Search results for: historic investment

Authors: Frederick Monyepao

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Crack cocaine first appeared on the scene in the form of cocaine freebasing in the late 1970s. Stockbrokers, investment bankers, rock stars, Hollywood elites, and a few pro athletes were regular users of the substance. As criminogenic factors associated with substance abuse began to surface, congress passed new legislation. The laws led to the increase of health coverage insurances and the expansion of hospitals. By the mid-1980s, crack use spread into America's inner cities among impoverished African Americans and Latinos. While substance abuse increased among minority communities, legislation pertaining to substance abuse evolved. The prison industry also expanded the number of cells available. A qualitative approach was taken, drawing from a range secondary sources for contextual analysis. This paper traces out the continued marginalisation and racist undertones towards minorities as perpetuated by certain drug policies. It was discovered that the new legislation on crack was instrumental in the largest incarcerations the United States ever faced. Drug offenders increased in prisons eightfold from 1986 to 2000. The paper concludes that American drug control policies are consistently irrational and ineffective when measured by levels of substance use and abuse. On the contrary, these policies have been successful as agents of social control in maintaining the stratification patterns of racial/ethnic minorities and women. To move beyond prohibition, radical law and policy reform may require a change in narratives on substance use.

Keywords: crack, drug policy, minorities, racism, substance abuse

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Authors: Taehyun Kim, Hyunjoo Park, Taehyun Kim

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Public deliberation committee on Shin-Gori Nuclear Reactors No. 5 & 6 in South Korea recently suggested policy recommendation in July 2017 including complementary measures for resumption of construction: 1) nuclear power generation reduction, 2) expansion of investment to increase proportion of renewable energy, 3) repositories of spent nuclear fuel. Even when constructing eco-friendly renewable energy facilities such as solar and wind power plants, local residents are opposed to construction of these facilities due to environmental pollution and health impacts. In order to transform eco-friendly energy, it is necessary to convert nuclear energy into renewable energy and to take measures to increase the acceptance of residents through the participation of citizens. Therefore, this study aims to compare the factors of local acceptance of renewable energy facilities and spent nuclear fuel repositories through literature review and in-depth interview. The results show that environmental and economic concerns, risk perceptions, sociality, demographic characteristics and subjective recognition types affect the local acceptance for spent nuclear fuel repository. The factors of local acceptance for renewable energy facilities are partially coincide with those for spent nuclear fuel repository. The results of this study will contribute to improving residents' acceptance and reducing conflicts when determining the location of facilities in the future.

Keywords: local acceptance, renewable energy facility, spent nuclear fuel repository, interview

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Authors: Mohammed Ibrahim Girei

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Adamawa state is one the major producers of both crop and animals in Nigeria. Agricultural production serves as the major means livelihood of the people in the state. However, the agricultural activities of the farmers in the state are at subsistence level. However integration of these small scale farmers in local, national and international market is paramount importance. The paper was designed to categorize farmers based on market participation among the cattle farmers in Adamawa state, Nigeria. The multistage sampling procedure was employed. To achieve this procedure, structured questionnaires were used to collect data from 400 respondents. The data were analyzed using the descriptive statistics. The result revealed that the majority of market participants were net sellers (78.51 %) (Sales greater than purchase), net buyers were (purchase greater than sales) 12.95 % and only 9% were autarkic (sales equal purchase). The study recommends that Government should provide more effective security services in cattle farming communities, which is very important as the market participants in the study area were net sellers (producers), it will help in addressing the problem of cattle rustling and promote more investment in cattle industry. There is a need to establish a standard cattle market, veterinary services and grazing reserves in the area so that to facilitate the cattle production and marketing system in the area and to meet up with the challenging of livestock development as a result of rapid human population growth in developing countries like Nigeria.

Keywords: categories, cattle, farmers, market, participation

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Authors: Mohammad Mehdizadeh, Sara Miri

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Due to the recent events surrounding the global health crisis and the spread of the coronavirus (COVID-19), the activities of many businesses and start-up companies have been disrupted. It solves many economic problems and can reduce unemployment in countries because governments can take advantage of their potential without direct investment. However, with the help of their innovative ideas and new technologies, these companies can develop and grow the economy. But it is essential to consider that there will be no guarantee of their success in the event of unforeseen events, as the coronavirus outbreak in the last two years has seriously damaged these companies and, like other businesses, challenges and stagnation have started. The startup companies' challenge in the face of coronavirus begins with its impact on customers. Changing customer behavior can affect their products and distribution channels. On the other hand, to prevent countless losses in this crisis, startup companies require creative solutions to address challenges in various areas of human capital, supply chain management, sales and marketing, and so on. Therefore, all business leaders must consider and plan for the current crisis and the future; after overcoming these conditions and returning to regular business routines, it will no longer be an option, and new situations will prevail in a competitive environment. The essential strategies for developing and growing startups during the Coronavirus outbreak can be connecting with the global startup ecosystem, hosting webinars, providing podcasts and free question and answer sessions, mentoring services to growing teams, and consulting pointed out this to firms for digitalization.

