Search results for: Libyan manufacturing companies

Authors: Sarthak Kumar Jena, Chandra Sekhar Mishra, Prabina Rajib

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Purpose: This paper aims to derive undervaluation signal from the insiders trading of Indian companies where the ownership is complex and concentrated, investors protection is weak, and the insider rules and regulations are not stringent like developed country. This study examines the relationship between insider trading with short term and long term abnormal return. The study also examines the relationship between insider trading and the actual share repurchase by the firm. Methodology: A sample of 78 companies over the period 2008-2013 are analyzed in the study due to not availability of insider data in Indian context. For preliminary analysis T-test and Wilcoxon rank sum test is used to find the difference between the insider trading before and after the share repurchase announcement. Tobit model is used to find out whether insider trading influence shares repurchase decisions or not. Return on the basis of market model and buy hold are calculated in the previous year and the following year of share repurchase announcement. Findings: The paper finds that insider trading around share repurchase is more than control firms and there is positive and significant difference in insider buying between the previous year of share buyback announcement and the following year of buyback announcement. Insider buying before share repurchase announcement has a positive influence on share repurchase decisions. We find insider buying has a positive and significant relationship with announcement return, whereas insider selling has a negative significant relationship with announcement return. Actual share repurchase and program completion also depend on insider trading before share repurchase. Research limitation: The study is constrained by the small sample size, so the results should be viewed by keeping this limitation in mind. Originality: The paper is to our best knowledge the first study based on Indian context to extend the insider trading literature to share repurchase event and examine insider trading to find out undervaluation signal associated with insider buying.

Keywords: insider trading, buyback, open market share repurchase, signalling

Procedia PDF Downloads 199

Authors: B. Hekner, J. Myalski, P. Wrzesniowski

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This study presents aluminum matrix composites reinforced by glassy carbon (GC) and titanium (Ti). In the first step, the heterophase (GC+Ti), spatial form (similar to skeleton) of reinforcement was obtained via own method. The polyurethane foam (with spatial, open-cells structure) covered by suspension of Ti particles in phenolic resin was pyrolyzed. In the second step, the prepared heterogeneous foams were infiltrated by aluminium alloy. The manufactured composites are designated to industrial application, especially as a material used in tribological field. From this point of view, the glassy carbon was applied to stabilise a coefficient of friction on the required value 0.6 and reduce wear. Furthermore, the wear can be limited due to titanium phase application, which reveals high mechanical properties. Moreover, fabrication of thin titanium layer on the carbon skeleton leads to reduce contact between aluminium alloy and carbon and thus aluminium carbide phase creation. However, the main modification involves the manufacturing of reinforcement in the form of 3D, skeleton foam. This kind on reinforcement reveals a few important advantages compared to classical form of reinforcement-particles: possibility to control homogeneity of reinforcement phase in composite material; low-advanced technique of composite manufacturing- infiltration; possibility to application the reinforcement only in required places of material; strict control of phase composition; High quality of bonding between components of material. This research is founded by NCN in the UMO-2016/23/N/ST8/00994.

Keywords: metal matrix composites, MMC, glassy carbon, heterophase composites, tribological application

Procedia PDF Downloads 118

Authors: Chrysthia Papacleovoulou

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The era of de-regulation, off-shore and tax haven jurisdictions, and shelf companies has come to an end. The usage of complex corporate structures involving trust instruments, special purpose vehicles, holding-subsidiaries in offshore haven jurisdictions, and taking advantage of tax treaties is soaring. States which raced to introduce corporate friendly legislation, tax incentives, and creative international trust law in order to attract greater FDI are now faced with regulatory challenges and are forced to revisit the corporate form and its tax treatment. The fiduciary services industry, which dominated over the last 3 decades, is now striving to keep up with the new regulatory framework as a result of a number of European and international legislative measures. This article considers the challenges to the company and the corporate form as a result of the legislative measures on tax planning and tax avoidance, CRS reporting, FATCA, CFC rules, OECD’s BEPS, the EU Commission's new transparency rules for intermediaries that extends to tax advisors, accountants, banks & lawyers who design and promote tax planning schemes for their clients, new EU rules to block artificial tax arrangements and new transparency requirements for financial accounts, tax rulings and multinationals activities (DAC 6), G20's decision for a global 15% minimum corporate tax and banking regulation. As a result, states are found in a race of over-regulation and compliance. These legislative measures constitute a global up-side down tax-harmonisation. Through the adoption of the OECD’s BEPS, states agreed to an international collaboration to end tax avoidance and reform international taxation rules. Whilst the idea was to ensure that multinationals would pay their fair share of tax everywhere they operate, an indirect result of the aforementioned regulatory measures was to attack private clients-individuals who -over the past 3 decades- used the international tax system and jurisdictions such as Marshal Islands, Cayman Islands, British Virgin Islands, Bermuda, Seychelles, St. Vincent, Jersey, Guernsey, Liechtenstein, Monaco, Cyprus, and Malta, to name but a few, to engage in legitimate tax planning and tax avoidance. Companies can no longer maintain bank accounts without satisfying the real substance test. States override the incorporation doctrine theory and apply a real seat or real substance test in taxing companies and their activities, targeting even the beneficial owners personally with tax liability. Tax authorities in civil law jurisdictions lift the corporate veil through the public registries of UBO Registries and Trust Registries. As a result, the corporate form and the doctrine of limited liability are challenged in their core. Lastly, this article identifies the development of new instruments, such as funds and private placement insurance policies, and the trend of digital nomad workers. The baffling question is whether industry and states can meet somewhere in the middle and exit this over-regulation frenzy.

Keywords: company, regulation, TAX, corporate structure, trust vehicles, real seat

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Authors: Kolesnik Nadezda A.

