Search results for: architectural firm

Authors: M. Soyaslan, A. Fenercioglu, C. Kozkurt

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Automated storage and retrieval systems (AS/RS) become frequently used systems in warehouses. There has been a transition from human based forklift applications to fast and safe AS/RS applications in firm-s warehouse systems. In this study, basic components and automation systems of the AS/RS are examined. Proposed system's automation components and their tasks in the system control algorithm were stated. According to this control algorithm the control system structure was obtained.

Keywords: AS/RS, Automatic Storage and Retrieval System, Warehouse Control System

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Authors: Olga Novikova, Timo Vuori

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This paper describes topology of business models in market ecosystem of the emerging electric mobility industry. The business model topology shows that firm-s participation in the ecosystem is associated with different requirements on resources and capabilities, and different levels of risk. Business model concept is used together with concepts of networked value creation and shows that firms can achieve higher levels of sustainable advantage by cooperation, not competition. Hybrid business models provide companies a viable alternative possibility for participation in the market ecosystem.

Keywords: Business model, ecosystem, topology.

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Authors: Stefano Sorace, Gloria Terenzi

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The seismic rehabilitation designs of two reinforced concrete school buildings, representative of a wide stock of similar edifices designed under earlier editions of the Italian Technical Standards, are presented in this paper. The mutual retrofit solution elaborated for the two buildings consists in the incorporation of a dissipative bracing system including pressurized fluid viscous springdampers as passive protective devices. The mechanical parameters, layouts and locations selected for the constituting elements of the system; the architectural renovation projects developed to properly incorporate the structural interventions and improve the appearance of the buildings; highlights of the installation works already completed in one of the two structures; and a synthesis of the performance assessment analyses carried out in original and rehabilitated conditions, are illustrated. The results of the analyses show a remarkable enhancement of the seismic response capacities of both structures. This allows reaching the high performance objectives postulated in the retrofit designs with much lower costs and architectural intrusion as compared to traditional rehabilitation interventions designed for the same objectives.

Keywords: Seismic rehabilitation, R/C structures, performance analysis, dissipative braces, fluid viscous dampers.

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Authors: E. Osorio Schmied

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Architects commonly attempt a depiction of organic forms when their works are inspired by nature, regardless of the building site. Nevertheless it is also possible to try matching structures with natural scenery, by applying a phenomenological approach in terms of spatial operations, regarding perceptions from nature through architectural aspects such as protection, views, and orientation. This method acknowledges a relationship between place and space, where intentions towards tangible facts then become design statements. Although spaces resulting from such a process may present an effective response to the environment, they can also offer further outcomes beyond the realm of form. The hypothesis is that, in addition to recognising a bond between architecture and nature, it is also plausible to associate such perceptions with the inner ambient of buildings, by analysing features such as daylight. The case study of a single-family house in a rainforest near Valdivia, Chilean Patagonia is presented, with the intention of addressing the above notions through a discussion of the actual effects of inhabiting a place by way of a series of insights, including a revision of diagrams and photographs that assist in understanding the implications of this design practice. In addition, figures based on post-occupancy behaviour and daylighting performance relate both architectural and environmental issues to a decision-making process motivated by the observation of nature.

Keywords: Architecture, design statements, nature, perception.

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Authors: Chak Kwong Lau

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Many buildings in Hong Kong are graced with enchanting works of Chinese calligraphy. An excellent example is Tao Fong Shan Christian Center founded by a Norwegian missionary, Karl Ludvig Reichelt (1877-1952) in 1930. Adorned with many inspiring works of Chinese calligraphy, the center functions as a place for the study of Christianity where people of different religions can meet to have religious discussions and intellectual exchanges. This paper examines the pivotal role played by Chinese calligraphy in creating a significant context for the center to fulfill her visions and missions. The methodology of this research involves stylistic and textual analyses of works of calligraphy, in particular through an examination and interpretation of their extended meanings in terms of architectural symbology and social and cultural contexts. Findings showed that Chinese calligraphy was effectively used as a powerful vehicle for a purposeful development of contextual Christian spirituality in Hong Kong.

Keywords: Chinese calligraphy, Hong Kong architecture, Hong Kong calligraphy, Johannes Prip-Møller, Karl Ludvig Reichelt, Norwegian missionary, Tao Fong Shan Christian Center, traditional Chinese architecture, contextual Christian spirituality, Chinese arts and culture.