Keywords: business, COVID-19, digitalization, startups

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Authors: Imran Ullah Khana, Mohd Hafiz Dzarfan Othmanb, Haslenda Hashima, Takeshi Matsuurad, A.F. Ismailb, M. Rezaei-DashtArzhandib, I. Wan Azelee

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Biogas upgrading is a widely studied and discussed topic, and its utilization as a natural gas substitute has gained significant attention in recent years. The production of biomethane provides a versatile application in both heat and power generation and as a vehicular fuel. This paper systematically reviews the state of the art of biogas upgrading technologies with upgrading efficiency, methane (CH4) loss, environmental effect, development and commercialization, and challenges in terms of energy consumption and economic assessment. The market situation for biogas upgrading has changed rapidly in recent years, giving membrane separation a significant market share with traditional biogas upgrading technologies. In addition, the potential utilization of biogas, efficient conversion into bio-compressed natural gas (bio-CNG), and storage systems are investigated in depth. Two storing systems for bio-CNG at filling stations, namely buffer and cascade storage systems are used. The best storage system should be selected on the basis of the advantages of both systems. Also, the fuel economy and mass emissions for bio-CNG and CNG-filled vehicles are studied. There is the same fuel economy and less carbon dioxide (CO2) emission for bio-CNG. Based on the results of comparisons between the technical features of upgrading technologies, various specific requirements for biogas utilization and the relevant investment, and operating and maintenance costs, future recommendations are made for biogas upgrading.

Keywords: biogas upgrading, cost, utilization, bio-CNG, storage, energy

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Authors: J. Vasauskaite

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From the perspective of Lithuanian furniture enterprises, the role of energy efficiency is significant as it leads to direct economic benefits, increased competitiveness and higher productivity. There are various possible improvements in energy efficiency in industry: changes in the production process, investment in R&D, implementation of energy-saving technologies or energy management systems. The research aims to contribute the understanding of energy efficiency importance in industry by presenting possible improvements of energy use in different manufacturing process of enterprises. The evaluation methodology included quantitative and qualitative research methods: the comparative and statistical analysis of primary and secondary sources of information. This paper provides the detailed analysis of the energy efficiency development opportunities and challenges in Lithuanian furniture industry. The results of the study show the importance of technological innovations, energy efficiency policies and environmental management strategies in developing energy efficiency within the wood and furniture industry. The analysis of energy efficiency development in Lithuanian furniture industry showed that the industrial activities are influenced by various internal and external factors such as increasing flows of products, human resources and overall management decisions; dynamic growth and increasing competition; emerging need for environmental information. In the light of these factors, Lithuanian furniture industry has undergone significant changes – restructuring, technological advances and business model innovations, allowing it to be more export-oriented and focus on upgrading quality, design and innovation.

Keywords: energy efficiency, energy policy, furniture industry, technological innovation

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Authors: Geetanjali Sharma

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There are always provincial variations which deserve more detailed treatment. Before the arrival of modern era, geography and cultural homogeneity were determining factors of human habitat and migration. Boundaries as if we see them, did not exist earlier. The connectivity of the world was also different as of now. The reinforcement of the old silk route will improve economic cooperation and connectivity between Asian, European and African countries, but obviously, it is designed to improve China’s geopolitical and geostrategic position in the world. The paper is based on the secondary sources of data. Analytical and historical approach has been used to clarify the ties between the old silk routes and new One-Belt-One-Road initiative China. The paper begins with an explanation of the historical background of the old Silk Route, its origin and development, trailed by an analysis of latest declarations by the Chinese leaders to revive it. It also discusses the impacts of this initiative on India’s economy and cultural exchange between associated regions. Lastly, the paper sums up the findings and suggestions for keeping a balance between the security and economic relationship between the countries. It concludes that the silk route is an effort in commencing a ‘grand strategy’ for global trade and cooperation with hidden objectives of China to increase the investment of China in other continents as well. The revival of silk route may prove to be a very helpful in reinforcing cooperation and raising it to a new level of economic establishments. However, China has yet to promote the much-needed political and strategic trust.

Keywords: OBOR (One-Belt-One-Road), geopolitics, economic relation, security concerns

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Authors: Roy Hanney

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This research study aims to develop an evidential basis to inform strategic development of the film industry in the Solent (south central) region of the UK. The density of the creative industries around the region is driving the growth of jobs. Yet, film production in particular, appears to struggle with field configuration, lacks ecological cohesion, and suffers from underdeveloped ecosystems when compared to other areas bordering the region. Though thriving, a lack of coordinated leadership results in the continued reproduction of an ill-configured, constricted and socio-economically filtered workforce. One that struggles to seize strategic opportunities arising as a consequence of the ongoing investment in UK film production around the west of London. Taking a participatory approach, the study seeks to avoid the universalism of place marketing and focus on the situatedness of the region and its specific cultural, social, and economic contexts. The staging of a series of high profile networking events provided a much needed field configuring activity and enabled the capture of voices of those currently working in the sector. It will also provided the opportunity for an exploratory network mapping of the regional creative industries as a value exchange ecosystem. It is understood that a focus on production is not in itself a solution to the challenges faced in the region. There is a need to address issues of access as a counterbalance to skewed representation among the creative workforces thus the study also aims to report on opportunities for embedding diversity and inclusion in any strategic solutions.

