Search results for: financial performance evaluates fish culture

Authors: Sonia Rebai, Mohamed Naceur Azaiez, Dhafer Saidane

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In this study, we develop a performance evaluation model based on a multi-attribute utility approach aiming at reaching the sustainable banking (SB) status. This model is built accounting for various banks’ stakeholders in a win-win paradigm. In addition, it offers the opportunity for adopting a global measure of performance as an indication of a bank’s sustainability degree. This measure is referred to as banking sustainability performance index (BSPI). This index may constitute a basis for ranking banks. Moreover, it may constitute a bridge between the assessment types of financial and extra-financial rating agencies. A real application is performed on three French banks.

Keywords: multi-attribute utility theory, performance, sustainable banking, financial rating

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Authors: Ji Zhou, Jung Hee Seo, Rajat Mittal

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Fish move in groups for foraging, reproduction, predator protection, and hydrodynamic efficiency. Schooling's predator protection involves the "many eyes" theory, which increases predator detection probability in a group. Reduced visual signature in a group scales with school size, offering per-capita protection. The ‘confusion effect’ makes it hard for predators to target prey in a group. These benefits, however, all focus on vision-based sensing, overlooking sound-based detection. Fish, including predators, possess sophisticated sensory systems for pressure waves and underwater sound. The lateral line system detects acoustic waves, while otolith organs sense infrasound, and sharks use an auditory system for low-frequency sounds. Among sound generation mechanisms of fish, the mechanism of dipole sound relates to hydrodynamic pressure forces on the body surface of the fish and this pressure would be affected by group swimming. Thus, swimming within a group could affect this hydrodynamic noise signature of fish and possibly serve as an additional protection afforded by schooling, but none of the studies to date have explored this effect. BAUVs with fin-like propulsors could reduce acoustic noise without compromising performance, addressing issues of anthropogenic noise pollution in marine environments. Therefore, in this study, we used our in-house immersed-boundary method flow and acoustic solver, ViCar3D, to simulate fish schools consisting of four swimmers in the classic ‘diamond’ configuration and discussed the feasibility of yielding higher swimming efficiency and controlling far-field sound signature of the school. We examine the effects of the relative phase of fin flapping of the swimmers and the simulation results indicate that the phase of the fin flapping is a dominant factor in both thrust enhancement and the total sound radiated into the far-field by a group of swimmers. For fish in the “diamond” configuration, a suitable combination of the relative phase difference between pairs of leading fish and trailing fish can result in better swimming performance with significantly lower hydroacoustic noise.

Keywords: fish schooling, biopropulsion, hydrodynamics, hydroacoustics

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Authors: Omar Bendjimaa, Karzabi Abdelatif

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Small and medium enterprises have witnessed several developments in recent years thanks to the policies and programs of support given by the state, and that is due to their importance in local and national development. Nevertheless, the success and development of these firms depends on a number of factors, especially the human element, for instance, the culture of the manager has its origin in the culture of the community and is of crucial influence in these firms. In fact, this culture is nothing more than a set of values, perceptions, beliefs, symbols and practices repeated, in addition to the knowledge it has received from the readings and the modern means of education. All these factors have an impact on the effectiveness of governance, its resolutions, instructions and performance of its function as a manager of a medium or small enterprise is inevitably affected by these cultural values, it is the driving force, the leader, and the observer at the same time.

Keywords: small and medium enterprises, the culture of the manager, the culture of the community, values, perceptions, beliefs, symbols, performance

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Authors: Bruno Henrique Rocha Fernandes, Amir Rezaee, Jucelia Appio

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The relation between Human Resource Management (HRM) practices and organizational performance remains the subject of substantial literature. Though many studies demonstrated positive relationship, still major influencing variables are not yet clear. This study considers the Person-Environment Fit (PE Fit) and its components, Person-Supervisor (PS), Person-Group (PG), Person-Organization (PO) and Person-Job (PJ) Fit, as possible explanatory variables. We analyzed PE Fit as a moderator between HRM practices and financial performance in the “best companies to work” in Brazil. Data from HRM practices were classified through the High Performance Working Systems (HPWS) construct and data on PE-Fit were obtained through surveys among employees. Financial data, consisting of return on invested capital (ROIC) and price earnings ratio (PER) were collected for publicly traded best companies to work. Findings show that PO Fit and PJ Fit play a significant moderator role for PER but not for ROIC.

