Search results for: market microstructure

Authors: Alessandro Andre Leme

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To analyze three Brazilian think tanks: a) Fernando Henrique Foundation; b) Celso Furtado International Center; c) Millennium Institute and how they dispute interpretations about the type of development and State that should be adopted in Brazil. We will make use of Network and content analysis of the sites. The analyzes show a dispute that goes from a defense of ultraliberalism to developmentalism, going through a hybrid between State and Market voiced in each of the Think Tanks.

Keywords: sociopolitical and economic thinking, development, strategies, intellectuals, state

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Authors: Adebiyi Sunday Adeyanju, Kola Benson Ajeigbe, Fortune Ganda

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In the past three decades, there has been a notable increase in the number of firms delisting from the Johannesburg Stock Exchange (JSE) in South Africa. The recent increasing rate of delisting waves of corporate listed firms motivated this study. This study aims to explore the influence of institutional investor perceptions on the financial distress experienced by delisted firms within the South African market. The study further examined the impact of financial distress on the corporate performance of delisted firms. Using the data of delisted firms spanning from 2000 to 2023 and the FGLS (Feasible Generalized Least Squares) for the short run and PCSE (Panel-Corrected Standard Errors) for the long run effects of the relationship. The finding indicated that a decline in institutional investors’ perceptions was associated with the corporate financial distress of the delisted firms, particularly during the delisting year and the few years preceding the announcement of the delisting. This study addressed the importance of investor recognition in corporate financial distress and the delisting wave among listed firms- a finding supporting the stakeholder theory. This study is an insight for companies’ managements, investors, governments, policymakers, stockbrokers, lending institutions, bankers, the stock market, and other stakeholders in their various decision-making endeavours. Based on the above findings, it was recommended that corporate managements should improve their governance strategies that can help companies’ financial performances. Accountability and transparency through governance must also be improved upon with government support through the introduction of policies and strategies and enabling an easy environment that can help companies perform better.

Keywords: delisting wave, institutional investors, financial distress, corporate performance, investors’ perceptions

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Authors: Md. Nuru Miah, A. F. M. Akhter Uddin

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Medicinal plants are grown naturally in a tropical environment in Bangladesh and used as drug and therapeutic agents in the health care system. According to Bangladesh Agricultural Research Institute (BARI), there are 722 species of medicinal plants in the country. Of them, 255 plants are utilized by the manufacturers of Ayurvedic and Unani medicines. Medicinal plants like Aloevera, Ashwagonda, shotomul,Tulsi, Vuikumra, Misridana are extensively cultivated in some selected areas as well; where Aloevera scored the highest position in production. In the early 1980, Ayurvedic and Unani companies procured 80 percent of medicinal plants from natural forests, and the rest 20 percent was imported. Now the scenario has changed; 80 percent is imported, and the rest 20 percent is collected from local products(Source: Astudy on sectorbased need assessment of Business promotion council-Herbal products and medicinal plants, page-4). Uttara Development Program Society, a leading Non- Government development organization in Bangladesh, has been implementing a value chain development project under promoting Agricultural commercialization and Enterprises of Pally Karma Sahayak Foundation (PKSF) funded by the International Fund for Agricultural Development (IFAD) in Natore Sadar Upazila from April 2017 to sustainably develop the technological interventions for products and market development. The ultimate goal of the project is to increase income, generate employment and develop this sector as a sustainable business enterprise. Altogether 10,000 farmers (Nursery owners, growers, input supplier, processors, whole sellers, and retailers) are engaged in different activities of the project. The entrepreneurs engaged in medicinal plant cultivation did not know and follow environmental and good agricultural practices. They used to adopt traditional methodology in production and processing. Locally the farmers didn’t have any positive initiative to expand their business as well as developvalue added products. A lot of diversified products could be possible to develop and marketed with the introduction of post-harvest processing technology and market linkage with the local and global buyer. Training is imparted to the nursery owners and herbal growers on production technologies, sowing method, use of organic fertilizers/compost/pesticides, harvesting procedures, and storage facilities. Different types of herbal tea like Rosella, Moringa, Tulshi, and Basak are being produced and packed locally with a good scope of its marketing in different cities of the country. The project has been able to achieve a significant impact in the development of production technologies, but still, there is room for further improvement in processing, packaging, and marketing level. The core intervention of the current project to develop some entrepreneurs for branding, packaging, promotion, and marketing while considering environment friendly practices. The present strategies will strengthen the knowledge and skills of the entrepreneurs for the production and marketing of their products, maintaining worldwide accepted compliance system for easy access to the global market.

