Search results for: network effect on financial services

Authors: Riaz Dhai

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The inherent differences between Islamic and conventional finance have given rise to a debate on whether conventional accounting standards provide sufficient disclosure in the annual financial statements of Islamic financial institutions (IFI). This issue has become more pronounced due to the rapid growth of IFIs over the last decade. This paper seeks to collate the literature surrounding this debate as well as summarise the key macro and micro level financial reporting differences between conventional and Islamic accounting. Based on these findings we propose some important areas of future research in this emerging field.

Keywords: Islamic financial institutions, financial reporting, critical analysis, conventional accounting standards

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Authors: Muteb Alotaibi, Graham Clarke, Nick Malleson

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The Hajj religious festival at Mina in Saudi Arabia has always presented the opportunity for injuries or deaths. For example, in 1990, a stampede killed 1426 pilgrims, whilst in 1997, 343 people were killed and 1500 injured due to a fire fuelled by high winds sweeping through the tent city in Mina.Many more minor incidents have occurred since then. It is predicted that 5 million pilgrims will soon perform the ritual at Mina (which is, in effect, a temporary city built each year in the desert), which might lead in the future to severe congestion and accidents unless the research is conducted on actions that contribute positively to improving the management of the crowd and facilitating the flow of pilgrims safely and securely. To help prevent further disasters, it is important to first plan better, more accessible locations for emergency services across Mina to ensure a good service for pilgrims. In this paper, we first use a Location Allocation Model (LAM) within a network GIS to examine the optimal locations for key services in the temporary city of Mina. This has been undertaken in relation to the location and movement of the pilgrims during the six day religious festival. The results of various what-if scenarios have been compared against the current location of services. A major argument is that planners should be flexible and locate facilities at different locations throughout the day and night. The use of location-allocation models in this type of comparative static mode has rarely been operationalised in the literature. Second, we model pilgrim movements and behaviours along with the most crowded parts of the network. This has been modelled using an agent-based model. This model allows planners to understand the key bottlenecks in the network and at what usage levels the paths become critically congested. Thus the paper has important implications and recommendations for future disaster planning strategies. This will enable planners to see at what stage in the movements of pilgrims problems occur in terms of potential crushes and trampling incidents. The main application of this research was only customised for pedestrians as the concentration only for pedestrians who move to Jamarat via foot. Further, the network in the middle of Mina was only dedicated for pedestrians for safety, so no Buses, trains and private cars were allowed in this area to prevent the congestion within this network. Initially, this research focus on Mina city as ‘temporary city’ and also about service provision in temporary cities, which is not highlighted in literature so far. Further, it is the first study which use the dynamic demand to optimise the services in the case of day and night time. Moreover, it is the first study which link the location allocation model for optimising services with ABM to find out whether or not the service location is located in the proper location in which it’s not affecting on crowd movement in mainstream flow where some pilgrims need to have health services.

Keywords: ABM, crowd management, hajj, temporary city

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Authors: Subhash Reddy

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Mobile communication in today’s world means a lot to the human kind, through this many deals are made and others are broken, within seconds. That is because of our sophisticated methods of transporting the data at very high speeds and to very long distances, within no time. That is also because we kept on changing the method of serving the connections as the no of connections kept on increasing, that has led to many methods like TDMA, CDMA, and FDMA, etc. in wireless communications. And also the areas, where the connections are provided are also divided into CELLS, which are the basic blocks for cellular communications. Along with the wireless network, providing a wired network in mobile phones would serve as a very good alternative and would divert the extra traffic of a cell, so that a CELL which is providing wireless network can operate more efficiently.