Keywords: financial performance, human resource management, high performance working systems, person-environment fit

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Authors: Sasikala Govindaraj, P. Palanisamy, G. M. Natarajan

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Domestic sewage poses major threats to the aquatic environment in third world countries due to lack of technical and economic sources which can have significant impacts on fish. The tolerance limits to toxicants found in domestic effluents vary among species and their integrative effects may lead to reproductive failure and reduction of survival and growth of the more sensitive fish species. The mechanism of action of toxic substances upon various concentrations of sewage was taken aiming to evaluate locomotory, physiological, neurological and morbidity response of fish. The rapid biomonitoring assessment technique for qualitative evaluation of various industrial pollutants, behavioral responses of an air-breathing fish Pangasius pangasius were used as biomarkers for water quality assessment. The present investigation concluded that sewage is highly toxic to the fish and severely affects their physiology and behavior.

Keywords: air-breathing organs, behavioral, locomotory, morbidity, neurological, physiological, sewage

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Authors: M. Kumpugdee-Vollrath, T. G. D. Phu, M. Helmis

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A suitable model membrane to study the pharmacological effect of pharmaceutical products is human stratum corneum because this layer of human skin is the outermost layer and it is an important barrier to be passed through. Other model membranes which were also used are for example skins from pig, mouse, reptile or fish. We are interested in fish skins in this project. The advantages of the fish skins are, that they can be obtained from the supermarket or fish shop. However, the fish skins should be freshly prepared and used directly without storage. In order to understand the effect of different model drugs e.g. lidocaine HCl, resveratrol, paracetamol, ibuprofen, acetyl salicylic acid on the properties of the model membrane from various types of fishes e.g. trout, salmon, cod, plaice permeation tests were performed and differential scanning calorimetry was applied.

Keywords: fish skin, model membrane, permeation, DSC, lidocaine HCl, resveratrol, paracetamol, ibuprofen, acetyl salicylic acid

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Authors: My Linh Hoang, Van Dung Hoang

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

Keywords: ESG, financial performance, construction company, Vietnam

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Authors: Vasiliki A. Tzora, Nikolaos D. Philippas

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The paper measures the financial literacy of youth in Greece derived from the examined aspects of financial knowledge, behaviours, and attitudes that high school students performed. The findings reveal that less than half of participant high school students have an acceptable level of financial literacy. Also, students who are in the top of their class cohort exhibit higher levels of financial literacy. We also find that the father’s education level has a significant effect on financial literacy. Students who keep records of their income and expenses are likely to show better levels of financial literacy than students who do not. Students’ perception/estimation of their parents’ income changes is also related to their levels of financial literacy. We conclude that financial education initiatives should be embedded in schools in order to embrace the young generation.

Keywords: financial literacy, financial knowledge, financial behaviour, financial attitude, financial wellbeing, 15-year-old students

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Authors: Salma Mefteh-Wali, Marie-Josephe Rigobert

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We investigate the impact of foreign currency debt on firm performance for a sample of non-financial French firms studied over the period 2002 to 2012. As foreign currency debt is both a financing and hedging instrument against foreign exchange risk, we mobilize optimal hedging theory and capital structure theory. When we study the impact on firm value, our main results show that before and after the financial crisis of 2008, foreign debt had the same behavior as domestic debt. We find that during the crisis period, foreign debt positively affects firm value. Investors perceive foreign debt as a natural hedging instrument that is likely to reduce the costs of underinvestment, alleviate cash flow volatility, limit the costs of financial distress, and generate tax shield benefits. Also, our results show that foreign leverage negatively affects the firm performance proxied by ROA and ROE, during and after the financial crisis. However, this impact is positive in the pre-crisis period.

Keywords: foreign currency derivatives, foreign currency debt, foreign currency hedging, firm performance

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Authors: Ahmed BenSaïda

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This paper investigates the association between financial technology (FinTech) growth and bank performance in the Gulf Cooperation Council (GCC) region. Application is conducted on a panel dataset containing the annual observations of banks covering the period from 2012 to 2021. FinTech growth is set as an explanatory variable on three proxies of bank performance. These proxies are the return on assets (ROA), return on equity (ROE), and net interest margin (NIM). Moreover, several control variables are added to the model, including bank-specific and macroeconomic variables. The results are significant as all the proxies of the bank performance are negatively affected by the growth of FinTech startups. Consequently, banks are urged to proactively invest in FinTech startups and engage in partnerships to avoid the risk of disruption.

