Search results for: margin financing

Authors: Min Fang, Jiaxi Yang

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Monetary policy could be less effective at stimulating investment during periods of elevated volatility than during normal times. In this paper, we argue that elevated volatility leads to a decrease in extensive margin investment incentive so that nominal stimulus generates less aggregate investment. To do this, we first empirically document that high volatility weakens firms’ investment responses to monetary stimulus. Such effects depend on the lumpiness nature of the firm-level investment. The findings are that the channel exists for all of the physical investment, innovation investment, and organization investment.

Keywords: investment, irreversibility, volatility, uncertainty, firm heterogeneity, monetary policy

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Authors: Donato Vese

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According to the common interpretation, in a legal system, public powers are established by law. Exceptions are admitted in an emergency or particular relationship with public power. However, we currently agree that law allows public administration a margin of decision, even in the case of non-discretionary acts. Hence, the administrative decision not exclusively established by law becomes the rule in the ordinary state of things, non-only in state of exception. This paper aims to analyze and discuss different ideas on discretionary power on the Rule of Law and Rechtsstaat. Observing the legal literature in Europe and Nord and South America, discretionary power can be described as follow: it could be considered a margin that law accords to the executive power for political decisions or a choice between different interpretations of vague legal previsions. In essence, this explanation admits for the executive a decision not established by law or anyhow not exclusively established by law. This means that the discretionary power of public administration integrates the law. However, integrating law does not mean to decide according to the law, but it means to integrate law with a decision involving public power. Consequently, discretionary power is essentially free will. In this perspective, also the Rule of Law and the Rechtsstaat are notions explained differently. Recently, we can observe how the European notion of Rechtsstaat is founded on the formal validity of the law; therefore, for this notion, public authority’s decisions not regulated by law represent a problem. Thus, different systems of law integration have been proposed in legal literature, such as values, democracy, reasonableness, and so on. This paper aims to verify how, looking at those integration clauses from a logical viewpoint, integration based on the recourse to the legal system itself does not resolve the problem. The aforementioned integration clauses are legal rules that require hard work to explain the correct meaning of the law; in particular, they introduce dangerous criteria in favor of the political majority. A different notion of public power can be proposed. This notion includes two main features: (a) sovereignty belongs to persons and not the state, and (b) fundamental rights are not grounded but recognized by Constitutions. Hence, public power is a system based on fundamental rights. According to this approach, it can also be defined as the notion of public interest as concrete maximization of fundamental rights enjoyments. Like this, integration of the law, vague or subject to several interpretations, must be done by referring to the system of fundamental individual rights. We can think, for instance, to fundamental rights that are right in an objective view but not legal because not established by law.

Keywords: administrative discretion, free will, fundamental rights, public power, sovereignty

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Authors: Rachel Koshy, Nazrila Hairizan Bt. Nasir, Samsiah Bt. Awang, Kamaliah Bt. Mohamad Noh

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Malaysia collaborated as a ‘trailblazer’ country with PHCPI (Primary Health Care Performance Initiative) to populate the Primary Health Care (PHC) Vital Signs Profile (VSP) for the country. The PHC VSP provides an innovative snapshot of the primary health care system's performance. Four domains were assessed: system financing, system capacity, system performance, and system equity, and completed in 2019. There were two phases using a mixed method study design. The first phase involved a quantitative study, utilising existing secondary data from national and international sources. In the case of unavailability of data for any indicators, comparable alternative indicators were used. The second phase was a mixed quantitative-qualitative approach to measure the functional capacity based on governance and leadership, population health needs, inputs, population health management, and facility organisation and management. PHC spending constituted 35% of overall health spending in Malaysia, with a per capita PHC spending of $152. The capacity domain was strong in the three subdomains of governance and leadership, information system, and funds management. The two subdomains of drugs & supplies and facility organisation & management had low scores, but the lowest score was in empanelment of the population under the population health management. The PHC system performed with an access index of 98%, quality index of 84%, and service coverage of 62%. In the equity domain, there was little fluctuation in the coverage of reproductive, maternal, newborn, and child health services by mother’s level of education and under-five child mortality between urban and rural areas. The public sector was stronger in the capacity domain as compared to the private sector. This is due to the different financing, organisational structures, and service delivery mechanism. The VSP has identified areas for improvement in the effort to provide high-quality PHC for the population. The gaps in PHC can be addressed through the system approach and the positioning of public and private primary health care delivery systems.

Keywords: primary health care, health system, system domains, vital signs profile

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Authors: Saeed Ur Rehman Chaudhry

