Search results for: stock market

Authors: V. Charaia

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From the strategic point of view, not all Foreign Direct Investments (FDIs) are always positively benefiting the host economy, i.e. not all Multinational Enterprises (MNEs) are promoting local/host economies. FDI could have different impact on different sectors of the economy, based not only on annual investment amount, but MNE motivations and peculiarities of the host economy in particular. FDI analysis based only on its amount can lead to incorrect decisions, it is much more important to understand the essence of investment. Consequently, our research is oriented on MNE’s motivations, answering which sectors are most popular among international investors and why, what motivated them to invest into one or another business. Georgian economy for the last period of time is attracting more and more efficiency seeking investments, which could be translated as - concentrating production in a limited number of locations to supply various markets, while benefiting local economy with: new technologies, employment, exports diversification, increased income for the local economy and so on. Foreign investors and MNEs in particular are no longer and not so much interested in the resource seeking investments, which was the case for Georgia in the last decade of XX century. Despite the fact of huge progress for the Georgian economy, still there is a room for foreign investors to make a local market oriented investments. The local market is still rich in imported products, which should be replaced by local ones. And the last but not the least important issue is that approximately 30% of all FDIs in Georgia according to this research are “efficiency seeking” investments, which is an enormous progress and a hope for future Georgian success.

Keywords: Investments, MNE, FDI motivations, Georgian economy.

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Authors: César Camisón-Zornoza, Beatriz Forés-Julián, Alba Puig-Denia

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The literature has argued that firms based in industrial districts enjoy advantages for creating internal knowledge and absorbing external knowledge as a consequence of to the knowledge flows and spillovers that exist in the district. However, empirical evidence to show how belonging to an industrial district affects the business processes of creation and absorption of knowledge is scarce and, moreover, empirical research has not taken into account the influence of variations in the flows of knowledge circulating in each cluster. This study aims to extend empirical evidence on the effect that the stock of shared competencies in industrial districts has on the business processes of creation and absorption of knowledge, through data from an initial study on 952 firms and 35 industrial districts in Spain.

Keywords: Absorptive capacity, industrial district, knowledge creation, organisational learning

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Authors: Nazira Kakulia

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The analysis of transformation of institutional changes outlines two important characteristics. These are: the speed of the changes and their sequence. Successful transformation must be carried out in three different stages; On the first stage, macroeconomic stabilization must be achieved with the help of fiscal and monetary tools. Two-tier banking system should be established and the active functions of central bank should be replaced by the passive ones (reserve requirements and refinancing rate), together with the involvement growth of private sector. Fiscal policy by itself here means the creation of tax system which must replace previously existing direct state revenues; the share of subsidies in the state expenses must be reduced also. The second stage begins after reaching the macroeconomic stabilization at a time of change of formal institutes which must stimulate the private business. Corporate legislation creates a competitive environment at the market and the privatization of state companies takes place. Bankruptcy and contract law is created. he third stage is the most extended one, which means the formation of all state structures that is necessary for the further proper functioning of a market economy. These three stages about the cycle period of political and social transformation and the hierarchy of changes can also be grouped by the different methodology: on the first and the most short-term stage the transfer of power takes place. On the second stage institutions corresponding to new goal are created. The last phase of transformation is extended in time and it includes the infrastructural, socio-cultural and socio-structural changes. The main goal of this research is to explore and identify the features of such kind of models.

Keywords: Competitive, environment, fiscal policy, macro-economic stabilization.

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Authors: E. Murányi, P. Pepó

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The small plot experiment was set in 2013 at the RISFLátókép Experimental Farm of the Centre for Agricultural and Applied Economic Sciences of the University of Debrecen, on lime-coated chernozem soil in four replications. The final heights of the maize hybrids were studied at three plant densities (50, 70, and 90 thousand ha^-1) and two row spacing (45 and 76cm). During the experiment, we have investigated the development of the final plant heights of five maize hybrids of different vegetation time and genotype: Sarolta, DKC 4025, P 9175, Reseda/P 37M81, and SY Affinity. In the development of the plant heights, the tiller number and the hybrid were the decisive factors. The increasing stock density resulted in significant difference in the plant height values, while the row spacing did not. With the increase of plant density and the length of vegetation time, the heights of the individual plants increased.

Keywords: Maize, plant density, row spacing, plant height, genotype.

