Abstract: ANDASA is a knowledge management platform for
the capitalization of knowledge and cultural assets for the artistic and
cultural sectors. It was built based on the priorities expressed by the
participating artists. Through mapping artistic activities and
specificities, it enables to highlight various aspects of the artistic
research and production. Such instrument will contribute to create
networks and partnerships, as it enables to evidentiate who does
what, in what field, using which methodology. The platform is
accessible to network participants and to the general public.
Abstract: Sustainability is a very important and heavily
discussed subject, expanding through tourism as well. The study
proposition was to collect data and present it to the competent bodies
so they can mold their public policies to improve the conditions of
the site. It was hypothesized that the lack of data is currently
affecting the quality of life and the sustainable development of the
site and the tourism. The research was held in Mateiros, a city in the
state of Tocantins (TO)/Brasil near Palmas, its capital city. Because
of the concentration of tourists during the high season and several
tourist attractions being around, the research took place in Mateiros.
The methodological procedure had a script of theoretical construction
and investigation of the deductive scientific method parameters
through a case study in the Jalapão/TO/Brazil region, using it as a
tool for a questionnaire given to the competent bodies in an interview
system with the UN sustainability indexes as a base. In the three
sustainable development scope: environmental, social and economic,
the results indicated that the data presented by the interviewed were
scarce or nonexistent. It shows that more research is necessary,
providing the tools for the ones responsible to propose action plans to
improve the site, strengthening the tourism and making it even more
sustainable.
Abstract: This paper shows the general perceptions of Spanish
university stakeholders in relation to the university’s annual reports
and the adequacy and potential of intellectual capital reporting. To
this end, a questionnaire was designed and sent to every member of
the Social Councils of Spanish public universities. It was thought that
these participants would provide a good example of the attitude of
university stakeholders since they represent the different social
groups connected with universities. From the results of this study we
are in the position of confirming the need for universities to offer
information on intellectual capital in their accounting information
model.
Abstract: The paper provides a comprehensive analysis of the
sustainable development in the Belgrade Metropolitan Region - BMA
(level NUTS 2) preliminary evaluating the three chosen components:
1) economic growth and developmental changes; 2) competitiveness;
and 3) territorial concentration and industrial specialization. First, we
identified the main results of development changes and economic
growth by applying Shift-share analysis on the metropolitan level.
Second, the empirical evaluation of competitiveness in the BMA is
based on the analysis of absolute and relative values of eight
indicators by Spider method. Paper shows that the consideration of
the national share, industrial mix and metropolitan/regional share in
total Shift share of the BMA, as well as economic/functional
specialization of the BMA indicate very strong process of
deindustrialization. Allocative component of the BMA economic
growth has positive value, reflecting the above-average sector
productivity compared to the national average. Third, the important
positive role of metropolitan/regional component in decomposition of
the BMA economic growth is highlighted as one of the key results.
Finally, comparative analysis of the industrial territorial
concentration in the BMA in relation to Serbia is based on location
quotient (LQ) or Balassa index as a valid measure. The results
indicate absolute and relative differences in decrease of industry
territorial concentration as well as inefficiency of utilizing territorial
capital in the BMA. Results are important for the increase of regional
competitiveness and territorial distribution in this area as well as for
improvement of sustainable metropolitan and sector policies,
planning and governance on this level.
Abstract: Amoxicillin is an antibiotic which is widely used to
treat various infections in both human beings and animals. However,
when amoxicillin is released into the environment, it is a major
problem. Amoxicillin causes bacterial resistance to these drugs and
failure of treatment with antibiotics. Liquid membrane is of great
interest as a promising method for the separation and recovery of the
target ions from aqueous solutions due to the use of carriers for the
transport mechanism, resulting in highly selectivity and rapid
transportation of the desired metal ions. The simultaneous processes
of extraction and stripping in a single unit operation of liquid
membrane system are very interesting. Therefore, it is practical to
apply liquid membrane, particularly the HFSLM for industrial
applications as HFSLM is proved to be a separation process with
lower capital and operating costs, low energy and extractant with
long life time, high selectivity and high fluxes compared with solid
membranes. It is a simple design amenable to scaling up for industrial
applications. The extraction and recovery for (Amoxicillin) through
the hollow fiber supported liquid membrane (HFSLM) using
aliquat336 as a carrier were explored with the experimental data. The
important variables affecting on transport of amoxicillin viz.
extractant concentration and operating time were investigated. The
highest AMOX- extraction percentages of 85.35 and Amoxicillin
stripping of 80.04 were achieved with the best condition at 6 mmol/L
[aliquat336] and operating time 100 min. The extraction reaction
order (n) and the extraction reaction rate constant (kf) were found to
be 1.00 and 0.0344 min-1, respectively.
