Search results for: financial ratio

Authors: Nima Pirhadi, Yong Bo Shao, Xusheng Wa, Jianguo Lu

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Several models based on the simplified method introduced by Seed and Idriss (1971) have been developed to assess the liquefaction potential of saturated sandy soils. The procedure includes determining the cyclic resistance of the soil as the cyclic resistance ratio (CRR) and comparing it with earthquake loads as cyclic stress ratio (CSR). Of all methods to determine CRR, the methods using shear-wave velocity (Vs) are common because of their low sensitivity to the penetration resistance reduction caused by fine content (FC). To evaluate the capability of the models, based on the Vs., the new data from Bachu-Jianshi earthquake case history collected, then the prediction results of the models are compared to the measured results; consequently, the accuracy of the models are discussed via three criteria and graphs. The evaluation demonstrates reasonable accuracy of the models in the Banchu region.

Keywords: seismic liquefaction, banchu-jiashi earthquake, shear-wave velocity, liquefaction potential evaluation

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Authors: Richard, Iyan Subiyanto, Chairul Hudaya

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Activated carbon has been playing a significant role for many applications, especially in energy storage devices. However, commercially activated carbons generally require complicated processes and high production costs. Therefore, in this study, an activated carbon originating from green coke waste, that is economically affordable will be used as a carbon source. To synthesize activated carbon, KOH as an activator was employed with variation of C:KOH in ratio of 1:2, 1:3, 1:4, and 1:5, respectively, with an activation temperature of 700°C. The characterizations of activated carbon are obtained from Scanning Electron Microscopy, Energy Dispersive X-Ray, Raman Spectroscopy, and Brunauer-Emmett-Teller. The optimal activated carbon sample with specific surface area of 2,024 m²/g with high carbon content ( > 80%) supported by the high porosity carbon image obtained by SEM was prepared at C:KOH ratio of 1:4. The result shows that the synthesized activated carbon would be an ideal choice for energy storage device applications. Therefore, this study is expected to reduce the costs of activated carbon production by expanding the utilization of petroleum waste.

Keywords: activated carbon, energy storage material, green coke, specific surface area

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Authors: Nino Pailodze, Malkhaz Sulashvili, Vladimer Kekenadze, Tea Khutsishvili, Irma Makharashvili, Aleksandre Kekenadze

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In the nearest future among the important problems which Georgia has solve the most important is economic stability, that bases on fiscal policy and the proper definition of the its directions. The main source of the Budget revenue is the national income. The State uses taxes, loans and emission in order to create national income, were the principal weapon are taxes. As well as fiscal function of the fulfillment of the budget, tax systems successfully implement economic and social development and the regulatory functions of foreign economic relations. A tax is a mandatory, unconditional monetary payment to the budget made by a taxpayer in accordance with this Code, based on the necessary, nonequivalent and gratuitous character of the payment. Taxes shall be national and local. National taxes shall be the taxes provided for under this Code, the payment of which is mandatory across the whole territory of Georgia. Local taxes shall be the taxes provided for under this Code, introduced by normative acts of local self-government representative authorities (within marginal rates), the payment of which is mandatory within the territory of the relevant self-governing unit. National taxes have the leading role in tax systems, but also the local taxes have an importance role in tax systems. Exactly in the means of local taxes, the most part of the budget is formatted. National taxes shall be: income tax, profit tax, value added tax (VAT), excise tax, import duty, property tax shall be a local tax The property tax is one of the significant taxes in Georgia. The paper deals with the taxation mechanism that has been operated in Georgia. The above mention has the great influence in financial accounting. While comparing foreign legislation towards Georgian legislation we discuss the opportunity of using their experience. Also, we suggested recommendations in order to improve the tax system in financial accounting. In addition to accounting, which is regulated according the International Accounting Standards we have tax accounting, which is regulated by the Tax Code, various legal orders / regulations of the Minister of Finance. The rules are controlled by the tax authority, Revenue Service. The tax burden from the tax values are directly related to expenditures of the state from the emergence of the first day. Fiscal policy of the state is as well as expenditure of the state and decisions of taxation. In order to get the best and the most effective mobilization of funds, Government’s primary task is to decide the kind of taxation rules. Tax function is to reveal the substance of the act. Taxes have the following functions: distribution or the fiscal function; Control and regulatory functions. Foreign tax systems evolved in the different economic, political and social conditions influence. The tax systems differ greatly from each other: taxes, their structure, typing means, rates, the different levels of fiscal authority, the tax base, the tax sphere of action, the tax breaks.

Keywords: international accounting standards, financial accounting, tax systems, financial obligations

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Authors: Mansur Lubabah Kwanbo

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Existing literatures have demonstrated the importance of executive duality (ED) and audit committee (AC) in the financial growth of companies. To some extent this points to corporate governance mechanism aiming at addressing makers and implementers of company policies to be centered on promoting only company objectives. However, furthering organizational objectives needs an adequate structure of control to realize that. Recent development in the various industries in Nigeria have indicated the internal control system (ICS)has not been able to adequately address most of the activities that results in ills of sustaining growth for these industries. It is from this premise the study has as one of its objective to determine the extent to which ICS significantly relates to ED and AC in listed Nigerian corporation. Data were sourced from 308 financial statements and accounts of the corporations that made the sample of the study. Logistic regression aided the test of the hypothesis formulated for the study. Findings revealed a significant relationship between the study variables. The study concludes that the internal control system (ICS) is effective despite the bifurcation of executive duality (ED) and the presence of the Audit Committee (AC) to the extent of preventing ills that encourage lack of sustainability of company’s growth. Sustaining legitimate policies that translate into huge earnings, and create value to stake holders should be pursued.

