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

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

Rethinking the Languages for Specific Purposes Syllabus in the 21st Century: Topic-Centered or Skills-Centered

21st century has transformed the labor market landscape in a way of posing new and different demands on university graduates as well as university lecturers, which means that the knowledge and academic skills students acquire in the course of their studies should be applicable and transferable from the higher education context to their future professional careers. Given the context of the Languages for Specific Purposes (LSP) classroom, the teachers’ objective is not only to teach the language itself, but also to prepare students to use that language as a medium to develop generic skills and competences. These include media and information literacy, critical and creative thinking, problem-solving and analytical skills, effective written and oral communication, as well as collaborative work and social skills, all of which are necessary to make university graduates more competitive in everyday professional environments. On the other hand, due to limitations of time and large numbers of students in classes, the frequently topic-centered syllabus of LSP courses places considerable focus on acquiring the subject matter and specialist vocabulary instead of sufficient development of skills and competences required by students’ prospective employers. This paper intends to explore some of those issues as viewed both by LSP lecturers and by business professionals in their respective surveys. The surveys were conducted among more than 50 LSP lecturers at higher education institutions in Croatia, more than 40 HR professionals and more than 60 university graduates with degrees in economics and/or business working in management positions in mainly large and medium-sized companies in Croatia. Various elements of LSP course content have been taken into consideration in this research, including reading and listening comprehension of specialist texts, acquisition of specialist vocabulary and grammatical structures, as well as presentation and negotiation skills. The ability to hold meetings, conduct business correspondence, write reports, academic texts, case studies and take part in debates were also taken into consideration, as well as informal business communication, business etiquette and core courses delivered in a foreign language. The results of the surveys conducted among LSP lecturers will be analyzed with reference to what extent those elements are included in their courses and how consistently and thoroughly they are evaluated according to their course requirements. Their opinions will be compared to the results of the surveys conducted among professionals from a range of industries in Croatia so as to examine how useful and important they perceive the same elements of the LSP course content in their working environments. Such comparative analysis will thus show to what extent the syllabi of LSP courses meet the demands of the employment market when it comes to the students’ language skills and competences, as well as transferable skills. Finally, the findings will also be compared to the observations based on practical teaching experience and the relevant sources that have been used in this research. In conclusion, the ideas and observations in this paper are merely open-ended questions that do not have conclusive answers, but might prompt LSP lecturers to re-evaluate the content and objectives of their course syllabi.

A Review on Applications of Nanotechnology in Automotive Industry

Nanotechnology in pristine sense refers to building of structures at atomic and molecular scale. Meticulously nanotechnology encompasses the nanomaterials with at least one dimension size ranging from 1 to 100 nanometres. Unlike the literal meaning of its name, nanotechnology is a massive concept beyond imagination. This paper predominantly deals with relevance of nanotechnology in automotive industries. New generation of automotives looks at nanotechnology as an emerging trend of manufacturing revolution. Intricate shapes can be made out of fairly inexpensive raw materials instead of conventional fabrication process. Though the current era have enough technology to face competition, nanotechnology can give futuristic implications to pick up the modern pace. Nanotechnology intends to bridge the gap between automotives with superior technical performance and their cost fluctuation. Preliminarily, it is an area of great scientific interest and a major shaper of many new technologies. Nanotechnology can be an ideal building block for automotive industries, under constant evolution offering a very wide scope of activity. It possesses huge potential and is still in the embryonic form of research and development.

Wind Tunnel for Aerodynamic Development Testing

The study of the aerodynamics related to the improvement in the acting of airplanes and automobiles with the objective of being reduced the effect of the attrition of the air on structures, providing larger speeds and smaller consumption of fuel. The application of the knowledge of the aerodynamics not more limits to the aeronautical and automobile industries. Therefore, this research aims to design and construction of a wind tunnel to perform aerodynamic analysis in bodies of cars, seeking greater efficiency. Therefore, this research aims to design and construction of a wind tunnel to perform aerodynamic analysis in bodies of cars, seeking greater efficiency. For this, a methodology for wind tunnel type selection is designed to be built, taking into account the various existing configurations in which chose to build an open circuit tunnel, due to the lower complexity of construction and installation; operational simplicity and low cost. The guidelines for the project were teaching: the layer that limits study and analyze specimens with different geometries. For the variation of pressure in the test, section of a switched gauge used a pitot tube. Thus, it was possible to obtain quantitative and qualitative results, which proved to be satisfactory.