Keywords: creative, industries, ecosystem, ecology

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Authors: Mohammadreza Mojtahedi

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Urban agriculture, in the face of burgeoning urban populations and unchecked urbanization, presents a promising avenue for sustainable economic, social, and environmental growth. This study, set against the backdrop of Neishabour, Iran, delves into the potential and challenges inherent in this domain. Utilizing a descriptive-analytical approach, field survey data were predominantly collated via questionnaires. The research rigor was upheld with the Delphi method affirming the validity and a Cronbach's alpha score exceeding 0.70, underscoring reliability. The study encompassed Neishabour's 2016 populace, pegged at 264,375, drawing a sample size of 384 via Cochran's formula. The findings spotlight Neishabour's pronounced agricultural prowess, as evidenced by a significance level under 0.05 and an average difference of 0.54. Engaging in urban agricultural ventures can notably elevate job quality, spur savings, bolster profitability, promote organic cultivation, and streamline production expenses. However, challenges, such as heightened land valuations for alternative uses, conflicting land engagements, security dilemmas, technical impediments, waning citizen interest, regulatory conundrums, and perceived upfront investment risks, were identified. A silver lining emerged with urban locales, especially streets and boulevards, securing average ratings of 3.90, marking them as prime contenders for urban agricultural endeavors.

Keywords: urban agriculture, sustainable development, mid-sized cities, neishabour.

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Authors: M. Saiful Islam, M. Mohandes, S. Rehman, S. Badran

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Increasing necessity of wind power is directing us to have precise knowledge on wind resources. Methodical investigation of potential locations is required for wind power deployment. High penetration of wind energy to the grid is leading multi megawatt installations with huge investment cost. This fact appeals to determine appropriate places for wind farm operation. For accurate assessment, detailed examination of wind speed profile, relative humidity, temperature and other geological or atmospheric parameters are required. Among all of these uncertainty factors influencing wind power estimation, vertical extrapolation of wind speed is perhaps the most difficult and critical one. Different approaches have been used for the extrapolation of wind speed to hub height which are mainly based on Log law, Power law and various modifications of the two. This paper proposes a Artificial Neural Network (ANN) and Genetic Algorithm (GA) based hybrid model, namely GA-NN for vertical extrapolation of wind speed. This model is very simple in a sense that it does not require any parametric estimations like wind shear coefficient, roughness length or atmospheric stability and also reliable compared to other methods. This model uses available measured wind speeds at 10m, 20m and 30m heights to estimate wind speeds up to 100m. A good comparison is found between measured and estimated wind speeds at 30m and 40m with approximately 3% mean absolute percentage error. Comparisons with ANN and power law, further prove the feasibility of the proposed method.

Keywords: wind profile, vertical extrapolation of wind, genetic algorithm, artificial neural network, hybrid machine learning

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Authors: Bishwa Nath Oli

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Nepal is highly impacted by climate change and adaptation has been a major focus. This paper investigates the gaps and coherence in national policies across water, forestry, local development and agriculture sectors, identifies their links to climate change adaptation and national development plans and analyzes the effectiveness of climate change policy on adaptation. The study was based on a content analysis of relevant policy documents on the level of attention given to adaptation and key informant interviews. Findings show that sectoral policies have differing degrees of cross thematic coherence, often with mismatched priorities and differing the paths towards achieving climate change goal. They are somewhat coherent in addressing immediate disaster management issues rather than in climate adaptation. In some cases, they are too broad and complicated and the implementation suffers from barriers and limits due to lack of capacity, investment, research and knowledge needed for evidence-based policy process. They do not adequately provide operational guidance in supporting communities in adapting to climate change. The study recommends to a) embrace longer-term cross-sectoral planning within government structures to foster greater policy coherence and integrated adaptation planning, b) increase awareness and flow of information on the potential role of communities in climate change, c) review the existing development sectors from the climate change perspectives, and d) formulate a comprehensive climate change legislation based on the need to implement the new Constitution.

Keywords: agriculture, climate change adaptation, forestry, policies

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Authors: Neelam Kadyan, Pratima Ranga, Yogender

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Indigenous people are the One who are affected by the climate change the most, although there have contributed little to its causes. This is largely a result of their historic dependence on local biological diversity, ecosystem services and cultural landscapes as a source of their sustenance and well-being. Comprising only four percent of the world’s population they utilize 22 percent of the world’s land surface. Despite their high exposure-sensitivity indigenous peoples and local communities are actively responding to changing climatic conditions and have demonstrated their resourcefulness and resilience in the face of climate change. Traditional Indigenous territories encompass up to 22 percent of the world’s land surface and they coincide with areas that hold 80 percent of the planet’s biodiversity. Also, the greatest diversity of indigenous groups coincides with the world’s largest tropical forest wilderness areas in the Americas (including Amazon), Africa, and Asia, and 11 percent of world forest lands are legally owned by Indigenous Peoples and communities. This convergence of biodiversity-significant areas and indigenous territories presents an enormous opportunity to expand efforts to conserve biodiversity beyond parks, which tend to benefit from most of the funding for biodiversity conservation. Tapping on Ancestral Knowledge Indigenous Peoples are carriers of ancestral knowledge and wisdom about this biodiversity. Their effective participation in biodiversity conservation programs as experts in protecting and managing biodiversity and natural resources would result in more comprehensive and cost effective conservation and management of biodiversity worldwide. Addressing the Climate Change Agenda Indigenous Peoples has played a key role in climate change mitigation and adaptation. The territories of indigenous groups who have been given the rights to their lands have been better conserved than the adjacent lands (i.e., Brazil, Colombia, Nicaragua, etc.). Preserving large extensions of forests would not only support the climate change objectives, but it would respect the rights of Indigenous Peoples and conserve biodiversity as well. A climate change agenda fully involving Indigenous Peoples has many more benefits than if only government and/or the private sector are involved. Indigenous peoples are some of the most vulnerable groups to the negative effects of climate change. Also, they are a source of knowledge to the many solutions that will be needed to avoid or ameliorate those effects. For example, ancestral territories often provide excellent examples of a landscape design that can resist the negatives effects of climate change. Over the millennia, Indigenous Peoples have developed adaptation models to climate change. They have also developed genetic varieties of medicinal and useful plants and animal breeds with a wider natural range of resistance to climatic and ecological variability.

