Search results for: New Egyptian Administrative Capital.

Authors: Lobna Hafez, Eman Elakkad

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Sustainability is no longer a choice for firms. To achieve sustainable supply chain, all three dimensions of sustainability should be considered. Unlike the economic and environmental aspects, social sustainability has been rarely given attention. The problem surrounding social sustainability and employees’ welfare in Egypt is complex and remains unsolved. The aim of this study is to qualitatively assess the current level of application of social sustainability in the retailing sector in Egypt through using the social sustainability indicators identified in the literature. The purpose of this investigation is to gain knowledge about the complexity of the system involved. A case study is conducted on one of the largest retailers in Egypt. Data were collected through semi-structured interviews with managers and employees to determine the level of application and identify the major obstacles affecting the social sustainability in the retailing context. The work developed gives insights about the details and complexities of the application of social sustainability in developing countries, from the retailing perspective. The outcomes of this study will help managers to understand the enablers of social sustainability and will direct them to methods of sound implementation.

Keywords: Egypt, retailing sector, social sustainability, sustainability.

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Authors: Behzad Moeini Sam, Sara Mohammadi Avandi, Fatemeh Farhadi

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One of the reasons for the success of the Achaemenids was the innovation and precise organization used in the administrative and military fields. Of course, these organizations had their roots in the previous governments that had changed in these borrowings. The units of the Achaemenid army are also among the cases that have their origins in the ancient East. In this article, the attempt is to find the sources of the Immortal Army based on the writings of old and current authors and archaeological documents, and the name mentioned by Herodotus. Of course, linguistic sources have also been used for better conclusions than the indicated sources. This paper emphasizes linguistic data to lead to a better deduction. Thus, it was included that about ‘anauša’ is more probable than anušiya.

Keywords: Army, immortal, Achaemenid, Anauša, Anušiya.

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Authors: O. F. Elkommos

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“Humour studies” is an interdisciplinary research area that is relatively recent. It interests researchers from the disciplines of psychology, sociology, medicine, nursing, in the work place, gender studies, among others, and certainly teaching, language learning, linguistics, and literature. Linguistic theories of humour research are numerous; some of which are of interest to the present study. In spite of the fact that humour courses are now taught in universities around the world in the Egyptian context it is not included. The purpose of the present study is two-fold: to review the state of arts and to show how linguistic theories of humour can be possibly used as an art and craft of teaching and of learning in EFL literature classes. In the present study linguistic theories of humour were applied to selected literary texts to interpret humour as an intrinsic artistic communicative competence challenge. Humour in the area of linguistics was seen as a fifth component of communicative competence of the second language leaner. In literature it was studied as satire, irony, wit, or comedy. Linguistic theories of humour now describe its linguistic structure, mechanism, function, and linguistic deviance. Semantic Script Theory of Verbal Humor (SSTH), General Theory of Verbal Humor (GTVH), Audience Based Theory of Humor (ABTH), and their extensions and subcategories as well as the pragmatic perspective were employed in the analyses. This research analysed the linguistic semantic structure of humour, its mechanism, and how the audience reader (teacher or learner) becomes an interactive interpreter of the humour. This promotes humour competence together with the linguistic, social, cultural, and discourse communicative competence. Studying humour as part of the literary texts and the perception of its function in the work also brings its positive association in class for educational purposes. Humour is by default a provoking/laughter-generated device. Incongruity recognition, perception and resolving it, is a cognitive mastery. This cognitive process involves a humour experience that lightens up the classroom and the mind. It establishes connections necessary for the learning process. In this context the study examined selected narratives to exemplify the application of the theories. It is, therefore, recommended that the theories would be taught and applied to literary texts for a better understanding of the language. Students will then develop their language competence. Teachers in EFL/ESL classes will teach the theories, assist students apply them and interpret text and in the process will also use humour. This is thus easing students' acquisition of the second language, making the classroom an enjoyable, cheerful, self-assuring, and self-illuminating experience for both themselves and their students. It is further recommended that courses of humour research studies should become an integral part of higher education curricula in Egypt.

