Search results for: financial sustainability

Authors: Katharina Schuck

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For a long time, luxury hotels devoted little effort to sustainability, and also scientists were fairly attracted to this subject. While some luxury hotels are now increasingly showing engagement in sustainability, the extent of their commitment varies greatly, which makes the whole industry quite intransparent when it comes to sustainable practices. In general, each hotel companyand each individual hotel can decide for themselves to what extent they commit to sustainability as long as there are no legally prescribed minimum requirements in the respective countries. Despite pleading and compelling calls from industry experts and representatives of relevant sustainability institutions, this is still reality – although climate change and environmental disasters as well as poor treatment of workers and the local population are also issues in progressive and hotel-dense European cities. This paper therefore deals with the question which sustainability activities (environmental and social) have been established by European luxury hotels so far and to what extent these activities are rather a way to differentiate in the market or are simply evaluated as part of a necessary adaptation of the luxury hotel industry. For this purpose, interviews were conducted with both industry experts and hotel representatives in order to obtain a diverse picture of the current status. The studyrevealed that a clear agenda is missing so far, which takes luxury hotels by the handand supports them in the process towards more sustainable hotel management. While a large part of the luxury hotels addressed have already established initiatives and activities regarding sustainability, they are extremely diverse, and range from recyclable toiletries use to comprehensive concepts for energy generation. The study's findings provide insights for both practitioners who seek to implement sustainability in a luxury hotel setting as well as offer an extension of the existing research base on sustainability in hospitality.

Keywords: luxury hospitality, qualitative research methods, sustainability, sustainable hotels

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Authors: Yousra Zakaria Ahmed, Ahmed El Gendy, Salah El Haggar

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In this paper, our methodology to assess sustainability of wastewater treatment technologies in Egypt is presented. The preliminary list of factors to be considered, as well as their ranking listed. The factors include, but are not limited to pollutants removal efficiency and energy consumption under the environmental dimension, construction cost, operation and maintenance costs and required land area cost under the economic dimension and public acceptance, noise and generating job opportunities for local residents. This methodology is intended to be a user-friendly screening tool to support the decision making process when investigating different wastewater treatment technologies in Egypt. Based on the research work results presented in this paper, it can be generally concluded that the categorization of some of the social and environmental aspects of sustainability is subjective and highly dependent on the local conditions and researchers’ background.

Keywords: sustainability, wastewater treatment, sustainability assessment, Egypt

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Authors: Fahad Ahmed Qureshi

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There were abundant renowned financial markets in Pre-Islamic Arabs. Most of those were patterned and settled during pre-particularized sunshine. Those markets were classified either as vernacular markets helping the neighboring clans, or habitual markets that people sojourned to from all articulations of the Arabian Peninsula, such as Okaz near Mecca. Some of those markets had leading significance due to their geographical positions, such as Prime market of Eden, because of their entanglement in international trade i.e. with the markets of Sub-Continent, Abyssinia, Persia and China. Other markets such as Market of Yamamah annex its gist from being situated on the caravan crossroads. Islamic worldview and Islamic epistemology base of Financial Market’s realistic theory, pragmatic model and operative approach is moderately constrained in terms of its growth. The existent situation only parasol the form of accommodative-modification and splendid-methodologies, which due to depleted and decorous endeavor in explaining Islamic financial market theoretically. This is the demand of time that particular studies should be conduct to magnify the devours in developing theoretical framework for Islamic Financial Market.

Keywords: Islam, financial market, history, research, product development

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Authors: Adedayo Jeremiah Adeyekun, Samuel Oluwagbemiga Ishola

