Search results for: corporate investment

Authors: Habib Noorbhai

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History of Cricket: Cricket has a known history spanning from the 16th century till present, with international matches having been played since 1844. The game of cricket arrived in Australia as soon as colonization began in 1788. Cricketers started playing on turf wickets in the late 1800’s and dimensions for both the boundary and pitch later became assimilated. As the years evolved, cricket bats and balls, protective equipment, playing surfaces and the three formats of the game adapted to the playing conditions and laws of cricket. Business of Cricket: During the late 1900's, the shorter version of the game (T20) was introduced in order to attract the crowds to stadiums and television viewers for broadcasting rights. One could argue if this was merely a business venture or a platform for enhancing the performance of cricketers. Between the 16th and 20th century, cricket was a common sport played for passion and pure enjoyment. Industries saw a potential in diversified business ventures in the game (as well as other sports played globally) and cricket subsequently became a career for players, administrators and coaches, the media, health professionals, managers and the corporate world. Pros and Cons of Cricket Developments: At present, the game has significantly gained from the use of technology, sports sciences and varied mechanisms to optimize the performances and forecast frameworks for injury prevention in cricket players. Unfortunately, these had not been utilized in the earlier times of cricket and it would prove interesting to observe how the greats of the game would have benefited with such developments. Cricketers in the 21st century are faced with many overwhelming commitments. One of these is playing cricket for 11 months in a year, making it more than 250 days away from home and their families. As the demand of player contracts increase, the supply of commitment and performances from players increase. Way Forward and Future Implications: The questions are: Are such disadvantages contributing to the overload and injury risks of players? How far have we really come in the cricketing world or has everything since the game’s inception become institutionalized with a business model? These are the fundamental questions which need to be addressed and legislation, policies and ethical considerations need to be drafted and implemented. These will ensure that there is equilibrium of effective transitions and management of not only the players, but also the credibility of the wonderful game.

Keywords: enterprising business of cricket, technology, legislation, credibility

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Authors: Enes Caliskan, Hatice Camgoz Akdag

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There is no doubt that humanity needs to realize the sustainability problems in the world and take serious action regarding that. All members of the United Nations adopted the 2030 Agenda for Sustainable Development, the most comprehensive study on sustainability internationally, in 2015. The summary of the study is 17 sustainable development goals. It covers everything about sustainability, such as environment, society and governance. The use of Information and Communication Technology (ICT), such as the Internet, mobile phones, and satellites, is essential for tackling the main issues facing sustainable development. Hence, the contributions of 3 major ICT companies to the sustainable development goals are assessed in this study. Quality Function Deployment (QFD) is utilized as a methodology for this study. Since QFD is an excellent instrument for comparing businesses on relevant subjects, a House of Quality must be established to complete the QFD application. In order to develop a House of Quality, the demanded qualities (voice of the customer) and quality characteristics (technical requirements) must first be determined. UN SDGs are used as demanded qualities. Quality characteristics are derived from annual sustainability and corporate social responsibility reports of ICT companies. The companies' efforts, as indicated by the QFD results, are concentrated on the use of recycled raw materials and recycling, reducing GHG emissions through energy saving and improved connectivity, decarbonizing the value chain, protecting the environment and water resources by collaborating with businesses that have completed CDP water assessments and paying attention to reducing water consumption, ethical business practices, and reducing inequality. The evaluations of the three businesses are found to be very similar when they are compared. The small differences between the companies are usually about the region they serve. Efforts made by the companies mostly concentrate on responsible consumption and production, life below water, climate action, and sustainable cities and community goals. These efforts include improving connectivity in needed areas for providing access to information, education and healthcare.

Keywords: multi-criteria decision-making, sustainable supply chain risk, supply chain agility, quality function deployment, Sustainable development goals

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Authors: Anna Triwijayati, Etsa Astridya Setiyati, Titik Desi Harsoyo

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Culture is the important determinant of human behavior and desire. Culture influences the consumer through the norms and values established by the society in which they live and reflect it. The cultural values of Javanese society certainly have united in the Javanese society behavior in consumption. This research is expected to give big enough theoretical benefits in the findings of cultural value in consumption in Javanese society. These can be an incentive in finding the local cultural value in many tribes in Indonesia, so one time, the local cultural value in Indonesia about consumption can be fundamental part in education and consumption practice in Indonesia. The approach used in this research is non positivist research or is known as qualitative approach. The method or type of research used in this research is ethnomethodology. The collection data is done in Central Java region. The research subject or informant is determined by the purposive technique by certain criteria determined by the researcher. The data is collected by deep interview and observation. Before the data analysis, the researcher does the storing method data stage and implements the data validity procedures. Then, the data is analyzed by the theme and interactive analysis technique. The Javanese Mataraman society has such consumption values such as has to be sufficient, be careful, economical, submit to the one who creates the life, the way life flow, and the present problem is thought in the present also. In the financial management for consumption, the consumer should have the simple life principles, has to be sufficient, has to be able to eat, has to be able to self-press, well-managed/diligent/accurate/careful, the open or transparent management, has the struggle effort, like to self-sacrifice and think about the future. The meaning of consumption value in family is centered to the submission and full-trust to God. These consumption values are applied in consumer behavior in self, family, investment and credit need in short term and long term perspective.

Keywords: values, consumer, consumption, Javanese Mataraman, ethnomethodology

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Authors: Constâncio Augusto Machanguana

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The world over, resettling communities, for whatever purpose (mining, dams, forestry and wildlife management, roads, or facilitating services delivery), often leads to tensions between those resettled, the investors, and the local and national governments involved in the process. Causes include unclear government legislation and regulations, confusing Corporate Social Responsibility policies and guidelines, and other social-economic policies leading to unrealistic expectations among those being resettled, causing frustrations within the community, shifting them to any imminent conflict against the investors (company). The exploitation of heavy mineral sands along Mozambique’s long coastline and hinterland has not been providing a benefit for the affected communities. A case in point is the exploration, since 2018, of heavy sands in Chibuto District in the Southern Province of Gaza. A likely contributing factor is the standard type of socio-economic surveys and community involvement processes that could smooth the relationship among the parties. This research aims to investigate alternative processes to plan, initiate and guide resettlement processes in such a way that tensions and conflicts are avoided. Based on the process already finished, compared to similar cases along with the country, mixed methods to collect primary data were adopted: three focus groups of 125 people, representing 324 resettled householders; five semi-structured interviews with relevant stakeholders such as the local government, NGO’s and local leaders to understand their role in all stages of the process. The preliminary results show that the community has limited or no understanding of the potential impacts of these large-scale explorations, and the apparent harmony between the parties (community and company) may hide the dissatisfaction of those resettled. So, rather than focusing on negative mining impacts, the research contributes to science by identifying the best resettlement approach that can be replicated in other contexts along with the country in the actual context of the new discovery of mineral resources.

