Search results for: complex capital goods

Authors: Gideon Ndubuisi

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It is widely acknowledged that the quality of a country’s export matters more decisively than the quantity it exports. Hence, understanding the drivers of exported goods’ quality is a relevant policy question. Among other things, product quality upgrading is a considerable cost uncertainty venture that can be undertaken by an entrepreneur. Once a product is successfully upgraded, however, others can imitate the product, and hence, the returns to the pioneer entrepreneur are socialized. Along with this line, a government policy such as intellectual property rights (IPRs) protection which lessens the non-appropriability problem and incentivizes cost discovery investments becomes both a panacea in addressing the market failure and a sine qua non for an entrepreneur to engage in product quality upgrading. In addendum, product quality upgrading involves complex tasks which often require a lot of knowledge and technology sharing beyond the bounds of the firm thereby creating rooms for knowledge spillovers and imitations. Without an institution that protects upstream suppliers of knowledge and technology, technology masking occurs which bids up marginal production cost and product quality fall. Despite these clear associations between IPRs and product quality upgrading, the surging literature on the drivers of the quality of exported goods has proceeded almost in isolation of IPRs protection as a determinant. Consequently, the current study uses a difference-in-difference method to evaluate the effects of IPRs reforms on the quality of exported goods in 16 developing countries over the sample periods of 1984-2000. The study finds weak evidence that IPRs reforms increase the quality of all exported goods. When the industries are sorted into high and low-patent sensitive industries, however, we find strong indicative evidence that IPRs reform increases the quality of exported goods in high-patent sensitive sectors both in absolute terms and relative to the low-patent sensitive sectors in the post-reform period. We also obtain strong indicative evidence that it brought the quality of exported goods in the high-patent sensitive sectors closer to the quality frontier. Accounting for time-duration effects, these observed effects grow over time. The results are also largely consistent when we consider the sophistication and complexity of exported goods rather than just quality upgrades.

Keywords: exports, export quality, export sophistication, intellectual property rights

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Authors: Tamas Hartvanyi, Zoltan Andras Nagy, Miklos Szabo

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The dynamic and static capacity are two opposing aspect of warehouse design. Static capacity optimization aims to maximize the space-usage for goods storing, while dynamic capacity needs more free place to handling them. They are opposing by the building structure and the area utilization. According to Pareto principle: the 80% of the goods are the 20% of the variety. From the origin of this statement, it worth to store the big amount of same products by fulfill the space with minimal corridors, meanwhile the rest 20% of goods have the 80% variety of the whole range, so there is more important to be fast-reachable instead of the space utilizing, what makes the space fulfillment numbers worse. The warehouse design decisions made in present practice by intuitive and empiric impressions, the planning method is formed to one selected technology, making this way the structure of the warehouse homogeny. Of course the result can’t be optimal for the inhomogeneous demands. A new innovative model based on our research will be introduced in this paper to describe the technic capacities, what makes possible to define optimal cluster of technology. It is able to optimize the space fulfillment and the dynamic operation together with this cluster application.

Keywords: warehouse, warehouse capacity, warehouse design method, warehouse optimization

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Authors: Sultanbayeva Gulmira Serikbayevna, Golovchun Aleftina Anatolyevna

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The development of any nation is directly related to the development of human capital in it. A human development is an increase its intellectual potential, its compliance with the requirements of time, present and future society. Demands of globalization cannot limit the processes of national traditions. The education system must be formed on the basis of international practice of cultural development. In Kazakhstan, where modernization changes are rapidly developing, the education system should be formed in two ways: first, on a national basis, and secondly, based on global best practices. There is the need to recognize and promote the importance of education as a value. The world community considers the problem of spiritual values. Along with individual values, spiritual values are also universal values. Formation of values such as the presence in young people a sense of respect for their homeland, social responsibility, respect the culture and traditions of its people is the most important task than the possession of material goods. When forming the intellectual nation, values in the field of education and science become investments for the development of the society, as well as education and science today transformed into the most important capital.