Keywords: audit committee (AC), executive duality (ED), internal control system (ICS), Nigeria

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Authors: Zoltán Weltsch, József Hlinka, Eszter Kókai

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The temperature dependence of wettability (wetting angle, Θ (T)) for Ag-based melts on graphite and Al2O3 substrates is compared. Typical alloying effects are found, as the Ag host metal is gradually replaced by various metallic elements. The essence of alloying lies in the change of the electron/atom (e/a) ratio. This ratio is also manifested in the shift of wetting angles on the same substrate. Nevertheless, the effects are partially smeared by other (metallurgical) factors, like the interaction between the oxygen-alloying elements and by the graphite substrate-oxygen interaction. In contrast, such effects are not pronounced in the case of Al2O3 substrates. As a consequence, Θ(T) exhibits an opposite trend in the case of two substrates. Crossovers of the Θ(T) curves were often found. The positions of crossovers depend on the chemical character and concentration of solute atoms. Segregation and epitaxial texture formation after solidification were also observed in certain alloy drops, especially in high concentration range. This phenomenon is not yet explained in every detail.

Keywords: contact angle, graphite, silver, soldering, solid solubility, substrate, temperature dependence, wetting

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Authors: Adil A. Mohammed, Seif-Eddeen K. Fateen, Tamer S. Ahmed, Tarek M. Moustafa

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Falling film were widely used for gas-liquid absorption and reaction process. Modeling of falling film for oligomerization of ethylene reaction to linear alpha olefins is developed. Although there are many researchers discuss modeling of falling film in many processes, there has been no publish study the simulation of falling film for the oligomerization of ethylene reaction to produce linear alpha olefins. The Comsol multiphysics software was used to simulate the mass transfer with chemical reaction in falling film absorption process. The effect of concentration profile absorption of the products through falling thickness is discussed. The effect of catalyst concentration, catalyst/co-catalyst ratio, and temperature is also studied. For the effect of the temperature, as it increase the concentration of C4 increase. For catalyst concentration and catalyst/co-catalyst ratio as they increases the concentration of C4 increases, till it reached almost constant value.

Keywords: falling film, oligomerization, comsol mutiphysics, linear alpha olefins

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Authors: Anwar Hasan Abdullah Othman, Ahamed Kameel, Hasanuddeen Abdul Aziz

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In this study, an attempt has been made to investigate the relationship specifically the causal relation between fund unit prices of Islamic equity unit trust fund which measure by fund NAV and the selected macro-economic variables of Malaysian economy by using VECM causality test and Granger causality test. Monthly data has been used from Jan, 2006 to Dec, 2012 for all the variables. The findings of the study showed that industrial production index, political election and financial crisis are the only variables having unidirectional causal relationship with fund unit price. However, the global oil prices is having bidirectional causality with fund NAV. Thus, it is concluded that the equity unit trust fund industry in Malaysia is an inefficient market with respect to the industrial production index, global oil prices, political election and financial crisis. However, the market is approaching towards informational efficiency at least with respect to four macroeconomic variables, treasury bill rate, money supply, foreign exchange rate and corruption index.

Keywords: fund unit price, unit trust industry, Malaysia, macroeconomic variables, causality

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Authors: Jin Sheng

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This paper addresses a promising area of insurance sector to develop in Asia. Captive insurance, which provides risk-mitigation services for its parent company, has great potentials to develop in energy, infrastructure, agriculture, logistics, catastrophe, and alternative risk transfer (ART), and will greatly affect the framework of insurance industry. However, the Asian captive insurance market only takes a small proportion in the global market. The recent supply chain interruption case of Hanjin Shipping indicates the significance of risk management for an Asian company’s sustainability and resilience. China has substantial needs and great potentials to develop captive insurance, on account of the currency volatility, enterprises’ credit risks, and legal and operational risks of the Belt and Road initiative. Up to date, Mainland Chinese enterprises only have four offshore captives incorporated by CNOOC, Sinopec, Lenovo and CGN Power), three onshore captive insurance companies incorporated by CNPC, China Railway, and COSCO, as well as one industrial captive insurance organization - China Ship-owners Mutual Assurance Association. Its captive market grows slowly with one or two captive insurers licensed yearly after September 2011. As an international financial center, Hong Kong has comparative advantages in taxation, professionals, market access and well-established financial infrastructure to develop a functional captive insurance market. For example, Hong Kong’s income tax for an insurance company is 16.5%; while China's income tax for an insurance company is 25% plus business tax of 5%. Furthermore, restrictions on market entry and operations of China’s onshore captives make establishing offshore captives in international or regional captive insurance centers such as Singapore, Hong Kong, and other overseas jurisdictions to become attractive options. Thus, there are abundant business opportunities in this area. Using methodology of comparative studies and case analysis, this paper discusses the incorporation, regulatory issues, taxation and prospect of captive insurance market in Hong Kong, China and Singapore. Hong Kong and Singapore are both international financial centers with prominent advantages in tax concessions, technology, implementation, professional services, and well-functioning legal system. Singapore, as the domicile of 71 active captives, has been the largest captive insurance hub in Asia, as well as an established reinsurance hub. Hong Kong is an emerging captive insurance hub with 5 to 10 newly licensed captives each year, according to the Hong Kong Financial Services Development Council. It is predicted that Hong Kong will become a domicile for 50 captive insurers by 2025. This paper also compares the formation of a captive in Singapore with other jurisdictions such as Bermuda and Vermont.

