Search results for: financial system’s development

Authors: Kolis Karel, Kubicek Ales

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The purpose of this paper is to explore the relationship between the customers- issues in company corporate governance and the financial performance. At the beginning theoretical background consisting stakeholder theory and corporate governance is presented. On this theoretical background, the empirical research is built, collecting data of 60 Czech joint stock companies- boards considering their relationships with customers. Correlation analysis and multivariate regression analysis were employed to test the sample on two hypotheses. The weak positive correlation between stakeholder approach and the company size was identified. But both hypotheses were not supported, because there was no significant relation of independent variables to financial performance.

Keywords: customers, stakeholder theory, corporate governance, financial performance

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Authors: Yu-Chun Lin

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We identify clawback triggers from firms- proxy statements (Form DEF 14A) and use the likelihood of restatements to proxy for financial reporting quality. Based on a sample of 578 U.S. firms that voluntarily adopt clawback provisions during 2003-2009, when restatement-based triggers could be decomposed into two types: fraud and unintentional error, and we do observe the evidence that using fraud triggers is associated with high financial reporting quality. The findings support that fraud triggers can enhance deterrent effect of clawback provision by establishing a viable disincentive against fraud, misconduct, and otherwise harmful acts. These results are robust to controlling for the compensation components, to different sample specifications and to a number of sensitivity.

Keywords: Accruals quality, Clawback provisions, Compensation, Restatements.

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Authors: S. Pushkar, O. Verbitsky

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Currently, green rating systems are mainly utilized for correctly sizing mechanical and electrical systems, which have short lifetime expectancies. In these systems, passive solar and bio-climatic architecture, which have long lifetime expectancies, are neglected. Urban rating systems consider buildings and services in addition to neighborhoods and public transportation as integral parts of the built environment. The main goal of this study was to develop a more consistent point allocation system for urban building standards by using six different lifetime shearing layers: Site, Structure, Skin, Services, Space, and Stuff, each reflecting distinct environmental damages. This shearing-layer concept was applied to internationally well-known rating systems: Leadership in Energy and Environmental Design (LEED) for Neighborhood Development, BRE Environmental Assessment Method (BREEAM) for Communities and Comprehensive Assessment System for Building Environmental Efficiency (CASBEE) for Urban Development. The results showed that LEED for Neighborhood Development and BREEAM for Communities focused on long-lifetime-expectancy building designs, whereas CASBEE for Urban Development gave equal importance to the Building and Service Layers. Moreover, although this rating system was applied using a building-scale assessment, “Urban Area + Buildings” focuses on a short-lifetime-expectancy system design, neglecting to improve the architectural design by considering bioclimatic and passive solar aspects.

Keywords: Green rating system, passive solar architecture, shearing-layer concept, urban community.

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Authors: Rasim M. Alguliyev, Alovsat G. Aliyev

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In the paper, information on economic development trends in developed countries are analyzed. The current status of information society and economy of the country is reviewed and some recommendations are given for future development. The problems of Information Society and establishment of its innovative economy are studied. In this turn, development trends information economy in developed countries are analyzed.

Keywords: Information economy, ICT sector, ICT infrastructure, innovation, innovation system hi-tech products, antimonopoly policy.

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Authors: Ifedapo Francis Awolowo

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The unrelenting series of embarrassing audit failures should stimulate a paradigm shift in accounting. And in this age of information revolution, there is need for a constant improvement on the products or services one offers to the market in order to be relevant. This study explores the perceptions of external auditors, forensic accountants and accounting academics on whether a paradigm shift to forensic accounting can reduce financial statement frauds. Through Neo-empiricism/inductive analytical approach, findings reveal that a paradigm shift to forensic accounting might be the right step in the right direction in order to increase the chances of fraud prevention and detection in the financial statement. This research has implication on accounting education on the need to incorporate forensic accounting into present day accounting curriculum. Accounting professional bodies, accounting standard setters and accounting firms all have roles to play in incorporating forensic accounting education into accounting curriculum. Particularly, there is need to alter the ISA 240 to make the prevention and detection of frauds the responsibilities of bot those charged with the management and governance of companies and statutory auditors.

