Search results for: bank capital

Authors: Bashir Tijjani Abubakar

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Capital markets play a very important role in financing of private and public institutions in both developing and developed economies. Unfortunately, small and medium enterprises (SMEs) in those economies are yet to fully utilize the markets to finance their long financial needs. This study assesses the factors that influence the decisions of the Muslim Owners/Managers of SMEs in Nigeria and specifically in Kano to seek capital market financing. Logit regression model was used to assess the factors such as control of ownership, perception of the owners/managers on the interest rate charged by commercial banks, educational qualification, size, and age of the SMEs. The study reveals that all the factors have significant positive influence on the willingness of the SMEs Owners/Managers to seek capital market financing. The study recommends educating the Owners/Managers on the operations and products of the markets.

Keywords: capital markets, capital market financing, small and medium enterprise and willingness, size of an enterprise, age of an enterprise and control of ownership

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Authors: Melissa Dickinson

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In the context of intense global competitiveness and urban transformations, today’s cities are faced with enormous challenges. There is increasing pressure among cities and regions to respond promptly and efficiently to fierce market progressions, to offer a competitive advantage, higher flexibility, and to be pro-active in creating future markets. Consequently, competition among cities and regions within the dynamics of a worldwide spatial economic system is growing fiercer, amplifying the importance of intangible capital in shaping the competitive and dynamic economic performance of organisations and firms. Accordingly, this study addresses how intangible capital influences urban economic development within an urban environment. Despite substantial research on the economic, and strategic determinants of urban economic development this multidimensional phenomenon remains to be one of the greatest challenges for economic geographers. The research provides a unique contribution, exploring intangible capital through the lenses of entrepreneurial capital and social-network capital. Drawing on business surveys and in-depth interviews with key stakeholders in the case of the three UK Core Cities Birmingham, Bristol and Cardiff. This paper critically considers how entrepreneurial capital and social-network capital is a crucial source of competitiveness and urban economic development. This paper deals with questions concerning the complexity of operationalizing ‘network capital’ in different urban settings and the challenges that reside in characterising its effects. The paper will highlight the role of institutions in facilitating urban economic development. Particular emphasis will be placed on exploring the roles formal and informal institutions have in delivering, supporting and nurturing entrepreneurial capital and social-network capital, to facilitate urban economic development. Discussions will then consider how institutions moderate and contribute to the economic development of urban areas, to provide implications in terms of future policy formulation in the context of large and medium sized cities.

Keywords: urban economic development, network capital, entrepreneurialism, institutions

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Authors: Hossein Emari, Hossein Vazifehdoust, Hashem Nikoo Maram

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This study aims to develop an original framework of Environmental Consciousness (EC) to explore the positive effect of environmental consciousness on financial performance through the partial mediator - green intellectual capital. A questionnaire survey on the environmental consciousness, intellectual capital, and financial performance of Iran’s manufacturing firms was conducted, and 324 samples were analyzed. This study utilizes structural equation modeling to explore the direct and indirect influences of EC on financial performance. Research results reveal that environmental consciousness had an indirect impact on financial performance through investment in green intellectual capital. It was thus known that green intellectual capital is a mediator of the relationship between environmental consciousness and financial performance. This paper may serve as a reference for firms mapping out future environmental policies and provide an input of various perspectives and arguments into the discipline of green management.

Keywords: environmental consciousness, social responsibility, green intellectual capital, financial performance

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Authors: Barbara P. Ewerling, Bernadete M. Voichcoski, Alexandre J. Miziara

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Highly skilled and motivated employees, supported by the leadership through investments in development and by a healthy organizational environment, while performing their duties, produce a considerable amount of intellectual capital, which constitutes part of the intangible wealth that is not explicitly mentioned in accounting reports. The customer relationship is built subtly through three components of intellectual capital: human, structural, and relational capital. The indispensable skill is to understand what employees need in order to shape a favorable environment to the creation and gathering of this capital, given that a dissatisfied employee may intoxicate the environments he or she is part of. This research aims at instigating the reader to understand how the development of intellectual capital occurs within organizations; what are the near-ideal conditions for the process to be as rich and enjoyable as possible, where employees can feel belonging to a group and be motivated to evolve, which supports the idea that the recompense for work goes beyond financial rewards. The study explains how human capital and structural capital — comprised by management philosophy, corporate culture, and management processes — when combined with each other aiming at becoming a robust ecosystem, and how that ecosystem becomes the basis for a competitive advantage when viewed as a principle value-generating principle for the company. Psychometrics proved to be a great method for evaluating potential; however, during the studies, it was observed that due to the complexity of human capital and its relationships with the environment, it is also necessary to consider a set of intrinsic characteristics of each individual which is difficult to measure. Structural capital, shaped by innovation, process, and organizational capital, reflects a company's ability to reinvent itself for longevity, making room for new ideas, organize itself for better profits, and optimize its processes to prevent wasting of time. Considering the findings during the study, it is understood that investing in organizational health and quality of life at work to create a healthy environment encourages good actions from both sides, the company, and the employees, and both are equally responsible for establishing this healthy environment.

