Abstract: Construction projects can be implemented under various contractual and organizational systems. They can be divided into two groups: systems without the managing company where the Client manages the process, and systems with the managing company, where management is entrusted to an external company. In the public sector of the Polish market there are two ways of delivery of construction projects with the participation of the manager: one is to assign operations to another party, the so called Project Supervisor, whilst the other results from the application of FIDIC conditions of contract, which entail appointment of the Engineer. The decision is to be made by the Client and depends on various factors. On the public procurement market in Poland the selection of construction project manager boils down to awarding the contract for such a service. The selection can be done by one of eight public procurement procedures identified by the procurement law. The paper provides the analysis of 96 contracts for services awarded in 2011, which employed construction management. The study aimed to investigate the methods and criteria for selecting managers, applied in practice by the Polish public Clients.
Abstract: This study examines regional convergence in per capita personal income in the US and Canada. We find that the disparity in real per capita income levels across US states (Canadian provinces) has declined, but income levels are not identical. Income levels become more aligned once costs of living are accounted for in relative per capita income series. US states (Canadian provinces) converge at an annual rate of between 1.3% and 2.04% (between 2.15% and 2.37%). A pattern of σ and β-convergence in per capita personal income across regions evident over the entire sample period, is reversed over 1979-1989 (1976-1990) period. The reversal may be due to sectoral or region-specific shocks that have highly persistent effects. The latter explanation might be true for half of the US and most of Canada.
Abstract: This research analyzes factors affecting the success of
Litecoin Value within Thailand and develops a guideline for selfreliance
for effective business implementation. Samples in this study
included 119 people through surveys. The results revealed four main
factors affecting the success as follows: 1) Future Career training
should be pursued in applied Litecoin development. 2) Didn't grasp
the concept of a digital currency or see the benefit of a digital
currency. 3) There is a great need to educate the next generation of
learners on the benefits of Litecoin within the community. 4) A great
majority didn't know what Litecoin was.
The guideline for self-reliance planning consisted of 4 aspects: 1)
Development planning: by arranging meet up groups to conduct
further education on Litecoin and share solutions on adoption into
every day usage. Local communities need to develop awareness of
the usefulness of Litecoin and share the value of Litecoin among
friends and family. 2) Computer Science and Business Management
staff should develop skills to expand on the benefits of Litecoin
within their departments. 3) Further research should be pursued on
how Litecoin Value can improve business and tourism within
Thailand. 4) Local communities should focus on developing Litecoin
awareness by encouraging street vendors to accept Litecoin as
another form of payment for services rendered.
Abstract: The paper investigates the main issues concerning the activity of mergers and acquisitions in Romania in the period 2000- 2004. As in the first decade after the failure of the socialist economy the market of M&A was living its infancy based exclusively on privatization transactions, after 2000 the market entered in a stage of maturity. We are investigated both the registered evolutions in terms of number and value of transactions, and some sectoral issues, concerning the most important industries affected by the M&A process.
Abstract: The interrelationship between international stock
markets has been a key study area among the financial market
researchers for international portfolio management and risk
measurement. The characteristics of security returns and their
dynamics play a vital role in the financial market theory. This study
is an attempt to find out the dynamic linkages among the equity
market of USA and emerging markets of Pakistan and India using
daily data covering the period of January 2003–December 2009. The
study utilizes Johansen (Journal of Economic Dynamics and Control,
12, 1988) and Johansen and Juselius (Oxford Bulletin of Economics
and Statistics, 52, 1990) cointegration procedure for long run
relationship and Granger-causality tests based on Toda and
Yamamoto (Journal of Econometrics, 66, 1995) methodology.
No cointegration was found among stock markets of USA, Pakistan
and India, while Granger-causality test showed the evidence of
unidirectional causality running from New York stock exchange to
Bombay and Karachi stock exchanges.
Abstract: The ubiquitous payment problems within construction
industry of China are notoriously hard to be resolved, thus lead to a
series of impacts to the industry chain. Among of them, the most direct
result is affecting the normal operation of contractors negatively. A
wealth of research has already discussed reasons of the payment
problems by introducing a number of possible improvement strategies.
But the causalities of these problems are still far from harsh reality. In
this paper, the authors propose a model for cash flow system of
construction projects by introducing System Dynamics techniques to
explore causal facets of the payment problem. The effects of payment
arrears on both cash flow and profitability of project are simulated into
four scenarios by using data from real projects. Simulating results
show visible clues to help contractors quantitatively determining the
consequences for the construction project that arise from payment
delay.
Abstract: In the context of business incubation (BI) as strategic
enablers, this paper critically reviews the literature relating to the
strategic benefits of BI in the Middle East. The taxonomy of BI
benefits in the strategic elements on 1) type, 2) financial model, 3)
services, 4) objectives, 5) number of clients, 6) number of graduates,
and 7) jobs creation. Understanding the importance of BI benefits can
be significant in the economic development although most incubators
lead to diversify the economy. Thus, taxonomies of the benefits of BI
are produced from both the academic literature and published case
studies. In this way, a classification of strategic benefits elements as
they relate to incubators has been developed to provide a greater
understanding of the benefits needed to obtain a specific element.
