Search results for: leader-member exchange

Authors: Kwangho Lee, Joongmyeon Bae

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Fuel cells are spotlighted in the world for being highly efficient and environmentally friendly. A hydrogen fuel for a fuel cell is obtained from a number of sources. Most of fuel cell for APU(Auxiliary power unit) system using diesel fuel as a hydrogen source. Diesel fuel has many advantages, such as high hydrogen storage density, easy to transport and also well-infra structure. However, conventional diesel reforming system for PEMFC(Proton exchange membrane fuel cell) requires a large volume and complex CO removal system for the lower the CO level to less than 10ppm. In addition, the PROX(Preferential Oxidation) reaction cooling load is needed because of the strong exothermic reaction. However, the hydrogen separation membrane that we propose can be eliminated many disadvantages, because the volume is small and permeates only pure hydrogen. In this study, we were conducted to the pressurized diesel reforming and water-gas shift reaction experiment for the hydrogen permeable membrane application.

Keywords: hydrogen, diesel, reforming, ATR, WGS, PROX, membrane, pressure

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Authors: Eugene Okyere-Kwakye

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Knowledge sharing is a practice where individuals commonly exchange both tacit and explicit knowledge to jointly create a new knowledge. Knowledge management literature vividly express that knowledge sharing is the keystone and perhaps it is the most important aspect of knowledge management. To enhance the understanding of knowledge sharing domain, this study is aimed to investigate some factors that could influence employee’s attitude and behaviour to share their knowledge. The researchers employed the social exchange theory as a theoretical foundation for this study. Three essential factors namely: Trust, mutual reciprocity and perceived enjoyment that could influence knowledge sharing behaviour has been incorporated into a research model. To empirically validate this model, data was collected from one hundred and twenty respondents. The multiple regression analysis was employed to analyse the data. The results indicate that perceived enjoyment and trust have a significant influence on knowledge sharing. Surprisingly, mutual reciprocity did not influence knowledge sharing. The paper concludes by highlight the practical implications of the findings and areas for future research to consider.

Keywords: perceived enjoyment, trust, knowledge sharing, knowledge management

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Authors: Ephraim Ugwu, Christopher Ehinomen

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Despite efforts by the Nigerian government to harmonize the macroeconomic policy implementations by establishing various committees to resolve disputes between the fiscal and monetary authorities, it is still evident that the federal government had continued its expansionary policy by increasing spending, thus creating huge budget deficit. This study evaluates the effect of macroeconomic policy coordination on economic growth uncertainty in Nigeria from 1980 to 2020. Employing the Auto regressive distributed lag (ARDL) bound testing procedures, the empirical results shows that the error correction term, ECM(-1), indicates a negative sign and is significant statistically with the t-statistic value of (-5.612882 ). Therefore, the gap between long run equilibrium value and the actual value of the dependent variable is corrected with speed of adjustment equal to 77% yearly. The long run coefficient results showed that the estimated coefficients of the intercept term indicates that other things remains the same (ceteris paribus), the economics growth uncertainty will continue reduce by 7.32%. The coefficient of the fiscal policy variable, PUBEXP, indicates a positive sign and significant statistically. This implies that as the government expenditure increases by 1%, economic growth uncertainty will increase by 1.67%. The coefficient of monetary policy variable MS also indicates a positive sign and insignificant statistically. The coefficients of merchandise trade variable, TRADE and exchange rate EXR show negative signs and significant statistically. This indicate that as the country’s merchandise trade and the rate of exchange increases by 1%, the economic growth uncertainty reduces by 0.38% and 0.06%, respectively. This study, therefore, advocate for proper coordination of monetary, fiscal and exchange rate policies in order to actualize the goal of achieving a stable economic growth.

Keywords: macroeconomic, policy coordination, growth uncertainty, ARDL, Nigeria

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Authors: Jagbir Singh Kadyan

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This research paper critically analyse the performance of those Indian Automobile Companies which are listed and traded on the National Stock Exchange (NSE) of India and which are also included in the NSE nifty auto Index. In India, CSR–Corporate Social Responsibility is mandatory for certain qualifying companies under the Indian Companies Act 2013, which replaces the erstwhile Companies Act 1956. There has been a significant shift in the focus and approaches of the Indian Corporates towards their CSR obligations with the insertion of section 135, revision of section 198 and introduction of schedule VII of the Indian Companies Act 2013. Every such qualifying companies are required to mandatorily spend at least 2% of their annual average net profit of the immediately preceding three financial years on such CSR activities as specified under schedule VII of the Companies act 2013. This research paper analyzes the CSR performance of such Indian companies. This research work is originally based on the secondary data. The annual reports of the selected Indian automobile companies have been extensively used and considered for this research work.