Keywords: human value development, intellectual capital, organizational health, structural capital

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Authors: Farzam Chakherlouy, Amirmehdi Dokhanchi

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Nowadays organizations have to identify, evaluate and manage intangible assets which enable them to provide maximum requirements to achieve their goals and strategies. Organizations also have to try to promote and improve these kinds of assets continuously. It seems necessary to implement developed strategies in today’s competitive world where all the organizations and companies spend great amounts of expenses for developing their own strategies. In fact, after determining strategies to be implemented, the management process is not completed and it will not have any effect on the success and existence of the organization until these strategies are implemented. The objective of this article is to define the intellectual capital and it components and studying the impact of intellectual capital on the implementation of strategy based upon the Bozbura model. Three dimensions of human capital, relational capital, and the structural capital. According to the test’s results, the correlation between the intellectual capital and three components of strategic implementation (leadership, human resource management, and culture) has not been approved yet. According to results of Friedman’s test in relation with the intellectual capital, the maximum inadequacy of this company is in the field of human capital (with an average of 3.59) and the minimum inadequacy is in the field of the relational capital (customer) with an average of 2.83. Besides, according to Friedman test in relation with implementation of the strategy, the maximum inadequacy relates to the culture of the organization and the corporate control with averages of 2.60 and 3.45 respectively. In addition, they demonstrate a good performance in scopes of human resources management and financial resources management strategies.

Keywords: Bozbura model, intellectual capital, strategic management, implementation of strategy, Modiran Ideh Pardaz company

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Authors: Molla Tadesse Lakew

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Researchers tried to find out the socio-economic and supply-side constraint factors to adoption. However, they overlooked the role of social networks and relationships among the community. Therefore, the aims of this review were to review the roles and negative effects of social capital. Based on its contents, relevancy, and time duration, only 121 (journals, books, and paper reports) were selected. It concludes that social capital has an indispensable role in facilitating cooperation and connection between members of the farmers' community, informal and experiential knowledge sharing, and access to research-based knowledge and contributes to reducing the transaction cost of adoption. On the contrary, inside the black box of social capital, the negative effects include the exclusion of outsider’s knowledge and experiences, excessive claims on group members, and restrictions on individual freedom.

Keywords: social capital, local institutions, adoption, Ethiopia

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Authors: Juliana Osman, David Gilbert, Caroline Tan

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Innovation capability is recognized as a critical factor that contributes to promoting firm growth and wealth creation. While studies on innovation are in abundance, few empirical studies have been undertaken to examine the relationships of intellectual capital with innovation capability, and research investigating the combinations of strategic orientation dimensions is limited and virtually nothing in regard to the Malaysian context. This research investigates the impact of intellectual capital and three strategic orientations on the innovation capability and firm performance of Malaysian ICT SMEs. Data was collected from 213 firms relating to intellectual capital and the three strategic orientations; market orientation, learning orientation and technology orientation. Using partial least squares structural equation modelling (PLS-SEM) to analyse the data, results indicate that while market orientation has a direct negative relationship to firm performance, it is positively related to performance through the mediating effect of innovation capability. Learning orientation and technology orientation are mediated by innovation capability, while intellectual capital was found to be partially mediated by innovation capability. Findings indicate that firm performance is positively and significantly related to innovation capability and that market orientation, learning orientation, technology orientation and intellectual capital are all significant and positively related to innovation capability. The developed model indicates that Malaysian ICT SMEs would perform better with greater emphasis on developing innovation capability through enhancement of intellectual capital and the strategic orientations measured in this study.

Keywords: innovation capability, intellectual capital, strategic orientations, PLS-SEM

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Authors: Farid Habibi Tanha, Hawati Janor, Mojtaba Jahanbazi

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The purpose of this study is to examine the effect of asymmetric information on the composition of capital inflows. This study uses the stock market microstructure to capture the asymmetric information. Such an approach allows one to capture the level and extent of the asymmetric information from a firm’s perspective. This study focuses on the two-dimensional measure of the market microstructure in capturing asymmetric information. The composition of capital inflows is measured by running six models simultaneously. By employing the panel data technique, the main finding of this research shows an increase in the asymmetric information of the stock market, in any of the two dimensions of width and depth. This leads to the reduction of foreign investments in both forms of foreign portfolio investment (FPI) and foreign direct investment (FDI), while the reduction in FPI is higher than that of the FDI. The significant effect of asymmetric information on capital inflows implicitly suggests for policymakers to control the changes of foreign capital inflows through transparency in the level of the market.

