Search results for: sustainability reporting strategy
4923 Intensive Crosstalk between Autophagy and Intracellular Signaling Regulates Osteosarcoma Cell Survival Response under Cisplatin Stress
Authors: Jyothi Nagraj, Sudeshna Mukherjee, Rajdeep Chowdhury
Abstract:
Autophagy has recently been linked with cancer cell survival post drug insult contributing to acquisition of resistance. However, the molecular signaling governing autophagic survival response is poorly explored. In our study, in osteosarcoma (OS) cells cisplatin shock was found to activate both MAPK and autophagy signaling. An activation of JNK and autophagy acted as pro-survival strategy, while ERK1/2 triggered apoptotic signals upon cisplatin stress. An increased sensitivity of the cells to cisplatin was obtained with simultaneous inhibition of both autophagy and JNK pathway. Furthermore, we observed that the autophagic stimulation upon drug stress regulates other developmentally active signaling pathways like the Hippo pathway in OS cells. Cisplatin resistant cells were thereafter developed by repetitive drug exposure followed by clonal selection. Basal levels of autophagy were found to be high in resistant cells to. However, the signaling mechanism leading to autophagic up-regulation and its regulatory effect differed in OS cells upon attaining drug resistance. Our results provide valuable clues to regulatory dynamics of autophagy that can be considered for development of improved therapeutic strategy against resistant type cancers.Keywords: JNK, autophagy, drug resistance, cancer
Procedia PDF Downloads 2824922 Customer Involvement in the Development of New Sustainable Products: A Review of the Literature
Authors: Natalia Moreira, Trevor Wood-Harper
Abstract:
The acceptance of sustainable products by the final consumer is still one of the challenges of the industry, which constantly seeks alternative approaches to successfully be accepted in the global market. A large set of methods and approaches have been discussed and analysed throughout the literature. Considering the current need for sustainable development and the current pace of consumption, the need for a combined solution towards the development of new products became clear, forcing researchers in product development to propose alternatives to the previous standard product development models. This paper presents, through a systemic analysis of the literature on product development, eco-design and consumer involvement, a set of alternatives regarding consumer involvement towards the development of sustainable products and how these approaches could help improve the sustainable industry’s establishment in the general market. The initial findings of the research show that the understanding of the benefits of sustainable behaviour lead to a more conscious acquisition and eventually to the implementation of sustainable change in the consumer. Thus this paper is the initial approach towards the development of new sustainable products using the fashion industry as an example of practical implementation and acceptance by the consumers. By comparing the existing literature and critically analysing it this paper concluded that the consumer involvement is strategic to improve the general understanding of sustainability and its features. The use of consumers and communities has been studied since the early 90s in order to exemplify uses and to guarantee a fast comprehension. The analysis done also includes the importance of this approach for the increase of innovation and ground breaking developments, thus requiring further research and practical implementation in order to better understand the implications and limitations of this methodology.Keywords: consumer involvement, products development, sustainability, eco-design
Procedia PDF Downloads 5894921 Challenges of the Implementation of Real Time Online Learning in a South African Context
Authors: Thifhuriwi Emmanuel Madzunye, Patricia Harpur, Ephias Ruhode
Abstract:
A review of the pertinent literature identified a gap concerning the hindrances and opportunities accompanying the implementation of real-time online learning systems (RTOLs) in rural areas. Whilst RTOLs present a possible solution to teaching and learning issues in rural areas, little is known about the implementation of digital strategies among schools in isolated communities. This study explores associated guidelines that have the potential to inform decision-making where Internet-based education could improve educational opportunities. A systematic literature review has the potential to consolidate and focus on disparate literature served to collect interlinked data from specific sources in a structured manner. During qualitative data analysis (QDA) of selected publications via the application of a QDA tool - ATLAS.ti, the following overarching themes emerged: digital divide, educational strategy, human factors, and support. Furthermore, findings from data collection and literature review suggest that signiant factors include a lack of digital knowledge, infrastructure shortcomings such as a lack of computers, poor internet connectivity, and handicapped real-time online may limit students’ progress. The study recommends that timeous consideration should be given to the influence of the digital divide. Additionally, the evolution of educational strategy that adopts digital approaches, a focus on training of role-players and stakeholders concerning human factors, and the seeking of governmental funding and support are essential to the implementation and success of RTOLs.Keywords: communication, digital divide, digital skills, distance, educational strategy, government, ICT, infrastructures, learners, limpopo, lukalo, network, online learning systems, political-unrest, real-time, real-time online learning, real-time online learning system, pass-rate, resources, rural area, school, support, teachers, teaching and learning and training
Procedia PDF Downloads 3244920 Bi-objective Network Optimization in Disaster Relief Logistics
Authors: Katharina Eberhardt, Florian Klaus Kaiser, Frank Schultmann
Abstract:
Last-mile distribution is one of the most critical parts of a disaster relief operation. Various uncertainties, such as infrastructure conditions, resource availability, and fluctuating beneficiary demand, render last-mile distribution challenging in disaster relief operations. The need to balance critical performance criteria like response time, meeting demand and cost-effectiveness further complicates the task. The occurrence of disasters cannot be controlled, and the magnitude is often challenging to assess. In summary, these uncertainties create a need for additional flexibility, agility, and preparedness in logistics operations. As a result, strategic planning and efficient network design are critical for an effective and efficient response. Furthermore, the increasing frequency of disasters and the rising cost of logistical operations amplify the need to provide robust and resilient solutions in this area. Therefore, we formulate a scenario-based bi-objective optimization model that integrates pre-positioning, allocation, and distribution of relief supplies extending the general form of a covering location problem. The proposed model aims to minimize underlying logistics costs while maximizing demand coverage. Using a set of disruption scenarios, the model allows decision-makers to identify optimal network solutions to address the risk of disruptions. We provide an empirical case study of the public authorities’ emergency food storage strategy in Germany to illustrate the potential applicability of the model and provide implications for decision-makers in a real-world setting. Also, we conduct a sensitivity analysis focusing on the impact of varying stockpile capacities, single-site outages, and limited transportation capacities on the objective value. The results show that the stockpiling strategy needs to be consistent with the optimal number of depots and inventory based on minimizing costs and maximizing demand satisfaction. The strategy has the potential for optimization, as network coverage is insufficient and relies on very high transportation and personnel capacity levels. As such, the model provides decision support for public authorities to determine an efficient stockpiling strategy and distribution network and provides recommendations for increased resilience. However, certain factors have yet to be considered in this study and should be addressed in future works, such as additional network constraints and heuristic algorithms.Keywords: humanitarian logistics, bi-objective optimization, pre-positioning, last mile distribution, decision support, disaster relief networks