Keywords: aloe vera, herbs and shrubs, market, interventions

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Authors: Uttam Kumar Sahoo, K. Lalhmingsangi, J. H. Lalremruati

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Non-timber forest resources particularly the high-value, low volume NTFPs has drawn interest as an activity all over the world during the past three decades that could raise standards of living for the rural folks while being compatible with forest conservation. This is particularly true for the people living in and around or fringes of protected areas. However, the economics that plays between resources’ stock and its utilization by the humans is yet to be validated and evaluated logistically. A study was therefore designed to understand the linkages between resource (especially NTFPs) availability and their utilization, existing threats to this biodiversity conservation and the role of NTFPs within the livelihood systems of those households that are most directly involved in creating conservation threats. About 25% of the households were sampled from the two sites ‘resource-rich’ and ‘resource poor’ area of Dampa Tiger Reserve (Western boundary). Our preliminary findings suggest that the collection of relatively high-volume and low value NTFPs such as fuelwood, fodder has caused degradation of forest resources while the low-volume and high-value NTFPs such as wild edible mushrooms, vegetables, other specialty food products, inputs to crafts, medicinal plants have resulted into species promotion/conservation through their domestication in traditional agroforestry systems including home gardens and/or collateral protection of the Tiger Reserve. It is thus suggested that proper assessment of these biodiversities, their direct and indirect valuation, market and non-market profits etc be carried out in greater details which would result in prescribing effective management plans around the park.

Keywords: household economy, livelihood strategies, non-timber forest products, species conservation

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Authors: Jinan B. Al-Dabbagh, Rozman Mohd Tahar, Mahadzir Ishak

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TiAl alloy nano-powder was successfully produced by a mechanical alloying (MA) technique in a planetary ball mill. The influence of milling parameters, such as the milling duration, rotation speed, and balls-to-powder mass ratio, on the characteristics of the Ti50%Al powder, including the microstructure, crystallite size refinement, and phase formation, were investigated. It was found that MA of elemental Ti and Al powders promotes the formation of TiAl alloys, as Ti (Al) solid solution was formed after 5h of milling. Milling without the addition of process control agents led to a dramatic decrease in the crystallite size to 17.8 nm after 2h of milling. Higher rotation energy and a higher ball-to-powder weight ratio also accelerated the reduction in crystallite size. Subsequent heating up to 850°C resulted in the formation of a new intermetallic phase with a dominant TiAl3 phase plus minor γ-TiAl or α2-Ti3Al phase or both. A longer milling duration also exhibited a better effect on the micro-hardness of Ti50%Al powders.

Keywords: TiAl alloys, nanocrystalline materials, mechanical alloying, materials science

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Authors: Loide Sambo

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Achieving energy security has, in the past few decades, become one of the main goals in the security agenda of every country around the world. For Southern African Countries (SAC) the aim is not different, yet these countries face a particular challenge in the pursuit of their energy security. More than just secure enough energy sources to fuel their industrial and societal needs, SAC have as well to ensure that they trade their rich energy resources to the global market in a way that promotes and safeguards their economic development objectives. Considering the relevance of this issue to the SAC, the present paper explores the possibility of these countries to achieve energy security through regional cooperation, under the Southern Africa Development Community (SADC) platform. It discusses the challenges and opportunities for advancing energy security in this region through cooperation. After analyzing the data through the documentary analysis method, it was found that regional cooperation among SAC to improve energy security is not effective since cooperation in the region is still very susceptible to a plethora of challenges, such as political instability, lack of development of infrastructure and expertise, lack of good governance, lack of sense of cohesiveness, and most important lack of political commitment. It was also found that significant commitment on regional cooperation had been centered on the electricity sub-sector due to the region’s huge electricity deficit. Thus less commitment is dedicated to the development and policy harmonization of the other sub-sectors such as the one of natural gas and oil, for instance. Hence, it is recommended that the leadership of the SAC is fully committed to cooperate and harmonize the policies, the strategic plans, as well as the infrastructure concerning to all the natural energy resources and its respective sub-sectors. This would provide the SAC significant leverage to negotiate for the energy market access, ensuring that the region’s energy commodities are traded, while the countries themselves retain enough energy to sustain their economic growth and development, improving, therefore, their energy security.

Keywords: regional cooperation, energy security, economic development, political commitment

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Authors: A. Sharma, S. S. Sandhu, A.Shahi, A. Kumar

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In this study, the effects of geometric configurations of butt joints i.e. double V groove, double U groove and UV groove of AISI 304L of thickness 12 mm by using Gas Tungsten Arc Welding (GTAW) are investigated. The magnitude of transverse shrinkage stress and distortion generated during welding under the unrestrained conditions of butt joints is the main objective of the study. The effect of groove design on impact strength and metallurgical properties are also studied. The Finite element analysis for the groove design is done and compared the actual experimentation. The experimental results and the FEM results were compared and reveal a very good correlation for distortion and weld groove design for multipass joint with a standard analogy of 80%. In the case of VV groove design it was found that the transverse stress and cumulative deflection have the lowest value. It was found that the UV groove design had the maximum ultimate and yield tensile strength, VV groove had the highest impact strength. Vicker’s hardness value of all the groove design was measured. Micro structural studies were carried out using conventional microscopic tools which revealed a lot of useful information for correlating the microstructure with mechanical properties.

