Search results for: agricultural and financial loss

Authors: Yeliz Sarı Nayim, B. Niyami Nayim

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Biotopes such as forest areas rich in biodiversity, wetlands, hedgerows and woodlands play important ecological roles in agricultural landscapes. Of these semi-natural areas and features, hedgerows are the most common landscape elements. Their most significant features are that they serve as a barrier between the agricultural lands, serve as shelter, add aesthetical value to the landscape and contribute significantly to the wildlife and biodiversity. Hedgerows surrounding agricultural landscapes also provide an important habitat for pollinators which are important for agricultural production. This study looks into the identification of hedgerows in agricultural lands in the Mugada rural area within Bartın province, Turkey. From field data and-and satellite images, it is clear that in this area, especially around rural settlements, large forest areas have been cleared for settlement and agriculture. A network of hedgerows is also apparent, which might potentially play an important role in the otherwise open agricultural landscape. We found that these hedgerows serve as an ecological and biological corridor, linking forest ecosystems. Forest patches of different sizes and creating a habitat network across the landscape. Some examples of this will be presented. The overall conclusion from the study is that ecologically, biologically and aesthetically important hedge biotopes should be maintained in the long term in agricultural landscapes such as this. Some suggestions are given for how they could be managed sustainably into the future.

Keywords: agricultural biotopes, Hedgerows, landscape ecology, Turkey

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Authors: Reshu Chaudhary, R. S. Sengar

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To increase the agricultural production Indian farmer needs to aware of the latest technology i.e. precision farming to maximize the crop yield and minimize the input (fertilizer, pesticide etc.) through monitoring the environmental factors. Biotechnology and information technology have provided lots of opportunities for the development of agriculture. But, still we have to do much more for increasing our agricultural production in order to achieve the target growth of agriculture to secure food, to eliminate poverty and improve living style, to enhance agricultural exports and national income and to improve quality of agricultural products. Nanotechnology can be a great element to satisfy these requirements and to boost the multi-dimensional development of agriculture in order to fulfill the dream of Indian farmers. Nanotechnology is the most rapidly growing area of science and technology with its application in physical science, chemical science, life science, material science and earth science. Nanotechnology is a part of any nation’s future. Research in nanotechnology has extremely high potential to benefit society through application in agricultural sciences. Nanotechnology has greater potential to bring revolution in the agricultural sector.

Keywords: agriculture, biotechnology, crop yield, nanotechnology

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Authors: Giulia Dal Maso

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Within the contemporary financial capitalist configuration, the interplay of Chinese statecraft and financialization has shaped a new ‘ecology of financial expertise.’ This indicates the emergence of a new financial technocratic governance; that is increasingly changing the Chinese economy, reducing the state’s administrative and fiscal functions and increasing state assets in accordance with a new shareholder logic. In this shift, the creation of the stock market by the state was conceived not only as a new redistributor of wealth but as a ‘clearing house’ for social discontent resulting from work casualization, wage repression and a lack of social welfare. Since its inception in the wake of Deng Xiaoping’s reforms, the Chinese state has used the stock market as a means of securing social legitimation by providing a prearranged space where the disaggregated and vulnerable subjects left behind by the dismantlement of the collective work units of the Maoist period (danwei) can congregate. However, fieldwork which included both participant observation as well as interviews with investors in brokerage rooms in Shanghai (where one of only two mainland Chinese stock exchanges is situated) reveals that both new formal and informal financial experts—namely the haigui (Chinese returnees with a financial degree abroad) and sanhu (individual Chinese scattered players), are equally dissatisfied with their investing activities. They express discontent with the state, which they hold responsible for the summer 2015 financial crisis and for the financial turmoil that jeopardizes China’s financial and political project. What the investors want is a state that will guarantee the continuation of the current gupiaore ‘stock fever’. This paper holds that, by embracing financialization, the state is undermining the contract at the base of its legitimacy.

