Search results for: crude oil and natural gas companies

Authors: G. C. Surya Bahadur, Ranjana Kothari

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The paper attempts to analyze linkages between corporate governance and firm performance in India. The study employs a panel data of 50 Nifty companies from 2008 to 2012. Using LSDV panel data model and 2SLS model the study reveals that that good corporate governance practices adopted by companies is positively related with financial performance. Board independence, number of board committees and executive compensation are found to have positive relationship while ownership by promoters and financial leverage have negative relationship with performance. There is existence of bi-directional relationship between corporate governance and financial performance. Companies with sound financial performance are more likely to conform to corporate governance norms and standards and implement sound corporate governance system. The findings indicate that companies can enhance business performance and sustainability by embracing sound corporate governance practices.

Keywords: board structure, corporate governance, executive compensation, ownership structure

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Authors: Mehdi Ganjkhani, Sobhan Badakhshan, Seyedvahid Hosseini

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Power plants exploit striking proportion of underground water consumption. Correspondingly, natural gas-fired power plants need less water than the other conventional power plants. Therefore, shifting unit commitment planning toward these power plants would help to save water consumption. This paper discusses the impacts of water consumption limitation on natural gas consumption and vice versa as a short-term water consumption management solution. To do so, conventional unit commitment problem is extended by adding water consumption and natural gas constraints to the previous constrains. The paper presents the impact of water saving on natural gas demands as well as natural gas shortage on water demand. Correspondingly, the additional cost of electricity production according to the aforementioned constraints is evaluated. Finally, a test system is applied to investigate potentials and impacts of water saving and natural gas shortage. Different scenarios are conducted and the results are presented. The results of the study illustrate that in order to use less water for power production it needs to use more natural gas. Meanwhile, natural gas shortage causes to utilize more amount of water in aggregate.

Keywords: electric energy generation system, underground water sources, unit commitment, water consumption saving, natural gas

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Authors: Shivankar Agrawal, Sunil Kumar Deshmukh, Colin Barrow, Alok Adholeya

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A variety of genetic and environmental factors cause various cosmetics and dermatological problems. There are already claimed drugs available in market for treating these problems. However, the challenge remains in finding more potent, environmental friendly, causing minimal side effects and economical cosmeceuticals. This leads to an increased demand for natural cosmeceutical products in the last few decades. Plant derived ingredients are limited because plants either contain toxic metabolites, grow too slow or seasonal harvesting is a problem. The research work carried out in this project aims at isolation, characterization of marine fungal secondary metabolite and evaluating their potential use in future cosmetic skin care products. We have isolated and purified 35 morphologically different fungal isolates from various marine habitats of the India. These isolates have been functionally characterized for anti-tyrosinase, antioxidant and anti-acne activities. For molecular characterization, the Internal Transcribed spacer (ITS) region of 15 functionally active marine fungal isolates was amplified using universal primers, ITS1 and ITS4 and sequenced. Out of 15 marine fungal isolates crude extract of strains D4 (Aspergillus terreus) and P2 (Talaromyces stipitatus) showed 70% and 57% tyrosinase inhibition at 1mg/mL respectively. Strain D5 (Simplicillium lamellicola) has showed significant inhibition against Propionibacterium acnes and Staphylococcus epidermidis. In addition, all these strains also displayed DPPH- radical scavenging activity and may be utilized as skin cosmeceutical applications. Purification and characterization of crude extracts for identification of active lead molecule is under process.

Keywords: anti-acne, anti-tyrosinase, cosmeceutical, marine fungi

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Authors: Dumitru Valentin Florentin

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The need to use high volumes of data and the high competition are only two reasons which make necessary the use of information technologies. The objective of our research is to establish the impact of information technologies on the accounting department of the Romanian companies. In order to achieve it, starting from the literature review we made an empirical research based on a questionnaire. We investigated the types of technologies used, the reasons which led to the implementation of certain technologies, the benefits brought by the use of the information technologies, the difficulties brought by the implementation and the future effects of the applications. The conclusions show that there is an evolution in the degree of implementation of the information technologies in the Romanian companies, compared with the results of other studies conducted a few years before.