Keywords: ancestral knowledge, cost effective conservation, management, indigenous peoples, climate change

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Authors: Elizabeth Snyman-Van Deventer

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Numerous corporate scandals, which included investment scams, corporate malfeasance, unethical conduct and conflicts of interest, contributed to the collapse of WorldCom, Global Crossing, Xerox, Tyco, Enron, Sprint, AbbVie and Imclone and led to alarmed investors abandoning public securities markets and the tumbling of U.S stock markets. These companies suffered significant financial losses due to substantial and fraudulent misstatements and other illegal, corrupt or unethical practices. Executives were convicted of fraud and sentenced to prison. The corporate financial scandals, governance failures, and the ensuing public outcries led to mandatory legislation, e.g. the Sarbanes-Oxley Act in the USA. In European corporate scandals such as Parmalat, Royal Dutch Ahold, Vivendi, Adecco and Elan, the boards missed financial misrepresentations. In South Africa, Steinhoff is the most well-known example of corporate collapse, but now we can also add Tongaat Hulett. It seems as if fraud and corruption may be the major sources of these corporate collapses. In most instances, there is either the active involvement of the directors and managers in these fraudulent or corrupt practices, or there is a negligent or even intentional failure to act by directors to prevent these activities. However, besides directors and managers, auditors and lawyers failed in most of these companies to fulfil their professional duties. In most of these major collapses, the ethics of especially auditors and directors could be questioned. This paper will first provide a brief overview of corporate collapses. Secondly, the reasons for these collapses, with a focus on unethical conduct, will be discussed.

Keywords: professional duties, corporate collapses, ethical conduct, legal ethics, directors, auditors

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Authors: P. M. Naushad Ali

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India’s strength in basic research is recognized internationally. Science and Technology research in India has been performed by six distinct bodies or organizations such as Cooperative Research Associations, Autonomous Research Council, Institute under Ministries, Industrial R&D Establishment, Universities, Private Institutions. All most all these institutions are having a well-established library/information center to cater the information needs of their users like scientists and technologists. Information Management (IM) comprises disciplines concerned with the study and the effective and efficient management of information and resources, products and services as well as the understanding of the involved technologies and the people engaged in this activity. It is also observed that the libraries and information centers in India are also using modern technologies for the management of various activities and services to serve their users in a better way. Science and Technology libraries in the country are usually better equipped because the investment in Science and Technology in the country are much larger than those in other fields. Thus, most of the Science and Technology libraries are equipped with modern IT-based tools for handling and management of library services. In spite of these facts Science and Technology libraries are having all the characteristics of a model organization where computer application is found most successful, however, the adoption of this IT based management tool is not uniform in these libraries. The present study will help to know about the level use of IT-based management tools for the information management of Science and Technology libraries in India. The questionnaire, interview, observation and document review techniques have been used in data collection. Finally, the author discusses findings of the study and put forward some suggestions to improve the quality of Science and Technology institute library services in India.

Keywords: information management, science and technology libraries, India, IT-based tools

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Authors: Eleni Tsalaporta, Sebastien Vaesen, James M. D. MacElroy, Wolfgang Schmitt

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Carbon dioxide capture has attracted the attention of many governments, industries and scientists over the last few decades, due to the rapid increase in atmospheric CO2 composition, with several studies being conducted in this area over the last few years. In many of these studies, CO2 capture in complex Pressure Swing Adsorption (PSA) cycles has been associated with high energy consumption despite the promising capture performance of such processes. The purpose of this study is the economic capture of atmospheric carbon dioxide for its transformation into a clean type of energy. A single column Temperature /Vacuum Swing Adsorption (TSA/VSA) process is proposed as an alternative option to multi column Pressure Swing Adsorption (PSA) processes. The proposed adsorbent is SIFSIX-3-Ni, a newly developed MOF (Metal Organic Framework), with extended CO2 selectivity and capacity. There are three stages involved in this paper: (i) SIFSIX-3-Ni is synthesized and pelletized and its physical and chemical properties are examined before and after the pelletization process, (ii) experiments are designed and undertaken for the estimation of the diffusion and adsorption parameters and limitations for CO2 undergoing capture from the air; and (iii) the CO2 adsorption capacity and dynamical characteristics of SIFSIX-3-Ni are investigated both experimentally and mathematically by employing a single column TSA/VSA, for the capture of atmospheric CO2. This work is further supported by a technical-economical study for the estimation of the investment cost and the energy consumption of the single column TSA/VSA process. The simulations are performed using gProms.

