Search results for: protect and promote foreign investment

Authors: Pieter C. M. Cornelis

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European theme parks invest approximately 10 percent of their yearly turnover into new rides and park improvements. Without these investments these parks assume not to be a very competitive and appealing daytrip for their target audiences. However, the impact of investments in attracting new visitors is not well-known and seems to differ dramatically between parks. This paper presents a case study from the Netherlands in which a small amusement park applied a suggested, not yet proven, investment method. The results of the investment are discussed in (a) the form of return on investment and (b) the success of the predictions with regard to this investment. Suggestions for future research are presented.

Keywords: entertainment industry, innovation, investments, theme parks

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Authors: Mustafa Tekke, Nurullah Kurt

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This study examined the level of career maturity of undergraduate foreign students in a public university in Malaysia by examining on cultural aspect by using the Career Maturity Inventory. Two hundred and twenty nine (Male = 106, Female = 123) foreign students studying in various majors completed the Career Maturity Inventory and the scores of the foreign students on the CMI suggested that they had slightly higher levels than the mean level of maturity in career. Result was also supported by testing the feeling about major, consideration of changing major and planning after graduation, which indicated that foreign students had their own career decision making. However, this result should be viewed with caution within ethnic difference.

Keywords: career maturity, foreign students, career decision making, feeling about major, knowledge about major

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Authors: Min-Ming Wen

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Applying the U.S. lodging and tourism industry as a research sample, we examine the relation between the corporate governance structure and managerial risk-taking behavior. In light of the global financial crisis, the importance of effective governance structures is essential in protecting claimholder interests. We propose a governance structure consisting of shareholder governance measured by anti-takeover provisions to examine whether the governance structure has a significant impact on managerial risk-taking behaviors in terms of the investment policy. We will use capital expenditure and R&D investment to measure managerial risk-taking and the firm’s investment policy. In addition, we will examine whether the effects of governance on investment policy differ significantly between speculative and investment-grade firms.

Keywords: corporate governance, risk-taking, firm value, lodging industry

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Authors: Samantha Vargas-Alfonso

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The phenomenon of migration has been long-recorded since ancient history but never has mobility in huge numbers been so rapid and constant than that of the present. A significant portion of these migrants move for the promise of better economic subsistence by finding employment in foreign lands; while there are local and international instruments to protect these migrant workers, they still face human rights violations amongst other hurdles in integrating themselves into their host country. This research aims to look at the occurrence of Passport Confiscation for Filipino migrant workers (blue-collar workers) who are situated in Saudi Arabia. In addition to this, the study will look at the Kafala System which GCC countries practice regulating their foreign employees. The research attempts to prove that international conventions lack power in constraining the occurrence of passport confiscation and that while the kafala system exists, there is very little opportunity to address this issue.

Keywords: kafala, labor, migration, passport

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Authors: Eugene Muambeh Muntoh

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Corruption has a destructive effect on State institutions and on the capacity of States to respect, protect and fulfil human rights, particularly of those persons and groups in situation of vulnerability and marginalization. In Cameroon, corruption pose a major challenge as it divert public revenues and cripple public budgets that should provide healthcare, housing, education, and other essential services. Corruption has undermined the States’ ability to meet the minimum core obligations and pre-existing legal obligations to maximize all available resources to respect, protect and fulfil Economic, Social and Cultural Rights. This study therefore makes use of the qualitative research design, ranging from interviews, observations and content analysis of vital documents to provide evidence and associations between corruption and human rights concerns in Cameroon. The study made use of research material from both primary and secondary sources. Findings from the study reveals that the impact of corruption in Cameroon is especially pronounced regarding economic, social and cultural rights. In most cases, the right to be treated equally is violated, for example, when someone is requested to pay a bribe to obtain a public service. There is an urgent need for sustainable measures to counter corruption in order to protect and promote human rights.

