Search results for: Contingent capital
Commenced in January 2007
Frequency: Monthly
Edition: International
Paper Count: 354

Search results for: Contingent capital

354 Bail-in Capital: The New Box

Authors: Manu Krishnan, Phil Jacoby

Abstract:

In this paper, we discuss the paradigm shift in bank capital from the “gone concern" to the “going concern" mindset. We then propose a methodology for pricing a product of this shift called Contingent Capital Notes (“CoCos"). The Merton Model can determine a price for credit risk by using the firm-s equity value as a call option on those assets. Our pricing methodology for CoCos also uses the credit spread implied by the Merton Model in a subsequent derivative form created by John Hull et al . Here, a market implied asset volatility is calculated by using observed market CDS spreads. This implied asset volatility is then used to estimate the probability of triggering a predetermined “contingency event" given the distanceto- trigger (DTT). The paper then investigates the effect of varying DTTs and recovery assumptions on the CoCo yield. We conclude with an investment rationale.

Keywords: CoCo, Contingent capital, Bank Capital, Tier1 Capital

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353 Contingent Pay and Experience with Its Utilization by Companies in one of the Czech Republic's Regions

Authors: Petra Horváthová, Andrej Miklosik

Abstract:

One part of the total employee’s reward is apart from basic wages or salary, employee’s benefits and intangible remuneration also so called contingent (variable) pay. Contingent pay is connected to performance, contribution, cap competency or skills of individual employees, and to team’s or company-wide performance or to combination of few of the mentioned possibilities. Sometimes among the contingent pay is also incorporated the remuneration based on length of employment, when the financial reward is not connected to performance or skills, but to length of continuous employment either on one working position or in one level of remuneration scale. Main aim of this article is to define, based on available information, contingent pay, describe individual forms, its advantages and disadvantages and possibilities to utilization in practice; but also bring information not only about its extent and level of utilization of contingent pay by companies in one of the Czech Republic’s regions, but also mention their practical experience with this type of remuneration.

Keywords: Contingent pay, individual contingent pay, team contingent pay, company-wide contingent pay

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352 Contingent Pay and Experience with its use by Organizations of the Czech Republic Operating in the Field of Environmental Protection

Authors: Petra Horváthová, Marcela Davidová, Miroslava Bendová

Abstract:

One part of the total employee-s reward is apart from basic wages or salary, employee-s benefits and intangible elements also so called contingent (variable) pay. Contingent pay is connected to performance, contribution, capcompetency or skills of individual employees, and to team-s or company-wide performance or to combination of few of the mentioned possibilities. Main aim of this article is to define, based on available information, contingent pay, describe reasons for its implementation and arguments for and against this type of remuneration, but also bring information not only about its extent and level of utilization by organizations of the Czech Republic operating in the field of environmental protection, but also mention their practical experience with this type of remuneration.

Keywords: Contingent pay, environmental protection, experience in using, organizations of the Czech Republic.

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351 Mindfulness-Based Stress Reduction for Optimizing Self-Esteem and Well-Being: The Key Role of Contingent Self-Esteem in Predicting Well-Being Compared to Explicit Self-Esteem

Authors: Sergio Luna, Raquel Rodríguez-Carvajal

Abstract:

This research examines the effectiveness of a mindfulness-based intervention in optimizing psychological well-being, with a particular focus on self-esteem, due to the rapid growth and consolidation of social network use and the increased frequency and intensity of upward comparisons of the self. The study aims to assess the potential of a mindfulness-based intervention to improve self-esteem and, in particular, to contribute to its greater stability by reducing levels of contingent self-esteem. Results show that an 8-week mindfulness-based stress reduction program was effective in increasing participants' (n = 206) trait mindfulness, explicit self-esteem, and well-being, while decreasing contingent self-esteem. Furthermore, the study found that improvements in both explicit and contingent self-esteem were significantly correlated with increases in psychological well-being, but that contingent self-esteem had a stronger effect on well-being than explicit self-esteem. These findings highlight the importance of considering additional dimensions of self-esteem beyond levels and suggest that mindfulness-based interventions may be a valuable tool for promoting a healthier form of self-esteem that contributes to personal well-being.

