degraded raw material; large losses may emerge due to the action of insects. There are many carob trees whose fruits are not collected, e.g. in Apokoronas, Chania. The nutritional and commercial value of the wild carob fruits is very low. Carob trees-production is recorded by Greek statistical services as "other cultures" in combination with prickly pear i.e., creating difficulties in retrieving data. The percentage of carob used for human nutrition, in contrast to animal feeding, is not known. The exact imports of carob are not closely monitored. We have no data on the recycling of carob by-products in Crete. 3). Opportunities: The development of a culture of respect for carob trade may improve professional relations in the sector. Monitoring carob market and connecting production with retailing-industry needs may allow better market-stability. Raw material evaluation procedures may be implemented to maintain carob value-chain. The state agricultural services may be further involved in carob-health protection. The education of farmers on carob cultivation/management, can improve the quality of the product. The selection of local productive varieties, may improve the sustainability of the culture. Connecting the consumption of carob with health-food products, may create added value in the sector. The presence and extent of wild carob threes in Crete, represents, potentially, a target for grafting. 4). Threats: The annual fluctuation of carob yield challenges the programming of local food industry activities. Carob is a forest species also - there is danger of wrong classification of crops as forest areas, where land ownership is not clear.

Keywords: human nutrition, carob food, SWOT analysis, crete, greece

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Authors: Shekar Babu, Amalendu Jyothishi

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The New Companies Bill-2013 in India has mandated all the companies with a certain profit to spend on Corporate Social Responsibility (CSR). Despite the Corporate Governance (CG) compliances at the strategic level the firms have to engage in social good. For both the Central Public Sector Enterprises (CPSE) and the private companies in India the need for strategic CSR focus through operational efficiency measures are mandated. In this paper the focus is to find out if the Indian companies understand their responsibility towards the society despite government making CSR mandatory. Analyzing both the CPSEs and Private companies the researchers find out which set of companies behave responsibly towards the society. Does any particular industry group(s) impact the society by disclosing their CSR spending activities. The key financial and non-financial parameters that influence CSR spending were identified and through econometric analysis methodologies (logistic regression and OLS models) the results were analyzed. The innovative methods were developed to identify if the firms operate efficiently and at the same time complying with the new CSR laws. An innovative matrix was developed to explain how companies could operate efficiently and be compliant in parallel how some of the companies can strategically realign their spending by operating efficiently.

Keywords: corporate social responsibility(CSR), corporate governance(CG), India, logit function, ordinary least squares (OLS)

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Authors: O. Nthoi-Molefe, V. Makwinja

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In the North West district of Botswana, Heritage tourism has the potential to offer tremendous economic and social opportunities for local communities in terms of supporting Tourism product development and entrepreneurship. This paper Identifies that Cultural Heritage Entrepreneur brings to the market goods and services, organizes and runs cultural heritage in a commercial or non-profit manner depending on characteristics of cultural resources identified. Data was collected through a series of focus group discussions that included sixteen village community members within the region. Data collected was transcribed and then further analyzed thematically to bring forward results to be analysed. Using Tsodilo Hills World Heritage Site as a case study, the researchers acknowledged that Cultural Heritage Entrepreneurs in that area should use a creative approach in order toidentify suitable solutions for financing different tourism activities starting with sponsored events, grant funds, donations, including the benefits of financial opportunities brough be foreign visitors and domestic tourists alike. The researchers also identified a need for specialized training for the identified entrepreneurs in order to maintain quality services of tourism products and sites (interpretation), information for tourists, visitation services, diversification, and upgrading of the heritage experience. The research reveals that the identified Cultural Heritage Entrepreneurs prefer economic motivation, exploitation over the cultural value of their resources, further calling for recommendations of the research that emphasize on the need for detailed training on how to valorize their cultural resources for the growth of Tourism in the area.

