Abstract: The construction sector constitutes one of the most important sectors in the economy of any country. Contractor selection is a critical decision that is undertaken by client organizations and is central to the success of any construction project. Contractor selection (CS) is a process which involves investigating, screening and determining whether candidate contractors have the technical and financial capability to be accepted to formally tender for construction work. The process should be conducted prior to the award of contract, characterized by many factors such as: contactor’s skills, experience on similar projects, track- record in the industry, and financial stability. However, this paper evaluates the current state of knowledge in relation to contractor selection process and demonstrates the findings from the analysis of the data collected from the Delphi questionnaire survey. The survey was conducted with a group of 12 experts working in the Libyan construction industry (LCI). The paper starts by briefly explaining the general outline of the questionnaire including the survey participation rate, the different fields the experts came from, and the business titles of the participants. Then the paper describes the tests used to determine when the experts had reached consensus. The paper is based on research which aims to develop rank contractor selection criteria with specific application to make construction projects in the Libyan context. The findings of this study will be utilized to establish the scope of work that will be used as part of a PhD research.
Abstract: The construction industry is a very dynamic field. Every day new technologies and methods are developed to fasten the process and increase its efficiency. Hence, if a project uses fewer resources it will be more efficient.
This paper examines the recycling of concrete construction and demolition (C&D) waste to reuse it as aggregates in on-site applications for construction projects in Egypt and possibly in the Middle East. The study focuses on a stationary plant setting. The machinery set-up used in the plant is analyzed technically and financially.
The findings are gathered and grouped to obtain a comprehensive cost-benefit financial model to demonstrate the feasibility of establishing and operating a concrete recycling plant. Furthermore, a detailed business plan including the time and hierarchy is proposed.
Abstract: Working capital is identified as firm’s all current assets. Inventories which are one of the working capital elements are very important among current assets for firms. Because, profitability is an indicator for firms’ financial success is provided with minimum cost and optimum inventory quantity. So in this study, it is investigated as comparatively that the effect of inventory management on the profitability of Turkish firms which operated in weaving industry, eatables industry, wholesale and retail industry in between 2003 – 2012 years. Research data consist of profitability ratios and inventory turnovers ratio calculated by using balance sheets and income statements of firms which operated in Borsa Istanbul (BIST). In this research, the relationship between inventories and profitability is investigated by using SPSS-20 software with regression and correlation analysis. The results achieved from three industry departments which exist in study interpreted as comparatively. Accordingly, it is determined that there is a positive relationship between inventory management and profitability in eatables industry. However, it was founded that there is no relationship between inventory management and profitability in weaving industry and wholesale and retail industry.
Abstract: Third-party warehousing logistics has an important role in the development of external logistics. At present, the third-party logistics in our country is still a new industry, the accounting system has not yet been established, the current financial accounting system of third-party warehousing logistics is mainly in the traditional way of thinking, and only able to provide the total cost information of the entire enterprise during the accounting period, unable to reflect operating indirect cost information. In order to solve the problem of third-party logistics industry cost information distortion, improve the level of logistics cost management, the paper combines theoretical research and case analysis method to reflect cost allocation by building third-party logistics costing model using Time-Driven Activity-Based Costing(TDABC), and takes S company as an example to account and control the warehousing logistics cost.Based on the idea of “Products consume activities and activities consume resources”, TDABC put time into the main cost driver and use time-consuming equation resources assigned to cost objects. In S company, the objects focuses on three warehouse, engaged with warehousing and transportation (the second warehouse, transport point) service. These three warehouse respectively including five departments, Business Unit, Production Unit, Settlement Center, Security Department and Equipment Division, the activities in these departments are classified by in-out of storage forecast, in-out of storage or transit and safekeeping work. By computing capacity cost rate, building the time-consuming equation, the paper calculates the final operation cost so as to reveal the real cost.The numerical analysis results show that the TDABC can accurately reflect the cost allocation of service customers and reveal the spare capacity cost of resource center, verifies the feasibility and validity of TDABC in third-party logistics industry cost accounting. It inspires enterprises focus on customer relationship management and reduces idle cost to strengthen the cost management of third-party logistics enterprises.
