Search results for: national financial inclusion strategy

Authors: Kwok Tak Kit

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Under the Paris Agreement 2015, the countries committed to address and combat the climate change and its negative impacts and agree to the target of reducing the global greenhouse gas (GHG) emission substantially by limiting the global temperature to 2 0C above the pre-industrial level in this century. An international submit named “26th United Nations Climate Conference” (COP26) was held in Glasgow in 2021 with all committed countries agreed to finalize the outstanding element in Paris Agreement and Glasgow Climate Pact to keep 1.5 0C. In this paper, we will focus on the basic approach of waste strategy, recycling policy, circular economy strategy, net-zero strategy and sustainability strategy and the importance of the elements which affect the carbon emission, waste generation and energy conservation will be further reviewed with recommendation for future study.

Keywords: Net-zero carbon, climate change, carbon emission, energy consumption.

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Authors: Seyed Hamidreza Hejazi Dehghani, Neda Khounsari

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Quick growth of electronic commerce in developed countries means that developing nations must change in their commerce strategies fundamentally. Most organizations are aware of the impact of the Internet and e-Commerce on the future of their firm, and thus, they have to focus on organizational factors that have an effect on the deployment of an e-Commerce strategy. In this situation, it is essential to identify organizational factors such as the organizational culture, human resources, size, structure and product/service that impact an e-commerce strategy. Accordingly, this research specifies the effects of organizational factors on applying an e-commerce strategy in the Namakin food industry. The statistical population of this research is 95 managers and employees. Cochran's formula is used for determination of the sample size that is 77 of the statistical population. Also, SPSS and Smart PLS software were utilized for analyzing the collected data. The results of hypothesis testing show that organizational factors have positive and significant effects of applying an e-Commerce strategy. On the other hand, sub-hypothesizes show that effectiveness of the organizational culture and size criteria were rejected and other sub-hypothesis were accepted.

Keywords: Electronic commerce, organizational factors, attitude of managers, organizational readiness.

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Authors: Petr Teply

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The New Basel Capital Accord (Basel II) influences how financial institutions around the world, and especially European Union institutions, determine the amount of capital to reserve. However, as the recent global crisis has shown, the revision of Basel II is needed to reflect current trends, such as increased volatility and correlation, in the world financial markets. The overall objective of Basel II is to increase the safety and soundness of the international financial system. Basel II builds on three main pillars: Pillar I deals with the minimum capital requirements for credit, market and operational risk, Pillar II focuses on the supervisory review process and finally Pillar III promotes market discipline through enhanced disclosure requirements for banks. The aim of this paper is to provide the historical background, key features and impact of Basel II on financial markets. Moreover, we discuss new proposals for international bank regulation (sometimes referred to as Basel III) which include requirements for higher quality, constituency and transparency of banks' capital and risk management, regulation of OTC markets and introduction of new liquidity standards for internationally active banks.

Keywords: Basel II, Basel III, risk management, bank regulation

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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: Morteza Raei Dehaghi, Seyed Mohammad Mirhashemi

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The current study explored the effect of economic development, financial development and institutional quality on environmental destruction in upper-middle income countries during the time period of 1999-2011. The dependent variable is logarithm of carbon dioxide emissions that can be considered as an index for destruction or quality of the environment given to its effects on the environment. Financial development and institutional development variables as well as some control variables were considered. In order to study cross-sectional correlation among the countries under study, Pesaran and Friz test was used. Since the results of both tests show cross-sectional correlation in the countries under study, seemingly unrelated regression method was utilized for model estimation. The results disclosed that Kuznets’ environmental curve hypothesis is confirmed in upper-middle income countries and also, financial development and institutional quality have a significant effect on environmental quality. The results of this study can be considered by policy makers in countries with different income groups to have access to a growth accompanied by improved environmental quality.

Keywords: Economic Development, Environmental Destruction, Financial Development, Institutional Development, Seemingly Unrelated Regression.

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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: 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: Dimitrios J. Dimitriou, Maria F. Sartzetaki

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Transport infrastructures are high-cost, long-term investments that serve as vital foundations for the operation of a region or nation and are essential to a country’s or business’s economic development and prosperity, by improving well-being and generating jobs and income. The development of appropriate financing options is of key importance in the decision making process in order develop viable transport infrastructures. The development of transport infrastructure has increasingly been shifting toward alternative methods of project financing such as Public Private Partnership (PPPs) and hybrid forms. In this paper, a methodological decision-making framework based on the evaluation of the financial viability of transportation infrastructure for different financial schemes is presented. The framework leads to an assessment of the financial viability which can be achieved by performing various financing scenarios analyses. To illustrate the application of the proposed methodology, a case study of rail transport infrastructure financing scenario analysis in Greece is developed.