Keywords: CDMA, FDMA, TDMA, CELL

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Authors: Abeer Alkhwaldi, Mumtaz Kamala

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On the inception of the third millennium, there is much evidence that cloud technologies have become the strategic trend for many governments not only developed countries (e.g., UK, Japan, and USA), but also developing countries (e.g. Malaysia and the Middle East region), who have launched cloud computing movements for enhanced standardization of IT resources, cost reduction, and more efficient public services. Therefore, cloud-based e-government services considered as one of the high priorities for government agencies in Jordan. Although of their phenomenal evolution, government cloud-services still suffering from the adoption challenges of e-government initiatives (e.g. technological, human-aspects, social, and financial) which need to be considered carefully by governments contemplating its implementation. This paper presents a pilot study to investigate the citizens' perception of the extent in which these challenges affect the acceptance and use of cloud computing in Jordanian public sector. Based on the data analysis collected using online survey some important challenges were identified. The results can help to guide successful acceptance of cloud-based e-government services in Jordan.

Keywords: challenges, cloud computing, e-government, acceptance, Jordan

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Authors: Elmabruk Laias, Abdalla M. Hanashi, Mohammed Alnas

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Worldwide Interoperability for Microwave Access (WiMAX) became one of the most challenging issues, since it was responsible for distributing available resources of the network among all users this leaded to the demand of constructing and designing high efficient scheduling algorithms in order to improve the network utilization, to increase the network throughput, and to minimize the end-to-end delay. In this study, the proposed algorithm focuses on an efficient mechanism to serve non-real time traffic in congested networks by considering channel status.

Keywords: WiMAX, Quality of Services (QoS), OPNE, Diff-Serv (DS).

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Authors: Yongsheng Guo, Mengyu Lu

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This study investigates how Chinese SMEs manage financial risks in customer financing. 32 interviews were conducted, and grounded theory models were developed to link the causal conditions, actions, and consequences. This study found that Chinese ethical principles, including integrity, friendship, reciprocity, and cultural traits, including collectivism, acquaintance society, and long-term orientation, provide conditions for customer financing. The SMEs establish trust-based relationships with customers and build a social network. The SMEs reduce financial risk through diversification, frequent operations and enterprise reputations. Both customers and SMEs can get benefits, including customer experience and financial rewards for customers and financial resources and customer base for SMEs. But there are some problems, like default for customers and financial cost for enterprises. This study develops a resource and process capability theory of SMEs and a customer capital and customer value theory to connect finance, accounting, and management concepts.

Keywords: CRM, culture, ethics, financing from customer, SME

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Authors: Shola Haruna Adeosun, F. Adebiyi Ajoke, Odedeji Adeoye

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Video billboard advertising by networks and brand switching was conceived out of inquisition at the huge billboard advertising expenditures made by the three major GSM network operators in Nigeria. The study was anchored on Lagos State Metropolis with a current census population over 1,000,000. From this population, a purposive sample of 400 was adopted, and the questionnaire designed for the survey was carefully allocated to members of this ample in the five geographical zones of the city so that each rung of the society was well represented. The data obtained were analyzed using tables and simple percentages. The results obtained showed that subscribers of these networks were hardly influenced by the video billboard advertisements. They overwhelmingly showed that rather than the slogans of the GSM networks carried on the video billboards, it was the incentives to subscribers as well as the promotional strategies of these organizations that moved them to switch from one network to another. These switching lasted only as long as the incentives and promotions were in effect. The results of the study also seemed to rekindle the age-old debate on media effects, by the unyielding schools of the theory of ‘all-powerful media’, ‘the limited effects media’, ‘the controlled effects media’ and ‘the negotiated media influence’.

Keywords: evaluation, impact, video billboard, marketing, services

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Authors: Aliyu Aminu Baba, Yahaya Danjuma, Ahmad Sule Liman-Katagum

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This paper examines the effects of the board of directors’ diversity on firm performance. We investigate the relationship between the number of women directors on the board and important board committees and financial performance measured as return on assets. Our statistical analysis supports the theoretical position of the effect diversity on financial performance. These studies enhanced the previous studies on the board of director’s gender diversity, board committees, and its impacts on firm financial performance. The study uses data from eighteen (18) Nigerian commercial banks. The study finds that banks with a higher number of females directors on board and board committees have higher Earning per share(EPS)) and Return on Assets (ROA). It also finds that some banks did not even have a single female on its corporate board. Evidence imply that decisions concerning the appointment of women to corporate boards should be on criteria and financial performance. It is recommended that banks can enhance their financial performance by having more female directors on their corporate board.