Keywords: financial technology, bank performance, GCC countries, panel regression

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Authors: Hamza A. Pantami, Khozizah Shaari, Intan S. Ismail, Chong C. Min

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Introduction: Tilapia is the second-highest harvested freshwater fish species in Malaysia, available in almost all fish farms and markets. Unfortunately, tilapia culture in Malaysia is highly affected by Aeromonas hydrophila and Streptococcus agalactiae, which affect the production rate and consequently pose a direct negative economic impact. Reliance on drugs to control or reduce bacterial infections has been led to contamination of water bodies and development of drug resistance, as well as gave rise to toxicity issues in downstream fish products. Resorting to vaccines have helped curb the problem to a certain extent, but a more effective solution is still required. Using microalgae-based feed to enhance the fish immunity against bacterial infection offers a promising alternative. Objectives: This study aims to evaluate the efficacy of Chlorella vulgaris at lower percentage incorporation in feeds for an immune boost of tilapia in a shorter time. Methods: The study was in two phases. The safety concentration studies at 500 mg/kg-1 and the administration of cultured C. vulgaris biomass via incorporation into fish feed for five different groups in three weeks. Group 1 was the control (0% incorporation), whereas group 2, 3, 4 and 5 received 0.625%, 1.25%, 2.5% and 5% incorporation respectively. The parameters evaluated were the blood profile, serum lysozyme activity (SLA), serum bactericidal activity (SBA), phagocytosis activity (PA), respiratory burst activity (RBA), and lymphoproliferation activity (LPA). The data were analyzed via ANOVA using SPSS (version 16). Further testing was done using Tukey’s test. All tests were performed at the 95% confidence interval (p < 0.05). Results: There were no toxic signs in tilapia fish at 500 mg/kg-1. Treated groups showed significantly better immune parameters compared to the control group (p < 0.05). Conclusions: C. vulgaris crude biomass in a fish meal at a lower incorporation level of 5% can increase specific and non-specific immunity in tilapia fish in a shorter time duration.

Keywords: Chlorella vulgaris, hematology profile, immune boost, lymphoproliferation

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Authors: F. Guspi, E. García

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This exploratory study gives an overview of the evolution of the main financial and performance indicators of the Academic Spin-Off’s and High Growth Academic Spin-Off’s in year 3 and year 6 after its creation in the region of Catalonia in Spain. The study compares and evaluates results of these different measures of performance and the degree of success of these companies for each University. We found that the average Catalonian Academic Spin-Off is small and have not achieved the sustainability stage at year 6. On the contrary, a small group of High Growth Academic Spin-Off’s exhibit robust performance with high profits in year 6. Our results support the need to increase selectivity and support for these companies especially near year 3, because are the ones that will bring wealth and employment. University role as an investor has rigid norms and habits that impede an efficient economic return from their ASO investment. Universities with high performance on sales and employment in year 3 not always could sustain this growth in year 6 because their ASO’s are not profitable. On the contrary, profitable ASO exhibit superior performance in all measurement indicators in year 6. We advocate the need of a balanced growth (with profits) as a way to obtain subsequent continuous growth.

Keywords: Academic Spin-Off (ASO), university entrepreneurship, entrepreneurial university, high growth, New Technology Based Companies (NTBC), University Spin-Off

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Authors: Mian Adnan Kakakhel, NIshita Narwal, Majid Rasta, Shi Xiaotao

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The widespread use of nanoparticles means that they are significantly increasing in the aquatic ecosystem, where they are likely to pose threat to aquatic organism. In particular, the influence of nanoparticles exposure combined with varying water velocities on fish behavior remain poorly understood. Emerging evidences suggested a probable correlation between fish swimming behavior and gut bacterial dysbiosis. Therefore, the current study aimed to investigate the effects of nanomaterials in different water velocities on fish gut bacterial composition, which in results change in fish swimming behavior. The obtained findings showed that the contamination of nanoparticles was reduced as the velocity increased. However, the synergetic effects of nanoparticles and water velocity significantly (p < 0.05) decreased the bacterial composition, which plays a critical role in fish development, metabolism, digestion, enzymes production, and energy production such as Bacteroidetes and Firmicutes. This group of bacterial also support fish in swimming behavior by providing them a significant energy during movement. The obtained findings of this study suggested that the presence of nanoparticles in different water velocities have had a significant correlation with fish gut bacterial dysbiosis, as results the gut dysbiosis had been linked to the change in fish behavior. The study provides an important insight into the mechanisms by which the nanoparticles possibly affect the fish behavior.

