Abstract: Recent environmental turbulence including financial
crisis, intensified competitive forces, rapid technological change and
high market turbulence have dramatically changed the current
business climate. The managers firms have to plan and decide what
the best approaches that best fit their firms in order to pursue superior
performance. This research aims to examine the influence of strategic
reasoning and top level managers- individual characteristics on the
effectiveness of organizational improvisation and firm performance.
Given the lack of studies on these relationships in the previous
literature, there is significant contribution to the body of knowledge
as well as for managerial practices. 128 responses from top
management of technology-based companies in Malaysia were used
as a sample. Three hypotheses were examined and the findings
confirm that (a) there is no relationship between intuitive reasoning
and organizational improvisation but there is a link between rational
reasoning and organizational improvisation, (b) top level managers-
individual characteristics as a whole affect organizational
improvisation; and (c) organizational improvisation positively affects
firm performance. The theoretical and managerial implications were
discussed in the conclusions.
Abstract: The move from cash accounting to accrual accounting, or rule-based to principle-based accounting, by many governments is part of an ongoing efforts in promoting a more business-like and performance-focused public sector. Using questionnaire responses from preparers of financial statements of public universities in Malaysia, this study examines the implementation challenges and benefits of principle-based accounting. Results from these responses suggest that most respondents perceived significant costs would be incurred in relation to staff training and recruitment of staffs with relevant technical knowledge. In addition, most respondents also perceived that there will be significant changes in the current accounting system and structure in order to comply with the principle-based accounting requirements. However, most respondents perceived that these changes might not result in significant benefits for management purposes, for example, financial management, budgeting and allocation of resources. Nevertheless, most respondents perceived that principle-based accounting information would facilitate the monitoring function of the board. The general perception is that adoption of principle-based accounting information is not significantly useful than rule-based accounting information is expected to change over time as preparers of the financial statements gradually understand and appreciate the benefits of principle-based accounting information. This infers that the perceived usefulness of different accounting system is a function of familiarity by the preparers.
Abstract: The new institutional Economics helps generalization
and expansion of new classic by adding the institution theories to
Economic. It is clear that the appropriate institution is among the
factors that lead to success in Economic programs.
If the institutional are appropriate, the society will save the source
and when we make use of time to apply the program, there will be
welfare and average revenue product will also increase. In Economy,
one should not expect the real manifestation of Economic programs
only with a model for estimating and predicting rather institutions of
the same purpose and along with production are needed to form the
process of growth and development costs.
In this research, the institution role in transaction costs, financial
markets, distribution of revenue and capital and its influence on the
process of growth and development are investigated so that
handicaps and problems of Iran Economic Institutions can be
recognized. In other words, incapability, non productivity and
ambiguity of the institution in Iran Economic are some of the factors
that handicap Economic growth and development. For example, Iran
government as an important institution while having 20 ministries,83
organizations and 60 years of programming could not go along the
growth and development but why?
Abstract: In Egypt, the concept of Asset Management (AM) is
new; however, the need for applying it has become crucial because
deteriorating or losing an asset is unaffordable in a developing
country like Egypt. Therefore the current study focuses on
educational buildings as one of the most important assets regarding
planning, building, operating and maintenance expenditures. The
main objective of this study is to develop a SAMF for educational
buildings in Egypt. The General Authority for Educational Buildings
(GAEB) was chosen as a case study of the current research as it
represents the biggest governmental organization responsible for
planning, operating and maintaining schools in Egypt. To achieve the
research objective, structured interviews were conducted with senior
managers of GAEB using a pre designed questionnaire to explore the
current practice of AM. Gab analysis technique was applied against
best practices compounded from a vast literature review to identify
gaps between current practices and the desired one. The previous
steps mainly revealed; limited knowledge about strategic asset
management, no clear goals, no training, no real risk plan and lack of
data, technical and financial resources. Based on the findings, a
SAMF for GAEB was introduced and Framework implementation
steps and assessment techniques were explained in detail.
Abstract: We present the induced generalized hybrid
averaging (IGHA) operator. It is a new aggregation operator
that generalizes the hybrid averaging (HA) by using
generalized means and order inducing variables. With this
formulation, we get a wide range of mean operators such as
the induced HA (IHA), the induced hybrid quadratic
averaging (IHQA), the HA, etc. The ordered weighted
averaging (OWA) operator and the weighted average (WA)
are included as special cases of the HA operator. Therefore,
with this generalization we can obtain a wide range of
aggregation operators such as the induced generalized OWA
(IGOWA), the generalized OWA (GOWA), etc. We further
generalize the IGHA operator by using quasi-arithmetic
means. Then, we get the Quasi-IHA operator. Finally, we also
develop an illustrative example of the new approach in a
financial decision making problem. The main advantage of the
IGHA is that it gives a more complete view of the decision
problem to the decision maker because it considers a wide
range of situations depending on the operator used.