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The objectives of the study are to reconstruct sequence stratigraphic framework and petrophysical analysis of the reservoir marked by using sequence stratigraphy of Sawan Gas Field. The study area lies in Central Indus Basin, District Khairpur, Sindh province, Pakistan. The study area lies tectonically in an extensional regime. Lower Goru Formation and Sembar Formation act as a reservoir and source respectively. To achieve objectives, data set of seismic lines, consisting of seismic lines PSM96-114, PSM96-115, PSM96-133, PSM98-201, PSM98-202 and well logs of Sawan-01, Sawan-02 and Gajwaro-01 has been used. First of all interpretation of seismic lines has been carried out. Interpretation of seismic lines shows extensional regime in the area and cut entire Cretaceous section. Total of seven reflectors has been marked on each seismic line. Lower Goru Formation is thinning towards west. Seismic lines also show eastward tilt of stratigraphy due to uplift at the western side. Sequence stratigraphic reconstruction has been done by integrating seismic and wireline log data. Total of seven sequence boundaries has been interpreted between the top of Chiltan Limestone to Top of Lower Goru Formation. It has been observed on seismic lines that Sembar Formation initially generated shelf margin profile and then ramp margin on which Lower Goru deposition took place. Shelf edge deltas and slope fans have been observed on seismic lines, and signatures of slope fans are also observed on wireline logs as well. Total of six sequences has been interpreted. Stratigraphic and sequence stratigraphic correlation has been carried out by using Sawan 01, Sawan 02 and Gajwaro 01 and a Low Stand Systems tract (LST) within Lower Goru C sands has been marked as a zone of interest. The petrophysical interpretation includes shale volume, effective porosity, permeability, saturation of water and hydrocarbon. On the basis of good effective porosity and hydrocarbon saturation petrophysical analysis confirms that the LST in Sawan-01 and Sawan-02 has good hydrocarbon potential.

Keywords: petrophysical analysis, reservoir potential, Sawan Gas Field, sequence stratigraphy

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Authors: Lawrence Ngalim

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In this paper, we investigate whether the adoption of recent technological advancements in delivering financial services, such as crowdfunding, assists the financially excluded across twenty-seven Sub Saharan Africa (SSA) through entrepreneurship. Results show that even after addressing potential endogeneity issues as much as possible, crowdfunding and entrepreneurial-ventures are strongly associated i.e., crowdfunding translates a 5 – 9 percentage increase on incumbent/prospective individuals who borrowed to enhance/embark on a venture across SSA economies between 2014 to 2017. The study has some implications for regional financial alliance if economies adopt this recent financial technology which offers another financing opportunity that’s unrestricted by territorial boundaries.

Keywords: fintech, finance, entrepreneurship, SSA

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Authors: Liang Sun, Yi He

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The origination and development of Chinese traditional villages have a strong link with clan society. Thousands of traditional villages are constituted by one big family who have the same surname. Villages’ basic social relationships are built on the basis of family kinship. Clan power controls family courtyards’ spatial structure and influences their evolvement process. Compared with other countries, research from perspective of clanism is a particular and universally applicable manner to recognize Chinese traditional villages’ space features. This paper takes traditional villages in astern Zhejiang province as examples, especially a single-clan village named Zoumatang. Through combining rural sociology with architecture, it clarifies the coupling relationship between clan structure and village space, reveals spatial composition and evolvement logic of family courtyards. Clan society pays much attention to the patrilineal kinship and genealogy. In astern Zhejiang province, clan is usually divided to ‘clan-branches-families’ three levels. Its structural relationship looks like pyramid, which results in ‘center-margin’ structure when projecting to villages’ space. Due to the cultural tradition of ancestor worship, family courtyards’ space exist similar ‘center-margin’ structure. Ancestor hall and family temple are respectively the space core of village and courtyard. Other parts of courtyard also shows order of superiority and inferiority. Elder and men must be the first. However, along with the disintegration of clan society, family courtyard gradually appears fragmentation trend. Its spatial structure becomes more and more flexible and its scale becomes smaller and smaller. Living conditions rather than ancestor worship turn out to be primary consideration. As a result, there are different courtyard historical prototype in different historic period. To some extent, Chinese present traditional villages’ conservation ignore the impact of clan society. This paper discovers the social significance of courtyard’s spatial texture and rebuilds the connection between society and space. It is expected to promote Chinese traditional villages’ conservation paying more attention to authenticity which defined in the historical process and integrity which built on the basis of social meaning.

Keywords: China, clanism, courtyard, evolvement process, spatial structure, traditional village

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Authors: Judith Awacorach, Quentin Gausset

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Wood charcoal and firewood are the primary sources of energy for cooking fuel in most Sub-Saharan African countries, including Uganda. This leads to unsustainable forest use and to rapid deforestation. Green charcoal (made out of agricultural residues that are carbonized, reduced in char powder, and glued in briquettes, using a binder such as sugar molasse, cassava flour or clay) is a promising and sustainable alternative to wood charcoal and firewood. It is considered as renewable energy because the carbon emissions released by the combustion of green charcoal are immediately captured again in the next agricultural cycle. If practiced on a large scale, this has the potential to replace wood charcoal and stop deforestation. However, the uptake of green charcoal for cooking remains low in Uganda despite the introduction of the technology 15 years ago. The present paper reviews the barriers to the production and commercialization of green charcoal. The paper is based on the study of 13 production sites, recording the raw materials used, the production techniques, the quantity produced, the frequency of production, and the business model. Observations were made on each site, and interviews were conducted with the managers of the facilities and with one or two employees in the larger facilities. We also interviewed project administrators from four funding agencies interested in financing green charcoal production. The results of our research identify the main barriers as follows: 1) The price of green charcoal is not competitive (it is more labor and capital-intensive than wood charcoal). 2) There is a problem with quality control and labeling (one finds a wide variety of green charcoal with very different performances). 3) The carbonization of agricultural crop residues is a major bottleneck in green char production. Most briquettes are produced with wood charcoal dust or powder, which is a by-product of wood charcoal. As such, they increase the efficiency of wood charcoal but do not yet replace it. 4) There is almost no marketing chain for the product (most green charcoal is sold directly from producer to consumer without any middleman). 5) The financing institutions are reluctant to lend money for this kind of activity. 6) Storage can be challenging since briquettes can dissolve due to moisture. In conclusion, a number of important barriers need to be overcome before green charcoal can become a serious alternative to wood charcoal.

