Search results for: capital markets authority (CMA)

Authors: Thomas Chinwe Urama, Patrick Oseloka Ezepue, Peters Chimezie Nnanwa

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This paper investigates the universal financial dynamics in two dominant stock markets in Sub-Saharan Africa, through an in-depth analysis of the cross-correlation matrix of price returns in Nigerian Stock Market (NSM) and Johannesburg Stock Exchange (JSE), for the period 2009 to 2013. The strength of correlations between stocks is known to be higher in JSE than that of the NSM. Particularly important for modelling Nigerian derivatives in the future, the interactions of other stocks with the oil sector are weak, whereas the banking sector has strong positive interactions with the other sectors in the stock exchange. For the JSE, it is the oil sector and beverages that have greater sectorial correlations, instead of the banks which have the weaker correlation with other sectors in the stock exchange.

Keywords: random matrix theory, cross-correlations, emerging markets, option pricing, eigenvalues eigenvectors, inverse participation ratios and implied volatility

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Authors: Martin Surya Mulyadi, Yunita Anwar, Rosinta Ria Panggabean

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Major transformations in economic activity from an agricultural economy to knowledge economy have led to an increasing focus on intellectual capital (IC) that has been characterized by continuous innovation, the spread of digital and communication technologies, intangible and human factors. IC is defined as the possession of knowledge and experience, professional knowledge and skill, proper relationships and technological capacities, which when applied will give organizations a competitive advantage. All of IC report/disclosure could be captured from the corporate annual report as it is a communication device that allows a corporation to connect with various external and internal stakeholders. This study was conducted using sentence-content analysis of IC disclosure in the annual report. This research aims to analyze whether the keyword-content analysis is reliable research methodology for IC disclosure related research.

Keywords: intellectual capital, intellectual capital disclosure, content analysis, annual report, sentence analysis, keyword analysis

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Authors: Sarkar Humayun Kabir

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This paper aims to investigate whether ethical investment instruments could contribute to stability in financial markets. In order to address the main issue, the study investigates the stability of return in seven conventional and Islamic equity markets of Asia, Europe and North America and in five major commodity markets starting from 1996 to June 2012. In addition, the study examines the unconditional correlation between returns of the assets under review to investigate portfolio diversification benefits of investors. Applying relevant methods, the study finds that investors may enjoy sustainable returns from their portfolios by investing in ethical financial instruments such as Islamic equities. In addition, it should be noted that most of the commodities, gold in particular, are either low or negatively correlated with equity returns. These results suggest that investors would be better off by investing in portfolios combining Islamic equities and commodities in general. The sustainable returns of ethical investments has important implications for the investors and markets since these investments can provide stable returns while the investors can avoid production of goods and services which believes to be harmful for human and the society as a whole.

Keywords: financial sustainability, ethical investment instruments, islamic equity, dynamic conditional correlation, conditional volatility

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Authors: Liu Yi-Hui, Chiu Fan-Yun, Lin Yu Fang, Jhang Yu Cih, He You Jing

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The demand for care support has been rising with the aging of society and the advancement of medical science and technology. To meet rising demand, the Taiwanese government promoted the “Long Term Care Ten-Year Plan 2.0” in 2017. However, this policy and its related services failed to be fully implemented because of the ignorance of the public, and their lack of desire, fear, or discomfort in using them, which is a major obstacle to the promotion of long-term care services. Given the above context, this research objectives included the following: (1) to understand the current situation and predicament of family caregivers; (2) to reveal the actual use and assistance of government’s long-term care resources for family caregivers; and (3) to explore the support and impact of social capital on family caregivers. A semi-structured in-depth interview with five family caregivers to understand long-term care networks and social capital for family caregivers.

Keywords: family caregivers, long-term care, social capital

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Authors: Júlia Massadas

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The objective of this paper is to analyze the role played by the institute of the public hearings in the Brazilian Supreme Court. The public hearings are regulated since 1999 by the Brazilian Laws nº 9.868, nº 9.882 and by the Intern Regiment of the Brazilian Supreme Court. According to this legislation, the public hearings are supposed to be called when a matter of circumstance of fact must be clarified, what can be done through the hearing of the testimonies of persons with expertise and authority in the theme related to the cause. This work aims to investigate what is the role played by the public hearings and by the experts in the Brazilian Supreme Court. The hypothesis of this research is that: (I) The public hearings in the Brazilian Supreme Court are used to uphold a rhetoric of a democratic legitimacy of the Court`s decisions; (II) The Legislative intentions have been distorted. To test this hypothesis, the adopted methodology involves an empirical study of the Brazilian jurisprudence. As a conclusion, it follows that the public hearings convened by the Brazilian Supreme Court do not correspond, in practice, to the role assigned to them by the Congress since they do not serve properly to epistemic interests. The public hearings not only do not legitimate democratically the decisions, but also, do not properly clarify technical issues.