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Authors: Jovana Dj. Jovanovic, Svetlana M. Stevovic

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The highest priority of so called, projected passive houses is to meet the appropriate energy demand. Every single material and layer which is injected into a dwelling has a certain energy quantity stored. The passive houses include optimized insulation levels with minimal thermal bridges, minimum of air leakage through the building, utilization of passive solar and internal gains, and good circulation of air which leans on mechanical ventilation system. The focus of this paper is on passive house features, benefits and targets, their feasibility and energy demands which are set up during each project. Numerous passive house-standards outline the very significant role of zero-energy dwellings towards the modern label of sustainable development. It is clear that the performance of both built and existing housing stock must be addressed if the population across the world sets out the energy objectives. This scientific article examines passive house features since the many passive house cases are launched.

Keywords: Benefits, energy demands, passive houses, sustainable development.

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Authors: C. M. Balaceanu, G. Suciu, C. S. Bosoc, O. Orza, C. Fernandez, Z. Viniczay

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The Internet of Things (IoT) represents the best option for smart vineyard applications, even if it is necessary to integrate the technologies required for the development. This article is based on the research and the results obtained in the DISAVIT project. For Smart Agriculture, the project aims to provide a trustworthy, intelligent, integrated vineyard management solution that is based on the IoT. To have interoperability through the use of a multiprotocol technology (being the future connected wireless IoT) it is necessary to adopt an agnostic approach, providing a reliable environment to address cyber security, IoT-based threats and traceability through blockchain-based design, but also creating a concept for long-term implementations (modular, scalable). The ones described above represent the main innovative technical aspects of this project. The DISAVIT project studies and promotes the incorporation of better management tools based on objective data-based decisions, which are necessary for agriculture adapted and more resistant to climate change. It also exploits the opportunities generated by the digital services market for smart agriculture management stakeholders. The project's final result aims to improve decision-making, performance, and viticulturally infrastructure and increase real-time data accuracy and interoperability. Innovative aspects such as end-to-end solutions, adaptability, scalability, security and traceability, place our product in a favorable situation over competitors. None of the solutions in the market meet every one of these requirements by a unique product being innovative.

Keywords: Blockchain, IoT, smart agriculture, vineyard.

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Authors: Nadezhda Kvatashidze

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The International Accounting Standards Board updated the conceptual framework for financial reporting. The main reason behind it is to resolve the tasks of the accounting, which are caused by the market development and business-transactions of a new economic content. Also, the investors call for higher transparency of information and responsibility for the results in order to make a more accurate risk assessment and forecast. All these make it necessary to further develop the conceptual framework for financial reporting so that the users get useful information. The market development and certain shortcomings of the conceptual framework revealed in practice require its reconsideration and finding new solutions. Some issues and concepts, such as disclosure and supply of information, its qualitative characteristics, assessment, and measurement uncertainty had to be supplemented and perfected. The criteria of recognition of certain elements (assets and liabilities) of reporting had to be updated, too and all this is set out in the updated edition of the conceptual framework for financial reporting, a comprehensive collection of concepts underlying preparation of the financial statement. The main objective of conceptual framework revision is to improve financial reporting and development of clear concepts package. This will support International Accounting Standards Board (IASB) to set common “Approach & Reflection” for similar transactions on the basis of mutually accepted concepts. As a result, companies will be able to develop coherent accounting policies for those transactions or events that are occurred from particular deals to which no standard is used or when standard allows choice of accounting policy.

Keywords: Conceptual framework, measurement basis, measurement uncertainty, neutrality, prudence, stewardship.

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Authors: Oghenerukome Akponovo, Lynda I. Onyebuchukwu

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Construction waste, along with that of many other industries, contributes significantly to the world's annual solid waste totals. Most of these materials, such as ash from rice hulls, slags, cement kiln dust, tire ash, plastic waste (PW), and silica fumes, end up in landfills or waterways. Some of them might even end up polluting the air from high in the atmosphere. It is sustainable, cheap, and environmentally friendly to recycle these items into new building supplies. When constructing a "green" structure, the materials employed have the potential to either exacerbate environmental imbalance or maintain a stable ecosystem. The purpose of this research is to take stock of what is already known about recycling's potential in the construction industry and to identify its deficiencies. Therefore, this study systematically reviews the wide range of recycled materials that go into building construction. In the construction industry, the utilization of recycled materials plays a significant role in environmental conservation, and a thorough investigation into these materials could potentially yield substantial economic benefits if appropriately harnessed.

Keywords: Paper waste, rice grain husks, recycled materials, waste management.