Keywords: ABTH, deviance, disjuncture, episodic, GTVH, humour competence, humour comprehension, humour in the classroom, humour in the literary texts, humour research linguistic theories, incongruity- resolution, isotopy-disjunction, jab line, longer text joke, narrative story line (macro-micro), punch line, six knowledge resource, SSTH, stacks, strands, teaching linguistics, teaching literature, TEFL, TESL.

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Authors: Víctor Hugo Medina García, Darío Alejandro Segura Torres

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This paper presents the adaptation of the knowledge management model and intellectual capital measurement NOVA to the needs of work or research project must be developed when conducting a program of graduate-level master. Brackets are added in each of the blocks which is represented in the original model NOVA and which allows to represent those involved in each of these.

Keywords: Knowledge management, masters programs, Nova model, research projects

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Authors: A. Sherif, A. El Zafarany, R. Arafa

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Hospitals, everywhere, are considered heavy energy consumers. Hospital Intensive Care Unit spaces pose a special challenge, where design guidelines requires the provision of external windows for daylighting and external view. Window protection strategies could be employed to reduce energy loads without detriment effect on comfort or health care. This paper addresses the effectiveness of using various window strategies on the annual cooling, heating and lighting energy use of a typical Hospital Intensive Unit space. Series of experiments were performed using the EnergyPlus simulation software for a typical Intensive Care Unit (ICU) space in Cairo, located in the Egyptian desert. This study concluded that the use of shading systems is more effective in conserving energy in comparison with glazing of different types, in the Cairo ICUs. The highest energy savings in the West and South orientations were accomplished by external perforated solar screens, followed by overhangs positioned at a protection angle of 45°.

Keywords: Energy, Hospital, Intensive Care Units, Shading.

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Authors: Barbara Covarrubias Venegas, Sabine Groblschegg, Bernhard Klaus, Julia Domnanovich

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Research Objectives: The roles and activities of Human Resource Management (HRM) have changed a lot in the past years. Driven by a changing environment and therefore new business requirements, the scope of human resource (HR) activities has widened. The extent to which these activities should focus on strategic issues to support the long term success of a company has been discussed in science for many years. As many economies of Central and Eastern Europe (CEE) experienced a phase of transition after the socialist era and are now recovering from the 2008 global crisis it is needed to examine the current state of HR positioning. Furthermore a trend in HR work developing from rather administrative units to being strategic partners of management can be noticed. This leads to the question of better understanding the underlying competencies which are necessary to support organisations. This topic was addressed by the international study “HR Competencies in international comparison”. The quantitative survey was conducted by the Institute for Human Resources & Organisation of FHWien University of Applied Science of WKW (A) in cooperation with partner universities in the countries Bosnia- Herzegovina, Croatia, Serbia and Slovenia. Methodology: Using the questionnaire developed by Dave Ulrich we tested whether the HR Competency model can be used for Austria, Bosnia and Herzegovina, Croatia, Serbia and Slovenia. After performing confirmatory and exploratory factor analysis for the whole data set containing all five countries we could clearly distinguish between four competencies. In a further step our analysis focused on median and average comparisons between the HR competency dimensions. Conclusion: Our literature review, in alignment with other studies, shows a relatively rapid pace of development of HR Roles and HR Competencies in BCSS in the past decades. Comparing data from BCSS and Austria we still can notice that regards strategic orientation there is a lack in BCSS countries, thus competencies are not as developed as in Austria. This leads us to the tentative conclusion that HR has undergone a rapid change but is still in a State of Transition from being a rather administrative unit to performing the role of a strategic partner.

Keywords: Comparative study, HR competencies, HRM, HR Roles.