Keywords: education, community development, entrepreneurship, cultural tourism

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Authors: Elif Tugce Aksun Tumerkan, Umran Cansu, Gokhan Boran, Fatih Ozogul

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Gelatin is a mixture of peptides obtained from collagen by partial thermal hydrolysis. It is an important and useful biopolymer that is used in the food, pharmacy, and photography products. Generally, gelatins are sourced from pig skin and bones, beef bone and hide, but within the last decade, using alternative gelatin resources has attracted some interest. In this study, functional properties of gelatin extracted from seafood and poultry by-products were evaluated. For this purpose, skins of skipjack tuna (Katsuwonus pelamis) and frog (Rana esculata) were used as seafood by-products and chicken skin as poultry by-product as raw material for gelatin extraction. Following the extraction of gelatin, all samples were lyophilized and stored in plastic bags at room temperature. For comparing gelatins obtained; chemical composition, common quality parameters including bloom value, gel strength, and viscosity in addition to some others like melting and gelling temperatures, hydroxyproline content, and colorimetric parameters were determined. The results showed that the highest protein content obtained in frog gelatin with 90.1% and the highest hydroxyproline content was in chicken gelatin with 7.6% value. Frog gelatin showed a significantly higher (P < 0.05) melting point (42.7°C) compared to that of fish (29.7°C) and chicken (29.7°C) gelatins. The bloom value of gelatin from frog skin was found higher (363 g) than chicken and fish gelatins (352 and 336 g, respectively) (P < 0.05). While fish gelatin had higher lightness (L*) value (92.64) compared to chicken and frog gelatins, redness/greenness (a*) value was significantly higher in frog skin gelatin. Based on the results obtained, it can be concluded that skins of different animals with high commercial value may be utilized as alternative sources to produce gelatin with high yield and desirable functional properties. Functional and quality analysis of gelatin from frog, chicken, and tuna skin showed by-product of poultry and seafood can be used as an alternative gelatine source to mammalian gelatine. The functional properties, including bloom strength, melting points, and viscosity of gelatin from frog skin were more admirable than that of the chicken and tuna skin. Among gelatin groups, significant characteristic differences such as gel strength and physicochemical properties were observed based on not only raw material but also the extraction method.

Keywords: chicken skin, fish skin, food industry, frog skin, gel strength

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Authors: L. Sierra, N. Gambetta, M. A. Garcia-Benau, M. Orta

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Financial scandals and financial crisis have led to an international debate on the value of auditing. In recent years there have been significant legislative reforms aiming to increase markets’ confidence in audit services. In particular, there has been a significant debate on the need to improve the communication of auditors with audit reports users as a way to improve its informative value and thus, to improve audit quality. The International Auditing and Assurance Standards Board (IAASB) has proposed changes to the audit report standards. The International Standard on Auditing 701, Communicating Key Audit Matters (KAM) in the Independent Auditor's Report, has introduced new concepts that go beyond the auditor's opinion and requires to disclose the risks that, from the auditor's point of view, are more significant in the audited company information. Focusing on the companies included in the Financial Times Stock Exchange 100 index, this study aims to focus on the analysis of the determinants of the number of KAM disclosed by the auditor in the audit report and moreover, the analysis of the determinants of the different type of KAM reported during the period 2013-2015. To test the hypotheses in the empirical research, two different models have been used. The first one is a linear regression model to identify the client’s characteristics, industry sector and auditor’s characteristics that are related to the number of KAM disclosed in the audit report. Secondly, a logistic regression model is used to identify the determinants of the number of each KAM type disclosed in the audit report; in line with the risk-based approach to auditing financial statements, we categorized the KAM in 2 groups: Entity-level KAM and Accounting-level KAM. Regarding the auditor’s characteristics impact on the KAM disclosure, the results show that PwC tends to report a larger number of KAM while KPMG tends to report less KAM in the audit report. Further, PwC reports a larger number of entity-level risk KAM while KPMG reports less account-level risk KAM. The results also show that companies paying higher fees tend to have more entity-level risk KAM and less account-level risk KAM. The materiality level is positively related to the number of account-level risk KAM. Additionally, these study results show that the relationship between client’s characteristics and number of KAM is more evident in account-level risk KAM than in entity-level risk KAM. A highly leveraged company carries a great deal of risk, but due to this, they are usually subject to strong capital providers monitoring resulting in less account-level risk KAM. The results reveal that the number of account-level risk KAM is strongly related to the industry sector in which the company operates assets. This study helps to understand the UK audit market, provides information to auditors and finally, it opens new research avenues in the academia.

