Abstract: In the current context of globalization, a large number of companies sought to develop as a group in order to reach to other markets or meet the necessary criteria for listing on a stock exchange. The issue of consolidated financial statements prepared by a parent, an investor or a venture and the financial reporting standards guiding them therefore becomes even more important. The aim of our paper is to expose this issue in a consistent manner, first by summarizing the international accounting and financial reporting standards applicable before the 1st of January 2013 and considering the role of the crisis in shaping the standard setting process, and secondly by analyzing the newly issued/modified standards and main changes being brought
Abstract: International trade involves both large and small firms
engaged in business overseas. Possible drivers that force companies
to enter international markets include increasing competition at the
domestic market, maturing domestic markets, and limited domestic
market opportunities. Technology is an important driving factor in
shaping international marketing strategy as well as in driving force
towards a more global marketplace, especially technology in
communication. It includes telephones, the internet, computer
systems and e-mail. There are three main marketing strategy choices,
namely standardization approach, adaptation approach and middleof-
the-road approach that companies implement to overseas markets.
The decision depends on situations and factors facing the companies
in the international markets. In this paper, the contingency concept is
considered that no single strategy can be effective in all contexts.
The effect of strategy on performance depends on specific situational
variables. Strategic fit is employed to investigate export marketing
strategy adaptation under certain environmental conditions, which in
turn can lead to superior performance.
Abstract: Pomegranate and pomegranate juices (PJs) have taken
great attention for their health benefits in the last years. As there is an
increasing concern about potential health benefits of ellagic acid, it is
of great interest to evaluate alterations in ellagic acid concentration of
commercial PJs. The purpose of this study is to analyze total
phenolic, free and total ellagic acid content of six commercial PJs
sold in Turkish markets using HPLC.
The results showed that some commercial PJs had markedly high
total phenolic and ellagic acid content. Total phenolic substances of
commercial PJs range from 796.71 to 4608.91 mg GAE/l. Free
amount of ellagic acid in commercial PJs range from 27.64 to 111.78
mg/l. Samples are hydrolyzed with concentrated HCl at 93oC for 2
and 24 hour and influences of temperature and time parameters on
hydrolization were investigated. Thermal processing for
pasteurization increased ellagic acid via ellagitannins hydrolysis.
Abstract: The New Basel Capital Accord (Basel II) influences how financial institutions around the world, and especially European Union institutions, determine the amount of capital to reserve. However, as the recent global crisis has shown, the revision of Basel II is needed to reflect current trends, such as increased volatility and correlation, in the world financial markets. The overall objective of Basel II is to increase the safety and soundness of the international financial system. Basel II builds on three main pillars: Pillar I deals with the minimum capital requirements for credit, market and operational risk, Pillar II focuses on the supervisory review process and finally Pillar III promotes market discipline through enhanced disclosure requirements for banks. The aim of this paper is to provide the historical background, key features and impact of Basel II on financial markets. Moreover, we discuss new proposals for international bank regulation (sometimes referred to as Basel III) which include requirements for higher quality, constituency and transparency of banks' capital and risk management, regulation of OTC markets and introduction of new liquidity standards for internationally active banks.
Abstract: The purpose of the article is to illustrate the main
characteristics of the corporate governance challenge facing the
countries of South-Eastern Europe (SEE) and to subsequently
determine and assess the extensiveness and effectiveness of corporate
governance regulations in these countries. Therefore, we start with an
overview on the subject of the key problems of corporate governance
in transition. We then address the issue of corporate governance
measurement for SEE countries. To this end, we include a review of
the methodological framework for determining both the
extensiveness and the effectiveness of corporate governance
legislation. We then focus on the actual analysis of the quality of
corporate governance codes, as well as of legal institutions
effectiveness and provide a measure of corporate governance in
Romania and other SEE emerging markets. The paper concludes by
emphasizing the corporate governance enforcement gap and by
identifying research issues that require further study.