Keywords: carbon dioxide capture, temperature/vacuum swing adsorption, metal organic frameworks, SIFSIX-3-Ni

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Authors: Irfan Khairi

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It is arguable that today's social media has dramatically redefined human contact, and chiefly because the platforms enable communication opportunities unprecedented. Without question, billions of individuals globally engage in the media, a reality by no means lost on businesses and social entrepreneurs desirous of generating interest in a cause, movement, or other social effort. If, however, the opportunities are immense, so too is the competition. Private persons and entrepreneurial concerns alike virtually saturate the popular sites of Facebook, Twitter, and Instagram, and most are intent on capturing as much external interest as possible. At the same time, however, the social entrepreneur possesses an advantage over the individual concerned only the social aspects of the sites, as they express interests in, and measures applicable to, important causes of which the public at large may be unaware. There is, unfortunately, no single means of assuring success in using the media outlets to generate interest. Nonetheless, a general awareness of how social media sites function, as well as the psychological elements relevant to the functioning, is necessary. It is as important to comprehend basic realities of the platforms and approaches that fail as it is to develop strategy, for the latter relies on knowledge of the former. This awareness in place, the social entrepreneur is then better enabled to determine strategy, in terms of which sites to focus upon and how to most effectively convey their message. What is required is familiarity with the online communities, with attention to the specific advantages each provides. Ultimately, today's social entrepreneur may establish a highly effective platform of promotion and engagement, provided they fully comprehend the social investment necessary for success.

Keywords: social media, marketing, e-commerce, internet business

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Authors: Festus Epetimehin

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Agriculture remains the dominant sector in the rural areas where over 70% of Nigerian reside and it’s still the backbone of our economy. The observed poor performance of farmers in agricultural productivity is due to the nature of risks and uncertainties in agriculture.Agricultural insurance is one of the mechanisms by which farmers can stabilize farm income and investment. The study examined the relationship between agricultural insurance scheme (AIS) and performance of agribusiness in Nigeria. The study adopted exploratory research design which is an ex-ante research approach. One hundred copies of structured questionnaire were administered for the purpose of the study. Correlation analysis and regression analysis were employed for the study. The correlation analysis of the finding revealed that the independent variable; agricultural insurance scheme (AIS) is positively and significantly correlated with the set of dependent variables; where turnover (ABT)=0.582**, profitability (ABP)=0.321**, solvency (ABS)=0.418**and cost of production (ABC)=0.23** respectively. The regression analysis result also revealed the degree of relationship between the independent variable (AIS) and set of dependent variables where one(1%) percent increase in independent variable will lead to 33.9% (ABT), 9.7% (ABP), 17.5%(ABS) and 1.5%(ABC).The study recommended that the Federal Government in collaboration with the participating Agricultural insurers embark on awareness campaign through to the length and breadth of Nigeria on government support and insurance scheme for farmers. Government should also ensure that the loan and insurance scheme should extend beyond the mechanized farmers and include the intensive subsistence farmers in view of the fact that they are the dominants in most of the farm produce markets.

Keywords: agribusiness, agricultural insurance, performance, turnover, solvency, agricultural risks

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Authors: Zidane Abderrezaq

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This paper’s primary objective is to identify the relative importance of various Islamic financial products, in theory and in practice, by examining the financing records of the Bank Islam Malaysia (Berhad) and the Algeria Islamic Bank. Currently, seven available Islamic financing products are considered viable alternatives to interest-based conventional contracts: mudarabah (trust financing), musharakah (equity financing), ijarah (lease financing), murabahah (trade financing), qard al-hassan (welfare loan), bay` bi al-thaman al-ajil (deferred payment financing), and istisna` (progressive payments). Among these financial products, mudarabah and musharakah are the most distinct. Their unique characteristics (at least in theory) make Islamic banks and Islamic financing viable alternatives to the conventional interest-based financial system. The question before us is to determine the extent of mudarabah and musharakah in Islamic financing in practice. The data are as follows: the average mudarabah is 5% of total financing, and the average musharakah is less than 3%. The combined average of mudarabah and musharakah for the two Islamic banks is less than 4% of the total finance and advances. The average qard al-hassan is about 4%, while istisna` does not yet exist in practice. Murabahah is the most popular and dominates all other modes of Islamic financing. The average use of murabahah is over 54%. When the bay` bi al-thaman al-ajil is added to the murabahah, the percentage of total financing is shown to be 82.68%. This paper also explores some possible reasons why these two Islamic banks appear to prefer murabahah to mudarabah and musharakah.

Keywords: Islamic banking, Islamic finance, Islamic banking rofitability, investment banking

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Authors: Ashiqul Amin Khan, Mohsin Ul Amin Khan

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The aim of this research is to find the relationship between good governance and shareholder wealth maximisation. The concept of good governance has become more objective in nature over time through various regulations, professionalisation, and practices. This has led to a number of methods for scoring and ranking corporate governance practices. Since shareholder wealth maximisation remains the key corporate goal for managers and governors alike, the effect of good governance in increasing the value of corporations is commented to be an important aspect. In measuring the value relevance of good governance, statistical measures of various yields of listed companies in the UK have been used in this research. Yields reflect required returns on investments from different investment tenets. Historical yields, calculated using historical fundamental data of such companies, reflect expected yields to a great extent. These yields, in turn, reflect the expected risk premium and growth associated with the stocks of the companies. Using fundamental data, the yields have been adjusted to reflect the risk premium required by the investors along various value paradigms. Good governance should naturally lead to lower required risk premium since good corporate governance provided assurance to the investors in terms of sustainability of future performance and desired financial conduct. This, in turn, increases the wealth of stockholders. The findings of this research confirm such nature of the relationship between good governance and value of the company in the long run.