Keywords: Brazilian Supreme Court, constitutional law, public hearings, epistemic competence, legal authority

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Authors: Andhika Danesjvara, Nur Widyastanti

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The constitution regulates the forms, types, and powers of sState organs in a government. The powers of the organs are then regulated in more detail in the legislation. One of these organs is a government organ, headed by a president or by another name that serves as the main organizer of government. The laws and regulations will govern how the organs of government shall exercise their authority and functions. In a modern state, the function of enacting laws or called executive power does not exercise the functions of government alone, but there are other organs that help the government run the country. These organs are often called government agencies, government accelerating bodies, independent regulatory bodies, commissions, councils or other similar names. The legislation also limits the power of officials within the organs to keep from abusing its authority. The main question in this paper is whether organs are the implementation of a democratic country, or as a form of compromise with the power of stakeholders. It becomes important to see how the administrative organs perform their functions. The administrative organs that are bound by government procedures work in the public service; therefore the next question is how far the function of public service is appropriate and not contradictory to the constitution.

Keywords: administrative organs, constitution, democracy, government

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Authors: Antonia Hoffmann, Andrea Stübner

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Resource scarcity and rising material prices are forcing companies to rethink their business models. The conventional linear system of economic growth and rising social needs further exacerbates the problem of resource scarcity. Therefore, it is necessary to separate economic growth from resource consumption. This can be achieved through the circular economy (CE), which focuses on sustainable product life cycles. However, companies face challenges in implementing CE into their businesses. Small and medium-sized enterprises are particularly affected by these problems, as they have a limited resource base. Collaboration and social interaction between different actors can help to overcome these obstacles. Based on a self-generated sample of 1,023 German small and medium-sized enterprises, we use a questionnaire to investigate the influence of social capital and its three dimensions - structural, relational, and cognitive capital - on the implementation of CE and the mediating effect of dynamic capabilities in explaining these relationships. Using regression analyses and structural equation modeling, we find that social capital is positively associated with CE implementation and dynamic capabilities partially mediate this relationship. Interestingly, our findings suggest that not all social capital dimensions are equally important for CE implementation. We theoretically and empirically explore the network forms of social capital and extend the CE literature by suggesting that dynamic capabilities help organizations leverage social capital to drive the implementation of CE practices. The findings of this study allow us to suggest several implications for managers and institutions. From a practical perspective, our study contributes to building circular production and service capabilities in small and medium-sized enterprises. Various CE activities can transform products and services to contribute to a better and more responsible world.

Keywords: circular economy, dynamic capabilities, SMEs, social capital

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Authors: Birce Boga Bakirli

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In this paper, we investigate ideas on human capital development and management in industries. We structured a model to be able to gather the data from the interviews conducted with worker, specialists and owners of companies. Different aspects of the situation are found in these interviews, and we used the information to model the benefit of the business owners and workers perspectives. These are modelled as a bi-level programming problem. Several instances of the generic cases are solved. The results show the importance of education within and out of the company for workers, and it returns for the company.

Keywords: bi-level programming, corporate strategy, cost tradeoffs, human capital, mixed integer programming, Stackelberg game, supplier relations, strategic planning

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Authors: Mohammed Yagoub

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The new orientation to the market economy sponsored by the Algeria government in the early Nineties of the last century, and its desire to develop investment mechanisms and the promotion of development recently, the access into a partnership with the European Union, and the forthcoming accession to the World Trade Organization, foreign direct investment makes one of the most important means of opening up to foreign markets and bring technology and interact with globalization, this article we will discuss the impact of FDI on economic growth in the Algerian.

Keywords: economic, development, markets, FDI, displacement, globalization

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Authors: A. Vinay, Mary Josephine, Shreesha. S. Rao, Dhande Kranthi Kumar, J. Nandini

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This paper looks at the development of Fisheries education in Karnataka and the supply of skilled human capital to the sector. The study tries to analyse their job occupancy patterns, Compound Growth Rate (CGR) and forecasts the fisheries graduates supply using the Holt method. In Karnataka, fisheries are one of the neglected allied sectors of agriculture in spite of having enormous scope and potential to contribute to the State's agriculture GDP. The State Government has been negligent in absorbing skilled human capital for the development of fisheries, as there are so many vacant positions in both education institutes, as well as the State fisheries department. CGR and forecasting of fisheries graduates shows a positive growth rate and increasing trend, from which we can understand that by proper utilization of skilled human capital can bring development in the fisheries sector of Karnataka.

