Search results for: diversification

Authors: Etty Soesilowati

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This research was intended to: (1) designing production systems that produce high quality salt and (2) diversification of salt products. This research used qualitative and quantitative approaches which Garam Mas Ltd. as the research site. The data were analyzed interactively and subjected to laboratory tests. The analyses showed that salt production system using HDPE geomembranes produced whiter and cleaner salts than those produced by conventional methods without HDPE geomembranes. High quality consumption salt contained 97% NaCl and a maximum of 0.05% water, in the form of white minute crystals and usually used for table salt of food and snack seasoning, souses and cheese and vegetable oil industries. Medium grade salt contained 94.7%-97% NaCl and 3%-7% water and usually used for kitchen salt, soy sauce, tofu industries and cattle feeding. Low quality salt contained 90%-94.7% NaCl and 5%-10% water, with dull white color and usually used for fish preservation and agriculture. The quality and quantity of salts production were influenced by temperatures, weather, water concentrations used during production processes and the discipline of salt farmers itself. The use of water temperature less than 23 °Be during the production processes produced low quality salts. Optimizing cultivation of the production process from raw material to end product (consumption salt) should be attempted to produce quality salt that fulfills the Indonesian National Standard. Therefore, the integrated policies among stakeholders are really needed to build strong institutional base at salt farmer level. This might be achieved through the establishment of specific region for salt production.

Keywords: cultivation system, diversification, salt products, high quality salt

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Authors: Adeosun, Festus Idowu; Omoniyi, Isaac Tunde, Adeosun, Olamide Modinat

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This study assessed the association between household livelihood diversification and fisheries conservation policies among fishermen in coastal areas of Ogun State, Nigeria by adopting a multistage sampling procedure. The sample size was 90 fishermen from six randomly selected fishing communities (Abureji, Agbalegiyo, Ilamo, Imosan, Iseku and Wharf) along the coastline in Ogun State, Nigeria. Data were collected using pre-validated interview schedule and subjected to descriptive and inferential analytical techniques. Results revealed that majority of the fishermen were married (98.9%), in the age bracket of 41-60 years (71.1%) with mean age of 49 years, had household size of 6-15 persons (91.1%) with mean household size being 9 persons, from extended families (90.0%), either either no formal (43.3%) or only primary education (41.1%), were non-members of social groups (62.2%), and had no other occupations (93.3%). It was also reported that there was generally low level of household livelihood diversification across the fishing communities. Gill nets were the most commonly used fishing gears across the fishing communities (80.0%). This was followed by seine nets (63.3%), traps (56.7%) and trawl nets (53.3%) while fish aggregating devices (35.6%), cast nets (37.8%) and hook and line (24.4%) were the least used fishing gears in the study locations. Results further revealed that coastal fishery was characterised by conflicts among water users (64.4%), absence of protected fishing areas (81.1%), and experience of water pollution (36.7%). Majority (71.1%) of the fishermen across the study locations agreed with closed season policy as a coastal fisheries conservation strategy. This was followed by gear restriction (30.0%). Results of Chi-square analysis revealed that there were significant associations between level of household livelihood diversification and fishermen’s agreement with gear restriction (χ2 = 15.545, df = 5), and closed season (χ2 = 11.214, df = 4). The study concluded that coastal fisheries is in a poor state and that it could be improved through the introduction of gear restriction and closed season policies. The study recommended that youths in the coastal areas should venture into fishing, and that government and non-governmental agencies should organize sensitization programmes on fisheries conservation policies across the coastal areas in Ogun State.

Keywords: coastal, fisheries, conservation, livelihood

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Authors: Alaa Alshehri

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It has been thought that kinship in modernization is moving in a linear Western model; however, the literature shows that different cultures adjust to modernization by preserving its norms and values. Saudi Arabia is a young country experiencing rapid expansion from oil discovery until economic diversification. By conducting 10 interviews from different provinces of the country from the age of 27-47, these anthropological studies suggest that Saudi people adapted to modernization and globalization through unique interactions with extended families by asking the participants to give detailed descriptions of their interactions with their kinship. With almost all the participants noticing the changes within the last few years, this interaction is rooted in their religious beliefs, which they stressed, even with the free choice of life opportunities. They tried to find a balance between individuality and collectivity and connect the gap between the older and younger generations. This study adds to the anthropological debate on kinship definition and ties in modernization and provides a perspective on the social reality of one of the major Middle Eastern countries, Saudi Arabia.