Keywords: information technologies, impact, company, Romania, empirical study

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Authors: G. L. Devnani, Shishir Sinha

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Natural fiber reinforced polymer composite is a very attractive area among the scientific community because of their low cost, eco-friendly and sustainable in nature. Among all advantages there are few issues which need to be addressed, those issues are the poor adhesion and compatibility between two opposite nature materials that is fiber and matrix and their relatively high water absorption. Therefore, natural fiber modifications are necessary to improve their adhesion with different matrices. Excellent properties could be achieved with the surface treatment of these natural fibers ultimately leads to property up-gradation of their reinforced composites with different polymer matrices. Lot of work is going on to improve the adhesion between reinforced fiber phase and polymer matrix phase to improve the properties of composites. Researchers have suggested various methods for natural fiber treatment like silane treatment, treatment with alkali, acetylation, acrylation, maleate coupling, etc. In this study a review is done on the different methods used for the surface treatment of natural fibers and what are the advance treatment methodologies for natural fiber surface treatment for property improvement of natural fiber reinforced polymer composites.

Keywords: composites, acetylation, natural fiber, surface treatment

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Authors: Siti Nurhidayah Naqiah Abdull Rani, Herlina Abdul Rahim, Rashidah Ghazali, Noramli Abdul Razak

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Near infrared (NIR) spectroscopy has always been of great interest in the food and agriculture industries. The development of prediction models has facilitated the estimation process in recent years. In this study, 110 crude palm oil (CPO) samples were used to build a free fatty acid (FFA) prediction model. 60% of the collected data were used for training purposes and the remaining 40% used for testing. The visible peaks on the NIR spectrum were at 1725 nm and 1760 nm, indicating the existence of the first overtone of C-H bands. Principal component regression (PCR) was applied to the data in order to build this mathematical prediction model. The optimal number of principal components was 10. The results showed R2=0.7147 for the training set and R2=0.6404 for the testing set.

Keywords: palm oil, fatty acid, NIRS, regression

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Authors: Recep Karadag

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Natural dyeing had started since pre-historical times for dyeing of textile materials. The natural dyeing had continued to beginning of 20th century. At the end of 19th century some synthetic dyes were synthesized. Although development of dyeing technologies and methods, natural dyeing was not developed in recent years. Despite rapid advances of synthetic dyestuff industries, natural dye processes have not developed. Therefore natural dyeing was not competed against synthetic dyes. At the same time, it was very difficult that large quantities of coloured textile was dyed with natural dyes And it was very difficult to get reproducible results in the natural dyeing using classical and traditional processes. However, natural dyeing has used slightly in the textile handicraft up to now. It is very important view that re-using of natural dyes to create awareness in textiles in recent years. Natural dyes have got many awareness and sustainability properties. Natural dyes are more eco-friendly than synthetic dyes. A lot of natural dyes have got antioxidant, antibacterial, antimicrobial, antifungal and anti –UV properties. It had been known that were obtained limited numbers colours with natural dyes in the past. On the contrary, colour scale is too wide with natural dyes. Except fluorescent colours, numerous colours can be obtained with natural dyes. Fastnesses of dyed textiles with natural dyes are good that there are light, washing, rubbing, etc. The fastness values can be improved depend on dyeing processes. Thanks to these properties mass production can be made with natural dyes in textiles. Therefore fabric dyeing machine was designed. This machine is too suitable for natural dyeing and mass production. Also any dyeing machine can be modified for natural dyeing. Although dye extraction and dyeing are made separately in the traditional natural dyeing processes and these procedures are become by designed this machine. Firstly, colouring compounds are extracted from natural dye resources, then dyeing is made with extracted colouring compounds. The colouring compounds are moderately dissolved in water. Less water is used in the extraction of colouring compounds from dye resources and dyeing with this new technique on the contrary much quantity water needs to use for dissolve of the colouring compounds in the traditional dyeing. This dyeing technique is very useful method for mass productions with natural dyes in traditional natural dyeing that use less energy, less dye materials, less water, etc. than traditional natural dyeing techniques. In this work, cotton, silk, linen and wool fabrics were dyed with some natural dye plants by the technique. According to the analysis very good results were obtained by this new technique. These results are shown sustainability and awareness of natural dyes for textiles.