Keywords: Alternative Risk Transfer (ART), captive insurance company, offshore captives, risk management, reinsurance, self-insurance fund

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Authors: Reyhaneh Saeedi

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Iran is one of the regions which are most prone for earthquakes annually having a large number of financial and mortality and financial losses. Every year around the world, a large number of people lose their home and life due to natural disasters such as earthquakes. It is necessary to provide and specify some suitable places for settling the homeless people before the occurrence of the earthquake, one of the most important factors in crisis planning and management. Some of the natural disasters can be Modeling and shown by Geospatial Information System (GIS). By using GIS, it would be possible to manage the spatial data and reach several goals by making use of the analyses existing in it. GIS has a determining role in disaster management because it can determine the best places for temporary resettling after such a disaster. In this research QuantumGIS software is used that It is an OpenSource software so that easy to access codes and It is also free. In this system, AHP method is used as decision model and to locate the best places for temporary resettling, is done based on the related organizations criteria with their weights and buffers. Also in this research are made the buffer layers of criteria and change them to the raster layers. Later on, the raster layers are multiplied on desired weights then, the results are added together. Eventually, there are suitable places for resettling of victims by desired criteria by different colors with their optimum rate in QuantumGIS platform.

Keywords: disaster management, temporary resettlement, earthquake, QuantumGIS

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Authors: Kunwar Paritosh, Sanjay Mathur, Monika Yadav, Paras Gandhi, Subodh Kumar, Nidhi Pareek, Vivekanand Vivekanand

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A significant fraction of energy is wasted every year managing the biodegradable organic waste inadequately as development and sustainability are the inherent enemies. The management of these waste is indispensable to boost its optimum utilization by converting it to renewable energy resource (here biogas) through anaerobic digestion and to mitigate greenhouse gas emission. Food and yard wastes may prove to be appropriate and potential feedstocks for anaerobic co-digestion for biogas production. The present study has been performed to explore the synergistic effect of co-digesting food waste and yard trimmings from MNIT campus for enhanced biogas production in different ratios in batch tests (37±10C, 90 rpm, 45 days). The results were overwhelming and showed that blending two different organic waste in proper ratio improved the biogas generation considerably, with the highest biogas yield (2044±24 mLg-1VS) that was achieved at 75:25 of food waste to yard waste ratio on volatile solids (VS) basis. The yield was 1.7 and 2.2 folds higher than the mono-digestion of food or yard waste (1172±34, 1016±36mLg-1VS) respectively. The increase in biogas production may be credited to optimum C/N ratio resulting in higher yield. Also Adding TiO2 nanoparticles showed virtually no effect on biogas production as sometimes nanoparticles enhance biogas production. ICP-MS, FTIR analysis was carried out to gain an insight of feedstocks. Modified Gompertz and logistics models were applied for the kinetic study of biogas production where modified Gompertz model showed goodness-of-fit (R2=0.9978) with the experimental results.

Keywords: anaerobic co-digestion, biogas, kinetics, nanoparticle, organic waste

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Authors: Sireethorn Nimitvilai, Ussanee Poolvivatchaikarn, Nuchanart Tomeun

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Objective: To determine the simple laboratory parameters to predict disease severity among COVID-19 patients in resource-limited settings. Material and methods: A retrospective cohort study was conducted at Nakhonpathom Hospital, a 722-bed tertiary care hospital, with an average of 50,000 admissions per year, during April 15 and May 15, 2021. Eligible patients were adults aged ≥ 15 years who were hospitalized with COVID-19. Baseline characteristics, comorbid conditions ad laboratory findings at admission were collected. Predictive factors for severe COVID-19 infection were analyzed. Result: There were 207 patients (79 male and 128 female) and the mean age was 46.7 (16.8) years. Of these, 39 cases (18.8%) were severe and 168 (81.2%) cases were non-severe. Factors associated with severe COVID-19 were neutrophil to lymphocyte ratio ≥ 4 (OR 8.1, 95%CI 2.3-20.3, P < 0.001) and C-reactive protein to albumin ratio ≥ 10 (OR 3.49, 95%CI 1.3-9.1, p 0.01). Conclusions: Complete blood counts, C-reactive protein and albumin are simple, inexpensive, widely available tests and can be used to predict severe COVID-19 in resource-limited settings.

