Search results for: Empirical Study

Authors: Mirzet SeHo, Alaa Alaabed, Mansur Masih

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In theory, risk-sharing-based financing (RSF) is considered a corner stone of Islamic finance. It is argued to render Islamic banks more resilient to shocks. In practice, however, this feature of Islamic financial products is almost negligible. Instead, debt-based instruments, with conventional like features, have overwhelmed the nascent industry. In addition, the framework of present-day economic, regulatory and financial reality inevitably exposes Islamic banks in dual banking systems to problems of conventional banks. This includes, but is not limited to, interest rate risk. Empirical evidence has, thus far, confirmed such exposures, despite Islamic banks’ interest-free operations. This study applies system GMM in modeling the determinants of RSF, and finds that RSF is insensitive to changes in interest rates. Hence, our results provide support to the “stability” view of risk-sharing-based financing. This suggests RSF as the way forward for risk management at Islamic banks, in the absence of widely acceptable Shariah compliant hedging instruments. Further support to the stability view is given by evidence of counter-cyclicality. Unlike debt-based lending that inflates artificial asset bubbles through credit expansion during the upswing of business cycles, RSF is negatively related to GDP growth. Our results also imply a significantly strong relationship between risk-sharing deposits and RSF. However, the pass-through of these deposits to RSF is economically low. Only about 40% of risk-sharing deposits are channeled to risk-sharing financing. This raises questions on the validity of the industry’s claim that depositors accustomed to conventional banking shun away from risk sharing and signals potential for better balance sheet management at Islamic banks. Overall, our findings suggest that, on the one hand, Islamic banks can gain ‘independence’ from conventional banks and interest rates through risk-sharing products, the potential for which is enormous. On the other hand, RSF could enable policy makers to improve systemic stability and restrain excessive credit expansion through its countercyclical features.

Keywords: Islamic banks, risk-sharing, financing, interest rate, dynamic system GMM

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Authors: María Molinos-Senante, Giulia Romano

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This paper aims at investigating the effect of ownership in the efficiency assessment of municipal solid waste management. In doing so, the Data Envelopment Analysis meta-frontier approach integrating unsorted waste as undesirable output was applied. Three different clusters of municipalities have been created on the basis of the ownership type of municipal waste operators. In the second stage of analysis, the paper investigates factors affecting efficiency, in order to provide an outlook of levers to be used by policy and decision makers to improve efficiency, taking into account different management models in force. Results show that public waste management firms have better performance than mixed and private ones since their efficiency scores are significantly larger. Moreover, it has been demonstrated that the efficiency of waste management firms is statistically influenced by the age of population, population served, municipal size, population density and tourism rate. It evidences the importance of economies of scale on the cost efficiency of waste management. This issue is relevant for policymakers to define and implement policies aimed to improve the long-term sustainability of waste management in municipalities.

Keywords: data envelopment analysis, efficiency, municipal solid waste, ownership, undesirable output

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Authors: Percy Galvez, Anatoly Petukhin, Paul Somerville, Ken Miyakoshi, Kojiro Irikura, Daniel Peter

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Physics-based dynamic rupture modelling is necessary for estimating parameters such as rupture velocity and slip rate function that are important for ground motion simulation, but poorly resolved by observations, e.g. by seismic source inversion. In order to generate a large number of physically self-consistent rupture models, whose rupture process is consistent with the spatio-temporal heterogeneity of past earthquakes, we use multicycle simulations under the heterogeneous rate-and-state (RS) friction law for a 45deg dip-slip fault. We performed a parametrization study by fully dynamic rupture modeling, and then, a set of spontaneous source models was generated in a large magnitude range (Mw > 7.0). In order to validate rupture models, we compare the source scaling relations vs. seismic moment Mo for the modeled rupture area S, as well as average slip Dave and the slip asperity area Sa, with similar scaling relations from the source inversions. Ground motions were also computed from our models. Their peak ground velocities (PGV) agree well with the GMPE values. We obtained good agreement of the permanent surface offset values with empirical relations. From the heterogeneous rupture models, we analyzed parameters, which are critical for ground motion simulations, i.e. distributions of slip, slip rate, rupture initiation points, rupture velocities, and source time functions. We studied cross-correlations between them and with the friction weakening distance Dc value, the only initial heterogeneity parameter in our modeling. The main findings are: (1) high slip-rate areas coincide with or are located on an outer edge of the large slip areas, (2) ruptures have a tendency to initiate in small Dc areas, and (3) high slip-rate areas correlate with areas of small Dc, large rupture velocity and short rise-time.

Keywords: earthquake dynamics, strong ground motion prediction, seismic engineering, source characterization

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Authors: Amandeep Sharma, Digvaijay Verma, Ruplal Choudhary

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Food processing is an activity across the globe that help in better handling of agricultural produce, including dairy, meat, and fish. The operations carried out in the food industry includes raw material quality authenticity; sorting and grading; processing into various products using thermal treatments – heating, freezing, and chilling; packaging; and storage at the appropriate temperature to maximize the shelf life of the products. All this is done to safeguard the food products and to ensure the distribution up to the consumer. The approaches to develop predictive models based on mathematical or statistical tools or empirical models’ development has been reported for various milk processing activities, including plant maintenance and wastage. Recently AI is the key factor for the fourth industrial revolution. AI plays a vital role in the food industry, not only in quality and food security but also in different areas such as manufacturing, packaging, and cleaning. A new conceptual model was developed, which shows that smaller sample size as only spectra would be required to predict the other values hence leads to saving on raw materials and chemicals otherwise used for experimentation during the research and new product development activity. It would be a futuristic approach if these tools can be further clubbed with the mobile phones through some software development for their real time application in the field for quality check and traceability of the product.

