Search results for: financial stability index

Authors: Abul Shamsuddin

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The Islamic stock market indices are constructed by screening out stocks that are incompatible with Islam’s prohibition of interest and certain lines of business. This study examines the effects of Islamic screening on the risk-return characteristics of Islamic vis-a-vis mainstream equity portfolios. We use data on Dow Jones Islamic market indices and FTSE Global Islamic indices over 1993-2013. We observe that Islamic equity indices outperform their mainstream counterparts in both raw and risk-adjusted returns. In addition, Islamic equity indices are more resilient to turbulence in international markets than that of their mainstream counterparts. The findings are robust across a variety of portfolio performance measures.

Keywords: Dow Jones Islamic market index, FTSE global Islamic index, ethical investment, finance

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Authors: Ljiljana Seric, Vladimir Divic, Marin Bugaric

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This paper presents methodology for spatial analysis of GIS data that is used for assessing the microlocation risk index from potential damages of high winds. The analysis is performed on freely available GIS data comprising information about wind load, terrain cover and topography of the area. The methodology utilizes the legislation of Eurocode norms for determination of wind load of buildings and constructions. The core of the methodology is adoption of the wind load parameters related to location on geographical spatial grid. Presented work is a part of the Wind Risk Project, supported by the European Commission under the Civil Protection Financial Instrument of the European Union (ECHO). The partners involved in Wind Risk project performed Wind Risk assessment and proposed action plan for three European countries – Slovenia, Croatia and Germany. The proposed method is implemented in GRASS GIS open source GIS software and demonstrated for Case study area of wider area of Split, Croatia. Obtained Wind Risk Index is visualized and correlated with critical infrastructures like buildings, roads and power lines. The results show good correlation between high Wind Risk Index with recent incidents related to wind.

Keywords: Eurocode norms, GIS, spatial analysis, wind distribution, wind risk

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Authors: Samson Davoyan, Ashot Davoyan, Ani Khachatryan

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The indexes (Global Competitiveness Index, Economic Freedom Index, Human Development Index, etc.) developed by different international and non-government organizations in time and space express the quantitative and qualitative features of different fields of various reforms implemented in different countries. The main objective of our research is to develop new methodology that we will use to create integral index based on many indexes and that will include many areas of reforms. To achieve our aim we have used econometric methods (regression model for panel data method). The basis of our methodology is the development of the new integral index based on quantitative assessment of the change of two main parameters: the score of the countries by different indexes and the change of the ranks of countries for following two periods of time. As a result of the usage of methods for analyzes we have defined the indexes that are used to create the new integral index and the scales for each of them. Analyzing quantitatively and qualitatively analysis through the integral index for more than 100 countries for 2009-2014, we have defined comparative efficiency that helps to conclude in which directions countries have implemented reforms more effectively compared to others and in which direction reforms have implemented less efficiently.

Keywords: development, rank, reforms, comparative, index, economic, corruption, social, program

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Authors: Edmond Jaro Malihan

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This study aimed to develop and propose Project Financial Literacy Information Program (FLIP) for the Schools Division of Quezon to improve the financial management skills of Supreme Student Government (SSG) officers across different school sizes. This employed a descriptive research design covering the participation of 424 selected SSG officers using purposive sampling procedures from the SDO-Quezon. The consultation was held with DepEd officials, budget officers, and financial advisors to validate the design of the self-made questionnaires in which the computed mean was verbally interpreted using the four-point Likert scale. The data gathered were presented and analyzed using weighted arithmetic mean and ANOVA test. Based on the findings, generally, SSG officers in the SDO-Quezon possess high financial management skills in terms of budget preparation, resource mobilization, and auditing and evaluation. The size of schools has no significant difference and does not contribute to the financial management skills of SSG officers, which they apply in implementing their mandated programs, projects, and activities (PPAs). The Project Financial Literacy Information Program (FLIP) was developed considering their general level of financial management skills and the launched PPAs by the organization. The project covered the suggested training program vital in conducting the Virtual Division Training on Financial Management Skills of the SSG officers.