Keywords: board of directors, gender diversity, board committees, financial performance

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Authors: J-C. Leneveu, A. Chereau, L. Mansart, T. Mesbah, M. Wyka

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Extracting and interpreting information from Big Data represent a stake for years to come in several sectors such as finance. Currently, numerous methods are used (such as Technical Analysis) to try to understand and to anticipate market behavior, with mixed results because it still seems impossible to exactly predict a financial trend. The increase of available data on Internet and their diversity represent a great opportunity for the financial world. Indeed, it is possible, along with these standard financial data, to focus on exogenous data to take into account more macroeconomic factors. Coupling the interpretation of these data with standard methods could allow obtaining more precise trend predictions. In this paper, in order to observe the influence of exogenous data price independent of other usual effects occurring in classical markets, behaviors of Bitcoin users are introduced in a model reconstituting Bitcoin value, which is elaborated and tested for prediction purposes.

Keywords: big data, bitcoin, data mining, social network, financial trends, exogenous data, global economy, behavioral finance

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Authors: Rachel Tambyah, Katarzyna Olcoń, Julaine Allan, Pete Destry, Thomas Astell-Burt

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The rising social and financial burden of mental illness indicates an urgent need to explore interventions that can be used as well as or instead of traditional treatments. Although there is growing evidence of the positive mental health outcomes of spending time in nature, the implementation of nature-based interventions (NBIs) within mental health services remains minimal. Based on interviews with mental health clinicians in Australia, this study demonstrated that clinicians supported the use of NBIs and would promote them to their clients.

Keywords: nature, nature-based interventions, mental health, mental health services, mental health clinicians

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Authors: Anocha Rojanapanich

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The objective of this research is to investigate the effects of earnings management on corporate transparency of the company in Dusit area workplace via financial reporting reliability and stakeholder acceptance as independent variable. And the company in Dusit are are taken as the population and sample. The questionnaire is used to collect data. Exploratory Factor Analysis is implemented to ensure construct validity, and correlation statistic is selected to test the relationship among all variable and the ordinary least squares regression is used to explore the hypothesized. The results show that earnings management has a significant and negative impact on financial reporting reliability, stakeholder acceptance, and corporate transparency. Both financial reporting reliability and stakeholder acceptance have an important and positive effect on corporate transparency, and they are then mediators of the earnings management-corporate transparency relationships.

Keywords: dusit area workplace, earnings management, financial report, business and marketing management

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Authors: Laaziz El Hassan

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The Service Network Design Problem (SNDP) is a tactical issue in freight transportation firms. The existing formulations of the problem for intermodal rail-road transportation were not always adapted to the intermodality in terms of full asset utilization and modal shift reinforcement. The objective of the article is to propose a model having a more compliant formulation with intermodality, including constraints highlighting the imperatives of asset management, reinforcing modal shift from road to rail and reducing, by the way, road mode CO2 emissions. The model is a fixed charged, path based integer nonlinear program. Its objective is to minimize services total cost while ensuring full assets utilization to satisfy freight demand forecast. The model's main feature is that it gives as output both the train sizes and the services frequencies for a planning period. We solved the program using a commercial solver and discussed the numerical results.

Keywords: intermodal transport network, service network design, model, nonlinear integer program, path-based, service frequencies, modal shift

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Authors: Fatma Ezzahra Kateb, Neila Boulila Taktak, Mohamed Kabir Hassan

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We examine the impact of Islamic accounting and auditing standards issued by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) on the income smoothing perspective of Islamic financial institutions located in the Middle East and North Africa region between 2013 and 2018. Based on General Least square regression for panel data, we find a significant and positive relationship between intentional income smoothing and earning persistence and cash flow predictability in all models. However, we discovered that AAOIFI accounting standards (FAS) had a negative and significant effect on intentional income smoothing and earning persistence. As a result, the income smoothing efficiency is lower for IFIs that use FASs than IFIs that use IFRSs. Our findings emphasize the need for specific standards to enhance the relevance of financial reports disclosed by Islamic financial institutions.

