Abstract: Reduction of energy consumption in built
infrastructure, through the installation of energy-efficient
technologies, is a major approach to achieving sustainability. In
practice, the viability of energy efficiency projects strongly depends
on the cost reimbursement and profitability. These projects are
subject to failure if the actual cost savings do not reimburse the
project cost promptly. In such cases, refinancing could be a solution
to benefit from the long-term returns of the project, if implemented
wisely. However, very little is still known about the effect of
refinancing options on financial performance of energy efficiency
projects. In order to fill this gap, the present study investigates the
financial behavior of energy efficiency projects with focus on
refinancing options, such as Leveraged Loans. A System Dynamics
(SD) model is introduced, and the model application is presented
using an actual case-study data. The case study results indicate that
while high-interest start-ups make using Leveraged Loan inevitable,
refinancing can rescue the project and bring about profitability. This
paper also presents some managerial implications of refinancing
energy efficiency projects based on the case-study analysis. Results
of this study help to implement financially viable energy efficiency
projects so that the community could benefit from their
environmental advantages widely.
Abstract: Highly developed technology and highly competitive
global market highlight the important role of competitive advantages
and operation performances in sustainable company operation.
Activity-Based Costing (ABC) provides accurate operation cost and
operation performance information. Rich literatures provide relevant
research with cases study on Activity-Based Costing application, but
the research on cause relationship between key success factors and its
specific outcome, such as profitability or share market are few. These
relationships provide the ways to handle the key success factors to
achieve the specific outcomes for ensuring to promote the competitive
advantages and operation performances. The main purposes of this
research are exploring the key success paths by Key Success Paths
approach which will lead the ways to apply Activity-Base Costing.
The Key Success Paths is the innovative method which is exploring
the cause relationships and explaining what are the effects of key
success factors to specific outcomes of Activity-Based Costing
implementation. The cause relationships between key success factors
and successful specific outcomes are Key Success Paths (KSPs). KSPs
are the guidelines to lead the cost management strategies to achieve the
goals of competitive advantages and operation performances. The
research findings indicate that good management system design may
affect the well outcomes of Activity-Based Costing application and
achieve to outstanding competitive advantage, operating performance
and profitability as well by KSPs exploration.
Abstract: This paper is concerned with the ways in which
Assisted Reproductive Technologies (ARTs) affect women’s lives
and perceptions regarding their infertility, contraception and
reproductive health. The paper is based on a qualitative feminist
survey study to explore and analyze issues arising from the use of
ARTs by women in New Delhi, the capital of India. A rapid growth in
the number of fertility clinics has been noticed recently. A critical
analysis of interviews revealed that these technologies are used and
developed for making profits at the cost of women’s lives. In this
way, these technologies are influencing and changing the traditional
patterns of motherhood requiring a rethinking about new ways of
reproduction introduced through the use of ARTs.
Abstract: The customers use the best compromise criterion
between price and quality of service (QoS) to select or change
their Service Provider (SP). The SPs share the same market and
are competing to attract more customers to gain more profit. Due
to the divergence of SPs interests, we believe that this situation is a
non-cooperative game of price and QoS. The game converges to an
equilibrium position known Nash Equilibrium (NE). In this work, we
formulate a game theoretic framework for the dynamical behaviors
of SPs. We use Genetic Algorithms (GAs) to find the price and
QoS strategies that maximize the profit for each SP and illustrate
the corresponding strategy in NE. In order to quantify how this NE
point is performant, we perform a detailed analysis of the price of
anarchy induced by the NE solution. Finally, we provide an extensive
numerical study to point out the importance of considering price and
QoS as a joint decision parameter.
Abstract: Experience is what makes a man perfect. Though we
tend to learn many a different things in life through practice still we
need to go an extra mile to gain experience which would be profitable
only when it is integrated with regular practice. A clear phenomenal
idea is that every teacher is a learner. The centralized idea of this paper would focus on the integrated
practices carried out among the students of Jizan University which
enhances learning through experiences. Integrated practices like
student-directed activities, balanced curriculum, phonological based
activities and use of consistent language would enlarge the vision and
mission of students to earn experience through learning. Students
who receive explicit instruction and guidance could practice the skills
and strategies through student-directed activities such as peer tutoring
and cooperative learning. The second effective practice is to use
consistent language. Consistent language provides students a model
for talking about the new concepts which also enables them to
communicate without hindrances. Phonological awareness is an
important early reading skill for all students. Students generally have
phonemic awareness in their home language can often transfer that
knowledge to a second language. And also a balanced curriculum
requires instruction in all the elements of reading. Reading is the
most effective skill when both basic and higher-order skills are
included on a daily basis. Computer based reading and listening skills
will empower students to understand language in a better way.
