Abstract: This research aims to investigate morphological changes in urban patterns in urban renewal areas by using geographic information systems and to reveal pattern differences that occur before and after urban renewal processes by applying a morphological analysis. The concept of urban morphology is not involved in urban renewal and urban planning practices in Turkey. This situation destroys the structural characteristic of urban space which appears as a consequence of changes at city, street or plot level. Different approaches and renewal interventions to urban settlements, which are formed as a reflection of cultural issues, may have positive and negative results. A morphological analysis has been applied to an urban renewal area that covers 325 ha. in Konya, in which city urban renewal projects have gained speed with the increasing of economic investments in this study. The study mentions urban renewal and urban morphology relationship, varied academic approach on the urban morphology issue, urban morphology components, changes in lots pattern and numerical differences that occur on road, construction and green space ratios that are before and after the renewal project, and the results of the morphological analysis. It is seen that the built-up area has significant differences when compared to the previous situation. The amount of green areas decreased significantly in quantitative terms; the transportation systems has been changed completely; and the property ownership has been reconstructed without taking the previous situation into account. Findings show that urban renewal projects in Turkey are put into practice with a rent-oriented approach without making an in-depth analysis. The paper discusses the morphological dimension of urban renewal projects in Turkey through a case study from Konya city.
Abstract: The article analyzes problems of improving the management systems of the ownership risks in the conditions of the transformation of the Russian economy. Among the main sources of threats business owners should highlight is the inefficiency of the implementation of business models and interaction with hired managers. In this context, it is particularly important to analyze the relationship of business models and ownership risks. The analysis of this problem appears to be relevant for a number of reasons: Firstly, the increased risk appetite of the owner directly affects the business model and the composition of his holdings; secondly, owners with significant stakes in the company are factors in the formation of particular types of risks for owners, for which relations have a significant influence on a firm's competitiveness and ultimately determines its survival; and thirdly, inefficient system of management ownership of risk is one of the main causes of mass bankruptcies, which significantly affects the stable operation of the economy as a whole. The separation of the processes of possession, disposal and use in modern organizations is the cause of not only problems in the process of interaction between the owner and managers in managing the organization as a whole, but also the asymmetric information about the kinds and forms of the main risks. Managers tend to avoid risky projects, inhibit the diversification of the organization's assets, while owners can insist on the development of such projects, with the aim not only of creating new values for themselves and consumers, but also increasing the value of the company as a result of increasing capital. In terms of separating ownership and management, evaluation of projects by the ratio of risk-yield requires preservation of the influence of the owner on the process of development and making management decisions. It is obvious that without a clearly structured system of participation of the owner in managing the risks of their business, further development is hopeless. In modern conditions of forming a risk management system, owners are compelled to compromise between the desire to increase the organization's ability to produce new value, and, consequently, increase its cost due to the implementation of risky projects and the need to tolerate the cost of lost opportunities of risk diversification. Improving the effectiveness of the management of ownership risks may also contribute to the revitalization of creditors on implementation claims to inefficient owners, which ultimately will contribute to the efficiency models of ownership control to exclude variants of insolvency. It is obvious that in modern conditions, the success of the model of the ownership of risk management and audit is largely determined by the ability and willingness of the owner to find a compromise between potential opportunities for expanding the firm's ability to create new value through risk and maintaining the current level of new value creation and an acceptable level of risk through the use of models of diversification.
Abstract: The housing industry is crucial for sustainable
development of every country. Housing is a basic need that can
enhance the quality of life. Owning a house is therefore the main aim
of individuals. However, affordability has become a critical issue
towards homeownership. In recent years, housing price in the main
cities has increased tremendously to unaffordable level. This paper
investigates factors influencing the housing price from developer’s
perspective and provides recommendation on strategies to tackle this
issue. Online and face-to-face survey was conducted on housing
developers operating in Penang, Malaysia. The results indicate that
(1) location; (2) macroeconomics factor; (3) demographic factors; (4)
land/zoning and; (5) industry factors are the main factors influencing
the housing price. This paper contributes towards better
understanding on developers’ view on how the housing price is
determined and form a basis for government to help tackle the
housing affordability issue.
