Abstract: With the viral factor on social media, the sense of persuasion is generated by repetition and popularity. When users’ interest is captured, political awareness increases to spark political enthusiasm, but, the level of user’s political participation and political attitude of those active users is still questionable. An online survey on 250 youth and in-depth interview on two politicians are conducted to answer the main question in this paper. The result shows that Facebook significantly increases political awareness among youths. Social media may not be the major trigger to political activism among youths as most respondents opined that they would still vote without Facebook. Other factors could be political campaigning, political climate, age, peer pressure or others. Finding also shows that majority of respondents did not participate in online political debates or political groups. Many also wondered if the social media was the main power switch that triggers the political influx among young voters. The research finding is significant to understand how the new media, Facebook, has reshaped the political landscape in Malaysia, creating the Social Media Election that changed the rules of the political game. However, research finding does not support the ideal notion that the social media is the major trigger to youth’s political activism. This research outcome has exposed the flaws of the Social Media Election. It has revealed the less optimistic side of youth political activism. Unfortunately, results fall short of the idealistic belief that the social media have given rise to political activism among youths in the 13th General Election in Malaysia. The research outcome also highlights an important lesson for the democratic discourse of Malaysia which is making informed and educated decisions takes more commitment, proactive and objective attitude.
Abstract: An in vitro study was carried out to evaluate the feasibility of small field of view (FOV) cone beam computed tomography (CBCT) in determining endodontic working length. The objectives were to determine the accuracy of CBCT in measuring the estimated preoperative working lengths (EPWL), endodontic working lengths (EWL) and file lengths. Access cavities were prepared in 27 molars. For each root canal, the baseline electronic working length was determined using an EAL (Raypex 5). The teeth were then divided into overextended, non-modified and underextended groups and the lengths were adjusted accordingly. Imaging and measurements were made using the respective software of the RVG (Kodak RVG 6100) and CBCT units (Kodak 9000 3D). Root apices were then shaved and the apical constrictions viewed under magnification to measure the control working lengths. The paired t-test showed a statistically significant difference between CBCT EPWL and control length but the difference was too small to be clinically significant. From the Bland Altman analysis, the CBCT method had the widest range of 95% limits of agreement, reflecting its greater potential of error. In measuring file lengths, RVG had a bigger window of 95% limits of agreement compared to CBCT. Conclusions: (1) The clinically insignificant underestimation of the preoperative working length using small FOV CBCT showed that it is acceptable for use in the estimation of preoperative working length. (2) Small FOV CBCT may be used in working length determination but it is not as accurate as the currently practiced method of using the EAL. (3) It is also more accurate than RVG in measuring file lengths.
Abstract: We present in this work our model of road traffic
emissions (line sources) and dispersion of these emissions, named
DISPOLSPEM (Dispersion of Poly Sources and Pollutants Emission
Model). In its emission part, this model was designed to keep the
consistent bottom-up and top-down approaches. It also allows to
generate emission inventories from reduced input parameters being
adapted to existing conditions in Morocco and in the other developing
countries. While several simplifications are made, all the performance
of the model results are kept. A further important advantage of
the model is that it allows the uncertainty calculation and emission
rate uncertainty according to each of the input parameters. In the
dispersion part of the model, an improved line source model has
been developed, implemented and tested against a reference solution.
It provides improvement in accuracy over previous formulas of line
source Gaussian plume model, without being too demanding in terms
of computational resources. In the case study presented here, the
biggest errors were associated with the ends of line source sections;
these errors will be canceled by adjacent sections of line sources
during the simulation of a road network. In cases where the wind
is parallel to the source line, the use of the combination discretized
source and analytical line source formulas minimizes remarkably the
error. Because this combination is applied only for a small number
of wind directions, it should not excessively increase the calculation
time.
