Abstract: This paper argues nation-building theories that
prioritize democratic governance best explain the successful postindependence
development of Botswana. Three main competing
schools of thought exist regarding the sequencing of policies that
should occur to re-build weakened or failed states. The first posits
that economic development should receive foremost attention, while
democratization and a binding sense of nationalism can wait. A
second group of experts identified constructing a sense of nationalism
among a populace is necessary first, so that the state receives popular
legitimacy and obedience that are prerequisites for development.
Botswana, though, transitioned into a multi-party democracy and
prosperous open economy due to the utilization of traditional
democratic structures, enlightened and accountable leadership, and an
educated technocratic civil service. With these political foundations
already in place when the discovery of diamonds occurred, the
resulting revenues were spent wisely on projects that grew the
economy, improved basic living standards, and attracted foreign
investment. Thus democratization preceded, and therefore provided
an accountable basis for, economic development that might otherwise
have been squandered by greedy and isolated elites to the detriment
of the greater population. Botswana was one of the poorest nations in
the world at the time of its independence in 1966, with little
infrastructure, a dependence on apartheid South Africa for trade, and
a largely subsistence economy. Over the next thirty years, though, its
economy grew the fastest of any nation in the world. The transparent
and judicious use of diamond returns is only a partial explanation, as
the government also pursued economic diversification, mass
education, and rural development in response to public needs.
As nation-building has become a project undertaken by nations
and multilateral agencies such as the United Nations and the North
Atlantic Treaty Organization, Botswana may provide best practices
that others should follow in attempting to reconstruct economically
and politically unstable states.
Abstract: The building sector is responsible, in many
industrialized countries, for about 40% of the total energy
requirements, so it seems necessary to devote some efforts in this
area in order to achieve a significant reduction of energy
consumption and of greenhouse gases emissions.
The paper presents a study aiming at providing a design
methodology able to identify the best configuration of the system
building/plant, from a technical, economic and environmentally point
of view.
Normally, the classical approach involves a building's energy
loads analysis under steady state conditions, and subsequent selection
of measures aimed at improving the energy performance, based on
previous experience made by architects and engineers in the design
team. Instead, the proposed approach uses a sequence of two wellknown
scientifically validated calculation methods (TRNSYS and
RETScreen), that allow quite a detailed feasibility analysis.
To assess the validity of the calculation model, an existing,
historical building in Central Italy, that will be the object of
restoration and preservative redevelopment, was selected as a casestudy.
The building is made of a basement and three floors, with a
total floor area of about 3,000 square meters.
The first step has been the determination of the heating and
cooling energy loads of the building in a dynamic regime by means,
which allows simulating the real energy needs of the building in
function of its use. Traditional methodologies, based as they are on
steady-state conditions, cannot faithfully reproduce the effects of
varying climatic conditions and of inertial properties of the structure.
With this model is possible to obtain quite accurate and reliable
results that allow identifying effective combinations building-HVAC
system.
The second step has consisted of using output data obtained as
input to the calculation model, which enables to compare different
system configurations from the energy, environmental and financial
point of view, with an analysis of investment, and operation and
maintenance costs, so allowing determining the economic benefit of
possible interventions.
The classical methodology often leads to the choice of
conventional plant systems, while our calculation model provides a
financial-economic assessment for innovative energy systems and
low environmental impact.
Computational analysis can help in the design phase, particularly
in the case of complex structures with centralized plant systems, by
comparing the data returned by the calculation model for different
design options.
Abstract: The Malaysian government had consistently revived
its campaign for “Buy Malaysian Goods” from time to time. The
purpose of the campaign is to remind consumers to be ethnocentric
and patriotic when purchasing product and services. This is necessary
to ensure high demand for local products and services compared to
foreign products. However, the decline of domestic investment in
2012 has triggered concern for the Malaysian economy. Hence, this
study attempts to determine the drivers of actual purchasing behavior,
intention to purchase domestic products and ethnocentrism. The
study employs the cross-sectional primary data, self-administered on
household, selected using stratified random sampling in four
Malaysian regions. A nine factor driver of actual domestic purchasing
behavior (culture openness, conservatism, collectivism, patriotism,
control belief, interest in foreign travel, attitude, ethnocentrism and
intention) were measured utilizing 60 items, using 7-point Likertscale.
From 1000 questionnaires distributed, a sample of 486 were
returned representing 48.6 percent response rate. From the fit
generated structural model (SEM analysis), it was found that the
drivers of actual purchase behavior are collectivism, cultural
openness and patriotism; the drivers of intention to purchase
domestic product are attitude, control belief, collectivism and
conservatism; and drivers of ethnocentrism are cultural openness,
control belief, foreign travel and patriotism. It also shows that
Malaysian consumers scored high in ethnocentrism and patriotism.