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This paper aimed to identify the significance of sustainability in the built environment, the economic and environmental importance to building and construction projects. Sustainability in the built environment has been a key objective of research over the past several decades. Sustainability in the built environment requires reconciliation between economic, environmental and social impacts of design and planning decisions made during the life cycle of a project from inception to termination. Planning for sustainability in the built environment needs us to go beyond our individual disciplines to consider the variety of economic, social and environmental impacts of our decisions in the long term. A decision to build a green residential development in an isolated location may pass some of the test of sustainability through its reduction in stormwater runoff, energy efficiency, and ecological sustainability in the building, but it may fail to be sustainable from a transportation perspective. Sustainability is important to the planning, design, construction, and preservation of the built environment; because it helps these activities reflect multiple values and considerations. In fact, the arts and sciences of the built environment have traditionally integrated values and fostered creative expression, capabilities that can and should lead the sustainability movement as society seeks ways to live in dynamic balance with its own diverse needs and the natural world. This research aimed to capture the state-of-the-art in the development of innovative sustainable design and planning strategies for building and construction projects. Therefore, there is a need for a holistic selection and implication approach for identifying potential sustainable strategies applicable to a particular project and evaluating the overall life cycle impact of each alternative by accounting for different applicable impacts and making the final selection among various viable alternatives.

Keywords: sustainability, built environment, planning, design, construction

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Authors: Krishna Prasad Sharma

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Nepal’s financial sector has become deeper and wider, and the number and types of financial intermediaries have grown rapidly over the past two decades. However, access to financial services remains limited for many people in many parts of rural Nepal. While financial institutions have been expanding rapidly in an urban area in recent years, the access to the rural poor is excessively inadequate due to financial illiteracy and limited numbers of financial institutions that confined only to the district headquarters. Based on the focus group discussion, semi-structured interview of key people and literature review, this paper aims to examine the supply of and demand for financial services in Nepal and the constraints to increasing access to them, and offers way forward for making the financial sector work for all of Nepal’s people, especially the rural poor. While Nepal’s government has tried to increase access to formal financial services for small businesses and low-income households through directed lending programs for small businesses and low-income households, created specialized wholesale and retail institutions, and lowered market entry requirements, formal financial services are declining, and financial intermediation is stagnating. Supply and demand indicators show that, despite government efforts, formal financial institutions do not serve the needs of most of the Nepalese population. While access to and use of formal financial services are limited, in general, the problem is acute for small businesses and low-income households. Indeed, both access and use are closely correlated with business loan size and household income. This study concludes that banks and microfinance institutions with the use of mobile phones can connect hundreds of millions of unbanked and low-income people, especially rural poor to financial services at low costs. While there are many challenges ahead in expanding the service to rural areas, the mobile financial services will be beneficial that makes payments faster and cheaper, more convenient and accessible to a greater number of senders and recipients in rural areas. In rural areas, clients will benefit from money transfer and other mobile and online services.

Keywords: financial inclusion, financial enabling environment, microfinance, branchless banking, rural poor

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Authors: Lemuel David

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The importance of the Micro, Small, and Medium Enterprises sector is well recognized for its legitimate contribution to the Macroeconomic objectives of the Republic of Liberia, like generation of employment, input t, exports, and enhancing entrepreneurship. Right now, Medium and Small enterprises accounts for about 99 percent of the industrial units in the country, contributing 60 percent of the manufacturing sector output and approximately one-third of the nation’s exports. The role of various financial institutions like ECO bank and Non-financial Institutions like Bearch Limited support promoting the growth of Micro, Small, and Medium Enterprises is unique. A small enterprise or entrepreneur gets many types of assistance from different institutions for varied purposes in the course of his entrepreneurial journey. This paper focuses on the factors related to financial institutional support and non-financial institutional support entrepreneurs to the growth of Medium and Small enterprises in the Republic of Liberia. The significance of this paper is to support Policy and Institutional Support for Medium and Small enterprises to know the views of entrepreneurs about financial and non-financial support systems in the Republic of Liberia. This study was carried out through a survey method, with the use of questionnaires. The population for this study consisted of all registered Medium and Small enterprises which have been registered during the years 2004-2014 in the republic of Liberia. The sampling method employed for this study was a simple random technique and determined a sample size of 400. Data for the study was collected using a standard questionnaire. The questionnaire consisted of two parts: the first part consisted of questions on the profile of the respondents. The second part covers (1) financial, promotional factors and (2) non-financial promotional factors. The results of the study are based on financial and non-financial supporting activities provided by institutions to Medium and Small enterprises. After investigation, it has been found that there is no difference in the support given by Financial Institutions and non-financial Institutions. Entrepreneurs perceived “collateral-free schemes and physical infrastructure support factors are highest contributing to entry and growth of Medium and Small enterprises.