The result of this paper is Business incubators is aimed
entrepreneurship, jobs creation, research commercialization and
profitable enterprises in Middle Eastern countries.
Abstract: For decades financial economists have been attempted to determine the optimal investment policy by recognizing the option value embedded in irreversible investment whose project value evolves as a geometric Brownian motion (GBM). This paper aims to examine the effects of the optimal investment trigger and of the misspecification of stochastic processes on investment in real options applications. Specifically, the former explores the consequence of adopting optimal investment rules on the distributions of corporate value under the correct assumption of stochastic process while the latter analyzes the influence on the distributions of corporate value as a result of the misspecification of stochastic processes, i.e., mistaking an alternative process as a GBM. It is found that adopting the correct optimal investment policy may increase corporate value by shifting the value distribution rightward, and the misspecification effect may decrease corporate value by shifting the value distribution leftward. The adoption of the optimal investment trigger has a major impact on investment to such an extent that the downside risk of investment is truncated at the project value of zero, thereby moving the value distributions rightward. The analytical framework is also extended to situations where collection lags are in place, and the result indicates that collection lags reduce the effects of investment trigger and misspecification on investment in an opposite way.
Abstract: This study examines the structural and systematic processes of the Human Resources Division at The University of the West Indies, St. Augustine, Trinidad and Tobago for evidence of incorporation of the University's 2012- 2017 Strategic Plan. In conducting the study the structure of the Human Resources Management Division and its functions were carefully reviewed and measured against the strategic direction of the organisation. Findings indicate disconnect between these areas as there is apparent failure of the Human Resources Division to totally align its mandate with that of the organisation-s strategic direction. This action serves to threaten the viability of the organisation and its efficiency and effectiveness as an institution. The recommendations being put forward are for the realignment of the Human Resources Management Division and for its focus to mirror that of the organisation and the organisation-s goals and objectives. This may entail a restructuring of the Division.
Abstract: This paper tries to shed light on the existence of a bank lending channel (BLC) in South Eastern European countries (SEE). Based on a VAR framework we test the responsiveness of credit supply to monetary policy shocks. By compiling a new data set and using the reserve requirement ratio, among others, as the policy instrument we measure the effectiveness of the BLC and the buffering effect of the banks in the SEE countries. The results indicate that loan supply is significantly affected by shifts in monetary policy, when demand factors are controlled. Furthermore, by analyzing the effect of the Greek banks in the region we conclude that Greek banks do buffer the negative effects of monetary policy transmission. By having a significant market share of the SEE-s banking markets we argue that Greek banks influence positively the economic growth of SEE countries.
Abstract: Economic crime (i.e. corporate fraud) has a
significant impact on business. This study analyzes the fraud cases
reported by the Malaysian Securities Commission. Frauds involving
market manipulation and/or illegal share trading are the most
common types of fraud reported over the 6 years analyzed. The
highest number of frauds reported involved investment and fund
holding companies. Alarmingly the results indicate quite a high
number of frauds cases are committed by management. The higher
number of Chinese perpetrators may be due to fact that they are the
dominant group in Malaysian business. The result also shows that
more than half of companies involved with fraud are privately held
companies in the investment/fund/finance sector. The results of this
study highlight general characteristic of perpetrators (person and
company) that commit fraud which could help the regulators in their
monitoring and enforcement activities. To investors, this would help
in analyzing their business investment or portfolio risk.
Abstract: The purpose of this research is to disentangle and
validate the underlying factorial-structure of Ecotourism Experiential
Value (EEV) measurement scale and subsequently investigate its
psychometric properties. The analysis was based on a sample of 225
eco-tourists, collected at the vicinity of Taman Negara National Park
(TNNP) via interviewer-administered questionnaire. Exploratory
factor analysis (EFA) was performed to determine the factorial
structure of EEV. Subsequently, to confirm and validate the factorial
structure and assess the psychometric properties of EEV,
confirmatory factor analysis (CFA) was executed. In addition, to
establish the nomological validity of EEV a structural model was
developed to examine the effect of EEV on Total Eco-tourist
Experience Quality (TEEQ). It is unveiled that EEV is a secondorder
six-factorial structure construct and it scale has adequately met
the psychometric criteria, thus could permit interpretation of results
confidently. The findings have important implications for future
research directions and management of ecotourism destination.
Abstract: Liquidity risk management ranks to key concepts
applied in finance. Liquidity is defined as a capacity to obtain
funding when needed, while liquidity risk means as a threat to this
capacity to generate cash at fair costs. In the paper we present
challenges of liquidity risk management resulting from the 2007-
2009 global financial upheaval. We see five main regulatory
liquidity risk management issues requiring revision in coming
years: liquidity measurement, intra-day and intra-group liquidity
management, contingency planning and liquidity buffers, liquidity
systems, controls and governance, and finally models testing the
viability of business liquidity models.