Keywords: antibacterial, antimicrobial, natural dyes, sustainability

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Authors: E. A. Alshaafi, A. Prakash

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Oil-water emulsions are commonly encountered in various industrial operations and at different stages of crude oil production and processing. Emulsions are often difficult to track and treat and can cause a number of costly problems which need to be avoided. The characteristics of the emulsion phase can vary with crude composition and types of impurities present in oil. The objectives of this study are the development of ultrasonic techniques to track and characterize emulsion phase generated during production and cleaning of crude oil. The position of emulsion layer is monitored with the help of ultrasonic probes suitably placed in the vessel. The sensitivity of the technique and its potential has been demonstrated based on extensive testing with different oil samples. The technique is also being developed to monitor emulsion phase characteristics such as stability, composition, and droplet size distribution. The ultrasonic parameters recorded are changes in acoustic velocity, signal attenuation and its frequency spectrum. Emulsion has been prepared with light mineral oil sample and the effects of various factors including mixing speed, temperature, surfactant, and solid particles concentrations have been investigated. The applied frequency for ultrasonic waves has been varied from 1 to 5 MHz to carry out a sensitivity analysis. Emulsion droplet structure is observed with optical microscopy and stability is examined by tracking the changes in ultrasonic parameters with time. A model based on ultrasonic attenuation spectroscopy is being developed and tested to track changes in droplet size distribution with time.

Keywords: ultrasonic techniques, emulsion, characterization, droplet size

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Authors: Hitham Yami

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This study will focus primarily on assessing the availability requirements of the electronic management of oil companies in Libya, and the mean objectives of the research applying electronic management and make recommendations and steps to approach electronic management. There are limited research and statistical analysis to support electronic management in Libyan companies. The groundwork for the proposed approach is to develop independent variables and the dependent variables to be restructured after it Alntra side of the field and the side to get the data to achieve the desired results and solving the problem faced by the Libyan Oil Corporation. All these strategies are proposed to achieve the goal, and solving Libyan oil installations.

Keywords: oil company’s revenue, independent variables, electronic management, Libyan oil corporation

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Authors: Hee Jin Kang

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Despite numerous studies on the reserves and availability of natural gas hydrates, the technology of transporting natural gas hydrates in large quantities to sea has not been put into practical use. Several natural gas hydrate transport technologies presented by the International Maritime Organization (IMO) are under preparation for commercialization. Among them, NGH tank container concept modularized transportation unit to prevent sintering effect during sea transportation. The natural gas hydrate can be vaporized in a certain part during the transportation. Unprocessed BOG increases the pressure inside the tank. Also, there is a risk of fire if you export the BOG out of the tank without proper handling. Therefore, in this study, we have studied the concept of technology to properly process BOG to modularize natural gas hydrate and to transport it to sea for long distance. The study is expected to contribute to the practical use of NGH tank container, which is a modular transport concept proposed to solve the sintering problem that occurs when transporting natural gas hydrate in the form of bulk cargo.

Keywords: Natural gas hydrate, tank container, marine transportation, boil-off gas

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Authors: Wararut Buncharoen, Kanokporn Saenphet, Supap Saenphet

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Benign prostatic hyperplasia (BPH) is a reproductive problem, affecting elderly men worldwide. Several factors particularly free radical reaction and oxidative damage have been contributed to be key factors leading to the development of BPH. A number of medicinal plants with high antioxidant properties are extensively constituted in Thai herbal pharmacopoeia for treating BPH. These plants may prevent or delay the progression of BPH through an antioxidant mechanism. Thus, this study was to prove the antioxidant and anti-lipid peroxidation potential of medicinal plants traditionally used for the treatment of BPH such as Artabotrys harmandii Finet & Gagnep. Miq., Uvaria rufa Blume, Anomianthus dulcis (Dunal) J. Sinclair and Caesalpinia sappan Linn. Antioxidant parameters including free radical (2, 2-azino-bis-(3-ethyl-benzothiazoline-6-sulfonic acid) (ABTS•+), 2, 2-diphenyl-1-picrylhydrazyl (DPPH•) and superoxide) scavenging, ferric reducing power and anti-lipid peroxidation activity were determined in different crude extracts from the stem of these four plants. Total phenolic and ascorbic contents were also investigated. The highest total phenolic content was shown in ethyl acetate crude extract of A. dulcis (510 ± 26.927 µg GAE/g extract) while the highest ascorbic content was found in ethanolic extract of U. rufa (234.727 ± 30.356 µg AAE/g extract). The strongest scavenging activity of ABTS•+ and DPPH• was found in ethyl acetate extract of C. sappan with the IC50 values of 0.469 and 0.255 mg/ml, respectively. The petroleum ether extracts of C. sappan and U. rufa at concentration of 1 mg/ml exhibited high scavenging activity toward superoxide radicals with the inhibition of 37.264 ± 8.672 and 34.434 ± 6.377 %, respectively. Ethyl acetate crude extract of C. sappan displayed the greatest reducing power. The IC50 value of water extract of A. dulcis was 1.326 mg/ml which indicated the strongest activity in the inhibition of lipid-peroxidation among all plant extracts whereas the IC50 value of the standard, butyl hydroxyl toluene was 1.472 µg/ml. Regarding all the obtained results, it can be concluded that the stem of A. dulcis, U. rufa and C. sappan are the potential natural antioxidants and could have an importance as therapeutic agents in the preventing free radicals and oxidative damage related diseases including BPH.