Procedia PDF Downloads 724919 The Sustainable Design Approaches of Vernacular Architecture in Anatolia
Authors: Mine Tanaç Zeren
Abstract:
The traditional architectural style or the vernacular architecture can be considered modern and permanent in terms of reflecting the community’s lifestyle, reasonable interpretation of the material and the structure, and the building and the environment relationship’s integrity. When vernacular architecture is examined, it is seen that sustainable building design approaches are achieved at the very beginning by adapting to climate conditions. The aim of the sustainable design approach is to maintain to adapt to the characteristics of the topography of the land and to the climatic conditions, minimizing the energy use by the building material and structural elements. Traditional Turkish House, as one of the representatives of the traditional and vernacular architecture in Anatolia, has a sustainable building design approach as well, which can be read both from the space organization, the section, the volume, and the building components and building details. The only effective factor that human beings cannot change and have to adapt their constructions and settlements to is climate. The vernacular settlements of vernacular architecture in Anatolia, “Traditional Turkish Houses,” are generally formed as concentric settlements in desert conditions and climates or separate and dependently formations according to the wind and the sun in moist areas. They obtain the sustainable building design criteria. This paper aims to put forward the sustainable building design approaches of vernacular architecture in Anatolia. There are four main different climatic conditions depending on the regional differentiations in Anatolia. Taking these different climatic and topographic conditions into account, it has been seen that the vernacular housing features shape and differentiate from each other due to the changing conditions. What is differentiating is the space organization, design of the shelter of the building, material, and structural system used. In this paper, the sustainable building design approaches of Anatolian vernacular architecture will be examined within these four different vernacular settlements located in Aegean Region, Marmara Region, Black Sea Region, and Eastern Region. These differentiated features and how these features differentiate in order to maintain the sustainability criteria will be the main discussion part of the paper. The methodology of this paper will briefly define these differentiations and the sustainable design criteria. The sustainable design approaches and these differentiated items will be read through the design criteria of the shelter of the building and the material selection criteria according to climatic conditions. The methods of preventing energy loss will be examined. At the end of this research, it is going to be seen that the houses located in different parts of Anatolia, depending on climate and topographic conditions to be able to adapt to the environment and maintain sustainability, differ from each other in terms of space organization, structural system, and material use, design of the shelter of the buildingKeywords: sustainability of vernacular architecture, sustainable design criteria of traditional Turkish houses, Turkish houses, vernacular architecture
Procedia PDF Downloads 934918 A Lean Manufacturing Profile of Practices in the Metallurgical Industry: A Methodology for Multivariate Analysis
Authors: M. Jonathan D. Morales, R. Ramón Silva
Abstract:
The purpose of this project is to carry out an analysis and determine the profile of actual lean manufacturing processes in the Metropolitan Area of Bucaramanga. Through the analysis of qualitative and quantitative variables it was possible to establish how these manufacturers develop production practices that ensure their competitiveness and productivity in the market. In this study, a random sample of metallurgic and wrought iron companies was applied, following which a quantitative focus and analysis was used to formulate a qualitative methodology for measuring the level of lean manufacturing procedures in the industry. A qualitative evaluation was also carried out through a multivariate analysis using the Numerical Taxonomy System (NTSYS) program which should allow for the determination of Lean Manufacturing profiles. Through the results it was possible to observe how the companies in the sector are doing with respect to Lean Manufacturing Practices, as well as identify the level of management that these companies practice with respect to this topic. In addition, it was possible to ascertain that there is no one dominant profile in the sector when it comes to Lean Manufacturing. It was established that the companies in the metallurgic and wrought iron industry show low levels of Lean Manufacturing implementation. Each one carries out diverse actions that are insufficient to consolidate a sectoral strategy for developing a competitive advantage which enables them to tie together a production strategy.Keywords: production line management, metallurgic industry, lean manufacturing, productivity
Procedia PDF Downloads 4534917 An Institutional Analysis of IFRS Adoption in Poor Jurisdictions
Authors: Catalina Florentina Pricope
Abstract:
The last two decades witnessed a movement towards harmonization of international financial reporting standards (IFRS) throughout the global economy. This investigation seeks to identify the factors that could explain the adoption of IFRS by poor jurisdictions. While there has been a considerable amount, of literature published on the effects and key drivers of IFRS adoption in both developed and developing countries, little attention has been paid to jurisdictions with less developed capital markets and low-income levels exclusively. Drawing upon the Institutional Isomorphism theory and analyzing a sample of 45 poor jurisdictions between 2008 and 2013, the study empirically shows that poor jurisdictions are driven by legitimacy concerns rather than by economic reasoning to adopt an international accounting perspective. This in turn has implications for the IASB, as it should seek to influence institutional pressures within a particular jurisdiction in order to promote IFRS adoption.Keywords: IFRS adoption, isomorphism, poor jurisdictions, accounting harmonization
Procedia PDF Downloads 2664916 Evaluating Thailand’s Cosmetic Surgery Tourism by Taiwanese Female Tourists
Authors: Wen-Yu Chen, Chia-Yuan Hsu, Sasinee Vongsrikul
Abstract:
The present study is to explore the perception of Taiwanese females towards medical tourism in Thailand for the development of applicable marketing strategy, integrating travel motivation and cosmetic surgery trend to attract potential medical tourists from Taiwan. Since previous studies relevant to this research issue are limited, qualitative study is firstly employed by using one focus group interview and in-depth interviews with Taiwanese females. Moreover, the present research collected questionnaires from 290 Taiwanese females to provide greater understanding of research results. The top three factors that affect Taiwanese females’ decision for not going to Thailand for medical tourism are “physicians and nurses cannot speak Chinese”, “low quality of the cosmetic surgery product that I want to do”, and “the county does not have laws to protect medical tourists’ right”. The finding of the empirical part would suggest the area in medical tourism industry which Thailand should promote and emphasizes in order to increase its presence as a hub for cosmetic surgery and attract Taiwanese female market. Therefore, the study contributes to the potential development of marketing strategy for medical tourism, specifically in the area of cosmetic surgery in Thailand while targeting Taiwan market.Keywords: Thailand, Taiwanese female tourists, medical tourism, cosmetic surgery