Keywords: micro, small, and medium enterprises financial institutions, entrepreneurship

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Authors: Radhakumari Challa

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In India the commercial banks have taken the initiative of visiting the villages and helping the villagers open the no-frill accounts as part of the mission towards achieving the total financial inclusion. As an extension to the first phase of the study conducted a year back which revealed that the required awareness that the no-frill accounts creation is the initiative of the government to transfer either the financial assistance or other benefits of economic development directly was lacking among the villagers, the present study is undertaken to review the change in perceptions of beneficiaries in villages over a year period. The study reveals that that there is increase in the awareness among villagers regarding the purpose for which no-frills accounts are opened, about the method of operating these accounts. Awareness about their right for accessing all the financial services is also found to be on the rise.

Keywords: business correspondence, financial inclusion no-frill account, percolation

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

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

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

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Authors: Fuchun Li, Hong Xiao

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We propose a new early warning model for predicting financial stress events for a given future time. In this model, we examine whether credit conditions play an important role as a nonlinear propagator of shocks when predicting the likelihood of occurrence of financial stress events for a given future time. This propagation takes the form of a threshold regression in which a regime change occurs if credit conditions cross a critical threshold. Given the new early warning model for financial stress events, we evaluate the performance of this model and currently available alternatives, such as the model from signal extraction approach, and linear regression model. In-sample forecasting results indicate that the three types of models are useful tools for predicting financial stress events while none of them outperforms others across all criteria considered. The out-of-sample forecasting results suggest that the credit-regime switching model performs better than the two others across all criteria and all forecasting horizons considered.

Keywords: cut-off probability, early warning model, financial crisis, financial stress, regime-switching model, forecasting horizons

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Authors: Wanlapha Phraibueng, Patrick Sentis, Geraldine Riviere-Giordano

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Corporate Social Responsibility (CSR) initiatives have been widely discussed especially in investor-oriented firms. In contrast, cooperatives pay less attention to CSR because their activities have integrated the responsibility and the solidity of social, economic and environment. On the other hand, by adopting ownership theory and agency theory – cooperatives ignore CSR investment due to unclarified decision control in the governance and the limitation to acquire the capital financed. The unique governance and financial structures in cooperatives lead to the conflict among the stakeholders and long-term investment which have an impact on firm financial performance. As an illustration of cooperatives dilemmas, we address the question of Whether or not cooperatives in term of governance and financial structures are the constraints on implementing CSR policies. We find that the governance and financial structures in large cooperatives are the influence factors which predispose cooperatives to invest on CSR. In contrast, in the startup or small cooperatives, its governance and financial structures are the constraints on implementing CSR policies. We propose the alternative financial structure based on the trade-off between debt and equity which aims to relax the restrictions in cooperatives’ governance and allow cooperatives to acquire the capital financed either from its members or non-members. We suggest that engaging equity as a financial structure induces cooperatives to invest on CSR policies. Alternative financial structure eliminates not only cooperative ownership control problem but also the constraints in capital acquisition. By implementing CSR activities consistent with the alternative financial choice, cooperatives can increase firm’s value and reduce the conflict among their stakeholders.

Keywords: cooperatives, corporate social responsibility, financial, governance

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Authors: Haitam Emhemad, Brian Agnew, David Greenwood

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Amongst the many priorities facing Libya following the 2011 uprising is the provision of a transport infrastructure that will meet the nation’s needs and not undermine its prospects for economic prosperity as with many developing economies non-technical issues such as management, planning and financing are the major barriers to the efficient and effective provision of transport infrastructure. This is particularly true in the case of the effective incorporation of sustainability criteria, and the research upon which this paper is based involves the examination of alternative ways of approaching this problem. It is probably fair to say that criteria that relate to sustainability have not, historically, featured strongly in Libya’s approach to the development of its transport infrastructure. However, the current reappraisal of how best to redevelop the country’s transport infrastructure that has been afforded by recent events may offer the opportunity to alter this. The research examines recent case studies from a number of countries to explore ways in which sustainability has been included as a criterion for planning and procurement decisions. There will also be an in-depth investigation into the Libyan planning and legislative context to examine the feasibility of the introduction of such sustainability criteria into the process of planning and procurement of Libya’s transport infrastructure.