Keywords: anti-lipid peroxidation, antioxidant, benign prostatic hyperplasia, Thai medicinal plants

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Authors: Suwaiba Sabiu Bako, Yaw Debrah

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In spite of the extensive literature available on the human resource management (HRM) systems and practices of multinational companies (MNCs) from developed countries, there are gaps concerning emerging countries’ multinational companies’ (EMNCs) HRM systems and practices. This study examines the transfer of HRM practices in Nigerian subsidiaries of MNCs from South Africa. It reveals that South MNCs hybridise their recruitment and selection processes and localise their compensation and employee relations. It also proves that performance appraisal, talent management and code of conduct practices are largely transferred to subsidiaries with minimal adaptation.

Keywords: EMNCs, HRM practices, HRM systems, Nigeria, South Africa

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Authors: M. Naimi, M. B. Khaled

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The aim of the present work was to test in vitro inhibition of food pathogens and spoilage bacteria by crude bacteriocins from autochthonous lactic acid bacteria. Thirty autochthonous lactic acid bacteria isolated previously, belonging to the genera: Lactobacillus, Carnobacterium, Lactococcus, Vagococcus, Streptococcus, and Pediococcus, have been screened by an agar spot test and a well diffusion assay against Gram-positive and Gram-negative harmful bacteria: Bacillus cereus, Bacillus subtilis ATCC 6633, Escherichia coli ATCC 8739, Salmonella typhimurium ATCC 14028, Staphylococcus aureus ATCC 6538, and Pseudomonas aeruginosa under conditions means to reduce lactic acid and hydrogen peroxide effect to select bacteria with high bacteriocinogenic potential. Furthermore, crude bacteriocins semiquantification and heat sensitivity to different temperatures (80, 95, 110°C, and 121°C) were performed. Another exploratory test concerning the response of St. aureus ATCC 6538 to the presence of crude bacteriocins was realized. It has been observed by the agar spot test that fifteen candidates were active toward Gram-positive targets strains. The secondary screening demonstrated an antagonistic activity oriented only against St. aureus ATCC 6538, leading to the selection of five isolates: Lm14, Lm21, Lm23, Lm24, and Lm25 with a larger inhibition zone compared to the others. The ANOVA statistical analysis reveals a small variation of repeatability: Lm21: 0.56%, Lm23: 0%, Lm25: 1.67%, Lm14: 1.88%, Lm24: 2.14%. Conversely, slight variation was reported in terms of inhibition diameters: 9.58± 0.40, 9.83± 0.46, and 10.16± 0.24 8.5 ± 0.40 10 mm for, Lm21, Lm23, Lm25, Lm14and Lm24, indicating that the observed potential showed a heterogeneous distribution (BMS = 0.383, WMS = 0.117). The repeatability coefficient calculated displayed 7.35%. As for the bacteriocins semiquantification, the five samples exhibited production amounts about 4.16 for Lm21, Lm23, Lm25 and 2.08 AU/ml for Lm14, Lm24. Concerning the sensitivity the crude bacteriocins were fully insensitive to heat inactivation, until 121°C, they preserved the same inhibition diameter. As to, kinetic of growth , the µmax showed reductions in pathogens load for Lm21, Lm23, Lm25, Lm14, Lm24 of about 42.92%, 84.12%, 88.55%, 54.95%, 29.97% in the second trails. Inversely, this pathogen growth after five hours displayed differences of 79.45%, 12.64%, 11.82%, 87.88%, 85.66% in the second trails, compared to the control. This study showed potential inhibition to the growth of this food pathogen, suggesting the possibility to improve the hygienic food quality.

