Abstract: Financial innovations can be regarded as the cause
and the effect of the evolution of the financial system. Most of
financial innovations are created by various financial institutions for
their own purposes and needs. However, due to their diversity,
financial innovations can be also applied by various business entities
(other than financial institutions).
This paper focuses on the potential application of financial
innovations by non-financial companies. It is assumed that financial
innovations may be effectively applied in all fields of corporate
financial decisions integrating financial management with the risk
management process. Appropriate application of financial
innovations may enhance the development of the company and
increase its value by improving its financial situation and reducing
the level of risk. On the other hand, misused financial innovations
may become the source of extra risk for the company threatening its
further operation.
The main objective of the paper is to identify the major types of
financial innovations offered to non-financial companies by the
banking system in Poland. It also aims at identifying the main factors
determining the creation of financial innovations in the banking
system in Poland and indicating future directions of their
development.
This paper consists of conceptual and empirical part. Conceptual
part based on theoretical study is focused on the determinants of the
process of financial innovations and their application by the nonfinancial
companies. Theoretical study is followed by the empirical
research based on the analysis of the actual offer of the 20 biggest
banks operating in Poland with regard to financial innovations
offered to SMEs and large corporations. These innovations are
classified according to the main functions of the integrated financial
management, such as financing, investment, working capital
management and risk management.
Empirical study has proved that the biggest banks operating in the
Polish market offer to their business customers many types and
classes of financial innovations. This offer appears vast and adequate
to the needs and purposes of the Polish non-financial companies. It
was observed that financial innovations pertained to financing
decisions dominate in the banks’ offer. However, due to high
diversification of the offered financial innovations, business
customers may effectively apply them in all fields and areas of
integrated financial management. It should be underlined, that the
banks’ offer is highly dispersed, which may limit the implementation
of financial innovations in the corporate finance. It would be also
recommended for the banks operating in the Polish market to
intensify the education campaign aiming at increasing knowledge
about financial innovations among business customers.
Abstract: The localization information is crucial for the
operation of WSN. There are principally two types of localization
algorithms. The Range-based localization algorithm has strict
requirements on hardware, thus is expensive to be implemented in
practice. The Range-free localization algorithm reduces the hardware
cost. However, it can only achieve high accuracy in ideal scenarios.
In this paper, we locate unknown nodes by incorporating the
advantages of these two types of methods. The proposed algorithm
makes the unknown nodes select the nearest anchor using the
Received Signal Strength Indicator (RSSI) and choose two other
anchors which are the most accurate to achieve the estimated
location. Our algorithm improves the localization accuracy compared
with previous algorithms, which has been demonstrated by the
simulating results.
Abstract: Despite the financial crisis and ongoing need for cost
cutting, companies all around the world heavily invest in Information
Systems (IS) and underlying Information Technology (IT).
Proliferation of governance of enterprise IT helps companies manage,
or rather, governs IS as a primary business function with executive
management involved in making decision about IS and IT. The
business value of IT is raising with the involvement of the executive
management in IT decision making process and quality IT
governance mechanisms in place. In this paper the practice of
governing the enterprise IT will be investigated on a sample of the
largest 100 Croatian companies. Research questions posed here will
reveal if there are some formal IT governance mechanisms, are there
any differences in perceived role of IS and IT between CIOs (Chief
Information Officers) and CEOs (Chief Executive Officers) of the
sampled companies and what are the mechanisms to govern massive
investment in enterprise IT.
Abstract: The aim of study was to analyze the functioning the
new model of criminal corporate responsibility in Poland. The need
to introduce into the Polish legal system liability of corporate
(collective entities) has resulted, among others, from the Polish
Republic's international commitments, in particular related to
membership in the European Union. The study showed that responsibility of collective entities under
the Act has a criminal nature. The main question concerns the ability
of the collective entity to be brought to guilt under criminal law
sense. Polish criminal law knows only the responsibility of individual
persons. So far, guilt as a personal feature of action, based on the
ability of the offender to feel in his psyche, could be considered only
in relation to the individual person, while the said Act destroyed this
conviction. Guilt of collective entity must be proven under at least
one of the three possible forms: the guilt in the selection or
supervision and so called organizational guilt. In addition, research in
article has resolved the issue how the principle of proportionality in
relation to criminal measures in response of collective entities should
be considered. It should be remembered that the legal subjectivity of
collective entities, including their rights and freedoms, is an
emanation of the rights and freedoms of individual persons which
create collective entities and through these entities implement their
rights and freedoms. The whole study was proved that the adopted Act largely reflects
the international legal regulations but also contains the unknown and
original legislative solutions.