Abstract: Entrepreneurs are important for national labour markets and economies in that they contribute significantly to economic growth as well as provide the majority of jobs and create new ones. According to the Global Entrepreneurship Monitor’s “Report on Women and Entrepreneurship”, investment in women’s entrepreneurship is an important way to exponentially increase the impact of new venture creation finding ways to empower women’s participation and success in entrepreneurship are critical for more sustainable and successful economic development. Our results confirm that they are still differences between men and women entrepreneurs The reasons seems to be the lack of specific business skills, the less extensive social network, and the lack of identification patterns among women. Those differences can be explained by the fact that women still have fewer opportunities to make a career. If this is correct, we can predict an increasing proportion of women among entrepreneurs in the next years. Concerning the development of a favorable environment for developing and enhancing women entrepreneurship activities, our results show the insertion in a network and the role of a model doubtless represent elements determining in the choice to launch an entrepreneurship activity, as well as a precious resource for the success of her company.
Abstract: The aim of this paper is to propose a dynamic integrated approach, based on modularity concept and on the business ecosystem approach, that exploit different eBusiness services for SMEs under an open business network platform. The adoption of this approach enables firms to collaborate locally for delivering the best product/service to the customers as well as globally by accessing international markets, interrelate directly with the customers, create relationships and collaborate with worldwide actors. The paper will be structured as following: We will start by offering an overview of the state of the art of eBusiness platforms among SME of food and tourism firms and then we discuss the main drawbacks that characterize them. The digital business ecosystem approach and the modularity concept will be described as the theoretical ground in which our proposed integrated model is rooted. Finally, the proposed model along with a discussion of the main value creation potentialities it might create for SMEs will be presented.
Abstract: Biodiversity crisis is one of the many crises that
started at the turn of the millennia. Concrete form of expression is
still disputed, but there is a relatively high consensus regarding the
high rate of degradation and the urgent need for action. The strategy
of action outlines a strong economic component, together with the
recognition of market mechanisms as the most effective policies to
protect biodiversity. In this context, biodiversity and ecosystem
services are natural assets that play a key role in economic strategies
and technological development to promote development and
prosperity. Developing and strengthening policies for transition to an
economy based on efficient use of resources is the way forward.
To emphasize the co-viability specific to the connection economyecosystem
services, scientific approach aimed on one hand how to
implement policies for nature conservation and on the other hand, the
concepts underlying the economic expression of ecosystem services-
value, in the context of current technology. Following the analysis of
business opportunities associated with changes in ecosystem services
was concluded that development of market mechanisms for nature
conservation is a trend that is increasingly stronger individualized
within recent years. Although there are still many controversial issues
that have already given rise to an obvious bias, international
organizations and national governments have initiated and
implemented in cooperation or independently such mechanisms.
Consequently, they created the conditions for convergence between
private interests and social interests of nature conservation, so there
are opportunities for ongoing business development which leads,
among other things, the positive effects on biodiversity. Finally,
points out that markets fail to quantify the value of most ecosystem
services. Existing price signals reflect at best, only a proportion of the
total amount corresponding provision of food, water or fuel.
Abstract: Due to the liberalization of countless electricity markets, load forecasting has become crucial to all public utilities for which electricity is a strategic variable. With the goal of contributing to the forecasting process inside public utilities, this paper addresses the issue of applying the Holt-Winters exponential smoothing technique and the time series analysis for forecasting the hourly electricity load curve of the Italian railways. The results of the analysis confirm the accuracy of the two models and therefore the relevance of forecasting inside public utilities.
Abstract: The paper investigates downtrend algorithm and
trading strategy based on chart pattern recognition and technical
analysis in futures market. The proposed chart formation is a pattern
with the lowest low in the middle and one higher low on each side.
The contribution of this paper lies in the reinforcement of statements
about the profitability of momentum trend trading strategies.