Keywords: Chinese state, Deng Xiaoping, financial capitalism, individual investors

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Authors: Chow Fah Yee, Eu Chye Tan

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The main purpose of developing a modern and sophisticated financial system is to mobilize and allocate the country’s resources for productive uses and in the process contribute to economic growth. Financial liberalization introduced in Malaysia in 1978 was said to be a step towards this goal. According to Mc-Kinnon and Shaw, the deregulation of a country’s financial system will create a more efficient and competitive market driven financial sector; with savings being channelled to the most productive users. This paper aims to assess whether financial liberalization resulted in bank credit being allocated to the more productive users, for the case of Malaysia by: firstly, using Chi-square test to if there exists a relationship between financial liberalization and bank lending in Malaysia. Secondly, to analyze on a comparative basis, the share of loans secured by 9 major economic sectors, using data on bank loans from 1975 to 2003. Lastly, present value analysis and rank correlation was used to determine if the recipients of bigger loans are the more efficient users. Chi-square test confirmed the generally observed trend of an increase in bank credit with the adoption of financial liberalization. While the comparative analysis of loans showed that the bulk of credit were allocated to service sectors, consumer loans and property related sectors, at the expense of industry. Results for rank correlation analysis showed that there is no relationship between the more productive users and amount of loans obtained. This implies that the recipients (sectors) that received more loans were not the more efficient sectors.

Keywords: allocation of resources, bank credit, financial liberalization, economics

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Authors: Devina Aprilia Gunawan, Tasya Aspiranti, Inugrah Ratia Pratiwi

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This research aims to classify the mining sector companies based on Altman’s Z-score model, and providing an analysis based on the Altman’s Z-score model’s financial ratios to provide a picture about the financial condition in mining sector companies in Indonesia and their viability in the future, and to find out the partial and simultaneous impact of each of the financial ratio variables in the Altman’s Z-score model, namely (WC/TA), (RE/TA), (EBIT/TA), (MVE/TL), and (S/TA), toward the financial condition represented by the Z-score itself. Among 38 mining sector companies listed in Indonesia Stock Exchange (IDX), 28 companies are selected as research sample according to the purposive sampling criteria.The results of this research showed that during 3 years research period at 2010-2012, the amount of the companies that was predicted to be healthy in each year was less than half of the total sample companies and not even reach up to 50%. The multiple regression analysis result showed that all of the research hypotheses are accepted, which means that (WC/TA), (RE/TA), (EBIT/TA), (MVE/TL), and (S/TA), both partially and simultaneously had an impact towards company’s financial condition.

Keywords: Altman’s Z-score model, financial condition, mining companies, Indonesia

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Authors: Arzu K. Kamberli, Tolga Ulusoy

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Technological developments and the resulting global communication have made the 21st century when large capitals are moved from one end to the other via a button. As a result, the flow of capital inflows has accelerated, and capital inflow has brought with it crisis-related infectiousness. Considering the irrational human behavior, the financial crisis in the world under the influence of the whole world has turned into the basic problem of the countries and increased the interest of the researchers in the reasons of the crisis and the period in which they lived. Therefore, the complex nature of the financial crises and its linearly unexplained structure have also been included in the new discipline, econophysics. As it is known, although financial crises have prediction mechanisms, there is no definite information. In this context, in this study, using the concept of electric field from the electrostatic part of physics, an early econophysical approach for global financial crises was studied. The aim is to define a model that can take place before the financial crises, identify financial fragility at an earlier stage and help public and private sector members, policy makers and economists with an econophysical approach. 2001 Turkey crisis has been assessed with data from Turkish Central Bank which is covered between 1992 to 2007, and for 2001 Argentina crisis, data was taken from IMF and the Central Bank of Argentina from 1997 to 2007. As an econophysical method, an analogy is used between the Gauss's law used in the calculation of the electric field and the forecasting of the financial crisis. The concept of Φ (Financial Flux) has been adopted for the pre-warning of the crisis by taking advantage of this analogy, which is based on currency movements and money mobility. For the first time used in this study Φ (Financial Flux) calculations obtained by the formula were analyzed by Matlab software, and in this context, in 2001 Turkey and Argentina Crisis for Φ (Financial Flux) crisis of values has been confirmed to give pre-warning.