Abstract: Wireless Sensor Networks (WSNs) enable new
applications and need non-conventional paradigms for the protocol
because of energy and bandwidth constraints, In WSN, sensor node’s
life is a critical parameter. Research on life extension is based on
Low-Energy Adaptive Clustering Hierarchy (LEACH) scheme,
which rotates Cluster Head (CH) among sensor nodes to distribute
energy consumption over all network nodes. CH selection in WSN
affects network energy efficiency greatly. This study proposes an
improved CH selection for efficient data aggregation in sensor
networks. This new algorithm is based on Bacterial Foraging
Optimization (BFO) incorporated in LEACH.
Abstract: The microstrip antennas area has seen some inventive
work in recent years and is now one of the most dynamic fields of
antenna theory. A novel and simple wideband monopole antenna is
presented printed on a single dielectric substrate which is fed by a 50
ohm microstrip line having a low-profile antenna structure with two
parallel s-shaped meandered line of same size. This antenna is fed by
a coaxial feeding tube. In this research, S–form microstrip patch antenna is designed from
measuring the prototypes of the proposed antenna one available
bands with 10db return loss bandwidths of about GPS application
(GPS L2 1490 MHz) and covering the 1400 to 1580 MHz frequency
band at 1.5 GHz, the simulated results for main parameters such as
return loss, impedance bandwidth, radiation patterns, and gains are
also discussed herein. The modeling study shows that such antennas,
in simplicity design and supply, can satisfy GPS application. Two
parallel slots are incorporated to disturb the surface flow path,
introducing local inductive effect. This antenna is fed by a coaxial
feeding tube.
Abstract: In this paper, we provided a literature survey on the
artificial stock problem (ASM). The paper began by exploring the
complexity of the stock market and the needs for ASM. ASM
aims to investigate the link between individual behaviors (micro
level) and financial market dynamics (macro level). The variety of
patterns at the macro level is a function of the AFM complexity. The
financial market system is a complex system where the relationship
between the micro and macro level cannot be captured analytically.
Computational approaches, such as simulation, are expected to
comprehend this connection. Agent-based simulation is a simulation
technique commonly used to build AFMs. The paper proceeds by
discussing the components of the ASM. We consider the roles
of behavioral finance (BF) alongside the traditionally risk-averse
assumption in the construction of agent’s attributes. Also, the
influence of social networks in the developing of agents interactions is
addressed. Network topologies such as a small world, distance-based,
and scale-free networks may be utilized to outline economic
collaborations. In addition, the primary methods for developing
agents learning and adaptive abilities have been summarized.
These incorporated approach such as Genetic Algorithm, Genetic
Programming, Artificial neural network and Reinforcement Learning.
In addition, the most common statistical properties (the stylized facts)
of stock that are used for calibration and validation of ASM are
discussed. Besides, we have reviewed the major related previous
studies and categorize the utilized approaches as a part of these
studies. Finally, research directions and potential research questions
are argued. The research directions of ASM may focus on the macro
level by analyzing the market dynamic or on the micro level by
investigating the wealth distributions of the agents.
Abstract: This paper examines the relationship between
corporate governance rating and stock prices of 26 Turkish firms
listed in Turkish stock exchange (Borsa Istanbul) by using panel data
analysis over five-year period. The paper also investigates the stock
performance of firms with governance rating with regards to the
market portfolio (i.e. BIST 100 Index) both prior and after
governance scoring began. The empirical results show that there is no
relation between corporate governance rating and stock prices when
using panel data for annual variation in both rating score and stock
prices. Further analysis indicates surprising results that while the
selected firms outperform the market significantly prior to rating, the
same performance does not continue afterwards.