Abstract: The selection of diffractive events in the ALICE experiment during the first data taking period (RUN-I) of the Large Hadron Collider (LHC) was limited by the range over which rapidity gaps occur. It would be possible to achieve better measurements by expanding the range in which the production of particles can be detected. For this purpose, the ALICE Diffractive (AD0) detector has been installed and commissioned for the second phase (RUN-II). Any new detector should be able to take the data synchronously with all other detectors and be operated through the ALICE central systems. One of the key elements that must be developed for the AD0 detector is the Detector Control System (DCS). The DCS must be designed to operate safely and correctly this detector. Furthermore, the DCS must also provide optimum operating conditions for the acquisition and storage of physics data and ensure these are of the highest quality. The operation of AD0 implies the configuration of about 200 parameters, from electronics settings and power supply levels to the archiving of operating conditions data and the generation of safety alerts. It also includes the automation of procedures to get the AD0 detector ready for taking data in the appropriate conditions for the different run types in ALICE. The performance of AD0 detector depends on a certain number of parameters such as the nominal voltages for each photomultiplier tube (PMT), their threshold levels to accept or reject the incoming pulses, the definition of triggers, etc. All these parameters define the efficiency of AD0 and they have to be monitored and controlled through AD0 DCS. Finally, AD0 DCS provides the operator with multiple interfaces to execute these tasks. They are realized as operating panels and scripts running in the background. These features are implemented on a SCADA software platform as a distributed control system which integrates to the global control system of the ALICE experiment.
Abstract: Philip Morris International (PMI) is developing a range
of novel tobacco products with the potential to reduce individual
risk and population harm in comparison to smoking cigarettes.
One of these products is the Tobacco Heating System 2.2 (THS
2.2), (named as the Electrically Heated Tobacco System (EHTS) in
this paper), already commercialized in a number of countries (e.g.,
Japan, Italy, Switzerland, Russia, Portugal and Romania). During use,
the patented EHTS heats a specifically designed tobacco product
(Electrically Heated Tobacco Product (EHTP)) when inserted into
a Holder (heating device). The EHTP contains tobacco material in
the form of a porous plug that undergoes a controlled heating process
to release chemical compounds into vapors, from which an aerosol
is formed during cooling. The aim of this work was to investigate
the aerosol formation characteristics for realistic operating conditions
of the EHTS as well as for relevant gas mixture compositions
measured in the EHTP aerosol consisting mostly of water, glycerol
and nicotine, but also other compounds at much lower concentrations.
The nucleation process taking place in the EHTP during use when
operated in the Holder has therefore been modeled numerically using
an extended Classical Nucleation Theory (CNT) for multicomponent
gas mixtures. Results from the performed simulations demonstrate
that aerosol droplets are formed only in the presence of an aerosol
former being mainly glycerol. Minor compounds in the gas mixture
were not able to reach a supersaturated state alone and therefore
could not generate aerosol droplets from the multicomponent gas
mixture at the operating conditions simulated. For the analytically
characterized aerosol composition and estimated operating conditions
of the EHTS and EHTP, glycerol was shown to be the main aerosol
former triggering the nucleation process in the EHTP. This implies
that according to the CNT, an aerosol former, such as glycerol
needs to be present in the gas mixture for an aerosol to form
under the tested operating conditions. To assess if these conclusions
are sensitive to the initial amount of the minor compounds and to
include and represent the total mass of the aerosol collected during
the analytical aerosol characterization, simulations were carried out
with initial masses of the minor compounds increased by as much
as a factor of 500. Despite this extreme condition, no aerosol
droplets were generated when glycerol, nicotine and water were
treated as inert species and therefore not actively contributing to the
nucleation process. This implies that according to the CNT, an aerosol
cannot be generated without the help of an aerosol former, from
the multicomponent gas mixtures at the compositions and operating
conditions estimated for the EHTP, even if all minor compounds are
released or generated in a single puff.
