Search results for: financial leverage

Authors: Jungyeol Hong, Dongjoo Park

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The primary purpose of this study is to develop a methodological framework to predict daily subway ridership at a station-level and to examine the association between subway ridership and bus demand incorporating commercial business facility in the vicinity of each subway station. The socio-economic characteristics, land-use, and built environment as factors may have an impact on subway ridership. However, it should be considered not only the endogenous relationship between bus and subway demand but also the characteristics of commercial business within a subway station’s sphere of influence, and integrated transit network topology. Regarding a statistical approach to estimate subway ridership at a station level, therefore it should be considered endogeneity and heteroscedastic issues which might have in the subway ridership prediction model. This study focused on both discovering the impacts of bus demand, commercial business characteristics, and network topology on subway ridership and developing more precise subway ridership estimation accounting for its statistical bias. The spatial scope of the study covers entire Seoul city in South Korea and includes 243 stations with the temporal scope set at twenty-four hours with one-hour interval time panels each. The data for subway and bus ridership was collected Seoul Smart Card data from 2015 and 2016. Three-Stage Least Square(3SLS) approach was applied to develop daily subway ridership model as capturing the endogeneity and heteroscedasticity between bus and subway demand. Independent variables incorporating in the modeling process were commercial business characteristics, social-economic characteristics, safety index, transit facility attributes, and dummies for seasons and time zone. As a result, it was found that bus ridership and subway ridership were endogenous each other and they had a significantly positive sign of coefficients which means one transit mode could increase another transportation mode’s ridership. In other words, two transit modes of subway and bus have a mutual relationship instead of the competitive relationship. The commercial business characteristics are the most critical dimension among the independent variables. The variables of commercial business facility rate in the paper containing six types; medical, educational, recreational, financial, food service, and shopping. From the model result, a higher rate in medical, financial buildings, shopping, and food service facility lead to increment of subway ridership at a station, while recreational and educational facility shows lower subway ridership. The complex network theory was applied for estimating integrated network topology measures that cover the entire Seoul transit network system, and a framework for seeking an impact on subway ridership. The centrality measures were found to be significant and showed a positive sign indicating higher centrality led to more subway ridership at a station level. The results of model accuracy tests by out of samples provided that 3SLS model has less mean square error rather than OLS and showed the methodological approach for the 3SLS model was plausible to estimate more accurate subway ridership. Acknowledgement: This research was supported by Basic Science Research Program through the National Research Foundation of Korea(NRF) funded by the Ministry of Science and ICT (2017R1C1B2010175).

Keywords: subway ridership, bus ridership, commercial business characteristic, endogeneity, network topology

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Authors: Aqeel Akhtar

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One of prevailing modes of finance in emerging Islamic banking system is Murabah’a; a financial transaction in which cost and profit both must be recognized by buyer. Otherwise the transaction would become invalid. In this mainstream, import Murabah’a transaction is divergent in such a way that the cost is not recognized and identified due to execution of import transaction in foreign currency i.e. US Dollar and the next transaction of Murabaha’a with the client is executed in local currency. Since this transaction is executed in dual currency i.e. bank pays supplier in foreign currency and executes Murabah’a with its client in local currency and it is not allowed in according to Islamic Injunctions as mentioned in hadith narrated by Hazrat Ibn-e-Umar (May Allah be pleased with them) used to sell his camels with Dirhams and take dinars instead and vice versa. Upon revealing before the Prophet (SAW), he was advised that it must not be contingent in the agreement and the ready rate would be applied and possession of one of the consideration is compulsory. The solution in this regard is that the import Murabah’a transaction should be in single currency, however, other currency can be paid in payment at the time of payment in a very indispensable situation provided that ready rate would be applied. Moreover, some of other solutions have also been given in this regard.

Keywords: shariah compliance, import murabaha, islamic banking, product development

