Search results for: stock market anomalies

Authors: Gu Dongxing, Li Yuxuan, Nong Tengxiao, Burra Venkata Durga Kumar

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Since computers are widely used in business models, more and more companies choose to store important information in computers to improve productivity. However, this information can be compromised in many cases, such as when it is stored locally on the company's computers or when it is transferred between servers and clients. Of these important information leaks, source code leaks are probably the most costly. Because the source code often represents the core technology of the company, especially for the Internet companies, source code leakage may even lead to the company's core products lose market competitiveness, and then lead to the bankruptcy of the company. In recent years, such as Microsoft, AMD and other large companies have occurred source code leakage events, suffered a huge loss. This reveals to us the importance and necessity of preventing source code leakage. This paper aims to find ways to prevent source code leakage based on the direction of operating system, and based on the fact that most companies use Linux or Linux-like system to realize the interconnection between server and client, to discuss how to reduce the possibility of source code leakage during data transmission.

Keywords: data transmission, Linux, source code, operating system

Procedia PDF Downloads 273

Authors: Zhe Ginnie Wang

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Recent cultural design studies have begun to shed light on the discussion of Western-Eastern cultural and aesthetic hybridization, especially in the field of fashion. With the unprecedented spread of cultural Chinese fashion design in the global fashion system, the under-identified ‘Guochao’ aesthetic that has emerged in the global market needs to be academically emphasized with a methodological approach looking at the Western-Eastern cultural hybridization present in fashion visualization. Through an in-depth and comprehensive investigation of a representative international-based Chinese designer, Angel Chen's fashion show 'Madam Qing', this paper provides a methodological approach on how a form of traditional culture can be effectively extracted and applied to modern design using the most effective techniques. The central approach examined in this study involves creating aesthetic revolutions by addressing Chinese cultural identity through re-creating and modernizing traditional Chinese culture in design.

Keywords: style modernization, Chinese culture, guochao, design identity, fashion show, Angel Chen

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Authors: Edgard Barki, Tânia Modesto Veludo-de-Oliveira, Felipe Zambaldi

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The social enterprise sector can be characterized as organizations that aim to solve social problems with financial sustainability and using market mechanisms. This sector has shown an increasing interest worldwide. Despite the growth and relevance of the sector, there is still a gap regarding the assessment of the social impact resulting from the initiatives of the organizations in this field. A number of metrics have been designed worldwide to evaluate the impact of social enterprises (e.g., IRIS, GIIRS, BACO), as well as some ad hoc studies that have been carried out, mainly in the microcredit sector, but there is still a gap to be filled in the development of research in social impact evaluation. Therefore, this research seeks to evaluate the social impact of two social enterprises (Terra Nova and Vivenda) in the area of housing in Brazil. To evaluate these impacts and their dimensions, we conducted an exploratory research, through three focus groups, thirty in-depth interviews and a survey with beneficiaries of both organizations. The results allowed us to evaluate how the two organizations were able to create a deep social impact in the populations served. Terra Nova has a more collective perspective, with a clear benefit of social inclusion and improvement of the community’s infrastructure, while Vivenda has a more individualized perspective, improving self-esteem, sociability and family coexistence.

Keywords: Brazil, housing, social enterprise, social impact evaluation

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Authors: Tanapond S.

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Typically, most of the controlling firms are relate to family firms which are widespread and important for economic growth particularly in Asian Pacific region. The unique characteristics of the controlling families tend to play an important role in determining the corporate policies such as dividend policy. Given the complexity of the family business phenomenon, the empirical evidence has been unclear on how the families behind business groups influence dividend policy in Asian markets with the prevalent existence of cross-shareholdings and pyramidal structure. Dividend policy as one of an important determinant of firm value could also be implemented in order to examine the effect of the controlling families behind business groups on strategic decisions-making in terms of a governance perspective and agency problems. The purpose of this paper is to investigate the impact of ownership structure and concentration which are influential internal corporate governance mechanisms in family firms on dividend decision-making. Using panel data and constructing a unique dataset of family ownership and control through hand-collecting information from the nonfinancial companies listed in Stock Exchange of Thailand (SET) between 2000 and 2015, the study finds that family firms with large stakes distribute higher dividends than family firms with small stakes. Family ownership can mitigate the agency problems and the expropriation of minority investors in family firms. To provide insight into the distinguish between ownership rights and control rights, this study examines specific firm characteristics including the degrees of concentration of controlling shareholders by classifying family ownership in different categories. The results show that controlling families with large deviation between voting rights and cash flow rights have more power and affect lower dividend payment. These situations become worse when second blockholders are families. To the best knowledge of the researcher, this study is the first to examine the association between family firms’ characteristics and dividend policy from the corporate governance perspectives in Thailand with weak investor protection environment and high ownership concentration. This research also underscores the importance of family control especially in a context in which family business groups and pyramidal structure are prevalent. As a result, academics and policy makers can develop markets and corporate policies to eliminate agency problem.