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Authors: Ibrahim H. Kilic, A. B. Tugrul

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Energy is a fundamental component in economic development and energy consumption is an index of prosperity and the standard of living. The consumption of energy per capita has increased significantly over the last decades, as the standard of living has improved. Turkey’s geographical location has several advantages for extensive use of wind power. Among the renewable sources, Turkey has very high wind energy potential. Information such as installation capacity of wind power plants in installation, under construction and license stages in the country are reported in detail. Some suggestions are presented in order to increase the wind power installation capacity of Turkey. Turkey’s economic and social development has led to a massive increase in demand for electricity over the last decades. Since the Turkey has no major oil or gas reserves, it is highly dependent on energy imports and is exposed to energy insecurity in the future. But Turkey does have huge potential for renewable energy utilization. There has been a huge growth in the construction of wind power plants and small hydropower plants in recent years. To meet the growing energy demand, the Turkish Government has adopted incentives for investments in renewable energy production. Wind energy investments evaluated the impact of feed-in tariffs (FIT) based on three scenarios that are optimistic, realistic and pessimistic with APLUS software that is developed for rational evaluation for energy market. Results of the three scenarios are evaluated in the view of electricity market for Turkey.

Keywords: APLUS, energy policy, renewable energy, wind power, Turkey.

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Authors: D. Cardone

Abstract:

Past earthquakes have shown that seismic events may incur large economic losses in buildings. FEMA P-58 provides engineers a practical tool for the performance seismic assessment of buildings. In this study, FEMA P-58 is applied to two typical Italian pre-1970 reinforced concrete frame buildings, characterized by plain rebars as steel reinforcement and masonry infills and partitions. Given that suitable tools for these buildings are missing in FEMA P- 58, specific fragility curves and loss functions are first developed. Next, building performance is evaluated following a time-based assessment approach. Finally, expected annual losses for the selected buildings are derived and compared with past applications to old RC frame buildings representative of the US building stock. 

Keywords: FEMA P-58, RC frame buildings, plain rebars, masonry infills, fragility functions, loss functions, expected annual loss.

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Authors: Kuncoro Harto Widodo, Joewono Soemardjito, Dwi Ardianta Kurniawan

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Currently, the demand for marine and fisheries commodity in Yogyakarta, Indonesia continues to increase. The existing condition shows that the aquaculture supply cannot be supplied by Yogyakarta region itself, but still need to be supported by regions outside Yogyakarta. The effort to optimize the market is initiated by reviewing and designing the supply chain of production and trade of aquaculture commodity in order to create the implementation of aquaculture production and trade commodity optimally. This formulated supply chain model indicates 4 performance indicators of measurable success in terms of: (1) efficiency; (2) flexibility; (3) responsiveness; and (4) quality. These indicators had been exercised as the success benchmarks for priority marketing management in local level as well as national level. The result of this research indicates that if the catfish fishery system is managed as business as usual then the catfish demand in Yogyakarta region will experience to increase in the future. The increase of demand is inline with the increase of number of people in Yogyakarta and also the fluctuation of catfish consumption per capita. The highest production of catfish will experience in the third year approximately 30,118 tons. Other result of the research indicates that the catfish demand in Yogyakarta region cannot be supplied yet from the local region. Therefore, to fulfill the supply from outside Yogyakarta region, the local farmers should improve the supply through land extension. The fluctuation of commodity price will experience in the future annually and the catfish supply from outside Yogyakarta region will be lowering the price in the market.

Keywords: Supply chain model, catfish, efficiency, flexibility

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Authors: Hamad K. Al-Khalid, Ayman M. Alaskari, Samy E. Oraby

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Hardness of the widely used structural steel is of vital importance since it may help in the determination of many mechanical properties of a material under loading situations. In order to obtain reliable information for design, properties homogeneity should be validated. In the current study the hardness variation over the different diameters of the same AISI 4140 bar is investigated. Measurements were taken on the two faces of the stock at equally spaced eight sectors and fifteen layers. Statistical and graphical analysis are performed to asses the distribution of hardness measurements over the specified area. Hardness measurements showed some degree of dispersion with about ± 10% of its nominal value provided by manufacturer. Hardness value is found to have a slight decrease trend as the diameter is reduced. However, an opposite behavior is noticed regarding the sequence of the sector indicating a nonuniform distribution over the same area either on the same face or considering the corresponding sector on the other face (cross section) of the same material bar.

Keywords: Hardness; Hardness variation; AISI 4140 steel; Bardiameter; Statistical Analysis.

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Authors: Osamah A. Alsayegh

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This paper contributes to the literature by updating the analysis of the impact of the recent oil prices fall on the renewable energy (RE) industry and deployment. The research analysis uses the Renewable Energy Industrial Index (RENIXX), which tracks the world’s 30 largest publicly traded companies and oil prices daily data from January 2003 to March 2016. RENIXX represents RE industries developing solar, wind, geothermal, bioenergy, hydropower and fuel cells technologies. This paper tests the hypothesis that claims high oil prices encourage the substitution of alternate energy sources for conventional energy sources. Furthermore, it discusses RENIXX performance behavior with respect to the governments’ policies factor that investors should take into account. Moreover, the paper proposes a theoretical model that relates RE industry progress with oil prices and policies through the fuzzy logic system.