The findings are discussed in the perspective of its implication to
Malaysian National Agenda.
Abstract: Planning of infrastructure and processes in logistic
center within the frame of various kinds of logistic hubs and
technological activities in them represent quite complex problem.
The main goal is to design appropriate layout, which enables to
realize expected operation on the desired levels. The simulation
software represents progressive contemporary experimental
technique, which can support complex processes of infrastructure
planning and all of activities on it. It means that simulation
experiments, reflecting various planned infrastructure variants,
investigate and verify their eligibilities in relation with corresponding
expected operation. The inducted approach enables to make qualified
decisions about infrastructure investments or measures, which derive
benefit from simulation-based verifications. The paper represents
simulation software for simulation infrastructural layout and
technological activities in marshalling yard, intermodal terminal,
warehouse and combination between them as the parts of logistic
center.
Abstract: This paper develops and extended eclectic paradigm
to fit the firm internationalization process with the real international
business world. The approach is based on Dunning´s, introducing
new concepts like mode of entry, international joint venture o
international mergers and acquisitions. At the same time is presented
a model to describe the Spanish international mergers and
acquisitions in order to determinate the most important factor that
influence in this type of foreign direct investment.
Abstract: This study aims to analyze ceramic employees’
occupational health and safety training expectations. To that general
objective, the study tries to examine whether occupational health and
safety training expectations of ceramic employees meaningfully
differentiate depending on demographic features and professional,
social and economic conditions. For this purpose, a questionnaire was
developed by the researcher. The research data were collected
through this questionnaire called “Questionnaire of Occupational
Health and Safety Training Expectation” (QSOHSTE). QSOHSTE
was applied to 125 ceramic employees working in Kütahya, Turkey.
Data obtained from questionnaire were analyzed via SPSS 21.
The findings, obtained from the study, revealed that employees’
agreement level to occupational health and safety training expectation
statements is generally high-level. The findings reveal that employees
expect professional interest such as increased development and
investment, preventive measures for accidents, interventions to
evaluate the working conditions, establishment of safe working
environments and sustainment of adequate equipment for
occupational health and safety training process.
Besides these findings, employees’ agreement level to
occupational health and safety training expectation statements also
varies in terms of educational level, professional seniority, income
level and perception of economic condition.
Abstract: 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.
Abstract: Constructing a portfolio of investments is one of the
most significant financial decisions facing individuals and
institutions. In accordance with the modern portfolio theory
maximization of return at minimal risk should be the investment goal
of any successful investor. In addition, the costs incurred when
setting up a new portfolio or rebalancing an existing portfolio must
be included in any realistic analysis.
In this paper rebalancing an investment portfolio in the presence of
transaction costs on the Croatian capital market is analyzed. The
model applied in the paper is an extension of the standard portfolio
mean-variance optimization model in which transaction costs are
incurred to rebalance an investment portfolio. This model allows
different costs for different securities, and different costs for buying
and selling. In order to find efficient portfolio, using this model, first,
the solution of quadratic programming problem of similar size to the
Markowitz model, and then the solution of a linear programming
problem have to be found. Furthermore, in the paper the impact of
transaction costs on the efficient frontier is investigated. Moreover, it
is shown that global minimum variance portfolio on the efficient
frontier always has the same level of the risk regardless of the amount
of transaction costs. Although efficient frontier position depends of
both transaction costs amount and initial portfolio it can be concluded
that extreme right portfolio on the efficient frontier always contains
only one stock with the highest expected return and the highest risk.
Abstract: The development of the United Arab Emirates (UAE)
into a regional trade, tourism, finance and logistics hub has
transformed its real estate markets. However, speculative activity and
price volatility remain concerns. UAE residential market values
(MV) are exposed to fluctuations in capital flows and migration
which, in turn, are affected by geopolitical uncertainty, oil price
volatility and global investment market sentiment. Internally, a
complex interplay between administrative boundaries, land tenure,
building quality and evolving location characteristics fragments UAE
residential property markets. In short, the UAE Residential Valuation
System (UAE-RVS) confronts multiple challenges to collect, filter
and analyze relevant information in complex and dynamic spatial and
capital markets. A robust (RVS) can mitigate the risk of unhelpful
volatility, speculative excess or investment mistakes. The research
outlines the institutional, ontological, dynamic and epistemological
issues at play. We highlight the importance of system capabilities,
valuation standard salience and stakeholders trust.