Keywords: Financial statement fraud, forensic accounting, fraud prevention and detection, auditing, audit expectation gap, corporate governance.

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Authors: Hyung-Nam Kim, Won-Yong Chae, Dong-Sul Shin, Ho-Sung Kim, Hee-Je Kim

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A wireless power transfer system can attribute to the fields in robot, aviation and space in which lightening the weight of device and improving the movement play an important role. A wireless power transfer system was investigated to overcome the inconvenience of using power cable. Especially a wireless power transfer technology is important element for mobile robots. We proposed the wireless power transfer system of the half-bridge resonant converter with the frequency tracking and optimized power transfer control unit. And the possibility of the application and development system was verified through the experiment with LED loads.

Keywords: Wireless Power Transmission (WPT), resonancefrequency, protection circuit. LED.

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Authors: Bruno Henrique Rocha Fernandes, Amir Rezaee, Jucelia Appio

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The relation between Human Resource Management (HRM) practices and organizational performance remains the subject of substantial literature. Though many studies demonstrated positive relationship, still major influencing variables are not yet clear. This study considers the Person-Environment Fit (PE Fit) and its components, Person-Supervisor (PS), Person-Group (PG), Person-Organization (PO) and Person-Job (PJ) Fit, as possible explanatory variables. We analyzed PE Fit as a moderator between HRM practices and financial performance in the “best companies to work” in Brazil. Data from HRM practices were classified through the High Performance Working Systems (HPWS) construct and data on PE-Fit were obtained through surveys among employees. Financial data, consisting of return on invested capital (ROIC) and price earnings ratio (PER) were collected for publicly traded best companies to work. Findings show that PO Fit and PJ Fit play a significant moderator role for PER but not for ROIC.

Keywords: Financial performance, human resource management, high performance working systems, person-environment fit.

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Authors: K. S. Jasmine, R. Vasantha

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Component-Based software engineering provides an opportunity for better quality and increased productivity in software development by using reusable software components [10]. One of the most critical aspects of the quality of a software system is its performance. The systematic application of software performance engineering techniques throughout the development process can help to identify design alternatives that preserve desirable qualities such as extensibility and reusability while meeting performance objectives [1]. In the present scenario, software engineering methodologies strongly focus on the functionality of the system, while applying a “fix- it-later" approach to software performance aspects [3]. As a result, lengthy fine-tunings, expensive extra hard ware, or even redesigns are necessary for the system to meet the performance requirements. In this paper, we propose design based, implementation independent, performance prediction approach to reduce the overhead associated in the later phases while developing a performance guaranteed software product with the help of Unified Modeling Language (UML).

Keywords: Software Reuse, Component-based development, Unified Modeling Language, Software performance, Software components, Performance engineering, Software engineering.

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Authors: H. O. Barbosa, A. C. R. da Silva, C. M. de Almeida, E. M. dos Santos, F. O. de Sousa, F. B. da S. Souza, F. B. da S. Souza, F. de O. Lima, L. H. Albuquerque, R. F. do Valle Cunha

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Software development is intrinsic human-based knowledge-intensive. Due to globalization, software development has become a complex challenge and we usually face barriers related to knowledge management, team building, costly testing processes, especially in distributed settings. In this paper, we present the use of experimental studies to improve our knowledge management process using the Wiki system. According to the results, it was possible to identify learning preferences from our software projects leader team, organize and improve the learning experience of our Wiki, and facilitate collaboration by newcomers to improve Wiki with new contents available in the Wiki.

Keywords: Mobile products, knowledge management process, Wiki system, Global Software Development.

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Authors: Dimitris Georgoutsos, Petros M. Migiakis

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The concurrent era is characterised by strengthened interactions among financial markets and increased capital mobility globally. In this frames we examine the effects the international financial integration process has on the European bond markets. We perform a comparative study of the interactions of the European and international bond markets and exploit Cointegration analysis results on the elimination of stochastic trends and the decomposition of the underlying long run equilibria and short run causal relations. Our investigation provides evidence on the relation between the European integration process and that of globalisation, viewed through the bond markets- sector. Additionally the structural formulation applied, offers significant implications of the findings. All in all our analysis offers a number of answers on crucial queries towards the European bond markets integration process.