Keywords: Fuzzy logic, investment, policy, stock exchange index.

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Authors: Yuzhi Cai

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In this talk, we introduce a newly developed quantile function model that can be used for estimating conditional distributions of financial returns and for obtaining multi-step ahead out-of-sample predictive distributions of financial returns. Since we forecast the whole conditional distributions, any predictive quantity of interest about the future financial returns can be obtained simply as a by-product of the method. We also show an application of the model to the daily closing prices of Dow Jones Industrial Average (DJIA) series over the period from 2 January 2004 - 8 October 2010. We obtained the predictive distributions up to 15 days ahead for the DJIA returns, which were further compared with the actually observed returns and those predicted from an AR-GARCH model. The results show that the new model can capture the main features of financial returns and provide a better fitted model together with improved mean forecasts compared with conventional methods. We hope this talk will help audience to see that this new model has the potential to be very useful in practice.

Keywords: DJIA, Financial returns, predictive distribution, quantile function model.

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Authors: Mohamed Belaid, Edison Muzenda, Getrude Mitilene, Mansoor Mollagee

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A feasibility study for the design and construction of a pilot plant for the extraction of castor oil in South Africa was conducted. The study emphasized the four critical aspects of project feasibility analysis, namely technical, financial, market and managerial aspects. The technical aspect involved research on existing oil extraction technologies, namely: mechanical pressing and solvent extraction, as well as assessment of the proposed production site for both short and long term viability of the project. The site is on the outskirts of Nkomazi village in the Mpumalanga province, where connections for water and electricity are currently underway, potential raw material supply proves to be reliable since the province is known for its commercial farming. The managerial aspect was evaluated based on the fact that the current producer of castor oil will be fully involved in the project while receiving training and technical assistance from Sasol Technology, the TSC and SEDA. Market and financial aspects were evaluated and the project was considered financially viable with a Net Present Value (NPV) of R2 731 687 and an Internal Rate of Return (IRR) of 18% at an annual interest rate of 10.5%. The payback time is 6years for analysis over the first 10 years with a net income of R1 971 000 in the first year. The project was thus found to be feasible with high chance of success while contributing to socio-economic development. It was recommended for lab tests to be conducted to establish process kinetics that would be used in the initial design of the plant.

Keywords: Mechanical pressing, Net Present Value, Oilextraction, Project feasibility, Solvent extraction

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Authors: Giovanni Masala, Stefania Marica

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Forecasting electricity load plays a crucial role regards decision making and planning for economical purposes. Besides, in the light of the recent privatization and deregulation of the power industry, the forecasting of future electricity load turned out to be a very challenging problem. Empirical data about electricity load highlights a clear seasonal behavior (higher load during the winter season), which is partly due to climatic effects. We also emphasize the presence of load periodicity at a weekly basis (electricity load is usually lower on weekends or holidays) and at daily basis (electricity load is clearly influenced by the hour). Finally, a long-term trend may depend on the general economic situation (for example, industrial production affects electricity load). All these features must be captured by the model. The purpose of this paper is then to build an hourly electricity load model. The deterministic component of the model requires non-linear regression and Fourier series while we will investigate the stochastic component through econometrical tools. The calibration of the parameters’ model will be performed by using data coming from the Italian market in a 6 year period (2007- 2012). Then, we will perform a Monte Carlo simulation in order to compare the simulated data respect to the real data (both in-sample and out-of-sample inspection). The reliability of the model will be deduced thanks to standard tests which highlight a good fitting of the simulated values.

Keywords: ARMA-GARCH process, electricity load, fitting tests, Fourier series, Monte Carlo simulation, non-linear regression.

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Authors: K. Aravindhan, Trishit Bandyopadhyay, Mahesh Mehendale, Supriya Kumar De

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The inherent iterative nature of product design and development poses significant challenge to reduce the product design and development time (PD). In order to shorten the time to market, organizations have adopted concurrent development where multiple specialized tasks and design activities are carried out in parallel. Iterative nature of work coupled with the overlap of activities can result in unpredictable time to completion and significant rework. Many of the products have missed the time to market window due to unanticipated or rather unplanned iteration and rework. The iterative and often overlapped processes introduce greater amounts of ambiguity in design and development, where the traditional methods and tools of project management provide less value. In this context, identifying critical metrics to understand the iteration probability is an open research area where significant contribution can be made given that iteration has been the key driver of cost and schedule risk in PD projects. Two important questions that the proposed study attempts to address are: Can we predict and identify the number of iterations in a product development flow? Can we provide managerial insights for a better control over iteration? The proposal introduces the concept of decision points and using this concept intends to develop metrics that can provide managerial insights into iteration predictability. By characterizing the product development flow as a network of decision points, the proposed research intends to delve further into iteration probability and attempts to provide more clarity.

