Search results for: financial viability

Authors: Yang Yang, Luciana Magalhães Rebelo Alencar, Martha Sahylí Ortega Pijeira, Beatriz da Silva Batista, Alefe Roger Silva França, Erick Rafael Dias Rates, Ruana Cardoso Lima, Sara Gemini-Piperni, Ralph Santos-Oliveira

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Radium-²²³ dichloride ([²²³Rₐ]RₐCl₂) is an alpha particle-emitting radiopharmaceutical currently approved for the treatment of patients with castration-resistant prostate cancer, symptomatic bone metastases, and no known visceral metastatic disease. [²²³Rₐ]RₐCl₂ is bone-seeking calcium mimetic that bonds into the newly formed bone stroma, especially osteoblastic or sclerotic metastases, killing the tumor cells by inducing DNA breaks in a potent and localized manner. Nonetheless, the successful therapy of osteosarcoma as primary bone tumors is still a challenge. Nanomicelles are colloidal nanosystems widely used in drug development to improve blood circulation time, bioavailability, and specificity of therapeutic agents, among other applications. In addition, the enhanced permeability and retention effect of the nanosystems, and the renal excretion of the nanomicelles reported in most cases so far, are very attractive to achieve selective and increased accumulation in tumor site as well as to increase the safety of [²²³Rₐ]RₐCl₂ in the clinical routine. In the present work, [²²³Rₐ]RₐCl₂ nanomicelles were produced, characterized, in vitro evaluated, and compared with pure [²²³Rₐ]RₐCl2 solution using SAOS2 osteosarcoma cells. The [²²³Rₐ]RₐCl₂ nanomicelles were prepared using the amphiphilic copolymer Pluronic F127. The dynamic light scattering analysis of freshly produced [²²³Rₐ]RₐCl₂ nanomicelles demonstrated a mean size of 129.4 nm with a polydispersity index (PDI) of 0.303. After one week stored in the refrigerator, the mean size of the [²²³Rₐ]RₐCl₂ nanomicelles increased to 169.4 with a PDI of 0.381. Atomic force microscopy analysis of [223Rₐ]RₐCl₂ nanomicelles exhibited spherical structures whose heights reach 1 µm, suggesting the filling of 127-Pluronic nanomicelles with [²²³Rₐ]RₐCl₂. The viability assay with [²²³Rₐ]RₐCl₂ nanomicelles displayed a dose-dependent response as it was observed using pure [²²³Rₐ]RₐCl2. However, at the same dose, [²²³Rₐ]RₐCl₂ nanomicelles were 20% higher efficient in killing SAOS2 cells when compared with pure [²²³Rₐ]RₐCl₂. These findings demonstrated the effectiveness of the nanosystem validating the application of nanotechnology in targeted alpha therapy with [²²³Ra]RₐCl₂. In addition, the [²²³Rₐ]RaCl₂nanomicelles may be decorated and incorporated with a great variety of agents and compounds (e.g., monoclonal antibodies, aptamers, peptides) to overcome the limited use of [²²³Ra]RₐCl₂.

Keywords: nanomicelles, osteosarcoma, radium dichloride, targeted alpha therapy

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Authors: Doki Naomi Onyeje, Doki Gowon Ama

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The past 4 years have been traumatic for Nigerians, having to deal with a number of complex economic issues with dire consequences for the economy. Households have had to respond variously to some of these problems in peculiar ways, depending, of course, on the nature and character of a particular shock. The type, magnitude, intensity and duration of a particular shock might be the determinant of different household responses. While households’ responses to the Global Financial Crisis and Covid 19 Pandemic have been documented by researchers, other economic shocks have continued to emerge in Nigeria. The dramatic turn of events since coming on board of the new government on May 29th 2023, has introduced a new economic twist that households will have to adjust to. This study, therefore, sets out to examine household responses by disaggregating them by their livelihood sources. A survey of 420 households across North Central Nigeria will be done to generate information on the respective responses. A Multinomial logit regression analysis will be employed to test the hypothesis that livelihood source(s) influences household responses to economic shocks. Consequently, responses from public and private households will be examined. The expected results should be that household responses might have some similarities, but it is expected that some peculiar responses across groups will emerge and these differences will guide for group-specific interventions. The Theatre for Development (TfD) approach will be used to disseminate and propagate results from this study to and among stakeholders for effective policy frameworks.

Keywords: drama, dynamics, economic shocks, household responses, Nigeria

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Authors: Weixing Tan

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Production of nutraceuticals from microalgae—a virtually untapped natural phyto-based source of which there are 200,000 to 1,000,000 species—offers a sustainable and healthy alternative to conventionally sourced nutraceuticals for the market. Microalgae can be grown organically using only natural sunlight, water and nutrients at an extremely fast rate, e.g. 10-100 times more efficiently than crops or trees. However, the commercial success of microalgae products at scale remains limited largely due to the lack of economically viable technologies. There are two major microalgae production systems or technologies currently available: 1) the open system as represented by open pond technology and 2) the closed system such as photobioreactors (PBR). Each carries its own unique features and challenges. Although an open system requires a lower initial capital investment relative to a PBR, it conveys many unavoidable drawbacks; for example, much lower productivity, difficulty in contamination control/cleaning, inconsistent product quality, inconvenience in automation, restriction in location selection, and unsuitability for cold areas – all directly linked to the system openness and flat underground design. On the other hand, a PBR system has characteristics almost entirely opposite to the open system, such as higher initial capital investment, better productivity, better contamination and environmental control, wider suitability in different climates, ease in automation, higher and consistent product quality, higher energy demand (particularly if using artificial lights), and variable operational expenses if not automated. Although closed systems like PBRs are not highly competitive yet in current nutraceutical supply market, technological advances can be made, in particular for the PBR technology, to narrow the gap significantly. One example is a readily scalable P2P Microalgae PBR Technology at Grande Prairie Regional College, Canada, developed over 11 years considering return on investment (ROI) for key production processes. The P2P PBR system is approaching economic viability at a pre-commercial stage due to five ROI-integrated major components. They include: (1) optimum use of free sunlight through attenuation (patented); (2) simple, economical, and chemical-free harvesting (patent ready to file); (3) optimum pH- and nutrient-balanced culture medium (published), (4) reliable water and nutrient recycling system (trade secret); and (5) low-cost automated system design (trade secret). These innovations have allowed P2P Microalgae Technology to increase daily yield to 106 g/m2/day of Chlorella vulgaris, which contains 50% proteins and 2-3% omega-3. Based on the current market prices and scale-up factors, this P2P PBR system presents as a promising microalgae technology for market competitive nutraceutical supply.