Keywords: Mindfulness-based stress reduction, contingent self-esteem, explicit self-esteem, well-being.

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350 Working Capital Efficiency and Firm Profitability – Nigeria and Kenya

Authors: Lucian J. Pitt

Abstract:

The primary purpose of this study is to understand the differences in the relationship between working capital management efficiency, working capital investment decisions and working capital finance decisions and the profitability of firms within the context of two African developing economies, Kenya and Nigeria. The study finds that there is a significant difference in the relationship between the firm’s profitability and the working capital variables which suggests different challenges for working capital management in each of these countries.

Keywords: Working Capital Management, Working Capital Investment, Working Capital Finance, Profitability, Cash Conversion Cycle.

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349 Measurement of Intellectual Capital in an Algerian Company

Authors: S. Brahmi, S. Aitouche, M. D. Mouss

Abstract:

Every modern company should measure the value of its intellectual capital and to report to complement the traditional annual balance sheets. The purpose of this work is to measure the intellectual capital in an Algerian company (or production system) using the Weightless Wealth Tool Kit (WWTK). The results of the measurement of intellectual capital are supplemented by traditional financial ratios. The measurement was applied to the National Company of Wells Services (ENSP) in Hassi Messaoud city, in the south of Algeria. We calculated the intellectual capital (intangible resources) of the ENSP to help the organization to better capitalize on its potential of workers and their know-how. The intangible value of the ENSP is evaluated at 16,936,173,345 DA in 2015.

Keywords: Financial valuation, intangible capital, intellectual capital, intellectual capital measurement.

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348 Voluntary Information of Intellectual Capital Disclosed Online by Public Spanish Universities

Authors: Yolanda Ramírez, Ángel Tejada, Agustín Baidez

Abstract:

The purpose of this paper is to examine the quality of voluntary intellectual capital disclosure by public Spanish universities on their websites. To this end, a content analysis was used to analyze the websites of 50 public Spanish universities i 2016. The results of this study show that human capital was the most disclosed category with relational capital being the least frequently disclosed in Spain. However, the quality of structural capital disclosures was higher than relational and human capital. Finally, most IC disclosures were narrative in nature.

Keywords: Intellectual capital, quality disclosure, websites, universities, Spain.

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347 An Empirical Assessment of Sustainability of an Urban Water Supply Service Delivery

Authors: Olayinka Gafar Okeola, Akinola Muyiwa Moore

Abstract:

Urban population is rapidly increasing in Ilorin, (the capital of Kwara State of Nigeria) along with related increased water demand. The inadequacies of water supply services have forced the populace to depend on dug wells, boreholes, water tankers, street vendors etc. for their water needs. People spend hours daily carrying jerry can all around to collect and queue for water at the public water tap with high opportunity cost both in time and economic wastage. This situation motivated this study to assess the sustainability of an urban water supply services to unravel the factors undermining the effective delivery of services. Contingent Valuation Method was used to place value on water supply services using the Double Bounded Dichotomous Choice format for willingness to pay elicitation. A database was created with Microsoft Excel and Stata 12 Software to model and evaluate the variables that affect household willingness to pay. The results of the study reveal that about 92% of the total households surveyed were connected to the Government water supply out of which 87% reported that they were not satisfied with the existing services. The results furthered revealed that respondents are willing to pay ₦2500 monthly to enjoy sustainable water supply service delivery.

Keywords: Willingness-to-pay, contingent valuation method, Nigeria, service, delivery.

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346 Enterprise Infrastructure Related to the Product Value Transferred from Intellectual Capital

Authors: Chih Chin Yang

Abstract:

The paper proposed a new theory of intellectual capital (so called IC) and a value approach in associated with production and market. After an in-depth review and research analysis of leading firms in this field, a holistic intellectual capital model is discussed, which involves transport, delivery supporting, and interface and systems of on intellectual capital. Through a quantity study, it is found that there is a significant relationship between the product value and infrastructure in a company. The product values are transferred from intellectual capital elements which includes three elements of content and the enterprise includes three elements of infrastructure in its market and product values of enterprise. 

Keywords: Enterprise, product value, intellectual capital.