Abstract: Deconstruction is an approach that is entirely incompatible with the traditional prevalent architecture. Considering the fact that this approach attempts to put architecture in sharp contrast with its opposite events and transpires with attending to the neglected and missing aspects of architecture and deconstructing its stable structures. It also recklessly proceeds beyond the existing frameworks and intends to create a different and more efficient prospect for space. The aim of deconstruction architecture is to satisfy both the prospective and retrospective visions as well as takes into account all tastes of the present in order to transcend time. Likewise, it ventures to fragment the facts and symbols of the past and extract new concepts from within their heart, which coincide with today’s circumstances. Since this approach is an attempt to surpass the limits of the prevalent architecture, it can be employed to design places in which creative events occur and imagination and ambition flourish. Thought-provoking artistic events can grow and mature in such places and be represented in the best way possible to all people. The concept of event proposed in the plan grows out of the interaction between space and creation. In addition to triggering surprise and high impressions, it is also considered as a bold journey into the suspended realms of the traditional conflicts in architecture such as architecture-landscape, interior-exterior, center-margin, product-process, and stability-instability. In this project, at first, through interpretive-historical research method and examining the inputs and data collection, recognition and organizing takes place. After evaluating the obtained data using deductive reasoning, the data is eventually interpreted. Given the fact that the research topic is in its infancy and there is not a similar case in Iran with limited number of corresponding instances across the world, the selected topic helps to shed lights on the unrevealed and neglected parts in architecture. Similarly, criticizing, investigating and comparing specific and highly prized cases in other countries with the project under study can serve as an introduction into this architecture style.
Abstract: We tried statistically to determine the biggest risks for accidents and injuries in Finland compared to other countries. We have a very high incidence of domestic falls and accidental poisoning compared to other European countries. On the other side, we have a relatively low number of accidents in traffic or at work globally, and in European scale, because we have worked hard to diminish these forms of accidents. In Finland, there is work to be done to improve attitudes and actions against domestic accidents.
Abstract: One of the biggest challenges entering a market with a carsharing or any other shared mobility (SM) service is sound investment decision-making. To support this process, the authors think that a city index evaluating different criteria is necessary. The goal of such an index is to benchmark cities along a set of external measures to answer the main two challenges: financially viability and the understanding of its specific requirements. The authors have consulted several shared mobility projects and industry experts to create such a Shared Mobility City Index (SMCI). The current proposal of the SMCI consists of 11 individual index measures: general data (demographics, geography, climate and city culture), shared mobility landscape (current SM providers, public transit options, commuting patterns and driving culture) and political vision and goals (vision of the Mayor, sustainability plan, bylaws/tenders supporting SM). To evaluate the suitability of the index, 16 cities on the East Coast of North America were selected and secondary research was conducted. The main sources of this study were census data, organisational records, independent press releases and informational websites. Only non-academic sources where used because the relevant data for the chosen cities is not published in academia. Applying the index measures to the selected cities resulted in three major findings. Firstly, density (city area divided by number of inhabitants) is not an indicator for the number of SM services offered: the city with the lowest density has five bike and carsharing options. Secondly, there is a direct correlation between commuting patterns and how many shared mobility services are offered. New York, Toronto and Washington DC have the highest public transit ridership and the most shared mobility providers. Lastly, except one, all surveyed cities support shared mobility with their sustainability plan. The current version of the shared mobility index is proving a practical tool to evaluate cities, and to understand functional, political, social and environmental considerations. More cities will have to be evaluated to refine the criteria further. However, the current version of the index can be used to assess cities on their suitability for shared mobility services and will assist investors deciding which city is a financially viable market.