Keywords: predictive modlleing, ann, ai, food

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Authors: Bharat Sapkota

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Nepal is the one of the victim country of climate change. Decreasing snow line, sometimes higher and sometime non-rain fall are common phenomena in hill area. Natural flood disaster and drought is also common every year in certain place of the country. So this paper analyze the effect of climate and natural water sources for sustainability of water sanitation and hygiene of Tanahun district. It is one of the Rural Water Supply and Sanitation Project Western Nepal Phase-II (RWSSP-WN Phase-II) project district out of 14 project districts of western and mid-western Nepal. RWSSP-WN II is a bilateral development cooperation of governments of Nepal and Finland. Big investment is still going on in water sanitation and hygiene sector but sustainability is still a challenge throughout the country. So RWSSP-WN has started the strengthen of the capacity of local Governments to deliver services in water supply, sanitation and hygiene and its sustainability through the implementation of cross cutting approach of climate change and disaster risk reduction. The study shows that the average yield in 685 natural point sources were around 0.045 l/s in 2014 but it was twice as high in 2004 i.e. 0.09 l/s. The maximum measured yield in 2014 was 1.87 l/s, whereas, the maximum yield was 3 l/s in 2004. Likewise, spring source mean and maximum yield measured in 2014 were 0.16 l/s and 3.33 l/s respectively, whereas, mean and maximum yields in 2004 were 0.204 l/s and 3 l/s respectively. Small streams average yield measured in 2014 was 0.32 l/s with the maximum of around 4.99 l/s. In 2004, mean and maximum yields of streams were 0.485 l/s and 5 l/s respectively. The overall climate between years 2002 to 2013 and measured yield data between 2004 and 2014 shows climate as one of the causes of water source decline. The temperature is rising with pace of 0.041°C per year and rainfall is decreased by 16.8 mm/year. The Khosla’s empirical formula shows decrease of 1.7 cm/year in runoff. At present sustainability of water, sanitation and hygiene is more challenge due to sources decreasing in the district. Sanitation and hygiene total behavior change and watershed conservation as well as design and implementation of recharge pound construction are the way forward of sustainability of water, sanitation and hygiene.

Keywords: water sanitation, hygiene, sustainability, climate change

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Authors: Sherly Shelton, Zhaohui Lin

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In recent decades, the inter-annual variability of summer precipitation over the India and Sri Lanka has intensified significantly with an increased frequency of both abnormally dry and wet summers. Therefore prediction of the inter-annual variability of summer precipitation is crucial and urgent for water management and local agriculture scheduling. However, none of the hypotheses put forward so far could understand the relationship to monsoon variability and related factors that affect to the South West Monsoon (SWM) variability in Sri Lanka. This study focused to identify the spatial and temporal variability of SWM rainfall events from June to September (JJAS) over Sri Lanka and associated trend. The monthly rainfall records covering 1980-2013 over the Sri Lanka are used for 19 stations to investigate long-term trends in SWM rainfall over Sri Lanka. The linear trends of atmospheric variables are calculated to understand the drivers behind the changers described based on the observed precipitation, sea surface temperature and atmospheric reanalysis products data for 34 years (1980–2013). Empirical orthogonal function (EOF) analysis was applied to understand the spatial and temporal behaviour of seasonal SWM rainfall variability and also investigate whether the trend pattern is the dominant mode that explains SWM rainfall variability. The spatial and stations based precipitation over the country showed statistically insignificant decreasing trends except few stations. The first two EOFs of seasonal (JJAS) mean of rainfall explained 52% and 23 % of the total variance and first PC showed positive loadings of the SWM rainfall for the whole landmass while strongest positive lording can be seen in western/ southwestern part of the Sri Lanka. There is a negative correlation (r ≤ -0.3) between SMRI and SST in the Arabian Sea and Central Indian Ocean which indicate that lower temperature in the Arabian Sea and Central Indian Ocean are associated with greater rainfall over the country. This study also shows that consistently warming throughout the Indian Ocean. The result shows that the perceptible water over the county is decreasing with the time which the influence to the reduction of precipitation over the area by weakening drawn draft. In addition, evaporation is getting weaker over the Arabian Sea, Bay of Bengal and Sri Lankan landmass which leads to reduction of moisture availability required for the SWM rainfall over Sri Lanka. At the same time, weakening of the SST gradients between Arabian Sea and Bay of Bengal can deteriorate the monsoon circulation, untimely which diminish SWM over Sri Lanka. The decreasing trends of moisture, moisture transport, zonal wind, moisture divergence with weakening evaporation over Arabian Sea, during the past decade having an aggravating influence on decreasing trends of monsoon rainfall over the Sri Lanka.

Keywords: Arabian Sea, moisture flux convergence, South West Monsoon, Sri Lanka, sea surface temperature

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Authors: Arif Budiman

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Any organization or company that wishes to achieve vision, mission, and goals of the organization is required to implement a performance management system or known as the Performance Management System (PMS) in every part of the whole organization. PMS is a tool to help visualize the direction and work program of the organization to achieve the goal. The challenge is PMS should not stop merely as a visualization tool to achieve the vision and mission of the organization, but PMS should also be able to create a high-performance culture that is inherent in each individual of the organization. Establishment of a culture within an organization requires the support of top leaders and also requires a system or governance that encourages every individual in the organization to be involved in any work program of the organization. Keywords of creating a high-performance culture are the formation of communication pattern involving the whole individual, either vertically or horizontally, and performed consistently and persistently by all individuals in each line of the organization. PT Pertamina (Persero) as the state-owned national energy company holds a system to internalize the culture of high performance through a system called Performance Management System Cycle (PMS Cycle). This system has 7 stages of the cycle, those are: (1) defining vision, mission and strategic plan of the company, (2) defining key performance indicator of each line and the individual (‘expectation setting conversation’), (3) defining performance target and performance agreement, (4) monitoring performance on a monthly regular basis (‘pulse check’), (5) implementing performance dialogue between leaders and staffs periodically every 3 months (‘performance dialogue’), (6) defining rewards and consequences based on the achievement of the performance of each line and the individual, and (7) calculating the final performance value achieved by each line and individual from one period of the current year. Perform PMS is a continual communication running throughout the year, that is why any three performance discussion that should be performed, include expectation setting conversations, pulse check and performance dialogue. In addition, another significant point and necessary undertaken to complete the assessment of individual performance assessment is soft competencies through 360-degree assessment by leaders, staffs, and peers.

Keywords: 360-degree assessment, expectation setting conversation, performance management system cycle, performance dialogue, pulse check

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Authors: Mohammed Agbali, Claudia Trillo, Yusuf Arayici, Terrence Fernando

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The wide-spread adoption of the Smart City concept has introduced a new era of computing paradigm with opportunities for city administrators and stakeholders in various sectors to re-think the concept of urbanization and development of healthy cities. With the world population rapidly becoming urban-centric especially amongst the emerging economies, social innovation will assist greatly in deploying emerging technologies to address the development challenges in core sectors of the future cities. In this context, sustainable health-care delivery and improved quality of life of the people is considered at the heart of the healthy city agenda. This paper examines the Boston innovation landscape from the perspective of smart services and innovation ecosystem for sustainable development, especially in transportation and healthcare. It investigates the policy implementation process of the Healthy City agenda and eHealth economy innovation based on the experience of Massachusetts’s City of Boston initiatives. For this purpose, three emerging areas are emphasized, namely the eHealth concept, the innovation hubs, and the emerging technologies that drive innovation. This was carried out through empirical analysis on results of public sector and industry-wide interviews/survey about Boston’s current initiatives and the enabling environment. The paper highlights few potential research directions for service integration and social innovation for deploying emerging technologies in the healthy city agenda. The study therefore suggests the need to prioritize social innovation as an overarching strategy to build sustainable Smart Cities in order to avoid technology lock-in. Finally, it concludes that the Boston example of innovation economy is unique in view of the existing platforms for innovation and proper understanding of its dynamics, which is imperative in building smart and healthy cities where quality of life of the citizenry can be improved.

