Search results for: importance index
Commenced in January 2007
Frequency: Monthly
Edition: International
Paper Count: 2260

Search results for: importance index

1510 Systematic Approach for Energy-Supply-Orientated Production Planning

Authors: F. Keller, G. Reinhart

Abstract:

The efficient and economic allocation of resources is one main goal in the field of production planning and control. Nowadays, a new variable gains in importance throughout the planning process: Energy. Energy-efficiency has already been widely discussed in literature, but with a strong focus on reducing the overall amount of energy used in production. This paper provides a brief systematic approach, how energy-supply-orientation can be used for an energy-cost-efficient production planning and thus combining the idea of energy-efficiency and energy-flexibility.

Keywords: Production planning and control, energy, efficiency, flexibility.

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1509 Requirements Management in a Distributed Agile Environment

Authors: Paul Prior, Frank Keenan

Abstract:

The importance of good requirements engineering is well documented. Agile practices, promoting collaboration and communications, facilitate the elicitation and management of volatile requirements. However, current Agile practices work in a well-defined environment. It is necessary to have a co-located customer. With distributed development it is not always possible to realize this co-location. In this environment a suitable process, possibly supported by tools, is required to support changing requirements. This paper introduces the issues of concern when managing requirements in a distributed environment and describes work done at the Software Technology Research Centre as part of the NOMAD project.

Keywords: Agile, Distributed, Requirements Management, XP.

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1508 Evaluating Customer Satisfaction as an Aspect of Quality Management

Authors: Olga V. Krivobokova

Abstract:

A major goal of any enterprise is to create a ratings system of customer satisfaction, goods and services. It is obvious that the company cannot change what is not measured. In order to get a clearer picture of the preferences of the major consumer groups, this stage should be based on extensive research, including a variety of interviews and surveys. It is necessary to know the key benefits, which determine customer satisfaction in the market segment, of the properties of certain goods and services. It is important to estimate the terms of these preferences from the viewpoint of the client. This article discusses the importance of customer satisfaction, and ways of assessing it.

Keywords: Costs, customer, evaluation, organization, producer, quality management, satisfaction.

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1507 Modeling and Simulations of Surface Plasmon Waveguide Structures

Authors: Moussa Hamdan, Abdulati Abdullah

Abstract:

This paper presents an investigation of the fabrication of the optical devices in terms of their characteristics based on the use of the electromagnetic waves. Planar waveguides are used to examine the field modes (bound modes) and the parameters required for this structure. The modifications are conducted on surface plasmons based waveguides. Simple symmetric dielectric slab structure is used and analyzed in terms of transverse electric mode (TE-Mode) and transverse magnetic mode (TM-Mode. The paper presents mathematical and numerical solutions for solving simple symmetric plasmons and provides simulations of surface plasmons for field confinement. Asymmetric TM-mode calculations for dielectric surface plasmons are also provided.

Keywords: Surface plasmons, optical waveguides, semiconductor lasers, refractive index, slab dialectical.

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1506 The Importance of 3D Mesh Generation for Large Eddy Simulation of Gas – Solid Turbulent Flows in a Fluidized Beds

Authors: G. González-Silva, E. M. Matos, W. P. Martignoni, M. Mori

Abstract:

The objective of this work is to show a procedure for mesh generation in a fluidized bed using large eddy simulations (LES) of a filtered two-fluid model. The experimental data were obtained by [1] in a laboratory fluidized bed. Results show that it is possible to use mesh with less cells as compared to RANS turbulence model with granular kinetic theory flow (KTGF). Also, the numerical results validate the experimental data near wall of the bed, which cannot be predicted by RANS.model.

Keywords: LES, Mesh, Gas-Solid, Fluidized bed

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1505 A Review on Impacts of Grid-Connected PV System on Distribution Networks

Authors: Davud Mostafa Tobnaghi

Abstract:

This paper aims to investigate and emphasize the importance of the grid-connected photovoltaic (PV) systems regarding the intermittent nature of renewable generation, and the characterization of PV generation with regard to grid code compliance. The development of Photovoltaic systems and expansion plans relating to the futuristic in worldwide is elaborated. The most important impacts of grid connected photovoltaic systems on distribution networks as well as the Penetration level of PV system was investigated.

Keywords: Grid-connected photovoltaic system, distribution network, penetration levels, power quality.