Keywords: water velocities, fish behavior, gut bacteria, secondary metabolites, regulation

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Authors: M. Y. Abubakar, M. Yunisa, A. N. Muhammad

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Constraining the production Clarias gariepinus and Oreochromis niloticus culture is the prohibitive cost of feed. We assess the performance of the species fingerlings on diets substituted with composite. Four dietary treatments (0%, 25%, 45%, and 75%) for C. gariepinus and five (0%, 25%, 50%, 75%, and whole food composite) for O. niloticus were formulated and each fed to 15 fingerlings for C. gariepinus and 10 fingerlings for O. niloticus stocked in 75ltrs plastic bowls, replicated trice in a completely randomized design. The experiment lasted 56 days. Percent survival rate was significantly (p < 0.05) higher (57.78 ± 9.69) in C. gariepinus fed diet III. The growth and nutrient utilization indices were least in the fish fed diet IV, which was significantly (p < 0.05) lower than in other treatments. Fish fed dietary treatment III, recorded the best in growth and nutrient utilization indices and was significantly higher (p < 0.05) than those fed dietary treatments I & II which were non-significant (p > 0.05) and higher than those fed 75% substitution. Better profit index was in the fish fed diet with 50% substitution level. For O. niloticus, the survival (172.62 ± 39.03) was significantly higher (p < 0.05) in those fed 25% substituted diet. For growth indices, the least performed were those fed whole composite while other treatments were non-significant (p > 0.05) different from each other. In terms of nutrient utilization, fish fed diet substituted at 0%, 25%, 50% and 75% food composite had similar food conversion ratio and protein efficiency ratio. However, there was no significant difference in the profit index among the whole treatment. It can be concluded that food composite from Sokoto house-holds can optimally replace groundnut cake up to 50% level as a protein source in the diets of Clarias gariepinus and O. niloticus fingerlings without adverse effects on survival, growth, and nutrient utilization.

Keywords: food composite, nutrient utilization, C. gariepinus, O. niloticus household, substitution levels

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Authors: Adebisi M. Tiamiyu, Adewale F. Adeyemi, Olu-Ayobamikale V. Irewunmi

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Fish consumption has increased in recent years in both developing and advanced countries, owing to increased awareness of its nutritional and therapeutic benefits and its availability and affordability relative to other animal protein sources. Fish and fish products, however, are extremely prone to contamination by a wide range of hazardous organic and inorganic substances. This study assessed the levels of three heavy metals, copper (Cu), iron (Fe), and zinc (Zn), in frozen fish imported into Nigeria and sold in Ondo City for their safety for human consumption as recommended by WHO and FEPA. Three species of frozen fish (Scombrus scombrus, Merluccius merluccius, and Clupea harengus) were purchased, and the wet tissues (gills, muscles, and liver) were digested using a 3:1 mixture of nitric acid (HNO3) and hydrochloric acid (HCL). An atomic absorption spectrophotometer (AAS) was used to detect the amount of metal in the tissues. The levels of heavy metals in different fish species' organs varied. The fish had Zn > Fe > Cu heavy metal concentrations in that order. While the concentration of Cu and Fe in the tissues of all three fish species studied were within the WHO and FEPA prescribed limits for food fish, the concentration of Zn in the muscles of M. merluccius (0.262±0.052), C. harengus harengus (0.327±0.099), and S. scombrus (0.362±0.119) was above the prescribed limit (0.075 ppm) set by FEPA. An excessive amount of zinc in the body can cause nausea, headaches, decreased immunity, and appetite loss.

Keywords: heavy metal, atomic absorption spectrophotometer, fish, agencies

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Authors: Ehsan Ahmadifar

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In this research, the effects of different levels (control group (T0), (T1)1, (T2)2 and (T3)3 gr Inulin per Kg diet) of prebiotic Inulin as nutritional supplement on Danio rerio were investigated for 4 month. Since the beginning of feeding larvae until adult (average weight: 67.1 g, length: 4.5 cm) were fed with experimental diets. The survival rate of fish had no significant effect on rate survival (P > 0.05). The highest food conversion ratio (FCR) was in control group and the lowest was observed in T3. Treatment of T3 significantly caused the best feed conversion ratio in Zebra fish (P < 0.05). By increasing the inulin diet during the experiment, specific growth rate increased. The highest and the lowest body weight gain and condition factor were observed in T3 and control, respectively (P < 0.05). Adding 3 gr inulin in Zebra fish diet can improve the performance of the growth indices and final biomass, also this prebiotic can be considered as a suitable supplement for Cyprinidae diet. In the first sampling stage for feeding fish, fat and muscle protein was significantly higher than the second sampling stage (P < 0.05). Given that the second stage fish were full sexual maturity, the amount of fat in muscle decreased (P < 0.05). Moisture and ash levels were significantly (P < 0.05) higher in the second stage sampling than the first stage. Overall, different stage of living affected on muscle chemical composition muscle. Reproductive performance in treatment T2 and T3 were significantly higher than other treatments (P < 0.05). According to the results, the prebiotic inulin does not have a significant impact on the sex ratio in zebrafish (P > 0.05). Based on histology of the gonads, the use of dietary inulin accelerates the process of gonad development in zebrafish.