Abstract: Most of the existing video streaming protocols
provide video services without considering security aspects in
decentralized mobile ad-hoc networks. The security policies adapted
to the currently existing non-streaming protocols, do not comply with
the live video streaming protocols resulting in considerable
vulnerability, high bandwidth consumption and unreliability which
cause severe security threats, low bandwidth and error prone
transmission respectively in video streaming applications. Therefore
a synergized methodology is required to reduce vulnerability and
bandwidth consumption, and enhance reliability in the video
streaming applications in MANET. To ensure the security measures
with reduced bandwidth consumption and improve reliability of the
video streaming applications, a Secure Low-bandwidth Video
Streaming through Reliable Multipath Propagation (SLVRMP)
protocol architecture has been proposed by incorporating the two
algorithms namely Secure Low-bandwidth Video Streaming
Algorithm and Reliable Secure Multipath Propagation Algorithm
using Layered Video Coding in non-overlapping zone routing
network topology. The performances of the proposed system are
compared to those of the other existing secure multipath protocols
Sec-MR, SPREAD using NS 2.34 and the simulation results show
that the performances of the proposed system get considerably
improved.
Abstract: Ceramic Waste Aggregates (CWAs) were made from
electric porcelain insulator wastes supplied from an electric power
company, which were crushed and ground to fine aggregate sizes. In
this study, to develop the CWA mortar as an eco–efficient, ground
granulated blast–furnace slag (GGBS) as a Supplementary
Cementitious Material (SCM) was incorporated. The water–to–binder
ratio (W/B) of the CWA mortars was varied at 0.4, 0.5, and 0.6. The
cement of the CWA mortar was replaced by GGBS at 20 and 40% by
volume (at about 18 and 37% by weight). Mechanical properties of
compressive and splitting tensile strengths, and elastic modulus were
evaluated at the age of 7, 28, and 91 days. Moreover, the chloride
ingress test was carried out on the CWA mortars in a 5.0% NaCl
solution for 48 weeks. The chloride diffusion was assessed by using an
electron probe microanalysis (EPMA). To consider the relation of the
apparent chloride diffusion coefficient and the pore size, the pore size
distribution test was also performed using a mercury intrusion
porosimetry at the same time with the EPMA. The compressive
strength of the CWA mortars with the GGBS was higher than that
without the GGBS at the age of 28 and 91 days. The resistance to the
chloride ingress of the CWA mortar was effective in proportion to the
GGBS replacement level.
Abstract: These Monolayer and multilayer coatings of CrN and
AlCrN deposited on 100Cr6 (AISI 52100) substrate by PVD
magnetron sputtering system. The microstructures of the coatings
were characterized using atomic force microscopy (AFM). The AFM
analysis revealed the presence of domes and craters that are
uniformly distributed over all surfaces of the various layers.
Nanoindentation measurement of CrN coating showed maximum
hardness (H) and modulus (E) of 14 GPa and 190 GPa, respectively.
The measured H and E values of AlCrN coatings were found to be 30
GPa and 382 GPa, respectively. The improved hardness in both the
coatings was attributed mainly to a reduction in crystallite size and
decrease in surface roughness. The incorporation of Al into the CrN
coatings has improved both hardness and Young’s modulus.
Abstract: Superabsorbent polymers received much attention and
are used in many fields because of their superior characters to
traditional absorbents, e.g., sponge and cotton. So, it is very
important but challenging to prepare highly and fast-swelling
superabsorbents. A reliable, efficient and low-cost technique for
removing heavy metal ions from wastewater is the adsorption using
bio-adsorbents obtained from biological materials, such as
polysaccharides-based hydrogels superabsorbents. In this study, novel multi-functional superabsorbent composites
type semi-interpenetrating polymer networks (Semi-IPNs) were
prepared via graft polymerization of acrylamide onto chitosan
backbone in presence of gelatin, CTS-g-PAAm/Ge, using potassium
persulfate and N,N’-methylene bisacrylamide as initiator and
crosslinker, respectively. These hydrogels were also partially
hydrolyzed to achieve superabsorbents with ampholytic properties
and uppermost swelling capacity. The formation of the grafted
network was evidenced by Fourier Transform Infrared Spectroscopy
(ATR-FTIR) and Thermogravimetric Analysis (TGA). The porous
structures were observed by Scanning Electron Microscope (SEM).
From TGA analysis, it was concluded that the incorporation of the Ge
in the CTS-g-PAAm network has marginally affected its thermal
stability. The effect of gelatin content on the swelling capacities of
these superabsorbent composites was examined in various media
(distilled water, saline and pH-solutions). The water absorbency was
enhanced by adding Ge in the network, where the optimum value was
reached at 2 wt. % of Ge. Their hydrolysis has not only greatly
optimized their absorption capacity but also improved the swelling
kinetic.These materials have also showed reswelling ability. We
believe that these super-absorbing materials would be very effective
for the adsorption of harmful metal ions from wastewater.
