Search results for: islamic finance in Europe

Authors: Vito Telesca, Giuseppina A. Giorgio, M. Ragosta

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The effects of extreme heat events are increasing in recent years. Humans are forced to adjust themselves to adverse climatic conditions. The impact of weather on human health has become public health significance, especially in light of climate change and rising frequency of devasting weather events (e.g., heat waves and floods). The interest of scientific community is widely known. In particular, the associations between temperature and mortality are well studied. Weather conditions are natural factors that affect the human organism. Recent works show that the temperature threshold at which an impact is seen varies by geographic area and season. These results suggest heat warning criteria should consider local thresholds to account for acclimation to local climatology as well as the seasonal timing of a forecasted heat wave. Therefore, it is very important the problem called ‘local warming’. This is preventable with adequate warning tools and effective emergency planning. Since climate change has the potential to increase the frequency of these types of events, improved heat warning systems are urgently needed. This would require a better knowledge of the full impact of extreme heat on morbidity and mortality. The majority of researchers who analyze the associations between human health and weather variables, investigate the effect of air temperature and bioclimatic indices. These indices combine air temperature, relative humidity, and wind speed and are very important to determine the human thermal comfort. Health impact studies of weather events showed that the prevention is an essential element to dramatically reduce the impact of heat waves. The summer Italian of 2012 was characterized with high average temperatures (con un +2.3°C in reference to the period 1971-2000), enough to be considered as the second hottest summer since 1800. Italy was the first among countries in Europe which adopted tools for to predict these phenomena with 72 hours in advance (Heat Health Watch Warning System - HHWWS). Furthermore, in Italy heat alert criteria relies on the different Indexes, for example Apparent temperature, Scharlau index, Thermohygrometric Index, etc. This study examines the importance of developing public health policies that protect the most vulnerable people (such as the elderly) to extreme temperatures, highlighting the factors that confer susceptibility.

Keywords: heat waves, Italy, local warming, temperature

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Authors: J. D. García Espinel, Paula Pérez Sánchez, Carlos Egea Ruiz, Carlos Lardín Mifsut, Andrés López-Aranguren Oliver

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This paper shortly describes three main actuations over a Waste Water Treatment Plant (WWTP) for reducing its energy consumption: Optimization of the biological reactor in the aeration stage by including new control algorithms and introducing new efficient equipment, the installation of an innovative hybrid system with zero Grid injection (formed by 100kW of PV energy and 5 kW of mini-wind energy generation) and an intelligent management system for load consumption and energy generation control in the most optimum way. This project called RENEWAT, involved in the European Commission call LIFE 2013, has the main objective of reducing the energy consumptions through different actions on the processes which take place in a WWTP and introducing renewable energies on these treatment plants, with the purpose of promoting the usage of treated waste water for irrigation and decreasing the C02 gas emissions. WWTP is always required before waste water can be reused for irrigation or discharged in water bodies. However, the energetic demand of the treatment process is high enough for making the price of treated water to exceed the one for drinkable water. This makes any policy very difficult to encourage the re-use of treated water, with a great impact on the water cycle, particularly in those areas suffering hydric stress or deficiency. The cost of treating waste water involves another climate-change related burden: the energy necessary for the process is obtained mainly from the electric network, which is, in most of the cases in Europe, energy obtained from the burning of fossil fuels. The innovative part of this project is based on the implementation, adaptation and integration of solutions for this problem, together with a new concept of the integration of energy input and operative energy demand. Moreover, there is an important qualitative jump between the technologies used and the alleged technologies to use in the project which give it an innovative character, due to the fact that there are no similar previous experiences of a WWTP including an intelligent discrimination of energy sources, integrating renewable ones (PV and Wind) and the grid.

Keywords: aeration system, biological reactor, CO2 emissions, energy efficiency, hybrid systems, LIFE 2013 call, process optimization, renewable energy sources, wasted water treatment plants

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Authors: Mohammad Arifur Rahman

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The research study aims to bring to light the contribution of sir Sayeed Ahmed in the realm of education and literature. Sir Sayeed Ahmed Khan (1817 –1898), commonly known as Sir Sayeed, was an Indian Muslim leader, Islamic modernist, philosopher and social reformer of the nineteenth century. He earned a reputation as a distinguished scholar while working as a jurist for British India. During the Indian Rebellion of 1857, he remained loyal to the British Empire and was noted for his actions in saving European lives. Believing that the future of Muslims was threatened by the rigidity of their orthodox outlook, Sir Sayeed began promoting Western–style scientific education by founding modern schools and journals and organizing Muslim entrepreneurs. He was one of the founders of the Aligarh Movement and Aligarh Muslim University. He began focusing on writing, from his early life, on various subjects, mainly educational issues. He launched his attempts to revive the spirit of progress within the Muslim community of India. Therefore, modern education became the pivot of his movement for the regeneration of the Indian Muslims. Sayeed Ahmed Khan found time for literary and scholarly pursuits. The range of his literary and scholarly interests was very wide, comprising all the major areas: education, law, philosophy, history, politics, archeology, journalism, Muslim modernism, literature, science and culture, mainly based on his comprehensive religious ideas should be well measured in view to making out him and his contribution to the context. The books written by himself and the books composed by him by some of the great writers like Altaf Hussein Hali, Hafee z Malick, Nasim Rashid, and Christian W. Troll were studied to understand him and his contribution. The readers of this paper would benefit from dispelling the hazy ideas about this great man of India who made an immense contribution. Further research should be undertaken to know more about the different sides of his thought and personality. The qualitative and the historical methods are adopted for the accomplishment of the work.

Keywords: thinker, reformer, educator and Philosopher, modernist

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Authors: A. Ham, A. Kuckert-Wostheinrich

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Demographic changes, like the ageing population in European countries and shortage of nursing staff, the increasing number of people with severe cognitive impairment, and elderly socially isolated people raise important questions about who will provide long-term care for ageing citizens. Due to the so-called refugee crisis in 2015, some health care institutions for ageing citizens in Europe invited first generation immigrants to start a nursing career and providing them language skills, nursing training, and internships. The aim of this ethnographic research was to explore the social processes affecting workforce integration and how newcomers enact good care in ageing citizens in a German nursing home. By ethnographic fieldwork, 200 hours of participant observations, 25 in-depth interviews with immigrants and established staff, 2 focus groups with 6 immigrants, and 6 established staff members, data were analysed. The health care institution provided the newcomers a nursing program on psychogeriatric theory and nursing skills in the psychogeriatric field and professional oriented language skills. Courses of health prevention and theater plays accompanied the training. The knowledge learned in education could be applied in internships on the wards. Additionally, diversity and inclusivity courses were given to established personal for cultural awareness and sensitivity. They learned to develop a collegial attitude of respect and appreciation, regardless of gender, nationality, ethnicity, religion or belief, age sexual orientation, or disability and identity. The qualitative data has shown that social processes affected workforce integration, like organizational constraints, staff shortages, and a demanding workload. However, zooming in on the interactions between newcomers and residents, we noticed how they tinkered to enact good care by embodied caring, playing games, singing and dancing. By situational acting and practical wisdom in nursing care, the newcomers could meet the needs of ageing residents. Thus, when health care institutions open up nursing programs for newcomers with refugees’ backgrounds and focus on talent instead of shortcomings, we might as well stimulate the unknown competencies, attitudes, skills, and expertise of newcomers and create excellent nurses for excellent care.

