Search results for: firm specific characteristics

Authors: M. V. Shivaani, P. K. Jain, Surendra S. Yadav

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Public Sector Undertakings (PSUs), being government-owned organizations have commitments for the economic and social wellbeing of the society; this commitment needs to be reflected in their risk-taking, decision-making and governance structures. Therefore, the primary objective of the study is to suggest measures that may lead to improvement in performance of PSUs. To achieve this objective two normative frameworks (one relating to risk levels and other relating to governance structure) are being put forth. The risk index is based on nine risks, such as, solvency risk, liquidity risk, accounting risk, etc. and each of the risks have been scored on a scale of 1 to 5. The governance index is based on eleven variables, such as, board independence, diversity, risk management committee, etc. Each of them are scored on a scale of 1 to five. The sample consists of 39 PSUs that featured in Nifty 500 index and, the study covers a 10 year period from April 1, 2005 to March, 31, 2015. Return on assets (ROA) and return on equity (ROE) have been used as proxies of firm performance. The control variables used in the model include, age of firm, growth rate of firm and size of firm. A dummy variable has also been used to factor in the effects of recession. Given the panel nature of data and possibility of endogeneity, dynamic panel data- generalized method of moments (Diff-GMM) regression has been used. It is worth noting that the corporate governance index is positively related to both ROA and ROE, indicating that with the improvement in governance structure, PSUs tend to perform better. Considering the components of CGI, it may be suggested that (i). PSUs ensure adequate representation of women on Board, (ii). appoint a Chief Risk Officer, and (iii). constitute a risk management committee. The results also indicate that there is a negative association between risk index and returns. These results not only validate the framework used to develop the risk index but also provide a yardstick to PSUs benchmark their risk-taking if they want to maximize their ROA and ROE. While constructing the CGI, certain non-compliances were observed, even in terms of mandatory requirements, such as, proportion of independent directors. Such infringements call for stringent penal provisions and better monitoring of PSUs. Further, if the Securities and Exchange Board of India (SEBI) and Ministry of Corporate Affairs (MCA) bring about such reforms in the PSUs and make mandatory the adherence to the normative frameworks put forth in the study, PSUs may have more effective and efficient decision-making, lower risks and hassle free management; all these ultimately leading to better ROA and ROE.

Keywords: PSU, risk governance, diff-GMM, firm performance, the risk index

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Authors: Murtuza Ali Lakhani, Michelle Marquard

Abstract:

Given the paradoxical nature of innovation, we propose that leaders of innovation-centered organizations need certain specific qualities focused on developing higher-order structures, fostering self-organization, and nurturing constructive dissonance and conciliation. Keeping in view the prolific literature on leadership and innovation, we carry out a quantitative study with data collected over a five-year period involving 31 leaders and 209 observers (direct reports, peers, and managers) from across five companies based in the United States. Rather than accepting, as some scholars and practitioners do, that leadership is all-encompassing, we argue that it is specific to a given context, e.g., innovation. We find that leadership is the locus of innovation and that leaders able to effectively lead the innovation agenda demonstrate five specific behaviors and characteristics, namely stewardship, communication, empowerment, creativity, and vision. We demonstrate that the alignment (or misalignment) between a leader’s “self view” and “other view” is a tell-tale sign of whether (or not) the leader’s organization will succeed at innovation. We propose a scale, iLeadership, and test it psychometrically for assessment of leaders and organizational units charged with innovation.

Keywords: innovation, leadership, innovation leadership, knowledge creation

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Authors: Nataša Šarlija, Sanja Pfeifer

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This study analyzes the innovative orientation of the Croatian entrepreneurs. Innovative orientation is represented by the perceived extent to which an entrepreneur’s product or service or technology is new, and no other businesses offer the same product. The sample is extracted from the GEM Croatia Adult Population Survey dataset for the years 2003-2013. We apply descriptive statistics, t-test, Chi-square test and logistic regression. Findings indicate that innovative orientations vary with personal, firm, meso and macro level variables, and between different stages in entrepreneurship process. Significant predictors are occupation of the entrepreneurs, size of the firm and export aspiration for both early stage and established entrepreneurs. In addition, fear of failure, expecting to start a new business and seeing an entrepreneurial career as a desirable choice are predictors of innovative orientation among early stage entrepreneurs.

Keywords: multilevel determinants of the innovative orientation, Croatian early stage entrepreneurs, established businesses, GEM evidence

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Authors: Charles Chikwendu Okpala, Christopher Chukwutoo Ihueze

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As a technique that reduces variation in a product by lessening the sensitivity of the design to sources of variation, rather than by controlling their sources, Taguchi Robust Design entails the designing of ideal goods, by developing a product that has minimal variance in its characteristics and also meets the desired exact performance. This paper examined the concept of the manufacturing approach and its application to brake pad product of an automotive parts manufacturing company. Although the firm claimed that only defects, excess inventory, and over-production were the few wastes that grossly affect their productivity and profitability, a careful study and analysis of their manufacturing processes with the application of Single Minute Exchange of Dies (SMED) tool showed that the waste of waiting is the fourth waste that bedevils the firm. The selection of the Taguchi L9 orthogonal array which is based on the four parameters and the three levels of variation for each parameter revealed that with a range of 2.17, that waiting is the major waste that the company must reduce in order to continue to be viable. Also, to enhance the company’s throughput and profitability, the wastes of over-production, excess inventory, and defects with ranges of 2.01, 1.46, and 0.82, ranking second, third, and fourth respectively must also be reduced to the barest minimum. After proposing -33.84 as the highest optimum Signal-to-Noise ratio to be maintained for the waste of waiting, the paper advocated for the adoption of all the tools and techniques of Lean Production System (LPS), and Continuous Improvement (CI), and concluded by recommending SMED in order to drastically reduce set up time which leads to unnecessary waiting.

