Search results for: capital formation

Authors: Korbi Fakhri

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In this article, we have elaborated a study over the nature of financial intermediation in Islamic banks by comparison to those of conventional ones. We have found a striking difference between two kinds of intermediation. We tried, from another side, to study the relationship between the capital level and deficiency risk relying on econometric model, and we have obtained a positive and significant relation between the capital and the deficiency risk for the conventional banks. This means that when the capital of these banks increases, the deficiency risk increases as well. In return, since the Islamic banks are constrained to respect the Sharia Committee as well as customers’ demands that may, in certain contracts, choose to invest their capitals in projects they are interested in. These constraints have as effects to reduce the deficiency risk even when the capital increases.

Keywords: Conventional bank, deficiency risk, financial intermediation, Islamic bank.

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Authors: Ivana Tadić, Željana Aljinović Barać, Nikolina Plazonić

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Living today in turbulent business environment forces companies to distinguish from each other, securing sustainable competitive growth and competitive advantage. The best possible solution is to invest (effort and financial resources) within companies’ different practices of human resource management (HRM), more specifically in employees’ knowledge, skills and abilities. Applying this approach companies will create enviable level of human capital securing its economic growth. Employees become human capital for their employers at the moment when they contribute with their own knowledge and abilities in creating material and non-material value of the company. The main aim of this research is to explore the relations between human capital investments and business excellence of Croatian companies. Furthermore, the differences in the level of human capital investments with regard to several companies’ characteristics (e.g. size of the company, ownership and type of the industry) are investigated.

Keywords:

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Authors: Chang Lee Shu-Jung, Mei-Se Chien, Chien-Chiang Lee, Hui-Ting Hu

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This paper applies recursive cointegration analysis to examine the dynamic changes in Feldstein-Horioka saving-investment (S-I) coefficients across China and the ASEAN-5 countries over time. To the extent that the S-I coefficients measure international capital mobility, the main empirical results are as follows. The recursive trace statistics show that the investment- savings nexus varies in these six countries. There is no cointegration between investment and savings in three countries (China, Malaysia, and Singapore), which means that the mobility of the capital markets in the three is high and that domestic investment in them will be financed by the global pool of capital. As to the other three countries (Indonesia, Thailand, and Philippines), there is cointegration between investment and savings for part of the sample period in the three, including before 2002 for Thailand, before 2001 for Indonesia, and before 2002 for Philippines. This shows these three countries achieved highly mobile and open capital markets later.

Keywords: Investment, savings, recursive cointegration test, ASEAN, China.

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Authors: Sunday. E. Ogundipe, Abiola Idowu, Lawrencia. O. Ogundipe

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This study examines the impact of working capital management on firms- performance and market value of the firms in Nigeria. A sample of fifty four non-financial quoted firms in Nigeria listed on the Nigeria Stock Exchange was used for this study. Data were collected from annual reports of the sampled firms for the period 1995-2009. This result shows there is a significant negative relationship between cash conversion cycle and market valuation and firm-s performance. It also shows that debt ratio is positively related to market valuation and negatively related firm-s performance. The findings confirm that there is a significant relationship between Market valuation, profitability and working capital component in line with previous studies. This mean that Nigeria firms should ensure adequate management of working capital especially cash conversion cycle components of account receivables, account payables and inventories, as efficiency working capital management is expected to contribute positively to the firms- market value.

Keywords: Cash Conversion Cycle, Firms' Performance, Market Valuation, Working Capital Management

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Authors: Krishna S. Raghuwaiya, Shonal Singh, Jito Vanualailai

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In this paper, we study the formation control problem for car-like mobile robots. A team of nonholonomic mobile robots navigate in a terrain with obstacles, while maintaining a desired formation, using a leader-following strategy. A set of artificial potential field functions is proposed using the direct Lyapunov method for the avoidance of obstacles and attraction to their designated targets. The effectiveness of the proposed control laws to verify the feasibility of the model is demonstrated through computer simulations

