Search results for: Cardiff Capital Region

Authors: Eduardo Ruiz-Corzo, Luis Rodrigo Valencia Perez, Jorge Francisco Barragan Lopez

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The article shows the pressing conditions of marginalization prevailing in the Sierra Gorda, in the northern state of Queretaro, so it is essential to identify business options that generate a complementary source of income in a sustainable manner, in accordance with the fact that the area is a Biosphere Reserve by UNESCO. In this sense, the study identifies the enormous scenic richness of the area, the growing demand for leisure activities of the urban centers and the multifunctionality that adds, in a complementary way, the traditional activities that up to now have achieved the quality of life levels. From the application of the 43 interviews and 183 surveys, confirms the fact that the post-visit perception exceeds the expectations of the visitors emerges and affirms that the image that has been projected is attractive and timely. In order to understand how the current model of tourism promoted in the region is working, there is a need to evaluate it in a theoretical-methodological framework considering sustainable development assumptions. In order to determine the degree of contribution to business development, strengthening of social capital, and enjoyment and appreciation of cultural and natural heritage in the region.

Keywords: marginalization, rural tourism, multifunctionality, sustainability, revenue

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Authors: Kanika Taneja, V. K. Soni, Kafeel Ahmad, Shamshad Ahmad

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A severe dust storm generated from a western disturbance over north Pakistan and adjoining Afghanistan affected the north-west region of India between May 28 and 31, 2014, resulting in significant reductions in air quality and visibility. The air quality of the affected region degraded drastically. PM10 concentration peaked at a very high value of around 1018 μgm-3 during dust storm hours of May 30, 2014 at New Delhi. The present study depicts aerosol optical properties monitored during the dust days using ground based multi-wavelength Sky radiometer over the National Capital Region of India. High Aerosol Optical Depth (AOD) at 500 nm was observed as 1.356 ± 0.19 at New Delhi while Angstrom exponent (Alpha) dropped to 0.287 on May 30, 2014. The variation in the Single Scattering Albedo (SSA) and real n(λ) and imaginary k(λ) parts of the refractive index indicated that the dust event influences the optical state to be more absorbing. The single scattering albedo, refractive index, volume size distribution and asymmetry parameter (ASY) values suggested that dust aerosols were predominant over the anthropogenic aerosols in the urban environment of New Delhi. The large reduction in the radiative flux at the surface level caused significant cooling at the surface. Direct Aerosol Radiative Forcing (DARF) was calculated using a radiative transfer model during the dust period. A consistent increase in surface cooling was evident, ranging from -31 Wm-2 to -82 Wm-2 and an increase in heating of the atmosphere from 15 Wm-2 to 92 Wm-2 and -2 Wm-2 to 10 Wm-2 at top of the atmosphere.

Keywords: aerosol optical properties, dust storm, radiative transfer model, sky radiometer

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Authors: T. Nguyen, H. Rennie, S. Vallance, M. Mackay

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Municipal Associations, also called Unions, Leagues or Federations of municipalities have been established worldwide to represent the interests and needs of urban governments in the face of increasing urban issues. In 2008, the Association of Cities of Vietnam (ACVN) joined the Asian Coalition of Community Action Program (ACCA program) and introduced the community-based upgrading approach to help Vietnamese cities to address urban upgrading issues. While this community-based upgrading approach has only been implemented in a small number of Vietnamese cities and its replication has faced certain challenges, it is worthy to explore insights on how the Association of cities of Vietnam played its role in implementing some reportedly successful projects. This paper responds to this inquiry and presents results extracted from the author’s PhD study that sets out with a general objective to critically examine how social capital dimensions (i.e., bonding, bridging and linking) were formed, mobilized and maintained in a local collective and community-based upgrading process. Methodologically, the study utilized the given general categorization of bonding, bridging and linking capitals to explore and confirm how social capital operated in the real context of a community-based upgrading process, particularly in the context of Vietnam. To do this, the study conducted two exploratory and qualitative case studies of housing projects in Friendship neighbourhood (Vinh city) and Binh Dong neighbourhood (Tan An city). This paper presents the findings of the Friendship neighbourhood case study, focusing on the role of the Vietnamese municipal association in forming, mobilizing and maintaining bonding, bridging and linking capital for a community-based upgrading process. The findings highlight the essential but uncertain role of ACVN - the organization that has a hybrid legitimacy status - in such a process. The results improve our understanding both practically and theoretically. Practically, the results offer insights into the performance of a municipal association operating in a transitioning socio-political context of Vietnam. Theoretically, the paper questions the necessity of categorizing social capital dimensions (i.e., bonding, bridging and linking) by suggesting a holistic approach of looking at social capital for urban governance issues within the Vietnamese context and perhaps elsewhere.