Keywords: board of directors, corporate social responsibility, CSR committees, Indian automobile companies, Indian companies act 2013, national stock exchange

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Authors: Prachi Chavda

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The world, as of today, is smaller than it was for those who lived few decades ago. Internet, media and telecommunications have impacted the world like never before. Culture is the pillar upon which a society mushrooms. A culture develops with human creativity over the years and also by the exchange and intermixing of ideas and way of life across different civilizations and we can say that one of the influencing medium of exchange and intermixing of these ideas is cinema. Cinema has been the wonderful as well as important medium of communication since it has been emerged. Change is the thumb rule of life and so have been Indian cinema. As society has evolved from time to time so has the stories of Indian Cinema and its characters, hence it directly effects to the Indian culture as cinema has been very strong mediator for information exchange. The paper tries to discuss deeply how Indian cinema (reel life) and Indian culture (real life) has been influencing each other that results into a constant modification in both. Moreover, the research tries to deal with the issue with some examples that as a outcome how movies impact the Indian culture positively and negatively on culture. Therefore, it spreads the wave of change in cultural settings of society. The paper also tries to light the psychology of youth of India. Today, children and youth greatly admire the ostentatious materialistic display of outfits and style of the actors in the movies. Also, the movies bearing romanticism and showcasing disputatious issues like pre-marital sex, live-in relationship, homo-sexuality etc. though without highlighting them extensively have indeed inspired the commoners. Pros and cons always exist. Such revelation of issues certainly give a spark in the minds of those who are in their formative years and the effect of which is seen with the passage of time Thus, we can say that emergence of cinema as a strong tool of social change as well as culture as a triggering factor for transformation in cinema. As, a finding we can say that culture and cinema of India are influencing factors for each other. Cinema and culture are two sides of a coin, where both are responsible for evolution of each other.

Keywords: cinema, culture, influence, transformation

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Authors: S. Venkatramanan, S. Y. Chung, S. Selvam, E. E. Hussam, G. Gnanachandrasamy

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The quality of groundwater was evaluated by major ions concentration around Busan city, South Korea. The groundwater samples were collected from 40 wells. The order of abundance of major cations concentration in groundwater is Na > Ca > Mg > K, in case of anions are Cl > HCO₃ > SO₄ > NO₃ > F. Based on Piper’s diagram Ca (HCO₃)₂, CaCl₂, and NaCl are the leading groundwater types. While Gibbs diagram suggested that most of groundwater samples belong to rock-weathering zone. Hydrogeochemical condition of groundwater in this city is influenced by evaporation, ion exchange and dissolution of minerals. Water Quality Index (WQI) revealed that 86 % of the samples belong to excellent, 2 % good, 4 % poor to very poor and 8 % unsuitable categories. The results of sodium absorption ratio (SAR), Permeability Index (PI), Residual Sodium Carbonate (RSC) and Magnesium Hazard (MH) exhibit that most of the groundwater samples are suitable for domestic and irrigation purposes.

Keywords: WQI (Water Quality Index), saturation index, groundwater types, ion exchange

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Authors: Min-Hwa Lim, Mi-Jeong Park, Ho-Young Jung

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Imidazolium-brominated polyphenylene oxide (Im-bPPO) is based on the functionalization of bromomethylated poly(2,6-dimethyl-1,4-phenylene oxide) (BPPO) using 1-Methylimdazole. For the purpose of long cycle life of vanadium redox battery (VRB), the chemical stability of Im-bPPO, sPPO (sulfonated 2,6-dimethyl-1,4-phenylene oxide) and Fumatech membranes were evaluated firstly in the 0.1M vanadium (V) solution dissolved in 3M sulfuric acid (H2SO4) for 72h, and UV analyses of the degradation products proved that ether bond in PPO backbone was vulnerable to be attacked by vanadium (V) ion. It was found that the membranes had slightly weight loss after soaking in 2 ml distilled water included in STS pressure vessel for 1 day at 200◦C. ATR-FT-IR data indicated before and after the degradation of the membranes. Further evaluation on the degradation mechanism of the menbranes were carried out in Fenton’s reagent solution for 72 h at 50 ◦C and analyses of the membranes before and after degradation confirmed the weight loss of the membranes. The Fumatech membranes exhibited better performance than AEM and CEM, but Nafion 212 still suffers chemical degradation.