Procedia PDF Downloads 4184915 Level up Entrepreneurial Behaviors: A Case Study on the Use of Gamification to Encourage Entrepreneurial Acting and Thinking
Authors: Lena Murawski
Abstract:
Currently, researchers and experts from the business world recognize entrepreneurial behaviors as a decisive factor for economic success, allowing firms to adapt to changing internal and external needs. The purpose of this study is to explore how gamification can enhance entrepreneurial behaviors, reporting on a gamification project in a new venture operating in the IT sector in Germany. This article is based on data gathered from observations of pre‐ and post‐implementation in the case company. Results have indicated that the use of gamification encourages entrepreneurial behaviors, especially relating to seeking ways on how to integrate new employees, improve teamwork and communication, and to adapt existing processes to increase productivity. The interdisciplinary dialogue furthers our understanding of factors that foster entrepreneurial behaviors. The matter is of practical relevance, guiding practitioners on how to exploit the potentials of gamification to exhibit an entrepreneurial orientation in organizations.Keywords: case study, entrepreneurial behaviors, gamification, new venture
Procedia PDF Downloads 1544914 Development of the Maturity Sensor Prototype and Method of Its Placement in the Structure
Authors: Yelbek B. Utepov, Assel S. Tulebekova, Alizhan B. Kazkeyev
Abstract:
Maturity sensors are used to determine concrete strength by the non-destructive method. The method of placement of the maturity sensors determines their number required for a certain frame of a monolithic building. Previous studies weakly describe this aspect, giving only logical assumptions. This paper proposes a cheap prototype of an embedded wireless sensor for monitoring concrete structures, as well as an alternative strategy for placing sensors based on the transitional boundaries of the temperature distribution of concrete curing, which were determined by building a heat map of the temperature distribution, where unknown values are calculated by the method of inverse distance weighing. The developed prototype can simultaneously measure temperature and relative humidity over a smartphone-controlled time interval. It implements a maturity method to assess the in-situ strength of concrete, which is considered an alternative to the traditional shock impulse and compression testing method used in Kazakhstan. The prototype was tested in laboratory and field conditions. The tests were aimed at studying the effect of internal and external temperature and relative humidity on concrete's strength gain. Based on an experimentally poured concrete slab with randomly integrated maturity sensors, it was determined that the transition boundaries form elliptical forms. Temperature distribution over the largest diameter of the ellipses was plotted, resulting in correct and inverted parabolas. As a result, the distance between the closest opposite crossing points of the parabolas is accepted as the maximum permissible step for setting the maturity sensors. The proposed placement strategy can be applied to sensors that measure various continuous phenomena such as relative humidity. Prototype testing has also revealed Bluetooth inconvenience due to weak signal and inability to access multiple prototypes simultaneously. For this reason, further prototype upgrades are planned in future work.Keywords: heat map, placement strategy, temperature and relative humidity, wireless embedded sensor
Procedia PDF Downloads 1674913 The Role of Phycoremediation in the Sustainable Management of Aquatic Pollution
Authors: Raymond Ezenweani, Jeffrey Ogbebor
Abstract:
The menace of aquatic pollution has become increasingly of great concern and the effects of this pollution as a result of anthropogenic activities cannot be over emphasized. Phycoremediation is the application of algal remediation technology in the removal of harmful products from the environment. Harmful products also known as pollutants are usually introduced into the environment through variety of processes such as industrial discharge, agricultural runoff, flooding, and acid rain. This work has to do with the capability of algae in the efficient removal of different pollutants, ranging from hydrocarbons, eutrophication, agricultural chemicals and wastes, heavy metals, foul smell from septic tanks or dumps through different processes such as bioconversion, biosorption, bioabsorption and biodecomposition. Algae are capable of bioconversion of environmentally persistent compounds to degradable compounds and also capable of putting harmful bacteria growth into check in waste water remediation. Numerous algal organisms such as Nannochloropsis spp, Chlorella spp, Tetraselmis spp, Shpaerocystics spp, cyanobacteria and different macroalgae have been tested by different researchers in laboratory scale and shown to have 100% efficiency in environmental remediation. Algae as a result of their photosynthetic capacity are also efficient in air cleansing and management of global warming by sequestering carbon iv oxide in air and converting it into organic carbon, thereby making food available for the other organisms in the higher trophic level of the aquatic food chain. Algae play major role in the sustenance of the aquatic ecosystem by their virtue of being photosynthetic. They are the primary producers and their role in environmental sustainability is remarkable.Keywords: Algae , Pollutant, ., Phycoremediation, Aquatic, Sustainability
Procedia PDF Downloads 1154912 Ultrasound Assisted Alkaline Potassium Permanganate Pre-Treatment of Spent Coffee Waste
Authors: Rajeev Ravindran, Amit K. Jaiswal
Abstract:
Lignocellulose is the largest reservoir of inexpensive, renewable source of carbon. It is composed of lignin, cellulose and hemicellulose. Cellulose and hemicellulose is composed of reducing sugars glucose, xylose and several other monosaccharides which can be metabolised by microorganisms to produce several value added products such as biofuels, enzymes, aminoacids etc. Enzymatic treatment of lignocellulose leads to the release of monosaccharides such as glucose and xylose. However, factors such as the presence of lignin, crystalline cellulose, acetyl groups, pectin etc. contributes to recalcitrance restricting the effective enzymatic hydrolysis of cellulose and hemicellulose. In order to overcome these problems, pre-treatment of lignocellulose is generally carried out which essentially facilitate better degradation of lignocellulose. A range of pre-treatment strategy is commonly employed based on its mode of action viz. physical, chemical, biological and physico-chemical. However, existing pretreatment strategies result in lower sugar yield and formation of inhibitory compounds. In order to overcome these problems, we proposes a novel pre-treatment, which utilises the superior oxidising capacity of alkaline potassium permanganate assisted by ultra-sonication to break the covalent bonds in spent coffee waste to remove recalcitrant compounds such as lignin. The pre-treatment was conducted for 30 minutes using 2% (w/v) potassium permanganate at room temperature with solid to liquid ratio of 1:10. The pre-treated spent coffee waste (SCW) was subjected to enzymatic hydrolysis using enzymes cellulase and hemicellulase. Shake flask experiments were conducted with a working volume of 50mL buffer containing 1% substrate. The results showed that the novel pre-treatment strategy yielded 7 g/L of reducing sugar as compared to 3.71 g/L obtained from biomass that had undergone dilute acid hydrolysis after 24 hours. From the results obtained it is fairly certain that ultrasonication assists the oxidation of recalcitrant components in lignocellulose by potassium permanganate. Enzyme hydrolysis studies suggest that ultrasound assisted alkaline potassium permanganate pre-treatment is far superior over treatment by dilute acid. Furthermore, SEM, XRD and FTIR were carried out to analyse the effect of the new pre-treatment strategy on structure and crystallinity of pre-treated spent coffee wastes. This novel one-step pre-treatment strategy was implemented under mild conditions and exhibited high efficiency in the enzymatic hydrolysis of spent coffee waste. Further study and scale up is in progress in order to realise future industrial applications.Keywords: spent coffee waste, alkaline potassium permanganate, ultra-sonication, physical characterisation