Keywords: financial integration, bond markets, cointegration

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Authors: Adamu Danlami Ahmed

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Inventory management is the determinant of effective and efficient work for any manager. This study looked at the relationship between inventory management and financial performance. The population of the study comprises all conglomerate quoted companies in the Nigerian Stock Exchange market as at 31^st December 2010. The scope of the study covered the period from 2010 to 2014. Descriptive, Pearson correlation and multiple regressions are used to analyze the data. It was found that inventory management is significantly related to the profitability of the company. This entails that an efficient management of the inventory cycle will enhance the profitability of the company. Also, lack of proper management of it will hinder the financial performance of organizations. Based on the results, it was recommended that a conglomerate company should try to see that inventories are kept to a minimum, as well as make sure the proper checks are maintained to make sure only needed inventories are in the store. As well as to keep track of the movement of goods, in order to avoid unnecessary delay of finished and work in progress (WIP) goods in the store and warehouse.

Keywords: Finished goods, work in progress, financial performance, inventory.

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Authors: Petra Horváthová, Marie Mikušová

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The aim of the article is to describe modern contemporary systems of employees' remuneration used in organizations, to give a general overview of these questions based on the questionnaire survey made by the authors, as well as to assess possible effects of economic crisis in this area. It is necessary to be aware of the fact that firm's success in the contemporary business environment depends not only on the technical equipment, financial resources, availability of raw materials and information and effective management, but one of the crucial factors of firm's success is its human potential. The article emphasizes that the well working remuneration system has a very important position in the organization in the broadest sense. The paper also aims to the current situation in the area of employees' remuneration in one of Czech Republic regions, in the Moravian-Silesian Region.

Keywords: Benefits, remuneration system, total pay, variable pay.

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Authors: Caje F. Pinto, Jivan S. Parab, Gourish M. Naik

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This paper is about the development of non-invasive heart rate and oxygen saturation in human blood using Altera NIOS II soft-core processor system. In today's world, monitoring oxygen saturation and heart rate is very important in hospitals to keep track of low oxygen levels in blood. We have designed an Embedded System On Peripheral Chip (SOPC) reconfigurable system by interfacing two LED’s of different wavelengths (660 nm/940 nm) with a single photo-detector to measure the absorptions of hemoglobin species at different wavelengths. The implementation of the interface with Finger Probe and Liquid Crystal Display (LCD) was carried out using NIOS II soft-core system running on Altera NANO DE0 board having target as Cyclone IVE. This designed system is used to monitor oxygen saturation in blood and heart rate for different test subjects. The designed NIOS II processor based non-invasive heart rate and oxygen saturation was verified with another Operon Pulse oximeter for 50 measurements on 10 different subjects. It was found that the readings taken were very close to the Operon Pulse oximeter.

Keywords: Heart rate, NIOS II, Oxygen Saturation, photoplethysmography, soft-core, SOPC.

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Authors: Won-Sub Lee, Sung-Gaun Kim

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Rotational Smart Lighting Control System can supply the quantity of lighting which is required to run plants by rotating few LED and Fluorescent instead of that are used in the existing plant factories.The initial installation of the existing plants factory is expensive, so in order to solve the problem with smart lighting control system was developed. The beam required intensity for the growth of crops, Photosynthetic Photon Flux Density(PPFD)is calculated; and the number of LED, are installed on the blades, set; using the Lighting Simulation Program.Relux, it is able to confirm that the difference of the beam intensity between the center and the outer of lighting system when the lighting device is rotating.

Keywords: Plant Factory, Lighting Control System, Rotational Lighting System, Lighting Equipment

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Authors: Hsiu-Hua Cheng

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

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

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Authors: Heather Wyman-Pain, Yuankai Bian, Furong Li

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The decreasing use of fossil fuel power stations has a negative effect on the stability of the electricity systems in many countries. Nuclear power stations have traditionally provided minimal ancillary services to support the system but this must change in the future as they replace fossil fuel generators. This paper explains the development of the four most popular reactor types still in regular operation across the world which have formed the basis for most reactor development since their commercialisation in the 1950s. The use of nuclear power in four countries with varying levels of capacity provided by nuclear generators is investigated, using the primary frequency response provided by generators as a measure for the electricity networks stability, to assess the need for nuclear generators to provide additional support as their share of the generation capacity increases.

