Search results for: macroeconomic incentives

Authors: Ashly Joseph, Jithu Paulose

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In an era where misleading information may quickly circulate on digital news channels, it is crucial to have efficient and trustworthy methods to detect and reduce the impact of misinformation. This research proposes an innovative framework that combines Natural Language Processing (NLP), Reinforcement Learning (RL), and Blockchain technologies to precisely detect and minimize the spread of false information in news articles on social media. The framework starts by gathering a variety of news items from different social media sites and performing preprocessing on the data to ensure its quality and uniformity. NLP methods are utilized to extract complete linguistic and semantic characteristics, effectively capturing the subtleties and contextual aspects of the language used. These features are utilized as input for a RL model. This model acquires the most effective tactics for detecting and mitigating the impact of false material by modeling the intricate dynamics of user engagements and incentives on social media platforms. The integration of blockchain technology establishes a decentralized and transparent method for storing and verifying the accuracy of information. The Blockchain component guarantees the unchangeability and safety of verified news records, while encouraging user engagement for detecting and fighting false information through an incentive system based on tokens. The suggested framework seeks to provide a thorough and resilient solution to the problems presented by misinformation in social media articles.

Keywords: Natural Language Processing, Reinforcement Learning, Blockchain, fake news mitigation, misinformation detection.

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Authors: Elza Jurun, Damir Piplica, Tea Poklepović

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Numerous studies carried out in the developed  western democratic countries have shown that the ideological  framework of the governing party has a significant influence on the  monetary policy. The executive authority consisting of a left-wing  party gives a higher weight to unemployment suppression and central  bank implements a more expansionary monetary policy. On the other  hand, right-wing governing party considers the monetary stability to  be more important than unemployment suppression and in such a  political framework the main macroeconomic objective becomes the  inflation rate reduction. The political framework conditions in the  transition countries which are new European Union (EU) members  are still highly specific in relation to the other EU member countries.  In the focus of this paper is the question whether the same  monetary policy principles are valid in these transitional countries as  well as they apply in developed western democratic EU member  countries. The data base consists of inflation rate and unemployment  rate for 11 transitional EU member countries covering the period  from 2001 to 2012. The essential information for each of these 11  countries and for each year of the observed period is right or left  political orientation of the ruling party.  In this paper we use t-statistics to test our hypothesis that there are  differences in inflation and unemployment between right and left  political orientation of the governing party. To explore the influence  of different countries, through years and different political  orientations descriptive statistics is used. Inflation and unemployment  should be strongly negatively correlated through time, which is tested  using Pearson correlation coefficient.  Regarding the fact whether the governing authority is consisted  from left or right politically oriented parties, monetary authorities  will adjust its policy setting the higher priority on lower inflation or  unemployment reduction. 

Keywords: Inflation rate, monetary policy orientation, transition EU countries, unemployment rate.

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Authors: Joel S. Akintayo, Ramat T. Salman

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The stakeholders’ pressure on corporate managers to maintain firm’s profitability has created economic incentives for management to engage in earnings management practices. Therefore, this study examines the effects of audit quality and corporate governance on earnings management of quoted deposit money banks (DMBs) in Nigeria. This study specifically investigates the influence of audit tenure, audit fee, board independence, and board size on earnings management of DMBs. Explanatory research design was employed in carrying out the study while secondary data were sourced from the annual reports and accounts of all the 15 quoted DMBs in Nigerian Stock Exchange as at December 31, 2015 for a period of 10 years covering from 2006 to 2015. The data obtained for the study were analyzed using panel regression analysis approach. The findings reveal that board independence has a negative significant effect on earnings management at a 5% level of significance (p=0.002), while audit fee has a positive significant effect on earnings management at a 5% level of significance (p=0.013) and audit tenure has a negative significant effect on earnings management of DMBs at a 5% level of significance (p=0.003). Surprisingly, board size was statistically not significant at a 5% level of significance (p=0.086). The study concludes that high audit quality and sound corporate governance could improve the earnings quality of DMBs. Hence, the study recommends that the authorities saddled with the responsibility of banking supervision in Nigeria such the Securities and Exchange Commission (SEC) and CBN to advise the National Assembly in Nigeria to pass into law the three years professional requirement for audit tenure.