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1504 Lecture Video Indexing and Retrieval Using Topic Keywords

Authors: B. J. Sandesh, Saurabha Jirgi, S. Vidya, Prakash Eljer, Gowri Srinivasa

Abstract:

In this paper, we propose a framework to help users to search and retrieve the portions in the lecture video of their interest. This is achieved by temporally segmenting and indexing the lecture video using the topic keywords. We use transcribed text from the video and documents relevant to the video topic extracted from the web for this purpose. The keywords for indexing are found by applying the non-negative matrix factorization (NMF) topic modeling techniques on the web documents. Our proposed technique first creates indices on the transcribed documents using the topic keywords, and these are mapped to the video to find the start and end time of the portions of the video for a particular topic. This time information is stored in the index table along with the topic keyword which is used to retrieve the specific portions of the video for the query provided by the users.

Keywords: Video indexing and retrieval, lecture videos, content based video search, multimodal indexing.

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1503 Comprehensive Assessment of Energy Efficiency within the Production Process

Authors: S. Kreitlein, N. Eder, A. Syed-Khaja, J. Franke

Abstract:

The importance of energy efficiency within the production processes increases steadily. For a comprehensive assessment of energy efficiency within the production process, unfortunately no tools exist or have been developed yet. Therefore the Institute for Factory Automation and Production Systems at the Friedrich-Alexander-University Erlangen-Nuremberg has developed two methods with the goal of achieving transparency and a quantitative assessment of energy efficiency namely EEV (Energy Efficiency Value) and EPE (Energetic Process Efficiency). This paper describes the basics and state-of-the-art as well as the developed approaches.

Keywords: Energy efficiency, energy efficiency value, energetic process efficiency, production.

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1502 Relationship between Gender, BMI, and Lifestyle with Bone Mineral Density of Adolescent in Urban Areas

Authors: Ari Istiany

Abstract:

The purpose of this study was to analyze relationship between gender, BMI, and lifestyle with bone mineral density (BMD) of adolescent in urban areas . The place of this study in Jakarta State University, Indonesia. The number of samples involved as many as 200 people, consisting of 100 men and 100 women. BMD was measured using Quantitative Ultrasound Bone Densitometry. While the questionnaire used to collect data on age, gender, and lifestyle (calcium intake, smoking habits, alcohol consumption, tea, coffee, sports, and sun exposure). Mean age of men and women, respectively as much as 20.7 ± 2.18 years and 21 ± 1.61 years. Mean BMD values of men was 1.084 g/cm ² ± 0.11 while women was 0.976 g/cm ² ± 0.10. Men and women with normal BMD respectively as much as 46.7% and 16.7%. Men and women affected by osteopenia respectively as much as 50% and 80%. Men and women affected by osteoporosis respectively as much as 3.3% and 3.3%. Mean BMI of men and women, respectively as much as 21.4 ± 2.07 kg/m2 and 20.9 ± 2.06 kg/m2. Mean lifestyle score of men and women , respectively as much as 71.9 ± 5.84 and 70.1 ± 5.67 (maximum score 100). Based on Spearman and Pearson Correlation test, there were relationship significantly between gender and lifestyle with BMD.

Keywords: Adolescents, Body Mass Index (BMI), Bone Mineral Density (BMD), gender, and lifestyle.

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1501 Modeling Thermo-Photo-Voltaic Selective Emitter Based on a Semi-Transparent Emitter with Integrated Narrow Band-Pass Pre-Filter

Authors: F. Stake

Abstract:

This work is a parametric study combining simple and well known optical theories. These simple theories are arranged to form part of one answer to the question: “Can a semi-transparent Thermo-Photo-Voltaic (TPV) emitter have an optical extinction spectrum so much greater than its optical absorption spectrum that it becomes its own band-pass pre-filter, and if so, how well might it be expected to suppress light of undesired wavelengths?” In the report, hypothetical materials and operating temperatures will be used for comparative analyses only. Thermal emission properties of these hypothetical materials were created using two openly available FORTRAN programs. Results indicate that if using highly transparent materials it may be possible to create a thermal emitter that is its own band-pass pre-filter.

Keywords: Christensen effect, DISORT, index of refraction, scattering.