Keywords: vanadium redox flow battery, ion exchange membrane, permeability, degradation, chemical stability

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Authors: B. Bouadjemi, S. Bentata, T. Lantri, A. Abbad, W. Benstaali, A. Zitouni, S. Cherid

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We investigate the electronic structure, magnetic and optical properties of the orthorhombic NdMnO3 through density-functional-theory (DFT) calculations using both generalized gradient approximation GGA and GGA+U approaches, the exchange and correlation effects are taken into account by an orbital independent modified Becke Johnson (MBJ). The predicted band gaps using the MBJ exchange approximation show a significant improvement over previous theoretical work with the common GGA and GGA+U very closer to the experimental results. Band gap dependent optical parameters like dielectric constant, index of refraction, absorption coefficient, reflectivity and conductivity are calculated and analyzed. We find that when using MBJ we have obtained better results for band gap of NdMnO3 than in the case of GGA and GGA+U. The values of band gap founded in this work by MBJ are in a very good agreement with corresponding experimental values compared to other calculations. This comprehensive theoretical study of the optoelectronic properties predicts that this material can be effectively used in optical devices.

Keywords: DFT, optical properties, absorption coefficient, strong correlation, MBJ, orthorhombic NdMnO3, optoelectronic

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Authors: Azaz Zaman, Mirazur Rahman

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Capital market is a crucial financial market place where companies and the government can raise long-term funds and, at the same time, investors get the opportunity to invest in the listed companies. Capital markets play a vital role not only in shifting the funds from surplus entity to deficit for investment, but also in the overall economic development of any developing country like Bangladesh. Being the first and biggest capital market of Bangladesh, Dhaka Stock Exchange (DSE) is the prime bourse of the country. The differences in the investment preference— among three broad categories of investors in DSE including individual investors, institutional investors, and government— are easily observed. Authors of this article have used five categories of investors such as sponsors or directors of the company, institutional investors, foreign investors, government, and the general public in order to present a comparative analysis of their investment patterns. Obtaining data on the percentage of investment by these five types of investors in different sectors from the DSE website, this study aims to analyze the sector-wise investment preference of these investors using August 2018 data. The study has found that the sponsors or directors of the company have the highest percentage of investment in the textile industry which is close to 16%. The Bangladesh government, as an investor, has the highest percentage of investment in the fuel & power sector, approximately 32%. It has also found that the mutual funds' sector is mostly financed by institutional investors, nearly 28%. Foreign investors have their most investments in the banking sector, which is close to 22%. It has also revealed that the textile sector is mostly financed by the general public, close to 17%. Nevertheless, general public, surprisingly, has the lowest percentage of investment in the telecommunication sector, which is 0.10%.

Keywords: stock market investment, Dhaka stock exchange, capital market, Bangladesh

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Authors: Saad M. Howladar, Mike Dennett

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At first harvest, results showed that salinity (tap water, 100 and 200 mM NaCl) induced a significant decrease in all growth parameters in both Yecora Rojo and Paragon cultivars. The greatest effect of salinity was a decrease in leaf area. The same tendency was observed with specific leaf area, and total fresh and dry weights and their components. Green leaf and tiller numbers were reduced by the same extent in both cultivars. The corresponding final harvest, all growth parameters also reduced with increased salinity. Yield and yield components were also reduced by salinity with similar effects in both cultivars. Chlorophyll fluorescence, expressed as Fv/Fm, and gas exchange parameters were decreased significantly with increase in salinity in both cultivars. In contrast, seed protein content was increased significantly with increase in salinity. Salicylic acid (SA) application induced no significant improvements in growth parameters and yield components.

Keywords: salinity, salicylic acid, growth, chlorophyll fluorescence, gas exchange, yield

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Authors: M. Yusuf Ansari, Asad Abbas

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Proton exchange membrane (PEM) fuel cell is a very efficient and promising energy conversion device. Although Nafion® is considered as benchmark materials for membrane used in PEM fuel cell, it has limitations that restrict its uses. Alternative materials for the membrane is always a challenging field for researchers. Sulfonated poly(ether ether ketone) (SPEEK) is one of the promising material for membrane due to its chemical and mechanical stability and lower cost. In this work, SPEEK is synthesized, and property booster such as silica nanoparticles and polyvinyl alcohol (PVA) are also added to analyse changes in properties such as water uptake, IEC, and conductivity. It has been found that adding PVA support high water uptake and proton conductivity but at large amount of PVA reduces the proton conductivity due to very high water uptake. Adding silica enhances water uptake and proton conductivity.

