Search results for: Islamic financial services

Authors: Folajinmi Oluwasina, Magbagbeola Dairo, Ikeoluwapo Ajayi

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Contraception has proven to be an effective way of controlling fertility and spacing births. Studies have shown that contraception can avert the high-risk pregnancies and consequently reduce maternal deaths up to 32%. Uptake of modern contraception is promoted as a mechanism to address the reproductive health needs of men and women, as well as the crucial challenge of rapid population increase. A cross- sectional descriptive study using a two- stage systematic sampling technique was used to select 530 women of reproductive age out of 20,000 households. Respondents were interviewed using a semi-structured questionnaire. Knowledge was assessed on a 5 point score in which a score of ≤ 2 rated poor while perception was scored on 36 points score in which a score of ≤ 18 was rated low. Data were analyzed using descriptive statistics, Chi-square test and logistic regression at p< 0.05. There were 530 respondents. Age of respondents was 30.3 ±7.8 years, and 73.0% were married. About 90% had good knowledge of contraception while 60.8% had used contraceptives. The commonest source of information about contraception was mass media (72.8%). Minority (26.1%) obtained husbands approval before using contraceptive while 20.0% had used modern contraceptives before the first birth. Many (54.5%) of the respondents agreed that contraception helps in improving standard of living and 64.7% had good perception about contraception. Factors that hindered effective uptake of contraception services included poor service provider’s attitude (33.3%) and congestion at the service centers (4.5%). Respondents with nonuse of contraceptive before first birth are less likely to subsequently use contraceptives (OR= 0.324, 95% CI= 0.1-0.5). Husband approval of contraceptives use was the major determinant of women’s contraceptive use (OR = 3.4, 95% CI = 1.3-8.7). Respondents who had family planning centers not more than 5 kilometers walking distance to their residence did not significantly use contraception services (41.5%) more than 21.1% of those who had to take means of transportation to the service venues. This study showed that majority of the respondents were knowledgeable and aware of contraception services, but husband’s agreement on the use of modern contraceptives remains poor. Programmes that enhances husbands approval of modern contraception is thus recommended.

Keywords: contraception services, service provider’s attitude, uptake, husbands approval

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Authors: Wuttigrai Ngamsirijit

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Creative tourism is an ongoing development in many countries as an attempt to moving away from serial reproduction of culture and reviving the culture. Despite, in the destinations with diverse and potential cultural resources, creating new tourism services can be vague. This paper presents how tourism experiences are modularized and consolidated in order to form new creative tourism service offerings in evanescent cultural communities of Bangkok, Thailand. The benefits from data mining in accommodating value co-creation are discussed, and implication of experience modularization to national creative tourism policy is addressed.

Keywords: co-creation, creative tourism, new service design, experience modularization

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Authors: Ani Wilson Uchenna, Ogbonna Chikodi

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This study examined the impact of artificial intelligence driven applications on banks’ performance in West Africa using Nigeria and Ghana as case studies. Specifically, the study examined the extent to which deployment of smart automated teller machine impacts the banks’ net worth within the reference period in Nigeria and Ghana. It ascertained the impact of point of sale on banks’ net worth within the reference period in Nigeria and Ghana. Thirdly, it verified the extent to which webpay services can influence banks’ performance in Nigeria and Ghana and finally, determined the impact of mobile pay services on banks’ performance in Nigeria and Ghana. The study used automated teller machine (ATM), Point of sale services (POS), Mobile pay services (MOP) and Web pay services (WBP) as proxies for explanatory variables while Bank net worth was used as explained variable for the study. The data for this study were sourced from central bank of Nigeria (CBN) Statistical Bulletin as well as Bank of Ghana (BoGH) Statistical Bulletin, Ghana payment systems oversight annual report and world development indicator (WDI). Furthermore, the mixed order of integration observed from the panel unit test result justified the use of autoregressive distributed lag (ARDL) approach to data analysis which the study adopted. While the cointegration test showed the existence of cointegration among the studied variables, bound test result justified the presence of long-run relationship among the series. Again, ARDL error correction estimate established satisfactory (13.92%) speed of adjustment from long run disequilibrium back to short run dynamic relationship. The study found that while Automated teller machine (ATM) had statistically significant impact on bank net worth (BNW) of Nigeria and Ghana, point of sale services application (POS) statistically and significantly impact on bank net worth within the study period, mobile pay services application was statistically significant in impacting the changes in the bank net worth of the countries of study while web pay services (WBP) had no statistically significant impact on bank net worth of the countries of reference. The study concluded that artificial intelligence driven application have significant an positive impact on bank performance with exception of web pay which had negative impact on bank net worth. The study recommended that management of banks both in Nigerian and Ghanaian should encourage more investments in AI-powered smart ATMs aimed towards delivering more secured banking services in order to increase revenue, discourage excessive queuing in the banking hall, reduced fraud and minimize error in processing transaction. Banks within the scope of this study should leverage on modern technologies to checkmate the excesses of the private operators POS in order to build more confidence on potential customers. Government should convert mobile pay services to a counter terrorism tool by ensuring that restrictions on over-the-counter withdrawals to a minimum amount is maintained and place sanctions on withdrawals above that limit.