Keywords: corruption, governance, human rights, law

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Authors: A. K. Sarathe, N. P. Patidar

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The Indian automobile sector is comprised of independent manufacturers and joint ventures with their foreign counterpart companies by making use of the Foreign Direct Investment policy of the Government of India. These manufacturers started capturing the hearts of Indian customers with their choice of technological and innovative product features, with quality and reliability. This transformed the automobile scene from a “sellers market to buyers market”. The potential benefits from the auto sector have been recognized by the planners, managers, and administrators of both the sectors –government and private. Generation of employment for the readily available technical workforce has been achieved not only through the manufacturers, but also through the growing ancillaries and service providers of the auto industries. The main purpose of this paper is to come up with the identification of possible working areas and associated job functions of mechanical and automobile diploma holders having employment opportunities in auto sector of India.

Keywords: automobile sector, diploma holder, employment, job description

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Authors: Azucena Yearby

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This study examined if cultural intelligence can be developed through the study of a foreign language. Specifically, the study sought to determine if strategies such as the Arts/History, Vocabulary and Real or Simulated Experiences have an effect on the development of cultural intelligence in the foreign language classroom. Students enrolled in Spanish 1114 or level 1 Spanish courses at the University of Central Oklahoma (UCO) completed Linn Van Dyne’s 20-item questionnaire that measures Cultural Intelligence (CQ). Results from the study indicated a slight cultural intelligence increase in those students who received an intervention. Therefore, the study recommended that foreign language educators implement the considered strategies in the classroom in order to increase their students’ cultural intelligence.

Keywords: cultural competency, cultural intelligence, foreign language, language

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Authors: Dmitry Aron

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Major radiation accidents carry not only the potential risks of negative consequences for public health due to exposure but also because of large-scale emergency measures were taken by authorities to protect the population, which can lead to unreasonable social and economic damage. It is technically difficult, as a rule, to assess the possible costs and damages from decisions on evacuation or resettlement of residents in the shortest possible time, since it requires specially prepared information systems containing relevant information on demographic, economic parameters and incoming data on radiation conditions. Foreign observers also face the difficulties in assessing the consequences of an accident in a foreign territory, since they usually do not have official and detailed statistical data on the territory of foreign state beforehand. Also, they can suppose the application of unofficial data from open Internet sources is an unreliable and overly labor-consuming procedure. This paper describes an approach to prompt creation of relational database that contains detailed actual data on economics, demographics and radiation situation at the Fukushima Prefecture during the Fukushima Daiichi NPP accident, received by the author from open Internet sources. This database was developed and used to assess the number of evacuated population, radiation doses, expected financial losses and other parameters of the affected areas. The costs for the areas with temporarily evacuated and long-term resettled population were investigated, and the radiological and economic effectiveness of the measures taken to protect the population was estimated. Some of the results are presented in the article. The study showed that such a tool for analyzing the consequences of radiation accidents can be prepared in a short space of time for the entire territory of Japan, and it can serve for the modeling of social and economic consequences for hypothetical accidents for any nuclear power plant in its territory.

Keywords: Fukushima, radiation accident, emergency measures, database

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Authors: Razan Salem

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This study aims to investigate the investment behavior of Arab women (in regards to their herding behavior, risk tolerance, confidence and investment literacy levels). This study aims to investigate the relationship between three demographic factors (age, income, education) and the investment behavior of Arab women. On average, women in the Arab region face several obstacles that limit them from fully participating in stocks investments. In the context, this study focuses on extending the existing literature to include Arab women individuals and their investment behaviors. To achieve the study’s objective, the researcher distributed 600 close-ended online questionnaires to a sample of Arab male and female individual investors in both Saudi Arabia and Jordan. The researcher used quantitative statistical methods (frequency distribution along with the Kruskal-Wallis H Test and the Mann-Whitney U Test) to analyze the 550 questionnaire respondents. The findings indicated that only age, educational level, and annual income level are associated with the investment behavior of Arab women, where age is only negatively associated with their financial risk tolerance levels. Additionally, income level is positively associated with Arab women‘s confidence and investment literacy levels, while educational level is only associated positively with their investment confidence levels. According to annual income, Arab women with lower incomes have lower confidence and investment literacy levels. The limited income level might prevent the sample Arab women from investing in the financial information and advisors that may help in improving their investment literacy levels. Furthermore, Arab women with lower educational levels have lower investment literacy levels and thus, this may limit their stock investments. Overall, the study contributes to the existing literature by focusing directly on examining the investment behavior of Arab women and its association with age, annual income, and education. Generally, there are scarce existing studies that investigate the association of demographic factors with the investment behavior of women only in regards to their herding behavior, risk tolerance, investment confidence, and investment literacy levels (combined), especially Arab women investors.

