Search results for: theoretical framework.
Commenced in January 2007
Frequency: Monthly
Edition: International
Paper Count: 2338

Search results for: theoretical framework.

2038 Need of National Space Legislation for Space Faring Nations

Authors: Muhammad Naveed, Yang Caixia

Abstract:

The need for national space legislation is pivotal, particularly in light of the fact that in recent years space activities have grown immensely both in volume and diversity. Countries are progressively developing capabilities in space exploration and scientific discoveries, market their capabilities to manufacture satellites, provide launch services from their facilities and are looking to privatize and commercialize their space resources. Today, nations are also seeking to comprehend the technological and financial potential of the private sector and are considering to share their financial burdens with them and to limit their exposures to risks, but they are lagging behind in legal framework in this regard. In the perspective of these emerging developments, it is therefore, felt that national space legislation should be enacted with the goal of building and implementing a vibrant and transparent legal framework at the national level to hasten investments and to ensure growth in this capital intensive - highly yield strategic sector. This study looks at (I) the international legal framework that governs space activities; (II) motivation behind making national space laws; and (III) the need for national space legislation. The paper concludes with some recommendations with regards to the conceivable future direction for national space legislation, in particular space empowered sub-areas for countries.

Keywords: International conventions, national legislation, space faring nation, space law.

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2037 The Framework of System Safety for Multi Human-in-The-Loop System

Authors: Hideyuki Shintani, Ichiro Koshijima

Abstract:

In Cyber Physical System (CPS), if there are a large number of persons in the process, a role of person in CPS might be different comparing with the one-man system. It is also necessary to consider how Human-in-The-Loop Cyber Physical Systems (HiTLCPS) ensure safety of each person in the loop process. In this paper, the authors discuss a system safety framework with an illustrative example with STAMP model to clarify what point for safety should be considered and what role of person in the should have.

Keywords: Cyber Physical System, Human-in-The-Loop, Safety, STAMP model.

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2036 Learning Theories within Coaching Process

Authors: P. Fazel

Abstract:

These days we face with so many advertisements in magazines, those mentioned coaching is pragmatic specialties which help people make change in their lives. Up to know Specialty coaches are not necessarily therapists, consultants or psychologist, thus they may not know psychological theories. The International Coach Federation identifies "facilitating learning and results" as one of its four core coach competencies, without understanding learning theories coaching practice hangs in theoretical abyss. Thus the aim of this article is investigating learning theories within coaching process. Therefore, I reviewed some cognitive and behavioral learning theories and analyzed their contribution with coaching process which has been introduced in mentor coaches and ICF certified coaches' papers and books. The result demonstrated that coaching profession is strongly grounded in learning theories, and it will be strengthened by the validation of theories and evidence-based research as we move forward. Thus, it needs more research in order to applying effective theoretical frameworks.

Keywords: Coaching, Learning theories. Cognitive learning theories, behavioral learning theories.

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2035 A Proposed Framework for Visualization to Teach Computer Science

Authors: Muhammed Yousoof, Mohd Sapiyan, Khaja Kamaluddin

Abstract:

Computer programming is considered a very difficult course by many computer science students. The reasons for the difficulties include cognitive load involved in programming, different learning styles of students, instructional methodology and the choice of the programming languages. To reduce the difficulties the following have been tried: pair programming, program visualization, different learning styles etc. However, these efforts have produced limited success. This paper reviews the problem and proposes a framework to help students overcome the difficulties involved.

Keywords: Cognitive Load, Instructional Models, LearningStyles, Program Visualization.

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2034 Turkic - Indian Lexical Parallels in the Framework of the Nostratic Language's Macrofamily

Authors: Z. E. Iskakova, B. S. Bokuleva, B. N. Zhubatova, U. T. Alzhanbayeva

Abstract:

From ancient times Turkic languages have been in contact with numerous representatives of different language families. The article discusses the Turkic - Indian language contact and were shown promise and necessity of this trend for the Turkic linguistics, were given Turkic - Indian lexical parallels in the framework of the nostratic language's macro family. The research work has done on the base of lexical parallels (LP) -of Turkic (which belong to the Altaic family of languages) and Indian (including Dravidian and Indo-Aryan languages).

Keywords: Language communications, lexical parallels, Nostratic languages, Turkic languages.

