Search results for: cash flows
Commenced in January 2007
Frequency: Monthly
Edition: International
Paper Count: 1037

Search results for: cash flows

857 Investigating the Flow Physics within Vortex-Shockwave Interactions

Authors: Frederick Ferguson, Dehua Feng, Yang Gao

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No doubt, current CFD tools have a great many technical limitations, and active research is being done to overcome these limitations. Current areas of limitations include vortex-dominated flows, separated flows, and turbulent flows. In general, turbulent flows are unsteady solutions to the fluid dynamic equations, and instances of these solutions can be computed directly from the equations. One of the approaches commonly implemented is known as the ‘direct numerical simulation’, DNS. This approach requires a spatial grid that is fine enough to capture the smallest length scale of the turbulent fluid motion. This approach is called the ‘Kolmogorov scale’ model. It is of interest to note that the Kolmogorov scale model must be captured throughout the domain of interest and at a correspondingly small-time step. In typical problems of industrial interest, the ratio of the length scale of the domain to the Kolmogorov length scale is so great that the required grid set becomes prohibitively large. As a result, the available computational resources are usually inadequate for DNS related tasks. At this time in its development, DNS is not applicable to industrial problems. In this research, an attempt is made to develop a numerical technique that is capable of delivering DNS quality solutions at the scale required by the industry. To date, this technique has delivered preliminary results for both steady and unsteady, viscous and inviscid, compressible and incompressible, and for both high and low Reynolds number flow fields that are very accurate. Herein, it is proposed that the Integro-Differential Scheme (IDS) be applied to a set of vortex-shockwave interaction problems with the goal of investigating the nonstationary physics within the resulting interaction regions. In the proposed paper, the IDS formulation and its numerical error capability will be described. Further, the IDS will be used to solve the inviscid and viscous Burgers equation, with the goal of analyzing their solutions over a considerable length of time, thus demonstrating the unsteady capabilities of the IDS. Finally, the IDS will be used to solve a set of fluid dynamic problems related to flow that involves highly vortex interactions. Plans are to solve the following problems: the travelling wave and vortex problems over considerable lengths of time, the normal shockwave–vortex interaction problem for low supersonic conditions and the reflected oblique shock–vortex interaction problem. The IDS solutions obtained in each of these solutions will be explored further in efforts to determine the distributed density gradients and vorticity, as well as the Q-criterion. Parametric studies will be conducted to determine the effects of the Mach number on the intensity of vortex-shockwave interactions.

Keywords: vortex dominated flows, shockwave interactions, high Reynolds number, integro-differential scheme

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856 Construction of a Supply Chain Model Using the PREVA Method: The Case of Innovative Sargasso Recovery Projects in Ther Lesser Antilles

Authors: Maurice Bilioniere, Katie Lanneau

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Suddenly appeared in 2011, invasions of sargasso seaweeds Fluitans and Natans are a climatic hazard which causes many problems in the Caribbean. Faced with the growth and frequency of the phenomenon of massive sargasso stranding on their coasts, the French West Indies are moving towards the path of industrial recovery. In this context of innovative projects, we will analyze the necessary requirements for the management and performance of the supply chain, taking into account the observed volatility of the sargasso input. Our prospective approach will consist in studying the theoretical framework of modeling a hybrid supply chain by coupling the discreet event simulation (DES) with a valuation of the process costs according to the "activity-based costing" method (ABC). The PREVA approach (PRocess EVAluation) chosen for our modeling has the advantage of evaluating the financial flows of the logistic process using an analytical model chained with an action model for the evaluation or optimization of physical flows.

Keywords: sargasso, PREVA modeling, supply chain, ABC method, discreet event simulation (DES)

Procedia PDF Downloads 150
855 Empirical Investigations on Speed Differentiations of Traffic Flow: A Case Study on a Basic Freeway Segment of O-2 in Istanbul

Authors: Hamed Rashid Sarand, Kemal Selçuk Öğüt

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Speed is one of the fundamental variables of road traffic flow that stands as an important evaluation criterion for traffic analyses in several aspects. In particular, varieties of speed variable, such as average speed, free flow speed, optimum speed (capacity speed), acceleration/deceleration speed and so on, have been explicitly considered in the analysis of not only road safety but also road capacity. In the purpose of realizing 'road speed – maximum speed difference across lanes' and 'road flow rate – maximum speed difference across lanes' relations on freeway traffic, this study presents a case study conducted on a basic freeway segment of O-2 in Istanbul. The traffic data employed in this study have been obtained from 5 remote traffic microwave sensors operated by Istanbul Metropolitan Municipality. The study stretch is located between two successive freeway interchanges: Ümraniye and Kavacık. Daily traffic data of 4 years (2011-2014) summer months, July and August are used. The speed data are analyzed into two main flow areas such as uncongested and congested flows. In this study, the regression analyses were carried out in order to examine the relationship between maximum speed difference across lanes and road speed. These investigations were implemented at uncongested and congested flows, separately. Moreover, the relationship between maximum speed difference across lanes and road flow rate were evaluated by applying regression analyses for both uncongested and congested flows separately. It is concluded that there is the moderate relationship between maximum speed difference across lanes and road speed in 50% cases. Additionally, it is indicated that there is the moderate relationship between maximum speed difference across lanes and road flow rate in 30% cases. The maximum speed difference across lanes decreases as the road flow rate increases.

Keywords: maximum speed difference, regression analysis, remote traffic microwave sensor, speed differentiation, traffic flow

Procedia PDF Downloads 328
854 Willingness to Pay for Improvements of MSW Disposal: Views from Online Survey