Keywords: Frequency control, nuclear power generation, power system stability, system inertia.

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Authors: Hycham Aboutaleb, Bruno Monsuez

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Current systems complexity has reached a degree that requires addressing conception and design issues while taking into account environmental, operational, social, legal and financial aspects. Therefore, one of the main challenges is the way complex systems are specified and designed. The exponential growing effort, cost and time investment of complex systems in modeling phase emphasize the need for a paradigm, a framework and an environment to handle the system model complexity. For that, it is necessary to understand the expectations of the human user of the model and his limits. This paper presents a generic framework for designing complex systems, highlights the requirements a system model needs to fulfill to meet human user expectations, and suggests a graphbased formalism for modeling complex systems. Finally, a set of transformations are defined to handle the model complexity.

Keywords: Higraph-based, formalism, system engineering paradigm, modeling requirements, graph-based transformations.

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Authors: Ahmad Ghayoumi, Mehdi Ghayoumi

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Intelligent schools are those which use IT devices and technologies as media software, hardware and networks to improve learning process. On the other hand management improvement is best described as the process from which managers learn and improve their skills not only to benefit themselves but also their employing organizations Here, we present a model Management improvement System that has been applied on some schools and have made strict improvement.

Keywords: Intelligent school, Management development system, Learning station, Teaching station

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Authors: Syamsul Syafiq, Maslina Daud, Hafizah Hasan, Ahmad Zairi, Shazil Imri, Ezaini Akmar, Norbazilah Rahim

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Over recent years, web development has changed significantly. Driven largely by the rise of trends like mobiles, the world of development is rapidly evolving. The rise of the Internet makes web applications crucial nowadays. The web application has been an interface for a company and one of the ways they present their portfolio to the client. On the other hand, the web has become part of the file management system which takes over the role of paper. Due to high demand in web applications, developers are required to develop a web application that are cost-effective, secure and well coded. A framework has been proposed to develop an application rather than using library style development. The framework is helping the developer in creating the structure of a web automatically. This paper will compare the advantages and disadvantages of web development using framework against library-style development. This comparison is based on a previous research paper focusing on two main indicators, which are the impact to management and impact to the developer.

Keywords: Framework, library Style development, web application development, traditional web, static web, dynamic web.

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Authors: K. K. Yong, R. Mahmud, C. S. Woo

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Data mining and knowledge engineering have become a tough task due to the availability of large amount of data in the web nowadays. Validity and reliability of data also become a main debate in knowledge acquisition. Besides, acquiring knowledge from different languages has become another concern. There are many language translators and corpora developed but the function of these translators and corpora are usually limited to certain languages and domains. Furthermore, search results from engines with traditional 'keyword' approach are no longer satisfying. More intelligent knowledge engineering agents are needed. To address to these problems, a system known as Multilingual Word Semantic Network is proposed. This system adapted semantic network to organize words according to concepts and relations. The system also uses open source as the development philosophy to enable the native language speakers and experts to contribute their knowledge to the system. The contributed words are then defined and linked using lexical and semantic relations. Thus, related words and derivatives can be identified and linked. From the outcome of the system implementation, it contributes to the development of semantic web and knowledge engineering.

Keywords: Multilingual, semantic network, intelligent knowledge engineering.

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Authors: Josip Visković, Josip Arnerić, Ante Rozga

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Based on the fact that volatility is time varying in high frequency data and that periods of high volatility tend to cluster, the most successful and popular models in modeling time varying volatility are GARCH type models. When financial returns exhibit sudden jumps that are due to structural breaks, standard GARCH models show high volatility persistence, i.e. integrated behavior of the conditional variance. In such situations models in which the parameters are allowed to change over time are more appropriate. This paper compares different GARCH models in terms of their ability to describe structural changes in returns caused by financial crisis at stock markets of six selected central and east European countries. The empirical analysis demonstrates that Markov regime switching GARCH model resolves the problem of excessive persistence and outperforms uni-regime GARCH models in forecasting volatility when sudden switching occurs in response to financial crisis.