Keywords: capital flows composition, asymmetric information, stock market microstructure, foreign portfolio investment, foreign direct investment

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Authors: Benjamin Bae

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This study investigates the relationship between the adoption of International Financial Reporting Standards (IFRS) and the performance of banks in a number of Middle East countries. We examine whether performance levels and audit qualities play any role in adopting the International Financial Reporting Standards (IFRS) in Middle East banks. This study hypothesizes that, in general, banks with high performance and audit quality measures tend to adopt the IFRS than low-performing banks, as the adoption of a new standard takes lots of time and expenses, which could be an additional burden to them. The results show that three hypotheses are strongly supported whereas the cultural factor hypothesis is not. Banks with high ROA and ROE tend to adopt IFRS than low-performing banks. Big banks are also more likely to adopt IFRS than small or medium-sized banks. Contrary to the hypothesis, the Islamic bank status as a cultural factor has some positive impact on the adoption of the banks in the region. Overall, this research adds to our understanding of the bank’s performance. First, evidence on the relationship between the adoption of IFRS and the bank’s performance should be useful to investors. Second, the findings of this study provide financial statement users with useful information about the bank’s performance measures.

Keywords: IFRS, financial performance, audit quality, culture, firm size

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Authors: Chow Fah Yee, Eu Chye Tan

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The main purpose of developing a modern and sophisticated financial system is to mobilize and allocate the country’s resources for productive uses and in the process contribute to economic growth. Financial liberalization introduced in Malaysia in 1978 was said to be a step towards this goal. According to Mc-Kinnon and Shaw, the deregulation of a country’s financial system will create a more efficient and competitive market driven financial sector; with savings being channelled to the most productive users. This paper aims to assess whether financial liberalization resulted in bank credit being allocated to the more productive users, for the case of Malaysia by: firstly, using Chi-square test to if there exists a relationship between financial liberalization and bank lending in Malaysia. Secondly, to analyze on a comparative basis, the share of loans secured by 9 major economic sectors, using data on bank loans from 1975 to 2003. Lastly, present value analysis and rank correlation was used to determine if the recipients of bigger loans are the more efficient users. Chi-square test confirmed the generally observed trend of an increase in bank credit with the adoption of financial liberalization. While the comparative analysis of loans showed that the bulk of credit were allocated to service sectors, consumer loans and property related sectors, at the expense of industry. Results for rank correlation analysis showed that there is no relationship between the more productive users and amount of loans obtained. This implies that the recipients (sectors) that received more loans were not the more efficient sectors.

Keywords: allocation of resources, bank credit, financial liberalization, economics

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Authors: Medalson Ronghang, Pranjal Barman, Heemantajeet Medhi

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Bank filtration (BF) being a natural method of abstracting surface water from the river or lake via sub-surface. It can be intensively used and operated under various operating conditions for sustainability. Field investigations were carried out at various location of Kokrajhar (Assam) and Srinagar (Uttarakhand) to assess the ground water and their bank filtration wells to compare and characterized the quality. Results obtained from the analysis of the data suggest that major water quality parameter were much below the drinking water standard of BIS 10500 (2012). However, the iron concentration was found to be more than permissible limit in more than 50% of the sampled hand pump; the concentration ranged between 0.33-3.50 mg/L with acidic in nature (5.4 to 7.4) in Kokrajhar and high nitrate in Srinagar. But the abstracted water from the RBF wells has attenuated water quality with no iron concentration in Kokrajhar. The aquifers and riverbed material collected along the bank of Rivers Gaurang and Alaknanda were sieved and classified as coarse silt to medium gravel. The hydraulic conductivity was estimated in the range 5×10⁻³ to 1.4×10⁻²- 3.09×10⁻⁴-1.29 ×10⁻³ for Kokrajhar and Srinagar respectively suggesting a good permeability of the aquifer. The maximum safe yield of the well was estimated to be in the range of 4000 to 7500 L/min. This paper aims at demonstrating bank filtration method as an alternative to mineralized groundwater for drinking water.

