Search results for: Capital calculation

Authors: Campisi Domenico, Costa Roberta

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Intellectual capital measurement is a central aspect of knowledge management. The measurement and the evaluation of intangible assets play a key role in allowing an effective management of these assets as sources of competitiveness. For these reasons, managers and practitioners need conceptual and analytical tools taking into account the unique characteristics and economic significance of Intellectual Capital. Following this lead, we propose an efficiency and productivity analysis of Intellectual Capital, as a determinant factor of the company competitive advantage. The analysis is carried out by means of Data Envelopment Analysis (DEA) and Malmquist Productivity Index (MPI). These techniques identify Bests Practice companies that have accomplished competitive advantage implementing successful strategies of Intellectual Capital management, and offer to inefficient companies development paths by means of benchmarking. The proposed methodology is employed on the Biotechnology industry in the period 2007-2010.

Keywords: Data Envelopment Analysis, Innovation, Intangible assets, Intellectual Capital, Malmquist Productivity Index.

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Authors: Shoji Katagiri, Hugang Han

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This paper clarifies the role of ICT capital in economic growth. Albeit ICT remarkably contributes to economic growth, there are few studies on ICT capital in ICT sector from theoretical point of view. In this paper, production function of ICT which is used as input of intermediate good in final good and ICT sectors is incorporated into our model. In this setting, we analyze the role of ICT on balance growth path and show the possibility of general equilibrium solutions for this model. Through the simulation of the equilibrium solutions, we find that when ICT impacts on economy and economic growth increases, it is necessary that increases of efficiency at ICT sector and of accumulation of non-ICT and ICT capitals occur simultaneously.

Keywords: Endogenous economic growth, ICT, intensity, capital accumulation.

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Authors: Susan.Bandias

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This paper examines the role of telecommunications in sustainable development of urban, rural and remote communities in the Northern Territory of Australia through the theoretical lens of Social Capital. Social Capital is a relatively new construct and is rapidly gaining interest among policy makers, politicians and researchers as a means to both describe and understand social and economic development. Increasingly, the concept of Social Capital, as opposed to the traditional economic indicators, is seen as a more accurate measure of well-being. Whilst the essence of Social Capital is quality social relations, the concept intersects with telecommunications and Information Communications Technology (ICT) in a number of ways. The potential of ICT to disseminate information quickly, to reach vast numbers of people simultaneously and to include the previously excluded, is immense. However, the exact nature of the relationship is not clearly defined. This paper examines the nexus between social relations of mutual benefit, telecommunications access and sustainable development. A mixed methodological approach was used to test the hypothesis that No relationship exists between Social Capital and access to telecommunications services and facilities. Four communities, which included two urban, a rural and a remote Indigenous community in the Northern Territory of Australia are the focus of this research paper.

Keywords: Indigenous disadvantage, Social Capital, sustainable development, telecommunications.

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Authors: Tomas Cechura, Michal Simon

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This paper describes a proposal for cost calculation of warehouse processes and its usage for setting standards for performance evaluation. One of the most common options of monitoring process performance is benchmarking. The typical outcome is whether the monitored object is better or worse than an average or standard. Traditional approaches, however, cannot find any specific opportunities to improve performance or eliminate inefficiencies in processes. Higher process efficiency can be achieved for example by cost reduction assuming that the same output is generated. However, costs can be reduced only if we know their structure and we are able to calculate them accurately. In the warehouse process area it is rather difficult because in most cases we have available only aggregated values with low explanatory ability. The aim of this paper is to create a suitable method for calculating the storage costs. At the end is shown a practical example of process calculation.

Keywords: Calculation, Costs, Performance, Process, Warehouse.

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Authors: Korbi Fakhri

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In this article, we have elaborated a study over the nature of financial intermediation in Islamic banks by comparison to those of conventional ones. We have found a striking difference between two kinds of intermediation. We tried, from another side, to study the relationship between the capital level and deficiency risk relying on econometric model, and we have obtained a positive and significant relation between the capital and the deficiency risk for the conventional banks. This means that when the capital of these banks increases, the deficiency risk increases as well. In return, since the Islamic banks are constrained to respect the Sharia Committee as well as customers’ demands that may, in certain contracts, choose to invest their capitals in projects they are interested in. These constraints have as effects to reduce the deficiency risk even when the capital increases.