Keywords: COVID-19, predictor of severity, resource-limiting settings, simple laboratory parameters

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Authors: Natsuki Tsuda, Kiyotaka Obunai, Kazuya Okubo, Hideyuki Tashiro, Yoshinori Yamaji, Hideyuki Kato

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The objective of this study is to investigate the effect of belt stiffness on the performance of the CVT unit, such as the required pulley thrust force and the ratio coverage. The CVT unit consists of the V-grooved pulleys and the rubber CVT belt. The width of the driving pulley groove was controlled by the stepper motor, while that of the driven pulley was controlled by the hydraulic pressure. The generated mechanical power on the motor was transmitted from the driving axis to the driven axis through the CVT unit. The rotational speed and the transmitting torque of both axes were measured by the tachometers and the torque meters attached with these axes, respectively. The transmitted, mechanical power was absorbed by the magnetic powder brake. The thrust force acting on both pulleys and the force between both shafts were measured by the load cell. The back face profile of the rubber CVT belt along with width direction was measured by the 2-dimensional laser displacement meter. This paper found that when the stiffness of the rubber CVT belt in the belt width direction was reduced, the thrust force required for shifting was reduced. Moreover, when the stiffness of the rubber CVT belt in the belt width direction was reduced, the ratio coverage of the CVT unit was reduced. Due to the decrement of stiffness in belt width direction, the excessive concave deformation of belt in pulley groove was confirmed. Because of this excessive concave deformation, apparent wrapping radius of belt would have been reduced. Proposed model could be effectively estimated the difference of ratio coverage due to concave deformation. The proposed model could also be utilized for designing the rubber CVT belt with optimal bending stiffness in width direction.

Keywords: CVT, countinuously variable transmission, rubber, belt stiffness, transmission

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Authors: Paolo Biancone, Silvana Secinaro, Davide Calandra

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This study explores the integration of Islamic finance principles with environmental, social, and governance (ESG) criteria, focusing on the contribution of Islamic financial instruments to achieving sustainable development goals (SDGs). Through a systematic literature review (SLR) and bibliometric analysis of 66 documents from 2019 to 2024, the research addresses critical gaps by examining the alignment between Islamic finance and ESG, identifying emerging trends, and assessing operational challenges and opportunities. Findings indicate that Islamic finance, mainly through instruments such as green sukuk and Islamic microfinance, demonstrates substantial alignment with ESG objectives, anchored in its ethical principles of risk-sharing, fairness, and avoidance of harmful investments. Nevertheless, scalability and regulatory structures pose significant challenges to broader ESG adoption within Islamic finance. This study offers theoretical and practical implications, proposing that Islamic finance provides a solid framework to address sustainability shortcomings in conventional finance. Furthermore, it highlights future research directions, emphasizing the need for empirical studies on the long-term impact of Islamic financial products on sustainability outcomes and exploring the role of fintech in ESG integration.

Keywords: Islamic finance, ESG, SDGs, bibliometric analysis, Shariah-compliant investments

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Authors: Nathi Ram, Saurabh K. Yadav

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In turbomachinery, the turbulent flow occurs due to the use of high velocity of low kinematic viscosity lubricants and used in many industrial applications. In the present work, the performance of symmetric slot-entry hybrid worn journal bearing under laminar and turbulent lubrication has been investigated. For turbulent lubrication, the Reynolds equation has been modified using Constantinescu turbulent model. This modified equation has been solved using the finite element method. The effect of turbulent lubrication on bearing’s performance has been presented for symmetric hybrid journal bearing. The slot-entry hybrid worn journal bearing under turbulent/laminar regimes have been investigated. It has been observed that the stiffness and damping coefficients are more for the bearing having slot width ratio (SWR) of 0.25 than the bearing with SWR of 0.5 and 0.75 under the turbulent regime. Further, it is also observed that for constant wear depth parameter, stability threshold speed gets increased for bearing operates at slot width ratio 0.25 under turbulent lubrication.

Keywords: hydrostatic bearings, journal bearings, restrictors, turbulent flow models, finite element technique

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Authors: Shiuh-Jer Huang, Yun-Han Yeh

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A four-wheel drive electric vehicle was built with hub DC motors and FPGA embedded control structure. A 40 steps manual adjusting motorcycle shock absorber was refitted with DC motor driving mechanism to construct as a semi-active suspension system. Accelerometer and potentiometer sensors are installed to measure the sprung mass acceleration and suspension system compression or rebound states for control purpose. An intelligent fuzzy logic controller was proposed to real-time search appropriate damping ratio based on vehicle running condition. Then, a robust fuzzy sliding mode controller (FSMC) is employed to regulate the target damping ratio of each wheel axis semi-active suspension system. Finally, different road surface conditions are chosen to evaluate the control performance of this semi-active suspension and compare with that of passive system based on wheel axis acceleration signal.