English language learners can benefit from sound reading instruction
even before they are fully proficient in English as long as the
instruction is comprehensible. Thus, if students have to be well
equipped in learning they should foreground themselves in various
integrated practices through multifarious experience for which
teachers are moderators and trainers. This type of learning prepares
the students for a constantly changing society which helps them to
meet the competitive world around them for better employability
fulfilling the vision and mission of the institution.
Abstract: The article includes the results and conclusions from
empirical researches that had been done. The research focuses on the
impact of investments made in small and medium-sized enterprises
financed from EU funds on the competitiveness of these companies.
The researches includes financial results in sales revenue and net
income, expenses, and many other new products/services on offer,
higher quality products and services, more modern methods of
production, innovation in management processes, increase in the
number of customers, increase in market share, increase in
profitability of production and provision of services. The main
conclusions are that, companies with direct investments under this
measure shall apply the modern methods of production. The
consequence of this is to increase the quality of our products and
services. Furthermore, both small and medium-sized enterprises have
introduced new products and services. Investments were carried out,
thus enabling better work organization in enterprises. Entrepreneurs
would guarantee higher quality of service, which would result in
better relationships with their customers, what is more, noting the rise
in number of clients. More than half of the companies indicated that
the investments contributed to the increase in market share. Same
thing as for market reach and brand recognition of particular
company. An interesting finding is that, investments in small
enterprises were more effective than medium-sized enterprises.
Abstract: In the last decade the emergence of new social needs
as an effect of the economic crisis has stimulated the flourishing of
business endeavours characterised by explicit social goals. Social
start-ups, social enterprises or Corporate Social Responsibility
operations carried out by traditional companies are quintessential
examples in this regard. This paper analyses these kinds of initiatives
in order to discover the main characteristics of social business models
and to provide insights to social entrepreneurs for developing or
improving their strategies. The research is conducted through the
integration of literature review and case study analysis and, thanks to
the recognition of the importance of both profits and social impacts
as the key success factors for a social business model, proposes a
framework for identifying indicators suitable for measuring the social
impacts generated.
Abstract: The research explores the relationship between
management responsibility and corporate governance of listed
companies in Kazakhstan. This research employs firm level data of
selected listed non-financial firms and firm level data “operational”
financial sector, consisted from banking sector, insurance companies
and accumulated pension funds using multivariate regression analysis
under fixed effect model approach. Ownership structure includes
institutional ownership, managerial ownership and private investor’s
ownership. Management responsibility of the firm is expressed by the
decision of the firm on amount of leverage. Results of the cross
sectional panel study for non-financial firms showed that only
institutional shareholding is significantly negatively correlated with
debt to equity ratio. Findings from “operational” financial sector
show that leverage is significantly affected only by the CEO/Chair
duality and the size of financial institutions, and insignificantly
affected by ownership structure. Also, the findings show, that there is
a significant negative relationship between profitability and the debt
to equity ratio for non-financial firms, which is consistent with
pecking order theory. Generally, the found results suggest that
corporate governance and a management responsibility play
important role in corporate performance of listed firms in
Kazakhstan.
Abstract: Construction industry plays a vital role in the
economy of the world. However, due to high uncertainty and
variability in the industry, its performance is not as efficient in terms
of quality, lead times, productivity and costs as of other industries.
Moreover, there are continuous conflicts among the different actors
in the construction supply chains in terms of profit sharing. Previous
studies suggested partnership as an important approach to promote
cooperation among the different actors in the construction supply
chains and thereby it improves the overall performance. Construction
practitioners tried to focus on partnership which can enhance the
performance of construction supply chains but they are not fully
aware of different approaches and techniques for improving
partnership. In this research, a systematic review on partnership in
relation to construction supply chains is carried out to understand
different elements influencing the partnership. The research
development of this domain is analyzed by reviewing selected
articles published from 1996 to 2015. Based on the papers, three
major elements influencing partnership in construction supply chains
are identified: ‘Lean approach’, ‘Relationship building’ and ‘E-commerce
applications’. This study analyses the contributions in the
areas within each element and provides suggestions for future
developments of partnership in construction supply chains.