Keywords: bonding capital, bridging capital, municipal association, linking capital, social capital, housing upgrading

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Authors: Freddy Munzhelele

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Setting: the empirical research has shown that the life cycle theory has an impact on the firms’ financing decisions, particularly the dividend pay-outs. Accordingly, the life cycle theory posits that as a firm matures, it gets to a level and capacity where it distributes more cash as dividends. On the other hand, the young firms prioritise investment opportunities sets and their financing; thus, they pay little or no dividends. The research on firms’ financing decisions also demonstrated, among others, the adoption of trade-off and pecking order theories on the dynamics of firms capital structure. The trade-off theory talks to firms holding a favourable position regarding debt structures particularly as to the cost and benefits thereof; and pecking order is concerned with firms preferring a hierarchical order as to choosing financing sources. The case of life cycle hypothesis explaining the financial managers’ decisions as regards the firms’ capital structure dynamics appears to be an interesting link, yet this link has been neglected in corporate finance research. If this link is to be explored as an empirical research, the financial decision-making alternatives will be enhanced immensely, since no conclusive evidence has been found yet as to the dynamics of capital structure. Aim: the aim of this study is to examine the impact of life cycle theory on the capital structure dynamics trade-off and pecking order theories of firms listed in retail, industrial and mining sectors of the JSE. These sectors are among the key contributors to the GDP in the South African economy. Design and methodology: following the postpositivist research paradigm, the study is quantitative in nature and utilises secondary data obtainable from the financial statements of sampled firm for the period 2010 – 2022. The firms’ financial statements will be extracted from the IRESS database. Since the data will be in panel form, a combination of the static and dynamic panel data estimators will used to analyse data. The overall data analyses will be done using STATA program. Value add: this study directly investigates the link between the life cycle theory and the dynamics of capital structure decisions, particularly the trade-off and pecking order theories.

Keywords: life cycle theory, trade-off theory, pecking order theory, capital structure, JSE listed firms

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Authors: M. Alwetaishi

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One of the most common and traditional strategies in architecture is to design buildings passively. This is a way to ensure low building energy reliance with respect to specific micro-building locations. There are so many ways where buildings can be designed passively, some of which are applying thermal insulation, thermal mass, courtyard and glazing to wall ratio. This research investigates the impact of each of these aspects with respect to the hot and dry climate of the capital of Riyadh. Thermal Analysis Simulation (TAS) will be utilized which is powered by Environmental Design Simulation Limited company (EDSL). It is considered as one of the most powerful tools to predict energy performance in buildings. There are three primary building designs and methods which are using courtyard, thermal mass and thermal insulation. The same building size and fabrication properties have been applied to all designs. Riyadh city which is the capital of the country was taken as a case study of the research. The research has taken into account various zone directions within the building as it has a large contribution to indoor energy and thermal performance. It is revealed that it is possible to achieve nearly zero carbon building in the hot and dry region in winter with minimum reliance on energy loads for building zones facing south, west and east. Moreover, using courtyard is more beneficial than applying construction materials into building envelope. Glazing to wall ratio is recommended to be 10% and not exceeding 30% in all directions in hot and arid regions.

Keywords: sustainable buildings, hot and arid climates, passive building design, Saudi Arabia

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Authors: Pirta Palola, Richard Bailey, Lisa Wedding

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Societies and economies worldwide fundamentally depend on natural capital. Alarmingly, natural capital assets are quickly depreciating, posing an existential challenge for humanity. The development of robust natural capital accounting systems is essential for transitioning towards sustainable economic systems and ensuring sound management of capital assets. However, the accurate, equitable and comprehensive estimation of natural capital asset stocks and their accounting values still faces multiple challenges. In particular, the representation of socio-cultural values held by groups or communities has arguably been limited, as to date, the valuation of natural capital assets has primarily been based on monetary valuation methods and assumptions of individual rationality. People relate to and value the natural environment in multiple ways, and no single valuation method can provide a sufficiently comprehensive image of the range of values associated with the environment. Indeed, calls have been made to improve the representation of multiple types of value (instrumental, intrinsic, and relational) and diverse ontological and epistemological perspectives in environmental valuation. This study addresses this need by establishing a novel valuation framework, Environmental Value Functions (EVF), that allows for the integration of multiple types of value in natural capital accounting systems. The EVF framework is based on the estimation and application of value functions, each of which describes the relationship between the value and quantity (or quality) of an ecosystem component of interest. In this framework, values are estimated in terms of change relative to the current level instead of calculating absolute values. Furthermore, EVF was developed to also support non-marginalist conceptualizations of value: it is likely that some environmental values cannot be conceptualized in terms of marginal changes. For example, ecological resilience value may, in some cases, be best understood as a binary: it either exists (1) or is lost (0). In such cases, a logistic value function may be used as the discriminator. Uncertainty in the value function parameterization can be considered through, for example, Monte Carlo sampling analysis. The use of EVF is illustrated with two conceptual examples. For the first time, EVF offers a clear framework and concrete methodology for the representation of multiple types of value in natural capital accounting systems, simultaneously enabling 1) the complementary use and integration of multiple valuation methods (monetary and non-monetary); 2) the synthesis of information from diverse knowledge systems; 3) the recognition of value incommensurability; 4) marginalist and non-marginalist value analysis. Furthermore, with this advancement, the coupling of EVF and ecosystem modeling can offer novel insights to the study of spatial-temporal dynamics in natural capital asset values. For example, value time series can be produced, allowing for the prediction and analysis of volatility, long-term trends, and temporal trade-offs. This approach can provide essential information to help guide the transition to a sustainable economy.

