Search results for: Eurasian Economic Community

Authors: Gabriel Jinga, Madalina Dumitru

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The objective of this paper is to present the process of change in management accounting in Romania, a former communist country from Eastern Europe. In order to explain this process, we used the contingency and institutional theories. We focused on the following directions: the presentation of the scientific context and motivation of this research and the case study. We presented the state of the art in the process of change in the management accounting from the international and national perspective. We also described the evolution of management accounting in Romania in the context of economic and political changes. An important moment was the fall of communism in 1989. This represents a starting point for a new economic environment and for new management accounting. Accordingly, we developed a case study which presented this evolution. The conclusion of our research was that the changes in the management accounting system of the company analysed occurred in the same time with the institutionalisation of some elements (e.g. degree of competition, training and competencies in management accounting). The management accounting system was modelled by the contingencies specific to this company (e.g. environment, industry, strategy).

Keywords: Management accounting, change, Romania, contingency and institutional theory.

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Authors: Leila Batmany

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This research studies the relationship between the feeling of distributive justice and national identity of the youth. The present analysis intends to experimentally investigate the various dimensions of the justice feeling and its effect on the national identity components. The study has taken justice into consideration from four different points of view on the basis of availability of valuable social sources such as power, wealth, knowledge and status in the political, economic, and cultural and status justice respectively. Furthermore, the national identity has been considered as the feeling of honour, attachment and commitment towards national society and its seven components i.e. history, language, culture, political system, religion, geographical territory and society. The 'field study' has been used as the method for the research with the individual as unit, taking 368 young between the age of 18 and 29 living in Tehran, chosen randomly according to Cochran formula. The individual samples have been randomly chosen among five districts in north, south, west, east, and centre of Tehran, based on the multistage cluster sampling. The data collection has been performed with the use of questionnaire and interview. The most important results are as follows: i) The feeling of economic justice is the weakest one among the youth. ii) The strongest and the weakest dimensions of the national identity are, respectively, the historical and the social dimension. iii) There is a positive and meaningful relationship between the feeling political and statues justice and then national identity, whereas no meaningful relationship exists between the economic and cultural justice and the national identity. iv) There is a positive and meaningful relationship between the feeling of justice in all dimensions and legitimacy of the political system. There is also such a relationship between the legitimacy of the political system and national identity. v) Generally, there is a positive and meaningful relationship between the feeling of distributive justice and national identity among the youth. vi) It is through the legitimacy of the political system that justice feeling can have an influence on the national identity.

Keywords: Distributive justice, national identity, legitimacy of political system, Cochran formula, multistage cluster sampling.

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Authors: Christina Van Wingerden

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This paper focuses on a sense of belonging, isolation, and the use of a learning management system as a “third space” for connection and community. Given student use of learning management systems (LMS) for courses on campuses, moderate to high use of social media and hand-held devices, the author explores the possibilities of LMS as a third space. The COVID-19 pandemic has exacerbated student experiences of isolation, and research indicates that students who experience a sense of belonging have a greater likelihood for academic retention and success. The impacts on students of an LMS designed for student employee orientation and training were examined through a mixed methods approach, including a survey, individual interviews, and focus groups. The sample involved 250-450 undergraduate student employees at a US northwestern university. The goal of the study was to find out the efficiency and effectiveness of the orientation information for a wide range of student employees from multiple student affairs departments. And unexpected finding emerged within the study in 2015 and was noted again as a finding in the 2017 study. Students reported feeling like they individually connected to the department, and further to the university because of the LMS orientation. They stated they could see themselves as part of the university community and like they belonged. The orientation, through the LMS, was designed for and occurred online (asynchronous), prior to students traveling and beginning university life for the academic year. The students indicated connection and belonging resulting from some of the design features. With the onset of COVID-19 and prolonged sheltering in place in North America, as well as other parts of the world, students have been precluded from physically gathering to educate and learn. COVID-19 essentially paused face-to-face education in 2020. Media, governments, and higher education outlets have been reporting on widespread college student stress, isolation, loneliness, and sadness. In this context, the author conducted a current mixed methods study (online survey, online interviews) of students in advanced degree programs, like Ph.D. and Ed.D. specifically investigating isolation and sense of belonging. As a part of the study a prototype of a Canvas site was experienced by student interviewees for their reaction of this Canvas site prototype as a “third” space. Some preliminary findings of this study are presented. Doctoral students in the study affirmed the potential of LMS as a third space for community and social academic connection.

Keywords: COVID-19, learning management systems, sense of belonging, third space.