Keywords: computing paradigm, emerging technologies, equitable healthcare, healthy cities, open data, smart city, social innovation

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Authors: Ranjith Ihalanayake, Lalith Seelanatha, John Breen

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In this study, we explored the current working capital management practices as applied in small businesses in Victoria, filling an existing theoretical and empirical gap in literature in general and in Australia in particular. Amidst the current global competitive and dynamic environment, the short term insolvency of small businesses is very critical for the long run survival. A firm’s short-term insolvency is dependent on the availability of sufficient working capital for feeding day to day operational activities. Therefore, given the reliance for short-term funding by small businesses, it has been recognized that the efficient management of working capital is crucial in respect of the prosperity and survival of such firms. Against this background, this research was an attempt to understand the current working capital management strategies and practices used by the small scale businesses. To this end, we conducted an internet survey among 220 small businesses operating in Victoria, Australia. The survey results suggest that the majority of respondents are owner-manager (73%) and male (68%). Respondents participated in this survey mostly have a degree (46%). About a half of respondents are more than 50 years old. Most of respondents (64%) have business management experience more than ten years. Similarly, majority of them (63%) had experience in the area of their current business. Types of business of the respondents are: Private limited company (41%), sole proprietorship (37%), and partnership (15%). In addition, majority of the firms are service companies (63%), followed by retailed companies (25%), and manufacturing (17%). Size of companies of this survey varies, 32% of them have annual sales $100,000 or under, while 22% of them have revenue more than $1,000,000 every year. In regards to the total assets, majority of respondents (43%) have total assets $100,000 or less while 20% of respondents have total assets more than $1,000,000. In regards to WCMPs, results indicate that almost 70% of respondents mentioned that they are responsible for managing their business working capital. The survey shows that majority of respondents (65.5%) use their business experience to identify the level of investment in working capital, compared to 22% of respondents who seek advice from professionals. The other 10% of respondents, however, follow industry practice to identify the level of working capital. The survey also shows that more than a half of respondents maintain good liquidity financial position for their business by having accounts payable less than accounts receivable. This study finds that majority of small business companies in western area of Victoria have a WCM policy but only about 8 % of them have a formal policy. Majority of the businesses (52.7%) have an informal policy while 39.5% have no policy. Of those who have a policy, 44% described their working capital management policies as a compromise policy while 35% described their policy as a conservative policy. Only 6% of respondents apply aggressive policy. Overall the results indicate that the small businesses pay less attention into the management of working capital of their business despite its significance in the successful operation of the business. This approach may be adopted during favourable economic times. However, during relatively turbulent economic conditions, such an approach could lead to greater financial difficulties i.e. short-term financial insolvency.

Keywords: small business, working capital management, Australia, sufficient, financial insolvency

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Authors: Thomas Seemann, Melanie Seemann

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The work environment has changed considerably due to the COVID pandemic. A growing body of empirical research shows that employees feel increasingly stressed and anxious. They consider themselves more detached from the organization they work for than previously. Organizations need to readjust their leadership practices to cope with this situation and rebuild work motivation and resilience. We propose a leadership tool that focuses on two key dimensions, which we call the "task channel" and the "energy channel." Managing the task channel comprises balancing the challenge [C] of a task and the corresponding skill set [S] of the individual performing the task. Recent research findings shed light on how to balance these two factors and create optimal work conditions in the workplace. Managing the energy channel comprise balancing the workload [WL] of an employee and his/her capacity to work [CW]. This ensures that the mid-term and long-term effectiveness of employees is maintained and energy depletion, fatigue, and burn-out are prevented. Organizations can actively apply strategies to leverage wellsprings and effectively reenergize their workforce. Thinking through and acting upon these factors will provide leaders with the insights they need to maximize their people's performance and, at the same time, establish a more mindful workplace.

Keywords: resilience, motivation, employee engagement, leadership

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Authors: Charles-Olivier Amédée-Manesme, Benoit Faye, Eric Le Fur

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In this paper, the heterogeneity of the Bordeaux Legends 50 wine market price segment is addressed. For this purpose, quantile regression is applied – with market segmentation based on wine bottle price quantile – and the hedonic price of wine attributes is computed for various price segments of the market. The approach is applied to a major privately held data set which consists of approximately 30,000 transactions over the 2003–2014 period. The findings suggest that the relative hedonic prices of several wine attributes differ significantly among deciles. In particular, the elasticity coefficient of the expert ratings shows strong variation among prices. If - as suggested in the literature - expert ratings have a positive influence on wine price on average, they have a clearly decreasing impact over the quantiles. Finally, the lower the wine price, the higher the potential for price appreciation over time. Other variables such as chateaux or vintage are also shown to vary across the distribution of wine prices. While enhancing our understanding of the complex market dynamics that underlie Bordeaux wines’ price, this research provides empirical evidence that the QR approach adequately captures heterogeneity among wine price ranges, which simultaneously applies to wine stock, vintage and auctions’ house.