Keywords: briquettes, competitiveness, deforestation, green charcoal, renewable energy

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Authors: Matěj Kuc

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This paper compares different types of profitability measures of cooperative banks from two developed regions: the European Union and the United States of America together with Canada. We created balanced dataset of more than 200 cooperative banks covering 2011-2016 period. We made series of tests and run Random Effects estimation on panel data. We found that American and Canadian cooperatives are more profitable in terms of return on assets (ROA) and return on equity (ROE). There is no significant difference in net interest margin (NIM). Our results show that the North American cooperative banks accommodated better to the current market environment.

Keywords: cooperative banking, panel data, profitability measures, random effects

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Authors: T. H. Bitebe, T. M. Lima, F. Charrua-Santos, C. J. Matias Oliveira

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This study aims to present a proposal for an economic integration model for the development of the manufacturing industry in Cabinda, Angola. It seeks to analyze the degree of economic integration of Cabinda and the dynamics of the manufacturing industry. Therefore, in the same way, to gather information to support the decision-making for public financing programs that will aim at the disengagement of the manufacturing industry in Angola and Cabinda in particular. The Cabinda Province is the 18^th of Angola, the enclave is located in a privileged area of the African and arable land.

Keywords: economic integration, industrial development, Cabinda industry, Angola

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Authors: Christopher Baiyegunhi, Kuiwu Liu, Oswald Gwavava

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Petrography of the sandstones of Ecca Group, Karoo Supergroup in the Eastern Cape Province of South Africa have been investigated on composition, provenance and influence of weathering conditions. Petrographic studies based on quantitative analysis of the detrital minerals revealed that the sandstones are composed mostly of quartz, feldspar and lithic fragments of metamorphic and sedimentary rocks. The sandstones have an average framework composition of 24.3% quartz, 19.3% feldspar, 26.1% rock fragments, and 81.33% of the quartz grains are monocrystalline. These sandstones are generally very fine to fine grained, moderate to well sorted, and subangular to subrounded in shape. In addition, they are compositionally immature and can be classified as feldspathic wacke and lithic wacke. The absence of major petrographically distinctive compositional variations in the sandstones perhaps indicate homogeneity of their source. As a result of this, it is inferred that the transportation distance from the source area was quite short and the main mechanism of transportation was by river systems to the basin. The QFL ternary diagrams revealed dissected and transitional arc provenance pointing to an active margin and uplifted basement preserving the signature of a recycled provenance. This is an indication that the sandstones were derived from a magmatic arc provenance. Since magmatic provenance includes transitional arc and dissected arc, it also shows that the source area of the Ecca sediments had a secondary sedimentary and metasedimentary rocks from a marginal belt that developed as a result of rifting. The weathering diagrams and semi-quantitative weathering index indicate that the Ecca sandstones are mostly from a plutonic source area, with climatic conditions ranging from arid to humid. The compositional immaturity of the sandstones is suggested to be due to weathering or recycling and low relief or short transport from the source area. The detrital modal compositions of these sandstones are related to back arc to island and continental margin arc. The origin and deposition of the Ecca sandstones are due to low-moderate weathering, recycling of pre-existing rocks, erosion and transportation of debris from the orogeny of the Cape Fold Belt.

Keywords: petrography, tectonic setting, provenance, Ecca Group, Karoo Basin

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Authors: J. Cecrdle

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This paper deals with the whirl flutter of the turboprop aircraft structures. It is focused on the influence of the blade lift span-wise distribution on the whirl flutter stability. Firstly it gives the overall theoretical background of the whirl flutter phenomenon. After that the propeller blade forces solution and the options of the blade lift modelling are described. The problem is demonstrated on the example of a twin turboprop aircraft structure. There are evaluated the influences with respect to the propeller aerodynamic derivatives and finally the influences to the whirl flutter speed and the whirl flutter margin respectively.

Keywords: aeroelasticity, flutter, propeller blade force, whirl flutter

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Authors: Pavel Zikmund, Robert Popela

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Extreme formation is a theoretical concept of self-sustain flight when a big Airliner is followed by a small UAV glider flying in airliner’s wake vortex. The paper presents results of climb analysis with a goal to lift the gliding UAV to airliner’s cruise altitude. Wake vortex models, the UAV drag polar and basic parameters and airliner’s climb profile are introduced at first. Then, flight performance of the UAV in the wake vortex is evaluated by analytical methods. Time history of optimal distance between the airliner and the UAV during the climb is determined. The results are encouraging, therefore available UAV drag margin for electricity generation is figured out for different vortex models.

Keywords: flight in formation, self-sustained flight, UAV, wake vortex

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Authors: A. Harrouz, A. Benatiallah, O. Harrouz

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This paper presents the search for errors in the measurement instruments in a dynamic system of metering liquid or gas and sees the tolerance defined by the international standards and recommendations. We will implement a program on MATLAB/Simulink which is calculated based on the ISO-5167. This program will take the system parameters on considerations such as: the willingness plates, the size of the orifice, the given design conditions, reference conditions, find pressure drop for a given flow, or flow for a loss of given load. The results are considered very good and satisfactory because the errors identified of measuring instruments system are within the margin of error limit by the regulations.