Keywords: artificial intelligence (ai), bank performance, automated teller machines (atm), point of sale (pos)

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Authors: Manmeet Kaur, Madhu Vij

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The Board of Directors in a firm performs the primary role of an internal control mechanism. This Study seeks to understand the relationship between internal governance and performance of banks in India. The research paper investigates the effect of board structure (proportion of nonexecutive directors, gender diversity, board size and meetings per year) on the firm performance. This paper evaluates the impact of corporate governance mechanisms on bank’s financial performance using panel data for 28 listed banks in National Stock Exchange of India for the period of 2008-2014. Returns on Asset, Return on Equity, Tobin’s Q and Net Interest Margin were used as the financial performance indicators. To estimate the relationship among governance and bank performance initially the Study uses Pooled Ordinary Least Square (OLS) Estimation and Generalized Least Square (GLS) Estimation. Then a well-developed panel Generalized Method of Moments (GMM) Estimator is developed to investigate the dynamic nature of performance and governance relationship. The Study empirically confirms that two-step system GMM approach controls the problem of unobserved heterogeneity and endogeneity as compared to the OLS and GLS approach. The result suggests that banks with small board, boards with female members, and boards that meet more frequently tend to be more efficient and subsequently have a positive impact on performance of banks. The study offers insights to policy makers interested in enhancing the quality of governance of banks in India. Also, the findings suggest that board structure plays a vital role in the improvement of corporate governance mechanism for financial institutions. There is a need to have efficient boards in banks to improve the overall health of the financial institutions and the economic development of the country.

Keywords: board of directors, corporate governance, GMM estimation, Indian banking

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Authors: Jun Ming Moey, Zhiyaun Chen, David Nicholson

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Bad actors are often hard to detect in data that imprints their behaviour patterns because they are comparatively rare events embedded in non-bad actor data. An unsupervised machine learning framework is applied here to detect bad actors in financial crime datasets that record millions of transactions undertaken by hundreds of actors (<0.01% bad). Specifically, the framework combines ‘shallow’ (PCA, Isolation Forest) and ‘deep’ (Autoencoder) methods to detect outlier patterns. Detection performance analysis for both the individual methods and their combination is reported.

Keywords: detection, machine learning, deep learning, unsupervised, outlier analysis, data science, fraud, financial crime

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Authors: Ratna Kuswardani

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This paper aims to study the impact of recent Global Financial Crisis (GFC) on 6 selected emerging Asian economies (Indonesia, Malaysia, Thailand, Philippines, Singapore, and South Korea). We first figure out the contagion of GFC from the US and Europe to the selected emerging Asian countries by studying the tail dependence of market stock returns between those countries. We apply the concept of Extreme Value Theory (EVT) to model the dependence between multiple returns series of variables under examination. We explore the factors causing the contagion between the regions. We find dependencies between markets that are influenced by their size, especially for large markets in emerging Asian countries that tend to have a higher dependency to the market in the more advanced country such as the U.S. and some countries in Europe. The results also suggest that the dependencies between market returns and bank stock returns in the same region tend to be higher than dependencies between these returns across two different regions. We extend our analysis by studying the impact of GFC on the systemic in the banking system. We also find that larger institution has more dependencies with the market stock, suggesting that larger size bank can cause disruption in the market. Further, the higher probability of extreme loss can be seen during the crisis period, which is shown by the non-linear dependency between the pre-crisis and the post-crisis period. Finally, our analysis suggests that systemic risk appears in the domestic banking systems in emerging Asia, as shown by the extreme dependencies within banks in the system. Overall, our results provide caution to policy makers and investors alike on the possible contagion of the impact of global financial crisis across different markets.

Keywords: contagion, extreme value theory, global financial crisis, systemic risk

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Authors: Hiroki Yoshikai, Shin’ichi Arakawa, Tetsuya Takine, Masayuki Murata

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API (Application Programming Interface) economy is expected to create new value by converting corporate services such as information processing and data provision into APIs and using these APIs to connect services. Understanding the dynamics of a market of API economy under the strategies of participants is crucial to fully maximize the values of the API economy. To capture the behavior of a market in which the number of participants changes over time, we present a time-evolving market model for a platform in which API providers who provide APIs to service providers participate in addition to service providers and consumers. Then, we use the market model to clarify the role API providers play in expanding market participants and forming ecosystems. The results show that the platform with API providers increased the number of market participants by 67% and decreased the cost to develop services by 25% compared to the platform without API providers. Furthermore, during the expansion phase of the market, it is found that the profits of participants are mostly the same when 70% of the revenue from consumers is distributed to service providers and API providers. It is also found that when the market is mature, the profits of the service provider and API provider will decrease significantly due to their competition, and the profit of the platform increases.

Keywords: API economy, ecosystem, platform, API providers

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Authors: Suleiman Ahmed Badayi

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Corporate governance literature is very wide and involves several empirical studies conducted on the relationship between board structure, composition and firm performance. The separation of ownership and control in organizations were aimed at reducing the losses suffered by the investors in the event of financial scandals. This paper reviewed the theoretical and empirical literature on the relationship between board composition and its impact on firm performance. The findings from the studies provide different results while some are of the view that board structure is related to firm performance, many empirical studies indicates no relationship. However, others found a U-shape relationship between firm performance and board structure. Therefore, this study argued that board structure is not much significant to determine the financial performance of a firm.