Keywords: established staff, Germany, nursing, refugees

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Authors: Marco Ferretti, Marcello Risitano, Maria Cristina Pietronudo, Lina Ozturk

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A green port is the result of a sustainable long-term strategy adopted by an entire port infrastructure, therefore by the set of actors involved in port activities. The strategy aims to realise the development of sustainable port infrastructure focused on the reduction of negative environmental impacts without jeopardising economic growth. Green technology represents the core tool to implement sustainable solutions, however, they are not a magic bullet. Ports have always been integrated in the local territory affecting the environment in which they operate, therefore, the sustainable strategy should fit with the entire local systems. Therefore, adopting a sustainable strategy means to know how to involve and engage a wide stakeholders’ network (industries, production, markets, citizens, and public authority). The existing research on the topic has not well integrated this perspective with those of sustainability. Research on green ports have mixed the sustainability aspects with those on the maritime industry, neglecting dynamics that lead to the development of the green port phenomenon. We propose an analysis of green ports adopting the lens of ecosystem studies in the field of management. The ecosystem approach provides a way to model relations that enable green solutions and green practices in a port ecosystem. However, due to the local dimension of a port and the port trend on innovation, i.e., sustainable innovation, we draw to a specific concept of ecosystem, those on local innovation systems. More precisely, we explore if a green port is a local innovation system engaged in developing sustainable innovation with a large impact on the territory or merely an innovation adopter. To address this issue, we adopt a comparative case study selecting two innovative ports in Europe: Rotterdam and Genova. The case study is a research method focused on understanding the dynamics in a specific situation and can be used to provide a description of real circumstances. Preliminary results show two different approaches in supporting sustainable innovation: one represented by Rotterdam, a pioneer in competitiveness and sustainability, and the second one represented by Genoa, an example of technology adopter. The paper intends to provide a better understanding of how sustainable innovations are developed and in which manner a network of port and local stakeholder support this process. Furthermore, it proposes a taxonomy of green ports as developers and adopters of sustainable innovation, suggesting also best practices to model relationships that enable the port ecosystem in applying a sustainable strategy.

Keywords: green port, innovation, sustainability, local innovation systems

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Authors: Joana Mourão

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Transition to a low carbon economy requires changes in consumption and production patterns, including the improvement of existing buildings’ environmental performance. Urban rehabilitation is a top policy priority in Europe, creating an opportunity to increase this performance. However, urban rehabilitation comprises different typologies of interventions with distinct levels of consideration for cultural urban heritage values and for environmental values, thus with different impacts. Cities rely on both material and non-material forms of heritage that are deep-rooted and resilient. One of the most relevant parts of that urban heritage is the historical pre-industrial housing stock, with an extensive presence in many European cities, as Lisbon. This stock is rehabilitated and transformed at the framework of urban management and local governance traditions, as well as the framework of the global economy, and in that context, faces opportunities and threats that need evaluation and control. The scope of this article is to define methodological bases and research lines for the assessment of impacts that urban rehabilitation initiatives set on the vulnerable and historical pre-industrial urban housing stock, considering it as an environmental and cultural unreplaceable material value and resource. As a framework, this article reviews the concepts of urban regeneration, urban renewal, current buildings conservation and refurbishment, and energy refurbishment of buildings, seeking to define key typologies of urban rehabilitation that represent different approaches to the urban fabric, in terms of scope, actors, and priorities. Moreover, main types of interventions - basing on a case-study in a XVIII century neighborhood in Lisbon - are defined and analyzed in terms of the elements lost in each type of intervention, and relating those to urbanistic, architectonic and constructive values of urban heritage, as well as to environmental and energy efficiency. Further, the article overviews environmental cultural heritage assessment and life-cycle assessment tools, selecting relevant and feasible impact assessment criteria for urban buildings rehabilitation regulation, focusing on multi-level urban heritage integrity. Urbanistic, architectonic, constructive and energetic integrity are studied as criteria for impact assessment and specific indicators are proposed. The role of these criteria in sustainable urban management is discussed. Throughout this article, the key challenges for urban rehabilitation planning and management, concerning urban built heritage as a resource for sustainability, are discussed and clarified.

Keywords: urban rehabilitation, impact assessment criteria, buildings integrity, embodied energy

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Authors: Elissavet Kosta

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Introduction: In this research, we will propose the methodology, which is required for the planning of the cultural route in order to prepare substantiated proposals for the development and planning of cultural routes in Greece in the near future. Our research has started at 2016. Methodology in our research: Α combination of primary and secondary research will be used as project methodology. Furthermore, this study aims to follow a multidisciplinary approach, using dimensions of qualitative and quantitative data analysis models. Regarding the documentation of the theoretical part of the project, the method of secondary research will be mainly used, yet in combination with bibliographic sources. However, the data collection regarding the research topic will be conducted exclusively through primary research (questionnaires and interviews). Cultural Routes: The cultural route is defined as a brand name touristic product, that is a product of cultural tourism, which is shaped according to a specific connecting element. Given its potential, the cultural route is an important ‘tool’ for the management and development of cultural heritage. Currently, a constant development concerning the cultural routes is observed in an international level during the last decades, as it is widely accepted that cultural tourism has an important role in the world touristic industry. Cultural Routes in Greece: Especially for Greece, we believe, actions have not been taken to the systematic development of the cultural routes yet. The cultural routes that include Greece and have been design in a world scale as well as the cultural routes, which have been design in Greek ground up to this moment are initiations of the Council of Europe, World Tourism Organization UNWTO and ‘Diazoma’ association. Regarding the study of cultural routes in Greece as a multidimensional concept, the following concerns have arisen: Firstly, we are concerned about the general impact of cultural routes at local and national level and specifically in the economic sector. Moreover, we deal with the concerns regarding the natural environment and we delve into the educational aspect of cultural routes in Greece. In addition, the audience we aim at is both specific and broad and we put forward the institutional framework of the study. Finally, we conduct the development and planning of new cultural routes, having in mind the museums as both the starting and ending point of a route. Conclusion: The contribution of our work is twofold and lies firstly on the fact that we attempt to create cultural routes in Greece and secondly on the fact that an interdisciplinary approach is engaged towards realizing our study objective. In particular, our aim is to take advantage of all the ways in which the promotion of a cultural route can have a positive influence on the way of life of society. As a result, we intend to analyze how a cultural route can turn into a well-organized activity that can be used as social intervention to develop tourism, strengthen the economy and improve access to cultural goods in Greece during the economic crisis.

