Search results for: trade finance

Authors: Muhammed Ashiq Villanthenkodath, Shreya Pal

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Purpose: This study scrutinizes the impact of economic globalization on ecological footprint while endogenizing economic growth and energy consumption from 1990 to 2018 in India. Design/methodology/approach: The standard unit root test has been employed for time series analysis to unveil the integration order. Then, the cointegration was confirmed using autoregressive distributed lag (ARDL) analysis. Further, the study executed the dynamic ARDL simulation model to estimate long-run and short-run results along with simulation and robotic prediction. Findings: The cointegration analysis confirms the existence of a long-run association among variables. Further, economic globalization reduces the ecological footprint in the long run. Similarly, energy consumption decreases the ecological footprint. In contrast, economic growth spurs the ecological footprint in India. Originality/value: This study contributes to the literature in many ways. First, unlike studies that employ CO2 emissions and globalization nexus, this study employs ecological footprint for measuring environmental quality; since it is the broader measure of environmental quality, it can offer a wide range of climate change mitigation policies for India. Second, the study executes a multivariate framework with updated series from 1990 to 2018 in India to explore the link between EF, economic globalization, energy consumption, and economic growth. Third, the dynamic autoregressive distributed lag (ARDL) model has been used to explore the short and long-run association between the series. Finally, to our limited knowledge, this is the first study that uses economic globalization in the EF function of India amid facing a trade-off between sustainable economic growth and the environment in the era of globalization.

Keywords: economic globalization, ecological footprint, India, dynamic ARDL simulation model

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Authors: G. Hafner

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A method developed at the University of Stuttgart will be presented: ‘Analysis, Evaluation and Optimization of Food Management’. A major focus is represented by quantification of food losses and food waste as well as their classification and evaluation regarding a system optimization through waste prevention. For quantification and accounting of food, food losses and food waste along the food chain, a clear definition of core terms is required at the beginning. This includes their methodological classification and demarcation within sectors of the food value chain. The food chain is divided into agriculture, industry and crafts, trade and consumption (at home and out of home). For adjustment of core terms, the authors have cooperated with relevant stakeholders in Germany for achieving the goal of holistic and agreed definitions for the whole food chain. This includes modeling of sub systems within the food value chain, definition of terms, differentiation between food losses and food wastage as well as methodological approaches. ‘Food Losses’ and ‘Food Wastes’ are assigned to individual sectors of the food chain including a description of the respective methods. The method for analyzing, evaluation and optimization of food management systems consist of the following parts: Part I: Terms and Definitions. Part II: System Modeling. Part III: Procedure for Data Collection and Accounting Part. IV: Methodological Approaches for Classification and Evaluation of Results. Part V: Evaluation Parameters and Benchmarks. Part VI: Measures for Optimization. Part VII: Monitoring of Success The method will be demonstrated at the example of an invesigation of food losses and food wastage in the Federal State of Bavaria including an extrapolation of respective results to quantify food wastage in Germany.

Keywords: food losses, food waste, resource management, waste management, system analysis, waste minimization, resource efficiency

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Authors: Seongwon Im, Jimin Kim, Kyeongcheol Kim, Dong-Hoon Kim

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Cattle manure (CM) produced from farmhas been utilized to soils for increasing crop production owing to high nutrients content and effective microorganisms. Some cities with the concentrated activity of livestock industry have suffered from environmental problems, such as odorous gas emissions and soil and water pollution, caused by excessive use of compost. As an alternative option, the anaerobic digestion (AD) process can be utilized, which can reduce the volume of organic waste but also produce energy. According to Korea-Ministry of Trade, Industry, and Energy (KMTIE), the energy potential of CM via biogas production was estimated to be 0.8 million TOE per year, which is higher than that of other organic wastes. However, limited energy is recovered since useful organic matter, capable of converting to biogas, may be degraded during the long storage period (1-6 months).In this study, the effect of storage period on biogas potential of CM was investigated. Compared to fresh CM (VS 14±1 g/L, COD 205±5 g/L, TKN 7.4±0.8 g/L, NH4+-N 1.5±0.1), old CM has higher organic (35-37%) and nitrogen content (50-100%) due to the drying process during storage. After stabilization period, biogas potential of 0.09 L CH4/g VS was obtained in R1 (old CM supplement) at HRT of 150-100 d, and it was decreased further to 0.06 L CH4/g VS at HRT of 80 d. The drop of pH and organic acids accumulation were not observed during the whole operation of R1. Ammonia stripping and pretreatment of CM were found to be not effective to increase CH4 yield. On the other hand, a sudden increase of biogas potential to 0.19-0.22 L CH4/g VS was achieved in R2 after changing feedstock to fresh CM. The expected reason for the low biogas potential of old CM might be related with the composition of organic matters in CM. Easily biodegradable organic matters in the fresh CM were contained in high concentration, butthey were removed by microorganisms during storing CM in a farm, resulting low biogas yield. This study implies that fresh storage is important to make AD process applicable for CM.