Using 3-Glycidoxypropyltrimethoxysilane Functionalized SiO2 Nanoparticles to Improve Flexural Properties of Glass Fibers/Epoxy Grid-Stiffened Composite Panels

Lightweight and efficient structures have the aim to enhance the efficiency of the components in various industries. Toward this end, composites are one of the most widely used materials because of durability, high strength and modulus, and low weight. One type of the advanced composites is grid-stiffened composite (GSC) structures, which have been extensively considered in aerospace, automotive, and aircraft industries. They are one of the top candidates for replacing some of the traditional components, which are used here. Although there are a good number of published surveys on the design aspects and fabrication of GSC structures, little systematic work has been reported on their material modification to improve their properties, to our knowledge. Matrix modification using nanoparticles is an effective method to enhance the flexural properties of the fibrous composites. In the present study, a silanecoupling agent (3-glycidoxypropyltrimethoxysilane/3-GPTS) was introduced onto the silica (SiO2) nanoparticle surface and its effects on the three-point flexural response of isogrid E-glass/epoxy composites were assessed. Based on the Fourier Transform Infrared Spectrometer (FTIR) spectra, it was inferred that the 3-GPTS coupling agent was successfully grafted onto the surface of SiO2 nanoparticles after modification. Flexural test revealed an improvement of 16%, 14%, and 36% in stiffness, maximum load and energy absorption of the isogrid specimen filled with 3 wt.% 3- GPTS/SiO2 compared to the neat one. It would be worth mentioning that in these structures, considerable energy absorption was observed after the primary failure related to the load peak. In addition, 3- GPTMS functionalization had a positive effect on the flexural behavior of the multiscale isogrid composites. In conclusion, this study suggests that the addition of modified silica nanoparticles is a promising method to improve the flexural properties of the gridstiffened fibrous composite structures.

Pre-Eliminary Design Adjustable Workstation for Piston Assembly Line Considering Anthropometric for Indonesian People

Manufacturing process has been considered as one of the most important activity in business process. It correlates with productivity and quality of the product so industries could fulfill customer’s demand. With the increasing demand from customer, industries must improve their manufacturing ability such as shorten lead-time and reduce wastes on their process. Lean manufacturing has been considered as one of the tools to waste elimination in manufacturing or service industry. Workforce development is one practice in lean manufacturing that can reduce waste generated from operator such as waste of unnecessary motion. Anthropometric approach is proposed to determine the recommended measurement in operator’s work area. The method will get some dimensions from Indonesia people that related to piston workstation. The result from this research can be obtained new design for the work area considering ergonomic aspect.

Response Surface Methodology for Optimum Hardness of TiN on Steel Substrate

Hard coatings are widely used in cutting and forming tool industries. Titanium Nitride (TiN) possesses good hardness, strength, and corrosion resistance. The coating properties are influenced by many process parameters. The coatings were deposited on steel substrate by changing the process parameters such as substrate temperature, nitrogen flow rate and target power in a D.C planer magnetron sputtering. The structure of coatings were analysed using XRD. The hardness of coatings was found using Micro hardness tester. From the experimental data, a regression model was developed and the optimum response was determined using Response Surface Methodology (RSM).

Performance Comparison between Conventional and Flexible Box Erecting Machines Using Dispatching Rules

In this paper, we introduce a flexible box erecting machine (BEM) that swiftly and automatically transforms cardboard into a three dimensional box. Recently, the parcel service and home-shopping industries have grown rapidly, and there is an increasing need for various box types to ship various products. However, workers cannot fold thousands of boxes manually in a day. As such, automatic BEMs are garnering greater attention. This study takes equipment operation into consideration as well as mechanical improvements in order to design a BEM that is able to outperform its conventional counterparts. We analyzed six dispatching rules – First In First Out (FIFO), Shortest Processing Time (SPT), Earliest Due Date (EDD), Setup Avoidance, EDD + SPT, and EDD + Setup Avoidance – to determine which one was most suitable for BEM operation. Consequently, SPT and Setup Avoidance were found to be the most critical rules, followed by EDD + Setup Avoidance, EDD + SPT, EDD, and FIFO. This hierarchy was valid for both our conventional BEM and our new flexible BEM from the viewpoint of processing time. We believe that this research can contribute to flexible BEM management, which has the potential to increase productivity and convenience.

Internet of Things Applications on Supply Chain Management

The Internet of Things (IoT) field has been applied in industries with different purposes. Sensing Enterprise (SE) is an attribute of an enterprise or a network that allows it to react to business stimuli originating on the Internet. These fields have come into focus recently on the enterprises, and there is some evidence of the use and implications in supply chain management, while finding it as an interesting aspect to work on. This paper presents a revision and proposals of IoT applications in supply chain management.