Keywords: PEM Membrane, sulfonated poly (ether ether ketone) (SPEEK), silica fumes (SiO2), polyvinyl alcohol (PVA)

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Authors: Nariman O. Kandil, Ehab K. Abou-Elkheir, Amr M. Kotb

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Effective IT governance guarantees the strategic alignment of IT and business goals, risk mitigation control, and better IT and business performance. This study seeks to examine empirically the extent of IT governance implementation within the firms listed on the Egyptian stock exchange (EGX30) and its determinants. Accordingly, 18 semi-structured interviews face to face, phone, and video-conferencing interviews using various tools (e.g., WebEx, Zoom, and Microsoft Teams) were undertaken at the interviewees’ offices in Egypt between the end of November 2019 and the end of August 2020. Results suggest that there are variances in the extent of IT Governance (ITG) implementation within the firms listed on the Egyptian stock exchange (EGX30), mainly caused by the industry type and internal and external triggers. The results also suggest that the organization size, the type of auditor, the criticality of the industry, the effective processes & KPIs, and the information intensity expertise of the CIO have a significant impact on IT governance implementation within the firms.

Keywords: effective IT governance, Egyptian market, information security, risk controls

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Authors: Rudi Kurniawan Arief

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Manufacturing cost and setup time are the hot topics to improve in Metal Stamping industry because material and components price are always rising up while costumer requires to cut down the component price year by year. The Single Minute Exchange of Die (SMED) is one of many methods to reduce waste in stamping industry. The Japanese Quick Die Change (QDC) dies system is one of SMED systems that could reduce both of setup time and manufacturing cost. However, this system is rarely used in stamping industries. This paper will analyze how deep the QDC dies system could reduce setup time and the manufacturing cost. The research is conducted by direct observation, simulating and comparing of QDC dies system with conventional dies system. In this research, we found that the QDC dies system could save up to 35% of manufacturing cost and reduce 70% of setup times. This simulation proved that the QDC die system is effective for cost reduction but must be applied in several parallel production processes.

Keywords: press die, metal stamping, QDC system, single minute exchange die, manufacturing cost saving, SMED

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Authors: Saad Howladar, Mike Dennett

Abstract:

At first harvest, results showed that salinity (tap water, 100 and 200 mM NaCl) induced a significant decrease in all growth parameters in both Yecora Rojo and Paragon cultivars. The greatest effect of salinity was a decrease in leaf area. The same tendency was observed with specific leaf area, and total fresh and dry weights and their components. Green leaf and tiller numbers were reduced by the same extent in both cultivars. The corresponding final harvest, all growth parameters also reduced with increased salinity. Yield and yield components were also reduced by salinity with similar effects in both cultivars. Chlorophyll fluorescence, expressed as Fv/Fm, and gas exchange parameters were decreased significantly with increase in salinity in both cultivars. In contrast, seed protein content was increased significantly with increase in salinity. Salicylic acid (SA) application induced no significant improvements in growth parameters and yield components.

Keywords: salinity, salicylic acid, growth, chlorophyll fluorescence, gas exchange, yield

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Authors: B. A. Berns, V. Romanovicz, M. M. de Camargo Forte, D. E. O. S. Carpenter

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The Proton Exchange Membranes (PEM) are largely studied because they operate at low temperatures and they are suitable for mobile applications. However, There are some deficiencies in their operation, Mainly those that use ethanol as a hydrogen source that require a certain attention. Therefore, This research aimed to develop Nafion® composite membranes, Mixing clay minerals, Kaolin and halloysite to the polymer matrix in order to improve the ethanol molecule retentions and at the same time to keep the system’s protonic conductivity. The modified Nafion/Kaolin, Nafion/Halloysite composite membranes were prepared in weight proportion of 0.5, 1.0 and 1.5. The membranes obtained were characterized as to their ethanol permeability, Protonic conductivity and water absorption. The composite morphology and structure are characterized by SEM and EDX and also the thermal behavior is determined by TGA and DSC. The analysis of the results shows ethanol permeability reduction from 48% to 63%. However, The protonic conductivity results are lower in relation to pure Nafion®. As to the thermal behavior, The Nafion® composite membranes were stable up to a temperature of 325ºC.

Keywords: Polymer-matrix composites (PMCs), thermal properties, nanoclay, differential scanning calorimetry

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Authors: Seyedmohsen Mortazavi

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The purpose of this research is to investigate the personality types of internal auditors on the quality of financial reporting in companies admitted to the Tehran Stock Exchange. Personality type is one of the issues that emphasizes the field of auditors' behavior, and this field has attracted the attention of shareholders and stock companies today, because the auditors' personality can affect the type of financial reporting and its quality. The research is applied in terms of purpose and descriptive and correlational in terms of method, and a researcher-made questionnaire was used to check the research hypotheses. The statistical population of the research is all the auditors, accountants and financial managers of the companies admitted to the Tehran Stock Exchange, and due to their large number and the uncertainty of their exact number, 384 people have been considered as a statistical sample using Morgan's table. The researcher-made questionnaire was approved by experts in the field, and then its validity and reliability were obtained using software. For the validity of the questionnaire, confirmatory factor analysis was first examined, and then using divergent and convergent validity; Fornell-Larker and cross-sectional load test of the validity of the questionnaire were confirmed; Then, the reliability of the questionnaire was examined using Cronbach's alpha and composite reliability, and the results of these two tests showed the appropriate reliability of the questionnaire. After checking the validity and reliability of the research hypotheses, PLS software was used to check the hypotheses. The results of the research showed that the personalities of internal auditors can affect the quality of financial reporting; The personalities investigated in this research include neuroticism, extroversion, flexibility, agreeableness and conscientiousness, all of these personality types can affect the quality of financial reporting.