Keywords: acceleration, FPGA, Fuzzy sliding mode control, semi-active suspension

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Authors: Chor Yi Ng, Christine Kong, Loretta Teo, Stephen Yau, FC Cheung, TL Poon, Francis Lee

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Purpose: Dynamic conformal arc (DCA) and intensity modulated radiotherapy (IMRT) are two treatment techniques commonly used for stereotactic radiosurgery/radiotherapy of cranial lesions. IMRT plans usually give better dose conformity while DCA plans have better dose fall off. Rapid dose fall off is preferred for radiotherapy of cranial lesions, but dose conformity is also important. For certain lesions, DCA plans have good conformity, while for some lesions, the conformity is just unacceptable with DCA plans, and IMRT has to be used. The choice between the two may not be apparent until each plan is prepared and dose indices compared. We described a deviation index (DI) which is a measurement of the deviation of the target shape from a sphere, and test its functionality to choose between the two techniques. Method and Materials: From May 2015 to May 2017, our institute has performed stereotactic radiotherapy for 105 patients treating a total of 115 lesions (64 DCA plans and 51 IMRT plans). Patients were treated with the Varian Clinac iX with HDMLC. Brainlab Exactrac system was used for patient setup. Treatment planning was done with Brainlab iPlan RT Dose (Version 4.5.4). DCA plans were found to give better dose fall off in terms of R50% (R50% (DCA) = 4.75 Vs R50% (IMRT) = 5.242) while IMRT plans have better conformity in terms of treatment volume ratio (TVR) (TVR(DCA) = 1.273 Vs TVR(IMRT) = 1.222). Deviation Index (DI) is proposed to better facilitate the choice between the two techniques. DI is the ratio of the volume of a 1 mm shell of the PTV and the volume of a 1 mm shell of a sphere of identical volume. DI will be close to 1 for a near spherical PTV while a large DI will imply a more irregular PTV. To study the functionality of DI, 23 cases were chosen with PTV volume ranged from 1.149 cc to 29.83 cc, and DI ranged from 1.059 to 3.202. For each case, we did a nine field IMRT plan with one pass optimization and a five arc DCA plan. Then the TVR and R50% of each case were compared and correlated with the DI. Results: For the 23 cases, TVRs and R50% of the DCA and IMRT plans were examined. The conformity for IMRT plans are better than DCA plans, with majority of the TVR(DCA)/TVR(IMRT) ratios > 1, values ranging from 0.877 to1.538. While the dose fall off is better for DCA plans, with majority of the R50%(DCA)/ R50%(IMRT) ratios < 1. Their correlations with DI were also studied. A strong positive correlation was found between the ratio of TVRs and DI (correlation coefficient = 0.839), while the correlation between the ratio of R50%s and DI was insignificant (correlation coefficient = -0.190). Conclusion: The results suggest DI can be used as a guide for choosing the planning technique. For DI greater than a certain value, we can expect the conformity for DCA plans to become unacceptably great, and IMRT will be the technique of choice.

Keywords: cranial lesions, dynamic conformal arc, IMRT, image guided radiotherapy, stereotactic radiotherapy

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Authors: Baskar Kotte

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Many organizations are constantly striving to implement numerous techniques for long-term sustainability, for food related organizations it is imperative to conceptualize the critical concepts which constitute food safety sustainability. This presentation provides three critical pillars to develop a sustainable organization. Financial sustainability, regulatory sustainability and excellence standards sustainability are the three components which practiced and implemented effectively with process performance metrics defined objectives and targets lead to sustainable and safe food organizations. The participants take away a well-developed concept diagram with all elements impacting sustainability. Proven disciplined path which worked to achieve desired results is presented for effective implementation. Effective implementation of this proven disciplined path positions organizations to achieve world class status with bottomline improvement. Additionally, this presentation highlights critical terms, principles and implementation difficulties related to using the proven disciplined path. This presentation is beneficial for business leaders, food safety compliance managers, food safety practitioners, financial managers, Lean & Six sigma continual improvement managers, BRC/SQF/ IFS / FSSC 22000 practitioners and food manufacturing personnel.

Keywords: food safety, sustainability, regulatory, lean, six sigma, bottom-line improvement disciplined path

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Authors: Abootaleb Shirvani, Svetlozar Rachev

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ESG stands for Environmental, Social, and Governance and is a non-financial factor that investors use to specify material risks and growth opportunities in their analysis process. ESG ratings provide a quantitative measure of socially responsible investment, and it is essential to incorporate ESG ratings when modeling the dynamics of asset returns. In this article, we propose a triple subordinated Lévy process for incorporating numeric ESG ratings into dynamic asset pricing theory to model the time series properties of the stock returns. The motivation for introducing three layers of subordinator is twofold. The first two layers of subordinator capture the skew and fat-tailed properties of the stock return distribution that cannot be explained well by the existing Lévy subordinated model. The third layer of the subordinator introduces ESG valuation and incorporates numeric ESG ratings into dynamic asset pricing theory and option pricing. We employ the triple subordinator Lévy model for developing the ESG-valued stock return model, derive the implied ESG score surfaces for Microsoft, Apple, and Amazon stock returns, and compare the shape of the ESG implied surface scores for these stocks.