Keywords: Audit quality, audit tenure, audit fee, board independence, corporate governance, earnings management.

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Authors: Amir Hossein Ghaffari Nejad, Forouhar Ferdowsi, Reza Mashhadi

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In the interest-free banking system of Iran, the savings of society are in the form of bank deposits, and banks using the Islamic contracts, allocate the resources to applicants for obtaining facilities and credit. In the meantime, the central bank, with the aim of introducing monetary policy, determines the maximum interest rate on bank deposits in terms of macroeconomic requirements. But in recent years, the country's economic constraints with the stagflation and the consequence of the institutional weaknesses of the financial market of Iran have resulted in massive disturbances in the balance sheet of the banking system, resulting in a period of mismatch maturity in the banks' assets and liabilities and the implementation of a Ponzi game. This issue caused determination of the interest rate in long-term bank deposit contracts to be associated with non-observance of the maximum rate set by the central bank. The result of this condition was in the allocation of new sources of equipment to meet past commitments towards the old depositors and, as a result, a significant part of the supply of equipment was leaked out of the facilitating cycle and credit crunch emerged. The purpose of this study is to identify the most important factors affecting the occurrence of non-confirmatory financial banking behavior using data from 19 public and private banks of Iran. For this purpose, the causes of this non-confirmatory behavior of banks have been investigated using the panel vector autoregression method (PVAR) for the period of 2007-2015. Granger's causality test results suggest that the return of parallel markets for bank deposits, non-performing loans and the high share of the ratio of facilities to banks' deposits are all a cause of the formation of non-confirmatory behavior. Also, according to the results of impulse response functions and variance decomposition, NPL and the ratio of facilities to deposits have the highest long-term effect and also have a high contribution to explaining the changes in banks' non-confirmatory behavior in determining the interest rate on deposits.

Keywords: Non-conformity behavior, Ponzi game, panel vector autoregression, nonperforming loans.

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Authors: Analiza Acuña-Villacorte

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The Institutional Sustainability Performance (ISP) of State Universities and Colleges (SUCs) in the Philippines reveals the level of compliance and fidelity of the latter to the mandates of the state. This performance evaluation procedure aims to perpetually monitor and sustain the quality of services provided by the state institutions in the country. Importantly, the SUC level rating is one of the key indicators of the merit system adopted by the state to give incentives to government institutions. With the crucial role of the ISP and SUC level in the performance of an institution and in sustaining quality assurance, this study theorized that the top managers’ capacity to influence is the critical factor in meeting the expectations of the state. This study assessed the top managers’ capacity to influence. The hypothesis in this study proved that leadership style of top managers has significant relationship to the managers’ capacity to influence for institutional sustainability performance. Thus, the subjects of this study were restricted only to the State Universities and Colleges (SUC) that qualified in the top 20 Institutional Sustainability Performance; the digital governance performance, and the SUC leveling status nationwide. The top managers and their subordinates with doctorate of Bulacan State University and Bataan Peninsula State University whose programs have been consistently submitted to accreditation and were ranked Levels III and IV were subjected and participated to the study. This study assessed the top managers’ capacity to influence. The hypothesis in this study proved that leadership style of top managers has significant relationship to the managers’ capacity to influence for institutional sustainability performance. Thus, the subjects of this study were restricted only to the State Universities and Colleges (SUC) that qualified in the top 20 Institutional Sustainability Performance; the digital governance performance, and the SUC leveling status nationwide. The top managers and their subordinates with doctorate of Bulacan State University and Bataan Peninsula State University whose programs have been consistently submitted to accreditation and were ranked Levels III and IV were subjected and participated to the study.

Keywords: Capacity to Influence, Descriptive Design, Institutional Sustainability Performance, Management.