Keywords: agency theory, dividend policy, family control, Thailand

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Authors: Lamis Kattan, Joanne Haddad

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This paper examines the impact of gender focused labor legislation on women's labor force participation and economic empowerment. We rely on historical legislative acts passed by state legislatures and exploit whether or not states passed regulatory laws regulating overall and industry specific employment and work conditions for women, night work laws and labor laws requiring provision of seats for working women. We exploit the fact that not all states enacted these laws as well as the variation in the timing of enactment of such laws. Our results show that women in comparison to men in treated states are more likely to be in the labor force post introduction of night work laws in comparison to control states. We also document the effect of industry-specific labor policies on women's likelihood to be employed in the affected industry and in higher-wage occupations within the industry of interest. Policy implications of our findings endorse the adoption of labor laws in favor of women to advocate their empowerment through a higher involvement in the labor market and financial independence.

Keywords: female employment, labor laws, marriage, fertility

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Authors: Ashaawari Datta Chaudhuri

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India is a country that worships sports, especially cricket and football. This paper investigates the different intellectual property law issues that arise for sports. The paper will be a study of the legal precedents and landmark judgements in India for sports law. Some of the issues, such as brand abuse, misbranding, and infringement of IP, are very common and will be studied through case-based analysis. As a developing country, India is coping with new issues for theft of IP in different sectors. It has sportspersons of various kinds representing the country in many international events. This invites various problems in terms of recognition, credit, brand promotions, sponsorships, endorsements, and merchandising. Intellectual property is vital in many such endeavors for both brands and sportspersons. One of the major values associated with sport is ethics. Fairness, equality, and basic concern for credit are crucial in this industry. This paper will focus mostly on issues pertaining to design, trademarks, and copyrights. The contribution of this paper would be to study different problems and identify the gaps that require legislative intervention and policymaking. This is important to help boost businesses and brands associated with this industry to help occupy spaces in the market.

Keywords: copyright, design, intellectual property, Indian landscape for sports law, patents, trademark, licensing, infringement

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Authors: Watchareeporn Chaimongkol

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In this paper, we compare the statistical measures accuracy of composite forecasting model to estimate automobile customer demand in Thailand. A modified simple exponential smoothing and autoregressive integrate moving average (ARIMA) forecasting model is built to estimate customer demand of passenger cars, instead of using information of historical sales data. Our model takes into account special characteristic of the Thai automobile market such as sales promotion, advertising and publicity, petrol price, and interest rate for loan. We evaluate our forecasting model by comparing forecasts with actual data using six accuracy measurements, mean absolute percentage error (MAPE), geometric mean absolute error (GMAE), symmetric mean absolute percentage error (sMAPE), mean absolute scaled error (MASE), median relative absolute error (MdRAE), and geometric mean relative absolute error (GMRAE).

Keywords: composite forecasting, simple exponential smoothing model, autoregressive integrate moving average model selection, accuracy measurements

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Authors: Babita Adhikari

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There is a general assumption that affluent people consume a variety of balanced nutritious foods on a regular basis, such as fruits, whole grains, lean meat, nuts, and fresh vegetables, because they have greater affordability and market accessibility. A simple random sampling technique and an open-ended questionnaire were used for this study. Findings showed that high socioeconomic status (SES) people in Kathmandu were more concerned with expensive foods, fruits, and vegetables, regardless of their nutrient content. New millionaire groups in Kathmandu are aware of the importance of nutrition and healthy well-being, but their purchasing and consumption habits differ from general perceptions as they learn about fast-food and restaurant culture. On the home front, they buy, cook, and eat expensive foods but are unaware of their nutrient contents. The study critically examines attributes that influence purchase decisions for nutritious and healthy foods in Kathmandu. Despite the fact that a significant amount of literature helps to comprehend that food has to be good in taste, healthy, and affordable, the major driver of food purchases is still the desire to consume.

Keywords: nutritious food, consumer behavior, nutrition, food behavior

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Authors: Sara Sousa

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The environmental goods and services have often been neglected in crucial decisions affecting the environment mainly because the difficulty in estimating their economic value, since we are dealing with non-market goods and, thus, without a price associated. Nevertheless, the inexistence of prices does not necessarily mean these goods have no value. The environment is a key element in today's society that seeks to be as sustainable as possible, where the environmental assets have both use and non-use values. To estimate the use value, researchers may apply the revealed preference methods. This paper provides a theoretical review of the main concepts and methodologies on the economic valuation of the environment, with particular emphasis on the revealed preference techniques. Based on a detailed literature review, this study concludes that, despite some inherent limitations, the revealed preference methodologies – travel cost, hedonic price, and averting behaviour – represent essential tools for the researchers who accept the challenge to estimate the use value of environmental goods and services based on the actual individuals` behaviour. The main purpose of this study is to contribute to an increased theoretical information on the economic valuation of environmental assets, allowing researchers and policymakers to improve future decisions regarding the environment.