Keywords: board structure, composition, firm performance, corporate governance

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Authors: Ying Yu, Wen-Chi Kuo, Tung-Jung Sung

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The Product-Service System (PSS) has received widespread attention due to the increasing global competition in manufacturing and service markets. Today’s smart products and services are driven by Internet of things (IoT) technologies which will promote the transformation from traditional PSS to smart PSS. Although the smart PSS has some of technological achievements in businesses, it often ignores the real demands of target users when using products and services. Therefore, designers should know and learn the User Experience (UX) of smart products, services and systems. However, both of academia and industry still lack relevant development experience of smart PSS since it is an emerging field. In doing so, this is a case study of Xiaomi’s Chunmi, the largest IoT platform in the world, and addresses the two major issues: (1) why Chunmi should develop smart PSS strategies with UX; and (2) how Chunmi could successfully implement the strategic objectives of smart PSS through the design. The case study results indicated that: (1) the smart PSS can distinguish competitors by their unique UX which is difficult to duplicate; (2) early user engagement is crucial for the success of smart PSS; and (3) interaction, expectation, and enjoyment can be treated as a three-dimensional evaluation of UX design for smart PSS innovation. In conclusion, the smart PSS can gain competitive advantages through good UX design in the market.

Keywords: design, smart PSS, user experience, user engagement

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Authors: Leonie Jooste

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The main purpose of this article is to explore the ethical values of accounting students at Universities and Business Managers. Financial fraud (earnings management) is continuing to exist and published in literature and social media. However, irrespective of extensive publication, and academic research, financial fraud is still happening or still being committed. The student of today may be the manager in the future. In a study by Bruns and Merchant, the authors found that the morality of short-term earnings management was of little concern to researchers and accounting practitioners. However, in the light of increased financial frauds and failures, new and increased emphasis has been placed on the importance of the concepts of earnings quality, earnings management practices, and the inclusion of business ethics in accounting syllabi. This study uses a quantitative analysis related to the Bruns and Merchant survey of accounting students. 59 accounting students in the MENA area were surveyed in 2022 to measure their ethical values regarding earning management practices in organisations. The results of this survey were compared the surveys in 2013 to determine if courses in business ethics offered at the university influenced the perceptions of students on unethical behaviour in business practices. For the data analysis, the mean values and significant differences were calculated and compared. Overall, the results showed that there was hardly any significant difference between the two surveys.

Keywords: ethics, earnings management, corporate social responsibility, business courses.

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Authors: S. Bae, J. Shin, S. Lee

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As the development of smart devices such as Smart TV, Smartphone, Tablet PC, Laptop, the interest in N-Screen Services that can be cross-linked with heterogeneous devices is increasing. N-Screen means User-centric services that can share and constantly watch multimedia contents anytime and anywhere. However, the existing N-Screen system has the limitation that N-Screen system has to implement the application for each platform and device to provide multimedia service. To overcome this limitation, Multimedia N-Screen Service System is proposed through the web, and it is independent of different environments. The combination of Web and cloud computing technologies from this study results in increasing efficiency and reduction in costs.

Keywords: N-screen, web, cloud, multimedia

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Authors: Suleiman Hassan Otuoze, Dexter Vernon Lloyd Hunt, Ian Jefferson

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Urbanization has continued to widen the gap between demand and resources available to provide resilient and sustainable transport services in many fast-growing developing countries' cities. Transport demand management is a decision-based optimization concept for both benchmarking and ensuring efficient use of transport resources. This study assesses the service quality of infrastructure and mobility services in the Nigerian cities of Kano and Lagos through five dimensions of quality (i.e., Tangibility, Reliability, Responsibility, Safety Assurance and Empathy). The methodology adopts a hybrid AHP-SERVQUAL model applied on questionnaire surveys to gauge the quality of satisfaction and the views of experts in the field. The AHP results prioritize tangibility, which defines the state of transportation infrastructure and services in terms of satisfaction qualities and intervention decision weights in the two cities. The results recorded ‘unsatisfactory’ indices of quality of performance and satisfaction rating values of 48% and 49% for Kano and Lagos, respectively. The satisfaction indices are identified as indicators of low performances of transportation demand management (TDM) measures and the necessity to re-order priorities and take proactive steps towards infrastructure. The findings pilot a framework for comparative assessment of recognizable standards in transport services, best ethics of management and a necessity of quality infrastructure to guarantee both resilient and sustainable urban mobility.