Abstract: There is an increasing demand for developing urban
land to provide better living conditions for all citizens in Afghanistan.
Most of the development will involve the acquisition of land. And the
current land acquisition method practiced by central government is
expropriation, which is a cash-based transaction method that imposes
heavy fiscal burden on local municipalities and central government,
and it does not protect ownership rights and social equity of
landowners besides it relocates the urban poor to remote areas with
limited access to jobs and public services. The questionnaire analysis,
backed by observations of different case studies in countries where
land readjustment is used as a collaborative land development tool
indicates that the method plays a key role in valuing landowners’
rights, giving other community members and stakeholders the
opportunity to collaboratively implement urban development
projects. The practice of the method is reducing the heavy fiscal
burden on the local and central governments and is a better option to
deal with the current development challenges in Afghanistan.
Abstract: The harsh realities of the scandalous failure of several notable corporations in the past two decades have inextricably resulted in a surge in corporate governance studies. Nevertheless, little or no attention has been paid to corporate governance studies in Mongolian firms and much less to the comprehension of the correlation among ownership structure, corporate governance mechanisms and trend of innovative activities. Innovation is the bed rock of enterprise success. However, the funding and support for innovative activities in many firms are to a great extent determined by the incentives provided by the firm’s internal and external governance mechanisms. Mongolia is an East Asian country currently undergoing a fast-paced transition from socialist to democratic system and it is a widely held view that private ownership as against public ownership fosters innovation. Hence, following the privatization policy of Mongolian Government which has led to the transfer of the ownership of hitherto state controlled and state directed firms to private individuals and organizations, expectations are high that sufficient motivation would be provided for firm managers to engage in innovative activities. This research focuses on the relationship between ownership structure, corporate governance on one hand and the level of innovation on the hand. The paper is empirical in nature and derives data from both reliable secondary and primary sources. Secondary data for the study was in respect of ownership structure of Mongolian listed firms and innovation trend in Mongolia generally. These were analyzed using tables, charts, bars and percentages. Personal interviews and surveys were held to collect primary data. Primary data was in respect of corporate governance practices in Mongolian firms and were collected using structured questionnaire. Out of a population of three hundred and twenty (320) companies listed on the Mongolian Stock Exchange (MSE), a sample size of thirty (30) randomly selected companies was utilized for the study. Five (5) management level employees were surveyed in each selected firm giving a total of one hundred and fifty (150) respondents. Data collected were analyzed and research hypotheses tested using Chi-Square test statistic. Research results showed that corporate governance mechanisms were better and have significantly improved overtime in privately held as opposed to publicly owned firms. Consequently, the levels of innovation in privately held firms were considerably higher. It was concluded that a significant and positive relationship exists between private ownership and good corporate governance on one hand and the level of funding provided for innovative activities in Mongolian firms on the other hand.
Abstract: The aim of this paper is to develop an empirical
research on the nature and consequences of corporate governance on
Eurozone Insurance Industry risk taking attitude. More particularly,
we analyzed the effect of public ownership on risk taking with
respect to privately held Insurance Companies. We also analyzed the
effects on risk taking attitude of different degrees of ownership
concentration, directors compensation, and the dimension/diversity of
the Board of Directors. Our results provide quite strong evidence that,
coherently with the Agency Theory, publicly traded insurance
companies with more concentrated ownership are less risky than the
corresponding privately held.