Keywords: storage period, cattle manure, biogas potential, microbial analysis

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Authors: Rahul Paul, Kedar Nath Das

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The paradigm of Reinforcement Learning (RL) has become prominent in training intelligent agents to make decisions in environments that are both dynamic and uncertain. The primary objective of RL is to optimize the policy of an agent in order to maximize the cumulative reward it receives throughout a given period. Nevertheless, the process of optimization presents notable difficulties as a result of the inherent trade-off between exploration and exploitation, the presence of extensive state-action spaces, and the intricate nature of the dynamics involved. Evolutionary Optimization Methods (EOMs) have garnered considerable attention as a supplementary approach to tackle these challenges, providing distinct capabilities for optimizing RL policies and value functions. The ongoing advancement of research in both RL and EOMs presents an opportunity for significant advancements in autonomous decision-making systems. The convergence of these two fields has the potential to have a transformative impact on various domains of artificial intelligence (AI) applications. This article highlights the considerable influence of EOMs in enhancing the capabilities of RL. Taking advantage of evolutionary principles enables RL algorithms to effectively traverse extensive action spaces and discover optimal solutions within intricate environments. Moreover, this paper emphasizes the practical implementations of EOMs in the field of RL, specifically in areas such as robotic control, autonomous systems, inventory problems, and multi-agent scenarios. The article highlights the utilization of EOMs in facilitating RL agents to effectively adapt, evolve, and uncover proficient strategies for complex tasks that may pose challenges for conventional RL approaches.

Keywords: machine learning, reinforcement learning, loss function, optimization techniques, evolutionary optimization methods

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Authors: M. Gil, R. Montalvo

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Business Intelligence (BI) has become a major source of competitive advantages for firms around the world. BI has been defined as the process of data visualization and reporting for understanding what happened and what is happening. Moreover, BI has been studied for its predictive capabilities in the context of trade and financial transactions. The current literature has identified that BI permits managers to identify market trends, understand customer relations, and predict demand for their products and services. This last capability of BI has been of special concern to academics. Specifically, due to its power to build predictive models adaptable to specific time horizons and geographical regions. However, the current literature of BI focuses on predicting specific markets and industries because the impact of such predictive models was relevant to specific industries or organizations. Currently, the existing literature has not developed a predictive model of BI that takes into consideration the whole economy of a geographical area. This paper seeks to create a predictive model of BI that would show the bigger picture of a geographical area. This paper uses a data set from the Secretary of Economic Development of the state of Jalisco, Mexico. Such data set includes data from all the commercial transactions that occurred in the state in the last years. By analyzing such data set, it will be possible to generate a BI model that predicts supply and demand from specific industries around the state of Jalisco. This research has at least three contributions. Firstly, a methodological contribution to the BI literature by generating the predictive supply and demand model. Secondly, a theoretical contribution to BI current understanding. The model presented in this paper incorporates the whole picture of the economic field instead of focusing on a specific industry. Lastly, a practical contribution might be relevant to local governments that seek to improve their economic performance by implementing BI in their policy planning.

Keywords: business intelligence, predictive model, supply and demand, Mexico

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Authors: Musa Mayanja Lwanga, Annet Adong

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This study provides a micro perspective on the impact of mobile money services on individual’s saving behavior using the 2013 Uganda FinScope data. Results show that although saving through the mobile phone is not a common practice in Uganda, being a registered mobile money user increases the likelihood to save with mobile money. Saving using mobile is more prevalent in urban areas and in Kampala and Central region compared to other regions. This can be explained by: first, rural dwellers tend on average to have lower incomes and thus have lower to saving compared to the urban counterpart. Similarly, residents of Kampala tend to have higher incomes and thus high savings compared to residents of other regions. Secondly, poor infrastructure in rural areas in terms of lack of electricity and poor telecommunication network coverage may limit the use of mobile phones and consequently the use of mobile money as a saving mechanism. Overall, the use of mobile money as a saving mechanism is still very low and this could be partly explained by limitations in the legislation that does not incorporate mobile finance services into mobile money. The absence of interest payments on mobile money savings may act as a disincentive to save through this mechanism. Given the emerging mobile banking services, there is a need to create more awareness and the need for enhanced synergies between telecom companies and commercial banks.

Keywords: financial inclusion, mobile money, savings, Uganda

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Authors: Maria Granados

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Information technology (IT) facilitates the management of knowledge in organisations through the effective leverage of collective experience and knowledge of employees. This supports information processing needs, as well as enables and facilitates sense-making activities of knowledge workers. The study of IT support for knowledge management (KM) has been carried out mainly in larger organisations where resources and competitive conditions can trigger the use of KM. However, there is still a lack of understanding on how IT can support the management of knowledge under different organisational settings influenced by: constant tensions between social and economic objectives, more focus on sustainability than competiveness, limited resources, and high levels of democratic participation and intrinsic motivations among employees. All these conditions are presented in Social Enterprises (SEs), which are normally micro and small businesses that trade to tackle social problems, improve communities, people’s life chances, and the environment. Thus, their importance to society and economies is increasing. However, there is still a need for more understanding of how these organisations operate, perform, innovate and scale-up. This knowledge is crucial to design and provide accurate strategies to enhance the sector and increase its impact and coverage. To obtain a conceptual and empirical understanding of how IT can facilitate KM in the particular organisational conditions of SEs, a quantitative study was conducted with 432 owners and senior members of SEs in UK, underpinned by 21 interviews. The findings demonstrated how IT was supporting more the recovery and storage of necessary information in SEs, and less the collaborative work and communication among enterprise members. However, it was established that SEs were using cloud solutions, web 2.0 tools, Skype and centralised shared servers to manage informally their knowledge. The possible impediments for SEs to support themselves more on IT solutions can be linked mainly to economic and human constraints. These findings elucidate new perspectives that can contribute not only to SEs and SE supporters, but also to other businesses.

