Financial Innovations for Companies Offered by Banks: Polish Experience

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.

The Selection of the Nearest Anchor Using Received Signal Strength Indication (RSSI)

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.

Corporate Governance of Enterprise IT: Research Study on IT Governance Maturity

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.

Criminal Law Instruments to Counter Corporate Crimes in Poland

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.

Soft Computing Based Cluster Head Selection in Wireless Sensor Network Using Bacterial Foraging Optimization Algorithm

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.

Design of S-Shape GPS Application Electrically Small Antenna

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.

Bounded Rational Heterogeneous Agents in Artificial Stock Markets: Literature Review and Research Direction

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.

Corporate Governance and Share Prices: Firm Level Review in Turkey

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.

Secure Low-Bandwidth Video Streaming through Reliable Multipath Propagation in MANETs

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.

Mechanical Properties and Chloride Diffusion of Ceramic Waste Aggregate Mortar Containing Ground Granulated Blast–Furnace Slag

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.

Nanoindentation of Thin Films Prepared by Physical Vapor Deposition

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.

Synthesis and Properties of Chitosan-Graft Polyacrylamide/Gelatin Superabsorbent Composites for Wastewater Purification

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.

Enhancement of Hardness Related Properties of Grey Cast Iron Powder Reinforced AA7075 Metal Matrix Composites through T6 and T8 Heat Treatments

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.

A Framework for University Social Responsibility and Sustainability: The Case of South Valley University, Egypt

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.

Mechanical and Chemical Properties of Zn-Ni-Al2O3 Nanocomposite Coatings

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.

The Feasibility of Using Milled Glass Wastes in Concrete to Resist Freezing-Thawing Action

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.

Gypsum Composites with CDW as Raw Material

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.

Design Channel Non-Persistent CSMA MAC Protocol Model for Complex Wireless Systems Based on SoC

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).

A Study of Behaviors in Using Social Networks of Corporate Personnel of Suan Sunandha Rajabhat University

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).

Varieties of Capitalism and Small Business CSR: A Comparative Overview

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.