Keywords: Decision Points, Iteration, Product Design, Rework.

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Authors: Tarek Elhasia, Bernd Noche, Lima Zhao

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In recent years, sustainable supply chain management (SSCM) has been widely researched in academic domain. However, due to the traditional operational role and the complexity of supply chain management in the cement industry, a relatively small amount of research has been conducted on cement supply chain simulation integrated with sustainability criteria. This paper analyses the cement supply chain operations using the Push-Pull supply chain frameworks, the Life Cycle Assessment (LCA) methodology; and proposal integration approach, proposes three supply chain scenarios based on Make-To-Stock (MTS), Pack-To-Order (PTO) and Grind- To-Order (GTO) strategies. A Discrete-Event Simulation (DES) model of SSCM is constructed using Arena software to implement the three-target scenarios. We conclude with the simulation results that (GTO) is the optimal supply chain strategy that demonstrates the best economic, ecological and social performance in the cement industry.

Keywords: Cement industry, simulation, supply chain management (SCM), sustainability.

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Authors: Natalia Moreira, Trevor Wood-Harper

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The acceptance of sustainable products by the final consumer is still one of the challenges of the industry, which constantly seeks alternative approaches to successfully be accepted in the global market. A large set of methods and approaches have been discussed and analysed throughout the literature. Considering the current need for sustainable development and the current pace of consumption, the need for a combined solution towards the development of new products became clear, forcing researchers in product development to propose alternatives to the previous standard product development models. This paper presents, through a systemic analysis of the literature on product development, eco-design and consumer involvement, a set of alternatives regarding consumer involvement towards the development of sustainable products and how these approaches could help improve the sustainable industry’s establishment in the general market. Still being developed in the course of the author’s PhD, the initial findings of the research show that the understanding of the benefits of sustainable behaviour lead to a more conscious acquisition and eventually to the implementation of sustainable change in the consumer. Thus this paper is the initial approach towards the development of new sustainable products using the fashion industry as an example of practical implementation and acceptance by the consumers. By comparing the existing literature and critically analysing it, this paper concluded that the consumer involvement is strategic to improve the general understanding of sustainability and its features. The use of consumers and communities has been studied since the early 90s in order to exemplify uses and to guarantee a fast comprehension. The analysis done also includes the importance of this approach for the increase of innovation and ground breaking developments, thus requiring further research and practical implementation in order to better understand the implications and limitations of this methodology.

Keywords: Consumer involvement, Products development, Sustainability.

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Authors: Chin Tangtarntana

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The main purpose of this study was to investigate the effects of animation in offensive product advertising. Experiment was conducted to collect consumer responses toward animated and static ads of offensive and non-offensive products. The study was conducted by distributing questionnaires to the target respondents. According to statistics from Innovative Internet Research Center, Thailand, majority of internet users are 18 – 44 years old. The results revealed an interaction between ad design and offensive product. Specifically, when used in offensive product advertisements, animated ads were not effective for consumer attention, but yielded positive response in terms of attitude toward product. The findings support that information processing model is accurate in predicting consumer cognitive response toward cartoon ads, whereas U&G, arousal, and distinctive theory is more accurate in predicting consumer affective response. In practical, these findings can also be used to guide ad designers and marketers that are suitable for offensive products.

Keywords: Animation, banner ad design, consumer responses, offensive product advertising, stock exchange of Thailand.

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Authors: Chandra Sabnani, M. V. Latkar, Utpal Sharma

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A large section of the society in Urban India is unable to afford a basic dwelling unit. Housing shortage due to the rising unafforability makes it logical to consider alternative technologies more seriously for their application How far do these alternative technologies match up with the conventional techniques? How do these integrate with the present-day need for urban amenities and facilities? Are the owners of bamboo dwellings, for instance, a part of the mainstream housing sector, having the same rights and privileges as those enjoyed by other property owners? Will they have access to loans for building, improving, renovating or repairing their dwellings? Why do we still hesitate to build a bamboo house for ourselves? Is our policy framework and political resolve in place, to welcome such alternative technologies? It is time we found these answers, in order to explore the reasons for large-scale nonacceptance, of a technology proven for its worthiness.

Keywords: Affordable housing, Appropriateness, Bamboo technology, Urban Poor.