Keywords: transportation demand management, multi-criteria decision support, transport infrastructure, service quality, sustainable transport

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Authors: Isaac Kofi Mensah, Mi Jianing

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The lack of Information and Communication Technologies (ICT) infrastructure in African countries is hampering the successful adoption, development and implementation of e-government in Africa. Electronic government is the use of ICTs to modernize government public administration processes and to provide government services to citizens with a purpose to enhance efficiency, accountability, and transparency in government’s interaction with the citizenry. ICT application in public administration has the potential to modernize and create smarter government and improvement in public service delivery. China’s Internet Plus policy and One Belt One Road strategy present a golden opportunity for countries in Africa to attract the huge financial investment through Chinese IT companies to develop and close Africa’s ICT infrastructure gap. This study recommends the establishment of One Belt One Road ICT Infrastructure Fund for Africa (OBOR ICT Fund for Africa) to enable countries in Africa to source solely for the purpose of ICT infrastructure development in the public sector/government machinery which would in turn promote the adoption and development of e-government in the public sectors of respective countries in Africa.

Keywords: e-government, public service delivery, internet plus, one belt one road initiative, China, Africa

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Authors: Hamid Reza Nikkhah, Abbas Toloei Eshlaghi, Hossein Ali Momeni

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One of the most important services of Knowledge Management Systems (KMS) is collaboration service which plays a decisive role in organization efficiency. Cloud computing as one of the latest IT technologies has brought a new paradigm in delivering services and communications. In this research, we evaluate the impact of cloud computing on the collaboration service of KMS and for doing so, four variables of cloud computing and three variables of the collaboration service were detected to be assessed.It was found that cloud computing has a far-fetching direct impact on the collaboration service.

Keywords: cloud computing, collaboration service, knowledge management systems, cloud computing

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Authors: Javed Younas

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Fiscal challenges pervade the electricity sector in many developing countries. Low bill payment and high theft mean utility customers have little incentive to conserve. It also means electricity distribution companies have less to invest in infrastructure maintenance, modernization, and technical upgrades. The low-quality electricity services can result impair the economic benefits from connections to the electrical grid. We study the impacts of two interventions implemented in Karachi, Pakistan, with the goal of reducing distribution losses and increasing revenue recovery: infrastructure improvements that made illegal connections physically more difficult and institutional innovations designed to increase communities’ trust in and cooperation with the utility. Using differences in implementation timing across space, we estimate the interventions’ impacts before the COVID-19 pandemic and their role in mitigating the pandemic’s effects on electricity services. Results indicate that the infrastructure improvements reduced losses, as well as the electricity delivered to the distribution system, a proxy for a generation. The institutional innovations significantly impacted revenue recovery, but not losses in their initial months; however, the efforts mitigated the pandemic’s negative effect on the utility finances.

Keywords: electricity, infrastructure, losses, revenue recovery

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Authors: Faustina Masocha

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This study sought to determine if the Covid-19 pandemic played a disruptive role in the signalling effect of dividend increases for the Top 40 companies listed on the Johannesburg Stock Exchange. With the use of Event Study Methodologies, it was found that dividend increases that were announced in the 2018 and 2019 financial years resulted in Cumulative Abnormal Returns (CARs) that were significantly different from zero, as confirmed by a p-value of 0,0300. This resulted in the conclusion that, under normal circumstances, dividend increases follow the precepts outlined in signalling theories which indicate that the announcement of dividend increases sent positive signals about the expected financial performance of a company. To prove the notion that Covid-19 plays a disruptive role on the signalling hypothesis, it was found from both parametric and non-parametric tests of significance that CARs related to dividend increases that were announced during the 2020 and 2021 financial years, when the Covid-19 pandemic was at its peak, were not significantly different from zero. Therefore, although the dividend increases still resulted in some CARs, such CARs were not statistically different from zero to confirm the signalling hypothesis. A p-value of 0.9830 from parametric t-tests and a p-value of 0.8971 from the Wilcoxon signed-rank test were used as a gauge that led to the conclusion that Covid-19 plays a disruptive effect on the signalling process of dividend increases.

Keywords: cumulative abnormal returns, dividend increases, event study methodology, signalling

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Authors: Eman Muhammad Rashwan

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The identity of the state in many Middle East countries today, between secularity and religiousness, is an important and controversial question. Specially after the sweeping repels in number of countries that put Islamic parties in power. In this paper two role model states in this respect, are under examination to answer the question of how their identity that was expressed in their constitutions influenced the allocation of power between different state authorities. In the beginning both the criteria used to define the two concepts of secularity and religiousness, and the reason why these two states are particularly chosen for comparison, are explained. The situation in Turkey is firstly indicated. The constitutional system shows that power is divided between parliament, cabinet and the president. The first two authorities have the most significant powers, and generally, the system in Turkey is similar to many other secular states in the world. But when the research moves to the system in Iran, the importance of comparison starts to appear. In this section, the nature of Islamic Shi’a of Iran Republic is discussed, and also its influence on the main and unique authorities of this religious state, which don`t only include the president and council of ministers, but also The Supreme Leader and The Council of Guardians. This paper doesn`t aim to favor a one system over another, and doesn`t discuss the influences of the two systems on the social or economic situation in the two model states. The aim of this paper is to study the influence of excluding, and applying religion in respect to allocation of power in constitutions.