Keywords: Riverbank filtration, mineralization, water quality, groundwater

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Authors: Thuan Nguyen

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In the present time, data to a data-driven knowledge-based economy is the same as oil to the industrial age hundreds of years ago. Data is everywhere in vast volumes! Big data analytics is expected to help firms not only efficiently improve performance but also completely transform how they should run their business. However, employing the emergent technology successfully is not easy, and assessing the roles of big data in improving firm performance is even much harder. There was a lack of studies that have examined the impacts of big data analytics on organizational performance. This study aimed to fill the gap. The present study suggested using firms’ intellectual capital as a proxy for big data in evaluating its impact on organizational performance. The present study employed the Value Added Intellectual Coefficient method to measure firm intellectual capital, via its three main components: human capital efficiency, structural capital efficiency, and capital employed efficiency, and then used the structural equation modeling technique to model the data and test the models. The financial fundamental and market data of 100 randomly selected publicly listed firms were collected. The results of the tests showed that only human capital efficiency had a significant positive impact on firm profitability, which highlighted the prominent human role in the impact of big data technology.

Keywords: big data, big data analytics, intellectual capital, organizational performance, value added intellectual coefficient

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Authors: Sahar Jami, Iman Valizadeh

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Today banks not only should seek for new customers but also should consider previous maintenance and retention and establish a stable relationship with them. In this term, relationship-manner marketing seeks to make, maintain, and promote the relationship between customers and other stakeholders in benefits to fulfill all involved parties. This fact is possible just by interactive transaction and promises fulfillment. According to the importance of relationship-manner marketing in banks, making context to make relationship-manner marketing has high importance. Therefore, the present study aims at exploring intention condition to relationship-manner marketing in Iran Province Iran Limited bank, and also prioritizing its variables using hierarchical analysis (AHP). There is questionnaire designed in this research to paired comparison of relationship-manner marketing elements. After distributing this questionnaire among statistical society members who are 20 of Iran Limited bank experts, data analysis has been done by Expert Choice software.

Keywords: relationship marketing, relationship market orientation, Saderat Bank of Iran, hierarchical analysis

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Authors: Chang Lee Shu-Jung, Mei-Se Chien, Chien-Chiang Lee, Hui-Ting Hu

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This paper applies recursive cointegration analysis to examine the dynamic changes in Feldstein-Horioka saving-investment (S-I) coefficients across China and the ASEAN-5 countries over time. To the extent that the S-I coefficients measure international capital mobility, the main empirical results are as follows. The recursive trace statistics show that the investment- savings nexus varies in these six countries. There is no cointegration between investment and savings in three countries (China, Malaysia, and Singapore), which means that the mobility of the capital markets in the three is high and that domestic investment in them will be financed by the global pool of capital. As to the other three countries (Indonesia, Thailand, and Philippines), there is cointegration between investment and savings for part of the sample period in the three, including before 2002 for Thailand, before 2001 for Indonesia, and before 2002 for Philippines. This shows these three countries achieved highly mobile and open capital markets later.

Keywords: investment, savings, recursive cointegration test, ASEAN, China

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Authors: K. M. Ngbea, F. Ugwu, J. M. Uwouku, P. Atsehe, A. Ucho, P. N. Achakpa-Ikyo, P. Azende

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This study examined occupational stress, perceived fairness and organizational citizenship behavior among bank workers. The participants were 198 (118) males and (80) female's bank employees from selected banks within Makurdi metropolis and questionnaire were used for data collection. Three hypotheses were tested and it was found that employees with high perception of occupational stress differ significantly from their counterparts at perceived fairness also influenced organizational citizenship behavior.On the other hand, there is no interaction effect of occupational stress and perceived fairness on organizational citizenship behavior. The implication of findings, limitations, recommendations and conclusions were discussed.

Keywords: occupational stress, perceived fairness, organizational citizenship, behavior

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Authors: Muhammad Bahrul Ilmi

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The purpose of this research is to analyze the influence of Islamic financing and work relation founding simultaneously and partially towards non-performing financing in Islamic banks. This research was regression quantitative field research, and had been done in Muammalat Indonesia Bank and Islamic Danamon Bank in 3 months. The populations of this research were 15 account officers of Muammalat Indonesia Bank and Islamic Danamon Bank in Surakarta, Indonesia. The techniques of collecting data used in this research were documentation, questionnaire, literary study and interview. Regression analysis result shows that Islamic financing and work relation founding simultaneously has positive and significant effect towards non performing financing of two Islamic Banks. It is obtained with probability value 0.003 which is less than 0.05 and F value 9.584. The analysis result of Islamic financing regression towards non performing financing shows the significant effect. It is supported by double linear regression analysis with probability value 0.001 which is less than 0.05. The regression analysis of work relation founding effect towards non-performing financing shows insignificant effect. This is shown in the double linear regression analysis with probability value 0.161 which is bigger than 0.05.