Keywords: collectivity, economic diversification, kinship, modernization theory, individuality

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Authors: Assaad Ghazouani

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Tunisia is ranked among the countries with low energy diversification, but this configuration makes the country too dependent on fossil fuel exporting countries and therefore extremely sensitive to any oil crises, many measures to diversify electricity production must be taken in making use of other forms of renewable and nuclear energy. One of the solutions required to escape this dependence is the liberalization of the electricity industry which can lead to an improvement of supply, energy diversification, and reducing some of the negative effects of the trade balance. This paper examines the issue of renewable electricity and economic growth in Tunisia consumption. The main objective is to study and analyze the causal link between renewable energy consumption and economic growth in Tunisia over the period 1980-2010. To examine the relationship in the short and in the long terms, we used a multidimensional approach to cointegration based on recent advances in time series econometrics (test Zivot - Andrews, Test of Cointegration Johannsen, Granger causality test, error correction model (ECM)).

Keywords: renewable electricity, economic growth, VECM, cointegration, Tunisia

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Authors: Suleyman Karacor

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The main purpose of this study is to investigate tourism marketing in the information age because of the importance and sensitivity. In the twenty-first century as a result of today's the increasing competition and product diversification in the tourism sector, tourism businesses must take into account exogenous variables such as new technological developments, commercial experience and consumer demand. In the information age, tourist product consumers tend to reserve their leisure time and expenditure on more active opportunities for different experiences instead of living the same experience again. Increasing the number of agents in the tourism sector, travel opportunities offering different experiences and more intensive use of modern technology helps to present diversification of leisure activities for tourists. From the perspective of tourists, travel costs are still important for buying the touristic products but maintaining a high level of tourist satisfaction is also of increasing importance. Tourists tend to prefer activities that add value. A real tourist product must be able to create value and new priorities for tourists. Therefore this study aims to review recent significant developments in international tourism marketing research and practices. To this end, this study reviews tourism marketing-focused articles.

Keywords: information age, tourism marketing, tourism marketing mix, management

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Authors: Wencong Lu, Abdul Latif, Raza Ullah, Subhan Ullah

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Agricultural production is subject to risk and the attitudes of producers toward risk, in turn, may be affected by certain socioeconomic characteristics of producers. Although, it is important to assess the risk attitude of farmers and their perception towards different calamitous risk sources for better understanding of their risk management adoption decisions, to the best of our knowledge no studies have been carried out to analyze the risk attitude and risk perceptions in the context of tobacco production in Pakistan. Therefore the study in hand is conducted with an attempt to overcome the gap in existing literature by analyzing different catastrophic risk sources faced by tobacco growers, their attitude towards risk and the effect of socioeconomic and demographic characteristics, farmers’ participation in contract farming and off-farm diversification on their risk attitude and risk perception. Around 78% of Pakistan’s entire tobacco crop and nearly all of the country’s Flue-Cured Virginia (FCV) tobacco is produced in Khyber Pakhtunkhwa (KPK) province alone. The yield/hectare of tobacco produced in KPK province is 14% higher than the global average and 22 % higher than national average. Khyber Pakhtunkhwa province was selected as main study area as nearly all of the country’s Flue-Cured Virginia (FCV) tobacco is produced in Khyber Pakhtunkhwa (KPK) province alone. Six districts were purposely selected based on their contribution in overall production for the last five years which accounts for more than 94.84% of the tobacco production in KPK province. Specific objectives taken into considerations for this study are the risk attitude of the farmers for growing FCV tobacco crop, farmers’ risk perception for different risk sources related to tobacco production (as far as the incidence and severity of each risk source is concerned) and the effect of socioeconomic characteristics, contract farming participation and off-farm diversification (income) on the risk attitude and risk perception of FCV tobacco growers.

Keywords: risk attitude, risk perception, contract farming, off-farm diversification, probit model

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Authors: Lukman Oyelami

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Studies have identified trade as a veritable tool for inclusive economic growth and poverty reduction in developing countries. However, contrary to the overwhelming pieces of evidence of the Asian tiger as a success story of beneficial trade, many African countries still experience poverty unabatedly despite active engagement in trade. Consequently, this study seeks to investigate the contributory effect of technological innovation on total export performance and specifically manufacturing exports of African countries. This is with a view to exploring manufacturing exports as a viable option for diversification. To achieve the empirical investigation this study, require Systems Generalized Method of Moments (sys-GMM) estimation technique was adopted based on the econometric realities inherent in the data utilized. However, the static technique of panel estimation of the Fixed Effects (FE) model was utilized for baseline analysis and robustness check. The conclusion from this study is that innovation generally impacts export performance of African countries positively, however, manufacturing export shows more sensitivity to innovation than total export. And, this provides a clear pathway for export diversification for many African countries that run a resource-based economy.