Keywords: Control, Formation, Lyapunov, Nonholonomic

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Authors: K. Zigan

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Not with standing the importance of foreign highly skilled professionals for host economies, there is a paucity of research studies investigating the role of the corporate social context during the integration process. This research aims to address this paucity by exploring the role of social capital in the integration of foreign health professionals. It does so by using a qualitative research approach. In this pilot study the hospital sector forms this study-s sample and interviews were conducted with HR managers, foreign health professionals and external HR consultants. It was found that most of the participating hospitals had not established specific HR practices and had only partly linked the development of organisational social capital with a successful integration process. This research contributes, for example, to the HR literature on the integration of self-initiated expatriates by analysing the role of HRM in generating organisational social capital needed for a successful integration process.

Keywords: Corporate integration, hospitals, self-initiated expatriates, organisational social capital.

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Authors: Asit K Sikary, O. P. Murty

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In this study, we have collected cases with adipocere formation, which were from the South Delhi region (average room temperature 27-390C) and autopsied at our centre. Details of the circumstances of the death, cause and time of death, surrounding environment and demographic profile of the deceased were taken into account. Total 16 cases were included in this study. Adipocere formation was predominantly present over cheeks, shoulder, breast, flanks, buttocks, and thighs. Out of 16, 11 cases were found in a dry atmosphere, 5 cases were brought from the water. There were 5 cases in which adipocere formation was seen in less than 2 days, and among them, in 1 case, as early as one day. This study showed that adipocere formation can be seen as early as 1 day in a hot and humid environment.

Keywords: Adipocere, drowning, hanging, humid environment, strangulation, subtropical climate.

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Authors: Denis Câprâroiu

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The city of Suceava, one of the most important medieval capital of Moldova, owes its urban genesis to the power center established in its territory at the turn of the thirteenth and fourteenth centuries. Freed from the effective control exercised by the Emir Nogai through Alanians, the local center of power evolved as the main representative of the interests of indigenous people in relation to the Hungarian Angevin dinasty and to their representatives from Maramures. From this perspective, the political and military role of the settlement of Suceava was archeologically proved by the discovery of extensive fortifications, unrivaled in the first half of the XIVth century-s Moldavia. At the end of that century, voivod Peter I decides to move the capital of the state from Siret to Suceava. That option stimulated the development of the settlement on specific urban coordinates.

Keywords: Moldova, Suceava, voivod, capital.

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Authors: Maria E. Eggink

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Innovation plays an important role in economic growth and development. Evolutionary economics has entrepreneurs at the centre of the innovation system, but includes all other participants as contributors to the performance of the innovation system. Education and training institutions, one of the participants in the innovation system, contributes in different ways to human capital. The gap in literature on the competence building as part of human capital in the analysis of innovation systems is addressed in this paper. The Mpumalanga Province of South Africa is used as a case study. It was found that the absence of a university, the level of education, the quality and performance in the education sector and the condition of the education infrastructure have not been conducive to learning.

Keywords: Education institutions, human capital, innovation systems, Mpumalanga Province.

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Authors: George Yungchih Wang

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Real options theory suggests that managerial flexibility embedded within irreversible investments can account for a significant value in project valuation. Although the argument has become the dominant focus of capital investment theory over decades, yet recent survey literature in capital budgeting indicates that corporate practitioners still do not explicitly apply real options in investment decisions. In this paper, we explore how real options decision criteria can be transformed into equivalent capital budgeting criteria under the consideration of uncertainty, assuming that underlying stochastic process follows a geometric Brownian motion (GBM), a mixed diffusion-jump (MX), or a mean-reverting process (MR). These equivalent valuation techniques can be readily decomposed into conventional investment rules and “option impacts", the latter of which describe the impacts on optimal investment rules with the option value considered. Based on numerical analysis and Monte Carlo simulation, three major findings are derived. First, it is shown that real options could be successfully integrated into the mindset of conventional capital budgeting. Second, the inclusion of option impacts tends to delay investment. It is indicated that the delay effect is the most significant under a GBM process and the least significant under a MR process. Third, it is optimal to adopt the new capital budgeting criteria in investment decision-making and adopting a suboptimal investment rule without considering real options could lead to a substantial loss in value.

