Search results for: equitable distribution of wealth

Authors: Trisiladi Supriyanto

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This study aims to establish a concept of rate of profit on Islamic banking that can create economic justice and stability in the Islamic Financial Market (Banking and Capital Markets). A rate of profit that creates economic justice and stability can be achieved through its role in maintaining the stability of the financial system in which there is an equitable distribution of income and wealth. To determine the role of the rate of profit as the basis of the profit sharing system implemented in the Islamic financial system, we can see the connection of rate of profit in creating financial stability, especially in the asset-liability management of financial institutions that generate a stable net margin or the rate of profit that is not affected by the ups and downs of the market risk factors, including indirect effect on interest rates. Furthermore, Islamic financial stability can be seen from the role of the rate of profit on the stability of the Islamic financial assets value that are measured from the Islamic financial asset price volatility in the Islamic Bond Market in the Capital Market.

Keywords: economic justice, equitable distribution of income, equitable distribution of wealth, rate of profit, stability in the financial system

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Authors: Trisiladi Supriyanto

Abstract:

Although much research has been done on the pricing benchmark both in terms of fiqh or Islamic economic perspective, but no substitution for the concept of interest (rate of interest) up to now in the application of Islamic Banking because some of the jurists from the middle east even allow the use of a benchmark rate such as LIBOR (London Interbank Offered Rate) as a measure of Islamic financial asset prices, so in other words, they equate the concept of rate of interest with the concept of rate of profit, which is the core reason (raison detre) for the replacement of usury as instructed in the Quran. This study aims to find the concept of rate of profit on Islamic banking that can create economic justice and stability in Islamic Banking and Capital market. Rate of profit that creates economic justice and stability can be achieved through its role in maintaining the stability of the financial system in which there is an equitable distribution of income and wealth. To determine the role of the rate of profit as the basis of the sharing system implemented in the Islamic financial system, we can see the connection of rate of profit in creating financial stability, especially in the asset-liability management of financial institutions that generate a stable net margin or the rate of profit that is not affected by the ups and downs of the market risk factors including indirect effect on interest rates. Furthermore, Islamic financial stability can be seen from the role of the rate of profit on the stability of the Islamic financial assets that are measured from the Islamic financial asset price volatility in Islamic Bond Market in Capital Market.

Keywords: Rate of profit, economic justice, stability, equitable distribution of income, equitable distribution of wealth

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Authors: Christina E. Bannier, Milena Neubert

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This study examines the role of actual and perceived financial sophistication (i.e., financial literacy and confidence) for individuals’ wealth accumulation. Using survey data from the German SAVE initiative, we find strong gender- and education-related differences in the distribution of the two variables: Whereas financial literacy rises in formal education, confidence increases in education for men but decreases for women. As a consequence, highly-educated women become strongly underconfident, while men remain overconfident. We show that these differences influence wealth accumulation: The positive effect of financial literacy is stronger for women than for men and is increasing in women’s education but decreasing in men’s. For highly-educated men, however, overconfidence closes this gap by increasing wealth via stronger financial engagement. Interestingly, female underconfidence does not reduce current wealth levels though it weakens future-oriented financial engagement and may thus impair future wealth accumulation.

Keywords: financial literacy, financial sophistication, confidence, wealth, household finance, behavioral finance, gender, formal education

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Authors: Malik Shahzad Shabbir, Muhammad Saarim Ghazi, Amir Khalil ur Rehman

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This study examines the factors which influence and contribute towards the financial viability of Islamic finance and its impact on global financial stability. However, the purpose of this paper is to differentiate the practical implications of both Islamic and conventional finance on global financial stability. The Islamic finance is asset backed financing which creates wealth through trade, commerce and believes in risk and return sharing. Islamic banking is asset driven as against to conventional banking which is liability driven. In order to introduce new financial products for market, financial innovation in Islamic finance must be within the Shari’ah parameters that are tested against the ‘Maqasid al-Shari’ah’. Interest-based system leads to income and wealth inequalities and mis-allocation of resources. Moreover, this system has absence of just and equitable aspect of distribution that may exploit either the debt holder or the financier. Such implications are reached to a tipping point that leaves only one choice: change or face continued decline and misery.

Keywords: viability, global financial stability, practical implications, asset driven, tipping point

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Authors: S. M. Hashemy Shahdany

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Equitable water delivery becomes one of the main concerns for water authorities in arid regions. Due to water scarcity, providing reliable amount of water is not possible for most of the irrigation districts in arid regions. In this paper, water level difference control is applied to keep the water level errors equal in adjacent reaches. Distant downstream decentralized configurations of the control method are designed and tested under a realistic scenario shows canal operation under water shortage. The simulation results show that the difference controllers share the water level error among all of the users in a fair way. Therefore, water deficit has a similar influence on downstream as well as upstream and water offtakes.