Keywords: weld groove design, distortion, AISI 304 L, butt joint, FEM, GTAW

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Authors: Reginald Anyanwu

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Enzymes are biological molecules that significantly regulate the rate of almost all of the chemical reactions that take place within cells, and have been widely used for products’ innovations. They are vital for life and serve a wide range of important functions in the body, such as aiding in digestion and metabolism. The present study was aimed at finding out the extent to which biological molecules have been utilized by pharmaceutical, food and beverage, and biofuel industries in commercial and scale up applications. Taking into account the escalating business opportunities in this vertical, biotech firms have also been penetrating enzymes industry especially that of food. The aim of the study therefore was to find out how biocatalysis can be successfully deployed; how enzyme application can improve industrial processes. To achieve the purpose of the study, the researcher focused on the analytical tools that are critical for the scale up implementation of enzyme immobilization to ascertain the extent of increased product yield at minimum logistical burden and maximum market profitability on the environment and user. The researcher collected data from four pharmaceutical companies located at Anambra state and Imo state of Nigeria. Questionnaire items were distributed to these companies. The researcher equally made a personal observation on the applicability of these biological molecules on innovative Products since there is now shifting trends toward the consumption of healthy and quality food. In conclusion, it was discovered that enzymes have been widely used for products’ innovations but there are however variations on their applications. It was also found out that pivotal contenders of enzymes market have lately been making heavy investments in the development of innovative product solutions. It was recommended that the applications of enzymes on innovative products should be widely practiced.

Keywords: enzymes, pharmaceuticals, process development, quality food consumption, scale-up applications

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Authors: Fisseha Zewdie, Naresh Bhatnagar

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Lightweight and strong aluminum foam is developed by reinforcing Al-Si-Cu alloy (LM24) with Cermet Hollow Spheres (CHS) as porous creating agents. The foam samples were prepared by mixing the CHS in molten LM24 at 750°C, using gravity and stir casting. The CHSs were fabricated using a blend of silicon carbide and stainless-steel powders using the powder metallurgy technique. It was found that CHS reinforcement greatly enhances the performance of the composite metal foam, making it suitable for high impact loading applications such as crash protection and shock absorption. This study examined the strength, density, energy absorption and possible applications of the new aluminum foam. The results revealed that the LM24 foam reinforced with the CHS has the highest energy absorption of about 88 MJ/m3 among all categories of foam samples tested. Its density was found to be 1.3 g/cm3, while the strength, densification strains and porosity were 420 MPa, 34% and 70%, respectively. Besides, the matrix and reinforcement's microstructure, chemical composition, X-ray diffraction, HRTEM and related micrographic analyses are performed for characterization and verifications.

Keywords: composite metal foam, hollow spheres, gravity casting, energy absorption

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Authors: Young-Ok Yoon, Su-Yeon Lee, Seong-Ho Ha, Gil-Yong Yeom, Bong-Hwan Kim, Hyun-Kyu Lim, Shae K. Kim

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Al-7Si-0.4Mg alloy (designated A356) is widely used in the automotive and aerospace industries as structural components due to an excellent combination of castability and mechanical properties. Grain refinement has a significant effect on the mechanical properties of castings, mainly since the distribution of secondary phase is changed. As a grain refiner, the Al-Ti-B master alloys containing TiAl3 and TiB2 particles have been widely used in Al foundries. The Mg loss and Mg based inclusion formation by the strong affinity of Mg to oxygen in the melting process of Mg contained alloys have been an issue. This can be significantly improved only by Mg+Al2Ca master alloy as an alloying element instead of pure Mg. Moreover, the eutectic Si modification and grain refinement is simultaneously obtained because Al2Ca behaves as Ca, a typical Si modifier. The present study is focused on the combined effects of Mg+Al2Ca and Al-Ti-B master alloys on the grain refiment of Al-7Si-0.4Mg alloy and their proper ratio for the optimum effect. The aim of this study, therefore, is to investigate the change of the microstructure in Al-7Si-0.4Mg alloy with different ratios of Ti and Al2Ca (detected Ca content) and their effects on the tensile property. The distribution and morphology of the secondary phases by the grain refinement will be discussed.

Keywords: Al-7Si-0.4Mg alloy, Al2Ca, Al-Ti-B alloy, grain refinement

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Authors: Pravin Mishra, Ajeet K. Jha, Pankaj K. Jha

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This technical note is aimed at providing a brief information on goat breeds, its breeding seasonality and different methods of oestrous synchronization for Nepalese goat farmers. It was observed that, these goats are seasonal breeder and showed oestrous during mainly two season; December- February and March-May. This leads to an irregular supply of goat to market and a wide variations in market price. Oestrus synchronization is only an alternative reproductive tool to overcome this scarcity by enhancing production and productivity. This technique enables goat producers breed their animals within a short pre-determined period and permits breeding round the year. The principle of oestrus synchronisation is based on controlling of the luteal phase of the oestrous cycle. There are two basic mechanisms; one by shortening the luteal life (premature luteolysis) using prostaglandins or its analogues and the other by prolonging the luteal life (simulating the activity of natural progesterone produced by the corpus luteum) using exogenous progesterone source. The former is easy to apply and only effective during breeding season, whereas the latter is advantageous when the reproductive status of the goat flock is unknown. The common hormonal products easily available in Nepal includes; prostaglandins or its analogues (Oviprost® Dinoprost® Lutalyse® and Estrumate®), exogenous progesterone (Fluorogestone acetate® and Controlled Internal Drug Release®, CIDR) devices). However, before practicing the oestrous synchronization protocol, it needs to be validated for oestrous response rate, time to onset of oestrous, duration of oestrous and pregnancy rates at farmer’s field. In conclusion, application of oestrus synchronisation practice enhanced goat production and surplus the goat meat demand in Nepal.

