The Influence of the Intellectual Capital on the Firms’ Market Value: A Study of Listed Firms in the Tehran Stock Exchange (TSE)

Intellectual capital is one of the most valuable and important parts of the intangible assets of enterprises especially in knowledge-based enterprises. With respect to increasing gap between the market value and the book value of the companies, intellectual capital is one of the components that can be placed in this gap. This paper uses the value added efficiency of the three components, capital employed, human capital and structural capital, to measure the intellectual capital efficiency of Iranian industries groups, listed in the Tehran Stock Exchange (TSE), using a 8 years period data set from 2005 to 2012. In order to analyze the effect of intellectual capital on the market-to-book value ratio of the companies, the data set was divided into 10 industries, Banking, Pharmaceutical, Metals & Mineral Nonmetallic, Food, Computer, Building, Investments, Chemical, Cement and Automotive, and the panel data method was applied to estimating pooled OLS. The results exhibited that value added of capital employed has a positive significant relation with increasing market value in the industries, Banking, Metals & Mineral Nonmetallic, Food, Computer, Chemical and Cement, and also, showed that value added efficiency of structural capital has a positive significant relation with increasing market value in the Banking, Pharmaceutical and Computer industries groups. The results of the value added showed a negative relation with the Banking and Pharmaceutical industries groups and a positive relation with computer and Automotive industries groups. Among the studied industries, computer industry has placed the widest gap between the market value and book value in its intellectual capital.

An Implementation of Multi-Media Applications in Teaching Structural Design to Architectural Students

Teaching methods include lectures, workshops and tutorials for the presentation and discussion of ideas have become out of date; were developed outside the discipline of architecture from the college of engineering and do not satisfy the architectural students’ needs and causes them many difficulties in integrating structure into their design. In an attempt to improve structure teaching methods, this paper focused upon proposing a supportive teaching/learning tool using multi-media applications which seeks to better meet the architecture student’s needs and capabilities and improve the understanding and application of basic and intermediate structural engineering and technology principles. Before introducing the use of multi-media as a supportive teaching tool, a questionnaire was distributed to third year students of a structural design course who were selected as a sample to be surveyed forming a sample of 90 cases. The primary aim of the questionnaire was to identify the students’ learning style and to investigate whether the selected method of teaching could make the teaching and learning process more efficient. Students’ reaction on the use of this method was measured using three key elements indicating that this method is an appropriate teaching method for the nature of the students and the course as well.

The Study of the Mutual Effect of Genotype in Environment by Percent of Oil Criterion in Sunflower

In order to study the Mutual effect of genotype × environment for the percent of oil index in sunflower items, an experiment was accomplished form complete random block designs in four iteration and was four diverse researching station comprising Esfahan, Birjand, Sari, and Karaj. Complex variance analysis showed that there is an important diversity between the items under investigation. The results relevant the coefficient variation of items Azargol and Vidoc has respectively allocated the minimum coefficient of variations. According to the results extrapolated from Shokla stability variance, the Items Brocar, Allison and Fabiola, are among the stable genotypes for oil percent respectively. In the biplot GGE, the location under investigations divided in two superenvironments, first one comprised of locations naming Esfahan, Karaj, and Birjand, and second one were such a location as Sari. By this point of view, in the first super-environment, the Item Fabiola and in the second Almanzor item was among the best items and crops.

The Relationship between Value-Added and Energy Consumption in Iran’s Industry Sector

This study aimed to explore the relationship between energy consumption and value-added in Iran’s industry sector during the time period 1973-2011. Annual data related to energy consumption and value added in the industry sector were used. The results of the study revealed a positive relationship between energy consumption and value-added of the industry sector. Similarly, the results showed that there is one-way causality between energy consumption and value-added in the industry sector.

Nonlinear Analysis of Postural Sway in Multiple Sclerosis

Multiple Sclerosis (MS) is a disease which affects the central nervous system and causes balance problem. In clinical, this disorder is usually evaluated using static posturography. Some linear or nonlinear measures, extracted from the posturographic data (i.e. center of pressure, COP) recorded during a balance test, has been used to analyze postural control of MS patients. In this study, the trend (TREND) and the sample entropy (SampEn), two nonlinear parameters were chosen to investigate their relationships with the expanded disability status scale (EDSS) score. 40 volunteers with different EDSS scores participated in our experiments with eyes open (EO) and closed (EC). TREND and 2 types of SampEn (SampEn1 and SampEn2) were calculated for each combined COP’s position signal. The results have shown that TREND had a weak negative correlation to EDSS while SampEn2 had a strong positive correlation to EDSS. Compared to TREND and SampEn1, SampEn2 showed a better significant correlation to EDSS and an ability to discriminate the MS patients in the EC case. In addition, the outcome of the study suggests that the multi-dimensional nonlinear analysis could provide some information about the impact of disability progression in MS on dynamics of the COP data.