Keywords: conflict mitigation, resettlement, mining, Mozambique

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Authors: Dionysios Kakaroumpas, Jesseka Farago, Stephen Webber

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Athletes and spectators depend on the tennis ranking system to represent the truest caliber of athletic prowess; a careful look at the current ranking system though, reveals its main weakness: it undermines expectations of fans and players. Our study proposes several key changes to the existing ranking formula that provide a fair and accurate approach to measure player performance. The study proposes a modification of the system to value: participation, continued advancement, and overall achievement. The new ranking formula facilitates closing the trust gap, encouraging competition equality, engaging the fan base, attracting investment, and promoting tennis involvement worldwide. To probe the crux of our main contention we performed week-by-week comparisons between results procured from the current and proposed formulae. After performing this rigorous case-study of top players of each gender, the findings strongly indicated that there is identifiable inflation in the ranks and enhanced the conviction that the current system should be updated. The new system is accompanied by a web-based software package freely available to anyone involved or interested in tennis rankings. The software package is designed to automatically calculate new player rankings based on a responsive, multi-faceted formula that also generates projected point scenarios and provides separate rankings for the three different court surfaces. By taking a critical look at the current tennis ranking system with consideration to the perspective of fans, players, and businesses involved, an upgrade is in order for it to maintain the balance of trust between fans and the evaluation process. In closure, this proposed solution increases fair play competition, eliminates rank inflation, and better engages fans, players, and sponsors by bringing in a new era of professional tennis.

Keywords: measurement and evaluation, rules and regulations, sports management and marketing, tennis ranking system

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Authors: Robin V. Cupido

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Online dispute resolution has been identified in many countries as a viable alternative for resolving conflicts which have arisen in the so-called digital age. This system of dispute resolution is developing alongside the Internet, and as new types of transactions are made possible by our increased connectivity, new ways of resolving disputes must be explored. Developed nations, such as the United States of America and the European Union, have been involved in creating these online dispute resolution mechanisms from the outset, and currently have sophisticated systems in place to deal with conflicts arising in a number of different fields, such as e-commerce, domain name disputes, labour disputes and conflicts arising from family law. Specifically, in the field of e-commerce, the Internet’s borderless nature has served as a way to promote cross-border trade, and has created a global marketplace. Participation in this marketplace boosts a country’s economy, as new markets are now available, and consumers can transact from anywhere in the world. It would be especially advantageous for developing nations to be a part of this global marketplace, as it could stimulate much-needed investment in these nations, and encourage international co-operation and trade. However, for these types of transactions to proliferate, an effective system for resolving the inevitable disputes arising from such an increase in e-commerce is needed. Online dispute resolution scholarship and practice is flourishing in developed nations, and it is clear that the gap is widening between developed and developing nations in this regard. The potential for implementing online dispute resolution in developing countries has been discussed, but there are a number of obstacles that have thus far prevented its continued development. This paper aims to evaluate the various political, infrastructural and socio-economic challenges faced in developing nations, and to question how these have impacted the acceptance and development of online dispute resolution, scholarship and training of online dispute resolution practitioners and, ultimately, developing nations’ readiness to participate in cross-border e-commerce.

Keywords: developing countries, feasibility, online dispute resolution, progress

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Authors: Jonathan J. Burson

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With the rise of virtually costless, mobile-based trading platforms, stock market trading activity has increased significantly over the past decade, particularly for the millennial generation. This increased stock market attention, combined with the recent market turmoil due to the economic upset caused by COVID-19, make the topics of market-timing and forecasting particularly relevant. While the overall stock market saw an unprecedented, historically-long bull market from March 2009 to February 2020, the end of that bull market reignited a search by investors for a way to reduce risk and increase return. Similar searches for outperformance occurred in the early, and late 2000’s as the Dotcom bubble burst and the Great Recession led to years of negative returns for mean-variance, index investors. Extensive research has been conducted on fundamental analysis, technical analysis, macroeconomic indicators, microeconomic indicators, and other techniques—all using different methodologies and investment periods—in pursuit of higher returns with lower risk. The enormous variety of timeframes, data, and methodologies used by the diverse forecasting methods makes it difficult to compare the outcome of each method directly to other methods. This paper establishes a process to evaluate the market-timing methods in an apples-to-apples manner based on simplicity, performance, and feasibility. Preliminary findings show that certain technical analysis models provide a higher return with lower risk when compared to the buy-and-hold method and to other market-timing strategies. Furthermore, technical analysis models tend to be easier for individual investors both in terms of acquiring the data and in analyzing it, making technical analysis-based market-timing methods the preferred choice for retail investors.

Keywords: buy-and-hold, forecast, market-timing, probit, technical analysis

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Authors: Ali Al-Shehri, Abdulaziz Al-Qasim, Abdulkarim Sofi, Ali Yousef

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The oil and gas industry has played a major role in improving the prosperity of mankind and driving the world economy. According to the International Energy Agency (IEA) and Integrated Environmental Assessment (EIA) estimates, the world will continue to rely heavily on hydrocarbons for decades to come. This growing energy demand mandates taking sustainability measures to prolong the availability of reliable and affordable energy sources, and ensure lowering its environmental impact. Unlike any other industry, the oil and gas upstream operations are energy-intensive and scattered over large zonal areas. These challenging conditions require unique sustainability solutions. In recent years there has been a concerted effort by the oil and gas industry to develop and deploy innovative technologies to: maximize efficiency, reduce carbon footprint, reduce CO2 emissions, and optimize resources and material consumption. In the past, the main driver for research and development (R&D) in the exploration and production sector was primarily driven by maximizing profit through higher hydrocarbon recovery and new discoveries. Environmental-friendly and sustainable technologies are increasingly being deployed to balance sustainability and profitability. Analyzing technology and its sustainability impact is increasingly being used in corporate decision-making for improved portfolio management and allocating valuable resources toward technology R&D.This paper articulates and discusses a novel workflow to identify strategic sustainable technologies for improved portfolio management by addressing existing and future upstream challenges. It uses a systematic approach that relies on sustainability key performance indicators (KPI’s) including energy efficiency quotient, carbon footprint, and CO2 emissions. The paper provides examples of various technologies including CCS, reducing water cuts, automation, using renewables, energy efficiency, etc. The use of 4IR technologies such as Artificial Intelligence, Machine Learning, and Data Analytics are also discussed. Overlapping technologies, areas of collaboration and synergistic relationships are identified. The unique sustainability analyses provide improved decision-making on technology portfolio management.