Abstract: In this work, we attempt to associate firm
characteristics with innovative activity. We collect microdata from
listed firms of selected Eurozone Country-members, after the
beginning of 2007 financial crisis. The following literature, several
indicators of growth and performance were selected and tested for
their ability to interpret innovative activity. The main scope is to
examine the possible differences in performance and growth between
innovative and non-innovative firms, during a severe recession.
Additionally to that, a special focus will be held on whether
macroeconomic performance and national innovation system,
determines the extent of innovators' performance. Preliminary
findings, through correlation matrices and non-parametric tests,
strongly indicate the positive relation between innovative activity and
most of the measures used (profitability, size, employment),
confirming that even during a recessionary period, innovative firms
not only survive but also seem to succeed better economic results in
almost all indexes relative to non-innovative. However, even though
innovators seem to perform better in all economies examined, the
extent of that performance seems to be strongly affected by the
supportive mechanisms (financial and structural) that their country
provides. Thus, it is clear, that the technologically intensive 'gap'
between European South and North, during the economic crisis,
became chaotic, due to the harsh austerity measures and reduced
budgets in those countries, even in sectors with high potentials in
economic activity and employment, impairing the effects of crisis and
enhancing the vicious circle of recession.
Abstract: The paper identifies the features of Polish sports clubs
in the particular organizational forms: profit and nonprofit.
Identification and description of these features is carried out in terms
of financial efficiency of the given organizational form. Under the
terms of the efficiency the research allows you to specify the
advantages of particular organizational sports club form and the
following limitations. Paper considers features of sports clubs in
range of Polish conditions as legal regulations. The sources of the
functioning efficiency of sports clubs may lie in the organizational
forms in which they operate. Each of the available forms can be
considered either a for-profit or nonprofit enterprise. Depending on
this classification there are different capabilities of increasing
organizational and financial efficiency of a given sports club. Authors
start with general classification and difference between for-profit and
non-profit sport clubs. Next identifies specific financial and
organizational conditions of both organizational form and then show
examples of mixed activity forms and their efficiency effect.
Abstract: In order to achieve high data rate and increase the
spectral efficiency, multiple input multiple output (MIMO) system has
been proposed. However, multiple antennas are limited by size and
cost. Therefore, recently developed cooperative diversity scheme,
which profits the transmit diversity only with the existing hardware by
constituting a virtual antenna array, can be a solution. However, most
of the introduced cooperative techniques have a common fault of
decreased transmission rate because the destination should receive the
decodable compositions of symbols from the source and the relay. In
this paper, we propose a cooperative cyclic delay diversity (CDD)
scheme that use hierarchical modulation. This scheme is free from the
rate loss and allows seamless cooperative communication.
Abstract: The objective of this study was to evaluate the
effects of calving season on the production and economic efficiency
of dairy farms in Egypt. Our study was performed at dairy
production farms in the Alexandria, Behera, and Kafr El-Sheikh
provinces of Egypt from summer 2010 to winter 2013. The
randomly selected dairy farms had herds consisting of Baladi,
Holstein-Friesian, or cross-bred (Baladi × Holstein-Friesian) cows.
The data were collected from production records and responses to a
structured questionnaire. The average total return differed
significantly (P < 0.05) between the different cattle breeds and
calving seasons. The average total return was highest for the
Holstein- Friesian cows that calved in the winter (29106.42
EGP/cow/year), and it was lowest for Baladi cows that calved in the
summer (12489.79 EGP/cow/year). Differences in total returns
between the cows that calved in the winter or summer or between
the foreign and native breeds, as well as variations in calf prices,
might have contributed to the differences in milk yield. The average
net profit per cow differed significantly (P < 0.05) between the cattle
breeds and calving seasons. The average net profit values for the
Baladi cows that calved in the winter or summer were 2413 and
2994.96 EGP/cow/year, respectively, and those for the Holstein-
Friesian cows were 10744.17 and 7860.56 EGP/cow/year,
respectively, whereas those for the cross-bred cows were 10174.86
and 7571.33 EGP/cow/year, respectively. The variations in net profit
might have resulted from variation in the availability or price of feed
materials, milk prices, or sales volumes. Our results show that the
breed and calving season of dairy cows significantly affected the
economic efficiency of dairy farms in Egypt. The cows that calved
in the winter produced more milk than those that calved in the
summer, which may have been the result of seasonal influences,
such as temperature, humidity, management practices, and the type
of feed or green fodder available.