Keywords: real options, capital budgeting, geometric Brownianmotion, mixed diffusion-jump, mean-reverting process

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Authors: I Putu Eka N. Kencana, I Wayan Mertha

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As an entity of the tourism system, local communities were considered have better understanding of their region as well as influenced positively or negatively by the tourism activities in the region. This paper aimed to study role of community involvement in the development of ecotourism at Kintamani Bali from two perspectives of view, i.e. participation in the process of initiatives and participation in the utilizing the economic benefits of tourism. Thorough participation as an antecedent of social capital form, the sustainability of ecotourism at Kintamani could be expected.

Keywords: Community involvement, ecotourism, participation, social capital.

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Authors: Mohammad Taghi Shervani Tabar, Seyyed Hojjat Majidi, Zahra Poursharifi

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Cavitation in pumps is known as the formation of vapor bubbles due to pressure drop and collapsing these bubbles. In some conditions, it has been observed that the formation of bubbles occurs at the pressure side of centrifugal pump blades. In this study, the formation of bubbles at the pressure side of blades has been investigated. Water is used in this study as the fluid and performance curves were depicted for different flow rates in an approximately constant speed. The results show that when a centrifugal pump works in low flow rates, a secondary flow namely recirculation starts to begin. In this condition, separation of flow increases which causes vortex formation and local pressure drop and eventually the formation of vapor bubbles starts.

Keywords: Cavitation, Centrifugal pump, Recirculation, Vapor bubble.

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Authors: Hyeondal Jeong, Yoonjung Baek

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This research examines the effects of positive psychological capital (or PsyCap) on employee’s outcomes (satisfaction, commitment, organizational citizenship behavior, innovation behavior and individual creativity). This study conducted a meta-analysis of articles published in the Republic of Korea. As a result, positive psychological capital has a positive effect on the behavior of employees. Heterogeneity was identified among the studies included in the analysis and the context factors were analyzed; the study proposes contextual factors such as team tenure. The moderating effect of team tenure was not statistically significant. The implications were discussed based on the analysis results.

Keywords: Positive psychological capital, satisfaction, commitment, OCB, creativity, meta-analysis.

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Authors: Paitoon Kraipornsak

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Government spending is categorized into consumption spending and capital spending. Three categories of private consumption are used: food consumption, nonfood consumption, and services consumption. The estimated model indicates substitution effects of government consumption spending on budget shares of private nonfood consumption and of government capital spending on budget share of private food consumption. However, the results do not indicate whether the negative effects of changes in the budget shares of the nonfood and the food consumption equates to reduce total private consumption. The concept of aggregate demand comprising consumption, investment, government spending (consumption spending and capital spending), export, and import are used to estimate their relationship by using the Vector Error Correction Mechanism. The study found no effect of government capital spending on either the private consumption or the growth of GDP while the government consumption spending has negative effect on the growth of GDP.

Keywords: Complementary effect, government capital spending, government consumption spending, private consumption on food, nonfood, and services, substitution effect, vector error correction mechanism.

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Authors: Qiong Huang, Satish Chand

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

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

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Authors: Mirzaee Mahmoodabadi Reza, Afghah Massih, Saeedi Somaye

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Pabdeh shaly formation (Paleocene-Oligomiocene) has been expanded in Fars, Khozestan and Lorestan. The lower lithostratigraphic limit of this formation in Shiraz area is distinguished from Gurpi formation by purple shale. Its upper limit is gradational and conformable with Asmari formation. In order to study sequence stratigraphy and microfacies of Pabdeh formation in Shiraz area, one stratigraphic section have been chosen (Zanjiran section). Petrographic studies resulted in the identification of 9 pelagic and calciturbidite microfacies. The calciturbidite microfacies have been formed when the sea level was high, the rate of carbonate deposition was high and it slumped into the deep marine. Sequence stratigraphy studies show that Pabdeh formation in the studied zone consists of two depositional sequences (DS) that the lower contact is erosional (purple shale - type one, SBI or type two, SB2) and the upper contact is correlative conformity (type two, SB2).