Keywords: social enterprises, knowledge management, information technology, collaboration, small firms

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Authors: Marwen Ghouil, Jamel Eddine Mkadmi

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Banking performance is the pillar and goal of all banking activity and its impact on economic policy. First, researchers defined the principles for assessing and modeling bank performance, and then theories and models explaining bank performance were developed. The importance of credit as a means of financing businesses in most developing countries has led to questions about the effects of financial liberalisation on increased banking competition. In Tunisia, as in many other countries, the liberalization of financial services in general and of banks' activities has not ceased to evolve. The objective of this paper is to examine the determinants of banking performance for 8 Tunisian banks and their impact on economic policy during the Arab Spring. We used cointegration analysis and the ARDL Panel model, explaining using total assets, bank credits, guarantees, and bank size as performance drivers. The correlation analysis shows that there is a positive correlation relationship between total assets, bank credits, guarantees, and bank size and bank performance. Long-term empirical results show that bank loans, guarantees, bank size, and total assets have a positive and significant impact on bank performance. This means that bank credits, guarantees, bank size, and total assets are very important determinants of bank performance in Tunisia.

Keywords: bank performance, economic policy, finance, economic

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Authors: Wessam Fekry Ibrahim Moussa

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The northwest coast of Egypt embraces about 500 km of the Mediterranean coastline. The area covered extends from Alexandria on the East to the village of Sallum at Egypt's border with Libya in the west with an average depth of 20-70 km. When one looks at this long strip of land, one is struck by the fact that, from the archaeological point of view, one knows relatively little about this region during ancient times, its history, villages, inhabitants, and heritage. According to classical writers, in antiquity, the area seemed to be more populated and characterized by its rich buildings and inhabitants. They mentioned several Greco-Roman towns and harbors scattered along the coast nearly 2 thousand years ago. Strabo, for instance, in his book 17, confirmed the existence of about 12 several clusters along the coast, which varied between cities, villages, harbors, and small islands. Claudius Ptolemaeus also enumerated many marina sites as well as some small cities and villages. Unfortunately, nowadays, most of them have been lost either due to the extensive development of the north coast, Natural Disasters, or Erosion Factors. However, recent excavations carried out within the area revealed just a little of these settlements. The aim of this study is to reveal the secrets of the hidden heritage of those ancient sites and shed light on the role they played in the past, as some of them used to be stops on the trade route between Libya and Egypt (Strabo 17) or major centers for some of the international imports. The study will explore the archeological evidence using the analytical methodology to analyze each site and identify its features and significances in order to conclude the importance and role it once played during the past. Findings could be used by authorities and policymakers to utilize these heritage resources to improve cultural tourism within the area and enhance the tourist's experience.

Keywords: Greco Roman, heritage, ancient cities, north west coast

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Authors: Kyoko Tominaga

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Non-Government Organizations (NGOs), Non-Profit Organizations (NPOs), Social Enterprises and other actors play an important role in political decisions in governments at the international levels. Especially, such organizations’ and activists’ network in civil society is quite important to effect to the global politics. To solve the complex social problems in global era, diverse actors should corporate each other. Moreover, network of protesters is also contributes to diffuse tactics, information and other resources of social movements. Based on the findings from the study of International Trade Fairs (ITFs), the author analyzes the network of activists in anti-globalism movement. This research focuses the transition of 54 activists’ whole network in the “protest event” against 2008 G8 summit in Japan. Their network is examined at the three periods: Before protest event phase, during protest event phase and after event phase. A mixed method is used in this study: the author shows the hypothesis from social network analysis and evaluates that with interview data analysis. This analysis gives the two results. Firstly, the more protesters participate to the various events during the protest event, the more they build the network. After that, active protesters keep their network as well. From interview data, we can understand that the active protesters can build their network and diffuse the information because they communicate with other participants and understand that diverse issues are related. This paper comes to same conclusion with previous researches: protest events activate the network among the political activists. However, some participants succeed to build their network, others do not. “Networked” activists are participated in the various events for short period of time and encourage the diffusion of information and tactics of social movements.

Keywords: social movement, global justice movement, tactics, diffusion

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Authors: Geetha Baskaran, Andrzej Barjiela, Rong Qu

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Motivation: Nurse scheduling is a complex combinatorial optimization problem. It is also known as NP-hard. It needs an efficient re-scheduling to minimize some trade-off of the measures of violation by reducing selected constraints to soft constraints with measurements of their violations. Problem Statement: In this paper, we extend our novel approach to solve the nurse scheduling problem by transforming it through Information Granulation. Approach: This approach satisfies the rules of a typical hospital environment based on a standard benchmark problem. Generating good work schedules has a great influence on nurses' working conditions which are strongly related to the level of a quality health care. Domain transformation that combines the strengths of operation research and artificial intelligence was proposed for the solution of the problem. Compared to conventional methods, our approach involves judicious grouping (information granulation) of shifts types’ that transforms the original problem into a smaller solution domain. Later these schedules from the smaller problem domain are converted back into the original problem domain by taking into account the constraints that could not be represented in the smaller domain. An Integer Programming (IP) package is used to solve the transformed scheduling problem by expending the branch and bound algorithm. We have used the GNU Octave for Windows to solve this problem. Results: The scheduling problem has been solved in the proposed formalism resulting in a high quality schedule. Conclusion: Domain transformation represents departure from a conventional one-shift-at-a-time scheduling approach. It offers an advantage of efficient and easily understandable solutions as well as offering deterministic reproducibility of the results. We note, however, that it does not guarantee the global optimum.