Keywords: compound growth rate, fisheries education, holt method, skilled human capital

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Authors: Akbar

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Pros and cons of the capital punishment in Indonesia have been out of the date. The discourse of capital punishment has no relevance to the theory of punishment and theories of cultural relativism. In fact, the provisions of exceptions to the right to life by administering the death penalty against the perpetrators of serious crimes in Indonesia is a narrow perspective that does not pay attention to the development of the punishment of the crime. This thing is aggravated by an error to understand the natural right and legal right where the prohibition of those rights is result from a failure to distinguish the characteristic of the rights and to remember the raison d’être of law. To parse the irrational above, this paper will try to analyze normatively the error referring to the complementary theory between the sources of international law and the sources of municipal law of Indonesia. Both sources of the law above should be understood in the mutually reinforcing relationship enforceability because of false perceptions against those will create the disintegration between international law and municipal law of Indonesia. This disintegration is explicit not only contrary to the integrative theory of international law but also integrative theory of municipal law of Indonesia.

Keywords: capital punishment, municipal law, right to life, international law, the raison d’être of law, complementary theory, integrative theory

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Authors: Sonja Grobler

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Background: Leadership and specifically Leader, member exchange has a definite impact on employee behaviour and attitudes, and specifically their state of psychological capital. The interactionist construct of person-organisational fit (P-O fit), consisting of a combination of supplementary fit (indirect fit or value congruence) and complementary fit (direct or person-job fit, as well as needs-supply fit) may, however, impact on the relationship between LMX and psychological capital. The unique permutations of these relationships are important not only for conceptualisation purposes but also for intervention design to enhance the employees’ psychological capital; this would contribute to positive employee behaviour and attitudes. Aim: The purpose of this study was to determine whether a relationship exists between Leader, Member Exchange (LMX) and psychological capital, with possible mediation by P-O fit. Setting: The research was conducted with ± 60 employees from each of 43 private sectors and four public sector organisations in South Africa. Method: This study utilised a positivist methodology based on an empirical approach while using a cross-sectional design and quantitative analysis. The sample is relatively representative (in terms of race, gender, and the South African work force), as it consisted of 60 employees from each of the 43 South African organisations that participated in the study, with 2 486 respondents in total. Results: Significant, positive relationships were found between LMX, P-O fit, and psychological capital. Additionally, it was found that P-O fit partially mediates the relationship between ethical leadership and supervisory trust, confirming the proposed model. Conclusion: A strong, positive relationship exists between LMX (consisting of Affect, Loyalty, Contribution, and Professional Respect) and psychological capital (consisting of Self-efficacy, Hope, Resilience and Optimism) which is partially mediated by P-O fit (consisting of supplementary fit and complementary fit).

Keywords: leader and member exchange, person-organisational fit, psychological capital, positive psychology, interactionist approach

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Authors: Suneet Jagdev

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Rapid urbanization has resulted in informal settlements on the periphery of nearly all big cities in the developing world due to lack of affordable housing options in the city. Residents of these communities have to travel long distances to get to work or search for jobs in these cities, and women, children and elderly people are excluded from urban opportunities. Affordable and safe public transport facilities can help them expand their possibilities. The aim of this research is to identify social capital as another important element of livable cities that can be protected and nurtured through transit-oriented development, as a tool to provide real resources that can help these transit-oriented communities become self-sustainable. Social capital has been referred to the collective value of all social networks and the inclinations that arise from these networks to do things for each other. It is one of the key component responsible to build and maintain democracy. Public spaces, pedestrian amenities and social equity are the other essential part of Transit Oriented Development models that will be analyzed in this research. The data has been collected through the analysis of several case studies, the urban design strategies implemented and their impact on the perception and on the community´s experience, and, finally, how these focused on the social capital. Case studies have been evaluated on several metrics, namely ecological, financial, energy consumption, etc. A questionnaire and other tools were designed to collect data to analyze the research objective and reflect the dimension of social capital. The results of the questionnaire indicated that almost all the participants have a positive attitude towards this dimensions of building a social capital with the aid of transit-oriented development. Statistical data of the identified key motivators against against demographic characteristics have been generated based on the case studies used for the paper. The findings suggested that there is a direct relation between urbanization, transit-oriented developments, and social capital.