Keywords: lean production system, single minute exchange of dies, signal to noise ratio, Taguchi robust design, waste

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Authors: Soebowo Musa

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Mining industries are known to be very volatile due to their sensitive nature toward changes in the environment, particularly coal mining. Heavy equipment distributors and coal mining contractors are among heavily affected by such volatility. They are facing more uncertainty on the sustainability of the coal mining industry. Strategic alliances and organizational capabilities such as innovation capability have long been seen as ways to stay competitive with a focus more on the strategic alliances partner-to-partner in serving their customers. In today’s rapid change in the environment, a shift in consumer behaviors, and the human-centric business approach, this study looks at the strategic alliance partner-to-customer relationship in both the industrial organization and resource-based theories. This study was conducted based on 250 respondents from the strategic alliances partner-to-customer between heavy equipment distributors and coal mining contractors in Indonesia. This study finds strategic alliances have the highest association toward cost reduction, a proxy of operational efficiency followed by its association toward innovation capability. Further, strategic alliances and innovation capability have a positive relationship with customer loyalty, while innovation capability and customer loyalty have no significant relationships toward the firm’s competitive advantage. This study also indicates that cost reduction is not a condition to develop customer loyalty in the strategic alliance partner-to-customer relationship. It confirms strategic alliances are a strategy that creates a firm’s operational efficiency, innovation capability that develops customer loyalty, and competitive advantage.

Keywords: strategic alliance, innovation capability, cost reduction, customer loyalty, competitive advantage

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Authors: Konstantinos G. Kostinakis, Asimina M. Athanatopoulou

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A key issue in seismic risk analysis within the context of Performance-Based Earthquake Engineering is the evaluation of the expected seismic damage of structures under a specific earthquake ground motion. The assessment of the seismic performance strongly depends on the choice of the seismic Intensity Measure (IM), which quantifies the characteristics of a ground motion that are important to the nonlinear structural response. Several conventional IMs of ground motion have been used to estimate their damage potential to structures. Yet, none of them has been proved to be able to predict adequately the seismic damage. Therefore, alternative, scalar intensity measures, which take into account not only ground motion characteristics but also structural information have been proposed. Some of these IMs are based on integration of spectral values over a range of periods, in an attempt to account for the information that the shape of the acceleration, velocity or displacement spectrum provides. The adequacy of a number of these IMs in predicting the structural damage of 3D R/C buildings is investigated in the present paper. The investigated IMs, some of which are structure specific and some are nonstructure-specific, are defined via integration of spectral values. To achieve this purpose three symmetric in plan R/C buildings are studied. The buildings are subjected to 59 bidirectional earthquake ground motions. The two horizontal accelerograms of each ground motion are applied along the structural axes. The response is determined by nonlinear time history analysis. The structural damage is expressed in terms of the maximum interstory drift as well as the overall structural damage index. The values of the aforementioned seismic damage measures are correlated with seven scalar ground motion IMs. The comparative assessment of the results revealed that the structure-specific IMs present higher correlation with the seismic damage of the three buildings. However, the adequacy of the IMs for estimation of the structural damage depends on the response parameter adopted. Furthermore, it was confirmed that the widely used spectral acceleration at the fundamental period of the structure is a good indicator of the expected earthquake damage level.

Keywords: damage measures, bidirectional excitation, spectral based IMs, R/C buildings

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Authors: Wang-Xi Fan, Yi Ding, Zhong-Dan Tu, Kuo-Shien Huang, Chao-Ming Huang, Jen-Taut Yeh

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Original and/or functionalized activated nanocarbon particles with a quoted specific surface area of 100, 500, 1000 and 1400 m2/g, respectively, were used to investigate the influence of specific surface areas of activated nanocarbon on ultra drawing and ultimate tensile properties of ultrahigh molecular weight polyethylene (UHMWPE), UHMWPE/activated nanocarbon and UHMWPE/ functionalized activated nanocarbon fibers. The specific surface areas of well dispersed functionalized activated nanocarbon in UHMWPE/functionalized activated nanocarbon fibers can positively affect their ultra drawing, orientation, ultimate tensile properties and “micro-fibril” characteristics. Excellent orientation and ultimate tensile properties of UHMWPE/nanofiller fibers can be prepared by ultra drawing the UHMWPE/functionalized activated nanocarbon as-prepared fibers with optimal contents and compositions of functionalized activated nanocarbon. The ultimate tensile strength value of the best prepared UHMWPE/functionalized activated nanocarbon drawn fiber reached 8.0 GPa, which was about 2.86 times of that of the best-prepared UHMWPE drawn fiber prepared in this study. Specific surface area, morphological and Fourier transform infrared analyses of original and functionalized activated nanocarbon and/or investigations of thermal, orientation factor and ultimate tensile properties of as-prepared and/or drawn UHMWPE/functionalized activated nanocarbon fibers were performed to understand the above-improved ultra drawing and ultimate tensile properties of the UHMWPE/functionalized activated nanocarbon fibers.