Keywords: inulin, zebrafish, reproduction, histology

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Authors: Matthew Holland, Jason Everett, Martin Cox, Iain Suthers

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High spatial-resolution distribution of planktivorous reef fish can reveal behavioural adaptations to optimise the balance between feeding success and predator avoidance. We used a multi-beam echosounder to record bathymetry and the three-dimensional distribution of fish schools associated with natural and artificial reefs. We utilised generalised linear models to assess the distribution, orientation, and aggregation of fish schools relative to the structure, vertical relief, and currents. At artificial reefs, fish schooled more closely to the structure and demonstrated a preference for the windward side, particularly when exposed to strong currents. Similarly, at natural reefs fish demonstrated a preference for windward aspects of bathymetry, particularly when associated with high vertical relief. Our findings suggest that under conditions with stronger current velocity, fish can exercise their preference to remain close to structure for predator avoidance, while still receiving an adequate supply of zooplankton delivered by the current. Similarly, when current velocity is low, fish tend to disperse for better access to zooplankton. As artificial reefs are generally deployed with the goal of creating productivity rather than simply attracting fish from elsewhere, we advise that future artificial reefs be designed as semi-linear arrays perpendicular to the prevailing current, with multiple tall towers. This will facilitate the conversion of dispersed zooplankton into energy for higher trophic levels, enhancing reef productivity and fisheries.

Keywords: artificial reef, current, forage fish, multi-beam, planktivorous fish, reef fish, schooling

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Authors: Fahmida Khalique Nitu

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Little is known on the biosafety level of Vibrio parahaemolyticus in estuarine fish in Bangladesh. The purpose of this study was to investigate the prevalence and concentration of V. parahaemolyticus in estuarine fishes using the Polymerase Chain Reaction( PCR) method . The study was conducted on 37 fishes of different species from different types of estuarine fish commonly sold at city markets. Sampling was done on the intestinal tract and gills of each fish. The prevalence of V. parahaemolyticus was found to be 29.72% with higher percentages detected in samples from the gills (89.28%) followed by the intestinal tract (10.71%). The density of Vibrio spp. in the gill of estuarine fishes with an average was 4.4 x103CFU/g and in the intestine samples was 1.5x103 CFU/g. The outcome of the biosafety assessment V. parahaemolyticus in estuarine fish indicates another potential source of food safety issues to consumers.

Keywords: biosafety, estuarine, prevalence, Vibrios

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Authors: Collen Kawiya

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In an effort of reducing post-harvest losses and improving the supply of quality fish products in Malawi, the fish solar tent dryers have been designed in the southern part of Lake Malawi for processing small fish species under the project of Cultivate Africa’s Future (CultiAF). This study was done to promote the adoption of the fish solar tent dryers by the many small scale fish processors in Malawi through the assessment of the economic viability of these dryers. With the use of the project’s baseline survey data, a business model for a constructed ‘ready for use’ solar tent dryer was developed where investment appraisal techniques were calculated in addition with the sensitivity analysis. The study also conducted a risk analysis through the use of the Monte Carlo simulation technique and a probabilistic net present value was found. The investment appraisal results showed that the net present value was US$8,756.85, the internal rate of return was 62% higher than the 16.32% cost of capital and the payback period was 1.64 years. The sensitivity analysis results showed that only two input variables influenced the fish solar dryer investment’s net present value. These are the dried fish selling prices that were correlating positively with the net present value and the fresh fish buying prices that were negatively correlating with the net present value. Risk analysis results showed that the chances that fish processors will make a loss from this type of investment are 17.56%. It was also observed that there exist only a 0.20 probability of experiencing a negative net present value from this type of investment. Lastly, the study found that the net present value of the fish solar tent dryer’s investment is still robust in spite of any changes in the levels of investors risk preferences. With these results, it is concluded that the fish solar tent dryers in Malawi are an economically viable investment because they are able to improve the returns in the fish processing activity. As such, fish processors need to adopt them by investing their money to construct and use them.

