Search results for: Accounting ratios

Authors: G. Sekeroglu, M. Altan

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Working capital is identified as firm’s all current assets. Inventories which are one of the working capital elements are very important among current assets for firms. Because, profitability is an indicator for firms’ financial success is provided with minimum cost and optimum inventory quantity. So in this study, it is investigated as comparatively that the effect of inventory management on the profitability of Turkish firms which operated in weaving industry, eatables industry, wholesale and retail industry in between 2003 – 2012 years. Research data consist of profitability ratios and inventory turnovers ratio calculated by using balance sheets and income statements of firms which operated in Borsa Istanbul (BIST). In this research, the relationship between inventories and profitability is investigated by using SPSS-20 software with regression and correlation analysis. The results achieved from three industry departments which exist in study interpreted as comparatively. Accordingly, it is determined that there is a positive relationship between inventory management and profitability in eatables industry. However, it was founded that there is no relationship between inventory management and profitability in weaving industry and wholesale and retail industry.

Keywords: Profitability, regression analysis, inventory management, working capital.

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Authors: S. Wagner, C. Boley, Y. Forouzandeh

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When digging excavations, groundwater bearing layers are often encountered. In order to allow anhydrous excavation, soil groutings are carried out, which form a water-impermeable layer. As it is injected into groundwater areas, the effects of the materials used on the environment must be known. Developing an eco-friendly, economical and low viscous acrylic gel which has a sealing effect on groundwater is therefore a significant task. At this point the study begins. Basic investigations with the rheometer and a reverse column experiment have been performed with different mixing ratios of an acrylic gel. A dynamic rheology study was conducted to determine the time at which the gel still can be processed and the maximum gel strength is reached. To examine the effect of acrylic gel grouting on determine the parameters pH value, turbidity, electric conductivity, and total organic carbon on groundwater, an acrylic gel was injected in saturated sand filled the column. The structure was rinsed with a constant flow and the eluate was subsequently examined. The results show small changes in pH values and turbidity but there is a dependency between electric conductivity and total organic carbon. The curves of the two parameters react at the same time, which means that the electrical conductivity in the eluate can be measured constantly until the maximum is reached and only then must total organic carbon (TOC) samples be taken.

Keywords: Acrylic gel grouting, dynamic rheology study, electric conductivity, total organic carbon.

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Authors: Ashish Kumar Nayak, Dhamodharan K., Ajay S. Kalamdhad

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The present study is aimed at alteration of sewage sludge into stable compost product using vermicomposting of sewage sludge mixed with cattle manure and saw dust in five different proportions based on C/N ratios (C/N 15 (R1), 20 (R2), 25 (R3) and 30 (R4); and control (R5)) by employing an epigeic earthworm Eisenia fetida. Higher reductions in C/N ratio, CO₂ evolution and OUR were observed in R4 demonstrated the compost stability. In addition, R4 proved to be best combination for the growth of the earthworms. In order to observe the optimal degradation, kinetics for degradation of organic matter in vermicomposting were quantitatively evaluated. An approach model was developed by assuming that composting process is carried out in a homogeneous way and the kinetics for decomposition reaction is represented by a Monod-type equation. The results exhibit comparable variations in the kinetic constants K_m and K₃ under varying parameters during vermicomposting process. Results suggested that higher R² value in R4, enhanced suitability towards Lineweaver-Burke plot. R4 yields higher degradability coefficient (K) reveals that the occurrence of optimal nutrient balance, which not only enhanced the affinity of enzymes towards substrate but also improved its degradation process. Therefore, it can be proved that R4 provided to be the best feed combination for vermicomposting process as compared to other reactors.

Keywords: Vermicomposting, Eisenia fetida, Sewage sludge, C/N ratio, Stability, Enzyme kinetics concept.

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Authors: Abdulkarim Mohammed Iliyasu, Mahmud Abba Tahir

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Freezing and thawing are considered to be one of the major causes of concrete deterioration in the cold regions. This study aimed at assessing the freezing and thawing of concrete within the cover zone by monitoring the formation of ice and melting at different temperatures using electrical measurement technique. A multi-electrode array system was used to obtain the resistivity of ice formation and melting at discrete depths within the cover zone of the concrete. A total number of four concrete specimens (250 mm x 250 mm x 150 mm) made of ordinary Portland cement concrete and ordinary Portland cement replaced by 65% ground granulated blast furnace slag (GGBS) is investigated. Water/binder ratios of 0.35 and 0.65 were produced and ponded with water to ensure full saturation and then subjected to freezing and thawing process in a refrigerator within a temperature range of -30 ⁰C and 20 ⁰C over a period of time 24 hours. The data were collected and analysed. The obtained results show that the addition of GGBS changed the pore structure of the concrete which resulted in the decrease in conductance. It was recommended among others that, the surface of the concrete structure should be protected as this will help to prevent the instantaneous propagation of ice trough the rebar and to avoid corrosion and subsequent damage.