Authors: Amornchai Challcharoenwattana, Chanathip Pharino

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Rising amount of MSW every day, maximizing material diversions from landfills via recycling is a prefer method to land dumping. Characteristic of Thai MSW is classified as 40 -60 per cent compostable wastes while potentially recyclable materials in waste streams are composed of plastics, papers, glasses, and metals. However, rate of material recovery from MSW, excluding composting or biogas generation, in Thailand is still low. Thailand’s recycling rate in 2010 was only 20.5 per cent. Central government as well as local governments in Thailand have tried to curb this problem by charging some of MSW management fees at the users. However, the fee is often too low to promote MSW minimization. The objective of this paper is to identify levels of willingness-to-pay (WTP) for MSW recycling in different social structures with expected outcome of sustainable MSW managements for different town settlements to maximize MSW recycling pertaining to each town’s potential. The method of eliciting WTP is a payment card. The questionnaire was deployed using online survey during December 2012. Responses were categorized into respondents living in Bangkok, living in other municipality areas, or outside municipality area. The responses were analysed using descriptive statistics, and multiple linear regression analysis to identify relationships and factors that could influence high or low WTP. During the survey period, there were 168 filled questionnaires from total 689 visits. However, only 96 questionnaires could be usable. Among respondents in the usable questionnaires, 36 respondents lived in within the boundary of Bangkok Metropolitan Administration while 45 respondents lived in the chartered areas that were classified as other municipality but not in BMA. Most of respondents were well-off as 75 respondents reported positive monthly cash flow (77.32%), 15 respondents reported neutral monthly cash flow (15.46%) while 7 respondent reported negative monthly cash flow (7.22%). For WTP data including WTP of 0 baht with valid responses, ranking from the highest means of WTP to the lowest WTP of respondents by geographical locations for good MSW management were Bangkok (196 baht/month), municipalities (154 baht/month), and non-urbanized towns (111 baht/month). In-depth analysis was conducted to analyse whether there are additional room for further increase of MSW management fees from the current payment that each correspondent is currently paying. The result from multiple-regression analysis suggested that the following factors could impacts the increase or decrease of WTP: incomes, age, and gender. Overall, the outcome of this study suggests that survey respondents are likely to support improvement of MSW treatments that are not solely relying on landfilling technique. Recommendations for further studies are to obtain larger sample sizes in order to improve statistical powers and to provide better accuracy of WTP study.

Keywords: MSW, willingness to pay, payment card, waste seperation

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853 The Types of Annuities with Flexible Premium

Authors: Deniz Ünal Özpalamutcu, Burcu Altman

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Actuaria uses mathematics, statistic and financial information when analyzing the financial impacts of uncertainties, risks, insurance and pension related issues. In other words, it deals with the likelihood of potential risks, their financial impacts and especially the financial measures. Handling these measures require some long-term payment and investments. So, it is obvious it is inevitable to plan the periodic payments with equal time intervals considering also the changing value of money over time. These series of payment made specific intervals of time is called annuity or rant. In literature, rants are classified based on start and end dates, start times, payments times, payments amount or frequency. Classification of rants based on payment amounts changes based on the constant, descending or ascending payment methods. The literature about handling the annuity is very limited. Yet in a daily life, especially in today’s world where the economic issues gained a prominence, it is very crucial to use the variable annuity method in line with the demands of the customers. In this study, the types of annuities with flexible payment are discussed. In other words, we focus on calculating payment amount of a period by adding a certain percentage of previous period payment was studied. While studying this problem, formulas were created considering both start and end period payments for cash value and accumulated. Also increase of each period payment by r interest rate each period payments calculated with previous periods increases. And the problem of annuities (rants) of which each period payment increased with previous periods’ increase by r interest rate has been analyzed. Cash value and accumulated value calculation of this problem were studied separately based on the period start/end and their relations were expressed by formulas.

Keywords: actuaria, annuity, flexible payment, rant

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852 A Multi-Regional Structural Path Analysis of Virtual Water Flows Caused by Coal Consumption in China

Authors: Cuiyang Feng, Xu Tang, Yi Jin

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Coal is the most important primary energy source in China, which exerts a significant influence on the rapid economic growth. However, it makes the water resources to be a constraint on coal industry development, on account of the reverse geographical distribution between coal and water. To ease the pressure on water shortage, the ‘3 Red Lines’ water policies were announced by the Chinese government, and then ‘water for coal’ plan was added to that policies in 2013. This study utilized a structural path analysis (SPA) based on the multi-regional input-output table to quantify the virtual water flows caused by coal consumption in different stages. Results showed that the direct water input (the first stage) was the highest amount in all stages of coal consumption, accounting for approximately 30% of total virtual water content. Regional analysis demonstrated that virtual water trade alleviated the pressure on water use for coal consumption in water shortage areas, but the import of virtual water was not from the areas which are rich in water. Sectoral analysis indicated that the direct inputs from the sectors of ‘production and distribution of electric power and heat power’ and ‘Smelting and pressing of metals’ took up the major virtual water flows, while the sectors of ‘chemical industry’ and ‘manufacture of non-metallic mineral products’ importantly but indirectly consumed the water. With the population and economic growth in China, the water demand-and-supply gap in coal consumption would be more remarkable. In additional to water efficiency improvement measures, the central government should adjust the strategies of the virtual water trade to address local water scarcity issues. Water resource as the main constraints should be highly considered in coal policy to promote the sustainable development of the coal industry.

Keywords: coal consumption, multi-regional input-output model, structural path analysis, virtual water

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851 Impact of Financial Factors on Total Factor Productivity: Evidence from Indian Manufacturing Sector

Authors: Lopamudra D. Satpathy, Bani Chatterjee, Jitendra Mahakud

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The rapid economic growth in terms of output and investment necessitates a substantial growth of Total Factor Productivity (TFP) of firms which is an indicator of an economy’s technological change. The strong empirical relationship between financial sector development and economic growth clearly indicates that firms financing decisions do affect their levels of output via their investment decisions. Hence it establishes a linkage between the financial factors and productivity growth of the firms. To achieve the smooth and continuous economic growth over time, it is imperative to understand the financial channel that serves as one of the vital channels. The theoretical or logical argument behind this linkage is that when the internal financial capital is not sufficient enough for the investment, the firms always rely upon the external sources of finance. But due to the frictions and existence of information asymmetric behavior, it is always costlier for the firms to raise the external capital from the market, which in turn affect their investment sentiment and productivity. This kind of financial position of the firms puts heavy pressure on their productive activities. Keeping in view this theoretical background, the present study has tried to analyze the role of both external and internal financial factors (leverage, cash flow and liquidity) on the determination of total factor productivity of the firms of manufacturing industry and its sub-industries, maintaining a set of firm specific variables as control variables (size, age and disembodied technological intensity). An estimate of total factor productivity of the Indian manufacturing industry and sub-industries is computed using a semi-parametric approach, i.e., Levinsohn- Petrin method. It establishes the relationship between financial factors and productivity growth of 652 firms using a dynamic panel GMM method covering the time period between 1997-98 and 2012-13. From the econometric analyses, it has been found that the internal cash flow has a positive and significant impact on the productivity of overall manufacturing sector. The other financial factors like leverage and liquidity also play the significant role in the determination of total factor productivity of the Indian manufacturing sector. The significant role of internal cash flow on determination of firm-level productivity suggests that access to external finance is not available to Indian companies easily. Further, the negative impact of leverage on productivity could be due to the less developed bond market in India. These findings have certain implications for the policy makers to take various policy reforms to develop the external bond market and easily workout through which the financially constrained companies will be able to raise the financial capital in a cost-effective manner and would be able to influence their investments in the highly productive activities, which would help for the acceleration of economic growth.