Keywords: Rail transport infrastructure; financial viability, scenario analysis, rail project feasibility.

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Authors: M. Okan Tasar

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Basel III (or the Third Basel Accord) is a global regulatory standard on bank capital adequacy, stress testing and market liquidity risk agreed upon by the members of the Basel Committee on Banking Supervision in 2010-2011, and scheduled to be introduced from 2013 until 2018. Basel III is a comprehensive set of reform measures. These measures aim to; (1) improve the banking sector-s ability to absorb shocks arising from financial and economic stress, whatever the source, (2) improve risk management and governance, (3) strengthen banks- transparency and disclosures. Similarly the reform target; (1) bank level or micro-prudential, regulation, which will help raise the resilience of individual banking institutions to periods of stress. (2) Macro-prudential regulations, system wide risk that can build up across the banking sector as well as the pro-cyclical implication of these risks over time. These two approaches to supervision are complementary as greater resilience at the individual bank level reduces the risk system wide shocks. Macroeconomic impact of Basel III; OECD estimates that the medium-term impact of Basel III implementation on GDP growth is in the range -0,05 percent to -0,15 percent per year. On the other hand economic output is mainly affected by an increase in bank lending spreads as banks pass a rise in banking funding costs, due to higher capital requirements, to their customers. Consequently the estimated effects on GDP growth assume no active response from monetary policy. Basel III impact on economic output could be offset by a reduction (or delayed increase) in monetary policy rates by about 30 to 80 basis points. The aim of this paper is to create a framework based on the recent regulations in order to prevent financial crises. Thus the need to overcome the global financial crisis will contribute to financial crises that may occur in the future periods. In the first part of the paper, the effects of the global crisis on the banking system examine the concept of financial regulations. In the second part; especially in the financial regulations and Basel III are analyzed. The last section in this paper explored the possible consequences of the macroeconomic impacts of Basel III.

Keywords: Banking Systems, Basel III, Financial regulation, Global Financial Crisis.

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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: 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: Ilona Mewes, Helena Jenzer, Farshideh Einsele

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Objective: The objective of the study was to integrate two big databases from Swiss nutrition national survey (menuCH) and Swiss health national survey 2012 for data mining purposes. Each database has a demographic base data. An integrated Swiss database is built to later discover critical food consumption patterns linked with lifestyle diseases known to be strongly tied with food consumption. Design: Swiss nutrition national survey (menuCH) with approx. 2000 respondents from two different surveys, one by Phone and the other by questionnaire along with Swiss health national survey 2012 with 21500 respondents were pre-processed, cleaned and finally integrated to a unique relational database. Results: The result of this study is an integrated relational database from the Swiss nutritional and health databases.

Keywords: Health informatics, data mining, nutritional and health databases, nutritional and chronical databases.

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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: Hyun-Ho Kim, Seok-Jae Lee, Oh-Yeon Lee

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We investigated the effects of the additions of Zr and other alloying elements on the mechanical properties and microstructure in Cr-Mo plastic mold steels. The addition of alloying elements changed the microstructure of the normalized samples from the upper bainite to lower bainite due to the increased hardenability. The tempering temperature influenced the strength and hardness values, especially the phenomenon of 350^oC embrittlement was observed. The alloy additions of Cr, Mo, and V improved the resistance to the temper embrittlement. The addition of Zr improved the tensile strength and yield strength, but the impact energy was sharply decreased. It may be caused by the formation of Zr-MnS inclusion and rectangular-shaped Zr inclusion due to the Zr addition.

Keywords: Inclusions, mechanical properties, plastic mold steel, Zr addition.