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Authors: Feyi Olorunshola

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Over the last few years, the senior travel market has been noted for its potential in the wider tourism industry. The tourism sector includes the hotel and hospitality, travel, transportation, and several other subdivisions to make it economically viable. In particular, the hotel attracts a substantial part of the expenditure in tourism activities as when people plan to travel, suitable accommodation for relaxation, dining, entertainment and so on is paramount to their decision-making. The global retail value of the hotel as of 2018 was significant for tourism. But, despite indications of the hotel to the tourism industry at large, very few empirical studies are available to establish how this sector can leverage on the senior demographic to achieve competitive advantage. Predominantly, studies on the mature market have focused on destination tourism, with a limited investigation on the hotel which makes a significant contribution to tourism. Also, several scholarly studies have demonstrated the importance of the senior travel market to the hotel, yet there is very little empirical research in the field which has explored the driving factors that will become the accepted new normal for this niche segment post-pandemic. Giving that the hotel already operates in a highly saturated business environment, and on top of this pre-existing challenge, the ongoing global health outbreak has further put the sector in a vulnerable position. Therefore, the hotel especially the full-service luxury category must evolve rapidly for it to survive in the current business environment. The hotel can no longer rely on corporate travelers to generate higher revenue since the unprecedented wake of the pandemic in 2020 many organizations have invented a different approach of conducting their businesses online, therefore, the hotel needs to anticipate a significant drop in business travellers. However, the rooms and the rest of the facilities must be occupied to keep their business operating. The way forward for the hotel lies in the leisure sector, but the question now is to focus on the potential demographics of travelers, in this case, the seniors who have been repeatedly recognized as the lucrative market because of increase discretionary income, availability of time and the global population trends. To achieve the study objectives, a mixed-method approach will be utilized drawing on both qualitative (netnography) and quantitative (survey) methods, cognitive and decision-making theories (means-end chain) and competitive theories to identify the salient drivers explaining senior hotel choice and its influence on their decision-making. The target population are repeated seniors’ age 65 years and over who are UK resident, and from the top tourist market to the UK (USA, Germany, and France). Structural equation modelling will be employed to analyze the datasets. The theoretical implication is the development of new concepts using a robust research design, and as well as advancing existing framework to hotel study. Practically, it will provide the hotel management with the latest information to design a competitive marketing strategy and activities to target the mature market post-pandemic and over a long period.

Keywords: competitive advantage, covid-19, full-service hotel, five-star, luxury hotels

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Authors: William Ho, Agus Wicaksana

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Anecdotal evidence in the last decade shows that the occurrence of disruptive events and uncertainties in the supply chain is increasing. The coupling of these events with the nature of an increasingly complex and interdependent business environment leads to devastating impacts that quickly propagate within and across organizations. For example, the recent COVID-19 pandemic increased the global supply chain disruption frequency by at least 20% in 2020 and is projected to have an accumulative cost of $13.8 trillion by 2024. This crisis raises attention to organizational resilience to weather business uncertainty. However, the concept has been criticized for being vague and lacking a consistent definition, thus reducing the significance of the concept for practice and research. This study is intended to solve that issue by providing a comprehensive review of the conceptualization, measurement, and antecedents of operational resilience that have been discussed in the supply chain risk management literature (SCRM). We performed a Scholarly Network Analysis, combining citation-based and text-based approaches, on 252 articles published from 2000 to 2021 in top-tier journals based on three parameters: AJG ranking and ABS ranking, UT Dallas and FT50 list, and editorial board review. We utilized a hybrid scholarly network analysis by combining citation-based and text-based approaches to understand the conceptualization, measurement, and antecedents of operational resilience in the SCRM literature. Specifically, we employed a Bibliographic Coupling Analysis in the research cluster formation stage and a Co-words Analysis in the research cluster interpretation and analysis stage. Our analysis reveals three major research clusters of resilience research in the SCRM literature, namely (1) supply chain network design and optimization, (2) organizational capabilities, and (3) digital technologies. We portray the research process in the last two decades in terms of the exemplar studies, problems studied, commonly used approaches and theories, and solutions provided in each cluster. We then provide a conceptual framework on the conceptualization and antecedents of resilience based on studies in these clusters and highlight potential areas that need to be studied further. Finally, we leverage the concept of abnormal operating performance to propose a new measurement strategy for resilience. This measurement overcomes the limitation of most current measurements that are event-dependent and focus on the resistance or recovery stage - without capturing the growth stage. In conclusion, this study provides a robust literature review through a scholarly network analysis that increases the completeness and accuracy of research cluster identification and analysis to understand conceptualization, antecedents, and measurement of resilience. It also enables us to perform a comprehensive review of resilience research in SCRM literature by including research articles published during the pandemic and connects this development with a plethora of articles published in the last two decades. From the managerial perspective, this study provides practitioners with clarity on the conceptualization and critical success factors of firm resilience from the SCRM perspective.

Keywords: supply chain risk management, organizational resilience, scholarly network analysis, systematic literature review

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Authors: Lagnajeet Mohanty, Mohnish Mishra, Pratham Tapdiya, Himanshu Sekhar Nayak, Swetapadma Singh

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In the era of global interconnectedness, effective risk assessment and management are critical for organizational resilience. This review explores the integration of machine learning (ML) into risk processes, examining its transformative potential and the challenges it presents. The literature reveals ML's success in sectors like consumer credit, demonstrating enhanced predictive accuracy, adaptability, and potential cost savings. However, ethical considerations, interpretability issues, and the demand for skilled practitioners pose limitations. Looking forward, the study identifies future research scopes, including refining ethical frameworks, advancing interpretability techniques, and fostering interdisciplinary collaborations. The synthesis of limitations and future directions highlights the dynamic landscape of ML in risk management, urging stakeholders to navigate challenges innovatively. This abstract encapsulates the evolving discourse on ML's role in shaping proactive and effective risk management strategies in our interconnected and unpredictable global landscape.