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The research aims to elaborate inter-organizational network relationships management model to maximize value co-creation. We propose a network management framework that requires evaluation of network partners with respect to their position and role in network; and elaboration of appropriate relationship development strategy with partners in network. Empirical research and approval is based on the case study method, including structured in-depth interviews with the companies from b2b market.

Keywords: inter-organizational networks, value co-creation, model, B2B market

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Authors: Chang Hung Chen

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Typically the Cause-Related Marketing (CRM) is effective for promoting products, and is also accepted as a role of communication tool for creating a positive image of the corporate. Today, companies are taking Corporate Social Responsibility (CSR) as core activities to build a goal of sustainable development. CRM is not a synonym of CSR. Actually, CRM is a part of CSR, or a type of marketing strategy in CSR framework. This article focuses on the relationship between CSR and CRM, and how the CRM improves the CSR performance of the corporate. The research was conducted through review of literature on the subject area.

Keywords: cause-related marketing, corporate social responsibility, corporate image, consumer behavior

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Authors: Harris Niavis, Dimitra Politaki

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The manufacturing industry was collecting vast amounts of data for monitoring product quality thanks to the advances in the ICT sector and dedicated IoT infrastructure is deployed to track and trace the production line. However, industries have not yet managed to unleash the full potential of these data due to defective data collection methods and untrusted data storage and sharing. Blockchain is gaining increasing ground as a key technology enabler for Industry 4.0 and the smart manufacturing domain, as it enables the secure storage and exchange of data between stakeholders. On the other hand, AI techniques are more and more used to detect anomalies in batch and time-series data that enable the identification of unusual behaviors. The proposed scheme is based on smart contracts to enable automation and transparency in the data exchange, coupled with anomaly detection algorithms to enable reliable data ingestion in the system. Before sensor measurements are fed to the blockchain component and the smart contracts, the anomaly detection mechanism uniquely combines artificial intelligence models to effectively detect unusual values such as outliers and extreme deviations in data coming from them. Specifically, Autoregressive integrated moving average, Long short-term memory (LSTM) and Dense-based autoencoders, as well as Generative adversarial networks (GAN) models, are used to detect both point and collective anomalies. Towards the goal of preserving the privacy of industries' information, the smart contracts employ techniques to ensure that only anonymized pointers to the actual data are stored on the ledger while sensitive information remains off-chain. In the same spirit, blockchain technology guarantees the security of the data storage through strong cryptography as well as the integrity of the data through the decentralization of the network and the execution of the smart contracts by the majority of the blockchain network actors. The blockchain component of the Data Traceability Software is based on the Hyperledger Fabric framework, which lays the ground for the deployment of smart contracts and APIs to expose the functionality to the end-users. The results of this work demonstrate that such a system can increase the quality of the end-products and the trustworthiness of the monitoring process in the smart manufacturing domain. The proposed AI-enabled data traceability software can be employed by industries to accurately trace and verify records about quality through the entire production chain and take advantage of the multitude of monitoring records in their databases.

Keywords: blockchain, data quality, industry4.0, product quality

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Authors: Murat Can Pehlivanoglu

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Historically, gender equality has been mainly defended in the legal arenas of constitutional law and employment law. However, social and economic progress has required corporate law to provide gender equality on corporate boards. Recently, following the trend in Europe, the State of California (United States) enacted a law requiring that every publicly traded corporation based in California should have women on its board of directors. Still, the legal, social and economic implications of this law are yet to be discovered. The contractarian view of corporate law is predominant in the U.S. jurisprudence. However, gender quota law may not be justified through contractarian theory grounds. Therefore, the conformity of gender quota law with the general principles of U.S. corporate law remains questionable, and the immunity of close corporations from the scope of gender quota legislation provides support for the discrepancy. The methodology employed in this paper in the discussion of the rule’s conformity with corporate law is doctrinal, and American case law and legal scholarship are the basis for this discussion. This paper uses the aforementioned California law as sample legislation to evaluate the gender quota laws’ conformity with the contractarian theory of corporate law. It chooses California law as the sample due to its newness and the presence of pending shareholder lawsuits against it. Also, since California is home to global companies, the effect of such law is expected to be wider. As alternative theories laid down by corporate law may already be activated to provide gender equality on boards of publicly traded corporations, enacting a specific gender quota law would not be justified by an allegedly present statutory deficiency based on contractarian theory. However, this theoretical reality would not enable shareholders to succeed in their lawsuits against such law on corporate law grounds, and investors will have limited options against its results. This will eventually harm the integrity of the marketplace. Through the analysis of the contractarian theory of corporate law and California gender quota law, the major finding of this paper is that the contractarian theory of corporate law does not permit mandating board room equality through corporate law. In conclusion, it expresses that the issue should be dealt with through separate legislation with a different remedial structure, to preserve the traditional rationale of corporate law in U.S. law.

Keywords: board of directors, gender equality, gender quota, publicly traded corporations

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Authors: Yong Li

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Major cities in China has experienced a shift from production based on manufacturing industry to tertiary industry. How to make a better use of existing obsolete industrial land within urban cores has become a difficult problem for many policymakers. City governments regard old manufacturing industrial land as an important source of land to facilitate the development of the cities. Despite the announcement of policies in promoting that, a large portion of industrial land is still not properly redeveloped and most of them became obsolete. The study uses the project of Xinyi International Club as a case to examine the process of adaptive reuse of obsolete industrial space in Guangzhou, China. It attempts to elucidate the underlying mechanisms by identifying the key forces from both the government and the private sectors in influencing the process. The study found that market forces in transforming industrial space are exerting a strong impact on the existing land use planning system in Chinese cities. Pragmatic relaxation of the formal land use the regulatory framework and government supportive land-use intervention have also been crucial towards achieving successful implementation of the restructuring project and making it a showcase. This study questions whether these extraordinary measures, in particular, the use of temporary land use permit, are sustainable in facilitating the transformation of derelict industrial land, and in informing future industrial land-use restructuring policies. It concludes that, while the land use regulatory system in China is becoming increasingly dynamic and flexible, it remains ill-equipped in responding positively to the market, which is characterized by an increasing bargaining power of the private sector. A comprehensive appraisal of the overall impacts of these adaptive re-uses on society is wanting.