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345 The Relation between Social Capital and Trust with Social Network Analysis

Authors: Safak Baykal

Abstract:

The purpose of this study is analyzing the relationship between trust and social capital of people with using Social Network Analysis. In this study, two aspects of social capital will be focused: Bonding, homophilous social capital (BoSC), and Bridging, heterophilous social capital (BrSC). These two aspects diverge each other regarding to the social theories. The other concept of the study is Trust (Tr), namely interpersonal trust, willing to ascribe good intentions to and have confidence in the words and actions of other people. In this study, the sample group, 61 people, was selected from a private firm from the defense industry. The relation between BoSC/BrSC and Tr is shown by using Social Network Analysis (SNA) and statistical analysis with Likert type-questionnaire. The results of the analysis show the Cronbach’s alpha value is 0.756 and social capital values (BoSC/BrSC) is not correlated with Tr values of the people.

Keywords: Social capital, interpersonal trust, social network analysis (SNA).

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344 Contingent Presences in Architecture: Vitruvian Theory as a Beginning

Authors: Zelal Çinar

Abstract:

This paper claims that architecture is a contingent discipline, despite the fact that its contingency has long been denied through a retreat to Vitruvian writing. It is evident that contingency is rejected not only by architecture but also by modernity as a whole. Vitruvius attempted to cover the entire field of architecture in a systematic form in order to bring the whole body of this great discipline to a complete order. The legacy of his theory hitherto lasted not only that it is the only major work on the architecture of Classical Antiquity to have survived, but also that its conformity with the project of modernity. In the scope of the paper, it will be argued that contingency should be taken into account rather than avoided as a potential threat. 

Keywords: Architecture, contingency, modernity, Vitruvius.

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343 Preliminary Views on the Determinants of the Cost of Capital for the Emergent Market of Romania

Authors: I. Ionascu, M. Ionascu, D.-A. Calu, L. Olimid

Abstract:

This paper investigates several factors affecting the cost of capital for listed Romanian companies. Although there is a large amount of literature investigating the drivers of the cost of capital internationally, there is currently little evidence from emergent markets. Based on a sample of 19 Romanian listed companies followed by financial analysts for the years 2008-2010, according to Thomson Reuters- I/B/E/S data base, the paper confirms the international trends, showing that size, corporate governance policies, and growth are negatively correlated with the cost of capital.

Keywords: Corporate governance, determinants of the cost of capital, emergent markets.

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342 The Relevance of Intellectual Capital: An Analysis of Spanish Universities

Authors: Yolanda Ramírez, Ángel Tejada, Agustín Baidez

Abstract:

In recent years, the intellectual capital reporting in higher education institutions has been acquiring progressive importance worldwide. Intellectual capital approaches becomes critical at universities, mainly due to the fact that knowledge is the main output as well as input in these institutions. Universities produce knowledge, either through scientific and technical research (the results of investigation, publications, etc.) or through teaching (students trained and productive relationships with their stakeholders). The purpose of the present paper is to identify the intangible elements about which university stakeholders demand most information. The results of a study done at Spanish universities are used to see which groups of universities have stakeholders who are more proactive to the disclosure of intellectual capital.

Keywords: Intellectual capital, universities, Spain, cluster analysis.

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341 Intellectual Capital Report for Universities

Authors: Yolanda Ramírez Córcoles, Ángel Tejad Ponce, Agustín Baidez González

Abstract:

Intellectual capital reporting becomes critical at universities, mainly due to the fact that knowledge is the main output as well as input in these institutions. In addition, universities have continuous external demands for greater information and transparency about the use of public funds, and are increasingly provided with greater autonomy regarding their organization, management, and budget allocation. This situation requires new management and reporting systems. The purpose of the present study is to provide a model for intellectual capital report in Spanish universities. To this end, a questionnaire was sent to every member of the Social Councils of Spanish public universities in order to identify which intangible elements university stakeholders demand most. Our proposal for an intellectual capital report aims to act as a guide to help the Spanish universities on the road to the presentation of information on intellectual capital which can assist stakeholders to make the right decisions.

Keywords: Intellectual capital, Spain, report, universities.