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2033 Effects of Level Densities and Those of a-Parameter in the Framework of Preequilibrium Model for 63,65Cu(n,xp) Reactions in Neutrons at 9 to 15 MeV

Authors: L. Yettou

Abstract:

In this study, the calculations of proton emission spectra produced by 63Cu(n,xp) and 65Cu(n,xp) reactions are used in the framework of preequilibrium models using the EMPIRE code and TALYS code. Exciton Model predidtions combined with the Kalbach angular distribution systematics and the Hybrid Monte Carlo Simulation (HMS) were used. The effects of levels densities and those of a-parameter have been investigated for our calculations. The comparison with experimental data shows clear improvement over the Exciton Model and HMS calculations.

Keywords: Preequilibrium models, level density, level density a-parameter, 63Cu(n, xp) and 65Cu(n, xp) reactions.

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2032 Shariah Compliance Space Planning for Hotel Room Design

Authors: Syaza bt. Saifuddin, Rashidi bin Othman, Muhammad Hafizuddin Akmal bin Md Hashim, Ismail bin Jasmani, Noor Hanita bt. Abdul Majid

Abstract:

This paper illustrates the background of various concepts, approaches, terminologies used to describe the basic framework of an Islamic Hotel Room design. This paper reviews the theoretical views in establishing a suitable and optimum environment for Muslim as well as non-Muslim guests in hotel rooms while according to shariah. It involves a few research methodologies that requires the researcher to study on a few characteristics needed to create more efficient rooms in terms of social interaction, economic growth and other tolerable elements. This paper intends on revealing the elements that are vital and may contribute for hotels in achieving a more conclusive research on space planning for hotel rooms focusing on the shariah and Muslim guests. Malaysia is an Islamic country and has billion of tourists coming over for business and recreational purposes. Therefore, having a righteous environment that best suit this target user is important in terms of generating the economy as well as providing a better understanding to the community on the benefits of applying these qualities in a conventional resort design.

Keywords: Design, Islam, room, shariah compliant hotel.

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2031 Design and Implementation of Rule-based Expert System for Fault Management

Authors: Su Myat Marlar Soe, May Paing Paing Zaw

Abstract:

It has been defined that the “network is the system". This implies providing levels of service, reliability, predictability and availability that are commensurate with or better than those that individual computers provide today. To provide this requires integrated network management for interconnected networks of heterogeneous devices covering both the local campus. In this paper we are addressing a framework to effectively deal with this issue. It consists of components and interactions between them which are required to perform the service fault management. A real-world scenario is used to derive the requirements which have been applied to the component identification. An analysis of existing frameworks and approaches with respect to their applicability to the framework is also carried out.

Keywords: To diagnose the possible network faults by using thepredetermined rules.

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2030 Piezoelectric Approach on Harvesting Acoustic Energy

Authors: Khin Fai Chen, Jee-Hou Ho, Eng Hwa Yap

Abstract:

An Acoustic Micro-Energy Harvester (AMEH) is developed to convert wasted acoustical energy into useful electrical energy. AMEH is mathematically modeled using Lumped Element Modelling (LEM) and Euler-Bernoulli beam (EBB) modelling. An experiment is designed to validate the mathematical model and assess the feasibility of AMEH. Comparison of theoretical and experimental data on critical parameter value such as Mm, Cms, dm and Ceb showed the variances are within 1% to 6%, which is reasonably acceptable. Then, AMEH undergoes bandwidth tuning for performance optimization. The AMEH successfully produces 0.9V/(m/s^2) and 1.79μW/(m^2/s^4) at 60Hz and 400kΩ resistive load which only show variances about 7% compared to theoretical data. At 1g and 60Hz resonance frequency, the averaged power output is about 2.2mW which fulfilled a range of wireless sensors and communication peripherals power requirements. Finally, the design for AMEH is assessed, validated and deemed as a feasible design.

Keywords: Piezoelectric, acoustic, energy harvester, thermoacoustic.

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2029 Supersonic Flow around a Dihedral Airfoil: Modeling and Experimentation Investigation

Authors: A. Naamane, M. Hasnaoui

Abstract:

Numerical modeling of fluid flows, whether compressible or incompressible, laminar or turbulent presents a considerable contribution in the scientific and industrial fields. However, the development of an approximate model of a supersonic flow requires the introduction of specific and more precise techniques and methods. For this purpose, the object of this paper is modeling a supersonic flow of inviscid fluid around a dihedral airfoil. Based on the thin airfoils theory and the non-dimensional stationary Steichen equation of a two-dimensional supersonic flow in isentropic evolution, we obtained a solution for the downstream velocity potential of the oblique shock at the second order of relative thickness that characterizes a perturbation parameter. This result has been dealt with by the asymptotic analysis and characteristics method. In order to validate our model, the results are discussed in comparison with theoretical and experimental results. Indeed, firstly, the comparison of the results of our model has shown that they are quantitatively acceptable compared to the existing theoretical results. Finally, an experimental study was conducted using the AF300 supersonic wind tunnel. In this experiment, we have considered the incident upstream Mach number over a symmetrical dihedral airfoil wing. The comparison of the different Mach number downstream results of our model with those of the existing theoretical data (relative margin between 0.07% and 4%) and with experimental results (concordance for a deflection angle between 1° and 11°) support the validation of our model with accuracy.

Keywords: Asymptotic modelling, dihedral airfoil, supersonic flow, supersonic wind tunnel.

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2028 Modelling Multiagent Systems

Authors: Gilbert Ndjatou

Abstract:

We propose a formal framework for the specification of the behavior of a system of agents, as well as those of the constituting agents. This framework allows us to model each agent-s effectoric capability including its interactions with the other agents. We also provide an algorithm based on Milner-s "observation equivalence" to derive an agent-s perception of its task domain situations from its effectoric capability, and use "system computations" to model the coordinated efforts of the agents in the system . Formal definitions of the concept of "behavior equivalence" of two agents and that of system computations equivalence for an agent are also provided.

Keywords: Multiagent system, object system, observation equivalence, reactive systems.

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2027 An Optimization Modelling to Evaluate Flights Scheduling at Tourist Airports

Authors: Dimitrios J. Dimitriou

Abstract:

Airport’s serving a tourist destination are an essential counterpart of the tourist demand supply chain, and their productivity is related to the region’s attractiveness and is enhanced by the air transport business. In this paper, the evaluation framework of the scheduled flights between two tourist airports is taken into consideration. By adopting a systemic approach, the arrivals from an airport that its connectivity heavily depended on the departures of another major airport are reviewed. The methodology framework, based on inventory control theory and the numerical example, promotes the use of the modelling formulation. The results would be essential for comparison and exercising to other similar cases.

Keywords: Airport connectivity, inventory control, optimization, optimum allocation.

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2026 WiPoD Wireless Positioning System based on 802.11 WLAN Infrastructure

Authors: Haluk Gümüskaya, Hüseyin Hakkoymaz

Abstract:

This paper describes WiPoD (Wireless Position Detector) which is a pure software based location determination and tracking (positioning) system. It uses empirical signal strength measurements from different wireless access points for mobile user positioning. It is designed to determine the location of users having 802.11 enabled mobile devices in an 802.11 WLAN infrastructure and track them in real time. WiPoD is the first main module in our LBS (Location Based Services) framework. We tested K-Nearest Neighbor and Triangulation algorithms to estimate the position of a mobile user. We also give the analysis results of these algorithms for real time operations. In this paper, we propose a supportable, i.e. understandable, maintainable, scalable and portable wireless positioning system architecture for an LBS framework. The WiPoD software has a multithreaded structure and was designed and implemented with paying attention to supportability features and real-time constraints and using object oriented design principles. We also describe the real-time software design issues of a wireless positioning system which will be part of an LBS framework.

Keywords: Indoor location determination and tracking, positioning in Wireless LAN.

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2025 A Framework to Support the Design of Mobile Applications

Authors: E. Platzer

Abstract:

This paper introduces a framework that aims to support the design and development of mobile services. The traditional innovation process and its supporting instruments in form of creativity tools, acceptance research and user-generated content analysis are screened for potentials for improvement. The result is a reshaped innovation process where acceptance research and usergenerated content analysis are fully integrated within a creativity tool. Advantages of this method are the enhancement of design relevant information for developers and designers and the possibility to forecast market success.

Keywords: design support, innovation support, technology acceptance, user-generated content analysis.

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2024 A New Dimension in Software Risk Managment

Authors: Masood Uzzafer

Abstract:

A dynamic risk management framework for software projects is presented. Currently available software risk management frameworks and risk assessment models are static in nature and lacks feedback capability. Such risk management frameworks are not capable of providing the risk assessment of futuristic changes in risk events. A dynamic risk management framework for software project is needed that provides futuristic assessment of risk events.

Keywords: Software Risk Management, Dynamic Models, Software Project Managment.