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1500 An Innovative Approach to the Formulation of Connection Admission Control Problem

Authors: Carlo Bruni, Francesco Delli Priscoli, Giorgio Koch, Ilaria Marchetti

Abstract:

This paper proposes an innovative approach for the Connection Admission Control (CAC) problem. Starting from an abstract network modelling, the CAC problem is formulated in a technology independent fashion allowing the proposed concepts to be applied to any wireless and wired domain. The proposed CAC is decoupled from the other Resource Management procedures, but cooperates with them in order to guarantee the desired QoS requirements. Moreover, it is based on suitable performance measurements which, by using proper predictors, allow to forecast the domain dynamics in the next future. Finally, the proposed CAC control scheme is based on a feedback loop aiming at maximizing a suitable performance index accounting for the domain throughput, whilst respecting a set of constraints accounting for the QoS requirements.

Keywords: Network Management, Quality of Service (QoS) requirements, Optimal Control.

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1499 Demographic Progression in the Zlin Region

Authors: Z. Charvat

Abstract:

This paper considers the Zlin region in terms of the demographic conditions of the region - in particular the residential structure and the educational background of the inhabitants. The paper also considers migration of the population within the Zlin region. Migration is of importance in terms of conservation of the working potential of the region.

Keywords: Demographic structure, migration, inhabitants, residential structure, age structure, learning structure, Zlin region.

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1498 Delay-Dependent H∞ Performance Analysis for Markovian Jump Systems with Time-Varying Delays

Authors: Yucai Ding, Hong Zhu, Shouming Zhong, Yuping Zhang

Abstract:

This paper considers ­H∞ performance for Markovian jump systems with Time-varying delays. The systems under consideration involve disturbance signal, Markovian switching and timevarying delays. By using a new Lyapunov-Krasovskii functional and a convex optimization approach, a delay-dependent stability condition in terms of linear matrix inequality (LMI) is addressed, which guarantee asymptotical stability in mean square and a prescribed ­H∞ performance index for the considered systems. Two numerical examples are given to illustrate the effectiveness and the less conservatism of the proposed main results. All these results are expected to be of use in the study of stochastic systems with time-varying delays.

Keywords: ­H∞ performance, Markovian switching, Delaydependent stability, Linear matrix inequality (LMI)

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1497 Tender Systems and Processes within the Mauritian Construction Industry: Investigating the Predominance of International Firms and the Lack of Absorptive Capacity in Local Firms

Authors: K. Appasamy, P. Paul

Abstract:

Mauritius, a developing small-island-state, is facing a recession which is having a considerable economic impact particularly on its construction sector. Further, the presence of foreign entities, both as companies and workers, within this sector is creating a very competitive environment for local firms. This study investigates the key drivers that allow foreign firms to participate in this sector, in particular looking at the international and local tender processes, and the capacity of local industry to participate. This study also looks at how the current set up may hinder the latter’s involvement. The methodology used included qualitative semi-structured interviews conducted with established foreign companies, local companies, and public bodies. Study findings indicate: there is an adequate availability of professional skills and expertise within the Mauritian construction industry but a lack of skilled labour especially at the operative level; projects awarded to foreign firms are either due to their uniqueness and hence lack of local knowledge, or due to foreign firms having lower tender bids; tendering systems and processes are weak, including monitoring and enforcement, which encourages corruption and favouritism; a high lev el of ignorance of this sector’s characteristics and opportunities exists amongst the local population; local entities are very profit oriented and have short term strategies that discourage long term investment in workforce training and development; but most importantly, stakeholders do not grasp the importance of encouraging youngsters to join this sector, they have no long term vision, and there is a lack of mutual involvement and collaboration between them. Although local industry is highly competent, qualified and experienced, the tendering and procurement systems in Mauritius are not conducive enough to allow for effective strategic planning and an equitable allocation of projects during an economic downturn so that the broadest spread of stakeholders’ benefit. It is of utmost importance that all sector and government entities collaborate to formulate strategies and reforms on tender processes and capacity building to ensure fairness and continuous growth of this sector in Mauritius.

Keywords: Construction industry, tender process, international firms, local capacity, Mauritius.

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1496 Geochemical Assessment of Metal Concentrations in Mangrove Sediments along Mumbai Coast, India

Authors: Lina Fernandes, G. N. Nayak, D. Ilangovan

Abstract:

Two short sediment cores collected from mangrove areas of Manori and Thane creeks along Mumbai coast were analysed for sediment composition and metals (Fe, Mn, Cu, Pb, Co, Ni, Zn, Cr and V). The statistical analysis of Pearson correlation matrix proved that there is a significant relationship between metal concentration and finer grain size in Manori creek while poor correlation was observed in Thane creek. Based on the enrichment factor, the present metal to background metal ratios clearly reflected maximum enrichment of Cu and Pb in Manori creek and Mn in Thane creek. Geoaccumulation index calculated indicate that the study area is unpolluted with respect to Fe, Mn, Co, Ni, Zn and Cr in both the cores while moderately polluted with Cu and Pb in Manori creek. Based on contamination degree, both the core sediments were found to be considerably contaminated with metals.