Effects of Four Dietary Oils on Cholesterol and Fatty Acid Composition of Egg Yolk in Layers

Dietary cholesterol has elicited the most public interest as it relates with coronary heart disease. Thus, humans have been paying more attention to health, thereby reducing consumption of cholesterol enriched food. Egg is considered as one of the major sources of human dietary cholesterol. However, an alternative way to reduce the potential cholesterolemic effect of eggs is to modify the fatty acid composition of the yolk. The effect of palm oil (PO), soybean oil (SO), sesame seed oil (SSO) and fish oil (FO) supplementation in the diets of layers on egg yolk fatty acid, cholesterol, egg production and egg quality parameters were evaluated in a 42-day feeding trial. One hundred and five Isa Brown laying hens of 34 weeks of age were randomly distributed into seven groups of five replicates and three birds per replicate in a completely randomized design. Seven corn-soybean basal diets (BD) were formulated: BD+No oil (T1), BD+1.5% PO (T2), BD+1.5% SO (T3), BD+1.5% SSO (T4), BD+1.5% FO (T5), BD+0.75% SO+0.75% FO (T6) and BD+0.75% SSO+0.75% FO (T7). Five eggs were randomly sampled at day 42 from each replicate to assay for the cholesterol, fatty acid profile of egg yolk and egg quality assessment. Results showed that there were no significant (P>0.05) differences observed in production performance, egg cholesterol and egg quality parameters except for yolk height, albumen height, yolk index, egg shape index, haugh unit, and yolk colour. There were no significant differences (P>0.05) observed in total cholesterol, high density lipoprotein and low density lipoprotein levels of egg yolk across the treatments. However, diets had effect (P

The Clinical Use of Ahmed Valve Implant as an Aqueous Shunt for Control of Uveitic Glaucoma in Dogs

Objective: Safety and efficacy of Ahmed glaucoma valve implantation for the management of uveitis induced glaucoma evaluated on the five dogs with uncontrollable glaucoma. Materials and Methods: Ahmed Glaucoma Valve (AGV®; New World Medical, Rancho Cucamonga, CA, USA) is a flow restrictive, nonobstructive self-regulating valve system. Preoperative ocular evaluation included direct ophthalmoscopy and measurement of the intraocular pressure (IOP). The implant was examined and primed prior to implantation. The selected site of the valve implantation was the superior quadrant between the superior and lateral rectus muscles. A fornix-based incision was made through the conjunectiva and Tenon’s capsule. A pocket is formed by blunt dissection of Tenon’s capsule from the episclera. The body of the implant was inserted into the pocket with the leading edge of the device around 8-10 mm from the limbus. Results: No post-operative complications were detected in the operated eyes except a persistent corneal edema occupied the upper half of the cornea in one case. Hyphaema was very mild and seen only in two cases which resolved quickly two days after surgery. Endoscopical evaluation for the operated eyes revealed a normal ocular fundus with clearly visible optic papilla, tapetum and retinal blood vessels. No evidence of hemorrhage, infection, adhesions or retinal abnormalities was detected. Conclusion: Ahmed glaucoma valve is safe and effective implant for treatment of uveitic glaucoma in dogs.

Advanced Manufacturing Technology Adoption in Manufacturing Companies in Kenya

Over the past few decades, manufacturing has evolved from a more labor-intensive set of mechanical processes to a sophisticated set of information based technology processes. With the existence of various advanced manufacturing technologies (AMTs), more and more functions or jobs are performed by these machines instead of human labour. This study was undertaken in order to research the extent of AMTs adoption in manufacturing companies in Kenya. In order to investigate a survey was conducted via questionnaires that were sent to 183 selected AMT manufacturing companies in Kenya. 92 companies responded positively. All the surveyed companies were found to have a measure of investment in at least two of the 14 types of AMTs investigated. In general the company surveyed showed that the level of AMT adoption in Kenya is very low with investments levels at a mean of 2.057 and integration levels at a mean of 1.639 in a scale of 1-5.