Keywords: goat, Nepal, oestrous, synchronization

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Authors: Pimchanok Puksisuwan, Pitak Laorattanakul, Benya Cherdhirunkorn

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The use of aluminium dross as a raw material for geopolymer synthesis via mechanochemistry method was studied. The geopolymers were prepared using aluminium dross from secondary aluminium industry, fly ash from a biomass power plant and liquid alkaline activators, which is a mixture of sodium silicate solution (Na2SiO3) and sodium hydroxide solution (NaOH) (Na2SiO3/NaOH ratio 4:1, 3:1 and 2:1). Aluminium dross consists mostly of alumina (Al2O3), silicon oxide (SiO2) and aluminium nitride (AlN). The raw materials were mixed and milled using the high energy ball milling method for 5, 10 and 15 minutes in order to reduce the particle size. The milled powders were uniaxially pressed into a cylinder die with the pressure of 2200 psi. The cylinder samples were cured in the sealed plastic bags for 3, 7 and 14 days at the room temperature and 60°C for 24 hour. The mechanical property of geopolymers was investigated. In addition, scanning electron microscopy (SEM) and X-ray diffraction (XRD) analysis were carried out in order to study the microstructure and phase structures of the geopolymers, respectively. The results showed that aluminium dross could enhance the mechanical property of geopolymers product by mechanochemistry method and meet the TISI requirements.

Keywords: aluminium dross, fly ash, geopolymer, mechanochemistry

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Authors: Jingwen Shi, Qi Wu

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We study the role played interest rate risk in carry trade return in order to understand the forward premium puzzle. In this study, our goal is to investigate to what extent carry trade return is indeed due to compensation for risk taking and, more important, to reveal the nature of these risks. Using option data not only on exchange rates but also on interest rate swaps (swaptions), our first finding is that, besides the consensus currency risks, interest rate risks also contribute a non-negligible portion to the carry trade return. What strikes us is our second finding. We find that large downside risks of future exchange rate movements are, in fact, priced significantly in option market on interest rates. The role played by interest rate risk differs structurally from the currency risk. There is a unique premium associated with interest rate risk, though seemingly small in size, which compensates the tail risks, the left tail to be precise. On the technical front, our study relies on accurately retrieving implied distributions from currency options and interest rate swaptions simultaneously, especially the tail components of the two. For this purpose, our major modeling work is to build a new international asset pricing model where we use an orthogonal setup for pricing kernels and specify non-Gaussian dynamics in order to capture three sets of option skew accurately and consistently across currency options and interest rate swaptions, domestic and foreign, within one model. Our results open a door for studying forward premium anomaly through implied information from interest rate derivative market.

Keywords: carry trade, forward premium anomaly, FX option, interest rate swaption, implied volatility skew, uncovered interest rate parity

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Authors: John Akinwumi Makinde

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Nigerian manufacturing industry, particularly the fast moving consumer producing firms play vital roles in Nigerian economy. This sector’s product acceptability is given very little attention along with social media advertising that communicate product information to audience across the globe need to be documented. Procter and Gamble Plc operate in Nigeria with appreciable number of fast moving consumer goods that service Nigerian economy. Social media advertising disposition of the company and product acceptability of the company deserve some elucidations. This study therefore examined the impact of social media advertising on product acceptability of FMCG in Nigerian manufacturing industry, using Procter and Gamble Plc as case study. The study employed the case study type of descriptive survey research design. The population consisted of 235 customers of G&P Plc, which were selected through random sampling method. A total of 235 copies of questionnaires titled 'Social Media Advertising and Product Acceptability (SMA-PA) Questionnaire' was administered and retrieved. Data generated were analysed using frequency distribution and regression analysis at 0.05 level. It was found that social media advertising positively and significantly motivated customers to buy product of P&G Plc (r =.147**, N= 235, p(.000) < .01). Findings also showed that social media advertising has significant impact on product acceptability of FCMG in P&G Plc (F(2,61)=22.250; R2=.629; P(.000) < .05). The study concluded that social media advertising is a determinant factor of consumer decision to accept fast moving consumer goods in Nigerian manufacturing industry. It is recommended that with the growing market of FMCG, there is need to educate the market with the product unique features, standard and quality on social media. Finally, Fast Moving Consumer Goods firms should deploy excellent marketing mix on social media.