Keywords: financial management skills, SSG officers, school size, financial literacy information program

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Authors: Zineb Abidi, Marc-Arthur Diaye

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There exists a large empirical literature concerning the relationship between corporate social responsibility (CSR) and corporate financial performance. This literature, however, applies mainly to large corporations and/or listed firms. To the best of our knowledge, the question of whether meeting CSR requirements impacts the financial performance of small and medium-sized unlisted SMEs has not so far been analyzed. This paper aims to analyze, for the first time, the effect of CSR on the financial performance of SMEs. Using an original database including 5,257 French SMEs, we show that adopting CSR practices has a positive but weak effect on a firm’s financial performance. To develop this further, we analyzed CSR practices interactions assessing the best combination of CSR components that positively influence SME financial performance. Our results show that French SMEs benefit more from their pro-social behavior when they choose a combination of CSR components best adapted to their individual characteristics.

Keywords: corporate social responsibility, financial performance, unlisted firms, SMEs

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Authors: Febrina Natalia, Noriyuki Tanaka, Mitsuru Osaki

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Sustainability Index for REDD-plus implementation was constructed to evaluate the sustainability of different communities in 5 villages (Taruna Jaya, Tumbang Nusa, Marang, Terantang, and Seragam Jaya) in Central Kalimantan, Indonesia based on the main objectives of REDD-plus project (reducing emission from deforestation and forest degradation, increasing carbon stock, preserving biodiversity and sustaining forest management). This index was separately composed of 3 different components; (1) ecology, (2) economy, and (3) society. The index of sustainability was determined into four categories; 3,3-4,0 (excellent), 2,5-3,2 (good), 1,8-2,4 (fair), and 1,0-1,7 (poor). Overall, this technique aims to assist all stakeholders and local government in particular in providing information of villages’ sustainability index before implementing REDD-plus project that the assistance and benefits given to villages will be beneficial, effective and efficient.

Keywords: central kalimantan, Indonesia, REDD-plus, sustainability index

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Authors: C. Slim

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Traditional techniques for analyzing time series are based on the notion of stationarity of phenomena under study, but in reality most economic and financial series do not verify this hypothesis, which implies the implementation of specific tools for the detection of such behavior. In this paper, we study nonstationary non-seasonal time series tests in a non-exhaustive manner. We formalize the problem of nonstationary processes with numerical simulations and take stock of their statistical characteristics. The theoretical aspects of some of the most common unit root tests will be discussed. We detail the specification of the tests, showing the advantages and disadvantages of each. The empirical study focuses on the application of these tests to the exchange rate (USD/TND) and the Consumer Price Index (CPI) in Tunisia, in order to compare the Power of these tests with the characteristics of the series.

Keywords: stationarity, unit root tests, economic time series, ADF tests

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Authors: Vilma Deltuvaitė

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Comparisons of financial development across countries are central to answering many of the questions on factors leading to economic development. For this reason this study analyzes the implications of financial system’s development on country’s economic development. The aim of the article: to analyze the impact of financial system’s development on economic development. The following research methods were used: systemic, logical and comparative analysis of scientific literature, analysis of statistical data, time series model (Autoregressive Distributed Lag (ARDL) Model). The empirical results suggest about positive short and long term effect of stock market development on GDP per capita.

Keywords: banking sector, economic development, financial system’s development, stock market, private bond market

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Authors: Abhishek Ranga

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The study examined the effect of accounting choice and level of disclosure on the firm’s implied cost of equity in Indian environment. For the study accounting choice was classified as aggressive or conservative depending upon the firm’s choice of accounting methods, accounting policies and accounting estimates. Level of disclosure is the quantum of financial and non-financial information disclosed in firm’s annual report, essentially in note to accounts section, schedules forming part of financial statements and Management Discussion and Analysis report. Regression models were developed with cost of equity as a dependent variable and accounting choice, level of disclosure as an independent variable along with selected control variables. Cost of equity was measured using Edward-Bell-Ohlson (EBO) valuation model, to measure accounting choice Modified-Jones-Model (MJM) was used and level of disclosure was measured using a disclosure index essentially drawn from Botosan study. Results indicated a negative association between the implied cost of equity and conservative accounting choice and also between level of disclosure and cost of equity.