Abstract: Cyberspace has become a more viable arena for
budding artists to share musical acts through digital forms. The
increasing relevance of online communities has attracted scholars
from various fields demonstrating its influence on social capital. This
paper extends this understanding of social capital among Filipino
music artists belonging to the SoundCloud Philippines Facebook
Group.
The study makes use of various qualitative data obtained from
key-informant interviews and participant observation of online and
physical encounters, analyzed using the case study approach.
Soundcloud Philippines has over seven-hundred members and is
composed of Filipino singers, instrumentalists, composers, arrangers,
producers, multimedia artists and event managers. Group interactions
are a mix of online encounters based on Facebook and SoundCloud
and physical encounters through meet-ups and events. Benefits
reaped from the community are informational, technical,
instrumental, promotional, motivational and social support. Under the
guidance of online group administrators, collaborative activities such
as music productions, concerts and events transpire. Most conflicts
and problems arising are resolved peacefully. Social capital in
SoundCloud Philippines is mobilized through recognition, respect
and reciprocity.
Abstract: Given the limited research on Small and Mediumsized
Enterprises’ (SMEs) contribution to Corporate Social
Responsibility (CSR) and even scarcer research on Swiss SMEs, this
paper helps to fill these gaps by enabling the identification of supranational
SME parameters. Thus, the paper investigates the current
state of SME practices in Switzerland and across 15 other countries.
Combining the degree to which SMEs demonstrate an explicit (or
business case) approach or see CSR as an implicit moral activity with
the assessment of their attributes for “variety of capitalism” defines
the framework of this comparative analysis. To outline Swiss small
business CSR patterns in particular, 40 SME owner-managers were
interviewed. A secondary data analysis of studies from different
countries laid groundwork for this comparative overview of small
business CSR. The paper identifies Swiss small business CSR as
driven by norms, values, and by the aspiration to contribute to
society, thus, as an implicit part of the day-to-day business. Similar to
most Central European, Mediterranean, Nordic, and Asian countries,
explicit CSR is still very rare in Swiss SMEs. Astonishingly, also
British and American SMEs follow this pattern in spite of their strong
and distinctly liberal market economies. Though other findings show
that nationality matters this research concludes that SME culture and
an informal CSR agenda are strongly formative and superseding even
forces of market economies, nationally cultural patterns, and
language. Hence, classifications of countries by their market system,
as found in the comparative capitalism literature, do not match the
CSR practices in SMEs as they do not mirror the peculiarities of their
business. This raises questions on the universality and
generalisability of unmediated, explicit management concepts,
especially in the context of small firms.
Abstract: The venture capital becomes more and more advanced
and effective source of the innovation project financing, connected
with a high-risk level. In the developed countries, it plays a key role
in transforming innovation projects into successful businesses and
creating the prosperity of the modern economy. In Russia, there are
many necessary preconditions for creation of the effective venture
investment system: the network of the public institutes for innovation
financing operates; there is a significant number of the small and
medium-sized enterprises, capable to sell production with good
market potential. However, the current system does not confirm the
necessary level of efficiency in practice that can be substantially
explained by the absence of the accurate plan of action to form the
national venture model and by the lack of experience of successful
venture deals with profitable exits in Russian economy. This paper
studies the influence of various factors on the venture industry
development by the example of the IT-sector in Russia. The choice of
the sector is based on the fact, that this segment is the main driver of
the venture capital market growth in Russia, and the necessary set of
data exists. The size of investment of the second round is used as the
dependent variable. To analyse the influence of the previous round,
such determinant as the volume of the previous (first) round
investments is used. There is also used a dummy variable in
regression to examine that the participation of an investor with high
reputation and experience in the previous round can influence the size
of the next investment round. The regression analysis of short-term
interrelations between studied variables reveals prevailing influence
of the volume of the first round investments on the venture
investments volume of the second round. The most important
determinant of the value of the second-round investment is the value
of first–round investment, so it means that the most competitive on
the Russian market are the start-up teams that can attract more money
on the start, and the target market growth is not the factor of crucial
importance. This supports the point of view that VC in Russia is
driven by endogenous factors and not by exogenous ones that are
based on global market growth.