Abstract: The research studied and examined the
competitiveness of the animation industry in Thailand. Data were
collected based on articles, related reports and websites, news,
research, and interviews of key persons from both public and private
sectors. The diamond model was used to analyze the study. The
major factor driving the Thai animation industry forward includes a
quality workforce, their creativity and strong associations. However,
discontinuity in government support, infrastructure, marketing, IP
creation and financial constraints were factors keeping the Thai
animation industry less competitive in the global market.
Abstract: The purpose of the present work is to review some
data for the management challenges that the aquaculture industry in
Greece is currently facing. The results indicate that Greek
aquaculture fish farms apply Human Resources Management (HRM)
practices which can increase motivation, commitment and job
satisfaction of their personnel. In turn, these practices can increase
the productivity of the business. The Greek fish farms appear to
invest in research and technological innovation with a good record in
research activities and the generation of patents. Interestingly, the
results of the present work were carried out during the period of the
recent economic crisis in Greece. Several sectors of the Greek
economy were severely affected by the financial problems of the
Greek government and the Greek banks. Under the adverse
economical conditions created by the Greek economic crisis, even the
Greek aquaculture industry, which historically is considered as a
thriving national exporting business sector, experienced harsh
economic and market conditions. As a result of the global, European
and national economic crisis, consumption of fish dropped while
companies had to hold most of their stocked fish in order to regulated
the flow to the market and the price. This occurred at a time where
Banks in Greece had their own financial crisis – banking crisis -
which resulted in limited access to lending for the all business sectors
of the national economy including the Greek aquaculture industry. In
spite of these economic conditions, the Greek aquaculture industry,
after a series of mergers and acquisitions, has now stabilized
production and exhibits very good prospects for future growth.
Evidently, the firms had to cut salaries and on some occasions even
pay their staff in arrears. Nevertheless, the results presented in this
paper indicate that during the economic crisis, the surveyed fish
farms maintained their HRM practices, investing in their human
capital and technological input. In fact, human capital and
technological input are the ticket for future success of companies in
any business sector.
Abstract: In this study, attempt has been made to investigate the
relationship specifically the causal relation between fund unit prices
of Islamic equity unit trust fund which measure by fund NAV and the
selected macro-economic variables of Malaysian economy by using
VECM causality test and Granger causality test. Monthly data has
been used from Jan, 2006 to Dec, 2012 for all the variables. The
findings of the study showed that industrial production index,
political election and financial crisis are the only variables having
unidirectional causal relationship with fund unit price. However the
global oil price is having bidirectional causality with fund NAV.
Thus, it is concluded that the equity unit trust fund industry in
Malaysia is an inefficient market with respect to the industrial
production index, global oil prices, political election and financial
crisis. However the market is approaching towards informational
efficiency at least with respect to four macroeconomic variables,
treasury bill rate, money supply, foreign exchange rate, and
corruption index.
Abstract: The final energy use can be divided mainly in four sectors: commercial, industrial, residential, and transportation. The trend in final energy consumption by sector plays as a most straightforward way to provide a wide indication of progress for reducing energy consumption and associated environmental impacts by different end use sectors. The average share of end use energy for residential sector in the world was nearly 20% until 2011, in Germany a higher proportion is between 25% and 30%. However, it remains less studied than energy use in other three sectors as well its impacts on climate and environment. The reason for this involves a wide range of fields, including the diversity of residential construction like different housing building design and materials, living or energy using behavioral patterns, climatic condition and variation as well other social obstacles, market trend potential and financial support from government.
This paper presents an extensive and in-depth analysis of the manner by which projects researched and operated by authors in the fields of energy efficiency primarily from the perspectives of both technical potential and initiative energy saving consciousness in the residential sectors especially in social housing buildings.