Keywords: exploratory test, lactic acid bacteria, crude bacteriocins, spoilage, pathogens

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Authors: Samuel Capintero

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Public-private partnerships (PPP) arrangements have emerged all around the world as a response to infrastructure deficits and the need to refurbish existing infrastructure. During the last decade, the Spanish companies have dominated the international market of PPP projects in Latin America, Western Europe and North America, particularly in the transportation sector. Arguably, one of the most influential factors has been the organizational structure of the concessionaire implemented by the Spanish consortiums. The model followed by most Spanish groups has been a bundled model, where the concessionaire integrates the functions of concessionaire, construction and operator companies. This paper examines this model and explores how it has provided the Spanish companies with a comparative advantage in the international PPP market.

Keywords: PPP, project management, concessionaire, concession, infrastructure, construction

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Authors: Umar Hayatu Sidik

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The natural gas vehicle represents a cost-competitive, lower-emission alternative to the gasoline-fuelled vehicle. The immediate challenge that confronts natural gas is increasing its energy density. This paper addresses the question of energy density by reviewing the storage technologies for natural gas with improved adsorbent. Technical comparisons are made between storage systems containing adsorbent and conventional compressed natural gas based on the associated amount of moles contained with Compressed Natural Gas (CNG) and Adsorbed Natural Gas (ANG). We also compare gas storage in different cylinder types (1, 2, 3 and 4) based on weight factor and storage capacity. For the storage tank system, we discussed the concept of carbon adsorbents, when used in CNG tanks, offer a means of increasing onboard fuel storage and, thereby, increase the driving range of the vehicle. It confirms that the density of the stored gas in ANG is higher than that of compressed natural gas (CNG) operated at the same pressure. The obtained experimental data were correlated using linear regression analysis with common adsorption kinetic (Pseudo-first order and Pseudo-second order) and isotherm models (Sip and Toth). The pseudo-second-order kinetics describe the best fitness with a correlation coefficient of 9945 at 35 bar. For adsorption isotherms, the Sip model shows better fitness with the regression coefficient (R2) of 0.9982 and with the lowest RSMD value of 0.0148. The findings revealed the potential of adsorbent in natural gas storage applications.

Keywords: natural gas, adsorbent, compressed natural gas, adsorption

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Authors: Azar Baghtaghi

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Financial risk management is critically important as it enables companies to maintain stability and profitability amidst market fluctuations and unexpected events. It involves the precise identification of risks that could impact investments, assets, and potential revenues. By implementing effective risk management strategies, companies can insure themselves against adverse market changes and prevent potential losses. In today's era, where markets are highly complex and influenced by various factors such as macroeconomic policies, exchange rate fluctuations, and natural disasters, the need for meticulous planning to cope with these uncertainties is more pronounced. Ultimately, financial risk management means being prepared for the future and the ability to sustain business in changing environments. A company capable of managing its risks not only achieves sustainable profitability but also gains the confidence of shareholders, investors, and business partners, enhancing its competitive position in the market. In this article, the types of financial risk and risk management strategies for improving financial performance were investigated. By identifying the risks stated in this article and their evaluation techniques, it is possible to improve the organization's financial performance.

Keywords: strategy, risk, risk management, financial performance

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Authors: Ilya Vladimirovich Konevtsev, Elena Anatolievna Rodionova

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This work is devoted to the study of the impact of the methodology of flexible management in IT companies on the level of organizational and professional stress of employees. It is assumed that the level of organizational and professional stress will decrease statistically significantly, provided that the company operates in accordance with the principles of flexible methodology, including Scrum or Kanban frameworks. The professional health of employees of various companies in the modern world is a stable interest for organizational psychology and many other related disciplines. The urgency of the problem is due to the fact that professional health is an extremely important factor that ensures the well-being, involvement, and interest of an employee in the activity, which directly affects his efficiency and work results. The use of modern methodologies for managing projects, teams, and entire companies, as practice shows, largely contributes to improving the efficiency and satisfaction of employees, but it is still not clear what factors contribute to this result. The purpose of this study is largely to clarify the question of how HR management methodologies affect the professional health of company employees. The study involved 44 employees of IT companies, of which 27 are men and 17 women, where Agile management methodology is used, and 41 employees of IT companies (33 men, 8 women) where Agile is not used. As a result, it was found out that the use of Agile methodology is interrelated with low indicators of organizational stress and professional stress; however, regression analysis showed that only the Kanban framework acts as a predictor of reducing professional stress, while the level of organizational stress is statistically significantly reduced when using Scrum and Kanban.