Keywords: cultural heritage, cultural routes, cultural tourism, Greece

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Authors: Minna-Maari Harmaala, Hanna Harilainen

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Estimates of the economic value of transitioning to circular economy models vary but it has been estimated to represent $1 trillion worth of new business into the global economy. In Europe alone, estimates claim that adopting circular-economy principles could not only have environmental and social benefits but also generate a net economic benefit of €1.8 trillion by 2030. Proponents of a circular economy argue that it offers a major opportunity to increase resource productivity, decrease resource dependence and waste, and increase employment and growth. A circular system could improve competitiveness and unleash innovation. Yet, most companies are not capturing these opportunities and thus the even abundant circular opportunities remain uncaptured even though they would seem inherently profitable. Service design in broad terms relates to developing an existing or a new service or service concept with emphasis and focus on the customer experience from the onset of the development process. Service design may even mean starting from scratch and co-creating the service concept entirely with the help of customer involvement. Service design methodologies provide a structured way of incorporating customer understanding and involvement in the process of designing better services with better resonance to customer needs. A business model is a depiction of how the company creates, delivers, and captures value; i.e. how it organizes its business. The process of business model development and adjustment or modification is also called business model innovation. Innovating business models has become a part of business strategy. Our hypothesis is that in addition to linear models still being easier to adopt and often with lower threshold costs, companies lack an understanding of how circular models can be adopted into their business and how customers will be willing and ready to adopt the new circular business models. In our research, we use robust service design methodology to develop circular economy solutions with two case study companies. The aim of the process is to not only develop the service concepts and portfolio, but to demonstrate the willingness to adopt circular solutions exists in the customer base. In addition to service design, we employ business model innovation methods to develop, test, and validate the new circular business models further. The results clearly indicate that amongst the customer groups there are specific customer personas that are willing to adopt and in fact are expecting the companies to take a leading role in the transition towards a circular economy. At the same time, there is a group of indifferents, to whom the idea of circularity provides no added value. In addition, the case studies clearly show what changes adoption of circular economy principles brings to the existing business model and how they can be integrated.

Keywords: business model innovation, circular economy, circular economy business models, service design

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Authors: Izabel Cristina Zattar, Gilberto Passos Lima, Guilherme Schünemann de Oliveira

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In Brazil, there are several institutions committed to the development of new businesses based on product innovation. Among them are business incubators, universities and science institutes. Business incubators can be defined as nurseries for new companies, which may be in the technology segment, discussed in this article. Business incubators provide services related to infrastructure, such as physical space and meeting rooms. Besides these services, incubators also offer assistance in the form of information and communication, access to finance, relationship networks and business monitoring and mentoring processes. Business incubators support not all technology companies. One of the business incubators tasks is to assess the nature and feasibility of new business proposals. To assist in this goal, this paper proposes a methodology for evaluating new business using the Analytic Hierarchy Process (AHP). This paper presents the concepts used in the assessing methodology application for new business, concepts that have been tested with positive results in practice. This study counts on three main steps: first, a hierarchy was built, based on new business manuals used by the business incubators. These books and manuals relate business selection requirements, such as the innovation status and other technological aspects. Then, a questionnaire was generated, in order to guide incubator experts in the parity comparisons at all hierarchy levels. The weights of each requirement are calculated from information obtained from the questionnaire responses. Finally, the proposed method was applied to evaluate five new business proposals, which were applying to be part of a company incubator. The main result is the classification of these new businesses, which helped the incubator experts to decide what companies were more eligible to work with. This classification may also be helpful to the decision-making process of business incubators in future selection processes.

Keywords: Analytic Hierarchy Process (AHP), Brazilian companies incubators, technology companies, incubator

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Authors: Oskar Sekowski

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Current global warming causes changes in the traditional zones of viticulture worldwide. During 20th century, the average global air temperature increased by 0.89˚C. The models of climate change indicate that viticulture, currently concentrating in narrow geographic niches, may move towards the poles, to higher geographic latitudes. Global warming may cause changes in traditional viticulture regions. Therefore, there is a need to estimate the climatic conditions and climate change in areas that are not traditionally associated with viticulture, e.g., Poland. The primary objective of this paper is to prepare methodology to evaluate the climatic and meteorological potential for viticulture in Poland based on a case study. Moreover, the additional aim is to evaluate the climatic potential of a mesoregion where a university vineyard is located. The daily data of temperature, precipitation, insolation, and wind speed (1988-2018) from the meteorological station located in Łazy, southern Poland, was used to evaluate 15 climatological parameters and indices connected with viticulture. The next steps of the methodology are based on Geographic Information System methods. The topographical factors such as a slope gradient and slope exposure were created using Digital Elevation Models. The spatial distribution of climatological elements was interpolated by ordinary kriging. The values of each factor and indices were also ranked and classified. The viticultural potential was determined by integrating two suitability maps, i.e., the topographical and climatic ones, and by calculating the average for each pixel. Data analysis shows significant changes in heat accumulation indices that are driven by increases in maximum temperature, mostly increasing number of days with Tmax > 30˚C. The climatic conditions of this mesoregion are sufficient for vitis vinifera viticulture. The values of indicators and insolation are similar to those in the known wine regions located on similar geographical latitudes in Europe. The smallest threat to viticulture in study area is the occurrence of hail and the highest occurrence of frost in the winter. This research provides the basis for evaluating general suitability and climatologic potential for viticulture in Poland. To characterize the climatic potential for viticulture, it is necessary to assess the suitability of all climatological and topographical factors that can influence viticulture. The methodology used in this case study shows places where there is a possibility to create vineyards. It may also be helpful for wine-makers to select grape varieties.

Keywords: climatologic potential, climatic classification, Poland, viticulture

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Authors: M.J. Seddighi, A. Moradchelleh, M. Keyvan

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The ultimate goal in building a city is to provide pleasant, comfortable and nurturing environment as a context of public life. City environment establishes strong connection with people and their surrounding habitant, acting as relevance in social interactions between citizens itself. Urban environment and appropriate municipal facilities are the only way for proper communication between city and citizens and also citizens themselves. There is a need for complement elements between buildings and constructions to settling city life through which the move, comfort, reactions and anxiety will adjust and reflect the spirit to the city. In the surging development of society, urban’ spaces are encountered evolution, sometimes causing the symbols to fade and waste, and as a result, leading to destroy belongs among humans and their physical liquidate. Houses and living spaces exhibit materialistic reflection of life style. In other words, way of life makes the symbolic essence of living spaces. In addition, it is of sociocultural factor of lifestyle, consisting the concepts and culture, morality, worldview, and national character. Culture is responsible for some crucial meaningful needs which can be wide because they depend on various causes such as perception and interpretation of believes, philosophy of life, interaction with neighbors and protection against climate and enemies. The bilateral relationship between human and nature is the main factor that needs to be properly addressed. It is because of the fact that the approach which is taken against landscape and nature has a pertinent influence on creation and shaping the structure of a house. The first response of human in tackling the environment is to build a “shelter” and place as dwelling. This has been a crucial factor in all time periods. In the proposed study, dwelling in Khorasgan’ Stream, as an area located in one of the important historical city of Iran, has been studied. Khorasgan’ Stream is the basic constituent elements of the present architectural form of Isfahan. The influence of Islamic spiritual culture and neighborhood with the historical elements on the dwelling of the selected location, subsequently on other regions of the town are presented.