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Authors: Phayong Thepaksorn

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The objective of this study was to assess whether living in proximity to a roofing fiber cement factory in southern Thailand was associated with physical, mental, social, and spiritual health domains measured in a self-reported health risk assessment (HRA) questionnaire. A cross-sectional study was conducted among community members divided into two groups: near population (living within 0-2km of factory) and far population (living within 2-5km of factory) (N=198). A greater proportion of those living far from the factory (65.34%) reported physical health problems than the near group (51.04%) (p =0.032). This study has demonstrated that the near population group had higher proportion of participants with positive ratings on mental assessment (30.34%) and social health impacts (28.42%) than far population group (10.59% and 16.67%, respectively) (p <0.001). The near population group (29.79%) had similar proportion of participants with positive ratings in spiritual health impacts compared with far population group (27.08%). Among females, but not males, this study demonstrated that a higher proportion of the near population had a positive summative score for the self-HRA, which included all four health domain, compared to the far population (p<0.001 for females; p = 0.154 for males). In conclusion, this self-HRA of physical, mental, social, and spiritual health domains reflected the risk perceptions of populations living in the vicinity of the roofing fiber cement factory. This type of tool can bring attention to population concerns and complaints in the factory’s surrounding community. Our findings may contribute to future development of self-HRA for HIA development procedure in Thailand.

Keywords: Cement dust, health impact assessment, risk assessment, walk-though survey.

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Authors: Y. Egercioglu, S. Yalciner

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With the development of technology, the growing trend of fast and safe passenger transport, air pollution, traffic congestion, increase in problems such as the increasing population and the high cost of private vehicle usage made many cities around the world with a population of more or less, start to build rail systems as a means of urban transport in order to ensure the economic and environmental sustainability and more efficient use of land in the city. The implementation phase of rail systems costs much more than other public transport systems. However, social and economic returns in the long term made these systems the most popular investment tool for planned and developing cities. In our country, the purpose, goals and policies of transportation plans are away from integrity, and the problems are not clearly detected. Also, not defined and incomplete assessment of transportation systems and insufficient financial analysis are the most important cause of failure. Rail systems and other transportation systems to be addressed as a whole is seen as the main factor in increasing efficiency in applications that are not integrated yet in our country to come to this point has led to the problem.

Keywords: Urban Transportation Projects, Urban Light Rail Systems, Urbanization, Izmir.

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Authors: Javier Parra-Domínguez, Juan Manuel Corchado

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At present, public efficiency is a concept that intends to maximize return on public investment focus on minimizing the use of resources and maximizing the outputs. The concept takes into account statistical criteria drawn up according to techniques such as DEA (Data Envelopment Analysis). The purpose of the current work is to consider, more precisely, the theoretical application of CBR (Case-Based Reasoning) from economics and computer science, as a preliminary step to improving the efficiency of law enforcement agencies (public sector). With the aim of increasing the efficiency of the public sector, we have entered into a phase whose main objective is the implementation of new technologies. Our main conclusion is that the application of computer techniques, such as CBR, has become key to the efficiency of the public sector, which continues to require economic valuation based on methodologies such as DEA. As a theoretical result and conclusion, the incorporation of CBR systems will reduce the number of inputs and increase, theoretically, the number of outputs generated based on previous computer knowledge.

Keywords: Case-based reasoning, knowledge, police, public efficiency.

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Authors: Dewi Liesnoor Setyowati, Puji Hardati, Tri Marhaeni Puji Astuti, Muhammad Amin

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Universitas Negeri Semarang (UNNES) is a university with a vision of conservation. The impact of the UNNES conservation is the existence of a positive response from the community for the effort of greening the campus and the planting of conservation value in the academic community. But in reality,  energy consumption in UNNES campus tends to increase. The objectives of the study were to analyze the energy consumption in the campus area, to analyze the absorption of emissions by trees and the awareness of UNNES citizens in reducing emissions. Research focuses on energy consumption, carbon emissions, and awareness of citizens in reducing emissions. Research subjects in this study are UNNES citizens (lecturers, students and employees). The research area covers 6 faculties and one administrative center building. Data collection is done by observation, interview and documentation. The research used a quantitative descriptive method to analyze the data. The number of trees in UNNES is 10,264. Total emission on campus UNNES is 7.862.281.56 kg/year, the tree absorption is 6,289,250.38 kg/year. In UNNES campus area there are still 1,575,031.18 kg/year of emissions, not yet absorbed by trees. There are only two areas of the faculty whose trees are capable of absorbing emissions. The awareness of UNNES citizens in reducing energy consumption is seen in change the habit of: using energy-saving equipment (65%); reduce energy consumption per unit (68%); do energy literacy for UNNES citizens (74%). UNNES leaders always provide motivation to the citizens of UNNES, to reduce and change patterns of energy consumption.

Keywords: Energy consumption, carbon emission absorption, emission reduction, energy literation.