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2023 Theoretical Isotope Generator: An Alternative towards Isotope Pattern Calculator

Authors: K. Massila, R. D. Stein, S. M. Suhaizan, A. A. Azlianor

Abstract:

A number of mass spectrometry applications are already available as web-based and windows-based systems to calculate isotope pattern and to display the mass spectrum based on the specific molecular formula besides providing necessary information. These applications were evaluated and compared with our new alternative application called Theoretical Isotope Generator (TIG) in terms of its functionality and features provided to prove this new application is working better and performing well. TIG provides extra features than others, complete with several functionality such as drawing, normalizing and zooming the generated graph that convey with the molecular information in a number of formats by providing the details of the calculation and molecules. Thus, any chemist, students, lecturers and researchers from anywhere could use TIG to gain related information on molecules and their relative intensity.

Keywords: Isotope pattern calculator, mass number, massspectrum, relative intensity.

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2022 A Review of the Theoretical Context of the Role of Innovation in Economic Development

Authors: Maria E. Eggink

Abstract:

It is the aim of this paper to place the role of innovation in economic development in its theoretical context through a literature review. The review compares classical economic theory and the neoclassical theories of “equilibrium in the markets” and “perfectly competitive markets” with the Schumpeterian theory. It was found that Schumpeter’s role in contributing towards economic development theories, and by creating awareness of the role of innovation in these theories is of immeasurable importance. His contribution led to a change in economic thinking, although this was only realized much later than when his theories were first published. The neo-Schumpeterian thinking expanded on the Schumpeterian theory by studying innovation within a system of interaction among different role players. Studies on innovation should be founded in the neo-Schumpeterian school of thought in order to accommodate the complexity of the innovation system concept.

Keywords: Economic development, evolutionary economics, innovation, Schumpeter.

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2021 Assessment of Pollution Reduction

Authors: Katarzyna Strzała-Osuch

Abstract:

Environmental investments, including ecological projects, relating to the protection of atmosphere are today a need. However, investing in the environment should be based on rational management rules. This comes across a problem of selecting a method to assess substances reduced during projects. Therefore, a method allowing for the assessment of decision rationality has to be found. The purpose of this article is to present and systematise pollution reduction assessment methods and illustrate theoretical analyses with empirical data. Empirical results confirm theoretical considerations, which proved that the only method for judging pollution reduction, free of apparent disadvantages, is the Eco 99-ratio method. To make decisions on environmental projects, financing institutions should take into account a rationality rule. Therefore the Eco 99-ratio method could be applied to make decisions relating to environmental investments in the area of air protection.

Keywords: Assessment of pollution reduction, costs of environmental protection, efficiency of environmental investments.

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2020 Big Data: Concepts, Technologies and Applications in the Public Sector

Authors: A. Alexandru, C. A. Alexandru, D. Coardos, E. Tudora

Abstract:

Big Data (BD) is associated with a new generation of technologies and architectures which can harness the value of extremely large volumes of very varied data through real time processing and analysis. It involves changes in (1) data types, (2) accumulation speed, and (3) data volume. This paper presents the main concepts related to the BD paradigm, and introduces architectures and technologies for BD and BD sets. The integration of BD with the Hadoop Framework is also underlined. BD has attracted a lot of attention in the public sector due to the newly emerging technologies that allow the availability of network access. The volume of different types of data has exponentially increased. Some applications of BD in the public sector in Romania are briefly presented.

Keywords: Big data, big data Analytics, Hadoop framework, cloud computing.

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2019 A Review of Enterprise Risk Management Practices among Malaysian Public Listed Companies

Authors: Fong-Woon Lai

Abstract:

The risk sphere in business is fast changing and expanding. Almost anything has become a risk factor that will have potent, direct, and far reaching impacts on business. This paper examines the intensity of enterprise risk management (ERM) practices among the Malaysian public listed companies. The paper espouses a ERM framework comprising fourteen important implementation elements and processes. Results of the analysis indicate that the intensity of ERM implementation among the respondents is in the ‘good’ category of the semantic scale, which is deemed encouraging vis-à-vis the country’s regulatory regime.

Keywords: Enterprise risk management, implementation framework, ERM practices.