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: 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: MSMEs are regarded as the sunrise sector of the
Indian economy in view of its large potential for growth and likely
socio economic impact specifically on employment and income
generation. In today’s competitive business environment, global
competition forces companies to continuously seek ways of
improving their products and services. The pressure on organizations
to adapt to new technologies and external threats requires
resourcefulness, creativity and innovation. Market has become more
open, competitive and customers more demanding. Without
continuous technology innovation, no organization can ever remain
competitive. Innovations reflect a critical way in which organizations
respond to either technological or market challenges. The need of the
market is to deliver high quality products through continuous
changing in features in product, improve existing products, reduce
their cost, and improve employee skills, training, technology
infrastructure and financial policies. Therefore, the key factor of
organization’s ability to change is innovation. The study presents a
detailed review of literature on the role of technology innovation in
improving manufacturing performance of industries.
Abstract: The building sector is responsible, in many
industrialized countries, for about 40% of the total energy
requirements, so it seems necessary to devote some efforts in this
area in order to achieve a significant reduction of energy
consumption and of greenhouse gases emissions.
The paper presents a study aiming at providing a design
methodology able to identify the best configuration of the system
building/plant, from a technical, economic and environmentally point
of view.
Normally, the classical approach involves a building's energy
loads analysis under steady state conditions, and subsequent selection
of measures aimed at improving the energy performance, based on
previous experience made by architects and engineers in the design
team. Instead, the proposed approach uses a sequence of two wellknown
scientifically validated calculation methods (TRNSYS and
RETScreen), that allow quite a detailed feasibility analysis.
To assess the validity of the calculation model, an existing,
historical building in Central Italy, that will be the object of
restoration and preservative redevelopment, was selected as a casestudy.
The building is made of a basement and three floors, with a
total floor area of about 3,000 square meters.
The first step has been the determination of the heating and
cooling energy loads of the building in a dynamic regime by means,
which allows simulating the real energy needs of the building in
function of its use. Traditional methodologies, based as they are on
steady-state conditions, cannot faithfully reproduce the effects of
varying climatic conditions and of inertial properties of the structure.
With this model is possible to obtain quite accurate and reliable
results that allow identifying effective combinations building-HVAC
system.
The second step has consisted of using output data obtained as
input to the calculation model, which enables to compare different
system configurations from the energy, environmental and financial
point of view, with an analysis of investment, and operation and
maintenance costs, so allowing determining the economic benefit of
possible interventions.
The classical methodology often leads to the choice of
conventional plant systems, while our calculation model provides a
financial-economic assessment for innovative energy systems and
low environmental impact.
Computational analysis can help in the design phase, particularly
in the case of complex structures with centralized plant systems, by
comparing the data returned by the calculation model for different
design options.
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 biodegradable family of polymers
polyhydroxyalkanoates is an interesting substitute for convectional
fossil-based plastics. However, the manufacturing and environmental
impacts associated with their production via intracellular bacterial
fermentation are strongly dependent on the raw material used and on
energy consumption during the extraction process, limiting their
potential for commercialization. Industrial wastewater is studied in
this paper as a promising alternative feedstock for waste valorization.
Based on results from laboratory and pilot-scale experiments, a
conceptual process design, techno-economic analysis and life cycle
assessment are developed for the large-scale production of the most
common type of polyhydroxyalkanoate, polyhydroxbutyrate.
Intracellular polyhydroxybutyrate is obtained via fermentation of
microbial community present in industrial wastewater and the
downstream processing is based on chemical digestion with
surfactant and hypochlorite. The economic potential and
environmental performance results help identifying bottlenecks and
best opportunities to scale-up the process prior to industrial
implementation. The outcome of this research indicates that the
fermentation of wastewater towards PHB presents advantages
compared to traditional PHAs production from sugars because the
null environmental burdens and financial costs of the raw material in
the bioplastic production process. Nevertheless, process optimization
is still required to compete with the petrochemicals counterparts.
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 paper seeks to assess the implications of
insurance to foreign direct investment inflow in Nigeria. Multiple
linear regression technique and correlation matrix test were employed
to measure the extent to which foreign direct investment was
influenced. The result showed that insurance premium (IP), asset size
of insurance industry (AS), and total investment of the industry (TI)
impacted significantly and positively on foreign direct investment
inflow in Nigeria. There should be effective risk transfer mechanism
and financial intermediation, which gives the investor confidence in
the risk management strength of the host country.