Design and Control Algorithms for Power Electronic Converters for EV Applications

The power electronic components within Electric Vehicles (EV) need to operate in several important modes. Some modes directly influence safety, while others influence vehicle performance. Given the variety of functions and operational modes required of the power electronics, it needs to meet efficiency requirements to minimize power losses. Another challenge in the control and construction of such systems is the ability to support bidirectional power flow. This paper considers the construction, operation, and feasibility of available converters for electric vehicles with feasible configurations of electrical buses and loads. This paper describes logic and control signals for the converters for different operations conditions based on the efficiency and energy usage bases.

A Bi-Objective Model to Address Simultaneous Formulation of Project Scheduling and Material Ordering

Concurrent planning of project scheduling and material ordering has been increasingly addressed within last decades as an approach to improve the project execution costs. Therefore, we have taken the problem into consideration in this paper, aiming to maximize schedules quality robustness, in addition to minimize the relevant costs. In this regard, a bi-objective mathematical model is developed to formulate the problem. Moreover, it is possible to utilize the all-unit discount for materials purchasing. The problem is then solved by the E-constraint method, and the Pareto front is obtained for a variety of robustness values. The applicability and efficiency of the proposed model is tested by different numerical instances, finally.

An Integrated Mixed-Integer Programming Model to Address Concurrent Project Scheduling and Material Ordering

Concurrent planning of project scheduling and material ordering can provide more flexibility to the project scheduling problem, as the project execution costs can be enhanced. Hence, the issue has been taken into account in this paper. To do so, a mixed-integer mathematical model is developed which considers the aforementioned flexibility, in addition to the materials quantity discount and space availability restrictions. Moreover, the activities duration has been treated as decision variables. Finally, the efficiency of the proposed model is tested by different instances. Additionally, the influence of the aforementioned parameters is investigated on the model performance.

Investigating the Effect of Refinancing on Financial Behavior of Energy Efficiency Projects

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.

Assessment of the Impact of Regular Pilates Exercises on Static Balance in Healthy Adult Women: Preliminary Report

Background: Maintaining the correct body balance is essential in the prevention of falls in the elderly, which is especially important for women because of postmenopausal osteoporosis and the serious consequences of falls. One of the exercise methods which is very popular among adults, and which may affect body balance in the positive way is the Pilates method. The aim of the study was to evaluate the effect of regular Pilates exercises on the ability to maintain body balance in static conditions in adult healthy women. Material and methods: The study group consisted of 20 healthy women attending Pilates twice a week for at least 1 year. The control group consisted of 20 healthy women physically inactive. Women in the age range from 35 to 50 years old without pain in musculoskeletal system or other pain were only qualified to the groups. Body balance was assessed using MatScan VersaTek platform with Sway Analysis Module based on Matscan Clinical 6.7 software (Tekscan Inc., U.S.A). The balance was evaluated under the following conditions: standing on both feet with eyes open, standing on both feet with eyes closed, one-leg standing (separately on the right and left foot) with eyes open. Each test lasted 30 seconds. The following parameters were calculated: estimated size of the ellipse of 95% confidence, the distance covered by the Center of Gravity (COG), the size of the maximum shift in the sagittal and frontal planes and load distribution between the left and right foot, as well as between rear- and forefoot. Results: It was found that there is significant difference between the groups in favor of the study group in the size of the confidence ellipse and maximum shifts of COG in the sagittal plane during standing on both feet, both with the eyes open and closed (p

Assessment of Influence of Short-Lasting Whole-Body Vibration on Joint Position Sense and Body Balance–A Randomised Masked Study