Keywords: better opportunities, low-income settlements, social capital, social inclusion, transit oriented development

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Authors: Ģirts Brasliņš, Ilja Arefjevs, Nadežda Tarakanova

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The objective of countercyclical capital buffer is to encourage banks to build up buffers in good times that can be drawn down in bad times. The aim of the report is to assess such decisions by banks derived from three approaches. The approaches are the aggregate credit-to-GDP ratio, credit growth as well as banking sector profits. The approaches are implemented for Estonia, Latvia and Lithuania for the time period 2000-2012. The report compares three approaches and analyses their relevance to the Baltic states by testing the correlation between a growth in studied variables and a growth of corresponding gaps. Methods used in the empirical part of the report are econometric analysis as well as economic analysis, development indicators, relative and absolute indicators and other methods. The research outcome is a cross-Baltic comparison of two alternative approaches to establish or release a countercyclical capital buffer by banks and their implications for each Baltic country.

Keywords: basel III, countercyclical capital buffer, banks, credit growth, baltic states

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Authors: Wenlong Liu, Ru Zhang, Wangjie Li, Shenghui Sang

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The boom of smart cities in the age of population aging has caused concerns about the subjective well-being of the elderly. By employing the data from China Health and Retirement Longitudinal Study (CHARLS) 2015, this study uses an ordinary least square to analyze the influence of smart city development on the subjective well-being of the elderly in China. The results of this study suggest that smart cities will improve the life satisfaction of the elderly but reduce their happiness of them. In terms of the moderating effect, social capital negatively moderates the impact of the smart city on the subjective well-being of the elderly. Combined with the results of heterogeneous analysis, it is found that smart city has a stronger impact on the subjective well-being of the elderly with lower levels of personal social capital. To sum up, in the context of the country's vigorous promotion of smart city development, society and families should actively help the elderly to improve their social capital level, enhance the subjective well-being of the elderly, and alleviate the negative effects of smart city development, thereby improving the quality of life of the elderly.

Keywords: the elderly, smart city, social capital, subjective well-being

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Authors: Chester Joshua V. Saldana, Yolanda A. Ilagan

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This study determines the prevalence of Salmonella from retail dressed chickens using chicken wings as samples in five wet city markets of Cavite, Philippines, compares the prevalence among the markets' samples and determines the serotypes and antibiotic resistance pattern of Salmonella isolates. The overall prevalence of Salmonella in five wet markets in Cavite was 13.33 percent. Samples from Bacoor yielded the highest prevalence rate of 26.6 percent, followed by Imus (23.3%), Dasmarinas (11.6%), Trece Martires (3.3%) and Tagaytay (1.6%). Seven serotypes (serogroups B, C2, C3, D1 and E1) were isolated which include Salmonella weltevreden, S. derby, S. newport, S. albany, S. typhimurium, and S. enteritidis. Salmonella weltevreden was the predominant serotype while S. typhi and S. albany were the least common. Among the 15 antibiotics tested, resistance to ampicillin, tetracycline, and cephalexin was exhibited by all the isolates while 5 percent showed resistance to gentamicin, 2.5 percent to streptomycin and 12.5 percent to nitrofurantoin. One isolate was resistant to four antibiotics whereas most isolates of S. enteritidis were resistant to 2 to 5 antibiotics. Four resistance patterns were recorded. This study revealed the emergence of multidrug-resistant Salmonella serotypes from chicken meat in Cavite, Philippines.

Keywords: antibiotics, dressed chickens, resistance patterns, Salmonella serovars

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Authors: Tetsuji Tanaka, Jin Guo

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The extant literature has not succeeded in uncovering the common determinants of price volatility transmissions of agricultural commodities from international to local markets, and further, has rarely investigated the role of self-sufficiency measures in the context of national food security. We analyzed various factors to determine the degree of price volatility transmissions of wheat, rice, and maize between world and domestic markets using GARCH models with dynamic conditional correlation (DCC) specifications and panel-feasible generalized least square models. We found that the grain autarky system has the potential to diminish volatility pass-throughs for three grain commodities. Furthermore, it was discovered that the substitutive commodity consumption behavior between maize and wheat buffers the volatility transmissions of both, but rice does not function as a transmission-relieving element, either for the volatilities of wheat or maize. The effectiveness of grain consumption substitution to insulate the pass-throughs from global markets is greater than that of cereal self-sufficiency. These implications are extremely beneficial for developing governments to protect their domestic food markets from uncertainty in foreign countries and as such, improves food security.