Keywords: FTSE 100, IAS 701, key audit matters, auditor’s characteristics, client’s characteristics

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Authors: Ife O. Bolaji

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Environmental concerns arising from the use of fossil fuels has increased the interest in the development of renewable and sustainable sources of energy. This would minimize the dependence on fossil fuels and serve as future alternatives. Organic wastes contain carbohydrates, proteins and lipids, which can be utilised as carbon sources for the production of bio-based products. Cellulose is the most abundant natural biopolymer, being the main structural component of lignocellulosic materials. The aim of this project is to develop a biological process for the hydrolysis and fermentation of organic wastes into ethanol and organic acids. The hydrolysis and fermentation processes are integrated in a single vessel using undefined mixed culture microorganisms. The anaerobic fermentation of microcrystalline cellulose was investigated in continuous and batch reactors at 25°C with an appropriate growth medium for cellulase formation, hydrolysis, and fermentation. The reactors were inoculated with soil (B1, C1, C3) or sludge from an anaerobic digester (B2, C2) and the breakdown of cellulose was monitored by measuring the production of ethanol, organic acids and the residual cellulose. The batch reactors B1 and B2 showed negligible microbial activity due to inhibition while the continuous reactors, C1, C2 and C3, exhibited little cellulose hydrolysis which was concealed by the cellulose accumulation in the reactor. At the end of the continuous operation, the reactors C1, C2 and C3 were operated under batch conditions. 48%, 34% and 42% cellulose had been fermented by day 88, 55 and 55 respectively of the batch fermentation. Acetic acid, ethanol, propionic acid and butyric acids were the main fermentation products in the reactors. A stable concentration of 0.6 g/l ethanol and 5 g/L acetic acid was maintained in C3 for several weeks due to reduced activity of methanogens caused by the decrease in pH. Thus far, the results have demonstrated that mixed microbial culture is capable of hydrolysing and fermenting cellulose under lenient conditions. The fermentation of cellulose has been found effective in a combination of continuous and batch processes.

Keywords: cellulose, hydrolysis, mixed culture, organic waste

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Authors: C. C. Igwe, C. E. Ogbuadike

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Bryophyllum pinnatum is a tropical plant used by the indigenous people of South-East Nigeria as a medicinal plant for the treatment of skin ulcer and is being explored for the production of topical herbal skin ointments. This preliminary study involves the extraction and characterization of bioactive compounds from this plant for anti-skin ulcer, antimicrobial, and antioxidant activity, as well as formulating topical herbal medications for skin ulcer. Thus extraction, percentage yield, moisture content analysis, solvent-solvent fractionation and GC-MS has been carried out on processed leaves sample of B. pinnatum. GC-MS analysis revealed the presence of seven compounds, namely: 1-Octene, 3, 7-dimethyl, 1-Tridecene, E-14-Hexadecenal, 3-Eicosene (E)-, 11-Tricosene, 1-Tridecyn-4-ol and Butanamide. Standardized herbal products have been produced from B. pinnatum extracts. The products are being evaluated for safety and efficacy tests to ascertain their toxicity (if any), anti-ulcer, antibiotic and antioxidant properties. Further work is on-going to characterize the bioactive principles present in the plant extracts.