Keywords: Conventional bank, deficiency risk, financial intermediation, Islamic bank.

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Authors: Ivana Tadić, Željana Aljinović Barać, Nikolina Plazonić

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Living today in turbulent business environment forces companies to distinguish from each other, securing sustainable competitive growth and competitive advantage. The best possible solution is to invest (effort and financial resources) within companies’ different practices of human resource management (HRM), more specifically in employees’ knowledge, skills and abilities. Applying this approach companies will create enviable level of human capital securing its economic growth. Employees become human capital for their employers at the moment when they contribute with their own knowledge and abilities in creating material and non-material value of the company. The main aim of this research is to explore the relations between human capital investments and business excellence of Croatian companies. Furthermore, the differences in the level of human capital investments with regard to several companies’ characteristics (e.g. size of the company, ownership and type of the industry) are investigated.

Keywords:

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Authors: Chang Lee Shu-Jung, Mei-Se Chien, Chien-Chiang Lee, Hui-Ting Hu

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This paper applies recursive cointegration analysis to examine the dynamic changes in Feldstein-Horioka saving-investment (S-I) coefficients across China and the ASEAN-5 countries over time. To the extent that the S-I coefficients measure international capital mobility, the main empirical results are as follows. The recursive trace statistics show that the investment- savings nexus varies in these six countries. There is no cointegration between investment and savings in three countries (China, Malaysia, and Singapore), which means that the mobility of the capital markets in the three is high and that domestic investment in them will be financed by the global pool of capital. As to the other three countries (Indonesia, Thailand, and Philippines), there is cointegration between investment and savings for part of the sample period in the three, including before 2002 for Thailand, before 2001 for Indonesia, and before 2002 for Philippines. This shows these three countries achieved highly mobile and open capital markets later.

Keywords: Investment, savings, recursive cointegration test, ASEAN, China.

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Authors: Sunday. E. Ogundipe, Abiola Idowu, Lawrencia. O. Ogundipe

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This study examines the impact of working capital management on firms- performance and market value of the firms in Nigeria. A sample of fifty four non-financial quoted firms in Nigeria listed on the Nigeria Stock Exchange was used for this study. Data were collected from annual reports of the sampled firms for the period 1995-2009. This result shows there is a significant negative relationship between cash conversion cycle and market valuation and firm-s performance. It also shows that debt ratio is positively related to market valuation and negatively related firm-s performance. The findings confirm that there is a significant relationship between Market valuation, profitability and working capital component in line with previous studies. This mean that Nigeria firms should ensure adequate management of working capital especially cash conversion cycle components of account receivables, account payables and inventories, as efficiency working capital management is expected to contribute positively to the firms- market value.

Keywords: Cash Conversion Cycle, Firms' Performance, Market Valuation, Working Capital Management

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Authors: K. Zigan

Abstract:

Not with standing the importance of foreign highly skilled professionals for host economies, there is a paucity of research studies investigating the role of the corporate social context during the integration process. This research aims to address this paucity by exploring the role of social capital in the integration of foreign health professionals. It does so by using a qualitative research approach. In this pilot study the hospital sector forms this study-s sample and interviews were conducted with HR managers, foreign health professionals and external HR consultants. It was found that most of the participating hospitals had not established specific HR practices and had only partly linked the development of organisational social capital with a successful integration process. This research contributes, for example, to the HR literature on the integration of self-initiated expatriates by analysing the role of HRM in generating organisational social capital needed for a successful integration process.

Keywords: Corporate integration, hospitals, self-initiated expatriates, organisational social capital.