Procedia PDF Downloads 3424911 Landscape Pattern Evolution and Optimization Strategy in Wuhan Urban Development Zone, China
Abstract:
With the rapid development of urbanization process in China, its environmental protection pressure is severely tested. So, analyzing and optimizing the landscape pattern is an important measure to ease the pressure on the ecological environment. This paper takes Wuhan Urban Development Zone as the research object, and studies its landscape pattern evolution and quantitative optimization strategy. First, remote sensing image data from 1990 to 2015 were interpreted by using Erdas software. Next, the landscape pattern index of landscape level, class level, and patch level was studied based on Fragstats. Then five indicators of ecological environment based on National Environmental Protection Standard of China were selected to evaluate the impact of landscape pattern evolution on the ecological environment. Besides, the cost distance analysis of ArcGIS was applied to simulate wildlife migration thus indirectly measuring the improvement of ecological environment quality. The result shows that the area of land for construction increased 491%. But the bare land, sparse grassland, forest, farmland, water decreased 82%, 47%, 36%, 25% and 11% respectively. They were mainly converted into construction land. On landscape level, the change of landscape index all showed a downward trend. Number of patches (NP), Landscape shape index (LSI), Connection index (CONNECT), Shannon's diversity index (SHDI), Aggregation index (AI) separately decreased by 2778, 25.7, 0.042, 0.6, 29.2%, all of which indicated that the NP, the degree of aggregation and the landscape connectivity declined. On class level, the construction land and forest, CPLAND, TCA, AI and LSI ascended, but the Distribution Statistics Core Area (CORE_AM) decreased. As for farmland, water, sparse grassland, bare land, CPLAND, TCA and DIVISION, the Patch Density (PD) and LSI descended, yet the patch fragmentation and CORE_AM increased. On patch level, patch area, Patch perimeter, Shape index of water, farmland and bare land continued to decline. The three indexes of forest patches increased overall, sparse grassland decreased as a whole, and construction land increased. It is obvious that the urbanization greatly influenced the landscape evolution. Ecological diversity and landscape heterogeneity of ecological patches clearly dropped. The Habitat Quality Index continuously declined by 14%. Therefore, optimization strategy based on greenway network planning is raised for discussion. This paper contributes to the study of landscape pattern evolution in planning and design and to the research on spatial layout of urbanization.Keywords: landscape pattern, optimization strategy, ArcGIS, Erdas, landscape metrics, landscape architecture
Procedia PDF Downloads 1564910 Extraction of Road Edge Lines from High-Resolution Remote Sensing Images Based on Energy Function and Snake Model
Authors: Zuoji Huang, Haiming Qian, Chunlin Wang, Jinyan Sun, Nan Xu
Abstract:
In this paper, the strategy to extract double road edge lines from acquired road stripe image was explored. The workflow is as follows: the road stripes are acquired by probabilistic boosting tree algorithm and morphological algorithm immediately, and road centerlines are detected by thinning algorithm, so the initial road edge lines can be acquired along the road centerlines. Then we refine the results with big variation of local curvature of centerlines. Specifically, the energy function of edge line is constructed by gradient feature and spectral information, and Dijkstra algorithm is used to optimize the initial road edge lines. The Snake model is constructed to solve the fracture problem of intersection, and the discrete dynamic programming algorithm is used to solve the model. After that, we could get the final road network. Experiment results show that the strategy proposed in this paper can be used to extract the continuous and smooth road edge lines from high-resolution remote sensing images with an accuracy of 88% in our study area.Keywords: road edge lines extraction, energy function, intersection fracture, Snake model
Procedia PDF Downloads 3344909 Impact of Financial Performance Indicators on Share Price of Listed Pharmaceutical Companies in India
Authors: Amit Das
Abstract:
Background and significance of the study: Generally investors and market forecasters use financial statement for investigation while it awakens contribute to investing. The main vicinity of financial accounting and reporting practices recommends a few basic financial performance indicators, namely, return on capital employed, return on assets and earnings per share, which is associated considerably with share prices. It is principally true in case of Indian pharmaceutical companies also. Share investing is intriguing a financial risk in addition to investors look for those financial evaluations which have noteworthy shock on share price. A crucial intention of financial statement analysis and reporting is to offer information which is helpful predominantly to exterior clients in creating credit as well as investment choices. Sound financial performance attracts the investors automatically and it will increase the share price of the respective companies. Keeping in view of this, this research work investigates the impact of financial performance indicators on share price of pharmaceutical companies in India which is listed in the Bombay Stock Exchange. Methodology: This research work is based on secondary data collected from moneycontrol database on September 28, 2015 of top 101 pharmaceutical companies in India. Since this study selects four financial performance indicators purposively and availability in the database, that is, earnings per share, return on capital employed, return on assets and net profits as independent variables and one dependent variable, share price of 101 pharmaceutical companies. While analysing the data, correlation statistics, multiple regression technique and appropriate test of significance have been used. Major findings: Correlation statistics show that four financial performance indicators of 101 pharmaceutical companies are associated positively and negatively with its share price and it is very much significant that more than 80 companies’ financial performances are related positively. Multiple correlation test results indicate that financial performance indicators are highly related with share prices of the selected pharmaceutical companies. Furthermore, multiple regression test results illustrate that when financial performances are good, share prices have been increased steadily in the Bombay stock exchange and all results are statistically significant. It is more important to note that sensitivity indices were changed slightly through financial performance indicators of selected pharmaceutical companies in India. Concluding statements: The share prices of pharmaceutical companies depend on the sound financial performances. It is very clear that share prices are changed with the movement of two important financial performance indicators, that is, earnings per share and return on assets. Since 101 pharmaceutical companies are listed in the Bombay stock exchange and Sensex are changed with this, it is obvious that Government of India has to take important decisions regarding production and exports of pharmaceutical products so that financial performance of all the pharmaceutical companies are improved and its share price are increased positively.Keywords: financial performance indicators, share prices, pharmaceutical companies, India
Procedia PDF Downloads 2984908 Multiobjective Optimization of a Pharmaceutical Formulation Using Regression Method
Authors: J. Satya Eswari, Ch. Venkateswarlu
Abstract:
The formulation of a commercial pharmaceutical product involves several composition factors and response characteristics. When the formulation requires to satisfy multiple response characteristics which are conflicting, an optimal solution requires the need for an efficient multiobjective optimization technique. In this work, a regression is combined with a non-dominated sorting differential evolution (NSDE) involving Naïve & Slow and ε constraint techniques to derive different multiobjective optimization strategies, which are then evaluated by means of a trapidil pharmaceutical formulation. The analysis of the results show the effectiveness of the strategy that combines the regression model and NSDE with the integration of both Naïve & Slow and ε constraint techniques for Pareto optimization of trapidil formulation. With this strategy, the optimal formulation at pH=6.8 is obtained with the decision variables of micro crystalline cellulose, hydroxypropyl methylcellulose and compression pressure. The corresponding response characteristics of rate constant and release order are also noted down. The comparison of these results with the experimental data and with those of other multiple regression model based multiobjective evolutionary optimization strategies signify the better performance for optimal trapidil formulation.Keywords: pharmaceutical formulation, multiple regression model, response surface method, radial basis function network, differential evolution, multiobjective optimization
Procedia PDF Downloads 4004907 Analyzing Industry-University Collaboration Using Complex Networks and Game Theory
Authors: Elnaz Kanani-Kuchesfehani, Andrea Schiffauerova
Abstract:
Due to the novelty of the nanotechnology science, its highly knowledge intensive content, and its invaluable application in almost all technological fields, the close interaction between university and industry is essential. A possible gap between academic strengths to generate good nanotechnology ideas and industrial capacity to receive them can thus have far-reaching consequences. In order to be able to enhance the collaboration between the two parties, a better understanding of knowledge transfer within the university-industry relationship is needed. The objective of this research is to investigate the research collaboration between academia and industry in Canadian nanotechnology and to propose the best cooperative strategy to maximize the quality of the produced knowledge. First, a network of all Canadian academic and industrial nanotechnology inventors is constructed using the patent data from the USPTO (United States Patent and Trademark Office), and it is analyzed with social network analysis software. The actual level of university-industry collaboration in Canadian nanotechnology is determined and the significance of each group of actors in the network (academic vs. industrial inventors) is assessed. Second, a novel methodology is proposed, in which the network of nanotechnology inventors is assessed from a game theoretic perspective. It involves studying a cooperative game with n players each having at most n-1 decisions to choose from. The equilibrium leads to a strategy for all the players to choose their co-worker in the next period in order to maximize the correlated payoff of the game. The payoffs of the game represent the quality of the produced knowledge based on the citations of the patents. The best suggestion for the next collaborative relationship is provided for each actor from a game theoretic point of view in order to maximize the quality of the produced knowledge. One of the major contributions of this work is the novel approach which combines game theory and social network analysis for the case of large networks. This approach can serve as a powerful tool in the analysis of the strategic interactions of the network actors within the innovation systems and other large scale networks.Keywords: cooperative strategy, game theory, industry-university collaboration, knowledge production, social network analysis
Procedia PDF Downloads 2524906 Adverse Drug Reactions Monitoring in the Northern Region of Zambia
Authors: Ponshano Kaselekela, Simooya O. Oscar, Lunshano Boyd
Abstract:
The Copperbelt University Health Services (CBUHS) was designated by the Zambia Medicines Regulatory Authority (ZAMRA), formally the Pharmaceutical Regulatory Authority (PRA) as a regional pharmacovigilance centre to carryout activities of drug safety monitoring in four provinces in Zambia. CBUHS’s mandate included stimulating the reporting of adverse drug reactions (ADRs), as well as collecting and collating ADR reports from health institutions in the four provinces. This report covers the researchers’ experiences from May 2008 to September, 2016. The main objectives are 1) to monitor ADRs in the Zambian population, 2) to disseminate information to all health professionals in the region advising that the CBU health was a centre for reporting ADRs in the region, 3) to monitor polypharmacy as well as the benefit-risk profile of medicines, 4) to generate independent, evidence based recommendations on the safety of medicines, 5) to support ZAMRA in formulating safety related regulatory decisions for medicines, and 6) to communicate findings with all key stakeholders. The methodology involved monthly visits, beginning in early May 2008 to September, 2016, by the CBUHS to health institutions in the programme areas. Activities included holding discussions with health workers, distribution of ADR forms and collection of ADRs reports. These reports, once collected, were documented and assessed at the CBUHS. A report was then prepared for ZAMRA on quarterly basis. At ZAMRA, serious ADRs were noted and recommendations made to the Ministry of Health of the Republic of Zambia. The results show that 2,600 ADRs reports were received at the pharmacovigilance regional centre. Most of the ADRs reports that received were due to antiretroviral drugs, as well as a few from anti-malarial drugs like Artemether/Lumefantrine – Coartem®. Three hundred and twelve ADRs were entered in the Uppsala Monitoring Centre WHO Vigiflow for further analysis. It was concluded that in general, 2008-16 were exciting years for the pharmacovigilance group at CBUHS. From a very tentative beginning, a lot of strides were made and contacts established with healthcare facilities in the region. The researchers were encouraged by the support received from the Copperbelt University management, the motivation provided by ZAMRA and most importantly the enthusiasm of health workers in all the health care facilities visited. As a centre for drug safety in Zambia, the results show it achieves its objectives for monitoring ADRs, Pharmacovigilance (drug safety monitoring), and activities of monitoring ADRs as well as preventing them. However, the centre faces critical challenges caused by erratic funding that prevents the smooth running of the programme.Keywords: adverse drug reactions, drug safety, monitoring, pharmacovigilance
Procedia PDF Downloads 1974905 An Understanding of Corporate Social Responsibility in State-Owned Enterprises: The Case of Zimbabwe Revenue Authority
Authors: Melody Mandevere, Roselyn Cheruiyot
Abstract:
Through Corporate Social Responsibility (CSR), organizations contribute to a stable environment that leads to a predictable climate for investment and trade. Organizations are now deviating from traditional CSR, where it was believed that the only responsibility of an organization is to meet its shareholder's needs. Organizations and society now believe that an organization has many stakeholders that it must satisfy for it to be viable. The function of State-Owned Enterprises (SOEs) is not profit making but providing service and accomplishing public policy objectives. SOEs demand consideration in the current economic climate because they represent an important part of the economies of many countries. Given the importance and complex relationship of the stakeholders in SOE, the paper seeks to examine how full name first Zimra is implementing its CSR activities. SOE managers are responsible for CSR implementation and stakeholder engagement. ZIMRA is one of the parastatals that plays a crucial role in the Zimbabwean economy. It is, therefore, important to understand how Zimra is implementing CSR. Qualitative research was used for the research. Interviews were contacted with Zimra managers to understand how they are implementing CSR. Although Zimra managers understand the CSR concept, the organization does not have a CSR strategy that includes their stakeholders, which may have a negative impact on stakeholder perception and the organization's reputation. The funding of the CSR strategy is also not sustainable.Keywords: corporate social responsibility, managers, stakeholders, state-owned enterprises