Keywords: professional stress, organizational stress, agile, scrum, Kanban

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Authors: A. E. Delgado, W. Aperador

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This study evaluated the incidence of concentrated natural fibre, as well as the effects of adding a crosslinking agent on the torque when those components are mixed with low density polyethylene (LDPE). The natural fibre has a particle size of between 0.8-1.2mm and a moisture content of 0.17%. An internal mixer was used to measure the torque required to mix the polymer with the fibre. The effect of the fibre content and crosslinking agent on the torque was also determined. A change was observed in the morphology of the mixes using SEM differential scanning microscopy.

Keywords: WPC, DCP, LDPE, natural fibre, torque

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Authors: Maxat Bokambayev, Bella Tussupova, Aisha Mamyrova, Erlan Izbasarov

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Optimization of business processes in trading companies is reviewed in the report. There is the presentation of the “Wholesale Customer Order Handling Process” business process model applicable for small and medium businesses. It is proposed to apply the algorithm for automation of the customer order processing which will significantly reduce labor costs and time expenditures and increase the profitability of companies. An optimized business process is an element of the information system of accounting of spare parts trading network activity. The considered algorithm may find application in the trading industry as well.

Keywords: business processes, discrete-event simulation, management, trading industry

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Authors: Almoutassem Bellah Nasser

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This paper is aimed at calculating the intangible assets of Jordanian economy. This effort is a response to the demand from corporations for these services which reflects a perceived gap in internal and external financial reporting on intangible investments. The main conclusion of the paper is to suggest that the way forward to a standardized, more comparable approach to measuring intangible capital is to employ CIV method of valuation. Published macroeconomic data traditionally exclude most intangible investment from measured GDP. This situation is beginning to change as some attempts have been made to measure the amount of intangible assets. It was found that intangible assets account for $164.20 million in all the listed companies of Jordan. All this money does not appear on the balance sheets of these companies and hence requires special attention of policy makers for better utilization.

Keywords: intangible capital, stock prices, Amman Stock Exchange

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Authors: Masoud Rafiee

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To study the quality response of forage to chickpea-barley mixed cropping under drought stress and vermicompost consumption, an experiment was carried out under well watered and %70 water requirement (stress condition) in RCBD as split plot with four replications in temperate condition of Khorramabad in 2013. Chickpea-barley mix cropping (%100 chickpea, %75:25 chickpea:barley, %50:50 chickpea:barley, %25:75 chickpea:barley, and %100 barley) was studied. Results showed that wet and dry forage yield were significantly affected by environment and decreased in stress condition. Also, crude protein content decreased from %26.2 in well watered to %17.3 in stress condition.

Keywords: crude protein, wet forage yield, dry forage yield, water stress condition, well watered

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Authors: My Linh Hoang, Van Dung Hoang

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Environmental, Social, and Governance (ESG) factors have become a focus for companies globally, as businesses are now focusing on long-term sustainable goals rather than only operating for the goals of profit maximization. According to recent research, in several countries, companies have shown positive results in their financial performance by improving their ESG performance. The construction industry is one of the most crucial components of social and economic development; as a result, considerations for ESG factors are becoming more and more essential for companies in this sector. In Vietnam, the construction industry has been growing rapidly in recent years; however, it has yet to be discussed and studied extensively in Vietnam how ESG factors create impacts on corporate financial performance in general and construction corporations’ financial performance in particular. This research aims to examine the relationship between ESG factors and financial indicators in construction companies from 2011 to 2021 through panel data analysis of 75 listed construction companies in Vietnam and to provide insights into how these companies can better integrate ESG considerations into their operations to enhance their financial performance. The data was analyzed through 3 main methods: descriptive statistics, correlation coefficient analysis applied to all dependent, explanatory and control variables, and panel data analysis method. In panel data analysis, the study uses the fixed effects model (FEM) and random effects model (REM). The Hausman test will be used to select which model is suitable to be used. The findings indicate that maintaining a strong commitment to ESG principles can have a positive impact on financial performance. Finally, FGLS estimation will be performed when the problem of autocorrelation and variable variance appears in the model. This is significant for all parties involved, including investors, company managers, decision-makers, and industry regulators.