Abstract: Managing and improving efficiency in the current
highly competitive global automotive industry demands that those
companies adopt leaner and more flexible systems. During the past
20 years the domestic automotive industry in North America has been
focusing on establishing new management strategies in order to meet
market demands. The lean management process also known as
Toyota Manufacturing Process (TPS) or lean manufacturing
encompasses tools and techniques that were established in order to
provide the best quality product with the fastest lead time at the
lowest cost. The following paper presents a study that focused on
improving labor efficiency at one of the Big Three (Ford, GM,
Chrysler LLC) domestic automotive facility in North America. The
objective of the study was to utilize several lean management tools in
order to optimize the efficiency and utilization levels at the “Pre-
Marriage” chassis area in a truck manufacturing and assembly
facility. Utilizing three different lean tools (i.e. Standardization of
work, 7 Wastes, and 5S) this research was able to improve efficiency
by 51%, utilization by 246%, and reduce operations by 14%. The
return on investment calculated based on the improvements made
was 284%.
Abstract: In and around Erode District, it is estimated that more
than 1250 chemical and allied textile processing fabric industries are
affected, partially closed and shut off for various reasons such as poor
management, poor supplier performance, lack of planning for
productivity, fluctuation of output, poor investment, waste analysis,
labor problems, capital/labor ratio, accumulation of stocks, poor
maintenance of resources, deficiencies in the quality of fabric, low
capacity utilization, age of plant and equipment, high investment and
input but low throughput, poor research and development, lack of
energy, workers’ fear of loss of jobs, work force mix and work ethic.
The main objective of this work is to analyze the existing conditions
in textile fabric sector, validate the break even of Total Productivity
(TP), analyze, design and implement fuzzy sets and mathematical
programming for improvement of productivity and quality
dimensions in the fabric processing industry. It needs to be
compatible with the reality of textile and fabric processing industries.
The highly risk events from productivity and quality dimension were
found by fuzzy systems and results are wrapped up among the textile
fabric processing industry.
Abstract: Composite materials, due to their unique properties
such as high strength to weight ratio, corrosion resistance, and impact
resistance have huge potential as structural materials in automotive,
construction and transportation applications. However, these
properties often come at higher cost owing to complex design
methods, difficult manufacturing processes and raw material cost.
Traditionally, tapered laminated composite structures are
manufactured using autoclave manufacturing process by ply drop off
technique. Autoclave manufacturing though very powerful suffers
from high capital investment and higher energy consumption. As per
the current trends in composite manufacturing, Out of Autoclave
(OoA) processes are looked as emerging technologies for
manufacturing the structural composite components for aerospace
and defense applications. However, there is a need for improvement
among these processes to make them reliable and consistent. In this
paper, feasibility of using out of autoclave process to manufacture the
variable thickness cantilever beam is discussed. The minimum weight
design for the composite beam is obtained using constant stress beam
concept by tailoring the thickness of the beam. Ply drop off
techniques was used to fabricate the variable thickness beam from
glass/epoxy prepregs. Experiments were conducted to measure
bending stresses along the span of the cantilever beam at different
intervals by applying the concentrated load at the free end.
Experimental results showed that the stresses in the bean at different
intervals were constant. This proves the ability of OoA process to
manufacture the constant stress beam. Finite element model for the
constant stress beam was developed using commercial finite element
simulation software. It was observed that the simulation results
agreed very well with the experimental results and thus validated
design and manufacturing approach used.
Abstract: This paper identifies limitations of existing two e-
Governance services viz. railway ticket booking and passport service
in India. The comparison has been made as to how in the past these
two citizen services were operating manually and how these services
are taken online via e-Governance. Different e-Governance projects,
investment aspects, and role of corporate are discussed. For Indian
Railway online ticketing a comparison has been made between state
run booking website and popular private firm run booking websites.
For passport service, observations through personal visit to passport
center is described. Suggestions are made to improve these services
further to improve citizen service experiences.
Abstract: The purpose of this study was to reduce patient
waiting times, improve system throughput and improve resources
utilization in radiology department. A discrete event simulation
model was developed using Arena simulation software to investigate
different alternatives to improve the overall system delivery based on
adding resource scenarios due to the linkage between patient waiting
times and resource availability. The study revealed that there is no
addition investment need to procure additional scanner but hospital
management deploy managerial tactics to enhance machine
utilization and reduce the long waiting time in the department.
Abstract: Electricity spot prices are highly volatile under
optimal generation capacity scenarios due to factors such as nonstorability
of electricity, peak demand at certain periods, generator
outages, fuel uncertainty for renewable energy generators, huge
investments and time needed for generation capacity expansion etc.