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Authors: Denis Câprâroiu

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The city of Suceava, one of the most important medieval capital of Moldova, owes its urban genesis to the power center established in its territory at the turn of the thirteenth and fourteenth centuries. Freed from the effective control exercised by the Emir Nogai through Alanians, the local center of power evolved as the main representative of the interests of indigenous people in relation to the Hungarian Angevin dinasty and to their representatives from Maramures. From this perspective, the political and military role of the settlement of Suceava was archeologically proved by the discovery of extensive fortifications, unrivaled in the first half of the XIVth century-s Moldavia. At the end of that century, voivod Peter I decides to move the capital of the state from Siret to Suceava. That option stimulated the development of the settlement on specific urban coordinates.

Keywords: Moldova, Suceava, voivod, capital.

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Authors: Kewei Xu, Jens Friedrich, Kevin Dwinger, Wei Fan, Xijin Zhang

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Parallel Compressor Model (PCM) is a simplified approach to predict compressor performance with inlet distortions. In PCM calculation, it is assumed that the sub-compressors’ outlet static pressure is uniform and therefore simplifies PCM calculation procedure. However, if the compressor’s outlet duct is not long and straight, such assumption frequently induces error ranging from 10% to 15%. This paper provides a revised calculation method of PCM that can correct the error. The revised method employs energy equation, momentum equation and continuity equation to acquire needed parameters and replace the equal static pressure assumption. Based on the revised method, PCM is applied on two compression system with different blades types. The predictions of their performance in non-uniform inlet conditions are yielded through the revised calculation method and are employed to evaluate the method’s efficiency. Validating the results by experimental data, it is found that although little deviation occurs, calculated result agrees well with experiment data whose error ranges from 0.1% to 3%. Therefore, this proves the revised calculation method of PCM possesses great advantages in predicting the performance of the distorted compressor with limited exhaust duct.

Keywords: Parallel Compressor Model (PCM), Revised Calculation Method, Inlet Distortion, Outlet Unequal Pressure Distribution.

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Authors: Maria E. Eggink

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Innovation plays an important role in economic growth and development. Evolutionary economics has entrepreneurs at the centre of the innovation system, but includes all other participants as contributors to the performance of the innovation system. Education and training institutions, one of the participants in the innovation system, contributes in different ways to human capital. The gap in literature on the competence building as part of human capital in the analysis of innovation systems is addressed in this paper. The Mpumalanga Province of South Africa is used as a case study. It was found that the absence of a university, the level of education, the quality and performance in the education sector and the condition of the education infrastructure have not been conducive to learning.

Keywords: Education institutions, human capital, innovation systems, Mpumalanga Province.

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Authors: Ju-Seok Kim, Sun-Ae Moon, Tae-Gu Lee, Seung-Jae Moon, Jae-Heon Lee

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As a simple to method estimate the plant heating energy capacity of an apartment complex, a new load calculation method has been proposed. The method which can be called as unit building method, predicts the heating load of the entire complex instead of summing up that of each apartment belonging to complex. Comparison of the unit heating load for various floor sizes between the present method and conventional approach shows a close agreement with dynamic load calculation code. Some additional calculations are performed to demonstrate it-s application examples.

Keywords: Unit Building Method, Unit Heating Load, TFMLoad.

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Authors: M. A. Mebrek, L.H.Abderrahmane, A. Himeur, S. Bendoukha

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In this article, we are going to do a study that consist in the configuration of a link between an earth station to broadcast multimedia service and a user of this service via a geostationary satellite in Ka- band and the set up of the different components of this link and then to make the calculation of the link budget for this system. The application carried out in this work, allows us to calculate the link budget in both directions: the uplink and downlink, as well as all parameters used in the calculation and the development of a link budget. Finally, we will try to verify using the application developed the feasibility of implementation of this system.

Keywords: Geostationary satellite, ground station, ka band, link budget, telecommunication.