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340 An Analysis of Economic Capital Allocation of Global Banks

Authors: Petr Teply, Ondrej Vejdovec

Abstract:

There are three main ways of categorizing capital in banking operations: accounting, regulatory and economic capital. However, the 2008-2009 global crisis has shown that none of these categories adequately reflects the real risks of bank operations, especially in light of the failures Bear Stearns, Lehman Brothers or Northern Rock. This paper deals with the economic capital allocation of global banks. In theory, economic capital should reflect the real risks of a bank and should be publicly available. Yet, as discovered during the global financial crisis, even when economic capital information was publicly disclosed, the underlying assumptions rendered the information useless. Specifically, some global banks that reported relatively high levels of economic capital before the crisis went bankrupt or had to be bailed-out by their government. And, only 15 out of 50 global banks reported their economic capital during the 2007-2010 period. In this paper, we analyze the changes in reported bank economic capital disclosure during this period. We conclude that relative shares of credit and business risks increased in 2010 compared to 2007, while both operational and market risks decreased their shares on the total economic capital of top-rated global banks. Generally speaking, higher levels of disclosure and transparency of bank operations are required to obtain more confidence from stakeholders. Moreover, additional risks such as liquidity risks should be included in these disclosures.

Keywords: global crisis, economic capital, risk management, risk allocation, bank

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339 Assessing and Managing Intellectual Capital to Support Open Innovation Paradigm

Authors: Michele Grimaldi, Livio Cricelli, Francesco Rogo, Alessia Iannarelli

Abstract:

The objective of this paper is to support the application of Open Innovation practices in firms and organizations by the assessment and management of Intellectual Capital. Intellectual Capital constituents are analyzed in order to verify their capability of acting as key drivers of Open Innovation processes and, therefore, of creating value. A methodology is defined to settle a procedure which helps to select the most relevant Intellectual Capital value drivers and to provide Communities of Innovation with strategic and managerial guidelines in sustaining Open Innovation paradigm. An application of the methodology is developed within a specifically addressed project and its results are hereafter examined.

Keywords: Assessment, Community of Innovation, Intellectual Capital, Management, Open Innovation.

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338 Readiness of Intellectual Capital Measurement: A Review of the Property Development and Investment Industry

Authors: Edward C. W. Chan, Benny C. F. Cheung

Abstract:

In the knowledge economy, the financial indicator is not the unique instrument to gauge the performance of a company. The role of intellectual capital contributing to the company performance is increasing. To measure the company performance due to intellectual capital, the value-added intellectual capital (VAIC) model is adopted to measure the intellectual capital utilization efficiency of the subject companies. The purpose of this study is to review the readiness of measuring intellectual capital for the Hong Kong listed companies in the property development and property investment industry by using VAIC model. This study covers the financial reports from the representative Hong Kong listed property development companies and property investment companies in the period 2014-2019. The findings from this study indicated the industry is ready for IC measurement employing VAIC framework but not yet ready for using the extended VAIC model.

Keywords: Intellectual capital, intellectual capital measurement, property development, property investment, Skandia Navigator, VAIC.

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337 The Influence of the Intellectual Capital on the Firms’ Market Value: A Study of Listed Firms in the Tehran Stock Exchange (TSE)

Authors: Bita Mashayekhi, Seyed Meisam Tabatabaie Nasab

Abstract:

Intellectual capital is one of the most valuable and important parts of the intangible assets of enterprises especially in knowledge-based enterprises. With respect to increasing gap between the market value and the book value of the companies, intellectual capital is one of the components that can be placed in this gap. This paper uses the value added efficiency of the three components, capital employed, human capital and structural capital, to measure the intellectual capital efficiency of Iranian industries groups, listed in the Tehran Stock Exchange (TSE), using a 8 years period data set from 2005 to 2012. In order to analyze the effect of intellectual capital on the market-to-book value ratio of the companies, the data set was divided into 10 industries, Banking, Pharmaceutical, Metals & Mineral Nonmetallic, Food, Computer, Building, Investments, Chemical, Cement and Automotive, and the panel data method was applied to estimating pooled OLS. The results exhibited that value added of capital employed has a positive significant relation with increasing market value in the industries, Banking, Metals & Mineral Nonmetallic, Food, Computer, Chemical and Cement, and also, showed that value added efficiency of structural capital has a positive significant relation with increasing market value in the Banking, Pharmaceutical and Computer industries groups. The results of the value added showed a negative relation with the Banking and Pharmaceutical industries groups and a positive relation with computer and Automotive industries groups. Among the studied industries, computer industry has placed the widest gap between the market value and book value in its intellectual capital.