Design of Personal Job Recommendation Framework on Smartphone Platform

Recently, Job Recommender Systems have gained much attention in industries since they solve the problem of information overload on the recruiting website. Therefore, we proposed Extended Personalized Job System that has the capability of providing the appropriate jobs for job seeker and recommending some suitable information for them using Data Mining Techniques and Dynamic User Profile. On the other hands, company can also interact to the system for publishing and updating job information. This system have emerged and supported various platforms such as web application and android mobile application. In this paper, User profiles, Implicit User Action, User Feedback, and Clustering Techniques in WEKA libraries were applied and implemented. In additions, open source tools like Yii Web Application Framework, Bootstrap Front End Framework and Android Mobile Technology were also applied.

Problems and Needs of Frozen Shrimp Industry Small and Medium Enterprises in the Central Region of the Lower Three Provinces

Frozen shrimp industry plays an important role in the development of production industry of the country. There has been a continuing development to response the increasing demand; however, there have been some problems in running the enterprises. The purposes of this study are to: 1) investigate problems related to basic factors in operating frozen shrimp industry based on the entrepreneurs’ points of view. The enterprises involved in this study were small and medium industry receiving Thai Frozen Foods Association. 2) Compare the problems of the frozen shrimp industry according to their sizes of operation in 3 provinces of the central region Thailand. Population in this study consisted of 148 managers from 148 frozen shrimp enterprises Thai Frozen Foods Association which 77 were small size and 71 were medium size. The data were analyzed to find percentage, arithmetic mean, standard deviation, and independent sample T-test with the significant hypothesis at .05. The results revealed that the problems of the frozen shrimp industries of both size were in high level. The needs for government supporting were in high level. The comparison of the problems and the basic factors between the small and medium size enterprises showed no statistically significant level. The problems that they mentioned included raw materials, labors, production, marketing, and the need for academic supporting from the government sector.

A Study on Fundamental Problems for Small and Medium Agricultural Machinery Industries in Central Region Area

Agricultural machinery industry plays an important role in the industrial development especially the production industry of the country. There has been continuing development responding to the higher demand of the production. However, the problem in agricultural machinery production still exists. Thus, the purpose of this research is to investigate problems on fundamental factors of industry based on the entrepreneurs’ point of view. The focus was on the small and medium size industry receiving factory license type number 0660 from the Department of Industrial Works. The investigation was on the comparison between the management of the small and medium size agricultural industry in 3 provinces in the central region of Thailand. Population in this study consisted of 189 company managers or managing directors, of which 101 were from the small size and 88 were from the medium size industry. The data were analyzed to find percentage, arithmetic mean, and standard deviation with independent sample T-test at the statistical significance .05. The results showed that the small and medium size agricultural machinery manufacturers in the central region of Thailand reported high problems in every aspect. When compared the problems on basic factors in running the business, it was found that there was no statistically difference at .05 in managing of the small and medium size agricultural machinery manufacturers. However, there was a statistically significant difference between the small and medium size agricultural machinery manufacturers on the aspect of policy and services of the government. The problems reported by the small and medium size agricultural machinery manufacturers were the services on public tap water and the problem on politic and stability of the country.

Foreign Direct Investment on Economic Growth by Industries in Central and Eastern European Countries

Present empirical paper investigates the relationship between FDI and economic growth by 10 selected industries in 10 Central and Eastern European countries from the period 1995 to 2012. Different estimation approaches were used to explore the connection between FDI and economic growth, for example OLS, RE, FE with and without time dummies. Obtained empirical results leads to some main consequences: First, the Central and East European countries (CEEC) attracted foreign direct investment, which raised the productivity of industries they entered in. It should be concluded that the linkage between FDI and output growth by industries is positive and significant enough to suggest that foreign firm’s participation enhanced the productivity of the industries they occupied. There had been an endogeneity problem in the regression and fixed effects estimation approach was used which partially corrected the regression analysis in order to make the results less biased. Second, it should be stressed that the results show that time has an important role in making FDI operational for enhancing output growth by industries via total factor productivity. Third, R&D positively affected economic growth and at the same time, it should take some time for research and development to influence economic growth. Fourth, the general trends masked crucial differences at the country level: over the last 20 years, the analysis of the tables and figures at the country level show that the main recipients of FDI of the 11 Central and Eastern European countries were Hungary, Poland and the Czech Republic. The main reason was that these countries had more open door policies for attracting the FDI. Fifth, according to the graphical analysis, while Hungary had the highest FDI inflow in this region, it was not reflected in the GDP growth as much as in other Central and Eastern European countries.