Keywords: equitable water distribution, precise agriculture, sustainable agriculture, water shortage

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Authors: Jamel Boukhatem, Mouldi Djelassi

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Contrary to the existing literature generally focusing on the role played by Sukuk in enhancing investors' and shareholders' wealth, this paper sheds some light on the Sukuk wealth effect across all economic agents: households, government, and investors by implementing a two-period life-cycle model with overlapping generations to show whether Sukuk is net wealth. The main findings are threefold: i) the effect of a change in Sukuk issuances on the consumers’ utility level will be different from one generation to another, ii) an increase in taxes due to the increase in Sukuk and rents is covered by transfers made by the members of generation 1 in the form of inheritance, and iii) the existence of a positive relationship between the asset prices representative of Sukuk and the real activity.

Keywords: Sukuk, households, investors, overlapping generations model, wealth, modeling

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Authors: Rabiatu Bonku, Faisal Alkaabneh

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Inspired by a food banks distribution operation for non-profit organization, we study a variant synchronized vehicle routing problem for equitable resource allocation. This research paper introduces a Mixed Integer Programming (MIP) model aimed at addressing the complex challenge of efficiently distributing vital resources, particularly for food banks serving vulnerable populations in urban areas. Our optimization approach places a strong emphasis on social equity, ensuring a fair allocation of food to partner agencies while minimizing wastage. The primary objective is to enhance operational efficiency while guaranteeing fair distribution and timely deliveries to prevent food spoilage. Furthermore, we assess four distinct models that consider various aspects of sustainability, including social and economic factors. We conduct a comprehensive numerical analysis using real-world data to gain insights into the trade-offs that arise, while also demonstrating the models’ performance in terms of fairness, effectiveness, and the percentage of food waste. This provides valuable managerial insights for food bank managers. We show that our proposed approach makes a significant contribution to the field of logistics optimization and social responsibility, offering valuable insights for improving the operations of food banks.

Keywords: food banks, humanitarian logistics, equitable resource allocation, synchronized vehicle routing

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Authors: Wenfen Bi, Zeng Lin

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As a developing country, China is badly in need of capital and talents to develop the socialist country with Chinese characteristics. However, a large proportion of high income people with know-how technique, wealth and management experience have immigrated or plan to immigrate to other countries. Of course, this phenomenon has attracted the attention from both the government and researchers. One explanation might be that these high-income people lack confidence in China’s social development. Based on the data on W city’s comprehensive social situation surveyed by center for the social survey research of Wuhan university (CSSR) in 2014, this paper employed the structural equation model (SEM) to evaluate whether personal income affects social confidence, via the mediating effect of the sense of social equity (sense of right equity and sense of distributive equity). Bootstrap mediation analysis revealed that after controlling Demographic variables, personal income had a significant negative influence on sense of right equity and in turn, sense of rights equity can significantly positively predict social confidence. While personal income had no significant effect on sense of distributive equity, and sense of distributive equity did not significantly affect macro social confidence. Also, the direct effects of personal income on social confidence became not significant. These findings revealed the inner mechanism of the relationship between the personal income and social confidence in contemporary China, which was caused by mediating effect of sense of rights equity. That is, the higher the personal income, the lower the sense of rights equity, the lower the social confidence. Thus, the boost of the social confidence, especially for the rich, does not only depend on the equitable distribution of material wealth, but also on the right equity and making people feel rights equally in common life.

Keywords: personal income, sense of right equity, sense of social equity, social confidence

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Authors: Maria Viktoria Melgo

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This study aimed to determine the possible association between calcium intake and wealth indices of selected female adults. Specifically, it aimed to: a) determine the calcium intake adequacy of the respondents. b) determine the relationship, if any, between calcium intake adequacy, area and wealth indices. The study used the survey design and employed convenience sampling in selecting participants. Two hundred females aged 20 – 64 years old were covered in the study from depressed and non-depressed areas. Data collected were calcium intake taken from two 24-hour food recall and Food Frequency Questionnaire (FFQ) and wealth indices using housing characteristics, household assets and access to utilities and infrastructure. Descriptive statistics and Chi-square test were used to determine the frequency distribution and association between the given variables, respectively, using Statistical Package for Social Sciences (SPSS) and OpenEpi software. The results showed that there were 86% of respondents in the depressed area with an inadequate calcium intake while there were 78% of respondents in the non-depressed area with an adequate calcium intake. No significant relationship was obtained in most wealth indices with calcium intake adequacy and area but appliance and ownership of main material of the house showed a significant relationship to calcium intake adequacy by area. The study recommends that the Local Government Unit (LGU) should provide seminars or nutrition education that will further enhance the knowledge of the people in the community. The study also recommends to conduct a similar study but with different, larger sample size, different location nonetheless if it is in urban or rural and include the anthropometry measurement of the respondents.