Procedia PDF Downloads 804904 Drawbacks of Second Generation Urban Re-Development in Addis Ababa
Authors: Ezana Haddis Weldeghebrael
Abstract:
Addis Ababa City Administration is engaged in a massive facelift of the inner-city. The paper, therefore, aims to analyze the challenges of the current urban regeneration effort by paying special attention to Lideta and Basha Wolde Chilot projects. To this end, the paper has adopted a documentary research strategy to collect the data and Institutionalist perspective as well as the concept of urban regeneration to analyze the data. The sources were selected based on relevance and recency. Academic research outputs were used primarily. However, where much scholastic publications are not available institutional reports, newspaper articles, and expert presentations were used. The major findings of the research revealed that although the second generation of urban redevelopment projects have attempted to involve affected groups and succeeded in designing better neighborhoods, they are riddled with three major drawbacks. The first one is institutional constraints, i.e. absence of urban redevelopment strategy as well as housing policy, broad definition of ‘public purpose’, little regard for informal businesses, limitation on rights groups, negotiation power not devolved at sub-city level and no plan for groups that cannot afford to pay the down payment for low-cost apartments. The second one is planning limitation, i.e. absence of genuine affected group participation as well as consultative level of public engagement. The third one is implementation failure, i.e. no regard to maintaining social bond, non-participatory and ill-informed resettlement, interference from senior government officials, failure to protect the poor from speculators, corruption and disregard to heritage buildings. Based on the findings, the paper concluded that the current inner-city redevelopment has failed to be socially sustainable and calls for enactment of housing policy as well as redevelopment strategy, affected group participation, on-site resettlement, empowering the Sub-city to manage the project and allowing housing rights groups to advocate for the poor slum dwellers.Keywords: participation, redevelopment, planning, implementation, consultation
Procedia PDF Downloads 4224903 Circular Tool and Dynamic Approach to Grow the Entrepreneurship of Macroeconomic Metabolism
Authors: Maria Areias, Diogo Simões, Ana Figueiredo, Anishur Rahman, Filipa Figueiredo, João Nunes
Abstract:
It is expected that close to 7 billion people will live in urban areas by 2050. In order to improve the sustainability of the territories and its transition towards circular economy, it’s necessary to understand its metabolism and promote and guide the entrepreneurship answer. The study of a macroeconomic metabolism involves the quantification of the inputs, outputs and storage of energy, water, materials and wastes for an urban region. This quantification and analysis representing one opportunity for the promotion of green entrepreneurship. There are several methods to assess the environmental impacts of an urban territory, such as human and environmental risk assessment (HERA), life cycle assessment (LCA), ecological footprint assessment (EF), material flow analysis (MFA), physical input-output table (PIOT), ecological network analysis (ENA), multicriteria decision analysis (MCDA) among others. However, no consensus exists about which of those assessment methods are best to analyze the sustainability of these complex systems. Taking into account the weaknesses and needs identified, the CiiM - Circular Innovation Inter-Municipality project aims to define an uniform and globally accepted methodology through the integration of various methodologies and dynamic approaches to increase the efficiency of macroeconomic metabolisms and promoting entrepreneurship in a circular economy. The pilot territory considered in CiiM project has a total area of 969,428 ha, comprising a total of 897,256 inhabitants (about 41% of the population of the Center Region). The main economic activities in the pilot territory, which contribute to a gross domestic product of 14.4 billion euros, are: social support activities for the elderly; construction of buildings; road transport of goods, retailing in supermarkets and hypermarkets; mass production of other garments; inpatient health facilities; and the manufacture of other components and accessories for motor vehicles. The region's business network is mostly constituted of micro and small companies (similar to the Central Region of Portugal), with a total of 53,708 companies identified in the CIM Region of Coimbra (39 large companies), 28,146 in the CIM Viseu Dão Lafões (22 large companies) and 24,953 in CIM Beiras and Serra da Estrela (13 large companies). For the construction of the database was taking into account data available at the National Institute of Statistics (INE), General Directorate of Energy and Geology (DGEG), Eurostat, Pordata, Strategy and Planning Office (GEP), Portuguese Environment Agency (APA), Commission for Coordination and Regional Development (CCDR) and Inter-municipal Community (CIM), as well as dedicated databases. In addition to the collection of statistical data, it was necessary to identify and characterize the different stakeholder groups in the pilot territory that are relevant to the different metabolism components under analysis. The CIIM project also adds the potential of a Geographic Information System (GIS) so that it is be possible to obtain geospatial results of the territorial metabolisms (rural and urban) of the pilot region. This platform will be a powerful visualization tool of flows of products/services that occur within the region and will support the stakeholders, improving their circular performance and identifying new business ideas and symbiotic partnerships.Keywords: circular economy tools, life cycle assessment macroeconomic metabolism, multicriteria decision analysis, decision support tools, circular entrepreneurship, industrial and regional symbiosis
Procedia PDF Downloads 924902 Development of a Context Specific Planning Model for Achieving a Sustainable Urban City
Authors: Jothilakshmy Nagammal
Abstract:
This research paper deals with the different case studies, where the Form-Based Codes are adopted in general and the different implementation methods in particular are discussed to develop a method for formulating a new planning model. The organizing principle of the Form-Based Codes, the transect is used to zone the city into various context specific transects. An approach is adopted to develop the new planning model, city Specific Planning Model (CSPM), as a tool to achieve sustainability for any city in general. A case study comparison method in terms of the planning tools used, the code process adopted and the various control regulations implemented in thirty two different cities are done. The analysis shows that there are a variety of ways to implement form-based zoning concepts: Specific plans, a parallel or optional form-based code, transect-based code /smart code, required form-based standards or design guidelines. The case studies describe the positive and negative results from based zoning, Where it is implemented. From the different case studies on the method of the FBC, it is understood that the scale for formulating the Form-Based Code varies from parts of the city to the whole city. The regulating plan is prepared with the organizing principle as the transect in most of the cases. The various implementation methods adopted in these case studies for the formulation of Form-Based Codes are special districts like the