Keywords: historical architectural elements, dwelling' neighborhood, Khorasgan’ Stream of Isfahan, architecture

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Authors: Svetlana Bialkova, Marnix van Gisbergen

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Advanced Virtual Reality (VR) technologies offer compelling multisensory and interactive experiences applicable in various fields from education to entertainment. However, serious VR applications within the financial sector are scarce, and managing ‘real’ business services with(in) VR is a challenge inviting further investigation. The current research addresses this challenge, by exploring the key parameters influencing the VR business power and the development of appropriate VR applications in real financial business. We conducted profound investigation of both B2B and B2C needs, and how these could be met. In three studies, we have approached experts from leading international banks (finance to computer specialists), and their (potential) customers. Study 1 included focus group discussions with experts. First, participants could experience different VR devices such as Samsung Gear VR, then a structured discussion was held. The outcomes are analyzed and summarized in a portfolio. Study 2 further used the portfolio analyzer to profile the management of real business services with(in) VR. Again experts participated, where first being introduced with Samsung Gear, then experiencing it and being interviewed. Based on the outcomes, a survey was developed to interview (potential) customers and test ideas created (Study 3). The results suggest that developing proper system architectures to connect people and to connect devices is crucial for building up powerful business with(in) VR. From one side, connecting devices, e.g., pairing mobile Head Mounted Displays for VR with smart-phones and/or wearable technologies would be appropriate way “to have” customers anywhere, anytime with a brand and/or business. Developing VR Apps, providing detailed real time visualization of performance and infrastructure types could enable 3D VR navigation, 3D contents viewing, but also being opportunity for connecting people in collaborative platforms. The outcomes of the current research are summarized in a model which could be applied to unlock the real business power of VR.

Keywords: business power, B2B, B2C, VR applications

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Authors: Kang-Hsien Li

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Along with global industries in using technology to enhance the application, make the study drawn more close to the people’s behavior and produce data analysis, extended out from the mental accounting of prospect theory, this paper provides the marketing and financial applications in the field of exploration and discussions with the future. For the foreseeable future, the payment behavior depends on the form of currency, which affects a variety of product types on the marketing of marketing strategy to provide diverse payment methods to enhance the overall sales performance. This not only affects people's consumption also affects people's investments. Credit card, PayPal, Apple pay, Bitcoin and any other with advances in technology and other emerging payment instruments, began to affect people for the value and the concept of money. Such as the planning of national social welfare policies, monetary and financial regulators and regulators. The expansion can be expected to discuss marketing and finance-related mental problems at the same time, recent studies reflect two different ideas, the first idea is that individuals affected by situational frames, not broad impact at the event level, affected by the people basically mental, second idea is that when an individual event affects a broader range, and majority of people will choose the same at the time that the rational choice. That are applied to practical application of marketing, at the same time provide an explanation in the financial market under the anomalies, due to the financial markets has varied investment products and different market participants, that also highlights these two points. It would provide in-depth description of humanity's mental. Certainly, about discuss mental accounting aspects, while artificial intelligence application development, although people would be able to reduce prejudice decisions, that will also lead to more discussion on the economic and marketing strategy.

Keywords: mental accounting, behavior economics, consumer behaviors, decision-making

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Authors: Jacolien Barnard, Corlia Van Heerden

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Effective and accessible consensual dispute resolution and in particular alternative dispute resolution, are central to consumer protection legislation. In this regard, the Consumer Protection Act 68 of 2008 (CPA) of South Africa is no exception. Due to the nature of consumer disputes, alternative dispute resolution (in theory) is an effective vehicle for the adjudication of disputes in a timely manner avoiding overburdening of the courts. The CPA sets down as one of its core purposes the provision of ‘an accessible, consistent, harmonized, effective and efficient system of redress for consumers’ (section 3(1)(h) of the CPA). Section 69 of the Act provides for the enforcement of consumer rights and provides for the National Consumer Commission to be the Central Authority which streamlines, adjudicates and channels disputes to the appropriate forums which include Alternative Dispute Resolution Agents (ADR-agents). The purpose of this paper is to analyze the regulation of these enforcement and redress mechanisms with particular focus on the Central Authority as well as the ADR-agents and their crucial role in successful and efficient adjudication of disputes in South Africa. The South African position will be discussed comparatively with the European Union (EU) position. In this regard, the European Union (EU) Directive on Alternative Dispute Resolution for Consumer Disputes (2013/11/EU) will be discussed (The ADR Directive). The aim of the ADR Directive is to solve contractual disputes between consumers and traders (suppliers or businesses) regardless of whether the agreement was concluded offline or online or whether or not the trader is situated in another member state (Recitals 4-6). The ADR Directive provides for a set of quality requirements that an ADR body or entity tasked with resolving consumer disputes should adhere to in member states which include regulatory mechanisms for control. Transparency, effectiveness, fairness, liberty and legality are all requirements for a successful ADR body and discussed within this chapter III of the Directive. Chapters III and IV govern the importance of information and co-operation. This includes information between ADR bodies and the European Commission (EC) but also between ADR bodies or entities and national authorities enforcing legal acts on consumer protection and traders. (In South Africa the National Consumer Tribunal, Provincial Consumer Protectors and Industry ombuds come to mind). All of which have a responsibility to keep consumers informed. Ultimately the papers aims to provide recommendations as to the successfulness of the current South African position in light of the comparative position in Europe and the highlight the importance of proper regulation of these redress and enforcement institutions.

Keywords: alternative dispute resolution, consumer protection law, enforcement, redress

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Authors: Isabella Maria Beil

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The International Geosciences and Geoparks Programme (IGGP) were officially created in 2015 by the United Nations Educational, Scientific and Cultural Organization (UNESCO) to enhance the protection of the geological heritage and fill the gaps on the World Heritage Convention. According to UNESCO, a Global Geopark is an unified area where sites and landscapes of international geological significance are managed based on a concept of sustainable development. Tourism is seen as a main activity to develop new sources of revenue. Currently (November 2022), UNESCO recognized 177 Global Geoparks, of which more than 50% are in Europe, 40% in Asia, 6% in Latin America, and the remaining 4% are distributed between Africa and Anglo-Saxon America. This picture shows the existence of a much uneven geographical distribution of these areas across the planet. Currently, there are three Geoparks in Brazil; however, the first of them was accepted by the Global Geoparks Network in 2006 and, just fifteen years later, two other Brazilian Geoparks also obtained the UNESCO title. Therefore, this paper aims to provide an overview of the current geopark situation in Brazil and to identify the main challenges faced by the implementation of these areas in the country. To this end, the Brazilian history and its main characteristics regarding the development of geoparks over the years will be briefly presented. Then, the results obtained from interviews with those responsible for each of the current 29 aspiring geoparks in Brazil will be presented. Finally, the main challenges related to the implementation of Geoparks in the country will be listed. Among these challenges, the answers obtained through the interviews revealed conflicts and problems that pose hindrances both to the start of the development of a Geopark project and to its continuity and implementation. It is clear that the task of getting multiple social actors, or stakeholders, to engage with the Geopark, one of UNESCO’s guidelines, is one of its most complex aspects. Therefore, among the main challenges, stand out the difficulty of establishing solid partnerships, what directly reflects divergences between the different social actors and their goals. This difficulty in establishing partnerships happens for a number of reasons. One of them is that the investment in a Geopark project can be high and investors often expect a short-term financial return. In addition, political support from the public sector is often costly as well, since the possible results and positive influences of a Geopark in a given area will only be experienced during future mandates. These results demonstrate that the research on Geoparks goes far beyond the geological perspective linked to its origins, and is deeply embedded in political and economic issues.