Abstract: In this talk, we introduce a newly developed quantile
function model that can be used for estimating conditional
distributions of financial returns and for obtaining multi-step ahead
out-of-sample predictive distributions of financial returns. Since we
forecast the whole conditional distributions, any predictive quantity
of interest about the future financial returns can be obtained simply
as a by-product of the method. We also show an application of the
model to the daily closing prices of Dow Jones Industrial Average
(DJIA) series over the period from 2 January 2004 - 8 October 2010.
We obtained the predictive distributions up to 15 days ahead for
the DJIA returns, which were further compared with the actually
observed returns and those predicted from an AR-GARCH model.
The results show that the new model can capture the main features
of financial returns and provide a better fitted model together with
improved mean forecasts compared with conventional methods. We
hope this talk will help audience to see that this new model has the
potential to be very useful in practice.
Abstract: Revenue leakages are one of the major challenges
manufacturers face in production processes, as most of the input
materials that should emanate as products from the lines are lost as
waste. Rather than generating income from material input which is
meant to end-up as products, losses are further incurred as costs in
order to manage waste generated. In addition, due to the lack of a
clear view of the flow of resources on the lines from input to output
stage, acquiring information on the true cost of waste generated have
become a challenge. This has therefore given birth to the
conceptualization and implementation of waste minimization
strategies by several manufacturing industries. This paper reviews the
principles and applications of three environmental management
accounting tools namely Activity-based Costing (ABC), Life-Cycle
Assessment (LCA) and Material Flow Cost Accounting (MFCA) in
the manufacturing industry and their effectiveness in curbing revenue
leakages. The paper unveils the strengths and limitations of each of
the tools; beaming a searchlight on the tool that could allow for
optimal resource utilization, transparency in production process as
well as improved cost efficiency. Findings from this review reveal
that MFCA may offer superior advantages with regards to the
provision of more detailed information (both in physical and
monetary terms) on the flow of material inputs throughout the
production process compared to the other environmental accounting
tools. This paper therefore makes a case for the adoption of MFCA as
a viable technique for the identification and reduction of waste in
production processes, and also for effective decision making by
production managers, financial advisors and other relevant
stakeholders.
Abstract: The liberalisation of the education industry has
exposed the institute of higher learning (IHL) in Malaysia to the
financial challenges. Without good financial standing, public
institution will rely on the government funding. Ostensibly, this
contradicts with the government’s aspiration to make universities
self-sufficient. With stiff competition from private institutes of higher
learning, IHL need to be prepared at the forefront level. The
corporate identity itself is the entrance to the world of higher learning
and it is in this uniqueness, it will be able to distinguish itself from
competitors. This paper examined the perception of the stakeholders
at one of the public universities in the east coast region in Malaysia
on the perceived reputation and how the university communicate its
preparedness for self-sustainability through corporate identity. The
findings indicated while the stakeholders embraced the challenges in
facing the stiff competition and struggling market conditions, most of
them felt the university should put more efforts in mobilising the
corporate identity to its constituencies.
Abstract: The purposes of this study were to: 1) investigate
operation conditions of SME automotive part industry in Bangkok
and vicinity and 2) to compare operation problem levels of SME
automotive part industry in Bangkok and vicinity according to the
sizes of the enterprises. Samples in this study included 196
entrepreneurs of SME automotive part industry in Bangkok and
vicinity derived from simple random sampling and calculation from
R. V. Krejcie and D. W. Morgan’s tables. Research statistics included
frequency, percentage, mean, standard deviation, and T-test. The
results revealed that in general the problem levels of SME automotive
part industry in Bangkok and vicinity were high. When considering
in details, it was found that the problem levels were high at every
aspect, i.e. personal, production, export, finance, and marketing
respectively. The comparison of the problem levels according to the
sizes of the enterprises revealed statistically significant differences at
.05. When considering on each aspect, it was found that the aspect
with the statistical difference at .05 included 5 aspects, i.e.
production, marketing, finance, personal, and export. The findings
also showed that small enterprises faced more severe problems than
those of medium enterprises.