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Authors: Qiong Huang, Satish Chand

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

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

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Authors: Rebecca Angeles

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This case study features the Kuehne + Nagel PharmaChain solution for ‘cold chain’ pharmaceutical and biologic product shipments with IOT-enabled features for shipment temperature and location tracking. Using the case study method and content analysis, this research project investigates the application of the structurational model of technology theory introduced by Orlikowski in order to interpret the firm’s entry and participation in the IOT-impelled marketplace.

Keywords: Internet of things, IoT, radio frequency identification, supply chain management, business intelligence.

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Authors: Stephen B. Blumenfeld, Aaron Crawford, Andres G. Victorio

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New Zealand-s product markets experienced a surge in import competition beginning from the late 1970-s when its government began to promote a policy of more open markets. This study considers how the trade liberalization aspect of the policy may have influenced unionization and union-organizing success. For describing the trade liberalization, a model shows how the removal of import tariffs can lead to countervailing influences upon the union membership of a domestic firm. The evidence supports the prediction that union membership has been decreased rather than increased. In the context of debates concerning globalization, it can be said that the power of unions has been diminished.

Keywords: Imports, tariffs, unions, wages.

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Authors: P. Castillo Muñoz, A. Lara Ramírez

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Absent Theaters is a project that virtually reconstructs three theaters that existed in the twentieth century, demolished in the city of Medellin, Colombia: Circo España, Bolívar, and Junín. Virtual reconstruction is used as an excuse to talk with those who lived in their childhood and youth cultural spaces that formed a whole generation. Around 100 people who witnessed these theaters were interviewed. The means used to perform the oral history work was the virtual reconstruction of the interior of the theaters that were presented to the interviewees through the Virtual Reality glasses. The voices of people between 60 and 103 years old were used to generate a transmission of knowledge to the new generations about the importance of theaters as essential places for the city, as spaces generating social relations and knowledge of other cultures. Oral stories about events, the historical and social context of the city, were mixed with archive images and animations of the architectural transformations of these places. Oral stories about events, the historical and social context of the city, were mixed with archive images and animations of the architectural transformations of these places, with the purpose of compiling a collective discourse around cultural activities, heritage, and memory of Medellin.

Keywords: Culture, heritage, oral history, theaters, virtual reality.

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Authors: Derya Eren Akyol, Gonca Tuncel, G. Mirac Bayhan

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Activity-Based Costing (ABC) which has become an important aspect of manufacturing/service organizations can be defined as a methodology that measures the cost and performance of activities, resources and cost objects. It can be considered as an alternative paradigm to traditional cost-based accounting systems. The objective of this paper is to illustrate an application of ABC method and to compare the results of ABC with traditional costing methods. The results of the application highlight the weak points of traditional costing methods and an S-Curve obtained is used to identify the undercosted and overcosted products of the firm.

Keywords: Activity-based costing, cost drivers, overheads, traditional costing.

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Authors: Tofigh Hamidavi, Sepehr Abrishami, Pasquale Ponterosso, David Begg

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Structural design and analysis is an important and time-consuming process, particularly at the conceptual design stage. Decisions made at this stage can have an enormous effect on the entire project, as it becomes ever costlier and more difficult to alter the choices made early on in the construction process. Hence, optimisation of the early stages of structural design can provide important efficiencies in terms of cost and time. This paper suggests a structural design optimisation (SDO) framework in which Genetic Algorithms (GAs) may be used to semi-automate the production and optimisation of early structural design alternatives. This framework has the potential to leverage conceptual structural design innovation in Architecture, Engineering and Construction (AEC) projects. Moreover, this framework improves the collaboration between the architectural stage and the structural stage. It will be shown that this SDO framework can make this achievable by generating the structural model based on the extracted data from the architectural model. At the moment, the proposed SDO framework is in the process of validation, involving the distribution of an online questionnaire among structural engineers in the UK.

Keywords: Building Information Modelling, BIM, Genetic Algorithm, GA, architecture-engineering-construction, AEC, Optimisation, structure, design, population, generation, selection, mutation, crossover, offspring.

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Authors: B. Kettana

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Nowadays, financial and economic crises are growing more and reach more countries and sectors. These events have, as a result, a considerable impact on the activities of the firms which think unstable and in danger. But besides this heavy uncertainty which weighs on the different firms, the family firm, object of our research, is not only confronted with these external difficulties but also with an internal challenge and of size: that of transmission. Indeed, the transmission of an organization from one generation to another can succeed as it can fail; leaving considerable damage. Our research registers as part of these problems since we tried to understand relation between the behavior of two main actors of the process of succession, predecessor and successor; and the success of transmission.