Keywords: food security, GARCH, grain self-sufficiency, volatility transmission

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Authors: Gupta Indu

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This paper aims to examine the relationship between foreign direct investment and globalization. Foreign direct investment plays an important role in globalization. It is dramatically increasing in the age of globalization. It has played an important role for economic growth in this global process. It can provide new markets and marketing channels, cheaper production facilities, access to new technology, products to a firm. FDI has come to play a major role in the internationalization of business. FDI has become even more important than trade. Growing liberalization of the national regulatory framework governing investment in enterprises and changes in capital markets profound changes have occurred in the size, scope and methods of FDI. New information technology systems, decline in global communication costs have made management of foreign investments far easier than in the past. FDI provide opportunities to host countries to enhance their economic development and opens new opportunities to home countries to optimize their earnings by employing their ideal resources. Smaller and weaker economies can drive out much local competition. For small and medium sized companies, FDI represents an opportunity to become more actively involved in international business activities. In the past decade, foreign direct investment has expanded its role by change in trade policy, investment policy, tariff liberalization, easing of restrictions on foreign investment and acquisition in many nations, and the deregulation and privatization of many industries. In present competitive scenario, FDI has become a prominent external source of finance for developing countries.

Keywords: foreign direct investment, globalization, economic development, information technology systems new opportunities

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Authors: Jerome V. Cleofas

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Cyberspace has become a more viable arena for budding artists to share musical acts through digital forms. The increasing relevance of online communities has attracted scholars from various fields demonstrating its influence on social capital. This paper extends this understanding of social capital among Filipino music artists belonging to the SoundCloud Philippines Facebook Group. The study makes use of various qualitative data obtained from key-informant interviews and participant observation of online and physical encounters, analyzed using the case study approach. Soundcloud Philippines has over seven-hundred members and is composed of Filipino singers, instrumentalists, composers, arrangers, producers, multimedia artists, and event managers. Group interactions are a mix of online encounters based on Facebook and SoundCloud and physical encounters through meet-ups and events. Benefits reaped from the community are informational, technical, instrumental, promotional, motivational, and social support. Under the guidance of online group administrators, collaborative activities such as music productions, concerts and events transpire. Most conflicts and problems arising are resolved peacefully. Social capital in SoundCloud Philippines is mobilized through recognition, respect and reciprocity.

Keywords: Facebook, music artists, online communities, social capital

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Authors: Jung Lee, L. G. Pee

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The 'Like' function in social media platforms represents the immediate responses of social media users to postings and other users. A large number of 'likes' is often attributed to fame, agreement, and support from others that many users are proud of and happy with. However, what 'like' implies exactly in social media context is still in discussion. Some argue that it is an accurate parameter of the preferences of social media users, whereas others refute that it is merely an instant reaction that is volatile and vague. To address this gap, this study investigates how social media users perceive the 'like' function and behave differently based on their perceptions. This study posits the following arguments. First, 'like' is interpreted as a quantified form of social capital that resides in social media platforms. This incarnated social capital rationalizes the attraction of people to social media and belief that social media platforms bring benefits to their relationships with others. This social capital is then conceptualized into cognitive and emotive dimensions, where social capital in the cognitive dimension represents the awareness of the 'likes' quantitatively, whereas social capital in the emotive dimension represents the receptions of the 'likes' qualitatively. Finally, the ambivalent perspective of the social media users on 'like' (i.e., social capital) is applied. This view rationalizes why social media users appreciate the reception of 'likes' from others but are aware that those 'likes' can distort the actual responses of other users by sending erroneous signals. The rationale on this ambivalence is based on whether users perceive social media as private or public spheres. When social media is more publicized, the ambivalence is more strongly observed. By combining the ambivalence and dimensionalities of the social capital, four types of social media users with different mechanisms on liking behaviors are identified. To validate this work, a survey with 300 social media users is conducted. The analysis results support most of the hypotheses and confirm that people have ambivalent perceptions on 'like' as a social capital and that perceptions influence behavioral patterns. The implication of the study is clear. First, this study explains why social media users exhibit different behaviors toward 'likes' in social media. Although most of the people believe that the number of 'likes' is the simplest and most frank measure of supports from other social media users, this study introduces the users who do not trust the 'likes' as a stable and reliable parameter of social media. In addition, this study links the concept of social media openness to explain the different behaviors of social media users. Social media openness has theoretical significance because it defines the psychological boundaries of social media from the perspective of users.