Keywords: Central and east European countries, financial crisis, Markov switching GARCH model, transition probabilities.

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Authors: D. A. Farinde

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One of the most significant threats to the economy of a nation is the bankruptcy of its banks. This study evaluates the susceptibility of Nigerian banks to failure with a view to identifying ratios and financial data that are sensitive to solvency of the bank. Further, a predictive model is generated to guide all stakeholders in the industry. Thirty quoted banks that had published Annual Reports for the year preceding the consolidation i.e. year 2004 were selected. They were examined for distress using the Multilayer Perceptron Neural Network Analysis. The model was used to analyze further reforms by the Central Bank of Nigeria using published Annual Reports of twenty quoted banks for the year 2008 and 2011. The model can thus be used for future prediction of failure in the Nigerian banking system.

Keywords: Bank, Bankruptcy, Financial Ratios, Neural Network, Multilayer Perceptron, Predictive Model

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Authors: Balsam Mustafa, Safaai Deris

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Requirements are critical to system validation as they guide all subsequent stages of systems development. Inadequately specified requirements generate systems that require major revisions or cause system failure entirely. Use Cases have become the main vehicle for requirements capture in many current Object Oriented (OO) development methodologies, and a means for developers to communicate with different stakeholders. In this paper we present the results of a laboratory experiment that explored whether different types of use case format are equally effective in facilitating high knowledge user-s understanding. Results showed that the provision of diagrams along with the textual use case descriptions significantly improved user comprehension of system requirements in both familiar and unfamiliar application domains. However, when comparing groups that received models of textual description accompanied with diagrams of different level of details (simple and detailed) we found no significant difference in performance.

Keywords: Prior knowledge, requirement specification, usecase format, user understanding.

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Authors: Margaret F. Shipley

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Fuzzy logic can be used when knowledge is incomplete or when ambiguity of data exists. The purpose of this paper is to propose a proactive fuzzy set- based model for reacting to the risk inherent in investment activities relative to a complete view of portfolio management. Fuzzy rules are given where, depending on the antecedents, the portfolio size may be slightly or significantly decreased or increased. The decision maker considers acceptable bounds on the proportion of acceptable risk and return. The Fuzzy Controller model allows learning to be achieved as 1) the firing strength of each rule is measured, 2) fuzzy output allows rules to be updated, and 3) new actions are recommended as the system continues to loop. An extension is given to the fuzzy controller that evaluates potential financial loss before adjusting the portfolio. An application is presented that illustrates the algorithm and extension developed in the paper.

Keywords: Portfolio Management, Financial Market Monitoring, Fuzzy Controller, Fuzzy Logic,

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Authors: E. Pop, M. Barbos

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Using mobile Internet access technologies and eservices, various economic agents can efficiently offer their products or services to a large number of clients. With the support of mobile communications networks, the clients can have access to e-services, anywhere and anytime. This is a base to establish a convergence of technological and financial interests of mobile operators, software developers, mobile terminals producers and e-content providers. In this paper, a client server system is presented, using 3G, EDGE, mobile terminals, for Stock Exchange e-services access.

Keywords: Mobile communications, e-services access, stockexchange.

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Authors: Dutescu Adriana, Amariei Corneliu, Sahlian Daniela, Stanila Aurelian, Stanila Oana

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20 years of dentistry was a period of transition from communist to market economy but Romanian doctors have insufficient management knowledge. Recently, the need for modern management has increased due to technologies and superior materials appearance, as patient-s demands. Research goal is to increase efficiency by evaluating dental medical office cost categories in real pricing procedures. Empirical research is based on guided study that includes information about the association between categories of cost perception and therapeutic procedures commonly used in dental offices. Due to the obtained results to identify all the labours that make up a settled procedure costs were determined for each procedure. Financial evaluation software was created with the main functions: introducing and maintaining patient records, treatment and appointments made, procedures cost and monitoring office productivity. We believe that the study results can significantly improve the financial management of dental offices, increasing the effectiveness and quality of services.