Transit Oriented Development (TOD), traditional Neighbourhood Development (TND), specific plan and Street based. The implementation methods vary from mandatory, integrated and floating. To attain sustainability the research takes the approach of developing a regulating plan, using the transect as the organizing principle for the entire area of the city in general in formulating the Form-Based Codes for the selected Special Districts in the study area in specific, street based. Planning is most powerful when it is embedded in the broader context of systemic change and improvement. Systemic is best thought of as holistic, contextualized and stake holder-owned, While systematic can be thought of more as linear, generalisable, and typically top-down or expert driven. The systemic approach is a process that is based on the system theory and system design principles, which are too often ill understood by the general population and policy makers. The system theory embraces the importance of a global perspective, multiple components, interdependencies and interconnections in any system. In addition, the recognition that a change in one part of a system necessarily alters the rest of the system is a cornerstone of the system theory. The proposed regulating plan taking the transect as an organizing principle and Form-Based Codes to achieve sustainability of the city has to be a hybrid code, which is to be integrated within the existing system - A Systemic Approach with a Systematic Process. This approach of introducing a few form based zones into a conventional code could be effective in the phased replacement of an existing code. It could also be an effective way of responding to the near-term pressure of physical change in “sensitive” areas of the community. With this approach and method the new Context Specific Planning Model is created towards achieving sustainability is explained in detail this research paper.Keywords: context based planning model, form based code, transect, systemic approach
Procedia PDF Downloads 3284901 The Impact of Artificial Intelligence on Rural Life
Authors: Triza Edwar Fawzi Deif
Abstract:
In the process of urbanization in China, new rural construction is on the ascendant, which is becoming more and more popular. Under the driving effect of rural urbanization, the house pattern and tectonic methods of traditional vernacular houses have shown great differences from the family structure and values of contemporary peasant families. Therefore, it is particularly important to find a prototype, form and strategy to make a balance between the traditional memory and modern functional requirements. In order for research to combine the regional culture with modern life, under the situation of the current batch production of new rural residences, Badie village, in Zhejiang province, is taken as the case. This paper aims to put forward a prototype which can not only meet the demand of modern life but also ensure the continuation of traditional culture and historical context for the new rural dwellings design. This research not only helps to extend the local context in the construction of the new site but also contributes to the fusion of old and new rural dwellings in the old site construction. Through the study and research of this case, the research methodology and results can be drawn as reference for the new rural construction in other areas.Keywords: steel slag, co-product, primary coating, steel aggregate capital, rural areas, rural planning, rural governance village, design strategy, new rural dwellings, regional context, regional expression
Procedia PDF Downloads 374900 Sustainable Tourism a Challenge to Competitivity: OBSERVE Project
Authors: Rui Lança, Elisa Silva, Fátima Farinha, Miguel José Oliveira, Manuel Duarte Pinheiro, Cátia Miguel
Abstract:
Tourism has a great potential to bring up progress across the Sustainable Development Goals (SDGs). If well managed and monitored, the tourism sector can create quality jobs, reduce poorness and offer incentives for environmental preservation, helping on the transition towards more inclusive and resilient economies. However, without proper safeguards and investments, expansion of the tourism market will increase pressure on biodiversity and the ecosystems on which the livelihoods of local communities depend. Competitivity is a key dimension in tourism, sustainable tourism challenge new dimensions to competitivity, namely environmental, social, institutional and economic achieve a medium and long-term competitivity. It is undoubtedly clear on the tourism sector, the importance of the region sustainability in the current touristic destinations offer. The basis of a tourism region prosperity will depend on /of it. The OBSERVE project intends to be an instrument for monitoring and evaluating the sustainability levels of the Algarve region. Its main objective is to provide environmental, economic, social-cultural and institutional indicators to support the decision-making process for a sustainable growth of the region. The project´s main goal is a digital portal with the most relevant indicators to allow evaluating and communicating the performance of the region in a sustainable growth perspective. This paper presents the OBSERVE project and highlights the potential contribution to a broad perspective of competitivity and its contribution for different stakeholders and the touristic value chain. Limitations and opportunities are also discussed.Keywords: sustainable tourism, competitivity, OBSERVE project, Algarve region
Procedia PDF Downloads 1424899 The Impact of other Comprehensive Income Disclosure and Corporate Governance on Earnings Management and Firm Performance
Authors: Yan Wang, Yuan George Shan
Abstract:
This study examines whether earnings management reduces firm performance and how other comprehensive income (OCI) disclosure and strong corporate governance restrain earnings management. Using a data set comprising 6,260 firm-year observations from listed companies on the Shanghai and Shenzhen Stock Exchanges during 2009–2015, the results indicate that OCI disclosure generally improves firm performance, but earnings management lowers firm performance. The study also finds that OCI disclosure and corporate governance are complementary in restraining earnings manipulation and promote firm performance. The implications of the findings are relevant policy-makers and regulators in assisting them evaluate the consequences of convergence of Chinese Accounting Standards with the International Financial Reporting Standards.Keywords: other comprehensive income, corporate governance, earnings management, firm performance, China
Procedia PDF Downloads 2134898 The Metabolism of Built Environment: Energy Flow and Greenhouse Gas Emissions in Nigeria
Authors: Yusuf U. Datti
Abstract:
It is becoming increasingly clear that the consumption of resources now enjoyed in the developed nations will be impossible to be sustained worldwide. While developing countries still have the advantage of low consumption and a smaller ecological footprint per person, they cannot simply develop in the same way as other western cities have developed in the past. The severe reality of population and consumption inequalities makes it contentious whether studies done in developed countries can be translated and applied to developing countries. Additional to this disparities, there are few or no metabolism of energy studies in Nigeria. Rather more contentious majority of energy metabolism studies have been done only in developed countries. While researches in Nigeria concentrate on other aspects/principles of sustainability such as water supply, sewage disposal, energy supply, energy efficiency, waste disposal, etc., which will not accurately capture the environmental impact of energy flow in Nigeria, this research will set itself apart by examining the flow of energy in Nigeria and the impact that the flow will have on the environment. The aim of the study is to examine and quantify the metabolic flows of energy in Nigeria and its corresponding environmental impact. The study will quantify the level and pattern of energy inflow and the outflow of greenhouse emissions in Nigeria. This study will describe measures to address the