Keywords: analyzing, control, gas, meters system

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Authors: T. Holecki, J. Wozniak-Holecka, P. Romaniuk

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Due to the highly centralized model of financing health care in Poland, local self-government rarely undertook their own initiatives in the field of public health, particularly health promotion. However, since 2017 the possibility of applying for a subsidy to health policy programs has been allowed, with the additional resources to be retrieved from the National Health Fund, which is the dominant payer in the health system. The amount of subsidy depends on the number of inhabitants in a given unit and ranges about 40% of the total cost of the program. The aim of this paper is to assess the impact of newly implemented solutions in financing health policy on the management of public finances, as well as on the activity provided by local self-government in health promotion. An effort to estimate the amount of expenses that both local governments, and the National Health Fund, spent on local health policy programs while implementing the new solutions. The research method is the analysis of financial data obtained from the National Health Fund and from local government units, as well as reports published by the Agency for Health Technology Assessment and Pricing, which holds substantive control over the health policy programs, and releases permission for their implementation. The study was based on a comparative analysis of expenditures on the implementation of health programs in Poland in years 2010-2018. The presentation of the results includes the inclusion of average annual expenditures of local government units per 1 inhabitant, the total number of positively evaluated applications and the percentage share in total expenditures of local governments (16 voivodships areas). The most essential purpose is to determine whether the assumptions of the subsidy program are working correctly in practice, and what are the real effects of introducing legislative changes into local government levels in the context of public health tasks. The assumption of the study was that the use of a new motivation tool in the field of public management would result in multiplication of resources invested in the provision of health policy programs. Preliminary conclusions show that financial expenditures changed significantly after the introduction of public funding at the level of 40%, obtaining an increase in funding from own funds of local governments at the level of 80 to 90%.

Keywords: health care system, health policy programs, local self-governments, public health management

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Authors: J. Wozniak-Holecka, T. Holecki, P. Romaniuk

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Spa facilities are being perceived as the ways of healing treatment in Poland and are guaranteed within the public financing. The universal health insurance (National Health Fund, NFZ), and the disability prevention programme held by Social Insurance Institution (ZUS) are the main sources of financing spa facilities. The dominant public payer of spa services is the NFZ. The Social Insurance Institution covers the cost of health treatment realized in spa facilities as medical rehabilitation, in the field of disability prevention. Health services delivered in the spa resorts are characterized by complexity, and the combination of various methods, typical for health prevention, education, balneotherapy, and physiotherapy. Healing with natural methods, believed to enhance the therapeutic effect, is also involved in health spa treatment. Regardless of the type of facility, each form of spa treatment includes health promotion, health education, prevention at all levels, including rehabilitation. The aim of the study was to determine the optimal organization of health education process. Its efficiency strongly depends on the type of service provider and the funding institution (NFZ vs ZUS). It results from the use of different measures of the effectiveness, the quality and the evaluation of the process being assessed by funding institutions. The methods of the study include a comparative and descriptive quantitative and qualitative analysis. In the empirical part, a questionnaire had been developed. It was then distributed among spa personnel, responsible directly for the health promotion, and among patients who are beneficiaries of health services in spa centers. The quantitative part of the study was based on interviews carried with the use of the online survey (CAWI: Computer-Assisted Web Interview), telephone survey (CATI: Computer-Assisted Telephone Interview) and a conventional questionnaire (PAPI: Paper over Pencil Interview). As a result of the conducted research, it was found that the effectiveness of health education activities in spa resort facilities in Poland is higher when the services are organized using structured tools for managerial control. This applies to formalized procedures implemented by one of the dominant payers covering costs of services (ZUS) and involves the application of health education as one of the mandatory elements of treatment, subjected to the process of control during the course of spa therapy and evaluation after it is completed.

Keywords: effectiveness, health education, public health system, spa treatment

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Authors: I. Rodionov, A. Semenov, E. Gosteva, O. Sokolova

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Currently, the venture capital becomes more and more advanced and effective source of the innovation project financing, connected with a high-risk level. In the developed countries, it plays a key role in transforming innovation projects into successful businesses and creating prosperity of the modern economy. Actually, in Russia there are many necessary preconditions for creation of the effective venture investment system: the network of the public institutes for innovation financing operates; there is a significant number of the small and medium-sized enterprises, capable to sell production with good market potential. However, the current system does not confirm the necessary level of efficiency in practice that can be substantially explained by the absence of the accurate plan of action to form the national venture model and by the lack of experience of successful venture deals with profitable exits in Russian economy. This paper studies the influence of various factors on the venture industry development by the example of the IT-sector in Russia. The choice of the sector is based on the fact, that this segment is the main driver of the venture capital market growth in Russia, and the necessary set of data exists. The size of investment of the second round is used as the dependent variable. To analyse the influence of the previous round such determinant as the volume of the previous (first) round investments is used. There is also used a dummy variable in regression to examine that the participation of an investor with high reputation and experience in the previous round can influence the size of the next investment round. The regression analysis of short-term interrelations between studied variables reveals prevailing influence of the volume of the first round investments on the venture investments volume of the second round. Because of the research, the participation of investors with first-class reputation has a small impact on an indicator of the value of investment of the second round. The expected positive dependence of the second round investments on the forecasted market growth rate now of the deal is also rejected. So, the most important determinant of the value of the second-round investment is the value of first–round investment, so it means that the most competitive on the Russian market are the start-up teams which can attract more money on the start, and the target market growth is not the factor of crucial importance.