Keywords: anti-microbial, bioactive compounds, bryophyllum pinnatum, skin ulcer

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Authors: A. Díaz-Roa, P. I. Silva Junior, F. J. Bello

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Sarconesiopsis magellanica (Diptera: Calliphoridae) is a medically important necrophagous fly which is used for establishing the post-mortem interval. Dipterous maggots release diverse proteins and peptides contained in larval excretion and secretion (ES) products playing a key role in digestion. The most important mechanism for combating infection using larval therapy depends on larval ES. These larvae are protected against infection by a diverse spectrum of antimicrobial peptides (AMPs), one already known like lucifensin. Special interest in these peptides has also been aroused regarding understanding their role in wound healing since they degrade necrotic tissue and kill different bacteria during larval therapy. The action of larvae on wounds occurs through 3 mechanisms of action: removal of necrotic tissue, stimulation of granulation tissue, and antibacterial action of larval ES. Some components of the ES include calcium, urea, allantoin ammonium bicarbonate and reducing the viability of Gram positive and Gram negative bacteria. The Lucilia sericata fly larvae have been the most used, however, we need to evaluate new species that could potentially be similar or more effective than fly above. This study was thus aimed at identifying and characterizing S. magellanica AMPs contained in ES products for the first time and compared them with the common fly used L. sericata. These products were obtained from third-instar larvae taken from a previously established colony. For the first analysis, ES fractions were separate by Sep-Pak C18 disposable columns (first step). The material obtained was fractionated by RP-HPLC by using Júpiter C18 semi-preparative column. The products were then lyophilized and their antimicrobial activity was characterized by incubation with different bacterial strains. The first chromatographic analysis of ES from L. sericata gives 6 fractions with antimicrobial activity against Gram-positive bacteria Micrococus luteus, and 3 fractions with activity against Gram-negative bacteria Pseudomonae aeruginosa while the one from S. magellanica gaves 1 fraction against M. luteus and 4 against P. aeruginosa. Maybe one of these fractions could correspond to the peptide already known from L. sericata. These results show the first work for supporting further experiments aimed at validating S. magellanica use in larval therapy. We still need to search if we find some new molecules, by making mass spectrometry and ‘de novo sequencing’. Further studies are necessary to identify and characterize them to better understand their functioning.

Keywords: antimicrobial peptides, larval therapy, Lucilia sericata, Sarconesiopsis magellanica

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Authors: L. Totladze

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The role of financial sector in supporting economic growth and development is well acknowledged. The term spread (the difference between the yields on long-term and short-term Treasury securities) has been found useful for predicting economic variables as output growth, inflation, industrial production, consumption. The temp spread is one of the leading economic indicators according to NBER methodology. Leading economic indicators are widely used in forecasting of economic activity. Many empirical studies find that the term spread predicts future economic activity. The article shortly explains how the term spread might predict future economic activity. This paper analyses the dynamics of the spread between short and long-term interest rates in countries with transition economies. The research paper analyses term spread dynamics in Georgia and compare it with post-communist countries and transition economies spread dynamics. In Georgia, the banking sector plays an important and dominant role in the financial sector, especially with respect to the mobilization of savings and provision of credit and may impact on economic activity. For this purpose, we study the impact of the term spread on economic growth in Georgia.

Keywords: forecasting, leading economic indicators, term spread, transition economies

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Authors: Granch Berhe Tseghai, Lodrick Wangatia Makokha

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Cotton dyeing using reactive dyes is one of the major water polluter; this is due to large amount of dye and salt remaining in effluent. Recent adverse climate change and its associated effect to human life have lead to search for more sustainable industrial production. Cationization of cotton to improve its affinity for reactive dye has been earmarked as a major solution for dyeing of cotton with no or less salt. Synthetic cationizing agents of ammonium salt have already been commercialized. However, in nature there are proteinous products which are rich in amino and ammonium salts which can be carefully harnessed to be used as cationizing agent for cotton. The hoofs and horns have successfully been used to cationize cotton so as to improve cotton affinity to the dye. The cationization action of the hoof and horn extract on cotton was confirmed by dyeing the pretreated fabric without salt and comparing it with conventionally dyed and untreated salt free dyed fabric. UV-VIS absorption results showed better dye absorption (62.5% and 50% dye bath exhaustion percentage for cationized and untreated respectively) while K/S values of treated samples were similar to conventional sample.