Keywords: China, land alteration, obsolete industrial properties, urban planning

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Authors: Vladimir Smirnov, Roman Tominov, Vadim Avilov, Oleg Ageev

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The creation of a new generation micro- and nanoelectronics elements opens up unlimited possibilities for electronic devices parameters improving, as well as developing neuromorphic computing systems. Interest in the latter is growing up every year, which is explained by the need to solve problems related to the unstructured classification of data, the construction of self-adaptive systems, and pattern recognition. However, for its technical implementation, it is necessary to fulfill a number of conditions for the basic parameters of electronic memory, such as the presence of non-volatility, the presence of multi-bitness, high integration density, and low power consumption. Several types of memory are presented in the electronics industry (MRAM, FeRAM, PRAM, ReRAM), among which non-volatile resistive memory (ReRAM) is especially distinguished due to the presence of multi-bit property, which is necessary for neuromorphic systems manufacturing. ReRAM is based on the effect of resistive switching – a change in the resistance of the oxide film between low-resistance state (LRS) and high-resistance state (HRS) under an applied electric field. One of the methods for the technical implementation of neuromorphic systems is cross-bar structures, which are ReRAM cells, interconnected by cross data buses. Such a structure imitates the architecture of the biological brain, which contains a low power computing elements - neurons, connected by special channels - synapses. The choice of the ReRAM oxide film material is an important task that determines the characteristics of the future neuromorphic system. An analysis of literature showed that many metal oxides (TiO2, ZnO, NiO, ZrO2, HfO2) have a resistive switching effect. It is worth noting that the manufacture of nanocomposites based on these materials allows highlighting the advantages and hiding the disadvantages of each material. Therefore, as a basis for the neuromorphic structures manufacturing, it was decided to use ZnₓTiᵧHfzOᵢ nanocomposite. It is also worth noting that the ZnₓTiᵧHfzOᵢ nanocomposite does not need an electroforming, which degrades the parameters of the formed ReRAM elements. Currently, this material is not well studied, therefore, the study of the effect of resistive switching in forming-free ZnₓTiᵧHfzOᵢ nanocomposite is an important task and the goal of this work. Forming-free nanocomposite ZnₓTiᵧHfzOᵢ thin film was grown by pulsed laser deposition (Pioneer 180, Neocera Co., USA) on the SiO2/TiN (40 nm) substrate. Electrical measurements were carried out using a semiconductor characterization system (Keithley 4200-SCS, USA) with W probes. During measurements, TiN film was grounded. The analysis of the obtained current-voltage characteristics showed a resistive switching from HRS to LRS resistance states at +1.87±0.12 V, and from LRS to HRS at -2.71±0.28 V. Endurance test shown that HRS was 283.21±32.12 kΩ, LRS was 1.32±0.21 kΩ during 100 measurements. It was shown that HRS/LRS ratio was about 214.55 at reading voltage of 0.6 V. The results can be useful for forming-free nanocomposite ZnₓTiᵧHfzOᵢ films in neuromorphic systems manufacturing. This work was supported by RFBR, according to the research project № 19-29-03041 mk. The results were obtained using the equipment of the Research and Education Center «Nanotechnologies» of Southern Federal University.

Keywords: nanotechnology, nanocomposites, neuromorphic systems, RRAM, pulsed laser deposition, resistive switching effect

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Authors: Kawalpreet Kaur, Panagiotis Mitropoulos

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The division of the project scope into work packages is the most important step in the preconstruction phase of construction projects. The work division determines the scope and complexity of each bid package, resulting in dependencies between project participants performing these work packages. The coordination between project participants is necessary because of these dependencies. Excessive dependencies between the bid packages create coordination difficulties, leading to delays, added costs, and contractual friction among project participants. However, the literature on construction provides limited knowledge regarding work structuring approaches, issues, and challenges. Manufacturing industry literature provides a systematic approach to defining the project scope into work packages, and the implementation of social network analysis (SNA) in manufacturing is an effective approach to defining and analyzing the divided scope of work at the dependencies level. This paper presents a case study of implementing a similar approach using SNA in construction bid packages. The study uses SNA to analyze the scope of bid packages and determine the dependency between scope elements. The method successfully identifies the bid package with the maximum interaction with other trade contractors and the scope elements that are crucial for project performance. The analysis provided graphical and quantitative information on bid package dependencies. The study can be helpful in performing an analysis to determine the dependencies between bid packages and their scope elements and how these scope elements are critical for project performance. The study illustrates the potential use of SNA as a systematic approach to analyzing bid package dependencies in construction projects, which can guide the division of crucial scope elements to minimize negative impacts on project performance.

Keywords: work structuring, bid packages, work breakdown, project participants

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Authors: Asif Iqbal

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Working capital management has its effect on liquidity as well as on profitability of a firm. In this research we have selected a sample of 100 respondents whose firms are listed on Karachi stock exchange. We have studied the effect of different variable s of working capital management. We find that organizations throughout the world as well as in Pakistan have to give immense recognition to the working capital management as it is an effective thing from their long term perspective especially to their shareholders to have a firm confidence over the companies for investment purpose.