Keywords: microalgae technology, nutraceuticals, open pond, photobioreactor PBR, return on investment ROI, technological advances

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Authors: Neeraj Gupta, Jitendra Mahakud

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The banking system plays a major role in the Indian economy. Banking system is the payment gateway of most of the financial transactions. Banking has gone a major transition that is still in progress. Recent banking reforms after liberalization in 1991 have led to the establishment of the foreign banks in the country. The foreign banks are not listed in the Indian stock markets and have increased the competition leading to the capture of the significant share in the revenue from the public sector banks which are still the major players in the Indian banking sector. The performance of the banking sector depends on the internal (bank specific) as well as the external (market specific and macroeconomic) factors. Profitability in banking sector is affected by numerous factors which can be internal or external. The present study examines these internal and external factors which are likely to effect the profitablilty of the Indian banks. The sample consists of a panel dataset of 64 commercial banks in India, consisting of 1088 observations over the years from 1998 to 2016. The GMM dynamic panel estimation given by Arellano and Bond has been used. The study revealed that the variables capital adequacy ratio, deposit, age, labour productivity, non-performing asset, inflation and concentration have significant effect on performance measured.

Keywords: banks in India, bank performance, bank productivity, banking management

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Authors: Yousef Rostami Gharainy

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We look at the late financial exhibitions of China and India utilizing a simple growth accounting framework that creates assessments of the commitment of work, capital, training, and aggregate variable profitability for the three parts of agribusiness, industry, and administrations and in addition for the total economy. Our examination consolidates late information updates in both nations and incorporates broad examination of the basic information arrangement. The development records demonstrate a generally square with division in each nation between the commitments of capital gathering and TFP to development in yield every specialist over the period 1980-2007, and an increasing speed of development when the period is separated at 1993. Be that as it may, the size of yield development in China is generally twofold that of India at the total level, and additionally higher in each of the three segments in both sub-periods. In China the post-1993 increasing speed was amassed generally in industry, which contributed about 61 percent of China’s total efficiency development. Interestingly, 48 percent of the development in India in the second sub-period came in administrations. Reallocation of specialists from farming to industry and administrations has contributed 1.3 rate focuses to efficiency development in every nation.

Keywords: China, India, growth accounting framework, work, capital, training, aggregate variable profitability

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Authors: Mehdi Asgarkhani

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Today, investment on Information Technology (IT) solutions in most organizations is the largest component of capital expenditure. As capital investment on IT continues to grow, IT managers and strategists are expected to develop and put in practice effective decision making models (frameworks) that improve decision-making processes for the use of IT in organizations and optimize the investment on IT solutions. To be exact, there is an expectation that organizations not only maximize the benefits of adopting IT solutions but also avoid the many pitfalls that are associated with rapid introduction of technological change. Different organizations depending on size, complexity of solutions required and processes used for financial management and budgeting may use different techniques for managing strategic investment on IT solutions. Decision making processes for strategic use of IT within organizations are often referred to as IT Governance (or Corporate IT Governance). This paper examines IT governance - as a tool for best practice in decision making about IT strategies. Discussions in this paper represent phase I of a project which was initiated to investigate trends in strategic decision making on IT strategies. Phase I is concerned mainly with review of literature and a number of case studies, establishing that the practice of IT governance, depending on the complexity of IT solutions, organization's size and organization's stage of maturity, varies significantly – from informal approaches to sophisticated formal frameworks.

Keywords: IT governance, corporate governance, IT governance frameworks, IT governance components, aligning IT with business strategies

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Authors: Petnamnueng Dettipponpong, Shuen E. Chen