Keywords: economic valuation, environmental goods, revealed preference methods, total economic value

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Authors: Eva Nedeliakova, Jaroslav Masek, Juraj Camaj

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This article describes the results of research focused on quality of railway freight transport services. Improvement of these services has a crucial importance in customer considering on the future use of railway transport. Processes filling the customer demands and output quality assessment were defined as a part of the research. In this, contribution is introduced the map of quality planning and the algorithm of applied methodology. It characterises a model which takes into account characters of transportation with linking a perception services quality in ordinary and extraordinary operation. Despite the fact that rail freight transport has its solid position in the transport market, lots of carriers worldwide have been experiencing a stagnation for a couple of years. Therefore, specific results of the research have a significant importance and belong to numerous initiatives aimed to develop and support railway transport not only by creating a single railway area or reducing noise but also by promoting railway services. This contribution is focused also on the application of dynamic quality models which represent an innovative method of evaluation quality services. Through this conception, time factor, expected and perceived quality in each moment of the transportation process can be taken into account.

Keywords: quality, railway, transport, service

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Authors: Meltem Nur Erdöl, Feyzanur Bayrak, Elif Emanetçi, Faik Nüzhet Oktar, Cevriye Kalkandelen, Oğuzhan Gündüz

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Nowadays, the bioceramic graft applications are very important due to the fact that especially European population is getting much older. Consequently, healing approaches for some health problems become more important in the near future. For instance, osteoporosis is one of the reasons for serious hip fractures. Beside these, the traffic accidents playing role increasing of various hip fractures and other bone fractures. Naturally all these are leading the importance developing new bioceramic graft materials. Hydroxyapatite (HA) is one of the leading bioceramics on the market. Beside the high biocompatibility HA bioceramics unfortunately are weak materials for loaded areas. For improvement mechanical properties of HA material, some oxides and metallic powders can be added. In this study, some rare earth oxides like hafnium (IV) oxide (HfO₂) and samarium (III) oxide (Sm₂O₃) are added to HA for improvement of their material characteristics. Thus, compression, microhardness and theoretical density tests are performed. X-ray diffraction patterns are also investigated corresponding x-ray diffraction equipment. At the end, studies of scanning electron microscope (SEM) and energy-dispersive x-ray spectroscopy (EDX) are completed. All values were compared with past BHA and various composites.

Keywords: biocomposite, hafnium oxide, hydroxyapatite, nanotechnology, samarium oxide

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Authors: Rafael Martins Manzano Silva, Jean-Francois Tremong

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Electrification of railway lines allows to increase speed, power, capacity and energetic efficiency of rolling stocks. However, this process of electrification is complex and costly. An electrification project is not just about design of catenary. It also includes installation of structures around electrification, as substation installation, electrical isolation, signalling, telecommunication and civil engineering structures. France has more than 30,000 km of railways, whose only 53% are electrified. The others 47% of railways use diesel locomotive and represent only 10% of the circulation (tons.km). For this reason, a new type of electrification, less expensive than the usual, is requested to enable the modernization of these railways. One solution could be the use of hybrids trains. This technology opens up new opportunities for less expensive infrastructure development such as the partial electrification of railway lines. In a partially electrified railway, the power supply of theses hybrid trains could be made either by the catenary or by the on-board energy storage system (ESS). Thus, the on-board ESS would feed the energetic needs of the train along the non-electrified zones while in electrified zones, the catenary would feed the train and recharge the on-board ESS. This paper’s objective deals with the technical and economic potential identification of partial electrification of railway lines. This study provides different scenarios of electrification by replacing the most expensive places to electrify using on-board ESS. The target is to reduce the cost of new electrification projects, i.e. reduce the cost of electrification infrastructures while not increasing the cost of rolling stocks. In this study, scenarios are constructed in function of the electrification’s cost of each structure. The electrification’s cost varies considerably because of the installation of catenary support in tunnels, bridges and viaducts is much more expensive than in others zones of the railway. These scenarios will be used to describe the power supply system and to choose between the catenary and the on-board energy storage depending on the position of the train on the railway. To identify the influence of each partial electrification scenario in the sizing of the on-board ESS, a model of the railway line and of the rolling stock is developed for a real case. This real case concerns a railway line located in the south of France. The energy consumption and the power demanded at each point of the line for each power supply (catenary or on-board ESS) are provided at the end of the simulation. Finally, the cost of a partial electrification is obtained by adding the civil engineering costs of the zones to be electrified plus the cost of the on-board ESS. The study of the technical and economic potential ends with the identification of the most economically interesting scenario of electrification.

Keywords: electrification, hybrid, railway, storage

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Authors: Bahar Urhan Torun, Havva Nur Tarakcı

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At the present time, online marketing has become the common target of small and full-scale organizations. Today’s humanbeing who has to spend most of their time in front of the computer because of his job, prefers to socialize by internet due to the easy access to technology. So online marketing area expands day by day. All business organizations from the smallest to the biggest are in a race in order to get a cut from the virtual market share in an extreme competitive environment. However these organizations which use the internet to reach more consumers cannot determine their target group accurately, so this is the biggest handicap of online marketing sales nowadays. The aim of this study is to determine some significant elements about need for communicating efficiently with the consumer on the internet on online marketing. The strategies that can be used in order to increase sales and the limitations of virtual environment where cannot be communicated with the consumer face to face are argued in this study’s scope. As a consequence it is thought that to study on this subject because of lacking and also being limited efficiency of researches and outputs. Within this scope suggesting some proposals about how to communicate efficiently with the consumer and also offering the consumers’ demands efficiently is the essential objective of this study.