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2018 Effects of Multimedia-based Instructional Designs for Arabic Language Learning among Pupils of Different Achievement Levels

Authors: Aldalalah, M. Osamah, Soon Fook Fong & Ababneh, W. Ziad

Abstract:

The purpose of this study is to investigate the effects of modality principles in instructional software among first grade pupils- achievements in the learning of Arabic Language. Two modes of instructional software were systematically designed and developed, audio with images (AI), and text with images (TI). The quasi-experimental design was used in the study. The sample consisted of 123 male and female pupils from IRBED Education Directorate, Jordan. The pupils were randomly assigned to any one of the two modes. The independent variable comprised the two modes of the instructional software, the students- achievement levels in the Arabic Language class and gender. The dependent variable was the achievements of the pupils in the Arabic Language test. The theoretical framework of this study was based on Mayer-s Cognitive Theory of Multimedia Learning. Four hypotheses were postulated and tested. Analyses of Variance (ANOVA) showed that pupils using the (AI) mode performed significantly better than those using (TI) mode. This study concluded that the audio with images mode was an important aid to learning as compared to text with images mode.

Keywords: Cognitive theory of Multimedia Learning, ModalityPrinciple, Multimedia, Arabic Language learning

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2017 Corporate Governance and Gender Diversity in Nigerian Boardrooms

Authors: A. Lincoln, O. Adedoyin

Abstract:

In recent times, corporations are increasingly under pressure to ensure diversity within their boardrooms and a large number of academic research have reported findings consistent with the view that boards perform better when they include a diverse range of people. Women have unique characteristics needed to positively influence the strategic direction of a corporation and contribute to the growth of firms. In spite of such revelations, evidence suggests that women are under-represented in senior executive and board positions. In many parts of Africa, socio-cultural traditions inhibit women from attaining these roles. Given the emphasis placed on board diversity and inclusion of women as an essential part of good corporate governance, the relationship between gender diversity and board effectiveness deserves both theoretical and empirical investigation. This research is important because it represents the first theoretical review on gender diversity in corporate boards in Nigeria.

Keywords: Boards, Corporate Governance, Gender Diversity, Nigeria.

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2016 Knowledge Acquisition and Client Organisations: Case Study of a Student as Producer

Authors: Barry Ardley, Abi Hunt, Nick Taylor

Abstract:

As a theoretical and practical framework this study uses the student as producer approach to learning in higher education, as adopted by the Lincoln International Business School, University of Lincoln, UK. Student as producer positions learners as skilled and capable agents, able to participate as partners with tutors in live research projects. To illuminate the nature of this approach to learning and to highlight its critical issues, the authors report on two guided student consultancy projects. These were set up with the assistance of two local organisations in the city of Lincoln UK. Using the student as producer model to deliver the projects enabled learners to acquire and develop a range of key skills and knowledge, not easily accessible in more traditional educational settings. This paper presents a systematic case study analysis of the eight organising principles of the student as producer model, as adopted by university tutors. The experience of tutors implementing student as producer suggests that the model can be widely applied to benefit not only the learning and teaching experiences of higher education students, and staff, but additionally, a university’s research programme and its community partners.

Keywords: Experiential learning, consultancy clients, student as producer.

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2015 Academic Program Administration via Semantic Web – A Case Study

Authors: Qurban A Memon, Shakeel A. Khoja

Abstract:

Generally, administrative systems in an academic environment are disjoint and support independent queries. The objective in this work is to semantically connect these independent systems to provide support to queries run on the integrated platform. The proposed framework, by enriching educational material in the legacy systems, provides a value-added semantics layer where activities such as annotation, query and reasoning can be carried out to support management requirements. We discuss the development of this ontology framework with a case study of UAE University program administration to show how semantic web technologies can be used by administration to develop student profiles for better academic program management.

Keywords: Academic Program Administration, Semantic Web, Web Technology

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2014 A Framework on the Critical Success Factors of E-Learning Implementation in Higher Education: A Review of the Literature

Authors: Sujit K. Basak, Marguerite Wotto, Paul Bélanger

Abstract:

This paper presents a conceptual framework on the critical success factors of e-learning implementation in higher education, derived from an in-depth survey of literature review. The aim of this study was achieved by identifying critical success factors that affect for the successful implementation of e-learning. The findings help to articulate issues that are related to e-learning implementation in both formal and non-formal higher education and in this way contribute to the development of programs designed to address the relevant issues.

Keywords: Critical success factors, e-learning, higher education, life-long learning.