Keywords: sustainability, oil& gas, technology portfolio, key performance indicator

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Authors: Zachary Bolo Awino

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The need to gain and sustain a competitive advantage is overwhelming for businesses, especially now with cut throat competition. Innovation has been suggested as one way of gaining the advantage sustainably. But innovation can only happen within certain enabling environment and cultures. This study had one hypothesis: that there is no relationship between innovation and performance. This research was a cross sectional survey in which variables of interest are not controlled or manipulated. The cross sectional survey design is also appropriate for this study as it improves accuracy in generalizing findings, since it involves detailed study of a unit. Also known as one shot study, this design enhances uniform data collection and comparison across respondents. The population of the study was the 55 publicly quoted corporations in the Nairobi Securities Exchange (NSE) as at October 2013.The number was initially envisaged to be 60 but 5 firms were delisted or suspended during the year, hence leaving 55 firms as the population of study. The rationale for the choice for these firms is because they cut across the key economic sectors in Kenyan economy which include agriculture, commercial and services, manufacturing, finance and investment. This was a census survey and targeted all the firms listed at the Nairobi Securities Exchange as of October 2013. The primary data for the study was collected through the use of a structured questionnaire. A five point type Likert scale ranging from 1 - denoting to a less event to 5 - denoting to a greater extent was used. Respondents were from senior management of NSE. From the analyses, the study established that there was a strong positive relationship between innovation and performance, and organization innovation significantly contributes to employee engagement. Also there was a moderate positive relationship between innovation and performance. The study drew expressions of interrelations between various variables, offered generalization of understanding and meaning of these relationships, thus expanding the frontiers of knowledge both theoretical and practical with respect to innovation and firm performance. Major conclusion in this study was that there is a positive strong relationship between innovation and major measures of firm performance.

Keywords: emperical, innovation, NSE, organizations, performance

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Authors: Beata Ślusarczyk, Sebastian Kot

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In subjective terms, Polish SME sector occupies a prominent position in the national economic development, in which planning of the management strategies should be primarily based on identifying and meeting the innovation needs. As a research sample, there is chosen a printing sector of industry. SMEs share in printing sector in Poland is estimated at the level of 81% of all enterprises. In recent years, the printing industry achieved one of the highest levels of EU support in Poland. There is a relatively high increase in the development of technological innovations in equipment and the associated significant increase in production capacity. It can be also noticed that on average, every third enterprise belonging to the printing industry has implemented innovations, but not all of them effected in better economic results. Therefore, the aim of this article is to evaluate the impact of the implementation of innovation projects financed from the EU funds for performance of SMEs in the printing industry. As the results of research of EU funds co-financing effects on the development of innovation in the printing industry, it was specified that examined SMEs prefer to implement product innovation to receive a grant to the project at a level between 40% to 60%, the remaining part of the investment is usually covered with equity. The most common type of innovation had indicated a single implementation, related only to the change in process, technology, or organization. The relationship between variables of the EU funds and management of innovative activities was verified. It has been observed that the identified variables arising from the support in a form of the EU funds had a positive effect on the level of earned revenue, the increase in margin and in increase in employment as well. It was confirmed that the implemented innovations supported by the European funds have a positive impact on the performance of the printing companies. Although there is a risk that due to the decreasing demand for printing services such a high level of funding the companies in this sector will significantly increase competition in the long term, that may also contribute to the economic problems of the enterprises belonging to the analyzed branch.

Keywords: innovations, SMEs, performance, results

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Authors: Siqin Wang, Jonathan Corcoran, Yan Liu, Thomas Sigler

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Australia is a quintessentially immigrant nation with 28 percent of its residents being foreign-born. By 2011, People’s Republic of China (PRC) overtook the United Kingdom to become the largest source country in Australia. Significantly, the profile of PRC-born migrants has changed to mirror broader global shifts towards high-skilled labour, education-related, and investment-focussed migration, all of which reflect an increasing trend in the mobility of wealthy and/or educated cohorts. Together, these coalesce to form a more complex pattern of migrant settlement –both spatially and socio-economically. This paper focuses on the PRC-born migration, redresses these lacunae, with regard to the settlement outcomes of PRC migrants to Australia, with a particular focus on spatial evolution and residential mobility at both the metropolitan and national scales. By drawing on Census Data and migration Micro Datasets, the aim of this paper is to examine the shifting dynamics of PRC-born migrants in Australian capital cities to unveil their socioeconomic characteristics, residential patterns and change of spatial concentrations during their transition into the new host society. This paper finds out three general patterns in the residential evolution of PRC-born migrants depending on the size of capital cities where they settle down, as well as the association of socio-economic characters with the formation of enclaves. It also examines the residential mobility across states and cities from 2001 to 2011 indicating the rising status of median-size Australian capital cities for receiving PRC-born migrants. The paper concludes with a discussion of evidences for policy formation, facilitates the effective transition of PRC-born populations into the mainstream of host society and enhances social harmony to help Australia become a more successful multicultural nation.

Keywords: Australia, Chinese migrants, residential mobility, spatial evolution

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Authors: Abhinav Kumar Rajverma, Arun Kumar Misra, Abhijeet Chandra

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Family involvement in business is universal across countries, with varying characteristics. Firms of developed economies have diffused ownership structure; however, that of emerging markets have concentrated ownership structure, having resemblance with that of family firms. Optimization of dividend payout and leverage are very crucial for firm’s valuation. This paper studies dividend paying behavior of National Stock Exchange listed Indian firms from financial year 2007 to 2016. The final sample consists of 422 firms and of these more than 49% (207) are family firms. Results reveal that family firms pay lower dividend and are more leveraged compared to non-family firms. This unique data set helps to understand dividend behavior and capital structure of sample firms over a long-time period and across varying family ownership concentration. Using panel regression models, this paper examines factors affecting dividend payout and capital structure and establishes a link between the two using Two-stage Least Squares regression model. Profitability shows a positive impact on dividend and negative impact on leverage, confirming signaling and pecking order theory. Further, findings support bankruptcy theory as firm size has a positive relation with dividend and leverage and volatility shows a negative relation with both dividend and leverage. Findings are also consistent with agency theory, family ownership concentration has negative relation with both dividend payments and leverage. Further, the impact of family ownership control confirms the similar finding. The study further reveals that firms with high family ownership concentration (family control) do have an impact on determining the level of private benefits. Institutional ownership is not significant for dividend payments. However, it shows significant negative relation with leverage for both family and non-family firms. Dividend payout and leverage show mixed association with each other. This paper provides evidence of how varying level of family ownership concentration and ownership control influences the dividend policy and capital structure of firms in an emerging market like India and it can have significant contribution towards understanding and formulating corporate dividend policy decisions and capital structure for emerging economies, where majority of firms exhibit behavior of family firm.