Keywords: Arab region, demographic factors, investment behavior, women investors

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

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

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

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Authors: Helyeh Doutaghi

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In 2005, the doctrine of Responsibility to Protect (R2P) was created by the UN Member States agreeing to not only to have the primary responsibility to protect their civilians from genocide, war crimes, crimes against humanity and ethnic cleansing, but also to be responsible towards those civilians whose State was found manifestly failing in that regard. This paper will assess the doctrine of R2P and will argue that R2P too, just like humanitarian intervention, suffers from a lack of legal basis and political will to implement it. Or better said, it is being selectively used by the hegemon’s power to achieve its political will. In doing so, the origin and development shall be explained. Furthermore, it will be submitted that R2P has failed to achieve its purpose due to the unresolved Security Council’s deadlock. Lastly, the concept of legal morality entailed in R2P and its use in real life cases since 2005 will be examined.

Keywords: responsibility to protect, humanitarian intervention, United Nations, legitimacy, legality

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Authors: Naveed Iqbal Chaudhry, Mian Saqib Mehmood, Asif Mehmood

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This study investigates the motivators of foreign direct investment (FDI) which will provide a panacea tool and ground breaking results related to it in case of Pakistan. The study considers exchange rate, market size and human capital as the motivators for attracting FDI. In this regard, time series data on annual basis has been collected for the period 1985–2010 and an Augmented Dickey–Fuller (ADF) and Phillips–Perron (PP) unit root tests are utilized to determine the stationarity of the variables. A bound testing approach to co-integration was applied because the variables included in the model are at I(1) – first level stationary. The empirical findings of this study confirm the long run relationship among the variables. However, market size and human capital have strong positive and significant impact, in short and long-run, for attracting FDI but exchange rate shows negative impact in this regard. The significant negative coefficient of the ECM indicates that it converges towards equilibrium. CUSUM and CUSUMSQ tests plots are with in the lines of critical value, which indicates the stability of the estimated parameters. However, this model can be used by Pakistan in policy and decision making. For achieving higher economic growth and economies of scale, the country should concentrate on the ingredients of this study so that it could attract more FDI as compared to the other countries.

Keywords: ARDL, CUSUM and CUSUMSQ tests, ECM, exchange rate, FDI, human capital, market size, Pakistan

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Authors: Nazira B. Boldurukova

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The main aim of this article is to give the information about life and social and diplomatic work of Zhou Enlai, to prove his identity in his impact to the history of the world; to show his place in the organization of internal and foreign policy and in the peaceful international relationships of China with other countries.

Keywords: China, foreign policy of China, identity, politician, diplomacy, Zhou Enlai

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Authors: Lissette Alejandra Lara, Mario Gomez, Jose Carlos Rodriguez

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ransnational corporations (TNCs) as units in which it is possible technology and knowledge transfer across borders and the potential for generating innovation and contributing in economic development both in home and host countries have been widely acknowledged in the foreign direct investment (FDI) literature. Particularly, the accelerated expansion of emerging countries TNCs in the last decades has guided an uprising research stream that measure the presence of reverse technology transfer, defined as the extent to which emerging countries’ TNCs use outward FDI in a host country through certain mechanisms to absorb and transfer knowledge thus improving its technological capabilities in the home country. The objective of this paper is to test empirically the presence of reverse technology transfer and its impact on the innovation capabilities in Mexican transnational corporations (MXTNCs) as a part of the emerging countries TNCs that have successfully entered to industrialized markets. Using a panel dataset of 22 MXTNCs over the period 1994-2015, the results of the econometric model demonstrate that the amount of Mexican outward FDI and the research and development (R&D) expenditure in host developed countries had a positive impact on the innovation capabilities at the firm and industry level. There is also evidence that management of acquired brands and the organizational structure of Mexican subsidiaries improved these capabilities. Implications for internationalization strategies of emerging countries corporations and future research guidelines are discussed.