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Authors: Karolina Patora

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This article investigates liquidity risk management by banks, which has gained significant importance since the global financial crisis of 2008. The issue is of particular interest for countries like Poland, in which foreign capital plays a dominant role. Such an ownership structure poses certain risks to the local banking sector, which faces an increased probability of the withdrawal of funding or assets’ transfers abroad in case of a crisis. Both these factors can have a detrimental influence on the liquidity position of foreign-owned banks and hence negatively affect the financial stability of the whole banking sector. The aim of this study is to evaluate the impact of a dominating share of foreign investors in the Polish banking sector on the liquidity position of commercial banks. The study hypothesizes that the ownership structure of the Polish banking sector, in which there are banks predominantly controlled by foreign investors, does not pose a threat to the liquidity position of Polish banks. A supplementary research hypothesis is that the liquidity risk profile of foreign-owned banks differs from that of domestic banks. The sample consists of 14 foreign-owned banks and 5 domestic banks owned by local investors, which together constitute approximately 87% of the banking sector’s assets. The data covers the period of 2004–2014. The results of the regression models show no evidence of significant differences in terms of the dynamics of changes of the liquidity buffers between the foreign-owned and domestic banks, although the signs of the coefficients might suggest that the foreign-owned banks were decreasing the holdings of liquid assets at a slower pace over the examined period, compared to the domestic banks. However, no proof of the statistical significance of these findings has been found. The supplementary research hypothesis that the liquidity risk profile of foreign-controlled banks differs from that of domestic banks was rejected.

Keywords: Financial stability, foreign-owned banks, liquidity position, liquidity risk.

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Authors: Prasopchoke Mongsawad

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The Philosophy of Sufficiency Economy, bestowed by His Majesty the King Bhumibol Adulyadej to the people of Thailand, highlights a balanced way of living. Three principles of moderation reasonableness, and immunity, along with the conditions for morality and knowledge, can be applied to any level of the society–from an individual to the nation. The Philosophy of Sufficiency Economy helps address the current development challenges, which are issues on institutions, environmental sustainability, human well-being, and the role of the government.

Keywords: Sufficiency Economy, Development Theory, Sustainable Development, Environmental Sustainability, Social Capital, Human Well-Being,

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Authors: Mohamed Moustafa Soliman, Mohamed Abd Elsalam

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Recent financial international scandals around the world have led to a number of investigations into the effectiveness of corporate governance practices and audit quality. Although evidence of corporate governance practices and audit quality exists from developed economies, very scanty studies have been conducted in Egypt where corporate governance is just evolving. Therefore, this study provides evidence on the effectiveness of corporate governance practices and audit quality from a developing country. The data for analysis are gathered from the top 50 most active companies in the Egyptian Stock Exchange, covering the three year period 2007-2009. Logistic regression was used in investigating the questions that were raised in the study. Findings from the study show that board independence; CEO duality and audit committees significantly have relationship with audit quality. The results also, indicate that institutional investor and managerial ownership have no significantly relationship with audit quality. Evidence also exist that size of the company; complexity and business leverage are important factors in audit quality for companies quoted on the Egypt Stock Exchange.

Keywords: Corporate governance, Boards of directors, corporate ownership, Audit Committees, Audit quality, and Egypt.

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Authors: Roya Morad, W. Eirik Heintz

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The identity of a neighborhood is inevitably shaped by the architecture and the people of that place. Conventionally the streets within each neighborhood served as a semi-public-private extension of the private living spaces. The street as a design element formed a hybrid condition that was neither totally public nor private, and it encouraged social interactions. Thus through creating a sense of community, one of the most basic human needs of belonging was achieved. Similar to major global cities, Tehran has undergone serious urbanization. Developing into a capital city of high rises has resulted in an increase in urban density. Although allocating more residential units in each neighborhood was a critical response to the population boom and the limited land area of the city, it also created a crisis in terms of social communication and place attachment. District 10 in Tehran is a neighborhood that has undergone the most urban transformation among the other 22 districts in the capital and currently has the highest population density. This paper will explore how the active streets in district 10 have changed into their current condition of high rises with a lack of meaningful social interactions amongst its inhabitants. A residential building can be thought of as a large group of people. One would think that as the number of people increases, the opportunities for social communications would increase as well. However, according to the survey, there is an indirect relationship between the two. As the number of people of a residential building increases, the quality of each acquaintance reduces, and the depth of relationships between people tends to decrease. This comes from the anonymity of being part of a crowd and the lack of social spaces characterized by most high-rise apartment buildings. Without a sense of community, the attachment to a neighborhood is decreased. This paper further explores how the neighborhood participates to fulfill ones need for social interaction and focuses on the qualitative aspects of alternative spaces that can redevelop the sense of place attachment within the community.