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Authors: Safaa Mahmoud Issa

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Architecture, as an art and science of designing, has always been the medium to create environments that fulfill their users’ needs. It could create an inclusive environment that would not isolate any individual regardless of his /her disabilities. It could help, hopefully, in setting the strategies that provide a supportive, educational environment that would allow the inclusion of students with autism. Architects could help in the battle against this neuro-developmental disorder by providing the accommodating environment, at home and at school, in order to prevent institutionalizing these children. Through a theoretical approach and a review of literature, this study will explore and analyze best practices in autism-friendly, supportive, teaching environments. Additionally, it would provide the range of measures, and set the strategies to deal with the students with autism sensory peculiarities, and that, in order to allow them to concentrate in the school environment, and be able to succeed, and to be integrated as an important addition to society and the social mainstream. Architects should take into consideration the general guidelines for an autism-friendly built environment, and apply them to specific buildings systems. And that, as certain design elements have great effect on children’s behavior, by appropriating architecture to provide inclusive accommodating environments, the basis for equalization of opportunities is set allowing these individuals a better, normal, non-institutional life, as the discussion presented in this study would reveal.

Keywords: Architecture, inclusion, students with autism, mainstream society.

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Authors: Mostafa A. Elshahed, Magdy M. Elmarsfawy, Hussain M. Zain Eldain

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In this paper, a Dynamic Economic Dispatch (DED) model is developed for the system consisting of both thermal generators and wind turbines. The inclusion of a significant amount of wind energy into power systems has resulted in additional constraints on DED to accommodate the intermittent nature of the output. The probability of stochastic wind power based on the Weibull probability density function is included in the model as a constraint; A Here-and-Now Approach. The Environmental Protection Agency-s hourly emission target, which gives the maximum emission during the day, is used as a constraint to reduce the atmospheric pollution. A 69-bus test system with non-smooth cost function is used to illustrate the effectiveness of the proposed model compared with static economic dispatch model with including the wind power.

Keywords: Dynamic Economic Dispatch, StochasticOptimization, Weibull Distribution, Wind Power

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Authors: S. Masteika, A.V. Rutkauskas, A. Tamosaitis

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The paper investigates downtrend algorithm and trading strategy based on chart pattern recognition and technical analysis in futures market. The proposed chart formation is a pattern with the lowest low in the middle and one higher low on each side. The contribution of this paper lies in the reinforcement of statements about the profitability of momentum trend trading strategies. Practical benefit of the research is a trading algorithm in falling markets and back-test analysis in futures markets. When based on daily data, the algorithm has generated positive results, especially when the market had downtrend period. Downtrend algorithm can be applied as a hedge strategy against possible sudden market crashes. The proposed strategy can be interesting for futures traders, hedge funds or scientific researchers performing technical or algorithmic market analysis based on momentum trend trading.

Keywords: trading algorithm, chart pattern, downtrend trading, futures market, hedging

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Authors: P.-W. Tsai, W.-L. Hong, C.-W. Chen, C.-Y. Chen

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In this paper, we present a neural-network (NN) based approach to represent a nonlinear Tagagi-Sugeno (T-S) system. A linear differential inclusion (LDI) state-space representation is utilized to deal with the NN models. Taking advantage of the LDI representation, the stability conditions and controller design are derived for a class of nonlinear structural systems. Moreover, the concept of utilizing the Parallel Particle Swarm Optimization (PPSO) algorithm to solve the common P matrix under the stability criteria is given in this paper.

Keywords: Lyapunov Stability, Parallel Particle Swarm Optimization, Linear Differential Inclusion, Artificial Intelligence.

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Authors: N. Mohamad, W. Samiati Andriana Wan Mohd Daud, M. Suhaimi Tohid, M. Fazli Othman, M. Rizal Salleh

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This is a collaborative project of the mural art between The Department of Fine Art from Universiti Teknologi MARA (UiTM) and Petronas Dagangan Berhad (PDB), the most leading retailer and marketer of downstream oil and gas products in Malaysia. Five different states have been identified in showcasing the National Identity of Malaysia at each Petronas gas station; the Air Keroh in Melaka, Pasir Pekan in Kelantan, Pontian in Johor, Simpang Pulai in Perak and also Wakaf Bharu in Terengganu. This project is to analyze the element of national identity that has been demonstrated at the Petronas's Mural. The ultimate aim of the mural is to let the community and local people to be aware about what Malaysians are consists and proud of and how everyone is able to connect with the idea through art. The method that is being explained in this research is by using visual data through research and also self-experience in collecting the visual data in identifying what images are considered as the national identity and idea development and visual analysis is being transferred based upon the visual data collection. In this stage elements and principle of design will be the key in highlighting what is necessary in a work of art. In conclusion, image of the National Identity of Malaysia is able to connect to the audience from local and also to the people from outside the country to learn and understand the beauty and diversity of Malaysia as a unique country with art, through the wall of five Petronas gas stations.

Keywords: Mural art, fine art, national identity, community.