Keywords: emerging countries, foreign direct investment, innovation capabilities, Mexican transnational corporations, reverse technology transfer

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Authors: Ifeoma Patricia Osamor, Ayotunde Qudus Saka, Godwin Omoregbee, Hikmat Oreoluwalomo Omolaja

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Persistent fall in the value of Nigeria's currency compared to other foreign currencies, constant fluctuations in the exchange rate, and an increase in the price of goods and services necessitated the examination of the effects of exchange rate fluctuations on the economic performance of the manufacturing sector in Nigeria. An ex-post facto research design was adopted. Manufacturing gross domestic product (MGDP) was proxied for performance; Naira/Dollar exchange rate (NDE), Naira/Pounds exchange rate (NPE), Foreign exchange supply (FES) were used for exchange rate fluctuations; and inflation rate (INF) was a control variable. Data were collected from CBN Statistical Bulletin (2020) also World Development Indicators of the World Bank, while data collected were analysed using descriptive analysis, unit root, bounds cointegration test, and ARDL. Findings showed that changes in Naira/Dollar exchange rate (NDE) and Naira/Pound Sterling exchange rate negatively but significantly impact the economic performance of the manufacturing sector, while foreign exchange supply leads to an insignificant positive effect on the economic performance of the manufacturing. The study concludes that exchange rate fluctuations negatively impact the performance of the manufacturing sector in Nigeria and, therefore, recommends that government should encourage export diversification through agriculture, agro-investment, and agro-allied industries that would boost export in order to improve the value of the Naira, thereby stabilizing the exchange rate.

Keywords: exchange rate, economic performance, gross domestic product, inflation rate, foreign exchange supply

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Authors: Tayaa Karima, Bouaziz Amina

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Today's world is knowledge-based; everything we do is somehow connected with technology which it has a remarkable influence on socio-cultural and economic developments, including educational settings. This type of technology is supported in many teaching/learning setting where the medium of instruction is through computer technology, and particularly involving digital technologies. There has been much debate over the use of computers and the internet in foreign language teaching for more than two decades. Various studies highlights that the integration of Information Communications Technology (ICT) in foreign language teaching will have positive effects on both the teachers and students to help them be aware of the modernized world and meet the current demands of the globalised world. Information and communication technology has been gradually integrated in foreign learning environment as a platform for providing learners with learning opportunities. Thus, the impact of ICT on language teaching and learning has been acknowledged globally, this is because of the fundamental role that it plays in the enhancement of teaching and learning quality, modify the pedagogical practice, and motivate learners. Due to ICT related developments, many Maghreb countries regard ICT as a tool for changes and innovations in education. Therefore, the ministry of education attempted to set up computer laboratories and provide internet connection in the schools. Investment in ICT for educational innovations and improvement purposes has been continuing the need of teacher who will employ it in the classroom as vital role of the curriculum. ICT does not have an educational value in itself, but it becomes precious when teachers use it in learning and teaching process. This paper examines the impacts of ICT on teacher development rather than on teaching quality and highlights some challenges facing using ICT in the language learning/teaching.

Keywords: information communications technology (ICT), integration, foreign language teaching, teacher development, learning opportunity

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Authors: Sadife Güngör, Sevilay Konya, Zeynep Karaçor

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Inflation and foreign trade are the most important economic indicator of a country. In this study, Turkey's economy with the policies adopted after 2000, given how performs an economic transformation. This transformation of the economy is discussed with inflation and foreign trade. In this context, attention is drawn to 2001 Strong Economy and Transition Program and 2006 Inflation Targeting Regime. The evaluation was performed of after the year 2000 inflation and foreign trade figures in Turkey economy. When we looked the progress, after 2000 in Turkey economy, we can say a new process was built up.