Keywords: human capital, humanitarian technology, intangible assets, intelligent nation, society of knowledge

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Authors: Vichada Chokesikarin

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We propose that the ability to create the business success requires Adversity Quotient (AQ) and Human Capital (HC). The aims of the present study are to investigate adversity quotient, human capital and entrepreneurial success of accommodation entrepreneurs in Pranakorn, Bangkok and to examine the relationship between AQ, HC and Entrepreneurial Success. The participants of this study were 112 entrepreneurs in accommodation business in the Khao San/Grand Palace, the location nearby demonstration area in 2014. Specifically, we focus on higher adversity which provides a measure of one’s perceived capacity to prevail in the face of adversity and the effects of human capital on success. Results indicated that there is significant relationship between human capital and entrepreneurial success, while adversity quotient was found to partially mediate the entrepreneurial success. Moreover, our findings showed that the human capital -experience and skills- are more important than adversity quotient. This suggests that the entrepreneurial success should rely on their skill and experiences.

Keywords: accommodation business, adversity quotient, entrepreneurial success, human capital

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Authors: Safak Baykal

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The purpose of this study is analyzing the relationship between self leadership and social capital of people with using Social Network Analysis. In this study, two aspects of social capital will be focused: bonding, homophilous social capital (BoSC) which implies better, strong, dense or closed network ties, and bridging, heterophilous social capital (BrSC) which implies weak ties, bridging the structural holes. The other concept of the study is Trust (Tr), namely interpersonal trust, willingness to ascribe good intentions to and have confidence in the words and actions of other people. In this study, the sample group, 61 people, was selected from a private firm from the defense industry. The relation between BoSC/BrSC and Tr is shown by using Social Network Analysis (SNA) and statistical analysis with Likert type-questionnaire. The results of the analysis show the Cronbach’s alpha value is 0.73 and social capital values (BoSC/BrSC) is highly correlated with Tr values of the people.

Keywords: bonding social capital, bridging social capital, trust, social network analysis (SNA)

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Authors: Anjli Pathak, Harshit Sosan Lakra, Smriti Mishra

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The increasing urbanization affects the external environment in which people exist and imposes livelihood vulnerability to shocks and stresses. Although research on the linkages between urbanization and vulnerability has been increasing, only a few studies have examined the caste/ethnicity in livelihood vulnerability. In this study, we explore how physical capital influences vulnerability among indigenous people in the context of livelihood. The study identifies the dimensions and indicators of physical capital that influence the profile of household vulnerability in the livelihood-building process. The result identified five dimensions and 19 indicators of livelihood vulnerability. The study also visualizes the inter-relationship between physical capital and other livelihood capital in formulating the livelihood vulnerability framework.

Keywords: urbanization, livelihood vulnerability, indigenous people, physical capital

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Authors: Nhabhat Chaimongkol

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Human capital is one of the factors that are vital for economic growth. This is especially true as humans will face increasingly more forms of disruptive technology in the near future. Therefore, there is a need to develop human capital in order to overcome the current uncertainty in the global economy and the future of jobs. In recent years, Thailand has increasingly devoted more attention to developing its human capital. The Thai government has raised this issue in its national agenda, which is part of its 20-year national strategy. Currently, there are multiple challenges and solutions regarding this issue. This study aims to find out what are the challenges and solutions to human capital development in Thailand. The research in this study uses mixed methods consisting of quantitative and qualitative research methods. The results show that while Thailand has many plans to develop human capital, it is still lacking the necessary actions and integrations that are required to achieve its goals. Finally, the challenges and solutions will be discussed in detail.

Keywords: challenges, human capital, solutions, Thailand

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Authors: Uyen Tran Tu

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The decision on capital structure is one of the most important and sophisticated decisions in financial management in order to improve firm performance. This article would study the two-way impact between capital structure and firm performance. The study use EVIEWS 6.0 software to determine a two-way relationship between the capital structure and firm performance based on two-stage regression (2SLS - Two-Stage Least Squares). The findings are: capital structure has the opposite effect on the business efficiency and vice versa, factors that effect on business efficiency include Size and Opportunities. Factors effects on the capital structure are size; liquidity. These factors also affect the ratio of capital structure (total debt/ total asset) of companies. In particular, liquidity has the opposite effect; and the size of the business has the same impact. The results of the study are in line with the theory and empirical studies presented, and the results of the study are unchanged for all three years 2015-2017.

