Search results for: financial stability and solvency margin

Authors: Keith Dominic T. Li

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The soaring prices of residential properties in Hong Kong has become a social problem that even the middle class is having dif?iculties in purchasing homes. In making policies to curb the prices, it is important to determine the factors that contribute to the property in?lation. Many researches attribute this in?lation to macroeconomic factors especially the interest rate. However, it is important to remember that Hong Kong is under a Currency Board system which makes its interest rate exogenously determined. This research aims to show the signi?icance of the money supply on Hong Kong residential property prices in post-1997 Asian Financial Crisis period. Using money supply data, macroeconomic fundamentals, and demographic variables from 2000Q1 to 2013Q2, the factors contributed to residential property price in?lation are estimated to calculate the share of each explanatory variable in disparity. It is found that the Hong Kong property market is mainly driven by investment and that the in?lation on Hong Kong residential property prices can explained by the increase in the Hang Seng Index and in the money supply M2.

Keywords: real estate, Hong Kong, property market, monetary economics, monetary policy

Procedia PDF Downloads 523

Authors: R. Ziaie Moayed, E. Khavaninzadeh, M. Ghorbani Tochaee

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Direct shear test is widely used in soil mechanics experiment to determine the shear strength parameters of granular soils. For analysis of soil stability problems such as bearing capacity, slope stability and lateral pressure on soil retaining structures, the shear strength parameters must be known well. In the present study, shear strength parameters are determined in silty-sand mixtures. Direct shear tests are performed on 161 Firoozkooh sand with different silt content at a relative density of 70% in three vertical stress of 100, 150, and 200 kPa. Wet tamping method is used for soil sample preparation, and the results include diagrams of shear stress versus shear deformation and sample height changes against shear deformation. Accordingly, in different silt percent, the shear strength parameters of the soil such as internal friction angle and dilation angle are calculated and compared. According to the results, when the sample contains up to 10% silt, peak shear strength and internal friction angle have an upward trend. However, if the sample contains 10% to 50% of silt a downward trend is seen in peak shear strength and internal friction angle.

Keywords: shear strength parameters, direct shear test, silty sand, shear stress, shear deformation

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Authors: Valentina Milanova, Kalina Mihaylova, Iva Lazarova

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The mechanisms by which female genital infections are detected are varied and include clinician-collected high vaginal swabs, clinician-collected endocervical swabs, patient-collected vaginal swabs, and first-pass urine samples. Vaginal health screening has chronically low rates of uptake. This highlights the unmet need for a screening tool with comparable diagnostic accuracy which is familiar, convenient and easy to use for people. The Daye™ medical grade tampon offers an alternative to traditional sampling methods with the potential of increasing screening uptake among people previously too embarrassed or busy to attend gynecological appointments. In this white paper, the results of stability studies and a comparative clinical trial are discussed to assess the suitability of the device for the collection of vaginal samples for various clinical assessments. The tampon has demonstrated good sample stability and comparable sample quality compared to a self-collected vaginal swab and a clinician-collected cervical swab.

Keywords: vaginal microbiome, vaginal infections, gynaecological infections, female health, menstrual tampons, in vitro diagnostics

Procedia PDF Downloads 86

Authors: M. Kumpugdee-Vollrath, J.-P. Krause, S. Bürk

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Most of the drugs used for pharmaceutical purposes are poorly water-soluble drugs. About 40% of all newly discovered drugs are lipophilic and the numbers of lipophilic drugs seem to increase more and more. Drug delivery systems such as nanoparticles, micelles or liposomes are applied to improve their solubility and thus their bioavailability. Besides various techniques of solubilization, oil-in-water emulsions are often used to incorporate lipophilic drugs into the oil phase. To stabilize emulsions surface active substances (surfactants) are generally used. An alternative method to avoid the application of surfactants was of great interest. One possibility is to develop O/W-emulsion without any addition of surface active agents or the so called “surfactant-free emulsion or SFE”. The aim of this study was to develop and characterize SFE as a drug carrier by varying the production conditions. Lidocaine base was used as a model drug. The injection method was developed. Effects of ultrasound as well as of temperature on the properties of the emulsion were studied. Particle sizes and release were determined. The long-term stability up to 30 days was performed. The results showed that the surfactant-free O/W emulsions with pharmaceutical oil as drug carrier can be produced.