Keywords: association, calcium intake adequacy, metro Manila, Philippines, wealth indices

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Authors: Kemal Izci, Ahmet Oguz Akturk

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Learning is dependent on cognitive and physical differences as well as other differences such as ethnicity, language, and culture. Furthermore, these differences also influence how students show their learning. Assessment is an integral part of learning and teaching process and is essential for effective instruction. In order to provide effective instruction, teachers need to provide equal assessment opportunities for all students to see their learning difficulties and use them to modify instruction to aid learning. Successful assessment practices are dependent upon the knowledge and value of teachers. Therefore, in order to use assessment to assess and support diverse students learning, preservice and inservice teachers should hold an appropriate understanding of equitable assessment. In order to prepare teachers to help them support diverse student learning, as a first step, this study aims to explore how preservice teachers’ understand equitable assessment. 105 preservice science teachers studying at teacher preparation program in a large university located at Eastern part of Turkey participated in the current study. A questionnaire, preservice teachers’ reflection papers and interviews served as data sources for this study. All collected data qualitatively analyzed to develop themes that illustrate preservice science teachers’ understanding of equitable assessment. Results of the study showed that preservice teachers mostly emphasized fairness including fairness in grading and fairness in asking questions not out of covered concepts for equitable assessment. However, most of preservice teachers do not show an understanding of equity for providing equal opportunities for all students to display their understanding of related content. For some preservice teachers providing different opportunities (providing extra time for non-native speaking students) for some students seems to be unfair for other students and therefore, these kinds of refinements do not need to be used. The results of the study illustrated that preservice science teachers mostly understand equitable assessment as fairness and less highlight the role of using equitable assessment to support all student learning, which is more important in order to improve students’ achievement of science. Therefore, we recommend that more opportunities should be provided for preservice teachers engage in a more broad understanding of equitable assessment and learn how to use equitable assessment practices to aid and support all students learning trough classroom assessment.

Keywords: science teaching, equitable assessment, assessment literacy, preservice science teachers

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Authors: Aminul Islam

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The issue of aging is now an emerging aspect of all over the world. Both the rural and urban societies of our country are not immune from this problem. This study mainly explored the influence of wealth on the enjoyment of role and status of the elderly in rural Bangladesh. It is based on empirical findings from the four villages of Gopalnagar union of Dhunat upazila of Bogra district. The study depicted that wealth has much influence regarding the enjoyment of role and status. Mixed approach has been given priority in this study. Survey, observation, case study and life history methods and focus group discussion technique have also been used in this study. Data have been collected from both primary and secondary sources. Simple random sampling procedure has also been followed in this study.

Keywords: wealth, role status, elderly

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Authors: Quang Dong Dang

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This paper examines the possible effects of stock market developments by channels on income and wealth inequality. We use the Bayesian Multilevel Model with the explanatory variables of the market’s channels, such as accessibility, efficiency, and market health in six selected countries: the US, UK, Japan, Vietnam, Thailand, and Malaysia. We found that generally, the improvements in the stock market alleviate income inequality. However, stock market expansions in higher-income countries are likely to trigger income inequality. We also found that while enhancing the quality of channels of the stock market has counter-effects on wealth equality distributions, open accessibilities help reduce wealth inequality distributions within the scope of the study. In addition, the inverted U-shaped hypothesis seems not to be valid in six selected countries between the period from 2006 to 2020.