Keywords: domain transformation, nurse scheduling, information granulation, artificial intelligence, simulation

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Authors: Seyed Habib A. Rahmati, Parsa Fallah Sheikhlari, Morteza Musakhani

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This paper studies the structure of financial investment and efficiency on the subway would be created between Hashtgerd and Qazvin in Iran. Regarding ascending rate of transportation between Tehran and Qazvin which directly air pollution, it clearly implies to public transportation requirement between these two cities near Tehran. The railway transportation like subway can help each country to terminate traffic jam which has some advantages such as speed, security, non-pollution, low cost of public transport, etc. This type of transportation needs national infrastructures which require enormous investment. It couldn’t implement without leading and managing funds and investments properly. In order to response 'needs', clear norms or normative targets have to be agreed and obviously it is important to distinguish costs from investment requirements critically. Implementation phase affects investment requirements and financing needs. So recognizing barrier related to investment and the quality of investment (what technologies and services are invested in) is as important as the amounts of investment. Different investment methods have mentioned as follows loan, leasing, equity participation, Line of financing, finance, usance, bay back. Alternatives survey before initiation and analyzing of risk management is one of the most important parts in this project. Observation of similar project cities each country has the own specification to choose investment method.

Keywords: subway project, project investment, project contract, project management

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Authors: Zain Khalid

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The paper outlines the trends of cyber financial crimes and frauds – approximating upto – in Pakistan after the enactment of The Prevention of Electronic Crimes Act in 2016. The paper elaborates on the newer methods that fraudsters have adopted after tighter preventive and counter measures were employed in Pakistan partly as a result of following the international finance related commitments, particularly the FATF regulations. The paper adopts case studies methods to highlight various aspects of the financial frauds and crimes committed and later investigated jointly by Pakistan’s one of the federal law enforcement agencies, the Federal Investigation Agency, and Mobilink Microfinance Bank , Pakistan’s premier microfinance bank. It additionally enriches the data through expert interviews – with crime investigators and the experts to carry out an in-depth analysis of the various factors involving the crime. This paper emphasizes the structural and situational factors that shape up the cyber financial crimes in Pakistan vis-à-vis digital illiteracy and lack of awareness among the users of financial services. This paper, thus, on the basis of findings and expert interviews, suggests policy reforms to reduce the instances of the financial crimes, especially in the remotest areas of the country.

Keywords: financial crimes, cyber crimes, digital literacy, terrorism financing, banking sector

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Authors: Rony Tawk, Boutros Ghannam, Maroun Nemer

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Topology optimization technique presents a potential tool for the design and optimization of structures involved in mass and heat transfer. The method starts with an initial intermediate domain and should be able to progressively distribute the solid and the two fluids exchanging heat. The multi-objective function of the problem takes into account minimization of total pressure loss and maximization of heat transfer between solid and fluid subdomains. Existing methods account for the presence of only one fluid, while the actual work extends optimization distribution of solid and two different fluids. This requires to separate the channels of both fluids and to ensure a minimum solid thickness between them. This is done by adding a third objective function to the multi-objective optimization problem. This article uses density approach where each cell holds two local design parameters ranging from 0 to 1, where the combination of their extremums defines the presence of solid, cold fluid or hot fluid in this cell. Finite volume method is used for direct solver coupled with a discrete adjoint approach for sensitivity analysis and method of moving asymptotes for numerical optimization. Several examples are presented to show the ability of the method to find a trade-off between minimization of power dissipation and maximization of heat transfer while ensuring the separation and continuity of the channel of each fluid without crossing or mixing the fluids. The main conclusion is the possibility to find an optimal bi-fluid domain using topology optimization, defining a fluid to fluid heat exchanger device.

Keywords: topology optimization, density approach, bi-fluid domain, laminar steady state regime, fluid-to-fluid heat exchanger

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Authors: Patraporn Kaewkhanitarak, Weerawan Marangkun

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The objective of this study was to explore the establishment and to investigate the relationship between the gender (male or female) of SME owner-managers/ entrepreneurs and their risk perception in business activity. The study examines the data by interviewing 76 SME owner-managers/entrepreneurs’ responses (37 males, 39 females) in manufacturing, finance, human resources and marketing sector in the economic regions of Songkhla province, Thailand. This study found that four tools which were operation, cash flow, staff, and new market were perceived by the SME owner-managers/entrepreneurs at high level. However, male and female SME owner-managers/entrepreneurs perceived some factors such as the age of SME owner-managers/entrepreneurs, the duration of firm operation, type of firm, and type of business without significant differences. In contrast, the gender affected the risk perception about increasing cost, fierce competition, leapfrog development of firm, substandard staff, namely that male and female perceived these factors with significant differences. According to the research, SME owner-managers/entrepreneurs should develop their risk management competency to deal with the risk efficiently. Secondly, SME firms should gather into groups. Furthermore, it was shown that the five key tools used to manage these risky situations were the use of managerial competencies and clustering.