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Authors: Abubakar Dikko

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The research investigates the causes of unemployment in Namibia, Nigeria and South Africa and the role of Capital Accumulation in reducing the unemployment profile of these economies as proposed by the post-Keynesian economics. This is conducted through extensive review of literature on the NAIRU models and focused on the post-Keynesian view of unemployment within the NAIRU framework. The NAIRU (non-accelerating inflation rate of unemployment) model has become a dominant framework used in macroeconomic analysis of unemployment. The study views the post-Keynesian economics arguments that capital accumulation is a major determinant of unemployment. Unemployment remains the fundamental socio-economic challenge facing African economies. It has been a burden to citizens of those economies. Namibia, Nigeria, and South Africa are great African nations battling with high unemployment rates. The high unemployment rate in the country led the citizens to chase away foreigners in the country claiming that they have taken away their jobs. The study proposes there is a strong relationship between capital accumulation and unemployment in Namibia, Nigeria, and South Africa, and capital accumulation is responsible for high unemployment rates in these countries. For the economies to achieve steady state level of employment and satisfactory level of economic growth and development, there is need for capital accumulation to take place. The countries in the study have been selected after a critical research and investigations. They are selected based on the following criteria; African economies with high unemployment rates above 15% and have about 40% of their workforce unemployed. This level of unemployment is the critical level of unemployment in Africa as expressed by International Labour Organization (ILO). And finally, the African countries experience a slow growth in their Gross fixed capital formation. Adequate statistical measures have been employed using a time-series analysis in the study and the results revealed that capital accumulation is the main driver of unemployment performance in the chosen African countries. An increase in the accumulation of capital causes unemployment to reduce significantly. The results of the research work will be useful and relevant to federal governments and ministries, departments and agencies (MDAs) of Namibia, Nigeria and South Africa to resolve the issue of high and persistent unemployment rates in their economies which are great burden that slows growth and development of developing economies. Also, the result can be useful to World Bank, African Development Bank and International Labour Organization (ILO) in their further research and studies on how to tackle unemployment in developing and emerging economies.

Keywords: Capital accumulation, NAIRU, post-Keynesian economics, unemployment.

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Authors: Anthony Ikechukwu Agboeze, Walter Timo de Vries, Pamela Durán-Díaz

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Since attaining urban status, the population of Enugu, Nigeria, has continued to grow rapidly, leading to growing demands for housing by the teeming population which is predominantly low income. Several government dispensations have developed various affordable housing projects to help deliver decent housing to the Enugu populace. However, over a long period of usage, some of those housing projects in Enugu are unabatedly deteriorating into slums alongside rising housing deficits which has remained problematic for most Nigerian urban centers to address. Emerging from a literature review, this research posits that the link between slum and affordable housing is that both the seekers of affordable housing and slum housing are the low-income earners. This research further investigated the possible causalities of slum emergence from decently built affordable housing projects in Enugu, Nigeria. To do so, we first analyzed the Nigerian housing policy to examine how the policy addresses slum prevention. We further conducted semi-structured expert interviews (qualitative) to sample the views of private housing developers on the degeneration of government housing projects into slums in Enugu, Nigeria. Findings from the housing policy analysis suggest that the housing policy itself is not legally binding on anybody to implement. Sequel to this non-compulsory nature of the housing policy is the poor/non-implementation of the Nigerian housing policy, leading to a constant tendency by the government developers (contractors) to deliver potential slums. The expert respondents corroborated this viewpoint by suggesting that poor planning (including designs of the housing units and the master plan) and poor management (including non-maintenance, poor documentation, and inaccurate housing inventory) are germane to the emergence of slums from affordable housings. This research recommends periodic auditing of delivered housing projects to evaluate the developers’ adherence to the housing policy guidelines – it proposes incentives to policy adherents since the housing policy is not legally binding. We also recommend a participatory management to engage the occupants in the monitoring and reporting of breakdowns in the housing properties – to help improve the quality of management and maintenance to have slum-free settlements.

Keywords: Affordable housing, Enugu, low income, Nigeria, slum.

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Authors: Mikhail V. Khachaturyan, Inga A. Koryagina, Eugenia V. Klicheva