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Heat stress is known to have negative effects on reproductive functions, such as follicular development and ovulation. This study aimed to investigate the specific effects of heat stress on steroid hormone secretion of ovarian follicle cells, particularly in relation to the expression of Apolipoprotein B (ApoB) and microsomal triglyceride transfer protein (MTP). The aim of the study was to understand the impact of heat stress on steroid hormone secretion in ovarian follicle cells and to explore the role of ApoB and MTP in this process. Primary granulosa and theca cells were collected from follicles and cultured under heat stress conditions (42 °C) for various time periods. Controls were maintained under normal conditions (37.5 °C ). The culture medium was collected at different time points to measure levels of progesterone and estradiol using ELISA kits. ApoB and MTP expression levels were analyzed using homemade antibodies and western blot. Data were assessed by a one-way ANOVA comparison test with Duncan’s new multiple-range test. Results were expressed as mean±S.E. Difference was considered significant at P<0.05. The results showed that heat stress significantly increased progesterone secretion in granulosa cells, with the peak observed after 13 hours of recovery under thermoneutral conditions. Estradiol secretion by theca cells was not affected. Heat stress also had a significant negative effect on granulosa cell viability. Additionally, the expression of ApoB and MTP was found to be differentially regulated by heat stress. ApoB expression in theca cells was transiently promoted, while ApoB expression in granulosa cells was consistently suppressed. MTP expression increased after 5 hours of recovery in both cell types. These findings suggest a mechanism by which chicken follicle cells export cellular lipids as very low-density lipoprotein (VLDL) in response to thermal stress. These contribute to our understanding of the role of ApoB and MTP steroidogenesis and lipid metabolism under heat stress conditions. The study involved the collection of primary granulosa and theca cells, culture under different temperature conditions, and analysis of the culture medium for hormone levels using ELISA kits. ApoB and MTP expression levels were assessed using homemade antibodies and western blot. This study aimed to address the effects of heat stress on steroid hormone secretion in ovarian follicle cells, as well as the role of ApoB and MTP in this process. The study demonstrates that heat stress stimulates steroidogenesis in granulosa cells, affecting progesterone secretion. ApoB and MTP expression were found to be differentially regulated by heat stress, indicating a potential mechanism for the export of cellular lipids in response to thermal stress.

Keywords: heat stress, granulosa cells, theca cells, steroidogenesis, chicken, apolipoprotein B, microsomal triglyceride transfer protein

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Authors: Abdullah Ali Salamai

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Risk management in the construction supply chain (CSC) is vital in construction project risks. CSC has various risks affecting product quality and project timeline, such as operational, social, financial, technical, design, and safety risks. These risks should be mitigated in project construction. So, this paper proposed a set of technologies to overcome risks in CSC, like artificial intelligence (AI), blockchain, data analytics, and IoT, to select the best one. So, the multi-criteria decision-making (MCDM) methodology is used to deal with various risks. The Multi-Attribute Utility Theory (MAUT) method is used to rank technologies. The weights of risks are obtained by the average method by using the decision matrix. The MCDM methodology is integrated with a fuzzy set to overcome uncertainty data. Experts used triangular fuzzy numbers to express their opinions instead of exact numbers. These allow the model to overcome inconsistent and vague data. The MCDM methodology was applied to 18 risks and 5 technologies. The results show that social risks have the highest weight. AI is the best technology for overcoming risks in CSC. AI can integrate with CSC from raw data to final products to deliver to the user.

Keywords: risk management, construction supply chain, fuzzy sets, multi-criteria decision making, supply chain management, artificial intelligence, blockchain

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Authors: Handie Pramana Putra, Ani Dijah Rahajoe

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The proliferation of smart devices and advancements in mobile communication technologies have permeated various facets of life with the widespread influence of e-commerce. Detecting abnormal transactions holds paramount significance in this realm due to the potential for substantial financial losses. Moreover, the fusion of data flow and control flow assumes a critical role in the exploration of process modeling and data analysis, contributing significantly to the accuracy and security of business processes. This paper introduces an alternative approach to identify abnormal transactions through a model that integrates both data and control flows. Referred to as the Extended Data Petri net (DPNE), our model encapsulates the entire process, encompassing user login to the e-commerce platform and concluding with the payment stage, including the mobile transaction process. We scrutinize the model's structure, formulate an algorithm for detecting anomalies in pertinent data, and elucidate the rationale and efficacy of the comprehensive system model. A case study validates the responsive performance of each system component, demonstrating the system's adeptness in evaluating every activity within mobile transactions. Ultimately, the results of anomaly detection are derived through a thorough and comprehensive analysis.

Keywords: database, data analysis, DPNE, extended data flow, e-commerce

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Authors: Trinh Hoang Hong Hue

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Citizen Participation has been largely considered as an important objective of improving democracy and government decision-making in Vietnam recently. The Public Administration Performance Index Survey data (PAPI) indicated that citizens in provinces that have a higher proportion of male often less participate in local governance than those in provinces that have lower proportion of male. That means Vietnamese women more actively participate at the local governance rather than men. Thus this study will explore factors involving gender differences that impact on citizen participation at the local level. Applying qualitative approach, mainly in-depth interview, this study explores four diverse perspectives on enhancing citizen participation for both women and men at the local governance including civic knowledge; the trust of citizens; suitable policies of local government; and the role of NGOs. Furthermore, this study also points out two crucial reasons that are leading to the gender differences of citizen participation at the local level. Firstly, because Vietnamese women play the main role in family financial management; then they are willing to highly contribute to ‘voluntary contributions’; one of the four sub-dimensions of the concept ‘citizen participation’ of PAPI. Secondly, in Vietnam, women are deeply prone to be interested in the small issues at the local governance; whereas men are much keen on the bigger issues at national and international governance.

Keywords: citizen participation, gender, women, local governance, PAPI, Vietnam

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Authors: Petra Palic, Maruska Vizek

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We provide an in-depth analysis of interdependence of asset returns and volatilities in developed and developing countries. The analysis is split into three parts. In the first part, we use multivariate GARCH model in order to provide stylized facts on cross-market volatility spillovers. In the second part, we use a generalized vector autoregressive methodology developed by Diebold and Yilmaz (2009) in order to estimate separate measures of return spillovers and volatility spillovers among sovereign bond, equity, foreign exchange and commodity markets. In particular, our analysis is focused on cross-market return, and volatility spillovers in 19 developed and developing countries. In order to estimate named spillovers, we use daily data from 2008 to 2017. In the third part of the analysis, we use a generalized vector autoregressive framework in order to estimate total and directional volatility spillovers. We use the same daily data span for one developed and one developing country in order to characterize daily volatility spillovers across stock, bond, foreign exchange and commodities markets.