Keywords: Bayesian multilevel model, income inequality, inverted u-shaped hypothesis, stock market development, wealth inequality

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Authors: Maryam Umar Ladan, Arshad Munir

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Poverty has always been a constant feature of society throughout history. It has existed in the lives of people and it is a fact that although the majority of people lives in poverty, the remaining minority lives in luxury. While some countries called the first World countries lives in luxury, the third World countries lives in poverty. It remains an undesirable phenomenon affecting a vast number of people across the globe despite governmental, institutional and private organizations’ interventions with measures aimed at cushioning its adverse effects. Unequal distribution of societal resources, accumulated wealth in the hands of few, lack of access to education and employment, individual responsibility among others, were highlighted as factors associated with poverty. Poverty predisposes the poor individual to malnutrition and starvation, exposure to disease, thereby resulting to violence, crimes, and experiencing lifelong problems. Evidence show that about 50 percent of the world population lives on less than 2.50 dollar a day, 90 percent of whom are from Sub-Saharan Africa and South Asia including countries where Islam is the major if not one adherent religion. As a solution to poverty, Islam prescribes a system of annual Zakat (charity). The Islamic law prescribes that every person who has a saving that reaches a certain limit should give out 2.5 percent of the total annual earning (as in income, money, farm produce) to deserving and prescribed citizens. This is to, among others; reduce the level of inequality through distribution of wealth among the Muslim Ummah (community). Furthermore, Islam encourages the rich in several places in the Qur’an to spend their wealth on poor people other than the compulsory 2.5%. Therefore, it is inarguable that the Islamic system of distribution of resources (as zakat) is the best strategy to poverty eradication. Thus, strongly recommended for desired results in poverty eradication efforts. If every rich person gives Zakat sincerely, poverty will be eradicated in the world, and not a single person will die of want of food or material things.

Keywords: Islam, charity, poverty, zakat

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Authors: Laxuman Thakuri

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Despite the large number of in-depth case studies focused on policy analysis, institutional arrangement, and collective action of common property resource management; how the local institutions take the pricing decision of forest products in community forest management and what kinds of effects produce it, the answers of these questions are largely silent among the policy-makers and researchers alike. The study examined how the local institutions take the pricing decision of forest products in the lowland community forestry of Nepal and how the decisions affect to equitable distribution of benefits and livelihood improvement which are also objectives of Nepalese community forestry. The study assumes that forest products pricing decisions have multiple effects on equitable distribution and livelihood improvement in the areas having heterogeneous socio-economic conditions. The dissertation was carried out at four community forests of lowland, Nepal that has characteristics of high value species, matured-experience of community forest management and better record-keeping system of forest products production, pricing and distribution. The questionnaire survey, individual to group discussions and direct field observation were applied for data collection from the field, and Lorenz curve, gini-coefficient, χ²-text, and SWOT (Strong, Weak, Opportunity, and Threat) analysis were performed for data analysis and results interpretation. The dissertation demonstrates that the low pricing strategy of high-value forest products was supposed crucial to increase the access of socio-economically weak households, and to and control over the important forest products such as timber, but found counter productive as the strategy increased the access of socio-economically better-off households at higher rate. In addition, the strategy contradicts to collect a large-scale community fund and carry out livelihood improvement activities as per the community forestry objectives. The crucial part of the study is despite the fact of low pricing strategy; the timber alone contributed large part of community fund collection. The results revealed close relation between pricing decisions and livelihood objectives. The action research result shows that positive price discrimination can slightly reduce the prevailing inequality and increase the fund. However, it lacks to harness the full price of forest products and collects a large-scale community fund. For broader outcomes of common property resource management in terms of resource sustainability, equity, and livelihood opportunity, the study suggests local institutions to harness the full price of resource products with respect to the local market.

Keywords: community, equitable, forest, livelihood, socioeconomic, Nepal

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Authors: Vanessa R. Ralph, Leah J. Scharlott, Megan Y. Deshaye, Ryan L. Stowe

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Given the traditions of chemistry teaching, one may not question whether chemical phenomena play a prominent role. Yet, the role of chemical phenomena in an introductory chemistry course may define the extent to which the course is introductory, chemistry, and equitable. Picture, for example, the classic Ideal Gas Law problem. If one envisions a prompt wherein students are tasked with calculating a missing variable, then one envisions a prompt that relies on chemical phenomena as a context rather than as a model to understand the natural world. Consider a prompt wherein students are tasked with applying molecular models of gases to explain why the vapor pressure of a gaseous solution of water differs from that of carbon dioxide. Here, the chemical phenomenon is not only the context but also the subject of the prompt. Deliveries of general and organic chemistry were identified as ranging wildly in the integration of chemical phenomena. The more incorporated the phenomena, the more equitable the assessment task was for students of varying access to pre-college math and science preparation. How chemical phenomena are integrated may very well define whether courses are chemistry, are introductory, and are equitable. Educators of chemistry are invited colleagues to discuss the role of chemical phenomena in their courses and consider the long-lasting impacts of replicating tradition for tradition’s sake.