Keywords: High density, place attachment, social communication, street life, urban transformation.

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Authors: S. Anastasiou, C. Nathanailides, P. Logothetis, G. Kanlis

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The purpose of the present work is to review some data for the management challenges that the aquaculture industry in Greece is currently facing. The results indicate that Greek aquaculture fish farms apply Human Resources Management (HRM) practices which can increase motivation, commitment and job satisfaction of their personnel. In turn, these practices can increase the productivity of the business. The Greek fish farms appear to invest in research and technological innovation with a good record in research activities and the generation of patents. Interestingly, the results of the present work were carried out during the period of the recent economic crisis in Greece. Several sectors of the Greek economy were severely affected by the financial problems of the Greek government and the Greek banks. Under the adverse economical conditions created by the Greek economic crisis, even the Greek aquaculture industry, which historically is considered as a thriving national exporting business sector, experienced harsh economic and market conditions. As a result of the global, European and national economic crisis, consumption of fish dropped while companies had to hold most of their stocked fish in order to regulated the flow to the market and the price. This occurred at a time where Banks in Greece had their own financial crisis – banking crisis - which resulted in limited access to lending for the all business sectors of the national economy including the Greek aquaculture industry. In spite of these economic conditions, the Greek aquaculture industry, after a series of mergers and acquisitions, has now stabilized production and exhibits very good prospects for future growth. Evidently, the firms had to cut salaries and on some occasions even pay their staff in arrears. Nevertheless, the results presented in this paper indicate that during the economic crisis, the surveyed fish farms maintained their HRM practices, investing in their human capital and technological input. In fact, human capital and technological input are the ticket for future success of companies in any business sector.

Keywords: Aquaculture, Human Resources Management.

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Authors: Hesham Abdel-Khalek, Sherif M. Hafez, Abdel-Hamid M. el-Lakany, Yasser Abuel-Magd

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Investment in a constructed facility represents a cost in the short term that returns benefits only over the long term use of the facility. Thus, the costs occur earlier than the benefits, and the owners of facilities must obtain the capital resources to finance the costs of construction. A project cannot proceed without an adequate financing, and the cost of providing an adequate financing can be quite large. For these reasons, the attention to the project finance is an important aspect of project management. Finance is also a concern to the other organizations involved in a project such as the general contractor and material suppliers. Unless an owner immediately and completely covers the costs incurred by each participant, these organizations face financing problems of their own. At a more general level, the project finance is the only one aspect of the general problem of corporate finance. If numerous projects are considered and financed together, then the net cash flow requirements constitute the corporate financing problem for capital investment. Whether project finance is performed at the project or at the corporate level does not alter the basic financing problem .In this paper, we will first consider facility financing from the owner's perspective, with due consideration for its interaction with other organizations involved in a project. Later, we discuss the problems of construction financing which are crucial to the profitability and solvency of construction contractors. The objective of this paper is to present the steps utilized to determine the best combination of minimum project financing. The proposed model considers financing; schedule and maximum net area .The proposed model is called Project Financing and Schedule Integration using Genetic Algorithms "PFSIGA". This model intended to determine more steps (maximum net area) for any project with a subproject. An illustrative example will demonstrate the feature of this technique. The model verification and testing are put into consideration.

Keywords: Project Management, Large-scale ConstructionProjects, Cash flow, Interest, Investment, Loan, Optimization, Scheduling, Financing and Genetic Algorithms.