Keywords: ESG scores, dynamic asset pricing theory, multiple subordinated modeling, Lévy processes, option pricing

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Authors: Juniarti, Agus Arianto Toly

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This study aims to examine the effect of capital expenditure on the investors’ responses. The respondents were companies with the best stock performance in each sector in 2017. The observation period is 2017 to 2019. Top 10 companies in each sector with the best stock performance in companies listed on the Indonesia Stock Exchange were selected. The main variables are a growth signal which is proxied by growth in capital spending and capital expenditure, and risk and investor response, which is proxied by CAR. Financial performance as measured by ROA is a control variable in this study. The results showed that the signal of growth as measured by capital expenditures responded positively by the market, the risk moderates this influence, companies with high risk will be responded negatively by investors and vice versa. This finding corrects previous findings that only looked at the signal aspect of growth, without linking it to risk. In addition, these findings reinforce the argument that investors buy the future of the company, not a momentary financial performance. This can be seen from the absence of ROA influence on investor response. This study found that companies need to manage risk appropriately, because the risk aspect of the company is a crucial factor for investors. High risks will eliminate the benefits of strategic decisions in this case in the form of capital expenditures.

Keywords: capital expenditure, growth signals, investor response, risk

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Authors: Sharon Q. Yang, Robert J. Congleton

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Information security is a broad concept that covers any issues and concerns about the proper access and use of information on the Internet, including measures and procedures to protect intellectual property and private data from illegal access and online theft; the act of hacking; and any defensive technologies that contest such cybercrimes. As more research and commercial activities are conducted online, cybercrimes have increased significantly, putting sensitive information at risk. Information security has become critically important for organizations and private citizens alike. Hackers scan for network vulnerabilities on the Internet and steal data whenever they can. Cybercrimes disrupt our daily life, cause financial losses, and instigate fear in the public. Since the start of the pandemic, most data related cybercrimes targets have been either financial or health information from companies and organizations. Libraries also should have a high interest in understanding and adopting information security methods to protect their patron data and copyrighted materials. But according to information security professionals, higher education and cultural organizations, including their libraries, are the least prepared entities for cyberattacks. One recent example is that of Steven’s Institute of Technology in New Jersey in the US, which had its network hacked in 2020, with the hackers demanding a ransom. As a result, the network of the college was down for two months, causing serious financial loss. There are other cases where libraries, colleges, and universities have been targeted for data breaches. In order to build an effective defense, we need to understand the most common types of cybercrimes, including phishing, whaling, social engineering, distributed denial of service (DDoS) attacks, malware and ransomware, and hacker profiles. Our research will focus on each hacking technique and related defense measures; and the social background and reasons/purpose of hacker and hacking. Our research shows that hacking techniques will continue to evolve as new applications, housing information, and data on the Internet continue to be developed. Some cybercrimes can be stopped with effective measures, while others present challenges. It is vital that people understand what they face and the consequences when not prepared.

Keywords: cybercrimes, hacking technologies, higher education, information security, libraries

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Authors: R. M. EL-Sharkawy, L. S. Nasrat, K. B. Ewiss

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This work presents a study of flashover voltage for outdoor polyester and composite insulators under dry, ultra-violet and contaminated conditions. Cylindrical of polyester composite samples (with different lengths) have been prepared after incorporated with different concentration of inorganic filler e.g. Magnesium Hydroxide [Mg(OH)2] to improve the electrical and thermal properties in addition to maximize surface flashover voltage and decrease tracking phenomena. Results showed that flashover voltage reaches to 46 kV for samples without filler and 52.6 kV for samples containing 40% of [Mg(OH)2] filler in dry condition. A comparison between different concentrations of filler under various environmental conditions (dry and contaminated conditions) showed higher flashover voltage values for samples containing filler with ratio 40% [Mg(OH)2] and length 3cm than that of samples containing filler [Mg(OH)2] with ratios 20%, 30% and lengths 0.5cm, 1cm, 2cm and 2.5cm. Flashover voltage decreases by adding [Mg(OH)2] filler for polyester samples under ultra-violet condition; as the ratio of filler increases, the value of flashover voltage decreases Also, in this study, the effect of thermal performance with respect to surface of the sample under test have been investigated in details.

Keywords: flashover voltage, filler, polymers, ultra-violet radiation

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Authors: Amer Alzaidi

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Islamic banking is an alternative solution to those people who are worried about Riba (interest) in all forms of transaction while using banking services and products. Today, banks around the world have Islamic banking services and products the in one form or another. The use of Islamic banking is not only restricted to Muslims world but have reached to non-Muslim countries like UK, USA, Australia and Canada as well. Compared to conventional banking, the adoption rate of Islamic banking is low because of unawareness of customers, financial cost, and performance issues. The interest in Islamic banking by financial institutions as well as low adoption rate motivated us to look this matter into detail in order to identify Critical Success Factors, which are positively motivating customers to use Islamic banking services/ products and Critical Risk Factors, which have significantly negative effect on the adoption of Islamic banking. The CSFs and CRFs will be initially identified from the literature using methodology called Systematic Literature Review, followed by the empirical analysis of these factors using survey research method. Later, we will develop Islamic Banking Adoption Model (IBAM) to help banks to assess their Islamic banking strategic positioning and to improve their operational efficiency. The first potential contribution of this research study will be the development of IBAM protocol that will provide us guidelines for conducting our actual SLR. The second major contribution of this research will be the development of Islamic Banking Adoption Model (IBAM), and the third contribution of this research study will be the evaluation of the developed IBMA.