Keywords: venture industry, venture investment, determinants of the venture sector development, IT-sector

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Authors: B. Seetanah, R. V. Sannassee, Lamport, K. Padachi, K. Seetah, S. Matadeen, N. Okurutt, N. Ama, L. Mokoodi

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This paper analyses the impact of the various enabling elements towards fostering entrepreneurial behavior for two Sub Saharan African countries namely Mauritius and Botswana, with focus is on role of institutions (ministries, government support institutions, financing institutions and SME associations). Using a structural equation modeling framework, it is found that finance was some of the most determinant of respondents’ evaluation of the business climate thus emphasizing on the crucial of such an ingredient. Interestingly government related factors such as government support and institutional support are also reported to have a significant influence on the SME business climate in both countries.

Keywords: institutions, SME, SEM, Mauritius, Botswana

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Authors: Zijian Cheng, Frank Liu, Yupu Sun

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The relationship between the intensity of share pledging activities and the level of financial constraint in publicly listed firms in China is examined in this paper. Empirical results show that the high financial constraint level may motivate insiders to use share pledging as an alternative funding source and an expropriation mechanism. Share collateralization can cause a subsequently more constrained financing condition. Evidence is found that share pledging made by the controlling shareholder is likely to mitigate financial constraints in the following year. Research findings are robust to alternative measures and an instrumental variable for dealing with endogeneity problems.

Keywords: share pledge, financial constraint, controlling shareholder, dividend policy

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Authors: Hachmi Ben Ameur, Jean Luc Prigent

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We propose an extension of the CPPI method, which is based on conditional floors. In this framework, we examine in particular the TIPP and margin based strategies. These methods allow keeping part of the past gains and protecting the portfolio value against future high drawdowns of the financial market. However, as for the standard CPPI method, the investor can benefit from potential market rises. To control the risk of such strategies, we introduce both Value-at-Risk (VaR) and Expected Shortfall (ES) risk measures. For each of these criteria, we show that the conditional floor must be higher than a lower bound. We illustrate these results, for a quite general ARCH type model, including the EGARCH (1,1) as a special case.

Keywords: CPPI, conditional floor, ARCH, VaR, expected ehortfall

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Authors: Takao Maeda, Tomofumi Tohara, Shigeaki Mishima

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Focusing on the “SME management consultants” in Japan, this study intends (1) to clarify implications as to their self-actualization, motivation and (2) to revitalize SMEs, on which local economies depend. On the basis of these study purposes, the presenters conducted an interview survey of several SME management consultants and SME managers. This survey identified the current circumstances and challenges as follow: SME management consultants are high-level professionals who acquired very difficult national qualifications (examination pass rate 4%) to provide consultation and business analysis for SMEs. Nevertheless, only 20% of the qualified consultants run their business independently, while the rest (80%) are corporate employees as in-house consultants, the majority of whom belong to big companies. They acquired the qualification merely for the purpose of self-development. Therefore, they have few opportunities to demonstrate their expertise inside and outside their companies.On the other hand, the SMEs, which are to receive analysis and consultation from SME management consultants, constitute 99.7% of all industries, and are very important to local communities, for they sustain the economy and provide employment. SMEs used to be supported by the consultants in company management due to their scarce managerial resources compared with big companies. Nowadays, however, SMEs are regarded as the source of Japanese economic dynamism. To have the same degree of managerial skills as big companies, therefore, SMEs now need analysis and consultation by the consultants in more active ways, such as discovering and utilizing their dormant technologies. Partly because SME management consultants have not been fully utilized in Japan, the number of SMEs has been on a long-term downward trend since 1986. Utilizing expertise of the in-house consultants, who have rich experience in their big companies and deep knowledge regarding SMEs obtained through qualification, will potentially lead to revitalization of SMEs and consequently to economic growth in Japan. Through detailed analysis of the interview results, this study revealed short-term and long-term challenges regarding how to utilize SME management consultants. The most urgent issue is to study managerial approaches that will provide the consultants serving in big companies with more “opportunities to demonstrate their expertise.” The long-term issue is to enable the consultants to demonstrate their expertise in financial institutions, or financial supporter of SMEs, to examine farsighted and innovative financing strategy and criteria based on managers’ personalities and their business plans, instead of the conventional financing based on prompt fund collection.

Keywords: small and medium enterprise（SME), SME managemant consultant, self-actualization, motivation

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Authors: Yousif Mohamed Y. Abdallah, Khalid H. Eltom

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This is an experimental study deals with measurement of the periodic physiological organ motion during lung external irradiation in order to reduce the exposure of healthy tissue during radiation treatments. The results showed for left lung displacement reading (4.52+1.99 mm) and right lung is (8.21+3.77 mm) which the radiotherapy physician should take suitable countermeasures in case of significant errors. The motion ranged between 2.13 mm and 12.2 mm (low and high). In conclusion, the calculation of tumour mobility can improve the accuracy of target areas definition in patients undergo Sterostatic RT for stage I, II and III lung cancer (NSCLC). Definition of the target volume based on a high resolution CT scan with a margin of 3-5 mm is appropriate.