Keywords: econophysics, financial crisis, Gauss's Law, physics

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Authors: I. Agboola Julius, Christopher A. Kumolu-Johnson, O. Kolade Rafiu, A. Saba Abdulwakil

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This work elucidates on mangrove diversity, trends of change, factors responsible for loss over the years and implications for sustainable livelihoods of locals in four villages (Ajido (L1), Tarkwa bay (L2), University of Lagos (L3), and Ikosi (L4)) along the coast of Lagos, Nigeria. Primary data were collected through field survey, questionnaires, interviews, and review of existing literature. Field observation and data analysis reveals mangrove diversity as low and varied on a spatial scale, where Margalef’s Diversity Index (D) was 0.368, 0.269, 0.326, and 0.333, respectively for L1, L2, L3, and L4. Shannon Weiner’s Index (H) was estimated to be 1.003, 1.460, 1.160, 1.046, and Specie Richness (E) 0.913, 0.907, 0.858, and 0.015, respectively, for the four villages. Also, The Simpson’s index of diversity was analyzed to be 0.632, 0. 731, 0.647, 0.667, and Simpson’s reciprocal index 2.717, 3.717, 3.060, and 3.003, respectively, for the four villages. Chi-square test was used to analyze the impact of mangrove loss on the sustainable livelihood of coastal communities. Calculated Chi-square (X2) value (5) was higher than tabulated value (4.30), suggesting that loss of mangrove wetlands impacted on local communities’ livelihood at the four villages. Analyses of causes and trends of mangrove wetland loss over the years suggest that urbanization, fuel wood and agricultural activities are major causes. Current degradation observed in mangrove wetlands on the Lagos coast suggest a reduction in mangroves biodiversity and associated fauna with potential cascading effects on higher trophic levels such as fisheries. Low yield in fish catch, reduction in income and increasing cases of natural disaster has culminated in threats to sustainable livelihoods of local communities along the coast of Lagos.

Keywords: Mangroves, lagos coast, fisheries, management

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Authors: A. O. Talabi, F. M. Taib, D. J. Jalaludin

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The influence of sustainability reporting on Deposit Money Banks (DMBs)' financial performance both before and after mandated environmental, social, and governance (ESG) disclosure is examined in this article. Using a sample size of the top six strategically important listed banks in Nigeria, the study employed the paired sample t-test to assess the pre-mandatory ESG period (2009-2015) and the post-mandatory ESG period (2016-2022). According to the findings, there was no discernible difference between the performance of DMBs in Nigeria before and after the requirement for ESG disclosure. In the pre-mandatory requirement time, sustainability reporting is a major predictor of financial metrics, but in the post-mandatory requirement period, there was no discernible change in financial performance. Market authorities ought to have unrestricted authority to impose severe fines for noncompliance and bring legal action against corporations that fail to disclose ESG. This work contributes to the literature on ESG disclosure and financial performance by considering two different periods.

Keywords: financial, performance, sustainability, reporting

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Authors: Saemee Jun, Dong-Hyeon Shin, Tae-Sang Ahn, Hyung-Joon Kim

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Building loss estimation methodologies which have been advanced considerably in recent decades are usually used to estimate socio and economic impacts resulting from seismic structural damage. In accordance with these methods, this paper presents the evaluation of an annual loss probability of a reinforced concrete moment resisting frame designed according to Korean Building Code. The annual loss probability is defined by (1) a fragility curve obtained from a capacity spectrum method which is similar to a method adopted from HAZUS, and (2) a seismic hazard curve derived from annual frequencies of exceedance per peak ground acceleration. Seismic fragilities are computed to calculate the annual loss probability of a certain structure using functions depending on structural capacity, seismic demand, structural response and the probability of exceeding damage state thresholds. This study carried out a nonlinear static analysis to obtain the capacity of a RC moment resisting frame selected as a prototype building. The analysis results show that the probability of being extensive structural damage in the prototype building is expected to 0.004% in a year.

Keywords: expected annual loss, loss estimation, RC structure, fragility analysis

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Authors: Bilal Ashraf, Qianxiao Zhang

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This study empirically investigated the linkage amid financial development and its important determinants such as information and communication technology, natural resource rents, economic growth, current account balance, and gross savings in 107 economies. This paper preferred to employ the second-generation unit root tests to handle the issues of slope heterogeneity and “cross-sectional dependence” in panel data. The “Kao, Pedroni, and Westerlund tests” confirm the long-lasting connections among the variables under study, while the significant endings of “cross-sectionally augmented autoregressive distributed lag (CS-ARDL)” exposed that NRR, CAB, and S negatively affected the financial development while ICT and EG stimulates the procedure of FD. Further, the robustness analysis's application of FGLS supports the appropriateness and applicability of CS-ARDL. Finally, the findings of “DH causality analysis” endorse the bidirectional causality linkages amongst research factors. Based on the study's outcomes, we suggest some policy suggestions that empower the process of financial development, globally.