Keywords: innovation, export, GMM, Africa

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Authors: Abul Quasem Al-Amin, Md. Hasanuzzaman, Mohammad Nurul Azam, Walter Leal Filho

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With regard to the future energy strategy and vision, this study aimed to find the drawbacks of proposed energy diversification policy for 2020. To have a clear picture of the drawback and competitive alternative, this study has explored two scenarios, namely Scenario a and Scenario b. The Scenario a indicates that in the year 2020 the GHG emissions would be 823,498.00 million tons (Mt) with a 2020 final demand and proposed fuel mix such as by the Five-Fuel Diversification Strategy. In contrast, as an alternative, the Scenario b with biofuel potentials indicates that the substitution of coal energy by 5%, 10%, and 15%, respectively, with biofuel, would reduce the GHG emissions from 374,551.00, 405,118.00, and 823,498.00 million tons to 339,964.00, 329,834.00, and 305,288.00 million tons, respectively, by the present fuel mix, business-as-usual fuel mix, and proposed fuel mix up to the year 2020. Therefore, this study has explored a healthy alternative by introducing biofuel renewable energy option instead of conventional energy utilization in the power generation with environmental aspect in minds. This study effort would lessen the gap between GHG mitigation and future sustainable development and would useful to formulate effective renewable energy strategy in Malaysia.

Keywords: energy, environmental impacts, renewable energy, biofuel, energy policy

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Authors: Abubakar O. Sulaiman

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Agriculture was the main stay of Nigeria’s economy before the oil boom of the 1970s caused a gradual but steady shift from agriculture to crude oil as the major source of revenue and foreign exchange. The economy later experienced many symptoms of the 'Dutch disease', with exchange rate appreciation and erosion of competitiveness of the non-oil tradable goods. In order to reverse the worsening economic situations -high unemployment, galloping inflation, deteriorating balance of payment, declining economic growth, and fiscal deficits among others- the government, embarked on austerity measures in 1982 and Structure Adjustment Programme (SAP) in 1986. One of the cornerstones of SAP is the diversification of the economy from oil to non-oil. In the form of stocktaking, this paper investigates the impact of non-oil revenue on economic growth in Nigeria using quarterly time-series data from 1980 to 2019. The findings revealed that a long-run relationship exists between the variables (non-oil variables) and economic growth in Nigeria. Among the variables, (agriculture revenue, manufacturing revenue, revenue from services, and company income tax) contributed substantially to economic growth. The paper recommends that the government should continue to intensify efforts and policies in the diversification of the economy as it will bring about sustainable non-oil revenue and economic growth.

Keywords: non-oil revenue, economic growth, export, long run relationship

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Authors: Onur Arugaslan, Ajay Samant, Devrim Yaman

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Financial advisors and investors seek new assets which could potentially increase portfolio returns and decrease portfolio risk. Cryptocurrencies represent a relatively new asset class which could serve in both these roles. There has been very little research done in the area of the risk/return tradeoff in a portfolio consisting of fixed income assets, stocks, and cryptocurrency. The objective of this study is a rigorous examination of this issue. The data used in the study are the monthly returns on 4-week US Treasury Bills, S&P Investment Grade Corporate Bond Index, Bitcoin and the S&P 500 Stock Index. The methodology used in the study is the application Modern Portfolio Theory to evaluate the risk-adjusted returns of portfolios with varying combinations of these assets, using Sharpe, Treynor and Jensen Indexes, as well as the Sortino and Modigliani measures. The results of the study would include the ranking of various investment portfolios based on their risk/return characteristics. The conclusions of the study would include objective empirical inference for investors who are interested in including cryptocurrency in their asset portfolios but are unsure of the risk/return implications.

Keywords: financial economics, portfolio diversification, fixed income securities, cryptocurrency, stock indexes

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Authors: Mustapha Shitu Suleiman, Francis Neshamba, Nestor Valero-Silva

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Small businesses are considered as engine of economic growth, contributing to employment generation, wealth creation, and poverty alleviation and food security in both developed and developing countries. Nigeria is facing many socio-economic problems and it is believed that by supporting small business development, as propellers of new ideas and more effective users of resources, often driven by individual creativity and innovation, Nigeria would be able to address some of its economic and social challenges, such as unemployment and economic diversification. Using secondary literature, this paper examines the role small businesses can play in the creation of jobs in North-West Nigeria to overcome issues of unemployment, which is the most devastating economic challenge facing the region. Most studies in this area have focused on Nigeria as a whole and only a few studies provide a regional focus, hence, this study will contribute to knowledge by filling this gap by concentrating on North-West Nigeria. It is hoped that with the present administration’s determination to improve the economy, small businesses would be used as vehicles for diversification of the economy away from crude oil to create jobs that would lead to a reduction in the country’s high unemployment level.