Keywords: costs, financial methods, management.

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Authors: Rahib Hidayat Abiyev

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This paper presents the development of recurrent neural network based fuzzy inference system for identification and control of dynamic nonlinear plant. The structure and algorithms of fuzzy system based on recurrent neural network are described. To train unknown parameters of the system the supervised learning algorithm is used. As a result of learning, the rules of neuro-fuzzy system are formed. The neuro-fuzzy system is used for the identification and control of nonlinear dynamic plant. The simulation results of identification and control systems based on recurrent neuro-fuzzy network are compared with the simulation results of other neural systems. It is found that the recurrent neuro-fuzzy based system has better performance than the others.

Keywords: Fuzzy logic, neural network, neuro-fuzzy system, control system.

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Authors: Tamara Kelly

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The past decade has witnessed a good opportunities for city development schemes in UK. The government encouraged restoration of city centers to comprise mixed use developments with high density residential apartments. Investments in regeneration areas were doing well according to the analyses of Property Databank (IPD). However, more recent analysis by IPD has shown that since 2007, property in regeneration areas has been more vulnerable to the market downturn than other types of investment property. The early stages of a property market downturn may be felt most in regeneration where funding, investor confidence and occupier demand would dissipate because the sector was considered more marginal or risky when development costs rise. Moreover, the Bank of England survey shows that lenders have sequentially tightened the availability of credit for commercial real estate since mid-2007. A sharp reduction in the willingness of banks to lend on commercial property was recorded. The credit crunch has already affected commercial property but its impact has been particularly severe in certain kinds of properties where residential developments are extremely difficult, in particular city centre apartments and buy-to-let markets. Commercial property – retail, industrial leisure and mixed use were also pressed, in Birmingham; tens of mixed use plots were built to replace old factories in the heart of the city. The purpose of these developments was to enable young professionals to work and live in same place. Thousands of people lost their jobs during the recession, moreover lending was more difficult and the future of many developments is unknown. The recession casts its shadow upon the society due to cuts in public spending by government, Inflation, rising tuition fees and high rise in unemployment generated anger and hatred was spreading among youth causing vandalism and riots in many cities. Recent riots targeted many mixed used development in the UK where banks, shops, restaurants and big stores were robbed and set into fire leaving residents with horror and shock. This paper examines the impact of the recession and riots on mixed use development in UK.

Keywords: Diversity, mixed use development, outdoor comfort, public realm, safe places, safety by design.

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Authors: B. A. Gobin, R. K. Subramanian

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Knowledge modelling, a main activity for the development of Knowledge Based Systems, have no set standards and are mostly done in an ad hoc way. There is a lack of support for the transition from abstract level to implementation. In this paper, a methodology for the development of the knowledge model, which is inspired by both Software and Knowledge Engineering, is proposed. Use of UML which is the de-facto standard for modelling in the software engineering arena is explored for knowledge modelling. The methodology proposed, is used to develop a knowledge model of a knowledge based system for recommending suitable hotels for tourists visiting Mauritius.

Keywords: Domain Modelling, Knowledge Based Systems, Knowledge Modelling, UML.

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Authors: M. Fette, J. P. Wulfsberg, A. Herrmann, R.-H. Ladstaetter

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Lightweight design represents an important key to successful implementation of energy-saving, fuel-efficient and environmentally friendly means of transport in the aerospace and automotive industry. In this context the use of carbon fibre reinforced plastics (CFRP) which are distinguished by their outstanding mechanical properties at relatively low weight, promise significant improvements. Due to the reduction of the total mass, with the resulting lowered fuel or energy consumption and CO2 emissions during the operational phase, commercial aircraft will increasingly be made of CFRP. An auspicious technology for the efficient and economic production of high performance thermoset composites and hybrid structures for future lightweight applications is the combination of carbon fibre sheet moulding compound, tailored continuous carbon fibre reinforcements and metallic components in a one-shot pressing and curing process. This paper deals with a hybrid composite technology for aerospace industries, which was developed with the help of a special innovation and development system.

Keywords: Composite, development, hybrid, innovation, system.

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