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Authors: Biao Ma, Jikai Liu, Man Chen, Jianpeng Wu, Liyong Wang, Changsong Zheng

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Proposing an appropriate control strategy is an effective and practical way to address the overheat problems of the wet multi-plate clutch in Direct Shift Gearbox under the long-time creeping condition. To do so, the temperature variation of the wet multi-plate clutch is investigated firstly by establishing a thermal resistance model for the gearbox cooling system. To calculate the generated heat flux and predict the clutch temperature precisely, the friction torque model is optimized by introducing an improved friction coefficient, which is related to the pressure, the relative speed and the temperature. After that, the heat transfer model and the reasonable friction torque model are employed by the vehicle powertrain model to construct a comprehensive co-simulation model for the Direct Shift Gearbox (DSG) vehicle. A creeping control strategy is then proposed and, to evaluate the vehicle performance, the safety temperature (250 ℃) is particularly adopted as an important metric. During the creeping process, the temperature of two clutches is always under the safety value (250 ℃), which demonstrates the effectiveness of the proposed control strategy in avoiding the thermal failures of clutches.

Keywords: Creeping control strategy, direct shift gearbox, temperature variation, wet clutch.

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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: Valene J. Gresham, MA, Laura A. Brodie

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For the last decade, statistics show traumatic brain injury (TBI) is a growing concern in our legal system. In an effort to obtain data regarding the influence of neuropsychological expert witness testimony in a criminal case, this study tested three hypotheses. H1: The majority of jurors will vote not guilty, due to mild head injury. H2: The jurors will give more credence to the testimony of the neuropsychologist rather than the psychiatrist. H3: The jurors will be more lenient in their sentencing, given the testimony of the neuropsychologist-s testimony. The criterion for inclusion in the study as a participant is identical to those used for inclusion in the eligibility for jury duty in the United States. A chisquared test was performed to analyze the data for the three hypotheses. The results supported all of the hypotheses; however statistical significance was seen in H1 and H2 only.

Keywords: Expert witness, jury decision, neuropsychology, traumatic brain injury.

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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: Andreas D. Jansson

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The availability of inexpensive, yet competent hardware allows for increased level of automation and self-optimization in the context of Industry 4.0. However, such agents require high quality information about their surroundings along with a robust strategy for collision avoidance, as they may cause expensive damage to equipment or other agents otherwise. Manually defining a strategy to cover all possibilities is both time-consuming and counter-productive given the capabilities of modern hardware. This paper explores the idea of a model-free self-optimizing obstacle avoidance strategy for multiple autonomous agents in a simulated dynamic environment using the Q-learning algorithm.

Keywords: Autonomous vehicles, industry 4.0, multi-agent system, obstacle avoidance, Q-learning, simulation.

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Authors: Komlan Sedzro

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We apply the non-parametric, unconditional, hyperbolic order-α quantile estimator to appraise the relative efficiency of Microfinance Institutions in Africa in terms of outreach. Our purpose is to verify if these institutions, which must constantly try to strike a compromise between their social role and financial sustainability are operationally efficient. Using data on African MFIs extracted from the Microfinance Information eXchange (MIX) database and covering the 2004 to 2006 periods, we find that more efficient MFIs are also the most profitable. This result is in line with the view that social performance is not in contradiction with the pursuit of excellent financial performance. Our results also show that large MFIs in terms of asset and those charging the highest fees are not necessarily the most efficient.

Keywords: Data envelopment analysis, microfinance institutions, quantile estimation of efficiency, social and financial performance.

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Authors: Burja C., Burja V.

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The paper presents the Romanian realities and perspectives from the point of view of reaching the sustainable development model in the context of the recent accession to the European Union, based on the analysis of the indicators listed in the EU Sustainable Development Strategy. The analysis of the economic-social potential for sustainable development and of the environment aspects show that the objectives stipulated in the renewed EU Sustainable Development Strategy of 2006 can be reached, but an extra effort must be put-in in order to overcome the existing substantial gaps in several areas in relation to the developed countries of the EU. The paper-s conclusions show that even if sustainable development is not an easy target to reach in Romania, there are resources and a growing potential, which can lead to sustainable development if used rationally.