Keywords: cross-market spillovers, sovereign bond markets, equity markets, value at risk (VAR)

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Authors: Wasmi Woishi

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Smart card technology is a secure and safe technology that is expanding its capabilities day by day in terms of holding important information without alteration. It is readily available, and its ease of portability makes it more efficient in terms of its usage. The smart card is in use by many industries such as financial, insurance, governmental industries, personal identification, to name a few. Smart card technology is popular for its wide familiarity, adaptability, accessibility, benefits, and portability. This research aims to find out the perception toward the application of a cloud-based healthcare system through a smart card in KSA. The research has compiled the countries using a smart card or smart healthcare card and indicated the potential benefits of implementing smart healthcare cards. 120 participants from Riyadh city were surveyed by the means of a closed-ended questionnaire. Data were analyzed through SPSS. This research extends the research body in the healthcare system. Empirical evidence regarding smart healthcare cards is scarce and hence undertaken in this study. The study provides a useful insight into collecting, storing, analyzing, manipulating, and accessibility of medical information regarding smart healthcare cards. Research findings can help achieve KSA's Vision 2030 goals in terms of the digitalization of healthcare systems in improving its efficiency and effectiveness in storing and accessing healthcare data.

Keywords: smart card technology, healthcare using smart cards, smart healthcare cards, KSA healthcare information system, cloud-based healthcare cards

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Authors: Abubakar Salisu Garba

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The objective of the paper is to highlight the nature of entrepreneurial activities in the Sub Sahara Africa. Five countries in the Sub Sahara African that are participating in Global Entrepreneurship Monitor (GEM) research have been studied to understand the types of entrepreneurial activities and their socio-economic implications in the region. The importance of entrepreneurial activities in boosting socio-economic development has been recognized not only in developing countries, but across the entire global economies. Some people believe that the wealth and poverty of developing countries is associated with nature and type of entrepreneurial activity. Policy makers are not only concern about the rate of business start up, but the growth and development of those starts up is of paramount importance to the development of the country’s economy. Although, the supply of entrepreneurs is essential, sometimes it does not really matters in boosting economic performance. What is more important is having high impact entrepreneurs who could make meaningful contribution to the economy. High growth oriented entrepreneurs are more stable and contribute greatly in enhancing the economic performance. When entrepreneurs are facing difficulties in sustaining and growing their businesses, it may be unlikely for entrepreneurship to reduce unemployment and poverty. Inadequate financial supports, insufficient infrastructure, lack of enforcing laws protecting the right of entrepreneurs are some of the problems making business environment difficult in Sub-Saharan Africa.

Keywords: entrepreneurship, entrepreneurial activity, job creation, poverty reduction, Sub-Saharan Africa

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Authors: Z. Karahaliloğlu, E. Yalçın, M. Demirbilek, E.B. Denkbaş

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Critical-sized bone defects caused by trauma, bone diseases, prosthetic implant revision or tumor excision cannot be repaired by physiological regenerative processes. Current orthopedic applications for critical-sized bone defects are to use autologous bone grafts, bone allografts, or synthetic graft materials. However, these strategies are unable to solve completely the problem, and motivate the development of novel effective biological scaffolds for tissue engineering applications and regenerative medicine applications. In particular, scaffolds combined with a variety of bio-agents as fundamental tools emerge to provide the regeneration of damaged bone tissues due to their ability to promote cell growth and function. In this study, a magnetic silk fibroin (SF) hydrogel scaffold was prepared by electrogelation process of the concentrated Bombxy mori silk fibroin (8 %wt) aqueous solution. For enhancement of osteoblast-like cells (SaOS-2) growth and adhesion, basal fibroblast growth factor (bFGF) were conjugated physically to the HSA-coated magnetic nanoparticles (Fe3O4) and magnetic SF e-gel scaffolds were prepared by incorporation of Fe3O4, HSA (human serum albumin)=Fe3O4 and HSA=Fe3O4-bFGF nanoparticles. HSA=Fe3O4, HSA=Fe3O4-bFGF loaded and bare SF e-gels scaffolds were characterized using scanning electron microscopy (SEM.) For cell studies, human osteoblast-like cell line (SaOS-2) was used and an MTT assay was used to assess the cytotoxicity of magnetic silk fibroin e-gel scaffolds and cell density on these surfaces. For the evaluation osteogenic activation, ALP (alkaline phosphatase), the amount of mineralized calcium, total protein and collagen were studied. Fe3O4 nanoparticles were successfully synthesized and bFGF was conjugated to HSA=Fe3O4 nanoparticles with %97.5 of binding yield which has a particle size of 71.52±2.3 nm. Electron microscopy images of the prepared HSA and bFGF incorporated SF e-gel scaffolds showed a 3D porous morphology. In terms of water uptake results, bFGF conjugated HSA=Fe3O4 nanoparticles has the best water absorbability behavior among all groups. In the in-vitro cell culture studies realized using SaOS-2 cell line, the coating of Fe3O4 nanoparticles surface with a protein enhance the cell viability and HSA coating and bFGF conjugation, the both have an inductive effect in the cell proliferation. One of the markers of bone formation and osteoblast differentiation, according to the ALP activity and total protein results, HSA=Fe3O4-bFGF loaded SF e-gels had significantly enhanced ALP activity. Osteoblast cultured HSA=Fe3O4-bFGF loaded SF e-gels deposited more calcium compared with SF e-gel. The proposed magnetic scaffolds seem to be promising for bone tissue regeneration and used in future work for various applications.