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Authors: Jazaul Ikhsan, Masaharu Fujita

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Safety, river environment, and sediment utilization are the elements of the target of sediment management. As a change in an element by sediment management, may affect the other two elements, and the priority among three elements depends on stakeholders. It is necessary to develop a method to evaluate the effect of sediment management on each element and an integrated evaluation method for socio-economic effect. In this study, taking Mount Merapi basin as an investigation field, the method for an active volcanic basin was developed. An integrated evaluation method for sediment management was discussed from a socio-economic point on safety, environment, and sediment utilization and a case study of sediment management was evaluated by means of this method. To evaluate the effect of sediment management, some parameters on safety, utilization, and environment have been introduced. From a utilization point of view, job opportunity, additional income of local people, and tax income to local government were used to evaluate the effectiveness of sediment management. The risk degree of river infrastructure was used to describe the effect of sediment management on a safety aspect. To evaluate the effects of sediment management on environment, the mean diameter of grain size distribution of riverbed surface was used. On the coordinate system designating these elements, the direction of change in basin condition by sediment management can be predicted, so that the most preferable sediment management can be decided. The results indicate that the cases of sediment management tend to give the negative impacts on sediment utilization. However, these sediment managements will give positive impacts on safety and environment condition. Evaluation result from a social-economic point of view shows that the case study of sediment management reduces job opportunity and additional income for inhabitants as well as tax income for government. Therefore, it is necessary to make another policy for creating job opportunity for inhabitants to support these sediment managements.

Keywords: Merapi, sediment, management, evaluation

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Authors: Farnaz Amin Salehi, David Edward.Cotton, Mohammad Ali Abdoli, Kambiz Rezapour

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The daily increase of organic waste materials resulting from different activities in the country is one of the main factors for the pollution of environment. Today, with regard to the low level of the output of using traditional methods, the high cost of disposal waste materials and environmental pollutions, the use of modern methods such as anaerobic digestion for the production of biogas has been prevailing. The collected biogas from the process of anaerobic digestion, as a renewable energy source similar to natural gas but with a less methane and heating value is usable. Today, with the help of technologies of filtration and proper preparation, access to biogas with features fully similar to natural gas has become possible. At present biogas is one of the main sources of supplying electrical and thermal energy and also an appropriate option to be used in four stroke engine, diesel engine, sterling engine, gas turbine, gas micro turbine and fuel cell to produce electricity. The use of biogas for different reasons which returns to socio-economic and environmental advantages has been noticed in CHP for the production of energy in the world. The production of biogas from the technology of anaerobic digestion and its application in CHP power plants in Iran can not only supply part of the energy demands in the country, but it can materialize moving in line with the sustainable development. In this article, the necessity of the development of CHP plants with biogas fuels in the country will be dealt based on studies performed from the economic, environmental and social aspects. Also to prove the importance of the establishment of these kinds of power plants from the economic point of view, necessary calculations has been done as a case study for a CHP power plant with a biogas fuel.

Keywords: Anaerobic Digestion, Biogas, CHP, Organic Wastes

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Authors: Lawrence Gumbe

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This paper concludes that, for economic development, and to ensure survival, Kenya and similar countries must industrialize their economy and mechanize their agriculture using modern large scale methods.

Keywords: Agriculture, mechanazation, transformation, industrialization.

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Authors: Sum Lau, Wing Chung Cleo Lau, Wing Yan Chu, Long Ching Ip, Wan Yin Lo, Jo Long Sam Yau, Ka Ho Hui, Sze Yi Mak

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Biomedical engineering (BME) is an interdisciplinary subject where knowledge about biology and medicine is applied to novel applications, solving clinical problems. This subject is crucial for cities such as Hong Kong where the burden on the medical system is rising due to reasons like ageing population. Hong Kong, who is actively boosting technological advancements in recent years, sets BME, or biotechnology as a major category, as reflected in the 2018-19 Budget where biotechnology was one of the four pillars for development. Over the years, while resources in terms of money and space have been provided, there has been a lack of talents, expressed by both the academia and industry. While exogenous factors, such as COVID-19, may have hindered talents from outside Hong Kong to come, endogenous factors should also be considered. In particular, since there are already a few local universities offering BME programmes, their curriculum or style of education requires to be reviewed to intensify the network of the BME community and support post-academic career development. It was observed that while undergraduate (UG) studies focus on knowledge teaching with some technical training and postgraduate (PG) programmes concentrate on upstream research, the programmes are generally confined to the academic sector and lack connections to the industry. In light of that, a “Biomedical Innovation and Outreach Programme 2022” (“B.I.O.2022”) was held to connect students and professors from academia with clinicians and engineers from the industry, serving as a comparative approach to conventional education methods (UG and PG programmes from tertiary institutions). Over 100 participants, including undergraduates, postgraduates, secondary school students, researchers, engineers, and clinicians, took part in various outreach events such as conference and site visits, all held from June to July 2022. As a case study, this programme aimed to tackle the aforementioned problems with the theme of “4Cs” (connection, communication, collaboration, and commercialisation). The effectiveness of the programme is investigated by its ability to serve as adult and continuing education, and the effectiveness of causing social change to tackle current societal challenges, with the focus on tackling the lack of talents engaging in BME. In this study, B.I.O. 2022 is found to be able to complement the traditional educational methods, particularly in terms of knowledge exchange between the academia and the industry. With enhanced communications between participants from different career stages, there were students who followed up to visit or even work with the professionals after the programme. Furthermore, connections between the academia and industry could foster the generation of new knowledge, which ultimately pointed to commercialisation, adding value to the BME industry while filling the gap in terms of human resources. With the continuation of events like B.I.O. 2022, it provides a promising starting point for development and relationship strengthening of a BME community in Hong Kong, and shows potential as an alternative way of adult education or learning with societal benefits.