Keywords: Concrete, conductance, deterioration, freezing and thawing, ordinary Portland cement.

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Authors: Mohd Iskandar Illyas Tan, Raziah Noor Razali, Zuhra Junaida Husny

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The purpose of this study is i) to investigate the driving factors and barriers of the adoption of Information and Communication Technology (ICT) in Halal logistic and ii) to develop an ICT adoption framework for Halal logistic service provider. The Halal LSPs selected for the study currently used ICT service platforms, such as accounting and management system for Halal logistic business. The study categorizes the factors influencing the adoption decision and process by LSPs into four groups: technology related factors, organizational and environmental factors, Halal assurance related factors, and government related factors. The major contribution in this study is the discovery that technology related factors (ICT compatibility with Halal requirement) and Halal assurance related factors are the most crucial factors among the Halal LSPs applying ICT for Halal control in transportation-s operation. Among the government related factors, ICT requirement for monitoring Halal included in Halal Logistic Standard on Transportation (MS2400:2010) are the most influencing factors in the adoption of ICT with the support of the government. In addition, the government related factors are very important in the reducing the main barriers and the creation of the atmosphere of ICT adoption in Halal LSP sector.

Keywords: Information and communication technology (ICT), Halal logistic, Halal transportation, Technology adoption

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Authors: Abdollah Javanmard, Fariborz Shekari, Hasan Dehghanian

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Barley (Hordeum vulgare L.), vetch (Vicia villosa), and grass pea (Lathyrus sativus L.) monocultures as well as mixtures of barley with each of the above legumes, in three seeding ratios (i.e., barley: legume 75:25, 50:50 and 25:75, based on seed numbers) were used to investigated forage yield and competition indices. The results showed that intercropping reduced the dry matter yield of the three component plants, compared with their respective monocrops. The greatest value of total dry matter yield was obtained from barley25- grasspea75 (5.44 t ha-1) mixture, followed by grass pea sole crop (4.99 t ha-1). The total actual yield loss (AYL) values were positive and greater than 0 in all mixtures, indicating an advantage from intercropping over sole crops. Intercropped barley had a higher relative crowding coefficient (K=1.64) than intercropped legumes (K=1.20), indicating that barley was more competitive than legumes in mixtures. Furthermore, grass pea was more competitive than vetch in mixtures with barley. The highest land equivalent ratio (LER), system productivity index (SPI) and monetary advantage index (MAI) were obtained when barley was mixed at a rate of 25% with 75% seed rate of grass pea. It is concluded that intercropping of barley with grass pea has a good potential to improve the performance of forage with high land-use efficiency.

Keywords: Forage, grass pea, intercropping, land equivalent ratio (LER), monetary advantage.

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Authors: Farhad Asadi, Hossein Sadati

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In fields such as neuroscience and especially in cognition modeling of mental processes, uncertainty processing in temporal zone of signal is vital. In this paper, Bayesian online inferences in estimation of change-points location in signal are constructed. This method separated the observed signal into independent series and studies the change and variation of the regime of data locally with related statistical characteristics. We give conditions on simulations of the method when the data characteristics of signals vary, and provide empirical evidence to show the performance of method. It is verified that correlation between series around the change point location and its characteristics such as Signal to Noise Ratios and mean value of signal has important factor on fluctuating in finding proper location of change point. And one of the main contributions of this study is related to representing of these influences of signal statistical characteristics for finding abrupt variation in signal. There are two different structures for simulations which in first case one abrupt change in temporal section of signal is considered with variable position and secondly multiple variations are considered. Finally, influence of statistical characteristic for changing the location of change point is explained in details in simulation results with different artificial signals.

Keywords: Time series, fluctuation in statistical characteristics, optimal learning.