Keywords: aggressive accounting choice, conservative accounting choice, disclosure, implied cost of equity

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Authors: Aayushi Lyngwa, Bimal Kishore Sahoo

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The study discusses the relationship between cognitive ability and the level of education attained by the tribal street entrepreneurs on their financial literacy. It is driven by the objective of examining the effect of cognitive ability on financial ability on the one hand and determining the effect of the same on financial literacy on the other. A field experiment was conducted on 203 tribal street vendors in the north-eastern Indian state of Mizoram. This experiment's calculations are conditioned by providing each question scores like math score (cognitive ability), financial score and debt score (financial ability). After that, categories for each of the variables, like math category (math score), financial category (financial score) and debt category (debt score), are generated to run the regression model. Since the dependent variable is ordinal, an ordered logit regression model was applied. The study shows that street vendors' cognitive and financial abilities are highly correlated. It, therefore, confirms that cognitive ability positively affects the financial literacy of street vendors through the increase in attainment of educational levels. It is also found that concerning the type of street vendors, regular street vendors are more likely to have better cognitive abilities than temporary street vendors. Additionally, street vendors with more cognitive and financial abilities gained better monthly profits and performed habits of bookkeeping. The study attempts to draw a particular focus on a set-up which is economically and socially marginalized in the Indian economy. Its finding contributes to understanding financial literacy in an understudied area and provides policy implications through inclusive financial systems solutions in an economy limited to tribal street vendors.

Keywords: financial literacy, education, street entrepreneurs, tribals, cognitive ability, financial ability, ordered logit regression.

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Authors: Micke Didit, Xiwen Zhang, Weidong Zhu

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Slope stability is one of the most important subjects of geotechnics. The slope top-loading plays a key role in the stability of slopes in hill slope areas. Therefore, it is of great importance to study the relationship between the load and the stability of the slope. This study aims to analyze the influence of the building load applied on the top of the slope and deduces its effect on the slope stability. For this purpose, a three-dimensional slope model under different building loads with different distances to the slope shoulder was established using the finite-difference analysis software Flac3D. The results show that the loads applied at different distances on the top of the slope have different effects on the slope stability. The slope factor of safety (fos) increases with the increase of the distance between the top-loading and the slope shoulder, resulting in the decrease of the coincidence area between the load-deformation and the potential sliding surface. The slope is no longer affected by the potential risk of sliding at approximately 20 m away from the slope shoulder.

Keywords: building load, finite-difference analysis, FLAC3D software, slope factor of safety, slope stability

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Authors: Def Primal, Sasanty Kusumaningtyas, Ermita I. Ibrahim

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Purpose: The main objective of this study is to determine the pes planus plantaris (flat foot) condition can contribute to the disturbance of postural stability in basketball athletes in static and dynamic activities. Methods: This cross-sectional quantitative analytical retrospective study on 47 subjects of basketball student-athletes identified the foot arch index by extensive footprint area and AMTI (Advanced Mechanical Technology Inc.) Force flat-form (force plate) determined their postural stability. Subjects were conducted in three activities (static, dynamic vertical jump, and dynamic loading response) for ground reaction force (GRF) resultant vectors towards the vertical plane of body mass (W). Results Analytical results obtained that 80.9% of subjects had pes planus plantaris. It shows no significant differences in pes planus plantaris incidence in both sexes subject (p>0.005); however, there are differences in athlete’s exercise period aspect. Athlete students who have practiced strictly for more than four years’ experience over 50% of pes planus plantaris; furthermore, a long period of exercise was believed to stimulate pes planus. The average value of GRF vectors of pes planus plantaris subjects on three different basketball movements shows a significant correlation to postural stability. Conclusions Pes planus plantaris affected almost basketball athletes regarding the length and intensity of exercise performed. The condition significantly contributes to postural stability disturbance on a static condition, dynamic vertical jump, and dynamic vertical jump loading response.

Keywords: pes planus plantaris, flatfoot, ground reaction force, static and dynamic stability

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Authors: Shaibu Ali, Sherif Heiman Shaban, Musah Ismaila, Imoro Alhassan, Yusif Ali

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Purpose: Islamic banking and finance is one of the most rapidly growing segments of the global finance industry. Starting with the Dubai Islamic Bank in 1975, the number of Islamic financial institutions worldwide has shot up astronomically, to over three hundred, with operations in seventy-five countries and assets in excess of US$400 billion. The purpose of this study is to explore the prospects and challenges of Islamic banking introduction in a non-Islamic country like Ghana. Design/Methodology: Data for the study was collected via an expert opinion of three Islamic scholars on Islamic banking from Ghana. Findings: Findings from this study indicates some of the benefits of Islamic banking includes connecting financial markets and economic activity, promoting the principle of financial justice, greater stability, avoiding economic bubbles (and bursts) and reducing the impact of harmful products and practices. The study also identified lack of experts in various fields of Islamic banking, product innovation, moral hazard, and need for experienced staff in Islamic banking as some of the challenges to Islamic banking system’s introduction. Contribution: The study contributes to literature on Islamic banking from a non-Islamic country like Ghana.