Keywords: Biomedical engineering, adult education, social change, comparative methods, lifelong learning, innovation, professional community.

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Authors: Thea Freese

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Environmental legislation to protect North and Baltic Sea areas from harmful vessel-source emissions has received increased political attention in recent years. Legislative measures are expected to show positive effects on the health of the marine environment and society. At the same time, compliance might increase the costs to industry and have effects on freight rates and volumes shipped with potential negative repercussions on the environment. Building on an exploratory sequential mixed methods approach, this research project will study the economic effects of maritime environmental legislation in two phases. In Phase I, exploratory in-depth interviews were conducted with 12 experts from various stakeholder groups aiming at identifying variables influencing the relationship between environmental legislation, freight rates and volumes shipped. Influencing factors like compliance, enforcement and modal shift were identified and studied. Phase II will comprise of a quantitative study conducted with the aim of verifying the theory build in Phase I and quantifying economic effects of rules on shipping pollution. Research in this field might inform policy-makers about determinants of behaviour of ship operators in the face of the law and might further the development of a comprehensive legal system for marine environmental protection. At the present stage of research, first tentative results from the qualitative phase may be examined and open research questions to be addressed in the quantitative phase as well as possible research designs for phase II may be discussed. Input from other researchers will be highly valuable at this point.

Keywords: Clean shipping operations, compliance, maritime environmental legislation, maritime law and economics, mixed methods research, North and Baltic Sea area.

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Authors: Oluyemi O. Awolusi, Abimbola M. Enitan, Sheena Kumari, Faizal Bux

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Nitrification is essential to biological processes designed to remove ammonia and/or total nitrogen. It removes excess nitrogenous compound in wastewater which could be very toxic to the aquatic fauna or cause serious imbalance of such aquatic ecosystem. Efficient nitrification is linked to an in-depth knowledge of the structure and dynamics of the nitrifying community structure within the wastewater treatment systems. In this study, molecular technique was employed for characterizing the microbial structure of activated sludge [ammonia oxidizing bacteria (AOB) and nitrite oxidizing bacteria (NOB)] in a municipal wastewater treatment with intention of linking it to the plant efficiency. PCR based phylogenetic analysis was also carried out. The average operating and environmental parameters as well as specific nitrification rate of plant was investigated during the study. During the investigation the average temperature was 23±1.5oC. Other operational parameters such as mixed liquor suspended solids and chemical oxygen demand inversely correlated with ammonia removal. The dissolved oxygen level in the plant was constantly lower than the optimum (between 0.24 and 1.267 mg/l) during this study. The plant was treating wastewater with influent ammonia concentration of 31.69 and 24.47 mg/L. The influent flow rates (ML/Day) was 96.81 during period. The dominant nitrifiers include: Nitrosomonas spp. Nitrobacter spp. and Nitrospira spp. The AOB had correlation with nitrification efficiency and temperature. This study shows that the specific ammonia oxidizing rate and the specific nitrate formation rates can serve as good indicator of the plant overall nitrification performance.

Keywords: Ammonia monooxygenase α-subunit (amoA) gene, ammonia-oxidizing bacteria (AOB), nitrite-oxidizing bacteria (NOB), specific nitrification rate, PCR.

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Authors: S. Ahmed Sinthia

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Dhaka, the capital city of Bangladesh, is one of the densely populated cities in the world. Due to rapid urbanization 60% of its population lives in slum and squatter settlements. The reason behind this poverty is low economic growth, inequitable distribution of income, unequal distribution of productive assets, unemployment and underemployment, high rate of population growth, low level of human resource development, natural disasters, and limited access to public services. Along with poverty, creating pressure on urban land, shelter, plots, open spaces this creates environmental and ecological degradation. These constraints are mostly resulted from the failures of the government policies and measures and only Government can solve this problem. This is now prime time to establish planning and environmental management policy and sustainable urban development for the city and for the urban slum dwellers which are free from eviction, criminals, rent seekers and other miscreants.