Keywords: Islamic banking, adoption model, protocol, technology

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Authors: J. O. Idoko, C. N. Michael, T. O. Fasuan

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This study investigated the effects of cooking time, seed-to-water ratio and soaking time on proximate and functional properties of African walnut seed using Box-Behnken design and Response Surface Methodology (BBD-RSM) with a view to increase its utilization in the food industry. African walnut seeds were sorted washed, soaked, cooked, dehulled, sliced, dried and milled. Proximate analysis and functional properties of the samples were evaluated using standard procedures. Data obtained were analyzed using descriptive and inferential statistics. Quadratic models were obtained to predict the proximate and functional qualities as a function of cooking time, seed-to-water ratio and soaking time. The results showed that the crude protein ranged between 11.80% and 23.50%, moisture content ranged between 1.00% and 4.66%, ash content ranged between 3.35% and 5.25%, crude fibre ranged from 0.10% to 7.25% and carbohydrate ranged from 1.22% to 29.35%. The functional properties showed that soluble protein ranged from 16.26% to 42.96%, viscosity ranged from 23.43 mPas to 57 mPas, emulsifying capacity ranged from 17.14% to 39.43% and water absorption capacity ranged from 232% to 297%. An increase in the volume of water used during cooking resulted in loss of water soluble protein through leaching, the length of soaking time and the moisture content of the dried product are inversely related, ash content is inversely related to the cooking time and amount of water used, extraction of fat is enhanced by increase in soaking time while increase in cooking and soaking times result into decrease in fibre content. The results obtained indicated that African walnut could be used in several food formulations as protein supplement and binder.

Keywords: African walnut, functional properties, proximate analysis, response surface methodology

Procedia PDF Downloads 396

Authors: Hyungoo Kang, Jinkoo Kim

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This study investigated the determination of the optimal location and friction force of friction dampers to effectively reduce the seismic response of a reinforced concrete structure designed without considering seismic load. To this end, the genetic algorithm process was applied and the results were compared with those obtained by simplified methods such as distribution of dampers based on the story shear or the inter-story drift ratio. The seismic performance of the model structure with optimally positioned friction dampers was evaluated by nonlinear static and dynamic analyses. The analysis results showed that compared with the system without friction dampers, the maximum roof displacement and the inter-story drift ratio were reduced by about 30% and 40%, respectively. After installation of the dampers about 70% of the earthquake input energy was dissipated by the dampers and the energy dissipated in the structural elements was reduced by about 50%. In comparison with the simplified methods of installation, the genetic algorithm provided more efficient solutions for seismic retrofit of the model structure.

Keywords: friction dampers, genetic algorithm, optimal design, RC buildings

Procedia PDF Downloads 244

Authors: Zhizhong Yuan, Lili Wang, Chenya Zheng, Wuqi Yang

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How to encourage and support peer-to-peer (P2P) network lending, and effectively monitor the risk of P2P network lending, has become the focus of the Chinese government departments, industrialists, experts and scholars in recent years. The reason is that this convenient online micro-credit service brings a series of credit risks and other issues. Avoiding the risks brought by the P2P network lending model, it can better play a benign role and help China's small and medium-sized private enterprises with vigorous development to solve the capital needs; otherwise, it will bring confusion to the normal financial order. As a form of financial services, P2P network lending has injected new blood into China's non-government finance in the past ten years, and has found a way out for idle funds and made up for the shortage of traditional financial services in China. However, it lacks feasible measures in credit evaluation and government supervision. This paper collects a large amount of data about P2P network lending of China. The data collection comes from the official media of the Chinese government, the public achievements of existing researchers and the analysis and collation of correlation data by the authors. The research content of this paper includes literature review; the current situation of China's P2P network lending development; the risk analysis of P2P network lending in China; the risk prevention strategy of P2P network lending in China. The focus of this paper is to try to find a specific program to strengthen supervision and avoid risks from the perspective of government regulators, operators of P2P network lending platform, investors and users of funds. These main measures include: China needs to develop self-discipline organization of P2P network lending industry and formulate self-discipline norms as soon as possible; establish a regular information disclosure system of P2P network lending platform; establish censorship of credit rating of borrowers; rectify the P2P network lending platform in compliance through the implementation of bank deposition. The results and solutions will benefit all the P2P network lending platforms, creditors, debtors, bankers, independent auditors and government agencies of China and other countries.

Keywords: peer-to-peer(P2P), regulation, risk prevention, supervision

Procedia PDF Downloads 166

Authors: Lidija Simunovic

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A Close-out netting cause is a clause within master agreements which reduces credit risks. This clause contains the parties ' advance agreement that the occurrence of a certain event (such as the commencement of bankruptcy proceedings) will result in the termination of the contract and that their mutual claims will be calculated as a net lump-sum to be paid by one party to the other. The legal treatment of the enforceability of close-out netting clauses opens up many legal matters in comparative legal systems because it is not uniformly treated in comparative laws. Certain legal systems take a liberal approach and allow the enforcement of close-out netting clauses. Others are much stricter, and they limit or completely prohibit the enforcement of close-out netting clauses through the mandatory provisions of their national bankruptcy laws. The author analyzes the concept of close-out netting clauses in selected comparative legal systems and examines the differences in their legal treatment by using the historical, analytical, and comparative method. It results that special treatment of the close-out netting in national laws with a liberal approach is often forced by financial industry lobbies and introduced in national laws without the justified reasons. Contrary to that in legal systems with limited or prohibited approach on close-out netting the uncertain enforceability of the close-out netting clause causes potential credit risks. The detected discrepancy on the national legal treatment and national financial markets regarding close-out netting lead to the conclusion to author’s best knowledge that is not possible to use any national model of close-out netting as a role model which perfectly fits all.