Keywords: Capital Employed, Human Capital, Intellectual Capital, Market-to-Book Value, Structural Capital, Value Added Efficiency.

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336 An Empirical Analysis of the Impact of Selected Macroeconomic Variables on Capital Formation in Libya (1970–2010)

Authors: Khaled Ramadan Elbeydi

Abstract:

This study is carried out to provide an insight into the analysis of the impact of selected macro-economic variables on gross fixed capital formation in Libya using annual data over the period (1970-2010). The importance of this study comes from the ability to show the relative important factors that impact the Libyan gross fixed capital formation. This understanding would give indications to decision makers on which policy they must focus to stimulate the economy. An Autoregressive Distributed Lag (ARDL) modeling process is employed to investigate the impact of the Gross Domestic Product, Monetary Base and Trade Openness on Gross Fixed Capital Formation in Libya. The results of this study reveal that there is an equilibrium relationship between capital formation and its determinants. The results also indicate that GDP and trade openness largely explain the pattern of capital formation in Libya. The findings and recommendations provide vital information relevant for policy formulation and implementation aimed to improve capital formation in Libya.

Keywords: ARDL, Bounds test, capital formation, Cointegration, Libya.

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335 Associations between Game Users and Life Satisfaction: Role of Self-Esteem, Self-Efficacy and Social Capital

Authors: Hye Rim Lee, Eui Jun Jeong

Abstract:

This study makes an integrated investigation on how life satisfaction is associated with the Korean game users' psychological variables (self-esteem, game and life self- efficacy), social variables (bonding and bridging social capital), and demographic variables (age, gender). The data used for the empirical analysis came from a representative sample survey conducted in South Korea. Results show that self-esteem and game efficacy were an important antecedent to the degree of users’ life satisfaction. Both bonding social capital and bridging social capital enhance the level of the users’ life satisfaction. The importance of perspectives as well as their implications for the game users and further associated research is explored.

Keywords: Life satisfaction, self-esteem, game efficacy, life-efficacy, social capital.

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334 Reconsidering the Legitimacy of Capital Punishment in the Interpretation of the Human Right to Life in the Two Traditional Approaches

Authors: Yujie Zhang

Abstract:

There are debates around the legitimacy of capital punishment, i.e., whether death could serve as a proper execution in our legal system or not. Different arguments have been raised. However, none of them seem able to provide a determined answer to the issue; this results in a lack of instruction in the legal practice. This article, therefore, devotes itself to the effort to find such an answer. It takes the perspective of rights, through interpreting the concept of right to life, which capital punishment appears to be in confliction with in the two traditional approaches, to reveal a possibly best account of the right and its conclusion on capital punishment. However, this effort is not a normative one which focuses on what ought to be. It means the article does not try to work out which argument we should choose and solve the hot debate on whether capital punishment should be allowed or not. It, again, does not propose which perspective we should take to approach this issue or generally which account of right must be better; rather, it is more a thought experiment. It attempts to raise a new perspective to approach the issue of the legitimacy of capital punishment. Both its perspective and conclusion therefore are tentative: what if we view this issue in a way we have never tried before, for example the different accounts of right to life? In this sense, the perspective could be defied, while the conclusion could be rejected. Other perspectives and conclusions are also possible. Notwithstanding, this tentative perspective and account of the right still could not be denied from serving as a potential approach, since it does have the ability to provide us with a determined attitude toward capital punishment that is hard to achieve through existing arguments.

Keywords: Capital punishment, right to life, theories of rights, the choice theory.

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333 Intellectual Capital and Transparency in Universities: An Empirical Study

Authors: Yolanda Ramírez, Ángel Tejada, Agustín Baidez

Abstract:

This paper shows the general perceptions of Spanish university stakeholders in relation to the university’s annual reports and the adequacy and potential of intellectual capital reporting. To this end, a questionnaire was designed and sent to every member of the Social Councils of Spanish public universities. It was thought that these participants would provide a good example of the attitude of university stakeholders since they represent the different social groups connected with universities. From the results of this study we are in the position of confirming the need for universities to offer information on intellectual capital in their accounting information model.