Keywords: inflation, foreign trade, 2001 strong economy programme, 2006 inflation targeting regime

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Authors: Silvia Hvozdíková, Eva Stranovská

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The purpose of the article is to discuss the results of the research conducted during the period of two semesters paying attention to selected factors of foreign language reading comprehension through the means of Linguistic Intervention Program. The Linguistic Intervention Program was designed for the purpose of the current research. It refers to such method of foreign language teaching which emphasized active social learning, creative drama strategies, self-directed learning. The research sample consisted of 360 respondents, foreign language learners ranging from 13 – 17 years of age. Specifically designed questionnaire and a standardized foreign language reading comprehension tests were applied to serve the purpose. The outcomes of the research recorded significant results towards significant relationship between selected elements of the Linguistic Intervention Program and the academic achievements in the factors of reading comprehension.

Keywords: foreign language learning, linguistic intervention program, reading comprehension, social learning

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Authors: S. Tarighat, F. Shateri

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This study explored the relationship between L2 Willingness to Communicate (WTC) of bilinguals and monolinguals in a foreign language using a snowball sampling method to collect questionnaire data from 200 bilinguals and monolinguals studying a foreign language (FL). The results indicated a higher willingness to communicate in a foreign language (WTC-FL) performed by bilinguals compared to that of the monolinguals with a weak significance. Yet a stronger significance was found in the relationship between the age of onset of bilingualism and WTC-FL. The researcher proposed that L2 WTC is indirectly influenced by knowledge of other languages, which can boost L2 confidence and reduce L2 anxiety and consequently lead to higher L2 WTC when learning a different L2. The study also found the age of onset of bilingualism to be a predictor of L2 WTC when learning a FL. The results emphasize the importance of bilingualism and early bilingualism in particular.

Keywords: bilingualism, foreign language learning, l2 acquisition, willingness to communicate

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Authors: Arkaprabha Bhattacharyya, Makarand Hastak

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The COVID-19 pandemic is unprecedented in terms of its global reach and economic impacts. Historically, investment in infrastructure development projects has been touted to boost the economic growth of a nation. The State and Local governments responsible for delivering infrastructure assets work under tight budgets. Therefore, it is important to understand which infrastructure projects have the highest potential of boosting economic growth in the post-pandemic era. This paper presents relationships between infrastructure projects and economic growth. Statistical relationships between investment in different types of infrastructure projects (transit, water and wastewater, highways, power, manufacturing etc.) and indicators of economic growth are presented using historic data between 2002 and 2020 from the U.S. Census Bureau and U.S. Bureau of Economic Analysis (BEA). The outcome of the paper is the comparison of statistical correlations between investment in different types of infrastructure projects and indicators of economic growth. The comparison of the statistical correlations is useful in ranking the types of infrastructure projects based on their ability to influence economic prosperity. Therefore, investment in the infrastructures with the higher rank will have a better chance of boosting the economic growth. Once, the ranks are derived, they can be used by the decision-makers in infrastructure investment related decision-making process.

Keywords: economic growth, infrastructure development, infrastructure projects, strategic investment

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Authors: Jonas Hinker, Lisa Zumholz, Johanna M. A. Myrzik

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Despite strong efforts by the German government to make a transition to higher quality level of building stocks, the rate of renovation continues to remain below the proclaimed level of 2%. As the mandatory standards for residential retrofits are well-balanced in such a way that strict adherence to them guarantees profit from the investment, it becomes difficult to explain the reasons why there are so many people hesitant with their investments. Risks and transaction costs can be understood as socio-technical boundaries and have to be taken into consideration to be able to understand why a worthwhile investment is postponed or rejected. This paper therefore presents a method for investment analyses that is focused on such socio-technical constraints, which helps to reveal the strongest misconceptions of home owners. By depicting sensitivities and risk factors in an integrated and impartial way, such a tool can be utilized by home owners to address reservations and misunderstandings. In the end, this leads to an exploitation of smaller energy efficiency measures that makes up a big demand reduction in the residential sector altogether.

