Search results for: investors’ preference

Authors: Qiang Ren

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In the past 20 years, under the high standard of international investment protection, there have been numerous cases of investors ignoring the host country's measures to protect human health. Examples include investment disputes triggered by the Argentine government's measures related to human health, quality, and price of drinking water under the North American Free Trade Agreement. Examples also include Philip Morris v. Australia, in which case the Australian government announced the passing of the Plain Packing of Cigarettes Act to address the threat of smoking to public health in 2010. In order to take advantage of the investment treaty protection between Hong Kong and Australia, Philip Morris Asia acquired Philip Morris Australia in February 2011 and initiated investment arbitration under the treaty before the passage of the Act in July 2011. Philip Morris claimed the Act constitutes indirect expropriation and violation of fair and equitable treatment and claimed 4.16 billion US dollars compensation. Fortunately, the case ended at the admissibility decision stage and did not enter the substantive stage. Generally, even if the host country raises a human health defense, most arbitral tribunals will rule that the host country revoke the corresponding policy and make huge compensation in accordance with the clauses in the bilateral investment treaty to protect the rights of investors. The significant imbalance in the rights and obligations of host states and investors in international investment treaties undermines the ability of host states to act in pursuit of human health and social interests beyond economic interests. This squeeze on the nation's public policy space and disregard for the human health costs of investors' activities raises the need to include human health in investment rulemaking. The current international investment law system that emphasizes investor protection fails to fully reflect the requirements of the host country for the healthy development of human beings and even often brings negative impacts to human health. At a critical moment in the reform of the international investment law system, in order to achieve mutual enhancement of investment returns and human health development, human health should play a greater role in influencing and shaping international investment rules. International investment agreements should not be limited to investment protection tools but should also be part of national development strategies to serve sustainable development and human health. In order to meet the requirements of the new sustainable development goals of the United Nations, human health should be emphasized in the formulation of international investment rules, and efforts should be made to shape a new generation of international investment rules that meet the requirements of human health and sustainable development.

Keywords: human health, international investment law, Philip Morris v. Australia, investor protection

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Authors: Heping Wang

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Social interaction has increased as a result of rapid economic expansion. Particularly in China, gift exchanges have developed into a social tradition of showing gratitude. Most gifts, on the other hand, are lavishly presented or overpacked to impress or demonstrate respect to the gift receiver. Overpackaging wastes enormous resources and produces a lot of municipal solid waste (MSW), which can seriously harm the environment if it is not handled properly. The purpose of this study is to investigate consumers' perceptions, preferences, and perspectives regarding gifts overpackaging in order to identify potential solutions for reducing gifts overpackaging to achieve sustainable packaging objectives. The research was conducted by means of an online survey focusing on residents in Shanghai, China, and the data was quantitatively analyzed by SPSS software. According to research, consumers' perception of excessive packaging is approximately 3.5 points out of 5, and this perception has a significant impact on consumers' behavioral intentions; The preferences of givers and receivers for gift packaging are significantly different in three aspects; Customers prefer incentives for eco-packaging when it comes to measures to reduce gift overpackaging. Finally, the study also identifies suitable gift packaging options for customers.

Keywords: gift packaging, consumer perception, consumer preference, consumer perspective, overpackaging, solutions

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Authors: Adel M. Qatawneh

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This paper aimed to determine the importance of knowledge innovation for external audit on anti-corruption in the entire Jordanian bank companies are listed in Amman Stock Exchange (ASE). The study importance arises from the need to recognize the Knowledge innovation for external audit and anti-corruption as the development in the world of business, the variables that will be affected by external audit innovation are: reliability of financial data, relevantly of financial data, consistency of the financial data, Full disclosure of financial data and protecting the rights of investors to achieve the objectives of the study a questionnaire was designed and distributed to the society of the Jordanian bank are listed in Amman Stock Exchange. The data analysis found out that the banks in Jordan have a positive importance of Knowledge innovation for external audit on anti-corruption. They agree on the benefit of Knowledge innovation for external audit on anti-corruption. The statistical analysis showed that Knowledge innovation for external audit had a positive impact on the anti-corruption and that external audit has a significantly statistical relationship with anti-corruption, reliability of financial data, consistency of the financial data, a full disclosure of financial data and protecting the rights of investors.

Keywords: knowledge innovation, external audit, anti-corruption, Amman Stock Exchange

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Authors: Norashikin Ismail, Nadia Anridho

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Sustainable investing is a responsible investment that focuses on Environmental, Social, and Governance (ESG) elements. ESG integration is essential in the investment process as it provides a positive contribution to the corporate performance for stakeholders, specifically investors. Sustainable investing is in line with the objectives of Shariah (Maqasid of Shariah), such as social inclusion as well as environmental preservation. This study attempts to evaluate the impact of ESG elements to the corporate financial performance among Shariah compliant stocks listed in two countries, namely Malaysia and Indonesia. The motivation of this study is to provide a further understanding in corporate sustainability for two different Islamic capital markets. The existence of the FTSE4Good Asean Index has played a vital role for ESG practices and eventually encouraged specific index for ESG and Shariah Compliant stocks. Our sample consists of 60 companies over the period 2010-2020 from two Southeast countries. We employ System Generalized Method of Moments (GMM) to reduce bias and more specific parameter estimation. Shariah Compliant companies tend to have higher ESG scores and are positively correlated to corporate financial performance. ESG integration with Shariah based investing would provide higher returns and lower risks for Muslim investors. Essentially, integrating ESG and Shariah, compliant companies lead to better financial performance.