Keywords: economics of biodiversity, environmental valuation, natural capital, value function

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Authors: Jane N. O'Sullivan

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Although it is widely believed that fertility decline has benefitted economic advancement, particularly in East and South-East Asian countries, the causal mechanisms for this stimulus are contested. Since the turn of this century, demographic dividend theory has been increasingly recognised, hypothesising that higher proportions of working-age people can contribute to economic expansion if conditions are met to employ them productively. Population growth rate, as a systemic condition distinct from age composition, has not been similar attention since the 1970s and has lacked methodology for quantitative assessment. This paper explores conceptual and empirical quantification of the burden of expanding physical capital to accommodate a growing population. In proof-of-concept analyses of Australia and the United Kingdom, actual expenditure on gross fixed capital formation was compiled over four decades and apportioned to maintenance/turnover or expansion to accommodate population growth, based on lifespan of capital assets and population growth rate. In both countries, capital expansion was estimated to cost 6.5-7.0% of GDP per 1% population growth rate. This opportunity cost impedes the improvement of per capita capacity needed to realise the potential of the working-age population. Economic modelling of demographic scenarios have to date omitted this channel of influence; the implications of its inclusion are discussed.

Keywords: age dependency, demographic dividend, infrastructure, population growth rate

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Authors: Robin Ruowei Yang

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The Khitan-Liao dynasty (907-1125) was founded by the nomadic Khitan people and showed its peculiarities. This regime not only effectively ruled their own nomads, but also ruled the farming ethnic groups of the Han (漢) and others. It also controlled vast territories that included the northern border domains of China, East Asia, and even Central Asia. Different from the practice of other nomadic people, Khitan-Liao built settlement towns and cities on the Mongolia steppe from beginning of the dynasty, which made the politics, economy and culture of the steppe area develop significantly. In the process of cities’ construction, Khitan-Liao set up five capitals respectively. Except three of them were rebuilt or expanded based on existing cities in agricultural areas, two new capitals were built, namely up-capital (Shangjing) and middle-capital (Zhongjing) in the steppe area. This article takes the up-capital (Shangjing) as an example to investigate a special zone in the capital for settling movable tents which adapted Khitan nomads, especially its nomadic government officials to live in. By using primary Chinese historical records and newly archaeological excavations, this article examines how the special tent zone used by the Khitan rulers, discusses how the Khitan-Liao manifested its hybrid cultural characteristics in urban planning, and its implications in studying the history of Khitan-Liao. The information, discussion and argument presented in this article are also worth considering the influence of urbanization of Khitan-Liao’s urbaization on subsequent dynasties in pre-modern China and Inner Asia.

Keywords: cities on Steppe, special tent zone in cities, Khitan-Liao, hybrid culture

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Authors: Jason Chen, Jennifer Chen, Shiyu Li

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We examine whether managerial ability (MA), the passing of Sarbanes-Oxley in 2002 (SOX), and corporate operational complexity affect the accuracy of environmental capital expenditure projections of the environmentally sensitive industries (ESI). Prior studies found that firms in the ESI manipulated their projected environmental capital expenditures as a tool to achieve corporate legitimation and suggested that human factors must be examined to determine whether they are part of the determinants. We use MA to proxy for the latent human factors to examine whether MA affects the accuracy of financial disclosures in the ESI. To expand Chen and Chen (2020), we further investigate whether (1) SOX and (2) firms with complex operations and financial reporting in conjunction with MA affect firms’ projection accuracy. We find, overall, that MA is positively correlated with firm’s projection accuracy in the annual 10-Ks. Furthermore, results suggest that SOX has a positive, yet temporary, effect on MA, and that leads to better accuracy. Finally, MA matters for firms with more complex operations and financial reporting to make less projection errors than their less-complex counterparts. These results suggest that MA is a determinant that affects the accuracy of environmental capital expenditure projections for the firms in the ESI.

Keywords: managerial ability, environmentally sensitive industries, sox, corporate operational complexity

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Authors: Shaira Karishma Sheriff, Zarinah Hamid

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The Arab Spring, which commenced during the end of 2010 and accelerated during 2011, was caused primarily due to poverty, unemployment and a general recession in the Middle East and North African (MENA) region. The core motivation of this revolution could be said to be the need for political, economic and social reforms that the region desires to experience. Though GDP growth has been significant in the region, the income distribution mechanism in MENA countries has been ineffective. This results in low levels of education, substandard health care facilities, unemployment, and poverty. This paper argues that MENA countries have great potential for experiencing socioeconomic development by being less dependent on oil exports and enhancing their services sector through better education which would eventually lead to job creation. Furthermore, the region can encourage better trade and political integration by forming transparent and accountable governments. The notion of Nation-State needs to be addressed and the countries in the region need to look for ways to develop effective supra-national institutions for better political and economic integration that goes beyond geographical borders.