Keywords: dynamic panel, financial factors, manufacturing sector, total factor productivity

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850 Rule of Natural Synthetic Chemical on Lead Immobilization in Polluted Sandy Soils

Authors: Saud S. AL Oud

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Soil contamination can have dire consequences, such as loss of ecosystem and agricultural productivity, diminished food chain quality, tainted water resources, economic loss, and human and animal illness. In recent years, attention has focused on the development of in situ immobilization methods that are generally less expensive and disruptive to the natural landscape, hydrology, and ecosystems than are conventional excavation treatments, and disposal methods. Soft, inexpensive, and efficient agents were used in the present research to immobilize Pb in polluted sandy soil. Five agents, either naturally occurring or chemically prepared, were used for this purpose. These agents include; iron ore (72% Fe2O3), cement, a mixture of calcite and shale rich in aluminum (CASH), and two chemically prepared amorphous materials of Al- and Fe-gel. These agents were selected due to their ability to specifically adsorb heavy metals onto their surface OH functional groups, which provide permanent immobilization of metal pollutants and reduce the fraction that is potentially mobile or bioavailable. The efficiency of these agents in immobilizing Pb were examined in a laboratory experiment, in which two rates (0.5 and 1.0 %) of tested agents were added to the polluted soils containing total contents of Pb ranging from 17.4-49.8 mg/kg. The results show that all immobilizing agents were succeed in minimizing the mobile form of Pb as extracted by 0.5 N HNO3. The extracted Pb decreased with increasing addition rate of immobilizing agents. At addition rate of 0.5%, HNO3 extractable-Pb varied widely depending on the agents type and were found to represent 21-67% of the initial values. All agents were able to reduce mobile Pb to levels lower than that (2.0 mg/kg) reported for non polluted soil, particularly for soils had initials of mobile Pb less than 10 mg/kg. Both iron oxide and CASH had the highest efficiency in immobilizing Pb, followed by cement, then amorphous materials of Fe and Al hydroxides.

Keywords: soil, synthetic chemical, lead, immobilization, polluted

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849 Analysis of the Homogeneous Turbulence Structure in Uniformly Sheared Bubbly Flow Using First and Second Order Turbulence Closures

Authors: Hela Ayeb Mrabtini, Ghazi Bellakhal, Jamel Chahed

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The presence of the dispersed phase in gas-liquid bubbly flow considerably alters the liquid turbulence. The bubbles induce turbulent fluctuations that enhance the global liquid turbulence level and alter the mechanisms of turbulence. RANS modeling of uniformly sheared flows on an isolated sphere centered in a control volume is performed using first and second order turbulence closures. The sphere is placed in the production-dissipation equilibrium zone where the liquid velocity is set equal to the relative velocity of the bubbles. The void fraction is determined by the ratio between the sphere volume and the control volume. The analysis of the turbulence statistics on the control volume provides numerical results that are interpreted with regard to the effect of the bubbles wakes on the turbulence structure in uniformly sheared bubbly flow. We assumed for this purpose that at low void fraction where there is no hydrodynamic interaction between the bubbles, the single-phase flow simulation on an isolated sphere is representative on statistical average of a sphere network. The numerical simulations were firstly validated against the experimental data of bubbly homogeneous turbulence with constant shear and then extended to produce numerical results for a wide range of shear rates from 0 to 10 s^-1. These results are compared with our turbulence closure proposed for gas-liquid bubbly flows. In this closure, the turbulent stress tensor in the liquid is split into a turbulent dissipative part produced by the gradient of the mean velocity which also contains the turbulence generated in the bubble wakes and a pseudo-turbulent non-dissipative part induced by the bubbles displacements. Each part is determined by a specific transport equation. The simulations of uniformly sheared flows on an isolated sphere reproduce the mechanisms related to the turbulent part, and the numerical results are in perfect accordance with the modeling of the transport equation of the turbulent part. The reduction of second order turbulence closure provides a description of the modification of turbulence structure by the bubbles presence using a dimensionless number expressed in terms of two-time scales characterizing the turbulence induced by the shear and that induced by bubbles displacements. The numerical simulations carried out in the framework of a comprehensive analysis reproduce particularly the attenuation of the turbulent friction showed in the experimental results of bubbly homogeneous turbulence subjected to a constant shear.

Keywords: gas-liquid bubbly flows, homogeneous turbulence, turbulence closure, uniform shear

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848 A Frictional-Collisional Closure Model for the Saturated Granular Flow: Experimental Evidence and Two Phase Modelling

Authors: Yunhui Sun, Qingquan Liu, Xiaoliang Wang

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Dense granular flows widely exist in geological flows such as debris flow, landslide, or sheet flow, where both the interparticle and solid-liquid interactions are important to modify the flow. So, a two-phase approach with both phases correctly modelled is important for a better investigation of the saturated granular flows. However, a proper closure model covering a wide range of flowing states for the solid phase is still lacking. This study first employs a chute flow experiment based on the refractive index matching method, which makes it possible to obtain internal flow information such as velocity, shear rate, granular fluctuation, and volume fraction. The granular stress is obtained based on a steady assumption. The kinetic theory is found to describe the stress dependence on the flow state well. More importantly, the granular rheology is found to be frictionally dominated under weak shear and collisionally dominated under strong shear. The results presented thus provide direct experimental evidence on a possible frictional-collisional closure model for the granular phase. The data indicates that both frictional stresses exist over a wide range of the volume fraction, though traditional theory believes it vanishes below a critical volume fraction. Based on the findings, a two-phase model is used to simulate the chute flow. Both phases are modelled as continuum media, and the inter-phase interactions, such as drag force and pressure gradient force, are considered. The frictional-collisional model is used for the closure of the solid phase stress. The profiles of the kinematic properties agree well with the experiments. This model is further used to simulate immersed granular collapse, which is unsteady in nature, to study the applicability of this model, which is derived from steady flow.