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2013 Conceptual Analysis of Correspondence between Plantar Pressure and Corrective Insoles

Authors: Diana Cotoros, Mihaela Baritz, Anca Stanciu

Abstract:

Some theoretical and experimental aspects related to the conceptual analyses concerning the direct correspondence identification between the shape, area and orientation of plantar pressure and obtaining adequate corrective insoles by rapid prototyping are presented in this paper. In the first part of the paper there is the theoretical-correlative concept, which is the fundament of correspondence deduction between plantar surface characteristics and respectively corrective insoles. In the second part of the paper the experimental equipment used to analyze and perform the correspondence stages and then the integral ones between the analyzed foot shapes and the ones with corrective insoles is presented. In the final parte the results used to adapt the insoles obtained by rapid prototyping but also some specific aspects and conclusions of the conceptual analysis of direct and rapid correspondence are shown.

Keywords: Insoles, plantar surface, rapid prototyping, correspondence concept

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2012 The Fake News Impact on the Public Policy Cycle: A Systemic Analysis through Documentary Survey

Authors: Aron Miranda Burgos, Ergon Cugler de Moraes Silva

Abstract:

In the present article, it is observed that the constant advancement of issues related to misinformation impacts the guarantee of the public policy cycle. Thus, it is found that the dissemination of false information has a direct influence on each of the component stages of this cycle. Therefore, in order to maintain scientific and theoretical credibility in the qualitative analysis process, it was necessary to logically interpose the concepts of firehosing of falsehood, fake news, public policy cycle, as well as using the epistemological and pragmatic mechanism at the intersection of such academic concepts, such as the scientific method. It was found, through the analysis of official documents and public notes, how the multiple theoretical perspectives evidence the commitment of the provision and elaboration of public policies, verifying the way in which the fake news impact each part of the process in this atmosphere.

Keywords: Firehosing of falsehood, governance, misinformation, post-truth.

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2011 Query Algebra for Semistuctured Data

Authors: Ei Ei Myat, Ni Lar Thein

Abstract:

With the tremendous growth of World Wide Web (WWW) data, there is an emerging need for effective information retrieval at the document level. Several query languages such as XML-QL, XPath, XQL, Quilt and XQuery are proposed in recent years to provide faster way of querying XML data, but they still lack of generality and efficiency. Our approach towards evolving a framework for querying semistructured documents is based on formal query algebra. Two elements are introduced in the proposed framework: first, a generic and flexible data model for logical representation of semistructured data and second, a set of operators for the manipulation of objects defined in the data model. In additional to accommodating several peculiarities of semistructured data, our model offers novel features such as bidirectional paths for navigational querying and partitions for data transformation that are not available in other proposals.

Keywords: Algebra, Semistructured data, Query Algebra.

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2010 Manual to Automated Testing: An Effort-Based Approach for Determining the Priority of Software Test Automation

Authors: Peter Sabev, Katalina Grigorova

Abstract:

Test automation allows performing difficult and time consuming manual software testing tasks efficiently, quickly and repeatedly. However, development and maintenance of automated tests is expensive, so it needs a proper prioritization what to automate first. This paper describes a simple yet efficient approach for such prioritization of test cases based on the effort needed for both manual execution and software test automation. The suggested approach is very flexible because it allows working with a variety of assessment methods, and adding or removing new candidates at any time. The theoretical ideas presented in this article have been successfully applied in real world situations in several software companies by the authors and their colleagues including testing of real estate websites, cryptographic and authentication solutions, OSGi-based middleware framework that has been applied in various systems for smart homes, connected cars, production plants, sensors, home appliances, car head units and engine control units (ECU), vending machines, medical devices, industry equipment and other devices that either contain or are connected to an embedded service gateway.

Keywords: Automated Testing, Manual Testing, Test Automation, Software testing, Test Prioritization.

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2009 Theoretical Background of Dividend Taxation

Authors: Margareta Ilkova, Petr Teply

Abstract:

The article deals with dividends and their distribution from investors from a theoretical point of view. Some studies try to analyzed the reaction of the market on the dividend announcement and found out the change of dividend policy is associated with abnormal returns around the dividend announcement date. Another researches directly questioned the investors about their dividend preference and beliefs. Investors want the dividend from many reasons (e.g. some of them explain the dividend preference by the existence of transaction cost; investors prefer the dividend today, because there is less risky; the managers have private information about the firm). The most controversial theory of dividend policy was developed by Modigliani and Miller (1961) who demonstrated that in the perfect and complete capital markets the dividend policy is irrelevant and the value of the company is independent of its payout policy. Nevertheless, in the real world the capital markets are imperfect, because of asymmetric information, transaction costs, incomplete contracting possibilities and taxes.

Keywords: dividend distribution, taxation, payout policy, investor, Modigliani and Miller theorem

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