Search results for: financial control

Authors: Piotr Prewysz Kwinto, Grażyna Voss

Abstract:

Accounting policies are a set of solutions compliant with legal regulations that an entity selects and adopts, and which guarantee a proper quality of financial statements. Those solutions may differ depending on whether the entity adopts national or international accounting standards. The aim of this article is to present accounting principles (policies) in Polish and international legal regulations and their adoption in selected Polish companies listed on the Warsaw Stock Exchange. The research method adopted in this work is the analysis and evaluation of legal conditions in Polish companies.

Keywords: Accounting policies, International Financial Reporting Standards, Financial statement, Method of measuring.

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Authors: Phongsak Phakamach

Abstract:

A DC servomotor position control system using a Fuzzy Logic Sliding mode Model Following Control or FLSMFC approach is presented. The FLSMFC structure consists of an integrator and variable structure system. The integral control is introduced into it in order to eliminated steady state error due to step and ramp command inputs and improve control precision, while the fuzzy control would maintain the insensitivity to parameter variation and disturbances. The FLSMFC strategy is implemented and applied to a position control of a DC servomotor drives. Experimental results indicated that FLSMFC system performance with respect to the sensitivity to parameter variations is greatly reduced. Also, excellent control effects and avoids the chattering phenomenon.

Keywords: Sliding mode model following control, fuzzy logic, DC servomotor.

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Authors: Mihai Caramihai Ana A Chirvase, Irina Severin

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Bioprocesses are appreciated as difficult to control because their dynamic behavior is highly nonlinear and time varying, in particular, when they are operating in fed batch mode. The research objective of this study was to develop an appropriate control method for a complex bioprocess and to implement it on a laboratory plant. Hence, an intelligent control structure has been designed in order to produce biomass and to maximize the specific growth rate.

Keywords: Fed batch bioprocess, mass-balance model, fuzzy control.

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Authors: Sophia Fry, Mahir Irtiza, Alexa Hoffman, Yousef Sardahi

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This study presents an intelligent control algorithm for a flexible robotic arm. Fuzzy control is used to control the motion of the arm to maintain the arm tip at the desired position while reducing vibration and increasing the system speed of response. The Fuzzy controller (FC) is based on adding the tip angular position to the arm deflection angle and using their sum as a feedback signal to the control algorithm. This reduces the complexity of the FC in terms of the input variables, number of membership functions, fuzzy rules, and control structure. Also, the design of the fuzzy controller is model-free and uses only our knowledge about the system. To show the efficacy of the FC, the control algorithm is implemented on the flexible joint manipulator (FJM) developed by Quanser. The results show that the proposed control method is effective in terms of response time, overshoot, and vibration amplitude.

Keywords: Fuzzy logic control, model-free control, flexible joint manipulators, nonlinear control.

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Authors: Chih-Hui Chiu, Chun-Hsien Lin

Abstract:

In this study, a robust intelligent backstepping tracking control (RIBTC) system combined with adaptive output recurrent cerebellar model articulation control (AORCMAC) and H∞ control technique is proposed for wheeled inverted pendulums (WIPs) real-time control with exact system dynamics unknown. Moreover, a robust H∞ controller is designed to attenuate the effect of the residual approximation errors and external disturbances with desired attenuation level. The experimental results indicate that the WIPs can stand upright stably when using the proposed RIBTC.

Keywords: Wheeled inverted pendulum, backsteppingtracking control, H∞ control, adaptive output recurrentcerebellar model articulation control.

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Authors: Alia Abdul Ghaffar, Tom Richardson

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A model reference adaptive control and a fixed gain LQR control were implemented in the height controller of a quadrotor that has parametric uncertainties due to the act of picking up an object of unknown dimension and mass. It is shown that an adaptive controller, unlike the fixed gain controller, is capable of ensuring a stable tracking performance under such condition, although adaptive control suffers from several limitations. The combination of both adaptive and fixed gain control in the controller architecture can result in an enhanced tracking performance in the presence parametric uncertainties.

Keywords: UAV, quadrotor, model reference adaptive control, LQR control.

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Authors: M. Suutari

Abstract:

In this content analysis research note the aim was to explore to how sustainability and especially environmental issues are conveyed into environmental items in annual reports and disclosures. As The Global Reporting Initiative (GRI) is a globally wide multistakeholder process, the enterprises using voluntarily GRI framework are considered to be aware of sustainability and environmental concerns. The findings were that although these enterprises included in an environmentally sensitive industry sector and had special capabilities to consider environmental issues there were few GRIreporting enterprises presented substantially detailed environmental items in audited financial statements. There were only slight differences between publishing years 2008 and 2009 - the beginning years of economic turmoil. The environmental issues seemed not to be considered substantial enough for financial reporting as a basis for concerning investment or voting decisions.