Keywords: AAOIFI, financial reporting quality, income smoothing perspective, MENA countries

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Authors: Azli Bin Ariffin, Noor Amy Afiza Binti Mohd Yusof

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This study aims to identify effect of social network usage on the self-learning method in teaching and learning at Sultan Idris Education University. The study involved 270 respondents consisting of students in the pre-graduate and post-graduate levels from nine fields of study offered. Assessment instrument used is questionnaire which measures respondent’s background includes level of study, years of study and field of study. Also measured the extent to which social pages used for self-learning and effect received when using social network for self-learning in learning process. The results of the study showed that students always visit Facebook more than other social sites. But, it is not for the purpose of self-learning. Analyzed data showed that 45.5% students not sure about using social sites for self-learning. But they realize the positive effect that they will received when use social sites for self-learning to improve teaching and learning process when 72.7% respondent agreed with all the statements provided.

Keywords: facebook, self-learning, social network, teaching, learning

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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: Dorjana Nano

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Financial literacy has become on focus of many research studies. Family household is found to influence students’ financial literacy. The purpose of this study is to explore whether financial literacy of Albanian students is associated with their family household. The main objectives of this research are: i) firstly, to evaluate how financial literate are Albanian university students; ii) secondly, to examine whether the financial literacy differs based on the level of students family income; and iii) finally, to draw some conclusions and recommendations in order to improve student’s financial literacy. An instrument, comprised of personal finance and personal characteristics is administered to 637 students in Albania. The constituency of the survey is tested based on the dimension reduction and factor analyzing techniques. The One Way Welch ANOVA and multiple comparison techniques are utilized to analyze the data. The results indicate that student’s financial literacy is influenced by their family income.

Keywords: financial literacy, household income, smart decisions, university students

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Authors: Khan Sarfaraz, Mohammad Ali Mia

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Money laundering and other financial crime have become a global threat in recent years, impacting both developed and poor countries. In developing countries like Bangladesh, it is more difficult to combat financial crime than in developing countries because of the inadequate regulatory environment and vulnerable financial system. Bangladesh's central bank issues guidelines to facilitate the implementation of the prevention of the money laundering act. According to the guideline of Bangladesh Bank, all financial institution has to develop anti-money laundering policy to ensure the safety and soundness of their institutions. The paper aims to focus on the role of authorized agencies in combating financial crime. In this paper, the latest trends in financial crimes have been discussed from global and Asian perspectives. The preventive measures for money laundering and other financial crimes have been discussed elaborately. So far, financial crime is a sophisticated and dynamic crime, and criminals continuously took innovative processes to use the financial system to launder money. The study will take a step in pointing out new techniques, effects and challenges of financial crime in Bangladesh.

Keywords: financial crime, illegal money transfer, online gambling, money laundering, authorized agencies

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Authors: Sharad Shrivastava, Arun Jalan

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In this study tensile testing was performed on randomly oriented short glass fiber/epoxy resin composite specimens which were prepared using hand lay-up method. Samples were tested over a wide range of strain rate/loading rate from 2mm/min to 40mm/min to see the effect on ultimate tensile strength of the composite. A multi layered 'back propagation artificial neural network of supervised learning type' was used to analyze and predict the tensile properties with strain rate and temperature as given input and output as UTS to predict. Various network structures were designed and investigated with varying parameters and network sizes, and an optimized network structure was proposed to predict the UTS of short glass fiber/epoxy resin composite specimens with reasonably good accuracy.