Keywords: flexibility, quality of financial reporting, agreeableness, conscientiousness

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Authors: Yusuf Yılmaz, Kevser Dincer, Derya Saygılı

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In this study, performance of PEMs was experimentally investigated. Coating on the cathode side of the PEMs fuel cells was accomplished with the spray method by using NaCaNiBO. A solution having 0,1 gr NaCaNiBO +10 mL methanol was prepared. This solution was taken out and filled into a spray. Then the cathode side of PEMs fuel cells was cladded with NaCaNiBO by using spray method. After coating, the membrane was left out to dry for 24 hours. The PEM fuel cells were mounted to the system in single, double, triple and fourfold manner in order to spot the best performance. The performance parameter considered was the power to current ratio. The best performance was found to occur at the 300th second with the power/current ratio of 3.55 Watt/Ampere and on the fourfold parallel mounting after the coating; whereas the poorest performance took place at the 210th second, power to current ratio of 0.12 Watt/Ampere and on the twofold parallel connection after the coating.

Keywords: nano-composites, proton exchange membranes, performance improvement, fuel cell

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Authors: Yashar Ibragimov, Nino Berishvili

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Technological, economic and other innovation-related advances of the 21st century have influenced the old, traditional business models. Presently, organizational change has become an integral part of corporate strategy for the majority of businesses. Such shifts have resulted in both new challenges and opportunities. The expansion of the use of information and communication technologies has driven fundamental shifts towards digital change. Organizations are being forced to revise processes, goals and overall mission in order to stay competitive in the marketplace. However, the implementation of digital transformation brings uncertainty, causes stress and raises concerns about future jobs. The study employs systematic literature review to fill the gap in understanding relationship between employee motivation and commitment during the transformation. A conceptual model proposes the antecedents (OCB and Leader Member Exchange) of employee motivation and investigates its impact on employee commitment to change. The utilized model elucidates how to maintain employee motivation and commitment in the context of organizational transformation and sets the ground for future research.

Keywords: employee motivation, change commitment, change management, leader member exchange, organizational citizenship behavior

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Authors: A. Miloud

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In this work, the results of numerical simulations of the turbulent flow with 3D heat transfer are presented for the case of two U-shaped channels and rotating rectangular section. The purpose of this investigation was to study the effect of the corrugated walls of the heated portion on the improved cooling, in particular the influence of the wavelength. The calculations were performed for a Reynolds number ranging from 10 000 to 100 000, two values of the number of rotation (Ro = 0.0 to 0.14) and a ratio of the restricted density to 0.13. In these simulations, ANSYS FLUENT code was used to solve the Reynolds equations expressing relations between different fields averaged variables over time. Model performance k-omega SST model and RSM are evaluated through a comparison of the numerical results for each model and the experimental and numerical data available. In this work, detailed average temperature predictions, the scope of the secondary flow and distributions of local Nusselt are presented. It turns out that the corrugated configuration further urges the heat exchange provided to reduce the velocity of the coolant inside the channel.

Keywords: cooling blades, corrugated walls, model k-omega SST and RSM, fluent code, rotation effect

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Authors: Prateep Wajeetongratana

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This study investigates the management accountant’s roles that link with the creation of corporate shared value to enable more effective decision-making and improve the information needs of stakeholders. Mixed method is employed to collect using triangulation for credibility. A quantitative approach is employed to conduct a survey of 200 Thai companies providing annual reports in the Stock Exchange of Thailand. The results of the study reveal that environmental and social data incorporated in a corporate social responsibility (CSR) disclosure are based on the indicators of the Global Reporting Initiatives (GRI) at a statistically significant level of 0.01. Environmental and social indicators in CSR are associated with environmental and social data disclosed in the annual report to support stakeholders’ and the public’s interests that are addressed and show that a significant relationship between environmental and social in CSR disclosures and the information in annual reports is statistically significant at the 0.01 level.