Keywords: Syariah financing, work relation founding, non-performing financing (NPF), Islamic Bank

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Authors: Agnieszka P. Regiec

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Capital companies are based on monetary capital. In the traditional model, the capital is the sum of the nominal values of all shares issued. For a few years within the European countries, the limited liability companies’ (LLC) regulations are leaning towards liberalization of the capital structure in order to provide higher degree of autonomy regarding the intra-corporate governance. Reforms were based primarily on the legal system of the USA. In the USA, the tradition of no-par shares is well-established. Thus, as a point of reference, the American legal system is being chosen. Regulations of Germany, Great Britain, France, Netherlands, Finland, Poland and the USA will be taken into consideration. The analysis of the share capital is important for the development of science not only because the capital structure of the corporation has significant impact on the shareholders’ rights, but also it reflects on relationships between creditors of the company and the company itself. Multi-level comparative approach towards the problem will allow to present a wide range of the possible outcomes stemming from the novelization. The dogmatic method was applied. The analysis was based on the statutes, secondary sources and judicial awards. Both the substantive and the procedural aspects of the capital structure were considered. In Germany, as a result of the regulatory competition, typical for the EU, the structure of LLCs was reshaped. New LLC – Unternehmergesellschaft, which does not require a minimum share capital, was introduced. The minimum share capital for Gesellschaft mit beschrankter Haftung was lowered from 25 000 to 10 000 euro. In France the capital structure of corporations was also altered. In 2003, the minimum share capital of société à responsabilité limitée (S.A.R.L.) was repealed. In 2009, the minimum share capital of société par actions simplifiée – in the “simple” version of S.A.R.L. was also changed – there is no minimum share capital required by a statute. The company has to, however, indicate a share capital without the legislator imposing the minimum value of said capital. In Netherlands the reform of the Besloten Vennootschap met beperkte aansprakelijkheid (B.V.) was planned with the following change: repeal of the minimum share capital as the answer to the need for higher degree of autonomy for shareholders. It, however, preserved shares with nominal value. In Finland the novelization of yksityinen osakeyhtiö took place in 2006 and as a result the no-par shares were introduced. Despite the fact that the statute allows shares without face value, it still requires the minimum share capital in the amount of 2 500 euro. In Poland the proposal for the restructuration of the capital structure of the LLC has been introduced. The proposal provides among others: devaluation of the capital to 1 PLN or complete liquidation of the minimum share capital, allowing the no-par shares to be issued. In conclusion: American solutions, in particular, balance sheet test and solvency test provide better protection for creditors; European no-par shares are not the same as American and the existence of share capital in Poland is crucial.

Keywords: balance sheet test, limited liability company, nominal value of shares, no-par shares, share capital, solvency test

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Authors: Frederick Nyakudya

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In this paper, we examine the relationship between human capital, personal wealth and social capital to explain the differential start-up rates between female and male entrepreneurs. Since our dependent variable is dichotomous, we examine the determinants of these using a maximum likelihood logit estimator. We used the Global Entrepreneurship Monitor database covering the period 2006 to 2009 with 421 usable cases drawn from drawn from the Lower Layer Super Output Areas in the East Midlands in the United Kingdom. we found evidence that indicates that a female positively moderate the positive relationships between indicators of human capital, personal wealth and social capital with start-up activity. The findings have implications for programs, policies, and practices to encourage more females to engage in start-up activity.

Keywords: entrepreneurship, star-up, gender, GEM

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Authors: Kalinina Anastasiya, Pevnaya Mariya

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The authors present the results of research of educational and cultural habitat of international students at Ural Federal University, revealing problem zones in the organization of adaptation program in 2014-2015 as well as innovations in adaptation program for 2015-2016. The research is based on U-curve theory of culture shock and theory of human capital. The authors provide also the first results for all stakeholders of practically implemented pilot adaptation program for foreign students which was based on the human capital approach.

Keywords: adaptation, human capital, international students, student volunteering, social community, youth politics