Keywords: Brazil, geoparks, tourism, UNESCO

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Authors: Maulita Sari Hani, Abraham B. Sianipar, Jamaluddin Jompa, Natsir Nessa, Alan T. White

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Manta ray is an icon for tourism in Raja Ampat. The tourist volume has been increased for the past ten years which up to approximately 23,000 tourists in 2017. Since 2013, Conservation International Indonesia deployed satellite and acoustic tags on manta ray in Dampier strait to track the species and identify the aggregation areas. These findings encourage the government and the local community to boost conservation through the management of marine protected areas for tourism purposes. Community in Dampier strait including the village of Arborek, Kurkapa, Kapisawar, and Sawingray involved in variety of small scale tourism business including homestay, dive shop, tour operator, and crafts. Working groups of related local businesses were established to support the local community and to ensure the sustainability of the economic viability and environmental sustainability. In order to analyze the economic benefits of manta ray tourism, this study was conducted to identify the number of local business in Dampier Strait and the economic impacts in terms of local finance security, social, humanity, individual, and physical assets. The results of this study identify 30 homestays, 2 dive shops, 10 tour operators, 30 women involved in crafts, and about 50 villagers worked for dive resorts. In addition to community assets, we confirmed the welfare of community has been improved in terms of food security, households, education for children, savings, and health insurance.

Keywords: marine wildlife tourism, elasmobranch, conservation, ecotourism, co-management, economic viability, environmental sustainability

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Authors: Stefano Fantin

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The present analysis outcomes from the research undertaken in the course of the European-funded project EUNITY, which targets the gaps in research and development on cybersecurity and privacy between Europe and Japan. Under these auspices, the research presents a study on the policy approach of Japan, the EU and a number of Member States of the Union with regard to the handling and discovery of software vulnerabilities, with the aim of identifying methodological differences and similarities. This research builds upon a functional comparative analysis of both public policies and legal instruments from the identified jurisdictions. The result of this analysis is based on semi-structured interviews with EUNITY partners, as well as by the participation of the researcher to a recent report from the Center for EU Policy Study on software vulnerability. The European Union presents a rather fragmented legal framework on software vulnerabilities. The presence of a number of different legislations at the EU level (including Network and Information Security Directive, Critical Infrastructure Directive, Directive on the Attacks at Information Systems and the Proposal for a Cybersecurity Act) with no clear focus on such a subject makes it difficult for both national governments and end-users (software owners, researchers and private citizens) to gain a clear understanding of the Union’s approach. Additionally, the current data protection reform package (general data protection regulation), seems to create legal uncertainty around security research. To date, at the member states level, a few efforts towards transparent practices have been made, namely by the Netherlands, France, and Latvia. This research will explain what policy approach such countries have taken. Japan has started implementing a coordinated vulnerability disclosure policy in 2004. To date, two amendments can be registered on the framework (2014 and 2017). The framework is furthermore complemented by a series of instruments allowing researchers to disclose responsibly any new discovery. However, the policy has started to lose its efficiency due to a significant increase in reports made to the authority in charge. To conclude, the research conducted reveals two asymmetric policy approaches, time-wise and content-wise. The analysis therein will, therefore, conclude with a series of policy recommendations based on the lessons learned from both regions, towards a common approach to the security of European and Japanese markets, industries and citizens.

Keywords: cybersecurity, vulnerability, European Union, Japan

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Authors: Caja Thimm

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Already well before the Corona pandemic hit the world, ‘fake news‘ were no longer regarded as harmless twists of the truth but as intentionally composed disinformation, often with the goal of manipulative populist propaganda. During the Corona crisis, particularly conspiracy narratives have become a worldwide phenomenon with dangerous consequences (anti vaccination myths). The success of these manipulated news need s to be counteracted by trustworthy news, which in Europe particularly includes public broadcasting media and their social media channels. To understand better how the main public broadcasters in Germany, the UK, and France used Instagram strategically, a comparative study was carried out. The study – comparative analysis of Instagram during the Corona Crisis In our empirical study, we compared the activities by selected formats during the Corona crisis in order to see how the public broadcasters reached their audiences and how this might, in the longer run, affect journalistic strategies on social media platforms. First analysis showed that the increase in the use of social media overall was striking. Almost one in two adult online users (48 %) obtained information about the virus in social media, and in total, 38% of the younger age group (18-24) looked for Covid19 information on Instagram, so the platform can be regarded as one of the central digital spaces for Corona related information searches. Quantitative measures showed that 47% of recent posts by the broadcasters were related to Corona, and 7% treated conspiracy myths. For the more detailed content analysis, the following categories of analysis were applied: • Digital storytelling and instastories • Textuality and semantic keys • links to information • stickers • videochat • fact checking • news ticker • service • infografics and animated tables Additionally to these basic features, we particularly looked for new formats created during the crisis. Journalistic use of social media platforms opens up immediate and creative ways of applying the media logics of the respective platforms, and particularly the BBC and ARD formats proved to be interactive, responsive, and entertaining. Among them were new formats such as a space for user questions and personal uploads, interviews, music, comedy, etc. Particularly the fact checking channel got a lot of attention, as many user questions were focused on the conspiracy theories, which dominated the public discourse during many weeks in 2020. In the presentation, we will introduce eight particular strategies that show how public broadcasting journalism can adopt digital platforms and use them creatively and, hence help to counteract against conspiracy narratives and fake news.