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In modern conditions, scientific judgment of problems in developing mechanisms of value creation and risk management acquires special relevance. Formation of economic knowledge has resulted in the constant analysis of consumer behavior for all players from national and world markets. Effective mechanisms development of the demand analysis, crucial for consumer's characteristics of future production, and the risks connected with the development of this production are the main objectives of control systems in modern conditions. The modern period of economic development is characterized by a high level of globalization of business and rigidity of competition. At the same time, the considerable share of new products and services costs has a non-material intellectual nature. The most successful in Russia is the contemporary development of small innovative firms. Such firms, through their unique technologies and new approaches to process management, which form the basis of their intellectual capital, can show flexibility and succeed in the market. As a rule, such enterprises should have very variable structure excluding the tough scheme of submission and demanding essentially new incentives for inclusion of personnel in innovative activity. Realization of similar structures, as well as a new approach to management, can be constructed based on value-oriented management which is directed to gradual change of consciousness of personnel and formation from groups of adherents included in the solution of the general innovative tasks. At the same time, valuable changes can gradually capture not only innovative firm staff, but also the structure of its corporate partners. Introduction of new technologies is the significant factor contributing to the development of new valuable imperatives and acceleration of the changing values systems of the organization. It relates to the fact that new technologies change the internal environment of the organization in a way that the old system of values becomes inefficient in new conditions. Introduction of new technologies often demands change in the structure of employee’s interaction and training in their new principles of work. During the introduction of new technologies and the accompanying change in the value system, the structure of the management of the values of the organization is changing. This is due to the need to attract more staff to justify and consolidate the new value system and bring their view into the motivational potential of the new value system of the organization.

Keywords: Value, risk, creation, problems, organization.

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Authors: Wan-Yu Liu, Chun-Cheng Lin

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The Taiwan government has started to promote the “Plain Landscape Afforestation and Greening Program" since 2002. A key task of the program was the payment for environmental services (PES), entitled the “Plain Landscape Afforestation Policy" (PLAP), which was certificated by the Executive Yuan on August 31, 2001 and enacted on January 1, 2002. According to the policy, it is estimated that the total area of afforestation will be 25,100 hectares by December 31, 2007. Until the end of 2007, the policy had been enacted for six years in total and the actual area of afforestation was 8,919.18 hectares. Among them, Taiwan Sugar Corporation (TSC) was accounted for 7,960 hectares (with 2,450.83 hectares as public service area) which occupied 86.22% of the total afforestation area; the private farmland promoted by local governments was accounted for 869.18 hectares which occupied 9.75% of the total afforestation area. Based on the above, we observe that most of the afforestation area in this policy is executed by TSC, and the achievement ratio by TSC is better than by others. It implies that the success of the PLAP is seriously related to the execution of TSC. The objective of this study is to analyze the relevant policy planning of TSC-s participation in the PLAP, suggest complementary measures, and draw up effective adjustment mechanisms, so as to improve the effectiveness of executing the policy. Our main conclusions and suggestions are summarized as follows: 1. The main reason for TSC-s participation in the PLAP is based on their passive cooperation with the central government or company policy. Prior to TSC-s participation in the PLAP, their lands were mainly used for growing sugarcane. 2. The main factors of TSC-s consideration on the selection of tree species are based on the suitability of land and species. The largest proportion of tree species is allocated to economic forests, and the lack of technical instruction was the main problem during afforestation. Moreover, the method of improving TSC-s future development in leisure agriculture and landscape business becomes a key topic. 3. TSC has developed short and long-term plans on participating in the PLAP for the future. However, there is no great willingness or incentive on budgeting for such detailed planning. 4. Most people from TSC interviewed consider the requirements on PLAP unreasonable. Among them, an unreasonable requirement on the number of trees accounted for the greatest proportion; furthermore, most interviewees suggested that the government should continue to provide incentives even after 20 years. 5. Since the government shares the same goals as TSC, there should be sufficient cooperation and communication that support the technical instruction and reduction of afforestation cost, which will also help to improve effectiveness of the policy.

Keywords: Payment for environmental services (PES), afforestation subsidy, Taiwan Sugar Corporation.