Keywords: cationization, cotton, proteinous products, reactive dyes

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Authors: Dina H. Gabr, Mona A. El Bannan

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With growing worldwide concern for global warming, green finance has become the fuel that pushes the world to act in combating and mitigating climate change. Coupled with adopting the Paris Agreement and the United Nations Sustainable Development Goals, Green finance became a vital tool in creating a pathway to sustainable development, as it connects the financial world with environmental and societal benefits. This paper provides a comprehensive review of the concepts and definitions of green finance and the importance of 'green' impact investments today. The core challenge in combating climate change is reducing and controlling Greenhouse gas emissions; therefore, this study explores the solutions green finance provides putting emphasis on the use of renewable energy, which is necessary for enhancing the transition to the green economy. With increasing attention to the concept of green finance, multiple forms of green investments and financial tools have come to fruition; the most prominent are green bonds. The rise of green bonds, a debt market to finance climate solutions, provide a promising mechanism for sustainable finance. Following the review, this paper compiles a comprehensive green bond dataset, presenting a statistical study of the evolution of the green bonds market from its first appearance in 2006 until 2021.

Keywords: climate change, GHG emissions, green bonds, green finance, sustainable finance

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Authors: Idris Adamu Alhaji, Wan Fauziahbt Wan Yusoff

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This study was conducted to identify the relationship between Corporate Governance attributes and Firm Performance, various studies, had been carried out mostly in developed countries, in order to identify the relationship between corporate governance attributes and firm performance. Since, the value creation of corporate governance can be measured through the firm performance, corporate governance act as a mechanism to align management's goals with the stakeholders especially to increase firm performance. Despite extensive study of corporate governance there is still an inconsistence relationship between corporate governance attributes and firm performance. Therefore, the aim of this paper is to identify the relationship between corporate governance attributes and firm performance. Five corporate governance element were used as independent variables which include: Independent director, board size, audit committee, leadership structure and board meeting. Meanwhile, the dependent variables are two firm performance measurements; return on equity (ROE) and earning per share (EPS). This study uses quantitative approaches whereby data were gathered from secondary source data were collected from Annual Reports of the companies, online journals etc. This study revealed that, there is a significant relationship between corporate governance attributes and firm performance. Therefore, the results show that good corporate governance practice influence firm performance. Finally, it's hoped that this study provides current corporate governance scenario in Malaysia that can be used to enhance the development of corporate governance of the country.

Keywords: corporate governance, return on equity, earning per share, financial performance

Procedia PDF Downloads 449

Authors: Paulina Pergoł, Paulina Pergoł, Tomasz Kryczka

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Aging of societies is a phenomenon that is visible all over the world. The above has social, economic, and medical consequences. Many methods of pro-health stimulation of the elderly, improving cognitive functions and quality of life, are described in the world literature. The most frequently used method of activating the elderly is physical activity, in which, in addition to standard exercise programs, activities such as dance, tai chi, and yoga are often introduced. The introduction of physical activity may be limited due to the disability that often accompanies people aged 65+. Other activating methods mentioned in the literature are therapies with the participation of animals - animal therapy or plant therapy - hortitherapy, as well as music therapy, which is increasingly popular. All of the above-mentioned therapeutic methods require the involvement of a person who would conduct the so-called occupational therapist, which can be a financial barrier for many nursing homes. Researchers all over the world are trying to find solutions that can be applied in any care institution, even in those where financial support for running such centers is small. One of the forms of therapy that is recommended in the group of elderly people and which does not require large financial outlays is the so-called reminiscence therapy based on recalling personal experiences and experiences. Thanks to reminiscence therapy, seniors can return to happy moments in their lives. Research shows that reminiscence therapy increases self-esteem and reduces symptoms of depression. The method of activating older people with the use of correspondence can be an effective and low-cost form of therapy, as shown by the pilot study conducted in 2019 as part of the Queen Silvia Nursing Award competition, consisting in a systematic exchange of correspondence between volunteers and residents of the Nursing Home. This study was conducted with the participation of a small group of participants, therefore, in order to identify and prove the beneficial effect of this form of activation, it should be carried out on a larger group of respondents using standardized scales assessing various psychological parameters.