Abstract: In today-s world, the efficient utilization of wood
resources comes more and more to the mind of forest owners. It is a
very complex challenge to ensure an efficient harvest of the wood
resources. This is one of the scopes the project “Virtual Forest II"
addresses. Its core is a database with data about forests containing
approximately 260 million trees located in North Rhine-Westphalia
(NRW). Based on this data, tree growth simulations and wood
mobilization simulations can be conducted. This paper focuses on the
latter. It describes a discrete-event-simulation with an attached 3-D
real time visualization which simulates timber harvest using trees
from the database with different crop resources. This simulation can
be displayed in 3-D to show the progress of the wood crop. All the
data gathered during the simulation is presented as a detailed
summary afterwards. This summary includes cost-benefit
calculations and can be compared to those of previous runs to
optimize the financial outcome of the timber harvest by exchanging
crop resources or modifying their parameters.
Abstract: This paper analysis performance of disbursement
procedure of public works project in Thailand. The results of
research were summarised based on contracts, submitted invoice,
inspection dated, copies of disbursement dated between client and
their main contractor and interviewed with persons involved in
central and local government projects during 1994-2008 in Thailand.
The data collection was to investigate the disbursement procedure
related to performance in disbursement during construction period
(Planned duration of contract against Actual execution date in each
month). A graphical presentation of a duration analysis of the
projects illustrated significant disbursement formation in each
project. It was established that the shortage of staff, the financial
stability of clients, bureaucratic, method of disbursement and
economics situation has play major role on performance of
disbursement to their main contractors.
Abstract: In the context of introduction of deregulatory policy measures and subsequent wave of mergers and acquisitions (M&A) in Indian corporate sector since 1991, the present paper attempts to examine the welfare implications of this wave. It is found that M&A do not have any significant impact on consumers- welfare. Instead, consumers- welfare is significantly influenced by exports intensity, imports intensity, advertising intensity, technology related efforts, and past profitability of the firms. While the industries with higher exports orientation or greater product differentiation or better financial performance experience greater loss in consumers- welfare, it is less in the industries with greater competition from imports or better technology. Hence, the wave of M&A in Indian manufacturing sector in the post-liberalization era may not be a matter of serious concern from consumers- welfare point of view. Instead, in many cases, M&A can help the firms in consolidating their business and enhancing competitiveness, and this may benefit the consumers in the form of greater efficiency and lower prices.
Abstract: This study presents energy saving in general-purpose
pumps widely used in industrial applications. Such pumps are
normally driven by a constant-speed electrical motor which in most
applications must support varying load conditions. This is equivalent
to saying the loading conditions mismatch the designed optimal
energy consumption requirements of the intended application thus
resulting in substantial energy losses. In the held experiments it was
indicated that combination of mechanical and electrical speed drives
can contribute to lower energy consumption in the pump without
negatively distorting the required performance indices of a typical
centrifugal pump at substantially lower energy consumption. The
registered energy savings were recorded to be within the 15-40%
margin. It was also indicated that although VSDs are installed at a
cost, the financial burden is balanced against the earnings resulting
from the associated energy savings.
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: The expectation of network performance from the
early days of ARPANET until now has been changed significantly.
Every day, new advancement in technological infrastructure opens
the doors for better quality of service and accordingly level of
perceived quality of network services have been increased over the
time. Nowadays for many applications, late information has no value
or even may result in financial or catastrophic loss, on the other hand,
demands for some level of guarantee in providing and maintaining
quality of service are ever increasing. Based on this history, having a
QoS aware routing system which is able to provide today's required
level of quality of service in the networks and effectively adapt to the
future needs, seems as a key requirement for future Internet. In this
work we have extended the traditional AntNet routing system to
support QoS with multiple metrics such as bandwidth and delay
which is named Q-Net. This novel scalable QoS routing system aims
to provide different types of services in the network simultaneously.
Each type of service can be provided for a period of time in the
network and network nodes do not need to have any previous
knowledge about it. When a type of quality of service is requested,
Q-Net will allocate required resources for the service and will
guarantee QoS requirement of the service, based on target objectives.
Abstract: The growth of open networks created the interest to
commercialise it. The establishment of an electronic business
mechanism must be accompanied by a digital – electronic payment
system to transfer the value of transactions. Financial organizations
are requested to offer a secure e-payment synthesis with equivalent
level of security served in conventional paper-based payment
transactions. PKI, which is functioning as a chain of trust in security
architecture, can enable security services of cryptography to epayments,
in order to take advantage of the wider base either of
customer or of trading partners and the reduction of cost transaction
achieved by the use of Internet channels. The paper addresses the
possibilities and the implementation suggestions of PKI in relevance
to electronic payments by suggesting a framework that should be
followed.