Abstract: In view of current IT integration development of SOA, this paper examines AIS design based on SOA, including information sources collection, accounting business process integration and real-time financial reports. The main objective of this exploratory paper is to facilitate AIS research combing the Web Service, which is often ignored in accounting and computer research. It provides a conceptual framework that clarifies the interdependency between SOA and AIS, and also presents the major SOA functions in different areas of AIS
Abstract: Faced with social and health system capacity
constraints and rising and changing demand for welfare services,
governments and welfare providers are increasingly relying on
innovation to help support and enhance services. However, the
evidence reported by several studies indicates that the realization of
that potential is not an easy task. Innovations can be deemed
inherently complex to implement and operate, because many of them
involve a combination of technological and organizational renewal
within an environment featuring a diversity of stakeholders. Many
public welfare service innovations are markedly systemic in their
nature, which means that they emerge from, and must address, the
complex interplay between political, administrative, technological,
institutional and legal issues. This paper suggests that stakeholders
dealing with systemic innovation in welfare services must deal with
ambiguous and incomplete information in circumstances of
uncertainty. Employing a literature review methodology and case
study, this paper identifies, categorizes and discusses different
aspects of the uncertainty of systemic innovation in public welfare
services, and argues that uncertainty can be classified into eight
categories: technological uncertainty, market uncertainty,
regulatory/institutional uncertainty, social/political uncertainty,
acceptance/legitimacy uncertainty, managerial uncertainty, timing
uncertainty and consequence uncertainty.
Abstract: A data warehouse (DW) is a system which has value and role for decision-making by querying. Queries to DW are critical regarding to their complexity and length. They often access millions of tuples, and involve joins between relations and aggregations. Materialized views are able to provide the better performance for DW queries. However, these views have maintenance cost, so materialization of all views is not possible. An important challenge of DW environment is materialized view selection because we have to realize the trade-off between performance and view maintenance cost. Therefore, in this paper, we introduce a new approach aimed at solve this challenge based on Two-Phase Optimization (2PO), which is a combination of Simulated Annealing (SA) and Iterative Improvement (II), with the use of Multiple View Processing Plan (MVPP). Our experiments show that our method provides a further improvement in term of query processing cost and view maintenance cost.
Abstract: The goal of this research is discovering the
determinants of the success or failure of external cooperation in small
and medium enterprises (SMEs). For this, a survey was given to 190
SMEs that experienced external cooperation within the last 3 years. A
logistic regression model was used to derive organizational or strategic
characteristics that significantly influence whether external
collaboration of domestic SMEs is successful or not. Results suggest
that research and development (R&D) features in general
characteristics (both idea creation and discovering market
opportunities) that focused on and emphasized indirected-market
stakeholders (such as complementary companies and affiliates) and
strategies in innovative strategic characteristics raise the probability of
successful external cooperation. This can be used meaningfully to
build a policy or strategy for inducing successful external cooperation
or to understand the innovation of SMEs.
Abstract: Organizational culture fosters innovation, and
innovation is the main engine to be sustained within the uncertainty
market. Like other countries, the construction industry significantly
contributes to the economy, society and technology of Malaysia, yet,
innovation is still considered slow compared to other industries such
as manufacturing. Given the important role of an architect as the key
player and the contributor of new ideas in the construction industry,
there is a call to identify the issue and improve the current situation
by focusing on the architectural firms. In addition, the existing
studies tend to focus only on a few dimensions of organizational
culture and very few studies consider whether innovation is being
generated or adopted. Hence, the present research tends to fill in the
gap by identifying the organizational cultures that foster or hinder
innovation generation and/or innovation adoption, and propose a
model of organizational culture and innovation generation and/or
adoption.
Abstract: The new status generated by technological advancements and changes in the global economy raises important issues on how communities and organisations need to innovate upon their traditional processes in order to adapt to the challenges of the Knowledge Society. The DialogoS+ European project aims to study the role of and promote social dialogue in the banking sector, strengthen the link between old and new members and make social dialogue at the European level a force for innovation and change, also given the context of the international crisis emerging in 2008- 2009. Under the scope of DialogoS+, this paper describes how the community of Europe-s banking sector trade unions attempted to adapt to the challenges of the Knowledge Society by exploiting the benefits of new channels of communication, learning, knowledge generation and diffusion focusing on the concept of roadmapping. Important dimensions of social dialogue such as collective bargaining and working conditions are addressed.
Abstract: IT consultants often take over an important role as an
interface between technological, organizational and managerial
structures. As a result, the services offered are in many cases
assigned to different disciplines which can cause a lack of
transparency on the market for consulting services. However, not all
consulting products are suitable for every company because of
different frameworks and business processes. In this context the
questions arises as to what consulting products are currently offered
and how they can be compared as well as how the market for IT
consulting services is structured on the supply side. The presented
study aims to shed light on the IT consulting market by giving an
overview of the current structure of the supply-side for IT consulting
services as well as proposing a categorization of the currently
available consulting services (consulting fields) in order to provide a
theoretical background for the empirical study. Apart from these
theoretical considerations, the empirical results of field surveys on
the Austrian IT consulting market are presented and analyzed.