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Authors: R. F. B. Gonçalves, E. N. Iwama, J. A. F. F. Rocco, K. Iha

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Propellants based on Hydroxyl Terminated Polybutadiene/Ammonium Perchlorate (HTPB/AP) are the most commonly used in most of the rocket engines used by the Brazilian Armed Forces. This work aimed at the possibility of extending its useful life (currently in 10 years) by performing kinetic-chemical analyzes of its energetic material via Differential Scanning Calorimetry (DSC) and also performing computer simulation of aging process using the software Large-scale Atomic/Molecular Massively Parallel Simulator (LAMMPS). Thermal analysis via DSC was performed in triplicates and in three heating ratios (5 ºC, 10 ºC, and 15 ºC) of rocket motor with 11 years shelf-life, using the Arrhenius equation to obtain its activation energy, using Ozawa and Kissinger kinetic methods, allowing comparison with manufacturing period data (standard motor). In addition, the kinetic parameters of internal pressure of the combustion chamber in 08 rocket engines with 11 years of shelf-life were also acquired, for comparison purposes with the engine start-up data.

Keywords: Shelf-life, thermal analysis, Ozawa method, Kissinger method, LAMMPS software, thrust.

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Authors: A. Selmi

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Free vibration analysis of homogenous and axially functionally graded simply supported beams within the context of Euler-Bernoulli beam theory is presented in this paper. The material properties of the beams are assumed to obey the linear law distribution. The effective elastic modulus of the composite was predicted by using the rule of mixture. Here, the complexities which appear in solving differential equation of transverse vibration of composite beams which limit the analytical solution to some special cases are overcome using a relatively new approach called the Differential Transformation Method. This technique is applied for solving differential equation of transverse vibration of axially functionally graded beams. Natural frequencies and corresponding normalized mode shapes are calculated for different Young’s modulus ratios. MATLAB code is designed to solve the transformed differential equation of the beam. Comparison of the present results with the exact solutions proves the effectiveness, the accuracy, the simplicity, and computational stability of the differential transformation method. The effect of the Young’s modulus ratio on the normalized natural frequencies and mode shapes is found to be very important.

Keywords: Differential transformation method, functionally graded material, mode shape, natural frequency.

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Authors: Adarsh Patil, David A. Power, John P. Morrison

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Grid environments consist of the volatile integration of discrete heterogeneous resources. The notion of the Grid is to unite different users and organisations and pool their resources into one large computing platform where they can harness, inter-operate, collaborate and interact. If the Grid Community is to achieve this objective, then participants (Users and Organisations) need to be willing to donate or share their resources and permit other participants to use their resources. Resources do not have to be shared at all times, since it may result in users not having access to their own resource. The idea of reward-based computing was developed to address the sharing problem in a pragmatic manner. Participants are offered a reward to donate their resources to the Grid. A reward may include monetary recompense or a pro rata share of available resources when constrained. This latter point may imply a quality of service, which in turn may require some globally agreed reservation mechanism. This paper presents a platform for economybased computing using the WebCom Grid middleware. Using this middleware, participants can configure their resources at times and priority levels to suit their local usage policy. The WebCom system accounts for processing done on individual participants- resources and rewards them accordingly.

Keywords: WebCom, Economy-based computing, WebComGrid Bank Reward, Condensed Graph, Distributor, Accounting, GridPoint.

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Authors: Yi-Hsin Lin, Ying-Ying Li

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The construction industry is the pillar industry in China, accounting for about 6% of the gross domestic product. Along with changes in the external environment of the construction industry in China, the construction firm faces fierce competition. The paper aims to investigate the relationship between diversified types of construction firm and its performance in China. Based on generalist and specialist strategy in organizational ecology, we think a generalist organization can be applied to an enterprise with diversified developments, while specialist groups are extended to professional enterprises .This study takes advantage of annual financial data of listed construction firm to empirically verify the relationship between diversification and corporation performance establishing a regression equation to econometric analysis. We find that: 1) Specialization can significantly improve the level of profitability of listed construction firms, and there is a significant positive relationship with corporate performance; 2) The level of operating performance of listed construction enterprises which engage in unrelated diversification is higher than those with related diversification; 3) The relationship between state-owned construction firms and corporate performance is negative. The more the year of foundation is, the higher performance will be; however, the more the year of being listed, the lower performance will be.

Keywords: Diversification, Specialization, Construction Firm, Performance.

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Authors: Bi-Huei Tsai

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Previous studies on financial distress prediction choose the conventional failing and non-failing dichotomy; however, the distressed extent differs substantially among different financial distress events. To solve the problem, “non-distressed”, “slightlydistressed” and “reorganization and bankruptcy” are used in our article to approximate the continuum of corporate financial health. This paper explains different financial distress events using the two-stage method. First, this investigation adopts firm-specific financial ratios, corporate governance and market factors to measure the probability of various financial distress events based on multinomial logit models. Specifically, the bootstrapping simulation is performed to examine the difference of estimated misclassifying cost (EMC). Second, this work further applies macroeconomic factors to establish the credit cycle index and determines the distressed cut-off indicator of the two-stage models using such index. Two different models, one-stage and two-stage prediction models are developed to forecast financial distress, and the results acquired from different models are compared with each other, and with the collected data. The findings show that the one-stage model has the lower misclassification error rate than the two-stage model. The one-stage model is more accurate than the two-stage model.