Keywords: job creation, north-west, Nigeria, small business, unemployment

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Authors: Andrea Paltrinieri, Alberto Dreassi, Stefano Miani, Alex Sclip

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The financial crises caused a collapse in prices of most asset classes, raising the attention on alternative investments such as Sukuk, a smaller, fast growing but often misunderstood market. We study diversification benefits of Sukuk, their correlation with other asset classes and the effects of their inclusion in investment portfolios of institutional and retail investors, through a comprehensive comparison of their risk/return profiles during and after the financial crisis. We find a beneficial performance adjusted for the specific volatility together with a lower correlation especially during the financial crisis. The distribution of Sukuk returns is positively skewed and leptokurtic, with a risk/return profile similarly to high yield bonds. Overall, our results suggest that Sukuk present diversification opportunities, a significant volatility-adjusted performance and lower correlations especially during the financial crisis. Our findings are relevant for a number of institutional investors. Long term investors, such as life insurers would benefit from Sukuk’s protective features during financial crisis yet keeping return and growth opportunities, whereas banks would gain due to their role of placers, advisors, market makers or underwriters.

Keywords: sukuk, zero beta asset, asset allocation, sukuk market

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Authors: Aziz Larbi, Widad Sadok

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In Morocco, the mountainous regions extend over about 26% of the national territory where 30% of the total population live. They contain opportunities for agriculture, forestry, pastureland and mining. The production systems in these zones are characterised by crop diversification. However, these areas have become vulnerable to the effects of climate change. To understand these effects in relation to the population living in these areas, a study was carried out in the zone of Taliouine, in the Anti-Atlas. The vulnerability of crop productions to climate change was analysed and the different ways of adaptation adopted by farmers were identified. The work was done on saffron, the most profitable crop in the target area even though it requires much water. Our results show that the majority of the farmers surveyed had noticed variations in the climate of the region: irregularity of precipitation leading to a decrease in quantity and an uneven distribution throughout the year; rise in temperature; reduction in the cold period and less snow. These variations had impacts on the cropping system of saffron and its productivity. To cope with these effects, the farmers adopted various strategies: better management and use of water; diversification of agricultural activities; increase in the contribution of non-agricultural activities to their gross income; and seasonal migration.

Keywords: climate change, Taliouine, saffron, perceptions, adaptation strategies

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Authors: Musa M. Umar, S. G. Ado

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The paper examines the activities of the National Programme for food security (NPFS) for averting food insecurity in Nigeria and beyond. The components of the NPFS include site development, outreach, community development and management support. On each site, core activities comprise crop productivity, production diversification and agro-processing. The outreach activities consist of inputs and commodity marketing, rural finance, strengthening research-extension-farmers-inputs linkages, health and nutrition and expansion of site activities. The community development activities include small-scale rural infrastructure, micro-earth dams and community forestry. The overall benefits include food security, improved productivity, marketing and processing, enhanced land and water use, increased animal production and fish catches, improved nutrition, reduction in post-harvest losses and value addition, improved rural infrastructure and diversification of production leading to improved livelihood. The NPFS would poster sustained development of small-holder agricultural and income generation.

Keywords: food-security, community development, post-harvest, production

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Authors: Christopher Meyer, Laima Gerlitz

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European ports are facing high political pressure through the implementation of initiatives such as the European Green Deal or IMO's 2030 targets (Fit for 55). However, small and medium-sized ports face even higher challenges compared to bigger ones due to lower capacities in various fields such as investments, infra-structure, Human Resources, and funding opportunities. Small and Medium-Sized Ports (SMPs) roles in economic systems are various depending on their specific functionality in maritime ecosystems. Depending on their different situations, being an actor in multiport gateways, aligned to core ports, regional nodes in peripheries for the hinterland, specialized cluster members, or logistical nodes, different strategic business models may be applied to increase SMPs' competitiveness among other bigger ports. Additionally, SMPs are facing more challenges for future development in terms of digital and green transition of their operations. Thus, it is necessary to evaluate the own strategical position and apply management strategies alongside the regional growth and innovation strategies for diversification or specialisation of own port businesses. The research uses inductive perspectives to set up a transferable framework based on case studies to be analysed. In line with particular research and document analysis, qualitative approaches were considered. The research is based on a deep literature review on SMPs as well as theories on diversification and specialisation. Existing theories from different fields are evaluated on their application for the port sector and these specific maritime actors, paying respect to enabling innovation incorporation to enhance digital and environmental transition with fu-ture perspectives for SMPs. The paper aims to provide a decision-making matrix for the strategic positioning of SMPs in Europe, including opportunities to get access to particular EU funds for future development alongside the Regional In-novation Strategies on Smart Specialisation.