Keywords: Environmental, reporting, financial, GRI.

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Authors: Sheren H. Salah, Ahmed Y. Ben Sasi

Abstract:

The inverted pendulum system is a classic control problem that is used in universities around the world. It is a suitable process to test prototype controllers due to its high non-linearities and lack of stability. The inverted pendulum represents a challenging control problem, which continually moves toward an uncontrolled state. This paper presents the possibility of balancing an inverted pendulum system using sliding mode control (SMC). The goal is to determine which control strategy delivers better performance with respect to pendulum’s angle and cart's position. Therefore, proportional-integral-derivative (PID) is used for comparison. Results have proven SMC control produced better response compared to PID control in both normal and noisy systems.

Keywords: Inverted pendulum (IP) proportional-integralderivative (PID), sliding mode control (SMC).

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Authors: Gulnara Moldasheva

Abstract:

The research explores the relationship between management responsibility and corporate governance of listed companies in Kazakhstan. This research employs firm level data of selected listed non-financial firms and firm level data “operational” financial sector, consisted from banking sector, insurance companies and accumulated pension funds using multivariate regression analysis under fixed effect model approach. Ownership structure includes institutional ownership, managerial ownership and private investor’s ownership. Management responsibility of the firm is expressed by the decision of the firm on amount of leverage. Results of the cross sectional panel study for non-financial firms showed that only institutional shareholding is significantly negatively correlated with debt to equity ratio. Findings from “operational” financial sector show that leverage is significantly affected only by the CEO/Chair duality and the size of financial institutions, and insignificantly affected by ownership structure. Also, the findings show, that there is a significant negative relationship between profitability and the debt to equity ratio for non-financial firms, which is consistent with pecking order theory. Generally, the found results suggest that corporate governance and a management responsibility play important role in corporate performance of listed firms in Kazakhstan.

Keywords: Corporate governance, corporate performance, debt to equity ratio, ownership.

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Authors: Francisco Aparisi, Marco A. de Luna

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In some real applications of Statistical Process Control it is necessary to design a control chart to not detect small process shifts, but keeping a good performance to detect moderate and large shifts in the quality. In this work we develop a new quality control chart, the synthetic T2 control chart, that can be designed to cope with this objective. A multi-objective optimization is carried out employing Genetic Algorithms, finding the Pareto-optimal front of non-dominated solutions for this optimization problem.

Keywords: Multi-objective optimization, Quality Control, SPC, Synthetic T2 control chart.

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Authors: P. Georgieva, S. Feyo de Azevedo

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This paper is focused on issues of process modeling and two model based control strategies of a fed-batch sugar crystallization process applying the concept of artificial neural networks (ANNs). The control objective is to force the operation into following optimal supersaturation trajectory. It is achieved by manipulating the feed flow rate of sugar liquor/syrup, considered as the control input. The control task is rather challenging due to the strong nonlinearity of the process dynamics and variations in the crystallization kinetics. Two control alternatives are considered – model predictive control (MPC) and feedback linearizing control (FLC). Adequate ANN process models are first built as part of the controller structures. MPC algorithm outperforms the FLC approach with respect to satisfactory reference tracking and smooth control action. However, the MPC is computationally much more involved since it requires an online numerical optimization, while for the FLC an analytical control solution was determined.

Keywords: artificial neural networks, nonlinear model control, process identification, crystallization process

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Authors: H. Silvestre

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The aim of this paper is to know the sociodemographic and operational-financial determinants of the services quality perceived by users of the national health services. Through the use of an inquiry conducted by the Ministry of Health, comprehending 16.936 interviews in 2006, we intend to find out if there is any characteristic that determines the 2006 inquiry results. With the revision of the literature we also want to know if the operational-financial results have implications in hospitals users- perception on the quality of the received services. In order to achieve our main goals we will make use of the regression analysis to find out the possible dimensions that determine those results.

Keywords: Management by Results, Quality Approach, Tableau de Bord, Total Quality Management, Services quality.

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Authors: Sorawit Stapornchaisit, Sidshchadhaa Aumted, Hiroshi Takami

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In this paper, we propose a novel adaptive voltage control strategy for boost converter via Inverse LQ Servo-Control. Our presented strategy is based on an analytical formula of Inverse Linear Quadratic (ILQ) design method, which is not necessary to solve Riccati’s equation directly. The optimal and adaptive controller of the voltage control system is designed. The stability and the robust control are analyzed. Whereas, we can get the analytical solution for the optimal and robust voltage control is achieved through the natural angular velocity within a single parameter and we can change the responses easily via the ILQ control theory. Our method provides effective results as the stable responses and the response times are not drifted even if the condition is changed widely.

Keywords: Boost converter, optimal voltage control, inverse LQ design method, type-1 servo-system, adaptive control.