Keywords: closure model, collision, friction, granular flow, two-phase model

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847 Helical Motions Dynamics and Hydraulics of River Channel Confluences

Authors: Ali Aghazadegan, Ali Shokria, Julia Mullarneya, Jon Tunnicliffe

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River channel confluences are dynamic systems with branching structures that exhibit a high degree of complexity both in natural and man-made open channel networks. Recent and past fields and modeling have investigated the river dynamics modeling of confluent based on a series of over-simplified assumptions (i.e. straight tributary channel with a bend with a 90° junction angle). Accurate assessment of such systems is important to the design and management of hydraulic structures and river engineering processes. Despite their importance, there has been little study of the hydrodynamics characteristics of river confluences, and the link between flow hydrodynamics and confluence morphodynamics in the confluence is still incompletely understood. This paper studies flow structures in confluences, morphodynamics and deposition patterns in 30 and 90 degrees confluences with different flow conditions. The results show that the junction angle is primarily the key factor for the determination of the confluence bed morphology and sediment pattern, while the discharge ratio is a secondary factor. It also shows that super elevation created by mixing flows is a key function of the morphodynamics patterns.

Keywords: helical flow, river confluence, bed morphology , secondary flows, shear layer

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846 Effects of Cacao Agroforestry and Landscape Composition on Farm Biodiversity and Household Dietary Diversity

Authors: Marlene Yu Lilin Wätzold, Wisnu Harto Adiwijoyo, Meike Wollni

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Land-use conversion from tropical forests to cash crop production in the form of monocultures has drastic consequences for biodiversity. Meanwhile, high dependence on cash crop production is often associated with a decrease in other food crop production, thereby affecting household dietary diversity. Additionally, deforestation rates have been found to reduce households’ dietary diversity, as forests often offer various food sources. Agroforestry systems are seen as a potential solution to improve local biodiversity as well as provide a range of provisioning ecosystem services, such as timber and other food crops. While a number of studies have analyzed the effects of agroforestry on biodiversity, as well as household livelihood indicators, little is understood between potential trade-offs or synergies between the two. This interdisciplinary study aims to fill this gap by assessing cacao agroforestry’s role in enhancing local bird diversity, as well as farm household dietary diversity. Additionally, we will take a landscape perspective and investigate in what ways the landscape composition, such as the proximity to forests and forest patches, are able to contribute to the local bird diversity, as well as households’ dietary diversity. Our study will take place in two agro-ecological zones in Ghana, based on household surveys of 500 cacao farm households. Using a subsample of 120 cacao plots, we will assess the degree of shade tree diversity and density using drone flights and a computer vision tree detection algorithm. Bird density and diversity will be assessed using sound recordings that will be kept in the cacao plots for 24 hours. Landscape compositions will be assessed via remote sensing images. The results of our study are of high importance as they will allow us to understand the effects of agroforestry and landscape composition in improving simultaneous ecosystem services.

Keywords: agroforestry, biodiversity, landscape composition, nutrition

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845 Statistical Modeling and by Artificial Neural Networks of Suspended Sediment Mina River Watershed at Wadi El-Abtal Gauging Station (Northern Algeria)

Authors: Redhouane Ghernaout, Amira Fredj, Boualem Remini

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Suspended sediment transport is a serious problem worldwide, but it is much more worrying in certain regions of the world, as is the case in the Maghreb and more particularly in Algeria. It continues to take disturbing proportions in Northern Algeria due to the variability of rains in time and in space and constant deterioration of vegetation. Its prediction is essential in order to identify its intensity and define the necessary actions for its reduction. The purpose of this study is to analyze the concentration data of suspended sediment measured at Wadi El-Abtal Hydrometric Station. It also aims to find and highlight regressive power relationships, which can explain the suspended solid flow by the measured liquid flow. The study strives to find models of artificial neural networks linking the flow, month and precipitation parameters with solid flow. The obtained results show that the power function of the solid transport rating curve and the models of artificial neural networks are appropriate methods for analysing and estimating suspended sediment transport in Wadi Mina at Wadi El-Abtal Hydrometric Station. They made it possible to identify in a fairly conclusive manner the model of neural networks with four input parameters: the liquid flow Q, the month and the daily precipitation measured at the representative stations (Frenda 013002 and Ain El-Hadid 013004 ) of the watershed. The model thus obtained makes it possible to estimate the daily solid flows (interpolate and extrapolate) even beyond the period of observation of solid flows (1985/86 to 1999/00), given the availability of the average daily liquid flows and daily precipitation since 1953/1954.

Keywords: suspended sediment, concentration, regression, liquid flow, solid flow, artificial neural network, modeling, mina, algeria

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844 Prediction of Trailing-Edge Noise under Adverse-Pressure Gradient Effect

Authors: Li Chen

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For an aerofoil or hydrofoil in high Reynolds number flows, broadband noise is generated efficiently as the result of the turbulence convecting over the trailing edge. This noise can be related to the surface pressure fluctuations, which can be predicted by either CFD or empirical models. However, in reality, the aerofoil or hydrofoil often operates at an angle of attack. Under this situation, the flow is subjected to an Adverse-Pressure-Gradient (APG), and as a result, a flow separation may occur. This study is to assess trailing-edge noise models for such flows. In the present work, the trailing-edge noise from a 2D airfoil at 6 degree of angle of attach is investigated. Under this condition, the flow is experiencing a strong APG, and the flow separation occurs. The flow over the airfoil with a chord of 300 mm, equivalent to a Reynold Number 4x10⁵, is simulated using RANS with the SST k-ɛ turbulent model. The predicted surface pressure fluctuations are compared with the published experimental data and empirical models, and show a good agreement with the experimental data. The effect of the APG on the trailing edge noise is discussed, and the associated trailing edge noise is calculated.