Keywords: Economic and resource constraints, environmental degradation and management, government policy, land management and policy, sustainable development.

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Authors: R. G. Ariyawansa, M. A. N. R. M. Perera

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“House” is a powerful symbol of socio-economic background of individuals and families. In fact, housing provides all types of needs/wants from basic needs to self-actualization needs. This phenomenon can be realized only having analyzed hidden motives of buyers and sellers of the housing market. Hence, the aim of this study is to examine the socio-economic insight of the secondary housing market in Colombo suburbs. This broader aim was achieved via analyzing the general pattern of the secondary housing market, identifying socio-economic motives of sellers of the secondary housing market, and reviewing sellers’ experience of buyer behavior. A purposive sample of 50 sellers from popular residential areas in Colombo such as Maharagama, Kottawa, Piliyandala, Punnipitiya, and Nugegoda was used to collect primary data instead of relevant secondary data from published and unpublished reports. The sample was limited to selling price ranging from Rs15 million to Rs25 million, which apparently falls into middle and upper-middle income houses in the context. Participatory observation and semi-structured interviews were adopted as key data collection tools. Data were descriptively analyzed. This study found that the market is mainly handled by informal agents who are unqualified and unorganized. People such as taxi/tree-wheel drivers, boutique venders, security personals etc. are engaged in housing brokerage as a part time career. Few fulltime and formally organized agents were found but they were also not professionally qualified. As far as housing quality is concerned, it was observed that 90% of houses was poorly maintained and illegally modified. They are situated in poorly maintained neighborhoods as well. Among the observed houses, 2% was moderately maintained and 8% was well maintained and modified. Major socio-economic motives of sellers were “migrating foreign countries for education and employment” (80% and 10% respectively), “family problems” (4%), and “social status” (3%). Other motives were “health” and “environmental/neighborhood problems” (3%). This study further noted that the secondary middle income housing market in the area directly related with the migrants who motivated for education in foreign countries, mainly Australia, UK and USA. As per the literature, families motivated for education tend to migrate Colombo suburbs from remote areas of the country. They are seeking temporary accommodation in lower middle income housing. However, the secondary middle income housing market relates with the migration from Colombo to major global cities. Therefore, final transaction price of this market may depend on migration related dates such as university deadlines, visa and other agreements. Hence, it creates a buyers’ market lowering the selling price. Also it was revealed that the buyers tend to trust more on this market as far as the quality of construction of houses is concerned than brand new houses which are built for selling purpose.

Keywords: Informal housing market, hidden motives of buyers and sellers, secondary housing market, socio-economic insight.

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Authors: W. A. Pamungkas, R. B. Setyawati, A. F. Rifai, C. P. Setiawan, A. W. Budiman, Inayati, J. Waluyo, S. H. Pranolo

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The increase in LPG consumption in Indonesia is not balanced with the amount of supply. The high demand for LPG due to the success of the government's kerosene-to-LPG conversion program and the COVID-19 pandemic in 2020 led to an increase in LPG consumption in the household sector and caused Indonesia's trade balance to experience a deficit. The high consumption of LPG encourages the need for alternative fuels which aims to substitute LPG. Dimethyl Ether (DME) is an organic compound with the chemical formula CH3OCH3, has a high cetane number and has characteristics similar to LPG. DME can be produced from various sources such as coal, biomass and natural gas. Based on the economic analysis conducted at 10% Internal Rate of Return (IRR), coal has the largest Net Present Value (NPV) of Rp. 20,034,837,497,241 with a payback period of 3.86 years, then biomass with an NPV of Rp. 10,401,526,072,850 and payback period of 5.16. The latter is natural gas with an NPV of IDR 7,401,272,559,191 and a payback period of 6.17 years. Of the three sources of raw materials used, if the sensitivity is calculated using the selling price of DME equal to the selling price of LPG, it will get an NPV value that is greater than the NPV value when using the current DME price. The advantages of coal as a raw material for DME are profitableness, low price and abundant resources, but it has high greenhouse gas emission.

Keywords: LPG, DME, coal, biomass, natural gas.

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Authors: Yongsheng Guo, Xiaoxian Zhu, Mandella Osei-Assibey Bonsu

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This study explores the effects of national culture on consumer behaviour by identifying the characteristics of Chinese consumers’ decision making in Europe. It offers a better understanding of how cultural factors affect consumers’ behaviour, and how consumers make decisions in other nations with different culture. It adopted a grounded theory approach and conducted 24 in-depth interviews. Grounded theory models are developed to link the causal conditions, process, and consequences. Results reveal that some cultural factors including conservatism, emotionality, acquaintance community, long-term orientation and principles affect Chinese consumers when making purchase decisions in Europe. Most Chinese consumers plan and prepare their expenditure and stay in Europe as cultural learners, and purchase durable products or assets as investment, and share their experiences within a community. This study identified potential problems such as political and social environment, complex procedures, and restrictions. This study found that external factors influence internal factors and then internal characters determine consumer behaviour. This study proposes that cultural traits developed in convergence evolution through social selection and Chinese consumers persist most characters but adapt some perceptions and actions overtime in other countries. This study suggests that cultural marketing could be adopted by companies to reflect consumers’ preferences. Agencies, shops, and the authorities could take actions to reduce the complexity and restrictions.