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Authors: George Yungchih Wang

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Real options theory suggests that managerial flexibility embedded within irreversible investments can account for a significant value in project valuation. Although the argument has become the dominant focus of capital investment theory over decades, yet recent survey literature in capital budgeting indicates that corporate practitioners still do not explicitly apply real options in investment decisions. In this paper, we explore how real options decision criteria can be transformed into equivalent capital budgeting criteria under the consideration of uncertainty, assuming that underlying stochastic process follows a geometric Brownian motion (GBM), a mixed diffusion-jump (MX), or a mean-reverting process (MR). These equivalent valuation techniques can be readily decomposed into conventional investment rules and “option impacts", the latter of which describe the impacts on optimal investment rules with the option value considered. Based on numerical analysis and Monte Carlo simulation, three major findings are derived. First, it is shown that real options could be successfully integrated into the mindset of conventional capital budgeting. Second, the inclusion of option impacts tends to delay investment. It is indicated that the delay effect is the most significant under a GBM process and the least significant under a MR process. Third, it is optimal to adopt the new capital budgeting criteria in investment decision-making and adopting a suboptimal investment rule without considering real options could lead to a substantial loss in value.

Keywords: real options, capital budgeting, geometric Brownianmotion, mixed diffusion-jump, mean-reverting process

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Authors: I Putu Eka N. Kencana, I Wayan Mertha

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As an entity of the tourism system, local communities were considered have better understanding of their region as well as influenced positively or negatively by the tourism activities in the region. This paper aimed to study role of community involvement in the development of ecotourism at Kintamani Bali from two perspectives of view, i.e. participation in the process of initiatives and participation in the utilizing the economic benefits of tourism. Thorough participation as an antecedent of social capital form, the sustainability of ecotourism at Kintamani could be expected.

Keywords: Community involvement, ecotourism, participation, social capital.

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Authors: Hyeondal Jeong, Yoonjung Baek

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This research examines the effects of positive psychological capital (or PsyCap) on employee’s outcomes (satisfaction, commitment, organizational citizenship behavior, innovation behavior and individual creativity). This study conducted a meta-analysis of articles published in the Republic of Korea. As a result, positive psychological capital has a positive effect on the behavior of employees. Heterogeneity was identified among the studies included in the analysis and the context factors were analyzed; the study proposes contextual factors such as team tenure. The moderating effect of team tenure was not statistically significant. The implications were discussed based on the analysis results.

Keywords: Positive psychological capital, satisfaction, commitment, OCB, creativity, meta-analysis.

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Authors: Paitoon Kraipornsak

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Government spending is categorized into consumption spending and capital spending. Three categories of private consumption are used: food consumption, nonfood consumption, and services consumption. The estimated model indicates substitution effects of government consumption spending on budget shares of private nonfood consumption and of government capital spending on budget share of private food consumption. However, the results do not indicate whether the negative effects of changes in the budget shares of the nonfood and the food consumption equates to reduce total private consumption. The concept of aggregate demand comprising consumption, investment, government spending (consumption spending and capital spending), export, and import are used to estimate their relationship by using the Vector Error Correction Mechanism. The study found no effect of government capital spending on either the private consumption or the growth of GDP while the government consumption spending has negative effect on the growth of GDP.

Keywords: Complementary effect, government capital spending, government consumption spending, private consumption on food, nonfood, and services, substitution effect, vector error correction mechanism.

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Authors: Qiong Huang, Satish Chand

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This paper uses a primary data from 670 Chinese manufacturing firms, together with the newly introduced regressionbased inequality decomposition method, to study the effect of openness on wage inequality. We find that openness leads to a positive industry wage premium, but its contribution to firm-level wage inequality is relatively small, only 4.69%. The major contributor to wage inequality is human capital, which could explain 14.3% of wage inequality across sample firms.  

Keywords: Openness, human capital, wage inequality, decomposition; China.

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Authors: H. Florianová, J. Nešleha

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Financial derivatives are considered to be risky investment instruments which could possibly bring another financial crisis. As prevention, European Union and its member states have released new legal acts adjusting this area of law in recent years. There have been several cases in history of capital markets worldwide where it was shown that legislature may affect behavior of subjects on capital markets. In our paper we analyze main events on selected European stock exchanges in order to apply them on three chosen markets - Czech capital market represented by Prague Stock Exchange, German capital market represented by Deutsche Börse and Polish capital market represented by Warsaw Stock Exchange. We follow time series of development of the sum of listed derivatives on these three stock exchanges in order to evaluate popularity of those exchanges. Afterwards we compare newly listed derivatives in relation to the speed of development of these exchanges. We also make a comparison between trends in derivatives and shares development. We explain how a legal regulation may affect situation on capital markets. If the regulation is too strict, potential investors or traders are not willing to undertake it and move to other markets. On the other hand, if the regulation is too vague, trading scandals occur and the market is not reliable from the prospect of potential investors or issuers. We see that making the regulation stricter usually discourages subjects to stay on the market immediately although making the regulation vaguer to interest more subjects is usually much slower process.