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Authors: M. A. Badr, M.N. El Kordy, A. N. Mohib, M. M. Ibrahim

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The basic objective of the research is to study the effect of hybrid wind energy on the cost of generated electricity considering the cost of reduction CO₂ emissions. The system consists of small wind turbine(s), storage battery bank and a diesel generator (W/D/B). Using an optimization software package, different system configurations are investigated to reach optimum configuration based on the net present cost (NPC) and cost of energy (COE) as economic optimization criteria. The cost of avoided CO₂ is taken into consideration. The system is intended to supply the electrical load of a small community (gathering six families) in a remote Egyptian area. The investigated system is not connected to the electricity grid and may replace an existing conventional diesel powered electric supply system to reduce fuel consumption and CO₂ emissions. The simulation results showed that W/D energy system is more economic than diesel alone. The estimated COE is 0.308$/kWh and extracting the cost of avoided CO₂, the COE reached 0.226 $/kWh which is an external benefit of wind turbine, as there are no pollutant emissions through operational phase.

Keywords: Hybrid wind turbine systems, remote areas electrification, simulation of hybrid energy systems, techno-economic study.

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Authors: Peyman Ghafari, Reza Karjalian, Ali Mashayekhnia

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This paper investigates the relationship between different dimensions of customer relationship management and innovation capabilities in Melli Bank of Iran. Five dimensions of CRM include information sharing, customer involvement, long-term partnership, joint problem solving and technology-based CRM are selected to measure their relationship with innovation capabilities including innovation in product, innovation in process, innovation in administrative affairs, innovation in marketing, and finally innovation in services. Research findings indicate that there is significant relationship between CRM dimensions and innovation capabilities in Melli bank of Iran.

Keywords: Customer relationship management, innovation capabilities.

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Authors: K. Zuva, T. Zuva, K. O. M. Mapoka

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Cloud Computing (CC) has become one of the most talked about emerging technologies that provides powerful computing and large storage environments through the use of the Internet. Cloud computing provides different dynamically scalable computing resources as a service. It brings economic benefits to individuals and businesses that adopt the technology. In theory adoption of cloud computing reduces capital and operational expenditure on information technology. For this to be a reality there is need to solve some challenges and at the same time addressing concerns that consumers have about cloud computing. This paper looks at Cloud Computing in general then highlights the challenges of Cloud Computing and finally suggests solutions to some of the challenges.

Keywords: Cloud Computing, SaaS, PaaS, IaaS, Internet.

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Authors: Jacobus A. A. Lazenby

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As a result of the ever-changing environment and the demands of rganisations- customers, it is important to recognise the importance of some important managerial challenges. It is the sincere belief that failure to meet these challenges, will ultimately contribute to inevitable problems for organisations. This recognition requires from managers and by implication organisations to be engaged in ethical behaviour, identity awareness and learning organisational behaviour. All these aspects actually reflect on the importance of intellectual capital as the competitive weapons for organisations in the future.

Keywords: Ethical behaviour, identity awareness, learningbehaviour.

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Authors: Heba F. Hozyen, Hodallah H. Ahmed, S. I. A. Shalaby, G. E. S. Essawy

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Biochemical and hormonal changes that occur in both follicular fluid and blood are involved in the control of ovarian physiology. The present study was conducted on follicular fluid and serum samples obtained from 708 buffaloes. Samples were examined for estradiol, progesterone, and cholesterol concentrations in relation to seasonal changes, ovarian follicular size, and stage of estrous cycle. The obtained results revealed that follicular fluid and serum levels of estradiol, progesterone, and cholesterol were significantly lower during summer and autumn when compared to winter and spring seasons. With the increase in follicular size, the follicular fluid levels of progesterone and cholesterol were significantly decreased, while estradiol levels were significantly increased. Estradiol and progesterone levels were significantly higher in follicular fluid than blood, while cholesterol was significantly lower in follicular fluid than serum. In conclusion, the current study threw a light on the hormonal changes in the follicular fluid and blood under the effect of heat stress which could be related to the low fertility of buffalo in the summer.