Keywords: Multinomial logit model, corporate governance, company failure, reorganization, bankruptcy.

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Authors: Y. A. Shapovalov, F. M. Gumerov, M. K. Nauryzbaev, S. V. Mazanov, R. A. Usmanov, A. V. Klinov, L. K. Safiullina, S. A. Soshin

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A flow-through installation was created and manufactured for the transesterification of triglycerides of fatty acids and production of biodiesel fuel under supercritical fluid conditions. Transesterification of rapeseed oil with ethanol was carried out according to two parameters: temperature and the ratio of alcohol/oil mixture at the constant pressure of 19 MPa. The kinetics of the yield of fatty acids ethyl esters (FAEE) was determined in the temperature range of 320-380 °C at the alcohol/oil molar ratio of 6:1-20:1. The content of the formed FAEE was determined by the method of correlation of the resulting biodiesel fuel by its kinematic viscosity. The maximum FAEE yield (about 90%) was obtained within 30 min at the ethanol/oil molar ratio of 12:1 and a temperature of 380 °C. When studying of transesterification of triglycerides, a kinetic model of an isothermal flow reactor was used. The reaction order implemented in the flow reactor has been determined. The first order of the reaction was confirmed by data on the conversion of FAEE during the reaction at different temperatures and the molar ratios of the initial reagents (ethanol/oil). Using the Arrhenius equation, the values of the effective constants of the transesterification reaction rate were calculated at different reaction temperatures. In addition, based on the experimental data, the activation energy and the pre-exponential factor of the transesterification reaction were determined.

Keywords: Biodiesel, fatty acid esters, supercritical fluid technology, transesterification.

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Authors: SunWoo Lee, TaeBum Lee, YoonHwa Park, YooJeong Kim

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Solar lentigines appear predominantly on chronically sun-exposed areas of skin, such as the face and the back of the hands. Among the several ways to lentigines treatment, quality-switched lasers are well-known effective treatment for removing solar lentigines. The present pilot study was therefore designed to assess the efficacy of quality-switched ruby laser treatment of such lentigines compare between pretreatment and posttreatment of skin brightness. Twenty-two adults with chronic sun-damaged skin (mean age 52.8 years, range 37–74 years) were treated at the Korean site. A 694 nm Q-switched ruby laser was used, with the energy density set from 1.4 to 12.5 J/cm2, to treat solar lentigines. Average brightness of skin color before ruby laser treatment was 137.3 and its skin color was brightened after ruby laser treatment by 150.5. Also, standard deviation of skin color was decreased from 17.8 to 16.4. Regarding the multivariate model, age and energy were identified as significant factors for skin color brightness change in lentigo depigmentation by ruby laser treatment. Their respective odds ratios were 1.082 (95% CI, 1.007–1.163), and 1.431 (95% CI, 1.051–1.946). Lentigo depigmentation treatment using ruby lasers resulted in a high performance in skin color brightness. Among the relative factors involve with ruby laser treatment, age and energy were the most effective factors which skin color change to brighter than pretreatment.

Keywords: Depigmentation, lentigo, quality switched ruby laser, skin color.

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Authors: Abdulaziz Abdulsaleh

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This study aims at identifying the practices that should be taken into consideration by audit committees as a tool of corporate governance in Libyan commercial banks by investigating various perceptions on this topic. The study is based on a questionnaire submitted to audit committees ‘members at Libyan commercial banks, directors of internal audit departments as well as members of board of directors at these banks in addition to a number of external auditors and academic staff from Libyan universities. The study reveals that the role of audit committees has to be shifted from traditional areas of accounting to a broader role including functions related to financial reporting, audit planning, support the independence of internal and external auditors, acting as a channel of communication between external auditors and board of directors, reviewing external audit, and evaluating internal control systems. Although the study is a starting point in developing a framework of good audit committees’ practices in Libya, it is believed that the adoption of its results can result in enhancing the corporate governance practices not only in the banking sector but also in the entire corporate sector in Libya.

Keywords: Audit committees, Corporate Governance, Commercial Banks, Libya.