Keywords: basic fibroblast growth factor (bFGF), e-gel, iron oxide nanoparticles, silk fibroin

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Authors: M. H. Shwehdi, S. Raja Mohammad

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Recently energy savings have become more pronounced as a result of the world financial crises as well the unstable oil prices. Certainly all entities needs to adapt Energy Conservation and Management Strategies due to high monthly consumption of their spread locations and advancements of its telecom systems. These system improvements necessitate the establishment of more exchange centers as well provide energy savings. This paper investigates the impact of HVAC System Characteristics, Operational Strategies, the impact of Envelope Thermal Characteristics, and energy conservation measures. These are classified under three types of measures i.e. Zero-Investment; Low-Investment and High-Investment Energy Conservation Measures. The study shows that the Energy Conservation Measures (ECMs) pertaining to the HVAC system characteristics and operation represent the highest potential for energy reduction, attention should be given to window thermal and solar radiation characteristics when large window areas are used. The type of glazing system needs to be carefully considered in the early design phase of future buildings. Paper will present the thermal optimization of different size centers in the two hot-dry and hot-humid Saudi Arabian city of Al Khobar, East province.

Keywords: energy conservation, optimization, thermal design, intermittent operation, exchange centers, hot-humid climate, Saudi Arabia

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Authors: E. Fabre, C. Vale, E. Pereira, C. M. Silva

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Introduction: Mercury is one of the most troublesome toxic metals responsible for the contamination of the aquatic systems due to its accumulation and bioamplification along the food chain. The 2030 agenda for sustainable development of United Nations promotes the improving of water quality by reducing water pollution and foments an enhance in wastewater treatment, encouraging their recycling and safe water reuse globally. Sorption processes are widely used in wastewater treatments due to their many advantages such as high efficiency and low operational costs. In these processes the target contaminant is removed from the solution by a solid sorbent. The more selective and low cost is the biosorbent the more attractive becomes the process. Agricultural wastes are especially attractive approaches for sorption. They are largely available, have no commercial value and require little or no processing. In this work, banana peels were tested for mercury removal from low concentrated solutions. In order to investigate the applicability of this solid, six water matrices were used increasing the complexity from natural waters to a real wastewater. Studies of kinetics and equilibrium were also performed using the most known models to evaluate the viability of the process In line with the concept of circular economy, this study adds value to this by-product as well as contributes to liquid waste management. Experimental: The solutions were prepared with Hg(II) initial concentration of 50 µg L-1 in natural waters, at 22 ± 1 ºC, pH 6, magnetically stirring at 650 rpm and biosorbent mass of 0.5 g L-1. NaCl was added to obtain the salt solutions, seawater was collected from the Portuguese coast and the real wastewater was kindly provided by ISQ - Instituto de Soldadura e qualidade (Welding and Quality Institute) and diluted until the same concentration of 50 µg L-1. Banana peels were previously freeze-drying, milled, sieved and the particles < 1 mm were used. Results: Banana peels removed more than 90% of Hg(II) from all the synthetic solutions studied. In these cases, the enhance in the complexity of the water type promoted a higher mercury removal. In salt waters, the biosorbent showed removals of 96%, 95% and 98 % for 3, 15 and 30 g L-1 of NaCl, respectively. The residual concentration of Hg(II) in solution achieved the level of drinking water regulation (1 µg L-1). For real matrices, the lower Hg(II) elimination (93 % for seawater and 81 % for the real wastewaters), can be explained by the competition between the Hg(II) ions and the other elements present in these solutions for the sorption sites. Regarding the equilibrium study, the experimental data are better described by the Freundlich isotherm (R ^ 2=0.991). The Elovich equation provided the best fit to the kinetic points. Conclusions: The results exhibited the great ability of the banana peels to remove mercury. The environmental realist conditions studied in this work, highlight their potential usage as biosorbents in water remediation processes.

Keywords: banana peels, mercury removal, sorption, water treatment

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Authors: Edson Vengesai

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Derivative products have become essential instruments in portfolio diversification, price discovery, and, most importantly, risk hedging. Derivatives are complex instruments; their valuation, volatility implications, and real impact on the underlying assets' behaviour are not well understood. Little is documented empirically, with conflicting conclusions on how these instruments affect firm risk exposures. Given the growing interest in using derivatives in risk management and portfolio engineering, this study examines the practical impact of derivative usage on the underlying stock price exposure and systematic risk. The paper uses data from South African listed firms. The study employs GARCH models to understand the effect of derivative uses on conditional stock volatility. The GMM models are used to estimate the effect of derivatives use on stocks' systematic risk as measured by Beta and on the total risk of stocks as measured by the standard deviation of returns. The results provide evidence on whether derivatives use is instrumental in reducing stock returns' systematic and total risk. The results are subjected to numerous controls for robustness, including financial leverage, firm size, growth opportunities, and macroeconomic effects.

Keywords: derivatives use, hedging, volatility, stock price exposure

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Authors: Eloise C. Tredenick, Troy W. Farrell, W. Alison Forster, Steven T. P. Psaltis

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The agriculture industry requires improved efficacy of sprays being applied to crops. More efficacious sprays provide many environmental and financial benefits. The plant leaf cuticle is known to be the main barrier to diffusion of agrochemicals within the leaf. The importance of a mathematical model to simulate uptake of agrochemicals in plant cuticles has been noted, as the results of each uptake experiments are specific to each formulation of active ingredient and plant species. In this work we develop a mathematical model and numerical simulation for the uptake of ionic agrochemicals through aqueous pores in plant cuticles. We propose a nonlinear porous diffusion model of ionic agrochemicals in isolated cuticles, which provides additions to a simple diffusion model through the incorporation of parameters capable of simulating plant species' variations, evaporation of surface droplet solutions and swelling of the aqueous pores with water. The model could feasibly be adapted to other ionic active ingredients diffusing through other plant species' cuticles. We validate our theoretical results against appropriate experimental data, discuss the key sensitivities in the model and relate theoretical predictions to appropriate physical mechanisms.

