Abstract: This paper investigates several factors affecting the
cost of capital for listed Romanian companies. Although there is a
large amount of literature investigating the drivers of the cost of
capital internationally, there is currently little evidence from
emergent markets. Based on a sample of 19 Romanian listed
companies followed by financial analysts for the years 2008-2010,
according to Thomson Reuters- I/B/E/S data base, the paper confirms
the international trends, showing that size, corporate governance
policies, and growth are negatively correlated with the cost of capital.
Abstract: In recent years, strategic alliances have taken
increasing importance as a means to control competitive forces and to
enter into new markets. Joint ventures are one of the most frequently
used contractual forms in strategic alliances. There are various
motivations for cooperation between two or more firms e.g.,
accessing to technical know-how, accessing to financial resources
and managing risks. The firms must know about these motivations to
encourage for establishing joint venture. So, it is important for
managers to understand about these motives. On the other hand, the
cooperation section is one of the most effective parts in each country.
In this way, our study identifies goals of joint venture between
cooperative manufacturing firms, and prioritizes those using
TOPSIS1. The results show that the most important of joint venture
goals are: accessing to managerial know-how, sharing total capital
investment.
Abstract: Aggression is a multi- factorial concept and multilevel
in nature. The Young Adolescent is being influenced by family,
school and community. This paper is aimed to determine the
following: aggression level among young adolescents, difference of
level of aggression on school and year levels and to determine the
correlates of aggression. There were 142 high school students from
two different national highs schools (Region 3 and National Capital
Region).Convenience sampling was use in this study. The following
measures were used namely: Aggression Scale, Parental Support
Fighting Scale, Positive Behavior Scale and Exposure to Violence
and Trauma questionnaire. There was no significant difference in
aggression level among different year level and schools. The
findings of the study suggested that high level of community violence
and having low parental support for non-aggressive behavior
contribute to the prediction of aggression.
Abstract: This study analyzes characteristics determining
member’s willingness to invest in cooperatives using ordered logit
model. The data were collected in a field survey among 122
cooperative members in north-central China. The descriptive analysis
of survey evidence suggests that cooperatives in China generally
having poor ability to deliver the processing services related to
product package, grading, and storage, performing worse in
profitability, inability of providing returns to capital and obtaining
agricultural loan. The regression results demonstrate that members’
farm size, their satisfaction with cooperative price preferential
services, attitudes toward cooperative operational scale and
development potential have statistically significant impact on
willingness to invest.
Abstract: Bursa, since the establishment of the Ottoman Empire,
being on the important trade roads and having a capital accumulation
as a result of silk production, was one of the first cities of
modernization activities applied. Bursa maintained its importance
even during the Republican Period and became one of the most
important cities of the country and today is the fourth biggest and the
industrialized city in Turkey. Social, political, economical and
cultural changes occured with the reforms starting with the 1839
Edict of Tanzimat that aimed at modernizing the society and the
government and centralizing the political power began in the
Ottoman Empire. After the Tanzimat Reforms transformation of the
city changed and planning processes began in Bursa according to the
vision of Governors. The theresholds of the city are very important
data for a sustainable planning for the city planners. Main aim of this
study is to investigate the changes and transformations of the city
according to the changes in the socio-economical and cultural
properties for the city planners.
Abstract: The business strategy of any company wanting to be
competitive on the market should be designed around the concept of
intangibles, with an increasingly decisive role in knowledge transfer
of the biggest corporations. Advancing the research in these areas,
this study integrates the two approaches, emphasizing the
relationships between the components of intellectual capital and
corporate social responsibility. The three dimensions of intellectual
capital in terms of sustainability requirements are debated. The paper
introduces the concept of sustainable intellectual capital and debates
it within an assessment model designed on the base of key
performance indicators. The results refer to the assessment of
possible ways for including the information on intellectual capital
and corporate responsibility within the corporate strategy. The
conclusions enhance the need for companies to be ready to support
the integration of this type of information the knowledge transfer
process, in order to develop competitive advantage on the market.
Abstract: The process of wafer fabrication is arguably the most
technologically complex and capital intensive stage in semiconductor
manufacturing. This large-scale discrete-event process is highly reentrant,
and involves hundreds of machines, restrictions, and
processing steps. Therefore, production control of wafer fabrication
facilities (fab), specifically scheduling, is one of the most challenging
problems that this industry faces. Dispatching rules have been
extensively applied to the scheduling problems in semiconductor
manufacturing. Moreover, lot release policies are commonly used in
this manufacturing setting to further improve the performance of such
systems and reduce its inherent variability. In this work, simulation is
used in the scheduling of re-entrant flow shop manufacturing systems
with an application in semiconductor wafer fabrication; where, a
simulation model has been developed for the Intel Five-Machine Six
Step Mini-Fab using the ExtendTM simulation environment. The
Mini-Fab has been selected as it captures the challenges involved in
scheduling the highly re-entrant semiconductor manufacturing lines.