Keywords: strategic planning, sustainability transition, competitiveness portfolio, EU green deal

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Authors: Nura Bello

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Sokoto caliphate is the product of a hectic revolutionary movement that took place in the first decade of the nineteenth century under the leadership of Seikh Usmanu Danfodio. The movement led to the overthrow of the Sarauta system in Hausa Land, leading to the emergence of the Sokoto caliphate and Sokoto city as its headquarters. This development led to the collapse of Alkalawa (headquarters of the Gobir Kingdom) in 1808. A year later, in 1809, Sokoto city emerged as the headquarter of the Sokoto Caliphate. Due to the open door policy adopted by the leaders, the city came to experience an influx of people especially craft manufacturers from all over Hausa Land and beyond, who occupied many areas of the city and engaged in different craft production. This paper aims to highlight the development of crafts manufacturing in the 19th century Sokoto city and its contribution to transforming the city into a major economic base of the caliphate. In dealing with the above issue, qualitative research methods that mainly involve the use of oral and archival data will be adopted. Finally, the paper identified that the expansion of craft manufacturing in the 19th century Sokoto city could have resulted from the role played by the leadership of the caliphate, which favoured such development. The paper argues that if those industries were revived in Nigeria today, they would ultimately create various jobs among the younger generations, which would result in economic prosperity.

Keywords: craft manufacturing, diversification, economy, migration

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Authors: Gauri Sreekumar, Sabuj Kumar Mandal

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Contributing about 18% to India’s Gross Domestic Product, the agricultural sector plays a significant role in the Indian rural economy. Despite being the primary source of livelihood for more than half of India’s population, most of them are marginal and small farmers facing several challenges due to agro-climatic shocks. Climate change is expected to increase the risk in the regions that are highly agriculture dependent. With systematic and scientific evidence of changes in rainfall, temperature and other extreme climate events, migration started to emerge as a survival strategy for the farm households. In this backdrop, our present study aims to combine the two strands of literature and attempts to explore whether migration is the only adaptation strategy for the farmers once they experience crop failures due adverse climatic condition. Combining the temperature and rainfall information from the weather data provided by the Indian Meteorological Department with the household level panel data on Indian states belonging to the Eastern and Semi-Arid Tropics regions from the Village Dynamics in South Asia (VDSA) collected by the International Crop Research Institute for the Semi-arid Tropics, we form a rich panel data for the years 2010-2014. A Recursive Econometric Model is used to establish the three-way nexus between climate change-yield-migration while addressing the role of irrigation and local non-farm income diversification. Using Three Stage Least Squares Estimation method, we find that climate change induced yield loss is a major driver of farmers’ migration. However, irrigation and local level non-farm income diversification are found to mitigate the adverse impact of climate change on migration. Based on our empirical results, we suggest for enhancing irrigation facilities and making local non-farm income diversification opportunities available to increase farm productivity and thereby reduce farmers’ migration.

Keywords: climate change, migration, adaptation, mitigation

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Authors: Dian Nur Amalia, Rifqi Dhiemas Aji, Tri Septa Wahyuningsih, Endang Wahyuni

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Kepel fruit (Stelechocarpus burahol) is a scarce fruit that belongs as a logogram of Daerah Istimewa Yogyakarta. Kepel fruit can be used as substance of beauty treatment product, such as deodorant and good for skin health, and also contains antioxidant compound. Otherwise, this fruit is scarcely cultivated by people because of its image as a palace fruit and also the flesh percentage just a little, so it has low economic value. The flesh of kepel fruit is about 49% of its whole fruit. This little part as supporting point why kepel fruit has to be extracted and processed with the other product. Yoghurt is milk processing product that also have a role as functional food. Economically, the price of yoghurt is higher than whole milk or other milk processing product. Yoghurt is usually added with flavor of dye from plant or from chemical substance. Kepel fruit has a role as flavor in yoghurt, besides as product that good for digestion, yoghurt with kepel also has function as “beauty” food. Writing method that used is literature study by looking for the potential of kepel fruit as a local fruit of Yogyakarta and yoghurt as milk processing product. The process just like making common yoghurt because kepel fruit just have a role as flavor substance, so it does not affect to the other processing of yoghurt. Food diversification can be done as an effort to increase the value of local resources that proper to compete in Asean Economic Community (AEC), one of the way is producing kepel yoghurt.

Keywords: kepel, yoghurt, Daerah Istimewa Yogyakarta, functional food

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Authors: Zelalem Zerihun

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In this study, attempts were made to assess the bank-specific, industry-specific, and macro-economic factors affecting bank profitability. Data were collected from ten commercial banks in Ethiopia, covering the period of 2008-2012. A mixed method research approach was adopted for this research. Documentary analysis and in-depth interview were also used to substantiate the data. The study found out that capital strength, income diversification, bank size and gross domestic product are statistically significant and they have a positive relationship with banks’ profitability. However, operational efficiency and asset quality have a negative relationship with banks’ profitability. The relationship for liquidity risk, concentration and inflation were found to be statistically insignificant. The study revealed that focusing and reengineering the banks in light of the key internal drivers could enhance the profitability as well as the performance of the commercial banks in Ethiopia. In addition to this, the study suggests that banks in Ethiopia should not only be concerned about internal structures but also they must consider both the internal environment and the macro-economic environment in designing strategies to improve their profit or their performance.