Keywords: activated nanocarbon, specific surface areas, ultradrawing, ultrahigh molecular weight polyethylene

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Authors: Madhujit Deb, G. R. K. Sastry, R. S. Panua, Rahul Banerjee, P. K. Bose

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The present work attempts to investigate the combustion, performance and emission characteristics of an existing single-cylinder four-stroke compression-ignition engine operated in dual-fuel mode with hydrogen as an alternative fuel. Environmental concerns and limited amount of petroleum fuels have caused interests in the development of alternative fuels like hydrogen for internal combustion (IC) engines. In this experimental investigation, a diesel engine is made to run using hydrogen in dual fuel mode with diesel, where hydrogen is introduced into the intake manifold using an LPG-CNG injector and pilot diesel is injected using diesel injectors. A Timed Manifold Injection (TMI) system has been developed to vary the injection strategies. The optimized timing for the injection of hydrogen was 100 CA after top dead center (ATDC). From the study it was observed that with increasing hydrogen rate, enhancement in brake thermal efficiency (BTHE) of the engine has been observed with reduction in brake specific energy consumption (BSEC). Furthermore, Soot contents decrease with an increase in indicated specific NOx emissions with the enhancement of hydrogen flow rate.

Keywords: diesel engine, hydrogen, BTHE, BSEC, soot, NOx

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Authors: Morten Brøgger, Kim Wittchen

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Focus on reducing energy consumption in existing buildings at large scale, e.g. in cities or countries, has been increasing in recent years. In order to reduce energy consumption in existing buildings, political incentive schemes are put in place and large scale investments are made by utility companies. Prioritising these investments requires a comprehensive overview of the energy consumption in the existing building stock, as well as potential energy-savings. However, a building stock comprises thousands of buildings with different characteristics making it difficult to model energy consumption accurately. Moreover, the complexity of the building stock makes it difficult to convey model results to policymakers and other stakeholders. In order to manage the complexity of the building stock, building archetypes are often employed in building stock energy models (BSEMs). Building archetypes are formed by segmenting the building stock according to specific characteristics. Segmenting the building stock according to building type and building age is common, among other things because this information is often easily available. This segmentation makes it easy to convey results to non-experts. However, using a single archetypical building to represent all buildings in a segment of the building stock is associated with loss of detail. Thermal characteristics are aggregated while other characteristics, which could affect the energy efficiency of a building, are disregarded. Thus, using a simplified representation of the building stock could come at the expense of the accuracy of the model. The present study evaluates the accuracy of a conventional archetype-based BSEM that segments the building stock according to building type- and age. The accuracy is evaluated in terms of the archetypes’ ability to accurately emulate the average energy demands of the corresponding buildings they were meant to represent. This is done for the buildings’ energy demands as a whole as well as for relevant sub-demands. Both are evaluated in relation to the type- and the age of the building. This should provide researchers, who use archetypes in BSEMs, with an indication of the expected accuracy of the conventional archetype model, as well as the accuracy lost in specific parts of the calculation, due to use of the archetype method.

Keywords: building stock energy modelling, energy-savings, archetype

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Authors: Khalifa Abdunaser

Abstract:

This study investigated the effects of oil contamination due to pro-duced water leaks that created lakes decades ago, as well as the extent of its im-pact on altering the geotechnical characteristics of the soil, which could act as a barrier to groundwater access The concentration of total petroleum hydrocarbons (TPH), which is the main component in the contaminated soil, was measured using a variety of analyses. Additionally, some extensive laboratory tests were performed to examine the effects on the soil's geotechnical properties, including particle size distribution, shear strength, consistency limits, specific gravity, and permeability coefficient. A clear decrease in TPH concentration was observed with increasing depth, and it is expected to end within only a few meters. It was found that there is a signifi-cant effect of this pollutant on the size of the soil particles, which led to them be-coming coarser than the uncontaminated soil particles. Moreover, it causes a de-crease in fluid and plastic boundaries, as well as an increase in cohesion between soil particles. However, the angle of internal friction decreases with the increase in the content of petroleum hydrocarbons in the soil samples. It came to light that determining the permeability coefficient as one of the physical characteristics of the most important factors responsible for the passage of pollutants in the groundwater, as it showed an obvious reduction in the permeability, which is the main reason dealt as an obstacle to the arrival of oil pollutants to the groundwater.