Keywords: machine learning, risk assessment, ethical considerations, financial inclusion

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Authors: Ashkan Mirzay Fashami

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This study examines the effects of auditor switch, auditee’s industry, and auditee’s location on audit fees in Australia. It uses fee data of Australian Securities Exchange 500 companies, considering all industry classifications throughout the country from 2006 until 2016. Main findings show that auditor switch does not affect audit fees. However, auditee’s industry affects audit fees. This effect occurs in information technology, financials, energy, and materials sectors among the top 500 companies. Financials, energy, and materials sectors face a fee rise, whereas information technology has a fee cut. The extent of fee changes is different among various industries, wherein the financial sector has the highest increase. Further, auditee’s location affects audit fees. Top 500 companies in Hobart, Perth, and Brisbane face a fee reduction, wherein the highest cut is in Hobart. Further analysis suggests that the Australian audit market is being increasingly concentrated in the hands of the Big Four audit firms.

Keywords: audit, auditor switch, Australia, fee, low-balling

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Authors: Pedro Llanos, Diego García

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This paper is addressed to expanding our understanding of the effects of hypoxia training on our bodies to better model its dynamics and leverage some of its implications and effects on human health. Hypoxia training is a recommended practice for military and civilian pilots that allow them to recognize their early hypoxia signs and symptoms, and Scientist Astronaut Candidates (SACs) who underwent hypobaric hypoxia (HH) exposure as part of a training activity for prospective suborbital flight applications. This observational-analytical study describes physiologic responses and symptoms experienced by a SAC group before, during and after HH exposure and proposes a model for assessing predicted versus observed physiological responses. A group of individuals with diverse Science Technology Engineering Mathematics (STEM) backgrounds conducted a hypobaric training session to an altitude up to 22,000 ft (FL220) or 6,705 meters, where heart rate (HR), breathing rate (BR) and core temperature (Tc) were monitored with the use of a chest strap sensor pre and post HH exposure. A pulse oximeter registered levels of saturation of oxygen (SpO₂), number and duration of desaturations during the HH chamber flight. Hypoxia symptoms as described by the SACs during the HH training session were also registered. This data allowed to generate a preliminary predictive model of the oxygen desaturation and O₂ pressure curve for each subject, which consists of a sixth-order polynomial fit during exposure, and a fifth or fourth-order polynomial fit during recovery. Data analysis showed that HR and BR showed no significant differences between pre and post HH exposure in most of the SACs, while Tc measures showed slight but consistent decrement changes. All subjects registered SpO₂ greater than 94% for the majority of their individual HH exposures, but all of them presented at least one clinically significant desaturation (SpO₂ < 85% for more than 5 seconds) and half of the individuals showed SpO₂ below 87% for at least 30% of their HH exposure time. Finally, real time collection of HH symptoms presented temperature somatosensory perceptions (SP) for 65% of individuals, and task-focus issues for 52.5% of individuals as the most common HH indications. 95% of the subjects experienced HH onset symptoms below FL180; all participants achieved full recovery of HH symptoms within 1 minute of donning their O₂ mask. The current HH study performed on this group of individuals suggests a rapid and fully reversible physiologic response after HH exposure as expected and obtained in previous studies. Our data showed consistent results between predicted versus observed SpO₂ curves during HH suggesting a mathematical function that may be used to model HH performance deficiencies. During the HH study, real-time HH symptoms were registered providing evidenced SP and task focusing as the earliest and most common indicators. Finally, an assessment of HH signs of symptoms in a group of heterogeneous, non-pilot individuals showed similar results to previous studies in homogeneous populations of pilots.

Keywords: slow onset hypoxia, hypobaric chamber training, altitude sickness, symptoms and altitude, pressure cabin

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Authors: Chandrashekara Krishnappa, Yogish Huchaiah

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The present work considers the importance of economic feasibility and financial viability of biodiesel production, and its use in the present context of prevailing Indian scenario. For this, costs involved in production of one litre of biodiesel from non-edible Jatropha and Pongamia oils Nano mix are considered. Biodiesel derived from the mix is blended with petrodiesel in various proportions and used in Compression Ignition (CI) Direct Injection (DI) engine. Performance and Emission characteristics were investigated. Optimization of the blends considering experimental results was carried out. To validate the experimental results and optimization, Multi-Functional Criteria Technique (MFCT) is used. Further, value additions in terms of INR due to increase in performance and reduction in emissions are investigated. Cost component of subsidy on petrodiesel is taken into consideration in the calculation of cost of one litre of it. Comparison of costs is with respect to the unit of power generated per litre of COME and petrodiesel. By the analysis it has been concluded that the amount saved with subsidy is INR 1.45 Lakh Crores per year and it is INR1.60 Lakh Crores per year without subsidy for petrodiesel.