Keywords: Islamic banking, Shari’ah, Riba, conventional banking

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Authors: Yıldırım I. Tosun, Halim Cevizci, Hakan Ceylan

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By GEO5 FEM program with four rockfill slope modeling and stability analysis was performed for S1, S2, S3 and S4 slopes where landslides of the shalefills were limited. Effective angle of internal friction (φ'°) 17°-22.5°, the effective cohesion (c') from 0.5 to 1.8 kPa, saturated unit weight 1.78-2.43 g/cm3, natural unit weight 1.9-2.35 g/cm3, dry unit weight 1.97-2.40 g/cm3, the permeability coefficient of 1x10-4 - 6.5x10-4 cm/s. In cross-sections of the slope, GEO 5 FEM program possible critical surface tension was examined. Rockfill dump design was made to prevent sliding slopes. Bulk material designated geotechnical properties using also GEO5 programs FEM and stability program via a safety factor determined and calculated according to the values S3 and S4 No. slopes are stable S1 and S2 No. slopes were close to stable state that has been found to be risk. GEO5 programs with limestone rock fill dump through FEM program was found to exhibit stability.

Keywords: slope stability, stability analysis, rockfills, sock stability

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Authors: Muhammad Akhtaruzzaman

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The impact of corporate environmental social and governance (ESG) on financial performance is often difficult to quantify despite the ESG related theories predict that ESG performance improves financial performance of a company. This research examines the link between corporate ESG performance and the financial performance of the NZX (New Zealand Stock Exchange) listed companies. For this purpose, this research utilizes mixed methods approaches to examine and understand this link. While quantitative results found no robust evidence of such a link, however, the qualitative analysis of content data suggests a strong cooccurrence exists between ESG performance and financial performance. The findings of this research have important implications for policymakers to support higher ESG-performing companies and for management practitioners to develop ESG-related strategies.

Keywords: ESG, financial performance, New Zealand firms, thematic analysis, mixed methods

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Authors: Flora Babongo, Valerie Chavez

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Inferring causality from observational data is one of the fundamental subjects, especially in quantitative finance. So far most of the papers analyze additive noise models with either linearity, nonlinearity or Gaussian noise. We fill in the gap by providing a nonlinear and non-gaussian causal multiplicative noise model that aims to distinguish the cause from the effect using a two steps method based on Bayesian additive models for location, scale and shape (BAMLSS) and on causal additive models (CAM). We have tested our method on simulated and real data and we reached an accuracy of 0.86 on average. As real data, we considered the causality between financial indices such as S&P 500, Nasdaq, CAC 40 and Nikkei, and companies' log-returns. Our results can be useful in inferring causality when the data is heteroskedastic or non-injective.

Keywords: causal inference, DAGs, BAMLSS, financial index

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Authors: Salma Aboussalam, Karima Khalil, Khalid Elkalay

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To describe the structure, functioning, and state of the Moroccan Mediterranean Sea ecosystem, an Ecopath mass balance model has been applied. The model is based on 31 functional groups, containing 21 fishes, 7 invertebrates, 2 primary producers, and one dead group (detritus), which are considered in this work to explore the trophic interaction. The system's average trophic transfer efficiency was 23%. Both the total primary production and total respiration were calculated to be >1, suggesting that more energy is produced than respired in the system. The structure of our system is based on high respiration and consumption flows. Indicators of ecosystem stability and development showed low values of the Finn cycle index (13.97), system omnivory index (0.18), and average Finn path length (3.09), suggesting that our system is disturbed and has a more linear than web-like trophic structure. The keystone index and mixed trophic impact analysis indicated that other demersal invertebrates, zooplankton, and cephalopods had a tremendous impact on other groups and were recognized as keystone species.