Keywords: comparative law, constitutional systems, secular states, religious states

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Authors: Wan Jen Chang

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Back ground: Taiwan's current adult lifelong learning services have expanded from vocational training to universal lifelong learning. However, both the professional knowledge training of learning guidance and consulting services and the provision of adult online learning consulting service systems still need to be established. Purpose: The purposes of this study are as follows: 1. Analyze the professional training mechanism for cultivating adult lifelong learning consultation and coaching; 2. Explore the feasibility of constructing a system that uses network technology to provide adult learning consultation services. Research design: This study conducts a literature analysis of counseling and coaching policy reports on lifelong learning in European countries and the United States. There are two focus discussions were conducted with 15 lifelong learning scholars, experts and practitioners as research subjects. The following two topics were discussed and suggested: 1. The current situation, needs and professional ability training mechanism of "Adult Lifelong Learning Consulting and Services"; 2. Strategies for establishing an "Adult Lifelong Learning Consulting and Service internet System". Conclusion: 1.Based on adult lifelong learning consulting and service needs, plan a professional knowledge training and certification system.2.Adult lifelong learning consulting and service professional knowledge and skills training should include the use of network technology to provide consulting service skills.3.To establish an adult lifelong learning consultation and service system, the Ministry of Education should promulgate policies and measures at the central level and entrust local governments or private organizations to implement them.4.The adult lifelong learning consulting and service system can combine the national qualifications framework, private sector and NPO to expand learning consulting service partners.

Keywords: adult lifelong learning, profesional knowledge, consulting and service, network system

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Authors: Suman Podder

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As Australian ‘Open Banking’ allows customers to share their financial data with accredited Third-Party Providers (‘TPPs’), it is necessary to evaluate whether the regulators have achieved the balance between protecting customer data privacy and promoting data-related innovation. Recognising the need to increase customers’ influence on their own data, and the benefits of data-related innovation, the Australian Government introduced ‘Consumer Data Right’ (‘CDR’) to the banking sector through Open Banking regulation. Under Open Banking, TPPs can access customers’ banking data that allows the TPPs to tailor their products and services to meet customer needs at a more competitive price. This facilitated access and use of customer data will promote innovation by providing opportunities for new products and business models to emerge and grow. However, the success of Open Banking depends on the willingness of the customers to share their data, so the regulators have augmented the protection of data by introducing new privacy safeguards to instill confidence and trust in the system. The dilemma in policymaking is that, on the one hand, lenient data privacy laws will help the flow of information, but at the risk of individuals’ loss of privacy, on the other hand, stringent laws that adequately protect privacy may dissuade innovation. Using theoretical and doctrinal methods, this paper examines whether the privacy safeguards under Open Banking will add to the compliance burden of the participating financial institutions, resulting in the undesirable effect of stifling other policy objectives such as innovation. The contribution of this research is three-fold. In the emerging field of customer data sharing, this research is one of the few academic studies on the objectives and impact of Open Banking in the Australian context. Additionally, Open Banking is still in the early stages of implementation, so this research traces the evolution of Open Banking through policy debates regarding the desirability of customer data-sharing. Finally, the research focuses not only on the customers’ data privacy and juxtaposes it with another important objective of promoting innovation, but it also highlights the critical issues facing the data-sharing regime. This paper argues that while it is challenging to develop a regulatory framework for protecting data privacy without impeding innovation and jeopardising yet unknown opportunities, data privacy and innovation promote different aspects of customer welfare. This paper concludes that if a regulation is appropriately designed and implemented, the benefits of data-sharing will outweigh the cost of compliance with the CDR.

Keywords: consumer data right, innovation, open banking, privacy safeguards

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Authors: Mohammad Hosein Panahi, Naser Yazdani

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we present a technical trading strategy that leverages the FinBERT language model and financial news analysis with a focus on news related to a subset of Nasdaq 100 stocks. Our approach surpasses the baseline Range Break-out strategy in the Bitcoin market, yielding a remarkable 24.8% increase in the win ratio for all Friday trades and an impressive 48.9% surge in short trades specifically on Fridays. Moreover, we conduct rigorous hypothesis testing to establish the statistical significance of these improvements. Our findings underscore considerable potential of our NLP-driven approach in enhancing trading strategies and achieving greater profitability within financial markets.

Keywords: quantitative finance, technical analysis, bitcoin market, NLP, language models, FinBERT, technical trading

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Authors: Vashti Carissa

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The main objective of this study is to examine whether the life-cycle theory of dividends could explain the determinant of an optimal dividend policy in Indonesia. The sample that was used consists of 1,420 non-financial and non-trade, services, investment firms listed in Indonesian Stock Exchange during the period of 2005-2014. According to this finding using logistic regression, firm life-cycle measured by retained earnings as a proportion of total equity (RETE) significantly has a positive effect on the propensity of a firm pays dividend. The higher company’s earned surplus portion in its capital structure could reflect firm maturity level which will increase the likelihood of dividend payment in mature firms. This result provides an additional empirical evidence about the existence of life-cycle theory of dividends for dividend payout phenomenon in Indonesia. It can be known that dividends tend to be paid by mature firms while retention is more dominating in growth firms. From the testing results, it can also be known that majority of sample firms are being in the growth phase which proves the fact about infrequent dividend distribution in Indonesia during the ten years observation period.