Keywords: risk perception, owner-managers/entrepreneurs, SME, Songkhla, Thailand

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Authors: Normah Sulaiman, Yong Zhi Kang, Nor Hayati Hussain, Abdul Rehman Khalid

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Segara Ninda owned by Din Ku Meh, the governor of the province Satul, a Malay man with a big role liaising with Thailand. This mansion is part of the legacy he left behind among other properties in George Town, Penang, besides his family. The island’s geographical location is strategic which has benefitted it through important trade routes for Europe, Middle, East, India, and China in the past. Due to this reasoning, various architectural styles were introduced in Penang; Late Straits Eclectic style is one of the forms of the Colonial Architectural style widely spread as vernacular shophouses in George Town. Segara Ninda is located among the mixture of nouveau-riche, historical and heritage sites at the most important street; Penang Road, which dated back to the late 18th century. This paper examines the strait eclectic style that Segara Ninda encompasses. Acknowledging the mixture of colonial architecture in Georgetown, we argue that the mansion faces challenging issues in conservation processes to be vindicated. This is reflected by analysing the spatial layout, visual elements quality, and its activity through interviews with the occupants of the mansion. The focus will be on the understanding of building form, features, and functions; respecting the architectural spaces and their activity. The methodology applied is to promote our understanding of the mix of culture that the mansion holds through documentation, observation and measuring exercises. This offers a positional interpretation of the mix of culture that the mansion holds. This conservation effort will further contribute exposure to the public and recognize it in the society as its essence is a deficiency character to the existing built environment.

Keywords: eclectic, heritage, spatial organization, culture

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Authors: Catherine Heyjung Sonu

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This paper examines the effect of accounting quality on the process in which stock price is determined by focusing on contribution-in-kind valuations using Korean setting. In Korea, a number of chaebol firms have transformed into holding company system starting in 2003. With an attempt to gain as much voting right, management sold shares of subsidiaries to purchase shares of the holding company. In so doing, management of these firms received share issues for the contribution in kind that has been made to obtain additional shares of the holding company. The price of these share issues against contribution in kind is allowed to be discounted up to 30%. Using this interesting setting in Korea, this paper examines whether accounting quality affects the extent of the discount applied to the share issues. If the accounting quality of the firm for which the management is receiving share issues is poor, the extent of discount is likely to be high. The extent of discount is likely lower for firms with superior accounting quality. Using 24 cases, we find that, on average, the extent of discount is larger for share issues in which the accounting quality, proxied by the absolute value of discretionary accruals, is poor. This paper provides insight by examining the effect of accounting quality on the stock market. It sheds light on the intersection between finance and accounting research and should be of interest to researchers and practitioners.

Keywords: Accounting quality, Contribution-in-kind, discount, holding company

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Authors: Sara Fioretti

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In the 2nd millennium BCE, maritime networks became essential to the Mediterranean lifestyle, creating an interconnected world. This phenomenon of interconnected cultures has often been misinterpreted as an “effect” of the Mycenaean “influence” without considering the complexity and role of regional and cross-cultural exchanges. This paper explores the socio-economic relationships, in both cross-cultural and potentially inter-regional settings, present within the archaeological repertoire of the southern Italian Late Bronze Age (LBA 1600 -1140 BCE). The emergence of economic relations within the connectivity of the regional settlements is explored through ceramic contexts found in the case studies Punta di Zambrone, Broglio di Trebisacce, and Nuraghe Antigori. This work-in-progress research is situated in the shifting theoretical views of the last ten years that discuss the Late Bronze Age’s connectivity through Social Networks, Entanglement, and Assertive Objects combined with a comparative statistical study of ceramic frequency distribution. Applying these theoretical frameworks with a quantitative approach demonstrates the specific regional economic relationships that shaped the cultural interactions of the Late Bronze Age. Through this intersection of theory and statistical analysis, the case studies establish a small percentage of pottery as imported, whilst assertive productions have a relatively higher quantity. Overall, the majority still adheres to regional Italian traditions. Therefore, we can dissect the rhizomatic relationships cultivated by the Italian coasts and Mycenaeans and their roles within their networks through the intersection of theoretical and statistical analysis. This research offers a new perspective on the connectivity of the Late Bronze Age relational structures.

Keywords: late bronze age, mediterranean archaeology, exchanges and trade, frequency distribution of ceramic assemblages

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Authors: Luedech Girdwichai, Witthaya Mekhum

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This research analyses the factors affecting the success and develops a guideline for self- reliance planning of the entrepreneurs for effective implementation. Samples in this study included 42 awarded winners from the 2nd Sufficiency Economics Philosophy (SEP) National Contest arranged by Office of the Royal Development Projects Board. The results revealed 4 main factors affecting the success as follows: 1) there is a need to encourage unity and cooperation in the enterprise in conducting development plan. 2) The entrepreneur must be a knowledge seeker and lead by example on SEP life. 3) The entrepreneur must be able to apply traditional local wisdom with his present experience and knowledge in defining product identity. 4) The entrepreneur should provide career training for the staffs to develop their competencies. The guideline for self-reliance planning consisted of 4 aspects: 1) Human resource development: the enterprise should develop its staffs especially on integrity, honesty, and public minded. 2) Local community development: there should be a clear target for the local community development. 3) Local community economic development: by encouraging additional incomes through experience sharing. 4) Enterprise development planning: by arranging monthly meeting to conduct the development plan including analysing problems and synthesizing data.