Abstract: Intelligent Transportation System integrates various modern advanced technologies into the ground transportation system, and it will be the goal of urban transport system in the future because of its comprehensive effects. However, it also brings some problems, such as project performance assessment, fairness of benefiting groups, fund management, which are directly related to its operation and implementation. Wuhan has difficulties in organizing transportation because of its nature feature (river and lake), therefore, calling Service of Taxi plays an important role in transportation. This paper researches on calling Service of Taxi in Wuhan, based on quantitative and qualitative analysis. It analyzes its operations management systematically, including business model, finance, usage analysis and users evaluation. As for business model, it is that the government leads the operation at the initial stage, and the third part dominates the operation at the mature stage, which not only eases the pressure of the third part and benefits the spread of the calling service at the initial stage, but also alleviates financial pressure of government and improve the efficiency of the operation at the mature stage. As for finance, it draws that this service will bring heavy financial burden of equipments, but it will be alleviated in the future because of its spread. As for usage analysis, through data comparison, this service can bring some benefits for taxi drivers, and time and spatial distribution of usage have certain features. As for user evaluation, it analyzes using group and the reason why choosing it. At last, according to the analysis above, the paper puts forward the potentials, limitations, and future development strategies for it.
Abstract: Students with high level skills are in demand, especially in scare skill environments. If universities wish to be successful and competitive, its students need to be adequately equipped with the necessary tools. Work Integrated Learning (WIL) is an essential component of the education of a student. The relevance of higher education should be assessed in terms of how it meets the needs of society and the world of work in a global economy. This paper demonstrates how to use Habermas's theory of communicative action to reflect on students- perceptions on their integration in the work environment to achieve social integration and financial justification. Interpretive questionnaires are used to determine the students- view of how they are integrated into society, and contributing to the economy. This paper explores the use of Habermas-s theory of communicative action to give theoretical and methodological guidance for the practice of social findings obtained in this inquiry.
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: In the current context of globalization, accountability has become a key subject of real interest for both, national and international business areas, due to the need for comparability and transparency of the economic situation, so we can speak about the harmonization and convergence of international accounting. The paper presents a qualitative research through content analysis of several reports concerning the roadmap for convergence. First, we develop a conceptual framework for the evolution of standards’ convergence and further we discuss the degree of standards harmonization and convergence between US GAAP and IAS/IFRS as to October 2012. We find that most topics did not follow the expected progress. Furthermore there are still some differences in the long-term project that are in process to be completed and other that were reassessed as a lower priority project.
Abstract: This research is aimed to describe the application of robust regression and its advantages over the least square regression method in analyzing financial data. To do this, relationship between earning per share, book value of equity per share and share price as price model and earning per share, annual change of earning per share and return of stock as return model is discussed using both robust and least square regressions, and finally the outcomes are compared. Comparing the results from the robust regression and the least square regression shows that the former can provide the possibility of a better and more realistic analysis owing to eliminating or reducing the contribution of outliers and influential data. Therefore, robust regression is recommended for getting more precise results in financial data analysis.
Abstract: The history of technology and banking is examined as
it relates to risk and technological determinism. It is proposed that
the services that banks offer are determined by technology and that
banks must adopt new technologies to be competitive. The adoption
of technologies paradoxically forces the adoption of other new
technologies to protect the bank from the increased risk of
technology. This cycle will lead to bank examiners and regulators to
focus on human behavior, not on the ever changing technology.
Abstract: In this paper, we combine a probabilistic neural method with radial-bias functions in order to construct the lithofacies of the wells DF01, DF02 and DF03 situated in the Triassic province of Algeria (Sahara). Lithofacies is a crucial problem in reservoir characterization. Our objective is to facilitate the experts' work in geological domain and to allow them to obtain quickly the structure and the nature of lands around the drilling. This study intends to design a tool that helps automatic deduction from numerical data. We used a probabilistic formalism to enhance the classification process initiated by a Self-Organized Map procedure. Our system gives lithofacies, from well-log data, of the concerned reservoir wells in an aspect easy to read by a geology expert who identifies the potential for oil production at a given source and so forms the basis for estimating the financial returns and economic benefits.
Abstract: The objective of this study is to propose a statistical
modeling method which enables simultaneous term structure
estimation of the risk-free interest rate, hazard and loss given default,
incorporating the characteristics of the bond issuing company such as
credit rating and financial information. A reduced form model is used
for this purpose. Statistical techniques such as spline estimation and
Bayesian information criterion are employed for parameter estimation
and model selection. An empirical analysis is conducted using the
information on the Japanese bond market data. Results of the
empirical analysis confirm the usefulness of the proposed method.