Keywords: emulsion, lidocaine, Miglyol, size, surfactant, light scattering, release, injection, ultrasound, stability

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Authors: Bishakha Majumdar, Ranjeet Nambudiri

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Considerable dichotomy exists in research regarding the role of optimism and self-efficacy in work and career outcomes. Optimism and self-efficacy are related to performance, commitment and engagement, but also are implicated in seeing opportunities outside the firm and switching jobs. There is absence of research capturing these opposing strands of findings in the same model and providing a holistic understanding of how the expectancy beliefs operate in case of the working professional. We attempt to bridge this gap by proposing that career-decision self-efficacy and career outcome expectations affect intention to quit through the competitive mediation pathways of internal and external marketability. This model provides a holistic picture of the role of career expectancy beliefs on career outcomes, by considering perceived career opportunities both inside and outside one’s present organization. The understanding extends the application of career expectancy beliefs in the context of career decision-making by the employed individual. Further, it is valuable for reconsidering the effectiveness of hiring and retention techniques used by a firm, as selection, rewards and training programs need to be supplemented by interventions that specifically strengthen the stability pathway.

Keywords: career decision self-efficacy, career outcome expectations, marketability, intention to quit, job mobility

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Authors: Vera Wilden, Benno Hoffmeister, Markus Feldmann

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Glued laminated timber (glulam) is a preferred choice for long span girders, e.g., for gyms or storage halls. While the material provides sufficient strength to resist the bending moments, large spans lead to increased slenderness of such members and to a higher susceptibility to stability issues, in particular to lateral torsional buckling (LTB). Rules for the determination of the ultimate LTB resistance are provided by Eurocode 5. The verifications of the resistance may be performed using the so called equivalent member method or by means of theory 2nd order calculations (direct method), considering equivalent imperfections. Both methods have significant limitations concerning their applicability; the equivalent member method is limited to rather simple cases; the direct method is missing detailed provisions regarding imperfections and requirements for numerical modeling. In this paper, the results of a test series on slender glulam beams in three- and four-point bending are presented. The tests were performed in an innovative, newly developed testing rig, allowing for a very precise definition of loading and boundary conditions. The load was introduced by a hydraulic jack, which follows the lateral deformation of the beam by means of a servo-controller, coupled with the tested member and keeping the load direction vertically. The deformation-controlled tests allowed for the identification of the ultimate limit state (governed by elastic stability) and the corresponding deformations. Prior to the tests, the structural and geometrical imperfections were determined and used later in the numerical models. After the stability tests, the nearly undamaged members were tested again in pure bending until reaching the ultimate moment resistance of the cross-section. These results, accompanied by numerical studies, were compared to resistance values obtained using both methods according to Eurocode 5.

Keywords: experimental tests, glued laminated timber, lateral torsional buckling, numerical simulation

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Authors: Baghdasaryan Marinka

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The operation modes of the synchronous motors used in the production processes are greatly conditioned by the accidentally changing technological and power indices.  As a result, the electrical drive synchronous motor may appear in irregular operation regimes. Although there are numerous works devoted to the development of the regulator for the synchronous motor operation modes, their application for the motors working in the irregular modes is not expedient. In this work, to estimate the issues concerning the stability of the synchronous electrical drive system, the transfer functions of the electrical drive synchronous motors operating in the synchronous and induction modes have been obtained.  For that purpose, a model for investigating the frequency characteristics has been developed in the LabView environment. Frequency characteristics for assessing the transient process of the electrical drive system, operating in the synchronous and induction modes have been obtained, and based on their assessment, a regulator for improving the operation modes of the motor has been proposed. The proposed regulator can be successfully used to prevent the irregular modes of the electrical drive synchronous motor, as well as to estimate the operation state of the drive motor of the mechanism with a changing load.