Keywords: aero-acoustics, adverse-pressure gradient, computational fluid dynamics, trailing-edge noise

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843 The Trade Flow of Small Association Agreements When Rules of Origin Are Relaxed

Authors: Esmat Kamel

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This paper aims to shed light on the extent to which the Agadir Association agreement has fostered inter regional trade between the E.U_26 and the Agadir_4 countries; once that we control for the evolution of Agadir agreement’s exports to the rest of the world. The next valid question will be regarding any remarkable variation in the spatial/sectoral structure of exports, and to what extent has it been induced by the Agadir agreement itself and precisely after the adoption of rules of origin and the PANEURO diagonal cumulative scheme? The paper’s empirical dataset covering a timeframe from [2000 -2009] was designed to account for sector specific export and intermediate flows and the bilateral structured gravity model was custom tailored to capture sector and regime specific rules of origin and the Poisson Pseudo Maximum Likelihood Estimator was used to calculate the gravity equation. The methodological approach of this work is considered to be a threefold one which starts first by conducting a ‘Hierarchal Cluster Analysis’ to classify final export flows showing a certain degree of linkage between each other. The analysis resulted in three main sectoral clusters of exports between Agadir_4 and E.U_26: cluster 1 for Petrochemical related sectors, cluster 2 durable goods and finally cluster 3 for heavy duty machinery and spare parts sectors. Second step continues by taking export flows resulting from the 3 clusters to be subject to treatment with diagonal Rules of origin through ‘The Double Differences Approach’, versus an equally comparable untreated control group. Third step is to verify results through a robustness check applied by ‘Propensity Score Matching’ to validate that the same sectoral final export and intermediate flows increased when rules of origin were relaxed. Through all the previous analysis, a remarkable and partial significance of the interaction term combining both treatment effects and time for the coefficients of 13 out of the 17 covered sectors turned out to be partially significant and it further asserted that treatment with diagonal rules of origin contributed in increasing Agadir’s_4 final and intermediate exports to the E.U._26 on average by 335% and in changing Agadir_4 exports structure and composition to the E.U._26 countries.

Keywords: agadir association agreement, structured gravity model, hierarchal cluster analysis, double differences estimation, propensity score matching, diagonal and relaxed rules of origin

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842 An Analytical Wall Function for 2-D Shock Wave/Turbulent Boundary Layer Interactions

Authors: X. Wang, T. J. Craft, H. Iacovides

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When handling the near-wall regions of turbulent flows, it is necessary to account for the viscous effects which are important over the thin near-wall layers. Low-Reynolds- number turbulence models do this by including explicit viscous and also damping terms which become active in the near-wall regions, and using very fine near-wall grids to properly resolve the steep gradients present. In order to overcome the cost associated with the low-Re turbulence models, a more advanced wall function approach has been implemented within OpenFoam and tested together with a standard log-law based wall function in the prediction of flows which involve 2-D shock wave/turbulent boundary layer interactions (SWTBLIs). On the whole, from the calculation of the impinging shock interaction, the three turbulence modelling strategies, the Lauder-Sharma k-ε model with Yap correction (LS), the high-Re k-ε model with standard wall function (SWF) and analytical wall function (AWF), display good predictions of wall-pressure. However, the SWF approach tends to underestimate the tendency of the flow to separate as a result of the SWTBLI. The analytical wall function, on the other hand, is able to reproduce the shock-induced flow separation and returns predictions similar to those of the low-Re model, using a much coarser mesh.

Keywords: SWTBLIs, skin-friction, turbulence modeling, wall function

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841 Comparative Analysis of Change in Vegetation in Four Districts of Punjab through Satellite Imagery, Land Use Statistics and Machine Learning

Authors: Mirza Waseem Abbas, Syed Danish Raza

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For many countries agriculture is still the major force driving the economy and a critically important socioeconomic sector, despite exceptional industrial development across the globe. In countries like Pakistan, this sector is considered the backbone of the economy, and most of the economic decision making revolves around agricultural outputs and data. Timely and accurate facts and figures about this vital sector hold immense significance and have serious implications for the long-term development of the economy. Therefore, any significant improvements in the statistics and other forms of data regarding agriculture sector are considered important by all policymakers. This is especially true for decision making for the betterment of crops and the agriculture sector in general. Provincial and federal agricultural departments collect data for all cash and non-cash crops and the sector, in general, every year. Traditional data collection for such a large sector i.e. agriculture, being time-consuming, prone to human error and labor-intensive, is slowly but gradually being replaced by remote sensing techniques. For this study, remotely sensed data were used for change detection (machine learning, supervised & unsupervised classification) to assess the increase or decrease in area under agriculture over the last fifteen years due to urbanization. Detailed Landsat Images for the selected agricultural districts were acquired for the year 2000 and compared to images of the same area acquired for the year 2016. Observed differences validated through detailed analysis of the areas show that there was a considerable decrease in vegetation during the last fifteen years in four major agricultural districts of the Punjab province due to urbanization (housing societies).

Keywords: change detection, area estimation, machine learning, urbanization, remote sensing

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840 Turbulence Measurement Over Rough and Smooth Bed in Open Channel Flow

Authors: Kirti Singh, Kesheo Prasad

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A 3D Acoustic Doppler velocimeter was used in the current investigation to quantify the mean and turbulence characteristics in non-uniform open-channel flows. Results are obtained from studies done in the laboratory, analysing the behavior of sand particles under turbulent open channel flow conditions flowing through rough, porous beds. Data obtained from ADV is used to calculate turbulent flow characteristics, Reynolds stresses and turbulent kinetic energy. Theoretical formulations for the distribution of Reynolds stress and the vertical velocity have been constructed using the Reynolds equation and the continuity equation of 2D open-channel flow. The measured Reynolds stress profile and the vertical velocity are comparable with the derived expressions. This study uses the Navier-Stokes equations for analysing the behavior of the vertical velocity profile in the dominant region of full-fledged turbulent flows in open channels, and it gives a new origination of the profile. For both wide and narrow open channels, this origination can estimate the time-averaged primary velocity in the turbulent boundary layer's outer region.

Keywords: turbulence, bed roughness, logarithmic law, shear stress correlations, ADV, Reynolds shear stress

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839 Financial Performance Model of Local Economic Enterprises in Matalam, Cotabato

Authors: Kristel Faye Tandog

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The State Owned Enterprise (SOE) or also called Public Enterprise (PE) has been playing a vital role in a country’s social and economic development. Following this idea, this study focused on the Factor Structures of Financial Performance of the Local Economic Enterprises (LEEs) namely: Food Court, Market, Slaughterhouse, and Terminal in Matalam, Cotabato. It aimed to determine the profile of the LEEs in terms of organizational structure, manner of creation, years in operation, source of initial operating requirements, annual operating budget, geographical location, and size or description of the facility. This study also included the different financial ratios of LEE that covered a five year period from Calendar Year 2009 to 2013. Primary data using survey questionnaire was administered to 468 respondents and secondary data were sourced out from the government archives and financial documents of the said LGU. There were 12 dominant factors identified namely: “management”, “enforcement of laws”, “strategic location”, “existence of non-formal competitors”, “proper maintenance”, “pricing”, “customer service”, “collection process”, “rentals and services”, “efficient use of resources”, “staffing”, and “timeliness and accuracy”. On the other hand, the financial performance of the LEE of Matalam, Cotabato using financial ratios needs reformatting. This denotes that refinement as to the following ratios: Cash Flow Indicator, Activity, Profitability and Growth is necessary. The cash flow indicator ratio showed difficulty in covering its debts in successive years. Likewise, the activity ratios showed that the LEE had not been effective in putting its investment at work. Moreover, profitability ratios revealed that it had operated in minimum capacity and had incurred net losses and thus, it had a weak profit performance. Furthermore, growth ratios showed that LEE had a declining growth trend particularly in net income.