Keywords: capital structure, firm performance, factors, two-way relationship

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Authors: Saad Saeed Althiabi

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This paper discusses the corporate positioning and how it became popular as a way to systematize production because of the unique manner in which incorporation legalized organizers to secure financial capital through locking it in. The power to lock in capital comes from the fact that a corporate exists as a separate legal entity, whose survival and governance are separated from any of its participants. The law essentially creates a different legal person when a corporation is created. Although this idea has been played down in the legal learning of the last decades in favor of the view that a corporation is purely something through which natural persons interrelate, recent legal research has begun to reassess the importance of entity status. Entity status, under the law and the related separation of governance from input of financial capital through the configuration of a corporation, sanctioned corporate participants to do somewhat more than connect in a series of business transactions.

Keywords: corporate law, entity status, locking in capital, financial capital

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Authors: Dahmani Aziz, Mekdad Yousra

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The intellectual capital is an important source of profitability and the main supporter of the competitive where this study examines the contribution of expenditure on intellectual capital in the performance of industrial enterprises Algerian, and through a case study Sonatrach as the most important industrial enterprises in Algeria and the driving force of the Algerian economy. It has been the use of value-added intellectual coefficient (VAIC) in measuring the contribution of intellectual capital and analyzing data Sonatrach during the period from the year 2001 until the year 2012, and test the validity of hypotheses using Stepwise Regression model through the SPSS statistical software, and the study has proved the existence of a positive relationship between spending on human capital and financial performance and a stronger degree relationship between the structural capital and economic performance.

Keywords: industrial enterprise, intellectual capital, performance, economy of Algeria, spending

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Authors: Ugur Choban, Aruzhan Zhaksylyk, Assylbek Nurgabdeshov

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In recent years, there has been an increasing understanding of the value of encouraging entrepreneurial attitudes in university students. This is motivated by the belief that stimulating entrepreneurship not only promotes economic growth but also fosters innovation. This study looks at the complex link and addresses critical gaps between psychological capital and entrepreneurial intention among university students, with a specific emphasis on how contextual factors like academic support and past business experience impact this dynamic. Using a quantitative research method, data were gathered from a broad sample of 300 university students drawn from several faculties. The study used a questionnaire that included the Psychological Capital Questionnaire (PCQ) to assess psychological capital and a validated scale for entrepreneurial intention, as well as binary measures of academic support and prior entrepreneurial experience. Statistical investigations, including multigroup analyses performed with SmartPLS software, provided interesting insights into the effect of contextual factors on the relationship between psychological capital and entrepreneurial intention. The findings highlight that psychological capital had a strong favorable influence on university students' entrepreneurial inclinations. Furthermore, the study found that academic support enhances the influence of psychological capital on entrepreneurial intentions, emphasizing the significance of institutional backing in fostering entrepreneurial mindsets. Furthermore, students with prior entrepreneurial experience had a stronger propensity for entrepreneurship, showing a synergistic link between psychological capital and entrepreneurial background. These findings have both theoretical and practical implications. By explaining the mechanisms by which psychological capital promotes entrepreneurial intentions, the study contributes to the establishment of focused entrepreneurship education programs and support activities that are suited to student requirements. Policymakers may use these findings to create policies that encourage student entrepreneurship, ultimately encouraging economic development and innovation.

Keywords: academic support, entrepreneurial intentions, higher education institutions, psychological capital, prior entrepreneurial experience

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Authors: Leandro da S. Nascimento, Maristela J. Melo

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The increased competition in the globalization drives organizations to innovate in their products and services to remain competitive. Innovation and creativity are incorporated as key aspects to creating value for consumers and for the creation of competitive advantage in organizations. However, there are factors that contribute strong with development of innovation and creation in organizations. These factors are the intellectual capital and knowledge management, which together with sustainability, ensure the development of competitive strategies. However, it is understood that the role of the leader is essential to stimulate the development of human capital, because the human capital is essential for organizations of knowledge. It is the leader who drives the dissemination and sharing of knowledge, an essential aspect for the formation of intellectual capital and therefore should be managed. And it turns out that the management of knowledge through intellectual capital allows the development of environmental initiatives efficiently and effectively. Thus, the research demonstrates the importance of the role of leader / manager in organizations and seeks to analyze how managers can contribute to the adoption of sustainability through intellectual capital and knowledge management.