Introduction: Whole-Body Vibration (WBV) uses high frequency mechanical stimuli generated by a vibration plate and transmitted through bone, muscle and connective tissues to the whole body. Research has shown that long-term vibration-plate training improves neuromuscular facilitation, especially in afferent neural pathways, responsible for the conduction of vibration and proprioceptive stimuli, muscle function, balance and proprioception. Some researchers suggest that the vibration stimulus briefly inhibits the conduction of afferent signals from proprioceptors and can interfere with the maintenance of body balance. The aim of this study was to evaluate the influence of a single set of exercises associated with whole-body vibration on the joint position sense and body balance. Material and methods: The study enrolled 55 people aged 19-24 years. These individuals were randomly divided into a test group (30 persons) and a control group (25 persons). Both groups performed the same set of exercises on a vibration plate. The following vibration parameters: frequency of 20Hz and amplitude of 3mm, were used in the test group. The control group performed exercises on the vibration plate while it was off. All participants were instructed to perform six dynamic exercises lasting 30 seconds each with a 60-second period of rest between them. The exercises involved large muscle groups of the trunk, pelvis and lower limbs. Measurements were carried out before and immediately after exercise. Joint position sense (JPS) was measured in the knee joint for the starting position at 45° in an open kinematic chain. JPS error was measured using a digital inclinometer. Balance was assessed in a standing position with both feet on the ground with the eyes open and closed (each test lasting 30 sec). Balance was assessed using Matscan with FootMat 7.0 SAM software. The surface of the ellipse of confidence and front-back as well as right-left swing were measured to assess balance. Statistical analysis was performed using Statistica 10.0 PL software. Results: There were no significant differences between the groups, both before and after the exercise (p> 0.05). JPS did not change in both the test (10.7° vs. 8.4°) and control groups (9.0° vs. 8.4°). No significant differences were shown in any of the test parameters during balance tests with the eyes open or closed in both the test and control groups (p> 0.05). Conclusions: 1. Deterioration in proprioception or balance was not observed immediately after the vibration stimulus. This suggests that vibrationinduced blockage of proprioceptive stimuli conduction can have only a short-lasting effect that occurs only as long as a vibration stimulus is present. 2. Short-term use of vibration in treatment does not impair proprioception and seems to be safe for patients with proprioceptive impairment. 3. These results need to be supplemented with an assessment of proprioception during the application of vibration stimuli. Additionally, the impact of vibration parameters used in the exercises should be evaluated.

Student Attitude towards Entrepreneurship: A South African and Dutch Comparison

Unemployment among the youth is a significant problem in South Africa. Large corporations and the public sector simply cannot create enough jobs. Too many youths in South Africa currently do not consider entrepreneurship as an option in order to become independent. Unlike the youth of the Netherlands, South African youth prefer to find employment in the public or private sector. The Netherlands has a much lower unemployment rate than South Africa and the Dutch are generally very entrepreneurial. From early on, entrepreneurship is considered a desirable career option in the Netherlands. The purpose of this study was to determine whether there is a difference in the perceptions of some Dutch and South African students in terms of unemployment and entrepreneurship. Questionnaires were distributed to students at the North West University's Vaal Triangle campus in Vanderbijlpark in Gauteng, South Africa and the Technical University of Delft in the Netherlands. A descriptive statistical analysis approach was followed and the means for the independent questions were calculated. The results demonstrate that the Dutch students are not as concerned about unemployment after completion of their studies as this is not as significant a problem as it is in South Africa. Both groups had positive responses towards the posed questions, but the South African group felt more strongly about the issues. Both groups of students felt that there was a need for more practical entrepreneurship training. The South African education system should focus on practical entrepreneurship training from a young age.

Motivational Factors Influencing Women’s Entrepreneurship: A Case Study of Female Entrepreneurship in South Africa

Globally, many women are still disadvantaged when it comes to business opportunities. Entrepreneurship development programs, specifically designed to assist women entrepreneurs, are assisting in solving this problem to a certain extent. The purpose of this study is to identify the factors that motivate females to start their own business. Females, from three different groups (2013, 2014 and 2015), who were all enrolled in a short learning program specifically designed for women in early start-up stage or intending to start a business, were asked what motivated them to start a business. The results indicated that, from all three groups, the majority of the women wanted to start a business to be independent and have freedom and to add towards a social goal. The results further indicated that in general, women would enter into entrepreneurship activity due to pull factors rather than push factors.