Practical benefit of the research is a trading algorithm in falling
markets and back-test analysis in futures markets. When based on
daily data, the algorithm has generated positive results, especially
when the market had downtrend period. Downtrend algorithm can be
applied as a hedge strategy against possible sudden market crashes.
The proposed strategy can be interesting for futures traders, hedge
funds or scientific researchers performing technical or algorithmic
market analysis based on momentum trend trading.
Abstract: This paper examines the factors, which determine
R&D outsourcing behaviour at Japanese firms, from the viewpoints of
transaction cost and strategic management, since the latter half of the
1990s. This study uses empirical analysis, which involves the
application of large-sample data. The principal findings of this paper
are listed below. Firms that belong to a wider corporate group are more
active in executing R&D outsourcing activities. Diversification
strategies such as the expansion of product and sales markets have a
positive effect on the R&D outsourcing behaviour of firms. Moreover,
while quantitative R&D resources have positive influences on R&D
outsourcing, qualitative indices have no effect. These facts suggest
that R&D outsourcing behaviour of Japanese firms are consistent with
the two perspectives of transaction cost and strategic management.
Specifically, a conventional corporate group network plays an
important role in R&D outsourcing behaviour. Firms that execute
R&D outsourcing leverage 'old' networks to construct 'new' networks
and use both networks properly.
Abstract: Nowadays there is a growing environmental concern
and the business communities have slowly started recognising
environmental protection and sustainable utilization of natural
resources into their marketing strategies. This paper discusses the
various Ecolabeling and Certification Systems developed world
over to regulate and introduce Fair Trade in Ornamental Fish
Industry. Ecolabeling and green certification are considered as part
of these strategies implemented partly out of compulsion from the
National and International Regulatory Bodies and Environmental
Movements. All the major markets of ornamental fishes like
European Union, USA and Japan have started putting restrictions on
the trade to impose ecolabeling as a non tariff barrier like the one
imposed on seafood and aqua cultured products. A review was done
on the available Ecolabeling and Green Certification Schemes
available at local, national and international levels for fisheries
including aquaculture and ornamental fish trade and to examine the
success and constraints faced by these schemes during its
implementation. The primary downside of certification is the
multiplicity of ecolabels and cost incurred by applicants for
certification, costs which may in turn be passed on to consumers.
The studies reveal serious inadequacies in a number of ecolabels
and cast doubt on their overall contribution to effective fisheries
management and sustainability. The paper also discusses the
inititive taken in India to develop guidelines for Green Certification
of Fresh water ornamental fishes.
Abstract: Ammonia nitrogen is one of the most hazardous
water pollutants, discharging into water receptors through industrial
effluents. Negative environmental impacts of such chemical species
in hydrosphere include accelerated eutrophication, water toxicity and
harming the aquatics. Natural zeolite clinoptilolite has very high
selectivity & capacity for ammonium cation sorption. It occurs in
high abundances and rich mines of this zeolite exist in different parts
of Iran and thus are available more cheaply and with different sizing.
The aim of this study is to investigate ammonia nitrogen removal
over this natural sorbent from real samples of high polluted
wastewater discharging from a fertilizer producing plant. The
experimental results showed that this natural sorbent without even
any pre treatment system & with the same particle size available in
Iranian markets has still high capability & selectivity in ammonia
nitrogen removal both in batch and continuous tests.
Abstract: New Zealand-s product markets experienced a surge in
import competition beginning from the late 1970-s when its
government began to promote a policy of more open markets. This
study considers how the trade liberalization aspect of the policy may
have influenced unionization and union-organizing success. For
describing the trade liberalization, a model shows how the removal of
import tariffs can lead to countervailing influences upon the union
membership of a domestic firm. The evidence supports the prediction
that union membership has been decreased rather than increased. In
the context of debates concerning globalization, it can be said that the
power of unions has been diminished.