Keywords: intellectual capital, knowledge management, leadership role, sustainability

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Authors: Yolanda Ramirez, Angel Tejada, Agustin Baidez

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In recent years, the intellectual capital reporting in higher education institutions has been acquiring progressive importance worldwide. Intellectual capital approaches becomes critical at universities, mainly due to the fact that knowledge is the main output as well as input in these institutions. Universities produce knowledge, either through scientific and technical research (the results of investigation, publications, etc.) or through teaching (students trained and productive relationships with their stakeholders). The purpose of the present paper is to identify the intangible elements about which university stakeholders demand most information. The results of a study done at Spanish universities are used to see which groups of universities have stakeholders who are more proactive to the disclosure of intellectual capital.

Keywords: intellectual capital, universities, Spain, cluster analysis

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Authors: O. Gubnitsyna, O. Zakoretskaya, O. Russova

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It is generally recognized that the main task of modern society is human development. The quality of human capital has been identified as a key driver of economic development in the region. In this article, considered the quality of human capital as one of the main types of social and economic potential for the region’s development. The phenomenon of human capital represents both material and intellectual components of human activity. It is show that the necessary population characterized by certain quantitative and qualitative indicators (qualification and professional structure, education or social general condition and others) and is an necessary resource for the development of the regional economy. The connection of the regional goals with the quality of human capital is discussed in the article and a number of recommendations on its improvement were given. Solving the tasks stated in the article, the authors used analytical and statistical methods of research, scientific publications of domestic and foreign scientists on this issue. The results can be used in this implementation of the concept of regional development.

Keywords: human capital, the quality of human capital, economic development, social general condition

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Authors: Chang Li-Yu

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Aims: This study investigates the impact of psychological capital on the mental health of economically disadvantaged youth and examines whether family cohesion acts as a mediating variable between psychological capital and mental health. Methods: The sample for the study was drawn from the "Taiwan Poverty Children's Database: Survey on the Living Trends of Disadvantaged Children and Youth." The data analysis methods included descriptive statistics, confirmatory factor analysis, and structural equation modeling. Results: The results indicated that both psychological capital and family cohesion can significantly negatively predict mental health, with psychological capital significantly positively predicting family cohesion. The mediation effect analysis revealed that family cohesion fully mediates the relationship between psychological capital and mental health, meaning that psychological capital influences mental health through family cohesion. Recommendations: Based on these findings, the study concretely discusses the significance of psychological capital and family cohesion for the mental health of economically disadvantaged youth and offers suggestions for psychological counseling, therapy, and future research.

Keywords: psychological capital, mental health, economically disadvantaged youth, family cohesion

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Authors: Huang Gui

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There can be little doubt that our world is inexorably moving towards being execution-free. However, China is still on the way until now, in other words, China is still a retentionist state in the term of capital punishment but it is developing domestic criminal law toward that goal (eventual abolition of the capital punishment). The alternative sanction to capital punishment, which would be imposed on a criminal who should have been sentenced to death by law, is a substitute for execution and it should be provided with the basis of the present criminal punishment structure and with the premise of abolishing capital punishment or limiting its use. The aim of this paper, therefore, is to explore a substitute for capital punishment in China. For the criminal sanction system in China, the death penalty with suspension, naturally, is an execution, so it wouldn’t be the substitute; life sentences without parole is out of the tune with punishment policy that promoting correction and rehabilitation; life-imprisonment, which is one of the most severe punishment measure in the sanction system, should be a suitable substitute for executing but it needs to be improved, including the term of imprisonment, the commutation and parole conditions.

Keywords: alternative sanctions, capital punishment, life imprisonment, life imprisonment without parole, China

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Authors: Nellija Titova

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Latvia, Lithuania, and Estonia, as Baltic Countries, have gone throughout transformational changes since 90s leading to the high level of economic development. As countries departing Soviet Union with industrialization policy moved to service economies, the issues of intangibles, human capital, structural capital, and innovation capital have gained impetus. Following the growing demand of practitioners and later academia, intellectual capital as a discipline, which appeared in 90s, became fundamental nowadays. Aim of the paper is to analyze the Baltic companies entering stock markets at Nasdaq Baltic from the perspective of Intellectual Capital. Methodology of the research is based on a longitudinal analysis of the companies using composite ratios of Intellectual Capital and Business performance in the period 2012-2019. Data for 2020 as COVID year) were excluded from the analysis. Findings allow concluding there is a pattern of influence and companies clearly experience the systemic impact of IC on business performance, identifying also time effect investing in intangibles.