Keywords: fake news, social media, digital journalism, digital methods

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Authors: Abdallah Al-ZoubI, Mamoun Dmour

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The spectrum of IoT devices is becoming widely diversified, entering almost all possible fields and finding applications in industry, health, finance, logistics, education, to name a few. The IoT active endpoint sensors and devices exceeded the 12 billion mark in 2021 and are expected to reach 27 billion in 2025, with over $34 billion in total market value. This sheer rise in numbers and use of IoT devices bring with it considerable concerns regarding data storage, analysis, manipulation and protection. IoT Blockchain-based systems have recently been proposed as a decentralized solution for large-scale data storage and protection. COVID-19 has actually accelerated the desire to utilize IoT devices as it impacted both demand and supply and significantly affected several regions due to logistic reasons such as supply chain interruptions, shortage of shipping containers and port congestion. An IoT-blockchain system is proposed to handle big data generated by a distributed network of sensors and controllers in an interactive manner. The system is designed using the Ethereum platform, which utilizes smart contracts, programmed in solidity to execute and manage data generated by IoT sensors and devices. such as Raspberry Pi 4, Rasbpian, and add-on hardware security modules. The proposed system will run a number of applications hosted by a local machine used to validate transactions. It then sends data to the rest of the network through InterPlanetary File System (IPFS) and Ethereum Swarm, forming a closed IoT ecosystem run by blockchain where a number of distributed IoT devices can communicate and interact, thus forming a closed, controlled environment. A prototype has been deployed with three IoT handling units distributed over a wide geographical space in order to examine its feasibility, performance and costs. Initial results indicated that big IoT data retrieval and storage is feasible and interactivity is possible, provided that certain conditions of cost, speed and thorough put are met.

Keywords: IoT devices, blockchain, Ethereum, big data

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Authors: Khosro Mohammadi

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In order to study the effect of different resources of farmyard manure, compost and biofertilizers on grain yield and quality of canola (Talaieh cultivar), an experiment was conducted at Kurdistan region. Experimental units were arranged in split-split plots design based on randomized complete blocks with three replications. Main plots consisted of two locations with difference in soil texture (L1): Agricultural Research Center of Sanandaj and (L2): Islamic Azad University of Sanandaj, as location levels. Also, five strategies for obtaining the base fertilizer requirement including (N1): farmyard manure; (N2): compost; (N3): chemical fertilizers; (N4): farm yard manure + compost and (N5): farm yard manure + compost + chemical fertilizers were considered in split plots. Four levels of biofertilizers were (B1): Bacillus lentus and Pseudomonas putida; (B2): Trichoderma harzianum; (B3): Bacillus lentus and Pseudomonas putida & Trichoderma harzianum; and (B4): control. Results showed that location, different resources of fertilizer and interactions of them have a significant effect on grain yield. The highest grain yield (4660 kg/ha) was obtained from treatment, that farmyard manure, compost and biofertilizers were co application in clay loam soil (Gerizeh station). Different methods of fertilization have a significant effect on leaf chlorophyll. Highest amount of chlorophyll (38 Spad) was obtained from co application of farmyard manure, chemical fertilizers and compost (N5 treatment). Location, basal fertilizers and biofertilizers have a significant effect on N, S and N/S of canola seed. Oil content was decreased in Gerizeh station, but oil yield had a significant increasing than Azad University station. Co application of compost and farmyard manure produced highest percent of oleic acid (61.5 %) and linoleic acid (22.9 %). Co application of compost and farmyard manure has a significant increase in oleic acid and linoleic acid. Finally, L1N5B3 treatment, that compost, farmyard manure and biofertilizers were co application in Gerizeh station in compare to other treatments, selected as a best treatment of experiment.

Keywords: soil texture, organic fertilizer, chemical fertilizer, oil, Canola

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Authors: Aneri Mehta, Krunal Mehta

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Financial administration is part of government which deals with collection, preservation and distribution of public funds, with the coordination of public revenue and expenditure, with the management of credit operation on behalf of the state and with the general control of the financial affairs of public households. The researcher has taken the prime body of the local self government viz. Municipal Corporation. However, the number of municipal corporations in India has rapidly increased in recent years. Countries 27% of the total population are living in urban area & in recent it increasing very fast. People are moving very fast from rural area to urban area. Their demand, awareness is increasing day by day. The Municipal Corporations render many services for the development of the urban area. Thus, researcher has taken a step to know the accounting practices of the municipal corporations of Gujarat state (AMC & BMC ). The research will try to show you the status of finance of municipal corporations. Article 243(w) of the constitution of India envisaged that the state government maybe, by law , endow the municipalities with such powers and authorities as may be necessary to enable them to function as institution of self government and such law may contain provision for devolution of powers and responsibilities upon municipalities subjects to such condition as may be specified there in with respect to (i) the peroration of plans for economic development and social justice and (ii) the performance of the function and the implementation of schemes as may be entrusted to them including those in relation to the matters listed in the twelfth schedule. The three tier structure of the Indian Government i.e. Union, State & Local Self Government is the scenario of the Indian constitution. Local Self Government performs or renders many services under the direct control of state government. They (local bodies) possess autonomy within its limited sphere, raise revenue through local taxation and spend its income on local services.

Keywords: financial administration, urban local bodies, local self government, constitution

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Authors: Charles Ruffner, Michael Manton, Gintautas Kibirkstis, Gediminas Brazaitas, Vitas Marozas, Ekaterine Makrickiene, Rutile Pukiene, Per Angelstam

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In dynamic boreal forests, fire is an important natural disturbance, which drives regeneration and mortality of living and dead trees, and thus successional trajectories. However, current forest management practices focusing on wood production only have effectively eliminated fire as a stand-level disturbance. While this is generally well studied across much of Europe, in Lithuania, little is known about the historic fire regime and the role fire plays as a management tool towards the sustainable management of future landscapes. Focusing on Scots pine forests, we explore; i) the relevance of fire disturbance regimes on forestlands of Lithuania; ii) fire occurrence in the Dzukija landscape for dry upland and peatland forest sites, and iii) correlate tree-ring data with climate variables to ascertain climatic influences on growth and fire occurrence. We sampled and cross-dated 132 Scots pine samples with fire scars from 4 dry pine forest stands and 4 peatland forest stands, respectively. The fire history of each sample was analyzed using standard dendrochronological methods and presented in FHAES format. Analyses of soil moisture and nutrient conditions revealed a strong probability of finding forests that have a high fire frequency in Scots pine forests (59%), which cover 34.5% of Lithuania’s current forestland. The fire history analysis revealed 455 fire scars and 213 fire events during the period 1742-2019. Within the Dzukija landscape, the mean fire interval was 4.3 years for the dry Scots pine forest and 8.7 years for the peatland Scots pine forest. However, our comparison of fire frequency before and after 1950 shows a marked decrease in mean fire interval. Our data suggest that hemi-boreal forest landscapes of Lithuania provide strong evidence that fire, both human and lightning-ignited fires, has been and should be a natural phenomenon and that the examination of biological archives can be used to guide sustainable forest management into the future. Currently, fire use is prohibited by law as a tool for forest management in Lithuania. We recommend introducing trials that use low-intensity prescribed burning of Scots pine stands as a regeneration tool towards mimicking natural forest disturbance regimes.