Keywords: Libya reconstruction, sustainability criteria, transport infrastructure, public transport

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Authors: Azar Baghtaghi

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Financial risk management is critically important as it enables companies to maintain stability and profitability amidst market fluctuations and unexpected events. It involves the precise identification of risks that could impact investments, assets, and potential revenues. By implementing effective risk management strategies, companies can insure themselves against adverse market changes and prevent potential losses. In today's era, where markets are highly complex and influenced by various factors such as macroeconomic policies, exchange rate fluctuations, and natural disasters, the need for meticulous planning to cope with these uncertainties is more pronounced. Ultimately, financial risk management means being prepared for the future and the ability to sustain business in changing environments. A company capable of managing its risks not only achieves sustainable profitability but also gains the confidence of shareholders, investors, and business partners, enhancing its competitive position in the market. In this article, the types of financial risk and risk management strategies for improving financial performance were investigated. By identifying the risks stated in this article and their evaluation techniques, it is possible to improve the organization's financial performance.

Keywords: strategy, risk, risk management, financial performance.

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Authors: Abhimanyu Behera

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Over the past few years, energy security and sustainable development have moved rapidly into the global agenda. There are two main reasons: first, the impact of high and often volatile energy prices; second, concerns over environmental sustainability particularly about the global climate. Both issues are critically important in which impressive economic growth has boosted the demand for energy and put corresponding strains on the environment. Energy security is a broad concept that focuses on energy availability and pricing. Specifically, it refers to the ability of the energy supply system i.e. suppliers, transporters, distributors and regulatory, financial and R&D institutions to deliver the amount of competitively priced energy that customers demand, within accepted standards of reliability, timeliness, quality, safety. Traditionally, energy security has been defined in the context of the geopolitical risks to external oil supplies but today it is encompassing all energy forms, all the external and internal links bringing the energy to the final consumer, and all the many ways energy supplies can be disrupted including equipment malfunctions, system design flaws, operator errors, malicious computer activities, deficient market and regulatory frameworks, corporate financial problems, labour actions, severe weather and natural events, aggressive acts (e.g. war, terrorism and sabotage), and geopolitical disruptions. In practice, the most challenging disruptions are those linked to: 1) extreme weather events; 2) mismatched electricity supply and demand; 3) regulatory failures; and 4) concentration of oil and gas resources in certain regions of the world. However, insecure energy supplies inhibit development by raising energy costs and imposing expensive cuts in services when disruptions actually occur. The energy supply sector can best advance sustainable development by producing and delivering secure and environmentally-friendly sources of energy and by increasing the efficiency of energy use. With this objective, this paper seeks to highlight the significance of energy security and sustainable development in today’s world. Moreover, it critically overhauls the major challenges towards sustainability of energy security and what are the major policies are taken to overcome these challenges by Government is lucidly explicated in this paper.

Keywords: energy, policies, security, sustainability

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Authors: Malik Shahzad Shabbir, Muhammad Saarim Ghazi, Amir Khalil ur Rehman

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This study examines the factors which influence and contribute towards the financial viability of Islamic finance and its impact on global financial stability. However, the purpose of this paper is to differentiate the practical implications of both Islamic and conventional finance on global financial stability. The Islamic finance is asset backed financing which creates wealth through trade, commerce and believes in risk and return sharing. Islamic banking is asset driven as against to conventional banking which is liability driven. In order to introduce new financial products for market, financial innovation in Islamic finance must be within the Shari’ah parameters that are tested against the ‘Maqasid al-Shari’ah’. Interest-based system leads to income and wealth inequalities and mis-allocation of resources. Moreover, this system has absence of just and equitable aspect of distribution that may exploit either the debt holder or the financier. Such implications are reached to a tipping point that leaves only one choice: change or face continued decline and misery.