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Authors: Wan-Yu Liu

Abstract:

The Taiwan government has started to promote the “Plain Landscape Afforestation and Greening Program" since 2002. A key task of the program was the payment for environmental services (PES), entitled the “Plain Landscape Afforestation Policy" (PLAP), which was certificated by the Executive Yuan on August 31, 2001 and enacted on January 1, 2002. According to the policy, it is estimated that the total area of afforestation will be 25,100 hectares by December 31, 2007. Until the end of 2007, the policy had been enacted for six years in total and the actual area of afforestation was 8,919.18 hectares. Among them, Taiwan Sugar Corporation (TSC) was accounted for 7,960 hectares (with 2,450.83 hectares as public service area) which occupied 86.22% of the total afforestation area; the private farmland promoted by local governments was accounted for 869.18 hectares which occupied 9.75% of the total afforestation area. Based on the above, we observe that most of the afforestation area in this policy is executed by TSC, and the achievement ratio by TSC is better than by others. It implies that the success of the PLAP is seriously related to the execution of TSC. The objective of this study is to analyze the relevant policy planning of TSC's participation in the PLAP, suggest complementary measures, and draw up effective adjustment mechanisms, so as to improve the effectiveness of executing the policy. Our main conclusions and suggestions are summarized as follows: 1. The main reason for TSC’s participation in the PLAP is based on their passive cooperation with the central government or company policy. Prior to TSC’s participation in the PLAP, their lands were mainly used for growing sugarcane. 2. The main factors of TSC's consideration on the selection of tree species are based on the suitability of land and species. The largest proportion of tree species is allocated to economic forests, and the lack of technical instruction was the main problem during afforestation. Moreover, the method of improving TSC’s future development in leisure agriculture and landscape business becomes a key topic. 3. TSC has developed short and long-term plans on participating in the PLAP for the future. However, there is no great willingness or incentive on budgeting for such detailed planning. 4. Most people from TSC interviewed consider the requirements on PLAP unreasonable. Among them, an unreasonable requirement on the number of trees accounted for the greatest proportion; furthermore, most interviewees suggested that the government should continue to provide incentives even after 20 years. 5. Since the government shares the same goals as TSC, there should be sufficient cooperation and communication that support the technical instruction and reduction of afforestation cost, which will also help to improve effectiveness of the policy.

Keywords: Payment for environmental services, afforestation subsidy, Taiwan sugar corporation.

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Authors: Muritala Babatunde Hassan

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In the contemporary global political economy, foreign direct investment (FDI) is gaining currency on daily basis. Notably, the end of the Cold War has brought about the dominance of neoliberal ideology with its mantra of private-sector-led economy. As such, nation-states now see FDI attraction as an important element in their approach to national development. Governments and policy makers are preoccupying themselves with unraveling the best strategies to not only attract more FDI but also to attain the desired socio-economic development status. In Nigeria, the perceived development potentials of FDI have brought about aggressive hunt for foreign investors, most especially since transition to civilian rule in May 1999. Series of liberal and market oriented strategies are being adopted not only to attract foreign investors but largely to stimulate private sector participation in the economy. It is on this premise that this study interrogates the politics of FDI attraction for domestic development in Nigeria between 1999 and 2014, with the ultimate aim of examining the nexus between regime type and the ability of a state to attract and benefit from FDI. Building its analysis within the framework of institutional utilitarianism, the study posits that the essential FDI strategies for achieving the greatest happiness for the greatest number of Nigerians are political not economic. Both content analysis and descriptive survey methodology were employed in carrying out the study. Content analysis involves desk review of literatures that culminated in the development of the study’s conceptual and theoretical framework of analysis. The study finds no significant relationship between transition to democracy and FDI inflows in Nigeria, as most of the attracted investments during the period of the study were market and resource seeking as was the case during the military regime, thereby contributing minimally to the socio-economic development of the country. It is also found that the country placed much emphasis on liberalization and incentives for FDI attraction at the neglect of improving the domestic investment environment. Consequently, poor state of infrastructure, weak institutional capability and insecurity were identified as the major factors seriously hindering the success of Nigeria in exploiting FDI for domestic development. Given the reality of the currency of FDI as a vector of economic globalization and that Nigeria is trailing the line of private-sector-led approach to development, it is recommended that emphasis should be placed on those measures aimed at improving the infrastructural facilities, building solid institutional framework, enhancing skill and technological transfer and coordinating FDI promotion activities by different agencies and at different levels of government.

Keywords: Foreign capital, politics, socio-economic development, FDI attraction strategies, Redemocratization.