Keywords: Ecopath, food web, trophic flux, Moroccan Mediterranean Sea

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Authors: Syafril Hendrik Hutabarat, Hartiwiningsih, Pujiyono Suwadi

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The Financial Service Authority (FSA) was formed as a response to the 1997 monetary crisis and the 2008 financial crisis so that it was more defensive in nature while developments in information and communication technology have required state policies to be more offensive to keep up with times. Reconstruction of Authorities of the FSA's Investigator is intended to keep the agency worthy to be part of an integrated criminal justice system in Indonesia which has implications for expanding its authority in line with efforts to protect and increase the welfare of the people. The results show that internal synergy between sub-sectors in the financial services sector is not optimised, some are even left behind so that the FSA is not truly an authority in the financial services sector. This research method is empirical. The goal of synergy must begin with internal synergy which has its moment when Indonesia gets a demographic bonus in the 2030s and becomes an international logistics hub supported by the national financial services sector.

Keywords: reconstruction, authorities, FSA investigators, synergy, demography

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Authors: Sanju Vaidya, Aihua Li

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Vulnerability measures and topological indices are crucial in solving various problems such as the stability of the communication networks and development of mathematical models for chemical compounds. In 1947, Harry Wiener introduced a topological index related to molecular branching. Now there are more than 100 topological indices for graphs. For example, Hosoya polynomials (also called Wiener polynomials) were introduced to derive formulas for certain vulnerability measures and topological indices for various graphs. In this paper, we will find a relation between the Hosoya polynomials of any graph and its Mycielskian graph. Additionally, using this we will compute vulnerability measures, closeness and betweenness centrality, and extended Wiener indices. It is fascinating to see how Hosoya polynomials are useful in the two diverse fields, cybersecurity and chemistry.

Keywords: hosoya polynomial, mycielskian graph, graph vulnerability measure, topological index

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Authors: Shama Urooj

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The present work investigates the relationship among financial inclusion, modernization, and energy performance in SCO member countries during the years 2011–2021. PCA is used to create composite indexes of financial inclusion, modernization, and energy performance. We used panel regression models that are both reliable and heteroscedasticity-consistent to look at the relationship among variables. The findings indicate that financial inclusion (FI) and modernization, along with the increased FDI, all appear to contribute to the energy performance in the SCO member countries. However, per capita GDP has a negative impact on energy performance. These results are unbiased and consistent with the robust results obtained by applying different econometric models. Feasible Generalized Least Square (FGLS) estimation is also used for checking the uniformity of the main model results. This research work concludes that there has been no policy coherence in SCO member countries regarding the coordination of growing financial inclusion and modernization for energy sustainability in recent years. In order to improve energy performance with modern development, policies regarding financial inclusion and modernization need be integrated both at national as well as international levels.

Keywords: financial inclusion, energy performance, modernization, technological development, SCO.

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Authors: Jui-Ting Hsu, Heng-Li Huang, Ming-Tzu Tsai, Kuo-Chih Su, Lih-Jyh Fuh

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The objectives of this study were to measure the initial stability of the dental implant (ISQ and PTV) in the artificial foam bone block with three different quality levels. In addition, the 3D bone to implant contact percentage (BIC%) was measured based on the micro-computed tomography images. Furthermore, the relation between the initial stability of dental implant (ISQ and PTV) and BIC% were calculated. The experimental results indicated that enhanced the material property of the artificial foam bone increased the initial stability of the dental implant. The Pearson’s correlation coefficient between the BIC% and the two approaches (ISQ and PTV) were 0.652 and 0.745.

Keywords: dental implant, implant stability quotient, peak insertion torque, bone-implant contact, micro-computed tomography

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Authors: Abdous Noureddine

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The problem of funding in Algeria emerged as a problem you need to study after many Algerians researchers pointed out that the faltering Algerian public economic institution due to the imbalance in the financial structures and lower steering and marketing efficiency, as well as a result of severe expansion of borrowing because of inadequate own resources, and the consequent inability This institution to repay loans and interest payments, in addition to increasing reliance on overdraft so used to finance fixed assets, no doubt that this deterioration requires research and study of the causes and aspects of treatment, which addresses the current study, aside from it.