Abstract: In present global scenario, aluminum alloys are
coining the attention of many innovators as competing structural
materials for automotive and space applications. Comparing to other
challenging alloys, especially, 7xxx series aluminum alloys have
been studied seriously because of benefits such as moderate strength;
better deforming characteristics and affordable cost. It is expected
that substitution of aluminum alloys for steels will result in great
improvements in energy economy, durability and recyclability.
However, it is necessary to improve the strength and the formability
levels at low temperatures in aluminum alloys for still better
applications. Aluminum–Zinc–Magnesium with or without other
wetting agent denoted as 7XXX series alloys are medium strength
heat treatable alloys. In addition to Zn, Mg as major alloying
additions, Cu, Mn and Si are the other solute elements which
contribute for the improvement in mechanical properties by suitable
heat treatment process. Subjecting to suitable treatments like age
hardening or cold deformation assisted heat treatments; known as low
temperature thermomechanical treatments (LTMT) the challenging
properties might be incorporated. T6 is the age hardening or
precipitation hardening process with artificial aging cycle whereas T8
comprises of LTMT treatment aged artificially with X% cold
deformation. When the cold deformation is provided after solution
treatment, there is increase in hardness related properties such as
wear resistance, yield and ultimate strength, toughness with the
expense of ductility. During precipitation hardening both hardness
and strength of the samples are increasing. The hardness value may
further improve when room temperature deformation is positively
supported with age hardening known as thermomechanical treatment.
It is intended to perform heat treatment and evaluate hardness, tensile
strength, wear resistance and distribution pattern of reinforcement in
the matrix. 2 to 2.5 and 3 to 3.5 times increase in hardness is reported
in age hardening and LTMT treatments respectively as compared to
as-cast composite. There was better distribution of reinforcements in
the matrix, nearly two fold increase in strength levels and up to 5
times increase in wear resistance are also observed in the present
study.
Abstract: The environmental, cultural, social, and technological
changes have led higher education institutes to question their
traditional roles. Many declarations and frameworks highlight the
importance of fulfilling social responsibility of higher education
institutes. The study aims at developing a framework of university
social responsibility and sustainability (USR&S) with focus on South
Valley University (SVU) as a case study of Egyptian Universities.
The study used meetings with 12 vice deans of community services
and environmental affairs on social responsibility and environmental
issues. The proposed framework integrates social responsibility with
strategic management through the establishment and maintenance of
the vision, mission, values, goals and management systems;
elaboration of policies; provision of actions; evaluation of services
and development of social collaboration with stakeholders to meet
current and future needs of the community and environment. The
framework links between different stakeholders internally and
externally using communication and reporting tools. The results show
that SVU integrates social responsibility and sustainability in its
strategic plans. It has policies and actions however fragmented and
lack of appropriate structure and budgeting. The proposed framework
could be valuable for researchers and decision makers of the
Egyptian Universities. The study proposed recommendations and
highlighted building on the results and conducting future research.
Abstract: Zn alloy and composite coatings are widely used in
buildings and structures, automobile and fasteners industries to
protect steel component from corrosion. In this paper, Zn-Ni-Al2O3
nanocomposite coatings were electrodeposited on mild steel using a
novel sol enhanced electroplating method. In this method, transparent
Al2O3 sol was added into the acidic Zn-Ni bath to produced Zn-Ni-
Al2O3 nanocomposite coatings. The effect of alumina sol on the
electrodeposition process, and coating properties was investigated
using cyclic voltammetry, XRD, ESEM and Tafel test. Results from
XRD tests showed that the structure of all coatings was single γ-
Ni5Zn21 phase. Cyclic voltammetry results showed that the
electrodeposition overpotential was lower in the presence of alumina
sol in the bath, and caused the reduction potential of Zn-Ni to shift to
more positive values. Zn-Ni-Al2O3 nanocomposite coatings produced
more uniform and compact deposits, with fine grained microstructure
when compared to Zn-Ni coatings. The corrosion resistance of Zn-Ni
coatings was improved significantly by incorporation of alumina
nanoparticles into the coatings.