Keywords: hedonics, market segmentation, quantile regression, heterogeneity, wine economics

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Authors: Richard Mababu Mukiur

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Leadership is an important drive that plays a key role in the success and development of organizations, particularly in the current context of digital transformation, highly competitivity and globalization. Leaders are persons that hold a dominant and privileged position within an organization, field, or sector of activities and are able to manage, motivate and exercise a high degree of influence over other in order to achieve the institutional goals. They achieve commitment and engagement of others to embrace change, and to make good decisions. Leadership studies in higher education institutions have examined how effective leaders hold their organizations, and also to find approaches which fit best in the organizations context for its better management, transformation and improvement. Moreover, recent studies have highlighted the impact of leadership styles on organizational performance and innovation capacities, since some styles give better results than others. Effective leadership is part of learning process that take place through day-to-day tasks, responsibilities, and experiences that influence the organizational performance, innovation and engagement of employees. The adoption of appropriate leadership styles can improve organization results and encourage learning process, team skills and performance, and employees' motivation and engagement. In the case of case of Information Technology sector, leadership styles are particularly crucial since this sector is leading relevant changes and transformations in the knowledge society. In this context, the main objective of this study is to analyze managers leadership styles with their relation to organizational performance and innovation that may be mediated by learning organization process and demographic variables. Therefore, it was hypothesized that the transformational and transactional leadership will be the main style adopted in Information Technology sector and will influence organizational performance and innovation capacity. A sample of 540 participants from Information technology sector has been determined in order to achieve the objective of this study. The Multifactor Leadership Questionnaire was administered as the principal instrument, Scale of innovation and Learning Organization Questionnaire. Correlations and multiple regression analysis have been used as the main techniques of data analysis. The findings indicate that leadership styles have a relevant impact on organizational performance and innovation capacity. The transformational and transactional leadership are predominant styles in Information technology sector. The effective leadership style tend to be characterized by the capacity of generating and sharing knowledge that improve organization performance and innovation capacity. Managers are adopting and adapting their leadership styles that respond to the new organizational, social and cultural challenges and realities of contemporary society. Managers who encourage innovation, foster learning process, share experience are useful to the organization since they contribute to its development and transformation. Learning process capacity and demographic variables (age, gender, and job tenure) mediate the relationship between leadership styles, innovation capacity and organizational performance. The transformational and transactional leadership tend to enhance the organizational performance due to their significant impact on team-building, employees' engagement and satisfaction. Some practical implications and future lines of research have been proposed.

Keywords: leadership styles, tranformational leadership, organisational performance, organisational innovation

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Authors: Khadija Refouh

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Culture bound-expressions have been a bottleneck for Natural Language Processing (NLP) and comprehension, especially in the case of machine translation (MT). In the last decade, the field of machine translation has greatly advanced. Neural machine translation NMT has recently achieved considerable development in the quality of translation that outperformed previous traditional translation systems in many language pairs. Neural machine translation NMT is an Artificial Intelligence AI and deep neural networks applied to language processing. Despite this development, there remain some serious challenges that face neural machine translation NMT when translating culture bounded-expressions, especially for low resources language pairs such as Arabic-English and Arabic-French, which is not the case with well-established language pairs such as English-French. Machine translation of opaque idioms from English into French are likely to be more accurate than translating them from English into Arabic. For example, Google Translate Application translated the sentence “What a bad weather! It runs cats and dogs.” to “يا له من طقس سيء! تمطر القطط والكلاب” into the target language Arabic which is an inaccurate literal translation. The translation of the same sentence into the target language French was “Quel mauvais temps! Il pleut des cordes.” where Google Translate Application used the accurate French corresponding idioms. This paper aims to perform NMT experiments towards better translation of opaque idioms using high quality clean multilingual corpus. This Corpus will be collected analytically from human generated idiom translation. AutoML translation, a Google Neural Machine Translation Platform, is used as a custom translation model to improve the translation of opaque idioms. The automatic evaluation of the custom model will be compared to the Google NMT using Bilingual Evaluation Understudy Score BLEU. BLEU is an algorithm for evaluating the quality of text which has been machine-translated from one natural language to another. Human evaluation is integrated to test the reliability of the Blue Score. The researcher will examine syntactical, lexical, and semantic features using Halliday's functional theory.

Keywords: multilingual corpora, natural language processing (NLP), neural machine translation (NMT), opaque idioms

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Authors: Esna B. Buğday, Niray Tunçel

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Spirituality has a motivational influence on consumers' psychological states, lifestyles, and behavioral intentions. Spirituality refers to the feeling that there is a divine power greater than ourselves and a connection among oneself, others, nature, and the sacred. In addition, spirituality concerns the human soul and spirit against the material and physical world and consists of three dimensions: self-discovery, relationships, and belief in a higher power. Of them, self-discovery is to explore the meaning and the purpose of life. Relationships refer to the awareness of the connection between human beings and nature as well as respect for them. In addition, higher power represents the transcendent aspect of spirituality, which means to believe in a holy power that creates all the systems in the universe. Furthermore, a voluntary simplicity lifestyle is (1) to adopt a simple lifestyle by minimizing the attachment to and the consumption of material things and possessions, (2) to have an ecological awareness respecting all living creatures, and (3) to express the desire for exploring and developing the inner life. Voluntary simplicity is a multi-dimensional construct that consists of a desire for a voluntarily simple life (e.g., avoiding excessive consumption), cautious attitudes in shopping (e.g., not buying unnecessary products), acceptance of self-sufficiency (e.g., being self-sufficient individual), and rejection of highly developed functions of products (e.g., preference for simple functioned products). One of the main reasons for living simply is to sustain a spiritual life, as voluntary simplicity provides the space for achieving psychological and spiritual growth, cultivating self-reliance since voluntary simplifier frees themselves from the overwhelming externals and takes control of their daily lives. From this point of view, it is expected that people with a strong sense of spirituality will be likely to adopt a simple lifestyle. In this respect, the study aims to examine the impact of spirituality on consumers' voluntary simple lifestyle tendencies. As consumers' consumption attitudes and behaviors depend on their lifestyles, exploring the factors that lead them to embrace voluntary simplicity significantly predicts their purchase behavior. In this respect, this study presents empirical research based on a data set collected from 478 Turkish consumers through an online survey. First, exploratory factor analysis is applied to the data to reveal the dimensions of spirituality and voluntary simplicity scales. Second, confirmatory factor analysis is conducted to assess the measurement model. Last, the hypotheses are analyzed using partial least square structural equation modeling (PLS-SEM). The results confirm that spirituality's self-discovery and relationships dimensions positively impact both cautious attitudes in shopping and acceptance of self-sufficiency dimensions of voluntary simplicity. In contrast, belief in a higher power does not significantly influence consumers' voluntary simplicity tendencies. Even though there has been theoretical support drawing a positive relationship between spirituality and voluntary simplicity, to the best of the authors' knowledge, this has not been empirically tested in the literature before. Hence, this study contributes to the current knowledge by analyzing the direct influence of spirituality on consumers' voluntary simplicity tendencies. Additionally, analyzing this impact on the consumers of an emerging market is another contribution to the literature.