Keywords: advertising, fast moving consumer goods, manufacturing industry, product acceptability, social media

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Authors: Erhan Ayas, Buse Katipoğlu, Eda Metin, Rifat Yılmaz

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The search for new materials has begun to be used even higher than the service temperature (~1150ᵒC) where nickel-based superalloys are currently used. This search should also meet the increasing demands for energy efficiency improvements. The materials studied for aerospace applications are expected to have good oxidation resistance. Mo-Si-B alloys, which have higher operating temperatures than nickel-based superalloys, are candidates for ultra-high temperature materials used in gas turbine and jet engines. Because the Moss and Mo₅SiB₂ (T2) phases exhibit high melting temperature, excellent high-temperature creep strength and oxidation resistance properties, however, low fracture toughness value at room temperature is a disadvantage for these materials, but this feature can be improved with optimum Moss phase and microstructure control. High-density value is also a problem for structural parts. For example, in turbine rotors, the higher the weight, the higher the centrifugal force, which reduces the creep life of the material. The density value of the nickel-based superalloys and the T2 phase, which is the Mo-Si-B alloy phase, is in the range of 8.6 - 9.2 g/cm³. But under these conditions, T2 phase Moss (density value 10.2 g/cm³), this value is above the density value of nickel-based superalloys. So, with some ceramic-based contributions, this value is enhanced by optimum values.

Keywords: molybdenum, composites, in-situ, mmc

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Authors: Chih-Hsiang Chang, I-Fan Ho

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This study examines the credibility of the signaling as explanation for IPO initial underpricing. Findings reveal the initial underpricing and the long-term underperformance of IPOs in Taiwan. However, we only find weak support for signaling as explanation of IPO underpricing.

Keywords: signaling, IPO initial underpricing, IPO long-term underperformance, Taiwan’s stock market

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Authors: Maud Tixier

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Societal issues are at stake for cruises anywhere, whatever the size of the ships and their destinations are. However, the Mediterranean sea is the main region where many operate and the challenges are both social and environmental. The presentation focuses on small ships, accounting for market niches, aimed at more specific cruise passengers and calling at less visited areas. How they cope with the benefit of all stakeholders is a persistent issue of our time.

Keywords: environment, management, social, societal, safety

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Authors: K. Krushnamurty, D. Rasmitha, I. Srikanth, K. Ramji, Ch. Subrahmanyam

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E-glass-epoxy laminated composites having different fiber volume fractions (40, 50, 60 and 70) were fabricated with and without the addition of nanoclay. Flexural strength and tensile strength of the composite laminates were determined. It was observed that, with increasing the fiber volume fraction (Vf) of fiber from 40 to 60, the ability of nanoclay to enhance the tensile and flexural strength of E-glass-epoxy composites decreases significantly. At 70Vf, the tensile and flexural strength of the nanoclay reinforced E-glass-epoxy were found to be lowest when compared to the E-glass-epoxy composite made without the addition of nanoclay. Based on the obtained data and microstructure of the tested samples, plausible mechanism for the observed trends has been proposed. The enhanced mechanical properties for nanoclay reinforced E-glass-epoxy composites for 40-60 Vf, due to higher interface toughness coupled with strong interfilament bonding may have ensured the homogeneous load distribution across all the glass fibers. Results in the decrease in mechanical properties at 70Vf, may be due to the inability of the matrix to bind the nanoclay and glass-fibers.

Keywords: e-glass-epoxy composite laminates, fiber volume fraction, e-glass fiber, mechanical properties, delamination

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Authors: Michael Wright, Tiago Costa

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The construction industry in SE Asia has been relying on S355 MPa “as rolled” H-beams for many years now. It is an easily sourced, metallurgically simple, reliable product that all designers, fabricators and constructors are familiar with. However, as the Global demand to better use our finite resources gets stronger, the need for an as-rolled S460 MPa H-Beam is becoming more apparent. The Financial benefits of an “as-rolled” S460 MPa H-beam are obvious. The S460 MPa beam which is currently available and used is fabricated from rolled strip. However, making H-beam from 3 x 460 MPa strips requires costly equipment, valuable welding skills & production time, all of which can be in short supply or better used for other purposes. The Metallurgical benefits of an “as-rolled” S460 MPa H-beam are consistency in the product. Fabricated H-beams have inhomogeneous areas where the strips have been welded together - parent metal, heat affected zone and weld metal all in the one body. They also rely heavily on the skill of the welder to guarantee a perfect, defect free weld. If this does not occur, the beam is intrinsically flawed and could lead to failure in service. An as-rolled beam is a relatively homogenous product, with the optimum strength and ductility produced by delivering steel with as fine as possible uniform cross sectional grain size. This is done by cost effective alloy design coupled with proper metallurgical process control implemented into an existing mill’s equipment capability and layout. This paper is designed to highlight the benefits of bring an “as-rolled” S460 MPa H-beam to the construction market place in SE Asia, and hopefully encourage the current “as-rolled” H-beam producers to rise to the challenge and produce an innovative high quality product for the local market.