Keywords: corporate social responsibility, creating shared value, management accountant’s roles, stock exchange of Thailand

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Authors: Jonathan Olusegun Famoroti, Mathew Ekundayo Rotimi, Mishelle Doorasamy

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This study offers an empirical investigation into some selected macroeconomic drivers of the monetary policy rate in member countries of the West African Monetary Zone (WAMZ), considering both internal and external variables. We employed Autoregressive Distributed Lag (ARDL) to carry out the investigation between monetary policy and some macroeconomic variables in both the long-run and short-run relationship. The results suggest that the drivers of the policy rate in this zone, in the long run, include, among others, global oil price, exchange rate, inflation rate, and gross domestic product, while in the short run, federal fund rate, trade openness, exchange rate, inflation rate, and gross domestic product are core determinants of the policy rate. Therefore, in order to ensure long-run stability in the policy rate among the members’ states, these drivers should be given closer consideration so that the trajectory for effective structure can be designed and fused into the economic structure and policy frameworks accordingly.

Keywords: monetary policy rate, macroeconomic variables, WAMZ, ARDL

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Authors: Xiaoqing Wang, Jianjian Zong, Li Li, Yanxing Zheng, Jinrong Tong, Mao Zhan

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With the rapid development of network and communication technology, a great deal of data has been generated in different domains of a network. These data show a trend of increasing scale and more complex structure. Therefore, an effective and flexible cross-domain data-sharing system is needed. The Cross-domain Data Sharing System(CDSS) in a net-centric environment is composed of three sub-systems. The data distribution sub-system provides data exchange service through publish-subscribe technology that supports asynchronism and multi-to-multi communication, which adapts to the needs of the dynamic and large-scale distributed computing environment. The access control sub-system adopts Attribute-Based Access Control(ABAC) technology to uniformly model various data attributes such as subject, object, permission and environment, which effectively monitors the activities of users accessing resources and ensures that legitimate users get effective access control rights within a legal time. The cross-domain access security negotiation subsystem automatically determines the access rights between different security domains in the process of interactive disclosure of digital certificates and access control policies through trust policy management and negotiation algorithms, which provides an effective means for cross-domain trust relationship establishment and access control in a distributed environment. The CDSS’s asynchronous,multi-to-multi and loosely-coupled communication features can adapt well to data exchange and sharing in dynamic, distributed and large-scale network environments. Next, we will give CDSS new features to support the mobile computing environment.

Keywords: data sharing, cross-domain, data exchange, publish-subscribe

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Authors: Ben Kwame Agyei-Mensah

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This study investigated the influence of firm-specific characteristics which include proportion of Non-Executive Directors, ownership concentration, firm size, profitability, debt equity ratio, liquidity and leverage on the extent and quality of financial ratios disclosed by firms listed on the Ghana Stock Exchange. The research was conducted through detailed analysis of the 2012 financial statements of the listed firms. Descriptive analysis was performed to provide the background statistics of the variables examined. This was followed by regression analysis which forms the main data analysis. The results of the extent of financial ratio disclosure level, mean of 62.78%, indicate that most of the firms listed on the Ghana Stock Exchange did not overwhelmingly disclose such ratios in their annual reports. The results of the low quality of financial ratio disclosure mean of 6.64% indicate that the disclosures failed woefully to meet the International Accounting Standards Board's qualitative characteristics of relevance, reliability, comparability and understandability. The results of the multiple regression analysis show that leverage (gearing ratio) and return on investment (dividend per share) are associated on a statistically significant level as far as the extent of financial ratio disclosure is concerned. Board ownership concentration and proportion of (independent) non-executive directors, on the other hand were found to be statistically associated with the quality of financial ratio disclosed. There is a significant negative relationship between ownership concentration and the quality of financial ratio disclosure. This means that under a higher level of ownership concentration less quality financial ratios are disclosed. The findings also show that there is a significant positive relationship between board composition (proportion of non-executive directors) and the quality of financial ratio disclosure.

Keywords: voluntary disclosure, firm-specific characteristics, financial reporting, financial ratio disclosure, Ghana stock exchange

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Authors: Ali Akbar, Seungho Shin, Sukkee Um