Keywords: National culture, consumer behaviour, cultural marketing, decision making.

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Authors: S. T. Tan, H. Hashim, W. S. Ho, C. T. Lee

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Rapid economic development and population growth in Malaysia had accelerated the generation of solid waste. This issue gives pressure for effective management of municipal solid waste (MSW) to take place in Malaysia due to the increased cost of landfill. This paper discusses optimal planning of waste-to-energy (WTE) using a combinatorial simulation and optimization model through mixed integer linear programming (MILP) approach. The proposed multi-period model is tested in Iskandar Malaysia (IM) as case study for a period of 12 years (2011 -2025) to illustrate the economic potential and tradeoffs involved in this study. In this paper, 3 scenarios have been used to demonstrate the applicability of the model: (1) Incineration scenario (2) Landfill scenario (3) Optimal scenario. The model revealed that the minimum cost of electricity generation from 9,995,855 tonnes of MSW is estimated as USD 387million with a total electricity generation of 50MW /yr in the optimal scenario.

Keywords: Mixed Integer Linear Programming (MILP), optimization, solid waste management (SWM), Waste-to-energy (WTE).

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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: Ahaskar Pandey, Gaurav Mukherjee, Sushil Kumar

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The ever growing sentiment of environmentalism across the globe has made many people think on the green lines. But most of such ideas halt short of implementation because of the short term economic viability issues with the concept of going green. In this paper we have tried to amalgamate the green concept with social entrepreneurship for solving a variety of issues faced by the society today. In addition the paper also tries to ensure that the short term economic viability does not act as a deterrent. The paper comes up three sustainable models of social entrepreneurship which tackle a wide assortment of issues such as nutrition problem, land problems, pollution problems and employment problems. The models described fall under the following heads: - Spirulina cultivation: The model addresses nutrition, land and employment issues. It deals with cultivation of a blue green alga called Spirulina which can be used as a very nutritious food. Also, the implementation of this model would bring forth employment to the poor people of the area. - Biocomposites: The model comes up with various avenues in which biocomposites can be used in an economically sustainable manner. This model deals with the environmental concerns and addresses the depletion of natural resources. - Packaging material from empty fruit bunches (EFB) of oil palm: This one deals with air and land pollution. It is intended to be a substitute for packaging materials made from Styrofoam and plastics which are non-biodegradable. It takes care of the biodegradability and land pollution issues. It also reduces air pollution as the empty fruit bunches are not incinerated. All the three models are sustainable and do not deplete the natural resources any further. This paper explains each of the models in detail and deals with the operational/manufacturing procedures and cost analysis while also throwing light on the benefits derived and sustainability aspects.

Keywords: Biodegradable, Pollution, Social entrepreneurship, Sustainability.

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Authors: Ritvik Chauhan, Vijay Kumar Baraik

Abstract:

Women are most vulnerable to crime despite occupying central position in shaping a society as the first teacher of children. In India too, having equal rights and constitutional safeguards, the incidences of crime against them are large and grave. In this context of crime against women, especially rape has been increasing over time. This paper explores the spatial and temporal aspects of crime against women in India with special reference to rape. It also examines the crime against women with its spatial, socio-economic and demographic associates using related data obtained from the National Crime Records Bureau India, Indian Census and other government sources of the Government of India. The simple statistical, choropleth mapping and other cartographic representation methods have been used to see the crime rates, spatio-temporal patterns of crime, and association of crime with its correlates.  The major findings are visible spatial variations across the country and are also in the rising trends in terms of incidence and rates over the reference period. The study also indicates that the geographical associations are somewhat observed. However, selected indicators of socio-economic factors seem to have no significant bearing on crime against women at this level.

Keywords: Crime against women, crime mapping, trend analysis.

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Authors: Milan Rippel, Petr Teply

Abstract:

This paper focuses on operational risk measurement techniques and on economic capital estimation methods. A data sample of operational losses provided by an anonymous Central European bank is analyzed using several approaches. Loss Distribution Approach and scenario analysis method are considered. Custom plausible loss events defined in a particular scenario are merged with the original data sample and their impact on capital estimates and on the financial institution is evaluated. Two main questions are assessed – What is the most appropriate statistical method to measure and model operational loss data distribution? and What is the impact of hypothetical plausible events on the financial institution? The g&h distribution was evaluated to be the most suitable one for operational risk modeling. The method based on the combination of historical loss events modeling and scenario analysis provides reasonable capital estimates and allows for the measurement of the impact of extreme events on banking operations.