Keywords: ambivalent attitude, like function, social capital, social media

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Authors: Shyam Shukla

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A brand is the identity of a specific product, service or business. A brand can take many forms, including a name, sign, symbol, color, combination or slogan. The word brand began simply as a way to tell one person's identity from another by means of a hot iron stamp. A legally protected brand name is called a trademark. The word brand has continued to evolve to encompass identity - it affects the personality of a product, company or service. A concept brand is a brand that is associated with an abstract concept, like AIDS awareness or environmentalism, rather than a specific product, service, or business. A commodity brand is a brand associated with a commodity1. In this paper, it is tried to explore the significance of an intellectual capital for the branding of an Institution.

Keywords: brand, commodity, consumer, cultural values, intellectual capital, zonal cluster

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Authors: Syed Jawad Hussain Shahzad, Muhammad Zakaria, Mobeen Ur Rehman, Saniya Khaild

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This study examines the co-movement between the Pakistan, Indian, S&P 500 and Nikkei 225 stock markets using weekly data from 1998 to 2013. The time-frequency relationship between the selected stock markets is conducted by using measures of continuous wavelet power spectrum, cross-wavelet transform and cross (squared) wavelet coherency. The empirical evidence suggests strong dependence between Pakistan and Indian stock markets. The co-movement of Pakistani index with U.S and Japanese, the developed markets, varies over time and frequency where the long-run relationship is dominant. The results of cross wavelet and wavelet coherence analysis indicate moderate covariance and correlation between stock indexes and the markets are in phase (i.e. cyclical in nature) over varying durations. Pakistan stock market was lagging during the entire period in relation to Indian stock market, corresponding to the 8~32 and then 64~256 weeks scale. Similar findings are evident for S&P 500 and Nikkei 225 indexes, however, the relationship occurs during the later period of study. All three wavelet indicators suggest strong evidence of higher co-movement during 2008-09 global financial crises. The empirical analysis reveals a strong evidence that the portfolio diversification benefits vary across frequencies and time. This analysis is unique and have several practical implications for regional and international investors while assigning the optimal weightage of different assets in portfolio formulation.

Keywords: co-movement, Pakistan stock exchange, S&P 500, Nikkei 225, wavelet analysis

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Authors: Roxan Venter

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Ombudsmen often face the challenge of a lack of authority to have their decisions and recommendations enforced. This lack of authority may be seen as one of the major obstacles in the way of the effectiveness of the institutions of Ombudsman and also the South African Public Protector. The paper will address the current legal position in South Africa with regard to the status of the decisions and recommendations of the South African Public Protector and the enforcement thereof. In addition, the paper will compare the South African position with the experiences of other jurisdictions, including Scandinavian countries like Sweden, Denmark and Norway, but also New Zealand and Northern Ireland, with regard to the enforcement of the decisions of Ombudsmen. Finally, the paper will make recommendations with regard to the enhancement of the power and authority of Ombudsmen in order to effectively enforce their decisions. It is submitted that the creation of the office of Ombudsman, and the Public Protector in the South African system, is an essential tool to ensure the protection of society against governmental abuse of power and it is therefore imperative to ensure that these watchdogs of democracy are not muzzled by a lack of powers of enforcement.

Keywords: enforcement of decisions of ombudsmen, governmental control, ombudsman, South African public protector

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Authors: Vilar, Katila

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Rapid urbanization have made of spontaneous settlements one of the dominant´s social subjects of the XXIst century. Currently, it´s recognized that these territories cannot easily be eradicated and are a way of life to many populations of emergent countries. Since late 90s, there is an urgent concern in finding planning and efficient urban design strategies to poverty reduction, spatial integration and social inclusion of low-income communities. The article aims to identify, understand and evaluate the social inclusion´s processes through the urban transformation that has been undertaken in Moravia and how they affected the community´s social capital. To achieve this objective, we start to analyse the PPMIM´s planning discourse in which prevails the sustainability´s concept, to further identify, through the analysis of the project carried out, the urban design strategies implemented and their impact on the perception and on the community´s experience, and, finally, how these focused on the social capital. It relies on concepts such as urban design, social capital, local development and sustainability. At the urban design level it starts on the current principles of “making places”, on the new urbanism concepts and on the practices on the ground carried out by a new generation of architects/planners whose have the main ethical approach in order to create more opportunities and greater social impact to these territories. At the social capital´s level and on the development´s theory, relies on authors such as Coleman, Putman Kliksberg and Amartya Sen. Finally, it aims to address a general discussion about the positive and negative implications of slum upgrading programmes and some necessary recommendations for urban design and social capital can really be translated into real resources for the self sustainable development of low-income communities and their future generations.