Keywords: Intellectual capital, disclosure, stakeholders, universities, annual report.

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332 Effects of Human Capital and Openness on Economic Growth of Developed and Developing Countries: A Panel Data Analysis

Authors: Fatma Didin Sonmez, Pinar Sener

Abstract:

Technology transfer by international trade and foreign direct investment is the most important positive outcome of open economy. It is widely accepted that new technology and knowledge have an important role in enhancing economic growth. Human capital is the other important factor assisting economic growth. In this study, the role of human capital in the growth process is examined in a view of new endogenous growth theory emphasizing on the technology transfer resulting from international trade. Using the panel data of 10 developed and 10 developing countries, impact of human capital and openness on the rate of economic growth of different countries is analysed. Evidence suggests the view that human capital and openness contribute to the economic growth in both developing and developed countries, but with different rates.

Keywords: economic growth, human capital, openness, technology

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331 Determinants of Capital Structure in Malaysia Electrical and Electronic Sector

Authors: Mazila Md-Yusuf, Fauziah Mohamad Yunus, Nur Zahraatul Lail Md Supaat

Abstract:

Capital structure is one of the most important financial decisions in corporate financing strategy. It involves the choice of debt and equity level in financing a company-s operations. This study aims to investigate whether the capital structure choice of Malaysian electrical and electronic manufacturing companies that are listed in the Bursa Malaysia can be explained by factors that have been found by most studies as dominant determinants of capital structure (company size, profitability, asset tangibility, liquidity and growth). Using debt ratio as the proxy for capital structure and applying pooled ordinary least square multiple regression estimation, the results showed that on average, Malaysian electrical and electronic manufacturing companies used less debt in funding their business operations. The findings also showed that size and asset tangibility has a significant positive relationship with debt level, while liquidity has a negative significant relationship with leverage.

Keywords: Capital structure, capital structure theories, leverage, manufacturing companies.

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330 Intellectual Capital Research through Corporate Social Responsibility: (Re) Constructing the Agenda

Authors: Camelia Iuliana Lungu, Chirața Caraiani, Cornelia Dascălu

Abstract:

The business strategy of any company wanting to be competitive on the market should be designed around the concept of intangibles, with an increasingly decisive role in knowledge transfer of the biggest corporations. Advancing the research in these areas, this study integrates the two approaches, emphasizing the relationships between the components of intellectual capital and corporate social responsibility. The three dimensions of intellectual capital in terms of sustainability requirements are debated. The paper introduces the concept of sustainable intellectual capital and debates it within an assessment model designed on the base of key performance indicators. The results refer to the assessment of possible ways for including the information on intellectual capital and corporate responsibility within the corporate strategy. The conclusions enhance the need for companies to be ready to support the integration of this type of information the knowledge transfer process, in order to develop competitive advantage on the market.

Keywords: Corporate social responsibility, corporate strategy, intellectual capital, sustainability

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329 A Study on the Relationship between Transaction Fairness, Social Capital, Supply Chain Integration and Sustainability: Focusing on Manufacturing Companies of South Korea

Authors: Sung-Min Park, Chan Kwon Park, Chae-Bogk Kim

Abstract:

The purpose of this study is to analyze the relationship between transaction fairness, social capital, supply chain integration and sustainability. Based on the previous studies, measurement items were determined by using SPSS 22 and exploratory factor analysis was performed, and again, using AMOS 21 for confirmatory factor analysis and path analysis was performed by using study items that satisfy reliability, validity, and appropriateness of measurement model. It has shown that transaction fairness has a (+) significant effect on social capital, social capital on supply chain integration, supply chain integration on economic sustainability and social sustainability, and has a (+), but not significant effect on environmental sustainability. It has shown that supply chain integration has been proven to play a role as a parameter between social capital and economic and social sustainability, but not as a parameter between environmental sustainability. Through this study, it is suggested that clearly examining the relationship between fairness of trade, social capital, supply chain integration and sustainability, maintaining fairness of the transaction make formation of social capital, and further integration of supply chain, and achieve sustainability of entire supply chain.

Keywords: Transaction fairness, social capital, supply chain integration, sustainability.