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Authors: Savas Yildiz

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The article assesses the performance of international aid donors to determine the sub-national distribution of their aid projects dependent on recipient countries’ governance. The present paper extends the scope from a cross-country perspective to a more detailed analysis by looking at the effects of institutional qualities on the sub-national distribution of foreign aid. The analysis examines geo-referenced aid project in 37 countries and 404 regions at the first administrative division level in Sub-Saharan Africa from the World Bank (WB) and the African Development Bank (ADB) that were approved between the years 2000 and 2011. To measure the influence of institutional qualities on the distribution of aid the following measures are used: control of corruption, government effectiveness, regulatory quality and rule of law from the World Governance Indicators (WGI) and the corruption perception index from Transparency International. Furthermore, to assess the importance of ethnic heterogeneity on the sub-national distribution of aid projects, the study also includes interaction terms measuring ethnic fragmentation. The regression results indicate a general skew of aid projects towards regions which hold capital cities, however, being incumbent presidents’ birth region does not increase the allocation of aid projects significantly. Nevertheless, with increasing quality of institutions aid projects are less skewed towards capital regions and the previously estimated coefficients loose significance in most cases. Higher ethnic fragmentation also seems to impede the possibility to allocate aid projects mainly in capital city regions and presidents’ birth places. Additionally, to assess the performance of the WB based on its own proclaimed goal to aim the poor in a country, the study also includes sub-national wealth data from the Demographic and Health Surveys (DSH), and finds that, even with better institutional qualities, regions with a larger share from the richest quintile receive significantly more aid than regions with a larger share of poor people. With increasing ethnic diversity, the allocation of aid projects towards regions where the richest citizens reside diminishes, but still remains high and significant. However, regions with a larger share of poor people still do not receive significantly more aid. This might imply that the sub-national distribution of aid projects increases in general with higher ethnic fragmentation, independent of the diverse regional needs. The results provide evidence that institutional qualities matter to undermine the influence of incumbent presidents on the allocation of aid projects towards their birth regions and capital regions. Moreover, even for countries with better institutional qualities the WB and the ADB do not seem to be able to aim the poor in a country with their aid projects. Even, if one considers need-based variables, such as infant mortality and child mortality rates, aid projects do not seem to be allocated in districts with a larger share of people in need. Therefore, the study provides further evidence using more detailed information on the sub-national distribution of aid projects that aid is not being allocated effectively towards regions with a larger share of poor people to alleviate poverty in recipient countries directly. Institutions do not have any significant influence on the sub-national distribution of aid towards the poor.

Keywords: aid allocation, georeferenced data, institutions, spatial analysis

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Authors: Khanita Tumphasuwan

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The Wualai community of Northern Thailand represents important intellectual and social capital and their silver handicraft products are desirable tourist souvenirs within Chiang Mai Province. This community has been in danger of losing this social and intellectual capital due to the application of an improper tool, the Scottish Enterprise model of clustering. This research aims to analyze and increase its competitive advantages for preventing the loss of social and intellectual capital. To improve the Wualai’s competitive advantage, analysis is undertaken using a Porterian cluster approach, including the diamond model, five forces model and cluster mapping. Research results suggest that utilizing the community’s Buddhist beliefs can foster collaboration between community members and is the only way to improve cluster effectiveness, increase competitive advantage, and in turn conserve the Wualai community.

Keywords: industry clustering, silver handicraft, competitive advantage, intellectual capital, social capital

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Authors: Ladislav Ptacek, Jan Vanek, Jan Eisner, Alexandra Pruchova, Pavel Linhart, Ludek Muller, Dana Jirotkova

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One of the essential steps of avian song processing is signal filtering. Currently, the standard methods of filtering are the Mel Bank Filter or linear filter distribution. In this article, a new type of bank filter called the Bird-Adapted Filter is introduced; whereby the signal filtering is modifiable, based upon a new mathematical description of audiograms for particular bird species or order, which was named the Avian Audiogram Unified Equation. According to the method, filters may be deliberately distributed by frequency. The filters are more concentrated in bands of higher sensitivity where there is expected to be more information transmitted and vice versa. Further, it is demonstrated a comparison of various filters for automatic individual recognition of chiffchaff (Phylloscopus collybita). The average Equal Error Rate (EER) value for Linear bank filter was 16.23%, for Mel Bank Filter 18.71%, the Bird-Adapted Filter gave 14.29%, and Bird-Adapted Filter with 1/3 modification was 12.95%. This approach would be useful for practical use in automatic systems for avian species and individual identification. Since the Bird-Adapted Filter filtration is based on the measured audiograms of particular species or orders, selecting the distribution according to the avian vocalization provides the most precise filter distribution to date.

Keywords: avian audiogram, bird individual identification, bird song processing, bird species recognition, filter bank

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Authors: Muhammad Ilham Agus Salim, Muhammad Ikbal

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The ASEAN Economic Community (AEC) was set up in 2003 with the objectives of creating a single market and production base, enhancing equitable economic development as well as facilitating the integration into the global economy. The AEC involves liberalization and facilitation of trade in goods, skilled labour, services, and investment, as well as protection and promotion of investment. The thesis outlines the AEC Blueprint actions in scope of globalization of investment and capital market. Free flows of investment and freer flows of capital market urge countries in South East Asia to coordinate and to collaborate in securing the interest of public, and this leads to the importance of financial services authorities in ASEAN to prepare the mechanism of guarding the flows of investment. There is no exception, especially for Indonesian Financial Services Authority (OJK) as one of the authorized body in capital market supervision, to enforce its authorities as supervisory body.