Keywords: glass fiber composite, mechanical properties, strain rate, artificial neural network

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Authors: Jaballah Jamil

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KLD (Peter Kinder, Steve Lydenberg and Amy Domini) research & analytics is an independent intermediary of social performance information that adopts an investor-pay model. KLD rating agency does not have an explicit monitoring on the rated firm which suggests that KLD ratings may not include private informations. Moreover, the incapacity of KLD to predict accurately the extra-financial rating of Enron casts doubt on the reliability of KLD ratings. Therefore, we first investigate whether KLD ratings affect investors' perception by studying the effect of KLD rating changes on firms' financial performances. Second, we study the impact of the Enron scandal on investors' perception of KLD rating changes by comparing the effect of KLD rating changes on firms' financial performances before and after the failure of Enron. We propose an empirical study that relates a number of equally-weighted portfolios returns, excess stock returns and book-to-market ratio to different dimensions of KLD social responsibility ratings. We first find that over the last two decades KLD rating changes influence significantly and negatively stock returns and book-to-market ratio of rated firms. This finding suggests that a raise in corporate social responsibility rating lowers the firm's risk. Second, to assess the Enron scandal's effect on the perception of KLD ratings, we compare the effect of KLD rating changes before and after the Enron scandal. We find that after the Enron scandal this significant effect disappears. This finding supports the view that the Enron scandal annihilates the KLD's effect on Socially Responsible Investors. Therefore, our findings may question results of recent studies that use KLD ratings as a proxy for Corporate Social Responsibility behavior.

Keywords: KLD social rating agency, investors' perception, investment decision, financial performance

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Authors: Aarif Hussain, Afnan Tariq

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In recent years, microfinance has emerged as a critical tool for promoting financial inclusion and empowering marginalized communities, particularly women. In India, where poverty and lack of access to financial services continue to be significant challenges for many, microfinance has the potential to provide much-needed support to women with disabled children. These women face unique challenges, including discrimination, lack of access to education and employment, and limited support systems, making it even more difficult for them to break out of poverty and provide for their families. Microfinance, by providing small loans, savings products, and other financial services, can help these women to start or grow businesses, build assets, and achieve financial independence. India has adhered to an SHG-bank linkage model of microfinance since 1980, and programs like IRDP and SGSY were initiatives in the same direction. In the year 2011, India launched DAY-NRLM, a restructured version of SGSY. DAY-NRLM is an SHG-based microfinance program targeting the rural women of India. It aims to organise these poor women into SHGs and link them to banking institutions for creating sustainable livelihoods. The program has a reservation for disabled women but has no special status for mothers with disabled children. The impact of microfinance on women with disabilities and their families has been well documented. Studies have shown that women participating in microfinance programs are more likely to start businesses, increase their income, and improve their standard of living. Furthermore, these women are more likely to invest in their children's education and health, which can have long-term positive effects on their family’s well-being. In the Union territory of Jammu and Kashmir, the programme started in 2013 and is running smoothly to date. Women with children having a disability have not been documented as a category within the programme. The core aspect of this study is to delve into these women’s lives and analyse the impact of SHG membership on their lives and their children. The participants were selected purposively. For data collection, in-depth interviews were conducted. The findings of the paper show that microfinance has the potential to play a significant role in promoting financial inclusion and empowering women with children having disabilities in Kashmir. By providing access to small loans, savings products, and other financial services, microfinance can help these women to start or grow businesses, build assets, and achieve financial independence. However, more work is needed to ensure that these women have equal access to financial services and opportunities and that microfinance institutions are equipped to effectively serve this population. Working together to address these challenges can create a brighter future for women with children having disabilities and their families in India.

Keywords: DAY-NRLM, microfinance, SHGs, women, disabled children

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Authors: Vishal H. Shukla, Sanjay B. Deshmukh

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Traffic engineering, at its center, is the ability of moving traffic approximately so that traffic from a congested link is moved onto the unused capacity on another link. Traffic Engineering ensures the best possible use of the resources. Now to support traffic engineering in the today’s network, Multiprotocol Label Switching (MPLS) is being used which is very helpful for reliable packets delivery in an ongoing internet services. Here a topology is been implemented on GNS3 to focus on the analysis of the communication take place from one site to other through the ISP. The comparison is made between the IP network & MPLS network based on Bandwidth & Jitter which are one of the performance parameters using JPERF simulator.