Keywords: political reforms, social reforms, economic development, nation-state, economic integration

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Authors: Cesar Vazquez-Gonzalez, Sophie Avila-Foucat, Leonardo Ortiz-Lozano, Patricia Moreno-Casasola, Alejandro Granados-Barba

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In the last twenty years, academic and scientific literature has been focused on understanding the processes and factors of coastal social-ecological systems vulnerability and resilience. Some scholars argue that resilience and vulnerability are isolated concepts due to their epistemological origin, while others note the existence of a strong resilience-vulnerability relationship. Here we present an ordinal logistic regression model based on the analytical framework about dynamic resilience-vulnerability interaction along adaptive cycle of complex systems and disasters process phases (during, recovery and learning). In this way, we demonstrate that 1) during the disturbance, absorptive capacity (resilience as a core of attributes) and external response capacity explain the probability of households capitals to diminish the damage, and exposure sets the thresholds about the amount of disturbance that households can absorb, 2) at recovery, absorptive capacity and external response capacity explain the probability of households capitals to recovery faster (resilience as an outcome) from damage, and 3) at learning, adaptive capacity (resilience as a core of attributes) explains the probability of households adaptation measures based on the enhancement of physical capital. As a result, during the disturbance phase, exposure has the greatest weight in the probability of capital’s damage, and households with absorptive and external response capacity elements absorbed the impact of floods in comparison with households without these elements. At the recovery phase, households with absorptive and external response capacity showed a faster recovery on their capital; however, the damage sets the thresholds of recovery time. More importantly, diversity in financial capital increases the probability of recovering other capital, but it becomes a liability so that the probability of recovering the household finances in a longer time increases. At learning-reorganizing phase, adaptation (modifications to the house) increases the probability of having less damage on physical capital; however, it is not very relevant. As conclusion, resilience is an outcome but also core of attributes that interacts with vulnerability along the adaptive cycle and disaster process phases. Absorptive capacity can diminish the damage experienced by floods; however, when exposure overcomes thresholds, both absorptive and external response capacity are not enough. In the same way, absorptive and external response capacity diminish the recovery time of capital, but the damage sets the thresholds in where households are not capable of recovering their capital.

Keywords: absorptive capacity, adaptive capacity, capital, floods, recovery-learning, social-ecological systems

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Authors: Rabiaal Adawiyah Shazali, Corina Joseph

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The disclosure of Intellectual Capital (IC) information is getting more vital in today’s era of a knowledge-based economy. Companies are advised by accounting bodies to enhance IC disclosure which complements the conventional financial disclosures. There are no accounting standards for Intellectual Capital Disclosure (ICD), therefore the disclosure is entirely voluntary. Hence, this study aims to investigate the extent of ICD and to examine the relationship between corporate governance and ICD in Malaysia. This study employed content analysis of 100 annual reports by the top 100 public listed companies in Malaysia during 2012. The uniqueness of this study lies on its underpinning theory used where it applies the institutional isomorphism theory to support the effect of the attributes of corporate governance towards ICD. In order to achieve the stated objective, multiple regression analysis were employed to conduct this study. From the descriptive statistics, it was concluded that public listed companies in Malaysia have increased their awareness towards the importance of ICD. Furthermore, results from the multiple regression analysis confirmed that corporate governance affects the company’s ICD where the frequency of audit committee meetings and the board size has positively influenced the level of ICD in companies. Findings from this study would provide an incentive for companies in Malaysia to enhance the disclosure of IC. In addition, this study would assist Bursa Malaysia and other regulatory bodies to come up with a proper guideline for the disclosure of IC.

Keywords: annual report, content analysis, corporate governance, intellectual capital disclosure

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Authors: Abubakar Dikko

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The research investigates the causes of unemployment in Namibia, Nigeria and South Africa, and the role of Capital Accumulation in reducing the unemployment profile of these economies as proposed by the post-Keynesian economics. This is conducted through extensive review of literature on the NAIRU models and focused on the post-Keynesian view of unemployment within the NAIRU framework. The NAIRU (non-accelerating inflation rate of unemployment) model has become a dominant framework used in macroeconomic analysis of unemployment. The study views the post-Keynesian economics arguments that capital accumulation is a major determinant of unemployment. Unemployment remains the fundamental socio-economic challenge facing African economies. It has been a burden to citizens of those economies. Namibia, Nigeria and South Africa are great African nations battling with high unemployment rates. In 2013, the countries recorded high unemployment rates of 16.9%, 23.9% and 24.9% respectively. Most of the unemployed in these economies comprises of youth. Roughly about 40% working age South Africans has jobs, whereas in Nigeria and Namibia is less than that. Unemployment in Africa has wide implications on households which has led to extensive poverty and inequality, and created a rampant criminality. Recently in South Africa there has been a case of xenophobic attacks which were caused by the citizens of the country as a result of unemployment. The high unemployment rate in the country led the citizens to chase away foreigners in the country claiming that they have taken away their jobs. The study proposes that there is a strong relationship between capital accumulation and unemployment in Namibia, Nigeria and South Africa, and capital accumulation is responsible for high unemployment rates in these countries. For the economies to achieve steady state level of employment and satisfactory level of economic growth and development there is need for capital accumulation to take place. The countries in the study have been selected after a critical research and investigations. They are selected based on the following criteria; African economies with high unemployment rates above 15% and have about 40% of their workforce unemployed. This level of unemployment is the critical level of unemployment in Africa as expressed by International Labour Organization (ILO). The African countries with low level of capital accumulation. Adequate statistical measures have been employed using a time-series analysis in the study and the results revealed that capital accumulation is the main driver of unemployment performance in the chosen African countries. An increase in the accumulation of capital causes unemployment to reduce significantly. The results of the research work will be useful and relevant to federal governments and ministries, departments and agencies (MDAs) of Namibia, Nigeria and South Africa to resolve the issue of high and persistent unemployment rates in their economies which are great burden that slows growth and development of developing economies. Also, the result can be useful to World Bank, African Development Bank and International Labour Organization (ILO) in their further research and studies on how to tackle unemployment in developing and emerging economies.