Keywords: corporate governance, good governance practices, short-termism, shareholder value relevance, wealth maximisation, yield

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Authors: Anderson Braga Mendes

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Itaipu Hydroelectric Power Plant is settled on the Paraná River, which is a natural boundary between Brazil and Paraguay; thus, the facility is shared by both countries. Itaipu Power Plant is the biggest hydroelectric generator in the world, and provides clean and renewable electrical energy supply for 17% and 76% of Brazil and Paraguay, respectively. The plant started its generation in 1984. It counts on 20 Francis turbines and has installed capacity of 14,000 MWh. Its historic generation record occurred in 2016 (103,098,366 MWh), and since the beginning of its operation until the last day of 2016 the plant has achieved the sum of 2,415,789,823 MWh. The distinct sedimentologic aspects of the drainage area of Itaipu Power Plant, from its stretch upstream (Porto Primavera and Rosana dams) to downstream (Itaipu dam itself), were taken into account in order to best estimate the increase/decrease in the sediment yield by using data from 2001 to 2016. Such data are collected through a network of 14 automatic sedimentometric stations managed by the company itself and operating in an hourly basis, covering an area of around 136,000 km² (92% of the incremental drainage area of the undertaking). Since 1972, a series of lifespan studies for the Itaipu Power Plant have been made, being first assessed by Sir Hans Albert Einstein, at the time of the feasibility studies for the enterprise. From that date onwards, eight further studies were made through the last 44 years aiming to confer more precision upon the estimates based on more updated data sets. From the analysis of each monitoring station, it was clearly noticed strong increase tendencies in the sediment yield through the last 14 years, mainly in the Iguatemi, Ivaí, São Francisco Falso and Carapá Rivers, the latter situated in Paraguay, whereas the others are utterly in Brazilian territory. Five lifespan scenarios considering different sediment yield tendencies were simulated with the aid of the softwares SEDIMENT and DPOSIT, both developed by the author of the present work. Such softwares thoroughly follow the Borland & Miller methodology (empirical method of area-reduction). The soundest scenario out of the five ones under analysis indicated a lifespan foresight of 168 years, being the reservoir only 1.8% silted by the end of 2016, after 32 years of operation. Besides, the mass balance in the reservoir (water inflows minus outflows) between 1986 and 2016 shows that 2% of the whole Itaipu lake is silted nowadays. Owing to the convergence of both results, which were acquired by using different methodologies and independent input data, it is worth concluding that the mathematical modeling is satisfactory and calibrated, thus assigning credibility to this most recent lifespan estimate.

Keywords: Borland and Miller method, hydroelectricity, Itaipu Power Plant, lifespan, mass balance

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Authors: Walailak Atthirawong

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By the end of 2015, the Association of Southeast Asian Nations (ASEAN) countries proclaim to transform into the next stage of an economic era by having a single market and production base called ASEAN Economic Community (AEC). One objective of the AEC is to establish ASEAN as a single market and one production base making ASEAN highly competitive economic region and competitive with new mechanisms. As a result, it will open more opportunities to enterprises in both trade and investment, which offering a competitive market of US$ 2.6 trillion and over 622 million people. Location decision plays a key role in achieving corporate competitiveness. Hence, it may be necessary for enterprises to redesign their supply chains via enlarging a new production base which has low labor cost, high labor skill and numerous of labor available. This strategy will help companies especially for apparel industry in order to maintain a competitive position in the global market. Therefore, in this paper a generic model for location selection decision for Thai apparel industry using Fuzzy Analytical Network Process (FANP) is proposed. Myanmar, Vietnam and Cambodia are referred for alternative location decision from interviewing expert persons in this industry who have planned to enlarge their businesses in AEC countries. The contribution of this paper lies in proposing an approach model that is more practical and trustworthy to top management in making a decision on location selection.

Keywords: apparel industry, ASEAN Economic Community (AEC), Fuzzy Analytical Network Process (FANP), location decision

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Authors: Salma Krafessi

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The financial markets have a multifaceted, intricate environment, and enormous volumes of data are produced every day. To find investment possibilities, possible fraudulent activity, and market oddities, accurate anomaly identification in this data is essential. Conventional methods for detecting anomalies frequently fail to capture the complex organization of financial data. In order to improve the identification of abnormalities in financial time series data, this study presents Tucker Decomposition as a reliable multi-way analysis approach. We start by gathering closing prices for the S&P 500 index across a number of decades. The information is converted to a three-dimensional tensor format, which contains internal characteristics and temporal sequences in a sliding window structure. The tensor is then broken down using Tucker Decomposition into a core tensor and matching factor matrices, allowing latent patterns and relationships in the data to be captured. A possible sign of abnormalities is the reconstruction error from Tucker's Decomposition. We are able to identify large deviations that indicate unusual behavior by setting a statistical threshold. A thorough examination that contrasts the Tucker-based method with traditional anomaly detection approaches validates our methodology. The outcomes demonstrate the superiority of Tucker's Decomposition in identifying intricate and subtle abnormalities that are otherwise missed. This work opens the door for more research into multi-way data analysis approaches across a range of disciplines and emphasizes the value of tensor-based methods in financial analysis.

Keywords: tucker decomposition, financial markets, financial engineering, artificial intelligence, decomposition models

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Authors: H. Florianová, J. Nešleha

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Financial derivatives are considered to be risky investment instruments which could possibly bring another financial crisis. As prevention, European Union and its member states have released new legal acts adjusting this area of law in recent years. There have been several cases in history of capital markets worldwide where it was shown that legislature may affect behavior of subjects on capital markets. In our paper we analyze main events on selected European stock exchanges in order to apply them on three chosen markets - Czech capital market represented by Prague Stock Exchange, German capital market represented by Deutsche Börse and Polish capital market represented by Warsaw Stock Exchange. We follow time series of development of the sum of listed derivatives on these three stock exchanges in order to evaluate popularity of those exchanges. Afterwards we compare newly listed derivatives in relation to the speed of development of these exchanges. We also make a comparison between trends in derivatives and shares development. We explain how a legal regulation may affect situation on capital markets. If the regulation is too strict, potential investors or traders are not willing to undertake it and move to other markets. On the other hand, if the regulation is too vague, trading scandals occur and the market is not reliable from the prospect of potential investors or issuers. We see that making the regulation stricter usually discourages subjects to stay on the market immediately although making the regulation vaguer to interest more subjects is usually much slower process.