Abstract: The research explores the relationship between
management responsibility and corporate governance of listed
companies in Kazakhstan. This research employs firm level data of
selected listed non-financial firms and firm level data “operational”
financial sector, consisted from banking sector, insurance companies
and accumulated pension funds using multivariate regression analysis
under fixed effect model approach. Ownership structure includes
institutional ownership, managerial ownership and private investor’s
ownership. Management responsibility of the firm is expressed by the
decision of the firm on amount of leverage. Results of the cross
sectional panel study for non-financial firms showed that only
institutional shareholding is significantly negatively correlated with
debt to equity ratio. Findings from “operational” financial sector
show that leverage is significantly affected only by the CEO/Chair
duality and the size of financial institutions, and insignificantly
affected by ownership structure. Also, the findings show, that there is
a significant negative relationship between profitability and the debt
to equity ratio for non-financial firms, which is consistent with
pecking order theory. Generally, the found results suggest that
corporate governance and a management responsibility play
important role in corporate performance of listed firms in
Kazakhstan.
Abstract: Malaysia’s green building development is gaining
momentum and green buildings have become a key focus area,
especially within the commercial sector with the encouragement of
government legislation and policy. Due to the emerging awareness
among the market players’ views of the benefits associated with the
ownership of green buildings in Malaysia, there is a need for valuers
to incorporate consideration of sustainability into their assessments of
property market value to ensure the green buildings continue to
increase in the market. This paper analyses the valuers’ current
perception on the valuation practices with regard to the green issues
in Malaysia. The study was based on a survey of registered real estate
valuers and the experts whose work related to valuation in the Klang
Valley area to rate their view regarding the perception on valuation of
green building. The findings present evidence that even though
Malaysian valuers have limited knowledge of green buildings, they
recognise the importance of incorporating the green features in the
valuation process. The inclusion of incorporating the green features
in valuations in practice was hindered by the inadequacy of sufficient
transaction data in the market. Furthermore, valuers experienced
difficulty in identifying what are the various input parameters of
green building and how to adjust it in order to reflect the benefit of
sustainability features correctly in the valuation process. This paper
focuses on the present challenges confronted by Malaysian valuers
with regards to incorporating the green features in their valuation.
Abstract: With the growing of computer and network, digital
data can be spread to anywhere in the world quickly. In addition,
digital data can also be copied or tampered easily so that the security
issue becomes an important topic in the protection of digital data.
Digital watermark is a method to protect the ownership of digital data.
Embedding the watermark will influence the quality certainly. In this
paper, Vector Quantization (VQ) is used to embed the watermark into
the image to fulfill the goal of data hiding. This kind of watermarking
is invisible which means that the users will not conscious the existing
of embedded watermark even though the embedded image has tiny
difference compared to the original image. Meanwhile, VQ needs a lot
of computation burden so that we adopt a fast VQ encoding scheme by
partial distortion searching (PDS) and mean approximation scheme to
speed up the data hiding process.
The watermarks we hide to the image could be gray, bi-level and
color images. Texts are also can be regarded as watermark to embed.
In order to test the robustness of the system, we adopt Photoshop to
fulfill sharpen, cropping and altering to check if the extracted
watermark is still recognizable. Experimental results demonstrate that
the proposed system can resist the above three kinds of tampering in
general cases.
Abstract: Internet financial reporting and corporate governance
issues are in the focus of academic and professional studies due to
their attributed importance by stakeholders of corporations. Major
aim of this study is to reveal the relationship between internet
financial reporting which is held as dependent variable and some
indicators of corporate governance such as the ratio of managerial
ownership, blockholder ownership, number of independent members
in the board of directors, frequency of meetings by audit committee
and education level of audit committee members which are held as
independent variables. Main purpose is to reveal the effect of
corporate governance on the voluntary efforts of Internet Financial
reporting. The scope of the research is limited to the Turkish
Corporations listed in Borsa Istanbul (Istanbul Stock Exchange) and
findings which are generated by means of SPSS software are revealed
in results section and interpreted in conclusions.