Keywords: capital accumulation, unemployment, NAIRU, Post-Keynesian economics

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Authors: K. G. Sorokozherdyev, E. A. Efimov

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The socio-economic development of regions and countries is an important research issue. Today, in the face of many negative events in the global and regional economies, it is especially important to identify those areas that can serve as sources of economic growth and the basis for the well-being of the population. This study aims to identify the most important sectors of the economy of the Arkhangelsk region that can contribute to the socio-economic development of the region as a whole. For research, the Arkhangelsk region was taken as one of the typical Russian regions that do not have significant reserves of hydrocarbons nor there are located any large industrial complexes. In this regard, the question of possible origins of economic growth seems especially relevant. The basis of this study constitutes the distributed lag regression model (ADL model) developed by the authors, which is based on quarterly data on the socio-economic development of the Arkhangelsk region for the period 2004-2016. As a result, we obtained three equations reflecting the dynamics of three indicators of the socio-economic development of the region -the average wage, the regional GRP, and the birth rate. The influencing factors are the shares in GRP of such sectors as agriculture, mining, manufacturing, construction, wholesale and retail trade, hotels and restaurants, as well as the financial sector. The study showed that the greatest influence on the socio-economic development of the region is exerted by such industries as wholesale and retail trade, construction, and industrial sectors. The study can be the basis for forecasting and modeling the socio-economic development of the Arkhangelsk region in the short and medium term. It also can be helpful while analyzing the effectiveness of measures aimed at stimulating those or other industries of the region. The model can be used in developing a regional development strategy.

Keywords: regional economic development, regional sectoral structure, ADL model, Arkhangelsk region

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Authors: Shameka Stanford

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This presentation will discuss how cognitive and communication disorders in the areas of executive functioning, receptive and expressive language can impact the problem-solving and decision making of individuals with such impairments. More specifically, this presentation will discuss approaches the legal defense team of capital case lawyers can add to their experience when servicing individuals who have a history of educational decline, special education, and limited intervention and treatment. The objective of the research is to explore and identify the correlations between impaired executive function skills and decision making and competency for individuals facing death penalty charges. To conduct this research, experimental design, randomized sampling, qualitative analysis was employed. This research contributes to the legal and criminal justice system related to how they view, defend, and characterize, and judge individuals with documented cognitive and communication disorders who are eligible for capital case charges. More importantly, this research contributes to the increased ability of death penalty lawyers to successfully defend clients with a history of academic difficulty, special education, and documented disorders that impact educational progress and academic success.

Keywords: communication disorders, cognitive disorders, capital murder, death penalty, executive function

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Authors: Ajayi Adeola

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The study examined the sources of revenue in Osun State. It determined the impact of revenue consultants on the internally generated revenue of Osun State Government, all with a view to surveying the expenditure pattern of the state. In the course of carrying out the study, data were collected primarily through interview method. Four principal officers in the financial sector were interviewed. However, secondary sources of data were collected from Osun State of Nigeria audited reports and financial statements for the year ended 31st December, 1997 to 2006. The data generated were analyzed using percentages and pie-chart for illustrations. The findings of the study revealed that the sources of revenue for Osun State Government included internally generated revenue (IGR), statutory allocation, value added tax (VAT) and capital projects. It also discovered that Statutory Allocation was the dominant sources of government revenue during the period of study. It accounted for 63.69% while IGR was 19.7%, value added tax (VAT) 8.07% and capital Receipts 8.48%. The study also discovered that the recurrent expenditure overshot the capital expenditure during the period of study on ratio 7:3 respectively while the state recorded surplus budget in seven times and deficit budgets in 2003 and 2004. The study concluded that the Osun State government was over dependent on external sources to finance recurrent and capital expenditure during the period of study.

Keywords: information communication technology, ICT adoption, ICT solution, small and medium scale enterprises

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Authors: Miguel José Oliveira, Fátima Farinha, Elisa M. J. da Silva, Rui Lança, Manuel Duarte Pinheiro, Cátia Miguel

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The Observatory of Sustainability of the Algarve Region for Tourism (OBSERVE) will be a valuable tool to assess the sustainability of this region. The OBSERVE tool is designed to provide data and maintain an up-to-date, consistent set of indicators defined to describe the region on the environmental, sociocultural, economic and institutional domains. This ongoing two-year project has the active participation of the Algarve’s stakeholders, since they were consulted and asked to participate in the discussion for the indicators proposal. The environmental and sociocultural indicators chosen must indicate the characteristics of the region and should be in alignment with other global systems used to monitor the sustainability. This paper presents a review of sustainability indicators systems that support the first proposal for the environmental and sociocultural indicators. Others constraints are discussed, namely the existing data and the data available in digital platforms in a format suitable for automatic importation to the platform of OBSERVE. It is intended that OBSERVE will be a valuable tool to assess the sustainability of the region of Algarve.