Electrotechnology for Silicon Refining: Plasma Generator and Arc Furnace: Installations and Theoretical Base

The photovoltaic and the semiconductor industries are in growth and it is necessary to supply a large amount of silicon to maintain this growth. Since silicon is still the best material for the manufacturing of solar cells and semiconductor components so the pure silicon like solar grade and semiconductor grade materials are demanded. There are two main routes for silicon production: metallurgical and chemical. In this article, we reviewed the electrotecnological installations and systems for semiconductor manufacturing. The main task is to design the installation which can produce SOG Silicon from river sand by one work unit.

A Comparative Understanding of Critical Problems Faced by Pakistani and Indian Transportation Industry

It is very important for a developing nation to developing their infrastructure on the prime priority because their infrastructure particularly their roads and transportation functions as a blood in the system. Almost 1.1 billion populations share the travel and transportation industry in India. On the other hand, the Pakistan transportation industry is also extensive and elevating about 170 million users of transportation. Indian and Pakistani specifically within bus industry are well connected within and between the urban and rural areas. The transportation industry is radically helping the economic alleviation of both countries. Due to high economic instability, unemployment and poverty rate both countries governments are very serious and committed to help for boosting their economy. They believe that any form of transportation development would play a vital role in the development of land, infrastructure which could indirectly support many other industries’ developments, such as tourism, freighting and shipping businesses, just to mention a few. However, it seems that their previous transportation planning in the due course has failed to meet the fast growing demand. As with the span of time, both the countries are looking forward to a long-term, and economical solutions, because the demand is from time to time keep appreciating and reacting according to other key economic drivers. Content analysis method and case study approach is used in this paper and secondary data from the bureau of statistic is used for case analysis. The paper focused on the mobility concerns of the lower and middle-income people in India and Pakistan. The paper is aimed to highlight the weaknesses, opportunities and limitations resulting from low priority industry for a government, which is making the either country's public suffer. The paper has concluded that the main issue is identified as the slow, inappropriate, and unfavorable decisions which are not in favor of long-term country’s economic development and public interest. The paper also recommends to future research avenues for public and private transportation, which is continuously failing to meet the public expectations.

Experimental Investigation on Activated Carbon Based Cryosorption Pump

Cryosorption pumps are considered safe, quiet, and ultra-high vacuum production pumps which have their application from Semiconductor industries to ITER [International Thermonuclear Experimental Reactor] units. The principle of physisorption of gases over highly porous materials like activated charcoal at cryogenic temperatures (below -1500°C) is involved in determining the pumping speed of gases like Helium, Hydrogen, Argon, and Nitrogen. This paper aims at providing detailed overview of development of Cryosorption pump and characterization of different activated charcoal materials that optimizes the performance of the pump. Different grades of charcoal were tested in order to determine the pumping speed of the pump and were compared with commercially available Varian cryopanel. The results for bare panel, bare panel with adhesive, cryopanel with pellets, and cryopanel with granules were obtained and compared. The comparison showed that cryopanel adhered with small granules gave better pumping speeds than large sized pellets.

MFCA: An Environmental Management Accounting Technique for Optimal Resource Efficiency in Production Processes

Revenue leakages are one of the major challenges manufacturers face in production processes, as most of the input materials that should emanate as products from the lines are lost as waste. Rather than generating income from material input which is meant to end-up as products, losses are further incurred as costs in order to manage waste generated. In addition, due to the lack of a clear view of the flow of resources on the lines from input to output stage, acquiring information on the true cost of waste generated have become a challenge. This has therefore given birth to the conceptualization and implementation of waste minimization strategies by several manufacturing industries. This paper reviews the principles and applications of three environmental management accounting tools namely Activity-based Costing (ABC), Life-Cycle Assessment (LCA) and Material Flow Cost Accounting (MFCA) in the manufacturing industry and their effectiveness in curbing revenue leakages. The paper unveils the strengths and limitations of each of the tools; beaming a searchlight on the tool that could allow for optimal resource utilization, transparency in production process as well as improved cost efficiency. Findings from this review reveal that MFCA may offer superior advantages with regards to the provision of more detailed information (both in physical and monetary terms) on the flow of material inputs throughout the production process compared to the other environmental accounting tools. This paper therefore makes a case for the adoption of MFCA as a viable technique for the identification and reduction of waste in production processes, and also for effective decision making by production managers, financial advisors and other relevant stakeholders.