Keywords: shariah compliant, southeast asia, corporate performance, sustainable investing

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Authors: Zohreh Bang Tavakoli, Shuktika Chatterjee

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This study investigates the fiscal policy impact on countries’ economic growth in developing countries with a different external debt level. The fiscal policy effectiveness has been re-emphasized in the global financial crisis of 2008 with the external debt as its new contemporary driver (Ruščáková and Semančíková, 2016). According to Bouakez, (2014 ) different theories have proposed the economic consequence of fiscal policy, specifically for developing countries. However, fiscal policy literature is lacking research regarding the fiscal policy’s effectiveness with the external debt’s contributions through comprehensive study (Canh, 2018). Also, according to scholars, high levels of external debt will influence economic growth. First, through foreign resources and channel of investment in which high level of debt decreases the amount of foreign investment in the developing countries. Second, through the deterioration of foreign investors and fiscal policies related to a high level of debt (Cordella, et.al., 2010). Therefore, this study proposed that only countries with a low external debt level and appropriate fiscal policies and good quality institutions can gain the proper quantity and quality of foreign investors, which will help the economic growth. For this, this research is examining the impact of fiscal policy on developing countries' economic growth in the situation of different external debt levels.

Keywords: fiscal policy, external debt, gross domestic product, developing countries

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Authors: Sun Shi, Sun Cheng

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The pedestrian corridor is the most crowded area in the public space. The crowded severity has been focused on the field of evacuation strategies of the entrance in large public spaces. The aim of this paper is to analyze the walking efficiency in different spaces of pedestrian corridor with the variation of spatial parameters. The congestion condition caused by the variation of walking efficiency is modeled as well. This study established the space model of the walking corridor by setting the width, slope, turning form and turning angle of the pedestrian corridor. The pedestrian preference of walking mode varied with the difference of the crowded severity, walking speed, field of vision, sight direction and the expected destination, which is influenced by the characters of physical space form. Swarm software is applied to build Agent model. According to the output of the Agent model, the relationship between the pedestrian corridor width, ground slope, turning forms, turning angle and the walking efficiency, crowded severity is acquired. The results of the simulation can be applied to pedestrian corridor design in order to reduce the crowded severity and the potential safety risks caused by crowded people.

Keywords: crowded severity, multi-agent, pedestrian preference, urban space design

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Authors: Miriam Borchardt, Agata M. Ritter, Macaliston G. da Silva, Mauricio N. de Carvalho, Giancarlo M. Pereira

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This paper aims to analyze the barriers faced by social enterprises and based on that to propose a social business model framework that helps them to leverage their businesses and the social value delivered. A business model for social enterprises should amplify the value perception including social value for the beneficiaries while generating enough profit to escalate the business. Most of the social value beneficiaries are people from the base of the economic pyramid (BOP) or the ones that have specific needs. Because of this, products and services should be affordable to consumers while solving social needs of the beneficiaries. Developing products and services with social value require tie relationship among the social enterprises and universities, public institutions, accelerators, and investors. Despite being focused on social value and contributing to the beneficiaries’ quality of life as well as contributing to the governments that cannot properly guarantee public services and infrastructure to the BOP, many barriers are faced by the social enterprises to escalate their businesses. This is a work in process and five micro- and small-sized social enterprises in Brazil have been studied: (i) one has developed a kit for cervical uterine cancer detection to allow the BOP women to collect their own material and deliver to a laboratory for U$1,00; (ii) other has developed special products without lactose and it is about 70% cheaper than the traditional brands in the market; (iii) the third has developed prosthesis and orthosis to surplus needs that health public system have not done efficiently; (iv) the fourth has produced and commercialized menstrual panties aiming to reduce the consumption of dischargeable ones while saving money to the consumers; (v) the fifth develops and commercializes clothes from fabric wastes in a partnership with BOP artisans. The preliminary results indicate that the main barriers are related to the public system to recognize these products as public money that could be saved if they bought products from these enterprises instead of the multinational pharmaceutical companies, to the traditional distribution system (e.g. pharmacies) that avoid these products because of the low or non-existing profit, to the difficulty buying raw material in small quantities, to leverage investment by the investors, to cultural barriers and taboos. Interesting strategies to reduce the costs have been observed: some enterprises have focused on simplifying products, others have invested in partnerships with local producers and have developed their machines focusing on process efficiency to leverage investment by the investors.

Keywords: base of the pyramid, business model, social business, social business model, social enterprises

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Authors: Saroj Panthi

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The red panda (Ailurus fulgens fulgens) is distributed throughout the Himalayas and is found in both protected and unprotected areas of Nepal. Loss and fragmentation of habitat threaten red panda population throughout its range, and as a consequence, it is listed as vulnerable on the IUCN Red List of Threatened Species. Despite this pressing situation, data on the ecology of the red panda in western Nepal are lacking. Our aim in the current study was to determine the distribution, associated habitats, and summer diet of the red panda in Dhorpatan Hunting Reserve (DHR), Nepal. Evidence of red pandas was found in all 7 blocks of the reserve, spanning an area of 345.8 km2, between elevations of 2800 m and 4000 m and predominantly (> 75%) in forests comprising plant communities dominated by Abies spectabilis, Acer caesium, Tsuga domusa, and Betula utilis, with ground cover of Arundinaria spp. The dominant plant found in scat of the red panda was Arundinaria spp. (81.7%), with Acer spp., B. utilis, and lichen also frequently present. Livestock grazing and human activities were significantly higher in habitats where signs of pandas were recorded than in areas where they were absent. This habitat overlap between the red panda and livestock potentially poses a major threat to the panda’s survival in the DHR, a fact that should be taken into account in devising management strategies for this threatened species.