Keywords: AEC blueprint, OJK, capital market, integration

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Authors: R. Bhattu Babajee, Marie Sandrine Estelle Benoit

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The past decades have witnessed a considerable institutional shift towards Central Bank Independence across economies of the world. The motivation behind such a change is the acceptance that increased central bank autonomy has the power of alleviating inflation bias. Hence, studying whether Central Bank Independence acts as a significant factor behind the price stability in the African economies or whether this macroeconomic aim in these countries result from other economic, political or social factors is a pertinent issue. The main research objective of this paper is to assess the relationship between central bank autonomy and inflation in African economies where inflation has proved to be a serious problem. In this optic, we shall measure the degree of CBI in Africa by computing the turnover rates of central banks governors thereby studying whether decisions made by African central banks are affected by external forces. The purpose of this study is to investigate empirically the association between Central Bank Independence (CBI) and inflation for 10 African economies over a period of 17 years, from 1995 to 2012. The sample includes Botswana, Egypt, Ghana, Kenya, Madagascar, Mauritius, Mozambique, Nigeria, South Africa, and Uganda. In contrast to empirical research, we have not been using the usual static panel model for it is associated with potential mis specification arising from the absence of dynamics. To this issue a dynamic panel data model which integrates several control variables has been used. Firstly, the analysis includes dynamic terms to explain the tenacity of inflation. Given the confirmation of inflation inertia, that is very likely in African countries there exists the need for including lagged inflation in the empirical model. Secondly, due to known reverse causality between Central Bank Independence and inflation, the system generalized method of moments (GMM) is employed. With GMM estimators, the presence of unknown forms of heteroskedasticity is admissible as well as auto correlation in the error term. Thirdly, control variables have been used to enhance the efficiency of the model. The main finding of this paper is that central bank independence is negatively associated with inflation even after including control variables.

Keywords: central bank independence, inflation, macroeconomic variables, price stability

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Authors: Suleman Bawa, Ayiku Emmanuel Lartey

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Purpose - This paper aims to examine the association between knowledge capital and multinational firms’ innovation management. We again explored the impact of transboundary investment and assimilative capacity between knowledge capital and multinational firms’ innovation management. The vital position of knowledge capital and multinational firms’ innovation management in today’s increasingly volatile environment coupled with fierce competition has been extensively acknowledged by academics and industry investment capitals. Design/methodology/approach - The theoretical association model and an empirical correlation analysis were constructed based on relevant research using data collected from 19 multinational firms in Ghana as the subject, and path analysis was constructed using SPSS 22.0 and AMOS 24.0 to test the formulated hypotheses. Findings - Varied conclusions are drawn consequential from theoretical inferences and empirical tests. For multinational firms, knowledge capital relics positively significant to multinational firms’ innovation management. Multinational firms with advanced knowledge capital likely spawn greater corporations’ innovation management. Second, transboundary investment efficiently intermediates the association between knowledge physical capital, knowledge interactive capital, and corporations’ innovation management. At the same time, this impact is insignificant between knowledge of empirical capital and corporations’ innovation management. Lastly, the impact of transboundary investment and assimilative capacity on the association between knowledge capital and corporations’ innovation management is established. We summarized the implications for managers based on our outcomes. Research limitations/implications - Multinational firms must dynamically build knowledge capital to augment corporations’ innovation management. Conversely, knowledge capital motivates multinational firms to implement transboundary investment and cultivate assimilative capacity. Accordingly, multinational firms can efficiently exploit diverse information to augment their corporate innovation management. Practical implications – This paper presents a comprehensive justification of knowledge capital and manufacturing firms’ innovation management by exploring the impact of transboundary investment and assimilative capacity within the manufacturing industry, its sequential progress, and its associated challenges. Originality/value – This paper is amongst the first to find empirical results to back knowledge capital and manufacturing firms’ innovation management by exploring the impact of transboundary investment and assimilative capacity within the manufacturing industry. Additionally, aligning knowledge as a coordinative instrument is a significant input to our discernment in this area.

Keywords: knowledge capital, transboundary investment, innovation management, assimilative capacity

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Authors: Nuray Turan, Maria Karanika-Murray

Abstract:

In working life, positive behavior and positive mood researches has given importance more and more. Increasing research on the subject sreveals this importance. In this context, positive psychological capital (PsyCap), job crafting (JC), and creativity areamongtheprominentissues in working life. However, it is noteworthy that there is not enough research on the interaction between these three concepts. Therefore, this research has been designed. The question “Does the interaction between JC and PsyCap improve creativity in working life?” has been raised, and“JobCrafting Mediating Effect Between Positive Psychological Capital and Creativity” has been questioned. A questionnaire will be applied using PsyCap, JC and Creativity scales to find answers to the aforementioned questions. Who will be the survey participants is in the process of being determined.