Keywords: intellectual capital, impact analysis, longitudinal effect, composite ratios

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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: Marion Francisco

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The study sought to investigate the psychological capital and work engagement of employees as predictors of employee performance in the technology industry in Makati City. It made used of a descriptive correlational method of research and utilized standardized tests, such as Psychological Capital Scale, Utrech Work Engagement Scale, and Employee Performance Scale. A convenience sampling technique was used to gather data samples from 100 populations with the help of Roscoe concept approach. The study revealed that both psychological capital and work engagement have a significant relationship with employee performance. Psychological capital and work engagement can predict employee performance of the respondents. With the results given, the study suggests: (1) to focus on maintaining a high level of psychological capital and work engagement, on achieving a very high level of psychological capital and work engagement, and on improving the low level of psychological capital or work engagement mostly during this COVID-19 pandemic using the proposed employee performance management plan and (2) to create a proposed employee performance management plan as necessary to tailor fit on employees needs to enhance their performance that will help meet company and client’s needs.

Keywords: employee performance, performance management, psychological capital, technology industry, work engagement

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Authors: Eworo David

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It is dearly evident that a company which does not and will not innovate faces the grave danger of being pushed out of existence. The purpose of this study is to bring to knowledge of companies the significance of capital budgeting in viable project implementation and for proper investment appraisal as regards steps involved in effective investment strategies. The study examines investment policies of Nigeria companies. It deals with an overview of capital budgeting. The analysis covers the data gathered from two multi-national companies in Nigeria. The population of the study was the senior managers and the top management staff of the companies. The system of capital budgeting structure and project implementation styles were compared and contrasted to determine whether the system has MADE or MARRED the development of the organizations. The recommendations contribute towards Nigeria companies to remain and survive in business through the use of capital budgeting.

Keywords: appraisal, budgeting structure, capital budgeting, effective investment strategies

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Authors: Peter Boyes, Sarah Sharples, Paul Tennent, Gary Priestnall, Jeremy Morley

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Significant long-term investment projects can involve complex decisions. These are often described as capital projects, and the factors that contribute to their complexity include budgets, motivating reasons for investment, stakeholder involvement, interdependent projects, and the delivery phases required. The complexity of these projects often requires management groups to be established involving stakeholder representatives; these teams are inherently multidisciplinary. This study uses two university campus capital projects as case studies for this type of management group. Due to the interaction of projects with wider campus infrastructure and users, decisions are made at varying spatial granularity throughout the project lifespan. This spatial-related context brings complexity to the group decisions. Sensemaking is the process used to achieve group situational awareness of a complex situation, enabling the team to arrive at a consensus and make a decision. The purpose of this study is to understand the role of people and data in the complex spatial related long-term decision and sensemaking processes. The paper aims to identify and present issues experienced in practical settings of these types of decision. A series of exploratory semi-structured interviews with members of the two projects elicit an understanding of their operation. From two stages of thematic analysis, inductive and deductive, emergent themes are identified around the group structure, the data usage, and the decision making within these groups. When data were made available to the group, there were commonly issues with the perception of veracity and validity of the data presented; this impacted the ability of group to reach consensus and, therefore, for decisions to be made. Similarly, there were different responses to forecasted or modelled data, shaped by the experience and occupation of the individuals within the multidisciplinary management group. This paper provides an understanding of further support required for team sensemaking and decision making in complex capital projects. The paper also discusses the barriers found to effective decision making in this setting and suggests opportunities to develop decision support systems in this team strategic decision-making process. Recommendations are made for further research into the sensemaking and decision-making process of this complex spatial-related setting.

Keywords: decision making, decisions under uncertainty, real decisions, sensemaking, spatial, team decision making

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Authors: Khaled Ramadan Elbeydi

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This study is carried out to provide an insight into the analysis of the impact of selected macro-economic variables on gross fixed capital formation in Libya using annual data over the period (1970-2010). The importance of this study comes from the ability to show the relative important factors that impact the Libyan gross fixed capital formation. This understanding would give indications to decision makers on which policy they must focus to stimulate the economy. An Auto-Regressive Distributed Lag (ARDL) modeling process is employed to investigate the impact of the gross domestic product, monetary base, and trade openness on gross fixed capital formation in Libya. The results of this study reveal that there is an equilibrium relationship between capital formation and its determinants. The results also indicate that GDP and trade openness largely explain the pattern of capital formation in Libya. The findings and recommendations provide vital information relevant for policy formulation and implementation aimed to improve capital formation in Libya.