Keywords: cap value addition, economic analysis, MFCT, NACOME, subsidy

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Authors: Tea Poklepović, Zdravka Aljinović, Branka Marasović

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Due to the importance of yield curve and its estimation it is inevitable to have valid methods for yield curve forecasting in cases when there are scarce issues of securities and/or week trade on a secondary market. Therefore in this paper, after the estimation of weekly yield curves on Croatian financial market from October 2011 to August 2012 using Nelson-Siegel and Svensson models, yield curves are forecasted using Vector auto-regressive model and Neural networks. In general, it can be concluded that both forecasting methods have good prediction abilities where forecasting of yield curves based on Nelson Siegel estimation model give better results in sense of lower Mean Squared Error than forecasting based on Svensson model Also, in this case Neural networks provide slightly better results. Finally, it can be concluded that most appropriate way of yield curve prediction is neural networks using Nelson-Siegel estimation of yield curves.

Keywords: Nelson-Siegel Model, neural networks, Svensson Model, vector autoregressive model, yield curve

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Authors: Josiah A. Adeyemo, Fred A. O. Otieno, Olumuyiwa I. Ojo

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South Africa is water-stressed being a semi-arid country with limited annual rainfall supply and a lack of perennial streams. The future implications of population growth combined with the uncertainty of climate change are likely to have significant financial, human and ecological impacts on already scarce water resources. The waste water from the drainage canals of the Vaal-Harts irrigation scheme (VHS) located in Jan Kempdorp, a farming community in South Africa, were investigated for possible irrigation re-use and their effects on the immediate environment. Three major drains within the scheme were identified and sampled. Drainage water samples were analysed to determine its characteristics. The water samples analyzed had pH values in the range of 5.5 and 6.4 which is below the normal range for irrigation water and very low to moderate salinity (electrical conductivity 0.09-0.82 dS/m). The adjusted sodium adsorption ratio values in all the samples were also very low (<0.2), indicating very low sodicity hazards. The nitrate concentration in most of the samples was high, ranging from 4.8 to 53 mg/l. The reuse of the drainage water for irrigation is possible, but with further treatment. Some suggestions were offered in the safe management of drainage water in VHS.

Keywords: drainage canal, water quality, irrigation, pollutants, environment

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Authors: Henriette Scholtz

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Excessive executive directors’ remuneration remains a major concern for many stakeholders and are some of the factors to blame for the recent global financial crisis. The objective of this study was to examine whether certain firm characteristics are an effective way of protecting shareholders’ interests with respect to executive directors’ remuneration. To achieve this, an ordinary least squares model was used to test the relationship between the remuneration of executive directors and a number of firm and corporate governance characteristics to determine whether these characteristics have an influence on executive directors’ remuneration of large listed companies in South Africa. It was found that corporate governance reforms relating to institutional ownership, shareholder voting on the remuneration policy and the number of remuneration committee meetings acts as an effective governance tool to protect shareholder’s interests with regard to executive remuneration. There is no evidence that the number of non-executive directors on the remuneration committee has an influence on the executive directors’ remuneration.

Keywords: executive directors’ remuneration, agency theory, corporate governance, remuneration committee, directors’ shareholding, institutional ownership

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Authors: Manzurul Alam, John Griffiths, David Holloway, Megan Paull, Anne Clear

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Background: This paper investigates the nature of risk management practices in non-profit organizations. It is argued here that the risk exposure of these organizations has increased as a result of their entrepreneurial activities. This study explores how a particular non-profit organization formulates its risk strategies in the face funding restrictions. Design/Method/Approach: The study adopts a case study approach to report the results on how a non-profit organization diversifies its activities, tackles risks arising from such activities and improves performance. Results: The findings show that the organization made structural adjustments and leadership changes which helped to adjust their risk strategies. It also reports the organizational processes to deal with risks arising from both related and unrelated diversification strategies. Implications: Any generalization from this case example needs to be taken with caution as there are significant differences between non-profit organizations operating in different sectors. Originality: The paper makes a significant contribution to the non-profit literature by highlighting the diversification strategies along with risk performance.

Keywords: risk management, performance management, non-profit organizations, financial management

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Authors: Mohamed Haffar, Muhammad Abdul Aziz, Ahmad Ghoneim

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The importance of having a good organizational culture that supports employee job satisfaction has fascinated both the business and academic world because of a tantalizing promise: culture can be fundamental to the enhancement of financial performance. This promise has led to growing interest for both researchers and practitioners in attempting to understand the influence of organizational culture on employees’ satisfaction and organizational performance. Even though the relationship between organizational culture and employee job satisfaction have gained attention in the literature, the majority of studies have been conducted within manufacturing organizations and tend to oversee the impact of culture on employee job satisfaction in a service-based environment. Thus, the main driving force of this study was to explore the role of organizational culture types in facilitating employee job satisfaction at Emerald Publishing Group. Interviews qualitative data analysis indicated that Emerald’s culture dominated by adhocracy and clan culture values. In addition, the findings provided evidence, which demonstrated that group and adhocracy organizational culture types play key roles in facilitating employee job satisfaction in a service-based environment.