Keywords: capital markets, financial derivatives, investors' behavior, regulation

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Authors: M. Talebzadegan, S. Bina, I. Riazi

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The purpose of this paper is to present an active solar energy system to supply heating demands of the teaching staff dormitory of the Islamic Azad University of Ramhormoz. The design takes into account the solar radiations and climate data of Ramhormoz town and is based on the daily warm water consumption for health demands of 450 residents of the dormitory, which is equal to 27000 lit of 50-C° water, and building heating requirements with an area of 3500 m² well-protected by heatproof materials. First, heating demands of the building were calculated, then a hybrid system made up of solar and fossil energies was developed and finally, the design was economically evaluated. Since there is only roof space for using 110 flat solar water heaters, the calculations were made to hybridize solar water heating system with heat pumping system in which solar energy contributes 67% of the heat generated. According to calculations, the net present value “N.P.V.” of revenue stream exceeds “N.P.V.” of cash paid off in this project over three years, which makes economically quite promising. The return of investment and payback period of the project is 4 years. Also, the internal rate of return (IRR) of the project was 25%, which exceeds bank rate of interest in Iran and emphasizes the desirability of the project.

Keywords: Solar energy, Heat Demand, Renewable , Pollution

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Authors: Badar Khalid Hakim Alshabibi

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This study aims to examine the determinants of corporate board diligence in the listed firm in Sultanate of Oman, using four corporate board characteristics, the board size, board independence, board gender diversity, and nationality diversity. Design/methodology/approach: Using a sample comprised of all companies listed in the Muscat Securities Exchange over a ten-year period (2009–2019), the study applies Pooled OLS regression to examine the determinants of corporate board diligence. Findings: Drawing from the agency theory and institutional theory, the results reveal that the number of independent board members had statistical significance, suggesting that board independence can improve corporate board diligence, though board size and nationality diversity were found to have a negative association with corporate board diligence. There is no evidence, however, that board gender diversity improves corporate board diligence. Practical implications: The study provides insights for both the investors and regulatory authorities in developing economies. For the investors to be aware about the corporate board characteristics which enhance board monitoring, and for the regulatory authorities to consider revising the corporate governance codes which enhance the quality of governance practices. Originality/value: The study provides new evidence documenting the determinants of corporate board diligence in a developing country such as the Sultanate of Oman, which has a high potential for growth and attracting foreign investment, as stated in Oman vision 2040. In addition, this paper is the first to examine the association between corporate board diligence and corporate board diversity aspects.

Keywords: board diligence, board monitoring, board composition, board diversity, oman

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Authors: Huei-Wen Lin, Huei-Fu Lu

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Event sport tourism (EST) has become an especially important economic sector around the world. As the magnitude continues to grow, attracting more tourists, media, and investment for the host community, and many local areas/regions and states have identified the expenditures by visitors as a potential source of economic or employment growth. The main purposes of this study are to investigate stakeholders’ insights into the feature of hosting EST and using them as a regional development strategy. Continuing the focus of previous literature on the regional development and economic benefits by hosting EST, a total of fıve semi-structured interview questions are designed and a thematic analysis is employed to conduct with eight key sport and tourism decision makers in Atlanta during July to August 2016. Through the depth interviews, the study will contribute to a better understanding of stakeholders’ decision-making, identifying benefits and constraints as well as leveraging the impacts of hosting EST. These findings have provided stakeholders’ perspectives of hosting EST and using them as a reference of regional development in emerging sport tourism markets in the US. Additionally, this study examines key considerations and issues that affect and are critical to reliable understanding of the economic impacts of hosting EST on the regional development, and it will be able to benefit future management authorities (i.e. governments and communities) in their sport tourism development endeavors in defining and hosting successful EST. Furthermore, the insights gained from the qualitative analysis could help other cities/regions analyzing the economic impacts of hosting EST and using it as an instrument of city development strategy.

Keywords: economic impacts, event sport tourism, regional economic development, longitudinal analysis

Procedia PDF Downloads 276

Authors: Chien-Yeh Hsu, Yuan-Ching Chiang, Zi-Jie Chien, Sih-Li Chen

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In this study, a field experiment and performance analysis of air-tunnel heat exchanger integrated with water-filled raft foundation of residential building were performed. In order to obtain better performance, conventional applications of air-tunnel inevitably have high initial cost or issues about insufficient installation space. To improve the feasibility of air tunnel heat exchanger in high-density housing, an integrated system consisting of air pipes immersed in the water-filled raft foundation was presented, taking advantage of immense amount of water and relatively stable temperature in raft foundation of building. The foundation-integrated air tunnel was applied to a residential building located in Yilan, Taiwan, and its thermal performance was measured in the field experiment. The results indicated that the cooling potential of integrated system was close to the potential of soil-based EAHE at 2 m depth or deeper. An analytical model based on thermal resistance method was validated by measurement results, and was used to carry out the dimensioning of foundation-integrated air tunnel. The discrepancies between calculated value and measured data were less than 2.7%. In addition, the return-on-investment with regard to thermal performance and economics of the application was evaluated. Because the installation for air tunnel is scheduled in the building foundation construction, the utilization of integrated system spends less construction cost compare to the conventional earth-air tunnel.