Keywords: dividend, dividend policy, life-cycle theory of dividends, mix of earned and contributed capital

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Authors: Thitima Chaiyakul

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The number of previous literature regarding to the effect of asset growth and equity returns is small. Furthermore, those literature are mainly focus in the developed markets. According to my knowledge, there is no published paper examining the effect of asset growth and equity returns in the Stock Exchange of Thailand in different industry groups. The main objective in this research is the testing the effect of asset growth to equity returns in different industry groups. This study employs the data of the listed companies in the Stock Exchange of Thailand during January 1996 and December 2014. The data of financial industry are exclude from this study due to the different meaning of accounting terms. The results show the supported evidence that the asset growth positively affects the equity returns at a statistically significance level of at least 5% in Agro& Food Industry, Industrials, and Services Industry Groups. These results are inconsistent with the previous research testing in developed markets. Nevertheless, the statistically significances of the effect of asset growth to equity returns appear in some cases. In summary, the asset growth is a non-systematic risk and it is a mispricing factor.

Keywords: asset growth, asset pricing, equity returns, Thailand

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Authors: Rasha Shoumar

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Background: Since the onset of the Syria crisis in 2011, Jordan has hosted many Syrian refugees, many of which are residing in urban and rural areas. Vulnerability of refugees has increased due to the COVID-19 pandemic, adding to their already existing challenge in access to medical services, rendering them vulnerable to the complications of untreated medical conditions and amplifying their risk for severe COVID-19 disease. To improve health outcomes and access to health care services in a COVID-19 context, IOM (The International Organization for Migration) provided health services including awareness raising, direct primary health care through mobile teams and referrals to secondary services were extended to the vulnerable populations of refugees. Method: 6 community health volunteers were trained and deployed to different governorates to provide COVID-19 and non-communicable disease awareness and collect data rated to non-communicable disease and access to medical health services. Primary health care services were extended to 7 governorates through a mobile medical team, providing medical management. The collected Data was reviewed and analyzed. Results: 2150 refugees in rural areas were reached out by community health volunteers, out of which 78 received their medications through the Ministry of Health, 121 received their medications through different non-governmental organizations, 665 patients couldn’t afford buying any medications, 1286 patients were occasionally buying their medications when they were able to afford it. 853 patients received medications and follow up through IOM mobile clinics, the most common conditions were hypertension, diabetes, hyperlipidemia, anemia, heart disease, thyroid disease, asthma, seizures, and psychiatric conditions. 709 of these patients had more than 3 of the comorbidities. Multiple cases were referred for secondary and tertiary lifesaving interventions. Conclusion: Non communicable diseases are highly prevalent among refugee population in Jordan, access to medical services have proven to be a challenge in rural areas especially during the COVID-19 era, many of the patients have multiple uncontrolled medical conditions placing them at risk for complications and risk for severe COVID-19 disease. Deployment of mobile clinics to rural areas plays an essential role in managing such medical conditions, thus improving the continuum of health care approach, physical and mental wellbeing of refugees and reducing the risk for severe COVID-19 disease among this group, taking us one step forward toward universal health access.

Keywords: COVID-19, refugees, mobile clinics, primary health care

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Authors: Christine Eickhoff, Alyssa Adams, Alaine Duncan

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The Washington, DC Veterans Affairs Medical Center (DC VAMC) offers complementary and integrative health (CIH) services such as acupuncture, yoga, meditation, and nutrition education through a coordinated outpatient clinic. The primary population utilizing CIH services are veterans with chronic pain. Acupuncture is one of the most popular of the CIH services available at the DC VAMC. As interest and availability grows, it is important to measure health outcomes associated with CIH service utilization. The purpose of this study was to investigate pain and mental health outcomes for veterans with chronic pain enrolled in individual acupuncture services in the DC VAMC. Veterans at the DC VAMC with self-identified chronic pain and no prior acupuncture experience were recruited for the study (n=70). Veterans were referred for services by a medical provider and completed baseline assessments at the program orientation prior to participating in any CIH services. Veterans received four individual, full-body acupuncture appointments within four weeks of study enrollment. After the first month, participants were scheduled for six appointments that occurred every two weeks and then eight more sessions that were scheduled one month apart. Follow-up assessments were administered at 2, 4, 6, 8, and 12 months. The findings reported will include completed time points at two and four months. Measures include a demographics survey, the Measure Yourself Medical Outcome Profile-2 (MYMOP-2), The Beck Depression Inventory (BDI-II), the Defense Veterans Pain Rating Scale (DVPRS), and the Pain Disability Questionnaire (PDQ). In this sample, 67% identified a pain condition as their primary health concern. Between baseline and two-month follow-up, there were significant improvements in participants’ primary health concern (MYMOP-2 p=0.010), general wellbeing (MYMOP-2 p=0.011), and a significant decrease in the use of medication (MYMOP-2 p<0.000). Between 2 and 4-month follow-up, pain disability (PDQ p=0.035), pain rating (DVPRS p=0.027), and depression (BDI-II p=0.003) significantly improved. Preliminary findings indicate that individual acupuncture therapy can be effective at improving health outcomes, well-being, and decreasing medication use in U.S. military veterans with chronic pain. Findings also suggest that individual acupuncture therapy can improve pain ratings, pain disability, and depression in veterans with chronic pain.