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The composition of catalyst layers (CLs) plays an important role in the overall performance and cost of the proton exchange membrane fuel cells (PEMFCs). Low platinum loading, high utilization, and more durable catalyst still remain as critical challenges for PEMFCs. In this study, a three-dimensional material network model is developed to visualize the nanostructure of carbon supported platinum Pt/C and Pt/VACNT catalysts in pursuance of maximizing the catalyst utilization. The quadruple-phase randomly generated CLs domain is formulated using quasi-random stochastic Monte Carlo-based method. This unique statistical approach of four-phase (i.e., pore, ionomer, carbon, and platinum) model is closely mimic of manufacturing process of CLs. Various CLs compositions are simulated to elucidate the effect of electrons, ions, and mass transport paths on the catalyst utilization factor. Based on simulation results, the effect of key factors such as porosity, ionomer contents and Pt weight percentage in Pt/C catalyst have been investigated at the represented elementary volume (REV) scale. The results show that the relationship between ionomer content and Pt utilization is in good agreement with existing experimental calculations. Furthermore, this model is implemented on the state-of-the-art Pt/VACNT CLs. The simulation results on Pt/VACNT based CLs show exceptionally high catalyst utilization as compared to Pt/C with different composition ratios. More importantly, this study reveals that the maximum catalyst utilization depends on the distance spacing between the carbon nanotubes for Pt/VACNT. The current simulation results are expected to be utilized in the optimization of nano-structural construction and composition of Pt/C and Pt/VACNT CLs.

Keywords: catalyst layer, platinum utilization, proton exchange membrane fuel cell, stochastic modeling

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Authors: Khan Farhan Rafat, M. Junaid Hussain

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Seamless modification of an entity for the purpose of hiding a message of significance inside its substance in a manner that the embedding remains oblivious to an observer is known as steganography. Together with today's pervasive registering frameworks, steganography has developed into a science that offers an assortment of strategies for stealth correspondence over the globe that must, however, need a critical appraisal from security breach standpoint. Microsoft Word is amongst the preferably used word processing software, which comes as a part of the Microsoft Office suite. With a user-friendly graphical interface, the richness of text editing, and formatting topographies, the documents produced through this software are also most suitable for stealth communication. This research aimed not only to epitomize the fundamental concepts of steganography but also to expound on the utilization of Microsoft Word document as a carrier for furtive message exchange. The exertion is to examine contemporary message hiding schemes from security aspect so as to present the explorative discoveries and suggest enhancements which may serve a wellspring of information to encourage such futuristic research endeavors.

Keywords: hiding information in plain sight, stealth communication, oblivious information exchange, conceal, steganography

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Authors: Apedzan Emmanuel Kighir

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This research investigates dividends smoothing among non-financial companies trading on the Nigerian Stock Exchange in an era of unclaimed dividends from 2004 to 2013. There has been a raging controversy among Regulatory Authorities, Company Executives, Registrars of Companies, Shareholders and the general public regarding the increasing incidence of unclaimed dividends in Nigeria. The objective of this study is to find out if corporate earnings management through dividends smoothing is implicated in unclaimed dividends among Nigerian non-financial firms. The research used panel data and employed Generalized Method of Moment as method of analysis. The research finds evidence of dividends-smoothing in this era of unclaimed dividends in Nigeria. The research concludes that dividends-smoothing is a trigger and red flag for unclaimed dividends, an output of earnings management. If earnings management and hence unclaimed dividends in Nigeria is allowed to continue, it will lead to great consequences to the investors and corporate policy of government. It is believed that the research will assist investors and government in making informed decisions regarding dividends policy in Nigeria.

Keywords: dividends smoothing, non financial companies, Nigerian stock exchange, unclaimed dividends, corporate earnings management

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Authors: Moshe Mello, Hilary Rutto, Tumisang Seodigeng, Itumeleng Kohitlhetse

Abstract:

The accelerating requirement to reach 0% sulfur content in liquid fuels demand researchers to seek efficient alternative technologies to challenge the predicament. In this current study, the adsorption capabilities of modified Cu(I)-Y zeolite were tested for the removal of organosulfur compounds (OSC) present in tire pyrolytic oil (TPO). The π-complexation-based adsorbent was obtained by ion exchanging Y-zeolite with Cu+ cation using liquid phase ion exchange (LPIE). Preparation of the adsorbent involved firstly ion exchange between Na-Y zeolite with a Cu(NO₃)₂ aqueous solution of 0.5M for 48 hours followed by reduction of Cu²⁺ to Cu+. Fixed-bed breakthrough studies for TPO in comparison with model diesel comprising of sulfur compounds such as thiophene, benzothiophenes (BT), and dibenzothiophenes (DBT) showed that modified Cu(I)-Y zeolite is an effective adsorbent for removal of OSC in liquid fuels. The effect of operating conditions such as adsorbent dosage and reaction time were studied to optimize the adsorptive desulfurization process. For model diesel fuel, the selectivity for adsorption of sulfur compounds followed the order DBT> BT> Thiophene. The Cu(I)-Y zeolite is fully regeneratable and this is achieved by a simple procedure of blowing the adsorbent with air at 350 °C, followed by reactivation at 450 °C in a rich helium surrounding.