Keywords: Buffalo, follicular fluid, follicular development, seasonal changes, steroids.

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Authors: R. Hashim, A. J. Bock, S. Cooper

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Absorptive capacity generally facilitates the adoption of innovation. How does this relationship change when economic return is not the sole driver of innovation uptake? We investigate whether absorptive capacity facilitates the adoption of green innovation based on a survey of 79 construction companies in Scotland. Based on the results of multiple regression analyses, we confirm that existing knowledge utilisation (EKU), knowledge building (KB) and external knowledge acquisition (EKA) are significant predictors of green process GP), green administrative (GA) and green technical innovation (GT), respectively. We discuss the implications for theories of innovation adoption and knowledge enhancement associated with environmentally-friendly practices.

Keywords: Absorptive capacity, construction industry, environmental, green innovation.

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Authors: Yogesh Gupta, Ashish Saini, A.K. Saxena

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Information retrieval has become an important field of study and research under computer science due to explosive growth of information available in the form of full text, hypertext, administrative text, directory, numeric or bibliographic text. The research work is going on various aspects of information retrieval systems so as to improve its efficiency and reliability. This paper presents a comprehensive study, which discusses not only emergence and evolution of information retrieval but also includes different information retrieval models and some important aspects such as document representation, similarity measure and query expansion.

Keywords: Information Retrieval, query expansion, similarity measure, query expansion, vector space model.

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Authors: Ahmed Amin Mousa, M. Abd El-Salam

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This study discusses a simple solution for the problem of shortage in learning resources for kindergarten teachers. Occasionally, kindergarten teachers cannot access proper resources by usual search methods as libraries or search engines. Furthermore, these methods require a long time and efforts for preparing. The study is expected to facilitate accessing learning resources. Moreover, it suggests a potential direction for using QR code inside the classroom. The present work proposes that QR code can be used for digitizing kindergarten curriculums and accessing various learning resources. It investigates using QR code for saving information related to the concepts which kindergarten teachers use in the current educational situation. The researchers have established a guide for kindergarten teachers based on the Egyptian official curriculum. The guide provides different learning resources for each scientific and mathematical concept in the curriculum, and each learning resource is represented as a QR code image that contains its URL. Therefore, kindergarten teachers can use smartphone applications for reading QR codes and displaying the related learning resources for students immediately. The guide has been provided to a group of 108 teachers for using inside their classrooms. The results showed that the teachers approved the guide, and gave a good response.

Keywords: Kindergarten, child, learning resources, QR code, smart phone, mobile.

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Authors: Qurban A Memon, Shakeel A. Khoja

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Generally, administrative systems in an academic environment are disjoint and support independent queries. The objective in this work is to semantically connect these independent systems to provide support to queries run on the integrated platform. The proposed framework, by enriching educational material in the legacy systems, provides a value-added semantics layer where activities such as annotation, query and reasoning can be carried out to support management requirements. We discuss the development of this ontology framework with a case study of UAE University program administration to show how semantic web technologies can be used by administration to develop student profiles for better academic program management.

Keywords: Academic Program Administration, Semantic Web, Web Technology

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Authors: A. Bobirca, A. Draghici

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The objective of this paper is to construct a creativity composite index designed to capture the growing role of creativity in driving economic and social development for the 27 European Union countries. The paper proposes a new approach for the measurement of EU-27 creative potential and for determining its capacity to attract and develop creative human capital. We apply a modified version of the 3T model developed by Richard Florida and Irene Tinagli for constructing a Euro-Creativity Index. The resulting indexes establish a quantitative base for policy makers, supporting their efforts to determine the contribution of creativity to economic development.

Keywords: European Creativity Index, talent, technology, tolerance

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Authors: Sevil Yildiz

Abstract:

Audio visual communication is a type of collective expression. Due to inform the masses, give direction to opinions, and establish public opinion, audio visual communication must be subjected to special restrictions. This has been stipulated in both the Constitution and the European Human Rights Agreement. This paper aims to review freedom of expression and its restriction in audio visual media. For this purpose, the authorization of the Radio and Television Supreme Council to impose sanctions as an independent administrative authority empowered to regulate the field of audio visual communication has been reviewed with regard to freedom of expression and its limits.