Keywords: GNS3, JPERF, MPLS, traffic engineering, VMware

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Authors: Elham Fakhrpoor, Daryush Mohammadi Zanjirani, Maziyar Nojaba

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Business process reengineering is one of the most important strategies in banks in recent years that not only it increases customers’ satisfaction, but also it increases performance of banks. The purpose of elementary (initial) business process reengineering is reinforcing banks abilities to obtain new customers and making long-term relationships with existed customers and increasing customers’ satisfaction among service quality in global level. Banks specially the private ones are the main streams of state, because cash flow is necessary to survive a state. What guarantees survival and permanency of financial institutes’ activities is providing favorite, certain, and proper services. Capital market being small and state financial system being bank-oriented needs optimum usage from banks. According to this fact and role and importance of developing banking system, the present study tried to offer a constructed model using Lisrel and also spss software to evaluate effects of business process reengineering on performance of private banks. We have one min hypothesis and four sub-hypotheses. The main hypothesis says reengineering factors have positive effects on bank performances (balanced- scores card aspects). These hypotheses were tested by structural equations modeling.

Keywords: effect, business, reengineering, private bank

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Authors: Mykola G. Boichuk

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The paper concerns predatory pricing incentives and mechanisms in the markets of services, as well as its anti-competitive effects. As cost estimation at services markets is more complex in comparison to markets of goods, predatory pricing is more difficult to detect in the provision of services. For instance, this is often the case for professional services, which is analyzed in the paper. The special attention is given to employment markets as de-facto main supply markets for professional services markets. Also, the paper concerns such instances as travel agents' services, where predatory pricing may have implications not only on competition but on a wider range of public interest as well. Thus, the paper develops on effective ways to apply competition law rules on predatory pricing to the provision of services.

Keywords: employment markets, predatory pricing, services markets, unfair competition

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Authors: Wan Jen Chang

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Back ground: Taiwan's current adult lifelong learning services have expanded from vocational training to universal lifelong learning. However, both the professional knowledge training of learning guidance and consulting services and the provision of adult online learning consulting service systems still need to be established. Purpose: The purposes of this study are as follows: 1. Analyze the professional training mechanism for cultivating adult lifelong learning consultation and coaching; 2. Explore the feasibility of constructing a system that uses network technology to provide adult learning consultation services. Research design: This study conducts a literature analysis of counseling and coaching policy reports on lifelong learning in European countries and the United States. There are two focus discussions were conducted with 15 lifelong learning scholars, experts and practitioners as research subjects. The following two topics were discussed and suggested: 1. The current situation, needs and professional ability training mechanism of "Adult Lifelong Learning Consulting and Services"; 2. Strategies for establishing an "Adult Lifelong Learning Consulting and Service internet System". Conclusion: 1.Based on adult lifelong learning consulting and service needs, plan a professional knowledge training and certification system.2.Adult lifelong learning consulting and service professional knowledge and skills training should include the use of network technology to provide consulting service skills.3.To establish an adult lifelong learning consultation and service system, the Ministry of Education should promulgate policies and measures at the central level and entrust local governments or private organizations to implement them.4.The adult lifelong learning consulting and service system can combine the national qualifications framework, private sector and NPO to expand learning consulting service partners.

Keywords: adult lifelong learning, profesional knowledge, consulting and service, network system

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Authors: Edward P. Guillen, A. Karina Martinez Barliza

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Powerline Communications (PLC) as last mile solution to provide communication services, has the advantage of transmitting over channels already used for electrical distribution. However these channels have been not designed with this purpose, for that reason telecommunication companies in Colombia want to know how good would be using PLC in costs and network performance in comparison to cable modem or DSL. This paper analyzes PLC throughput for residential complex scenarios using a PLC network scenarios and some statistical results are shown.