Keywords: equitable educational practices, chemistry curriculum, content organization, assessment design

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Authors: M. Bartal

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A large empirical evidence points to sizable lifetime earnings losses associated with the displacement of tenured workers. The causes of these losses are still not well-understood. Existing explanations are heavily based on human capital depreciation during non-employment spells. In this paper, a new avenue is explored. Evidence on the role of household liquidity constraints in accounting for the persistence of post-displacement earning losses is provided based on SIPP data. Then, a directed search and matching model with endogenous human capital and wealth accumulation is introduced. The model is computationally tractable thanks to its block-recursive structure and highlights a non-trivial, yet intuitive, interaction between wealth and human capital. Constrained workers tend to accept jobs with low firm-sponsored training because the latter are (endogenously) easier to find. This new channel provides a plausible explanation for why young (highly constrained) workers suffer persistent scars after displacement. Finally, the model is calibrated on US data to show that the interplay between wealth and human capital is crucial to replicate the observed lifecycle pattern of earning losses. JEL— E21, E24, J24, J63.

Keywords: directed search, human capital accumulation, job displacement, wealth accumulation

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Authors: E Tambo, O. O. Olalubi, E. C. Ugwu, J. Y. Ngogang

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Despite the World Health Organization (WHO) declaration of international health emergency concern, the status quo of responses and efforts to stem the worst-recorded Ebola epidemic Ebola outbreak is still precariously inadequate in most of the affected in West. Mining natural resources have been shown to play a key role in both motivating and fuelling ethnic, civil and armed conflicts that have plagued a number of African countries over the last decade. Revenues from the exploitation of natural resources are not only used in sustaining the national economy but also armies, personal enrichment and building political support. Little is documented on the mining and ecological impact on the emergence and geographical distribution of Ebola in Africa over time and space. We aimed to provide a better understanding of the interconnectedness among issues of mining natural, resource management, mining conflict and post-conflict on Ebola outbreak and how wealth generated from abundant natural resources could be better managed in promoting research and development towards strengthening environmental, socioeconomic and health systems sustainability on Ebola outbreak and other emerging diseases surveillance and responses systems prevention and control, early warning alert, durable peace and sustainable development rather than to fuel conflicts, resurgence and emerging diseases epidemics in the perspective of community and national/regional approach. Our results showed the first assessment of systematic impact of all major minerals conflict events diffusion over space and time and mining activities on nine Ebola genesis and geo-distribution in affected countries across Africa. We demonstrate how, where and when mining activities in Africa increase ecological degradation, conflicts at the local level and then spreads violence across territory and time by enhancing the financial capacities of fighting groups/ethnics and diseases onset. In addition, led process of developing minimum standards for natural resource governance; improving governmental and civil society capacity for natural resource management, including the strengthening of monitoring and enforcement mechanisms; understanding the post-mining and conflicts community or national reconstruction and rehabilitation programmes in strengthening or developing community health systems and regulatory mechanisms. In addition the quest for the control over these resources and illegal mining across the landscape forest incursion provided increase environmental and ecological instability and displacement and disequilibrium, therefore affecting the intensity and duration of mining and conflict/wars and episode of Ebola outbreaks over time and space. We highlight the key findings and lessons learnt in promoting country or community-led process in transforming natural resource wealth from a peace liability to a peace asset. The imperative necessity for advocacy and through facilitating intergovernmental deliberations on critical issues and challenges affecting Africa community transforming exploitation of natural resources from a peace liability to outbreak prevention and control. The vital role of mining in increasing government revenues and expenditures, equitable distribution of wealth and health to all stakeholders, in particular local communities requires coordination, cooperative leadership and partnership in fostering sustainable developmental initiatives from mining context to outbreak and other infectious diseases surveillance responses systems in prevention and control, and judicious resource management.

Keywords: mining, mining conflicts, mines, ecological, Ebola, outbreak, mining companies, miners, impact

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Authors: Rubi Alvarez-Rodriguez

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Traditionally, eco-centric and anthropocentric forms of environmentalism have been seen as mutually exclusive. While eco-centrism focuses on global environmental issues, anthropocentrism is concerned with local ones. The objective of this paper is to characterize the relationship between eco-centric and anthropocentric attitudes across 43 countries. This study analysed secondary data from the 2005 World Values Survey, using a standard linear regression approach. It is shown that eco-centric and anthropocentric attitudes are not mutually exclusive and that the predominance of one over the other is best predicted by a country’s level of wealth.