Keywords: factor structures, financial performance, financial ratios, state owned enterprises

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838 Analysis of the Evolution of the Behavior of Land Users Linked to the Surge in the Prices of Cash Crops: Case of the Northeast Region of Madagascar

Authors: Zo Hasina Rabemananjara

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The North-East of Madagascar is the pillar of Madagascar's foreign trade, providing 41% and 80% of world exports of cloves and vanilla, respectively, in 2016. For Madagascar, the north-eastern escarpment is home to the last massifs of humid forest in large scale of the island, surrounded by a small scale agricultural mosaic. In the sites where this study is taking place, located in the peripheral zones of protected areas, the production of rent aims to supply international markets. In fact, importers of the cash crops produced in these areas are located mainly in India, Singapore, France, Germany and the United States. Recently, the price of these products has increased significantly, especially from the year 2015. For vanilla, the price has skyrocketed, from an approximate price of 73 USD per kilo in 2015 to more than 250 USD per kilo in 2016. The value of clove exports increased sharply by 49.4% in 2017, largely to Singapore and India due to the sharp increase in exported volume (+47, 6%) in 2017. If the relationship between the rise in prices of rented products and the change in physical environments is known, the evolution of the behavior of land users linked to this aspect was not yet addressed by research. In fact, the consequence of this price increase in the organization of the use of space at the local level still raises questions. Hence, the research question is: to what extent does this improvement in the price of imported products affect user behavior linked to the local organization of access to the factor of soil production? To fully appreciate this change in behavior, surveys of 144 land user households were carried out, and group interviews were also carried out. The results of this research showed that the rise in the prices of annuity products from the year 2015 caused significant changes in the behavior of land users in the study sites. Young people, who have not been attracted to farming for a long time, have started to show interest in it since the period of rising vanilla and clove prices. They have set up their own fields of vanilla and clove cultivation. This revival of interest conferred an important value on the land and caused conflicts especially between family members because the acquisition of the cultivated land was done by inheritance or donation. This change in user behavior has also affected the farmers' life strategy since the latter have decided to abandon rain-fed rice farming, which has long been considered a guaranteed subsistence activity for cash crops. This research will contribute to nourishing scientific reflection on the management of land use and also to support political decision-makers in decision-making on spatial planning.

Keywords: behavior of land users, North-eastern Madagascar, price of export products, spatial planning

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837 Evaluation of Best-Fit Probability Distribution for Prediction of Extreme Hydrologic Phenomena

Authors: Karim Hamidi Machekposhti, Hossein Sedghi

Abstract:

The probability distributions are the best method for forecasting of extreme hydrologic phenomena such as rainfall and flood flows. In this research, in order to determine suitable probability distribution for estimating of annual extreme rainfall and flood flows (discharge) series with different return periods, precipitation with 40 and discharge with 58 years time period had been collected from Karkheh River at Iran. After homogeneity and adequacy tests, data have been analyzed by Stormwater Management and Design Aid (SMADA) software and residual sum of squares (R.S.S). The best probability distribution was Log Pearson Type III with R.S.S value (145.91) and value (13.67) for peak discharge and Log Pearson Type III with R.S.S values (141.08) and (8.95) for maximum discharge in Jelogir Majin and Pole Zal stations, respectively. The best distribution for maximum precipitation in Jelogir Majin and Pole Zal stations was Log Pearson Type III distribution with R.S.S values (1.74&1.90) and then Pearson Type III distribution with R.S.S values (1.53&1.69). Overall, the Log Pearson Type III distributions are acceptable distribution types for representing statistics of extreme hydrologic phenomena in Karkheh River at Iran with the Pearson Type III distribution as a potential alternative.

Keywords: Karkheh River, Log Pearson Type III, probability distribution, residual sum of squares

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836 Aerodynamic Analysis of the Airfoil of a VAWT by Using 2D CFD Modelling

Authors: Luis F. Garcia, Julian E. Jaramillo, Jorge L. Chacón

Abstract:

Colombia is a country where the benefits of wind power industry are barely used because of the geography in some areas does not allow the implementation of onshore horizontal axis wind turbines. Furthermore, exist rural areas without access to the electrical grid. Therefore, there is currently a deficit of energy supply in some towns. This research took place in one of those areas (i.e. Chicamocha Canyon-Santander) where the answer to the energy supply problems could be the use of vertical axis wind turbines, which can be used for turbulent flows. Hence, one task of this research is the analysis of the wind resources in the Chicamocha Canyon in order to implement the wind energy. The wind turbines must be designed in such a way that the blades take good advantage of the wind resources in the area of interest. Consequently, in the current research the analysis of two different airfoils (i.e. NACA0018 and DU 06-W-200) through a 2D CFD simulation is carried out by means of a free-software (OpenFOAM). Predicted results using the “Spalart-Allmaras” turbulence model are similar to the wind tunnel data published in the literature. Moreover, global parameters such as dimensionless lift and drag coefficients were calculated. Finally, this research encourages VAWT studies under wind turbulent flows in order to achieve the best use of natural resources in Colombia.