Keywords: nursing, elderly care, psychiatry, psychology

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Authors: T. S. Serniabat, M. N. N. Khan, M. F. M. Zain

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As climate change and environmental pressures are now well established as major international issues, to which governments, businesses and consumers have to respond through more environmentally friendly and aware practices, products and policies; the need to develop alternative sustainable construction materials, reduce greenhouse gas emissions, save energy, look to renewable energy sources and recycled materials, and reduce waste are just some of the pressures impacting significantly on the construction industry. The utilization of waste materials (slag, fly ash, glass beads, plastic and so on) in concrete manufacturing is significant due to engineering, financial, environmental and ecological importance. Thus, utilization of waste materials in concrete production is very much helpful to reach the goal of the sustainable construction. Therefore, this study intends to use glass beads in concrete production. The paper reports on the performance of 9 different concrete mixes containing different ratios of glass crushed to 5 mm - 20 mm maximum size and glass marble of 20 mm size as coarse aggregate .Ordinary Portland cement type 1 and fine sand less than 0.5 mm were used to produce standard concrete cylinders. Compressive strength tests were carried out on concrete specimens at various ages. Test results indicated that the mix having the balanced ratio of glass beads and round marbles possess maximum compressive strength which is 3888.68 psi, as glass beads perform better in bond formation but have lower strength, on the other hand marbles are strong in themselves but not good in bonding. These mixes were prepared following a specific W/C and aggregate ratio; more strength can be expected to achieve from different W/C, aggregate ratios, adding admixtures like strength increasing agents, ASR inhibitor agents etc.

Keywords: waste glass, recycling, environmentally friendly, glass aggregate, strength development

Procedia PDF Downloads 365

Authors: Leveque Benjamin, Rabaud Suzanne, Anest Hugo, Catalan Caroline, Neveux Guillaume

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Human products consumption is one of the main drivers of biodiversity loss. However, few pertinent ecological indicators regarding product life cycle impact on species and ecosystems have been built. Life cycle assessment (LCA) methodologies are well under way to conceive standardized methods to assess this impact, by taking already partially into account three of the Millennium Ecosystem Assessment pressures (land use, pollutions, climate change). Coupling LCA and ecological data and methods is an emerging challenge to develop a product biodiversity footprint. This approach was tested on three case studies from food processing, textile, and cosmetic industries. It allowed first to improve the environmental relevance of the Potential Disappeared Fraction of species, end-point indicator typically used in life cycle analysis methods, and second to introduce new indicators on overexploitation and invasive species. This type of footprint is a major step in helping companies to identify their impacts on biodiversity and to propose potential improvements.

Keywords: biodiversity, companies, footprint, life cycle assessment, products

Procedia PDF Downloads 308

Authors: Rashad Al-Hindi

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The aims of the study were to isolate and identify potential probiotic lactic acid bacteria due to their therapeutic and food preservation importance. Sixty-three suspected lactic acid bacteria (LAB) strains were isolated from thirteen different raw milk and fermented milk product samples of various animal origins manufactured indigenously in the Kingdom of Saudi Arabia using de Man, Rogosa and Sharpe (MRS) agar medium and various incubation conditions. The identification of forty-six selected LAB strains was performed using molecular methods (16S rDNA gene sequencing). The LAB counts in certain samples were higher under microaerobic incubation conditions than under anaerobic conditions. The identified LAB belonged to the following genera: Enterococcus (16 strains), Lactobacillus (9 strains), Weissella (10 strains), Streptococcus (8 strains) and Lactococcus (3 strains), constituting 34.78%, 19.57%, 21.74%, 17.39% and 6.52% of the suspected isolates, respectively. This study noted that the raw milk and traditional fermented milk products of Saudi Arabia, especially stirred yogurt (Laban) made from camel milk, could be rich in LAB. The obtained LAB strains in this study will be tested for their probiotic potentials in another ongoing study.

Keywords: dairy, LAB, probiotic, Saudi Arabia

Procedia PDF Downloads 271