Keywords: energy refurbishment, investment analysis, residential buildings, risk-aware investment strategy

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Authors: Majid Lotfi Ghahroud, Seyed Jalal Tabatabaei, Ebrahim Karami, AmirArsalan Ghergherechi, Amir Ali Saeidi

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In this study, the relationship between investment growth and stock returns of companies listed in Tehran Stock Exchange and whether their relationship -behavioral or risk factors- are discussed. Generally, there are two perspectives; risk-based approach and behavioral approach. According to the risk-based approach due to increase investment, systemic risk and consequently the stock returns are reduced. But due to the second approach, an excessive optimism or pessimism leads to assuming stock price with high investment growth in the past, higher than its intrinsic value and the price of stocks with lower investment growth, less than its intrinsic value. The investigation period is eight years from 2007 to 2014. The sample consisted of all companies listed on the Tehran Stock Exchange. The method is a portfolio test, and the analysis is based on the t-student test (t-test). The results indicate that there is a negative relationship between investment growth and stock returns of companies and this negative correlation is stronger for firms with higher cash flow. Also, the negative relationship between asset growth and stock returns is due to behavioral factors.

Keywords: behavioral theory, investment growth, risk-based theory, stock returns

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Authors: Moridi Fatemeh, Dasineh Mehdi, Jafari Narges

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The aim of this study was to investigate the relationship between dividends and investment in a condition of cash flow uncertainty. Previous studies have also found some evidence that there is N-shaped relationship between dividends and investment given different levels of cash uncertainly. Thus, this study examines this relationship over the period 2009-2014 in Tehran Stock Exchange (TSE). Based on our sample and new variables, we found reverse N-shaped relationship in different levels of cash flow uncertainly. This shape was descending in cash flow certainly and uncertainly but it is ascending in medial position.

Keywords: dividends, investment, nonlinear relationship, uncertainty of cash flow

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Authors: Rihab Belguith, Fathi Abid

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The paper develops a system-based approach to investigate the dynamic adjustment of debt structure and investment policies of the Dow-Jones index. This approach enables the assessment of relations among sales, debt, and investment opportunities by considering the simultaneous effect of the market environmental change and future growth opportunities. We integrate the firm-specific sales variance to capture the industries' conditions in the model. Empirical results were obtained through a panel data set of firms with different sectors. The analysis support that environmental change does not affect equally the different industry since operating leverage differs among industries and so the sensitivity to sales variance. Including adjusted-specific variance, we find that there is no monotonic relation between leverage, sales, and investment. The firm may choose a low debt level in response to high sales variance but high leverage to attenuate the negative relation between sales variance and the current level of investment. We further find that while the overall effect of debt maturity on leverage is unaffected by the level of growth opportunities, the shorter the maturity of debt is, the smaller the direct effect of sales variance on investment.

Keywords: dynamic panel, investment, leverage decision, sales uncertainty

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Authors: Golovchun Aleftina, Dabyltayeva Raikhan

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Nowadays, in the world of widely developing cross-cultural interactions and rapidly changing demands of the global labor market, foreign language teaching and learning has taken a special role not only in school education but also in everyday life. Cognitive Lingua-Cultural Methodology of Foreign Language Teaching originated in Kazakhstan brings a communicative approach to the forefront in foreign language teaching that gives raise a variety of techniques to make the language learning a real communication. One of these techniques is Computer Assisted Language Learning. In our article, we aim to: demonstrate what learning benefits students are likely to get by teachers having implemented computer-based technologies into foreign language teaching process; prove that technology-based classroom serves as the best tool for interactive and efficient language learning; give examples of classroom sufficient organization with computer-based activities.

Keywords: computer assisted language learning, learning benefits, foreign language teaching process, implementation, communicative approach

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Authors: Piriya Pholphirul, Pungpond Rukumnuaykit

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Contrary to studies of other migrant-receiving countries, most of which are developed countries, this paper examines impacts of immigrant workers on innovative capacities in Thailand, which is not only a representative of a receiving country that is a developing country but also a country where the majority of its immigrant workers are unskilled. Analysis of firm-level survey data in Thailand finds that employing unskilled and cheap labor from neighboring countries, namely, Myanmar, the Lao PDR, and Cambodia, is like adopting a kind of “labor-saving technology” which actually impedes firms’ R&D investment. Contrary to developed countries in which immigrants are found to boost innovation and promote sustainable growth, in Thailand, even though employing unskilled immigrant workers helps firms maintain their cost competitiveness in the short run, its negative impacts on R&D investment tend to hamper improvements in productivity and thus diminish global competitiveness in the long run. Employing skilled or educated migrants, on the other hand, complements technological progress and encourages firms to innovate more quickly. In addition, the paper finds that providing government incentives and promoting access to financing have become effective tools in facilitating Thai firms’ investment in innovation.