Keywords: TPH, specific gravity, oil lake, Libya

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Authors: Murtuza Ali Lakhani, Michelle Marquard

Abstract:

Given the paradoxical nature of innovation, we propose that leaders of innovation-centered organizations need certain specific qualities focused on developing higher-order structures, fostering self-organization, and nurturing constructive dissonance and conciliation. Keeping in view the prolific literature on leadership and innovation, we carry out a quantitative study with data collected over a five-year period involving 31 leaders and 209 observers (direct reports, peers, and managers) from across five companies based in the United States. Rather than accepting, as some scholars and practitioners do, that leadership is all-encompassing, we argue that it is specific to a given context, e.g., innovation. We find that leadership is the locus of innovation and that leaders able to effectively lead the innovation agenda demonstrate five specific behaviors and characteristics, namely stewardship, communication, empowerment, creativity, and vision. We demonstrate that the alignment (or misalignment) between a leader’s “self view” and “other view” is a tell-tale sign of whether (or not) the leader’s organization will succeed at innovation. We propose a scale, iLeadership, and test it psychometrically for assessment of leaders and organizational units charged with innovation.

Keywords: leadership, innovation, knowledge creating organizations, leadership behavior, leadership assessment

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Authors: Neumoin Anton Ivanovich, Opra Denis Pavlovich

Abstract:

Materials based on titanium oxide compounds are widely used in such areas as solar energy, photocatalysis, food industry and hygiene products, biomedical technologies, etc. Demand for them has also formed in the battery industry (an example of this is the commercialization of Li4Ti5O12), where much attention has recently been paid to the development of next-generation systems and technologies, such as sodium-ion batteries. This dictates the need to search for new materials with improved characteristics, as well as ways to obtain them that meet the requirements of scalability. One of the ways to solve these problems can be the creation of nanomaterials that often have a complex of physicochemical properties that radically differ from the characteristics of their counterparts in the micro- or macroscopic state. At the same time, it is important to control the texture (specific surface area, porosity) of such materials. In view of the above, among other methods, the hydrothermal technique seems to be suitable, allowing a wide range of control over the conditions of synthesis. In the present study, a method was developed for the preparation of mesoporous nanostructured sodium trititanate (Na2Ti3O7) with a hierarchical architecture. The materials were synthesized by hydrothermal processing and exhibit a complex hierarchically organized two-layer architecture. At the first level of the hierarchy, materials are represented by particles having a roughness surface, and at the second level, by one-dimensional nanotubes. The products were found to have high specific surface area and porosity with a narrow pore size distribution (about 6 nm). As it is known, the specific surface area and porosity are important characteristics of functional materials, which largely determine the possibilities and directions of their practical application. Electrochemical impedance spectroscopy data show that the resulting sodium trititanate has a sufficiently high electrical conductivity. As expected, the synthesized complexly organized nanoarchitecture based on sodium trititanate with a porous structure can be practically in demand, for example, in the field of new generation electrochemical storage and energy conversion devices.

Keywords: sodium trititanate, hierarchical materials, mesoporosity, nanotubes, hydrothermal synthesis

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Authors: Philippe Gugler

Abstract:

The aim of this study is to investigate how home country patterns may influence the competitiveness of EMNEs in international markets and more specifically their ability to invest abroad. The study examines the dynamic relationship between home country specific advantage and firms’ competitiveness. Are EMNEs still driven by strong country specific advantages or are EMNEs increasingly relying on their own firm specific competitiveness? EMNEs are not commonly recognized as a ‘homogeneous group’. Therefore, the approaches to these questions need to be specific while still attempting to extract some common evidence. The aim of the study is to elaborate a framework to investigate this issue in a dynamic context of international business’s strategies. The study focuses on two major research questions. The first one relates to the role of the home-base context in the internationalization process of EMNEs and more specifically the home-base assets’ influence on EMNEs competitiveness. Another question is to investigate the interactions among home-base context, recipient country context and EMNEs competitiveness. The evolution of EMNEs’ competitiveness is shaped by the evolution of the home country’s business environment. The nature of the home-based components in EMNEs’ specific advantages has changed over time due to the increased integration of emerging countries in the world market and the inherent changes related to their institutional, structural and regulatory patterns. The home country offers not only inherited assets but also a productive business environment, allowing firms to innovate, be more productive, create unique value for customers and finally, to face international competition successfully. The more sophisticated the home business environment is, the more opportunities there are for firms to developed exclusive and unique competitive assets. The international expansion of EMNEs is a fascinating but challenging issue. Among the numerous questions raised by the involvement of EMNEs in international competition is the evolving role of the home market. The purpose of this study is to examine some of the theoretical ideas and empirical evidence to allow us to deepen our understanding of the role of emerging home countries in the internationalization process of their domestic firms and more specifically in their ability to compete successfully abroad. How much do home specific assets still influence EMNEs’ foreign investment? Which home country assets provide the main competitive drivers to invest and compete abroad? How do EMNEs combine home country assets and host country assets to strengthen their competitive advantages? These questions as well as various others deserve further examination by the scientific community.