Keywords: biodiversity conservation, cultural burning, dendrochronology, forest dynamics, forest management, succession

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Authors: Stephanie Liu Lu

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With the proliferation of artificial intelligence tools in the field of education, it is crucial to explore their impact on language learning outcomes. This paper examines the use of AI tools, such as ChatGPT, in practical writing within business Chinese teaching to investigate how AI can enhance practical writing skills and teaching effectiveness. The study involved third and fourth-year university students majoring in accounting and finance from a university in Hong Kong within the context of a business correspondence writing class. Students were randomly assigned to a control group, who completed business letter writing independently, and an experimental group, who completed the writing with the assistance of AI. In the latter, the AI-assisted business letters were initially drafted by the students issuing commands and interacting with the AI tool, followed by the students' revisions of the draft. The paper assesses the performance of both groups in terms of grammatical expression, communicative effect, and situational awareness. Additionally, the study collected dialogue texts from interactions between students and the AI tool to explore factors that affect text generation and the potential impact of AI on enhancing students' communicative and identity awareness. By collecting and comparing textual performances, it was found that students assisted by AI showed better situational awareness, as well as more skilled organization and grammar. However, the research also revealed that AI-generated articles frequently lacked a proper balance of identity and writing purpose due to limitations in students' communicative awareness and expression during the instruction and interaction process. Furthermore, the revision of drafts also tested the students' linguistic foundation, logical thinking abilities, and practical workplace experience. Therefore, integrating AI tools and related teaching into the curriculum is key to the future of business Chinese teaching.

Keywords: AI-assistance, business Chinese, textual analysis, language education

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Authors: Carol Howells, Edwin Parks

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This paper explores the existing and evolving constitutional arrangements within the United Kingdom and within the wider international context of the EU. It considers the nature of an ‘English’ constitution and internal colonialism that underpins it. The debates over the UK’s exit from the EU have been many however the constitutional position of the devolved nations (Scotland, Northern Ireland and Wales) is little understood or explored. Their constitutional position has been touched upon in academic debate (but not widely) and is only now beginning to receive attention. The paper considers the constitutional role of the legislatures within the UK; the UK Parliament Bill for exiting the European Union and provides a commentary on the Brexit process in relation to constitutional arrangements within the UK and EU. Questions arise over the constitutional framework and, whether, having delegated competencies, the UK Parliament can now legislate in relation to delegated competencies without the consent. The Scottish Parliament and Welsh Assembly are a permanent and a fixed feature of the UK’s constitution, but their position is set within the traditional concept of the ‘English’ constitution. The current situation is opaque and complex and raises significant constitutional questions. In relation to exit from the EU two of the nations did not vote in favour of Brexit and the third is in receipt of an inequitable funding settlement. Questions arise as to whether the work of modernising the UK’s constitution over the past twenty years in recognising the Nations and governments within those nations is now being unpicked and whether the piecemeal and unequal process of devolution and new constitutional arrangements hold weight. Questions of democratic legitimacy arise throughout. An advisory referendum (where no definition of the EU was provided) in which two of the four nations voted to leave the EU and two voted to remain has led the UK Government negotiating a wholesale exit from the EU based on ‘English’ constitutional law principles. Previous constitutional referendums in relation to devolution within the UK have been treated differently. Within the EU questions are being raised in relation to the focus on member states. The goals of the EU mention member countries and its purpose is seen as being to promote greater social, political and economic harmony among the nations of Europe. The emphasis on member states is proving challenging and has led flawed processes. Scrutiny of legislative proposals, historical developments, and social commentary reveal distinct national identities within the UK. Analysis of the debate, legislation and case law surrounding the exiting process from the EU reveal a muddled picture of a constitution in crisis and significant challenges to principles underpinning the rule of law. Suggestions are made for future reforms and a move towards new constitutional arrangements beyond the current ‘English’ constitution.

Keywords: English, constitution, parliament, devolved

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Authors: Cristina Galiana Carballo, Ibon Doval Martínez

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Urban boundaries often result in a controversial limit between countryside and city in Europe. This territory is normally defined by the very limited land uses and the abundance of open space. The dimension and dynamics of peri-urbanization in the last decades have increased this land stock, which has influenced/impacted in several factors in terms of economic costs (maintenance, transport), ecological disturbances of the territory and changes in inhabitant´s behaviour. In an increasingly urbanised world and a growing urban population, cities also face challenges such as Climate Change. In this context, new near-future corrective trends including circular economies for local food supply or decentralised waste management became key strategies towards more sustainable urban models. Those new solutions need to be planned and implemented considering the potential conflict with current land uses. The city of Vitoria-Gasteiz (Basque Country, Spain) has triplicated land consumption per habitant in 10 years, resulting in a vast extension of low-density urban type confronting rural land and threatening agricultural uses, landscape and urban sustainability. Urban planning allows managing and optimum use allocation based on soil vocation and socio-ecosystem needs, while peri-urban space arises as an opportunity for developing different uses which do not match either within the compact city, not in open agricultural lands, such as medium-size agrocomposting systems or biomass plants. Therefore, a qualitative multi-criteria methodology has been developed for Vitoria-Gasteiz city to assess the spatial definition of peri-urban land. Therefore, a qualitative multi-criteria methodology has been developed for Vitoria-Gasteiz city to assess the spatial definition of peri-urban land. Climate change and circular economy were identified as frameworks where to determine future land, soil vocation and urban planning requirements which eventually become estimations of required local food and renewable energy supply along with alternative waste management system´s implementation. By means of it, it has been developed an urban planning proposal which overcomes urban-non urban dichotomy in Vitoria-Gasteiz. The proposal aims to enhance rural system and improve urban sustainability performance through the normative recognition of an agricultural peri-urban belt.

Keywords: landscape ecology, land-use management, periurban, urban planning

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Authors: Marine Shavlakadze

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Hydroponic greenhouses systems (production of the artificial substrate without soil) are becoming popular in the world. Mostly the system is used to grow vegetables and berries. Different countries are taking action to participate in the development of hydroponic technology and solutions such as EU members, Turkey, Australia, New Zealand, Israel, Scandinavian countries, etc. Many vegetables and berries are grown by hydroponics in Europe. As a result of our research, we have obtained material containing manganese and nitrogen. It became possible to produce this fertilizer by means of one-stage thermal processing, using industrial waste containing manganese (ores and sludges) and mineral substance (ammonium nitrate) that exist in Georgia. The received material is usable as a micro-fertilizer with economic efficiency. It became possible to turn practically water-insoluble manganese dioxide substance into the soluble condition from industrial waste in an indirect way. The ability to use the material as a fertilizer is predetermined by its chemical and phase composition, as the amount of the active component of the material in relation to manganese is 30%. At the same time, the active component elements presented non-ballast sustained action compounds. The studies implemented in Poland and in Georgia by us have shown that the manganese-containing micro-fertilizer- Mn(NO₃)₂ can provide the plant with nitrate nitrogen, which is a form that can be used for plants, providing the economy and simplicity of the application of fertilizers. Given the fact that the application of the manganese-containing micro-fertilizers significantly increases the productivity and improves the quality of the big number of agricultural products, it is necessary to mention that it is recommended to introduce the manganese containing fertilizers into the following cultures: sugar beet, corn, potato, vegetables, vine grape, fruit, berries, and other cultures. Also, as a result of the study, it was established that the material obtained is the predominant fertilizer for vegetable cultures in the soil. Based on the positive results of the research, we consider it expedient to conduct research in hydroponic systems, which will enable us to provide plants the required amount of manganese; we also introduce nitrogen in solution and regulate the solution of pH, which is one of the main problems in hydroponic production. The findings of our research will be used in hydroponic greenhouse farms to increase the fertility of vegetable crops and, consequently, to get bountiful and high-quality harvests, which will promote the development of hydroponic greenhouses in Georgia as well as abroad.