Keywords: positive psychological capital, job crafting, creativity, working life

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Authors: Han Song, Tingting Wei, Dong Chen

Abstract:

The combination of capital and rural areas in China has shown its great significance in promoting urban-rural integration and new-style urbanization, enhancing regional capacity for sustainable rural development and optimizing human settlement environment. The purpose of this study is to find capital operation mechanism in rural area and rural planning guidance in China. Based on case studies in Chinese rural areas, two types of capital operation mechanism in rural areas are summed up: intervention in the field of agriculture promoting the upgrading and innovation of agricultural industry chain, intervention in rural life and leisure areas updating rural connotation and form. In the light of experiences in Japan and Taiwan, it is proposed that government's norms and guidance, rural investment intensity and rural self-organization are three important factors for capital to drive rural development. It is also found that the unique land tenure and rural governance tradition are two important factors effecting the combination of capital and rural regions in China, which requires full attention in rational policy-making and rural planning. It comes to a conclusion as four directions of the overall reform of the rural planning: targeting at enhancing the viability of rural and sustainable capacity, encouraging differences in investment incentives and planning policies, providing land usage in the rural areas with planning support and reforming the village system. Directional guidance is also made for different types of capital investments, suggesting that capital should be rooted in agriculture and rural land to benefit farmers and update human settlements.

Keywords: capital, rural areas, rural planning, rural governance

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Authors: Yi-De Liu

Abstract:

The aim of this paper is to discuss how the construct of networking and social capital can be used to understand the effect events can have on the cultural sector. Based on case study, this research sought the views of those working in the cultural sector on Liverpool’s year as the European Capital of Culture (ECOC). Methodologically, this study involves literature review to prompt theoretical sensitivity, the collection of primary data via online survey (n= 42) and follow-up telephone interviews (n= 8) to explore the emerging findings in more detail. The findings point to a number of ways in which the ECOC constitutes a boost for networking and its effects on city’s cultural sector, including organisational learning, aspiration and leadership. The contributions of this study are two-fold: (1) Evaluating the long-term effects on network formation in the cultural sector following major event; (2) conceptualising the impact assessment of organisational social capital for future ECOC or similar events.

Keywords: network, social capital, cultural impact, european capital of culture

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Authors: Maoxin Ye

Abstract:

This study examines the relationship between social network sites (SNS) usage and social capital. Because SNS usage can expand the users’ networks, and people who are connected in this networks may become resources to SNS users and lead them to advantage in some situation, it is important to estimate the relationship between SNS usage and ‘who’ is connected or what resources the SNS users can get. Additionally, ‘who’ can be divided in two aspects – people who possess high position and people who are different, hence, it is important to estimate the relationship between SNS usage and high position people and different people. This study adapts Lin’s definition of social capital and the measurement of position generator which tells us who was connected, and can be divided into the same two aspects as well. A national data of America (N = 2,255) collected by Pew Research Center is utilized to do a general regression analysis about SNS usage and social capital. The results indicate that SNS usage is negatively associated with each factor of social capital, and it suggests that, in fact, comparing with non-users, although SNS users can get more connections, the variety and resources of these connections are fewer. For this reason, we could lose benefits through SNS usage.

Keywords: social network sites, social capital, position generator, general regression

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Authors: Chang Li-Yu

Abstract:

Purposes: The present research focuses on exploring the latent growth model of psychological capital in disadvantaged adolescents and assessing its relationship with subjective well-being. Methods: Longitudinal study design was utilized and the data was from Taiwan Database of Children and Youth in Poverty (TDCYP), using the student questionnaires from 2009, 2011, and 2013. Data analysis was conducted using both univariate and multivariate latent growth curve models. Results: This study finds that: (1) The initial state and growth rate of individual factors such as parent-child relationships, psychological capital, and subjective wellbeing in economically disadvantaged adolescents have a predictive impact; (2) There are positive interactive effects in the development among factors like parentchild relationships, psychological capital, and subjective well-being in economically disadvantaged adolescents; and (3) The initial state and growth rate of parent-child relationships and psychological capital in economically disadvantaged adolescents positively affect the initial state and growth rate of their subjective well-being. Recommendations: Based on these findings, this study concretely discusses the significance of psychological capital and family cohesion for the mental health of economically disadvantaged youth and offers suggestions for counseling, psychological therapy, and future research.

Keywords: economically disadvantaged adolescents, psychological capital, parent-child relationships, subjective well-beings

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