Abstract: In the process of recovering oil in weak sandstone formations, the strength of sandstones around the wellbore is weakened due to the increase of effective stress/load from the completion activities around the cavity. The weakened and de-bonded sandstone may be eroded away by the produced fluid, which is termed sand production. It is one of the major trending subjects in the petroleum industry because of its significant negative impacts, as well as some observed positive impacts. For efficient sand management therefore, there has been need for a reliable study tool to understand the mechanism of sanding. One method of studying sand production is the use of the widely recognized Discrete Element Method (DEM), Particle Flow Code (PFC3D) which represents sands as granular individual elements bonded together at contact points. However, there is limited knowledge of the particle-scale behavior of the weak sandstone, and the parameters that affect sanding. This paper aims to investigate the reliability of using PFC3D and a simple Darcy flow in understanding the sand production behavior of a weak sandstone. An isotropic tri-axial test on a weak oil sandstone sample was first simulated at a confining stress of 1MPa to calibrate and validate the parallel bond models of PFC3D using a 10m height and 10m diameter solid cylindrical model. The effect of the confining stress on the number of bonds failure was studied using this cylindrical model. With the calibrated data and sample material properties obtained from the tri-axial test, simulations without and with fluid flow were carried out to check on the effect of Darcy flow on bonds failure using the same model geometry. The fluid flow network comprised of every four particles connected with tetrahedral flow pipes with a central pore or flow domain. Parametric studies included the effects of confining stress, and fluid pressure; as well as validating flow rate – permeability relationship to verify Darcy’s fluid flow law. The effect of model size scaling on sanding was also investigated using 4m height, 2m diameter model. The parallel bond model successfully calibrated the sample’s strength of 4.4MPa, showing a sharp peak strength before strain-softening, similar to the behavior of real cemented sandstones. There seems to be an exponential increasing relationship for the bigger model, but a curvilinear shape for the smaller model. The presence of the Darcy flow induced tensile forces and increased the number of broken bonds. For the parametric studies, flow rate has a linear relationship with permeability at constant pressure head. The higher the fluid flow pressure, the higher the number of broken bonds/sanding. The DEM PFC3D is a promising tool to studying the micromechanical behavior of cemented sandstones.
Abstract: In this paper, we analyze NEtwork MObility (NEMO) supporting problems in Content-Centric Networking (CCN), and propose the CCN-NEMO which can well support the deployment of the content-centric paradigm in large-scale mobile Internet. The CCN-NEMO extends the signaling message of the basic CCN protocol, to support the mobility discovery and fast trigger of Interest re-issuing during the network mobility. Besides, the Mobile Router (MR) is extended to optimize the content searching and relaying in the local subnet. These features can be employed by the nested NEMO to maximize the advantages of content retrieving with CCN. Based on the analysis, we compare the performance on handover latency between the basic CCN and our proposed CCN-NEMO. The results show that our scheme can facilitate the content-retrieving in the NEMO scenario with improved performance.
Abstract: The effectiveness of microchannels in enhancing heat
transfer has been demonstrated in the semiconductor industry. In
order to tap the microscale heat transfer effects into macro
geometries, overcoming the cost and technological constraints,
microscale passages were created in macro geometries machined
using conventional fabrication methods. A cylindrical insert was
placed within a pipe, and geometrical profiles were created on the
outer surface of the insert to enhance heat transfer under steady-state
single-phase liquid flow conditions. However, while heat transfer
coefficient values of above 10 kW/m2·K were achieved, the heat
transfer enhancement was accompanied by undesirable pressure drop
increment. Therefore, this study aims to address the high pressure
drop issue using Constructal theory, a universal design law for both
animate and inanimate systems. Two designs based on Constructal theory were developed to study
the effectiveness of Constructal features in reducing the pressure drop
increment as compared to parallel channels, which are commonly
found in microchannel fabrication. The hydrodynamic and heat
transfer performance for the Tree insert and Constructal fin (Cfin)
insert were studied using experimental methods, and the underlying
mechanisms were substantiated by numerical results. In technical
terms, the objective is to achieve at least comparable increment in
both heat transfer coefficient and pressure drop, if not higher
increment in the former parameter. Results show that the Tree insert improved the heat transfer
performance by more than 16 percent at low flow rates, as compared
to the Tree-parallel insert. However, the heat transfer enhancement
reduced to less than 5 percent at high Reynolds numbers. On the
other hand, the pressure drop increment stayed almost constant at 20
percent. This suggests that the Tree insert has better heat transfer
performance in the low Reynolds number region. More importantly,
the Cfin insert displayed improved heat transfer performance along
with favourable hydrodynamic performance, as compared to Cfinparallel
insert, at all flow rates in this study. At 2 L/min, the
enhancement of heat transfer was more than 30 percent, with 20
percent pressure drop increment, as compared to Cfin-parallel insert.