Keywords: determinants of financial developments, CS-ARDL, financial development, global sample, causality analysis

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Authors: Ben Kwame Agyei-Mensah

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This study investigated the influence of firm-specific characteristics which include proportion of Non-Executive Directors, ownership concentration, firm size, profitability, debt equity ratio, liquidity and leverage on the extent and quality of financial ratios disclosed by firms listed on the Ghana Stock Exchange. The research was conducted through detailed analysis of the 2012 financial statements of the listed firms. Descriptive analysis was performed to provide the background statistics of the variables examined. This was followed by regression analysis which forms the main data analysis. The results of the extent of financial ratio disclosure level, mean of 62.78%, indicate that most of the firms listed on the Ghana Stock Exchange did not overwhelmingly disclose such ratios in their annual reports. The results of the low quality of financial ratio disclosure mean of 6.64% indicate that the disclosures failed woefully to meet the International Accounting Standards Board's qualitative characteristics of relevance, reliability, comparability and understandability. The results of the multiple regression analysis show that leverage (gearing ratio) and return on investment (dividend per share) are associated on a statistically significant level as far as the extent of financial ratio disclosure is concerned. Board ownership concentration and proportion of (independent) non-executive directors, on the other hand were found to be statistically associated with the quality of financial ratio disclosed. There is a significant negative relationship between ownership concentration and the quality of financial ratio disclosure. This means that under a higher level of ownership concentration less quality financial ratios are disclosed. The findings also show that there is a significant positive relationship between board composition (proportion of non-executive directors) and the quality of financial ratio disclosure.

Keywords: voluntary disclosure, firm-specific characteristics, financial reporting, financial ratio disclosure, Ghana stock exchange

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Authors: Khawla Hlel

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Purpose: This study aims to examine whether critical audit matters (CAM) affect financial information quality. We also investigate the moderating role of the audit committee on the association between CAM and financial information quality. Design/Methodology/Approach: The analysis is based on GLS and GMM regressions explaining the absolute value of discretionary accruals by using 52 Tunisian listed firms on the Tunisia Stock Exchange (TSE) for the period 2017-2020. Findings: We find evidence that managers react to the CAM by increasing the quality of financial disclosures. This study provides insights into how a change in the auditor’s report model might impact the quality of financial information. It suggests that external auditors and audit committees serve as a beneficial mechanism for enhancing financial information quality by reducing information asymmetry. In addition, our results indicate that CAM is an efficient monitoring mechanism that increases financial reporting quality and supervises managers. Originality: This study is important for potential investors who should assess CAM when evaluating firms. Furthermore, the authors expect the findings to be interesting to firms, as this study highlights the effectiveness of the auditor in reducing managerial opportunistic behavior and improving information quality. The results could encourage audit regulators to ameliorate the standards, as this research reinforces the role of the auditor in increasing the quality of financial disclosure by offering the required information for shareholders.

Keywords: critical audit matters, audit committee, information quality, Tunisian firms

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Authors: Abongile Zweni

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As a post-apartheid strategy to redress the social imbalances of the past, local governments are tasked with the role of delivering crucial services to their constituents. Apart from political instability, evidence shows that managers in South African municipalities lack effective financial management skills and competencies. This resulted in a failure to fulfill its administrative obligations, particularly municipal financial management. Most municipalities have, however, failed in this role, which has led them to be placed under administration by the provincial government in terms of Section 139 of the constitution of the Republic of South Africa. Thus, this study proposed a leadership conceptual framework for effectively managing ever-eroding municipal finances in South Africa. The study adopted a desktop research approach to explore the key components of leadership and municipal financial management toward the development of the conceptual framework. The study fostered a better understanding of the need for transformation in relation to the current financial management practices and sustainability of a municipality. Moreover, the conceptual framework applies not only to municipalities but also to other government departments and public authorities in the country for financial management.

Keywords: leadership, municipal finance, financial performance, management skills, municipality

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Authors: Smrity Dwivedi

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The present paper has revealed the effect of double substrates over a bandwidth performance for planar antennas. The used material has its own importance to get minimum return loss and improved directivity. The author has taken double substrates to enhance the efficiency in terms of gain of antenna. Metamaterial based antenna has its own specific structure which increased the performance of antenna. Improved return loss is -20 dB, and the voltage standing wave ratio (VSWR) is 1.2, which is better than single substrate having return loss of -15 dB and VSWR of 1.4. Complete results are obtained using commercial software CST microwave studio.