Keywords: employee satisfaction, organizational culture, performance, service based environment

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Authors: Ashlyn Smith, Chloe Zampelli, Vincent Manna, Vernon Murray

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According to Polaris (a UN affiliate), there are currently 44 million human trafficking victims globally. Using a sample of 137 labor trafficking victims in Poland, we found that all were Ukrainian citizens. We categorized victims according to the “Victim Intervention Marketing” (Murray) social marketing framework. The largest victim type consisted of “Willing Assimilators” (57%). This means they entered their particular trafficking situations without coercion and were left at will. Such victims are typically driven by financial desperation. Twenty percent (20%) of Willing Assimilators were men, and 80% were women. Victims who were not Willing Assimilators were forced as either “Enlightened Apostates” (37%) or “Tricked and Trapped” (7%). All of the forced victims were women. Crosstabs with Chi-square test (Pearson Chi-Square test significance = .002) results indicated that the male victims were all between 30 and 38 years old, while female victim ages ranged from 24 to 47. Accordingly, labor trafficking victim interventions in Poland should be age-sensitive and focus on three areas: 1) economic development for the Willing Assimilators, 2) training to identify fraudulent job postings, etc. for the Tricked and Trapped segment, and 3) training to equip potential victims to distrust certain close “loved ones” for the Enlightened Apostates.

Keywords: Poland, labor trafficking, social marketing, victim intervention marketing

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Authors: Kenneth Fon Mbah, Arash Habibi Lashkari, Ali A. Ghorbani

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Phishing e-mails are a security issue that not only annoys online users, but has also resulted in significant financial losses for businesses. Phishing advertisements and pornographic e-mails are difficult to detect as attackers have been becoming increasingly intelligent and professional. Attackers track users and adjust their attacks based on users’ attractions and hot topics that can be extracted from community news and journals. This research focuses on deceptive Phishing attacks and their variants such as attacks through advertisements and pornographic e-mails. We propose a framework called Phishing Alerting System (PHAS) to accurately classify e-mails as Phishing, advertisements or as pornographic. PHAS has the ability to detect and alert users for all types of deceptive e-mails to help users in decision making. A well-known email dataset has been used for these experiments and based on previously extracted features, 93.11% detection accuracy is obtainable by using J48 and KNN machine learning techniques. Our proposed framework achieved approximately the same accuracy as the benchmark while using this dataset.

Keywords: phishing e-mail, phishing detection, anti phishing, alarm system, machine learning

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Authors: Howard Chitimira

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The European Union (EU) was probably the first body to establish multinational anti-market abuse laws aimed at enhancing the detection and curbing of cross-border market abuse activities in its member states. Put differently, the EU Insider Dealing Directive was adopted in 1989 and was the first law that harmonised the insider trading ban among the EU member states. Thereafter, the European Union Directive on Insider Dealing and Market Manipulation (EU Market Abuse Directive) was adopted in a bid to improve and effectively discourage all the forms of market abuse in the EU’s securities and financial markets. However, the EU Market Abuse Directive had its own gaps and flaws. In light of this, the Market Abuse Regulation and the Criminal Sanctions for Market Abuse Directive were enacted to repeal and replace the EU Market Abuse Directive in 2016. The article examines the adequacy of the EU Market Abuse Directive and its implementation in the United Kingdom (UK) prior to the British exit (Brexit). This is done to investigate the possible implications of the Brexit referendum outcome of 23 June 2016 on the future regulation of market abuse in the UK.

Keywords: market abuse, insider trading, market manipulation, European Union, United Kingdom

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Authors: S. Boulenouar, M. Sefir, M. Benahmed

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All facilities need medication and other pharmaceuticals for their operation. Management and supply is therefore to provide the different services of the facility goods and services in required quantity and quality. The permanent availability of drugs in the facilities is very difficult because most face many difficulties at the inventory management and drug supplies. Therefore, it is necessary for each health facility to know the causes for the malfunction of its management system to cope with them. It is in this context that we have undertaken to conduct this study to know the causes which should be taken into consideration by the concerned authorities to carry out their mission, which is to provide quality health care for the population. In terms of financial resources, the budget for medicines represents a significant part of the budget of the pharmacy. Our study shows that the share of the hospital budget reserved for the drugs procurement represent on average 70% of the budget of the pharmacy. The results show a state of lack of anticancer drugs at Oran teaching hospital. The analysis of the management process allowed us to know the level that the problem of stock-outs of anti-cancer drugs is at. Suggestions were made to that effect to improve the availability for these products and to respond better to the needs of patients.

Keywords: anticancer drugs, health care facility, budget, hospital pharmacist, hospital service

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Authors: Seyed Ali Mohammadiborna, Mehdi Ravanshadnia

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Project delays usually detrimentally affect perceptions of project success and can in some instances, result in increased costs and other time-related damages to project stakeholders. One of the realities in the national infrastructure projects is that since the primary stakeholders are state-affiliated, the delay factors of the projects have not been seriously taken into account despite the importance of on-time completion of projects. Project postponement has different economic and social consequences and leads to the technical and economic infeasibility of the infrastructure projects in the form of reduced productivity and exploitation capacity. The present study aimed at investigating delay factors of Iranian national infrastructure projects according to regulatory reports of the Plan and Budget Organization (BPO) of Iran. The present study scrutinized the influence of each of the factors that caused delays in national Iranian infrastructure projects according to the supervision reports of the planning and budget organization in 8 years. For this purpose, the study analyzed the information regarding the impact of 12 key delay factors causing delays in average 4867 projects per year in all provinces. The said factors were classified into the three groups of executive, credit, and financial and environmental-procurement factors.