Keywords: dividend, family firms, leverage, ownership structure

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Authors: Sharmin Shahid, Zaher Zain

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The purpose of this study is to explore and examines the theoretical frameworks of ethical leadership style and affective organizational commitment. Additionally, to investigate the extent to which employee orientation and ethical guidance either strengthen or weaken on the relationship between ethical leadership style and affective commitment. The study will also measure the mediating effects of leader’s integrity either influence to inspire and revival employee’s affective commitment or not. The methodology of the study comprised sample of 237 managers, departmental heads, top-level executives, and professors of several financial institutions, banks, and universities in Bangladesh who are directly related with decision making process of respective organization. A cross sectional research design will be used to examine the direct, moderating, and mediating analysis among the research key variables. Data were gathered based on personal administered questionnaire. The findings of the study will be significance because it will provide the real scenario of leadership style which leads to financial and strategic success of any organizations. In addition, the results will be interesting enough to find out either ethical leadership style have positive relationship with affective commitment or not. Employee-orientation and ethical guidance is a moderator to improve leadership style and affective commitment, whereas, leader’s integrity mediates the relationships between leadership style and affective organizational commitment to do the right thing in the right way for the betterment of entire organizational success. Research limitations of the study are the data collected by self administered questionnaire, a method with well-known shortcomings. Second, the study concentrated on financial institutions, banks top executives, and universities professors in Bangladesh. An important implication of the research is that the interesting findings will give some insight to the leadership style and helps management to focus on their management and leadership efficacy, as that could improve their affective organizational commitment. The findings will be original and unique value adding with the existing literature on leadership studies. The study is based on a comprehensive literature review. The results will be based on a sample of financial institutions, banks, and universities in Bangladesh. The research findings are useful to academics and corporate leaders of financial institutions, banks, and universities all over the world.

Keywords: affective organizational commitment, Bangladesh, ethical guidance, ethical leadership style

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Authors: Walaa Diab, Baher Atlam, Nadia El Nimer

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Egypt faces many obvious economic challenges, and it is so clear that a real economic transformation is needed to address those problems, especially after the recent decisions of floating the Egyptian pound and the gradual subsidy cuts that are trying to meet the needed conditions to get the IMF support of (a £12bn loan) for its economic reform program. Following the post-2008 revival of the interest in the fiscal policy and its vital role in speeding up or slowing down the economic growth. Here comes the value of this paper as it seeks to analyze the macroeconomic effects of fiscal policy in Egypt by applying A Bayesian SVAR Approach. The study uses the Bayesian method because it includes the prior information and no relevant information is omitted and so it is well suited for rational, evidence-based decision-making. Since the study aims to define the effects of fiscal policy shocks in Egypt to help the decision-makers in determining the proper means to correct the structural problems in the Egyptian economy, it has to study the period of 1990s economic reform, but unfortunately; the available data is on an annual frequency. Thus, it uses annual time series to study the period 1991: 2005 And quarterly data over the period 2006–2016. It uses a set of six main variables includes government expenditure and net tax revenues as fiscal policy arms affecting real GDP, unemployment, inflation and the interest rate. The study also tries to assess the 'crowding out' effects by considering the effects of government spending and government revenue shocks on the composition of GDP, namely, on private consumption and private investment. Last but not least the study provides its policy implications regarding the needed role of fiscal policy in Egypt in the upcoming economic reform building on the results it concludes from the previous reform program.

Keywords: fiscal policy, government spending, structural vector autoregression, taxation

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Authors: Mounir Azzam, Valerie Graw, Andreas Rienow

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The Syrian war, which commenced in 2011, has resulted in significant changes in the real estate market in the Damascus metropolitan area, with rising levels of insecurity and disputes over tenure rights. The quest for spatial justice is, therefore, imperative, and this study performs a spatiotemporal analysis to investigate the impact of the war on real estate differentiation. Using the hedonic price models including 2,411 housing transactions over the period 2010-2022, this study aims to understand the spatial dynamics of the real estate market in wartime. Our findings indicate that war variables have had a significant impact on the differentiation and depreciation of property prices. Notably, property attributes have a more substantial impact on real estate values than district location, with severely damaged buildings in Damascus city resulting in an 89% decline in prices, while prices in Rural Damascus districts have decreased by 50%. Additionally, this study examines the urban texture of Damascus using correlation and homogeneity statistics derived from the gray-level co-occurrence matrix obtained from Google Earth Engine. We monitored 250 samples from hedonic datasets within three different years of the Syrian war (2015, 2019, and 2022). Our findings show that correlation values were highly differentiated, particularly among Rural Damascus districts, with a total decline of 87.2%. While homogeneity values decreased overall between 2015 and 2019, they improved slightly after 2019. The findings have valuable implications, not only for investment prospects in setting up a successful reconstruction strategy but also for spatial justice of property rights in strongly encouraging sustainable real estate development.