Keywords: Capital markets, financial derivatives, investors' behavior, regulation.

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Authors: Jindřiška Šedová, Miloš Šeda

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This paper summarizes and compares approaches to solving the knapsack problem and its known application in capital budgeting. The first approach uses deterministic methods and can be applied to small-size tasks with a single constraint. We can also apply commercial software systems such as the GAMS modelling system. However, because of NP-completeness of the problem, more complex problem instances must be solved by means of heuristic techniques to achieve an approximation of the exact solution in a reasonable amount of time. We show the problem representation and parameter settings for a genetic algorithm framework.

Keywords: Capital budgeting, knapsack problem, GAMS, heuristic method, genetic algorithm.

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Authors: E. Heikkilä

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The paper discusses European Lifelong Learning policy in the European enlargement to the Balkan. The European Lifelong Learning policy with Human Capital approach is researched in the country case of Macedonia. The paper argues that Human Capital approach focusing on instrumental and economic importance of learning for employability and economic growth needs to be complemented with Capability Approach for intrinsic and noneconomic needs of learning among the ethnic minorities. The paper identifies two dimensions of importance – minority languages and civic education – that the Capability Approach may develop to guarantee equal opportunities to all to benefit from European educational and lifelong learning development and to build an inclusive and socially just democracy in Macedonia.

Keywords: Capability approach, European lifelong learning, human capital theory.

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Authors: Nabil M. Muhaisen, Rajab Abdullah Hokoma

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This paper is concerned with calculating boiler efficiency as one of the most important types of performance measurements in any steam power plant. That has a key role in determining the overall effectiveness of the whole system within the power station. For this calculation, a Visual-Basic program was developed, and a steam power plant known as El-Khmus power plant, Libya was selected as a case study. The calculation of the boiler efficiency was applied by using heating balance method. The findings showed how the maximum heat energy which produced from the boiler increases the boiler efficiency through increasing the temperature of the feed water, and decreasing the exhaust temperature along with humidity levels of the of fuel used within the boiler.

Keywords: Boiler, Calculation, Efficiency, Performance. Steam

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Authors: A. Vinay, Mary Josephine, Shreesha. S. Rao, Dhande Kranthi Kumar, J. Nandini

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This paper looks at the development of Fisheries education in Karnataka and the supply of skilled human capital to the sector. The study tries to analyse their job occupancy patterns, Compound Growth Rate (CGR) and forecasts the fisheries graduates supply using the Holt method. In Karnataka, fisheries are one of the neglected allied sectors of agriculture in spite of having enormous scope and potential to contribute to the State's agriculture GDP. The State Government has been negligent in absorbing skilled human capital for the development of fisheries, as there are so many vacant positions in both education institutes, as well as the State fisheries department. CGR and forecasting of fisheries graduates shows a positive growth rate and increasing trend, from which we can understand that by proper utilization of skilled human capital can bring development in the fisheries sector of Karnataka.

Keywords: Compound growth rate, fisheries education, Holt method, skilled human capital.

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Authors: Ģirts Brasliņš, Ilja Arefjevs, Nadežda Tarakanova

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The objective of countercyclical capital buffer is to encourage banks to build up buffers in good times that can be drawn down in bad times. The aim of the report is to assess such decisions by banks derived from three approaches. The approaches are the aggregate credit-to-GDP ratio, credit growth as well as banking sector profits. The approaches are implemented for Estonia, Latvia and Lithuania for the time period 2000-2012. The report compares three approaches and analyses their relevance to the Baltic States by testing the correlation between a growth in studied variables and a growth of corresponding gaps. Methods used in the empirical part of the report are econometric analysis as well as economic analysis, development indicators, relative and absolute indicators and other methods. The research outcome is a cross-Baltic comparison of two alternative approaches to establish or release a countercyclical capital buffer by banks and their implications for each Baltic country.