Keywords: delays, infrastructure, projects, regulatory

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Authors: Rusudan Kinkladze, Guguli Kurashvili, Ketevan Chitaladze

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Foreign direct investment is a driving force in the development of the interdependent national economies, and the study and analysis of investments is an urgent problem. It is particularly important for transitional economies, such as Georgia, and the study and analysis of investments is an urgent problem. Consequently, the goal of the research is the study and analysis of direct foreign investments in Georgia, and identification and forecasting of modern trends, and covers the period of 2006-2015. The study uses the methods of statistical observation, grouping and analysis, the methods of analytical indicators of time series, trend identification and the predicted values are calculated, as well as various literary and Internet sources relevant to the research. The findings showed that modern investment policy In Georgia is favorable for domestic as well as foreign investors. Georgia is still a net importer of investments. In 2015, the top 10 investing countries was led by Azerbaijan, United Kingdom and Netherlands, and the largest share of FDIs were allocated in the transport and communication sector; the financial sector was the second, followed by the health and social work sector, and the same trend will continue in the future. 

Keywords: foreign direct investments, methods, statistics, analysis

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Authors: Aamar Ilyas

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Value of firm does not only depend upon its financial and material resources rather human resource is also a significant contributor in success of organizations by achieving competitive advantage. Human resource is an important asset so it is the main responsibility of employers to get the best use of this resource. Hence, this paper will explore the human resource practices used by entrepreneurs in the informal economy in Lahore, the provincial capital of Punjab, Pakistan. In this study three major sectors are randomly selected. Snowball sampling technique was applied to collect data. Survey was conducted through interviews of 45 respondents working in the informal sector. The results show that informal sector in Pakistan is not using any formal human resource practices as done by formal enterprises. Findings suggest that there should be the implementation of the human resource practices that help the firm to increase its productivity and ensure the betterment of the employees. The main limitation of the study was short time period to cater all sectors of informal economy of Pakistan which limits the extent of its generalizability. The rationale behind this study is to uncover the facts regarding management practices of human capital in the informal sector.

Keywords: HR practices, informal economy, working condition, recruitment, training, employee motivation, welfare

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Authors: B. E. Weber, N. Vrielink, M. G. Rietbergen

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This paper explores the long-term effects of the Energy Box trajectory on households in the private rental sector, specifically households experiencing energy poverty. The concept of energy poverty has been getting increasing attention among policymakers over the past few years. In the Netherlands, as far as we know, there are no national policies on alleviating energy poverty, which negatively impacts energy-poor households. The Energy Box can help households experiencing energy poverty by stimulating them to improve the energy efficiency of their home by changing their energy-saving behavior. Important long-term effects are that respondents indicate that they live in a more environmentally friendly way and that they save money on their energy bills. Households feel engaged with the concept of energy-saving and can see the benefits of changing their energy-saving behavior. Respondents perceived the Energy Box as a means to live more environmentally friendly, instead of it solely being a means to save money on energy bills. The findings show that most respondents signed up for the Energy Box are interested in energy-saving as a lifestyle choice instead of a financial choice, which would likely be the case for households experiencing energy poverty.

Keywords: energy-saving behavior, energy poverty, poverty, private rental sector

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Authors: E. Fredrick Rice

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Over the past three decades, a substantial body of academic literature has asserted that the pressure to maintain household income can negatively affect the personal well-being of breadwinners. Given that scholars have failed to thoroughly explore this phenomenon with breadwinners who are also business owners, theory has been underdeveloped in the entrepreneurial context. To identify the most appropriate theories to apply to entrepreneurs, the current paper utilized two approaches. First, a comprehensive bibliographic analysis was conducted focusing on works at the intersection of breadwinner status and well-being. Co-authorship and journal citation patterns highlighted relative resource theory as a boundary spanning approach with promising applications in the entrepreneurial space. To build upon this theory, regression analysis was performed using data from the Panel Study of Entrepreneurial Dynamics (PSED). Empirical results showed evidence for the effects of breadwinner status and household income on entrepreneurial well-being. Further, the findings suggest that it is not merely income or job status that predicts well-being, but one’s relative financial contribution compared to that of one’s non-breadwinning organizationally employed partner. This paper offers insight into how breadwinner status can be studied in relation to the entrepreneurial personality.

Keywords: breadwinner, entrepreneurship, household income, well-being.