Keywords: CST microwave studio, metamaterial, return loss, VSWR

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Authors: Masica Jordan Alston, Angela N. Bullock, Angela S. Henderson, Stephanie Strianse, Sade Dunn, Joseph Hackett, Alaysia Black Hackett, Marcus Mason

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The Energy Model of Cumulative Grief was created in 2018. The Energy Model of Cumulative Grief utilizes historic models of grief stage theories. The innovative model is additionally unique due to its focus on cultural responsiveness. The Energy Model of Cumulative Grief helps to train practitioners who work with clients dealing with grief and loss. This paper assists in introducing the world to this innovative model and exploring how this model positively impacted a convenience sample of 140 practitioners and individuals experiencing grief and loss. Respondents participated in Webinars provided by the National Grief and Loss Center of America (NGLCA). Participants in this cross-sectional research design study completed one of three Grief and Loss Surveys created by the Grief and Loss Centers of America. Data analysis for this study was conducted via SPSS and Survey Hero to examine survey results for respondents. Results indicate that the Energy Model of Cumulative Grief was an effective resource for participants in addressing grief and loss. The majority of participants found the Webinars to be helpful and a conduit to providing them with higher levels of hope. The findings suggest that using The Energy Model of Cumulative Grief is effective in providing culturally responsive grief and loss resources to practitioners and clients. There are far reaching implications with the use of technology to provide hope to those suffering from grief and loss worldwide through The Energy Model of Cumulative Grief.

Keywords: grief, loss, grief energy, grieving brain

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Authors: C. Angel, S. Asha

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Despite the advances made in various new technologies, application of these technologies for agriculture still remains a formidable task, as it involves integration of diverse domains for monitoring the different process involved in agricultural management. Advances in ambient intelligence technology represents one of the most powerful technology for increasing the yield of agricultural crops and to mitigate the impact of water scarcity, climatic change and methods for managing pests, weeds, and diseases. This paper proposes a GPS-assisted, machine to machine solutions that combine information collected by multiple sensors for the automated management of paddy crops. To maintain the economic viability of paddy cultivation, the various techniques used in agriculture are discussed and a novel system which uses ambient intelligence technique is proposed in this paper. The ambient intelligence based agricultural system gives a great scope.

Keywords: ambient intelligence, agricultural technology, smart agriculture, precise farming

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Authors: Remy Jonkam Oben

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Using a time series approach, this study investigates how natural resources impact financial development from a global perspective over the 1980-2019 period. Some important determinants of financial development (economic growth, trade openness, population growth, and investment) have been added to the model as control variables. Unit root tests have revealed that all the variables are integrated into order one. Johansen's cointegration test has shown that the variables are in a long-run equilibrium relationship. The vector error correction model (VECM) has estimated the coefficient of the error correction term (ECT), which suggests that the short-run values of natural resources, economic growth, trade openness, population growth, and investment contribute to financial development converging to its long-run equilibrium level by a 23.63% annual speed of adjustment. The estimated coefficients suggest that global natural resource rent has a statistically-significant negative impact on global financial development in the long-run (thereby validating the financial resource curse) but not in the short-run. Causality test results imply that neither global natural resource rent nor global financial development Granger-causes each other.

Keywords: financial development, natural resources, resource curse hypothesis, time series analysis, Granger causality, global perspective

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Authors: Nora Arbaoui, Rachid Tadili, Ilham Ihoume

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The improvement of the agricultural production and food preservation processes requires the introduction of heating and cooling techniques in greenhouses. To develop these techniques, our work proposes a design of an integrated and autonomous solar system for heating, cooling, and production conservation in greenhouses. The hot air produced by the greenhouse effect during the day will be evacuated to compartments annexed in the greenhouse to dry the surplus agricultural production that is not sold on the market. In this paper, we will give a description of this solar system and the calculation of the fluid’s volume used for heat storage that will be released during the night.

Keywords: solar system, agricultural greenhouse, heating, cooling, storage, drying

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Authors: S. Olyaee, M. Seifouri, A. Nikoosohbat, M. Shams Esfand Abadi

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Photonic Crystal Fibers (PCFs) can be used in optical communications as transmission lines. For this reason, the PCFs with low confinement loss, low chromatic dispersion, and low nonlinear effects are highly suitable transmission media. In this paper, we introduce a new design of index-guiding photonic crystal fiber (IG-PCF) with ultra-low chromatic dispersion, low nonlinearity effects, and low confinement loss. Relatively low dispersion is achieved in the wavelength range of 1200 to 1600 nm using the proposed design. According to the new structure of IG-PCF presented in this study, the chromatic dispersion slope is -30(ps/km.nm) and the confinement loss reaches below 10-7 dB/km. While in the wavelength range mentioned above at the same time an effective area of more than 50.2μm2 is obtained.