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Authors: Irwin Ma, Tony Wong, Thiagas Sankar

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By systematically applying different engineering methods, difficult financial problems become approachable. Using a combination of theory and techniques such as wavelet transform, time series data mining, Markov chain based discrete stochastic optimization, and evolutionary algorithms, this work formulated a strategy to characterize and forecast non-linear time series. It attempted to extract typical features from the volatility data sets of S&P100 and S&P500 indices that include abrupt drops, jumps and other non-linearity. As a result, accuracy of forecasting has reached an average of over 75% surpassing any other publicly available results on the forecast of any financial index.

Keywords: Discrete stochastic optimization, genetic algorithms, genetic programming, volatility forecast

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Authors: R. Chakib, A. Essadki, M. Cherkaoui

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This paper proposes the study of a robust control of the doubly fed induction generator (DFIG) used in a wind energy production. The proposed control is based on the linear active disturbance rejection control (ADRC) and it is applied to the control currents rotor of the DFIG, the DC bus voltage and active and reactive power exchanged between the DFIG and the network. The system under study and the proposed control are simulated using MATLAB/SIMULINK.

Keywords: Doubly fed induction generator DFIG, Active disturbance rejection control ADRC, Vector control, MPPT, Extended state observer, back to back converter, Wind turbine.

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Authors: Masood Uzzafer

Abstract:

A dynamic software risk assessment model is presented. Analogies between dynamic financial analysis and software risk assessment models are established and based on these analogies it suggested that dynamic risk model for software projects is the way to move forward for the risk assessment of software project. It is shown how software risk assessment change during different phases of a software project and hence requires a dynamic risk assessment model to capture these variations. Further evolution of dynamic financial analysis models is discussed and mapped to the evolution of software risk assessment models.

Keywords: Software Risk Assessment, Software ProjectManagement, Software Cost, Dynamic Modeling.

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Authors: Sheng-Shu Cheng, Fong-Jung Yu

Abstract:

C-control chart assumes that process nonconformities follow a Poisson distribution. In actuality, however, this Poisson distribution does not always occur. A process control for semiconductor based on a Poisson distribution always underestimates the true average amount of nonconformities and the process variance. Quality is described more accurately if a compound Poisson process is used for process control at this time. A cumulative sum (CUSUM) control chart is much better than a C control chart when a small shift will be detected. This study calculates one-sided CUSUM ARLs using a Markov chain approach to construct a CUSUM control chart with an underlying Poisson-Gamma compound distribution for the failure mechanism. Moreover, an actual data set from a wafer plant is used to demonstrate the operation of the proposed model. The results show that a CUSUM control chart realizes significantly better performance than EWMA.

Keywords: Nonconformities, Compound Poisson distribution, CUSUM control chart.

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Authors: Petr Teply

Abstract:

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

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

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Authors: Kolis Karel, Kubicek Ales

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

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

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Authors: Yu-Chun Lin

Abstract:

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

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

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Authors: J. Fernandez de Canete, S. Gonzalez-Perez, P. del Saz-Orozco

Abstract:

LABVIEW is a graphical programming language that has its roots in automation control and data acquisition. In this paper we have utilized this platform to provide a powerful toolset for process identification and control of nonlinear systems based on artificial neural networks (ANN). This tool has been applied to the monitoring and control of a lab-scale distillation column DELTALAB DC-SP. The proposed control scheme offers high speed of response for changes in set points and null stationary error for dual composition control and shows robustness in presence of externally imposed disturbance.

Keywords: Distillation, neural networks, LABVIEW, monitoring, identification, control.

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Authors: Alexander Winkler, Jozef Suchý

Abstract:

This paper investigates simple implicit force control algorithms realizable with industrial robots. A lot of approaches already published are difficult to implement in commercial robot controllers, because the access to the robot joint torques is necessary or the complete dynamic model of the manipulator is used. In the past we already deal with explicit force control of a position controlled robot. Well known schemes of implicit force control are stiffness control, damping control and impedance control. Using such algorithms the contact force cannot be set directly. It is further the result of controller impedance, environment impedance and the commanded robot motion/position. The relationships of these properties are worked out in this paper in detail for the chosen implicit approaches. They have been adapted to be implementable on a position controlled robot. The behaviors of stiffness control and damping control are verified by practical experiments. For this purpose a suitable test bed was configured. Using the full mechanical impedance within the controller structure will not be practical in the case when the robot is in physical contact with the environment. This fact will be verified by simulation.

Keywords: Damping control, impedance control, robot force control, stability, stiffness control.