As a result market participants are exposed to price and volume risk,
which has led to the development of risk management practices. This
paper provides an overview of risk management practices by market
participants in electricity markets using financial derivatives.
Abstract: The financial crises caused a collapse in prices of
most asset classes, raising the attention on alternative investments
such as sukuk, a smaller, fast growing but often misunderstood
market. We study diversification benefits of sukuk, their correlation
with other asset classes and the effects of their inclusion in
investment portfolios of institutional and retail investors, through a
comprehensive comparison of their risk/return profiles during and
after the financial crisis.
We find a beneficial performance adjusted for the specific
volatility together with a lower correlation especially during the
financial crisis. The distribution of sukuk returns is positively skewed
and leptokurtic, with a risk/return profile similarly to high yield
bonds. Overall, our results suggest that sukuk present diversification
opportunities, a significant volatility-adjusted performance and lower
correlations especially during the financial crisis.
Our findings are relevant for a number of institutional investors.
Long term investors, such as life insurers would benefit from sukuk’s
protective features during financial crisis yet keeping return and
growth opportunities, whereas banks would gain due to their role of
placers, advisors, market makers or underwriters.
Abstract: A cleaner production project was implemented in a
bakery. The project is based on the substitution of the best available
technique for an obsolete leaven production technology. The new
technology enables production of durable, high-quality leavens.
Moreover, 25% of flour as the original raw material can be replaced
by pastry from the previous day production which has not been sold.
That pastry was previously disposed in a waste incineration plant.
Besides the environmental benefits resulting from less waste, lower
consumption of energy, reduction of sewage waters quantity and
floury dustiness there are also significant economic benefits. Payback
period of investment was calculated with help of static method of
financial analysis about 2.6 years, using dynamic method 3.5 years
and an internal rate of return more than 29%. The supposed annual
average profit after taxationin the second year of operation was
incompliance with the real profit.
Abstract: In this paper it was examined the influence of margin
regulation on stock market volatility in EU 1993 – 2014. Regulating
margin requirements or haircuts for securities financing transactions
has for a long time been considered as a potential tool to limit the
build-up of leverage and dampen volatility in financial markets. The
margin requirement dictates how much investors can borrow against
these securities. Margin can be an important part of investment.
Using daily and monthly stock returns and there is no convincing
evidence that EU Regulation margin requirements have served to
dampen stock market volatility. In this paper was detected the
expected negative relation between margin requirements and the
amount of margin credit outstanding. Also, it confirmed that changes
in margin requirements by the EU regulation have tended to follow
than lead changes in market volatility. For the analysis have been
used the modified Levene statistics to test whether the standard
deviation of stock returns in the 25, 50 and 100 days preceding
margin changes is the same as that in the succeeding 25, 50 and 100
days. The analysis started in May 1993 when it was first empowered
to set the initial margin requirement and the last sample was in May
2014. To test whether margin requirements influence stock market
volatility over the long term, the sample of stock returns was divided
into 14 periods, according to the 14 changes in margin requirements.
Abstract: Natural gas, as one of the most important sources of
energy for many of the industrial and domestic users all over the
world, has a complex, huge supply chain which is in need of heavy
investments in all the phases of exploration, extraction, production,
transportation, storage and distribution. The main purpose of supply
chain is to meet customers’ need efficiently and with minimum cost.
In this study, with the aim of minimizing economic costs, different
levels of natural gas supply chain in the form of a multi-echelon,
multi-period fuzzy linear programming have been modeled. In this
model, different constraints including constraints on demand
satisfaction, capacity, input/output balance and presence/absence of a
path have been defined. The obtained results suggest efficiency of the
recommended model in optimal allocation and reduction of supply
chain costs.
Abstract: The paper discusses economic policy of Georgia
aiming to increase national competitiveness as well as the tools and
means which will help to improve the competitiveness of the country.
The sectors of the economy, in which the country can achieve the
competitive advantage, are studied. It is noted that the country’s
economic policy plays an important role in obtaining and maintaining
the competitive advantage - authority should take measures to ensure
high level of education; scientific and research activities should be
funded by the state; foreign direct investments should be attracted
mainly in science-intensive industries; adaptation with the latest
scientific achievements of the modern world and deepening of
scientific and technical cooperation. Stable business environment and
export oriented strategy is the basis for the country’s economic
growth.
As the outcome of the research, the paper suggests the strategy for
improving competitiveness in Georgia; recommendations are
provided based on relevant conclusions.