Keywords: Ecological dimension, economic-social potential, strategy, sustainable development

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Authors: Marc Solé, Francesc Giné, Magda Valls, Nina Bijedic

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What people say on social media has turned into a rich source of information to understand social behavior. Specifically, the growing use of Twitter social media for political communication has arisen high opportunities to know the opinion of large numbers of politically active individuals in real time and predict the global political tendencies of a specific country. It has led to an increasing body of research on this topic. The majority of these studies have been focused on polarized political contexts characterized by only two alternatives. Unlike them, this paper tackles the challenge of forecasting Spanish political trends, characterized by multiple political parties, by means of analyzing the Twitters Users political tendency. According to this, a new strategy, named Tweets Analysis Strategy (TAS), is proposed. This is based on analyzing the users tweets by means of discovering its sentiment (positive, negative or neutral) and classifying them according to the political party they support. From this individual political tendency, the global political prediction for each political party is calculated. In order to do this, two different strategies for analyzing the sentiment analysis are proposed: one is based on Positive and Negative words Matching (PNM) and the second one is based on a Neural Networks Strategy (NNS). The complete TAS strategy has been performed in a Big-Data environment. The experimental results presented in this paper reveal that NNS strategy performs much better than PNM strategy to analyze the tweet sentiment. In addition, this research analyzes the viability of the TAS strategy to obtain the global trend in a political context make up by multiple parties with an error lower than 23%.

Keywords: Political tendency, prediction, sentiment analysis, Twitter.

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Authors: Ilias A. Makris

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In this work, we attempt to associate firm characteristics with innovative activity. We collect microdata from listed firms of selected Eurozone Country-members, after the beginning of 2007 financial crisis. The following literature, several indicators of growth and performance were selected and tested for their ability to interpret innovative activity. The main scope is to examine the possible differences in performance and growth between innovative and non-innovative firms, during a severe recession. Additionally to that, a special focus will be held on whether macroeconomic performance and national innovation system, determines the extent of innovators' performance. Preliminary findings, through correlation matrices and non-parametric tests, strongly indicate the positive relation between innovative activity and most of the measures used (profitability, size, employment), confirming that even during a recessionary period, innovative firms not only survive but also seem to succeed better economic results in almost all indexes relative to non-innovative. However, even though innovators seem to perform better in all economies examined, the extent of that performance seems to be strongly affected by the supportive mechanisms (financial and structural) that their country provides. Thus, it is clear, that the technologically intensive 'gap' between European South and North, during the economic crisis, became chaotic, due to the harsh austerity measures and reduced budgets in those countries, even in sectors with high potentials in economic activity and employment, impairing the effects of crisis and enhancing the vicious circle of recession.

Keywords: Eurozone, innovative activity, development, firm performance, non-parametric tests.

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Authors: Chastiti Mediafira Wulolo, Tri Legionosuko, Suhirwan, Yusuf

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Terrorism and radicalization have become a common threat to every nation in this world. As a part of the asymmetric warfare threat, terrorism and radicalization need a complex strategy as the problem solver. One such way is by collaborating with the international community. The Our Eyes Initiative (OEI), for example, is a cooperation pact in the field of intelligence information exchanges related to terrorism and radicalization initiated by the Indonesian Ministry of Defence. The pact has been signed by Indonesia, Philippines, Malaysia, Brunei Darussalam, Thailand, and Singapore. This cooperation mostly engages military acts as a central role, but it still requires the involvement of various parties such as the police, intelligence agencies and other government institutions. This paper will use a qualitative content analysis method to address the opportunity and enhance the optimization of OEI. As the result, it will explain how OEI takes the opportunities as the strategy for counter-terrorism by building it up as the regional cooperation, building the legitimacy of government and creating the legal framework of the information sharing system.

Keywords: Our Eyes Initiative, terrorism, counter-terrorism, ASEAN, cooperation, strategy.

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Authors: Safa Ougoujil, Sidi Mohamed Rigar

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Economics is not an exact science. It cannot be from the moment it is a social science that concerns society organization, a human science that depends on the behavior of the men and women who make a part of this society. Therefore, it cannot ignore morality, the instinctive sense of good and evil, the natural order which place us between certain values, and which religion often sheds light on. In terms of finance, the reference to ethics is becoming more popular than ever. This is naturally due to the growing financial crises. Finance is less and less ethical, but some financial practices have continued to do so. This is the case of ethical finance and Islamic finance. After attempting to define the concepts of ethical finance and Islamic finance, in a period when financial innovation seeks to encourage differentiation in order to create more profit margins, this article attempts to expose the particularities, the convergences and the potentialities of development of these two sensibilities.

Keywords: Convergences, ethical finance, Islamic finance, potential development.

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