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Authors: Leila Fatemi, Morteza Moradi, Azadeh Mansouri

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In this paper, the modified optimal sliding mode control with a proposed method to design a sliding surface is presented. Because of the inability of the previous approach of the sliding mode method to design a bounded and suitable input, the new variation is proposed in the sliding manifold to obviate problems in a structural system. Although the sliding mode control is a powerful method to reject disturbances and noises, the chattering problem is not good for actuators. To decrease the chattering phenomena, the optimal control is added to the sliding mode control. Not only the proposed method can decline the intense variations in the inputs of the system but also it can produce the efficient responses respect to the sliding mode control and optimal control that are shown by performing some numerical simulations.

Keywords: Structural Control, optimal control, optimal sliding mode controller, modified sliding surface.

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Authors: Ifedapo Francis Awolowo

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

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

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Authors: A. J. Regan, F. J. Lidgey, M. Betteridge, P. Georgiou, C. Toumazou, K. Hayatleh, J. R. Dibble

Abstract:

Our goal is development of an algorithm capable of predicting the directional trend of the Standard and Poor’s 500 index (S&P 500). Extensive research has been published attempting to predict different financial markets using historical data testing on an in-sample and trend basis, with many authors employing excessively complex mathematical techniques. In reviewing and evaluating these in-sample methodologies, it became evident that this approach was unable to achieve sufficiently reliable prediction performance for commercial exploitation. For these reasons, we moved to an out-ofsample strategy based on linear regression analysis of an extensive set of financial data correlated with historical closing prices of the S&P 500. We are pleased to report a directional trend accuracy of greater than 55% for tomorrow (t+1) in predicting the S&P 500.

Keywords: Financial algorithm, GPU, S&P 500, stock market prediction.

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Authors: R. S. Quintal, J. L. Tesch Santos, M. D. Davis, E. C. de Santana, M. de F. Bandeira dos Santos

Abstract:

The objective is to identify the contributions from the introduction of the computerized system deal within the Accounting Department of Brazilian Navy Financial Directorship and its possible effects on the budgetary and financial harvest of Brazilian Navy. The relevance lies in the fact that the management process is responsible for the continuous improvement of organizational performance through higher levels of quality in their activities. Improvements in organizational processes have direct effects on crops cost, quality, reliability, flexibility and speed. The method of study of this research is the case study. The choice of case study attended, among other demands, a need for greater flexibility to study processes related to a computerized system. The sources of evidence were used literature, documentary and direct observation. Direct observation was made by monitoring the implementation of the computerized system in the Division of Management Analysis. The main findings of the study point to the fact that the computerized system may contribute significantly to the standardization of information. There was improvement of internal processes in the division of management analysis, made possible the consolidation of a standard management and performance analysis that contribute to global homogeneity in the treatment of information essential to the process of decision making. This study has limitations related to the fact the search result be subject exclusively to the case studied, and it is impossible to generalize to other organs of government.

Keywords: Process Management, Management Control, Business Intelligence.

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Authors: Defu Zhang, Qingshan Jiang, Xin Li

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This paper deals with the application of a well-known neural network technique, multilayer back-propagation (BP) neural network, in financial data mining. A modified neural network forecasting model is presented, and an intelligent mining system is developed. The system can forecast the buying and selling signs according to the prediction of future trends to stock market, and provide decision-making for stock investors. The simulation result of seven years to Shanghai Composite Index shows that the return achieved by this mining system is about three times as large as that achieved by the buy and hold strategy, so it is advantageous to apply neural networks to forecast financial time series, the different investors could benefit from it.

Keywords: Data mining, neural network, stock forecasting.

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Authors: Shiuh-Jer Huang, Shin-Ham Lee, Sheam-Chyun Lin

Abstract:

A two wheel inverted pendulum (TWIP) vehicle is built with two hub DC motors for motion control evaluation. Arduino Nano micro-processor is chosen as the control kernel for this electric test plant. Accelerometer and gyroscope sensors are built in to measure the tilt angle and angular velocity of the inverted pendulum vehicle. Since the TWIP has significantly hub motor dead zone and nonlinear system dynamics characteristics, the vehicle system is difficult to control by traditional model based controller. The intelligent model-free fuzzy sliding mode controller (FSMC) was employed as the main control algorithm. Then, intelligent controllers are designed for TWIP balance control, and two wheels synchronization control purposes.

Keywords: Balance control, synchronization control, two wheel inverted pendulum, TWIP.

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Authors: P. Javid, A. Aeenmehr, J. Taghavifar

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In this paper, supply air pressure of HVAC system has been modeled with second-order transfer function plus dead-time. In HVAC system, the desired input has step changes, and the output of proposed control system should be able to follow the input reference, so the idea of using model based predictive control is proceeded and designed in this paper. The closed loop control system is implemented in MATLAB software and the simulation results are provided. The simulation results show that the model based predictive control is able to control the plant properly.

Keywords: Air conditioning system, GPC, dead time, Air supply control.

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Authors: Dimitrios J. Dimitriou, Maria F. Sartzetaki

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

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

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