Keywords: operational risk, scenario analysis, economic capital, loss distribution approach, extreme value theory, stress testing

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Authors: Raziah Bi Mohamed Sadique, Jamal Roudaki, Murray B. Clark, Norhayati Alias

Abstract:

Economic crime (i.e. corporate fraud) has a significant impact on business. This study analyzes the fraud cases reported by the Malaysian Securities Commission. Frauds involving market manipulation and/or illegal share trading are the most common types of fraud reported over the 6 years analyzed. The highest number of frauds reported involved investment and fund holding companies. Alarmingly the results indicate quite a high number of frauds cases are committed by management. The higher number of Chinese perpetrators may be due to fact that they are the dominant group in Malaysian business. The result also shows that more than half of companies involved with fraud are privately held companies in the investment/fund/finance sector. The results of this study highlight general characteristic of perpetrators (person and company) that commit fraud which could help the regulators in their monitoring and enforcement activities. To investors, this would help in analyzing their business investment or portfolio risk.

Keywords: Corporate fraud, economic crime, fraudcharacteristic, perpetrators

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Authors: Charles Mbohwa, Alexander Mudiwakure

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This paper reviews designs of the built environment from a sustainability perspective, emphasizing their importance in achieving ecological and sustainable economic objectives. The built environment has traditionally resulted in loss of biodiversity, extinction of some species, climate change, excessive water use, land degradation, space depletion, waste accumulation, energy consumption and environmental pollution. Materials used like plastics, metals, bricks, concrete, cement, natural aggregates, glass and plaster have wreaked havoc on the earth´s resources, since they have high levels of embodied energy hence not sustainable. Additional resources are consumed during use and disposal phases. Proposed designs for sustainability solutions include: ecological sanitation and eco-efficiency systems that ensure social, economic, environmental and technical sustainability. Renewable materials and energy systems, passive cooling and heating systems and material and energy reduction, reuse and recycling can improve the sector. These ideas are intended to inform the field of ecological design of the built environment.

Keywords: Ecological and sustainability designs, environmental degradation, ecological sanitation, energy use efficiency.

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Authors: Himanshu Shekhar Maharana, S. K .Dash

Abstract:

Economic Load Dispatch (ELD) proves to be a vital optimization process in electric power system for allocating generation amongst various units to compute the cost of generation, the cost of emission involving global warming gases like sulphur dioxide, nitrous oxide and carbon monoxide etc. In this dissertation, we emphasize ramp rate constriction factor based particle swarm optimization (RRCPSO) for analyzing various performance objectives, namely cost of generation, cost of emission, and a dual objective function involving both these objectives through the experimental simulated results. A 6-unit 30 bus IEEE test case system has been utilized for simulating the results involving improved weight factor advanced ramp rate limit constraints for optimizing total cost of generation and emission. This method increases the tendency of particles to venture into the solution space to ameliorate their convergence rates. Earlier works through dispersed PSO (DPSO) and constriction factor based PSO (CPSO) give rise to comparatively higher computational time and less good optimal solution at par with current dissertation. This paper deals with ramp rate and constriction factor based well defined ramp rate PSO to compute various objectives namely cost, emission and total objective etc. and compares the result with DPSO and weight improved PSO (WIPSO) techniques illustrating lesser computational time and better optimal solution. 

Keywords: Economic load dispatch, constriction factor based particle swarm optimization, dispersed particle swarm optimization, weight improved particle swarm optimization, ramp rate and constriction factor based particle swarm optimization.

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Authors: Nga Phuong Dang, Terje Vasskog, Ashwiny Pandey, Rajnish Kaur Calay

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Diatoms hold great potential for nutraceutical production as they are source of high value products such as eicosapentaenoic acid (EPA) and pigment fucoxanthin. EPA has proven human health benefits, and fucoxanthin can be used as both medicinal and nutritional ingredient to prevent and treat chronic diseases. The economic perspective of commercial production of a single product from microalgae is not attractive due to the high production cost. To improve the economic viability, we explore the concept of combining the production of both EPA and fucoxanthin in a single process. In our current study, we isolated twelve new microalgae isolates from Ofotfjord. Eight of them are diatoms and 4 of them are cyanobacteria and microalgae. Screening the new diatom isolates revealed that two strains are cold-tolerant diatom which can grow at 10 °C. They accumulated significant amount of lipid, which was up to 40-60% of the dried mass. The EPA contents from the two strains ranged from 15-19% of the total fatty acid, while fucoxanthin concentrations were between 1-1.4% of the dried biomass. Comparing with other studied diatom, this is promising result. The two strains hold promise as source for EPA and fucoxanthin production.