Keywords: optical communication systems, index-guiding, dispersion, confinement loss, photonic crystal fiber

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Authors: Ali Reza Vaezi, Ouldouz Bakhshi Rad

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Gully erosion is a widespread and often dramatic form of soil erosion caused by water during and immediately after heavy rainfall. It occurs when flowing surface water is channelled across unprotected land and washes away the soil along the drainage lines. The formation of gully is influenced by various factors, including climate, drainage surface area, slope gradient, vegetation cover, land use, and soil properties. It is a very important problem in semi-arid regions, where soils have lower organic matter and are weakly aggregated. Intensive agriculture and tillage along the slope can accelerate soil erosion by water in the region. There is little information on the development of gully erosion in agricultural rainfed areas. Therefore, this study was carried out to investigate the relationship between gully erosion and morphometric characteristics of the drainage area and the effects of soil properties and soil management factors (land use and tillage method) on gully development. A field study was done in a 900 km2 agricultural area in Hshtroud township located in the south of East Azarbijan province, NW Iran. Toward this, two hundred twenty-two gullies created in rainfed lands were found in the area. Some properties of gullies, consisting of length, width, depth, height difference, cross section area, and volume, were determined. Drainage areas for each or some gullies were determined, and their boundaries were drawn. Additionally, the surface area of each drainage, land use, tillage direction, and soil properties that may affect gully formation were determined. The soil erodibility factor (K) defined in the Universal Soil Loss Equation (USLE) was estimated based on five soil properties (silt and very fine sand, coarse sand, organic matter, soil structure code, and soil permeability). Gully development in each drainage area was quantified using its volume and soil loss. The dependency of gully development on drainage area characteristics (surface area, land use, tillage direction, and soil properties) was determined using correlation matrix analysis. Based on the results, gully length was the most important morphometric characteristic indicating the development of gully erosion in the lands. Gully development in the area was related to slope gradient (r= -0.26), surface area (r= 0.71), the area of rainfed lands (r= 0.23), and the area of rainfed tilled along the slope (r= 0.24). Nevertheless, its correlation with the area of pasture and soil erodibility factor (K) was not significant. Among the characteristics of drainage area, surface area is the major factor controlling gully volume in the agricultural land. No significant correlation was found between gully erosion and soil erodibility factor (K) estimated by the Universal Soil Loss Equation (USLE). It seems the estimated soil erodibility can’t describe the susceptibility of the study soils to the gully erosion process. In these soils, aggregate stability and soil permeability are the two soil physical properties that affect the actual soil erodibility and in consequence, these soil properties can control gully erosion in the rainfed lands.

Keywords: agricultural area, gully properties, soil structure, USLE

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Authors: Mana Goodarzi

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This study focuses on the analysis of immigration through the lens of Sigmund Freud's conceptual framework on mourning and melancholia. The immigration process, being complicated, involves numerous losses and carries significant psychological consequences. By delving into specific loss experiences within immigration, this work aims to unravel the intricacies of grief in the context of immigration and shed light on why such experiences often tend to manifest as melancholic. The discussion introduces losses in immigration, including unrecognized departure from a love object, identity loss, racial and cultural melancholy, language loss, regressive positioning, and loss of an ideal object. Following this, it explores manic defense mechanisms in immigration, concluding with a mention of successful immigration processes.

Keywords: immigration, melancholia, melancholic immigration, mourn

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Authors: Shuofen Hsu, Ya-Yi Chao, Chao-Wei Li

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This paper investigates the factors of whether firms’ quarterly consolidated financial statements to be voluntary reviewed by auditor. To promote the information transparency, the Financial Supervisory Commission of Executive Yuan in Taiwan ruled the Taiwanese listed companies should announce the first and third quarterly consolidated financial statements since 2008 to 2012, while the Commission didn’t require the consolidated financial statements should be reviewed by auditors. This is a very special practice in emerging market, especially in Taiwan. The valuable data of this period is suitable for us to research the determinants of firms’ voluntary review decision in emerging markets. We collected the auditors' report of each company and each year of Taiwanese listed companies since 2008 to 2012 for our research samples. We use probit model to test and analyze the determinants of voluntary review decision of the first and third quarterly consolidated financial statements. Our empirical result shows that the firms whose first and third quarterly consolidated financial statements are voluntary to be reviewed by auditors have better ranking of information transparency, higher audit quality, and better corporate governance, suggesting that voluntary review is a good signal to firms’ better information and corporate governance quality.