Keywords: fine grained, As-rolled, long products, process control, metallurgy

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Authors: Mei-Fang Wu, Shu-Li Wang, Feng-Tsung Cheng

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Highly developed technology and highly competitive global market highlight the important role of competitive advantages and operation performances in sustainable company operation. Activity-Based Costing (ABC) provides accurate operation cost and operation performance information. Rich literature provide relevant research with cases study on Activity-Based Costing application, and yet, there is no research studying on cause relationship between key success factors of applying Activity-Based Costing and its specific outcomes, such as profitability or share market. These relationships provide the ways to handle the key success factors to achieve the specific outcomes for ensuring to promote the competitive advantages and operation performances. The main purposes of this research are exploring the key success paths by Key Success Paths approach which will lead the ways to apply Activity-Base Costing. The Key Success Paths is the innovative method which is exploring the cause relationships and explaining what are the effects of key success factors to specific outcomes of Activity-Based Costing implementation. The cause relationships between key success factors and successful specific outcomes are Key Success Paths (KSPs). KSPs are the guidelines to lead the cost management strategies to achieve the goals of competitive advantages and operation performances. The research findings indicate that good management system design may impact the good outcomes of Activity-Based Costing application and achieve to outstanding competitive advantage, operating performance and profitability as well by KSPs exploration.

Keywords: activity-based costing, key success factors, key success paths approach, key success paths, key failure paths

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Authors: Jong-Min Park, Hyung-Ki Park, Seok Hong Min, Tae Kwon Ha

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Titanium is widely used due to its high specific strength, good biocompatibility, and excellent corrosion resistance. In order to produce titanium powders, it is necessary to melt titanium, and generally it is conducted by an induction heating method using Al₂O₃ ceramic crucible. However, since titanium reacts chemically with Al₂O₃, it is difficult to melt titanium by the induction heating method using Al₂O₃ crucible. To avoid this problem, we studied the chemical stability of the various crucibles such as Al₂O₃, MgO, ZrO₂, and Y₂O₃ crucibles to molten titanium. After titanium lumps (Grade 2, O(oxygen)<0.25wt%) were placed in each crucible, they were heated to 1800℃ with a heating rate of 5 ℃/min, held at 1800℃ for 30 min, and finally cooled to room temperature with a cooling rate of 5 ℃/min. All heat treatments were carried out in high purity Ar atmosphere. To evaluate the chemical stability, thermodynamic data such as Ellingham diagram were utilized, and also Vickers hardness test, microstructure analysis, and EPMA quantitative analysis were performed. As a result, Al₂O₃, MgO and ZrO₂ crucibles chemically reacted with molten titanium, but Y₂O₃ crucible rarely reacted with it.

Keywords: titanium, induction melting, crucible, chemical stability

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Authors: Charmaine Lamiel, Van Hoa Nguyen, Marjorie Baynosa, Jae-Jin Shim

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Electrochemical supercapacitors have attracted considerable attention because of their high potential as an efficient energy storage system. The combination of carbon-based material and transition metal oxides/sulfides are studied because they have long and improved cycle life as well as high energy and power densities. In this study, a hierarchical mesoporous carbon sphere/nickel cobalt sulfide (CS/Ni-Co-S) core/shell structure was synthesized using a facile hydrothermal method without any further sulfurization or post-heat treatment. The CS/Ni-Co-S core/shell microstructures exhibited a high capacitance of 724 F g−1 at 2 A g−1 in a 6 M KOH electrolyte. After 2000 charge-discharge cycles, it retained 86.1% of its original capacitance, with high Coulombic efficiency of 97.9%. The electrode exhibited a high energy density of 58.0 Wh kg−1 at an energy density of 1440 W kg−1, and high power density of 7200 W kg−1 at an energy density of 34.2 Wh kg−1. The successful synthesis was considered to be simple and cost-effective which supports the viability of this composite as an alternative activated material for high performance supercapacitors.

Keywords: carbon sphere, electrochemical, hydrothermal, nickel cobalt sulfide, supercapacitor

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Authors: Jairo A. Muñoz, Alexander Komissarov, Alexander Gromov

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In this investigation, a hypoeutectic AlSi11Cu alloy was printed. This alloy was obtained in powder form with an average particle size of 40 µm. Bars 20 mm in diameter and 100 mm in length were printed with the building direction parallel to the bars' longitudinal direction. The microstructural characterization demonstrated an Al matrix surrounded by a Si network forming a coral-like pattern. The microstructure of the alloy showed a heterogeneous behavior with a mixture of columnar and equiaxed grains. Likewise, the texture indicated that the columnar grains were preferentially oriented towards the building direction, while the equiaxed followed a texture dominated by the cube component. On the other hand, the as-printed material strength showed higher values than those obtained in the same alloy using conventional processes such as casting. In addition, strength and ductility differences were found in the printed material, depending on the measurement direction. The highest values were obtained in the radial direction (565 MPa maximum strength and 4.8% elongation to failure). The lowest values corresponded to the transverse direction (508 MPa maximum strength and 3.2 elongation to failure), which corroborate the material anisotropy.