Keywords: airfoil, wind turbine, turbulence modelling, Chicamocha, CFD

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835 Simulation of Turbulent Flow in Channel Using Generalized Hydrodynamic Equations

Authors: Alex Fedoseyev

Abstract:

This study explores Generalized Hydrodynamic Equations (GHE) for the simulation of turbulent flows. The GHE was derived from the Generalized Boltzmann Equation (GBE) by Alexeev (1994). GBE was obtained by first principles from the chain of Bogolubov kinetic equations and considered particles of finite dimensions, Alexeev (1994). The GHE has new terms, temporal and spatial fluctuations compared to the Navier-Stokes equations (NSE). These new terms have a timescale multiplier τ, and the GHE becomes the NSE when τ is zero. The nondimensional τ is a product of the Reynolds number and the squared length scale ratio, τ=Re*(l/L)², where l is the apparent Kolmogorov length scale, and L is a hydrodynamic length scale. The turbulence phenomenon is not well understood and is not described by NSE. An additional one or two equations are required for the turbulence model, which may have to be tuned for specific problems. We show that, in the case of the GHE, no additional turbulence model is needed, and the turbulent velocity profile is obtained from the GHE. The 2D turbulent channel and circular pipe flows were investigated using a numerical solution of the GHE for several cases. The solutions are compared with the experimental data in the circular pipes and 2D channels by Nicuradse (1932, Prandtl Lab), Hussain and Reynolds (1975), Wei and Willmarth (1989), Van Doorne (2007), theory by Wosnik, Castillo and George (2000), and the relevant experiments on Superpipe setup at Princeton, data by Zagarola (1996) and Zagarola and Smits (1998), the Reynolds number is from Re=7200 to Re=960000. The numerical solution data compared well with the experimental data, as well as with the approximate analytical solution for turbulent flow in channel Fedoseyev (2023). The obtained results confirm that the Alexeev generalized hydrodynamic theory (GHE) is in good agreement with the experiments for turbulent flows. The proposed approach is limited to 2D and 3D axisymmetric channel geometries. Further work will extend this approach by including channels with square and rectangular cross-sections.

Keywords: comparison with experimental data. generalized hydrodynamic equations, numerical solution, turbulent boundary layer, turbulent flow in channel

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834 Limitation of Parallel Flow in Three-Dimensional Elongated Porous Domain Subjected to Cross Heat and Mass Flux

Authors: Najwa Mimouni, Omar Rahli, Rachid Bennacer, Salah Chikh

Abstract:

In the present work 2D and 3D numerical simulations of double diffusion natural convection in an elongated enclosure filled with a binary fluid saturating a porous medium are carried out. In the formulation of the problem, the Boussinesq approximation is considered and cross Neumann boundary conditions are specified for heat and mass walls conditions. The numerical method is based on the control volume approach with the third order QUICK scheme. Full approximation storage (FAS) with full multigrid (FMG) method is used to solve the problem. For the explored large range of the controlling parameters, we clearly evidenced that the increase in the depth of the cavity i.e. the lateral aspect ratio has an important effect on the flow patterns. The 2D perfect parallel flows obtained for a small lateral aspect ratio are drastically destabilized by increasing the cavity lateral dimension. This yields a 3D fluid motion with a much more complicated flow pattern and the classically studied 2D parallel flows are impossible.

Keywords: bifurcation, natural convection, heat and mass transfer, parallel flow, porous media

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833 Optical Flow Technique for Supersonic Jet Measurements

Authors: Haoxiang Desmond Lim, Jie Wu, Tze How Daniel New, Shengxian Shi

Abstract:

This paper outlines the development of a novel experimental technique in quantifying supersonic jet flows, in an attempt to avoid seeding particle problems frequently associated with particle-image velocimetry (PIV) techniques at high Mach numbers. Based on optical flow algorithms, the idea behind the technique involves using high speed cameras to capture Schlieren images of the supersonic jet shear layers, before they are subjected to an adapted optical flow algorithm based on the Horn-Schnuck method to determine the associated flow fields. The proposed method is capable of offering full-field unsteady flow information with potentially higher accuracy and resolution than existing point-measurements or PIV techniques. Preliminary study via numerical simulations of a circular de Laval jet nozzle successfully reveals flow and shock structures typically associated with supersonic jet flows, which serve as useful data for subsequent validation of the optical flow based experimental results. For experimental technique, a Z-type Schlieren setup is proposed with supersonic jet operated in cold mode, stagnation pressure of 8.2 bar and exit velocity of Mach 1.5. High-speed single-frame or double-frame cameras are used to capture successive Schlieren images. As implementation of optical flow technique to supersonic flows remains rare, the current focus revolves around methodology validation through synthetic images. The results of validation test offers valuable insight into how the optical flow algorithm can be further improved to improve robustness and accuracy. Details of the methodology employed and challenges faced will be further elaborated in the final conference paper should the abstract be accepted. Despite these challenges however, this novel supersonic flow measurement technique may potentially offer a simpler way to identify and quantify the fine spatial structures within the shock shear layer.

Keywords: Schlieren, optical flow, supersonic jets, shock shear layer

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832 Effect of Good Agriculture Management Practices and Constraints on Grape Farming: A Case Study in Mirbachakot, Kalakan and Shakardara Districts Kabul, Afghanistan

Authors: Mohammad Mirwais Yusufi

Abstract:

Skillful management is one of the most important success factors for today’s farms. When a farm is well managed, it can generate funds for its sustainability. Grape is one of the most diffused fruits in the world and one of the most important cash crops with high potential of production in Afghanistan as well. While there are several organizations intervening for improvement of this cash crop, the quality and quantity are still not satisfactory for producers and external markets. The situation has not changed over the years. Therefore, a survey was conducted in 2017 with 60 grape growers, supported by questionnaires in Mirbachakot, Kalakan and Shakardara districts of Kabul province. The purpose was to get an understanding of the current socio-demographic characteristics of farmers, management methods, constraints, farm size, yield and contribution of grape farming to household income. Findings indicate that grape farming was predominant 83.3% male, 16.6% female and small-scale farmers were the main grape producers, 60% < 1 ha of land under grape production. Likewise, 50% had more than > 10 years and 33.3% between 1-5 years’ experience in grape farming. The high level of illiteracy and diseases had significant digit effect on growth, yield and quality of grapes. The results showed that vineyard management operations to protect grapes from mechanical damage are very poor or completely absent. Comparing developed countries, table grape is one of the fruits with the highest input of technology, while in developing countries the cost of labor is low but the purchase of the equipment is very high due to financial situation. Hence the low quality and quantity of grape are influenced by poor management methods, such as non-availability of experts and lack of technical guidance in the study site. Thereby, the study suggested that improved agricultural extension services and managerial skills could contribute to addressing the problems.