Keywords: electrical drive system, synchronous motor, regulator, stability, transition process

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Authors: Vanaja Rao

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In the recent times, the need for the integration of Renewable Energy Sources (RES) in a Smart Grid is on the rise. As a result of this, associated energy storage systems are known to play important roles in sustaining the efficient operation of such RES like wind power and solar power. This paper investigates the importance of location selection of Energy Storage Systems (ESSs) in a Smart Grid. Three scenarios of ESS location is studied and analyzed in a Smart Grid, which are – 1. Near the generation/source, 2. In the middle of the Grid and, 3. Near the demand/consumption. This is explained with the aim of assisting any Distribution Network Operator (DNO) in deploying the ESSs in a power network, which will significantly help reduce the costs and time of planning and avoid any damages incurred as a result of installing them at an incorrect location of a Smart Grid. To do this, the outlined scenarios mentioned above are modelled and analyzed with the National Grid’s datasets of energy generation and consumption in the UK power network. As a result, the outcome of this analysis aims to provide a better overview for the location selection of the ESSs in a Smart Grid. This ensures power system stability and security along with the optimum usage of the ESSs.

Keywords: distribution networks, energy storage system, energy security, location planning, power stability, smart grid

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Authors: Tiberiu Socaciu, Tudor Colomeischi, Eugenia Iancu

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

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

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Authors: Mahfoud Djebbar

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

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

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Authors: Oluwole A. Solanke

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

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

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Authors: Weiyao Zhu, Bingbing Li, Yajing Liu, Zhiyong Song

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Branched-preformed particle gel (B-PPG) is a newly developed profile control and oil displacement agent for enhanced oil recovery in major oilfields. To provide a better understanding of the performance of B-PPG in high temperature reservoirs, a comprehensive experimental investigation was conducted by utilizing glass micromodel and synthetic core. The microscopic experimental results show that the B-PPG can selectively flow and plug in large pores. In terms of enhanced oil recovery, the decrease of residual oil in the margin regions (24.6%) was higher than that in the main stream (13.7%), which indicates it enlarged the sweep area. In addition, the effects of B-PPG injection concentration and injection rate on enhanced oil recovery were implemented by core flooding. The macroscopic experimental results indicate that the enhanced oil recovery increased with the increasing of injection concentration. However, the injection rate had a peak value. It is significant to get insight into the behaviors of B-PPG in reservoirs.

Keywords: branched-preformed particle gel, enhanced oil recovery, micromodel, core flooding

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Authors: Fereshteh Darash

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

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

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Authors: Michael Saad Thabet Azrek

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The advanced facts era is becoming a vital element within the improvement of financial offerings enterprise, in particular, the banking enterprise. It has introduced new approaches to delivering banking to the patron, including Internet Banking. Banks started to observe digital banking (e-banking) as a means to update a number of their conventional branch features using the net as a brand-new distribution channel. A few purchasers have, as a minimum, a couple of accounts across banks and get the right of entry to these accounts using e-banking offerings. To study the contemporary net really worth role, clients ought to log in to each of their debts and get the info and paintings on consolidation. This not simplest takes enough time, but it's also a repetitive hobby at a specific frequency. To cope with this point, an account aggregation idea is introduced as an answer. E-banking account aggregation, as one of the e-banking types, appeared to construct a more potent dating with clients. Account Aggregation provider usually refers to a provider that permits clients to manage their financial institution debts maintained in distinct establishments through a not unusual net banking operating a platform, with an excessive situation to protection and privateness. This paper gives an outline of an e-banking account aggregation method as a new provider in the e-banking field.