Keywords: voluntary review, information transparency, audit quality, quarterly consolidated financial statements

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Authors: J. B. Akshataeva, G. T. Aigarinova, A. Amankulova, D. S. Kalkanova

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This article examines some aspects of the insurance of agricultural activities, strategic documents on deepening investment opportunities. Insurance market development is before the society and the state. It also examines problems of agricultural insurance development in the market economy of Kazakhstan as the basis for food security.

Keywords: agriculture, food safety, insurance, privacy issues

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Authors: Ki-Jin Kim, Suk-Hui LEE, Sanghoon Park, K. H. Ahn

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A high power, low loss asymmetric single pole double through(SPDT) antenna switch for LTE-A Front-End Module(FEM) is presented in this paper by using CMOS technology. For the usage of LTE-A applications, low loss and high linearity are the key features which are very challenging works under CMOS process. To enhance insertion loss(IL) and power handling capability, this paper adopts asymmetric Transmitter (TX) and RX (Receiver) structure, floating body technique, multi-stacked structure, and feed forward capacitor technique. The designed SPDT switch shows TX IL 0.34 dB, RX IL 0.73 dB, P1dB 38.9 dBm at 0.9 GHz and TX IL 0.37 dB, RX IL 0.95 dB, P1dB 39.1 dBm at 2.5 GHz respectively.

Keywords: CMOS switch, SPDT switch, high power CMOS switch, LTE-A FEM

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Authors: Ana Paula P. dos Santos, Claudia R. Andrade, Edson L. Zaparoli

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Pressure loss in ductworks is an important factor to be considered in design of engineering systems such as power-plants, refineries, HVAC systems to reduce energy costs. Ductwork can be composed by straight ducts and different types of fittings (elbows, transitions, converging and diverging tees and wyes). Duct fittings are significant sources of pressure loss in fluid distribution systems. Fitting losses can be even more significant than equipment components such as coils, filters, and dampers. At the present work, a conventional 90o round elbow under turbulent incompressible airflow is studied. Mass, momentum, and k-e turbulence model equations are solved employing the finite volume method. The SIMPLE algorithm is used for the pressure-velocity coupling. In order to validate the numerical tool, the elbow pressure loss coefficient is determined using the same conditions to compare with ASHRAE database. Furthermore, the effect of Reynolds number variation on the elbow pressure loss coefficient is investigated. These results can be useful to perform better preliminary design of air distribution ductworks in air conditioning systems.

Keywords: duct fitting, pressure loss, elbow, thermodynamics

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Authors: Olivier Mesly

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This research presents a conceptual framework termed “Consumer Financial Spinning” (CFS) to analyze consumer behavior in the financial/economic markets. This phenomenon occurs when consumers of high-stakes financial products accumulate unsustainable debt, leading them to detach from their initial financial hierarchy of needs, wealth-related goals, and preferences regarding their household portfolio of assets. The daring actions of these consumers, forming a dark financial triangle, are characterized by three behaviors: overconfidence, the use of rationed rationality, and deceitfulness. We show that we can incorporate CFS into the traditional CAPM and Markovitz’ portfolio optimization models to create a framework that explains such market phenomena as the global financial crisis, highlighting the antecedents and consequences of ill-conceived speculation. Because this is a conceptual paper, there is no methodology with respect to ground studies. However, we apply modeling principles derived from the data percolation methodology, which contains tenets explicating how to structure concepts. A simulation test of the proposed framework is conducted; it demonstrates the conditions under which the relationship between expected returns and risk may deviate from linearity. The analysis and conceptual findings are particularly relevant both theoretically and pragmatically as they shed light on the psychological conditions that drive intense speculation, which can lead to market turmoil. Armed with such understanding, regulators are better equipped to propose solutions before the economic problems become out of control.