Keywords: Creek, Igeo, Mumbai, trace metals

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1495 Wood Ashes from Electrostatic Filter as a Replacement for the Fly Ashes in Concrete

Authors: Piotr-Robert Lazik, Harald Garrecht

Abstract:

Many concrete technologists are looking for a solution to replace Fly Ashes that would be unavailable in a few years as an element that occurs as a major component of many types of concrete. The importance of such component is clear - it saves cement and reduces the amount of CO2 in the atmosphere that occurs during cement production. Wood Ashes from electrostatic filter can be used as a valuable substitute in concrete. The laboratory investigations showed that the wood ash concrete had a compressive strength comparable to coal fly ash concrete. These results indicate that wood ash can be used to manufacture normal concrete.

Keywords: Wood ashes, fly ashes, electric filter, replacement, concrete technology.

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1494 Governance and Economic Growth: Evidence of Ten Asian Countries

Authors: Chiung-Ju Huang

Abstract:

This study utilizes a frequency domain approach over the period of 1996 to 2013 to examine the causal relationship between governance and economic growth in ten Asian countries, which have different levels of democracy; classified as “Free”, “Partly Free”, and “Not Free” countries. The empirical results show that there is no Granger causality running from governance to economic growth in “Not Free” countries and “Partly Free” countries with the exception of Singapore. As for “Free” countries such as South Korea and Taiwan, there is a one-way causality running from governance to economic growth. The findings of this study indicate that policy makers in South Korea, Taiwan, and Singapore could use governance index to improve their predictions of the future economic growth.

Keywords: Economic growth, frequency domain, governance, Granger causality.

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1493 Loss Reduction and Reliability Improvement of Industrial Distribution System through Network Reconfiguration

Authors: Ei Ei Phyu, Kyaw Myo Lin, Thin Thin Moe

Abstract:

The paper presents an approach to improve the reliability and reduce line losses of practical distribution system applying network reconfiguration. The change of the topology redirects the power flow within the distribution network to obtain better performance of the system. Practical distribution network (Pyigyitagon Industrial Zone (I)) is used as the case study network. The detailed calculations of the reliability indices are done by using analytical method and power flow calculation is performed by Newton-Rephason solver. The comparison of various network reconfiguration techniques are described with respect to power loss and reliability index levels. Finally, the optimal reconfigured network is selected among difference cases based on the two factors: the most reliable network and the least loss minimization.

Keywords: Distribution system reliability, loss reduction, network reconfiguration, reliability enhancement, reliability indices.

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1492 Bleeding Detection Algorithm for Capsule Endoscopy

Authors: Yong-Gyu Lee, Gilwon Yoon

Abstract:

Automatic detection of bleeding is of practical importance since capsule endoscopy produces an extremely large number of images. Algorithm development of bleeding detection in the digestive tract is difficult due to different contrasts among the images, food dregs, secretion and others. In this study, were assigned weighting factors derived from the independent features of the contrast and brightness between bleeding and normality. Spectral analysis based on weighting factors was fast and accurate. Results were a sensitivity of 87% and a specificity of 90% when the accuracy was determined for each pixel out of 42 endoscope images.

Keywords: bleeding, capsule endoscopy, image analysis, weighted spectrum

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1491 Effects of the Intermittent Exercise Programs on Lipid Profile and Anthropometric Characteristics at Obese Young Subjects

Authors: Vasilescu M., Rusu L, Balseanu TA., Cosma G., Dragomir M.

Abstract:

The aim of our research was to evaluate the effects of physical exercise on lipid profile and anthropometric characteristics in young subjects, diagnosed with metabolic syndrome (MS). The study has been developed during 28 weeks on 20 young obese patients which have undertaken an intermittent submaximal exercise program. After 28 weeks of physical activity, the results show significant effects on anthropometric characteristics and serum lipid profile of research subjects. Additionally, the results of this study confirms the major correlation between the variations of intraabdominal adiposity, determined ultrasonographycally, and the changes of serum lipid concentrations, a better correlation than it is used abdominal circumference or body weight index.