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Authors: Volker Wannack

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Regional and global strategies focusing on hydrogen (H2) and blockchain technologies are fueling remarkable advancements. These strategies underpin the revolutionary 'Blockchain Based Hydrogen Market (BBH2)' project, with the primary objective of creating a Blockchain Minimum Viable Product (B-MVP) tailored to the hydrogen market. The B-MVP harnesses blockchain's capabilities, establishing a unified platform for secure, automated transactions via smart contracts. This innovation promises to reshape hydrogen logistics, trade, and transactions. The B-MVP carries transformative potential across diverse sectors, benefiting renewable energy producers, surplus energy-based hydrogen manufacturers, grid operators, and consumers. By implementing standardized, automated, tamper-proof processes, it bolsters cost-efficiency and enables transparent, traceable transactions. Its core mission is to verify the integrity of 'green' hydrogen, tracing its journey from renewable producers to end-users. This emphasis on transparency fosters economic, ecological, and social sustainability within a secure, transparent market. A standout feature of the B-MVP is its cross-border adaptability, obviating the need for nation-specific data storage, and broadening its global reach. This adaptability also spurs long-term job creation by establishing a dedicated blockchain operating firm. By attracting skilled labor and offering training, the B-MVP fortifies the hydrogen sector's workforce. Furthermore, it catalyzes innovative business models, luring more companies and startups, contributing to sustained job growth. For example, data analysis can tailor tariffs to offer demand-centric network capacities to producers and operators, providing tamper-proof pricing options to redistributors and end-customers. Beyond technological and economic progress, the B-MVP amplifies the prominence of national and international standards efforts. The region implementing the B-MVP becomes recognized as a pioneer in climate-friendly, sustainable, and forward-thinking practices, generating interest and attention beyond its geographic boundaries. Additionally, it fosters knowledge transfer between academia and industry, promoting scientific advancements, aligning with innovation management, and nurturing an innovation culture in the hydrogen sector. Through blockchain-hydrogen integration, the B-MVP champions comprehensive innovation, contributing to a sustainable future in the hydrogen industry. Implementation involves evaluating blockchain tech, developing smart contracts, and ensuring interoperability with existing systems. Scalability testing and data format development further validate the B-MVP's potential. BBH2 secures funding under the 'Technology Offensive Hydrogen,' a part of the Federal Ministry of Economics and Climate Protection's 7th Energy Research Program.

Keywords: Hydrogen, blockchain, sustainability, structural change.

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Authors: Sandhya Rijal, Saroj Adhikari, Ramesh R. Pant

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Non-Timber Forest Products (NTFPs) have attracted substantial interest in the recent years with the increasing recognition that these can provide essential community needs for improved and diversified rural livelihood and support the objectives of biodiversity conservation. Nevertheless, various challenges are witnessed in their sustainable harvest and management. Assuming that sustainable management with community stewardship can offer one of the solutions to existing challenges, the study assesses the linkages between NTFPs and rural livelihood in Lamabagar village of Dolakha, Nepal. The major objective was to document the status of NTFPs and their contributions in households of Lamabagar. For status documentation, vegetation sampling was done using systematic random sampling technique. 30 plots of 10 m × 10 m were laid down in six parallel transect lines at horizontal distance of 160 m in two different community forests. A structured questionnaire survey was conducted in 76 households (excluding non-response rate) using stratified random sampling technique for contribution analysis. Likewise, key informant interview and focus group discussions were also conducted for data triangulations. 36 different NTFPs were recorded from the vegetation sample in two community forests of which 50% were used for medicinal purposes. The other uses include fodder, religious value, and edible fruits and vegetables. Species like Juniperus indica, Daphne bholua Aconitum spicatum, and Lyonia ovalifolia were frequently used for trade as a source of income, which was sold in local market. The protected species like Taxus wallichiana and Neopicrorhiza scrophulariiflora were also recorded in the area for which the trade is prohibited. The protection of these species urgently needs community stewardship. More than half of the surveyed households (55%) were depending on NTFPs for their daily uses, other than economic purpose whereas 45% of them sold those products in the market directly or in the form of local handmade products as a source of livelihood. NTFPs were the major source of primary health curing agents especially for the poor and unemployed people in the study area. Hence, the NTFPs contributed to livelihood under three different categories: subsistence, supplement income and emergency support, depending upon the economic status of the households. Although the status of forest improved after handover to the user group, the availability of valuable medicinal herbs like Rhododendron anthopogon, Swertia nervosa, Neopicrorhiza scrophulariiflora, and Aconitum spicatum were declining. Inadequacy of technology, lack of easy transport access, and absence of good market facility were the major limitations for external trade of NTFPs in the study site. It was observed that people were interested towards conservation only if they could get some returns: economic in terms of rural settlements. Thus, the study concludes that NTFPs could contribute rural livelihood and support conservation objectives only if local communities are provided with the easy access of technology, market and capital.