Keywords: Algarve, development, environmental indicators, observatory, sociocultural indicators, sustainability, tourism

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Authors: Gebrehiwot H., Giorgis Bahita

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Firms in Africa experience less financial market in comparison to other emerging and developed countries, thus lagging behind the rest of the world in terms of innovation and growth. Though there are different factors to be considered, underdeveloped financial systems take the lion's share in hindering firm innovation and growth in Africa. Insufficient capacity to innovate is one of the problems facing African businesses. Moreover, a critical challenge faced by firms in Africa is access to finance and the inability of financially constrained firms to grow. Only little is known about how different sources of finance affect firm innovation and growth in Africa, specifically the formal and informal finance effect on firm innovation and growth. This study's aim is to address this gap by using formal and informal finance for working capital and fixed capital and its role in firm innovation and firm growth using firm-level data from the World Bank enterprise survey 2006-2019 with a total of 5661 sample firms from 14 countries based on available data on the selected variables. Additionally, this study examines factors for accessing credit from a formal financial institution. The logit model is used to examine the effect of finance on a firm’s innovation and factors to access formal finance, while the Ordinary List Square (OLS) regression mode is used to investigate the effect of finance on firm growth. 2SLS instrumental variables are used to address the possible endogeneity problem in firm growth and finance-innovation relationships. A result from the logistic regression indicates that both formal and informal finance used for working capital and investment in fixed capital was found to have a significant positive association with product and process innovation. In the case of finance and growth, finding show that positive association of both formal and informal financing to working capital and new investment in fixed capital though the informal has positive relations to firm growth as measured by sale growth but no significant association as measured by employment growth. Formal finance shows more magnitude of effect on innovation and growth when firms use formal finance to finance investment in fixed capital, while informal finance show less compared to formal finance and this confirms previous studies as informal is mainly used for working capital in underdeveloped economies like Africa. The factors that determine credit access: Age, firm size, managerial experience, exporting, gender, and foreign ownership are found to have significant determinant factors in accessing credit from formal and informal sources among the selected sample countries.

Keywords: formal finance, informal finance, innovation, growth

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Authors: Sansanee Sansiribhan, Orrawan Rewthong, Anusorn Rattanathanaophat, Sarun Saensiriphan

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The objective of this work was to study potential of rice straw for power plant in the central region of Thailand. Provincial power plant capacity was studied. The results showed that provinces central region had potential for small power plants with a capacity of over 10 MW in 13 provinces, 1-10 MW in 6 provinces and less than 1 MW in 3 provinces.

Keywords: rice straw, power plant, central region, Thailand

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Authors: Rui Chen, Shu-min Zhou, Xiong-jie Zhang, Ren-bo Wang, Fan Huang, Bin Tang

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During the temperature changes in reactor core, the nuclide cross section in reactor can vary with temperature, which eventually causes the changes of reactivity. To simulate the interaction between incident neutron and various materials at different temperatures on the nose, it is necessary to generate all the relevant reaction temperature-dependent cross section. Traditionally, the real time cross section generation method is used to avoid storing huge data but contains severe problems of low efficiency and adaptability for narrow energy region. Focused on the research on multi-temperature cross sections generation in real time during in neutron transport, this paper investigated the on-the-fly cross section generation method for resolved resonance region, thermal region and unresolved resonance region, and proposed the real time multi-temperature cross sections generation method based on double-exponential formula for resolved resonance region, as well as the Neville interpolation for thermal and unresolved resonance region. To prove the correctness and validity of multi-temperature cross sections generation based on wide energy region of incident neutron, the proposed method was applied in critical safety benchmark tests, which showed the capability for application in reactor multi-physical coupling simulation.

Keywords: cross section, neutron transport, numerical simulation, on-the-fly

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Authors: Pranav Vaidya

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The recent upheaval of a ballot initiative taken place in California & Los Angeles‘s newspapers shows how the concept of giving Death Penalty obliterates the very soul basis of community and society which rests upon the tripod of values, ethics, and morality. This paper goes on with examining how, by giving death penalties we are, on one hand trying to wipe out those heinous offenders committing such unspeakable crimes against the public; while on the other hand it comes with a devastating effect of corroding and eluding the existence of ethics and morality which is in the very nature of “protecting the life of humankind”. As it can be stated that, by giving capital punishment, we are trying to legitimize an irreversible act of violence by the authority of state and target innocent victims because as long as the human justice is fallible, the risk of executing an innocent can never be eliminated. However, scholars in the legalization of Capital Punishment have argued that the courts should impose punishment befitting the crime so that they could reflect public abhorrence of the crime, create deterrent or rehabilitating effects & deliver the truest form of justice.