Keywords: ESG, financial performance, construction company, Vietnam

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Authors: Aloysius Colman Chukwuemeka Ezeabasili, Chibuike Patrick Ezeabasili

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Medium Sized Construction Companies in Nigeria are those employing 50-250 workers that are mostly involved in roads, Commercial and domestic building Construction, among others. These companies are in the majority and contribute immensely to infrastructural development in Nigeria. Despite the last eight years of economic downturn and the past years of COVID-19 pandemic, signs of these Companies recovering from the economic recession and pandemic seem bright. Nigeria has recorded 213,000 confirmed cases 3968 deaths from COVID-19 as at now. These medium sized companies are currently trying to explore various opportunities to grow their businesses to achieve competitive advantages over others by studying and improving on their bidding efficiency, Strategies for selecting businesses, bidding markup Strategies, and cash flow. These strategies were studied through the recruitment of construction experts and professionals. Many of them have acquired new technologies that have impacted positively on their strategies. The impact of these technologies like the BIM, e-tendering, conditions of contract, and claim management strategies are advantages to them and has given them good advantages over their peers. Monte Carlo solution, Swot analysis, and average bid methods have also clearly added advantages to bidding practices. New and existing strategies are Scrutinized, and training of young Nigerians in advanced countries to acquire knowledge in best practices have elevated some of these companies. The Covid-19 has not been very harsh to Nigeria, and the country is surely not as devastated as the advanced countries. Nigeria has therefore been able to cope with the combination of the downturn and the pandemic.

Keywords: medium sized construction companies, competitive advantage, new bidding technologies, Nigeria

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Authors: Hariti Rafika, Fekih Malika, Saighi Mohamed

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Heat transfer by natural convection in storage tanks for LNG is extremely related to heat gains through the walls with thermal insulation is not perfectly efficient. In this paper, we present the study of natural convection in the unsteady regime for natural gas in aware phase using the fluent software. The gas is just on the surface of the liquid phase. The CFD numerical method used to solve the system of equations is based on the finite volume method. This numerical simulation allowed us to determine the temperature profiles, the stream function, the velocity vectors and the variation of the heat flux density in the vapor phase in the LNG storage tank volume. The results obtained for a general configuration, by numerical simulation were compared to those found in the literature.

Keywords: numerical simulation, natural convection, heat gains, storage tank, liquefied natural gas

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Authors: Narine Ghazaryan, Joana Catarina Macedo, Sara Vaz, Naira Ayvazyan, Elsa Logarinho

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Macrovipera lebetina obtusa (MLO) is a poisonous snake in Armenia. Obtustatin represents the shortest known monomeric disintegrin, isolated from the snake venom of MLO, and is known to specifically inhibit α1β1 integrin. Its oncostatic effect is due to the inhibition of angiogenesis, which likely arises from α1β1 integrin inhibition in the endothelial cells. To explore the therapeutic potential of the MLO snake venom and obtustatin, we studied activity of obtustatin and MLO venom in vitro, by testing their efficacy in human dermal microvascular endothelial cells (HMVEC-D) and in vivo, using chick embryo chorioallantoic membrane assay (CAM assay). Our in vitro results showed that obtustatin in comparison with MLO venom did not exhibit cytotoxic activity in HMVEC-D cells in comparison to MLO venom. But in vivo results have shown that 4µg /embryo (90 µM) of obtustatin inhibited angiogenesis induced by FGF2 by 17% while MLO snake venom induced 22% reduction of the angiogenic index. The concentration of obtustatin in the crude MLO venom was 0.3 nM, which is 300.000 times less than the concentration of the obtustatin itself. Given this enormous difference in concentration, it is likely that some components of the crude venom contribute to the observed anti-angiogenic effect. Hypotheses will be ascertained to justify this action: components in the MLO venom may increase obtustatin efficacy or have independent but synergic anti-angiogenic activities.