Keywords: lipid metabolism, adiposity, physical exercise

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1490 Project Portfolio Management Phases: A Technique for Strategy Alignment

Authors: Amaral, António, Araújo, Madalena

Abstract:

This paper seeks to give a general idea of the universe of project portfolio management, from its multidisciplinary nature, to the many challenges it raises, passing through the different techniques, models and tools used to solve the multiple problems known. It is intended to contribute to the clarification, with great depth, of the impacts and relationships involved in managing the projects- portfolio. It aims at proposing a technique for the project alignment with the organisational strategy, in order to select projects that later on will be considered in the analysis and selection of the portfolio. We consider the development of a methodology for assessing the project alignment index very relevant in the global market scenario. It can help organisations to gain a greater awareness of market dynamics, speed up the decision process and increase its consistency, thus enabling the strategic alignment and the improvement of the organisational performance.

Keywords: Project Portfolio Management Cycle, Project Portfolio Selection, Resource Assignment, Strategy Alignment technique

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1489 Spatial Variability in Human Development Patterns in Assiut, Egypt

Authors: Abdel-Samad M. Ali

Abstract:

Given the motivation of maps impact in enhancing the perception of the quality of life in a region, this work examines the use of spatial analytical techniques in exploring the role of space in shaping human development patterns in Assiut governorate. Variations of human development index (HDI) of the governorate-s villages, districts and cities are mapped using geographic information systems (GIS). Global and local spatial autocorrelation measures are employed to assess the levels of spatial dependency in the data and to map clusters of human development. Results show prominent disparities in HDI between regions of Assiut. Strong patterns of spatial association were found proving the presence of clusters on the distribution of HDI. Finally, the study indicates several "hot-spots" in the governorate to be area of more investigations to explore the attributes of such levels of human development. This is very important for accomplishing the development plan of poorest regions currently adopted in Egypt.

Keywords: Human development, Egypt, GIS, Spatial analysis.

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1488 A New Approach to Polynomial Neural Networks based on Genetic Algorithm

Authors: S. Farzi

Abstract:

Recently, a lot of attention has been devoted to advanced techniques of system modeling. PNN(polynomial neural network) is a GMDH-type algorithm (Group Method of Data Handling) which is one of the useful method for modeling nonlinear systems but PNN performance depends strongly on the number of input variables and the order of polynomial which are determined by trial and error. In this paper, we introduce GPNN (genetic polynomial neural network) to improve the performance of PNN. GPNN determines the number of input variables and the order of all neurons with GA (genetic algorithm). We use GA to search between all possible values for the number of input variables and the order of polynomial. GPNN performance is obtained by two nonlinear systems. the quadratic equation and the time series Dow Jones stock index are two case studies for obtaining the GPNN performance.

Keywords: GMDH, GPNN, GA, PNN.

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1487 Minaret of Medieval City Aktobe

Authors: Yeraly Akymbek, Beibit Baibugunov

Abstract:

In the article the remains of the base of the minaret, found in 2009 at the medieval fortress shakhristan Aktobe, which is located along the courses of the rivers Balta and Aksu. The minaret, which consists of two parts: the stylobate in the pit and base part refers to the XI-XII centuries. The preserved height of the building is 3.6 meters. Volume stylobat quadrangular minaret, the corners of which are aimed at the four corners of the world amounts to 8,65 x8, 5 m, height – 2.6 m. Diameter octagonal upper cap of 7.85 m and a height of preserved – 1 m. This minaret is of particular importance among the historical and architectural monuments of Kazakhstan, as it is so far the only minaret belonging to Karakhanid epoch in which Islam was the state religion.

Keywords: Aktobe, medieval, minaret, stylobate.

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1486 Considering Assembly Operations and Product Structure for Manufacturing Cell Formation

Authors: M.B. Aryanezhad, J. Aliabadi

Abstract:

This paper considers the integration of assembly operations and product structure to Cellular Manufacturing System (CMS) design so that to correct the drawbacks of previous researches in the literature. For this purpose, a new mathematical model is developed which dedicates machining and assembly operations to manufacturing cells while the objective function is to minimize the intercellular movements resulting due to both of them. A linearization method is applied to achieve optimum solution through solving aforementioned nonlinear model by common programming language such as Lingo. Then, using different examples and comparing the results, the importance of integrating assembly considerations is demonstrated.

Keywords: Assembly operations and Product structure, CellFormation, Genetic Algorithm.