Keywords: competitiveness, emerging countries' multinational enterprises, foreign direct investments, international business

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Authors: Sajjad Esmaeili Aghdam

Abstract:

Economics typically conceptualizes individual behavior as the consequence of external states, for example, budgets and prices (or respective beliefs) and choices. As the main goal, we focus on the influence of a range of Behavioral Economics factors on Strategies of Digital Marketing, evaluation of strategies and deformation of it into highly prospective marketing strategies. The different forms of behavioral prospects all lead to the succeeding two main results. First, the steadiness of the economic dynamics in a currency union be contingent fatefully on the level of economic incorporation. More economic incorporation leads to more steady economic dynamics. Electronic word-of-mouth (eWOM) is “all casual communications focused at consumers through Internet-based technology connected to the usage or characteristics of specific properties and services or their venders.” eWOM can take many methods, the most significant one being online analyses. Writing this paper, 72 articles have been gathered, focusing on the title and the aim of the article from research search engines like Google Scholar, Web of Science, and PubMed. Recent research in strategic management and marketing proposes that markets should not be viewed as a given and deterministic setting, exogenous to the firm. Instead, firms are progressively abstracted as dynamic inventors of market prospects. The use of new technologies touches all spheres of the modern lifestyle. Social and economic life becomes unbearable without fast, applicable, first-class and fitting material. Psychology and economics (together known as behavioral economics) are two protruding disciplines underlying many theories in marketing. The wide marketing works papers consumers’ none balanced behavior even though behavioral biases might not continuously be steadily called or officially labeled.

Keywords: behavioral economics, digital marketing, marketing strategy, high impact strategies

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Authors: W. Hamaidia, T. Zebbiche

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This paper presents the design of axisymmetric supersonic nozzles, in order to accelerate a supersonic flow to the desired Mach number and that having a small weight, in the same time gives a high thrust. The concerned nozzle gives a parallel and uniform flow at the exit section. The nozzle is divided into subsonic and supersonic regions. The supersonic portion is independent to the upstream conditions of the sonic line. The subsonic portion is used to give a sonic flow at the throat. In this case, nozzle gives a uniform and parallel flow at the exit section. It’s named by minimum length Nozzle. The study is done at high temperature, lower than the dissociation threshold of the molecules, in order to improve the aerodynamic performances. Our aim consists of improving the performances both by the increase of exit Mach number and the thrust coefficient and by reduction of the nozzle's mass. The variation of the specific heats with the temperature is considered. The design is made by the Method of Characteristics. The finite differences method with predictor-corrector algorithm is used to make the numerical resolution of the obtained nonlinear algebraic equations. The application is for air. All the obtained results depend on three parameters which are exit Mach number, the stagnation temperature, the chosen mesh in characteristics. A numerical simulation of nozzle through Computational Fluid Dynamics-FASTRAN was done to determine and to confirm the necessary design parameters.

Keywords: flux supersonic flow, axisymmetric minimum length nozzle, high temperature, method of characteristics, calorically imperfect gas, finite difference method, trust coefficient, mass of the nozzle, specific heat at constant pressure, air, error

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Authors: G. C. Surya Bahadur, Ranjana Kothari

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The paper attempts to analyze linkages between corporate governance and firm performance in India. The study employs a panel data of 50 Nifty companies from 2008 to 2012. Using LSDV panel data model and 2SLS model the study reveals that that good corporate governance practices adopted by companies is positively related with financial performance. Board independence, number of board committees and executive compensation are found to have positive relationship while ownership by promoters and financial leverage have negative relationship with performance. There is existence of bi-directional relationship between corporate governance and financial performance. Companies with sound financial performance are more likely to conform to corporate governance norms and standards and implement sound corporate governance system. The findings indicate that companies can enhance business performance and sustainability by embracing sound corporate governance practices.

Keywords: board structure, corporate governance, executive compensation, ownership structure

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Authors: Reza Safari, Ali Rajabzadeh Ghatari, Raheleh Hossseinzadeh Mahabadi

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In the present world, there are different pressures on firms such as competition, legislations, social etc. these pressures force the firms to follow “survival” as their primary goal and then growth. One of the main factors that helps firms to reach their goals is proper financial performance. To find out about the financial performance, a firm should monitors its financial performance. Financial performance affected by many factors. This research seeks to clear which financial performance indicators are most important according to Environmental situation of a firm and what are their priorities. To do so, environmental indicators specified as presented on OECD Key Environmental Indicators 2008 and so the financial performance indicators such as Profitability, Liquidity, Gearing, Investor ratios, and etc. At this stage, the affections questioned through questionnaires. After gaining the results, data analyzed using Promethee technique. By using decision matrixes extracted from those techniques an expert system designed. This expert system suggests the suitable financial performance indicators and their ranking by receiving the environment situation given environment indicators weight.