Keywords: Audio visual media, freedom of expression, its limits, Radio and Television Supreme Council.

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Authors: Marijana Ivanov, Roman Šubić

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This study analyzes the critical gaps in the architecture of European stability and the expected role of the banking union as the new important step towards completing the Economic and Monetary Union that should enable the creation of safe and sound financial sector for the euro area market. The single rulebook together with the Single Supervisory Mechanism and the Single Resolution Mechanism - as two main pillars of the banking union, should provide a consistent application of common rules and administrative standards for supervision, recovery and resolution of banks – with the final aim of replacing the former bail-out practice with the bail-in system through which possible future bank failures would be resolved by their own funds, i.e. with minimal costs for taxpayers and real economy. In this way, the vicious circle between banks and sovereigns would be broken. It would also reduce the financial fragmentation recorded in the years of crisis as the result of divergent behaviors in risk premium, lending activities and interest rates between the core and the periphery. In addition, it should strengthen the effectiveness of monetary transmission channels, in particular the credit channels and overflows of liquidity on the money market which, due to the fragmentation of the common financial market, has been significantly disabled in period of crisis. However, contrary to all the positive expectations related to the future functioning of the banking union, major findings of this study indicate that characteristics of the economic system in which the banking union will operate should not be ignored. The euro area is an integration of strong and weak entities with large differences in economic development, wealth, assets of banking systems, growth rates and accountability of fiscal policy. The analysis indicates that low and unbalanced economic growth remains a challenge for the maintenance of financial stability and this problem cannot be resolved just by a single supervision. In many countries bank assets exceed their GDP by several times and large banks are still a matter of concern, because of their systemic importance for individual countries and the euro zone as a whole. The creation of the Single Supervisory Mechanism and the Single Resolution Mechanism is a response to the European crisis, which has particularly affected peripheral countries and caused the associated loop between the banking crisis and the sovereign debt crisis, but has also influenced banks’ balance sheets in the core countries, as the result of crossborder capital flows. The creation of the SSM and the SRM should prevent the similar episodes to happen again and should also provide a new opportunity for strengthening of economic and financial systems of the peripheral countries. On the other hand, there is a potential threat that future focus of the ECB, resolution mechanism and other relevant institutions will be extremely oriented towards large and significant banks (whereby one half of them operate in the core and most important euro area countries), and therefore it remains questionable to what extent will the common resolution funds will be used for rescue of less important institutions. Recent geopolitical developments will be the optimal indicator to show whether the previously established mechanisms are sufficient enough to maintain the adequate financial stability in the euro area market.

Keywords: Banking Union, financial integration, single supervisory mechanism (SSM).

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Authors: I. Rodionov, A. Semenov, E. Gosteva, O. Sokolova

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The venture capital becomes more and more advanced and effective source of the innovation project financing, connected with a high-risk level. In the developed countries, it plays a key role in transforming innovation projects into successful businesses and creating the prosperity of the modern economy. In Russia, there are many necessary preconditions for creation of the effective venture investment system: the network of the public institutes for innovation financing operates; there is a significant number of the small and medium-sized enterprises, capable to sell production with good market potential. However, the current system does not confirm the necessary level of efficiency in practice that can be substantially explained by the absence of the accurate plan of action to form the national venture model and by the lack of experience of successful venture deals with profitable exits in Russian economy. This paper studies the influence of various factors on the venture industry development by the example of the IT-sector in Russia. The choice of the sector is based on the fact, that this segment is the main driver of the venture capital market growth in Russia, and the necessary set of data exists. The size of investment of the second round is used as the dependent variable. To analyse the influence of the previous round, such determinant as the volume of the previous (first) round investments is used. There is also used a dummy variable in regression to examine that the participation of an investor with high reputation and experience in the previous round can influence the size of the next investment round. The regression analysis of short-term interrelations between studied variables reveals prevailing influence of the volume of the first round investments on the venture investments volume of the second round. The most important determinant of the value of the second-round investment is the value of first–round investment, so it means that the most competitive on the Russian market are the start-up teams that can attract more money on the start, and the target market growth is not the factor of crucial importance. This supports the point of view that VC in Russia is driven by endogenous factors and not by exogenous ones that are based on global market growth.