Keywords: additive manufacturing, aluminium alloy, melting pools, tensile test

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Authors: Saimir Heta, Ilma Robo, Dhimiter Papakozma, Eduart Kapaj, Vera Ostreni

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Introduction: The biocompatible materials applied to the implant surfaces are the target of recent literature studies. Methodologies: Modification of implant surfaces in different ways such as application of additional ions, surface microstructure change, surface or laser ultrasound alteration, or application of various substances such as recombinant proteins are among the most affected by articles published in the literature. The study is of review type with the main aim of finding the different ways that the mesenchymal cell reaction to these materials is, according to the literature, in the same percentage positive to the osteointegration process. Results: It is emphasized in the literature that implant success as a key evaluation key has more to implement implant treatment protocol ranging from dental health amenity and subsequent of the choice of implant type depending on the alveolar shape of the ridge level. Conclusions: Osteointegration is a procedure that should initially be physiologically independent of the type of implant pile material. With this physiological process, it can not "boast" for implant success or implantation depending on the brand of the selected implant, as the breadth of synthetic or natural materials that promote osteointegration is relatively large.

Keywords: mesenchymal cells, implants, review, biocompatible materials

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Authors: Marina Chavleishvili

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Introduction: Today, the study of monopolies, including natural monopolies, is topical. In real life, pure monopolies are natural monopolies. Natural monopolies are used widely and are regulated by the state. In particular, the prices and rates are regulated. The paper considers the problems associated with the operation of natural monopolies in Georgia, in particular, their microeconomic analysis, pricing mechanisms, and legal mechanisms of their operation. The analysis was carried out on the example of the power industry. The rates of natural monopolies in Georgia are controlled by the Georgian National Energy and Water Supply Regulation Commission. The paper analyzes the positive role and importance of the regulatory body and the issues of improving the legislative base that will support the efficient operation of the branch. Methodology: In order to highlight natural monopolies market tendencies, the domestic and international markets are studied. An analysis of monopolies is carried out based on the endogenous and exogenous factors that determine the condition of companies, as well as the strategies chosen by firms to increase the market share. According to the productivity-based competitiveness assessment scheme, the segmentation opportunities, business environment, resources, and geographical location of monopolist companies are revealed. Main Findings: As a result of the analysis, certain assessments and conclusions were made. Natural monopolies are quite a complex and versatile economic element, and it is important to specify and duly control their frame conditions. It is important to determine the pricing policy of natural monopolies. The rates should be transparent, should show the level of life in the country, and should correspond to the incomes. The analysis confirmed the significance of the role of the Antimonopoly Service in the efficient management of natural monopolies. The law should adapt to reality and should be applied only to regulate the market. The present-day differential electricity tariffs varying depending on the consumed electrical power need revision. The effects of the electricity price discrimination are important, segmentation in different seasons in particular. Consumers use more electricity in winter than in summer, which is associated with extra capacities and maintenance costs. If the price of electricity in winter is higher than in summer, the electricity consumption will decrease in winter. The consumers will start to consume the electricity more economically, what will allow reducing extra capacities. Conclusion: Thus, the practical realization of the views given in the paper will contribute to the efficient operation of natural monopolies. Consequently, their activity will be oriented not on the reduction but on the increase of increments of the consumers or producers. Overall, the optimal management of the given fields will allow for improving the well-being throughout the country. In the article, conclusions are made, and the recommendations are developed to deliver effective policies and regulations toward the natural monopolies in Georgia.

Keywords: monopolies, natural monopolies, regulation, antimonopoly service

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Authors: Danuta Szwajca

Abstract:

Reputation The exponential growth of the Internet and social media (SM) in the recent years has contributed to changing the communication environment, in which stakeholders: customers, investors, business partners, employees, like their users, may post and distribute their opinions about the company and its products. This generates a number of potential threats to the image and reputation of both people and organizations. Social media create new opportunities not only for rapid and interactive communication but also for organizing themselves into strong pressure groups which may effectively affect the decisions of various organized bodies. Companies cannot ignore this fact and should use SM not only as an additional communication marketing channel but in a broader context - as a tool to build and protect their reputation. This article aims to identify the extent, scope, and directions of the use of SM in the activities of companies operating in the Polish market, as well as to identify threats and opportunities generated by the media in the area of reputation management. The results of research presented in the article showed that Polish companies recognize the potential of SM and try to apply them in their marketing efforts. However, his activity is limited only to maintain communication with customers through two portals: Facebook and Twitter. In the approach to the SM as a communication channel, the traditional way of thinking dominates, in which they are treated as just another promotional tool used by two departments: marketing and PR. This approach is called "silo" and is not integrated. This way of using SM does not allow effective building and protecting reputation in the Internet environment. To achieve this goal, the following research methods were used: the critical analysis of literature, analysis of secondary sources in a form of the report from the research conducted by Harvard Business Review Poland together with Capgemini Poland and case study.