Keywords: viability, global financial stability, practical implications, asset driven, tipping point

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Authors: Olga Blasco-Blasco, Vicente Liern

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The development of tourism since the mid-20th century has raised problems of overcrowding, indiscriminate construction in seaside areas and gentrification. Increasingly, the World Tourism Organisation and public institutions are promoting policies that encourage sustainability. From the perspective of sustainability, three types of tourism can be established: traditional tourism, sustainable tourism and sustainable impact tourism. Measuring sustainability is complex due to its multiple dimensions of different relative importance and diversity in nature. In order to try to answer this problem and to identify the benefits of applying policies that promote sustainable tourism, a decision-making analysis will be carried out through the application of a multicriteria analysis method. The proposal is applied to hotel reservations and to the evaluation and management of tourism sustainability in the Spanish Autonomous Communities.

Keywords: sustainable tourism, multicriteria analysis, flexible optimization, composite indicators

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Authors: Razak Rahmat, Azizah Ahmad, Rafidah Razak, Roshidi Din, Azizi Abas

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Telecenter is a place where communities can access computers, the Internet, and other digital technologies to enable them to gather information, create, learn, and communicate with others. However, previous studies found that sustainability issues related to economic, political and institutional, social and technology is one of the major problem faced by the telecenter. Based on that problem, this research is planning to design a possible solution on rural telecenters sustainability with the support of business intelligence (BI). The empirical study will be conducted through the qualitative and quantitative method including interviews and observations with a range of stakeholders including ministry officers, telecenters managers and operators. Result from the data collection will be analyze using the causal modeling approach of SEM SmartPLS for the validity. The expected finding from this research is the Business Intelligent Requirement Model as a guild for sustainability of the rural telecenters.

Keywords: Rural ICT Telecenter(RICTT), business intelligence, sustainability, requirement analysis modal

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Authors: Muhammad Umar Kibiya

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The study aims to examine whether regulatory changes have an impact on the financial reporting quality of Microfinance Banks in Nigeria. The research employed a panel data analysis technique, using data from 2018 to 2022. The sample includes 72 microfinance banks, using regression analyses to examine the relationship between variables. The findings indicate that Board Chairmanship has a positive and significant effect on financial reporting quality. It also reveals that share ownership has a negative and significant impact on financial reporting quality. The results suggest that regulatory changes have a positive and significant influence on financial reporting quality. Thus, findings have important implications for microfinance banks in Nigeria. It suggests that having a strong and competent board chairperson can enhance financial reporting quality, leading to more transparent and reliable information for stakeholders. Furthermore, the study highlights the importance of regulatory changes in improving financial reporting practices in the microfinance banking sector. The study contributes to the extant literature by providing empirical evidence on the relationship between board chairmanship, share ownership, financial reporting quality, and regulatory changes in microfinance banks. It further supports the concept that governance mechanisms and regulatory reforms play a crucial role in ensuring transparency and accountability within the microfinance banking sector. It recommends that microfinance banks should appoint experienced and qualified individuals as board chairpersons to enhance financial reporting quality. Furthermore, policymakers and regulatory authorities should continue to implement and enforce regulations that promote transparent financial reporting practices in microfinance banks.

Keywords: board chairman, share ownership, financial reporting quality, microfinance, regulatory changes

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Authors: Anchal Gupta

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Amid the escalating digitalization and deployment of cross-border technological solutions, a significant portion of the industry and regulatory bodies have begun to pose queries concerning the formulation, computation, and contemplation of concentration risk. In the financial sector, well-established parameters exist for gauging the concentration of a portfolio and similar elements. However, a unified framework appears to be absent, which could guide industry and regulators pertaining to non-financial concentration risk. This paper introduces a framework, constructed on the foundation of multiple regulations where regulators are advocating for licensed corporations to evaluate their concentration risk. The lacuna lies in the fact that, while regulators delineate what constitutes concentration risk, unlike other domains, no guidelines are provided that could assist firms. This frequently results in ambiguity and individual corporate interpretation, which, from a risk management standpoint, is less than ideal.