Keywords: hedonic price, real estate differentiation, reconstruction strategy, spatial justice, urban texture analysis

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Authors: Mariia Khramova, Sergio Martinez, Duc Nguyen

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Modern electronic devices, particularly smartphones, are characterised by extremely high environmental footprint and short product lifecycle. Every year manufacturers release new models with even more superior performance, which pushes the customers towards new purchases. As a result, millions of devices are being accumulated in the urban mine. To tackle these challenges the concept of circular economy has been introduced to promote repair, reuse and recycle of electronics. In this case, electronic devices, that previously ended up in landfills or households, are getting the second life, therefore, reducing the demand for new raw materials. Smartphone reuse is gradually gaining wider adoption partly due to the price increase of flagship models, consequently, boosting circular economy implementation. However, along with reuse of communication device, circular economy approach needs to ensure the data of the previous user have not been 'reused' together with a device. This is especially important since modern smartphones are comparable with computers in terms of performance and amount of data stored. These data vary from pictures, videos, call logs to social security numbers, passport and credit card details, from personal information to corporate confidential data. To assess how well the data privacy requirements are followed on smartphones second-hand market, a sample of 100 Android smartphones has been purchased from IT Asset Disposition (ITAD) facilities responsible for data erasure and resell. Although devices should not have stored any user data by the time they leave ITAD, it has been possible to retrieve the data from 19% of the sample. Applied techniques varied from manual device inspection to sophisticated equipment and tools. These findings indicate significant barrier in implementation of circular economy and a limitation of smartphone reuse. Therefore, in order to motivate the users to donate or sell their old devices and make electronic use more sustainable, data privacy on second-hand smartphone market should be significantly improved. Presented research has been carried out in the framework of sustainablySMART project, which is part of Horizon 2020 EU Framework Programme for Research and Innovation.

Keywords: android, circular economy, data privacy, second-hand phones

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Authors: Bahram Fathi, Karim Alizadeh, Azam Mohammadbagheri

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The aim of this paper is to investigate the role of oil price shocks in explaining business cycles in Iran using a dynamic stochastic general equilibrium approach. This model incorporates both productivity and oil revenue shocks. The results indicate that productivity shocks are relatively more important to business cycles than oil shocks. The model with two shocks produces different values for volatility, but these values have the same ranking as that of the actual data for most variables. In addition, the actual data are close to the ratio of standard deviations to the output obtained from the model with two shocks. The results indicate that productivity shocks are relatively more important to business cycles than the oil shocks. The model with only a productivity shock produces the most similar figures in term of volatility magnitude to that of the actual data. Next, we use the Impulse Response Functions (IRF) to evaluate the capability of the model. The IRF shows no effect of an oil shock on the capital stocks and on labor hours, which is a feature of the model. When the log-linearized system of equations is solved numerically, investment and labor hours were not found to be functions of the oil shock. This research recommends using different techniques to compare the model’s robustness. One method by which to do this is to have all decision variables as a function of the oil shock by inducing the stationary to the model differently. Another method is to impose a bond adjustment cost. This study intends to fill that gap. To achieve this objective, we derive a DSGE model that allows for the world oil price and productivity shocks. Second, we calibrate the model to the Iran economy. Next, we compare the moments from the theoretical model with both single and multiple shocks with that obtained from the actual data to see the extent to which business cycles in Iran can be explained by total oil revenue shock. Then, we use an impulse response function to evaluate the role of world oil price shocks. Finally, I present implications of the findings and interpretations in accordance with economic theory.

Keywords: oil price, shocks, dynamic stochastic general equilibrium, Iran

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Authors: Payel Saha

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Social media is playing an important role for dissemination of information in society. In 21st century most people have a smart phone and used different social media tools like Facebook, Twitter, Instagram, WhatsApp, Skype etc. in day to day life. It is rapidly growing web-based tool for everyone to share thoughts, ideas and knowledge globally using internet. The study highlights the current use of social media tools for promoting library and information services of Library and Information Professionals of India, which are working in Library. The study was conducted during November, 2017. A structured questionnaire was prepared using google docs and shared using different mailing list, sent to individual email IDs and sharing with other social media tools. Only 90 responses received from the different states of India and analyzed via MS-Excel. The data receive from 17 states and 3 union territories of India; however most of the respondents has come from the states Odisha 23, Himachal Pradesh 14 and Assam 10. The results revealed that out 90 respondents 37 Female and 53 male categories and also majority of respondents 71 have come from academic library followed by special library 15, Public library 3 and corporate library 1 respondent. The study indicates that, out of 90 respondent’s majority of 53 of respondents said that their Library have a social media account while 39 of respondents have not their Library social media account. The study also inform that Facebook, YouTube, Google+, LinkedIn, Twitter and Instagram are using by the LIS professional of India and Facebook 86 was popular social media tool among the other social media tools. Furthermore, respondent reported that they are using social media tools for sharing photos of events and programs of library 72, followed by tips for using different services 64, posting of new arrivals 56, tutorials of database 35 and send brief updates to patrons 32, announcement of library holidays 22. It was also reported by respondents that they are sharing information about scholarships training programs and marketing of library events etc. The study furthermore identify that lack of time is the major problem while using social media with 53 of respondents followed by low speed of internet 35, too many social media tools to learn 17 and some 3 respondents reported that there is no problem while using social media tools. The results also revealed that, majority of the respondents reported that they are using social media tools in daily basis 71 followed by weekly basis 16. It was followed by monthly 1 respondent and other 2 of the respondents. In summary, this study is expected to be useful in further promoting the social media for dissemination of library and information services to the general public.

Keywords: application of social media, India, promoting library services, library professionals

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Authors: Rowen Naicker, Dhiren Allopi

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One of the major problems the Port of Durban is experiencing is addressing shallow spots aggravated by megaships that berth. In the recent years, the vessels that call at the Port have increased in size which calls for draughts that are much deeper. For this reason, these larger vessels can only berth under high tide to avoid the risk of running aground. In addition to this, the ships cannot sail in fully laden which does not make it feasible for ship owners. Further during the berthing materials are displaced from the seabed which result in shallow spots being developed. The permitted draft (under-keel allowance) for the Durban Container Terminal (DCT) is currently 12.2 m. Transnet National Ports Authority (TNPA) are currently investing in a dredging fleet worth almost two billion rand. One of the highlights of this investment would be the building of grab hopper dredger that would be dedicated to the Port by 2017. TNPA are trying various techniques to dissolve the reduction of draughts by implementing dredging maintenance projects but is this sufficient? The ideal resolution would be the deepening and widening of the berths. Plans for this project is in place, but the implementation process is a matter of urgency. The intention of this project will be to accommodate three big vessels rather than two which in turn will improve the turnaround time in the port. The berthing will then no longer depend on high tide to avoid ships running aground. The aim of this paper is to prove the implementation of deepening and widening of the Port of Durban is a matter of urgency. If the plan to deepen and widen the berths at DCT is delayed it will mean a loss of business for the South African economy. If larger vessels cannot be accommodated in the Port of Durban, it will bypass the busiest container handling facility in the Southern hemisphere. Shipping companies are compelled to use larger ships as opposed to smaller vessels to lower port and fuel costs. A delay in the expansion of DCT could also result in an escalation of costs.