Keywords: aqueous pores, ionic active ingredient, mathematical model, plant cuticle, porous diffusion

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Authors: K. Y. Chen, H. Chua, C. W. Kan

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Japan is a well-developed country but the environmental issues are still a hot issue. In this study, we will analyse how the environmental investment affects the sustainable development in Japan. This paper will first describe the environmental policy of Japan and the effort input by the Japan government. Then, we will collect the yearly environmental data and also information about the environmental investment. Based on the data collected, we try to figure out the relationship between environmental investment and sustainable development in Japan. In addition, we will analyse the SWOT of environmental investment in Japan. Based on the economic information collected, Japan established a sound material-cycle society through changes in business and life styles. A comprehensive legal system for this kind of society was established in Japan. In addition, other supporting measures, such as financial measures, utilization of economic instruments, implementation of research and promotion of education and science and technology, help Japan to cope with the recent environmental challenges. Japan’s excellent environmental technologies changed its socioeconomic system. They are at the highest global standards. This can be reflected by the number of patents registered in Japan which has been on the steady growth. Country by country comparison in the application for patents on environmental technologies also indicates that Japan ranks high in such areas as atmospheric pollution and water quality management, solid waste management and renewable energy. This is a result of the large expenditure invested on research and development.

Keywords: Japan, environmental investment, sustainable development, analysis

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Authors: Yung-Ching Chou, Albert Shangpao Yeh, Luke H. C. Hsiao

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Police used to be an honor job. However, the police are no longer concerned about the mission and public safety instead of the issue of retirement. The main reason is the amendment of 'Public Servants Retirement Act' in Taiwan was effective since January 2011. The purposes of change were to solve the problem of the financial crisis which caused by the Hugh deficit of the civil servants pension fund. The policy of the civil servants pension reform was not only seriously impact the motives of policy, but also negatively impact the workforce of police. This research conducted a secondary data of Baoanjingcha Fifth Police Corps during the period between 2011 and 2015. Secondly, the research interviewed six representatives from the retired police in order to explore the retirement motives. In short, there were several major findings and suggestions in the following: 1. The police won't choice to retire which the nature of task is simple. 2. The ranking level of positions positively correlated with the retired age of police. 3. The police officers who are categorized as 'hazardous work' first class personnel should decrease the standard of the retirement age and allow the option of a monthly pension. 4. The information of the retirees' rights, as well as protection, are correlated with the service as well professional of personnel officer. More findings, as well as suggestions, will be elaborated on the content of this paper.

Keywords: human resource management, pension policy change, police retirement rush, public servants retirement act

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Authors: Chao Jen-Chih, Hsu Kuo-Wei

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Climate change and natural disasters take effect on urban development. It has been discussed urban renewals can prevent natural disasters. Integrating green infrastructure and urban renewals may have great effect on adapting the impact of climate change. To highlight the economic value of green infrastructure development on urban renewals, some strategies need to be carry on to reduce environmental impact. A number of urban renewals studies has been conducted on right transfer, financial risk, urban renewal policy, and public participation. Little research has been devoted on the subject of the economic value of green infrastructure development on urban renewals. The purpose of this study is to investigate the affecting factors on the economic value of green infrastructure development on urban renewals. This study will present the benefits of green infrastructure development and summarize the critical factors of green infrastructure develop on urban renewals for real essence and non-real essence on economic value from literature. Our results indicate that factors of housing price, land value, floor area incentive, and facilitation of the construction industry affect the outcome of real essence economic value. Factors of enhancement of urban disaster prevention, improvement of urban environment and landscape, crime reduction, climate control, pollution reduction, biological diversity, health impacts, and leisure space affects the outcome of non-real essence economic value.

Keywords: economic value, green infrastructure, urban renewals, urban development

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Authors: Mustafa K. Yilmaz, Ahmet Kaplan, Murat Guven, Vildan Kesici

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Aviation industry influences the social and economic growth across the countries. Further, airline companies are highly affected by social, political, and financial crises and show a high degree of cyclicity in operational performance. Hence, this paper investigates the effects of available seat kilometers (ASK), revenue per kilometer (RPK), passenger load factor (PLF) as well as socio-political crisis on the number of passengers carried (PC) by Turkish Airlines company over the period of 2010M1-2018M12. To conduct the analysis, we employ fully modified ordinary least squares (FMOLS), dynamic ordinary least squares (DOLS), and canonical cointegration regression (CCR) techniques using monthly data. We use ASK, RPK, PLF as independent variables to identify the determinants of the PC, as a dependent variable. We also test the effect of the socio-political crisis. The results reveal that there is a significant and negative relationship between ASK and PC, while the relationship between RPK and PC is positive and significant. We also find that there is an insignificant relationship between PLF and PC. Further, we also find a negative effect of the crisis on the PC. These findings show although the crisis had an immediate effect on the operational performance of Turkish Airlines, the company recovered from the crisis and cope with the situation very promptly. Thus, this proves the resilience and agile management ability of the company.