Keywords: potential development, SME entrepreneurs, sufficiency economics philosophy, finance, management

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Authors: Bilal Ahmad Malik

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With the fall of Soviet Union in 1991 the whole Central Asian region saw a dramatic rise in Muslim identity, a call back to Islamic legacy. Today, many Central Asian Muslims demand, what Islam has termed legal (Halal) and, avoid what Islam has termed illegal (Haram). The process of Islamic resurgence kicked off very quickly soon after the integration of Central Asian republics with other Muslim geographies through the membership of Organization of Islamic Conference (OIC) and other similar organizations. This interaction proved to be a vital push factor to the already existing indigenous reviving trends and sentiments. As a result, along with many other requirements, Muslim customer demand emerged as navel trend in the market in general and in banking and financial sector in particular. To get this demand fulfilled, the governments of CIS states like Kazakhstan, Uzbekistan, Azerbaijan, Turkmenistan, Kyrgyzstan and Tajikistan introduced Halal banking and financial products in the market. Firstly, the present paper would briefly discuss the core composition of Halal banking and financial products. Then, coming to its major theme, it would try to identify and analyze the causes that lead to the emergence of Islamic banking and finance industry in the Muslim majority Post-Soviet CIS States.

Keywords: causes, Central Asia, interest-free banking, Islamic Revival

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Authors: Olanike O. Akinwale, Isiaka S. Adedoyin

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Revenue is a fund realized by the government to meet both current and capital expenditures. The study found out the various ways through which local governments in Nigeria generate revenue or obtain funds and determined whether the people of Boripe local government are paying tax as at when due and also evaluated how the revenue generated is being used by the local government. During the course of this study, research questionnaires were drafted and distributed to respondents in the local government secretariat who supplied the information needed to carry out the research work. Data were collected by using simple random sampling technique where members of the population have been given equal chance of being picked as a member of the sample. Data were analysed using chart table; the chart analyzed the figure of the past two years revenue and expenditure of the local government. It was deduced from the result that revenue generated but this was not up to what one expected for this local government to finance the projected expenditure when the size was considered, its location as well as its natural endowment of this local government. This was due to lack of cooperation of the people and staffs within the local government in the local government jurisdiction as well as fraudulent activities the revenue collectors engaged in. Revenue generation is a fuel for development in any organization whether public or private. The ability of revenue drive of Boripe was not strong enough since the targeted revenue from taxation was not enough to meet the projected expenditure for a particular year as in 2016, the difference was carried forward to the next year.

Keywords: appraisal, expenditure, local government, questionnaire, revenue

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Authors: Vitus Onyebuchim Onyemailu, Olive Obianuju Okalibe

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The study tried to examine relationship between exchange rate variations on the balance of payments in Nigeria from 1970 to 2012. Using time series on econometric measures such as Granger causality and ordinary least square (OLS), the study found that exchange rate movements especially the depreciation of naira has not contributed significantly on the balance of payments under the year of the study. The granger result conform the Marshall-Lerner short and long run prepositions that exchange rate devaluation enhances balance of payments. On disaggregation exchange rate granger causes current and capital account balances give the Nigeria data from 1970 to 2012. Overall in the long run OLS regression analysis, exchange rate on semi log functional form, exchange rate variation did not record significant effect on balance of payment equation. This height was also maintained in the current or trade balance which does not match the Marshall-Lerner. The capital account balance in reverse reported a significant impact of exchange rate variability on the capital account balance. Finally, on exchange rate determination equation, where many fundamentals were considered including lagged of exchange rate. Thus, the lagged of exchange rate recorded a positive and significant influence on the present exchange rate. This means that players in the financial markets usually out plays authority’s policy’s stances through their speculative tendencies. The work therefore, recommend that effort should be made by the authorities to providing enabling environment for production of goods and services to triumph in order to take advantages of steady devaluation of its currency. This is done by providing infrastructure, provision of science and technology. Thus, when this is done Nigeria would be able to have competitive power against the rest of the world.

Keywords: exchange rate variation, balance of payments, current account, capital account, Marshall-Lerner hypothesis

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Authors: Agholor Deborah Ewere, Emmanuel Ade, Seriki Idowu

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The role women entrepreneur plays to combat unemployment should not be underestimated, especially in countries with growing unemployment rates such as South Africa. Women entrepreneurs contribute significantly to economic development in South Africa, but their contribution has not been adequately studied and developed. Hence, the study identified business strategies adopted by women entrepreneurs to sustain growth and development of entrepreneurship. Survey research design approach was adopted and convenience sampling method was used for sample selection. The structured questionnaire was used to elicit information from the respondents. The findings revealed some of the operational challenges women entrepreneur faced to include lack of finance, marketing skills and planning and also showed that the strategies adopted by women entrepreneurs have a positive effect on the success of small businesses. It was recommended among others that the women entrepreneurs should take some time to study the nature of challenges other women have faced in business and possibly provide solutions to such issues before starting their own business. It was however concluded that unless the operational challenges named above are resolved, the role of women entrepreneurs in the developing nations will continue to experience deprived economic growth, development and display substandard competitiveness.