Keywords: Venture industry, venture investment, determinants of the venture sector development, IT-sector.

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Authors: H. Buluthan Cetintas, M. Nejat Ozupek

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Communication is an important factor and a prop in directing corporate activities efficiently, in ensuring the flow of knowledge which is necessary for the continuity of the institution, in creating a common language in the institution, in transferring corporate culture and ultimately in corporate success. The idea of transmitting the knowledge among the workers in a healthy manner has revived knowledge communication. Knowledge communication can be defined as the act of mutual creation and communication of intuitions, assessments, experiences and capabilities, as long as maintained effectively, can provide advantages such as corporate continuity, access to corporate objectives and making true administrative decisions. Although the benefits of the knowledge communication to corporations are known, and the necessary worth and care is given, some hardships may arise which makes it difficult or even block it. In this article, difficulties that prevent knowledge communication will be discussed and solutions will be proposed.

Keywords: Corporate knowledge communication, knowledge communication, knowledge communication barriers

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Authors: Zhao Linfei, Gu Qingliang

Abstract:

China apparel industry, which is deeply embedded in the global production network (GPN), faces the dual pressures of social upgrading and economic upgrading. Based on the survey in Ningbo apparel cluster, the paper shows the state of corporate social responsibility (CSR) in China apparel industry is better than before. And the investigation indicates that the firms who practice CSR actively perform better both socially and economically than those who inactively. The research demonstrates that CSR can be an initial capital rather than cost, and “doing well by doing good" is also existed in labor intensive industry.

Keywords: Global production network, corporate social responsibility, China apparel industry.

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Authors: Amany A. Ragheb, Ghada Ragheb, Abd ElRahman A.

Abstract:

Egypt has a countless heritage of mansions, castles, cities, towns, villages, industrial and manufacturing sites. This richness of heritage provides endless and matchless prospects for culture. Despite being famous worldwide, Egypt’s heritage still is in constant need of protection. Political conflicts and religious revolutions form a direct threat to buildings in various areas, historic, archaeological sites, and religious monuments. Egypt has witnessed two revolutions in less than 60 years; both had an impact on its architectural heritage. In this paper, the authors aim to review legal and policy framework to protect the cultural heritage and present the risk management strategy for cultural heritage in conflict. Through a review of selected international models of devastated architectural heritage in conflict zones and highlighting some of their changes, we can learn from the experiences of other countries to assist towards the development of a methodology to halt the plundering of architectural heritage. Finally, the paper makes an effort to enhance the formulation of a risk management strategy for protection and conservation of cultural heritage, through which to end the plundering of Egypt’s architectural legacy in the Egyptian community (revolutions, 1952 and 2011); and by presenting to its surrounding community the benefits derived from maintaining it.

Keywords: Cultural heritage, legal regulation, risk management, preservation.

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Authors: Justice K. Owusu-Ansah, Kevin O'Connor

Abstract:

This research explores the links between physical development and transportation infrastructure around Kumasi, Ghana. It utilizes census data as well as fieldwork and interviews carried out during July and December 2005. The results suggest that there is a weak association between transportation investments and physical development, and that recent housing has generally occurred in poorly accessible locations. Road investments have generally followed physical expansion rather than the reverse. Hence policies designed to manage the fast growth now occurring around Ghanaian cities should not focus exclusively on improving transportation infrastructure but also strengthening the underlying the traditional land management structures and the official land administrative institutions that operate within those structures.

Keywords: Housing, Kumasi, population, physical development, transportation, villages.

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Authors: M. Okan Tasar

Abstract:

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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