Keywords: constraints, effect, management, Kabul

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831 The Observable Method for the Regularization of Shock-Interface Interactions

Authors: Teng Li, Kamran Mohseni

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This paper presents an inviscid regularization technique that is capable of regularizing the shocks and sharp interfaces simultaneously in the shock-interface interaction simulations. The direct numerical simulation of flows involving shocks has been investigated for many years and a lot of numerical methods were developed to capture the shocks. However, most of these methods rely on the numerical dissipation to regularize the shocks. Moreover, in high Reynolds number flows, the nonlinear terms in hyperbolic Partial Differential Equations (PDE) dominates, constantly generating small scale features. This makes direct numerical simulation of shocks even harder. The same difficulty happens in two-phase flow with sharp interfaces where the nonlinear terms in the governing equations keep sharpening the interfaces to discontinuities. The main idea of the proposed technique is to average out the small scales that is below the resolution (observable scale) of the computational grid by filtering the convective velocity in the nonlinear terms in the governing PDE. This technique is named “observable method” and it results in a set of hyperbolic equations called observable equations, namely, observable Navier-Stokes or Euler equations. The observable method has been applied to the flow simulations involving shocks, turbulence, and two-phase flows, and the results are promising. In the current paper, the observable method is examined on the performance of regularizing shocks and interfaces at the same time in shock-interface interaction problems. Bubble-shock interactions and Richtmyer-Meshkov instability are particularly chosen to be studied. Observable Euler equations will be numerically solved with pseudo-spectral discretization in space and third order Total Variation Diminishing (TVD) Runge Kutta method in time. Results are presented and compared with existing publications. The interface acceleration and deformation and shock reflection are particularly examined.

Keywords: compressible flow simulation, inviscid regularization, Richtmyer-Meshkov instability, shock-bubble interactions.

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830 Assessing Livelihood Vulnerability to Climate Change and Adaptation Strategies in Rajanpur District, Pakistan

Authors: Muhammad Afzal, Shahbaz Mushtaq, Duc-Anh-An-Vo, Kathryn Reardon Smith, Thanh Ma

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Climate change has become one of the most challenging environmental issues in the 21st century. Climate change-induced natural disasters, especially floods, are the major factors of livelihood vulnerability, impacting millions of individuals worldwide. Evaluating and mitigating the effects of floods requires an in-depth understanding of the relationship between vulnerability and livelihood capital assets. Using an integrated approach, sustainable livelihood framework, and system thinking approach, the study developed a conceptual model of a generalized livelihood system in District Rajanpur, Pakistan. The model visualizes the livelihood vulnerability system as a whole and identifies the key feedback loops likely to influence the livelihood vulnerability. The study suggests that such conceptual models provide effective communication and understanding tools to stakeholders and decision-makers to anticipate the problem and design appropriate policies. It can also serve as an evaluation technique for rural livelihood policy and identify key systematic interventions. The key finding of the study reveals that household income, health, and education are the major factors behind the livelihood vulnerability of the rural poor of District Rajanpur. The Pakistani government tried to reduce the livelihood vulnerability of the region through different income, health, and education programs, but still, many changes are required to make these programs more effective especially during the flood times. The government provided only cash to vulnerable and marginalized families through income support programs, but this study suggests that along with the cash, the government must provide seed storage facilities and access to crop insurance to the farmers. Similarly, the government should establish basic health units in villages and frequent visits of medical mobile vans should be arranged with advanced medical lab facilities during and after the flood.

Keywords: livelihood vulnerability, rural communities, flood, sustainable livelihood framework, system dynamics, Pakistan

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829 3D Modeling of Flow and Sediment Transport in Tanks with the Influence of Cavity

Authors: A. Terfous, Y. Liu, A. Ghenaim, P. A. Garambois

Abstract:

With increasing urbanization worldwide, it is crucial to sustainably manage sediment flows in urban networks and especially in stormwater detention basins. One key aspect is to propose optimized designs for detention tanks in order to best reduce flood peak flows and in the meantime settle particles. It is, therefore, necessary to understand complex flows patterns and sediment deposition conditions in stormwater detention basins. The aim of this paper is to study flow structure and particle deposition pattern for a given tank geometry in view to control and maximize sediment deposition. Both numerical simulation and experimental works were done to investigate the flow and sediment distribution in a storm tank with a cavity. As it can be indicated, the settle distribution of the particle in a rectangular tank is mainly determined by the flow patterns and the bed shear stress. The flow patterns in a rectangular tank differ with different geometry, entrance flow rate and the water depth. With the changing of flow patterns, the bed shear stress will change respectively, which also play an influence on the particle settling. The accumulation of the particle in the bed changes the conditions at the bottom, which is ignored in the investigations, however it worth much more attention, the influence of the accumulation of the particle on the sedimentation should be important. The approach presented here is based on the resolution of the Reynolds averaged Navier-Stokes equations to account for turbulent effects and also a passive particle transport model. An analysis of particle deposition conditions is presented in this paper in terms of flow velocities and turbulence patterns. Then sediment deposition zones are presented thanks to the modeling with particle tracking method. It is shown that two recirculation zones seem to significantly influence sediment deposition. Due to the possible overestimation of particle trap efficiency with standard wall functions and stick conditions, further investigations seem required for basal boundary conditions based on turbulent kinetic energy and shear stress. These observations are confirmed by experimental investigations processed in the laboratory.

Keywords: storm sewers, sediment deposition, numerical simulation, experimental investigation

Procedia PDF Downloads 281
828 Determinants of Dividend Payout Ratio: Evidence form MENA Region

Authors: Abdul-Nasser El-Kassar, Walid Elgammal, Hisham Jawhar

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This paper studies the determinants of the dividends payout ratio. The factors affecting the dividends payout ratio are to be identified. The study focuses only on the cement and construction industry within the MENA region in an attempt to isolate any incoherent behavior. The factors under consideration are: sales growth, ROE, ROA, ROS, debt to equity ratio, firm size, and free cash flow. Data were collected from official stock exchange markets in addition to annual reports. The study considered all firms that paid dividend in each of the three consecutive years starting from 2010 till 2012. Out of the 123 listed firms that work in cement and construction industry in MENA region, only 19 paid dividends in the three consecutive years 2010-12. Our sample consists of the 19 firms (57 observations) which are selected according to purposive sampling. Moreover, the study uses the homogeneous subcategory within the purposive sampling since only similar firms in the construction industry had been examined. The outcome of the study provides a vital insight into the determinants of dividends payout ratio of companies in MENA region. The results showed that the dividend payout ratio has a strong and positive relationship with return on assets and strong but negative relationship with return on equity. On the other hand, the results detected weak relationships between dividend payout ratio and sale growth, debt to equity ratio, firm size, and free cash flow. The study suggests that board of directors tend to compensate shareholders and minimize the agency cost by distributing a high portion of profits in form of dividends whenever return on equity decreases. Also, when the performance of the firm improves, and hence return on assets increases, boards of directors are more generous in distributing profits.

Keywords: dividends payout ratio, profitability firm size, free cashflow, debt to equity ratio

Procedia PDF Downloads 328