Keywords: compatibility, complexity, mobile banking, observation, risk banking technology, internet banks, modernization of banks, banks, account aggregation, security, enterprise development

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Authors: Suzanne Bouma

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

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

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Authors: Jiashu Shen

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

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

Procedia PDF Downloads 108

Authors: Chariton Christou, David Cornwell

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

Keywords: production sharing contracts, transparency, simulation

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Authors: Sylvain Caillol, Ghislain David

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Phenolic resins are industrially used in a wide range of applications from commodity and construction materials to high-technology aerospace industry. They are mainly produced from the reaction between phenolic compounds and formaldehyde. Nevertheless, formaldehyde is a highly volatile and hazardous compound, classified as a Carcinogenic, Mutagenic and Reprotoxic chemical (CMR). Vanillin is a bio-based and non-toxic aromatic aldehyde compound obtained from the abundant lignin resources. Also, its aromaticity is very interesting for the synthesis of phenolic resins with high thermal stability. However, because of the relatively low reactivity of its aldehyde function toward phenolic compounds, it has never been used to synthesize phenolic resins. We developed innovative functionalization reactions and designed new bio-based aromatic aldehyde compounds from vanillin. Those innovative compounds present improved reactivity toward phenolic compounds compared to vanillin. Moreover, they have target structures to synthesize highly cross-linked phenolic resins with high aromatic densities. We have obtained phenolic resins from substituted vanillin, thus without the use of any aldehyde compound classified as CMR. The analytical tests of the cured resins confirmed that those bio-based resins exhibit high levels of performance with high thermal stability and high rigidity properties

Keywords: phenolic resins, formaldehyde-free, vanillin, bio-based, non-toxic

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Authors: Osei Yaw Atakora

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A brief study involving the use of natural plant product in trapping of Bactrocera dorsalis was conducted in selected mango orchards in two agro ecological zone of Ghana for the major mango season. The main objective of the study was to compare the attractiveness of different concentrations of aqueous leaf extract of Pimenta racemosa with a commercial methyl eugenol (Stop Mating Block). A total number of 174,388 organisms were captured with 171,412 identified as B. dorsalis and 2,976 identified as non-target (other insects and spiders). Significant differences (P < 0.05) were observed in the performance of the different treatments across the selected experimental farms. Stop Mating Block performed better than the different concentrations with a significant margin. The result suggests that Stop Mating Block performed better than the extract but it is economically preferable since most farmers in Ghana are small-holder farmers.

Keywords: bactrocera dorsalis, methyl eugenol, Pimenta racemosa, stop mating block

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Authors: Olaniyi Fawole, Umezuruike Opara

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Co-products obtained from pomegranate juice processing contain high levels of polyphenols with potential high added values. From value-addition viewpoint, the aim of this study was to evaluate the stability of polyphenolic concentrations in pomegranate fruit co-products in different solvent extracts and assess the effect on the total antioxidant capacity using the FRAP, DPPH˙ and ABTS˙+ assays during simulated in vitro digestion. Pomegranate juice, marc and peel were extracted in water, 50% ethanol (50%EtOH) and absolute ethanol (100%EtOH) and analysed for total phenolic concentration (TPC), total flavonoids concentration (TFC) and total antioxidant capacity in DPPH˙, ABST˙+ and FRAP assays before and after in vitro digestion. Total phenolic concentration (TPC) and total flavonoid concentration (TFC) were in the order of peel > marc > juice throughout the in vitro digestion irrespective of the extraction solvents used. However, 50% ethanol extracted 1.1 to 12-fold more polyphenols than water and ethanol solvents depending on co-products. TPC and TFC increased significantly in gastric digests. In contrast, after the duodenal, polyphenolic concentrations decreased significantly (p < 0.05) compared to those obtained in gastric digests. Undigested samples and gastric digests showed strong and positive relationships between polyphenols and the antioxidant activities measured in DPPH, ABTS and FRAP assays, with correlation coefficients (r2) ranging between 0.930 – 0.990 whereas, the correlation between polyphenols (TPC and TFC) and radical cation scavenging activity (in ABTS) were moderately positive in duodenal digests. Findings from this study also showed that the concentration of pomegranate polyphenols and antioxidant thereof during in vitro gastro-intestinal digestion may not reflect the pre-digested phenolic concentration. Thus, this study highlights the need to provide biologically relevant information on antioxidants by providing data reflecting their stability and activity after in vitro digestion.