Keywords: environment indicators, financial performance indicators, promethee, expert system

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Authors: Halleh Nejadriahi, Kamyar Arab

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Computer-aided design (CAD) tools have been extensively used by the architects for the several decades. It has evolved from being a simple drafting tool to being an intelligent architectural software and a powerful means of communication for architects. CAD plays an essential role in the profession of architecture and is a basic tool for any architectural firm. It is not possible for an architectural firm to compete without taking the advantage of computer software, due to the high demand and competition in the architectural industry. The aim of this study is to evaluate the impacts of CAD on the architectural design process from conceptual level to final product, particularly in architectural practice. It examines the range of benefits of integrating CAD into the industry and discusses the possible defects limiting the architects. Method of this study is qualitatively based on data collected from the professionals’ perspective. The identified benefits and limitations of CAD on the architectural design process will raise the awareness of professionals on the potentials of CAD and proper utilization of that in the industry, which would result in a higher productivity along with a better quality in the architectural offices.

Keywords: architecture, architectural practice, computer aided design (CAD), design process

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Authors: Meiqun Yin, Jidong Zhang, Fan Liu

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The paper investigates the impact of social media on audit opinion. The numbers of posting and reposting negative reports from SINA Micro-blog are collected to measure the influence of social media. The research collected the samples from Chinese public firms from 2012 to 2014. It is found that the numbers of posting and reposting negative reports in SINA Micro-Blog would significantly relate to the qualified opinion while controlling firm size. Another finding is that the numbers of posting and reposting negative reports would be much more significantly impact on audit opinion if the firm received a qualified opinion in the previous period. It is also found that the involvement of more independent directors has no relationship with the influence of social media on audit opinion.

Keywords: association, social media, audit opinion, SINA Micro-Blog

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Authors: Leila M. Carvalho, Maria Erica S. Oliveira, Arnoud C. Neto, Elza I. Ida, Massami Shimokomaki, Marta S. Madruga

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The quality of broiler breast meat is changing as a result of the continuing emphasis on genetic selection for a more efficient meat production. Breast meat has been classified as PSE (pale, soft, exudative), DFD (dark, firm, dry) and normal color meat, and recently a third group has emerged: the so-called PFN (pale, firm, non-exudative) meat. This classification was based on pH, color and functional properties. The aim of this work was to confirm the existence of PFN and PSE meat by biochemical characterization and functional properties. Twenty four hours of refrigerated fillet, Pectoralis major, m. samples (n= 838) were taken from Cobb flocks 42-48 days old, obtained in Northeastern Brazil tropical region, the Northeastern, considered to have only dry and wet seasons. Color (L*), pH, water holding capacity (WHC), values were evaluated and compared with PSE group samples. These samples were classified as Normal (465.8), PSE meat (L*≥53; pH<5.8) and PFN (L*≥53; pH>5.8). The occurrence of control meat, PSE and PFN was 69.09%, 11.10% and 19.81%, respectively. Samples from PFN presented 4.0-5.0% higher WHC in relation to PSE meat and similar to control group. These results are explained by the fact that PSE meat syndrome occurs because of higher protein denaturation as the consequence of a simultaneous lower pH values under warm carcass sooner after slaughtering impairing the myofibril proteins functional properties. Conversely, PFN samples follow normal glycolysis rate maintaining the normal proteins activities. In conclusion, the results reported herein confirm the existence of this emerging broiler meat group with similar properties as control group and it should be considered as normal breast meat group.

Keywords: broiler breast meat, funcional properties, PFN, PSE

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Authors: E. Rak

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The aim of the paper is to identify some of the specific characteristics of employee development, as observed in the practice of small enterprises in Poland. Results suggest that a sizeable percentage of employers are not interested in improving the development of their employee base. This aspect is often perceived as insignificant. In addition, many employers have no theoretical or practical knowledge of employee development methods. Lack of sufficient financial support is reported as third on the list of the most important barriers to employee development. Employees, on the other hand, typically offload the responsibility of initiating this type of activities onto the employer. Employee development plans are typically flexible and accommodating. The original value offered by this research comes in the form of a detailed characteristics of employee development in small enterprises, accompanied by identification of specificity of human resource development in Polish companies.

Keywords: employee development, human resources development, small enterprises, trainings

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Authors: Chiara De Amicis, Sonia Falconieri, Mesut Tastan

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In this study, we analyze the language employed by Chief Executive Officers (CEOs) and Chief Financial Officers (CFOs) during earnings conference calls from a gender perspective. We find evidences that conference calls held by female CEOs and/or CFOs exhibit a higher level of optimism compared to conference calls held by male CEOs and/or CFOs. Moreover, female managers tend to present and discuss firm performances with less vagueness as compared to their male colleagues. We then observe the market reaction around each earnings conference call: while manager optimism is perceived as a good signal by investors, manager vagueness significantly dampens the market reaction around the call. Whether the gender of the CEO and/or the CFO delivering the conference call affects investors’ perceptions about the firm performance is still an open question. Some evidences show that the language employed by female managers conveys more valuable information for market participants as compared to the language employed by their male counterparts. This study contributes to a growing literature in finance and accounting that uses textual analysis to assess the informativeness of corporate disclosure. To our knowledge, this is the first paper that aims at answering the question whether the gender of firm’s top managers does matter when it comes to assess the informativeness of corporate spoken communication. We believe that our results will be of relevance for future research in the field. Moreover, our evidence may be used in support of the debate if a larger participation by women in the management of companies should be encouraged or not.