Keywords: Pabdeh formation, Shiraz, Microfacies, Purple Shale, Zanjiran Section, Sequence Stratigraphy

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Authors: H. Florianová, J. Nešleha

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Financial derivatives are considered to be risky investment instruments which could possibly bring another financial crisis. As prevention, European Union and its member states have released new legal acts adjusting this area of law in recent years. There have been several cases in history of capital markets worldwide where it was shown that legislature may affect behavior of subjects on capital markets. In our paper we analyze main events on selected European stock exchanges in order to apply them on three chosen markets - Czech capital market represented by Prague Stock Exchange, German capital market represented by Deutsche Börse and Polish capital market represented by Warsaw Stock Exchange. We follow time series of development of the sum of listed derivatives on these three stock exchanges in order to evaluate popularity of those exchanges. Afterwards we compare newly listed derivatives in relation to the speed of development of these exchanges. We also make a comparison between trends in derivatives and shares development. We explain how a legal regulation may affect situation on capital markets. If the regulation is too strict, potential investors or traders are not willing to undertake it and move to other markets. On the other hand, if the regulation is too vague, trading scandals occur and the market is not reliable from the prospect of potential investors or issuers. We see that making the regulation stricter usually discourages subjects to stay on the market immediately although making the regulation vaguer to interest more subjects is usually much slower process.

Keywords: Capital markets, financial derivatives, investors' behavior, regulation.

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Authors: Jindřiška Šedová, Miloš Šeda

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This paper summarizes and compares approaches to solving the knapsack problem and its known application in capital budgeting. The first approach uses deterministic methods and can be applied to small-size tasks with a single constraint. We can also apply commercial software systems such as the GAMS modelling system. However, because of NP-completeness of the problem, more complex problem instances must be solved by means of heuristic techniques to achieve an approximation of the exact solution in a reasonable amount of time. We show the problem representation and parameter settings for a genetic algorithm framework.

Keywords: Capital budgeting, knapsack problem, GAMS, heuristic method, genetic algorithm.

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Authors: E. Heikkilä

Abstract:

The paper discusses European Lifelong Learning policy in the European enlargement to the Balkan. The European Lifelong Learning policy with Human Capital approach is researched in the country case of Macedonia. The paper argues that Human Capital approach focusing on instrumental and economic importance of learning for employability and economic growth needs to be complemented with Capability Approach for intrinsic and noneconomic needs of learning among the ethnic minorities. The paper identifies two dimensions of importance – minority languages and civic education – that the Capability Approach may develop to guarantee equal opportunities to all to benefit from European educational and lifelong learning development and to build an inclusive and socially just democracy in Macedonia.

Keywords: Capability approach, European lifelong learning, human capital theory.

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Authors: F. S. Kadhim, A. Samsuri, H. Alwan

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Well logging records can help to answer many questions from a wide range of special interested information and basic petrophysical properties to formation evaluation of oil and gas reservoirs. The accurate calculations of porosity in carbonate reservoirs are the most challenging aspects of the well logging analysis. Many equations have been developed over the years based on known physical principles or on empirically derived relationships, which are used to calculate porosity, estimate lithology, and water saturation; however these parameters are calculated from well logs by using modern technique in a current study. Nasiriya oil field is one of the giant oilfields in the Middle East, and the formation under study is the Mishrif carbonate formation which is the shallowest hydrocarbon bearing zone in this oilfield. Neurolog software was used to digitize the scanned copies of the available logs. Environmental corrections had been made as per Schlumberger charts 2005, which supplied in the Interactive Petrophysics software. Three saturation models have been used to calculate water saturation of carbonate formations, which are simple Archie equation, Dual water model, and Indonesia model. Results indicate that the Mishrif formation consists mainly of limestone, some dolomite, and shale. The porosity interpretation shows that the logging tools have a good quality after making the environmental corrections. The average formation water saturation for Mishrif formation is around 0.4- 0.6.This study is provided accurate behavior of petrophysical properties with depth for this formation by using modern software.