Keywords: online marketing, competition, consumer, communication

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Authors: Maya Jaber

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In today's ever-changing world, organizational leaders will need to transform their organizations to meet the demands they face from employees, consumers, local and federal governments, and the global market. Change agents and leaders will need a new paradigm of thinking for creative problem solving and innovation in a time of uncertainty. A new framework that is developed from Design Science Research foundations with holistic design thinking methodologies (HTDM) and action research approaches has been developed through Dr. Jaber’s research. It combines these philosophies into a three-step process that can be utilized in practice for any sustainability, change, or project management applications. This framework was developed to assist in the pedagogy for the implementation of her holistic strategy formalized framework Integral Design Thinking (IDT). Her work focuses on real world application for the streamlining and adoption of initiatives into organizational culture transformation. This paper will discuss the foundations of this philosophy and the methods for utilization in practice developed in Dr. Jaber's research.

Keywords: design science research, action research, critical thinking, design thinking, organizational transformation, sustainability management, organizational culture change

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Authors: Miron Wolnicki

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In the past 75 years the world was either influenced by, competing with or learning from U.S. corporations. This is no longer true. As the economic power shifts from the West to the East, U.S. corporations are lagging behind Asian competitors. Moreover, U.S. statecraft fails to address this decline. In a world dominated by interventionist and neo-mercantilist states, having an ineffective non-activist government becomes a costly neoclassic delusion which weakens the world’s largest economy. American conservative economists continue talking about the superiority of the free market system in generating new technologies. The reality is different. The U.S. is sliding further into an overregulated, over-taxed, anti-business state. This paper argues that in order to maintain its economic strength and technological leadership, the U.S. must reform federal institutions to increase support for artificial intelligence and other cutting-edge technologies. The author outlines a number of institutional reforms, under one umbrella, which he calls the American Entrepreneurial State (AES). The AES will improve productivity and bring about coherent business strategies for the next 10-15 years. The design and inspiration for the AES come from the experience of successful statecraft examples in Asia and also other parts the global economy.

Keywords: post-neoliberal system, entrepreneurial state, government and economy, American entrepreneurial state

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Authors: Won Jung, Azianti Ismail

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Functional safety is about electrical, electronics, and programmable electronic safety-related system focuses on the potential risk of malfunction which may have a significant impact on the safety of humans and/or the environment based on IEC 61508. In November 2011, the automotive industry has been introduced to automotive functional safety ISO 26262 which addresses the complete safety installation from sensor to actuator with its technical as well as management issues. Nowadays, most of the modern automobiles are equipped with embedded electronic systems which include many Electronic Controller Units (ECUs), electronic sensors, signals, bus systems and coding. Due to upcoming more sophisticated systems installed in automobiles, the need to carry out detailed safety is very crucial. Assimilation of existing practices with this new standard is a major challenge for the automotive industry in reducing redundancy, time and resources. Therefore, this paper will analyze the research trends on pre and post introduction of ISO 26262 through publications as well as to take a glimpse in the activities for implementing this standard by the automotive manufacturers around the world. It is going to highlight issues and challenges which have been discussed among the experts in this field. Even though it will take some time for this standard to be fully implemented, the benefits from this implementation will raise the competitiveness in the global automotive market.

Keywords: ISO 26262, automotive, functional safety, implementation, standard, challenges

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Authors: Imen Dhaou

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This study examines conditional Value at Risk by applying the GJR-EVT-Copula model, and finds the optimal portfolio for eight Dow Jones Islamic-conventional pairs. Our methodology consists of modeling the data by a bivariate GJR-GARCH model in which we extract the filtered residuals and then apply the Peak over threshold model (POT) to fit the residual tails in order to model marginal distributions. After that, we use pair-copula to find the optimal portfolio risk dependence structure. Finally, with Monte Carlo simulations, we estimate the Value at Risk (VaR) and the conditional Value at Risk (CVaR). The empirical results show the VaR and CVaR values for an equally weighted portfolio of Dow Jones Islamic-conventional pairs. In sum, we found that the optimal investment focuses on Islamic-conventional US Market index pairs because of high investment proportion; however, all other index pairs have low investment proportion. These results deliver some real repercussions for portfolio managers and policymakers concerning to optimal asset allocations, portfolio risk management and the diversification advantages of these markets.

Keywords: CVaR, Dow Jones Islamic index, GJR-GARCH-EVT-pair copula, portfolio optimization

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Authors: Migena Ceyhan, Zeynep Orhan, Dimitrios Karras

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People in modern societies are continuously sharing their experiences, emotions, and thoughts in different areas of life. The information reaches almost everyone in real-time and can have an important impact in shaping people’s way of living. This phenomenon is very well recognized and advantageously used by the market representatives, trying to earn the most from this means. Given the abundance of information, people and organizations are looking for efficient tools that filter the countless data into important information, ready to analyze. This paper is a modest contribution in this field, describing the process of automatically classifying social media comments in the Turkish language into positive or negative. Once data is gathered and preprocessed, feature sets of selected single words or groups of words are build according to the characteristics of language used in the texts. These features are used later to train, and test a system according to different machine learning algorithms (Naïve Bayes, Sequential Minimal Optimization, J48, and Bayesian Linear Regression). The resultant high accuracies can be important feedback for decision-makers to improve the business strategies accordingly.