Keywords: Ethiopian banking industry, macro-economic factors, documentary analysis, capital strength, income diversification

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Authors: Hanadi Mubarak Al-Mubaraki, Michael Busler

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Innovation is the powerful tools for economic growth and diversification, which lead to smart growth. The objective of this paper is to identify the opportunities and challenges of innovation programs discuss and analyse the implementation of the innovation program in the United States (US) and United Kingdom (UK). To achieve the objectives, the research used a mixed methods approach, quantitative (survey), and qualitative (multi-case study) to examine innovation best practices in developed countries. In addition, the selection of 4 interview case studies of innovation organisations based on the best practices and successful implementation worldwide. The research findings indicated the two challenges such as 1) innovation required business ecosystem support to deliver innovation outcomes such as new product and new services, and 2) foster the climate of innovation &entrepreneurship for economic growth and diversification. Although the two opportunities such as 1) sustainability of the innovation events which lead smart growth, and 2) establish the for fostering the artificial intelligence hub entrepreneurship networking at multi-levels. The research adds value to academicians and practitioners such as government, funded organizations, institutions, and policymakers. The authors aim to conduct future research a comparative study of innovation case studies between developed and developing countries for policy implications worldwide. The Originality of This study contributes to current literature about the innovation best practice in developed and developing countries.

Keywords: economic development, technology transfer, entrepreneurship, innovation program

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Authors: Elżbieta Antczak

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Cities offer important opportunities for economic development and for expanding access to basic services, including health care and education, for large numbers of people. Moreover, green areas (as an integral part of sustainable urban development) present a major opportunity for improving urban environments, quality of lives and livelihoods. This paper examines, using spatial concentration and spatial taxonomic measures, regional diversification of greenery in the cities of Poland. The analysis includes location quotients, Lorenz curve, Locational Gini Index, and the synthetic index of greenery and spatial statistics tools: (1) To verify the occurrence of strong concentration or dispersion of the phenomenon in time and space depending on the variable category, and, (2) To study if the level of greenery depends on the spatial autocorrelation. The data includes the greatest Polish cities, categories of the urban greenery (parks, lawns, street greenery, and green areas on housing estates, cemeteries, and forests) and the time span 2004-2015. According to the obtained estimations, most of cites in Poland are already taking measures to become greener. However, in the country there are still many barriers to well-balanced urban greenery development (e.g. uncontrolled urban sprawl, poor management as well as lack of spatial urban planning systems).

Keywords: greenery, urban areas, regional spatial diversification and concentration, spatial taxonomic measure

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Authors: Oktofa Y. Sudrajad, Didier V. Caillie

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Association of Southeast Asian Countries Nations (ASEAN) is moving forward to the next level of regional integration by the initiation of ASEAN Economic Community (AEC) which is already started in 2015, 8 years after its declaration for the creation of AEC in 2007. This commitment imposes financial integration in the region is one of the main agenda which will be achieved until 2025. Therefore, the commitment to financial integration including banking integration will bring new landscape in the competition and business model in this region. This study investigates the effect of competition on bank business model using a sample of 324 banks from seven members of Association of Southeast Asian Nations (ASEAN) countries (Cambodia, Indonesia, Malaysia, Philippines, Singapore, Thailand, and Vietnam). We use market power approach and Boone indicator as competition measures, while income diversification and bank funding strategies are employed as bank business model representation. Moreover, we also evaluate bank business model based by grouping the banks based on the main banking characteristics. We use unbalanced bank-specific annual panel data over the period of 2003 – 2015. Our empirical analysis shows that the banking industries in ASEAN countries adapt their business model by increasing non-interest income proportion due to the level of competition increase in the sector.

Keywords: bank business model, banking competition, Boone indicator, market power

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Authors: Tochukwu Timothy Okoli, Devi Datt Tewari

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The high rate of Fintech adoption has not transmitted to greater financial inclusion and development in Africa. This problem is attributed to poor Fintech diversification and usefulness in the continent. This concept is referred to as the Fintech depth of penetration in this study. The study, therefore, assessed its determinants and growth process in a panel of three emergings, twenty-four frontiers and five fragile African economies disaggregated with dummies over the period 2004-2018 to allow for heterogeneity between groups. The System Generalized Method of Moments (GMM) technique reveals that the average depth of Mobile banking and automated teller machine (ATM) is a dynamic heterogeneity process. Moreover, users' previous experiences/compatibility, trial-ability/income, and financial development were the major factors that raise its usefulness, whereas perceived risk, financial openness, and inflation rate significantly limit its usefulness. The growth rate of Mobile banking, ATM, and Internet banking in 2018 is, on average 41.82, 0.4, and 20.8 per cent respectively greater than its average rates in 2004. These greater averages after the 2009 financial crisis suggest that countries resort to Fintech as a risk-mitigating tool. This study, therefore, recommends greater Fintech diversification through improved literacy, institutional development, financial liberalization, and continuous innovation.