Keywords: financial structure, financial capital, equity, debt, firm’s value, return, leverage

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Authors: C. F. Popoola, K. Akinsanya, S. B. Babarinde, D. A. Farinde

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This study investigated published financial statement as correlate of investment decision among commercial bank stakeholders in Nigeria. A correlation research design was used in the study. 180 users of published financial statement were purposively sampled from Lagos and Ibadan. Data generated were analyzed using Pearson correlation and regression. The findings of the study revealed that, balance sheet is negatively related with investment decision (r=-.483; p < .01) while income statement (r= .249; p < .001), notes on the account (r= .230; p < .001), cash flow statement (r= .202; p < .001), value added statement (r= .328; p < .001) and five-year financial summary (r= .191 ;p < .01) are positively related with investment decision. Findings also revealed that components of published financial statement significantly predicted good investment decision (R2= .983; F(5,175)=284.5; p < .05) for commercial bank stakeholders. Therefore, it was suggested that Nigeria banks and professional bodies should instigate programs that will increase the knowledge of stakeholders on published financial statement.

Keywords: commercial banks, financial statement, income statement, investment decision, stakeholders

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Authors: Yosia Mulumba, Klaus Schmidt

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Financial Inclusion is considered a key pillar for development in most countries around the world. Access to affordable financial services in a country’s economy can be a driver to overcome poverty and reduce income inequalities, and thus increase economic growth. Nevertheless, the number of financially excluded populations in developing countries continues to be very high. This paper explores the role of Financial Technology (Fintech) as a key driver for achieving financial inclusion in developing countries post the COVID-19 pandemic with an emphasis on four East African countries: Kenya, Tanzania, Uganda, and Rwanda. The research paper is inspired by the positive disruption caused by the pandemic, which has compelled societies in East Africa to adapt and embrace the use of financial technology innovations, specifically Mobile Money Services (MMS), to access financial services. MMS has been further migrated and integrated with other financial technology innovations such as Mobile Banking, Micro Savings, and Loans, and Insurance, to mention but a few. These innovations have been adopted across key sectors such as commerce, health care, or agriculture. The research paper will highlight the Mobile Network Operators (MNOs) that are behind MMS, along with numerous innovative products and services being offered to the customers. It will also highlight the regulatory framework under which these innovations are being governed to ensure the safety of the customers' funds.

Keywords: financial inclusion, financial technology, regulatory framework, mobile money services

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Authors: Alev Atak

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We study the endogeneity in the cryptocurrency market over the branching ratio of the Hawkes process and evaluate the movement of self-excitability in the financial markets. We consider a semi-parametric self-exciting point process regression model where the excitation function is assumed to be smooth and decreasing but otherwise unspecified, and the baseline intensity is assumed to be a linear function of the regressors. We apply the empirical analysis to the three largest crypto assets, i.e. Bitcoin - Ethereum - Ripple, and provide a comparison with other financial assets such as SP500, Gold, and the volatility index VIX observed from January 2015 to December 2020. The results depict variable and high levels of endogeneity in the basket of cryptocurrencies under investigation, underlining the evidence of a significant role of endogenous feedback mechanisms in the price formation process.

Keywords: hawkes process, cryptocurrency, endogeneity, reflexivity

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Authors: Seyed Abolhassan Naeini, Azam Kouhpeyma

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Reduction of water level at which a slope is submerged with it is called drawdown. Draw down can took place rapidly or slowly and in both situations, it can affect slope stability. Using coupled analysis (seepage and stability analysis) causes more accurate results. In this study, the stability of homogeneous embankment is investigated numerically. Slope safety factor changes due to changes in three factors of height, slope and drawdown rate have been investigated and compared. It was found that with increasing height and slope, the safety factor decreases, and with increasing the discharge rate, the safety factor increases.

Keywords: drawdown, slope stability, coupled seepage and stability analysis

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Authors: Sana Masmoudi, Yosra Makni

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Regulators highlight the importance of the Audit Committee (AC) as a key internal corporate governance mechanism. One of the most important roles of this committee is to oversee the financial reporting process. The purpose of this paper is to examine the link between the characteristics of an audit committee and the financial reporting quality by investigating whether the formation of audit committees and their characteristics are associated with improved financial reporting quality. This study provides empirical evidence of the association between audit committee independence, financial expertise, gender diversity, and meetings and Real Earnings Management (REM) as a proxy of financial reporting quality. Using data from, with a sample of 80 companies listed on the Amsterdam Stock Exchange during 2010-2017, the study finds that independence and AC Gender diversity are strongly related to financial reporting quality. In fact, these two characteristics constrain REM. The results also suggest that AC-financial expertise reduces to some extent, the likelihood of engaging in REM. These conclusions provide support then to the audit committee requirement under the Dutch Corporate Governance Code rules regarding gender diversity and AC meetings.