Keywords: feature selection, machine learning, natural language processing, sentiment analysis, social media reviews

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Authors: Sameh S. Namnqani, Yaqoob Y. Abobakar, Ahmed M. Alsewehri, Khaled M. AlQethami

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The main objective of this research is to know the impact of the application of the electronic supply system on the performance of the supply department of health organizations. To reach this goal, the study adopted independent variables to measure the dependent variable (performance of the supply department), namely: integration with suppliers, integration with intermediaries and distributors and knowledge of supply size, inventory, and demand. The study used the descriptive method and was aided by the questionnaire tool that was distributed to a sample of workers in the Supply Chain Management Department of King Abdullah Medical City. After the statistical analysis, the results showed that: The 70 sample members strongly agree with the (electronic integration with suppliers) axis with a p-value of 0.001, especially with regard to the following: Opening formal and informal communication channels between management and suppliers (Mean 4.59) and exchanging information with suppliers with transparency and clarity (Mean 4.50). It also clarified that the sample members agree on the axis of (electronic integration with brokers and distributors) with a p-value of 0.001 and this is represented in the following elements: Exchange of information between management, brokers and distributors with transparency, clarity (Mean 4.18) , and finding a close cooperation relationship between management, brokers and distributors (Mean 4.13). The results also indicated that the respondents agreed to some extent on the axis (knowledge of the size of supply, stock, and demand) with a p-value of 0.001. It also indicated that the respondents strongly agree with the existence of a relationship between electronic procurement and (the performance of the procurement department in health organizations) with a p-value of 0.001, which is represented in the following: transparency and clarity in dealing with suppliers and intermediaries to prevent fraud and manipulation (Mean 4.50) and reduce the costs of supplying the needs of the health organization (Mean 4.50). From the results, the study recommended several recommendations, the most important of which are: that health organizations work to increase the level of information sharing between them and suppliers in order to achieve the implementation of electronic procurement in the supply management of health organizations. Attention to using electronic data interchange methods and using modern programs that make supply management able to exchange information with brokers and distributors to find out the volume of supply, inventory, and demand. To know the volume of supply, inventory, and demand, it recommended the application of scientific methods of supply for storage. Take advantage of information technology, for example, electronic data exchange techniques and documents, where it can help in contact with suppliers, brokers, and distributors, and know the volume of supply, inventory, and demand, which contributes to improving the performance of the supply department in health organizations.

Keywords: healthcare supply chain, performance, electronic system, ERP

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Authors: Mohammad Obeidat

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In recent years, social media has revolutionized the way businesses market their products and services. Platforms such as Instagram, Facebook, YouTube, and TikTok have become powerful tools for reaching large audiences and engaging with consumers in real-time. These platforms allow businesses to create visually appealing content, interact with customers, and leverage user-generated content to enhance brand visibility and credibility. Recent statistics indicate that businesses that actively participate in social media marketing see improvements in brand visibility, customer engagement, and revenue generation. For example, several studies reveal that 70% of business-to-consumer marketers have gained customers through Facebook. This study aims to contribute to the academic literature on social media marketing and consumer behavior, specifically within the context of the fitness industry in the UAE. The findings will provide valuable insights for gym and fitness center managers, marketers, and social media strategists looking to enhance their engagement with potential customers. By understanding the impact of social media on purchasing decisions, businesses can tailor their marketing efforts to meet consumer expectations better and drive membership growth.

Keywords: social media, consumer behavior, digital native, influencer

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Authors: M. El-haj, Z. Olama, H. Holail

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Single cell oils (SCOs) accumulated by oleaginous fungi have emerged as a potential alternative feedstock for biodiesel production. Five fungal strains were isolated from the Lebanese environment namely Fusarium oxysporum, Mucor hiemalis, Penicillium citrinum, Aspergillus tamari, and Aspergillus niger that have been selected among 39 oleaginous strains for their potential ability to accumulate lipids (lipid content was more than 40% on dry weight basis). Wide variations were recorded in the environmental factors that lead to maximum lipid production by fungi under test and were cultivated under submerged fermentation on medium containing glucose as a carbon source. The maximum lipid production was attained within 6-8 days, at pH range 6-7, 24 to 48 hours age of seed culture, 4 to 6.107 spores/ml inoculum level and 100 ml culture volume. Eleven culture conditions were examined for their significance on lipid production using Plackett-Burman factorial design. Reducing sugars and nitrogen source were the most significant factors affecting lipid production process. Maximum lipid yield was noticed with 15.62, 14.48, 12.75, 13.68 and 20.41g/l for Fusarium oxysporum, Mucor hiemalis, Penicillium citrinum, Aspergillus tamari, and Aspergillus niger respectively. A verification experiment was carried out to examine model validation and revealed more than 94% validity. The profile of extracted lipids from each fungal isolate was studied using thin layer chromatography (TLC) indicating the presence of monoacylglycerols, diaacylglycerols, free fatty acids, triacylglycerols and sterol esters. The fatty acids profiles were also determined by gas-chromatography coupled with flame ionization detector (GC-FID). Data revealed the presence of significant amount of oleic acid (29-36%), palmitic acid (18-24%), linoleic acid (26.8-35%), and low amount of other fatty acids in the extracted fungal oils which indicate that the fatty acid profiles were quite similar to that of conventional vegetable oil. The cost of lipid production could be further reduced with acid-pretreated lignocellulotic corncob waste, whey and date molasses to be utilized as the raw material for the oleaginous fungi. The results showed that the microbial lipid from the studied fungi was a potential alternative resource for biodiesel production.