Keywords: depth of fintech, emerging Africa, financial technology, internet banking, mobile banking

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Authors: Ladele Ademola A., Nkiru T. Meludu, Olufunke Ezekiel, Olaoye Taye F., Okanlowan Oluwatoyin M.

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Value addition to agricultural produce is of possible potential in reducing poverty, improving food security and malnutrition, therefore the need to develop small and micro-enterprises of sweet potato production. The study was carried out in Nigeria to determine the acceptability of blends sweet potato (Ipomea batatas) and commodities yellow maize (Zea mays), millet (Pennisetum glaucum), soybean (Glycine max), bambara groundnut (Vigna subterranean), guinea corn (Sorghum vulgare), wheat (Triticum aestivum), and roselle (Hibiscus sabdariffa) through sensory evaluation. Sweet potato (Ipomea batatas) roots were processed using two methods. The first method involved the use of a fabricated gas powered cabinet dryer to dry sulphited chips and the second method was the use of traditional sun drying method without the addition of the chemical. The blends were also assessed in terms of functional, chemical and color properties. Most acceptable blends include BAW (80:20 of sweet potato/wheat), BBC (80:20 of sweet potato/guinea corn), AAB (60:40 of sweet potato/guinea corn), YTE (100% soybean), TYG (100% sweet potato), KTN (100% wheat flour), XGP (80:20 of sweet potato/soybean), XAX (60:40 of sweet potato/wheat), LSS (100% Roselle), CHK (100% Guinea corn), and ABC (60:40% of sweet potato/ yellow maize). In addition, chemical analysis carried out revealed that sweet potato has high percentage of vitamins A and C, potassium (K), manganese (Mn), calcium (Ca), magnesium (Mg) and iron (Fe) and fibre content. There is also an increase of vitamin A and Iron in the blended products.

Keywords: blends, diversification, sensory evaluation, sweet potato, utilization

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Authors: Setya Winarno

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Due to abundant Merapi volcanic sand in Yogyakarta City, many local people have utilized it for mass production of concrete blocks through mini plants although their products are low in quality. This paper presents a practice model for quality improvement in this situation in order to supply the current customer interest in good quality of construction material. The method of this research was to investigate a techno economic evaluation through laboratory test and interview. Samples of twenty existing concrete blocks made by local people had only 19.4 kg/cm2 in average compression strength which was lower than the minimum Indonesian standard of 25 kg/cm2. Through repeat testing in laboratory for fulfilling the standard, the concrete mix design of water cement ratio should not be more than 0.64 by weight basis. The proportion of sand as aggregate content should not be more than 9 parts to 1 part by volume of Portland cement. Considering the production cost, the basic price was Rp 1,820 for each concrete block, comparing to Rp 2,000 as a normal competitive market price. At last, the model describes (a) maximum water cement ratio is 0.64, (b) maximum proportion of sand and cement is 1:9, (c) the basic price is about Rp. 1,820.00 and (d) strategies to win the competitive market on mass production of concrete blocks are focus in quality, building relationships with consumer, rapid respond to customer need, continuous innovation by product diversification, promotion in social media, and strict financial management.

Keywords: concrete block, good quality, improvement model, diversification

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

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

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

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Authors: J. B. Frisch, D. Evandiloff, P. Martin, N. Ouizille, F. Pires

Abstract:

Smart Beta strategies intend to be an asset management revolution with reference to classical cap-weighted indices. Indeed, these strategies allow a better control on portfolios risk factors and an optimized asset allocation by taking into account specific risks or wishes to generate alpha by outperforming indices called 'Beta'. Among many strategies independently used, this paper focuses on four of them: Minimum Variance Portfolio, Equal Risk Contribution Portfolio, Maximum Diversification Portfolio, and Equal-Weighted Portfolio. Their efficiency has been proven under constraints like momentum or market phenomenon, suggesting a reconsideration of cap-weighting.
 To further increase strategy return efficiency, it is proposed here to compare their strengths and weaknesses inside time intervals corresponding to specific identifiable market phases, in order to define adapted strategies depending on pre-specified situations. 
Results are presented as performance curves from different combinations compared to a benchmark. If a combination outperforms the applicable benchmark in well-defined actual market conditions, it will be preferred. It is mainly shown that such investment 'rules', based on both historical data and evolution of Smart Beta strategies, and implemented according to available specific market data, are providing very interesting optimal results with higher return performance and lower risk.
 Such combinations have not been fully exploited yet and justify present approach aimed at identifying relevant elements characterizing them.