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Authors: Betty Johanna Garzon Rozo, Jonathan Crook, Fernando Moreira

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Operational risk losses are heavy tailed and are likely to be asymmetric and extremely dependent among business lines/event types. We propose a new methodology to assess, in a multivariate way, the asymmetry and extreme dependence between severity distributions, and to calculate the capital for Operational Risk. This methodology simultaneously uses (i) several parametric distributions and an alternative mix distribution (the Lognormal for the body of losses and the Generalized Pareto Distribution for the tail) via extreme value theory using SAS®, (ii) the multivariate skew t-copula applied for the first time for operational losses and (iii) Bayesian theory to estimate new n-dimensional skew t-copula models via Markov chain Monte Carlo (MCMC) simulation. This paper analyses a newly operational loss data set, SAS Global Operational Risk Data [SAS OpRisk], to model operational risk at international financial institutions. All the severity models are constructed in SAS® 9.2. We implement the procedure PROC SEVERITY and PROC NLMIXED. This paper focuses in describing this implementation.

Keywords: operational risk, loss distribution approach, extreme value theory, copulas

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Authors: Patrick Weber, Daniel Gredig

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Background and Purpose: Research has well documented the impact of discrimination and micro-aggressions on the wellbeing of gay men and, especially, adolescents. For the prevention of homophobic behavior against gay adolescents, however, the focus has to shift on those who discriminate: For the design and tailoring of prevention and intervention, it is important to understand the factors responsible for homophobic behavior such as, for example, verbal abuse. Against this background, the present study aimed to assess homophobic – in terms of verbally abusive – behavior against gay people among high school students. Furthermore, it aimed to establish the predictors of the reported behavior by testing an explanatory model. This model posits that homophobic behavior is determined by negative attitudes and knowledge. These variables are supposed to be predicted by the acceptance of traditional gender roles, religiosity, orientation toward social dominance, contact with gay men, and by the perceived expectations of parents, friends and teachers. These social-cognitive variables in turn are assumed to be determined by students’ gender, age, immigration background, formal school level, and the discussion of gay issues in class. Method: From August to October 2016, we visited 58 high school classes in 22 public schools in a county in Switzerland, and asked the 8th and 9th year students on three formal school levels to participate in survey about gender and gay issues. For data collection, we used an anonymous self-administered questionnaire filled in during class. Data were analyzed using descriptive statistics and structural equation modelling (Generalized Least Square Estimates method). The sample included 897 students, 334 in the 8th and 563 in the 9th year, aged 12–17, 51.2% being female, 48.8% male, 50.3% with immigration background. Results: A proportion of 85.4% participants reported having made homophobic statements in the 12 month before survey, 4.7% often and very often. Analysis showed that respondents’ homophobic behavior was predicted directly by negative attitudes (β=0.20), as well as by the acceptance of traditional gender roles (β=0.06), religiosity (β=–0.07), contact with gay people (β=0.10), expectations of parents (β=–0.14) and friends (β=–0.19), gender (β=–0.22) and having a South-East-European or Western- and Middle-Asian immigration background (β=0.09). These variables were predicted, in turn, by gender, age, immigration background, formal school level, and discussion of gay issues in class (GFI=0.995, AGFI=0.979, SRMR=0.0169, CMIN/df=1.199, p>0.213, adj. R2 =0.384). Conclusion: Findings evidence a high prevalence of homophobic behavior in the responding high school students. The tested explanatory model explained 38.4% of the assessed homophobic behavior. However, data did not found full support of the model. Knowledge did not turn out to be a predictor of behavior. Except for the perceived expectation of teachers and orientation toward social dominance, the social-cognitive variables were not fully mediated by attitudes. Equally, gender and immigration background predicted homophobic behavior directly. These findings demonstrate the importance of prevention and provide also leverage points for interventions against anti-gay bias in adolescents – also in social work settings as, for example, in school social work, open youth work or foster care.

Keywords: discrimination, high school students, gay men, predictors, Switzerland

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Authors: Antonio Espingardeiro

Abstract:

It is likely that robots will cross the boundaries of industry into households over the next decades. With demographic challenges worldwide, the future ageing populations will require the introduction of assistive technologies capable of providing, care, human dignity and quality of life through the aging process. Robotics technology has a high potential for being used in the areas of social and healthcare by promoting a wide range of activities such as entertainment, companionship, supervision or cognitive and physical assistance. However, such close Human Robotics Interactions (HRIs) encompass a rich set of ethical scenarios that need to be addressed before Socially Assistive Robots (SARs) reach the global markets. Such interactions with robots may seem a worthy goal for many technical/financial reasons but inevitably require close attention to the ethical dimensions of such interactions. This article investigates the current HRI benchmark of social success. It revises it according to the ethical principles of beneficence, non-maleficence and justice aligned with social care ethos. An extension of such benchmark is proposed based on an empirical study of HRIs with elderly groups.