Keywords: DCT, deepening, berth, port

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Authors: Moses Obenade, Henry U. Okeke, Francis I. Okpiliya, Eugene J. Aniah

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Population growth in Eleme has been rapid over the past 75 years with its attendant pressure on the natural resources of the area. Between 1937 and 2006 the population of Eleme grew from 2,528 to 190,194 and is projected to be above 265,707 in 2016 based on an annual growth rate of 3.4%. Using the combined technologies of Geographic Information Systems (GIS), remote sensing (RS) and Demography techniques as its methodology, this paper examines the environmental implications of rapid population growth on land use dynamics in Eleme between 1986 and 2015. The study reveals that between 1986 and 2006, Built-up area and Farmland increased by 72.67 and 12.77% respectively, while light and thick vegetation recorded a decrease of -6.92 and -61.64% respectively. Water body remains fairly constant with minimal changes. Also, between 2006 and 2015 covering a period of 9 years, Built-up area further increased by 53% with an annual growth rate of 2.32 km2 gaining more land area on the detriment of other land uses. Built-up area has an annual growth rate of 2.32km2 and is expected to increase from 18.67km2 in 2006 to 41.87km2 in 2016.The observed Land used/Land cover dynamics is derived by the demographic characteristics of the Study area. Eleme has a total area of 138km2 out of which the Federal Government of Nigeria compulsorily acquired an estimated area of 59.34km2 for industrial purposes excluding acquisitions by the Rivers State Government. It is evident from the findings of this study that the carrying capacity of Eleme ecosystem is under threat due to the current population growth and land consumption rates. Therefore, measures such as use of appropriate technologies in farming techniques, waste management; investment in family planning and female empowerment, maternal health and education, afforestation programs; and amendment of Land Use Act of 1978 are recommended.

Keywords: population growth, Eleme, land use, GIS and remote sensing

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Authors: Luigi Pari, Alessandro Suardi, Enrico Santangelo

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In the last decade Jatropha curcas L. (an oleaginous crop native to Central America and part of South America) has raised particular interest owing to of its properties and uses. Its capsules may contain up to 40% in oil and can be used as feedstock for biodiesel production. The harvesting phase is made difficult by the physiological traits of the specie, because fruits are in bunches and do not ripen simultaneously. Three harvesting methodologies are currently diffused and differ for the level of mechanization applied: manual picking, semi-mechanical harvesting, and mechanical harvesting. The manual picking is the most common in the developing countries but it is also the most time consuming and inefficient. Mechanical harvesting carried out with modified grape harvesters has the higher productivity, but it is very costly as initial investment and requires appropriate schemes of cultivation. The semi-mechanical harvesting method is achieved with shaker tools employed to facilitate the fruit detachment. This system resulted much cheaper than the fully mechanized one and quite flexible for small and medium scale applications, but it still requires adjustments for improving the productive performance. CRA-ING, within the European project Jatromed (http://www.jatromed.aua.gr) has carried out preliminary studies on the applicability of such approach, adapting an olive shaker to harvest Jatropha fruits. The work is a survey of the harvesting methods currently available for Jatropha, show the pros and cons of each system, and highlighting the criteria to be considered for choosing one respect another. The harvesting of Jatropha curcas L. remains a big constrains for the spread of the species as energy crop. The approach pursued by CRA-ING can be considered a good compromise between the fully mechanized harvesters and the exclusive manual intervention. It is an attempt to promote a sustainable mechanization suited to the social context of developing countries by encouraging the concrete involvement of local populations.

Keywords: jatropha curcas, energy crop, harvesting, central america, south america

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Authors: Giorgi Bregadze

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Tourism is the most viable and sustainable economic development option for Georgia and one of the main sources of foreign exchange earnings. Events are considered as one of the most effective ways to attract foreign visitors to the country, and, recently, the government of Georgia has begun investing in this sector very actively. This article stresses the necessity of research based economic policy in the tourism sector. In this regard, it is of paramount importance to measure the economic effects of the events which are subsidized by taxpayers’ money. The economic effect of events can be analyzed from two perspectives; financial perspective of the government and perspective of economic effects of the tourism administration. The article emphasizes more realistic and all-inclusive focus of the economic effect analysis of the tourism administration as it concentrates on the income of residents and local businesses, part of which generate tax revenues for the government. The public would like to know what the economic returns to investment are. In this article, the methodology used to describe the economic effects of UEFA Super Cup held in Tbilisi, will help to answer this question. Methodology is based on three main principles and covers three stages. Using the suggested methodology article estimates the direct economic effect of UEFA Super cup on Georgian economy. Although the attempt to make an economic effect analysis of the event was successful in Georgia, some obstacles and insufficiencies were identified during the survey. The article offers several recommendations that will help to refine methodology and improve the accuracy of the data. Furthermore, it is very important to receive the correct standard of measurement of events in Georgia. In this caseü non-ethical acts of measurement which are widely utilized by different research companies will not trigger others to show overestimated effects. It is worth mentioning that to author’s best knowledge, this is the first attempt to measure the economic effect of an event held in Georgia.

Keywords: biased economic effect analysis, expenditure of local citizens, time switchers and casuals, UEFA super cup

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Authors: Rimon Rafiah

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This paper will present a combination of two seemingly unrelated models, which are the one for estimating economic development impacts as a result of transportation investment and the other for increasing CAV penetration in order to reduce congestion. Measuring economic development impacts resulting from transportation investments is becoming more recognized around the world. Examples include the UK’s Wider Economic Benefits (WEB) model, Economic Impact Assessments in the USA, various input-output models, and additional models around the world. The economic impact model is based on WEB and is based on the following premise: investments in transportation will reduce the cost of personal travel, enabling firms to be more competitive, creating additional throughput (the same road allows more people to travel), and reducing the cost of travel of workers to a new workplace. This reduction in travel costs was estimated in out-of-pocket terms in a given localized area and was then translated into additional employment based on regional labor supply elasticity. This additional employment was conservatively assumed to be at minimum wage levels, translated into GDP terms, and from there into direct taxation (i.e., an increase in tax taken by the government). The CAV model is based on economic principles such as CAV usage, supply, and demand. Usage of CAVs can increase capacity using a variety of means – increased automation (known as Level I thru Level IV) and also by increased penetration and usage, which has been predicted to go up to 50% by 2030 according to several forecasts, with possible full conversion by 2045-2050. Several countries have passed policies and/or legislation on sales of gasoline-powered vehicles (none) starting in 2030 and later. Supply was measured via increased capacity on given infrastructure as a function of both CAV penetration and implemented technologies. The CAV model, as implemented in the USA, has shown significant savings in travel time and also in vehicle operating costs, which can be translated into economic development impacts in terms of job creation, GDP growth and salaries as well. The models have policy implications as well and can be adapted for use in Japan as well.