Keywords: by-product, DPPH, polyphenols, value addition

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Authors: Hammad Khan, Wookeun Bae

Abstract:

The objective of this study was to optimize and control the highly loaded and efficient nitrite production having suitability for autotrophic and heterotrophic denitritation. A lab scale CSTR for partial and full nitritation was operated to treat the livestock manure digester liquor having an ammonium concentration of ~600 mg-NH4+-N/L and biodegradable contents of ~0.35 g-COD/L. The experiments were performed at 30°C, pH: 8.0, DO: 1.5 mg/L and SRT ranging from 7-20 days. After 125 days operation, >95% nitrite buildup having the ammonium loading rate of ~3.2 kg-NH4+-N/m3-day was seen with almost complete ammonium conversion. On increasing the loading rate further (i-e, from 3.2-6.2 kg-NH4+-N/m3-day), stability of the system remained unaffected. On decreasing the pH from 8 to 7.5 and further 7.2, removal rate can be easily controlled as 95%, 75%, and even 50%. Results demonstrated that nitritation stability and desired removal rates are controlled by a balance of simultaneous inhibition by FA & FNA, pH effect and DO limitation. These parameters proved to be effective even to produce an appropriate influent for anammox. In addition, a mathematical model, identified through the occurring biological reactions, is proposed to optimize the full and partial nitritation process. The proposed model present relationship between pH, ammonium and produced nitrite for full and partial nitritation under the varying concentrations of DO, and simultaneous inhibition by FA and FNA.

Keywords: stable nitritation, high loading, autrophic denitritation, hetrotrophic denitritation

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Authors: Shekar Babu, Amalendu Jyothishi

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

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

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Authors: Basil Manos, Thomas Bournaris, Christina Moulogianni

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The European agricultural policy supports all member states to apply agricultural development plans for the development of their agricultural sectors. A specific measure of the agricultural development plans refers to young people in order to enter into the agricultural sector. This measure helps the participating young farmers in achieving maximum efficiency, using methods and environmentally friendly practices, by altering their farm plans. This study applies a Multicriteria Mathematical Programming (MCDA) model for the young farmers to find farm plans that achieve the maximum gross margin and the minimum environmental impacts (less use of fertilizers and irrigation water). The analysis was made in the region of Central Macedonia, Greece, among young farmers who have participated in the “Setting up Young Farmers” measure during 2007-2010. The analysis includes the implementation of the MCDA model for the farm plans optimization and the comparison of selected environmental indicators with those of the existent situation.

Keywords: multicriteria, optimum farm plans, environmental impacts, sustainable management

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

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

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

Procedia PDF Downloads 216

Authors: Hammad Khan, Wookeun Bae

Abstract:

The objective of this study was to optimize, achieve and control the highly loaded and efficient nitrite production having suitability for autotrophic and heterotrophic denitritation. A lab scale CSTR for partial and full nitritation was operated to treat the livestock manure digester liquor having an ammonium concentration of ~600 mg-NH4+-N/L and biodegradable contents of ~0.35 g-COD/L. The experiments were performed at 30°C, pH: 8.0, DO: 1.5 mg/L and SRT ranging from 7-20 days. After 125 days operation, >95% nitrite buildup having the ammonium loading rate of ~3.2 kg-NH4+-N/m3-day was seen with almost complete ammonium conversion. On increasing the loading rate further (i-e, from 3.2-6.2 kg-NH4+-N/m3-day), stability of the system remained unaffected. On decreasing the pH from 8 to7.5 and further 7.2, removal rate can be easily controlled as 95%, 75%, and even 50%. Results demonstrated that nitritation stability and desired removal rates are controlled by a balance of simultaneous inhibition by FA & FNA, pH affect and DO limitation. These parameters proved to be effective even to produce an appropriate influent for anammox. In addition, a mathematical model, identified through the occurring biological reactions, is proposed to optimize the full and partial nitritation process. The proposed model present relationship between pH, ammonium and produced nitrite for full and partial nitritation under the varying concentrations of DO, and simultaneous inhibition by FA and FNA.