Keywords: spirituality, voluntary simplicity, self-sufficiency, conscious shopping, Turkish consumers

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Authors: Ali Kadivar, Kaveh Niayesh

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MVDC markets for green power generations, Navy, subsea oil and gas electrification, and transportation electrification are extending rapidly. The lack of fast and powerful DC circuit breakers (CB) is the most significant barrier to realizing the medium voltage DC (MVDC) networks. A concept of hybrid circuit breakers (HCBs) benefiting from ultrafast disconnectors (UFD) is proposed. A set of mechanical switches substitute the power electronic commutation switches to reduce the losses during normal operation in HCB. The success of current commutation in such breakers relies on the behaviour of elongated, wall constricted arcs during the opening across the contacts inside the UFD. The arc voltage dependencies on the contact speed of UFDs is discussed through multiphysics simulations contact opening speeds of 10, 20 and 40 m/s. The arc voltage at a given current increases exponentially with the contact opening velocity. An empirical equation for the dynamic arc characteristics is presented for the tested UFD, and the experimentally verfied characteristics for voltage-current are utilized for the current commutation simulation prior to apply on a 14 kV experimental setup. Different failures scenarios due to the current commutation are investigated

Keywords: MVDC breakers, DC circuit breaker, fast operating breaker, ultra-fast elongated arc

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Authors: Ernest Nweke, Enkhtuya Bavuudorj

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The harsh realities of the scandalous failure of several notable corporations in the past two decades have inextricably resulted in a surge in corporate governance studies. Nevertheless, little or no attention has been paid to corporate governance studies in Mongolian firms and much less to the comprehension of the correlation among ownership structure, corporate governance mechanisms and trend of innovative activities. Innovation is the bed rock of enterprise success. However, the funding and support for innovative activities in many firms are to a great extent determined by the incentives provided by the firm’s internal and external governance mechanisms. Mongolia is an East Asian country currently undergoing a fast-paced transition from socialist to democratic system and it is a widely held view that private ownership as against public ownership fosters innovation. Hence, following the privatization policy of Mongolian Government which has led to the transfer of the ownership of hitherto state controlled and state directed firms to private individuals and organizations, expectations are high that sufficient motivation would be provided for firm managers to engage in innovative activities. This research focuses on the relationship between ownership structure, corporate governance on one hand and the level of innovation on the hand. The paper is empirical in nature and derives data from both reliable secondary and primary sources. Secondary data for the study was in respect of ownership structure of Mongolian listed firms and innovation trend in Mongolia generally. These were analyzed using tables, charts, bars and percentages. Personal interviews and surveys were held to collect primary data. Primary data was in respect of corporate governance practices in Mongolian firms and were collected using structured questionnaire. Out of a population of three hundred and twenty (320) companies listed on the Mongolian Stock Exchange (MSE), a sample size of thirty (30) randomly selected companies was utilized for the study. Five (5) management level employees were surveyed in each selected firm giving a total of one hundred and fifty (150) respondents. Data collected were analyzed and research hypotheses tested using Chi-Square test statistic. Research results showed that corporate governance mechanisms were better and have significantly improved overtime in privately held as opposed to publicly owned firms. Consequently, the levels of innovation in privately held firms were considerably higher. It was concluded that a significant and positive relationship exists between private ownership and good corporate governance on one hand and the level of funding provided for innovative activities in Mongolian firms on the other hand.

Keywords: corporate governance, innovation, ownership structure, stock exchange

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Authors: Leah Li Echiverri, Haoyu Shang, Yue Li

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Wenzhou-Kean University (WKU) is a Sino-US Cooperative University in China. It practices the English Immersion Program (EIP), where all the courses are taught in English. Class discussions and presentations are pervasively interwoven in designing students’ learning experiences. This WKU model has brought positive influences on students and is in some way ahead of traditional college English majors. However, literature to support the perceptions on the positive outcomes of this teaching and learning model remain scarce. The distinctive profile of Chinese-ESL students in an English Medium of Instruction (EMI) environment contributes further to the scarcity of literature compared to existing studies conducted among ESL learners in Western educational settings. Hence, the study investigated the students’ perceptions towards the English Immersion Program and determine how it influences Chinese-ESL students’ academic performance (AP). This research can provide empirical data that would be helpful to educators, teaching practitioners, university administrators, and other researchers in making informed decisions when developing curricular reforms, instructional and pedagogical methods, and university-wide support programs using this educational model. The purpose of the study was to establish the relationship between the English Immersion Program and Academic Performance among Chinese-ESL students enrolled at WKU for the academic year 2020-2021. Course length, immersion location, course type, and instructional design were the constructs of the English immersion program. English language learning, learning efficiency, and class participation were used to measure academic performance. Descriptive-correlational design was used in this cross-sectional research project. A quantitative approach for data analysis was applied to determine the relationship between the English immersion program and Chinese-ESL students’ academic performance. The research was conducted at WKU; a Chinese-American jointly established higher educational institution located in Wenzhou, Zhejiang province. Convenience, random, and snowball sampling of 283 students, a response rate of 10.5%, were applied to represent the WKU student population. The questionnaire was posted through the survey website named Wenjuanxing and shared to QQ or WeChat. Cronbach’s alpha was used to test the reliability of the research instrument. Findings revealed that when professors integrate technology (PowerPoint, videos, and audios) in teaching, students pay more attention. This contributes to the acquisition of more professional knowledge in their major courses. As to course immersion, students perceive WKU as a good place to study, providing them a high degree of confidence to talk with their professors in English. This also contributes to their English fluency and better pronunciation in their communication. In the construct of designing instruction, the use of pictures, video clips, and professors’ non-verbal communication, and demonstration of concern for students encouraged students to be more active in-class participation. Findings on course length and academic performance indicated that students’ perception regarding taking courses during fall and spring terms can moderately contribute to their academic performance. In conclusion, the findings revealed a significantly strong positive relationship between course type, immersion location, instructional design, and academic performance.

Keywords: class participation, English immersion program, English language learning, learning efficiency

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Authors: A. Aguezzoul

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The Logistics Services Providers (LSPs) selection and performance is a strategic decision that affects the overall performance of any company as well as its supply chain. It is a complex process, which takes into account various conflicting quantitative and qualitative factors, as well as outsourced logistics activities. This article focuses on the evolution of the weights associated to these factors over the last years in order to better understand the change in the importance that logistics professionals place on them criteria when choosing their LSPs. For that, an analysis of 17 main studies published during 2014-2017 period was carried out and the results are compared to those of a previous literature review on this subject. Our analysis allowed us to deduce the following observations: 1) the LSPs selection is a multi-criteria process; 2) the empirical character of the majority of studies, conducted particularly in Asian countries; 3) the criteria importance has undergone significant changes following the emergence of information technologies that have favored the work in close collaboration and in partnership between the LSPs and their customers, even on a worldwide scale; 4) the cost criterion is relatively less important than in the past; and finally 5) with the development of sustainable supply chains, the factors associated with the logistic activities of return and waste processing (reverse logistics) are becoming increasingly important in this multi-criteria process of selection and evaluation of LSPs performance.