Keywords: concentration risk, non-financial risk, government regulation, financial regulation, non-market risk, MAS, DORA, EDSP, SFC

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Authors: Chema Segovia, Pau Díaz-Solano, Tony Ramos Murphy

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The PALIMPSEST project, funded by Horizon 2020 and associated with the New European Bauhaus, aims to revitalize sustainability practices in heritage landscapes through co-creation processes led by creative agents. Specifically, PALIMPSEST focuses on the pivotal roles of architecture, design, and art in addressing sustainability challenges. The project aims to demonstrate that these creative disciplines can generate a distinctive kind of value while addressing environmental needs, enhancing societal engagement, supporting foresighting activities, and increasing awareness. In the summer of 2023, Palimpsest launched an open call to select the teams that will lead the development of three creativity-based sustainability processes in three different pilot cities: Jerez de la Frontera (Spain), Lodz (Poland), and Milan (Italy). The call received 141 applications. Through a survey conducted among the candidates and an in-depth analysis of their proposals, we assessed the level of engagement that European creative agents have in tackling sustainability challenges, as well as their alignment with the principles advocated by the New European Bauhaus.

Keywords: arts, architecture, co-creation, design, new European Bauhaus, sustainability

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Authors: Badri Gechbaia

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Adaptive management as a fundamental element of the concept of the assurance of economy`s sustainability to the economic security of the system-synergetic type has been considered. It has been proved that the adaptive sustainable development is a transitional phase from the extensive one and later on from the rapid growth to the sustainable development. It has been determined that the adaptive system of the strategic assurance of the sustainability of the economy to the economic security threats is formed on the principles of the domination in its complex of the subsystems with weightier adaptive characteristics that negate the destructive influence of external and internal environmental factors on the sustainability of the national economy.

Keywords: adaptive management, adaptive properties, economic security, strategic assurance

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Authors: K. Matušínská, H. Starzyczná, M. Stoklasa

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The paper deals with behaviour of the segment 50+ in the financial market in the Czech Republic. This segment could be said as the strong market power and it can be a crucial business potential for financial business units. The main defined objective of this paper is analysis of the customers´ behaviour of the segment 50-60 years in the financial market in the Czech Republic and proposal making of the suitable marketing approach to satisfy their demands in the area of product, price, distribution and marketing communication policy. This paper is based on data from one part of primary marketing research. Paper determinates the basic problem areas as well as definition of financial services marketing, defining the primary research problem, hypothesis and primary research methodology. Finally suitable marketing approach to selected sub-segment at age of 50-60 years is proposed according to marketing research findings.

Keywords: population aging in the Czech Republic, segment 50-60 years, financial services marketing, marketing research, marketing approach

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Authors: Samba Lamine Cisse, Cheick Oumar Tangara, Seynabou Sissoko, Mahamadou Diakite, Seydou Doumbia

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Background: Financial management of a scientific research center is a crucial element in achieving ambitious scientific goals. It can be a driving force for research success, but it also has shortcomings that are important to understand. This study focuses on the crucial aspects of financial management in the context of scientific research centers, more specifically the USTTB (UCRC) in Mali in terms of strengths and weaknesses. Methodology: This study concerns the case of the UCRC, one of the USTTB's research centers. It is a qualitative study based on years of experience in project management at the USTTB, and on analyses and interpretations of everyday activities. Result: It offers practical recommendations for improving the financial stability of research institutions, thereby contributing to their mission of promoting scientific research and innovation. Scientific research centers play a crucial role in the development of knowledge, and their effective operation largely depends on the appropriate management of their financial resources. It begins with an in-depth analysis of UCRC's typical financial structure, highlighting its types and sources of funding, followed by an analysis of the strengths and weaknesses of its current financial management system. Conclusion: Financial management of a scientific research center is essential to ensure the continuity of research activities, the development of innovative projects and the achievement of scientific objectives. Adaptive financial management focused on efficiency, diversification of funding and risk control. They are essential to meeting these challenges and fostering excellence in scientific research.

Keywords: financial, management, strengths, weaknesses, recommendations

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Authors: Aristeidis Samitas, Evangelos Vasileiou

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The aim of this study is to examine the month and the trading month effect under changing financial trends. We choose the Greek stock market to implement our assumption because there are clear and long term periods of financial growth and recession. Daily financial data from Athens Exchange General Index for the period 2002-2012 are considered. The paper employs several linear and non-linear models, although the TGARCH asymmetry model best fits in this sample and for this reason we mainly present the TGARCH results. Empirical results show that changing economic and financial conditions influences the calendar effects. Especially, the trading month effect totally changes in each fortnight according to the financial trend. On the other hand, in Greece the January effect exists during the growth periods, although it does not exist when the financial trend changes. The findings are helpful to anybody who invest and deals with the Greek stock market. Moreover, they may pave the way for an alternative calendar anomalies research approach, so it may be useful to investors who take into account these anomalies when they draw their investment strategy.