Abstract: We apply the non-parametric, unconditional,
hyperbolic order-α quantile estimator to appraise the relative
efficiency of Microfinance Institutions in Africa in terms of outreach.
Our purpose is to verify if these institutions, which must constantly
try to strike a compromise between their social role and financial
sustainability are operationally efficient.
Using data on African MFIs extracted from the Microfinance
Information eXchange (MIX) database and covering the 2004 to
2006 periods, we find that more efficient MFIs are also the most
profitable. This result is in line with the view that social performance
is not in contradiction with the pursuit of excellent financial
performance. Our results also show that large MFIs in terms of asset
and those charging the highest fees are not necessarily the most
efficient.
Abstract: A knowledge base stores facts and rules about the
world that applications can use for the purpose of reasoning. By
applying the concept of granular computing to a knowledge base,
several advantages emerge. These can be harnessed by applications
to improve their capabilities and performance. In this paper, the
concept behind such a construct, called a granular knowledge cube,
is defined, and its intended use as an instrument that manages to
cope with different data types and detect knowledge domains is
elaborated. Furthermore, the underlying architecture, consisting of the
three layers of the storing, representing, and structuring of knowledge,
is described. Finally, benefits as well as challenges of deploying it
are listed alongside application types that could profit from having
such an enhanced knowledge base.
Abstract: Supply chains are the backbone of trade and
commerce. Their logistics use different transport corridors on regular
basis for operational purpose. The international supply chain
transport corridors include different infrastructure elements (e.g.
weighbridge, package handling equipments, border clearance
authorities, and so on). This paper presents the use of multi-agent
systems (MAS) to model and simulate some aspects of transportation
corridors, and in particular the area of weighbridge resource
optimization for operational profit. An underlying multi-agent model
provides a means of modeling the relationships among stakeholders
in order to enable coordination in a transport corridor environment.
Simulations of the costs of container unloading, reloading, and
waiting time for queuing up tracks have been carried out using data
sets. Results of the simulation provide the potential guidance in
making decisions about optimal service resource allocation in a trade
corridor.
Abstract: Past literature on business incubators distinguished incubators based on their mission statements. However, more and more mission statements become a slogan rather than a reality. It is therefore more appropriate to identify business incubators based on their real activities, rather than the missions they declared. With a sample of technology business incubators (TBIs) in China, we try to investigate business incubators’ real activities by examining the incubation efficiency along the following five dimensions, i.e., survival of new ventures, technology transfer, local economic growth, job creation, and profit generation. Furthermore, we identified six types of business incubators. The results indicate that generally Chinese TBIs have a greater preference for acquiring profits over other dimensions.
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: 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: Agro-industry is one of major industries that have
strong impacts on national economic incomes, growth, stability, and
sustainable development. Moreover, this industry also has strong
influences on social, cultural and political issues. Furthermore, this
industry, as producing primary and secondary products, is facing
challenges from such diverse factors such as demand inconsistency,
intense international competition, technological advancements and
new competitors. In order to maintain and to improve industry’s
competitiveness in both domestics and international markets, science
and technology are key factors. Besides hard sciences and
technologies, modern industrial engineering concepts such as Just in
Time (JIT) Total Quality Management (TQM), Quick Response
(QR), Supply Chain Management (SCM) and Lean can be very
effective to support to increase efficiency and effectiveness of these
agricultural products on world stage. Onion is one of Thailand’s
major export products which bring back national incomes. But, it is
also facing challenges in many ways. This paper focused its interests
in onion packing process and its related activities such as storage and
shipment from one of major packing plant and storage in Mae Wang
District, Chiang Mai, Thailand, by applying Toyota Production
System (TPS) or Lean concepts, to improve process capability
throughout the entire packing and distribution process which will be
profitable for the whole onion supply chain. And it will be beneficial
to other related agricultural products in Thailand and other ASEAN
countries.