Keywords: working capital management, Karachi stock exchange, shareholders, capital management

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Authors: Weber-Lewerenz Bianca

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Digitization is developing fast and has become a powerful tool for digital planning, construction, and operations. Its transformation bears high potentials for companies, is critical for success, and thus, requires responsible handling. This study provides an assessment of calls made in the sustainable development goals by the United Nations (SDGs), White Papers on AI by international institutions, EU-Commission and German Government requesting for the consideration and protection of values and fundamental rights, the careful demarcation between machine (artificial) and human intelligence and the careful use of such technologies. The study discusses digitization and the impacts of artificial intelligence (AI) in construction engineering from an ethical perspective by generating data via conducting case studies and interviewing experts as part of the qualitative method. This research evaluates critically opportunities and risks revolving around corporate digital responsibility (CDR) in the construction industry. To the author's knowledge, no study has set out to investigate how CDR in construction could be conceptualized, especially in relation to the digitization and AI, to mitigate digital transformation both in large, medium-sized, and small companies. No study addressed the key research question: Where can CDR be allocated, how shall its adequate ethical framework be designed to support digital innovations in order to make full use of the potentials of digitization and AI? Now is the right timing for constructive approaches and apply ethics-by-design in order to develop and implement a safe and efficient AI. This represents the first study in construction engineering applying a holistic, interdisciplinary, inclusive approach to provide guidelines for orientation, examine benefits of AI and define ethical principles as the key driver for success, resources-cost-time efficiency, and sustainability using digital technologies and AI in construction engineering to enhance digital transformation. Innovative corporate organizations starting new business models are more likely to succeed than those dominated by conservative, traditional attitudes.

Keywords: construction engineering, digitization, digital transformation, artificial intelligence, ethics, corporate digital responsibility, digital innovation

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Authors: Aasim Siddiqui

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In a country where 45.6 per cent of the total population lives below the poverty line, according to the Human Development Report 2014 by UNDP, an increasing number of private companies are now dedicating their resources to remedy this situation of chronic poverty. Most corporations in Pakistan now have a separate and dedicated department for Corporate Social Responsibility (CSR), albeit with varying goals and hence different strategies for achieving those goals. Similarly, Marine Group of Companies (MRGC) also has a robust CSR policy which the group implements through a Non-Government Organization (NGO) called Organization for Social Development Initiatives (OSDI). This organization, which operates under the ambit of MRGC’s CSR division, has a concentrated focus on helping the poorest communities in the rural areas of Pakistan to break out of intergenerational poverty. This paper maps the theoretical strategies as well as practical activities undertaken by OSDI for poverty alleviation via rural development in Pakistan. To obtain in-depth information of demographics, livelihood and socio-economic indicators in OSDI’s focused districts; a combination of quantitative and qualitative research methodologies was used during the course of this research. The paper highlights and explains OSDI’s unique three-pronged approach which aims at reducing poverty through income generation via the livelihood assistance program and through the provision of access to the most basic services (including health and education) via the community development and food security programs. Modeled on the concept of capacity building, OSDI’s modus operandi is centered on disbursing timely microcredit facilities to farmers who can benefit from these funds by investing in productive assets to foster financial capability for the future. With a focus on increasing the income of poor farmers, OSDI’s approach is to integrate all the socio-economic facets: education, health and sanitation and food security, to induce a sustained positive impact on their living standards.

Keywords: CSR, poverty, rural, sustainability

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Authors: Jolie M. Martin

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Running experiments while logging detailed user actions has become the standard way of testing product features at Pinterest, as at many other Internet companies. While this technique offers plenty of statistical power to assess the effects of product changes on behavioral metrics, it does not often give us much insight into why users respond the way they do. By combining at-scale experiments with smaller surveys of users in each experimental condition, we have developed a unique approach for measuring the impact of our product and communication treatments on user sentiment, attitudes, and comprehension.

Keywords: experiments, methodology, surveys, user experience

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Authors: Sanjeev Prasher, T. Sai Vijay, Chandan Parsad, Abhishek Banerjee, Sahakari Nikhil Krishna, Subham Chatterjee

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With rapid rise in internet retailing, the industry is set for a major implosion. Due to the little difference among competitors, companies find it difficult to segment and target the right shoppers. The objective of the study is to segment Indian online shoppers on the basis of the factors – website characteristics and shopping values. Together, these cover extrinsic and intrinsic factors that affect shoppers as they visit web retailers. Data were collected using questionnaire from 319 Indian online shoppers, and factor analysis was used to confirm the factors influencing the shoppers in their selection of web portals. Thereafter, cluster analysis was applied, and different segments of shoppers were identified. The relationship between income groups and online shoppers’ segments was tracked using correspondence analysis. Significant findings from the study include that web entertainment and informativeness together contribute more than fifty percent of the total influence on the web shoppers. Contrary to general perception that shoppers seek utilitarian leverages, the present study highlights the preference for fun, excitement, and entertainment during browsing of the website. Four segments namely Information Seekers, Utility Seekers, Value Seekers and Core Shoppers were identified and profiled. Value seekers emerged to be the most dominant segment with two-fifth of the respondents falling for hedonic as well as utilitarian shopping values. With overlap among the segments, utilitarian shopping value garnered prominence with more than fifty-eight percent of the total respondents. Moreover, a strong relation has been established between the income levels and the segments of Indian online shoppers. Web shoppers show different motives from being utility seekers to information seekers, core shoppers and finally value seekers as income levels increase. Companies can strategically use this information for target marketing and align their web portals accordingly. This study can further be used to develop models revolving around satisfaction, trust and customer loyalty.