Keywords: Lithology, Porosity, Water Saturation, Carbonate Formation, Mishrif Formation.

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Authors: M.Bilal Bagbanci, Ozlem Koprulu Bagbanci

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Bursa, since the establishment of the Ottoman Empire, being on the important trade roads and having a capital accumulation as a result of silk production, was one of the first cities of modernization activities applied. Bursa maintained its importance even during the Republican Period and became one of the most important cities of the country and today is the fourth biggest and the industrialized city in Turkey. Social, political, economical and cultural changes occured with the reforms starting with the 1839 Edict of Tanzimat that aimed at modernizing the society and the government and centralizing the political power began in the Ottoman Empire. After the Tanzimat Reforms transformation of the city changed and planning processes began in Bursa according to the vision of Governors. The theresholds of the city are very important data for a sustainable planning for the city planners. Main aim of this study is to investigate the changes and transformations of the city according to the changes in the socio-economical and cultural properties for the city planners.

Keywords: Transportation, urbanization, Tanzimat reforms, modernization.

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Authors: George K. Fourlas, Konstantinos Kalovrektis, Evangelos Fountas

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Many agricultural and especially greenhouse applications like plant inspection, data gathering, spraying and selective harvesting could be performed by robots. In this paper multiple nonholonomic robots are used in order to create a desired formation scheme for screening solar energy in a greenhouse through data gathering. The formation consists from a leader and a team member equipped with appropriate sensors. Each robot is dedicated to its mission in the greenhouse that is predefined by the requirements of the application. The feasibility of the proposed application includes experimental results with three unmanned ground vehicles (UGV).

Keywords: Greenhouses application, robot formation, solarenergy.

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Authors: Zainudin Kornain, Azman Jalar, Rozaidi Rasid, Fong Chee Seng

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Void formation in underfill is considered as failure in flip chip manufacturing process. Void formation possibly caused by several factors such as poor soldering and flux residue during die attach process, void entrapment due moisture contamination, dispense pattern process and setting up the curing process. This paper presents the comparison of single step and two steps curing profile towards the void and black dots formation in underfill for Hi-CTE Flip Chip Ceramic Ball Grid Array Package (FC-CBGA). Statistic analysis was conducted to analyze how different factors such as wafer lot, sawing technique, underfill fillet height and curing profile recipe were affected the formation of voids and black dots. A C-Mode Scanning Aqoustic Microscopy (C-SAM) was used to scan the total count of voids and black dots. It was shown that the 2 steps curing profile provided solution for void elimination and black dots in underfill after curing process.

Keywords: black dots formation, curing profile, FC-CBGA, underfill, void formation,

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Authors: Kritsada Moonpa, Kannipa Motanated, Weerapan Srichan

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Hong Hoi Formation is a Middle Triassic deep marine succession presented in outcrops throughout the Lampang Basin of northern Thailand. The primary goal of this research is to diagnose the paleoenvironment, petrographic compositions, and sedimentary sources of the Hong Hoi Formation in Ban Huat, Ngao District. The Triassic Hong Hoi Formation is chosen because the outcrops are continuous and fossils are greatly exposed and abundant. Depositional environment is reconstructed through sedimentological studies along with facies analysis. The Hong Hoi Formation is petrographically divided into two major facies, they are: sandstones with mudstone interbeds, and mudstones or shale with sandstone interbeds. Sandstone beds are lithic arenite and lithic greywacke, volcanic lithic fragments are dominated. Sedimentary structures, paleocurrent data and lithofacies arrangement indicate that the formation deposited in a part of deep marine abyssal plain environment. The sedimentological and petrographic features suggest that during the deposition the Hong Hoi Formation received sediment supply from nearby volcanic arc. This suggested that the intensive volcanic activity within the Sukhothai Arc during the Middle Triassic is the main sediment source.

Keywords: Sukhothai Zone, petrography, Hong Hoi Formation, Lampang, Triassic.