Keywords: ARDL, bounds test, capital formation, co-integration, Libya

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Authors: Khaled Alkadamani

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Using the simultaneous equations model, this paper examines the impact of capital requirements on bank risk-taking during the recent financial crisis. It also explores the relationship between capital and risk decisions and the impact of economic instability on this relationship. By analyzing the data of 20 Islamic commercial banks between 2004 and 2014 from four Middle East countries, the study concludes a positive effect of regulatory pressure on bank capital in Saudi Arabia and UAE and a negative effect in Jordan and Kuwait. Moreover, the results show a negative impact of regulatory pressure on bank risk taking in Saudi Arabia, Jordan and UAE. The findings reveal also that banks close to the minimum regulatory capital requirements improve their capital adequacy by increasing their capital and decreasing their risk taking. Furthermore, the results show that economic crisis negatively affects bank risk changes, suggesting that banks react to the impact of uncertainty by reducing their risk taking. Finally, the estimations show a negative correlation between banks profitability and capital adequacy ratio (CAR), implying that as more capital is set aside as a buffer for banks safety; it affects the performance of Islamic banks.

Keywords: bank capital, bank regulation, crisis, Islamic banks, risk taking

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Authors: Hassan Medaghri Alaoui

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The accounting and financial reporting system in use today is over 500 years old and has failed to capture the new knowledge and innovation economy in which intangible assets are becoming increasingly valuable. Yet, there has been a growing acknowledgment among the research community as to the relevance of intellectual capital as a major enhancer of an organization’s well-being. Much of the research provides great support for how the IC is instrumental in determining financial and stock performances. As far as we know, this article is one of the earliest exploratory attempts to examine the intellectual capital impact on the corporate performance of the IT sector in Morocco. The purpose of this study is to verify empirically the influence of intellectual capital on firm performance. We have undertaken, over a fifteen-year period, a longitudinal (2005–2019) case study of a prominent payment-solutions company based in a developing economy with global operations.

Keywords: intellectual capital, IT sector, measuring intellectual capital, modified value added intellectual capital coefficient, Morocco

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Authors: Edward C. W. Chan, Benny C. F. Cheung

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In the knowledge economy, the financial indicator is not the unique instrument to gauge the performance of a company. The role of intellectual capital contributing to the company performance is increasing. To measure the company performance due to intellectual capital, the value-added intellectual capital (VAIC) model is adopted to measure the intellectual capital utilisation efficiency of the subject companies. The purpose of this study is to review the readiness of measuring intellectual capital for the Hong Kong listed companies in the property development and property investment industry by using VAIC model. This study covers the financial reports from the representative Hong Kong listed property development companies and property investment companies in the period 2014-2019. The findings from this study indicated the industry is ready for IC measurement employing VAIC framework but not yet ready for using the extended VAIC model.

Keywords: intellectual capital, intellectual capital measurement, property development, property investment, Skandia navigator, VAIC

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Authors: Amenawo I. Offiong, Hodo B. Riman

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Public debt profile of Nigeria has continuously been on the increase over the years. The drop in international crude oil prices has further worsened revenue position of the country, thus, necessitating further acquisition of public debt to bridge the gap in revenue deficit. Yet, when we look back at the increasing public sector spending, there are concerns that the government spending do not amount to increase in public goods provided for the country. Using data from 1980 to 2014 the study therefore seeks to investigate the factors responsible for the poor provision of public goods in the face of increasing public debt profile. Using the unrestricted VAR model Governance and Tax revenue were introduced into the model as structural variables. The result suggested that governance and tax revenue were structural determinants of the effectiveness of public goods provisioning in Nigeria. The study therefore identified weak governance as the major reason for the non-provision of public goods in Nigeria. While tax revenue exerted positive influence on the provisions of public goods, weak/poor governance was observed to crowd the benefits from increase tax revenue. The study therefore recommends reappraisal of the governance system in Nigeria. Elected officers in governance should be more transparent and accountable to the electorates they represent. Furthermore, the study advocates for an annual auditing of all government MDAs accounts by external auditors to ensure (a) accountability of public debts utilization, (b) transparent in implementation of program support funds, (c) integrity of agencies responsible for program management, and (d) measuring program effectiveness with amount of funds expended.