Keywords: Contribution, medicinal, subsistence, sustainable harvest.

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Authors: Marijana Ivanov, Roman Šubić

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This study analyzes the critical gaps in the architecture of European stability and the expected role of the banking union as the new important step towards completing the Economic and Monetary Union that should enable the creation of safe and sound financial sector for the euro area market. The single rulebook together with the Single Supervisory Mechanism and the Single Resolution Mechanism - as two main pillars of the banking union, should provide a consistent application of common rules and administrative standards for supervision, recovery and resolution of banks – with the final aim of replacing the former bail-out practice with the bail-in system through which possible future bank failures would be resolved by their own funds, i.e. with minimal costs for taxpayers and real economy. In this way, the vicious circle between banks and sovereigns would be broken. It would also reduce the financial fragmentation recorded in the years of crisis as the result of divergent behaviors in risk premium, lending activities and interest rates between the core and the periphery. In addition, it should strengthen the effectiveness of monetary transmission channels, in particular the credit channels and overflows of liquidity on the money market which, due to the fragmentation of the common financial market, has been significantly disabled in period of crisis. However, contrary to all the positive expectations related to the future functioning of the banking union, major findings of this study indicate that characteristics of the economic system in which the banking union will operate should not be ignored. The euro area is an integration of strong and weak entities with large differences in economic development, wealth, assets of banking systems, growth rates and accountability of fiscal policy. The analysis indicates that low and unbalanced economic growth remains a challenge for the maintenance of financial stability and this problem cannot be resolved just by a single supervision. In many countries bank assets exceed their GDP by several times and large banks are still a matter of concern, because of their systemic importance for individual countries and the euro zone as a whole. The creation of the Single Supervisory Mechanism and the Single Resolution Mechanism is a response to the European crisis, which has particularly affected peripheral countries and caused the associated loop between the banking crisis and the sovereign debt crisis, but has also influenced banks’ balance sheets in the core countries, as the result of crossborder capital flows. The creation of the SSM and the SRM should prevent the similar episodes to happen again and should also provide a new opportunity for strengthening of economic and financial systems of the peripheral countries. On the other hand, there is a potential threat that future focus of the ECB, resolution mechanism and other relevant institutions will be extremely oriented towards large and significant banks (whereby one half of them operate in the core and most important euro area countries), and therefore it remains questionable to what extent will the common resolution funds will be used for rescue of less important institutions. Recent geopolitical developments will be the optimal indicator to show whether the previously established mechanisms are sufficient enough to maintain the adequate financial stability in the euro area market.

Keywords: Banking Union, financial integration, single supervisory mechanism (SSM).

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Authors: Omneya N. Mekhaimer, Elkhayam M. Dorra, A. Samer Ezeldin

Abstract:

Over the recent decades, studies on organizational culture have gained global attention in the business management literature, where it has been established that the cultural factors embedded in the organization have an implicit yet significant influence on the organization’s success. Unlike other industries, the construction industry is widely known to be operating in a dynamic and adversarial nature; considering the unique characteristics it denotes, thereby the level of disputes has propagated in the construction industry throughout the years. To that end, this paper aims to study the influence of organizational culture in the contractor’s organization on the frequency of disputes caused between the owner and the contractor in commercial projects based in Egypt. This objective is achieved by using a quantitative approach through a survey questionnaire to explore the dominant cultural attributes that exist in the contractor’s organization based on the Competing Value Framework (CVF) theory, which classifies organizational culture into four main cultural types: (1) clan, (2) adhocracy, (3) market, and (4) hierarchy. Accordingly, the collected data are statistically analyzed using Statistical Package for Social Sciences (SPSS 28) software, whereby a correlation analysis using Pearson Correlation is carried out to assess the relationship between these variables and their statistical significance using the p-value. The results show that there is an influence of organizational culture attributes on the frequency of disputes whereby market culture is identified to be the most dominant organizational culture that is currently practiced in contractor’s organization, which consequently contributes to increasing the frequency of disputes in commercial projects. These findings suggest that alternative management practices should be adopted rather than the existing ones with an aim to minimize dispute occurrence.

Keywords: Construction projects, correlation analysis, disputes, Egypt, organizational culture.