Keywords: acupuncture, chronic pain, depression, integrative health, medication use, military, pain, veterans, wellbeing

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Authors: Abdul Rahman Chamseddine

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The Companions of the Prophet Muhammad, the Sahaba, are regarded as the first link between him and later believers who did not know him or learn from him directly. This makes the Sahaba a link in the chain between God and the ummah (community). Apart from their role in spreading the Prophet’s teachings, they came to be regarded as role models, representing the Islamic ideal of life as prescribed by the Prophet himself. According to Hadith, the Prophet had promised some Sahaba unqualified admission to paradise. It is commonly agreed that the Sahaba have the following attributes in common: God is well pleased with them; they will surely go to paradise; they are perfectly trustworthy; and they are the authorities from whom Muslims can learn all matters related to their religion. No other generation of Muslims has received the attention received by the Companions of the Prophet. In spite of the importance of the Sahaba in Islam, we still know comparatively little about them. There are at least two reasons for this. First, there is the overall scarcity of information surviving from the early period. At the death of the Prophet, it is said, there were more than 100,000 Companions. As we shall see, this is a complex issue, involving the definition of the term Sahaba. However, only few Companions of the Prophet are known to us. Ibn Hajar al-‘Asqalani, who wrote in the fifteenth century A.D., was only able to collect facts about 11,000 of them (including those whose status as Sahaba was disputed). Ibn Sa‘d, Ibn ‘Abd al-Barr and Ibn al-Athir, all of whom lived earlier than Ibn Hajar, included in their respective works fewer lives of Sahaba than he did. If we consider Ibn Hajar’s Isaba as the most complete biographical account of the Sahaba that remains available, we have information, presumably, on approximately one tenth of them. The remaining nine tenths are apparently lost from the historical record. Second, discussion of the Sahaba tends to focus on those considered the most important among them such as ‘Uthman, ‘Ali and Mu‘awiya, while others, who together number in the thousands, are less well-known. This paper will try to study the origins of the term Sahaba that became exclusive to the Companions of the Prophet and not a synonym of the word companions in general.

Keywords: companions, Hadith, Islamic history, Muhammad, Sahaba, transmission

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Authors: Milind Bharambe, Chander Shekhar

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India is a vast country with its 1.21 billion population at the dawn of new decade, which accounts for one sixth of the global human capital in the world today. It is well known that health expenditure in India is dominated by private spending. This is an unfortunate consequence of India’s development because of large positive externality associated with health spending, which make health a merit good. This paper has used data from NSSO and Indian Government’s spending on health as reported by Ministry of Health and Family Welfare. Understanding of the dynamism of age-structure of the population would greatly optimize the expenditure on health care services. A country with good public health indicators is bound to possess good human capital which is an asset to the economic growth and indicator of development status of country. The paper tries to present the linkages between the health expenditure incurred by different states at various levels of demographic transition levels and the efficiency in utilization of health expenditure. It also looks into the way in which allocative efficiency health services can be improved. Paper tries to explore the per capita spending on health and how the demographic transition taking place in different states of India affect the required quantity and quality of health services.

Keywords: age structure, demographic transition, health expenditure, morbidity

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Authors: Lina Najafian, Hamidreza Vakilifard

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The present study focused on the relationship between the quality of accruals and non-systematic risk. The independent study variables included the ability of accruals, the information content of accruals, and amount of discretionary accruals considered as accruals quality measures. The dependent variable was non-systematic risk based on the Fama and French Three Factor model (FFTFM) and the capital asset pricing model (CAPM). The control variables were firm size, financial leverage, stock return, cash flow fluctuations, and book-to-market ratio. The data collection method was based on library research and document mining including financial statements. Multiple regression analysis was used to analyze the data. The study results showed that there is a significant direct relationship between financial leverage and discretionary accruals and non-systematic risk based on FFTFM and CAPM. There is also a significant direct relationship between the ability of accruals, information content of accruals, firm size, and stock return and non-systematic based on both models. It was also found that there is no relationship between book-to-market ratio and cash flow fluctuations and non-systematic risk.

Keywords: accruals quality, non-systematic risk, CAPM, FFTFM

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Authors: Elaine Wong Yee-Sing, Liaw Wee Tong

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Rapid transformations in demographic and socioeconomic shifts are leading to a growing global demand for health and beauty products and services that demands holistic concepts of well-being. In addition, technological breakthroughs such as internet of things make it convenient and offer innovative solutions for well-being and engage consumers to track their own health conditions and fitness goals. This 'new health economy' encompasses three key concepts: well-being, well-conditioned and well-shaped; which are shaped by wellness segments and goals that influence purchasing decisions of consumers. The research protocol aims to examine the feasibility, challenges, and capabilities in provision for each customer with an ecosystem, or platform, that organizes data and insights to create an individual health and fitness, nutrition, and beauty profile. Convenience sampling of 100 consumers residing in private housing within five major districts in Singapore will be selected to participate in the study. Statistical Package for Social Science 25 will be used to conduct descriptive statistics for quantitative data while qualitative data results using focus interviews, will be translated and transcribed to identify improvements in provision of these services. Rising income in emerging global markets is fuelling the demand for these general wellbeing products and services. Combined with technological advances, it is imperative to understand how these highly personalized services with integrated technology can be designed better to support consumer preferences; provide greater flexibility and high-quality service, and generate better health awareness among consumers.