Keywords: online shopping, shopping values, effectiveness of information content, web informativeness, web entertainment, information seekers, utility seekers, value seekers, core shoppers

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Authors: Maria Botero-Uribe, Melissa Fitzgerald, Robert Gilbert, Kim Bryceson, Jocelyn Midgley

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French fry manufacturing involves a series of processes in which structural properties of potatoes are modified to produce crispy french fries which consumers enjoy. In addition to the traditional french fry manufacturing process, the industry is applying a relatively new process called pulsed electrical field (PEF) to the whole potatoes. There is a wealth of information on the technical treatment conditions of PEF, however, there is a lack of information about its effect on the structural properties that affect texture and its synergistic interactions with the other manufacturing steps of french fry production. The effect of PEF on starch gelatinisation properties of Russet Burbank potato was measured using a Differential Scanning Calorimeter. Cation content (K+, Ca2+ and Mg2+) was determined by inductively coupled plasma optical emission spectrophotometry. Firmness, and toughness of raw and blanched potatoes were determined in an uniaxial compression test. Moisture content was determined in a vacuum oven and oil content was measured using the soxhlet system with hexane. The final texture of the french fries – crispness - was determined using a three bend point test. Triangle tests were conducted to determine if consumers were able to perceive sensory differences between French fries that were PEF treated and those without treatment. The concentration of K+, Ca2+ and Mg2+ decreased significantly in the raw potatoes after the PEF treatment. The PEF treatment significantly increased modulus of elasticity, compression strain, compression force and toughness in the raw potato. The PEF-treated raw potato were firmer and stiffer, and its structure integrity held together longer, resisted higher force before fracture and stretched further than the untreated ones. The strain stress relationship exhibited by the PEF-treated raw potato could be due to an increase in the permeability of the plasmalema and tonoplasm allowing Ca2+ and Mg2+ cations to reach the cell wall and middle lamella, and be available for cross linking with the pectin molecule. The PEF-treated raw potato exhibited a slightly higher onset gelatinisation temperatures, similar peak temperatures and lower gelatinisation ranges than the untreated raw potatoes. The final moisture content of the french fries was not significantly affected by the PEF treatment. Oil content in the PEF- treated potatoes was lower than the untreated french fries, however, not statistically significant at 5 %. The PEF treatment did not have an overall significant effect on french fry crispness (modulus of elasticity), flexure stress or strain. The triangle tests show that most consumers could not detect a difference between French fries that received a PEF treatment from those that did not.

Keywords: french fries, mechanical properties, PEF, potatoes

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Authors: Kisik Song, Sungjoo Lee

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With the growing importance of intangible assets recently, the impact of patent infringement on the business of a company has become more evident. Accordingly, it is essential for firms to estimate the risk of patent infringement risk before developing a technology and create new technology ideas to avoid the risk. Recognizing the needs, several attempts have been made to help develop new technology opportunities and most of them have focused on identifying emerging vacant technologies from patent analysis. In these studies, the IPC (International Patent Classification) system or keywords from text-mining application to patent documents was generally used to define vacant technologies. Unlike those studies, this study adopted F-term, which classifies patent documents according to the technical features of the inventions described in them. Since the technical features are analyzed by various perspectives by F-term, F-term provides more detailed information about technologies compared to IPC while more systematic information compared to keywords. Therefore, if well utilized, it can be a useful guideline to create a new technology idea. Recognizing the potential of F-term, this paper aims to suggest a novel approach to developing new technology ideas to avoid patent infringement based on F-term. For this purpose, we firstly collected data about F-term and then applied text-mining to the descriptions about classification criteria and attributes. From the text-mining results, we could identify other technologies with similar technical features of the existing one, the patented technology. Finally, we compare the technologies and extract the technical features that are commonly used in other technologies but have not been used in the existing one. These features are presented in terms of “purpose”, “function”, “structure”, “material”, “method”, “processing and operation procedure” and “control means” and so are useful for creating new technology ideas that help avoid infringing patent rights of other companies. Theoretically, this is one of the earliest attempts to adopt F-term to patent analysis; the proposed methodology can show how to best take advantage of F-term with the wealth of technical information. In practice, the proposed methodology can be valuable in the ideation process for successful product and service innovation without infringing the patents of other companies.

Keywords: patent infringement, new technology ideas, patent analysis, F-term

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Authors: Andrei Contan, Richard Torkar

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Aim: The process of test automation and its practices in industry have to be better understood, both for the industry itself and for the research community. Method: We conducted a quantitative industry survey by asking IT professionals to answer questions related to the area of test automation. Results: Test automation needs and practices vary greatly between organizations at different stages of the software development life cycle. Conclusions: Most of the findings are general test automation challenges and are specific to small- to medium-sized companies, developing software applications in the web, desktop or mobile domain.

Keywords: survey, testing, test automation, status of test automation

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Authors: Karla D. Vazquez-Valdez, Bradley P. Wynne

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In the last decades manufacturing needs have been changing, leading to the study of manufacturing methods that were underdeveloped, such as incremental forming processes like shear forming. These processes use rotating tools in constant local contact with the workpiece, which is often also rotating, to generate shape. This means much lower loads to forge large parts and no need for expensive special tooling. Potential has already been established by demonstrating manufacture of high-value products, e.g., turbine and satellite parts, with high dimensional accuracy from difficult to manufacture materials. Thus, huge opportunities exist for these processes to replace the current method of manufacture for a range of high value components, e.g., eliminating lengthy machining, reducing material waste and process times; or the manufacture of a complicated shape without the development of expensive tooling. However, little is known about the exact deformation conditions during processing and why certain materials are better than others for shear forming, leading to a lot of trial and error before production. Three alloys were used for this study: Ti-54M, Jethete M154, and IN718. General Microscopy and Electron Backscatter Diffraction (EBSD) were used to measure strains and orientation maps during shear forming. A Design of Experiments (DOE) analysis was also made in order to understand the impact of process parameters in the properties of the final workpieces. Such information was the key to develop a reliable Finite Element Method (FEM) model that closely resembles the deformation paths of this process. Finally, the potential of these three materials to be shear spun was studied using the FEM model and their Forming Limit Diagram (FLD) which led to the development of a rough methodology for testing the shear spinnability of various metals.