Keywords: investment appraisal, risk analysis, sensitivity analysis, solar tent drying

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Authors: Vishwa Nath Maurya, Rama Shanker Sharma, Saad Talib Hasson Aljebori, Avadhesh Kumar Maurya, Diwinder Kaur Arora

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Present paper deals with problems of determining the relationship between the variables of corporate governance and financial performance of Islamic banks. Here, we dealt with the corporate governance in the banking sector, where increasing the importance of corporate governance, due to their special nature, as the bankruptcy of banks affects not only the relevant parties from customers, depositors and lenders, but also affect financial stability and then the economy as a whole. Through this paper we dealt to the specificity of governance in Islamic banks, which face double governance: Anglo-Saxon governance system and Islamic governance system. In addition, we focused our attention to measure the impact of corporate governance variables on financial performance through an empirical study on a sample of Islamic banks during the period 2005-2012 in the GCC region. Our present study implies that there is a very strong relationship between the variables of governance and financial performance of Islamic banks, where there is a positive relationship between return on assets and the composition of the Board of Directors, the size of the Board of Directors, the number of committees in the Council, as well as the number of members of the Sharia Supervisory Board, while it is clear that there is a negative relationship between return on assets and concentration ownership.

Keywords: correlation analysis, parametric estimation, corporate governance, financial performance, financial stability, conventional banks, bankruptcy, Islamic governance system

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Authors: Arjun S.

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This study examines the impact of corporate governance on financial performance of Indian banks during five years (from 2010 to 2015). Based on 218 observations, a quantitative method of data analysis was employed to investigate the relevance of corporate governance mechanisms. The first finding reveals a significant and negative impact of board size on the performance of Indian banks. The research also finds a significant and negative relationship between CEO duality and bank performance. Finally, the correlation results reveal that there is a significant and negative correlation of Bank size and bank performance.

Keywords: Indian banks, financial performance, corporate governance, banksize

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Authors: Anocha Kimkong, Natnichar Kleebbuabarn

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This research work has the objective to analyze the financial status and operational performance of Suan Sunandha Rajabhat University (SSRU) in 3 fiscal years (2011-2013). The tool used is a form to record financial statements and balances of the university. The analysis is based on the calculation that regards the figures in the fiscal year of 2011 as the 100% bases to be compared with the same figures in the fiscal years of 2012 and 2013, which are multiplied by 100 and divided by the base figures. The outcomes are the percentages of each year, which can reflect the rising, stable, and falling trends. The results from the analysis reveal that SSRU’s financial status is getting better because the gross assets, debts and accumulated cash are increasing in the fiscal years of 2012 and 2013. Concerning the operational performance, the university’s incomes and expenses are rising from the fiscal year of 2011. This makes the university’s incomes grow higher than expenses.

Keywords: financial status, operational performance, Suan Sunandha Rajabhat University, balances

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Authors: Niki Hayatgheib, SéGolèNe Calvez, Catherine Fournel, Lionel Pineau, Herve Pouliquen, Emmanuelle Moreau

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Furunculosis caused by infection with Aeromonas salmonicida subsp. salmonicida has been a known disease found principally in salmonid aquaculture. Vaccination has been partly successful in preventing this disease, but outbreaks still occur. The application of functional feed additive found to be a promising yield to improve fish health against diseases. In this study, we tested the efficacy of prebiotics and plant essential oils-enriched diet on immune response and disease resistance in vaccinated and non-vaccinated rainbow trout (Oncorhynchus mykiss) against furunculosis. A total of 600 fish were fed with the basal diet or supplement. On 4th week of feeding, fish were vaccinated with an autovaccine. Following 8 weeks, fish were challenged with Aeromonas salmonicida subsp. salmonicida and mortalities were recorded for 3 weeks. Lysozyme activity and antibody titer in serum were measured in different groups. The results of this study showed that lysozyme and circulatory antibody titer in plasma elevated significantly in vaccinated fish fed with additive. The best growth rate and relative percentage survival (62%) were in fish fed with a supplement, while 15% in control fish. Overall, prebiotics and essential oils association can be considered as a potential component for enhancing vaccine efficacy against furunculosis by increasing the growth performance, immune responses and disease resistance in rainbow trout.

Keywords: aeromonas salmonicida subsp. salmonicida, aquaculture, disease resistance, fish, immune response, prebiotics-essential oils feed additive, rainbow trout, vaccination

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Authors: Barbora Chmelíková

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Financial literacy is a widely discussed topic on the national and international level by governments, organizations and academia. For this reason this study analyses financial knowledge, financial behavior and financial attitudes of students of finance. The aim of the paper is to determine whether the financial literacy of university students studying finance differs from the level of financial literacy in selected OECD countries. The research was conducted at Masaryk University in the Czech Republic. The empirical study comprises questions related to several aspects of financial literacy, as well as socio-demographic data enabling more thorough analysis. The results indicate that improvement in financial literacy of university students is still required, even though their major is finance related.