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328 Human Capital Development for ASEAN Community

Authors: Chutikarn Sriwiboon

Abstract:

The main purpose of this research paper was to study the requirements for human capital development in order to be ready for ASEAN Community. Thai education institutions are encountering a challenging course of change to be effective members of ASEAN Economic Community (AEC) in 2015. It was vital that everyone and every organization participate in the process of becoming part of the ASEAN community, a pluralistic society. Thai universities will be required to partake in the human capital development in a variety of fields. In order to assist the whole nation to enhance potential development, there was a need to collaborate with other ASEAN leading universities to do researches to ameliorate the qualifications and capabilities of university management, administers, professors, and staffs.

Keywords: ASEAN, Education, Human capital development.

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327 Enhanced GA-Fuzzy OPF under both Normal and Contingent Operation States

Authors: Ashish Saini, A.K. Saxena

Abstract:

The genetic algorithm (GA) based solution techniques are found suitable for optimization because of their ability of simultaneous multidimensional search. Many GA-variants have been tried in the past to solve optimal power flow (OPF), one of the nonlinear problems of electric power system. The issues like convergence speed and accuracy of the optimal solution obtained after number of generations using GA techniques and handling system constraints in OPF are subjects of discussion. The results obtained for GA-Fuzzy OPF on various power systems have shown faster convergence and lesser generation costs as compared to other approaches. This paper presents an enhanced GA-Fuzzy OPF (EGAOPF) using penalty factors to handle line flow constraints and load bus voltage limits for both normal network and contingency case with congestion. In addition to crossover and mutation rate adaptation scheme that adapts crossover and mutation probabilities for each generation based on fitness values of previous generations, a block swap operator is also incorporated in proposed EGA-OPF. The line flow limits and load bus voltage magnitude limits are handled by incorporating line overflow and load voltage penalty factors respectively in each chromosome fitness function. The effects of different penalty factors settings are also analyzed under contingent state.

Keywords: Contingent operation state, Fuzzy rule base, Genetic Algorithms, Optimal Power Flow.

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326 The Dialectical Unity of Capital and Non-Capital: The Role of Overpopulation in Popular Rebellion Today

Authors: Wim Dierckxsens, Andrés Piqueras

Abstract:

Throughout its history, Capital has established a decisive form of discrimination that has effectively strengthened its power against Labor: discrimination between an endogenous labor force (integrated, with certain guarantees and rights in the capitalist nexus) and an exogenous labor force (yet to be incorporated or incorporated as ‘heterochthonous’, without such guarantees and rights). We refer to the historical incorporation of the exogenous population from the non-capitalist to the capitalist nexus (with the consequent replaceability of the endogenous labor force) as absolute mobility.

The more possibilities Capital has of accessing a population in the non-capitalist nexus and of being able to incorporate it through absolute mobility into the capitalist nexus, the greater its unilaterality or class domination. In contrast, when these possibilities run dry, Capital is more inclined towards reformism or negotiation.

However, this absolute mobility has historically been combined with relative mobility of the labor force, which includes various processes of which labor force migration is a fundamental component.

This paper holds that both types of mobility are at the core of class struggles.

Keywords: Absolute mobility, capital-labor antagonism, relative mobility, substitutability.

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325 How Do You Blow off Steam - The Impact of Therapeutic Catharsis Seeking, Self-Construal, and Social Capital in Gaming Context

Authors: Hye Rim Lee, Eui Jun Jeong, Joo Woo Kim

Abstract:

This study will examine how the therapeutic factors (therapeutic catharsis-seeking and game-efficacy of the game player) and self-construal factors (independent and interdependent self-construal of the game player) as well as social capital factors (bonding and bridging social capital of the game player) affect aggression in the game. Results show that both therapeutic catharsis-seeking and game self-efficacy are particularly important to the players since they cause the game players’ aggressive tendencies to be greatly diminished. Independent self-construal reduces the level of the players’ aggression. Interestingly enough, the bonding social capital enhances the level of the players’ aggression, while individuals with bridging social capital did not show any significant effects. The results and implications will be discussed herein.

Keywords: Aggression catharsis, therapeutic catharsis seeking, game self-efficacy, self-construal, social capital.

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