Keywords: adsorption, desulfurization, TPO, zeolite

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Authors: Pawel Magryta, Tytus Tulwin, Paweł Karpiński

Abstract:

The ASz62IR engine is a radial aircraft engine with 9 cylinders. This object is produced by the Polish company WSK "PZL-KALISZ" S.A. This is engine is currently being developed by the above company and Lublin University of Technology. In order to provide an effective work of the technological development of this unit it was decided to made the simulation model. The model of ASz-62IR was developed with AVL BOOST software which is a tool dedicated to the one-dimensional modeling of internal combustion engines. This model can be used to calculate parameters of an air and fuel flow in an intake system including charging devices as well as combustion and exhaust flow to the environment. The main purpose of this model is the analysis of the charge exchange and mixture formation in this engine. For this purpose, the model consists of elements such: as air inlet, throttle system, compressor connector, charging compressor, inlet pipes and injectors, outlet pipes, fuel injection and model of fuel mixing and evaporation. The model of charge exchange and mixture formation was based on the model of mass flow rate in intake and exhaust pipes, and also on the calculation of gas properties values like gas constant or thermal capacity. This model was based on the equations to describe isentropic flow. The energy equation to describe flow under steady conditions was transformed into the mass flow equation. In the model the flow coefficient μσ was used, that varies with the stroke/valve opening and was determined in a steady flow state. The geometry of the inlet channels and other key components was mapped with reference to the technical documentation of the engine and empirical measurements of the structure elements. The volume of elements on the charge flow path between the air inlet and the exhaust outlet was measured by the CAD mapping of the structure. Taken from the technical documentation, the original characteristics of the compressor engine was entered into the model. Additionally, the model uses a general model for the transport of chemical compounds of the mixture. There are 7 compounds used, i.e. fuel, O2, N2, CO2, H2O, CO, H2. A gasoline fuel of a calorific value of 43.5 MJ/kg and an air mass fraction for stoichiometric mixture of 14.5 were used. Indirect injection into the intake manifold is used in this model. The model assumes the following simplifications: the mixture is homogenous at the beginning of combustion, accordingly, mixture stoichiometric coefficient A/F remains constant during combustion, combusted and non-combusted charges show identical pressures and temperatures although their compositions change. As a result of the simulation studies based on the model described above, the basic parameters of combustion process, charge exchange, mixture formation in cylinders were obtained. The AVL Boost software is very useful for the piston engine performance simulations. This work has been financed by the Polish National Centre for Research and Development, INNOLOT, under Grant Agreement No. INNOLOT/I/1/NCBR/2013.

Keywords: aviation propulsion, AVL Boost, engine model, charge exchange, mixture formation

Procedia PDF Downloads 283

Authors: Aristeidis Samitas, Evangelos Vasileiou

Abstract:

The aim of this study is to examine the month and the trading month effect under changing financial trends. We choose the Greek stock market to implement our assumption because there are clear and long term periods of financial growth and recession. Daily financial data from Athens Exchange General Index for the period 2002-2012 are considered. The paper employs several linear and non-linear models, although the TGARCH asymmetry model best fits in this sample and for this reason we mainly present the TGARCH results. Empirical results show that changing economic and financial conditions influences the calendar effects. Especially, the trading month effect totally changes in each fortnight according to the financial trend. On the other hand, in Greece the January effect exists during the growth periods, although it does not exist when the financial trend changes. The findings are helpful to anybody who invest and deals with the Greek stock market. Moreover, they may pave the way for an alternative calendar anomalies research approach, so it may be useful to investors who take into account these anomalies when they draw their investment strategy.

Keywords: month effect, trading month effect, economic cycles, crisis

Procedia PDF Downloads 390

Authors: Ramlan Jantan, Norfadilah Kamaruddin, Shahriman Zainal Abidin

Abstract:

In this era of technology, the co-creation method has become a new development trend. In this light, most design businesses have currently transformed their development strategy from being goods-dominant into service-dominant where more attention is given to the end-users and their roles in the development process. As a result, the conventional development process has been replaced with a more cooperative one. Consequently, numerous studies have been conducted to explore the extension of co-creation method in the design development process and most studies have focused on issues found during the production process. In the meantime, this study aims to investigate potential values established during the pre-production process, which is also known as the ‘circumstances value creation’. User involvement is questioned and crucially debate at the entry level of pre-production process in value in-exchange jointly spheres; thus user experiences took place. Thus, this paper proposed a potential framework of the co-creation method for Malaysian interactive product development. The framework is formulated from both parties involved: the users and designers. The framework will clearly give an explanation of the value of the co-creation method, and it could assist relevant design industries/companies in developing a blueprint for the design process. This paper further contributes to the literature on the co-creation of value and digital ecosystems.

Keywords: co-creation method, co-creation framework, co-creation, co-production

Procedia PDF Downloads 139