Keywords: ethics, heinous offenders, morality, unspeakable crimes

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Authors: Tien-Hui Chiang

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Human capital discourse encourages many countries to expand the capacity of HEIs. Along with this expansion, the higher education system is redefined as a free market and in turn it is privatized and commercialized. However, the state’s role in education is to balance social justice and capital accumulation. This role is further regulated by a specific form of neoliberalism constituted by social contexts. These correlations call for exploring the influence of human capital discourse on interwoven issues, such as the state’s role in education, higher education policy, and employability. Method: According to the perspective of neoliberal governmentality, answers to the above four research questions are likely to be embedded within discourses in documents related to higher education policies. Consequently, this study adopts a qualitative approach by analyzing official documents, including government reports, official statistics, circulars and official statements. Documents were collected and subjected to content analysis, with a particular focus on the period from 2005 to 2021. The technique of content analysis was applied to decode keywords and core concepts of these documents. Findings: Neoliberalism is exerted through human capital discourse in China particularly in the changes in higher education policies moving from quantitative expansion to quality control via employment or employability. Such changes highlight that the principle of “n”eoliberalism is more suitable for illustrating the practice of free market logic in different social contexts. The modifications of neoliberalism adopted by the Chinese government reflect that the state’s mission is to secure social security or the common good, so that public managerialism - in the form of programs for employment, internship and entrepreneurship - is adopted in the name of the public interest and the collective mission. Public managerialism now is not only targeted towards social institutions but the population more generally, incarnated here by college graduates. Its practice is not only to renovate organizational cultures but to activate people’s commitment to national development.

Keywords: employability, higher education expansion, neoliberalism, human capital discourse

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Authors: Nasser Alsadoun

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Today's companies in Saudi Arabian capital market must comply with strict criteria and adhere to rigid corporate governance rules and continuous disclosure requirements. Unlike other regulators in the region, decision makers of the Capital Market Authority (hereafter CMA) of Saudi Arabia believes that the announcements of economic sanctions and penalties for non-compliance firms will foster more effective regulatory compliance and hence improve the quality of financial reporting. An implied argument put forward by the opponents, however, states that such penalties are unnecessary and stated to be onerous for non-compliance firms. Over that last years, the CMA has publicly announced several economic fines levied on some listed companies for their failing to comply with corporate governance and continuous disclosure regulation clauses, with the amount of fine levied ranges between 50,000 SR to 100,000 SR for each failing. Economic theory suggests that rational investors make decisions based on a cost-benefit principal. The regulatory intervention made by CMA on the announcement of economic sanctions has been costly to the society (economy) hoping that it improves the transparency of financial statements. It is argued, therefore, that threat of regulators and economic sanctions will provide incentives for firms’ managers to report more relevant and reliable accounting information, and the benefit of such announcements is likely to be reflected in the context of the quality of the financial reports. Yet, the economic consequences of the revealed fines announcement for non-compliance firms in Saudi Arabian market have not been examined. Thus, this study attempts to empirically examine whether market participants are pricing the supposed benefits of rigid governance and disclosure rules in the Saudi market. The study employs an event study methodology to assess the impact of CMA economic sanctions announcements on the market price of non-compliance firms. The study also estimates and examines bid–ask spread behavior of violated firms around the CMA announcements. The findings indicate that the CMA fines announcements for failing to comply with governance and disclosure rules do not appear to play any significant role in securities pricing. In addition, tests of bid-ask behavior does not indicate any significant increases in information asymmetry surrounding these announcements. While the CMA has developed many goals to increase the awareness of listed companies with the best governance and disclosure practices, it seems they have to develop more goals to improve market efficiency and increase investors and public awareness.

Keywords: governance and disclosure violations, financial reporting quality, regulatory intervention, market efficiency

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Authors: Zinaida I. Ivanova, Olga V. Yudenkova

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The article addresses the pressing need to implement the principle of the biosphere compatibility as the core prerequisite for sustainable development. The co-authors argue that a careful attitude towards the biosphere, termination of its overutilization, analysis of the ratio between the biospheric potential of a specific area and its population numbers, coupled with population regulation techniques represent the factors that may solve the problems of ecological depletion. However these problems may only be tackled through the employment of the high-quality human capital, capable of acting with account for the principles of nature conservation.

Keywords: biosphere compatibility, eco-centered conscience, human capital, sustainable development

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Authors: S. Sadallah

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In this paper, dynamic programming is used to determine the optimal management of financial resources in company. Solution of the problem by consider into simpler substructures is constructed. The optimal management of internal capital of company are simulated. The tools applied in this development are based on graph theory. The software of given problems is built by using greedy algorithm. The obtained model and program maintenance enable us to define the optimal version of management of proper financial flows by using visual diagram on each level of investment.

Keywords: management, software, optimal, greedy algorithm, graph-diagram

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Authors: Luis Felipe Brito-Gaona, Emma M. Iglesias

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There is a growing literature that studies the main determinants and drivers of inequality and economic growth in several countries, using panel data and different estimation methods (fixed effects, Generalized Methods of Moments (GMM) and Two Stages Least Squares (TSLS)). Recently, it was studied the evolution of these variables in the period 1980-2009 in the 18 countries of Latin-America and it was found that one of the main variables that explained their evolution was Foreign Direct Investment (FDI). We extend this study to the year 2015 in the same 18 countries in Latin-America, and we find that FDI does not have a significant role anymore, while we find a significant negative and positive effect of schooling levels on inequality and economic growth respectively. We also find that the point estimates associated with human capital are the largest ones of the variables included in the analysis, and this means that an increase in human capital (measured by schooling levels of secondary education) is the main determinant that can help to reduce inequality and to increase economic growth in Latin-America. Therefore, we advise that economic policies in Latin-America should be directed towards increasing the level of education. We use the methodologies of estimating by fixed effects, GMM and TSLS to check the robustness of our results. Our conclusion is the same regardless of the estimation method we choose. We also find that the international recession in the Latin-American countries in 2008 reduced significantly their economic growth.