Keywords: beauty, consumers, health, technology, wellness

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Authors: Luisa Kynast

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It is obvious that buildings and infrastructure are highly impacted by climate change (CC). Both, design and material of buildings need to be resilient to weather events in order to shelter humans, animals, or goods. As well as buildings and infrastructure are exposed to weather events, the construction process itself is generally carried out outdoors without being protected from extreme temperatures, heavy rain, or storms. The production process is restricted by technical limitations for processing materials with machines and physical limitations due to human beings (“outdoor-worker”). In future due to CC, average weather patterns are expected to change as well as extreme weather events are expected to occur more frequently and more intense and therefore have a greater impact on production processes and on the construction businesses itself. This research aims to examine this impact by analyzing an association between responses to CC and financial performance of businesses within the construction industry. After having embedded the above depicted field of research into the resource dependency theory, a literature review was conducted to expound the state of research concerning a contingent relation between climate change adaptation measures (CCAM) and corporate financial performance for construction businesses. The examined studies prove that this field is rarely investigated, especially for construction businesses. Therefore, reports of the Carbon Disclosure Project (CDP) were analyzed by applying content analysis using the software tool MAXQDA. 58 construction companies – located worldwide – could be examined. To proceed even more systematically a coding scheme analogous to findings in literature was adopted. Out of qualitative analysis, data was quantified and a regression analysis containing corporate financial data was conducted. The results gained stress adaptation measures as a response to CC as a crucial proxy to handle climate change impacts (CCI) by mitigating risks and exploiting opportunities. In CDP reports the majority of answers stated increasing costs/expenses as a result of implemented measures. A link to sales/revenue was rarely drawn. Though, CCAM were connected to increasing sales/revenues. Nevertheless, this presumption is supported by the results of the regression analysis where a positive effect of implemented CCAM on construction businesses´ financial performance in the short-run was ascertained. These findings do refer to appropriate responses in terms of the implemented number of CCAM. Anyhow, still businesses show a reluctant attitude for implementing CCAM, which was confirmed by findings in literature as well as by findings in CDP reports. Businesses mainly associate CCAM with costs and expenses rather than with an effect on their corporate financial performance. Mostly companies underrate the effect of CCI and overrate the costs and expenditures for the implementation of CCAM and completely neglect the pay-off. Therefore, this research shall create a basis for bringing CC to the (financial) attention of corporate decision-makers, especially within the construction industry.

Keywords: climate change adaptation measures, construction businesses, financial implication, resource dependency theory

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Authors: Mernoosh Abouzari, Shahrokh Sahraei

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Electronic government is a way for governments to use new technology that provides people with the necessary facilities for proper access to government information and services, improving the quality of services and providing broad opportunities to participate in democratic processes and institutions. That leads to providing the possibility of easy use of information technology in order to distribute government services to the customer without holidays, which increases people's satisfaction and participation in political and economic activities. The expansion of e-government services and its movement towards intelligentization has the ability to re-establish the relationship between the government and citizens and the elements and components of the government. Electronic government is the result of the use of information and communication technology (ICT), which by implementing it at the government level, in terms of the efficiency and effectiveness of government systems and the way of providing services, tremendous commercial changes are created, which brings people's satisfaction at the wide level will follow. The main level of electronic government services has become objectified today with the presence of artificial intelligence systems, which recent advances in artificial intelligence represent a revolution in the use of machines to support predictive decision-making and Classification of data. With the use of deep learning tools, artificial intelligence can mean a significant improvement in the delivery of services to citizens and uplift the work of public service professionals while also inspiring a new generation of technocrats to enter government. This smart revolution may put aside some functions of the government, change its components, and concepts such as governance, policymaking or democracy will change in front of artificial intelligence technology, and the top-down position in governance may face serious changes, and If governments delay in using artificial intelligence, the balance of power will change and private companies will monopolize everything with their pioneering in this field, and the world order will also depend on rich multinational companies and in fact, Algorithmic systems will become the ruling systems of the world. It can be said that currently, the revolution in information technology and biotechnology has been started by engineers, large economic companies, and scientists who are rarely aware of the political complexities of their decisions and certainly do not represent anyone. Therefore, it seems that if liberalism, nationalism, or any other religion wants to organize the world of 2050, it should not only rationalize the concept of artificial intelligence and complex data algorithm but also mix them in a new and meaningful narrative. Therefore, the changes caused by artificial intelligence in the political and economic order will lead to a major change in the way all countries deal with the phenomenon of digital globalization. In this paper, while debating the role and performance of e-government, we will discuss the efficiency and application of artificial intelligence in e-government, and we will consider the developments resulting from it in the new world and the concepts of governance.

Keywords: electronic government, artificial intelligence, information and communication technology., system

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