Keywords: anthropocentrism, eco-centrism, pro-environmental attitudes, wealth

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Authors: Carlson Murray, Ali Lazrak

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Robust experimental evidence of systematic violations of expected utility (EU) establishes that individuals facing risk overweight utility from low probability gains and losses when making choices. These findings motivated development of models of preferences with probability weighting functions, such as rank dependent utility (RDU). We solve for the optimal investing strategy of an RDU investor in a dynamic binomial setting from which we derive implications for investing behavior. We show that relative to EU investors with constant relative risk aversion, commonly measured probability weighting functions produce optimal RDU terminal wealth with significant downside protection and upside exposure. We additionally find that in contrast to EU investors, RDU investors optimally choose a portfolio that contains fair bets that provide payo↵s that can be interpreted as lottery outcomes or exposure to idiosyncratic returns. In a calibrated version of the model, we calculate that RDU investors would be willing to pay 5% of their initial wealth for the freedom to trade away from an optimal EU wealth allocation. The dynamic trading strategy that supports the optimal wealth allocation implies portfolio weights that are independent of initial wealth but requires higher risky share after good stock return histories. Optimal trading also implies the possibility of non-participation when historical returns are poor. Our model fills a gap in the literature by providing new quantitative and qualitative predictions that can be tested experimentally or using data on household wealth and portfolio choice.

Keywords: behavioral finance, probability weighting, portfolio choice

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Authors: Humayun Murshed

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There is growing importance of ‘social enterprise’ among the researchers and policy makers around the globe. Such enterprises have been viewed as alternative means for addressing the concerns relating to financing of corporate enterprises and social empowerment. This, some cases, has led to relatively unrealistic and higher level of expectations among policy makers and the members of the society at large. There is a general perception among different social actors that these enterprises provide universal and magic solution towards employment generation, and thus resulting in eradicating poverty, and ensuring equitable distribution of income and wealth. However, in many cases, these enterprises find a challenging journey in terms of prevailing market structure, socio-political environment, and unrealistic perception and expectations of social participants. This paper is focused on reviewing case studies based on empirical research and information from secondary sources and geared to looking at the challenges that social enterprises face. The research will draw the experience primarily from the developing countries’ perspective by adopting case study methodology. A tentative action plan will be suggested for further review by the policy makers and researchers in this growing arena of discipline. This research will attempt to highlight the myths and realities surrounding the operation of social enterprises.

Keywords: social enterprises, social empowerment, economic development, financing need

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Authors: Shankar Dhakal, Andrew Jones, Geoffrey W. Lummis

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The Federal Democratic Republic of Nepal is a linguistically, culturally, and ethnically diverse country with approximately 123 different spoken languages that represent several ethnic, cultural, and religious groups of people. With a population of about 30 million, long-standing disparities and inequalities in access and achievement in education have constantly been challenging to provide equitable educational opportunities for all students. While the new constitution of federal Nepal (2015) stipulates that all schools serve the interests of diverse communities, leadership practices have failed to adopt local contextual sensitivities, leading to traditional, authoritarian approaches and entrenched inequalities. However, little is known about how Nepali secondary school principals can adapt and implement context-responsive and equitable strategies to ensure equity and inclusiveness in its enormously diverse socio-cultural contexts. To fill this gap, this study explores how educational leadership approaches and philosophies are transformed using a multi-case automated/ethnographic research methodology underpinned by the paradigm of critical constructivism. This paper reconstructs to see if school leadership in Nepal can produce more equitable and contextual outcomes. The results of this study highlight the need for a paradigm shift and the adoption of innovative leadership approaches that foster humility, empathy, and compassion in school leaders to achieve better school outcomes. This research provides valuable insights into existing literary gaps and provides guidance for future school leadership policies and practices at the personal, cultural, and political levels.

Keywords: school leadership, auto/ethnography, equitable and context-responsive leadership, Nepal

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Authors: Damayanti Sen

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The Fair and Equitable Treatment standard has emerged as a core tenet of a formulated legal structure aimed at encouraging investment through the granting of a secure and stable environment for the investor in the Host State. As an absolute, non-contingent standard, it constitutes an independent and reliable system for the protection of the investor and is frequently invoked and applied in investor-state dispute settlement under bilateral and multilateral investment treaties. Thus far, the standard has been examined principally as a measure for determining the responsibility of host countries towards investors and investments. The conduct of investor in applying the Fair and Equitable Treatment Standard is relatively unexplored. Such an assessment may be necessary in light of the development of new defenses to demands of host governments to confine the application of the standard in order to ensure a proper balance between the protection of investors and the inherent right of a State to regulate economic conduct within its borders. This paper explores the implications of including considerations of investor conduct in the determination of whether an act of the host country’s administrative and/or judicial authorities has breached the fair and equitable treatment principle. The need for such defenses are of special concern for governments of developing countries, whose limited resources can affect their ability to provide an effective evaluation of the nature of the proposed investment, and, subsequently, to ensure that the expected benefits are realized. On the basis of conceptual analysis, and emerging international judicial and arbitral case law, this paper suggests that investor duties such as, the avoidance of unconscionable conduct, the reasonable assessment of investment risk in the host country, and a duty to operate an investment reasonably are leading to a new limit upon the fair and equitable treatment standard- one that can be succinctly captured in the phrase “Caveat Investor”.