Abstract: This study will examine how the therapeutic factors
(therapeutic catharsis-seeking and game-efficacy of the game player)
and self-construal factors (independent and interdependent
self-construal of the game player) as well as social capital factors
(bonding and bridging social capital of the game player) affect
aggression in the game. Results show that both therapeutic
catharsis-seeking and game self-efficacy are particularly important to
the players since they cause the game players’ aggressive tendencies to
be greatly diminished. Independent self-construal reduces the level of
the players’ aggression. Interestingly enough, the bonding social
capital enhances the level of the players’ aggression, while individuals
with bridging social capital did not show any significant effects. The
results and implications will be discussed herein.
Abstract: In this study, one of the tools of Islamic financing
known as “Sukuk” a non-interest bearing investment which has
started to be implemented in Turkey and the world as a whole is
discussed. In order to increase the vitality and efficiency of the
economy, by taking lessons from the recent economic crisis new
developments in the banking and investment sector are being
expanded. The purpose of all investors is to obtain more revenue
through the use of capital. The inability of traditional investment
tools to meet the expectations of investors and the interest based
financial system where one investor benefits at the expense of
another there has been the need for a different, reliable and noninterest
bearing financial market that is consistent with the Islamic
rule. As a result an alternative and more reliable interest free
financing tool “Sukuk” rental certificates covering people who are
sensitive to Islamic rules, appeal to all segments, hidden remaining
capital that contributes to the economy, reduce disparities in income
distribution, common risk sharing system of profit and loss sharing
has emerged. Today, for the structural countries by examining the
state of the world market economy the applicability, enactment and
future issues associated with this attractive kind of Islamic finance
namely the “Sukuk” market has been explained.
Abstract: In this study, firstly democratic thoughts which
directly or indirectly affect economic development and/or the
interaction between authoritarian regimes and the economic
development and the direction and channels of this interaction were
studied and then the study tried to determine how democracy affects
economic development. It was concluded that the positive
contributions of democracy to economic development were more
determinant than the effects that were either negative or restrictive in
terms of development. When compared to autocracy, since
democracy is more successful in managing social conflicts, ensuring
political stability and preventing social disasters such as famine, it
contributes more to economic development. Democracy also
facilitates delegation of authority, provides a stable investment
environment and accelerates mobilization of resources in accordance
with economic growth/development. Democracy leads to an increase
in human capital accumulation and increases the growth rate through
reducing income inequality. It can be said that democratic regimes
are the most appropriate ones in terms of increasing economic
performance and supporting economic development through their
strong institutional structures and the assurance they will ensure in
property rights.
Abstract: This paper adopts a two-stage data envelopment
analysis to explore the impacts of financial development and bank
operating scale on bank efficiencies. The sample comprises
unbalanced panel data of 32 Taiwanese listed domestic commercial
banks over the period 1998 to 2013. Empirical results show that pure
technical efficiency is positively related to financial development,
whereas the effect of financial development on scale efficiency is
insignificant. Enlargement of bank operating scale improves bank
efficiencies, but the efficiency gains are decreased gradually when the
scale increases. Increases in capital adequacy ratio and market power
of loans lead into a growth of bank efficiencies.
Abstract: The construction industry has been demonstrating
increased growth and importance in Brazil’s national economic
development. This study aims to evaluate the financial performance
of the leading companies in the construction sector in Brazil in the
period from 2009 to 2012. An analysis is made of the capital
structure, liquidity, and profitability of the six largest companies in
the construction sector in Brazil: Brookfield, Cyrela, Gafisa, MRV,
PDG and Rossi. The results are then compared with standard industry
ratios. It was found that among the companies analyzed, MRV and
Cyrela showed the best relative performance in the period under
consideration.