Abstract: Living today in turbulent business environment forces
companies to distinguish from each other, securing sustainable
competitive growth and competitive advantage. The best possible
solution is to invest (effort and financial resources) within
companies’ different practices of human resource management
(HRM), more specifically in employees’ knowledge, skills and
abilities. Applying this approach companies will create enviable level
of human capital securing its economic growth. Employees become
human capital for their employers at the moment when they
contribute with their own knowledge and abilities in creating material
and non-material value of the company. The main aim of this
research is to explore the relations between human capital
investments and business excellence of Croatian companies.
Furthermore, the differences in the level of human capital
investments with regard to several companies’ characteristics (e.g.
size of the company, ownership and type of the industry) are
investigated.
Abstract: Life Cycle Cost (LCC) is one of the goals and key
pillars of the construction management science because it comprises
many of the functions and processes necessary, which assist
organisations and agencies to achieve their goals. It has therefore
become important to design and control assets during their whole life
cycle, from the design and planning phase through to disposal phase.
LCCA is aimed to improve the decision making system in the
ownership of assets by taking into account all the cost elements
including to the asset throughout its life.
Current application of LCC approach is impractical during
misunderstanding of the advantages of LCC. This main objective of
this research is to show a different relationship between capital cost
and long-term running costs. One hundred and thirty eight actual
building projects in United Kingdom (UK) were used in order to
achieve and measure the above-mentioned objective of the study. The
result shown that LCC is one of the most significant tools should be
considered on the decision making process.
Abstract: In this study, we will touch upon the legal arrangements issued in Turkey for prevention of condensation and for ensuring pluralism in the media. We will mention the legal arrangements concerning the regulatory and supervisory authority, namely the Radio and Television Supreme Council, for the visual and auditory media. In this context; the legal arrangements, which have been introduced by the Law No 6112 on the Establishment of Radio and Television Enterprises and Their Media Services in relation to the media ownership, will be reviewed through comparison with the Article 29 of the repealed Law No 3984.
Abstract: Farmers are in need of regular and relevant information relating to new technologies. Production of extension materials has been found to be useful in facilitating the process. Extension materials help to provide information to reach large numbers of farmers quickly and economically. However, as good as extension materials are, previous materials produced are not used by farmers. The reasons for this include lack of involvement of farmers in the production of the extension materials, most of the extension materials are not relevant to the farmers’ environments, the agricultural extension agents lack capacity to prepare the materials, and many extension agents lack commitment. These problems led to this innovative capacity building of extension agents. This innovative approach involves five stages. The first stage is the diagnostic survey of farmers’ environment to collect useful information. The second stage is the development and production of draft extension materials. The third stage is the field testing and evaluation of draft materials by the same famers that were involved at the diagnostic stage. The fourth stage is the revision of the draft extension materials by incorporating suggestions from farmers. The fifth stage is the action plans. This process improves the capacity of agricultural extension agents in the preparation of extension materials and also promotes engagement of farmers and beneficiaries in the process. The process also makes farmers assume some level of ownership of the exercise and the extension materials.
Abstract: Power, responsibility sharing, and democratic decision-making are the central ethos to co-management. It is assumed that involving local community in the decision-making process can create a sense of ownership and responsibility of that community and motivate the community towards collective action. But this paper demonstrated that the process to involve local community is not simple and straightforward as it is influenced by structural aspects, power relations among the actors, and social embedded institutions. These factors shape the process in that way who will participate, how they will participate and how the local community maneuvers their agency in the decision-making process. To grasp the complexities that materialize in the process of participation and to understand the inclusionary and exclusionary nature of participation, this paper examines the subjective understanding of different stakeholders concerning participation and furthermore observes the enabling or constraining factors that affect the community to exercise their agency.