A number of scenarios have been developed and have been used to
evaluate the effect of different dispatching rules and lot release
policies on the selected performance measures. Results of simulation
showed that the performance of the Mini-Fab can be drastically
improved using a combination of dispatching rules and lot release
policy.
Abstract: The objective of this paper is to support the application of Open Innovation practices in firms and organizations by the assessment and management of Intellectual Capital. Intellectual Capital constituents are analyzed in order to verify their capability of acting as key drivers of Open Innovation processes and, therefore, of creating value. A methodology is defined to settle a procedure which helps to select the most relevant Intellectual Capital value drivers and to provide Communities of Innovation with strategic and managerial guidelines in sustaining Open Innovation paradigm. An application of the methodology is developed within a specifically addressed project and its results are hereafter examined.
Abstract: Study investigates the level and extent of voluntary disclosure practice in Croatia. The research was conducted on the sample of 130 medium and large companies. Findings indicate that two thirds of the companies analyzed disclose below-average number of additional information. The explanatory analyses has shown that firm size, listing status and industrial sector significantly and positively affect the level and extent of voluntary disclosure in the annual report of Croatian companies. On the other hand, profitability and ownership structure were found statistically insignificant. Unlike previous studies, this paper deals with level of voluntary disclosure of medium and large companies, as well as companies whose shares are not listed on the organized capital market, which can be found as our contribution. Also, the research makes contribution by providing the insights into voluntary disclosure practices in Croatia, as a case of macro-oriented accounting system economy, i.e. bank oriented economy with an emerging capital market.
Abstract: For Romania, the fulfilment of the obligations
undertaken as a member state of the European Union in accordance
with the Treaty of Accession requires the effective implementation of
sustainable development principles and practices, this being the only
reasonable development option, which adequately draws in on the
economic, social and environment resources. Achieving this
objective is based on a profound analysis of the realities in the
Romanian economy, which will reflect the existent situation and the
action directions for the future. The paper presents an analysis of the
Romanian economic performances compared to the EU economy,
based on the sustainable value (SV) model. The analysis highlighted
the considerable gap between Romania and the EU regarding the
sustainable capitalization of resources, the provided information
being useful to justify strategic development decisions at a micro and
macro levels.
Abstract: Dhaka, the capital city of Bangladesh, is one of the
densely populated cities in the world. Due to rapid urbanization 60%
of its population lives in slum and squatter settlements. The reason
behind this poverty is low economic growth, inequitable distribution
of income, unequal distribution of productive assets, unemployment
and underemployment, high rate of population growth, low level of
human resource development, natural disasters, and limited access to
public services. Along with poverty, creating pressure on urban land,
shelter, plots, open spaces this creates environmental and ecological
degradation. These constraints are mostly resulted from the failures
of the government policies and measures and only Government can
solve this problem. This is now prime time to establish planning and
environmental management policy and sustainable urban
development for the city and for the urban slum dwellers which are
free from eviction, criminals, rent seekers and other miscreants.
Abstract: The urban centers within northeastern Brazil are
mainly influenced by the intense rainfalls, which can occur after long
periods of drought, when flood events can be observed during such
events. Thus, this paper aims to study the rainfall frequencies in such
region through the wavelet transform. An application of wavelet
analysis is done with long time series of the total monthly rainfall
amount at the capital cities of northeastern Brazil. The main
frequency components in the time series are studied by the global
wavelet spectrum and the modulation in separated periodicity bands
were done in order to extract additional information, e.g., the 8 and
16 months band was examined by an average of all scales, giving a
measure of the average annual variance versus time, where the
periods with low or high variance could be identified. The important
increases were identified in the average variance for some periods,
e.g. 1947 to 1952 at Teresina city, which can be considered as high
wet periods. Although, the precipitation in those sites showed similar
global wavelet spectra, the wavelet spectra revealed particular
features. This study can be considered an important tool for time
series analysis, which can help the studies concerning flood control,
mainly when they are applied together with rainfall-runoff
simulations.
Abstract: There are three main ways of categorizing capital in banking operations: accounting, regulatory and economic capital. However, the 2008-2009 global crisis has shown that none of these categories adequately reflects the real risks of bank operations, especially in light of the failures Bear Stearns, Lehman Brothers or Northern Rock. This paper deals with the economic capital allocation of global banks. In theory, economic capital should reflect the real risks of a bank and should be publicly available. Yet, as discovered during the global financial crisis, even when economic capital information was publicly disclosed, the underlying assumptions rendered the information useless. Specifically, some global banks that reported relatively high levels of economic capital before the crisis went bankrupt or had to be bailed-out by their government. And, only 15 out of 50 global banks reported their economic capital during the 2007-2010 period. In this paper, we analyze the changes in reported bank economic capital disclosure during this period. We conclude that relative shares of credit and business risks increased in 2010 compared to 2007, while both operational and market risks decreased their shares on the total economic capital of top-rated global banks. Generally speaking, higher levels of disclosure and transparency of bank operations are required to obtain more confidence from stakeholders. Moreover, additional risks such as liquidity risks should be included in these disclosures.