Keywords: Family business, transmission, success, predecessor, successor.

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Authors: Michiko Miyamoto, Shuhei Kudo, Kayo Iizuka

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This paper presents an analysis result of relationship between business and information technology (IT) in business process reengineering (BPR). 258 Japanese firm-level data collected have been analyzed using structural equation modeling. This analysis was aimed to illuminating success factors of achieve effective BPR. Analysis was focused on management factors (including organizational factors) and implementing management method (e.g. balanced score card, internal control, etc.).These results would contribute for achieving effective BPR by showing effective tasks and environment to be focused.

Keywords: BPR, SEM, IS Success Model, user satisfaction

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Authors: Mansour Nikpour, Mohsen Ghasemi, Elahe Mosavi, Mohd Zin Kandar

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lack of convenience condition is one of the problems in open spaces in hot and dry regions. Nowadays parks and green landscapes was designed and constructed without any attention to convenience condition. If this process continues, Citizens will encounter with some problems. Harsh climatic condition decreases the efficiency of people-s activities. However there is hard environment condition in hot and dry regions, Convenience condition has been provided in Iranian traditional architecture by using techniques and methods. In this research at the first step characteristics of Iranian garden that can effect on creating sustainable spaces were investigated through observation method. Pleasure space in cities will be created with using these methods and techniques in future cities. Furthermore the comparison between Iranian garden and landscape in today-s cities demonstrate the effectiveness of Iranian garden characteristics on sustainable spaces. Iranian architects used simple and available methods for creating open architectural spaces. In addition desirable conditions were provided with taking in to account both physically and spiritually. Parks and landscapes in future cities can be designed and constructed with respect to architectural techniques that used in Iranian gardens in hot and arid regions.

Keywords: Iranian garden, convenience condition, landscape, sustainable

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Authors: K. Eryesil, O. Esmen, A. Beduk

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In this study, it has been studied to determine the relationship between business performance and strategic flexibility, which is defined to be the strategic choice that provides the ability of rapidly responding the changes of the dynamic environment of the companies, for having competitive advantages. In this context a field study has been conducted over 56 companies, which are active in informatics and electronics sectors in TEKNOKENT. As a result of the study it has been determined that; strategic flexibility has an effect on business performance and there is a positive and statistically significant relationship between strategic flexibility and business performance.

Keywords: Sustainable Competition Advantage, Strategic Flexibility, Firm Performance, TEKNOKENT.

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Authors: Linda Sau-ling LAI

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The story of Alibaba demonstrates a credible example of how a small start-up company can eventually make it big in the global economy through the Internet. This case study does not attempt to present Alibaba as a perfect formula; rather, it discusses the strategies carried out by the firm and, in the process, culls out the important lessons that can guide start-ups and aspiring entrepreneurs in the complex world of online trading. Similar to the interesting and exotic Asian cuisine that continuously evolves from the diversity of Asia-s people and their unique culture and personality, Alibaba has successfully transformed itself over the years, adapting to the changes in and demands of online businessto- business (B2B) commerce.

Keywords: Entrepreneurship, electronic commerce, leadership, business model, small and medium enterprises.

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Authors: D. Moussazadeh, A. Aytug

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The focus of this study is to analyze and elaborate the formal factors in the architectural features of the museums. From aesthetic vantage point, this study has scrutinized the formal aesthetic values and identity-related features of the museums. Furthermore, the importance of the museums as the centers of knowledge, science and arts has gradually increased in the last century, whereby they have shifted from an elite standing to the pluralist approach as to address every sections of the community. This study will focus on the museum structures that are designed with the aesthetic apprehension, and presented as the artistic works on the basis of an objective attitude to elaborate the formal aesthetic factors on the formal aesthetics. It is of great importance to increase such studies for getting some concrete results to perceive the recent term aesthetic approaches and improve the forms in line with such approaches. This study elaborates the aesthetic facts solely on the basis of visual dimensions, but ignores the subjective effects to evaluate it in formal, subjective and conceptual aspects. The main material of this study comprises of the descriptive works on the conceptual substructure, and a number of schedules drawn on such concepts, which are applied on the example museum structures. Such works cover many several existing sources such as the design, philosophy, artistic philosophy, shape, form, design elements and principles as well as the museums.

Keywords: Aesthetics, design principles and elements, Gestalt.