Keywords: airline industry, operational performance, air traffic, socio-political crisis

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Authors: Firman Riyudha, Endrik Mifta Shaiful

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The spread of drug users is one kind of behavioral epidemiology that becomes a threat to every country in the world. This problem caused various crisis simultaneously, including financial or economic crisis, social, health, until human crisis. Most drug users are teenagers at school age. A new deterministic model would be constructed to determine the dynamics of the spread of drug users by considering level of education in a susceptible population. Based on the analytical model, two equilibria points were obtained; there were E₀ (zero user) and E₁ (endemic equilibrium). Existence of equilibrium and local stability of equilibria depended on the Basic Reproduction Ratio (R₀). This parameter was defined as the expected rate of secondary prevalence and primary prevalence in virgin population along spreading primary prevalence. The zero-victim equilibrium would be locally asymptotically stable if R₀ < 1 while if R₀ > 1 the endemic equilibrium would be locally asymptotically stable. The result showed that R₀ was proportional to the rate of interaction of each susceptible population based on educational level with the users' population. It is concluded that there was a need to be given a control in interaction, so that drug users population could be minimized. Numerical simulations were also provided to support analytical results.

Keywords: drugs users, level education, mathematical model, stability

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Authors: Olajumoke Elizabeth Olawale-Olakunle

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This research examined effective event development on the sustainability of tourism in Lagos State. The objectives were to ascertain the implication of effective event development on cost, environmental innovations, opportunity for participants, job creation and working conditions. Also, there was a focus on employee participation and the sustainability of the tourism industry. However, the primary data were obtained via the use of structured questionnaire administered to the selected respondents. Simple random sampling was used to select the respondents, using the Yaro Yame formula. The formulated hypothesis was tested using Analysis of Variance (ANOVA) and Non-parametric chi-square. From the tests conducted, the results showed that effective event development has helped to reduce costs, bring about environmental innovations, offer unique opportunity among event participants, create jobs and promote better working conditions, and the influence it has on employee participation affects the sustainability of the tourism industry. Based on these results, it was concluded that effective event development helps to achieve sustainability in the tourism industry by reducing costs, ensuring efficient use of tourism resources and offers a unique opportunity among event participants. It was, therefore, recommended that events should be developed in such a way that it can help to reduce cost and help leverage the financial burdens of participants and stakeholders, thereby, achieving sustainability in the tourism industry.

Keywords: tourism, hospitality, industry, development

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Authors: Zohreh Hajiha

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Culture affects the ability of the organization in expressing and achieving the goals. Organizational culture influences the selection of instruments applied in the management of organizations. All the instruments applied in organizations to control, promote and create innovations are influenced by organizational culture. This research studies organizational culture based on the cultural model of Muijen and its relationship with applying management accounting innovations in Iranian listed firms. Management accounting innovations of this study include activity-based costing, activity-based management, balanced scorecard, target costing, standard costing, quality costing, Kaizen costing and dimensions of organizational culture include support orientation, innovation orientation, rules orientation and goal orientation. 105 questionnaires were sent to financial executives of production companies and 73 questionnaires were returned. The findings show that there is a significant difference between organizational culture of firms that have applied management accounting innovations and those which have used these innovations less. Also, dimensions of support orientation and culture goal orientation are the highest in groups that apply management accounting innovations. The findings suggest that proper organization culture could promote the use od management accounting tools in Iranian firms.

Keywords: organizational culture, innovation, management accounting, muijen model

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Authors: Eva Filová, Jana Daňková, Věra Sovková, Matej Daniel

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Titanium alloys are biocompatible metals that are widely used in clinical practice as load bearing implants. The chemical modification may influence cell adhesion, proliferation, and differentiation as well as stiffness of the material. The aim of the study was to evaluate the adhesion, growth and differentiation of pig mesenchymal stem cells on the novel beta titanium alloy Ti36Nb6Ta compared to standard medical titanium alloy Ti6Al4V. Discs of Ti36Nb6Ta and Ti6Al4V alloy were sterilized by ethanol, put in 48-well plates, and seeded by pig mesenchymal stem cells at the density of 60×103/cm2 and cultured in Minimum essential medium (Sigma) supplemented with 10% fetal bovine serum and penicillin/streptomycin. Cell viability was evaluated using MTS assay (CellTiter 96® AQueous One Solution Cell Proliferation Assay;Promega), cell proliferation using Quant-iT™ ds DNA Assay Kit (Life Technologies). Cells were stained immunohistochemically using monoclonal antibody beta-actin, and secondary antibody conjugated with AlexaFluor®488 and subsequently the spread area of cells was measured. Cell differentiation was evaluated by alkaline phosphatase assay using p-nitrophenyl phosphate (pNPP) as a substrate; the reaction was stopped by NaOH, and the absorbance was measured at 405 nm. Osteocalcin, specific bone marker was stained immunohistochemically and subsequently visualized using confocal microscopy; the fluorescence intensity was analyzed and quantified. Moreover, gene expression of osteogenic markers osteocalcin and type I collagen was evaluated by real-time reverse transcription-PCR (qRT-PCR). For statistical evaluation, One-way ANOVA followed by Student-Newman-Keuls Method was used. For qRT-PCR, the nonparametric Kruskal-Wallis Test and Dunn's Multiple Comparison Test were used. The absorbance in MTS assay was significantly higher on titanium alloy Ti6Al4V compared to beta titanium alloy Ti36Nb6Ta on days 7 and 14. Mesenchymal stem cells were well spread on both alloys, but no difference in spread area was found. No differences in alkaline phosphatase assay, fluorescence intensity of osteocalcin as well as the expression of type I collagen, and osteocalcin genes were observed. Higher expression of type I collagen compared to osteocalcin was observed for cells on both alloys. Both beta titanium alloy Ti36Nb6Ta and titanium alloy Ti6Al4V Ti36Nb6Ta supported mesenchymal stem cellsˈ adhesion, proliferation and osteogenic differentiation. Novel beta titanium alloys Ti36Nb6Ta is a promising material for bone implantation. The project was supported by the Czech Science Foundation: grant No. 16-14758S, the Grant Agency of the Charles University, grant No. 1246314 and by the Ministry of Education, Youth and Sports NPU I: LO1309.