Psychological Variables of Sport Participation and Involvement among Student-Athletes of Tertiary Institutions in South-West, Nigeria

This study was conducted to investigate the psychological variables motivating sport participation and involvement among student-athletes of tertiary institutions in southwest Nigeria. One thousand three hundred and fifty (N-1350) studentathletes were randomly selected in all sports from nine tertiary institutions in south-west Nigeria. These tertiary institutions include University of Lagos, Lagos State University, Obafemi Awolowo University, Osun State University, University of Ibadan, University of Agriculture Abeokuta, Federal University of Technology Akungba, University of Ilorin, and Kwara State University. The descriptive survey research method was adopted while a self developed validated Likert type questionnaire named Sport Participation Scale (SPS) was used to elicit opinion from respondents. The test-retest reliability value obtained for the instrument, using Pearson Product Moment Correlation Co-efficient was 0.96. Out of the one thousand three hundred and fifty (N-1350) questionnaire administered, only one thousand two hundred and five (N-1286) were correctly filled, coded and analysed using inferential statistics of Chi-Square (X2) while all the tested hypotheses were set at. 05 alpha level. Based on the findings of this study, the result revealed that several psychological factors influence student athletes to continue participation in sport one which includes love for the game, famous athletes as role model and family support. However, the analysis further revealed that the stipends the student-athletes get from their universities have no influence on their participation and involvement in sport.

Macular Ganglion Cell Inner Plexiform Layer Thinning in Patients with Visual Field Defect that Respects the Vertical Meridian

Background: To compare the thinning patterns of the ganglion cell-inner plexiform layer (GCIPL) and peripapillary retinal nerve fiber layer (pRNFL) as measured using Cirrus high-definition optical coherence tomography (HD-OCT) in patients with visual field (VF) defects that respect the vertical meridian. Methods: Twenty eyes of eleven patients with VF defects that respect the vertical meridian were enrolled retrospectively. The thicknesses of the macular GCIPL and pRNFL were measured using Cirrus HD-OCT. The 5% and 1% thinning area index (TAI) was calculated as the proportion of abnormally thin sectors at the 5% and 1% probability level within the area corresponding to the affected VF. The 5% and 1% TAI were compared between the GCIPL and pRNFL measurements. Results: The color-coded GCIPL deviation map showed a characteristic vertical thinning pattern of the GCIPL, which is also seen in the VF of patients with brain lesions. The 5% and 1% TAI were significantly higher in the GCIPL measurements than in the pRNFL measurements (all P < 0.01). Conclusions: Macular GCIPL analysis clearly visualized a characteristic topographic pattern of retinal ganglion cell (RGC) loss in patients with VF defects that respect the vertical meridian, unlike pRNFL measurements. Macular GCIPL measurements provide more valuable information than pRNFL measurements for detecting the loss of RGCs in patients with retrograde degeneration of the optic nerve fibers.

Value Analysis Dashboard in Supply Chain Management: Real Case Study from Iran

The goal of this paper is proposing a supply chain value dashboard in home appliance manufacturing firms to create more value for all stakeholders via balanced scorecard approach. Balanced scorecard is an effective approach that managers have used to evaluate supply chain performance in many fields but there is a lack of enough attention to all supply chain stakeholders, improving value creation and, defining correlation between value indicators and performance measuring quantitatively. In this research the key stakeholders in home appliance supply chain, value indicators with respect to create more value for stakeholders and the most important metrics to evaluate supply chain value performance based on balanced scorecard approach have been selected via literature review. The most important indicators based on expert’s judgment acquired by in survey focused on creating more value for. Structural equation modelling has been used to disclose relations between value indicators and balanced scorecard metrics. The important result of this research is identifying effective value dashboard to create more value for all stakeholders in supply chain via balanced scorecard approach and based on an empirical study covering ten home appliance manufacturing firms in Iran. Home appliance manufacturing firms can increase their stakeholder's satisfaction by using this value dashboard.

Contention Window Adjustment in IEEE 802.11-Based Industrial Wireless Networks

The use of wireless technology in industrial networks has gained vast attraction in recent years. In this paper, we have thoroughly analyzed the effect of contention window (CW) size on the performance of IEEE 802.11-based industrial wireless networks (IWN), from delay and reliability perspective. Results show that the default values of CWmin, CWmax, and retry limit (RL) are far from the optimum performance due to the industrial application characteristics, including short packet and noisy environment. In this paper, an adaptive CW algorithm (payload-dependent) has been proposed to minimize the average delay. Finally a simple, but effective CW and RL setting has been proposed for industrial applications which outperforms the minimum-average-delay solution from maximum delay and jitter perspective, at the cost of a little higher average delay. Simulation results show an improvement of up to 20%, 25%, and 30% in average delay, maximum delay and jitter respectively.