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Authors: S. K. Bhullar, J. Ko, F. Ahmed, M. B. G. Jun

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The negative Poisson’s ratios can be described in terms of models based on the geometry of the system and the way this geometry changes due to applied loads. As the Poisson’s ratio does not depend on scale hence deformation can take place at the nano to macro level the only requirement is the right combination of the geometry. Our thrust in this paper is to combine our knowledge of tailored enhanced mechanical properties of the materials having negative Poisson’s ratio with the micromachining and electrospining technology to develop a novel stent carrying a drug delivery system. Therefore, the objective of this paper includes (i) fabrication of a micromachined metal sheet tailored with structure having negative Poisson’s ratio through rotating solid squares geometry using femtosecond laser ablation; (ii) rolling fabricated structure and welding to make a tubular structure (iii) wrapping it with nanofibers of biocompatible polymer PCL (polycaprolactone) for drug delivery (iv) analysis of the functional and mechanical performance of fabricated structure analytically and experimentally. Further, as the applications concerned, tubular structures have potential in biomedical for example hollow tubes called stents are placed inside to provide mechanical support to a damaged artery or diseased region and to open a blocked esophagus thus allowing feeding capacity and improving quality of life.

Keywords: Micromachining, electrospining, auxetic materials, enhanced mechanical properties.

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Authors: N. Garba, A. Adamu, A. I. Augie

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Energy is the major force that drives any country`s socio-economic development. Without electricity, the country could be at risk of losing many potential investors. As such, good policy implementation could play a significant role in harnessing all the available energy resources. Nigeria has the prospects of meeting its energy demand and supply if there are good policies and proper implementation of them. The current energy supply needs to improve in order to meet the present and future demand. Sustainable energy development is the way forward. Renewable energy plays a significant role in socio-economic development of any country. Nigeria is a country blessed with abundant natural resources such as, solar radiation for solar power, water for hydropower, wind for wind power, and biomass from both plants and animal’s waste. Both conventional energy (fossil fuel) and unconventional energy (renewable) could be harmonized like in the case of energy mix or biofuels. Biofuels like biodiesel could be produced from biomass and combined with petro-diesel in different ratios. All these can be achieved if good policy is in place. The challenges could be well overcome with good policy, masses awareness, technological knowledge and other incentives that can attract investors in Nigerian energy sector.

Keywords: Nigeria, renewable energy, Renewable Energy and Efficiency Partnership, Rural Electrification Agency, International Renewable Energy Agency, ECOWAS, Energy Commission of Nigeria

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Authors: Al-Falahi Amir, Yusoff M. Z, Yusaf T

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The aim of this paper is to develop a new two dimensional time accurate Euler solver for shock tube applications. The solver was developed to study the performance of a newly built short-duration hypersonic test facility at Universiti Tenaga Nasional “UNITEN" in Malaysia. The facility has been designed, built, and commissioned for different values of diaphragm pressure ratios in order to get wide range of Mach number. The developed solver uses second order accurate cell-vertex finite volume spatial discretization and forth order accurate Runge-Kutta temporal integration and it is designed to simulate the flow process for similar driver/driven gases (e.g. air-air as working fluids). The solver is validated against analytical solution and experimental measurements in the high speed flow test facility. Further investigations were made on the flow process inside the shock tube by using the solver. The shock wave motion, reflection and interaction were investigated and their influence on the performance of the shock tube was determined. The results provide very good estimates for both shock speed and shock pressure obtained after diaphragm rupture. Also detailed information on the gasdynamic processes over the full length of the facility is available. The agreements obtained have been reasonable.

Keywords: shock tunnel, shock tube, shock wave, CFD.

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Authors: Chinnaiah Madduri, Raghu V. Prakash

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This paper presents the results of corrosion fatigue crack growth behaviour of a Ni-Cr-Mn steel commonly used in marine applications. The effect of mechanical variables such as frequency and load ratio on fatigue crack growth rate at various stages has been studied using compact tension (C(T)) specimens along the rolling direction of steel plate under 3.5% saturated NaCl aqueous environment. The significance of crack closure on corrosion fatigue, and the validity of Elber-s empirical linear crack closure model with the ASTM compliance offset method have been examined. Fatigue crack growth rate is higher and threshold stress intensities are lower in aqueous environment compared to the lab air conditions. It is also observed that the crack growth rate increases at lower frequencies. The higher stress ratio promotes the crack growth. The effect of oxidization and corrosion pit formation is very less as the stress ratio is increased. It is observed that as stress ratios are increased, the Elber-s crack closure model agrees well with the crack closure estimated by the ASTM compliance offset method for tests conducted at 5Hz frequency compared to tests conducted at 1Hz in corrosive environment.

Keywords: Corrosion fatigue, oxide induced crack closure, Elber's crack closure, ASTM compliance offset method.