Keywords: air tunnel, ground heat exchanger, raft foundation, residential building

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Authors: Ernest Nweke, Enkhtuya Bavuudorj

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The Mongolia Stock Exchange (MSE) serves as a vehicle for executing the privatization policy of Mongolian Government as it transitioned from socialist to free market economy. It was also the intention of the Government to develop the investment and securities market through its establishment and to further boost the ailing Mongolian economy. This paper focuses on the contributions of the Mongolian Stock Exchange (MSE) to the industrial and economic development of Mongolia via Corporate fund mobilization for listed companies in Mongolia. A study of this nature is imperative as economic development in Mongolia has been accelerated by corporate investments. The key purpose of the research was to critically analyze the operations of the MSE to ascertain the extent to which the objectives for which it was established have been accomplished and to assess its contributions to industrial and economic development of Mongolia. In achieving this, secondary data on the activities of the MSE; its market capitalization over the years were collected and analyzed vis-à-vis the figures for Mongolia’s macro-economic data for the same time period to determine whether the progressive increase in market capitalization of the MSE has positively impacted on Mongolia’s economic growth. Regression analysis package was utilized in dissecting the data. It was proven that the Mongolian Stock Exchange has contributed positively and significantly to Mongolia’s economic development though not yet to the desired level. Against the findings of this research, recommendations were made to address, the problems facing the MSE and to enhance its performance and ultimately its contributions to industrial and economic development of the Mongolian nation.

Keywords: Corporate Fund Mobilization, Gross Domestic Product (GDP), market capitalization, purchasing power, stock exchange

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Authors: Mark Jackson

Abstract:

Description: This paper is based on an theoretical analysis of the efficacy of the dominant model of policing in western jurisdictions. Those results are then compared with a similar analysis of a traditional reactive model. It is found that neither model provides for optimal delivery of services. Instead optimal service can be achieved by a synchronous hybrid model, termed the Convectory Policing approach. Methodology and Findings: For over three decades problem oriented policing (PO) has been the dominant model for western police agencies. Initially based on the work of Goldstein during the 1970s the problem oriented framework has spawned endless variants and approaches, most of which embrace a problem solving rather than a reactive approach to policing. This has included the Area Policing Concept (APC) applied in many smaller jurisdictions in the USA, the Scaled Response Policing Model (SRPM) currently under trial in Western Australia and the Proactive Pre-Response Approach (PPRA) which has also seen some success. All of these, in some way or another, are largely based on a model that eschews a traditional reactive model of policing. Convectory Policing (CP) is an alternative model which challenges the underpinning assumptions which have seen proliferation of the PO approach in the last three decades and commences by questioning the economics on which PO is based. It is argued that in essence, the PO relies on an unstated, and often unrecognised assumption that resources will be available to meet demand for policing services, while at the same time maintaining the capacity to deploy staff to develop solutions to the problems which were ultimately manifested in those same calls for service. The CP model relies on the observations from a numerous western jurisdictions to challenge the validity of that underpinning assumption, particularly in fiscally tight environment. In deploying staff to pursue and develop solutions to underpinning problems, there is clearly an opportunity cost. Those same staff cannot be allocated to alternative duties while engaged in a problem solution role. At the same time, resources in use responding to calls for service are unavailable, while committed to that role, to pursue solutions to the problems giving rise to those same calls for service. The two approaches, reactive and PO are therefore dichotomous. One cannot be optimised while the other is being pursued. Convectory Policing is a pragmatic response to the schism between the competing traditional and contemporary models. If it is not possible to serve either model with any real rigour, it becomes necessary to taper an approach to deliver specific outcomes against which success or otherwise might be measured. CP proposes that a structured roster-driven approach to calls for service, combined with the application of what is termed a resource-effect response capacity has the potential to resolve the inherent conflict between traditional and models of policing and the expectations of the community in terms of community policing based problem solving models.

Keywords: policing, reactive, proactive, models, efficacy

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Authors: Yun-na Wu, Zhen Wang

Abstract:

Due to the economic downturn and the deterioration of the living environment, the development of residential buildings as high energy consuming building is gradually changing from “extensive” to green building in China. So, the evaluation system of green building is continuously improved, but the current evaluation work has the following problems: (1) There are differences in the cost of the actual investment and the purchasing power of residents, also construction target of green residential building is single and lacks multi-objective performance development. (2) Green building evaluation lacks regional characteristics and cannot reflect the different regional residents demand. (3) In the process of determining the criteria weight, the experts’ judgment matrix is difficult to meet the requirement of consistency. Therefore, to solve those problems, questionnaires which are about the green residential building for Ningxia area are distributed, and the results of questionnaires can feedback the purchasing power of residents and the acceptance of the green building cost. Secondly, combined with the geographical features of Ningxia minority areas, the evaluation criteria system of green residential building is constructed. Finally, using the improved group AHP method and the grey clustering method, the criteria weight is determined, and a real case is evaluated, which is located in Xing Qing district, Ningxia. A conclusion can be obtained that the professional evaluation for this project and good social recognition is basically the same.

Keywords: evaluation, green residential building, grey clustering method, group AHP

Procedia PDF Downloads 367