Keywords: red panda, Dhorpatan hunting reserve, diet, habitat preference

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Authors: Sarabjeet Singh Sidhu, Ajay Batish, Sanjeev Kumar

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This paper reports the optimal process conditions for machining of three different types of metal matrix composites (MMCs): 65vol%SiC/A356.2; 10vol%SiC-5vol%quartz/Al and 30vol%SiC/A359 using PMEDM process. Metal removal rate (MRR), tool wear rate (TWR), surface roughness (SR) and surface integrity (SI) were evaluated after each trial and contributing process parameters were identified. The four responses were then collectively optimized using the technique for order preference by similarity to ideal solution (TOPSIS) and optimal process conditions were identified for each type of MMCS. The density of reinforced particles shields the matrix material from spark energy hence the high MRR and SR was observed with lowest reinforced particle. TWR was highest with Cu-Gr electrode due to disintegration of the weakly bonded particles in the composite electrode. Each workpiece was examined for surface integrity and ranked as per severity of surface defects observed and their rankings were used for arriving at the most optimal process settings for each workpiece.

Keywords: metal matrix composites (MMCS), metal removal rate (MRR), surface roughness (SR), surface integrity (SI), tool wear rate (TWR), technique for order preference by similarity to ideal solution (TOPSIS)

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Authors: Abinet Tilahun Aweke

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In Europe, there is a growing interest in food produced ethically and with a broader benefit for society. Consumers could consider numerous extrinsic and intrinsic quality attributes, including organically produced, when selecting meat to purchase. Many studies recorded various reasons why consumers may choose to pay the premium price for organic foods, although willingness to pay (WTP) for organic meat and motives behind the WTPs differ depending on the meat type/cut and place. Employing state of the art stated preference (SP) method, this study seeks to find out how environmental attitudes and health concerns shape the demand for organic agriculture in Norway. More specifically, this paper contributes to the existing knowledge on consumer preferences by exploring if consumer's attitude towards carnivore-sheep conflict affects the willingness to pay (WTP) for organic meat. This study will also have a methodological contribution by investigating whether having environmental attitude and carnivore-livestock conflict questions prior to the organic meat WTP question will significantly affect the will to pay and the amount paid. Understanding the effect of the content of the auxiliary questions posed before WTP questions will help to improve future CV survey designs and hence the validity of the results obtained.

Keywords: attitude, consumer reference, contingent valuation, meat, organic, stated preference, survey design

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Authors: Marybec Griffin

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Purpose: The purpose of this cross-sectional study was to get a better understanding of healthcare usage and satisfaction among young adult gay men (YAGM), including the facility used as the usual source of healthcare, preference for coordinated healthcare, and if their primary care provider (PCP) adequately addressed the health needs of gay men. Methods: Interviews were conducted among n=800 YAGM in New York City (NYC). Participants were surveyed about their sociodemographic characteristics and healthcare usage and satisfaction access using multivariable logistic regression models. The surveys were conducted between November 2015 and June 2016. Results: The mean age of the sample was 24.22 years old (SD=4.26). The racial and ethnic background of the participants is as follows: 35.8% (n=286) Black Non-Hispanic, 31.9% (n=225) Hispanic/Latino, 20.5% (n=164) White Non-Hispanic, 4.4% (n=35) Asian/Pacific Islander, and 6.9% (n=55) reporting some other racial or ethnic background. 31.1% (n=249) of the sample had an income below $14,999. 86.7% (n=694) report having either public or private health insurance. For usual source of healthcare, 44.6% (n=357) of the sample reported a private doctor’s office, 16.3% (n=130) reported a community health center, and 7.4% (n=59) reported an urgent care facility, and 7.6% (n=61) reported not having a usual source of healthcare. 56.4% (n=451) of the sample indicated a preference for coordinated healthcare. 54% (n=334) of the sample were very satisfied with their healthcare. Findings from multivariable logistical regression models indicate that participants with higher incomes (AOR=0.54, 95% CI 0.36-0.81, p < 0.01) and participants with a PCP (AOR=0.12, 95% CI 0.07-0.20, p < 0.001) were less likely to use a walk-in facility as their usual source of healthcare. Results from the second multivariable logistic regression model indicated that participants who experienced discrimination in a healthcare setting were less likely to prefer coordinated healthcare (AOR=0.63, 95% CI 0.42-0.96, p < 0.05). In the final multivariable logistic model, results indicated that participants who had disclosed their sexual orientation to their PCP (AOR=2.57, 95% CI 1.25-5.21, p < 0.01) and were comfortable discussing their sexual activity with their PCP (AOR=8.04, 95% CI 4.76-13.58, p < 0.001) were more likely to agree that their PCP adequately addressed the healthcare needs of gay men. Conclusion: Understanding healthcare usage and satisfaction among YAGM is necessary as the healthcare landscape changes, especially given the relatively recent addition of urgent care facilities. The type of healthcare facility used as a usual source of care influences the ability to seek comprehensive and coordinated healthcare services. While coordinated primary and sexual healthcare may be ideal, individual preference for this coordination among YAGM is desired but may be limited due to experiences of discrimination in primary care settings.