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Authors: Isabel Duarte de Almeida, João Vilas-Boas, Ana Abrantes Cabral

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The number and adequacy of Performance-Indicators (PIs) for organisational purposes are core to the success of organisations and a major concern to the sponsor of this research. This assignment developed a procedure to improve a firm’s performance assessment system, by identifying two key-PIs out of 28 initial ones, and by setting criteria and their relative importance to validate and rank the adequacy and the right number of operational metrics. The Analytical-Hierarchy-Process was used with a synthesismethod to treat data coming from the management inquiries. Although organisational alignment has been achieved, business processes should also be targeted and PIs continuously revised.

Keywords: Strategic performance assessment systems, Key Performance Indicators (KPIs), Analytical Hierarchy Process (AHP).

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Authors: Katharina Buttenberg

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Customer and brand-oriented capabilities have been identified as key influencing capabilities for business performance. Especially in the early years of the firm, it is crucial to develop and consciously manage these capabilities. In this paper, the results of a quantitative analysis, investigating the causal relationship between customer- and brand-oriented (marketing) capabilities and business performance will be presented. The research displays the dependencies between the constructs and will provide practical implications for young firms in the acquisition and management of these capabilities.

Keywords: Brand-oriented capabilities, customer-oriented capabilities, entrepreneurship, resource-based theory, young firms.

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Authors: Hamzah Hussein Al-mawali, Yuserrie Zainuddin, Noor Nasir Kader Ali

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The purpose of this paper is to contribute to the body of knowledge in the area of management accounting, particularly performance measurement systems within the BSC framework, by investigating empirically the extent of multiple performance measures usage and their effects on the financial performance of Jordanian banks in the branches level. Nevertheless, the result of this study shows that the non-financial measures usages, particularly, customer oriented indicators and product/ service oriented indicators, appears to be important as it enhances firm performance. Remarkably, the findings reveal that there is positive relationship between the usages of multiple performance measures via overall BSC measures and financial performance in the branches level.

Keywords: Performance measurements systems, BalancedScorecard, Jordan.

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Authors: C. Farinea, A. Conserva, F. Demeur

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Nature has often been something humans have fought against. However, with the changing climate and urban challenges such as air pollution and food shortages, to name but a few, it has never been more crucial to work with nature to find solutions that can help us to adapt to the current planetary situation and mitigate the challenges that we will continue to face in the future. Nature-based solutions (NBS) have been gaining ground as one strategy that can help to create more sustainable solutions for our planet and simultaneously, provide several ecosystem services. As designers, there are a lot of insights that can be extracted and gained from nature. However, nature is a complex and sometimes difficult to predict system and its implementation in cities requires a multidisciplinary knowledge. To keep up with the solutions and prepare the future generations of architects and designers with the skills to be able to implement NBS, educational systems also have to adapt with the times. Architecture is no longer solely about drawing buildings with beautiful forms. It is no longer discipline bound. With the input from different disciplines, the implementation of NBS can be significantly more successful. Transdisciplinary strategies can encourage architects and designers to think beyond their discipline, and ensure the success and realization of the NBS. The paper will demonstrate how transdisciplinary teaching methodologies, including also taking part in participatory processes with experts intended as gathering local knowledge, can be implemented with architectural master students to achieve implementable NBS. Through two projects co-funded by the European Union, strategies such as participatory co-design and transdisciplinary start-ups were implemented into seminars that focused on the development of NBS with a transdisciplinary approach. Within the “Design with Living Systems” seminar, students took part in participatory co-design strategies with experts to design solutions that will be implemented in Porto as part of a healthy corridor, and that respond to the needs of the users and site. On the other hand, within the “Design for Living Systems” seminar, the transdisciplinary start-up approach created start-ups with students of architecture, business and biology focusing on identifying a problem and designing a NBS as a product. Both seminars proved to be successful in achieving implementable NBS through strategies of transdisciplinary education and gave the students the skill sets to be able to work with nature in their future careers.

Keywords: Architectural higher education, digital fabrication, nature-based solutions, transdisciplinary approaches.

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Authors: Lan Sun, Subhrendu Rath

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This is a comprehensive large-sample study of Australian earnings management. Using a sample of 4,844 firm-year observations across nine Australia industries from 2000 to 2006, we find substantial corporate earnings management activity across several Australian industries. We document strong evidence of size and return on assets being primary determinants of earnings management in Australia. The effects of size and return on assets are also found to be dominant in both income-increasing and incomedecreasing earnings manipulation. We also document that that periphery sector firms are more likely to involve larger magnitude of earnings management than firms in the core sector.