Effect of Starch and Plasticizer Types and Fiber Content on Properties of Polylactic Acid/Thermoplastic Starch Blend

Polylactic acid (PLA) is the most commercially available bio-based and biodegradable plastic at present. PLA has been used in plastic related industries including single-used containers, disposable and environmentally friendly packaging owing to its renewability, compostability, biodegradability, and safety. Although PLA demonstrates reasonably good optical, physical, mechanical and barrier properties comparable to the existing petroleum-based plastics, its brittleness and mold shrinkage as well as its price are the points to be concerned for the production of rigid and semi-rigid packaging. Blending PLA with other bio-based polymers including thermoplastic starch (TPS) is an alternative not only to achieve a complete bio-based plastic, but also to reduce the brittleness, shrinkage during molding and production cost of the PLA-based products. TPS is a material produced mainly from starch which is cheap, renewable, biodegradable, compostable, and nontoxic. It is commonly prepared by a plasticization of starch under applying heat and shear force. Although glycerol has been reported as one of the most plasticizers used for preparing TPS, its migration caused the surface stickiness of the TPS products. In some cases, mixed plasticizers or natural fibers have been applied to impede the retrogradation of starch or reduce the migration of glycerol. The introduction of fibers into TPS-based materials could reinforce the polymer matrix as well. Therefore, the objective of the present research is to study the effect of starch type (i.e. native starch and phosphate starch), plasticizer type (i.e. glycerol and xylitol with a weight ratio of glycerol to xylitol of 100:0, 75:25, 50:50, 25:75 and 0:100) and fiber content (i.e. in the range of 1-25 %wt) on properties of PLA/TPS blend and composite. PLA/TPS blends and composites were prepared using a twin-screw extruder and then converted into dumbbell-shaped specimens using an injection molding machine. The PLA/TPS blends prepared by using phosphate starch showed higher tensile strength and stiffness than the blends prepared by using native one. In contrast, the blends from native starch exhibited higher extensibility and heat distortion temperature (HDT) than those from the modified starch. Increasing xylitol content resulted in enhanced tensile strength, stiffness and water resistance, but decreased extensibility and HDT of the PLA/TPS blend. Tensile properties and hydrophobicity of the blend could be improved by incorporating silane treated-jute fibers.

Influence of Thermal Damage on the Mechanical Strength of Trimmed CFRP

Carbon Fiber Reinforced Plastics (CFRPs) are widely used for advanced applications, in particular in aerospace, automotive and wind energy industries. Once cured to near net shape, CFRP parts need several finishing operations such as trimming, milling or drilling in order to accommodate fastening hardware and meeting the final dimensions. The present research aims to study the effect of the cutting temperature in trimming on the mechanical strength of high performance CFRP laminates used for aeronautics applications. The cutting temperature is of great importance when dealing with trimming of CFRP. Temperatures higher than the glass-transition temperature (Tg) of the resin matrix are highly undesirable: they cause degradation of the matrix in the trimmed edges area, which can severely affect the mechanical performance of the entire component. In this study, a 9.50mm diameter CVD diamond coated carbide tool with six flutes was used to trim 24-plies CFRP laminates. A 300m/min cutting speed and 1140mm/min feed rate were used in the experiments. The tool was heated prior to trimming using a blowtorch, for temperatures ranging from 20°C to 300°C. The temperature at the cutting edge was measured using embedded KType thermocouples. Samples trimmed for different cutting temperatures, below and above Tg, were mechanically tested using three-points bending short-beam loading configurations. New cutting tools as well as worn cutting tools were utilized for the experiments. The experiments with the new tools could not prove any correlation between the length of cut, the cutting temperature and the mechanical performance. Thus mechanical strength was constant, regardless of the cutting temperature. However, for worn tools, producing a cutting temperature rising up to 450°C, thermal damage of the resin was observed. The mechanical tests showed a reduced mean resistance in short beam configuration, while the resistance in three point bending decreases with increase of the cutting temperature.

Lean Thinking and E-Commerce as New Opportunities to Improve Partnership in Supply Chain of Construction Industries

Construction industry plays a vital role in the economy of the world. However, due to high uncertainty and variability in the industry, its performance is not as efficient in terms of quality, lead times, productivity and costs as of other industries. Moreover, there are continuous conflicts among the different actors in the construction supply chains in terms of profit sharing. Previous studies suggested partnership as an important approach to promote cooperation among the different actors in the construction supply chains and thereby it improves the overall performance. Construction practitioners tried to focus on partnership which can enhance the performance of construction supply chains but they are not fully aware of different approaches and techniques for improving partnership. In this research, a systematic review on partnership in relation to construction supply chains is carried out to understand different elements influencing the partnership. The research development of this domain is analyzed by reviewing selected articles published from 1996 to 2015. Based on the papers, three major elements influencing partnership in construction supply chains are identified: ‘Lean approach’, ‘Relationship building’ and ‘E-commerce applications’. This study analyses the contributions in the areas within each element and provides suggestions for future developments of partnership in construction supply chains.