Keywords: business, entrepreneurs, small, strategies, success, women

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Authors: Soumya Chaturvedi

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Ever since India opened its doors for the world economy to enter, there has not been a single instance of recoil. A consequence of this move by the government of India resulted in India evolving as a consumer-driven market and in order to survive in this era of extreme competition, the corporate houses have employed every possible means to reach out and hit onto the sentiments of the consumers. The most obvious way to ensure a strong perseverance towards the specific product or brand is through celebrity endorsements. In a country like India, whose film industry accounts for the largest sales and output, it is indeed appalling to acknowledge the fact that it lacks an effective mechanism of protection of the commercial exploitation of celebrities’ attributes under the ambit of law. The western half of the globe has very well accepted and recognized the rights of the celebrities to decide upon the quantum of commercial exploitation of their own attributes and earn profit out of the same. However, the eastern half seems to be a little reluctant in accepting and enforcing these views per se. A celebrity has a right to publicity over the traits of his personality which involves voice, autographs, reputation, and style, so on and so forth as it is these attributes that are responsible for huge trade profits concerning the products to which such traits are attributed to. This clearly involves the right of the celebrity to benefit himself by commercially exploiting the same and refraining the unauthorized gain to third parties. The market is making it nearly impossible to proceed further with such weak laws considering the escalating rate of celebrity endorsements in the nation. This paper discusses the lacunae in law per se to identify a right as such by a celebrity over his traits that are potentially under the circle of commercial exploitation and the need of a definite legislation that would ensure a change in the paradigm of the Courts in India. Also, it discusses the only remedy available currently for violation, which is, a suit for passing off by Indian Courts under Trademark and Copyright laws and a comparison of the same with the mechanisms adopted by the legal systems across the globe.

Keywords: celebrity, rights, intellectual property, trademark, copyrights

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Authors: Abdullah Almulhim

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The International Accounting Standards Board (IASB) was established in 2001 to develop International Financial Reporting Standards (IFRS) that bring transparency, accountability, and efficiency to financial markets around the world. In addition, the IFRS provide a unified accounting language, which is especially important in the era of globalization. However, the establishment of a single set of high-quality international accounting standards is a matter of growing importance, as participants in the increasingly integrated world capital market demand comparability and transparency of financial reporting worldwide. Saudi Arabia became the 149th member of the World Trade Organization (WTO) on 11 December 2005, which has increased the need to convert to IFRS. Currently, the Saudi Arabian Monetary Authority (SAMA) requires banks and insurance companies in Saudi Arabia to report under IFRS Standards. However, until the end of 2016, SOCPA standards were applied to all other companies, listed and unlisted. From 2017, listed Saudi companies would be required to report under IFRS Standards as adopted by SOCPA effective 2017. This paper is to investigate the expected benefits gained and highlight the challenges faced by adopting IFRS by the listed companies in the Saudi Stock Exchange. Questionnaires were used as the main method of data collection. They were distributed to listed companies in the Saudi Capital Market. Data obtained through the questionnaires have been imported into SPSS statistical software for analysis. The expected results of this study will show the benefits of adopting IFRS by Saudi Listed Companies. However, this study will investigate the challenges faced by adopting IFRS by the listed companies in the Saudi Arabian Stock Market. Findings will be discussed later upon completion of initial analysis.

Keywords: challenges, IAS, IFRS, opportunities, Saudi, SOCPA

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Authors: Ji-Hoon Byeon, Kwon-Hee Lee

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Strainer filter serves to block the inflow of impurities while mixed fluid is entering or exiting the piping. The filter of the strainer has a perforated structure, so that the pressure drop and the velocity change necessarily occur when the mixed fluid passes through the filter. It is possible to predict the pressure drop and velocity change of the strainer by numerical analysis by implementing all the perforated plates. However, if the size of the perforated plate exceeds a certain size, it is difficult to perform the numerical analysis, and sometimes we cannot guarantee its accuracy. In this study, we tried to predict the pressure drop and velocity change by using the porous media technique to obtain the equivalent resistance without actual implementation of the perforation shape of the strainer. Ansys-CFX, a commercial software, is used to perform the numerical analysis. The analysis procedure is as follows. Firstly, the unit pattern of the perforated plate is modeled, and the pressure drop is analyzed by varying the velocity by symmetry of the wall surface. Secondly, since the equation for obtaining resistance is a quadratic equation of pressure having unknown velocity, the viscous resistance and the inertia resistance of the perforated plate are obtained from the relationship between pressure and speed. Thirdly, by using the calculated resistance values, the values are substituted into the flat plate implemented as a two-dimensional porous media, and the accuracy is verified by comparing the pressure drop and the velocity change. Fourthly, the pressure drop and velocity change in the whole strainer are analyzed by using the resistance values obtained on the perforated plate in the actual whole strainer model. Using the porous media technique, it is found that pressure drop and velocity change can be predicted in relatively short time without modeling the overall shape of the filter. Acknowledgements: This work was supported by the Valve Center from the Regional Innovation Center(RIC) Program of Ministry of Trade, Industry & Energy (MOTIE).