Abstract: This study investigates the reliability of management earnings forecasts with reference to these two ingredients: verifiability and neutrality. Specifically, we examine the biasedness (or accuracy) of management earnings forecasts and company specific characteristics that can be associated with accuracy. Based on sample of 102 IPO prospectuses published for admission on NYSE Euronext Paris from 2002 to 2010, we found that these forecasts are on average optimistic and two of the five test variables, earnings variability and financial leverage are significant in explaining ex post bias. Acknowledging the possibility that the bias is the result of the managers’ forecasting behavior, we then examine whether managers decide to under-predict, over-predict or forecast accurately for self-serving purposes. Explicitly, we examine the role of financial distress, operating performance, ownership by insiders and the economy state in influencing managers’ forecasting preferences. We find that managers of distressed firms seem to over-predict future earnings. We also find that when managers are given more stock options, they tend to under-predict future earnings. Finally, we conclude that the management earnings forecasts are affected by an intentional bias due to managers’ forecasting preferences.
Abstract: This paper presents the results of a study of the ultra-poor in the south of Thailand, revisited after 10 years since the original study in 2000. The original study was conducted in four provinces. The first two namely Phatthalung and Nakorn were chosen to represent the Thai Buddhists and the others, Satun and Pattani were chosen to represent the Thai Muslims. For this study, only the results from the three provinces except Pattani are reported as it was difficult and dangerous to conduct fieldwork in Pattani due to the continued unrest in the area since 2005.
The objectives of the study are to find out the changes of the poverty situation after 10 years and to see the impacts of the poverty reduction projects implemented by the government on the poor. The research methodology used both quantitative and qualitative methods. The same villages in the four provinces studied in 1999 were again chosen. In each village, five ultra-poor people and heads of the villages were interviewed. The results show that the poverty situation of the ultra-poor groups has not changed much since they lacked the basic key factor to get themselves out of poverty: The ownership of land. Their chronic poverty situation has been passed on from the last generation. In the province of Phatthalung, the ultra-poor have improved in terms of economic situation because of the big increase in the price of rubber. However, the same could not be said for other provinces. Even though the government’s projects have not reduced the poverty directly, the projects have significantly contributed to the improvement of the quality of life of the poor and the people in the areas.
Abstract: This paper attempts to investigate the effect of corporate governance and shareholder monitoring mechanisms on cost of debt of Malaysian listed firms. We assess the quality of corporate governance using comprehensive corporate governance index, which consists of 139 items in six broad categories. We classify shareholder monitoring mechanisms into concentrated ownership, family, insider and government ownerships. Using panel sample from 2003 to 2007, regression results show that high corporate governance quality and concentrated ownership lower firm cost of debt. Debt issuers consider board structure and procedures, board compensation practices, accountability and audit, transparency and social and environmental activities as integral components of a good corporate governance framework.
Abstract: Corporate ownership structure is an important factor influencing firm performance. This study aims to answer the question whether pyramid structure has negative effect on firm value. This study is important because the ownership of public listed companies in Malaysia is highly concentrated. The concentrated ownership such as Malaysia, agency conflict is prevalent between controlling shareholders and minority shareholders. Accordingly, the dominant role of shareholders in firms allows the controlling shareholders (including managers) to expropriate the interest of the minority shareholders for their own private advantage. This research is conducted on pyramidal firms in Malaysia. Applying the Attig Model as the underlying statistical test, it is found that firm value is negatively related to pyramid ownership of Malaysian public listed firms due to the mismatch between cash flow rights and control rights. Future research needs to focus on identifying the heterogeneous factors that improve the generalizability of research.
Abstract: The national economy development affects the vehicle
ownership which ultimately increases fuel consumption. The rise of
the vehicle ownership is dominated by the increasing number of
motorcycles. This research aims to analyze and identify the
characteristics of fuel consumption, the city transportation system,
and to analyze the relationship and the effect of the city
transportation system on the fuel consumption. A multivariable
analysis is used in this study. The data analysis techniques include: a
Multivariate Multivariable Analysis by using the R software. More
than 84% of fuel on Java is consumed in metropolitan and large
cities. The city transportation system variables that strongly effect the
fuel consumption are population, public vehicles, private vehicles and
private bus. This method can be developed to control the fuel
consumption by considering the urban transport system and city
tipology. The effect can reducing subsidy on the fuel consumption,
increasing state economic.