Keywords: logistics outsourcing, logistics providers, multi-criteria decision making, performance

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Authors: Chuanju Cheng

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In Taiwan, the system of indigenous reserved land was established in 1928 during the Japanese rule. The purpose of setting up indigenous reserved land is to support the livelihood of tribal peoples who live in the mountainous area. Since 1945, the KMT government has kept the indigenous reserved land; in principle, only indigenous people can use indigenous reserved land. However, the government also makes some exceptions for non-indigenous peoples to use the land. Furthermore, since 1966, an indigenous individual can have ownership (fee simple) over the land he/she uses. Recent studies showed that there are many problems regarding the indigenous reserved lands, such as indigenous peoples have been losing ownership of their land (both legally and illegally), mismatched data of the true owner and the nominal owner, overutilization of the reserved land and so on. Using a Truku tribe in Hualien County as an example, this paper tries to find out how many people still own indigenous reserved land, do land owners constantly utilize their lands, and if so, whether or not (and by what extent) the indigenous reserved land support the livelihood of tribal peoples? After ten months of working data-collecting, we’ve successfully collected 327 questionnaires (70% of total households); preliminary research results show that less than 5% of indigenous reserved land in and around that specific Truku tribe is owned by tribal people. And most of the landowners do not utilize indigenous reserved land. It seems that the indigenous reserved land system does not meet its legislative goals and needs to be redesigned.

Keywords: indigenous people, truku nation, taiwan, indigenous reserved land, poverty, economic development

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Authors: Asowata Osamede, Christo Pienaar, Johan Bekker

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Mismatch in electrical energy (power) or outage from commercial providers, in general, does not promote development to the public and private sector, these basically limit the development of industries. The necessity for a well-structured photovoltaic (PV) system is of importance for an efficient and cost-effective monitoring system. The major renewable energy potential on earth is provided from solar radiation and solar photovoltaics (PV) are considered a promising technological solution to support the global transformation to a low-carbon economy and reduction on the dependence on fossil fuels. Solar arrays which consist of various PV module should be operated at the maximum power point in order to reduce the overall cost of the system. So power regulation and conditioning circuits should be incorporated in the set-up of a PV system. Power regulation circuits used in PV systems include maximum power point trackers, DC-DC converters and solar chargers. Inappropriate choice of power conditioning device in a basic off-grid PV system can attribute to power loss, hence the need for a right choice of power conditioning device to be coupled with the system of the essence. This paper presents the design and implementation of a power conditioning devices in order to improve the overall yield from the availability of solar energy and the system’s total efficiency. The power conditioning devices taken into consideration in the project includes the Buck and Boost DC-DC converters as well as solar chargers with MPPT. A logging interface circuit (LIC) is designed and employed into the system. The LIC is designed on a printed circuit board. It basically has DC current signalling sensors, specifically the LTS 6-NP. The LIC is consequently required to program the voltages in the system (these include the PV voltage and the power conditioning device voltage). The voltage is structured in such a way that it can be accommodated by the data logger. Preliminary results which include availability of power as well as power loss in the system and efficiency will be presented and this would be used to draw the final conclusion.

Keywords: tilt and orientation angles, solar chargers, PV panels, storage devices, direct solar radiation

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Authors: Gurmeet Singh Cheema, Gurjinder Singh, Amardeep Singh Kang

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Aluminium alloy 6061 is a medium to high strength heat-treatable alloy which has very good corrosion resistance and very good weldability. Friction Stir Welding was developed and this technique has attracted considerable interest from the aerospace and automotive industries since it is able to produce defect free joints particularly for light metals i.e aluminum alloy and magnesium alloy. In the friction stir welding process, welding parameters such as tool rotational speed, welding speed and tool shoulder diameter play a major role in deciding the weld quality. In this research work, an attempt has been made to understand the effect of tool rotational speed, welding speed and tool shoulder diameter on friction stir welded AA6061 aluminium alloy joints. Statistical tool such as central composite design is used to develop the mathematical relationships. The mathematical model was developed to predict mechanical properties of friction stir welded aluminium alloy joints at the 95% confidence level.

Keywords: aluminium alloy, friction stir welding, central composite design, mathematical relationship

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Authors: Mukesh Ranjan

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Applying probit model on the micro data of NSS 71st round on education for understanding the access to education post the passage of Right to Education act,2009 in India. The empirical analysis shows that at all India level the mean age of enrollment in school is 5.5 years and drop-out age is around 14 years (or studied up to class 7) and around 60 percent females never get enrolled in any school in their lifetime. Nearly 20 percent children in Bihar never seen school and surprisingly, the relatively developed states like Gujarat, Maharashtra, Karnataka, Kerala and Tamil Nadu have more than one-third of the children and half of the children in Andhra Pradesh, West Bengal and Orissa as educationally wasted. The relative contribution in educational wastage is maximum by Bengal (10 %) while UP contributed a maximum of 30 % in educational non-enrollment in the country. Educational wastage is more likely to increase with age. Marriage is a resistive factor in getting education. Muslims are educationally more deprived than Hindus. Larger family and rich household are less likely to be educationally deprived. Major reasons for drop-out until 9 years were lack of interest in education and financial constraint; between 10-12 years, lack of interest and unable to cope up with studies and post 12 years financial constraint, marriage and other household reasons.

Keywords: probit model, educational wastage, educational non-enrollment, educational deprivation

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Authors: Vera Lucia Teixeira da Silva, Sandra Regina Buttros Gattolin de Paula

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The present study focuses on academic literacy and addresses the impact of semantic-discursive resources on the constitution of genres that are produced in such context. The research considers the development of writing in the academic context in Portuguese. Researches that address academic literacy and the characteristics of the texts produced in this context are rare, mainly with focus on the development of writing, considering three variables: the constitution of the writer, the perception of the reader/interlocutor and the organization of the informational text flow. The research aims to map the semantic-discursive resources of the written register in texts of several genres and produced by students in the first semester of the undergraduate course in Letters. The hypothesis raised is that writing in the academic environment is not a recurrent literacy practice for these learners and can be explained by the ontogenetic and phylogenetic nature of language development. Qualitative in nature, the present research has as empirical data texts produced in a half-yearly course of Reading and Textual Production; these data result from the proposition of four different writing proposals, in a total of 600 texts. The corpus is analyzed based on semantic-discursive resources, seeking to contemplate relevant aspects of language (grammar, discourse and social context) that reveal the choices made in the reader/writer interrelationship and the organizational flow of the Text. Among the semantic-discursive resources, the analysis includes three resources, including (a) appraisal and negotiation to understand the attitudes negotiated (roles of the participants of the discourse and their relationship with the other); (b) ideation to explain the construction of the experience (activities performed and participants); and (c) periodicity to outline the flow of information in the organization of the text according to the genre it instantiates. The results indicate the organizational difficulties of the flow of the text information. Cartography contributes to the understanding of the way writers use language in an effort to present themselves, evaluate someone else’s work, and communicate with readers.