Keywords: physiological motion, lung, external irradiation, radiation medicine

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Authors: Nelson Lujara

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The paper presents a practical three-phase PWM inverter suitable for low voltage, low rating energy efficient systems. The work in the paper is conducted with the view to establishing the significance of the loss contribution from the PWM inverter in the determination of the complete losses of a photovoltaic (PV) array-powered induction motor drive water pumping system. Losses investigated include; conduction and switching loss of the devices and gate drive losses. It is found that the PWM inverter operates at a reasonable variable efficiency that does not fall below 92% depending on the load. The results between the simulated and experimental results for the system with or without a maximum power tracker (MPT) compares very well, within an acceptable range of 2% margin.

Keywords: energy, inverter, losses, photovoltaic

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Authors: Joanna Błach, Anna Doś, Maria Gorczyńska, Monika Wieczorek-Kosmala

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Financial innovations can be regarded as the cause and the effect of the evolution of the financial system. Most of financial innovations are created by various financial institutions for their own purposes and needs. However, due to their diversity, financial innovations can be also applied by various business entities (other than financial institutions). This paper focuses on the potential application of financial innovations by non-financial companies. It is assumed that financial innovations may be effectively applied in all fields of corporate financial decisions integrating financial management with the risk management process. Appropriate application of financial innovations may enhance the development of the company and increase its value by improving its financial situation and reducing the level of risk. On the other hand, misused financial innovations may become the source of extra risk for the company threatening its further operation. The main objective of the paper is to identify the major types of financial innovations offered to non-financial companies by the banking system in Poland. It also aims at identifying the main factors determining the creation of financial innovations in the banking system in Poland and indicating future directions of their development. This paper consists of conceptual and empirical part. Conceptual part based on theoretical study is focused on the determinants of the process of financial innovations and their application by the non-financial companies. Theoretical study is followed by the empirical research based on the analysis of the actual offer of the 20 biggest banks operating in Poland with regard to financial innovations offered to SMEs and large corporations. These innovations are classified according to the main functions of the integrated financial management, such as: Financing, investment, working capital management and risk management. Empirical study has proved that the biggest banks operating in the Polish market offer to their business customers many types and classes of financial innovations. This offer appears vast and adequate to the needs and purposes of the Polish non-financial companies. It was observed that financial innovations pertained to financing decisions dominate in the banks’ offer. However, due to high diversification of the offered financial innovations, business customers may effectively apply them in all fields and areas of integrated financial management. It should be underlined, that the banks’ offer is highly dispersed, which may limit the implementation of financial innovations in the corporate finance. It would be also recommended for the banks operating in the Polish market to intensify the education campaign aiming at increasing knowledge about financial innovations among business customers.

Keywords: banking products and services, banking sector in Poland, corporate financial management, financial innovations, theory of innovation

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Authors: Meron Zenaselase Rata, Euridice Leyequien Abarca

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The production of major crops in Northern Ethiopia, especially the Tigray Region, is at subsistence level due to drought, erratic rainfall, and poor soil fertility. Since cactus pear is a drought-resistant plant, it is considered as a lifesaver fruit and a strategy for poverty reduction in a drought-affected area of the region. Despite its contribution to household income and food security in the area, the cactus pear sub-sector is experiencing many constraints with limited attention given to its post-harvest loss management. Therefore, this research was carried out to identify opportunities for reducing post-harvest losses and recommend possible strategies to reduce post-harvest losses, thereby improving production and smallholder’s income. Both probability and non-probability sampling techniques were employed to collect the data. Ganta Afeshum district was selected from Eastern Tigray, and two peasant associations (Buket and Golea) were also selected from the district purposively for being potential in cactus pear production. Simple random sampling techniques were employed to survey 30 households from each of the two peasant associations, and a semi-structured questionnaire was used as a tool for data collection. Moreover, in this research 2 collectors, 2 wholesalers, 1 processor, 3 retailers, 2 consumers were interviewed; and two focus group discussion was also done with 14 key farmers using semi-structured checklist; and key informant interview with governmental and non-governmental organizations were interviewed to gather more information about the cactus pear production, post-harvest losses, the strategies used to reduce the post-harvest losses and suggestions to improve the post-harvest management. To enter and analyze the quantitative data, SPSS version 20 was used, whereas MS-word were used to transcribe the qualitative data. The data were presented using frequency and descriptive tables and graphs. The data analysis was also done using a chain map, correlations, stakeholder matrix, and gross margin. Mean comparisons like ANOVA and t-test between variables were used. The analysis result shows that the present cactus pear value chain involves main actors and supporters. However, there is inadequate information flow and informal market linkages among actors in the cactus pear value chain. The farmer's gross margin is higher when they sell to the processor than sell to collectors. The significant postharvest loss in the cactus pear value chain is at the producer level, followed by wholesalers and retailers. The maximum and minimum volume of post-harvest losses at the producer level is 4212 and 240 kgs per season. The post-harvest loss was caused by limited farmers skill on-farm management and harvesting, low market price, limited market information, absence of producer organization, poor post-harvest handling, absence of cold storage, absence of collection centers, poor infrastructure, inadequate credit access, using traditional transportation system, absence of quality control, illegal traders, inadequate research and extension services and using inappropriate packaging material. Therefore, some of the recommendations were providing adequate practical training, forming producer organizations, and constructing collection centers.