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Authors: A. Vinay, Mary Josephine, Shreesha. S. Rao, Dhande Kranthi Kumar, J. Nandini

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This paper looks at the development of Fisheries education in Karnataka and the supply of skilled human capital to the sector. The study tries to analyse their job occupancy patterns, Compound Growth Rate (CGR) and forecasts the fisheries graduates supply using the Holt method. In Karnataka, fisheries are one of the neglected allied sectors of agriculture in spite of having enormous scope and potential to contribute to the State's agriculture GDP. The State Government has been negligent in absorbing skilled human capital for the development of fisheries, as there are so many vacant positions in both education institutes, as well as the State fisheries department. CGR and forecasting of fisheries graduates shows a positive growth rate and increasing trend, from which we can understand that by proper utilization of skilled human capital can bring development in the fisheries sector of Karnataka.

Keywords: Compound growth rate, fisheries education, Holt method, skilled human capital.

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Authors: Ģirts Brasliņš, Ilja Arefjevs, Nadežda Tarakanova

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The objective of countercyclical capital buffer is to encourage banks to build up buffers in good times that can be drawn down in bad times. The aim of the report is to assess such decisions by banks derived from three approaches. The approaches are the aggregate credit-to-GDP ratio, credit growth as well as banking sector profits. The approaches are implemented for Estonia, Latvia and Lithuania for the time period 2000-2012. The report compares three approaches and analyses their relevance to the Baltic States by testing the correlation between a growth in studied variables and a growth of corresponding gaps. Methods used in the empirical part of the report are econometric analysis as well as economic analysis, development indicators, relative and absolute indicators and other methods. The research outcome is a cross-Baltic comparison of two alternative approaches to establish or release a countercyclical capital buffer by banks and their implications for each Baltic country.

Keywords: Basel III, countercyclical capital buffer, banks, credit growth, Baltic States.

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Authors: Jerome V. Cleofas

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Cyberspace has become a more viable arena for budding artists to share musical acts through digital forms. The increasing relevance of online communities has attracted scholars from various fields demonstrating its influence on social capital. This paper extends this understanding of social capital among Filipino music artists belonging to the SoundCloud Philippines Facebook Group. The study makes use of various qualitative data obtained from key-informant interviews and participant observation of online and physical encounters, analyzed using the case study approach. Soundcloud Philippines has over seven-hundred members and is composed of Filipino singers, instrumentalists, composers, arrangers, producers, multimedia artists and event managers. Group interactions are a mix of online encounters based on Facebook and SoundCloud and physical encounters through meet-ups and events. Benefits reaped from the community are informational, technical, instrumental, promotional, motivational and social support. Under the guidance of online group administrators, collaborative activities such as music productions, concerts and events transpire. Most conflicts and problems arising are resolved peacefully. Social capital in SoundCloud Philippines is mobilized through recognition, respect and reciprocity.

Keywords: Facebook, music artists, online communities, social capital.

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Authors: Milan Rippel, Pert Teplý

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Operational risk has become one of the most discussed topics in the financial industry in the recent years. The reasons for this attention can be attributed to higher investments in information systems and technology, the increasing wave of mergers and acquisitions and emergence of new financial instruments. In addition, the New Basel Capital Accord (known as Basel II) demands a capital requirement for operational risk and further motivates financial institutions to more precisely measure and manage this type of risk. The aim of this paper is to shed light on main characteristics of operational risk management and common applied methods: scenario analysis, key risk indicators, risk control self assessment and loss distribution approach.

Keywords: Operational risk, economic capital, key risk indicators, loss distribution approach.

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Authors: Hsiu-Hua Cheng

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

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

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Authors: Vadim Vagin, Marina Fomina, Oleg Morosin

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This paper contains the description of argumentation approach for the problem of inductive concept formation. It is proposed to use argumentation, based on defeasible reasoning with justification degrees, to improve the quality of classification models, obtained by generalization algorithms. The experiment’s results on both clear and noisy data are also presented.

Keywords: Argumentation, justification degrees, inductive concept formation, noise, generalization.

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