Keywords: agro-industrial waste products, biodiesel, fatty acid, single cell oil, Lebanese environment, oleaginous fungi

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Authors: Emilio Galdeano-Gómez, Juan C. Pérez-Mesa, Laura Piedra-Muñoz, María C. García-Barranco, Jesús Hernández-Rubio

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The situation in which firms engage in simultaneous cooperation and competition with each other is a phenomenon known as co-opetition. This scenario has received increasing attention in business economics and management analyses. In the domain of supply chain networks and for small and medium-sized enterprises, SMEs, these strategies are of greater relevance given the complex environment of globalization and competition in open markets. These firms face greater challenges regarding technology and access to specific resources due to their limited capabilities and limited market presence. Consequently, alliances and collaborations with both buyers and suppliers prove to be key elements in overcoming these constraints. However, rivalry and competition are also regarded as major factors in successful internationalization processes, as they are drivers for firms to attain a greater degree of specialization and to improve efficiency, for example enabling them to allocate scarce resources optimally and providing incentives for innovation and entrepreneurship. The present work aims to contribute to the literature on SMEs’ internationalization strategies. The sample is constituted by a panel data of marketing firms from the Andalusian food sector and a multivariate regression analysis is developed, measuring variables of co-opetition and international activity. The hierarchical regression equations method has been followed, thus resulting in three estimated models: the first one excluding the variables indicative of channel type, while the latter two include the international retailer chain and wholesaler variable. The findings show that the combination of several factors leads to a complex scenario of inter-organizational relationships of cooperation and competition. In supply chain management analyses, these relationships tend to be classified as either buyer-supplier (vertical level) or supplier-supplier relationships (horizontal level). Several buyers and suppliers tend to participate in supply chain networks, and in which the form of governance (hierarchical and non-hierarchical) influences cooperation and competition strategies. For instance, due to their market power and/or their closeness to the end consumer, some buyers (e.g. large retailers in food markets) can exert an influence on the selection and interaction of several of their intermediate suppliers, thus endowing certain networks in the supply chain with greater stability. This hierarchical influence may in turn allow these suppliers to develop their capabilities (e.g. specialization) to a greater extent. On the other hand, for those suppliers that are outside these networks, this environment of hierarchy, characterized by a “hub firm” or “channel master”, may provide an incentive for developing their co-opetition relationships. These results prove that the analyzed firms have experienced considerable growth in sales to new foreign markets, mainly in Europe, dealing with large retail chains and wholesalers as main buyers. This supply industry is predominantly made up of numerous SMEs, which has implied a certain disadvantage when dealing with the buyers, as negotiations have traditionally been held on an individual basis and in the face of high competition among suppliers. Over recent years, however, cooperation among these marketing firms has become more common, for example regarding R&D, promotion, scheduling of production and sales.

Keywords: co-petition networks, international supply chain, maketing agrifood firms, SMEs strategies

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Authors: Muhammad Tahir, Mushtaq Muhammad

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Capital structure is one of the key decisions taken by the financial managers. This study aims to investigate the factors influencing capital structure decision in Oil and Gas industry of Pakistan using secondary data from published annual reports of listed Oil and Gas Companies of Pakistan. This study covers the time-period from 2008-2014. Capital structure can be affected by profitability, firm size, growth opportunities, dividend payout, liquidity, business risk, and ownership structure. Panel data technique with Ordinary least square (OLS) regression model has been used to find the impact of set of explanatory variables on the capital structure using the Stata. OLS regression results suggest that dividend payout, firm size and government ownership have the most significant impact on financial leverage. Dividend payout and government ownership are found to have significant negative association with financial leverage however firm size indicated positive relationship with financial leverage. Other variables having significant link with financial leverage includes growth opportunities, liquidity and business risk. Results reveal significant positive association between growth opportunities and financial leverage whereas liquidity and business risk are negatively correlated with financial leverage. Profitability and managerial ownership exhibited insignificant relationship with financial leverage. This study contributes to existing Managerial Finance literature with certain managerial implications. Academically, this research study describes the factors affecting capital structure decision of Oil and Gas Companies in Pakistan and adds latest empirical evidence to existing financial literature in Pakistan. Researchers have studies capital structure in Pakistan in general and industry at specific, nevertheless still there is limited literature on this issue. This study will be an attempt to fill this gap in the academic literature. This study has practical implication on both firm level and individual investor/ lenders level. Results of this study can be useful for investors/ lenders in making investment and lending decisions. Further, results of this study can be useful for financial managers to frame optimal capital structure keeping in consideration the factors that can affect capital structure decision as revealed by this study. These results will help financial managers to decide whether to issue stock or issue debt for future investment projects.