Keywords: HRI, SARs, social success, benchmark, elderly care

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Authors: Oluwatosin Samuel Adeoye

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Ekiti State is an agrarian state located in south western part of Nigeria. The injected power to the Ado-Ekiti and the entire state are 25MW and 37.6 MW respectively. The estimated power demand for Ado Ekiti and Ekiti state were 29.01MW and 224.116MW respectively. The distributed power to the consumers is characterized with shortcomings which include: in-adequate supply, poor voltage regulation, improper usage, illiteracy and wastage. The power generation in Nigeria is presently 1680.60MW which does not match the estimated power demand of 15,000MW with a population of over 170 million citizens. This paper evaluates the energy utilization in Ado Ekiti metropolis, the wastage and its economic implication as well as effective means of its management. The use of direct interviews, administration of questionnaires, measurements of current and voltage with clamp multimeter, and simple mathematical approach were used for the purpose of evaluation. Recommendations were made with the view of reducing energy waste from mean value of 10.84% to 2% in order to reduce the cost implication such that the huge financial waste can be injected to other parts of the economy as well as the management of energy in Ekiti state.

Keywords: consumers, demand, energy, management, power supply, waste

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Authors: Yaa Asuaba Duopah, Lisa Moran, Khalifa Elmusharaf, Dervla Kelly

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Background: Research has identified a strong link between stress and drug use behaviours. Also, it has been established that the prolonged use of crack cocaine stimulates emotional, cognitive, neurological, and social changes. This paper examines the psychosocial stressors associated with crack cocaine use. Methodology: The study is qualitative and adopts a critical realist approach. Data was collected through 26 face-to-face, in-depth, semi-structured interviews with people who use crack cocaine. Study participants were recruited through two addiction services using purposive. Participants consisted of 15 males and 11 females between the ages of 24-57 years. Data were analysed using thematic analysis. Results: Cravings, financial hardship, family breakdown, and emotional stimulation were revealed as psychosocial stressors associated with crack cocaine use. Conclusion: Addressing the psychosocial stressors identified in this paper through targeted interventions and supportive policies is crucial for improving the well-being of persons who use crack cocaine. Collaboration between addiction, mental health, and support services is recommended to develop and deliver these interventions.

Keywords: psychological stress, substance misuse disorder, mental health, coping

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Authors: Medya Fathi

Abstract:

When public transportation projects were delivered through design-bid-build and later design-build, governments found a serious issue: inadequate funding. With population growth, governments began to develop new arrangements in which the private sectors were involved to cut the financial burden. This arrangement, known as Public-Private Partnership (PPP), has its own risks; however, performance outputs can motivate or discourage its use. On top of such output's list are time and budget, which can be affected by the type of project delivery methods. Project completion within or ahead of schedule as well as within or under budget is among any owner’s objectives. With a higher application of PPP in the highway industry in the US and insufficient PPP research, the current study addresses the schedule and cost performance of PPP highway projects and determines which one outperforms the other. To meet this objective, after collecting performance data of all PPP projects, schedule growth and cost growth are calculated, and finally, statistical analysis is conducted to evaluate the PPP performance. The results and conclusions will be provided. This study can assist practitioners in applying PPP for transportation projects by showing its ability to save time and/or cost.

Keywords: cost, delivery method, highway, public-private partnership, schedule, transportation

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Authors: Marija Vicic

Abstract:

The purpose of commercial credit regulation in an unified way under Law on Foreign Exchange Operations in Republic of Serbia allows an easier state monitoring of credit operations performed by non-professionals on foreign exchange market. By broadly defining the term “commercial credits“, the state (i.e. National Bank of Serbia) is given the authority to monitor the performance of all obligations under commercial contracts in which the obligations are not performed simultaneously. In the first part of the paper, the author analyses the economic gist of commercial credits with the purpose of giving an insight into their special treatment. The author examines the term „commercial credits“ given in Law on foreign exchange operations and the difference between financial credits and irregular commercial credits (exports and imports of goods and services deemed to be commercial credits) is particularly highlighted. In the second part, the author emphasizes the specifics of commercial credit contracts, especially the effects of special requests for the parties to these contracts to notify National Bank of Serbia and specific regulations regarding maturity of obligations under these commercial credits and the assignment and compensation of the said contracts.

Keywords: commercial credit, foreign exchange operations, commercial transactions, deferred payment, advance payment, (non) resident

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Authors: Pham Quang Huy

Abstract:

State budget is considered as an effective tool for controlling, adjusting and regulating the market economy of any countries. To ensure that the activities of the state in the fields of politics, economy and society has been efficiency, it requires major sources of certain budget. These financial funds are formed from tax revenues and tax revenues beyond. Therefore, the Governments need to have an accounting regime to manage the receipt, expenditure which are suitable for recording a full range of items. From that, it can help to increase the transparency and accountability in budget system. One of the main requirements in Vietnamese policies is to improve that accounting system of revenues and expenditures which can provide many reports to meet the information required of government and users, as well as directions to the trends of international standards requirements. By using quantitative research methods and analytical models to exploring factors, the main purpose of this article is to identify the factors affecting budget accounting and providing some direction for Vietnamese public sector in the future. The results indicated that Vietnam budget accounting has been impacted by seven factors and aims to implement three main orientations in the public sector units.

Keywords: state budget, accounting, IPSAS, budget management, government, public sector

Procedia PDF Downloads 270