Keywords: Basel III, countercyclical capital buffer, banks, credit growth, Baltic States.

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Authors: Jerome V. Cleofas

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Cyberspace has become a more viable arena for budding artists to share musical acts through digital forms. The increasing relevance of online communities has attracted scholars from various fields demonstrating its influence on social capital. This paper extends this understanding of social capital among Filipino music artists belonging to the SoundCloud Philippines Facebook Group. The study makes use of various qualitative data obtained from key-informant interviews and participant observation of online and physical encounters, analyzed using the case study approach. Soundcloud Philippines has over seven-hundred members and is composed of Filipino singers, instrumentalists, composers, arrangers, producers, multimedia artists and event managers. Group interactions are a mix of online encounters based on Facebook and SoundCloud and physical encounters through meet-ups and events. Benefits reaped from the community are informational, technical, instrumental, promotional, motivational and social support. Under the guidance of online group administrators, collaborative activities such as music productions, concerts and events transpire. Most conflicts and problems arising are resolved peacefully. Social capital in SoundCloud Philippines is mobilized through recognition, respect and reciprocity.

Keywords: Facebook, music artists, online communities, social capital.

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Authors: Jing-Gang Xie

Abstract:

Scientists are making attempts to solve proton radius puzzle. In this paper, the calculated value matches the experiment observation within 0.1%, compared to those obtained from CODATA, and muonic hydrogen scattering experiments of 4%. The calculation is made based on the assumption that the muonic hydrogen system has (Ep – Eµ) energy state (or frequency mix state of n_p –n_µ), which interacts resonantly with the incoming photon of energy 206.2949(32) meV. A similar calculation is also made for muonic deuterium 2S-2P transition experiment with an accuracy of 1% from the experimental observation. The paper has also explored the theoretical as well as experimentation advancements that have led towards the development of results with lesser deviations.

Keywords: 2s-2p transition, muonic hydrogen, proton radius, scattering experiment, photon, quantum, Lamb shift.

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Authors: Milan Rippel, Pert Teplý

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Operational risk has become one of the most discussed topics in the financial industry in the recent years. The reasons for this attention can be attributed to higher investments in information systems and technology, the increasing wave of mergers and acquisitions and emergence of new financial instruments. In addition, the New Basel Capital Accord (known as Basel II) demands a capital requirement for operational risk and further motivates financial institutions to more precisely measure and manage this type of risk. The aim of this paper is to shed light on main characteristics of operational risk management and common applied methods: scenario analysis, key risk indicators, risk control self assessment and loss distribution approach.

Keywords: Operational risk, economic capital, key risk indicators, loss distribution approach.

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Authors: Hsiu-Hua Cheng

Abstract:

This study analyzed the creativity of student teams participating in an exploratory information system development project (ISDP) and examined antecedents of their creativity. By using partial least squares (PLS) to analyze a sample of thirty-six teams enrolled in an information system department project training course that required three semesters of project-based lessons, the results found social capitals (structural, relational and cognitive social capital) positively influence knowledge integration. However, relational social capital does not significantly influence knowledge integration. Knowledge integration positively affects team creativity. This study also demonstrated that social capitals significantly influence team creativity through knowledge integration. The implications of our findings for future research are discussed.

Keywords: Information system development project (ISDP), Social capital, Knowledge integration, Team creativity.

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Authors: Akitoshi Uchida, Kazuo Mori

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This study examines whether contrived success on a task closely related to school subjects would promote students- self-efficacy. In our previous study, junior high school students who experienced contrived success on anagram tasks raised their sense of self-efficacy and kept it high for a year.We tried to replicate that study, substituting calculation tasks for the anagrams. One hundred eighteen junior high school students participated in this study, 18 of whom were surreptitiously given easier tasks than their classmates. Those students with easier tasks outperformed their peers and thereby raised their sense of self-efficacy. However, elevated self-efficacy did not persist, falling to the starting level after only three months.

Keywords: self-efficacy, contrived success, junior high schoolstudents, calculation tasks

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