Abstract: The globalization of the Indian economy has thrown a great challenge to the Indian industries in respect of productivity, quality, cost, delivery etc. Achieving success• the global market has required fundamental shift in the way business is conducted and has dramatically affected virtually every aspect of process industry. The internal manufacturing process and supporting infrastructure should be such that it can compete successfully in global markets with better flexibility and delivery. The paper deals with a case study of a reputed process industry, some changes in the process has been suggested, which leads to reduction in labor cost and production cost.
Abstract: The abnormal increase in the number of applications available for download in Android markets is a good indication that they are being reused. However, little is known about their real reusability potential. A considerable amount of these applications is reported as having a poor quality or being malicious. Hence, in this paper, an approach to measure the reusability potential of classes in Android applications is proposed. The approach is not meant specifically for this particular type of applications. Rather, it is intended for Object-Oriented (OO) software systems in general and aims also to provide means to discard the classes of low quality and defect prone applications from being reused directly through inheritance and instantiation. An empirical investigation is conducted to measure and rank the reusability potential of the classes of randomly selected Android applications. The results obtained are thoroughly analyzed in order to understand the extent of this potential and the factors influencing it.
Abstract: This paper has two main ideas. Firstly, it describes Evans and Wurster-s concepts “the trade-off between reach and richness", and relates them to the impact of technology on the virtual markets. Authors Evans and Wurster see the transfer of information as a 'trade'off between richness and reach-. Reach refers to the number of people who share particular information, with Richness ['Rich'] being a more complex concept combining: bandwidth, customization, interactivity, reliability, security and currency. Traditional shopping limits the number of shops the shopper is able to visit due to time and other cost constraints; the time spent traveling consequently leaves the shopper with less time to evaluate the product. The paper concludes that although the Web provides Reach, offering Richness and the sense of community required for creating and sustaining relationships with potential clients could be difficult.
Abstract: One of the major problems in liberalized power
markets is loss allocation. In this paper, a different method for
allocating transmission losses to pool market participants is
proposed. The proposed method is fundamentally based on
decomposition of loss function and current projection concept. The
method has been implemented and tested on several networks and
one sample summarized in the paper. The results show that the
method is comprehensive and fair to allocating the energy losses of a
power market to its participants.
Abstract: The recommendation of the committee on corporate
governance for public companies in Nigeria, that the position of the
CEO be separated from board chair has generated serious debate
among scholars and practitioners. They have questioned the
appropriateness of implementing corporate governance model that is
based on Anglo-Saxon agency problem characterized by dispersed
ownership structure; where markets for corporate control, legal
regulation, and contractual incentives are the key governance
mechanisms. This paper strives to resolve the argument by adopting
an institutional perspective in testing the agency theory on board
duality. The study developed a theoretical and empirical model to
better understand how ownership structure influences agency conflict
and how such affects firm performance. Hence, the study examines
the relationship between CEO duality and firm performance using
two institutional ownership structures – dispersed ownership and
concentrated ownership structures. The empirical results show that
CEO duality is negatively correlated with firm performance in
Nigeria irrespective of the firm-s ownership structure. The findings
give credence to the recommendation of the Peterside Commission
on the need to separate the position of CEO from board chair.
Abstract: Innovational development of regions in Russia is generally faced with the essential influence from federal and local authorities. The organization of effective mechanism of innovation development (and self-development) is impossible without establishment of defined institutional conditions in the analyzed field. Creative utilization of scientific concepts and information should merge, giving rise to continuing innovation and advanced production. The paper presents an analysis of institutional conditions in the field of creation and development of innovation activity infrastructure and transferring of knowledge and skills between different economic agents in Russia. Knowledge is mainly privately owned, developed through R&D investments and incorporated into technology or a product. Innovation infrastructure is a strong concentration mechanism of advanced facilities, which are mainly located inside large agglomerations or city-regions in order to benefit from scale effects in both input markets (human capital, private financial capital) and output markets (higher education services, research services). The empirical results of the paper show that in the presence of more efficient innovation and knowledge transfer and transcoding system and of a more open attitude of economic agents towards innovation, the innovation and knowledge capacity of regional economy is much higher.