Keywords: conference calls, even study, gender, market reaction, textual analysis

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Authors: C. Slim

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Traditional techniques for analyzing time series are based on the notion of stationarity of phenomena under study, but in reality most economic and financial series do not verify this hypothesis, which implies the implementation of specific tools for the detection of such behavior. In this paper, we study nonstationary non-seasonal time series tests in a non-exhaustive manner. We formalize the problem of nonstationary processes with numerical simulations and take stock of their statistical characteristics. The theoretical aspects of some of the most common unit root tests will be discussed. We detail the specification of the tests, showing the advantages and disadvantages of each. The empirical study focuses on the application of these tests to the exchange rate (USD/TND) and the Consumer Price Index (CPI) in Tunisia, in order to compare the Power of these tests with the characteristics of the series.

Keywords: stationarity, unit root tests, economic time series, ADF tests

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Authors: Parham Bakhtiari

Abstract:

Frederic Chopin created numerous acclaimed piano compositions that have been both appreciated and analyzed by musicians starting from the Romantic Period. These compositions are still being played globally with specific privileges among pianists. This study examines particular elements within Chopin's piano works and how they can be interpreted and instructed to those who are not acquainted with his pieces. The theory suggests that particular melodic attributes can be found in Chopin's piano compositions. Therefore, various elements can be recognized, such as polyphonic textures, decorated phrases, themes and variations, inner patterns tuning, blending harmonics, and conflicting beats. These characteristics were discovered within theoretical analysis has identified many of Chopin's compositions. The aim of this study is to identify the musical characteristics of analyzable through music theory and demonstrate a distinctive pianistic polyphonic texture in Chopin's solo piano compositions.

Keywords: Chopin, piano, composition, polyphonic, texture

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Authors: Javier Sanchez Vidal, Ciarán Mac An Bhaird, Brian Lucey

Abstract:

This study examines the decision by firm owners not to apply for intermediated debt due to a perception that their application will be rejected. Based on a sample of SMEs in 9 European countries over the period 2009-2011, we examine potential explanatory factors for borrower discouragement, including firm, macroeconomic, regulatory and banking industry variables. Compared with firms that applied for bank loans, discouraged borrowers are smaller, younger, have declining turnover and an increasing debt/assets ratio. Perceived willingness of banks to lend rather than the company’s own credit history is more important to encourage applications. Perceptions of refusal are procyclical and may be self-perpetuating. Increased concentration in the banking sector reduces discouragement, indicating the importance of relationship banking. Transmission of macro effects through the banking system and economic environment may also lead to higher levels of discouragement. A good regulatory scheme is also advisable, either for the lenders or the borrowers (overall the good ones).

Keywords: entrepreneurial finance, discouraged borrowers, banking, financial crisis, eurozone

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Authors: Malkhan Thakur, P. Deepak Kumar, P. K. S. Dikshit

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In recent years, the hydraulic behavior of side weirs has been the subject of many investigations. Most of the studies have been in connection with specific problems and have involved models. This is perhaps understandable, since a generalized treatment is made difficult by the large number of possible variables to be used to define the problem. A variety of empirical head discharge relationships have been suggested for side weirs. These empirical approaches failed to adequately consider the actual situation, and produced equations applicable only in circumstances virtually identical to those of the experiment. The present investigation is targeted to study to a greater depth the effect of different trapezium angles of a trapezoidal side weir and study of water surface profile in spatially varied flow with decreasing discharge maintaining the main channel flow subcritical. On the basis of experiment, the relationship between upstream Froude number and coefficient of discharge has been established. All the characteristics of spatially varied flow with decreasing discharge have been studied and subsequently formulated. The scope of the present investigation has been basically limited to a one-dimensional model of flow for the purpose of analysis. A formulation has been derived using the theoretical concept of constant specific energy. Coefficient of discharge has been calculated and experimental results were presented.

Keywords: weirs, subcritical flow, rectangular channel, trapezoidal side weir

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Authors: Khashayar Kazemzadeh, Mohammad Hanif Dasoomi

Abstract:

According to the increasing volume of traffic, lane changing plays a crucial role in traffic flow. Lane changing in traffic depends on several factors including road geometrical design, speed, drivers’ behavioral characteristics, etc. A great deal of research has been carried out regarding these fields. Despite of the other significant factors, the drivers’ behavioral characteristics of lane changing has been emphasized in this paper. This paper has predicted the effective equation based on personal characteristics of lane changing by regression models.