Keywords: local and sustainable development, social capital, spontaneous settlements, urban design

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Authors: Arash Sadeghi, Taimaz Larimian

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This study explores the intricate interplay between community-based social capital (CBSC) and neighbourhood dynamics in enhancing resilience of Iranian SMEs, particularly under the strain of international sanctions. Utilising fuzzy-set Qualitative Comparative Analysis (fsQCA), we examine how different dimensions of CBSC—structural, relational, and cognitive—interact with neighbourhood socio-economic and built-environment characteristics to influence SME resilience. Findings reveal four configurations that contribute to the presence of resistance and five configurations associated with the adaptation outcome. Each configuration demonstrates a distinct combination of social capital elements, which vary according to the specific socio-economic and built-environmental characteristics of the neighbourhoods. The first configuration highlights the importance of structural social capital in deprived areas for building resistance, while the second emphasises the role of relational social capital in low-density, minimally deprived areas. Overall, cognitive social capital seems to be less effective in driving economic resilience compared to structural and relational types. This research contributes to the literature by providing a nuanced understanding of the synergistic effects of CBSC dimensions and neighbourhood characteristics on SME resilience. By adopting a configurational approach, we move beyond traditional methodologies, offering a comprehensive view of the complex dynamics of CBSC and neighbourhood characteristics and their impact on SME resilience in varying neighbourhoods.

Keywords: community-based social capital, fuzzy-set qualitative comparative analysis (fsQCA), place-based resilience, resistance

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Authors: Heba Abdelmotaal

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This paper explores the impact of the extent of a company's environmental, social, and governance (ESG) disclosure on credit rating and capital structure. The analysis is based on a sample of 202 firms from the 350 FTSE firms over the period of 2008-2013. ESG disclosure score is measured using Proprietary Bloomberg score based on the extent of a company's Environmental, Social, and Governance (ESG) disclosure. The credit rating is measured by The QuiScore, which is a measure of the likelihood that a company will become bankrupt in the twelve months following the date of calculation. The Capital Structure is measured by long term debt ratio. Two hypotheses are test using panel data regression. The results suggested that the higher degree of ESG disclosure leads to better credit rating. There is significant negative relationship between ESG disclosure and the long term debit percentage. The paper includes implications for the transparency which is resulting of the ESG disclosure could support the Monitoring Function. The monitoring role of disclosure is the increasing in the transparency of the credit rating agencies, also it could affect on managers’ actions. This study provides empirical evidence on the material of ESG disclosure on credit ratings changes and the firms’ capital decision making.

Keywords: capital structure, credit rating agencies, ESG disclosure, panel data regression

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Authors: Yih-Wenn Laih

Abstract:

In recent times, the dependence and co-movement among international financial markets have become stronger than in the past, as evidenced by commentaries in the news media and the financial sections of newspapers. Studying the co-movement between returns in financial markets is an important issue for portfolio management and risk management. The realization of co-movement helps investors to identify the opportunities for international portfolio management in terms of asset allocation and pricing. Since the election of the new Prime Minister, Shinzo Abe, in November 2012, the yen has weakened against the US dollar from the 80 to the 120 level. The policies, known as “Abenomics,” are to encourage private investment through a more aggressive mix of monetary and fiscal policy. Given the close economic relations and competitions among Asia markets, it is interesting to discover the co-movement relations, affected by the depreciation of yen, between stock market of Japan and 5 major Asia stock markets, including China, Hong Kong, Korea, Singapore, and Taiwan. Specifically, we devote ourselves to measure the co-movement of stock markets between Japan and each one of the 5 Asia stock markets in terms of rank correlation coefficients. To compute the coefficients, return series of each stock market is first fitted by a skewed-t GARCH (generalized autoregressive conditional heteroscedasticity) model. Secondly, to measure the dependence structure between matched stock markets, we employ the symmetrized Joe-Clayton (SJC) copula to calculate the probability density function of paired skewed-t distributions. The joint probability density function is then utilized as the scoring scheme to optimize the sequence alignment by dynamic programming method. Finally, we compute the rank correlation coefficients (Kendall's  and Spearman's ) between matched stock markets based on their aligned sequences. We collect empirical data of 6 stock indexes from Taiwan Economic Journal. The data is sampled at a daily frequency covering the period from January 1, 2013 to July 31, 2015. The empirical distributions of returns indicate fatter tails than the normal distribution. Therefore, the skewed-t distribution and SJC copula are appropriate for characterizing the data. According to the computed Kendall’s τ, Korea has the strongest co-movement relation with Japan, followed by Taiwan, China, and Singapore; the weakest is Hong Kong. On the other hand, the Spearman’s ρ reveals that the strength of co-movement between markets with Japan in decreasing order are Korea, China, Taiwan, Singapore, and Hong Kong. We explore the effects of “Abenomics” on Asia stock markets by measuring the co-movement relation between Japan and five major Asia stock markets in terms of rank correlation coefficients. The matched markets are aligned by a hybrid method consisting of GARCH, copula and sequence alignment. Empirical experiments indicate that Korea has the strongest co-movement relation with Japan. The strength of China and Taiwan are better than Singapore. The Hong Kong market has the weakest co-movement relation with Japan.