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Authors: A. El-S. Makled, M. K. Al-Tamimi

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A mathematical model to predict the performance parameters (thrusts, chamber pressures, fuel mass flow rates, mixture ratios, and regression rates during firing time) of hybrid rocket motor (HRM) is evaluated. The internal ballistic (IB) hybrid combustion model assumes that the solid fuel surface regression rate is controlled only by heat transfer (convective and radiative) from flame zone to solid fuel burning surface. A laboratory HRM is designed, manufactured, and tested for low thrust profile space missions (10-15 N) and for validating the mathematical model (computer program). The polymer material and gaseous oxidizer which are selected for this experimental work are polymethyle-methacrylate (PMMA) and polyethylene (PE) as solid fuel grain and gaseous oxygen (GO₂) as oxidizer. The variation of various operational parameters with time is determined systematically and experimentally in firing of up to 20 seconds, and an average combustion efficiency of 95% of theory is achieved, which was the goal of these experiments. The comparison between recording fire data and predicting analytical parameters shows good agreement with the error that does not exceed 4.5% during all firing time. The current mathematical (computer) code can be used as a powerful tool for HRM analytical design parameters.

Keywords: Hybrid combustion, internal ballistics, hybrid rocket motor, performance parameters.

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Authors: L. Mahnicka

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The alumosilicate ceramics with mullite crystalline phase are used in various branches of science and technique. The mullite refractory ceramics with high porosity serve as a heat insulator and as a constructional materials [1], [2]. The purpose of the work was to sinter high porosity ceramic and to increase the quantity of mullite phase in this mullite, mullite-corundum ceramics. Two types of compositions were prepared at during the experiment. The first type is compositions with commercial alumina and silica oxides. The second type is from mixing these oxides with 10, 20 and 30 wt.%. of kaolin. In all samples the Al2O3 and SiO2 were in 2.57:1 ratio, because that was conformed to mullite stechiometric compositions (3Al2O3.2SiO2). The types of alumina oxides were α-Al2O3 (d50=4µm) and γ-Al2O3 (d50=80µm). Ratios of α-: γ-Al2O3 were (1:1) or (1:3). The porous materials were prepared by slip casting of suspension of raw materials. The aluminium paste (0.18 wt.%) was used as a pore former. Water content in the suspensions was 26-47 wt.%. Pore formation occurred as a result of hydrogen formation in chemical reaction between aluminium paste and water [2]. The samples were sintered at the temperature of 1650°C and 1750°C for one hour. The increasing amount of kaolin, α-: γ-Al2O3 at the ratio (1:3) and sintering at the highest temperature raised the quantity of mullite phase. The mullite phase began to dominate over the corundum phase.

Keywords: Alumina, Kaolin, Mullite-corundum, Porous refractory ceramics

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Authors: Okezie A. Ihugba

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The bounds testing ARDL (2, 2, 2, 2, 0) technique to cointegration was used in this study to investigate the effect of energy consumption and energy loss on Nigeria's manufacturing sector from 1981 to 2020. The model was created to determine the relationship between these three variables while also accounting for interactions with control variables such as inflation and commercial bank loans to the manufacturing sector. When the dependent variables are energy consumption and energy loss, the bound tests show that the variables of interest are bound together in the long run. Because electricity consumption is a critical factor in determining manufacturing value-added in Nigeria, some intriguing observations were made. According to the findings, the relationship between log of electricity consumption (LELC) and log of manufacturing value added (LMVA) is statistically significant. According to the findings, electricity consumption reduces manufacturing value-added. The target variable (energy loss) is statistically significant and has a positive sign. In Nigeria, a 1% reduction in energy loss increases manufacturing value-added by 36% in the first lag and 35% in the second. According to the study, the government should speed up the ongoing renovation of existing power plants across the country, as well as the construction of new gas-fired power plants. This will address a number of issues, including overpricing of electricity as a result of grid failure.

Keywords: ARDL, cointegration, Nigeria's manufacturing, electricity.

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Authors: Levan Sabauri

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Audit is an independent inspection of the financial statement of the audited person and expresses the opinion of an auditor on the reliability of this statement. The auditor’s activity (auditor’s service) is realized by auditing organizations, individual auditors in connection to conduction of an audit and rendering of audit accompanying services. The profession of auditor means a high level of responsibility for rendered service. Results of decisions made by information users depend on the quality of the auditor’s conclusion. Owners, investors, creditors, and society rely on the opinion of the auditor under the condition that inspection was conducted with good quality. Therefore, the existence of the well-functioning audit quality control system for the administering of the audit is an important issue. An efficient audit quality control system is a substantial challenge that many countries face worldwide, especially those states where these systems are being formed within the respective reform program. The presented article reflects on the best practices of the leading countries, the assumptions and recommendations for the financial accounting, reporting and audit; current reforms in Georgia are made based on this comparative analysis.