Keywords: corporate reputation, reputation management, social media, risk reputation

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Authors: Folorunso Omoniyi, Peter Olubambi, Rotimi Sadiku

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Thermal barrier coating (TBC) system is used in both aero engines and other gas turbines to offer oxidation protection to superalloy substrate component. In the present work, it shows the ability of a new fabrication technique to develop rapidly new coating composition and microstructure. The compact powders were prepared by Powder Metallurgy method involving powder mixing and the bond coat was synthesized through the application of Spark Plasma Sintering (SPS) at 10500C to produce a fully dense (97%) NiCrAl bulk samples. The influence of sintering temperature on the hardness of NiCrAl, done by Micro Vickers hardness tester, was investigated. And Oxidation test was carried out at 1100oC for 20h, 40h, and 100h. The resulting coat was characterized with optical microscopy, scanning electron microscopy (SEM), energy dispersive x-ray analysis (EDAX) and x-ray diffraction (XRD). Micro XRD analysis after the oxidation test revealed the formation of protective oxides and non-protective oxides.

Keywords: high-temperature oxidation, powder metallurgy, spark plasma sintering, thermal barrier coating

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Authors: Surendra Kumar Chourasiya, Sandeep Kumar, Devendra Singh

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In the present investigation tribological behavior of Al-6Si-1Mg-1Graphite composite has been explained. The composite was developed through the unique spray forming route in the spray forming chamber by using N₂ gas at 7kg/cm² and the flight distance was 400 mm. Spray formed composite having a certain amount of porosity which was reduced by the deformations. The composite was subjected to the warm rolling (WR) at 250ºC up to 40% reduction. Spray forming composite shows the considerable microstructure refinement, equiaxed grains, distribution of silicon and graphite particles in the primary matrix of the composite. Graphite (Gr) was incorporated externally during the process that works as a solid lubricant. Porosity decreased after reduction and hardness increases. Pin on disc test has been performed to analyze the wear behavior which is the function of sliding distance for all percent reduction of the composite. 30% WR composite shows the better result of wear rate and coefficient of friction. The improved wear properties of the composite containing Gr are discussed in light of the microstructural features of spray formed the composite and the nature of the debris particles. Scanning electron microscope and optical microscope analysis of the present material supported the prediction of aforementioned changes.

Keywords: Al-6Si-1Mg-1Graphite, spray forming, warm rolling, wear

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Authors: Kelly Grani Yuen

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Accounting scandals and auditing frauds are perceived to be driven by aggressive companies and misrepresentation of audit reports. However, local legal systems and law enforcements may affect the services auditors provide to their ‘important’ clients. Under the civil law and common law jurisdictions, the standard setters, the government, and the regulatory bodies treat cases differently. As such, whether or not different forms of legal systems and extent of law enforcement plays an important role in auditor’s Audit Quality is a question this paper attempts to explore. The paper focuses on the investigation in Asia, where Hong Kong represents the common-law jurisdiction, while Taiwan and China represent the civil law jurisdiction. Only the ten reputable accounting firms are used in this study due to the differences in rankings and establishments of some of the small local audit firms. This will also contribute to the data collected between the years 2007-2013. By focusing on the use of multiple regression based on the dependent (Audit Quality) and independent variables (Client Importance, Law Enforcement, and Press Freedom), six different models are established. Results demonstrate that since different jurisdictions have different legal systems and market regulations, auditor’s treatment on ‘important’ clients will vary. However, with the moderators in place (law enforcement and press freedom), the relationship between client importance and audit quality may be smoothed out. With that in mind, this study contributes to local governments and standard setters’ consideration on legal reform and proper law enforcement in the market. Perhaps, with such modifications on the economic systems, collusion between companies and auditors can finally be put to a halt.

Keywords: audit quality, client importance, jurisdiction, modified audit opinions

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Authors: Alexander S. Burnasov, Anatoly V. Stepanov, Maria Y. Ilyushkina

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In the conditions of transition to the digital economy, the digital environment of the city becomes one of the key factors of its tourism attractiveness. Modern digital environment makes travelling more accessible, improves the quality of travel services and the attractiveness of many tourist destinations. The digitalization of the industry allows to use resources more efficiently, to simplify business processes, to minimize risks, and to improve travel safety. The city promotion as a tourist destination in the foreign market becomes decisive in the digital environment. Information technologies are extremely important for the functioning of not only any tourist enterprise but also the city as a whole. In addition to solving traditional problems, it is also possible to implement some innovations from the tourism industry, such as the availability of city services in international systems of booking tickets and booking rooms in hotels, the possibility of early booking of theater and museum tickets, the possibility of non-cash payment by cards of international payment systems, Internet access in the urban environment for travelers. The availability of the city's digital services makes it possible to reduce ordering costs, contributes to the optimal selection of tourist products that meet the requirements of the tourist, provides increased transparency of transactions. The users can compare prices, features, services, and reviews of the travel service. The ability to share impressions with friends thousands of miles away directly affects the image of the city. It is possible to promote the image of the city in the digital environment not only through world-scale events (such as World Cup 2018, international summits, etc.) but also through the creation and management of services in the digital environment aimed at supporting tourism services, which will help to improve the positioning of the city in the global tourism market.

Keywords: competitiveness, digital environment, travelling, Yekaterinburg

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