Abstract: Government spending is categorized into consumption spending and capital spending. Three categories of private consumption are used: food consumption, nonfood consumption, and services consumption. The estimated model indicates substitution effects of government consumption spending on budget shares of private nonfood consumption and of government capital spending on budget share of private food consumption. However, the results do not indicate whether the negative effects of changes in the budget shares of the nonfood and the food consumption equates to reduce total private consumption. The concept of aggregate demand comprising consumption, investment, government spending (consumption spending and capital spending), export, and import are used to estimate their relationship by using the Vector Error Correction Mechanism. The study found no effect of government capital spending on either the private consumption or the growth of GDP while the government consumption spending has negative effect on the growth of GDP.
Abstract: In today-s information age, numbers of organizations
are still arguing on capitalizing the values of Information Technology
(IT) and Knowledge Management (KM) to which individuals can
benefit from and effective communication among the individuals can
be established. IT exists in enabling positive improvement for
communication among knowledge workers (k-workers) with a
number of social network technology domains at workplace. The
acceptance of digital discourse in sharing of knowledge and
facilitating the knowledge and information flows at most of the
organizations indeed impose the culture of knowledge sharing in
Digital Social Networks (DSN). Therefore, this study examines
whether the k-workers with IT background would confer an effect on
the three knowledge characteristics -- conceptual, contextual, and
operational. Derived from these three knowledge characteristics, five
potential factors will be examined on the effects of knowledge
exchange via e-mail domain as the chosen query. It is expected, that
the results could provide such a parameter in exploring how DSN
contributes in supporting the k-workers- virtues, performance and
qualities as well as revealing the mutual point between IT and KM.
Abstract: The paper presents a modelling methodology for
small scale multi-source renewable energy systems. Using historical
site-specific weather data, the relationships of cost, availability and
energy form are visualised as a function of the sizing of photovoltaic
arrays, wind turbines, and battery capacity. The specific dependency
of each site on its own particular weather patterns show that unique
solutions exist for each site. It is shown that in certain cases the
capital component cost can be halved if the desired theoretical
demand availability is reduced from 100% to 99%.
Abstract: Walking as a type of non-motorized transportation has
various social, economical and environmental privileges. Also, today
different aspects of sustainable development have been emphasized
and promotion of sustainable transportation modes has been
considered according to this approach. Therefore, the objective of
this research is exploring the circumstance of relationship between
walking and sustainable urban transportation.For writing this article,
the most important resources related to the traits of walking have
been surveyed via a documentary method and after explaining the
concept of sustainable transportation and its indicators, benefiting
from the viewpoints of transportation experts of Tehran, as the capital
and greatest city of Iran, different modes of urban transportation have
been compared in proportion to each criterion and to each other and
have been analyzed according to AHP method. The results of this
study indicate that walking is the most sustainable mode of inner city
transportation.
Abstract: Recent evidences on liquidity and valuation of securities in the capital markets clearly show the importance of stock market liquidity and valuation of firms. In this paper, relationship between transparency, liquidity, and valuation is studied by using data obtained from 70 companies listed in Tehran Stock Exchange during2003-2012. In this study, discriminatory earnings management, as a sign of lack of transparency and Tobin's Q, was used as the criteria of valuation. The results indicate that there is a significant and reversed relationship between earnings management and liquidity. On the other hand, there is a relationship between liquidity and transparency.The results also indicate a significant relationship between transparency and valuation. Transparency has an indirect effect on firm valuation alone or through the liquidity channel. Although the effect of transparency on the value of a firm was reduced by adding the variable of liquidity, the cumulative effect of transparency and liquidity increased.
Abstract: The practice of burying the solid waste under the ground is one of the waste disposal methods and dumping is known as an ultimate method in the fastest-growing cities like Rasht city in Iran. Some municipalities select the solid waste landfills without feasibility studies, programming, design and management plans. Therefore, several social and environmental impacts are created by these sites. In this study, the suitability of solid waste landfill in Rasht city, capital of Gilan Province is reviewed using Regional Screening Method (RSM), Geographic Information System (GIS) and Analytical Hierarchy Process (AHP). The results indicated that according to the suitability maps, the value of study site is midsuitable to suitable based on RSM and mid-suitable based on AHP.
Abstract: The move towards internationalization of accounting encountered a great boost, when in 2002 EU delegated the IASB to provide the accounting standards to be applied inside its frontiers. Among the incentives of the standardization of accounting on the international level, is the reduction of the cost of capital. Romania made the move towards IFRS before EU, when the country was not yet a member of it. Even if this made Romania a special case, it was scarcely approached. The leak of real data is usually the reason for avoiding. The novelty of this paper is that it offers an insight from the reality of Romanian companies and their view regarding the IFRS. The paper is based on a survey that the authors made among the companies listed on the first two tiers of the Bucharest Stock Exchange (BSE), which are basically, the most important companies in the country.