Keywords: hydroponics, micro-fertilizers, manganese-containing materials, industrial wastes

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Authors: Dalia Kubiliūtė

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Lithuania is known as a trusted location for global business institutions, and it attracts investors with it’s competitive environment for financial service providers. Along with the aspiration to offer a strong results-oriented and innovations-driven environment for financial service providers, Lithuanian regulatory authorities consistently implement the European Union's high regulatory standards for financial activities, including sustainability-related disclosures. Since European Union directed its policy towards transition to a climate-neutral, green, competitive, and inclusive economy, additional regulatory requirements for financial market participants are adopted: disclosure of sustainable activities, transparency, prevention of greenwashing, etc. The financial sector is one of the key factors influencing the implementation of sustainability objectives in European Union policies and mitigating the negative effects of climate change –public funds are not enough to make a significant impact on sustainable investments, therefore directing public and private capital to green projects may help to finance the necessary changes. The topic of the study is original and has not yet been widely analyzed in Lithuanian legal discourse. There are used quantitative and qualitative methodologies, logical, systematic, and critical analysis principles; hence the aim of this study is to reveal the problem of the implementation of the regulation on sustainability in the Lithuanian financial sector. Additional regulatory requirements could cause serious changes in financial business operations: additional funds, employees, and time have to be dedicated in order for the companies could implement these regulations. Lack of knowledge and data on how to implement new regulatory requirements towards sustainable reporting causes a lot of uncertainty for financial market participants. And for some companies, it might even be an essential point in terms of business continuity. It is considered that the supervisory authorities should find a balance between financial market needs and legal regulation.

Keywords: financial, legal, regulatory, sustainability

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Authors: Ellis Kofi Akwaa-Sekyi, Jordi Moreno Gené

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Managerial actions which negatively profile banks and impair corporate reputation are addressed through effective internal control systems. Disregard for acceptable standards and procedures for granting credit have affected bank loan portfolios and could be cited for the crises in some European countries. The study intends to determine the effectiveness of internal control systems, investigate whether perceived agency problems exist on the part of board members and to establish the relationship between internal controls and credit risk among listed banks in the European Union. Drawing theoretical support from the behavioural compliance and agency theories, about seventeen internal control variables (drawn from the revised COSO framework), bank-specific, country, stock market and macro-economic variables will be involved in the study. A purely quantitative approach will be employed to model internal control variables covering the control environment, risk management, control activities, information and communication and monitoring. Panel data from 2005-2014 on listed banks from 28 European Union countries will be used for the study. Hypotheses will be tested and the Generalized Least Squares (GLS) regression will be run to establish the relationship between dependent and independent variables. The Hausman test will be used to select whether random or fixed effect model will be used. It is expected that listed banks will have sound internal control systems but their effectiveness cannot be confirmed. A perceived agency problem on the part of the board of directors is expected to be confirmed. The study expects significant effect of internal controls on credit risk. The study will uncover another perspective of internal controls as not only an operational risk issue but credit risk too. Banks will be cautious that observing effective internal control systems is an ethical and socially responsible act since the collapse (crisis) of financial institutions as a result of excessive default is a major contagion. This study deviates from the usual primary data approach to measuring internal control variables and rather models internal control variables in a quantitative approach for the panel data. Thus a grey area in approaching the revised COSO framework for internal controls is opened for further research. Most bank failures and crises could be averted if effective internal control systems are religiously adhered to.

Keywords: agency theory, credit risk, internal controls, revised COSO framework

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Authors: V. Suganya, V. Balasuriya

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The functioning of Micro and Small Scale (MSS) businesses in the northern part of Sri Lanka was vulnerable due to three decades of internal conflict and the subsequent post-war economic openings has resulted new market prospects for MSS businesses. MSS businesses survive and operate with limited resources and struggle to access finance, raw material, markets, and technology. This study attempts to identify the manner in which entrepreneurial orientation puts into practice by the business operators to overcome these business challenges. Business operators in the traditional food processing sector are taken for this study as this sub-sector of the food industry is developing at a rapid pace. A review of the literature was done to recognize the concepts of entrepreneurial orientation, defining MMS businesses and the manner in which business performance is measured. Direct interview method supported by a structured questionnaire is used to collect data from 80 respondents; based on a fixed interval random sampling technique. This study reveals that more than half of the business operators have opted to commence their business ventures as a result of identifying a market opportunity. 41 per cent of the business operators are highly entrepreneurial oriented in a scale of 1 to 5. Entrepreneurial orientation shows significant relationship and strongly correlated with business performance. Pro-activeness, innovativeness and competitive aggressiveness shows a significant relationship with business performance while risk taking is negative and autonomy is not significantly related to business performance. It is evident that entrepreneurial oriented business practices contribute to better business performance even though 70 per cent prefer the ideas/views of the support agencies than the stakeholders when making business decisions. It is recommended that appropriate training should be introduced to develop entrepreneurial skills focusing to improve business networks so that new business opportunities and innovative business practices are identified.

Keywords: Micro and Small Scale (MMS) businesses, entrepreneurial orientation (EO), food processing, business operators

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Authors: Thabiso Sthembiso Msomi

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SMEs are the main engine of growth in most developing economies. One of the main factors that hinder the development of SME is access to finance. In this study, we explored the factors that hinder the growth and survival of SMEs in South Africa. The capital structure theory formed the theoretical underpinning for the study. The quantitative research design was adopted and data was collected from retail, construction, manufacturing and agriculture sectors of SMEs within the KwaZulu-Natal province of South Africa. The modified version of the Cochran formula was used to determine the sample size as 321 SMEs and analysed using the five-point Likert scale. The purposive sampling technique was used to select owners of SME. Statistical Package for the Social Sciences (SPSS) was used for the data analysis through Exploratory Factor Analysis (EFA) to determine the factor structures of items employed to measure each of the constructs in this study. Then, the Cronbach’s alpha test was conducted to determine the reliability of each construct. Kaiser-Meyer-Olkin (KMO) was used to determine the adequacy of the sample size. Linear regression was done to determine the effect of the independent variables on the dependent variable. The findings suggest that the main constraints facing South African SMEs were the lack of experienced management. Furthermore, the SMEs would fail to raise customer awareness of their products and services, which in turn affects their market access and monthly turnover. The study recommends that SMEs keep up-to-date records of business transactions to enable the business to keep track of its operations. The study recommends that South African banks adopt an SME accounting and bookkeeping program. The finding of this study benefits policymakers in both the private and public sectors.

Keywords: small businesses, access to finances, COVID-19, SMEs survival

Procedia PDF Downloads 160