Keywords: Microalgae, fucoxanthin, eicosapentaenoic acid, diatom, fatty acid.

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Authors: Siti Raihana Hamzah

Abstract:

This paper elaborates risk shifting in debt financing system as the ultimate cause of the global financial crisis. In contrast, risk sharing in equity financing like sukuk helps the economic system to be better sustained. Nevertheless, some types of sukuk are haunted by the issue of imitation with bonds. The critics on the imitation issue not only have raised doubt on the ability of sukuk to diminish risk shifting behavior but also the ability of this Islamic financial instrument to ensure better future financial stability. Through that, this paper provides discussion on the possibility of sukuk to induce risk shifting and how equity financing may help sukuk to be free from risk shifting. This paper is important in the sense that sukuk receives a significant demand from investors throughout the world. For this instrument to be supportive in the future economic stability, the issue of imitation needs to be identified and addressed. Furthermore, critics cannot be focused on debts and its ability to gauge the financial flux but also to sukuk due to their structures similarity.

Keywords: Global financial crisis, debt, risk-shifting, risk sharing, equity, sukuk, bonds.

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Authors: Badr M. Alshammari, T. Guesmi

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In recent years, the combined economic and emission power dispatch is one of the main problems of electrical power system. It aims to schedule the power generation of generators in order to minimize cost production and emission of harmful gases caused by fossil-fueled thermal units such as CO, CO₂, NO_x, and SO₂. To solve this complicated multi-objective problem, an improved version of the particle swarm optimization technique that includes non-dominated sorting concept has been proposed. Valve point loading effects and system losses have been considered. The three-unit and ten-unit benchmark systems have been used to show the effectiveness of the suggested optimization technique for solving this kind of nonconvex problem. The simulation results have been compared with those obtained using genetic algorithm based method. Comparison results show that the proposed approach can provide a higher quality solution with better performance.

Keywords: Power dispatch, valve point loading effects, multiobjective optimization, Pareto solutions.

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Authors: Kaushal Kumar Jha

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Nagaland, the 16th state of India in order of statehood, is situated between 25° 6' and 27° 4' latitude north and between 93º 20' E and 95º 15' E longitude of equator in the North Eastern part of the India. Endowed with varied topography, soil and agro climatic conditions it is known for its potentiality to grow all most all kinds of horticultural crops. Pineapple being grown since long organically by default is one of the most promising crops of the state with emphasis being laid for commercialization by the government of Nagaland. In light of commercialization, globalization and scope of setting small-scale industries, a research study was undertaken to examine the socio-economic and personal characteristics, entrepreneurial characteristics and attitude of the pineapple growers towards improved package of practices of pineapple cultivation. The study was conducted in Medziphema block of Dimapur district of the Nagaland state of India following ex post facto research design. Ninety pineapple growers were selected from four different villages of Medziphema block based on proportionate random selection procedure. Findings of the study revealed that majority of the respondents had medium level of entrepreneurial characteristics in terms of knowledge level, risk orientation, self confidence, management orientation, farm decision making ability and leadership ability and most of them had favourable attitude towards improved package of practices of pineapple cultivation. The variables age, education, farm size, risk orientation, management orientation and sources of information utilized were found important to influence the attitude of the respondents. The study revealed that favourable attitude and entrepreneurial characteristics of the pineapple cultivators might be harnessed for increased production of pineapple in the state thereby bringing socio economic upliftment of the marginal and small-scale farmers.

Keywords: Attitude, Entrepreneurial characteristics, Pineapple, Socio economic upliftment.

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Authors: Rathnayaka D. D. T., Vidanage P. W., Wasalathilake K. C., Wickramasingha H. W., Wijayarathne U. P. L, Perera S. A. S.

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This paper describes the research carried out to develop a process to increase the NaCl percentage of crude salt which is obtained from the conventional solar evaporation process. In this study refined salt was produced from crude solar salt by a chemico-physical method which consists of coagulation, precipitation and filtration. Initially crude salt crystals were crushed and dissolved in water. Optimum amounts of calcium hydroxide, sodium carbonate and Polyaluminiumchloride (PAC) were added to the solution respectively.

Refined NaCl solution was separated out by a filtration process. The solution was tested for Total Suspended Solids, SO₄^2-, Mg²⁺, Ca²⁺. With optimum dosage of reagents, the results showed that a level of 99.60% NaCl could be achieved. Further this paper discusses the economic viability of the proposed process. A 83% profit margin can be achieved by this process and it is an increase of 112.3% compared to the traditional process.

Keywords: Chemico-physical, Economic, Optimum, Refined, Solar Salt.

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