Keywords: healthcare policy, gay men, healthcare access, Affordable Care Act

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Authors: Mohammad Abdulaziz Algrnas, Emma Mulliner

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Housing projects have been established in Saudi Arabia, by both government and private construction companies, to meet the increasing demand from Saudi inhabitants across the country. However, the real estate market supply does not meet consumer preference requirements. Preferences normally differ depending on the consumer’s situation, such as the household’s sociological characteristics (age, household size and composition), resources (income, wealth, information and experience), tastes and priorities. Collecting information about consumer attitudes, preferences and perceptions is important for the real estate market in order to better understand housing demand and to ensure that this is met by appropriate supply. The aim of this paper is to identify consumer preferences for housing in Saudi Arabia. A quantitative closed-ended questionnaire was conducted with housing consumers in Saudi Arabia in order to gain insight into consumer needs, current household situation, preferences for a number of investigated housing attributes and consumers’ perceptions around the current housing problem. 752 survey responses were obtained and analysed in order to describe preferences for housing attributes and make comparisons between groups. Factor analysis was also conducted to identify and reduce the attributes. The results indicate a difference in preference according to the gender of the respondents and depending on their region of residence.

Keywords: housing attributes, Saudi Arabia, consumer preferences, housing preferences

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Authors: Muhammad Tariq, Bushra Siddique, Muhammad Naeem, Asim Gulzar

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The chemical ecology of natural enemies can play a pivotal role in any Integrated Pest Management (IPM) program. Different chemical cues help to correspond in the diversity of associations between prey and host plant species. Coccinellaseptempunctata and Diaeretiellarapae have the abilities to explore several chemical cues released by plants under herbivore attack that may enhance their efficiency of foraging. In this study, the behavioral responses of Coccinellaseptempunctata and Diaeretiellarapae were examined under the application of two semiochemicals and a plant extract and their combinations using four-arm olfactometer. The bioassay was consists of a pairwise treatment comparison. Data pertaining to the preference of C. septempunctata and D. rapae after treatment application were recorded and analyzed statistically. The mean number of entries and time spent of Coccinellaseptempunctata and D. rapaewere greater in arms treated with E-β-Farnesene. However, the efficacy of E-β-Farnesene was enhanced when combined with β-pinene. Thus, the mean number of entries and time spent of C. septempunctata and D. rapaewere highest in arms treated with the combination of E-β-Farnesene x β-pinene as compared with other treatments. The current work has demonstrated that the insect-derived semiochemicals may enhance the efficacy of natural enemies when applied in combination.

Keywords: olfectometer, parasitoid, predator, preference

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Authors: Yu Liang

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The study of heritage in different contexts has been discussed during the past decades, which the relationship with other fields such as tourism, museum, and urban regeneration has also been interested in scholars. Governmental and policy attention were also fascinated by the use of heritage, which it is a ‘heritagisation’ process, to achieve certain goals because the advantage will appear in both economic development and social inclusion with suitable planning. In the case of Belfast, this city has been through tough ages due to its complicated ideology issues in the past; however, it is obvious to see the transformation through representing their Belfast heritages in tourism. Planners are willing to use this method to attract cultural tourists, investors and also residents to reborn and retrieve their confidence. One of the target topics is the establishment of Titanic Belfast that explores the culture of Titanic and the history of the shipbuilding industry in Belfast. Even though the cultural flagship brought economic and social benefit, not all of the people agreed on the vision of relaunching a sunken ship and felt proud of it. The aim of this research is to clarify the concept of a ‘heritagisation’ that it could achieve certain goals in consolidating areas, increasing local self-identity pride, and promoting tourism activities if well-planned. Moreover, to discuss the preference and the pros and cons of its practice with the Titanic culture in Belfast’s regeneration process, especially the Titanic Belfast flagship project. From the methodological point of view, a mixed incorporating qualitative point of interviews, observation, and secondary sources with different perspectives and approaches are adopted in this case study. The expected result would show that a great majority of outsiders and the planners were pleasured about the concept of Titanic Belfast’s establishment and agreed its attraction traveling to Belfast. Nevertheless, there were still an amount of locals disagree that the Titanic culture and the flagship would be representative of this city and would bring other advantages to them. In other words, some residents doubt or less likely to support the issue since they have been ignored out of the planning process. Hence, opinions are divided among 38 residents, various outsiders, and stakeholders, and their perspectives have drawn an interesting task for sustainable research in the future.

Keywords: Belfast, heritagisation, Titanic, Titanic Belfast, urban regeneration

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Authors: Xinyi Le

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In this paper, 3D printing orientations were determined through our perceptual model. Some FDM (Fused Deposition Modeling) 3D printers, which are widely used in universities and industries, often require support structures during the additive manufacturing. After removing the residual material, some surface artifacts remain at the contact points. These artifacts will damage the function and visual effect of the model. To prevent the impact of these artifacts, we present a fuzzy extreme learning machine approach to find printing directions that avoid placing supports in perceptually significant regions. The proposed approach is able to solve the evaluation problem by combing both the subjective knowledge and objective information. Our method combines the advantages of fuzzy theory, auto-encoders, and extreme learning machine. Fuzzy set theory is applied for dealing with subjective preference information, and auto-encoder step is used to extract good features without supervised labels before extreme learning machine. An extreme learning machine method is then developed successfully for training and learning perceptual models. The performance of this perceptual model will be demonstrated on both natural and man-made objects. It is a good human-computer interaction practice which draws from supporting knowledge on both the machine side and the human side.