Abstract: The using of waste materials in the construction
industry can reduce the dependence on the natural aggregates which
are going at the end to deplete. The glass waste is generated in a huge
amount which can make one of its disposals in concrete industry
effective not only as a green solution but also as an advantage to
enhance the performance of mechanical properties and durability of
concrete. This article reports the performance of concrete specimens
containing different percentages of milled glass waste as a partial
replacement of cement (Powder), when they are subject to cycles of
freezing and thawing. The tests were conducted on 75-mm cubes and
75 x 75 x 300-mm prisms. Compressive strength based on laboratory
testing and non-destructive ultrasonic pulse velocity test were
performed during the action of freezing-thawing cycles (F/T). The
results revealed that the incorporation of glass waste in concrete
mixtures is not only feasible but also showed generally better strength
and durability performance than control concrete mixture. It may be
said that the recycling of waste glass in concrete mixes is not only a
disposal way, but also it can be an exploitation in concrete industry.
Abstract: In this study, the feasibility of incorporating ceramic
waste from bricks (perforated brick and double hollow brick) and
extruded polystyrene (XPS) waste, is analysed.
Results show that it is possible to incorporate up to 25% of
ceramic waste and 4% of XPS waste over the weight of gypsum in a
gypsum matrix. Furthermore, with the addition of ceramic waste an
8% of surface hardness increase and a 25% of capillary water
absorption reduction can be obtained. On the other hand, with the
addition of XPS, a 26% reduction of density and a 37% improvement
of thermal conductivity can be obtained.
The obtained results are favorable to use these materials in order to
produce prefabricated gypsum and also as material for interior
cladding walls.
Abstract: This paper presents Carrier Sense Multiple Access
(CSMA) communication models based on SoC design methodology.
Such a model can be used to support the modeling of the complex
wireless communication systems. Therefore, the use of such
communication model is an important technique in the construction
of high-performance communication. SystemC has been chosen
because it provides a homogeneous design flow for complex designs
(i.e. SoC and IP-based design). We use a swarm system to validate
CSMA designed model and to show how advantages of incorporating
communication early in the design process. The wireless
communication created through the modeling of CSMA protocol that
can be used to achieve communication between all the agents and to
coordinate access to the shared medium (channel).
Abstract: This study found that most corporate personnel are
using social media to communicate with colleagues to make the
process of working more efficient. Complete satisfaction occurred on
the use of security within the University’s computer network. The
social network usage for communication, collaboration,
entertainment and demonstrating concerns accounted for fifty percent
of variance to predict interpersonal relationships of corporate
personnel. This evaluation on the effectiveness of social networking
involved 213 corporate personnel’s. The data was collected by
questionnaires. This data was analyzed by using percentage, mean,
and standard deviation.
The results from the analysis and the effectiveness of using online
social networks were derived from the attitude of private users and
safety data within the security system. The results showed that the
effectiveness on the use of an online social network for corporate
personnel of Suan Sunandha Rajabhat University was specifically at
a good level, and the overall effects of each aspect was (Ẋ=3.11).
Abstract: Given the limited research on Small and Mediumsized
Enterprises’ (SMEs) contribution to Corporate Social
Responsibility (CSR) and even scarcer research on Swiss SMEs, this
paper helps to fill these gaps by enabling the identification of supranational
SME parameters. Thus, the paper investigates the current
state of SME practices in Switzerland and across 15 other countries.
Combining the degree to which SMEs demonstrate an explicit (or
business case) approach or see CSR as an implicit moral activity with
the assessment of their attributes for “variety of capitalism” defines
the framework of this comparative analysis. To outline Swiss small
business CSR patterns in particular, 40 SME owner-managers were
interviewed. A secondary data analysis of studies from different
countries laid groundwork for this comparative overview of small
business CSR. The paper identifies Swiss small business CSR as
driven by norms, values, and by the aspiration to contribute to
society, thus, as an implicit part of the day-to-day business. Similar to
most Central European, Mediterranean, Nordic, and Asian countries,
explicit CSR is still very rare in Swiss SMEs. Astonishingly, also
British and American SMEs follow this pattern in spite of their strong
and distinctly liberal market economies. Though other findings show
that nationality matters this research concludes that SME culture and
an informal CSR agenda are strongly formative and superseding even
forces of market economies, nationally cultural patterns, and
language. Hence, classifications of countries by their market system,
as found in the comparative capitalism literature, do not match the
CSR practices in SMEs as they do not mirror the peculiarities of their
business. This raises questions on the universality and
generalisability of unmediated, explicit management concepts,
especially in the context of small firms.