Keywords: Audit quality control, audit program, financial statement, perspective analysis.

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Authors: A. Schirru, A. Irimescu, S. Merola, A. d’Adamo, S. Fontanesi

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One of the aspects that are usually neglected during the design phase of an engine is the effect of the spark plug on the flow field inside the combustion chamber. Because of the difficulties in the experimental investigation of the mutual interaction between flow alteration and early flame kernel convection effect inside the engine combustion chamber, CFD-3D simulation is usually exploited in such cases. Experimentally speaking, a particular type of engine has to be used in order to directly observe the flame propagation process. In this study, a double electrode spark plug was fitted into an optically accessible engine and a high-speed camera was used to capture the initial stages of the combustion process. Both the arc and the kernel phases were observed. Then, a morphologic analysis was carried out and the position of the center of mass of the flame, relative to the spark plug position, was calculated. The crossflow orientation was chosen for the spark plug and the kernel growth process was observed for different air-fuel ratios. It was observed that during a normal cycle the flow field between the electrodes tends to transport the arc deforming it. Because of that, the kernel growth phase takes place away from the electrodes and the flame propagates with a preferential direction dictated by the flow field.

Keywords: Combustion, Kernel growth, optically accessible engine, spark-ignition engine, spark plug orientation.

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Authors: Siti Mutmainah, Slamet Sugiri

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Organizations are increasingly relying upon teamwork; however, little is known about the best fit among incentive system, team composition, and group performance. To further explore this issue this study examines whether the congruence between incentive system and locus of control (LoC) affects team performance. To reconcile opposite lines of argument in literature regarding the best incentive system for a team, this paper uses the social identity perspective and person-environment (P-E) fit theory to understand behavior in a group process. A laboratory experiment with postgraduate students is conducted to test the hypotheses. One hundred and five accounting students were assigned to three-person work groups, where they completed an independent task under one of two types of incentive—individual and group incentive systems—after their LoC was measured. The findings confirm the hypothesis. Group incentive results in an enhanced team performance. Team performance is better when there is congruence between incentive system and LoC. Group incentive system combined with external LoC results in the best performance, while individual incentive system results in a better team performance when combined with internal LoC. The result suggests that a cooperative process enables ‘ordinary people’ to obtain extraordinary results.

Keywords: Incentive system, locus of control, person-environment fit, social identity perspective, team performance.

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Authors: F. Rahnamay Roodposhti, S. A. Nabavi Chashmi

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The role of corporate governance is to reduce the divergence of interests between shareholders and managers. The role of corporate governance is more useful when managers have an incentive to deviate from shareholders- interests. One example of management-s deviation from shareholders- interests is the management of earnings through the use of accounting accruals. This paper examines the association between corporate governance internal mechanisms ownership concentration, board independence, the existence of CEO-Chairman duality and earnings management. Firm size and leverage are control variables. The population used in this study comprises firms listed on the Tehran Stock Exchange (TSE) between 2004 and 2008, the sample comprises 196 firms. Panel Data method is employed as technique to estimate the model. We find that there is negative significant association between ownership concentration and board independence manage earnings with earnings management, there is negative significant association between the existence of CEO-Chairman duality and earnings management. This study also found a positive significant association between control variable (firm size and leverage) and earnings management.

Keywords: Earnings management, board independence, ownership concentration, corporate governance.

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Authors: Saeed Sedighizadeh, Abbas Mansoori, Mohammad Reza Pirestani, Davoud Sedighizadeh

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The usual method of river flow diversion involves construction of tunnels and cofferdams. Given the fact that the cost of diversion works could be as high as 10-20% of the total dam construction cost, due attention should be paid to optimum design of the diversion works. The cost of diversion works depends, on factors, such as: the tunnel dimensions and the intended tunneling support measures during and after excavation; quality and characterizes of the rock through which the tunnel should be excavated; the dimensions of the upstream (and downstream) cofferdams; and the magnitude of river flood the system is designed to divert. In this paper by use of the cost of unit prices for tunnel excavation, tunnel lining, tunnel support (rock bolt + shotcrete) and cofferdam fill the cost function was determined. The function is then minimized by the aid of PSO Algorithm (particle swarm optimization). It is found that the optimum diameter and the total diversion cost are directly related to the river flood discharge (Q). It has also shown that in addition to optimum diameter design discharge (Q), river length, tunnel length, is mainly a function of the ratios (not the absolute values) of the unit prices and does not depend on the overall price levels in the respective country. The results of optimization use in some of the case study lead us to significant changes in the cost.