Keywords: beta titanium, cell growth, mesenchymal stem cells, titanium alloy, implant

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Authors: Mohsin Sadaqat, Hilal Anwar Butt

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Following the stock selection guidelines provided by the Sharia Board (SB), we segregate the firms listed at Pakistan Stock Exchange (PSX) into Sharia Compliant (SC) and Non-Sharia Compliant (NSC) stocks. Subsequently, we form portfolios within each group based on market capitalization and volatility. The purpose is to analyze and compare the performance of these two groups as the SC stocks have lesser diversification opportunities due to SB restrictions. Using data ranging from January 2004 until June 2016, our results indicate that in most of the cases the risk-adjusted returns (alphas) for the returns differential between SC and NCS firms are positive. In addition, the SC firms in comparison to their counterparts in PSX provides excess returns that are hedged against the market, size, and value-based systematic risks factors. Overall, these results reconcile with one prevailing notion that the SC stocks that have lower financial leverage and higher investment in real assets are lesser exposed to market-based risks. Further, the SC firms that are more capitalized and less volatile, perform better than lower capitalized and higher volatile SC and NSC firms. To sum up our results, we do not find any substantial evidence for opportunity loss due to limited diversification opportunities in case of SC firms. To optimally utilize scarce resources, investors should consider SC firms as a candidate in portfolio construction.

Keywords: diversification, performance, sharia compliant stocks, risk adjusted returns

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Authors: Saad Khalid Niaz, Arif Mahmood Siddiqui, Afzal Haqi

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Background: Estimated prevalence of Hepatitis C in Pakistan is 5% of which 78 % are Genotype 3, in which Response to conventional interferon is reported to be 70%. Objective: To determine the efficacy of pegylated interferon 20 kDa (Unipeg) plus ribavirin (Ribazole) in HCV genotype 3 patients who relapsed to conventional interferon. Methods: This is an ongoing study of 20 enrolled patients. Pegylated interferon alfa-2a 20 kDa 180 mcg weekly with ribavirin, were administered for a period of 24 weeks. Virological Responses were measured by Qualitative HCV RNA at weeks 4, 12, 24 and 48 to determine Rapid Virological Response (RVR), Early Virological Response (EVR), End of Treatment (ETR) and Sustained Virological Response (SVR), respectively. EVR was done for those who didn’t achieve RVR. Results: Males were 12 (60%) and mean age was 38.5 ±7.62 years. Out of 20 recruited patients, all completed 4 weeks therapy; RVR was achieved in 8 (40%) patients. One patient was lost to follow up and one yet to visit at 12 weeks. From 10 patients, 8 (80%) patients achieved EVR. Out of intent-to-treat patients, 15 completed 24 weeks therapy, ETR was achieved in 14 (93%) patients and 9 patients completed post therapy follow-up, of which, 8 (89%) patients achieved SVR. Conclusion: Our interim data demonstrates that Pegylated Interferon alfa-2a 20 kDa 180 mcg (Unipeg) in combination with Ribavirin (Ribazole) has shown promising results in treating HCV Genotype 3 patients who relapsed to conventional interferon. We recommend use of Pegylated Interferon in Relapsers with Genotype 3 when financial constraints limit the use of oral antivirals.

Keywords: pegylated interferon (unipeg), hepatitis c, relapsers, Pakistan

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Authors: Ruan Yi-Chen, Li Wang-Ming, Fang Yuan

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With the rapid growth of urbanization in China in recent years, public services are in short supply because of expanding population and limitation of financial support, which makes delicate configuration of public service facilities to become a trend in urban planning. Besides, the facility configuration standard implemented in China is equal to the whole the urban area without considering internal differences in it. Therefore, this article focuses on population Spatial disparities analysis in order to optimize facility configuration in communities of main city district. The used data, including population of 93 communities during 2010 to 2015, comes from GongShu district, Hangzhou city, PRC. Through the analysis of population data, especially the age structure of those communities, the communities finally divided into 3 types. Obviously, urban public service facilities allocation situation directly affect the quality of residents common lives, which turns out that deferent kinds of communities with deferent groups of citizens will have divergences in facility demanding. So in the end of the article, strategies of facility configuration will be proposed based on the population analysis in order to optimize the quantity and location of facilities with delicacy.

Keywords: delicacy, facility configuration, population spatial disparities, urban area

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Authors: Ya-Chen Chen

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The primary objective of this research project is to rectify or supplement the commonly overlooked aspect that the United Kingdom has, in fact, profoundly influenced Director King Hu's cinematic career. Predominantly focused on Hu's connections with Hong Kong, Taiwan, and the United States, thereby neglecting his significant milestones in the UK. Notably, his inclusion in the 1978 International Movie Guide in the UK was instrumental in establishing his reputation and categorizing him among the top five global directors of the time. Additionally, the financial sponsorship from the UK-based Goldcrest Film Company brought his unfinished project, "The Battle for Ono," closer to fruition. Beyond these aspects, this study delves deeply into how Director King Hu and film critic Derek Elley navigated the rise of global (especially British and Hong Kong) feminism and how they reacted to gender dynamics or gender politics—masculine and feminine, yin and yang, male and female—in their cinematic focuses. These are facets often overlooked in the broader film community. Given the scarcity of attention these points usually receive, this research project serves as a targeted intervention, spotlighting these critically under-explored yet crucial topics.

Keywords: King Hu, 1978 International Movie Guide in the UK, Derek Elley, UK-based Goldcrest Film Company

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