Keywords: CAV, economic development, WEB, transport economics

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Authors: Anita Bela, Marta Juhasz

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Adapting to the always-changing environment comes with complex determinants. The authors are zooming into one aspect only when the current workforce comes with obstacles by being less keen to stay engaged, even short or mid-term, resulting in additional challenges impacting the business performance. Seeing these occurring in practice made the researchers eager to gain a better understanding of the reasons behind. The paper aims to provide an overview of the theoretical background and research methods planned for the different stages of the research. The theoretical part takes the leadership behaviors under lens while the focus is on finding ways to attract and retain those who prefer working under more flexible employment conditions (e.g. contractor, contingent worker, etc.). These are considered as the organizational values and along with the power of people management are having their engaging relevance. The organizational culture (visible or invisible level) is clearly the mirror of the set of shared values guiding all members of the companies towards acceptable behavior. The applied research method, inductive reasoning was selected since the focus and questions raised in this research are results of specific observations made on the employees (various employment types) and leaders of start-ups and corporates. By comparing the similarities and differences, the researchers are hoping to prove the readiness and agility of the start-up culture for the desired leadership behaviours of the current and future workforce against the corporate culture. While exploring the preferences and engaging factors of the 21st-century workforce the data gathering would happen through website analysis – using ATLAS.ti qualitative software – followed by interview sessions where demographics will be collected and preferred leadership behaviors - using the Critical Incident Technique. Moreover, a short engagement survey will be administered to understand the linkage between the organizational culture type and engagement level. To conclude, after gaining theoretical understanding, we will zoom back to the employees to reveal the behaviors to be followed to achieve engagement in an environment where nothing is stable and where the companies always must keep their agile eyes and reactions vivid.

Keywords: leadership behaviours, organizational culture, qualitative analysis, workforce engagement

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Authors: Kristel Faye Tandog

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The State Owned Enterprise (SOE) or also called Public Enterprise (PE) has been playing a vital role in a country’s social and economic development. Following this idea, this study focused on the Factor Structures of Financial Performance of the Local Economic Enterprises (LEEs) namely: Food Court, Market, Slaughterhouse, and Terminal in Matalam, Cotabato. It aimed to determine the profile of the LEEs in terms of organizational structure, manner of creation, years in operation, source of initial operating requirements, annual operating budget, geographical location, and size or description of the facility. This study also included the different financial ratios of LEE that covered a five year period from Calendar Year 2009 to 2013. Primary data using survey questionnaire was administered to 468 respondents and secondary data were sourced out from the government archives and financial documents of the said LGU. There were 12 dominant factors identified namely: “management”, “enforcement of laws”, “strategic location”, “existence of non-formal competitors”, “proper maintenance”, “pricing”, “customer service”, “collection process”, “rentals and services”, “efficient use of resources”, “staffing”, and “timeliness and accuracy”. On the other hand, the financial performance of the LEE of Matalam, Cotabato using financial ratios needs reformatting. This denotes that refinement as to the following ratios: Cash Flow Indicator, Activity, Profitability and Growth is necessary. The cash flow indicator ratio showed difficulty in covering its debts in successive years. Likewise, the activity ratios showed that the LEE had not been effective in putting its investment at work. Moreover, profitability ratios revealed that it had operated in minimum capacity and had incurred net losses and thus, it had a weak profit performance. Furthermore, growth ratios showed that LEE had a declining growth trend particularly in net income.

Keywords: factor structures, financial performance, financial ratios, state owned enterprises

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Authors: Payman Tajalli, Steven Segal

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Applied ethics is an area of ethics which is looked upon most favorably as the most appropriate and useful for educational purposes; after all if ethics finds no application would any investment of time, effort and finance by the educational institutions be warranted? The current approaches to ethics in business and management often entail appealing to various types of moral theories and to this end almost every major philosophical approach has been enlisted. In this paper, we look at ethics through the philosophy of Emmanuel Levinas to argue that since ethics is ‘first philosophy’ it can neither be rule-based nor rule-governed, not something that can be worked out first and then applied to a given situation, hence the overwhelming emphasis on ‘applied ethics’ as a field of study in business and management education is unjustified. True ethics is not applied ethics. This assertion does not mean that teaching ethical theories and philosophies need to be abandoned rather it is the acceptance of the fact that an increase in cognitive awareness of such theories and ethical models and frameworks, or the mastering of techniques and procedures for ethical decision making, will not affect the desired ethical transformation in our students. Levinas himself argued for an ethics without a foundation, not one that required us to go ‘beyond good and evil’ as Nietzsche contended, rather an ethics which necessitates going ‘before good and evil'. Such an ethics does not provide us with a set of methods or techniques or a decision tree that enable us determine the rightness of an action and what we ought to do, rather it is about a way of being, an ethical posture or approach one takes in the inter-subjective relationship with the other that holds the promise of ethical conduct. Ethics in this Levinasian sense then is one of infinite and unconditional responsibility for the other person in relationship, an ethics which is not subject to negotiation, calculation or reciprocity, and as such it could neither be applied nor taught through conventional pedagogy with its focus on knowledge transfer from the teacher to student, and to this end Levinas offers a non-maieutic, non-conventional approach to pedagogy. The paper concludes that from a Levinasian perspective on ethics and education, we may need to guide our students to move away from the clear and objective professionalism of the management and applied ethics towards the murky individual spiritualism. For Levinas, this is ‘the Copernican revolution’ in ethics.