Keywords: strainer, porous media, CFD, numerical analysis

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Authors: Muhammad Hakim Bin Mat Tasir, Erwan Shahfizad Hasidan, Hamidah Makmor Bakry, M. Hafiz B. Izhar

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Every key performance indicator used to monitor a project’s construction progress emphasizes trade productivity or specific commodity run-down curves. Examples include the productivity of welding by the number of joints completed per day, quantity of NDT (Non-Destructive Tests) inspection per day, etc. This perspective is based on progress and productivity; however, it does not enable a system perspective of how we produce. This paper uses a project production system perspective by which projects are a collection of production systems comprising the interconnected network of processes and operations that represent all the work activities to execute a project from start to finish. Furthermore, it also uses the 5 Levels of production system optimization as a frame. The goal of the paper is to describe the application of Project Production Control (PPC) to control and improve the performance of several production processes associated with the fabrication and assembly of a Central Processing Platform (CPP) Jacket, part of an offshore mega project. More specifically, the fabrication and assembly of buoyancy tanks as they were identified as part of the critical path and required the highest demand for capacity. In total, seven buoyancy tanks were built, with a total estimated weight of 2,200 metric tons. These huge buoyancy tanks were designed to be reversed launching and self-upending of the jacket, easily retractable, and reusable for the next project, ensuring sustainability. Results showed that an effective application of PPC not only positively impacted construction progress and productivity but also exposed sources of detrimental variability as the focus of continuous improvement practices. This approach augmented conventional project management practices, and the results had a high impact on construction scheduling, planning, and control.

Keywords: offshore, construction, project management, sustainability

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Authors: Bade-Afuye Toyin Beatrice

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Nigeria, as a multi-cultural nation, boasts of many festivals, many of which are found in the six geo-political zones of the country. One of the major festivals that bring together the Nigerian citizens as one entity is the National Festival of Arts and Culture (NAFEST), organized by the National Council for Arts and Culture (NCAC). The festival is celebrated yearly in ways that are unique to Nigerians and culture enthusiasts locally and abroad. The festival has equally boosted the Nigerian economy through tourism promotion and culture preservation. This study shall adopt the cultural identity theory. The theory will be used to examine the festival as a platform that showcases culture, which represents the totality of the ways and lives of the Nigerian people. To achieve this, the researcher shall gather data as a participant-observer during the festival, which featured elements such as costume, make-up, dance, drama, children's theatre, fashion parade, local cuisines, local games, music, props, acrobatic displays, trade fair among others. These elements are the cultural aesthetics of the festival, thereby creating spectacles and colours in unique styles by each of the 36 states of the federation and the FCT Abuja. The study particularly examines the 2021 edition of NAFEST hosted by the Ekiti State Government. The study reveals that the festival is a unique multi-ethnic event that brings together Nigerians and their kinsmen in the diaspora. NAFEST has equally provided a good opportunity to showcase the rich cultural heritage of the Ekiti people and the economic values of their products and materials. The paper, therefore, concludes that the National Festival of Arts and Culture has over the years promoted national unity and social integration among Nigerians.

Keywords: colours, culture, spectacle, NAFEST

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Authors: Amjed Rasheed

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Rebellions are driven by several incentives. They do not often occur because of historical grievances or political exclusion. They can be driven by the desire to control over natural resources, or by both. In the case of the Islamic State (ISIL), greed and grievance are both drive this radical group to operate in Iraq and Syria. This article aims to show that grievance was the trigger to the emergence of ISIL. It also aims to demonstrate that ISIL is using oil as a tool, to implements its political ends, than a purpose per se. In other words, the emergence of ISIL is based on socio-political conditions, which are domestically driven, and oil is not ISIL’s aim but a source of revenue to finance its activities. This paper applies conflict analysis methodology to analyse the conflict in Iraq and Syria, with a specific highlight to ISIL. By doing so, it gives ahistorical background on emergence of ISIL. It also provides an insightful explanation on the main dynamics and the tactics this organisation applies. It also delivers a sufficient explanation on how it recruits its members, both local and international. It concludes that tackling ISIL needs a more sophisticated approach than the one Obama administration has adopted. It is more a political issue to be tackled by political means, than a military one to be tackled by military means. The current war is an Intra-Sunni war, and therefore, Sunni states have to be on board to crackdown ISIL. Besides, the article finishes with the argument that democratisation is not necessarily the key answer to bring stability to the region, but a sort of governance that provides security and material needs to individuals.

Keywords: ISIL, Iraq, domestic politics, Islamic radicalisation

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Authors: Anthony Oppong Kyekyeku, Sussana Antwi-Boasiako, Emmanuel De-Graft Johnson Owusu Ansah

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In this observational study, the performance of a known conventional storage system was tested and evaluated for fitness for its intended purpose. The system has a scope extended for the storage of dry cocoa beans. System sensitivity, reproducibility and uncertainties are not known in details. This study discusses the system performance in the context of existing literature on factors that influence the quality of cocoa beans during storage. Controlled conditions were defined precisely for the system to give reliable base line within specific established procedures. Minitab® 17 and R statistical software (R-3.3.1) were used for the statistical analyses. The approach to the storage system testing was to observe and compare through laboratory test methods the quality of the cocoa beans samples before and after storage. The samples were kept in Kilner jars and the temperature of the storage environment controlled and monitored over a period of 408 days. Standard test methods use in international trade of cocoa such as the cut test analysis, moisture determination with Aqua boy KAM III model and bean count determination were used for quality assessment. The data analysis assumed the entire population as a sample in order to establish a reliable baseline to the data collected. The study concluded a statistically significant mean value at 95% Confidence Interval (CI) for the performance data analysed before and after storage for all variables observed. Correlational graphs showed a strong positive correlation for all variables investigated with the exception of All Other Defect (AOD). The weak relationship between the before and after data for AOD had an explained variability of 51.8% with the unexplained variability attributable to the uncontrolled condition of hidden infestation before storage. The current study concluded with a high-performance criterion for the storage system.

Keywords: benchmarking performance data, cocoa beans, hidden infestation, storage system validation

Procedia PDF Downloads 150