Keywords: consumer financial spinning, rationality, deceitfulness, overconfidence, CAPM

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Authors: Judit Nagy

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Many scientific studies claim that financial education should start as early as possible. Children are much more capable of and willing to absorb new concepts than adults. If we introduce children to financial knowledge early, their behaviour and attitudes to this subject will change, increasing later success in this area of life. However, poor financial decisions may entail severe consequences, not only to individuals but even to the wider society. Good financial decisions and economic attitudes may contribute to economic growth and well-being. Whilst in several countries, education about financial awareness and fundamentals is available, the understanding and acquisition of complex economic knowledge and the development of children’s independent problem-solving skills are still lacking. The results suggest that teaching economic and financial knowledge through accounting and making lectures interactive by using special tools of positive education is critical to stimulating children’s interest. Eighty percent of the students in the study liked the combined and interactive lecture. Introducing this kind of knowledge to individuals is a relevant objective, even at the societal level.

Keywords: positive psychology, education innovation, primary school, gender, economics, accounting, finance, personal finance, mathematics, economic growth, well-being, sustainability

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Authors: J. S. Savier

Abstract:

Real power is the component power which is converted into useful energy whereas reactive power is the component of power which cannot be converted to useful energy but it is required for the magnetization of various electrical machineries. If the reactive power is compensated at the consumer end, the need for reactive power flow from generators to the load can be avoided and hence the overall power loss can be reduced. In this scenario, this paper presents a succinct method called JSS method for allocation of reactive power losses to consumers connected to radial distribution networks in a deregulated environment. The proposed method has the advantage that no assumptions are made while deriving the reactive power loss allocation method.

Keywords: deregulation, reactive power loss allocation, radial distribution systems, succinct method

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Authors: Mohammad Abu-Taleb

Abstract:

The final report of the Royal Commission into Australian financial services misconduct, released in February 2019, has had a significant impact on the financial advice industry. The recommendations released in the Commissioner’s final report include changes to ongoing fee arrangements, a new disciplinary system for financial advisers, and mandatory reporting of compliance concerns. This thesis aims to explore the impact of the Royal Commission’s recommendations on the operating model of financial advice firms in terms of advice products, processes, delivery models, and customer segments. Also, this research seeks to investigate whether the Royal Commission’s outcome has accelerated the use of enhanced technology solutions within the operating model of financial advice firms. And to identify the key challenges confronting financial advice firms whilst implementing the Commissioner’s recommendations across their operating models. In order to achieve the objectives of this thesis, a qualitative research design has been adopted through semi-structured in-depth interviews with 24 financial advisers and managers who are engaged in the operation of financial advice services. The study used the thematic analysis approach to interpret the qualitative data collected from the interviews. The findings of this thesis reveal that customer-centric operating models will become more prominent across the financial advice industry in response to the Commissioner’s final report. And the Royal Commission’s outcome has accelerated the use of advice technology solutions within the operating model of financial advice firms. In addition, financial advice firms have started more than before using simpler and more automated web-based advice services, which enable financial advisers to provide simple advice in a greater scale, and also to accelerate the use of robo-advice models and digital delivery to mass customers in the long term. Furthermore, the study identifies process and technology changes as, long with technical and interpersonal skills development, as the key challenges encountered financial advice firms whilst implementing the Commissioner’s recommendations across their operating models.

Keywords: hayne royal commission, financial planning advice, operating model, advice products, advice processes, delivery models, customer segments, digital advice solutions

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Authors: Ibtissam Mharzi Alaoui, Camélia Sehaqui

Abstract:

The success of a bank depends upon its effective risk management. With the growing complexity and diversity of financial products and services, as well as the accelerating pace of globalization over the past decade, risk management is becoming increasingly difficult. thus, all measurement and monitoring functions must be much more vigorous, relevant and adequate. The Shariah non-compliance risk is specific aspect of Islamic finance which ipso facto, deserves particular attention. It affects the validity of all Islamic financial contracts and it turns out to be likely to result in considerable losses on the overall Islamic financial institutions (IFIs). The purpose of this paper is to review the theoretical literature on Shariah non-compliance risk in order to give a clearer understanding of its sources, causes and consequences. Our intention through this work is to bring added value to the Islamic finance industry all over the world. The findings provide a useful reference work for the Islamic banks in structuring (or restructuring) of their own system of shariah risk management and internal control.

Keywords: Shariah non-compliance, risk management, financial products, Islamic finance.

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