Keywords: academic writing, Portuguese mother tongue, semantic-discursive resources, academic context

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Authors: Rouaz Idriss, Bourahla Nour-Eddine, Kahlouche Farah, Rafa Sid Ali

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The stability of structures made of light-gauge steel depends highly on the contribution of Shear Wall Panel (SWP) systems under horizontal forces due to wind or earthquake loads. Steel plate sheathing is often used with these panels made of cold formed steel (CFS) to improve its shear strength. In order to predict the shear strength resistance, two methods are presented in this paper. In the first method, the steel plate sheathing is modeled with plats strip taking into account only the tension and compression force due to the horizontal load, where both track and stud are modeled according to the geometrical and mechanical characteristics of the specimen used in the experiments. The theoretical background and empirical formulations of this method are presented in this paper. However, the second method is based on a micro modeling of the cold formed steel Shear Wall Panel “CFS-SWP” using Abaqus software. A nonlinear analysis was carried out with an in-plan monotonic load. Finally, the comparison between these two methods shows that the micro modeling with Abaqus gives better prediction of shear resistance of SWP than strips method. However, the latter is easier and less time consuming than the micro modeling method.

Keywords: cold formed steel 'CFS', shear wall panel, strip method, finite elements

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Authors: Joanna Stawska

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The main objective of this article is to examine the impact of interest rates on investments in Poland in the context of financial crisis. The paper also investigates the dependence of bank loans to enterprises on interbank market rates. The article studies the impact of interbank market rate on the level of investments in Poland. Besides, this article focuses on the research of the correlation between the level of corporate loans and the amount of investments in Poland in order to determine the indirect impact of central bank interest rates through the transmission mechanism of monetary policy on the real economy. To achieve the objective we have used econometric and statistical research methods like: econometric model and Pearson correlation coefficient. This analysis suggests that the central bank reference rate inversely proportionally affects the level of investments in Poland and this dependence is moderate. This is also important issue because it is related to preparing of Poland to accession to euro area. The research is important from both theoretical and empirical points of view. The formulated conclusions and recommendations determine the practical significance of the paper which may be used in the decision making process of monetary and economic authorities of the country.

Keywords: central bank, financial crisis, interest rate, investments

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Authors: Valentina Adduci

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The developing research aims to define in general the criteria of environmental sustainability of rural buildings in Puglia and particularly in the manor farm. The main part of the study analyzes the relationship / dependence between the rural building and the landscape which, after many stratifications, results clearly identified and sometimes also characterized in a positive way. The location of the manor farm, in fact, is often conditioned by the infrastructural network and by the structure of the agricultural landscape. The manor farm, without the constraints due to the urban pattern’s density, was developed in accordance with a logical settlement that gives priority to the environmental aspects. These vernacular architectures are the most valuable example of how our ancestors have planned their dwellings according to nature. The 237 farms, analysis’ object, have been reported in cartography through the GIS system; a symbol has been assigned to each of them to identify the architectural typology and a different color for the historical period of construction. A datasheet template has been drawn up, and it has made possible a deeper understanding of each manor farm. This method provides a faster comparison of the most recurring characters in all the considered buildings, except for those farms which benefited from special geographical conditions, such as proximity to the road network or waterways. Below there are some of the most frequently constants derived from the statistical study of the examined buildings: southeast orientation of the main facade; placement of the sheep pen on the ground tilted and exposed to the south side; larger windowed surface on the south elevation; smaller windowed surface on the north elevation; presence of shielding vegetation near the more exposed elevations to the solar radiation; food storage’s rooms located on the ground floor or in the basement; animal shelter located in north side of the farm; presence of tanks and wells, sometimes combined with a very accurate channeling storm water system; thick layers of masonry walls, inside of which were often obtained hollow spaces to house stairwells or depots for the food storage; exclusive use of local building materials. The research aims to trace the ancient use of bioclimatic constructive techniques in the Apulian rural architecture and to define those that derive from an empirical knowledge and those that respond to an already encoded design. These constructive expedients are especially useful to obtain an effective passive cooling, to promote the natural ventilation and to built ingenious systems for the recovery and the preservation of rainwater and are still found in some of the manor farms analyzed, most of them are, today, in a serious state of neglect.

Keywords: bioclimatic devices, farmstead, rural landscape, sustainability

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Authors: Layal Mansour

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The aim of this paper is to identify whether oil price volatility or geopolitical risks can predict future financial stress periods or economic recessions in Kuwait. We construct the first Financial Stress Index for Kuwait (FSIK) that includes informative vulnerable indicators of the main financial sectors: the banking sector, the equities market, and the foreign exchange market. The study covers the period from 2000 to 2020, so it includes the two recent most devastating world economic crises with oil price fluctuation: the Covid-19 pandemic crisis and Ukraine-Russia War. All data are taken by the central bank of Kuwait, the World Bank, IMF, DataStream, and from Federal Reserve System St Louis. The variables are computed as the percentage growth rate, then standardized and aggregated into one index using the variance equal weights method, the most frequently used in the literature. The graphical FSIK analysis provides detailed information (by dates) to policymakers on how internal financial stability depends on internal policy and events such as government elections or resignation. It also shows how monetary authorities or internal policymakers’ decisions to relieve personal loans or increase/decrease the public budget trigger internal financial instability. The empirical analysis under vector autoregression (VAR) models shows the dynamic causal relationship between the oil price fluctuation and the Kuwaiti economy, which relies heavily on the oil price. Similarly, using vector autoregression (VAR) models to assess the impact of the global geopolitical risks on Kuwaiti financial stability, results reveal whether Kuwait is confronted with or sheltered from geopolitical risks. The Financial Stress Index serves as a guide for macroprudential regulators in order to understand the weakness of the overall Kuwaiti financial market and economy regardless of the Kuwaiti dinar strength and exchange rate stability. It helps policymakers predict future stress periods and, thus, address alternative cushions to confront future possible financial threats.