Keywords: effective equation, lane changing, drivers’ behavioral characteristics, regression models

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Authors: Rachel Y. Zhang, Christopher K. Anderson

Abstract:

A critical aspect of revenue management is a firm’s ability to predict demand as a function of price. Historically hotels have used simple time series models (regression and/or pick-up based models) owing to the complexities of trying to build casual models of demands. Machine learning approaches are slowly attracting attention owing to their flexibility in modeling relationships. This study provides an overview of approaches to forecasting hospitality demand – focusing on the opportunities created by machine learning approaches, including K-Nearest-Neighbors, Support vector machine, Regression Tree, and Artificial Neural Network algorithms. The out-of-sample performances of above approaches to forecasting hotel demand are illustrated by using a proprietary sample of the market level (24 properties) transactional data for Las Vegas NV. Causal predictive models can be built and evaluated owing to the availability of market level (versus firm level) data. This research also compares and contrast model accuracy of firm-level models (i.e. predictive models for hotel A only using hotel A’s data) to models using market level data (prices, review scores, location, chain scale, etc… for all hotels within the market). The prospected models will be valuable for hotel revenue prediction given the basic characters of a hotel property or can be applied in performance evaluation for an existed hotel. The findings will unveil the features that play key roles in a hotel’s revenue performance, which would have considerable potential usefulness in both revenue prediction and evaluation.

Keywords: hotel revenue, k-nearest-neighbors, machine learning, neural network, prediction model, regression tree, support vector machine

Procedia PDF Downloads 132

Authors: Kumalbeo Paul Kamani

Abstract:

Marketing plays a very important role in the success of any firm since it represents the means through which a firm can reach its customers and also promotes its products and services. In fact, marketing aids the firm in identifying customers who the business can competitively serve, and tailoring product offerings, prices, distribution, promotional efforts, and services towards those customers. Unfortunately, in many firms, marketing has been reduced to merely advertisement. For effective marketing, firms must go beyond this often-limited function of advertisement. In the fashion industry in particular, marketing faces challenges due to its peculiar characteristics. Previous research for instance affirms the idiosyncrasy and peculiarities that differentiate the fashion industry from other industrial areas. It has been documented that the fashion industry is characterized seasonal intensity, short product life cycles, the difficulty of competitive differentiation, and long time for companies to reach financial stability. These factors are noted to pose obstacles to the fashion entrepreneur’s endeavours and can be the reasons that explain their low survival rates. In recent times, the fashion industry has been described as a market that is accessible market, has low entry barriers, both in terms of needed capital and skills which have all accounted for the burgeoning nature of startups. Yet as already stated, marketing is particularly challenging in the industry. In particular, areas such as marketing, branding, growth, project planning, financial and relationship management might represent challenges for the fashion entrepreneur but that have not been properly addressed by previous research. It is therefore important to assess marketing strategies of fashion firms and the factors influencing their success. This study generally sought to examine marketing strategies of fashion dealers in Ghana and their critical success factors. The study employed the quantitative survey research approach. A total of 120 fashion dealers were sampled. Questionnaires were used as instrument of data collection. Data collected was analysed using quantitative techniques including descriptive statistics and Relative Importance Index. The study revealed that the marketing strategies used by fashion apparels are text messages using mobile phones, referrals, social media marketing, and direct marketing. Results again show that the factors influencing fashion marketing effectiveness are strategic management, marketing mix (product, price, promotion etc), branding and business development. Policy implications are finally outlined. The study recommends among others that there is a need for the top management executive to craft and adopt marketing strategies that enable that are compatible with the fashion trends and the needs of the customers. This will improve customer satisfaction and hence boost market penetration. The study further recommends that the fashion industry in Ghana should seek to ensure that fashion apparels accommodate the diversity and the cultural setting of different customers to meet their unique needs.

Keywords: marketing, fashion, industry, success factors

Procedia PDF Downloads 41

Authors: Jian-Heng Wu, Bor-Shen Lin

Abstract:

The temperature-salinity relationship is one of the most important characteristics used for identifying water masses in marine research. Temperature-salinity characteristics, however, may change dynamically with respect to the geographic location and is quite sensitive to the depth at the same location. When depth is taken into consideration, however, it is not easy to compare the characteristics of different water masses efficiently for a wide range of areas of the ocean. In this paper, the Gaussian mixture model was proposed to analyze the temperature-salinity-depth characteristics of water masses, based on which comparison between water masses may be conducted. Gaussian mixture model could model the distribution of a random vector and is formulated as the weighting sum for a set of multivariate normal distributions. The temperature-salinity-depth data for different locations are first used to train a set of Gaussian mixture models individually. The distance between two Gaussian mixture models can then be defined as the weighting sum of pairwise Bhattacharyya distances among the Gaussian distributions. Consequently, the distance between two water masses may be measured fast, which allows the automatic and efficient comparison of the water masses for a wide range area. The proposed approach not only can approximate the distribution of temperature, salinity, and depth directly without the prior knowledge for assuming the regression family, but may restrict the complexity by controlling the number of mixtures when the amounts of samples are unevenly distributed. In addition, it is critical for knowledge discovery in marine research to represent, manage and share the temperature-salinity-depth characteristics flexibly and responsively. The proposed approach has been applied to a real-time visualization system of ocean data, which may facilitate the comparison of water masses by aggregating the data without degrading the discriminating capabilities. This system provides an interface for querying geographic locations with similar temperature-salinity-depth characteristics interactively and for tracking specific patterns of water masses, such as the Kuroshio near Taiwan or those in the South China Sea.

Keywords: water mass, Gaussian mixture model, data visualization, system framework

Procedia PDF Downloads 144