impact of existing energy sources and suggest alternative renewable energy sources in Nigeria that will lower the emission of greenhouse gas emissions. This study will investigate the metabolism of energy in Nigeria through a three-part methodology. The first step involved selecting and defining the study area and some variables that would affect the output of the energy (time of the year, stability of the country, income level, literacy rate and population). The second step involves analyzing, categorizing and quantifying the amount of energy generated by the various energy sources in the country. The third step involves analyzing what effect the variables would have on the environment. To ensure a representative sample of the study area, Africa’s most populous country, with economy that is the second biggest and that is among the top largest oil producing countries in the world is selected. This is due to the understanding that countries with large economy and dense populations are ideal places to examine sustainability strategies; hence, the choice of Nigeria for the study. National data will be utilized unless where such data cannot be found, then local data will be employed which will be aggregated to reflect the national situation. The outcome of the study will help policy-makers better target energy conservation and efficiency programs and enables early identification and mitigation of any negative effects in the environment.Keywords: built environment, energy metabolism, environmental impact, greenhouse gas emissions and sustainability
Procedia PDF Downloads 1734897 Sustainable Technology and the Production of Housing
Authors: S. Arias
Abstract:
New housing developments and the technological changes that this implies, adapt the styles of living of its residents, as well as new family structures and forms of work due to the particular needs of a specific group of people which involves different techniques of dealing with, organize, equip and use a particular territory. Currently, own their own space is increasingly important and the cities are faced with the challenge of providing the opportunity for such demands, as well as energy, water and waste removal necessary in the process of construction and occupation of new human settlements. Until the day of today, not has failed to give full response to these demands and needs, resulting in cities that grow without control, badly used land, avenues and congested streets. Buildings and dwellings have an important impact on the environment and on the health of the people, therefore environmental quality associated with the comfort of humans to the sustainable development of natural resources. Applied to architecture, this concept involves the incorporation of new technologies in all the constructive process of a dwelling, changing customs of developers and users, what must be a greater effort in planning energy savings and thus reducing the emissions Greenhouse Gases (GHG) depending on the geographical location where it is planned to develop. Since the techniques of occupation of the territory are not the same everywhere, must take into account that these depend on the geographical, social, political, economic and climatic-environmental circumstances of place, which in modified according to the degree of development reached. In the analysis that must be undertaken to check the degree of sustainability of the place, it is necessary to make estimates of the energy used in artificial air conditioning and lighting. In the same way is required to diagnose the availability and distribution of the water resources used for hygiene and for the cooling of artificially air-conditioned spaces, as well as the waste resulting from these technological processes. Based on the results obtained through the different stages of the analysis, it is possible to perform an energy audit in the process of proposing recommendations of sustainability in architectural spaces in search of energy saving, rational use of water and natural resources optimization. The above can be carried out through the development of a sustainable building code in develop technical recommendations to the regional characteristics of each study site. These codes would seek to build bases to promote a building regulations applicable to new human settlements looking for is generated at the same time quality, protection and safety in them. This building regulation must be consistent with other regulations both national and municipal and State, such as the laws of human settlements, urban development and zoning regulations.Keywords: building regulations, housing, sustainability, technology
Procedia PDF Downloads 3424896 Gender Equality for the Environment: Positioning India
Authors: Nivedita Roy, Aparajita Chattopadhyay
Abstract:
Gender discrimination is already one of the major factors why India is still in the list of the 3rd World Countries, but, when it comes to gender inclusion in the environmental arena, this umbrella concept is quite unheard of by our countrymen. The main objective was to assess gender equality for the environment through calculating Environment and Gender Index on a country level, India, in this case. 22 states out of 29 were considered for calculation. Also, out of the 72 countries chosen by IUCN to calculate EGI, the lower middle income group of countries was chosen to assess the position of India, also a lower middle income group country, among them. Linear Regression is executed through SPSS and simple graphs and tables are prepared through MS-EXCEL for analysis. India portrays good governance, reporting activities well to the UN but in terms of basic livelihood and gender equality, the performance is comparatively weak.Keywords: environment, gender, livelihood, rights, participation, development, conservation
Procedia PDF Downloads 4364895 Convergence and Stability in Federated Learning with Adaptive Differential Privacy Preservation
Authors: Rizwan Rizwan
Abstract:
This paper provides an overview of Federated Learning (FL) and its application in enhancing data security, privacy, and efficiency. FL utilizes three distinct architectures to ensure privacy is never compromised. It involves training individual edge devices and aggregating their models on a server without sharing raw data. This approach not only provides secure models without data sharing but also offers a highly efficient privacy--preserving solution with improved security and data access. Also we discusses various frameworks used in FL and its integration with machine learning, deep learning, and data mining. In order to address the challenges of multi--party collaborative modeling scenarios, a brief review FL scheme combined with an adaptive gradient descent strategy and differential privacy mechanism. The adaptive learning rate algorithm adjusts the gradient descent process to avoid issues such as model overfitting and fluctuations, thereby enhancing modeling efficiency and performance in multi-party computation scenarios. Additionally, to cater to ultra-large-scale distributed secure computing, the research introduces a differential privacy mechanism that defends against various background knowledge attacks.Keywords: federated learning, differential privacy, gradient descent strategy, convergence, stability, threats
Procedia PDF Downloads 194894 Family Succession and Cost of Bank Loans: Evidence from China
Authors: Tzu-Ching Weng, Hsin-Yi Chi
Abstract:
This study examines the effect of family succession on the cost of bank loans and non-price contractual terms. We use a unique dataset from China and find that lending banks are likely to charge high-interest rates and offer tight contractual terms, such as loan maturity and collateral requirement, for family succession firms. These findings indicate that information and default risks may arise after subsequent family successions. We also find that family succession firms can reduce the cost of bank loans by hiring top-tier auditors to enhance financial reporting credibility. This finding suggests that professional and high-quality auditors can provide extremely valuable services to family succession firms.Keywords: family succession, cost of bank loans, loan contract terms, top-tier auditor
Procedia PDF Downloads 77