Keywords: immigration, innovation, developing country, Thailand

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Authors: Julio Vicente Cateia

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This study aims to analyze the economic impacts of infrastructure investment in Africa, focusing on the Guinea-Bissau economy. Through a dynamic CGE model, we find that the natural resource revenues (or aid)-funded infrastructure investments generate externalities that increase factor returns. The private investment improvements propagate externalities effects on GDP and job opportunities outcomes. Household income and consumption were positively impacted, though the poorer benefited the most. The income inequality has reduced. However, funding by the mix of debt and direct taxes produces opposite effects. We suggest a potential pro-poor growth agenda in Africa.

Keywords: infrastructure investment, poverty alleviation, CGE modeling, African economies, applied economics

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Authors: Marwa Zein

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The long-term of the contract is one of the major features that distinguish international trade and investment contracts from other internal contracts. This is due to the nature of the contract and the huge works required to be performed from one hand or the desire of the parties to achieve stability in their transactions. However, long-term contracts might expose them to certain events and circumstances that impact the capability of the parties to execute their obligations pursuant to these contracts. During the year 2016, the Egyptian government has taken series of economic decisions which greatly impacted the economic and investment environment. Consequently, many contracts have encountered many problems in their execution due to such changes that greatly influence the performance of their obligation, a matter that necessitated the renegotiation of the conditions of these contracts on the basis of the unpredicted changes that could be listed under the Force Majeure Clause. The principle of fair and equitable treatment in investment placed on an obligation on the Egyptian government to consider the renegotiation of contract clauses based on the new conditions. This paper will discuss the idea of renegotiating international trade and investment contracts in Egypt with reference to the changes the economic environment has witnessed lately.

Keywords: change of circumstances, international contracts, investment contracts, renegotiation

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Authors: Rajat Kapoor

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Indian Real Estate sector is the second largest employer after agriculture and is slated to grow at 30 percent over the next decade. Indian cities have shown tumultuous growth since last two decades. With the growing need of infrastructure, it has become inevitable for real estate sector to adopt more organized and transparent system of investment. SPVs such as REITs ensure transparency facilitating accessibility to invest in real estate for those who find it difficult to purchase real estate as an investment option with a realistic income expectation from their investment. RIETs or real estate investment trusts is an instrument of pooling funds similar to that of mutual funds. In a simpler term REIT is an Investment Vehicle in the form a trust which holds & manages large commercial rent¬ earning properties on behalf of investors and distributes most of its profit as dividends. REIT enables individual investors to invest their money in commercial real estate assets in a diversified portfolio and on the other hand provides fiscal liquidity to developers as easy exit option and channel funds for new projects. However, the success REIT is very much dependent on the taxation structure making such models attractive and adaptive enough for both developers and investors to opt for such investment option. This paper is intended to capture an overview of REITs with context to Indian real estate scenario.

Keywords: Indian real estate, real estate infrastructure trusts, urban finance, infrastructure investment trusts

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Authors: Pui Yong Leo, Normy Maziah Mohd Said

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Change of global economy landscape and business environment has led to companies’ decision to go global and enter international markets. As the companies go beyond the comfort zone (i.e. investing in the home country), it is important to ensure a comprehensive risk assessment is carried out. This paper describes a standardized approach for international investment, ensuring identification of risk, risk appetite, risk rating, risk treatment and mitigation plans for respective international investment proposal. The standardized approach is divided into three (3) stages as follows: Stage 1 – Preliminary Risk profiling; with the objective to gauge exposure to countries and high level risk factors as first level assessment. Stage 2 – Risk Parameters; with the objective to define risk appetite for the international investment from the perspective of likelihood and impact. Stage 3 – Detailed Risk Assessments; with the objectives to assess in detail any triggered elements from Stage 1, and project specific risks. The final output will include the mitigation plans for the identified risks for the total investment. Example will be given in this paper to show how comprehensive risk assessment is carried out for an international investment in power energy sector.

Keywords: international investment, mitigation plans, risk appetite, risk assessment

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