Abstract: The objective of countercyclical capital buffer is to
encourage banks to build up buffers in good times that can be drawn
down in bad times. The aim of the report is to assess such decisions
by banks derived from three approaches. The approaches are the
aggregate credit-to-GDP ratio, credit growth as well as banking
sector profits. The approaches are implemented for Estonia, Latvia
and Lithuania for the time period 2000-2012. The report compares
three approaches and analyses their relevance to the Baltic States by
testing the correlation between a growth in studied variables and a
growth of corresponding gaps. Methods used in the empirical part of
the report are econometric analysis as well as economic analysis,
development indicators, relative and absolute indicators and other
methods. The research outcome is a cross-Baltic comparison of two
alternative approaches to establish or release a countercyclical capital
buffer by banks and their implications for each Baltic country.
Abstract: Innovation plays an important role in economic
growth and development. Evolutionary economics has entrepreneurs
at the centre of the innovation system, but includes all other
participants as contributors to the performance of the innovation
system. Education and training institutions, one of the participants in
the innovation system, contributes in different ways to human capital.
The gap in literature on the competence building as part of human
capital in the analysis of innovation systems is addressed in this
paper. The Mpumalanga Province of South Africa is used as a case
study. It was found that the absence of a university, the level of
education, the quality and performance in the education sector and
the condition of the education infrastructure have not been conducive
to learning.
Abstract: This research aimed to study the characteristics of a
community in the social, economic and cultural context. This
research used interviews and surveys of the members in the Patthana
Soi Ranongklang community, Dusit District, Bangkok. The results
are as follows: In terms of overall conditions and characteristics, the
Patthana Soi Ranongklang community is located on the property of
the Treasury Department. 50 years ago, the location of this
community consisted of paddy fields with limited convenience in
terms of transportation. Rama V Road was only a small narrow road
accessed only by three-wheelers there were no buses. The majority of
community members moved in from Mak Khawan Rangsan Bridge.
Thus, most community members were either workers or government
officials as they were routers not the owners of the land. Therefore,
there were no primary occupations within the 7 acres of this
community. The development of the community started in 1981. At
present, the community is continuously being developed and
modernization is rapidly flowing in. One of the reasons was because
the main roads were widened, especially Rama V Road that allows
more convenient transportation, leading to heightened citizens’
convenience. In terms of the economy and society, Rama V Road
causes the research to find out the development and expansion of
change in the conditions of the area and buildings. Some buildings
were improved and changed along the time, as well as the
development of new facilities that caused the community members to
continually become more materialistic. In the community, it has well
organized and managed jobs to each part of community members,
and areas were improved to allow the new buildings and apartments.
The trend of jobs became more varied, in terms of both jobs at home,
such as workers, merchandizing and small own businesses, and the
community jobs outside, which became much more convenient to car
drivers as they got used to the narrow roads inside the community.
The location of the community next to Rama V Road also allows
assistance from government agencies to reach the community with
ease. Moreover, the welfare of the community was well taken care of
by the community committee. In terms of education, the research
found that there are two schools: Wat Pracharabuedham School and
Wat Noi Noppakun School that are providing education within the
community. The majority in the community have received Bachelor
degrees. In areas of culture, the research found that the culture,
traditions and beliefs of people in the community were mainly
transferred from the old community: the majorities are Buddhists, so
especially beliefs in Buddhism; the main reason for this is because
the old community was situated near Wat Makut Kasattriyaram.
Therefore, the community members have always had Buddhist
temples as the centre of the community. Later years, more citizens
moved along culture in and bring traditions and beliefs with them.
The community members also took part in building a Dharma hall
named Wat Duang Jai which is 72 year old.
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: This article discusses issues related to the System of
Innovation: Comparing economies of Brazil and South Africa.
Having as this study aimed at comparing the Innovation System of
the countries mentioned. Then briefly describe the process of Venture
Capital and present the industry innovation in Brazil and South
Africa. The methodological approach described in this article is
descriptive and the approach is qualitative, taking as a basis
secondary data relating to research articles. The main results are
related to the different forms of financing of Venture Capital used by
countries compared, in addition to the training and economic policy.
And finally, it was highlighted the importance of implementation of
policy reforms for the Brazil and Africa in the innovation process.
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.