Keywords: economic growth, human capital, inequality, Latin-America

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Authors: Oloyede John Adebayo

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This paper tested a variant of the monetary model of exchange rate determination, called Frankel’s Capital Account Monetary Model (CAAM) based on Real Interest Rate Differential, on the floating exchange rate experiences of three developing countries of Africa; viz: Ghana, Nigeria and the Gambia. The study adopted the Auto regressive Instrumental Package (AIV) and Almon Polynomial Lag Procedure of regression analysis based on the assumption that the coefficients follow a third-order Polynomial with zero-end constraint. The results found some support for the CAAM hypothesis that exchange rate responds proportionately to changes in money supply, inversely to income and positively to interest rates and expected inflation differentials. On this basis, the study points the attention of monetary authorities and researchers to the relevance and usefulness of CAAM as appropriate tool and useful benchmark for analyzing the exchange rate behaviour of most developing countries.

Keywords: exchange rate, monetary model, interest differentials, capital account

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Authors: Shivam Dubey, Shivakant Bajpai

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The Kalachuri dynasty of Tripuri was a significant ruling dynasty in central India that held power over a vast region for a longer period compared to renowned dynasties like the Chandellas. Their capital, Tripuri (modern-day Tewar, a small village near Jabalpur), and its surrounding area witnessed significant developments that were later disrupted by the Royal Indian Railways' construction of railway lines. However, remnants of their achievements can still be found scattered in and around Tewar. The Kalachuris made remarkable contributions in the fields of art, architecture, and iconography. The evolution of temple architecture, particularly in Baghelkhand and the Mahakoshal range after the decline of the Gupta Empire, can be attributed to the Kalachuris. There is a notable progression from early temple styles to mature architecture, with numerous examples displaying continuity between the two. One particularly unique temple style features a ground plan resembling a complete Chaitya Hall, while the elevation showcases a circular Grabhagriha with a Mandapa and a conical Shikhara adorned with a series of Gavakshas. This distinctive temple style is among the most exceptional in central India. While several studies have been conducted on the Kalachuris' architecture, there is still a need for further research, as recent discoveries have provided valuable insights into understanding their architectural achievements. This paper aims to explore the development of architecture in this region, incorporating these recent findings.

Keywords: architecture, Kalachuri, art, iconography

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Authors: Isabel Martins, Orlando Pereira, Ana Martins

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This study aims to highlight that, in changing environments, organisations need to adapt their behaviours to the demands of the new economic reality. The main purpose of this study focuses on the relationship between entrepreneurship, innovation with learning as the mediating factor. It is within this entrepreneurial spirit that literature reveals a concern with the current economic perspective towards knowledge and considers it as both the production factor par excellence and a source of entrepreneurial capacity and innovation. Entrepreneurship is a mind-set focused on identifying opportunities of economic value and translates these into the pursuit of business opportunities through innovation. It connects art and science and is a way of life, as opposed to a simple mode of business creation and profiteering. This perspective underlines the need to develop the global individual for the globalised world, the strategic key to economic and social development. The objective of this study is to explore the notion that relational capital which is established between the entrepreneur and all the other economic role players both inside and outside the organization, is indeed determinant in developing the entrepreneurial capacity. However, this depends on the organizational culture of innovation. In this context, entrepreneurship is an ‘entrepreneurial capital’ inherent in the organization that is not limited to skills needed for work. This study is a critique of extant literature review which will be also be supported by primary data collection gathered to study graduates’ perceptions towards their entrepreneurial capital. Limitations are centered on both the design and of the sample of this study. This study is of added value for both scholars and organisations in the current innovation economy.

Keywords: entrepreneurship, innovation, learning, relational capital

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Authors: Abu S. M. G. Kibria, Alison M. Behie, Robert Costanza, Colin Groves, Tracy Farrell

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This study is aimed to understand the level of access and the influence of livelihood capitals in maintaining access and control of ecosystem services (ESS) in the Sundarbans, Bangladesh. Besides the villagers, we consider other stakeholders including the forest department, coast guard, police, merchants, pirates and villagers who ‘controlled’ or ‘maintained’ access to ESS (crab catching, shrimp fry, honey, shrimp, mixed fish, fuel wood) in this region. Villagers used human, physical, natural and social capitals to gain access to ESS. The highest level of access was observed in crab catching and the lowest was found in honey collection, both of which were done when balancing the costs and benefits of accessing one ESS against another. The outcomes of these ongoing access negotiations were determined by livelihood capitals of the households. In addition, it was often found that the certain variables could have a positive effect on one ESS and a negative effect on another. For instance, human, social and natural capitals (eldest daughter’s education and No. of livelihood group membership and) had significant positive effects on honey collection while two components of human and social capitals including ‘eldest son’s education’ and ‘severity of pirate problem’ had exactly the opposite impact. These complex interactions were also observed in access to other ESS. It thus seems that access to ESS is not anything which is provided, but rather it is achieved by using livelihood capitals. Protecting any ecosystem from over exploitation and improve wellbeing can be achieved by properly balancing the livelihood capital-access nexus.

Keywords: provisioning services, access level, livelihood capital, interaction, access gain

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