Keywords: co-movement, depreciation of Yen, rank correlation, stock market

Procedia PDF Downloads 207

Authors: Cristian Pauna

Abstract:

With few steps away from the 2020, investments in financial markets is a common activity nowadays. In the electronic trading environment, the automated investment software has become a major part in the business intelligence system of any modern financial company. The investment decisions are assisted and/or made automatically by computers using mathematical algorithms today. The complexity of these algorithms requires computer assistance in the investment process. This paper will present several investment strategies that can be automated with algorithmic trading for Deutscher Aktienindex DAX30. It was found that, based on several price action mathematical models used for high-frequency trading some investment strategies can be optimized and improved for automated investments with good results. This paper will present the way to automate these investment decisions. Automated signals will be built using all of these strategies. Three major types of investment strategies were found in this study. The types are separated by the target length and by the exit strategy used. The exit decisions will be also automated and the paper will present the specificity for each investment type. A comparative study will be also included in this paper in order to reveal the differences between strategies. Based on these results, the profit and the capital exposure will be compared and analyzed in order to qualify the investment methodologies presented and to compare them with any other investment system. As conclusion, some major investment strategies will be revealed and compared in order to be considered for inclusion in any automated investment system.

Keywords: Algorithmic trading, automated investment systems, limit conditions, trading principles, trading strategies

Procedia PDF Downloads 156

Authors: I. Putu Eka N. Kencana, I. Wayan Mertha

Abstract:

A variety of research’s evidence suggests that community involvement is one of the vital elements in the development of sustainable tourism. As an entity of the tourism system, local communities are considered have better understanding of their region as well as influenced positively or negatively by the tourism activities in the region. This study elaborates role of community involvement in the development of ecotourism in Kintamani Bali from two perspectives of view, namely participation in the process of initiatives development and participation in the economic benefits of tourism. As one element of social capital form, community participation on the development and management of ecotourism in Kintamani, could be expected maintain its sustainability.

Keywords: community involvement, ecotourism, participation, social capital

Procedia PDF Downloads 483

Authors: Korbi Fakhri

Abstract:

The management of assets and liability is a vital task for every bank as far as a good direction allows its stability; however, a bad running forewarns its disappearance. Equity of a bank is among the most important rubrics in the liability side because, actually, these funds ensure three notably primordial functions for the survival of the bank. From one hand, equity is useful to bankroll the investments and cover the unexpected losses. From another hand, they attract the fund lessors since they inspire trust. So we are going to tackle some points including whether equity of the Islamic banks are oversized. In spite of the efforts made on the subject, the relationship between the capital and the deficiency probability has not been defined with certainty. In this article, we have elaborated a study over the nature of financial intermediation in Islamic banks by comparison to those of conventional ones. We have found a striking difference between two kinds of intermediation. We tried, from another side, to study the relationship between the capital level and deficiency risk relying on econometric model, and we have obtained a positive and significant relation between the capital and the deficiency risk for the conventional banks. This means that when the capital of these banks increases, the deficiency risk increases as well. In return, since the Islamic banks are constrained to respect the Sharia Committee as well as customers’ demands who may, in certain contracts, choose to invest their capitals in projects they are interested in. These constraints have as effects to reduce the deficiency risk even when the capital increases.

Keywords: Islamic bank, conventional bank, deficiency risk, financial intermediation

Procedia PDF Downloads 361