Keywords: Kuwait, financial stress index, causality test, VAR, oil price, geopolitical risks

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Authors: Deniz Peksen

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This thesis aims to predict trend movement of closing price of stock and to maximize portfolio by utilizing the predictions. In this context, the study aims to define a stock portfolio strategy from models created by using Logistic Regression, Gradient Boosting and Random Forest. Recently, predicting the trend of stock price has gained a significance role in making buy and sell decisions and generating returns with investment strategies formed by machine learning basis decisions. There are plenty of studies in the literature on the prediction of stock prices in capital markets using machine learning methods but most of them focus on closing prices instead of the direction of price trend. Our study differs from literature in terms of target definition. Ours is a classification problem which is focusing on the market trend in next 20 trading days. To predict trend direction, fourteen years of data were used for training. Following three years were used for validation. Finally, last three years were used for testing. Training data are between 2002-06-18 and 2016-12-30 Validation data are between 2017-01-02 and 2019-12-31 Testing data are between 2020-01-02 and 2022-03-17 We determine Hold Stock Portfolio, Best Stock Portfolio and USD-TRY Exchange rate as benchmarks which we should outperform. We compared our machine learning basis portfolio return on test data with return of Hold Stock Portfolio, Best Stock Portfolio and USD-TRY Exchange rate. We assessed our model performance with the help of roc-auc score and lift charts. We use logistic regression, Gradient Boosting and Random Forest with grid search approach to fine-tune hyper-parameters. As a result of the empirical study, the existence of uptrend and downtrend of five stocks could not be predicted by the models. When we use these predictions to define buy and sell decisions in order to generate model-based-portfolio, model-based-portfolio fails in test dataset. It was found that Model-based buy and sell decisions generated a stock portfolio strategy whose returns can not outperform non-model portfolio strategies on test dataset. We found that any effort for predicting the trend which is formulated on stock price is a challenge. We found same results as Random Walk Theory claims which says that stock price or price changes are unpredictable. Our model iterations failed on test dataset. Although, we built up several good models on validation dataset, we failed on test dataset. We implemented Random Forest, Gradient Boosting and Logistic Regression. We discovered that complex models did not provide advantage or additional performance while comparing them with Logistic Regression. More complexity did not lead us to reach better performance. Using a complex model is not an answer to figure out the stock-related prediction problem. Our approach was to predict the trend instead of the price. This approach converted our problem into classification. However, this label approach does not lead us to solve the stock prediction problem and deny or refute the accuracy of the Random Walk Theory for the stock price.

Keywords: stock prediction, portfolio optimization, data science, machine learning

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Authors: Echo Wang, Andrew Li

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Transparency could be defined as the voluntary release of information by institutions that is relevant to their own evaluation. Transparency based on information disclosure is recognised to be vital for the Third Sector, as civil society organisations are under pressure to become more transparent to answer the call for accountability. The growing importance of social enterprises as hybrid organisations emerging from the nexus of the public, the private and the Third Sector makes their transparency a topic worth exploring. However, transparency for social enterprises has not yet been studied: as a new form of organisation that combines non-profit missions with commercial means, it is unclear to both the practical and the academic world if the shift in operational logics from non-profit motives to for-profit pursuits has significantly altered their transparency. This is especially so in China, where informational governance and practices of information disclosure by local governments, industries and civil society are notably different from other countries. This study investigates the transparency-seeking behaviour of social enterprises in Greater China to understand what factors at the organisational level may affect their transparency, measured by their willingness to disclose financial information. We make use of the Survey on the Models and Development Status of Social Enterprises in the Greater China Region (MDSSGCR) conducted in 2015-2016. The sample consists of more than 300 social enterprises from the Mainland, Hong Kong and Taiwan. While most respondents have provided complete answers to most of the questions, there is tremendous variation in the respondents’ demonstrated level of transparency in answering those questions related to the financial aspects of their organisations, such as total revenue, net profit, source of revenue and expense. This has led to a lot of missing data on such variables. In this study, we take missing data as data. Specifically, we use missing values as a proxy for an organisation’s level of transparency. Our dependent variables are constructed from missing data on total revenue, net profit, source of revenue and cost breakdown. In addition, we also take into consideration the quality of answers in coding the dependent variables. For example, to be coded as being transparent, an organization must report the sources of at least 50% of its revenue. We have four groups of predictors of transparency, namely nature of organization, decision making body, funding channel and field of concentration. Furthermore, we control for an organisation’s stage of development, self-identity and region. The results show that social enterprises that are at their later stages of organisational development and are funded by financial means are significantly more transparent than others. There is also some evidence that social enterprises located in the Northeast region in China are less transparent than those located in other regions probably because of local political economy features. On the other hand, the nature of the organisation, the decision-making body and field of concentration do not systematically affect the level of transparency. This study provides in-depth empirical insights into the information disclosure behaviour of social enterprises under specific social context. It does not only reveal important characteristics of Third Sector development in China, but also contributes to the general understanding of hybrid institutions.

Keywords: China, information transparency, organisational behaviour, social enterprise

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Authors: C. M. Cebola, V. H. Ferreira

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In the past decade mediation has been legally implemented in European legal systems, especially after the publication by the European Union of the Directive 2008/52/EC on certain aspects of mediation in civil and mercantile matters. Developments in international trade and globalization in this new century have led to an increase of the number of litigations, often cross-border, and the courts have failed to respond adequately. We do not advocate that mediation should be promoted as the solution for all justice problems, but as a means with its own specificities that the parties may choose to consider as the best way to resolve their disputes. Thus, the implementation of mediation should be based on the advantages of its application. From the economic point of view, competitive negotiation can generate negative external effects in social terms. A solution reached in a court of law is not always the most efficient one considering all elements of society (economic social benefit). On the other hand, the administration of justice adds in economic terms transaction costs that can be mitigated by the application of other forms of conflict resolution, such as mediation. In this paper, the economic benefits of mediation will be analysed in the light of various studies on the functioning of justice. Several theoretical arguments will be confronted with empirical studies to demonstrate that mediation has significant positive economic effects. The objective is to contribute to the dissemination of mediation between companies and citizens, but also to demonstrate the cost to governments and states of still limited use of mediation, particularly in the current economic crisis and propose actions to develop the application of mediation.

Keywords: economic impact, litigation costs, mediation, solutions

Procedia PDF Downloads 270