Keywords: Earnings management, discretionary accruals, income-increasing/decreasing manipulation, dual economy sector

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Authors: Abdolali Mortazavi, Faegheh Taheran

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By giving an overview of previous arguments and findings concerned with the concept of competitive advantage, first, we define the overall concept of competitive advantage and discuss nuances of understanding such an important and strategic idea. Finally, by considering the major concerns of marketing academia, including globalization, Artificial Intelligence (AI)-based technologies, consumer well-being, and internal coopetition between a firm’s units, fruitful avenues to be explored by future studies are presented in the form of research propositions. In the end, relevant gaps mentioned by numerous studies that are worth investigating are demonstrated.

Keywords: Artificial Intelligence, competitive advantage, consumer well-being, coopetition, globalization, literature review, temporary competitive advantage.

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Authors: Valeria Tatano, Francesca Guidolin, Francesca Peltrera

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The preservation of historical Italian heritage, at the urban and architectural scale, has to consider restrictions and requirements connected with conservation issues and usability needs, which are often at odds with historical heritage preservation. Recent decades have been marked by the search for increased accessibility not only of public and private buildings, but to the whole historical city, also for people with disability. Moreover, in the last years the concepts of Smart City and Healthy City seek to improve accessibility both in terms of mobility (independent or assisted) and fruition of goods and services, also for historical cities. The principles of Inclusive Design have introduced new criteria for the improvement of public urban space, between current regulations and best practices. Moreover, they have contributed to transforming “special needs” into an opportunity of social innovation. These considerations find a field of research and analysis in the historical city of Venice, which is at the same time a site of UNESCO world heritage, a mass tourism destination bringing in visitors from all over the world and a city inhabited by an aging population. Due to its conformation, Venetian urban fabric is only partially accessible: about four thousand bridges divide thousands of islands, making it almost impossible to move independently. These urban characteristics and difficulties were the base, in the last 20 years, for several researches, experimentations and solutions with the aim of eliminating architectural barriers, in particular for the usability of bridges. The Venetian Municipality with the EBA Office and some external consultants realized several devices (e.g. the “stepped ramp” and the new accessible ramps for the Venice Marathon) that should determine an innovation for the city, passing from the use of mechanical replicable devices to specific architectural projects in order to guarantee autonomy in use. This paper intends to present the state-of-the-art in bridges accessibility, through an analysis based on Inclusive Design principles and on the current national and regional regulation. The purpose is to evaluate some possible strategies that could improve performances, between limits and possibilities of interventions. The aim of the research is to lay the foundations for the development of a strategic program for the City of Venice that could successfully bring together both conservation and improvement requirements.

Keywords: Accessibility and inclusive design, historical heritage preservation, technological and social innovation.

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Authors: Chaitanya Vyas

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This paper identifies limitations of existing two e- Governance services viz. railway ticket booking and passport service in India. The comparison has been made as to how in the past these two citizen services were operating manually and how these services are taken online via e-Governance. Different e-Governance projects, investment aspects, and role of corporate are discussed. For Indian Railway online ticketing a comparison has been made between state run booking website and popular private firm run booking websites. For passport service, observations through personal visit to passport center is described. Suggestions are made to improve these services further to improve citizen service experiences.

Keywords: e-Governance, citizen services, Indian Railways, passport.

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Authors: N. Sefiani, L. Chraibi, K. Reklaoui, Y. Sefiani

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Currently, business environment is characterized by pressure caused by stiff competition, constant changes (e.g., product/ technological innovations, decreasing product lifecycles, and product proliferation), and a high level of market uncertainty band unpredictability. The agility of the Supply Chain Management (SCM) is clearly identified as a key factor for success and a strategic essential lever. This paper explores the impact of deploying competence management and Supply Chain Operations Reference (SCOR) model on firm performance. Our approach is based on a systemic view by considering the SCOR reference model as the heart of competence management system.

Keywords: Competence, competence management, performance, SCOR model and agility.

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Authors: Mahadevan Supramaniam, Mudiarasan Kuppusamy

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In order to survive in a rapidly changing business environment, Malaysian business firms must improve their own business practices and procedures. This paper describes the impact of Critical Success Factors (CSFs) during the Enterprise Resource Planning (ERP) system implementations using the responses from 151 organizations that completed or are in the process of completing an ERP implementation and identifying the key benefits of ERP implementation in the firm. The importance of these factors was investigated within Malaysian companies using questionnaire survey method. Our results provide advice to management on how best to utilize their limited resources to choose those CSFs that are most likely to have an impact upon the implementation of the ERP system.