Keywords: 3d printing, perceptual model, fuzzy evaluation, data-driven approach

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Authors: Hossein Nikandam Kermanshah, Babak Samavatian, Akbar Hemmati Sabet, Mohammad Ahmadpanah

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This is a quasi-experimental study that has been conducted in order to compare the effectiveness of social skills training and stress management training on self-esteem and aggression in first grade high school students. Forty-five people were selected from research community and were put randomly in there groups of social skills training, stress management training and control ones. Collecting data tools in this study was devise, self-esteem and AGQ aggression questionnaire. Self-esteem and aggression questionnaires has been conducted as the pre-test and post-test. Social skills training and stress management groups participated in eight 1.5 hour session in a week. But control group did not receive any therapy. For descriptive analysis of data, statistical indicators like mean, standard deviation were used, and in inferential statistics level multi variable covariance analysis have been used. The finding result show that group training social skills and stress management is significantly effective on the self-esteem and aggression, there is a meaningful difference between training social skills and stress management on self-esteem that the preference is with group social skills training, in the difference between group social skills training and stress management on aggression, the preference is with group stress management.

Keywords: social skill training, stress management training, self-esteem aggression, psychological sciences

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Authors: Nidhal Mgadmi, Abdelhafidh Othmani

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This article examines the causal relationship between stock indices and cryptocurrencies during the current war between Russia and Ukraine. The econometric investigation runs from February 24, 2022, to April 12, 2023, focusing on seven stock market indices (S&P500, DAX, CAC40, Nikkei, TSX, MOEX, and PFTS) and seven cryptocurrencies (Bitcoin, Ethereum, Litcoin, Dash, Ripple, DigiByte and XEM). In this article, we try to understand how investors react to fluctuations in financial assets to seek safe havens in cryptocurrencies. We used dynamic causality to detect a possible causal relationship in the short term and seven models to estimate the long-term relationship between cryptocurrencies and financial assets. The causal relationship between financial market indexes and cryptocurrency coins in the short run indicates that three famous cryptocurrencies (BITCOIN, ETHEREUM, RIPPLE) and the two digital assets with minor popularity (XEM, Digibyte) are impacted by the German, Russian, and Ukrainian stock markets. In the long run, we found a positive and significate effect of the American, Canadian, French, and Ukrainian stock market indexes on Bitcoin. Thus, the stability of the traditional financial markets during the current war period can be explained on the one hand by investors’ fears of an unstable business climate, and on the other hand, by speculators’ sentiment towards new electronic products, which are perceived as hedging instruments and a safe haven in the face of the conflict between Ukraine and Russia.

Keywords: causality, stock indices, cryptocurrency, war, Russia, Ukraine

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Authors: Jacinta Ifeoma Obidile

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Teachers (vocational and technical educators inclusive) use Information and Communications Technology (ICT) for tasks outside of their normal working hours. This expansion of work duties to non-work time challenges their work-life balance. However, there has been inconsistency in the results on how these relationships correlate. This, therefore, calls for further research studies to examine the moderating mechanisms of such relationships. The present study, therefore, ascertained how vocational and technical educators’ technology acceptance relates to their work-related ICT use beyond their working hours and work-life balance, as well as how their integration affects these relationships. The population of the study comprised 320 Vocational and Technical Educators from the Southeast geopolitical zone of Nigeria. Data were collected from the respondents using the structured questionnaire. The questionnaire was validated by three experts. The reliability of the study was conducted using 20 vocational and technical educators from the South who were not part of the population. The overall reliability coefficient of 0.81 was established using Cronbach’s alpha method. The data collected was analyzed using Structural equation modeling. Findings, among others, revealed that vocational and technical educators’ work-life balance was mediated by increased digital learning environment use after work hours, although reduced by social influence.

Keywords: vocational and technical educators, digital learning environment, working hours, work-life balance, integration preference

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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: Al Sayed Al Soudy, Valeria Maselli, Gianluca Polese, Anna Di Cosmo

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Cephalopods are considered as a model organism with a rich behavioral repertoire. Sophisticated behaviors were widely studied and described in different species such as Octopus vulgaris, who has evolved the largest and more complex nervous system among invertebrates. In O. vulgaris, cognitive abilities in problem-solving tasks and learning abilities are associated with long-term memory and spatial memory, mediated by highly developed sensory organs. They are equipped with sophisticated eyes, able to discriminate colors even with a single photoreceptor type, vestibular system, ‘lateral line analogue’, primitive ‘hearing’ system and olfactory organs. They can recognize chemical cues either through direct contact with odors sources using suckers or by distance through the olfactory organs. Cephalopods are able to detect widespread waterborne molecules by the olfactory organs. However, many volatile odorant molecules are insoluble or have a very low solubility in water, and must be perceived by direct contact. O. vulgaris, equipped with many chemosensory neurons located in their suckers, exhibits a peculiar behavior that can be provocatively described as 'smell by touch'. The aim of this study is to establish the priority given to chemical vs. visual perception in food choice. Materials and methods: Three different types of food (anchovies, clams, and mussels) were used, and all sessions were recorded with a digital camera. During the acclimatization period, Octopuses were exposed to the three types of food to test their natural food preferences. Later, to verify if food preference is maintained, food was provided in transparent screw-jars with pierced lids to allow both visual and chemical recognition of the food inside. Subsequently, we tested alternatively octopuses with food in sealed transparent screw-jars and food in blind screw-jars with pierced lids. As a control, we used blind sealed jars with the same lid color to verify a random choice among food types. Results and discussion: During the acclimatization period, O. vulgaris shows a higher preference for anchovies (60%) followed by clams (30%), then mussels (10%). After acclimatization, using the transparent and pierced screw jars octopus’s food choices resulted in 50-50 between anchovies and clams, avoiding mussels. Later, guided by just visual sense, with transparent but not pierced jars, their food preferences resulted in 100% anchovies. With pierced but not transparent jars their food preference resulted in 100% anchovies as first food choice, the clams as a second food choice result (33.3%). With no possibility to select food, neither by vision nor by chemoreception, the results were 20% anchovies, 20% clams, and 60% mussels. We conclude that O. vulgaris uses both chemical and visual senses in an integrative way in food choice, but if we exclude one of them, it appears clear that its food preference relies on chemical sense more than on visual perception.