Furthermore, comparable increment in both heat transfer coefficient
and pressure drop was observed at 8 L/min. In other words, the Cfin
insert successfully achieved the objective of this study. Analysis of the results suggests that bifurcation of flows is
effective in reducing the increment in pressure drop relative to heat
transfer enhancement. Optimising the geometries of the Constructal
fins is therefore the potential future study in achieving a bigger stride
in energy efficiency at much lower costs.
Abstract: Biochar can be produced from the waste matter and its
application has been associated with returning of carbon in large
amounts into the soil. The impacts of this material on physical and
chemical properties of soil have been described. The biggest part of
the research work is dedicated to the hypothesis of this material’s
toxic effects on the soil life regarding its effect on the soil biological
component. At present, it has been worked on methods which could
eliminate these undesirable properties of biochar. One of the
possibilities is to mix biochar with organic material, such as compost,
or focusing on the natural processes acceleration in the soil. In the
experiment has been used as the addition of compost as well as the
elimination of toxic substances by promoting microbial activity in
aerated water environment. Biochar was aerated for 7 days in a
container with a volume of 20 l. This way modified biochar had six
times higher biomass production and reduce mineral nitrogen
leaching. Better results have been achieved by mixing biochar with
compost.
Abstract: A three-dimensional numerical simulation of flow
through mini and microchannels with designed roughness is
conducted here. The effect of the roughness height (surface
roughness), geometry, Reynolds number on the friction factor, and
Nusselt number is investigated. The study is carried out by
employing CFD software, CFX. Our work focuses on a water flow
inside a circular mini-channel of 1 mm and microchannels of 500 and
100 m in diameter. The speed entry varies from 0.1 m/s to 20 m/s.
The general trend can be observed that bigger sizes of roughness
element lead to higher flow resistance. It is found that the friction
factor increases in a nonlinear fashion with the increase in obstruction
height. Particularly, the effect of roughness can no longer be ignored
at relative roughness height higher than 3%. A significant increase in
Poiseuille number is detected for all configurations considered. The
same observation can be done for Nusselt number. The transition
zone between laminar and turbulent flow depends on the channel
diameter.
Abstract: The paper will focus on the strategic development
deriving from the evolution of the traditional courtyard spatial
organization towards a new, contemporary sustainable way of living.
New sustainable approaches that engulf the social issues, the notion
of place, the understanding of weather architecture blended together
with the bioclimatic behavior will be seen through a series of
experimental case studies in the island of Cyprus, inspired and
originated from its traditional wisdom, ranging from small scale of
living to urban interventions. Weather and nature will be seen as co-architectural authors with
architects. Furthermore, the building will be seen not as an object but
rather as a vessel of human activities. This will further enhance the
notion of merging the material and immaterial, the built and unbuilt,
subject-human, and the object-building. This eventually will enable
to generate the discussion of the understanding of the building in
relation to the place and its inhabitants, where the human topography
is more important than the material topography. The specificities of
the divided island and the dealing with sites that are in vicinity with
the diving Green Line will further trigger explorations dealing with
the regeneration issues and the social sustainability offering
unprecedented opportunities for innovative sustainable ways of
living. Opening up a discourse with premises of weather-nature, materialimmaterial,
human-material topographies in relation to the contested
sites of the borders will lead us to develop innovative strategies for a
profound, both technical and social sustainability, which fruitfully
yields to innovative living built environments, responding to the ever
changing environmental and social needs. As a starting point, a case study in Kaimakli in Nicosia, a
refurbishment with an extension of a traditional house, already
engulfs all the traditional/ vernacular wisdom of the bioclimatic
architecture. The project focusses on the direct and quite obvious
bioclimatic features such as south orientation and cross ventilation.