Keywords: impulse response function, public debt shocks, governance, public goods, tax revenue, vector auto-regression

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Authors: Bita Mashayekhi, Seyed Meisam Tabatabaie Nasab

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Intellectual capital is one of the most valuable and important parts of the intangible assets of enterprises especially in knowledge-based enterprises. With respect to increasing gap between the market value and the book value of the companies, intellectual capital is one of the components that can be placed in this gap. This paper uses the value added efficiency of the three components, capital employed, human capital and structural capital, to measure the intellectual capital efficiency of Iranian industries groups, listed in the Tehran Stock Exchange (TSE), using a 8 years period data set from 2005 to 2012. In order to analyze the effect of intellectual capital on the market-to-book value ratio of the companies, the data set was divided into 10 industries, Banking, Pharmaceutical, Metals & Mineral Nonmetallic, Food, Computer, Building, Investments, Chemical, Cement and Automotive, and the panel data method was applied to estimating pooled OLS. The results exhibited that value added of capital employed has a positive significant relation with increasing market value in the industries, Banking, Metals & Mineral Nonmetallic, Food, Computer, Chemical and Cement, and also, showed that value added efficiency of structural capital has a positive significant relation with increasing market value in the Banking, Pharmaceutical and Computer industries groups. The results of the value added showed a negative relation with the Banking and Pharmaceutical industries groups and a positive relation with computer and Automotive industries groups. Among the studied industries, computer industry has placed the widest gap between the market value and book value in its intellectual capital.

Keywords: capital employed, human capital, intellectual capital, market-to-book value, structural capital, value added efficiency

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Authors: Mamiza Haq

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This paper examines the relevance of bank capital and charter value on bank insolvency and liquidity risks. Using an unbalanced panel of 2,111 unique local banks across 22 countries over 1998-2012, we find that both bank capital and charter value lower insolvency and liquidity risks, but this effect varies among conventional, Islamic, and Islamic-window banks. The risk constraining effect of bank capital becomes more prominent in the post 2007-2008 global financial crisis. Moreover, the relationships vary when conditioned upon other key bank-specific characteristics. For instance, the effect of capital on risk-reduction diminishes in the presence of high charter value for conventional-G7 and Islamic-window banks, during-GFC and pre-GFC period; respectively. Our findings have important policy implications related to bank safety. The results are robust to a range of robustness tests.

Keywords: bank capital, charter value, risk, financial crisis

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Authors: Peng Lu, Liu Ting

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Because of the difficulty of financing from the external capital market, the reorganization and merger of private enterprises have formed a family group, seeking the help of the internal capital market to alleviate the capital demand. However, the inefficiency of the internal capital market can damage the effect it should have played, and even hinder the development of enterprises. This paper takes the "Tomorrow Group" as the research object to carry on the case analysis. After using the improved cash flow sensitivity coefficient to measure the efficiency of the internal capital market of Tomorrow Group, the inefficiency phenomenon is found. Then the analysis reveals that the reasons for its inefficiency include that the pyramidal equity structure is conducive to control, the separation of cash flow rights and control rights, the concentration of equity leads to poor balance, the abandonment of real industries and information asymmetry.

Keywords: tomorrow group, internal capital market, related-party transactions, Baotou tomorrow technology Co., LTD

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Authors: Belayet Hossain, Laura Lamb

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The study investigates the importance of health and social capital in determining the labour force status of Canada’s Indigenous population using data from 2006 Aboriginal Peoples Survey. An instrumental variable ordered probit model has been specified and estimated. The study finds that health status and social capital are important in determining Indigenous peoples’ employment status along with other factors. The results of the study imply that human resource development initiatives of Indigenous Peoples need to be broadened by including health status and social capital. Poor health and low degree of inclusion of the Indigenous Peoples need to be addressed in order to improve employment status of Canada’s Indigenous Peoples.

Keywords: labour force, human capital, social capital, aboriginal people, Canada

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