Keywords: capital structure, multicollinearity, ordinary least square (OLS), panel data

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Authors: Mudawamah Mudawamah, Muhammad Z. Fadli, Gatot Ciptadi, Aulanni’am

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Canary breeders have spread throughout Indonesian regions for the low-middle society and become an income source for them. The interesting phenomenon of the canary market is the feather colours become one of determining factor for the price. The advantages of this research were contributed to the molecular database as a base of selection and mating for the Indonesia canary breeder. The research method was experiment with the genome obtained from canary blood isolation. The genome did the PCR amplification with PMEL marker followed by sequencing. Canaries were used 24 heads of light and dark colour feathers. Research data analyses used BioEdit and Network 4.6.0.0 software. The results showed that all samples were amplification with PMEL gene with 500 bp fragment length. In base sequence of 40 was found Cytosine(C) in the light colour canaries, while the dark colour canaries was obtained Thymine (T) in same base sequence. Sequence results had 286-415 bp fragment and 10 haplotypes. The conclusions were the PMEL gene (gene of white pigment) was likely to be used PMEL gene to detect molecular genetic variation of dark and light colour feather.

Keywords: canary, haplotype, PMEL, sequence

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Authors: Chun Pao Kuo, Chi Tong Lin

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The study explored atomization characteristics of tire pyrolysis fuel and its impacts on using three types of fuel: diesel oil mixed with 10% of tire pyrolysis fuel (called T10), diesel oil mixed with 20% tire pyrolysis (called T20), and consumer-grade diesel oil (D100). The investigators used the fuel for simulation and tests at various fuel injection timing, engine speed, and fuel injection speed to inspect impacts from fuel type on oil droplet atomization speed and output power. Actual vehicle tests were conducted using a 5-ton sedan (Hino) with 3660 cc displacement and a front-end inline four-cylinder diesel engine, and this type of vehicle is easily available from the market. A dynamometer was used to set up three engine speeds for the dynamometer testing at different injection timing and pressure. Next, an exhaust analyzer was used to measure exhaust pollution at different conditions to explore the effect of fuel types and injection speeds on output power in order to establish the best operation conditions for tire pyrolysis fuel.

Keywords: diesel engine, exhaust pollution, fuel injection timing, tire pyrolysis oil

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Authors: Johannes Gantner, Michael Held, Matthias Fischer

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The refurbishment of the building stock in terms of energy supply and efficiency is one of the major challenges of the German turnaround in energy policy. As the building sector accounts for 40% of Germany’s total energy demand, additional insulation is key for energy efficient refurbished buildings. Nevertheless the energetic benefits often the environmental and economic performances of insulation materials are questioned. The methods Life Cycle Assessment (LCA) as well as Life Cycle Costing (LCC) can form the standardized basis for answering this doubts and more and more become important for material producers due efforts such as Product Environmental Footprint (PEF) or Environmental Product Declarations (EPD). Due to increasing use of LCA and LCC information for decision support the robustness and resilience of the results become crucial especially for support of decision and policy makers. LCA and LCC results are based on respective models which depend on technical parameters like efficiencies, material and energy demand, product output, etc.. Nevertheless, the influence of parameter uncertainties on lifecycle results are usually not considered or just studied superficially. Anyhow the effect of parameter uncertainties cannot be neglected. Based on the example of an exterior wall the overall lifecycle results are varying by a magnitude of more than three. As a result simple best case worst case analyses used in practice are not sufficient. These analyses allow for a first rude view on the results but are not taking effects into account such as error propagation. Thereby LCA practitioners cannot provide further guidance for decision makers. Probabilistic analyses enable LCA practitioners to gain deeper understanding of the LCA and LCC results and provide a better decision support. Within this study, the environmental and economic impacts of an exterior wall system over its whole lifecycle are illustrated, and the effect of different uncertainty analysis on the interpretation in terms of resilience and robustness are shown. Hereby the approaches of error propagation and Monte Carlo Simulations are applied and combined with statistical methods in order to allow for a deeper understanding and interpretation. All in all this study emphasis the need for a deeper and more detailed probabilistic evaluation based on statistical methods. Just by this, misleading interpretations can be avoided, and the results can be used for resilient and robust decisions.