Furthermore, it tries to reinvent the adaptation of these parameters in
order to turn the whole house to a contemporary living environment.
In order to succeed this, evolutions of traditional architectural
elements and spatial conditions are integrated in a way that does not
only respond to some certain weather conditions, but they integrate
and blend the weather within the built environment. A series of
innovations aiming at maximum flexibility is proposed. The house
can finally be transformed into a winter enclosure, while for the most
part of the year it turns into a ‘camping’ living environment. Parallel to experimental interventions in existing traditional units,
we will proceed examining the implementation of the same
developed methodology in designing living units and complexes.
Malleable courtyard organizations that attempt to blend the
traditional wisdom with the contemporary needs for living, the
weather and nature with the built environment will be seen tested in
both horizontal and vertical developments. Social activities are seen as directly affected and forged by the
weather conditions thus generating a new social identity of people where people are directly involved and interacting with the weather.
The human actions and interaction with the built, material
environment in order to respond to weather will be seen as the result
of balancing the social with the technological sustainability, the
immaterial, and the material aspects of the living environment.
Abstract: This paper develops a multiple channel assignment
model, which allows to take advantage of spectrum opportunities in
cognitive radio networks in the most efficient way. The developed
scheme allows making several assignments of available and
frequency adjacent channel, which require a bigger bandwidth, under
an equality environment. The hybrid assignment model it is made by
two algorithms, one that makes the ranking and selects available
frequency channels and the other one in charge of establishing the
Max-Min Fairness for not restrict the spectrum opportunities for all
the other secondary users, who also claim to make transmissions.
Measurements made were done for average bandwidth, average
delay, as well as fairness computation for several channel
assignments. Reached results were evaluated with experimental
spectrum occupational data from captured GSM frequency band. The
developed model shows evidence of improvement in spectrum
opportunity use and a wider average transmission bandwidth for each
secondary user, maintaining equality criteria in channel assignment.
Abstract: Complex environments triggered by globalization
have necessitated new paradigms of leadership – Complexity
Leadership that encompass multiple roles that leaders need to take
upon. Success of Higher Education institutions depends on how well
leaders can provide adaptive, administrative and enabling leadership.
Complexity Leadership seems all the more relevant for institutions
that are knowledge-driven and thrive on Knowledge creation,
Knowledge storage and retrieval, Knowledge Sharing and
Knowledge applications. Discussed in this paper are the elements of
Globalization and the opportunities and challenges that are brought
forth by globalization. The Complexity leadership paradigm in a
knowledge-based economy and the need for such a paradigm shift for
higher education institutions is presented. Further, the paper also
discusses the support the leader requires in a knowledge-driven
economy through knowledge management initiatives.
Abstract: The Gezi Park protests of 2013 have significantly changed the Turkish agenda and its effects have been felt historically. The protests, which rapidly spread throughout the country, were triggered by the proposal to recreate the Ottoman Army Barracks to function as a shopping mall on Gezi Park located in Istanbul’s Taksim neighbourhood despite the oppositions of several NGOs and when trees were cut in the park for this purpose. Once the news that the construction vehicles entered the park on May 27 spread on social media, activists moved into the park to stop the demolition, against whom the police used disproportioned force. With this police intervention and the then prime-minister Tayyip Erdoğan's insistent statements about the construction plans, the protests turned into anti- government demonstrations, which then spread to the rest of the country, mainly in big cities like Ankara and Izmir. According to the Ministry of Internal Affairs’ June 23rd reports, 2.5 million people joined the demonstrations in 79 provinces, that is all of them, except for the provinces of Bayburt and Bingöl, while even more people shared their opinions via social networks. As a result of these events, 8 civilians and 2 security personnel lost their lives, namely police chief Mustafa Sarı, police officer Ahmet Küçükdağ, citizens Mehmet Ayvalıtaş, Abdullah Cömert, Ethem Sarısülük, Ali İsmail Korkmaz, Ahmet Atakan, Berkin Elvan, Burak Can Karamanoğlu, Mehmet İstif, and Elif Çermik, and 8163 more were injured. Besides being a turning point in Turkish history, the Gezi Park protests also had broad repercussions in both in Turkish and in global media, which focused on Turkey throughout the events. Our study conducts content analysis of three Turkish reporting newspapers with varying ideological standpoints, Hürriyet, Cumhuriyet ve Yeni Şafak, in order to reveal their basic approach to news casting in context of the Gezi Park protests. Headlines, news segments, and news content relating to the Gezi protests were treated and analysed for this purpose. The aim of this study is to understand the social effects of the Gezi Park protests through media samples with varying political attitudes towards news casting.