Keywords: month effect, trading month effect, economic cycles, crisis

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Authors: A. M. Ferrari, L. Volpi, M. Pini, C. Siligardi, F. E. Garcia Muina, D. Settembre Blundo

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A long tradition in the ceramic manufacturing since the 18th century, primarily due to the availability of raw materials and an efficient transport system, let to the birth and development of the Italian ceramic tiles district that nowadays represents a reference point for this sector even at global level. This economic growth has been coupled to attention towards environmental sustainability issues throughout various initiatives undertaken over the years at the level of the production sector, such as certification activities and sustainability policies. In this way, starting from an evaluation of the sustainability in all its aspects, the present work aims to develop a benchmarking helping both producers and consumers. In the present study, throughout the Life Cycle Sustainability Assessment (LCSA) framework, the sustainability has been assessed in all its dimensions: environmental with the Life Cycle Assessment (LCA), economic with the Life Cycle Costing (LCC) and social with the Social Life Cycle Assessment (S-LCA). The annual district production of stoneware tiles during the 2016 reference year has been taken as reference flow for all the three assessments, and the system boundaries cover the entire life cycle of the tiles, except for the LCC for which only the production costs have been considered at the moment. In addition, a preliminary method for the evaluation of local and indoor emissions has been introduced in order to assess the impact due to atmospheric emissions on both people living in the area surrounding the factories and workers. The Life Cycle Assessment results, obtained from IMPACT 2002+ modified assessment method, highlight that the manufacturing process is responsible for the main impact, especially because of atmospheric emissions at a local scale, followed by the distribution to end users, the installation and the ordinary maintenance of the tiles. With regard to the economic evaluation, both the internal and external costs have been considered. For the LCC, primary data from the analysis of the financial statements of Italian ceramic companies show that the higher cost items refer to expenses for goods and services and costs of human resources. The analysis of externalities with the EPS 2015dx method attributes the main damages to the distribution and installation of the tiles. The social dimension has been investigated with a preliminary approach by using the Social Hotspots Database, and the results indicate that the most affected damage categories are health and safety and labor rights and decent work. This study shows the potential of the LCSA framework applied to an industrial sector; in particular, it can be a useful tool for building a comprehensive benchmark for the sustainability of the ceramic industry, and it can help companies to actively integrate sustainability principles into their business models.

Keywords: benchmarking, Italian ceramic industry, life cycle sustainability assessment, porcelain stoneware tiles

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Authors: A. W. Chalmers, O. M. van den Broek

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This article examines the relationship between the global financial crisis and corporate social responsibility activities of financial services firms. It challenges the general consensus in existing studies that firms, when faced with economic hardship, tend to jettison CSR commitments. Instead, and building on recent insights into the institutional determinants of CSR, it is argued that firms are constrained in their ability to abandon CSR by the extent to which they are subject to intense public scrutiny by regulators and the news media. This argument is tested in the context of the European sovereign debt crisis drawing on a unique dataset of 170 firms in 15 different countries over a six-year period. Controlling for a battery of alternative explanations and comparing financial service providers to firms operating in other economic sectors, results indicate considerable evidence supporting the main argument. Rather than abandoning CSR during times of economic hardship, financial industry firms ramp up their CSR commitments in order to manage their public image and foster public trust in light of intense public scrutiny.

Keywords: corporate social responsibility (CSR), public scrutiny, global financial crisis, financial services firms

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Authors: Bi-Huei Tsai

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Previous studies on financial distress prediction choose the conventional failing and non-failing dichotomy; however, the distressed extent differs substantially among different financial distress events. To solve the problem, “non-distressed”, “slightly-distressed” and “reorganization and bankruptcy” are used in our article to approximate the continuum of corporate financial health. This paper explains different financial distress events using the two-stage method. First, this investigation adopts firm-specific financial ratios, corporate governance and market factors to measure the probability of various financial distress events based on multinomial logit models. Specifically, the bootstrapping simulation is performed to examine the difference of estimated misclassifying cost (EMC). Second, this work further applies macroeconomic factors to establish the credit cycle index and determines the distressed cut-off indicator of the two-stage models using such index. Two different models, one-stage and two-stage prediction models, are developed to forecast financial distress, and the results acquired from different models are compared with each other, and with the collected data. The findings show that the two-stage model incorporating financial ratios, corporate governance and market factors has the lowest misclassification error rate. The two-stage model is more accurate than the one-stage model as its distressed cut-off indicators are adjusted according to the macroeconomic-based credit cycle index.