Keywords: shear forming, damage, principal strains, forming limit diagram

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Authors: Eliane Abdo, Olivier Colot

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SMEs are always considered as a national priority due to their contribution to job creation, innovation and growth. Once the start-up phase is crossed with encouraging results, the company enters the phase of growth. In order to improve its competitiveness, maintain and increase its market share, the company is in the necessity even the obligation to develop its tangible and intangible investments. SMEs are generally closed companies with special and critical financial situation, limited resources and difficulty to access the capital markets; their shareholders are always living in a conflict between their independence and their need to increase capital that leads to the entry of new shareholder. The capital structure was always considered the core of research in corporate finance; moreover, the financial crisis and its repercussions on the credit’s availability, especially for SMEs make SME financing a hot topic. On the other hand, financial theories do not provide answers to capital structure’s questions; they offer tools and mode of financing that are more accessible to larger companies. Yet, SME’s capital structure can’t be independent of their governance structure. The classic financial theory supposes independence between the investment decision and the financing decision. Thus, investment determines the volume of funding, but not the split between internal or external funds. In this context, we find interesting to study the hypothesis that SMEs respond positively to the financial theories applied to large firms and to check if they are constrained by conventional solutions used by large companies. In this context, this research focuses on the analysis of the resource’s structure of SME in parallel with their investments’ structure, in order to highlight a link between their assets and liabilities structure. We founded our conceptual model based on two main theoretical frameworks: the Pecking order theory, and the Trade Off theory taking into consideration the SME’s characteristics. Our data were generated from DIANE database. Five hypotheses were tested via a panel regression to understand the type of dependence between the financing methods of 3,244 French SMEs and the development of their investment over a period of 10 years (2007-2016). The results show dependence between equity and internal financing in case of intangible investments development. Moreover, this type of business is constraint to financial debts since the guarantees provided are not sufficient to meet the banks' requirements. However, for tangible investments development, SMEs count sequentially on internal financing, bank borrowing, and new shares issuance or hybrid financing. This is compliant to the Pecking Order Theory. We, therefore, conclude that unlisted SMEs incur more financial debts to finance their tangible investments more than their intangible. However, they always prefer internal financing as a first choice. This seems to be confirmed by the assumption that the profitability of the company is negatively related to the increase of the financial debt. Thus, the Pecking Order Theory predictions seem to be the most plausible. Consequently, SMEs primarily rely on self-financing and then go, into debt as a priority to finance their financial deficit.

Keywords: capital structure, investments, life cycle, pecking order theory, trade off theory

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Authors: Teerapong Lorchitamnuay, Thirarut Worapishet

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In the present digital age, today's customers explore various channels before finalizing a purchase, with abundant options and information at their disposal. Despite this, there is a strong digital interconnectedness. With just a few mouse clicks, customers can gather comprehensive information about a product, free from the influence of a salesperson. Salespeople must embrace cutting-edge technology to truly redefine the essence of selling if they are to thrive in this digital era. The significance of customer-salesperson communication in companies is becoming increasingly evident. It prompts the inquiry of how companies can modify or reshape their sales teams' approaches to effectively respond to evolving customer preferences and effectively manage external shifts, all in pursuit of sustaining and expanding their enterprises. Research highlights that digital and intercultural skills are the latest competencies sought by customers from salespeople in today's fast-paced world prior to making purchases of products and services. This study seeks to examine the pivotal influences of these salesperson skills in achieving customer satisfaction. The research design encompasses the analysis of descriptive statistics and quantitative data through a regression model. Data were gathered from an online convenience survey involving 260 respondents who are customers of an air express service provider in Thailand and who engage with salespeople in a traditional manner. The findings underscore that intercultural skills have a substantial impact on customer satisfaction in the digital era, particularly concerning adaptability, foreign language proficiency, active listening, and empathy skills. Organizations should focus on nurturing beneficial habits among their salespeople; since it signifies this effort, it should extend beyond just the frontline but should extend to encompass backline units and high-level management, ensuring that everyone possesses the same customer-oriented skills. The conclusions drawn from this research provide valuable insights, affirming that digital and intercultural skills can empower organizations to optimize their workforce's competencies, thereby achieving customer satisfaction in the digital age.

Keywords: customer behavior, customer satisfaction, digital era, digital skill, intercultural skill

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Authors: Pedram Saadati, Zahra Nazari

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Today, the role and importance of financial technology businesses in Iran have increased significantly. Although, in Iran, there is no Islamic or non-Islamic personal financial planning field of study in the universities or educational centers, the profession of personal financial planning is not defined, and there is no software introduced in this regard for advisors or consumers. The largest sales network of financial services in Iran belongs to the insurance industry, and there is an untapped market for international companies in Iran that can contribute to 130 thousand representatives in the insurance industry and 28 million families by providing training and personal financial advisory software. To the best of the author's knowledge, despite the lack of previous internal studies in this field, the present study investigates the level of readiness of the salesforce of the insurance industry to accept this career and its technology. The statistical population of the research is made up of managers, insurance sales representatives, assistants and heads of sales departments of insurance companies. An 18-minute video was prepared that introduced and taught the job of Islamic personal financial planning and explained its difference from its non-Islamic model. This video was provided to the respondents. The data collection tool was a research-made questionnaire. To investigate the factors affecting technology acceptance and job change, independent T descriptive statistics and Pearson correlation were used, and Friedman's test was used to rank the effective factors. The results indicate the mental perception and very positive attitude of the insurance industry activists towards the usefulness of this job and its technology, and the studied sample confirmed the intention of training in this knowledge. Based on research results, the change in the customer's attitude towards the insurance advisor and the possibility of increasing income are considered as the reasons for accepting. However, Restrictions on using investment opportunities due to Islamic financial services laws and the uncertainty of the position of the central insurance in this regard are considered as the most important obstacles.