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Authors: I. Lucas, N. Schomberg, F-A. Couturier

Abstract:

Most empirical studies have analyzed how liquidity risks faced by individual institutions turn into systemic risk. Recent banking crisis has highlighted the importance of grasping and controlling the systemic risk, and the acceptance by Central Banks to ease their monetary policies for saving default or illiquid banks. This last point shows that banks would pay less attention to liquidity risk which, in turn, can become a new important channel of loss. The financial regulation focuses on the most important and “systemic” banks in the global network. However, to quantify the expected loss associated with liquidity risk, it is worth to analyze sensitivity to this channel for the various elements of the global bank network. A small bank is not considered as potentially systemic; however the interaction of small banks all together can become a systemic element. This paper analyzes the impact of medium and small banks interaction on a set of banks which is considered as the core of the network. The proposed method uses the structure of agent-based model in a two-class environment. In first class, the data from actual balance sheets of 22 large and systemic banks (such as BNP Paribas or Barclays) are collected. In second one, to model a network as closely as possible to actual interbank market, 578 fictitious banks smaller than the ones belonging to first class have been split into two groups of small and medium ones. All banks are active on the European interbank network and have deposit and market activity. A simulation of 12 three month periods representing a midterm time interval three years is projected. In each period, there is a set of behavioral descriptions: repayment of matured loans, liquidation of deposits, income from securities, collection of new deposits, new demands of credit, and securities sale. The last two actions are part of refunding process developed in this paper. To strengthen reliability of proposed model, random parameters dynamics are managed with stochastic equations as rates the variations of which are generated by Vasicek model. The Central Bank is considered as the lender of last resort which allows banks to borrow at REPO rate and some ejection conditions of banks from the system are introduced.

Liquidity crunch due to exogenous crisis is simulated in the first class and the loss impact on other bank classes is analyzed though aggregate values representing the aggregate of loans and/or the aggregate of borrowing between classes. It is mainly shown that the three groups of European interbank network do not have the same response, and that intermediate banks are the most sensitive to liquidity risk.

Keywords: Systemic Risk, Financial Contagion, Liquidity Risk, Interbank Market, Network Model.

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Authors: Feddaoui Amina

Abstract:

Income smoothing represents an attempt on the part of the company's management to reduce variations in earnings through the manipulation of the accounting principles. In this study, we aimed to measure income smoothing practices in a sample of 30 French joint stock companies during the period (2007-2009), we used Dummy variables method and “ECKEL” model to measure income smoothing practices and Binomial test accourding to SPSS program, to confirm or refute our hypothesis. This study concluded that there are no significant statistical indicators of income smoothing practices in the sample studied of French companies during the period (2007-2009), so the income series in the same sample studied of is characterized by stability and non-volatility without any intervention of management through accounting manipulation. However, this type of accounting manipulation should be taken into account and efforts should be made by control bodies to apply Eckel model and generalize its use at the global level.

Keywords: Income, smoothing, “Eckel”, French companies.

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Authors: Daniela I. Borissova, Ivan C. Mustakerov

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The paper addresses a problem of optimal staffing in open shop environment. The problem is to determine the optimal number of operators serving a given number of machines to fulfill the number of independent operations while minimizing staff idle. Using a Gantt chart presentation of the problem it is modeled as twodimensional cutting stock problem. A mixed-integer programming model is used to get minimal job processing time (makespan) for fixed number of machines' operators. An algorithm for optimal openshop staffing is developed based on iterative solving of the formulated optimization task. The execution of the developed algorithm provides optimal number of machines' operators in the sense of minimum staff idle and optimal makespan for that number of operators. The proposed algorithm is tested numerically for a real life staffing problem. The testing results show the practical applicability for similar open shop staffing problems.

Keywords: Integer programming, open shop problem, optimal staffing.

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Authors: Tahseen A. Jilani, Aqil S. Burney, C. Ardil

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Time series models have been used to make predictions of academic enrollments, weather, road accident, casualties and stock prices, etc. Based on the concepts of quartile regression models, we have developed a simple time variant quantile based fuzzy time series forecasting method. The proposed method bases the forecast using prediction of future trend of the data. In place of actual quantiles of the data at each point, we have converted the statistical concept into fuzzy concept by using fuzzy quantiles using fuzzy membership function ensemble. We have given a fuzzy metric to use the trend forecast and calculate the future value. The proposed model is applied for TAIFEX forecasting. It is shown that proposed method work best as compared to other models when compared with respect to model complexity and forecasting accuracy.

Keywords: Quantile Regression, Fuzzy time series, fuzzy logicalrelationship groups, heuristic trend prediction.

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Authors: Veronika Gruberová

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The strengthening of competitive advantage combined with the transformation of business strategy is necessary for the company to succeed in the time of market changes. And in this sense the innovation activities of the firm are exactly significanting. Virtual firms are a specific form of enterprise in which we can't suppose all regularities obtaining in other forms. The aim of the paper is to evaluate factors influencing the innovation activity of virtual firm with the determination of their importance and influences on the basis of selected metrics.

Keywords: Innovation, virtual firm, factor

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