Keywords: cactus pear, post-harvest losses, profit margin, value-chain

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Authors: Ferenc Kovács, Gábor Hosszú

Abstract:

The paper presents an advanced control system for tennis ball throwing machines to improve their accuracy according to the ball impact points. A further advantage of the system is the much easier calibration process involving the intelligent solution of the automatic adjustment of the stroking parameters according to the ball elasticity, the self-calibration, the use of the safety margin at very flat strokes and the possibility to placing the machine to any position of the half court. The system applies mathematical methods to determine the exact ball trajectories and special approximating processes to access all points on the aimed half court.

Keywords: control system, robot programming, robot control, sports equipment, throwing machine

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Authors: Ladislas Havugimana, Véronique Zinnen, Mary Hadley, Jean Claude Mwumvaneza, Francois Régis Habarugira, Silas Rudasingwa, Victor Ndaruhutse, Evelyne Bocquet

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Rwanda's health systems face various challenges, including low health infrastructure coverage (the objective is to have at least one health center per administrative sector) and insufficient qualified human resources for infrastructure maintenance and financing. Moreover, there is no policy for the preventive maintenance of infrastructures for the health sector. This paper presents action research conducted in seven districts, focusing on the impact of health infrastructure's quality on maternal and neonatal care, with the support of the Belgian cooperation agency through Enable Barame project.

Keywords: health infrastructure, maintenance, maternity, neonatology

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Authors: Rima Zakzouk, Yasushi Shimada, Yasunori Sumi, Junji Tagami

Abstract:

Background and purpose: The resin composite has become the main material for the restorations of caries in recent years due to aesthetic characteristics, especially with the development of the adhesive techniques. The quality of adhesion to tooth structures is depending on an exchange process between inorganic tooth material and synthetic resin and a micromechanical retention promoted by resin infiltration in partially demineralized dentin. Optical coherence tomography (OCT) is a noninvasive diagnostic method for obtaining cross-sectional images that produce high-resolution of the biological tissue at the micron scale. The aim of this study was to evaluate the gap formation at adhesive/tooth interface of two-step self-etch adhesives that are preceded with or without phosphoric acid pre-etching in different regions of teeth using SS-OCT. Materials and methods: Round tapered cavities (2×2 mm) were prepared in cervical part of bovine incisors teeth and divided into 2 groups (n=10): first group self-etch adhesive (Clearfil SE Bond) was applied for SE group and second group treated with acid etching before applying the self-etch adhesive for PA group. Subsequently, both groups were restored with Estelite Flow Quick Flowable Composite Resin and observed under OCT. Following 5000 thermal cycles, the same section was obtained again for each cavity using OCT at 1310-nm wavelength. Scanning was repeated after two months to monitor the gap progress. Then the gap length was measured using image analysis software, and the statistics analysis were done between both groups using SPSS software. After that, the cavities were sectioned and observed under Confocal Laser Scanning Microscope (CLSM) to confirm the result of OCT. Results: Gaps formed at the bottom of the cavity was longer than the gap formed at the margin and dento-enamel junction in both groups. On the other hand, pre-etching treatment led to damage the DEJ regions creating longer gap. After 2 months the results showed almost progress in the gap length significantly at the bottom regions in both groups. In conclusions, phosphoric acid etching treatment did not reduce the gap lrngth in most regions of the cavity. Significance: The bottom region of tooth was more exposed to gap formation than margin and DEJ regions, The DEJ damaged with phosphoric acid treatment.

Keywords: optical coherence tomography, self-etch adhesives, bottom, dento enamel junction

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Authors: Syahrir Andi Mangga

Abstract:

During 1989–1993, the Geological Research and Development Center (recent Geological Survey Institute) Geological Agency, Ministry of Energy and Mineral Resources Republic of Indonesia was the collaboration with British Geological Survey, the United Kingdom to do technical assistance in order to collect data of geology in Sumatra Island. The overall corporation of technical programs was larger concern in stratigraphy, geochemical and age-dating studies. Availability of new data has been stimulated to reassessment of tectonic evolution of Sumatra Island. The study area located in Southern Sumatra within at latitudes 0°-6° S and 99°40’-106’00 E longitudes. The study tectonic is situated within along South Western margin of Sunda land, The Southeast Asia Continental extension arc of the Eurasian Plate and formed as part of Sunda Arc. The oceanic crust of Indian-Australian plate recently is being oblique subduction along the Sunda Trench off the West coast Sumatra. The Mesozoic-Cenozoic of the volcanic and granitic rocks can be divided into northern and southern plutons, defining a series subparallel, controlled by fault, northwest-southeast trending belts, some of the plutons are deformed and under-formed. They are widely exposed along the south-eastern side of the Barisan mountain. Based on the characteristic of minerals and crystallography, rocks found in this study area were granite, granitic, monzogranite and andesitic-Basaltic Volcanic Rock. It belongs to calc Alkaline was predominantly metalumina, I-Type Granite, Volcanic arc granites, Syncollisonal Granites (Syn_COLG) and tholeiitic basalt. It was formed since 169±5 to 20±1 Ma. The origin of magmas in interpreted to be derived from partial melting of igneous rock. The occurrence of the gratoid and volcanic rocks supposed to be closely related to the subduction of the Australian-Hindia oceanic crust beneath the Eurasia/Sunda land Continental Crust as Volcanic arc or continental margin granitic and shown youngest to the southwest. The subduction process having probably been different in position between one terrane to others led to the occurrence of segmentation subduction system. The positional discontinuities of the subduction are probably caused by the difference in time of emplacement and mechanism of volcanic and granitic rock between segments.