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1485 Thermal Buckling of Rectangular FGM Plate with Variation Thickness

Authors: Mostafa Raki, Mahdi Hamzehei

Abstract:

Equilibrium and stability equations of a thin rectangular plate with length a, width b, and thickness h(x)=C1x+C2, made of functionally graded materials under thermal loads are derived based on the first order shear deformation theory. It is assumed that the material properties vary as a power form of thickness coordinate variable z. The derived equilibrium and buckling equations are then solved analytically for a plate with simply supported boundary conditions. One type of thermal loading, uniform temperature rise and gradient through the thickness are considered, and the buckling temperatures are derived. The influences of the plate aspect ratio, the relative thickness, the gradient index and the transverse shear on buckling temperature difference are all discussed.

Keywords: Stability of plate, thermal buckling, rectangularplate, functionally graded material, first order shear deformationtheory.

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1484 Resources-Based Ontology Matching to Access Learning Resources

Authors: A. Elbyed

Abstract:

Nowadays, ontologies are used for achieving a common understanding within a user community and for sharing domain knowledge. However, the de-centralized nature of the web makes indeed inevitable that small communities will use their own ontologies to describe their data and to index their own resources. Certainly, accessing to resources from various ontologies created independently is an important challenge for answering end user queries. Ontology mapping is thus required for combining ontologies. However, mapping complete ontologies at run time is a computationally expensive task. This paper proposes a system in which mappings between concepts may be generated dynamically as the concepts are encountered during user queries. In this way, the interaction itself defines the context in which small and relevant portions of ontologies are mapped. We illustrate application of the proposed system in the context of Technology Enhanced Learning (TEL) where learners need to access to learning resources covering specific concepts.

Keywords: Resources query, ontologies, ontology mapping, similarity measures, semantic web, e-learning.

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1483 Technological Value of Selected Spring Wheat Cultivars Depending on the Sowing Date

Authors: Marta Wyzińska, Jerzy Grabiński, Alicja Sułek

Abstract:

The grain quality is a decisive factor in its use. In Poland, spring wheat is characterized by more favorable quality parameters in relation to the winter form of this species. In the present study, the effects of three different sowing dates (autumn, delayed autumn, and spring) and cultivar (Tybalt, Cytra, Bombona, Monsun, and Parabola) on the selected technological value parameters of spring wheat over three years were studied. The field trials were carried out in two locations (Bezek, Czesławice) in the Lubelskie Vivodeship, Poland. It was found that the falling number of spring wheat grains from autumn sowing dates was at a similar level to wheat sown in spring. The amount of wet gluten in the grain was variable in years, and its quality was better in wheat sown in spring. Sedimentation index was dependent upon on the cultivar.

Keywords: Sowing term, spring wheat, technological value, quality.

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1482 What is the Key Element for the Territory's State of Development?

Authors: J. Lonska, V. Boronenko

Abstract:

The result of process of territory-s development is the territory-s state of development (TSoD), which is pointed towards the provision and improvement of people-s life conditions. The authors offer to measure the TSoD according to their own developed model. Using the available statistical data regarding the values of model-s elements, the authors empirically show which element mainly determines the TSoD. The findings of the research showed that the key elements of the TSoD are the “Material welfare of people" and “People-s health". Performing a deeper statistical analysis of correlation between these elements, it turned out that it is not so necessary for a country to be bent on trying to increase the material growth of a territory, because a relatively high index of life expectancy at birth could be ensured also by much more modest material resources. On the other hand, the economical feedback of longer lifespan within countries with lower material performance is also relatively low.

Keywords: Development indices, health, territory's state of development, wealth.

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1481 Corporate Governance and Share Prices: Firm Level Review in Turkey

Authors: Raif Parlakkaya, Ahmet Diken, Erkan Kara

Abstract:

This paper examines the relationship between corporate governance rating and stock prices of 26 Turkish firms listed in Turkish stock exchange (Borsa Istanbul) by using panel data analysis over five-year period. The paper also investigates the stock performance of firms with governance rating with regards to the market portfolio (i.e. BIST 100 Index) both prior and after governance scoring began. The empirical results show that there is no relation between corporate governance rating and stock prices when using panel data for annual variation in both rating score and stock prices. Further analysis indicates surprising results that while the selected firms outperform the market significantly prior to rating, the same performance does not continue afterwards.

Keywords: Corporate governance, stock price, performance, panel data analysis.

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