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Authors: Ernest Nweke, Enkhtuya Bavuudorj

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The harsh realities of the scandalous failure of several notable corporations in the past two decades have inextricably resulted in a surge in corporate governance studies. Nevertheless, little or no attention has been paid to corporate governance studies in Mongolian firms and much less to the comprehension of the correlation among ownership structure, corporate governance mechanisms and trend of innovative activities. Innovation is the bed rock of enterprise success. However, the funding and support for innovative activities in many firms are to a great extent determined by the incentives provided by the firm’s internal and external governance mechanisms. Mongolia is an East Asian country currently undergoing a fast-paced transition from socialist to democratic system and it is a widely held view that private ownership as against public ownership fosters innovation. Hence, following the privatization policy of Mongolian Government which has led to the transfer of the ownership of hitherto state controlled and state directed firms to private individuals and organizations, expectations are high that sufficient motivation would be provided for firm managers to engage in innovative activities. This research focuses on the relationship between ownership structure, corporate governance on one hand and the level of innovation on the hand. The paper is empirical in nature and derives data from both reliable secondary and primary sources. Secondary data for the study was in respect of ownership structure of Mongolian listed firms and innovation trend in Mongolia generally. These were analyzed using tables, charts, bars and percentages. Personal interviews and surveys were held to collect primary data. Primary data was in respect of corporate governance practices in Mongolian firms and were collected using structured questionnaire. Out of a population of three hundred and twenty (320) companies listed on the Mongolian Stock Exchange (MSE), a sample size of thirty (30) randomly selected companies was utilized for the study. Five (5) management level employees were surveyed in each selected firm giving a total of one hundred and fifty (150) respondents. Data collected were analyzed and research hypotheses tested using Chi-Square test statistic. Research results showed that corporate governance mechanisms were better and have significantly improved overtime in privately held as opposed to publicly owned firms. Consequently, the levels of innovation in privately held firms were considerably higher. It was concluded that a significant and positive relationship exists between private ownership and good corporate governance on one hand and the level of funding provided for innovative activities in Mongolian firms on the other hand.

Keywords: Corporate governance, innovation, ownership structure, stock exchange.

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Authors: Milada Krejci, Martin Hill, Vaclav Hosek, Dobroslava Jandova, Jiri Kajzar, Pavel Blaha

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The paper declares effects of exercise intervention of the research project “Basic research of balance changes in seniors”, granted by the Czech Science Foundation. The objective of the presented study is to define predictors, which influence bio-psycho-social consequences and effects of balance ability in senior 65 years old and above. We focused on the Fall-Efficacy Scale changes evaluation in seniors. Comprehensive hypothesis of the project declares, that motion uncertainty (dyskinesia) can negatively affect the well-being of a senior in bio-psycho-social context. In total, random selection and testing of 100 seniors (30 males, 70 females) from Prague and Central Bohemian region was provided. The sample was divided by stratified random selection into experimental and control groups, who underwent input and output testing. For diagnostics the methods of Medical Anamnesis, Functional anthropological examinations, Tinetti Balance Assessment Tool, SF-36 Health Survey, Anamnestic comparative self-assessment scale were used. Intervention method called "Life in Balance" based on yoga techniques was applied in four-week cycle. Results of multivariate regression were verified by repeated measures ANOVA: subject factor, phase of intervention (between-subject factor), body fluid (within-subject factor) and phase of intervention × body fluid interaction). ANOVA was performed with a repetition involving the factors of subjects, experimental/control group, phase of intervention (independent variable), and x phase interaction followed by Bonferroni multiple comparison assays with a test strength of at least 0.8 on the probability level p < 0.05. In the paper results of the first-year investigation of the three years running project are analysed. Results of balance tests confirmed no significant difference between females and males in pre-test. Significant improvements in balance and walking ability were observed in experimental group in females comparing to males (F = 128.4, p < 0.001). In the females control group, there was no significant change in post- test, while in the female experimental group positive changes in posture and spine flexibility in post-tests were found. It seems that females even in senior age react better to incentives of intervention in balance and spine flexibility. On the base of results analyses, we can declare the significant improvement in social balance markers after intervention in the experimental group (F = 10.5, p < 0.001). In average, seniors are used to take four drugs daily. Number of drugs can contribute to allergy symptoms and balance problems. It can be concluded that static balance and walking ability of seniors according Tinetti Balance scale correlate significantly with psychic and social monitored markers.

Keywords: Exercises, balance, seniors 65+, health, mental and social balance.

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