Keywords: tectonic setting, I-type granitic, subduction, Southern Sumatra

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Authors: Dmitry V. Pasynkov, Ivan A. Egoshin, Alexey A. Kolchev, Ivan V. Kliouchkin

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In most cases, typical cysts are easily recognized at ultrasonography. The specificity of this method for typical cysts reaches 98%, and it is usually considered as gold standard for typical cyst diagnosis. However, it is necessary to have all the following features to conclude the typical cyst: clear margin, the absence of internal echoes and dorsal acoustic enhancement. At the same time, not every breast cyst is typical. It is especially characteristic for protein-contained cysts that may have significant internal echoes. On the other hand, some solid lesions (predominantly malignant) may have cystic appearance and may be falsely accepted as cysts. Therefore we tried to develop the automatic method of cystic and solid breast lesions differentiation. Materials and methods. The input data were the ultrasonography digital images with the 256-gradations of gray color (Medison SA8000SE, Siemens X150, Esaote MyLab C). Identification of the lesion on these images was performed in two steps. On the first one, the region of interest (or contour of lesion) was searched and selected. Selection of such region is carried out using the sigmoid filter where the threshold is calculated according to the empirical distribution function of the image brightness and, if necessary, it was corrected according to the average brightness of the image points which have the highest gradient of brightness. At the second step, the identification of the selected region to one of lesion groups by its statistical characteristics of brightness distribution was made. The following characteristics were used: entropy, coefficients of the linear and polynomial regression, quantiles of different orders, an average gradient of brightness, etc. For determination of decisive criterion of belonging to one of lesion groups (cystic or solid) the training set of these characteristics of brightness distribution separately for benign and malignant lesions were received. To test our approach we used a set of 217 ultrasonic images of 107 cystic (including 53 atypical, difficult for bare eye differentiation) and 110 solid lesions. All lesions were cytologically and/or histologically confirmed. Visual identification was performed by trained specialist in breast ultrasonography. Results. Our system correctly distinguished all (107, 100%) typical cysts, 107 of 110 (97.3%) solid lesions and 50 of 53 (94.3%) atypical cysts. On the contrary, with the bare eye it was possible to identify correctly all (107, 100%) typical cysts, 96 of 110 (87.3%) solid lesions and 32 of 53 (60.4%) atypical cysts. Conclusion. Automatic approach significantly surpasses the visual assessment performed by trained specialist. The difference is especially large for atypical cysts and hypoechoic solid lesions with the clear margin. This data may have a clinical significance.

Keywords: breast cyst, breast solid lesion, differentiation, ultrasonography

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Authors: Beom-Seok Ko, Yoo-Seok Kim, Woo-Sung Lim, Ku-Sang Kim, Hyun-Ah Kim, Jin-Sun Lee, An-Bok Lee, Jin-Gu Bong, Tae-Hyun Kim, Sei-Hyun Ahn

Abstract:

Background: Breast conserving surgery (BCS) followed by radiation therapy is today standard therapy for early breast cancer. It is safe therapeutic procedure in early breast cancers, because it provides the same level of overall survival as mastectomy. There are a number of different types of incisions used to BCS. Avoiding scars on the breast is women’s desire. Numerous minimal approaches have evolved due to this concern. Periareolar incision is often used when the small tumor relatively close to the nipple. But periareolar incision has a disadvantages include limited exposure of the surgical field. In plastic surgery, various methods such as zigzag incisions have been recommended to achieve satisfactory esthetic results. Periareolar zigzag incision has the advantage of not only good surgical field but also contributed to better surgical scars. The purpose of this study was to evaluate the oncological safety of procedures by studying the status of the surgical margins of the excised tumor specimen and reduces the need for further surgery. Methods: Between January 2016 and September 2016, 148 women with breast cancer underwent BCS or mastectomy by the same surgeon in ASAN medical center. Patients with exclusion criteria were excluded from this study if they had a bilateral breast cancer or underwent resection of the other tumors or taken axillary dissection or performed other incision methods. Periareolar zigzag incision was performed and excision margins of the specimen were identified frozen sections and paraffin-embedded or permanent sections in all patients in this study. We retrospectively analyzed tumor characteristics, the operative time, size of specimen, the distance from the tumor to nipple. Results: A total of 148 patients were reviewed, 72 included in the final analysis, 76 excluded. The mean age of the patients was 52.6 (range 25-19 years), median tumor size was 1.6 cm (range, 0.2-8.8), median tumor distance from the nipple was 4.0 cm (range, 1.0-9.0), median excised specimen sized was 5.1 cm (range, 2.8-15.0), median operation time was 70.0 minute (range, 39-138). All patients were discharged with no sign of infection or skin necrosis. Free resection margin was confirmed by frozen biopsy and permanent biopsy in all samples. There were no patients underwent reoperation. Conclusions: We suggest that periareolar zigzag incision can provide a good surgical field to remove a relatively large tumor and may provide cosmetically good outcomes.

Keywords: periareolar zigzag incision, breast conserving surgery, breast cancer, resection margin

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