Keywords: stable nitritation, high loading, autrophic denitritation, CSTR

Procedia PDF Downloads 223

Authors: Emmanuel Jr. Ballad, Herman Mendoza

Abstract:

The recovery of fine activated carbon with adsorbed gold in the cyanidation tailings of a small-scale gold plant was investigated due to the high amount of gold present. In the study, collectors that were used are kerosene and diesel. Emulsification of the oils was done to improve its collecting property, thus also the recovery. It was found out that the best hydrophile lypophile balance (HLB) of emulsified diesel and kerosene oil is 13 and 12 respectively. The amount of surfactants (SPAN 20 and TWEEN 20) for the best stability of the emulsified oils was found to be 10% in both kerosene and diesel. Optical microscopy showed that the oil dispersion in the water forms spherical droplets like features. The higher the stability, the smaller the droplets and their number were increasing. The smaller droplets indicate better dispersion of oil in the water. Consequently, it will have a greater chance of oil and activated carbon particle interaction during flotation. Due to the interaction of dispersed oil phase with carbon, the hydrophobicity of the carbon will be improved and will be attached to the bubble. Thus, flotation recovery will be increased. Results showed that the recovery of the fine activated carbon using emulsified diesel or kerosene is three times more effective than using pure diesel or kerosene.

Keywords: emulsified oils, flotation, hydrophile lyophile balance, non-ionic surfactants

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

Abstract:

Strengthening core competitiveness is the main goal of enterprises in a fierce competitive environment. Accurate cost information is a great help for managers in dealing with operation strategies. This paper establishes a profitability management mechanism that applies the Activity-Based Benefit approach (ABBA) to solve the profitability for each customer from the market. ABBA provides financial and non-financial information for the operation, but also indicates what resources have expired in the operational process. The customer profit management model shows the level of profitability of each customer for the company. The empirical data were gathered from a case company operating in the leather industry in Taiwan. The research findings indicate that 30% of customers create little profit for the company as a result of asking for over 5% of sales discounts. Those customers ask for sales discount because of color differences of leather products. This paper provides a customer’s profitability evaluation mechanism to help enterprises to greatly improve operating effectiveness and promote operational activity efficiency and overall operation profitability.

Keywords: activity-based benefit approach, customer profit analysis, leather industry, profitability management mechanism

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Authors: L. Totladze

Abstract:

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

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

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

Abstract:

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

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

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Authors: Sharmila Pradhan, Ralf Lach, George Michler, Jean Mark Saiter, Rameshwar Adhikari

Abstract:

Ethylene/1-octene copolymer was modified incorporating three types of nanofillers differed in their dimensionality in order to investigate the effect of filler dimensionality on mechanical properties, for instance, tensile strength, microhardness etc. The samples were prepared by melt mixing followed by compression moldings. The microstructure of the novel material was characterized by Fourier transform infrared spectroscopy (FTIR), X-ray diffraction (XRD) method and Transmission electron microscopy (TEM). Other important properties such as melting, crystallizing and thermal stability were also investigated via differential scanning calorimetry (DSC) and Thermogravimetry analysis (TGA). The FTIR and XRD results showed that the composites were formed by physical mixing. The TEM result supported the homogeneous dispersion of nanofillers in the matrix. The mechanical characterization performed by tensile testing showed that the composites with 1D nanofiller effectively reinforced the polymer. TGA results revealed that the thermal stability of pure EOC is marginally improved by the addition of nanofillers. Likewise, melting and crystallizing properties of the composites are not much different from that of pure.

Keywords: copolymer, differential scanning calorimetry, nanofiller, tensile strength

Procedia PDF Downloads 232