Keywords: audit committee, financial expertise, independence, real earnings management

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Authors: Gulcin Yildiz, Hao Feng

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Soybean proteins are the most widely used and researched proteins in the food industry. Due to soy allergies among consumers, however, alternative legume proteins having similar functional properties have been studied in recent years. These alternative proteins are also expected to have a price advantage over soy proteins. One such protein that has shown good potential for food applications is pea protein. Besides the favorable functional properties of pea protein, it also contains fewer anti-nutritional substances than soy protein. However, a comparison of the physicochemical properties of pea protein isolate (PPI)-starch nanocomplexes and soy protein isolate (SPI)-starch nanocomplexes treated by ultrasound has not been well documented. This study was undertaken to investigate the effects of ultrasound treatment on the physicochemical properties of PPI-starch and SPI-starch nanocomplexes. Pea protein isolate (85% pea protein) provided by Roquette (Geneva, IL, USA) and soy protein isolate (SPI, Pro-Fam® 955) obtained from the Archer Daniels Midland Company were adjusted to different pH levels (2-12) and treated with 5 minutes of ultrasonication (100% amplitude) to form complexes with starch. The soluble protein content was determined by the Bradford method using BSA as the standard. The turbidity of the samples was measured using a spectrophotometer (Lambda 1050 UV/VIS/NIR Spectrometer, PerkinElmer, Waltham, MA, USA). The volume-weighted mean diameters (D4, 3) of the soluble proteins were determined by dynamic light scattering (DLS). The emulsifying properties of the proteins were evaluated by the emulsion stability index (ESI) and emulsion activity index (EAI). Both the soy and pea protein isolates showed a U-shaped solubility curve as a function of pH, with a high solubility above the isoelectric point and a low one below it. Increasing the pH from 2 to 12 resulted in increased solubility for both the SPI and PPI-starch complexes. The pea nanocomplexes showed greater solubility than the soy ones. The SPI-starch nanocomplexes showed better emulsifying properties determined by the emulsion stability index (ESI) and emulsion activity index (EAI) due to SPI’s high solubility and high protein content. The PPI had similar or better emulsifying properties at certain pH values than the SPI. The ultrasound treatment significantly decreased the particle sizes of both kinds of nanocomplex. For all pH levels with both proteins, the droplet sizes were found to be lower than 300 nm. The present study clearly demonstrated that applying ultrasonication under different pH conditions significantly improved the solubility and emulsify¬ing properties of the SPI and PPI. The PPI exhibited better solubility and emulsifying properties than the SPI at certain pH levels

Keywords: emulsifying properties, pea protein isolate, soy protein isolate, ultrasonication

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Authors: Farzad Khajavi, Farzaneh Jalilfar, Faranak Jafari, Leila Shokrani

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Formulation of Ranolazine in the form of extended-release tablet in 500 mg dosage form was performed using Eudragit L100-55 as a retarding agent. Drug-release profiles were investigated in comparison with the reference Ranexa extended-release 500 mg tablet. F₂ and f₁ were calculated as 64.16 and 8.53, respectively. According to Peppas equation, the release of drug is controlled by diffusion (n=0.5). The tablets were put into accelerated stability conditions (40 °C, 75% humidity) for 3 and 6 months. The dissolution release profiles and other physical and chemical characteristics of the tablets confirmed the robustness and stability of formulation in this condition.

Keywords: drug release, extended-release tablet, ranolazine, stability

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Authors: Rizwan Fazal

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This study investigates the behavior of external sector of Pakistan economy and its impact on economic growth, using quarterly data for the period 1990:01-2010:04. External sector indices used in this study are financial integration, net foreign assets and trade integration. Augmented Ducky fuller confirms that all variables of external sector are non-stationary at level, but at first difference it becomes stationary. The co-integration test suggests one co-integrating variables in the study. The analysis is based on Vector Auto Regression model followed by Vector Error Correction Model. The empirical findings show that financial integration play important role in increasing economic growth in Pakistan economy while trade integration has negative effect on economic growth of Pakistan in the long run. However, the short run confirms that output lag accounts for error correction. The estimated CUSUM and CUSUMQ stability test provide information that the period of the study equation remains stable.

Keywords: financial integration, trade integration, net foreign assets, gross domestic product

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