Keywords: food choice, Octopus vulgaris, olfaction, sensory organs, visual sense

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Authors: Irena Smetackova

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The important part of school mathematics are word problems which represent the connection between school knowledge and life reality. To find the reasons why students consider word problems to be difficult, it is necessary to take into consideration the motivational settings, besides mathematical knowledge and reading skills. Our goal is to identify whether the familiar or unfamiliar context of math word problem influences solving success rate and if so, whether the reasons are motivational or cognitive. For this purpose, we conducted three steps study in group of fifty pupils 9-10 years old. In the first step, we asked pupils to create ‘the best’ word problems for entered numerical formula. The set of 19 word problems with different contexts were selected. In the second step, pupils were asked to evaluate (without solving) how they like each item and how easy it is for them. The 6 word problems with low preference and low estimated success rate were selected and combined with other 6 problems with high preference and success rate. In the third step, the same pupils were asked to solve the word problems. The analysis showed that pupils attitudes and solving toward word problems varied by the context. The strong gender patterns both in preferred contexts and in estimated success rates were identified however the real success rate did not differ so strongly. The success gap between word problems with and without preferred contexts were stronger than the gap between problems with and without real experience with the context. The hypothesis that motivational factors are more important than cognitive factors was confirmed.

Keywords: mathematics, context of reality, motivation, cognition, word problems

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Authors: Piotr Tylec, Julia Wierzbicka, Natalia Gajewska, Krzysztof Przeczek, Grzegorz Torbicz, Alicja Dudek, Magdalena Pisarska-Adamczyk, Mateusz Wierdak, Michal Pedziwiatr

Abstract:

Introduction: Many patients have described changes in taste perception after weight loss surgery. However, little data is available about short term changes in taste after surgery. Aim: We aimed to evaluate short-term changes in taste preference after bariatric surgeries in comparison to colorectal surgeries. Material and Methods: Between April 2018 and April 2019, a total of 121 bariatric patients and 63 controls participated. Bariatric patients underwent laparoscopic sleeve gastrectomy or Roux-en-Y gastric by-pass. Controls underwent oncological colorectal surgeries. Patients who developed clinical complications requiring restriction of oral intake after surgery or withdraw their consent were excluded from the study. In the end, 85 bariatric patients and 44 controls were included. In all of them, the 16-item ERAS Protocol was applied. Using 10-points Numeric Rating Scale (1-10) patients completed questionnaire and rated their appetite and thirst (1 - no appetite/not thirsty, 10 – normal appetite/very thirsty) and flavoured standardized liquids' taste (1- horrible, 10-very tasty) and food images for the 6 group of taste (sweet, umami, sour, spicy, bitter and salty) (1 - not appetizing, 10 - very appetizing) preoperatively and on the first postoperative day. Data were analysed with Statistica 13.0 PL. Results: Analysed group consist of 129 patients (85 bariatric, 44 controls). Mean age and BMI in a research group was 44.91 years old, 46.22 kg/m² and in control group 62.09 years old, 25.87 kg/m², respectively. Our analysis revealed significant differences in changes of appetite between both groups (research: -4.55 ± 3.76 vs. control: -0.85 ± 4.37; p < 0.05), ratings bitter (research: 0.60 ± 2.98 vs. control: -0.88 ± 2.58; p < 0.05) and salty (research: 1.20 ± 3.50 vs. control: -0.52 ± 2.90; p < 0.05) flavoured liquids and ratings for sweet (research: 1.62 ± 3.31 vs. control: 0.01 ± 2.63; p < 0.05) and bitter (research: 1.21 ± 3.15 vs. control: -0.09 ± 2.25; p < 0.05) food images. There were statistically significant results in the ratings of other images, but in comparison to the control group, they were not statistically significant. Conclusion: The study showed that bariatric surgeries quickly decreases appetite and desire to eat certain types of food, such as salty. Moreover, the bitter taste was more desirable in the research group in comparison to control group. Nevertheless, the sweet taste was more appetible in the bariatric group than in control.

Keywords: bariatric surgery, general surgery, obesity, taste preference

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Authors: Badar Khalid Hakim Alshabibi

Abstract:

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: Hans Tjio, Wee Meng Seng

Abstract:

The interaction of contract and property has always been a concern in corporate and commercial law, where there are internal structures created that may not match the externally perceived image generated by the labels attached to those structures. We will focus, in particular, on the priority structures created by affirmative asset partitioning, which have increasingly come under challenge by those attempting to negotiate around them. The most prominent has been the AT1 bonds issued by Credit Suisse which were wiped out before its equity when the troubled bank was acquired by UBS. However, this should not have come as a surprise to those whose “bonds” had similarly been “redeemed” upon the occurrence of certain reference events in countries like Singapore, Hong Kong and Taiwan during their Minibond crisis linked to US sub-prime defaults. These were derivatives classified as debentures and sold as such. At the same time, we are again witnessing “liabilities” seemingly ranking higher up the balance sheet ladder, finding themselves lowered in events of default. We will examine the mechanisms holders of perpetual securities or preference shares have tried to use to protect themselves. This is happening against a backdrop that sees a rise in the strength of private credit and inter-creditor conflicts. The restructuring regime of the hybrid scheme in Singapore now, while adopting the absolute priority rule in Chapter 11 as the quid pro quo for creditor cramdown, does not apply to shareholders and so exempts them from cramdown. Complicating the picture further, shareholders are not exempted from cramdown in the Dutch scheme, but it adopts a relative priority rule. At the same time, the important UK Supreme Court decision in BTI 2014 LLC v Sequana [2022] UKSC 25 has held that directors’ duties to take account of creditor interests are activated only when a company is almost insolvent. All this has been complicated by digital assets created by businesses. Investors are quite happy to have them classified as property (like a thing) when it comes to their transferability, but then when the issuer defaults to have them seen as a claim on the business (as a choice in action), that puts them at the level of a creditor. But these hidden interests will not show themselves on an issuer’s balance sheet until it is too late to be considered and yet if accepted, may also prevent any meaningful restructuring.

Keywords: asset partitioning, creditor priority, restructuring, BTI v Sequana, digital assets

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Authors: K. Volkonitskaya, S. Lyapina

Abstract:

According to the National Monitoring Centre of innovation infrastructure, scientific and technical activities and regional innovation systems by December 2014. 166 technology parks were established in Russia. Comparative analysis of technological parks performance in Russia, the USA, Israel and the European Union countries revealed significant reduction of key performance indicators in Russian innovation infrastructure institutes. The largest deviations were determined in the following indicators: new products and services launched, number of companies and jobs, amount of venture capital invested. Lower performance indicators of Russian technology parks can be partly explained by slack demand for national high-tech products and services, lack of qualified specialists in the sphere of innovation management and insufficient cooperation between different innovation infrastructure institutes. In spite of all constraints in innovation segment of Russian economy in 2010-2012 private investors for the first time proceeded to finance building of technological parks. The general purpose of the research is to answer two questions: why despite the significant investment risks private investors continue to implement such comprehensive infrastructure projects in Russia and is business model of private technological park more efficient than strategies of state innovation infrastructure institutes? The goal of the research was achieved by analyzing business models of private technological parks in Moscow, Kaliningrad, Astrakhan and Kazan. The research was conducted in two stages: the on-line survey of key performance indicators of private and state Russian technological parks and in-depth interviews with top managers and investors, who have already build private technological parks in by 2014 or are going to complete investment stage in 2014-2016. The results anticipated are intended to identify the reasons of efficient and inefficient technological parks performance. Furthermore, recommendations for improving the efficiency of state technological and industrial parks were formulated. Particularly, the recommendations affect the following issues: networking with other infrastructural institutes, services and infrastructure provided, mechanisms of public-private partnership and investment attraction. In general intensive study of private technological parks performance and development of effective mechanisms of state support can have a positive impact on the growth rates of the number of Russian technological, industrial and science parks.

Keywords: innovation development, innovation infrastructure, private technology park, public-private partnership

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Authors: Feyisayo Odunitan-Wayas, Unathi Kolanisi, Micheal Chimonyo, Muthulisi Siwela

Abstract:

Consumers’ surveys have indicated low acceptability of provitamin A biofortified maize (PABM), a high vitamin A (HVA) maize in Southern Africa to curb vitamin A deficiency (VAD). Indigenous chickens are reared and consumed by almost all rural households which are the major VAD prone areas in southern Africa. The objective of this study was to determine if HVA diet fed to the Ovambo indigenous chicken breed will influence consumers’ acceptability of the meat. The leg (thigh and drumstick) of the male birds (21 weeks old) were used for the sensory characteristics. 52 consumer panellists evaluated the sensory characteristics on based on a 5-point hedonic scale and preference test. There was no significant difference (P<0.05) in the preference test between the two diets. There were no significant differences (P<0.05) between the diets based on all sensory characteristics. Age and gender of the consumers and their interactions had no effect (P<0.05) on the acceptability and sensory characteristic ratings. It was concluded that indigenous chickens fed provitamin A biofortified maize can be a possible tool for curbing VAD in southern Africa regions where there is low acceptability of the human consumption of provitamin A biofortified maize. It was concluded that PABM diet fed to indigenous chickens will not influence the acceptability of the chicken meat by VAD vulnerable consumers.

Keywords: biofortified pro-vitamin a maize, ovambo, chicken meat, sensory characteristics, gender, age

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Authors: Ricardo Daziano

Abstract:

In the analysis and planning of the mobility ecosystem, preferences for ride-hailing over incumbent street-hailing services need better understanding. In this paper, a seminonparametric discrete choice model that allows for flexible preference heterogeneity is fitted with data from a discrete choice experiment among adult commuters in Montreal, Canada (N=760). Participants chose among Uber, Teo (a local electric ride-hailing service that was in operation when data was collected in 2018), and a standard taxi when presented with information about cost, time (on-trip, waiting, walking), powertrain of the car (gasoline/hybrid) for Uber and taxi, and whether the available electric Teo was a Tesla (which was one of the actual features of the Teo fleet). The fitted flexible model offers several behavioral insights. Waiting time for ride-hailing services is associated with a statistically significant but low marginal disutility. For other time components, including on-ride, and street-hailing waiting and walking the estimates of the value of time show an interesting pattern: whereas in a conditional logit on-ride time reductions are valued higher, in the flexible LML specification means of the value of time follow the expected pattern of waiting and walking creating a higher disutility. At the same time, the LML estimates show the presence of important, multimodal unobserved preference heterogeneity.