Keywords: smart beta, minimum variance portfolio, equal risk contribution portfolio, maximum diversification portfolio, equal weighted portfolio, combinations

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Authors: Ameen Alshugaa, Abul Mansur Masih

Abstract:

This paper sheds light on the economic impacts of political uncertainty caused by the civil uprisings that swept the Arab World and have been collectively known as the Arab Spring. Measuring documented effects of political uncertainty on regional stock market indices, we examine the impact of the Arab Spring on the volatility of stock markets in eight countries in the Middle East and North Africa (MENA) region: Egypt, Lebanon, Jordon, United Arab Emirate, Qatar, Bahrain, Oman and Kuwait. This analysis also permits testing the existence of financial contagion among equity markets in the MENA region during the Arab Spring. To capture the time-varying and multi-horizon nature of the evidence of volatility and contagion in the eight MENA stock markets, we apply two robust methodologies on consecutive data from November 2008 to March 2014: MGARCH-DCC, Continuous Wavelet Transforms (CWT). Our results indicate two key findings. First, the discrepancies between volatile stock markets of countries directly impacted by the Arab Spring and countries that were not directly impacted indicate that international investors may still enjoy portfolio diversification and investment in MENA markets. Second, the lack of financial contagion during the Arab Spring suggests that there is little evidence of cointegration among MENA markets. Providing a general analysis of the economic situation and the investment climate in the MENA region during and after the Arab Spring, this study bear significant importance for policy makers, local and international investors, and market regulators.

Keywords: Portfolio Diversification , MENA Region , Stock Market Indices, MGARCH-DCC, Wavelet Analysis, CWT

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Authors: Md Rabiul Islam, Ben Wadham

Abstract:

This paper describes how indigenous students face challenges with various school activities due to inadequate equity and diversity principles in mainstream primary schools in Bangladesh. This study focuses on indigenous students’ interactions with mainstream class teachers and students through teaching-learning activities at public primary schools. Ethnographic research methods guided data collection under a case study methodology in Chittagong Hill Tracts (CHTs) region where maximum indigenous peoples’ inhabitants. The participants (class teachers) shared information through in-depth interviews about their experiences in the four selecting schools. The authors also observed the effects of school activities by use of equity and diversity lens for indigenous students’ situations in those schools. The authors argue that the socio-economic situations of indigenous families are not supportive of the educational development of their children. Similarly, the Bangladesh government does not have enough initiative programs based on equity and diversity principles for fundamental education of indigenous children at rural schools level. Besides this, the conventional teaching system cannot improve the diversification among the students in classrooms. The principles of equity and diversity are not well embedded in professional development of teachers, and using teaching materials in classrooms. The findings suggest that implementing equitable education; there are needed to arrange teachers’ education with equitable knowledge and introducing diversified teaching materials, and implementing teaching through students centered activities that promote the diversification among the multicultural students.

Keywords: case study research, chittagong hill tracts, equity and diversity, Indigenous children

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Authors: Mikhail V. Khachaturyan

Abstract:

The article analyzes problems of improving the management systems of the ownership risks in the conditions of the transformation of the Russian economy. Among the main sources of threats business owners should highlight is the inefficiency of the implementation of business models and interaction with hired managers. In this context, it is particularly important to analyze the relationship of business models and ownership risks. The analysis of this problem appears to be relevant for a number of reasons: Firstly, the increased risk appetite of the owner directly affects the business model and the composition of his holdings; secondly, owners with significant stakes in the company are factors in the formation of particular types of risks for owners, for which relations have a significant influence on a firm's competitiveness and ultimately determines its survival; and thirdly, inefficient system of management ownership of risk is one of the main causes of mass bankruptcies, which significantly affects the stable operation of the economy as a whole. The separation of the processes of possession, disposal and use in modern organizations is the cause of not only problems in the process of interaction between the owner and managers in managing the organization as a whole, but also the asymmetric information about the kinds and forms of the main risks. Managers tend to avoid risky projects, inhibit the diversification of the organization's assets, while owners can insist on the development of such projects, with the aim not only of creating new values for themselves and consumers, but also increasing the value of the company as a result of increasing capital. In terms of separating ownership and management, evaluation of projects by the ratio of risk-yield requires preservation of the influence of the owner on the process of development and making management decisions. It is obvious that without a clearly structured system of participation of the owner in managing the risks of their business, further development is hopeless. In modern conditions of forming a risk management system, owners are compelled to compromise between the desire to increase the organization's ability to produce new value, and, consequently, increase its cost due to the implementation of risky projects and the need to tolerate the cost of lost opportunities of risk diversification. Improving the effectiveness of the management of ownership risks may also contribute to the revitalization of creditors on implementation claims to inefficient owners, which ultimately will contribute to the efficiency models of ownership control to exclude variants of insolvency. It is obvious that in modern conditions, the success of the model of the ownership of risk management and audit is largely determined by the ability and willingness of the owner to find a compromise between potential opportunities for expanding the firm's ability to create new value through risk and maintaining the current level of new value creation and an acceptable level of risk through the use of models of diversification.

Keywords: improving, ownership risks, problem, Russia

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