Keywords: Multinomial logit model, corporate governance, company failure, reorganization, bankruptcy

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

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

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

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Authors: Josip Dorigatti, Tina Perić, Gorana Jelić Mrčelić

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This paper makes a review of present researches on sustainable development, sustainable maritime transport and presents the problem of sustainability in the cruise ships industry. It deals with cruise ships' routing in coastal navigation and its impact on sustainability from environmental, economical, and social aspects. A review of researches available on maritime sustainability brings to the attention how sustainability from a maritime transport perspective is still not enough analysed and researched as it is the case in other industries. The paper emphasises how the operational part of the cruising industry, in particular cruise ships routing in coastal navigation, is not yet researched nor analysed from the aspect of sustainability. The author, based on his extensive senior officer experience in the cruising industry, makes an overview of cruise ship routing practice. Accordingly, based on present cruise industry trends, challenges are highlighted from the aspect of sustainable cruise ships routing in coastal navigation.

Keywords: sustainable development, maritime transport, cruise shipping, cruise ship routes, coastal navigation

Procedia PDF Downloads 173

Authors: Flex Anim

Abstract:

The financial system is a decentralized studies system that was put into place in Ghana as a grassroots financial studies approach. Its main goal is to give people the precise knowledge, abilities, and training required for a given trade, business, profession, or occupation. In this essay, the question of how the financial studies system's devolution to local businesses results in responsible and responsive representation as well as long-term company learning is raised. It centers on two case studies, Asekwa Municipal and Oforikrom. The next question posed by the study is how senior high school students are rebuilding their livelihoods and socioeconomic well-being by creating new curriculum and social practices related to the finance and business studies system. The paper here concentrates on Kumasi District and makes inferences for the other two examples. The paper demonstrates how the financial studies system's establishment of representative groups creates the democratic space required for the successful representation of community goals. Nonetheless, the interests of a privileged few are advanced as a result of elite capture. The state's financial and business training programs do not adhere to the financial studies system's established policy procedures and do not transfer pertinent and discretionary resources to local educators. As a result, local educators are unable to encourage representation that is accountable and responsive. The financial studies system continues to pique the interest of rural areas, but this desire is skewed toward getting access to financial or business training institutions for higher education. Since the locals are not actively involved in financial education, the financial studies system serves just to advance the interests of specific populations. This article explains how rhetoric and personal benefits can be supported by the public even in the case of "failed" interventions.

Keywords: financial studies system, financial studies' devolution, local government, senior high schools and financial education, as well as community goals and representation

Procedia PDF Downloads 75

Authors: G. L. Rithika, Arvind B. S., Akash R., Ananda Vinayak, Hema M. S.

Abstract:

Cryptocurrencies were first launched in the year 2009 and have been a great asset to own. Cryptocurrencies are a representation of a completely distinct decentralization model for money. They also contribute to the elimination of currency monopolies and the liberation of money from control. The fact that no government agency can determine a coin's value or flow is what cryptocurrency advocates believe makes them safe and secure. The aim of this paper is to analyze the economic implications of cryptocurrency and how it would disrupt traditional financial systems. This paper analyses the growth of Cryptocurrency over the years and the potential threats of cryptocurrency to financial systems. Our analysis shows that although the DeFi design, like the traditional financial system, may have the ability to lower transaction costs, there are multiple layers where rents might build up because of endogenous competition limitations. The permissionless and anonymous design of DeFi poses issues for ensuring tax compliance, anti-money laundering laws and regulations, and preventing financial misconduct.

Keywords: cryptocurrencies, bitcoin, blockchain technology, traditional financial systems, decentralisation, regulatory framework

Procedia PDF Downloads 52