Keywords: home network, power line communication, throughput analysis, power factor, cost, last mile solution

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Authors: Shota Gulbani

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At the present stage, for the countries with developing economies, studying, and researching financial markets, gains special importance, because the situation of financial markets shapes an exact views about the carried out economic policy of the country. Besides, it’s unimaginable any country with developed economy, without healthy and functioning financial markets, whereas, for any kind of business it has got a great importance in terms of finding diversified and alternative capital. In this regard; it should be noted that the segments of Georgian financial markets are developed quite unequally, as evidenced by the fact that the Georgian financial sector is represented by 93% of commercial banks, what does not create an conformable environment for non-bank financial institutions development. In spite of the fact that Georgia has got one of the best banking system of region, it is important to properly analyze that this system should not hinder the development of other participants of Georgian financial sector.

Keywords: financial markets, macroeconomics, investments, stock exchange

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Authors: Vladimir Simovic, Matija Varga, Predrag Oreski

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XHTML and XBRL are the standard languages for creating a database for the purpose of displaying financial statements on web applications. Today, XBRL is one of the most popular languages for business reporting. A large number of countries in the world recognize the role of XBRL language for financial reporting and the benefits that the reporting format provides in the collection, analysis, preparation, publication and the exchange of data (information) which is the positive side of this language. Here we present all advantages and opportunities that a company may have by using the XBRL format for business reporting. Also, this paper presents XBRL and other languages that are used for creating the database, such XML, XHTML, etc. The role of the AJAX complex model and technology will be explained in detail, and during the exchange of financial data between the web client and web server. Here will be mentioned basic layers of the network for data exchange via the web.

Keywords: XHTML, XBRL, XML, JavaScript, AJAX technology, data exchange

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Authors: Bita Mashayekhi, Hamid Kalhornia

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One of the most important roles of financial reporting is improving the firms’ investment decisions; however, there is not much supporting evidence for this claim in emerging markets like Iran. In this study, the effect of financial reporting transparency in investment efficiency of Iranian firms has been investigated. In order to do this, 336 listed companies on Tehran Stock Exchange (TSE) has been selected for time period 2012 to 2015 as research sample. For testing our main hypothesis, we classified sample firms into two groups based on their deviation from expected investment: under-investment and over-investment cases. The results indicate that there is positive significant relationship between financial transparency and investment efficiency. In the other words, transparency can mitigate both underinvestment and overinvestment situations.

Keywords: corporate governance, disclosure, investment decisions, investment efficiency, transparency

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Authors: Silvia Lorenzo, Hongmian Gong

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With the influx of research assessing the economic impact of the global financial crisis of 2007-8, a spatial analysis based on empirical data is needed to better understand the spatial significance of the financial crisis in New York, a key international financial center also considered the origin of the crisis. Using spatial statistics, the existence of financial clusters specializing in credit and securities throughout the New York metropolitan area are identified for 2000 and 2010, the time period before and after the height of the global financial crisis. Geographically Weighted Regressions are then used to examine processes underlying the formation and movement of financial geographies across state, county and ZIP codes of the New York metropolitan area throughout the 2000s with specific attention to tax regimes, employment, household income, technology, and transportation hubs. This analysis provides useful inputs for financial risk management and public policy initiatives aimed at addressing regional economic sustainability across state boundaries, while also developing the groundwork for further research on a spatial analysis of the global financial crisis.

Keywords: financial clusters, New York, global financial crisis, geographically weighted regression

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Authors: Veerpaul Maan, Gaurav Mishra

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The evolution of omnichannel has revolutionized the supply chain of the organizations by enhancing customer shopping experience. For these organizations need to develop well-integrated multiple distribution channels to leverage the benefits of omnichannel. To adopt an omnichannel system in the supply chain has resulted in structuring and reconfiguring the practices of the traditional supply chain distribution network. In this paper a multiple distribution supply chain network (MDSCN) have been proposed which integrates online giants with a local retailers distribution network in uncertain environment followed by sustainability. To incorporate sustainability, an additional objective function is added to reduce the carbon content through minimizing the travel distance of the product. Through this proposed model, customers are free to access product and services as per their choice of channels which increases their convenience, reach and satisfaction. Further, a numerical illustration is being shown along with interpretation of results to validate the proposed model.

Keywords: sustainable supply chain network, omnichannel, multiple distribution supply chain network, integrate multiple distribution channels

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