Keywords: Critical Success Factors (CSFs), Enterprise Resource Planning (ERP), system, vendor.

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Authors: Ilelabayo I. Adebisi, Yetunde R. Okeyinka, Abdulrasaq K. Ayinla

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Architectural design is a complex process especially when the issue of user’s comfort, building sustainability and energy efficiency needs to be addressed. The current energy challenge and the seek for an environment where users will have a more physiological and psychological comfort in this part of the world have led various researchers to constantly explore the concept of passive design techniques. Passive techniques are design strategies used in regulating building indoor climates and improving users comfort without the use of energy driven devices. This paper describes and analyses the significance of passive techniques on indoor climates and their impact on thermal comfort of building users using LAUTECH College of health sciences Ogbomoso as a case study. The study aims at assessing the appropriateness of the passive strategies used in achieving comfort in their buildings with a view to evaluate their adequacy and effectiveness and suggesting how comfortable their building users are. This assessment was carried out through field survey and questionnaires and findings revealed that strategies such as Orientation, Spacing, Courtyards, window positioning and choice of landscape adopted are inadequate while only fins and roof overhangs are adequate. The finding also revealed that 72% of building occupants feel hot discomfort in their various spaces and hence have the urge to get fresh air from outside during work hours. The Mahoney table was used to provide appropriate architectural design recommendations to guide future designers in the study area.

Keywords: Energy challenge, passive cooling, techniques, thermal comfort, users comfort.

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Authors: Mikhail V. Khachaturyan

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The article analyzes problems of improving the management systems of the ownership risks in the conditions of the transformation of the Russian economy. Among the main sources of threats business owners should highlight is the inefficiency of the implementation of business models and interaction with hired managers. In this context, it is particularly important to analyze the relationship of business models and ownership risks. The analysis of this problem appears to be relevant for a number of reasons: Firstly, the increased risk appetite of the owner directly affects the business model and the composition of his holdings; secondly, owners with significant stakes in the company are factors in the formation of particular types of risks for owners, for which relations have a significant influence on a firm's competitiveness and ultimately determines its survival; and thirdly, inefficient system of management ownership of risk is one of the main causes of mass bankruptcies, which significantly affects the stable operation of the economy as a whole. The separation of the processes of possession, disposal and use in modern organizations is the cause of not only problems in the process of interaction between the owner and managers in managing the organization as a whole, but also the asymmetric information about the kinds and forms of the main risks. Managers tend to avoid risky projects, inhibit the diversification of the organization's assets, while owners can insist on the development of such projects, with the aim not only of creating new values for themselves and consumers, but also increasing the value of the company as a result of increasing capital. In terms of separating ownership and management, evaluation of projects by the ratio of risk-yield requires preservation of the influence of the owner on the process of development and making management decisions. It is obvious that without a clearly structured system of participation of the owner in managing the risks of their business, further development is hopeless. In modern conditions of forming a risk management system, owners are compelled to compromise between the desire to increase the organization's ability to produce new value, and, consequently, increase its cost due to the implementation of risky projects and the need to tolerate the cost of lost opportunities of risk diversification. Improving the effectiveness of the management of ownership risks may also contribute to the revitalization of creditors on implementation claims to inefficient owners, which ultimately will contribute to the efficiency models of ownership control to exclude variants of insolvency. It is obvious that in modern conditions, the success of the model of the ownership of risk management and audit is largely determined by the ability and willingness of the owner to find a compromise between potential opportunities for expanding the firm's ability to create new value through risk and maintaining the current level of new value creation and an acceptable level of risk through the use of models of diversification.

Keywords: Risk management, ownership risks, economic transformation, Russian economy, management systems.

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Authors: Zulkufly Ramly

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This paper attempts to investigate the effect of corporate governance and shareholder monitoring mechanisms on cost of debt of Malaysian listed firms. We assess the quality of corporate governance using comprehensive corporate governance index, which consists of 139 items in six broad categories. We classify shareholder monitoring mechanisms into concentrated ownership, family, insider and government ownerships. Using panel sample from 2003 to 2007, regression results show that high corporate governance quality and concentrated ownership lower firm cost of debt. Debt issuers consider board structure and procedures, board compensation practices, accountability and audit, transparency and social and environmental activities as integral components of a good corporate governance framework.

Keywords: Corporate governance index, cost of debt, ownership structure, Malaysia.

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