Keywords: discrete choice, electric taxis, ridehailing, semiparametrics

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Authors: Pi Hsia Liang

Abstract:

The rise of Facebook, Twitter, and other social networks significantly changes in interconnections between people, enhancing the process of information dissemination and amplify the influence of that information. Therefore, to develop informational efficiency or signaling equilibrium type of information environment among social networks, without adverse selection effects, becomes an important issue. Thus, someone may post a piece of intentional information in relation to personal interest for trying to create marginal influence. Therefore, economists are seeking to establish theories of informational efficiency under social network environment in order to resolve adverse selection issues. Reputation could be one of the important factors in the process of creating informational efficiency. Additionally, investors how to process green information, or information of corporate social responsibility is a very important study. This study essentially employs experimental study for examining how investors use stock relevant green information in Facebook and various Taiwan local networks. Facebook, and blogs of Money DJ, Technews and cnYES, respectively, are the primary sites for this examination that also allow to differentiate effects between Facebook and other local social networks. Questionnaire is developed for such an experimental testing. Note that questionnaire allows this study to group, for example, decision frequency and length of time duration focusing on social networks that are used for discriminating investor type and competence of informed investor. This study selects 500 investors that can be separated into two respective 250 samples as the control group and 250 samples in such an experimental. The quantity of sample investor sufficiently results in statistic significance of this experimental study. The empirical results of this study can be used for explaining how financial information in relation to corporate social responsibility would be disseminated in social websites. Therefore, we can lead to better interpretation of price/earnings relationship type of study and empirical studies of green information usefulness or informational efficiency Note that the above mentioned empirical studies did not exist any social network and annual report of corporate social responsibility. This study expects to find the results that both network degree and network cluster significantly affected green information dissemination frequency. In other words, investors with more connections and with high clustered connections might exert a greater influence on their green information dissemination process. The preferred users of financial social networks could make better stock decision that could amplify effects of green information. In addition, Facebook would be more influential than other local Taiwan financial social networks, although Facebook is not a specialized financial social network. In other words, the popularity and reputation effects of Facebook significantly contribute to usefulness of green information and influence of green information. Third, it has a better chance to find rumor or cheating information in local Taiwan financial social networks than Facebook. In other words, Facebook possesses reputation effect, or a better informational efficiency. Or, even though Taiwan local financial social networks have marginal informational effects on stock price, because of shortage of informational efficiency or monitoring system, information could be a tool for those whom owning superior information.

Keywords: network effect on financial services, informational efficiency theory, social networks, social websites

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Authors: Muhammad Rafiq Shahid, Ali Hassan, Umm-e- Rubab, Muhammad Nadeem

Abstract:

Insecticidal property of plant extracts was assessed toward dusky bug of cotton. Plant extracts consisted of bari pata (Ziziphus jajuba), Ak (Calotropis gigantean), Tobacco (Nicotiana tabacum), Bakine (Melia azedarach),Kanar (Nerium oleander),Kurtuma (Mitragyna speciosa) and one Control was also included with distilled water treatment. Forced feeding experiment was used to determine the antibiotic effect of bug plant extracts on dusky bug whereas Multi-choice experiment to determine the antixenosis/ repellent property of botanicals. It is evident from the results that mortality and antibiosis percentage of dusky bug due to the use of botanicals ranged from 15-95% and 20-87.3% respectively that was maximum in tobacoo extract followed by bakain and kurtama, minimum was on Ak, kanair and bakain extract. Non preference ranged from 14.28 to 85.7 where maximum non preference of dusky bug was found on bakain and kurtama followed by ak and kanair however minimum was on Bari pata extract. It was further found that local plant extract possessed insecticidal property toward dusky bug as well as also possesses repellency effect toward dusky bug, thus should be included in integrated pest management program of cotton in order to minimize the ill effects of pesticides it is compulsory to adopt eco-friendly methods of insect pest management.

Keywords: botanical extract, insecticidal and repellency activity, Gossypium hirsutum, oxycarenus laetus

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Authors: Villiam Ambong, Kevin Banawag, Wynne Shane Bugatan, Mark Alvin Jay Carpio, Hwan Hee Choi, Moises Kevin Chungalao

Abstract:

This survey research investigated the perception of primary school teachers on the efficacy of MTB-MLE in SLU-LES, Baguio City. SLU-LES has a total of 21 primary school teachers who served as respondents of this study in an attempt to answer the major questions regarding the efficacy of MTB-MLE among primary school teachers. A questionnaire was used in collecting the data which were analyzed using weighted mean and ANOVA. The questionnaire was validated by a statistician and it was administered to a school which does not differ from the intended respondents for further validation of the items. Findings revealed from the intended respondents that they perceive MTB-MLE as effective; however, they do not prefer the use of Mother Tongue as a medium of instruction. A research on the same topic was conducted in Ibadan, Nigeria by Dr. David O. Fakeye and although his respondents were students; the results came out that the respondents do perceive MTB-MLE to be efficacious. The results of this study also showed that years of teaching experience and the number of languages spoken by the teachers have no bearing on the preference of the respondents between MT medium and English medium gave that the respondents are in melting pot community. Comparative studies between rural and urban schools are encouraged. Future researchers should include questions that elicit reasons of the respondents on the efficacy of mother tongue as well as their preference between mother tongue medium and English.

Keywords: mother tongue, primary teachers, perception, multilingual education

Procedia PDF Downloads 248