Keywords: BITs, FET Standard, investor behavior, arbitral case law

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Authors: Andreanna Kalasountas

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A rampant health crisis is facing America. That health crisis is poverty. Millions of Americans live without knowing when they will eat or where they will sleep. Meanwhile, there are over 600 multi-billionaires in the United States. “In April 2021, U.S. billionaires had nearly twice as much combined wealth than the bottom half of Americans -- $4.56 trillion vs. $2.62 trillion.” It's disturbingly ironic that we live in a country where there are people with more money than they know what to do with (or could spend in a lifetime) while simultaneously, people are losing their life because they do not have enough money to survive. Accordingly, this paper argues for the end of the multi-billionaire; that wealth be capped, captured, and redistributed to the poorest among us. To accomplish this goal, this paper begins by identifying the problem, advocating for a new measurement of poverty; and concludes with a both legal and tax policy solutions and what implementation of those solutions would look like.

Keywords: health and human rights, law and policy, poverty, wealth gap

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Authors: Gabriel Dwomoh, Williams Kwasi Boachie, Kofi Kwarteng

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The study looked at the relationship between organizations’ acquired knowledge, skills, abilities, and shareholders wealth with training playing the mediating role. The sample of the study consisted of organizations that spent 10% or more of its annual budget on training and those whose training budget is less than 10% of the organization’s annual budget. A total of 620 questionnaires were distributed to employees working in various organizations out of which 580 representing 93.5% were retrieved. The respondents that constitute the sample were drawn using convenience sampling. The researchers used regression models for their analyses with the help of SPSS 16.0. Analyzing multiple models, it was discovered that organizations training investment plays a considerable indirect and direct effect with partial mediation between organizations acquired skills, knowledge, abilities, and shareholders wealth. Shareholders should allow their agents to invest part of their holdings to develop the human capital of the organization but this should be done with caution since shareholders returns do not depend much on how much organizations spend in developing its human resource capital.

Keywords: skills, knowledge, abilities, shareholders wealth, training investment

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Authors: M. T. Alodat

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In this paper, we propose a mechanism for skewing any symmetric distribution. The new distribution is called the deflation-inflation distribution (DID). We discuss some statistical properties of the DID such moments, stochastic representation, log-concavity. Also we fit the distribution to real data and we compare it to normal distribution and Azzlaini's skew normal distribution. Numerical results show that the DID fits the the tree ring data better than the other two distributions.

Keywords: normal distribution, moments, Fisher information, symmetric distributions

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Authors: Laxuman Thakuri

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Community-based forest management is often glorified as one of the best forest management alternatives in the developing countries like Nepal. It is also believed that the transfer of forest management authorities to local communities is decisive to take efficient decisions, maximize the forest benefits and improve the people’s livelihood. The community forestry of Nepal also aims to maximize the forest benefits; share them among the user households and improve their livelihood. However, how the local communities fix the price of forest products and local pricing made by the forest user groups affects to equitable forest benefits-sharing among the user households and their livelihood improvement objectives, the answer is largely silent among the researchers and policy-makers alike. This study examines local pricing system of forest products in the lowland community forestry and its effects on equitable benefit-sharing and livelihood improvement objectives. The study discovered that forest user groups fixed the price of forest products based on three criteria: i) costs incur in harvesting, ii) office operation costs, and iii) livelihood improvement costs through community development and income generating activities. Since user households have heterogeneous socio-economic conditions, the forest user groups have been applied low pricing strategy even for high-value forest products that the access of socio-economically worse-off households can be increased. However, the results of forest products distribution showed that as a result of low pricing strategy the access of socio-economically better-off households has been increasing at higher rate than worse-off and an inequality situation has been created. Similarly, the low pricing strategy is also found defective to livelihood improvement objectives. The study suggests for revising the forest products pricing system in community forest management and reforming the community forestry policy as well.