Keywords: angiogenesis, alpa1 beta 1 integrin, Macrovipera lebetina obtusa, obtustatin

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Authors: Matteo Bonaventura, Giancarlo Giudici

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This paper analyses the valuation process of companies listed on the Italian Exchange in the period 2000-2009 at their Initial Public Offering (IPO). One the most common valuation techniques declared in the IPO prospectus to determine the offer price is the Discounted Cash Flow (DCF) method. We develop a ‘reverse engineering’ model to discover the short term profitability implied in the offer prices. We show that there is a significant optimistic bias in the estimation of future profitability compared to ex-post actual realization and the mean forecast error is substantially large. Yet we show that such error characterizes also the estimations carried out by analysts evaluating non-IPO companies. The forecast error is larger the faster has been the recent growth of the company, the higher is the leverage of the IPO firm, the more companies issued equity on the market. IPO companies generally exhibit better operating performance before the listing, with respect to comparable listed companies, while after the flotation they do not perform significantly different in term of return on invested capital. Pre-IPO book building activity plays a significant role in partially reducing the forecast error and revising expectations, while the market price of the first day of trading does not contain information for further reducing forecast errors.

Keywords: initial public offerings, DCF, book building, post-IPO profitability drop

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Authors: Alma Lucero Ortiz, Mario Gómez

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The purpose of this article is to conduct a theoretical and empirical study in order to analyze how the Supply Chain Management (SCM) and Supply Chain Responsiveness (SCR) affects the competitive advantage of the agrofood sector in 2017, in particular, the exporting companies of berries in Mexico. This work is presented in two parts, as a first part is developed a theoretical analysis of the main studies to measure the variables subject to the study. Subsequently an empirical study is carried out through field work and to process the data a logical econometric model is performed to be able to evaluate the effect of the SCM and SCR on the competitive advantage in the companies exporting berries. The results suggest that the SCM has a positive effect on the competitive advantage of the companies under study, so it is necessary to implement greater practices oriented towards a suitable SCM for the companies to achieve a competitive performance. In the case of SCR, it was found that this variable does not have effect on competitive advantage.

Keywords: competitive advantage, econometric model, supply chain management, supply chain responsiveness, sustained competitive advantage

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Authors: Katja Ignatieva, Patrick Wong

Abstract:

We investigated the dynamics of high frequency energy prices, including crude oil and electricity prices. The returns of underlying quantities are modelled using various parametric models such as stochastic framework with jumps and stochastic volatility (SVCJ) as well as non-parametric alternatives, which are purely data driven and do not require specification of the drift or the diffusion coefficient function. Using different statistical criteria, we investigate the performance of considered parametric and nonparametric models in their ability to forecast price series and volatilities. Our models incorporate possible seasonalities in the underlying dynamics and utilise advanced estimation techniques for the dynamics of energy prices.

Keywords: stochastic volatility, affine jump-diffusion models, high frequency data, model specification, markov chain monte carlo

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Authors: Francesco Venuti, Simona Alfiero

Abstract:

The aim of this paper is to develop an empirical research on the nature and consequences of corporate governance on Eurozone Insurance Industry risk taking attitude. More particularly, we analyzed the effect of public ownership on risk taking with respect to privately held Insurance Companies. We also analyzed the effects on risk taking attitude of different degrees of ownership concentration, directors compensation, and the dimension/diversity of the Board of Directors. Our results provide quite strong evidence that, coherently with the Agency Theory, publicly traded insurance companies with more concentrated ownership are less risky than the corresponding privately held.

Keywords: agency theory, corporate governance, insurance companies, risk taking

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Authors: Nouara Boulfoul, Fatima Brabez

Abstract:

This article presents the status of ISO 9001: 2000 certification in some agro-food companies in Algeria. The article discusses challenges and contributions of certification as perceived by quality managers as well as the difficulties encountered during certification. It also provides the recommendations of these managers for companies that have a certification project. The results show that the top three reasons for adopting ISO 9001: 2000 certification are building a better organization, reducing the costs of non-compliance and meeting customer expectations. The contributions are of an external nature (recognition, brand image, extension of markets, etc.) but also of an internal nature (improvement of the organization, etc.). The recommendations mainly concern management motivation, staff awareness and involvement and compliance with the requirements of the standard.

Keywords: quality management, certification, ISO 9001: 2000, food companies

Procedia PDF Downloads 195