Keywords: financial literacy, financial behavior, personal finance management, university students

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Authors: Nelson R. Osungbemiro, O. A. Bello-Olusoji, M. Oladipupo

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This study was carried out to determine the effects of probiotics Pseudomonas fluorescens on the growth performance, histology examination and immune modulation of African Catfish, (Clarias gariepinus) challenged with Clostridium botulinum. P. fluorescens, and C. botulinum isolates were removed from the gut, gill and skin organs of procured adult samples of Clarias gariepinus from commercial fish farms in Akure, Ondo State, Nigeria. The physical and biochemical tests were performed on the bacterial isolates using standard microbiological techniques for their identification. Antibacterial activity tests on P. fluorescens showed inhibition zone with mean value of 3.7 mm which indicates high level of antagonism. The experimental diets were prepared at different probiotics bacterial concentration comprises of five treatments of different bacterial suspension, including the control (T1), T2 (10³), T3 (10⁵), T4 (10⁷) and T5 (10⁹). Three replicates for each treatment type were prepared. Growth performance and nutrients utilization indices were calculated. The proximate analysis of fish carcass and experimental diet was carried out using standard methods. After feeding for 70 days, haematological values and histological test were done following standard methods; also a subgroup from each experimental treatment was challenged by inoculating Intraperitonieally (I/P) with different concentration of pathogenic C. botulinum. Statistically, there were significant differences (P < 0.05) in the growth performance and nutrient utilization of C. gariepinus. Best weight gain and feed conversion ratio were recorded in fish fed T4 (10⁷) and poorest value obtained in the control. Haematological analyses of C. gariepinus fed the experimental diets indicated that all the fish fed diets with P. fluorescens had marked significantly (p < 0.05) higher White Blood Cell than the control diet. The results of the challenge test showed that fish fed the control diet had the highest mortality rate. Histological examination of the gill, intestine, and liver of fish in this study showed several histopathological alterations in fish fed the control diets compared with those fed the P. fluorescens diets. The study indicated that the optimum level of P. fluorescens required for C. gariepinus growth and white blood cells formation is 10⁷ CFU g⁻¹, while carcass protein deposition required 10⁵ CFU g⁻¹ of P. fluorescens concentration. The study also confirmed P. fluorescens as efficient probiotics that is capable of improving the immune response of C. gariepinus against the attack of a virulent fish pathogen, C. botulinum.

Keywords: Clarias gariepinus, Clostridium botulinum, probiotics, Pseudomonas fluorescens

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Authors: Alexander Marx

Abstract:

Measuring and mitigating market risk is essential for the stability of enterprises, especially for major banking corporations and investment bank firms. To employ these risk measurement and mitigation processes, the Value at Risk (VaR) is the most commonly used risk metric by practitioners. In the past years, we have seen significant weaknesses in the predictive performance of the VaR in times of financial market crisis. To address this issue, the purpose of this study is to investigate the value-at-risk (VaR) estimation models and their predictive performance by applying a series of backtesting methods on the stock market indices of the G7 countries (Canada, France, Germany, Italy, Japan, UK, US, Europe). The study employs parametric, non-parametric, and semi-parametric VaR estimation models and is conducted during three different periods which cover the most recent financial market crisis: the overall period (2006–2022), the global financial crisis period (2008–2009), and COVID-19 period (2020–2022). Since the regulatory authorities have introduced and mandated the Conditional Value at Risk (Expected Shortfall) as an additional regulatory risk management metric, the study will analyze and compare both risk metrics on their predictive performance.

Keywords: value at risk, financial market risk, banking, quantitative risk management

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Authors: Amit Das

Abstract:

Background and significance of the study: Generally investors and market forecasters use financial statement for investigation while it awakens contribute to investing. The main vicinity of financial accounting and reporting practices recommends a few basic financial performance indicators, namely, return on capital employed, return on assets and earnings per share, which is associated considerably with share prices. It is principally true in case of Indian pharmaceutical companies also. Share investing is intriguing a financial risk in addition to investors look for those financial evaluations which have noteworthy shock on share price. A crucial intention of financial statement analysis and reporting is to offer information which is helpful predominantly to exterior clients in creating credit as well as investment choices. Sound financial performance attracts the investors automatically and it will increase the share price of the respective companies. Keeping in view of this, this research work investigates the impact of financial performance indicators on share price of pharmaceutical companies in India which is listed in the Bombay Stock Exchange. Methodology: This research work is based on secondary data collected from moneycontrol database on September 28, 2015 of top 101 pharmaceutical companies in India. Since this study selects four financial performance indicators purposively and availability in the database, that is, earnings per share, return on capital employed, return on assets and net profits as independent variables and one dependent variable, share price of 101 pharmaceutical companies. While analysing the data, correlation statistics, multiple regression technique and appropriate test of significance have been used. Major findings: Correlation statistics show that four financial performance indicators of 101 pharmaceutical companies are associated positively and negatively with its share price and it is very much significant that more than 80 companies’ financial performances are related positively. Multiple correlation test results indicate that financial performance indicators are highly related with share prices of the selected pharmaceutical companies. Furthermore, multiple regression test results illustrate that when financial performances are good, share prices have been increased steadily in the Bombay stock exchange and all results are statistically significant. It is more important to note that sensitivity indices were changed slightly through financial performance indicators of selected pharmaceutical companies in India. Concluding statements: The share prices of pharmaceutical companies depend on the sound financial performances. It is very clear that share prices are changed with the movement of two important financial performance indicators, that is, earnings per share and return on assets. Since 101 pharmaceutical companies are listed in the Bombay stock exchange and Sensex are changed with this, it is obvious that Government of India has to take important decisions regarding production and exports of pharmaceutical products so that financial performance of all the pharmaceutical companies are improved and its share price are increased positively.

Keywords: financial performance indicators, share prices, pharmaceutical companies, India

Procedia PDF Downloads 277

Authors: Kari M. Solomon

Abstract:

Companies with a culture accepting of change management and performance excellence are better suited to determine their sustainability performance and impacts. A mature corporate culture supportive of performance excellence is better positioned to integrate sustainability management tools into their standard business strategy. Companies use various sustainability management tools and reporting standards to communicate levels of sustainability performance to their stakeholders, more often focusing on shareholders and investors. A research gap remains in understanding how companies adapt business excellence models to define corporate sustainability performance. A content analysis of medium-sized enterprises using corporate sustainability reports and business excellence models reveals the challenges and opportunities of reporting sustainability performance in the context of organizational excellence. The outcomes of this content analysis contribute knowledge on the resources needed for companies to build sustainability performance management systems integral to existing management systems. The findings of this research inform academic research areas of corporate sustainability performance, the business community contributing to sustainable development initiatives, and integrating sustainable development issues into business excellence models. There are potential research links between sustainability performance management and the alignment of the United Nations Sustainable Development Goals (UN SDGs) when organizations promote a culture of performance or business excellence.

Keywords: business excellence, corporate sustainability, performance excellence, sustainability performance

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Authors: Montoya C.A., Erina J., Erina I.

Abstract:

The purpose of this research is to assess the performance and impact of CSR on business in the banking sector in Australia by applying the financial indicators of 20 ASX banks for the period from 2016-2017. The authors carried out CSR assessment in several stages of research: 1) gathering the nonfinancial and financial indicators of 20 ASX listed banks (available were only 16) from the annual reports of Australian banks for 2016 and 2017; 2) calculation of bank performance indicators using such financial indicators as return on assets (ROA), return on equity (ROE), efficiency ratio and net interest margin; 3) analysis of financial data using cross-sectional regression and answers to the research questions. Based on the obtained research results, the authors obtained answers to the initially raised research questions and came to a conclusion that Q1 - Insignificant positive coefficient result - slight positive relationship between CSR disclosure and business performance 2016; Q2 - Insignificant negative coefficient result - slight negative relationship between CSR disclosure and business performance 2017; Q3 - Insignificant positive coefficient result - slight positive relationship between CSR disclosure and business performance.

Keywords: Australia, banks, business performance, CSR

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Authors: Anocha Rojanapanich

Abstract:

This research investigates the effect of financial accounting information and non-financial accounting reports on corporate credibility via strength of board of directors and market environment volatility as moderating effect. Data in this research is collected by questionnaire form non-financial companies listed on the Stock Exchange of Thailand. Multiple regression statistic technique is used for analyzing the data. Results find that firms with greater financial accounting information reports and non-financial accounting information reports will gain greater corporate credibility. Therefore, the corporate reporting has the value for the firms. Moreover, the strength of board of directors will positively moderate the financial and non-financial accounting information reports and corporate credibility relationship. And market environment volatility will negatively moderate the financial and nonfinancial accounting information reports and corporate credibility relationship and the contribution of accounting information reports on corporate credibility is generated to the corporate image. That is the corporate image has affected by corporate credibility.

Keywords: corporate credibility, financial and non-financial reports, firms performance, corporate image

Procedia PDF Downloads 263