Keywords: community forestry, forest products pricing, equitable benefit-sharing, livelihood improvement, Nepal

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Authors: Dhruba Khatri

Abstract:

Despite the short history of community based forest management, the community forestry program of Nepal has produced substantial positive effects to organize the local people at a local level institution called Community Forest User Group and manage the local forest resources in the line of poverty reduction since its inception in 1970s. Moreover, each CFUG has collected a community fund from the sale of forest products and non-forestry sources as well and the fund has played a vital role to improve the livelihood of user households living in and around the forests. The specific study sites were selected based on the criteria of i) community forests having dominancy of Sal forests, and ii) forests having 3-5 years experience of community forest management. The price rates of forest products fixed by the CFUGs and the distribution records were collected from the respective community forests. Nonetheless, the relation between pricing strategy and community fund collection revealed that the small change in price of forest products could greatly affect in community fund collection and carry out of forest management, community development, and income generation activities in the line of poverty reduction at local level.

Keywords: benefit sharing, community forest, equitable, Nepal

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Authors: Stanley Yap, Mahadevan Supramaniam, Chong Wei Ying, Fatemeh Kimiyaghalam

Abstract:

Purpose: The paper shows the framework of financial planning in a different paradigm. It highlights the results from a focus group on retirement planning in the aspect of financial literacy and wealth accumulation in Malaysia. Design/methodology/approach: A focus group consisted of thirty individuals and divided into six different clusters amongst 25 to 55 years old. The selection of focus group members is pertaining to retirement planning behavior and saving profile from the different level of educations. Findings: Our results show, firstly, the focus group reflects individual capacity on saving attitude, financial literacy and awareness towards financial products. Secondly, availability, accessibility and affordability which are the significant factors that influence saving attitude, financial literacy and awareness on personal retirement planning behavior. Practical implications: The participants express the concerns of retirement planning during their golden years and the current financial products in the Malaysian financial market. Originality/value: This study is a different approach that recognizes the needs of the consumers in the context of retirement planning and wealth accumulation. Therefore, customers should obtain financial services and products from financial providers to achieve financial independence.

Keywords: retirement planning, wealth accumulation, financial literacy, focus group, saving attitude, availability, accessibility, affordability

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Authors: Inese Tenberga

Abstract:

Undoubtedly, the focus of the present capitalist system of finance has shifted from the concept of productivity of money to the ‘cult of money’, which is characterized by such notions as speculative activity, squander, self-profit, vested interest, etc. The author is certain that a civilized society cannot follow this economic path any longer and therefore suggests that one solution would be to integrate the Islamic financial model in the banking sector of the EU to overcome its economic vulnerability and structurally transform its economies or build resilience against shocks and crisis. The researcher analyses the Islamic financial model, which is providing the basis for the concept of non-productivity of money, and proposes to consider it as a new paradigm of economic thinking. The author argues that it seeks to establish a broad-based economic well-being with an optimum rate of economic growth, socio-economic justice, equitable distribution of income and wealth. Furthermore, the author analyses and proposes to use the experience of member states of the Islamic Development Bank for the formation of a new EU interest free banking. It is offered to create within the EU banking system a credit sector and investment sector respectively. As a part of the latter, it is recommended to separate investment banks specializing in speculative investments and non­speculative investment banks. Meanwhile, understanding of the idea of Islamic banking exclusively from the perspective of the manner of yielding profit that differs from credit banking, without considering the legal, social, ethical guidelines of Islam impedes to value objectively the advantages of this type of financial activities at the non-Islamic jurisdictions. However, the author comes to the conclusion the imperative of justice and virtue, which is inherent to all of us, exists regardless of religion. The author concludes that the global community should adopt the experience of the Muslim countries and focus on the Islamic banking model.

Keywords: credit sector, EU banking system, investment sector, Islamic banking

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Authors: Shumaila Ehtisham

Abstract:

In Statistical Distribution Theory, considering an additional parameter to classical distributions is a usual practice. In this study, a new distribution referred to as α-Power Pareto distribution is introduced by including an extra parameter. Several properties of the proposed distribution including explicit expressions for the moment generating function, mode, quantiles, entropies and order statistics are obtained. Unknown parameters have been estimated by using maximum likelihood estimation technique. Two real datasets have been considered to examine the usefulness of the proposed distribution. It has been observed that α-Power Pareto distribution outperforms while compared to different variants of Pareto distribution on the basis of model selection criteria.

Keywords: α-power transformation, maximum likelihood estimation, moment generating function, Pareto distribution

Procedia PDF Downloads 199