Keywords: business ethics, ethics education, Levinas, maieutic teaching, ethics without foundation

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Authors: Rowland Brucken

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This paper argues that nation-building theories that prioritize democratic governance best explain the successful post-independence development of Botswana. Three main competing schools of thought exist regarding the sequencing of policies that should occur to re-build weakened or failed states. The first posits that economic development should receive foremost attention, while democratization and a binding sense of nationalism can wait. A second group of experts identified constructing a sense of nationalism among a populace is necessary first, so that the state receives popular legitimacy and obedience that are prerequisites for development. Botswana, though, transitioned into a multi-party democracy and prosperous open economy due to the utilization of traditional democratic structures, enlightened and accountable leadership, and an educated technocratic civil service. With these political foundations already in place when the discovery of diamonds occurred, the resulting revenues were spent wisely on projects that grew the economy, improved basic living standards, and attracted foreign investment. Thus democratization preceded, and therefore provided an accountable basis for, economic development that might otherwise have been squandered by greedy and isolated elites to the detriment of the greater population. Botswana was one of the poorest nations in the world at the time of its independence in 1966, with little infrastructure, a dependence on apartheid South Africa for trade, and a largely subsistence economy. Over the next thirty years, though, its economy grew the fastest of any nation in the world. The transparent and judicious use of diamond returns is only a partial explanation, as the government also pursued economic diversification, mass education, and rural development in response to public needs. As nation-building has become a project undertaken by nations and multilateral agencies such as the United Nations and the North Atlantic Treaty Organization, Botswana may provide best practices that others should follow in attempting to reconstruct economically and politically unstable states.

Keywords: Botswana, democratization, economic development, nation-building

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Authors: Hassan Sher

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Agriculture has a pivotal role in Pakistan’s economy, accounting for about one-fourth of the GDP and employing almost half the population. However, the competitiveness, productivity, growth, employment potential, export opportunity, and contribution to GDP of the sector is significantly hampered by agriculture marketing laws/regulations at the provincial level that reward rent seeking behavior, promote monopoly power, artificially reduce farmer incomes while inflating prices to consumers, and act as disincentives to investment. Although of more recent vintage than some other provincial agricultural marketing laws, the NWFP Agricultural and Livestock Produce Markets Act, 2007 is a throwback to a colonial paradigm, where restrictions on agricultural produce marketing and Government control of distribution channels is the norm. The Swat Valley (in which we include its tributary valleys) is an area of Pakistan in which there is poverty is both extreme and pervasive. For many, a significant portion of the family’s income comes from selling plants that are used as herbs, medicines, and perfumes. Earlier studies have shown that the benefit they derive from this work is less than they might because of: Lack of knowledge concerning which plants and which plant parts are valuable, Lack of knowledge concerning optimal preservation and storage of material, illiteracy. Another concern that much of the plant material sold from the valley is collected in the wild, without an appreciation of the negative impact continued collecting has on wild populations. We propose: Creating colored cards to help inhabitants recognize the 25 most valuable plants in their area; Developing and sharing protocols for growing the 25 most valuable plants in a home garden; Developing and sharing efficient mechanisms for drying plants so they do not lose value; Encouraging increased literacy by incorporating numbers and a few words in the handouts.

Keywords: food security, medicinal plants, industrial plants, economic development

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Authors: Princess Ncube

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In the context of South Africa's banking sector, the prevention of bank failures is of paramount importance to ensure financial stability and economic growth. This paper focuses on the role of regulatory frameworks in safeguarding the resilience of South African banks and mitigating the risks of failures. It aims to assess the effectiveness of existing regulatory measures and proposes strategies to enhance the resilience of financial institutions in the country. The paper begins by examining the specific regulatory frameworks in place in South Africa, including capital adequacy requirements, stress testing methodologies, risk management guidelines, and supervisory practices. It delves into the evolution of these measures in response to lessons learned from past financial crises and their relevance in the unique South African banking landscape. Drawing on empirical evidence and case studies specific to South Africa, this paper evaluates the effectiveness of regulatory frameworks in preventing bank failures within the country. It analyses the impact of these frameworks on crucial aspects such as early detection of distress signals, improvements in risk management practices, and advancements in corporate governance within South African financial institutions. Additionally, it explores the interplay between regulatory frameworks and the specific economic environment of South Africa, including the role of macroprudential policies in preventing systemic risks. Based on the assessment, this paper proposes recommendations to strengthen regulatory frameworks and enhance their effectiveness in bank failure prevention in South Africa. It explores avenues for refining existing regulations to align capital requirements with the risk profiles of South African banks, enhancing stress testing methodologies to capture specific vulnerabilities, and fostering better coordination among regulatory authorities within the country. Furthermore, it examines the potential benefits of adopting innovative approaches, such as leveraging technology and data analytics, to improve risk assessment and supervision in the South African banking sector.

Keywords: banks, resolution, liquidity, regulation

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Authors: Alain Villemeur

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The relationships between the profit share in income on the one hand and the growth rates of output and employment on the other hand have been studied for 17 advanced economies since 1961. The vast majority (98%) of annual values for the profit share fall between 20% and 40%, with an average value of 33.9%. For the 17 advanced economies, Gross Domestic Product and productivity growth rates tend to fall as the profit share in income rises. For the employment growth rates, the relationships are complex; nevertheless, over long periods (1961-2000), it appears that the more job-creating economies are Australia, Canada, and the United States; they have experienced a profit share close to 1/3. This raises a number of questions, not least the value of 1/3 for the profit share and its role in macroeconomic fundamentals. To explain these facts, an endogenous growth model is developed. This growth and distribution model reconciles the great ideas of Kaldor (economic growth as a chain reaction), of Keynes (effective demand and marginal efficiency of capital) and of Ricardo (importance of the wage-profit distribution) in an economy facing creative destruction. A production function is obtained, depending mainly on the growth of employment, the rate of net investment and the profit share in income. In theory, we show the existence of incentives: an incentive for job creation when the profit share is less than 1/3 and another incentive for job destruction in the opposite case. Thus, increasing the profit share can boost the employment growth rate until it reaches the value of 1/3; otherwise lowers the employment growth rate. Three key findings can be drawn from these considerations. The first reveals that the best GDP and productivity growth rates are obtained with a profit share of less than 1/3. The second is that maximum job growth is associated with a 1/3 profit share, given the existence of incentives to create more jobs when the profit share is less than 1/3 or to destroy more jobs otherwise. The third is the decline in performance (GDP growth rate and productivity growth rate) when the profit share increases. In conclusion, increasing the profit share in income weakens GDP growth or productivity growth as a long-term trend, contrary to the trickle-down hypothesis. The employment growth rate is maximum for a profit share in income of 1/3. All these lessons suggest macroeconomic policies considering the profit share in income.

Keywords: advanced countries, GDP growth, employment growth, profit share, economic policies

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