Keywords: close-out netting clauses, derivatives, insolvency, offsetting

Procedia PDF Downloads 145

Authors: Madani Chahinaz

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This study aims to shed light on the impact of dividend policy on corporate profitability and its relationship to growth, considering the economic developments taking place. The study was conducted on a sample of seven companies for the period from 2014 to 2020, based on a set of determinants to select variables affecting dividend distribution, where the descriptive analytical approach relied upon using graphical data models. The study concluded that companies that follow a well-studied dividend distribution policy enjoy higher profitability rates, which contributes to enhancing their growth in light of the economic developments taking place. There is also no statistically significant relationship between the variables of total asset growth and fixed asset growth and profitability. The study also concluded that there is statistical significance for the relationship between the sales volume growth variable, the self-financing ratio variable, and dividend distribution at a significance level of 0.05, as the random effects model was able to explain 68% of the changes in dividend distribution policy.

Keywords: dividend distribution policy, profitability, growth, self-financing ratio

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Authors: M. Yildirim, A. S. Kipcak, F. T. Senberber, M. O. Asensio, E. M. Derun, S. Piskin

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Potassium borates, which are widely used in welding and metal refining industry, as a lubricating oil additive, cement additive, fiberglass additive and insulation compound, are one of the important groups of borate minerals. In this study the production of a potassium borate mineral via hydrothermal method is aimed. The potassium source of potassium nitrate (KNO3) was used along with a sodium source of sodium hydroxide (NaOH) and boron source of boric acid (H3BO3). The constant parameters of reaction temperature and reaction time were determined as 80°C and 1 h, respectively. The molar ratios of 1:1:3 (as KNO3:NaOH:H3BO3), 1:1:4, 1:1:5, 1:1:6 and 1:1:7 were used. Following the synthesis the identifications of the produced products were conducted by X-Ray Diffraction (XRD) and Fourier Transform Infrared Spectroscopy (FT-IR). The results of the experiments and analysis showed in the ratio of 1:1:6, the Santite mineral with powder diffraction file number (pdf no.) of 01-072-1688, which is known as potassium pentaborate (KB5O8•4H2O) was synthesized as best.

Keywords: hydrothermal synthesis, potassium borate, potassium nitrate, santite

Procedia PDF Downloads 460

Authors: Jui-Pui Hung, Yong-Run Chen, Wei-Cheng Shih, Chun-Wei Lin

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This study was aimed to assess the variations of the modal characteristics of the feeding stage with different linear guide modulus. The dynamic characteristics of the feeding stage were characterized in terms of the modal stiffness, modal frequency and modal damping, which are assessed from the vibration tests. According to the experimental measurements, the actual preload of the linear guide modulus was found to deviate from the rated values as setting in factory. This may be due to the assemblage errors of guide modules. For the stage with linear guides, the dynamic stiffness was affected to change by the preload set on the rolling balls. The variation of the dynamic stiffness at first and second modes is 20.8 and 10.5%, respectively when the linear guide preload is adjusted from medium and high amount. But the modal damping ratio is reduced by 8.97 and 9.65%, respectively. For high-frequency mode, the modal stiffness increases by 171.2% and the damping ratio reduced by 34.4%. Current results demonstrate the importance in the determining the preloaded amount of linear guide modulus in practical application.

Keywords: contact stiffness, feeding stage, linear guides, modal characteristics, pre-load

Procedia PDF Downloads 430

Authors: Gurveer Kaur, T. K. Goswami

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Rasgulla (a sweet syrup cheese ball), a sweet, spongy dessert represents traditional sweet dish of an Indian subcontinent prepared by chhana. 100 g of Rasgulla contains 186 calories, and so it is a driving force behind obesity and diabetes. To reduce Rasgulla’s energy value sucrose mainly should be minimized, so instead of sucrose, stevia (zero calories natural sweetener) is used to prepare Rasgulla. In this study three samples were prepared with sucrose to stevia ratio taking 100:0 (as control sample), (i) 50:50 (T1); (ii) 25:75 (T2), and (iii) 0:100 (T3) from 4% fat milk. It was found that as the sucrose concentration decreases the percentage of fat increase in the Rasgulla slightly. Sample T2 showed < 0.1% (±0.06) sucrose content. But there was no significant difference on protein and ash content of the samples. Whitening index was highest (78.0 ± 0.13) for T2 and lowest (65.7 ± 0.21) for the control sample since less sucrose in syrup reduces the browning of the sample (T2). Energy value per 100 g was calculated to be 50, 72, 98, and 184 calories for T3, T2, T1 and control samples, respectively. According to optimization study, the preferred (high quality) order of samples was as follows: T1 > T1 > control > T3. Low sugar content Rasgulla with acceptable quality can be prepared with 25:75 ratio of sucrose to stevia.

Keywords: composition, rasgulla, sensory, stevia

Procedia PDF Downloads 206