Keywords: uncertainty, life cycle assessment, life cycle costing, Monte Carlo simulation

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Authors: Melanie Schinnerl, Dorothea Greiling

Abstract:

In the context of the 2020 strategy, poverty and its fight returned to the center of national political efforts. This served as motivation for an Austrian research grant-funded project to focus on the under-researched local government level with the aim to identify municipal best-practice cases and to derive policy implications for Austria. Designing effective poverty reduction strategies is a complex challenge which calls for an integrated multi-actor in approach. Cities are increasingly confronted to combat poverty, even in rich EU-member states. By doing so cities face substantial demographic, cultural, economic and social challenges as well as changing welfare state regimes. Furthermore, there is a low willingness of (right-wing) governments to support the poor. Against this background, the research questions are: 1. How do local governments define poverty? 2. Who are the main risk groups and what are the most pressing problems when fighting urban poverty? 3. What is regarded as successful anti-poverty initiatives? 4. What is the underlying welfare state concept? To address the research questions a multi-method approach was chosen, consisting of a systematic literature analysis, a comprehensive document analysis, and expert interviews. For interpreting the data the project follows the qualitative-interpretive paradigm. Municipal approaches for reducing poverty are compared based on deductive, as well as inductive identified criteria. In addition to an intensive literature analysis, interviews (40) were conducted in Austria since the project started in March 2018. From the other countries, 14 responses have been collected, providing a first insight. Regarding the definition of poverty the EU SILC-definition as well as counting the persons who receive need-based minimum social benefits, the Austrian form of social welfare, are the predominant approaches in Austria. In addition to homeless people, single-parent families, un-skilled persons, long-term unemployed persons, migrants (first and second generation), refugees and families with at least 3 children were frequently mentioned. The most pressing challenges for Austrian cities are: expected reductions of social budgets, a great insecurity of the central government's social policy reform plans, the growing number of homeless people and a lack of affordable housing. Together with affordable housing, old-age poverty will gain more importance in the future. The Austrian best practice examples, suggested by interviewees, focused primarily on homeless, children and young people (till 25). Central government’s policy changes have already negative effects on programs for refugees and elderly unemployed. Social Housing in Vienna was frequently mentioned as an international best practice case, other growing cities can learn from. The results from Austria indicate a change towards the social investment state, which primarily focuses on children and labour market integration. The first insights from the other countries indicate that affordable housing and labor market integration are cross-cutting issues. Inherited poverty and old-age poverty seems to be more pressing outside Austria.

Keywords: anti-poverty policies, European cities, empirical study, social investment

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Authors: Panisa Harnpathananun

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This paper is 'Practical Experience Analysis' which aims to analyze critical obstacles hampering the growth of the functional milk industry and suggest recommendations to overcome those obstacles. Using the Sectoral Innovation System (SIS) along value chain analysis, it is found that restriction in regulation of milk disinfection process, difficulty of dairy entrepreneurs for health claim approval of functional food and beverage and lack of intermediary between entrepreneurs and certified units for certification of functional foods and milk are major causes that needed to be resolved. Consequently, policy recommendations are proposed to tackle the problems occurring throughout the value chain. For the upstream, a collaborative platform using the quadruple helix model is proposed in a pattern of effective dairy cooperatives. For the midstream, regulation issues of new process, extended shelf life (ESL) milk, or prolonged milk are necessary, which can be extended the global market opportunity. For the downstream, mechanism of intermediary between entrepreneurs and certified units can be assisted in certified process of functional milk, especially a process of 'health claim' approval.

Keywords: Thailand, functional milk, supply chain, quadruple helix, intermediary, functional food

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Authors: Roberto Cerchione, Emilio Esposito, Mario Raffa

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The relevance and the strategic importance of engineering skills in innovation and in the development of businesses and organizations push to investigate the role of the engineer in society today. In the twentieth century the emergence of a variety of technical and scientific knowledge has led to the rise of new areas of skills going from a "all-comprehensive" engineering to an engineering characterized by many specializations. Organizational and structural changes within companies and the emergence of an industrial society based on multiple interrelationships led to the transformation of engineering education. The objective of this work is to report main steps and many pioneering experiences, both national and international, that have led to establish a graduate degree program in Engineering Management and its subsequent evolution in Entrepreneurial Engineering. The first section of this article focuses on the origins and precursors of Engineering Management education. The second section concerns main Italian education programs. Then the attention is focused on the evolution of Engineering Management in Naples, on the intersectoral nature of this degree program, on the relationship with business community, associations, labor market, small businesses and environment. Finally, the discussion of recent years about the skills that characterize entrepreneurial engineer in society are presented.

Keywords: education, engineering management, entrepreunerial engineering, engineering skills, managerial skills, entrepreneurial skills

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Authors: O. D. A. N. Perera, H. G. Wanigasinghe

Abstract:

Tender jackfruit is an underutilized biomass, which still has a good consumer demand. Valorization of this ingredient into meat analog would obtain greater consumer acceptance due to concerns about health, the environment, and living sustainably of mankind have increased significantly in this decade, opening the market for meat substitutes. The objective of this research was to create a plant-based meat substitute with a structure similar to meat products. In this study, three different combinations of tender jackfruit were used to create vegan burger patties, which were then examined for their textural, physico-chemical, and sensory qualities. The developed burger patties have been compared with store-bought chicken patties. The developed vegan burger patties P1, P2, and P3 had a comparable flavor preference to the control and demonstrated considerable general acceptability (p >.05). P3 has a high quantity of protein (17.10 ± 0.02%) and fiber (6.40 ± 0.06%). At the same time, the vegan burger patty resulted in less fat, high fiber, and high protein which meets the vegan consumer requirements.

Keywords: underutilized, high fibre, soya protein isolate, cooking yield

Procedia PDF Downloads 65