Keywords: fintech, insurance, personal financial planning, wealth management

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Authors: C. Malça, P. Gonçalves, N. Alves, A. Mateus

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Regardless of the manufacturing process used, subtractive or additive, material, purpose and application, produced components are conventionally solid mass with more or less complex shape depending on the production technology selected. Aspects such as reducing the weight of components, associated with the low volume of material required and the almost non-existent material waste, speed and flexibility of production and, primarily, a high mechanical strength combined with high structural performance, are competitive advantages in any industrial sector, from automotive, molds, aviation, aerospace, construction, pharmaceuticals, medicine and more recently in human tissue engineering. Such features, properties and functionalities are attained in metal components produced using the additive technique of Rapid Prototyping from metal powders commonly known as Selective Laser Melting (SLM), with optimized internal topologies and varying densities. In order to produce components with high strength and high structural and functional performance, regardless of the type of application, three different internal topologies were developed and analyzed using numerical computational tools. The developed topologies were numerically submitted to mechanical compression and four point bending testing. Finite Element Analysis results demonstrate how different internal topologies can contribute to improve mechanical properties, even with a high degree of porosity relatively to fully dense components. Results are very promising not only from the point of view of mechanical resistance, but especially through the achievement of considerable variation in density without loss of structural and functional high performance.

Keywords: additive manufacturing, internal topologies, porosity, rapid prototyping, selective laser melting

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Authors: T. Sahbani, M. Bouteraa, R. Wamkeue

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Wind Turbine are considered to be one of the more efficient system of energy production nowadays, a reason that leads the main industrial companies in wind turbine construction and researchers in over the world to look for better performance and one of the ways for that is the use of the synchronous permanent magnet generator. In this context, this work is about developing an analytical model that could simulate different situation in which the synchronous generator may go through, and of course this model match perfectly with the numerical and experimental model.

Keywords: MATLAB, synchronous permanent magnet generator, wind turbine, analytical model

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Authors: Sabina Klimek

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In general, entrepreneurs are viewed as agents of change whose goal is to ensure that resources are efficiently utilized. They are very important in the global economy; they create wealth and provide jobs. At the same time, many policymakers say that women entrepreneurs are a ‘special group’ worthy of their own research and policies. The status of Polish women has been changing as well, even though, to a large extent, it is still defined by the double role that women are expected to fill according to the dominant stereotypical model of family life. However, in the past decade, Polish women’s economic activities have experienced rapid growth and today are at a high level. In the article, the author presents the results of a survey conducted among women entrepreneurs in Poland concerning the functioning of their enterprises, motivation in setting up a company, and barriers that hinder them in business. The questionnaire (300 questionnaires were provided) and case studies carried out by the author have proven that female entrepreneurs in Poland are characterized by commonalities. Mostly they run small or micro-enterprises, operate in larger cities, are well-educated, and run service companies. Their main motivation to run their own business is mostly indicated by their need for independence. However, one of their biggest barriers and hesitations is the apprehension of non-payment. Entrepreneurs want to develop their companies, go to foreign markets and implement new solutions. They are not afraid of the future; they are only trying to create it. Detailed hypothesis, which reads as follows. The author additionally conducted a macroeconomic analysis calculating what part of GDP in Poland is produced by female entrepreneurs. The results of the study presented in this article prove that female entrepreneurship in Poland has a stable impact on the economy of the country, and women entrepreneurs produce over 13% of the national GDP. After years of growth in the number of female entrepreneurs in Poland, there has been a period of stabilization. However, there has also been a reduction in the number of self-employed people as well as the number of women in total employment. In the article, the author analyses the reasons for decreasing number of self-employed women and the total employment of women in Poland and provides suggestions for steps and incentives that should be made in order to encourage female entrepreneurship to grow in the country.

Keywords: women entrepreneurship, women in business, women entrepreneurship in Poland, Poland, GDP of Poland

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Authors: Antoine Lauvray, Fabien Poulhaon, Pierre Michaud, Pierre Joyot, Emmanuel Duc

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Additive Friction Stir Manufacturing (AFSM) is a new industrial process that follows the emergence of friction-based processes. The AFSM process is a solid-state additive process using the energy produced by the friction at the interface between a rotating non-consumable tool and a substrate. Friction depends on various parameters like axial force, rotation speed or friction coefficient. The feeder material is a metallic rod that flows through a hole in the tool. Unlike in Friction Stir Welding (FSW) where abundant literature exists and addresses many aspects going from process implementation to characterization and modeling, there are still few research works focusing on AFSM. Therefore, there is still a lack of understanding of the physical phenomena taking place during the process. This research work aims at a better AFSM process understanding and implementation, thanks to numerical simulation and experimental validation performed on a prototype effector. Such an approach is considered a promising way for studying the influence of the process parameters and to finally identify a process window that seems relevant. The deposition of material through the AFSM process takes place in several phases. In chronological order these phases are the docking phase, the dwell time phase, the deposition phase, and the removal phase. The present work focuses on the dwell time phase that enables the temperature rise of the system composed of the tool, the filler material, and the substrate and due to pure friction. Analytic modeling of heat generation based on friction considers as main parameters the rotational speed and the contact pressure. Another parameter considered influential is the friction coefficient assumed to be variable due to the self-lubrication of the system with the rise in temperature or the materials in contact roughness smoothing over time. This study proposes, through numerical modeling followed by experimental validation, to question the influence of the various input parameters on the dwell time phase. Rotation speed, temperature, spindle torque, and axial force are the main monitored parameters during experimentations and serve as reference data for the calibration of the numerical model. This research shows that the geometry of the tool as well as fluctuations of the input parameters like axial force and rotational speed are very influential on the temperature reached and/or the time required to reach the targeted temperature. The main outcome is the prediction of a process window which is a key result for a more efficient process implementation.

Keywords: numerical model, additive manufacturing, friction, process

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Authors: Lovorka Galetić, Ivana Načinović Braje, Nevenka Čavlek

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The purpose of this paper is to analyze the relationship between corporate culture and firm performance. Extensive theoretical and empirical evidence on this issue is provided. A quantitative methodology was used to explore relationship between corporate culture and performance among large Croatian companies. Corporate culture was explored by using Denison framework. The research revealed a positive, statistically significant relationship between mission and performance. Other dimensions of corporate culture (involvement, consistency and adaptability) show only partial relationship with performance.