Abstract: The availability to deploy mobile applications for
health care is increasing daily thru different mobile app stores. But
within these capabilities the number of hacking attacks has also
increased, in particular into medical mobile applications. The security
vulnerabilities in medical mobile apps can be triggered by errors in
code, incorrect logic, poor design, among other parameters. This is
usually used by malicious attackers to steal or modify the users’
information. The aim of this research is to analyze the vulnerabilities
detected in mobile medical apps according to risk factor standards
defined by OWASP in 2014.
Abstract: Carefully scheduling the operations of pumps can be
resulted to significant energy savings. Schedules can be defined
either implicit, in terms of other elements of the network such as tank
levels, or explicit by specifying the time during which each pump is
on/off. In this study, two new explicit representations based on timecontrolled
triggers were analyzed, where the maximum number of
pump switches was established beforehand, and the schedule may
contain fewer switches than the maximum. The optimal operation of
pumping stations was determined using a Jumping Particle Swarm
Optimization (JPSO) algorithm to achieve the minimum energy cost.
The model integrates JPSO optimizer and EPANET hydraulic
network solver. The optimal pump operation schedule of VanZyl
water distribution system was determined using the proposed model
and compared with those from Genetic and Ant Colony algorithms.
The results indicate that the proposed model utilizing the JPSO
algorithm is a versatile management model for the operation of realworld
water distribution system.
Abstract: Financial innovations can be regarded as the cause
and the effect of the evolution of the financial system. Most of
financial innovations are created by various financial institutions for
their own purposes and needs. However, due to their diversity,
financial innovations can be also applied by various business entities
(other than financial institutions).
This paper focuses on the potential application of financial
innovations by non-financial companies. It is assumed that financial
innovations may be effectively applied in all fields of corporate
financial decisions integrating financial management with the risk
management process. Appropriate application of financial
innovations may enhance the development of the company and
increase its value by improving its financial situation and reducing
the level of risk. On the other hand, misused financial innovations
may become the source of extra risk for the company threatening its
further operation.
The main objective of the paper is to identify the major types of
financial innovations offered to non-financial companies by the
banking system in Poland. It also aims at identifying the main factors
determining the creation of financial innovations in the banking
system in Poland and indicating future directions of their
development.
This paper consists of conceptual and empirical part. Conceptual
part based on theoretical study is focused on the determinants of the
process of financial innovations and their application by the nonfinancial
companies. Theoretical study is followed by the empirical
research based on the analysis of the actual offer of the 20 biggest
banks operating in Poland with regard to financial innovations
offered to SMEs and large corporations. These innovations are
classified according to the main functions of the integrated financial
management, such as financing, investment, working capital
management and risk management.
Empirical study has proved that the biggest banks operating in the
Polish market offer to their business customers many types and
classes of financial innovations. This offer appears vast and adequate
to the needs and purposes of the Polish non-financial companies. It
was observed that financial innovations pertained to financing
decisions dominate in the banks’ offer. However, due to high
diversification of the offered financial innovations, business
customers may effectively apply them in all fields and areas of
integrated financial management. It should be underlined, that the
banks’ offer is highly dispersed, which may limit the implementation
of financial innovations in the corporate finance. It would be also
recommended for the banks operating in the Polish market to
intensify the education campaign aiming at increasing knowledge
about financial innovations among business customers.