Keywords: Diversion Tunnel, Optimization, PSO Algorithm

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Authors: Md. Jahidul Islam, A. K. M. Rakinul Islam, Md. Salamah Meherier

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This study investigates the suitability of using plastic, such as polyethylene terephthalate (PET), as a partial replacement of natural coarse and fine aggregates (for example, brick chips and natural sand) to produce lightweight concrete for load bearing structural members. The plastic coarse aggregate (PCA) and plastic fine aggregate (PFA) were produced from melted polyethylene terephthalate (PET) bottles. Tests were conducted using three different water–cement (w/c) ratios, such as 0.42, 0.48, and 0.57, where PCA and PFA were used as 50% replacement of coarse and fine aggregate respectively. Fresh and hardened properties of concrete have been compared for natural aggregate concrete (NAC), PCA concrete (PCC) and PFA concrete (PFC). The compressive strength of concrete at 28 days varied with the water–cement ratio for both the PCC and PFC. Between PCC and PFC, PFA concrete showed the highest compressive strength (23.7 MPa) at 0.42 w/c ratio and also the lowest compressive strength (13.7 MPa) at 0.57 w/c ratio. Significant reduction in concrete density was mostly observed for PCC samples, ranging between 1977–1924 kg/m³. With the increase in water–cement ratio PCC achieved higher workability compare to both NAC and PFC. It was found that both the PCA and PFA contained concrete achieved the required compressive strength to be used for structural purpose as partial replacement of the natural aggregate; but to obtain the desired lower density as lightweight concrete the PCA is most suited.

Keywords: Polyethylene terephthalate, plastic aggregate, concrete, fresh and hardened properties.

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Authors: Nagasamy Venkatesh Dhandapani, Amged Awad El-Gied

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Cefixime, a BCS class II drug, is insoluble in water but freely soluble in acetone and in alcohol. The aqueous solubility of cefixime in water is poor and exhibits exceptionally slow and intrinsic dissolution rate. In the present study, cefixime and β-Cyclodextrin (β-CD) solid dispersions were prepared with a view to study the effect and influence of β-CD on the solubility and dissolution rate of this poorly aqueous soluble drug. Phase solubility profile revealed that the solubility of cefixime was increased in the presence of β-CD and was classified as A_L-type. Effect of variable, such as drug:carrier ratio, was studied. Physical characterization of the solid dispersion was characterized by Fourier transform infrared spectroscopy (FT-IR) and Differential scanning calorimetry (DSC). These studies revealed that a distinct loss of drug crystallinity in the solid molecular dispersions is ostensibly accounting for enhancement of dissolution rate in distilled water. The drug release from the prepared solid dispersion exhibited a first order kinetics. Solid dispersions of cefixime showed a 6.77 times fold increase in dissolution rate over the pure drug.

Keywords: Cefixime, β-Cyclodextrin, solid dispersions, kneading method, dissolution, release kinetics.

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Authors: Mohammad Songolzadeh, Maryam Takht Ravanchi, Mansooreh Soleimani

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CO2 is the primary anthropogenic greenhouse gas, accounting for 77% of the human contribution to the greenhouse effect in 2004. In the recent years, global concentration of CO2 in the atmosphere is increasing rapidly. CO2 emissions have an impact on global climate change. Anthropogenic CO2 is emitted primarily from fossil fuel combustion. Carbon capture and storage (CCS) is one option for reducing CO2 emissions. There are three major approaches for CCS: post-combustion capture, pre-combustion capture and oxyfuel process. Post-combustion capture offers some advantages as existing combustion technologies can still be used without radical changes on them. There are several post combustion gas separation and capture technologies being investigated, namely; (a) absorption, (b) cryogenic separation, (c) membrane separation (d) micro algal biofixation and (e) adsorption. Apart from establishing new techniques, the exploration of capture materials with high separation performance and low capital cost are paramount importance. However, the application of adsorption from either technology, require easily regenerable and durable adsorbents with a high CO2 adsorption capacity. It has recently been reported that the cost of the CO2 capture can be reduced by using this technology. In this paper, the research progress (from experimental results) in adsorbents for CO2 adsorption, storage, and separations were reviewed and future research directions were suggested as well.

Keywords: Carbon capture and storage, pre-combustion, postcombustion, adsorption

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