Keywords: corporate culture, Croatia, Denison culture model, performance

Procedia PDF Downloads 528

Authors: Seyran Naghdi

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Background: Orphan drug development is limited by very high costs attributed to the research and development and small size market. How health policymakers address this challenge to consider both supply and demand sides need to be explored for directing the policies and plans in the right way. The price is an important signal for pharmaceutical companies’ profitability and the patients’ accessibility as well. Objective: This study aims to find out the orphan drugs' price-setting patterns and approaches in health systems through a systematic review of the available evidence. Methods: The Preferred Reporting Items for Systematic Reviews and Meta-Analysis (PRISMA) approach was used. MedLine, Embase, and Web of Sciences were searched via appropriate search strategies. Through Medical Subject Headings (MeSH), the appropriate terms for pricing were 'cost and cost analysis', and it was 'orphan drug production', and 'orphan drug', for orphan drugs. The critical appraisal was performed by the Joanna-Briggs tool. A Cochrane data extraction form was used to obtain the data about the studies' characteristics, results, and conclusions. Results: Totally, 1,197 records were found. It included 640 hits from Embase, 327 from Web of Sciences, and 230 MedLine. After removing the duplicates, 1,056 studies remained. Of them, 924 studies were removed in the primary screening phase. Of them, 26 studies were included for data extraction. The majority of the studies (>75%) are from developed countries, among them, approximately 80% of the studies are from European countries. Approximately 85% of evidence has been produced in the recent decade. Conclusions: There is a huge variation of price-setting among countries, and this is related to the specific pharmacological market structure and the thresholds that governments want to intervene in the process of pricing. On the other hand, there is some evidence on the availability of spaces to reduce the very high costs of orphan drugs development through an early agreement between pharmacological firms and governments. Further studies need to focus on how the governments could incentivize the companies to agree on providing the drugs at lower prices.

Keywords: orphan drugs, orphan drug production, pricing, costs, cost analysis

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Authors: Ashim Kanti Dey, Briti Sundar Bhowmik

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This paper presents an idea to improve the soft soil by using lime grits which are normally produced as waste product in the paper manufacturing industries. This waste material cannot be used as a construction material because of its light weight, uniform size and poor compaction control. With scarcity in land, effective disposal of lime grit is a major concern of all paper manufacturing industries. Considering its non-plasticity and high permeability characteristics the lime grit may suitably be used as a drainage material for speedy consolidation of cohesive soil. It can also be used to improve the bearing capacity of soft clay. An attempt has been made in this paper to show the usefulness of lime grit in improving the bearing capacity of shallow foundation resting on soft clayey soil. A series of undrained unconsolidated cyclic triaxial tests performed at different area ratios and at three different water contents shows that dynamic shear modulus and damping ratio can be substantially improved with lime grit. Improvement is observed to be more in case of higher area ratio and higher water content. Static triaxial tests were also conducted on lime grit reinforced clayey soil after application of 50 load cycles to determine the effect of lime grit columns on cyclically loaded clayey soils. It is observed that the degradation is less for lime grit stabilized soil. A study of model test with different area ratio of lime column installation is also included to see the field behaviour of lime grit reinforced soil.

Keywords: lime grit column, area ratio, shear modulus, damping ratio, strength ratio, improvement factor, degradation factor

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Authors: Irina-Emily Hansen, Ola Jon Mork

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The European economic growth strategy and supporting it framework for research and innovation highlight the importance of nurturing new open innovation in order to strengthen Europe’s competitiveness. One of the main approaches to enhance innovation in European society is the Triple Helix model that centres on science- industry collaboration where the universities are assigned the managerial role. In spite of the defined collaboration strategy, the collaboration between academics and in-dustry in Europe has still many challenges. Many of them are explained by culture difference: academic culture aims towards scientific knowledge, while businesses are oriented towards pro-duction and profitable results; also execution of collaborative projects is seen differently by part-ners involved. That proves that traditional management strategies applied to collaboration between researchers and businesses are not effective. There is a need for dynamic strategies that can support the interaction between researchers and industry intensifying knowledge co-creation and contributing to development of national innovation system (NIS) by incorporating individual, organizational and inter-organizational learning. In order to find a good subject to follow, the researchers of a given paper have investigated one of the most rapidly developing knowledge-based, innovation society, Singapore. Singapore does not dispose much land- or sea- resources that normally provide income for any country. Therefore, Singapore was forced to think differently and build society on resources that are available: talented people and knowledge. Singapore has during the last twenty years developed attracting high rated university camps, research institutions and leading industrial companies from all over the world. This article elucidates and elaborates Singapore’s national innovation strategies from Knowledge Management perspective. The research is done on the variety of organizations that enable and support knowledge development in this state: governmental research and development (R&D) centers in universities, private talent incubators for entrepreneurs, and industrial companies with own R&D departments. The research methods are based on presentations, documents, and visits at a number of universities, research institutes, innovation parks, governmental institutions, industrial companies and innovation exhibitions in Singapore. In addition, a literature review of science articles is made regarding the topic. The first finding is that objectives of collaboration between researchers, entrepreneurs and industry in Singapore correspond primary goals of the state: knowledge- and economy growth. There are common objectives for all stakeholders on all national levels. The second finding is that Singapore has enabled system on a national level that supports innovation the entire way from fostering or capturing the new knowledge, providing knowledge exchange and co-creation to application of it in real-life. The conclusion is that innovation means not only new idea, but also the enabling mechanism for its execution and the marked-oriented approach in order that new knowledge can be absorbed in society. The future research can be done with regards to application of Singapore knowledge management strategy in innovation to European countries.

Keywords: knowledge management strategy, national innovation system, research industry and business collaboration, knowledge enabling

Procedia PDF Downloads 184