Excellence in Research and Innovation for Humanity

International Science Index

Commenced in January 1999 Frequency: Monthly Edition: International Abstract Count: 46035

Economics and Management Engineering

A Fuzzy-Based Two-Stage Iris Biometric Quality Evaluation System
In many contemporary scenarios, highly accurate iris recognition systems are desirable. This engenders researchers to develop efficient approaches to enhance the performance of iris recognition. A simple and intuitive approach for this can be to screen the low quality images in the initial phase of recognition. This is an effective idea as the features extracted only from good quality images lead to accurate identification results. In this paper, we utilize the above idea and propose a two-stage fuzzy quality evaluation method to classify iris images into four classes. The first stage of the proposed approach focuses on the evaluation of the quality of an eye image. On the basis of the feedback from the first stage, images are either rejected or accepted for further processing. Next, for an accepted image we evaluate the local quality features of iris and classify them in one of the four classes. Thereafter, we validate the efficacy of the proposed approach by comparing our quality score with d-prime index and on the basis of error rate. The experimental results verify that the proposed method is capable of meeting the needs of practical iris biometric recognition system.
Alignment between Governance Structures and Food Safety Standards on the Shrimp Supply Chain in Indonesia
Food safety standards have received significant attention in the fisheries global market due to health issues, free trade agreements, and increasing aquaculture production. Vertical coordination throughout the supply chain of fish producing and exporting countries is needed to meet food safety demands imposed by importing countries. However, the complexities of the supply chain governance structures and difficulties in standard implementation can generate safety uncertainty and high transaction costs. Using a Transaction Cost Economics framework, this paper examines the alignment between food safety standards and the governance structures in the shrimp supply chain in Indonesia. We find the supply chain is organized closer to the hierarchy-like governance structure where private standard (organic standard) are implemented and more towards a market-like governance structure where public standard (IndoGAP certification) are more prevalent. To verify the statements, two cases are examined from Sidoarjo district as a centre of shrimp production in Indonesia. The results show that public baseline FSS (Food Safety Standards) need additional mechanism to achieve a coordinated chain-wide response because uncertainty, asset specificity, and performance measurement problems are high in this chain. Organic standard as private chain-wide FSS is more efficient because it has been achieved by hierarchical-like type of governance structure.
Legal Basis for the Water Resources Management in Brazil: Case Study of Rio Grande Basin
The water crisis, a major problem of the 21st century, is mainly due to poor management. The central issue that should govern the management is the integration of the various aspects that interfere with the use of water resources and their protection, supported by legal basis. A watershed is a unit of water interaction with the physical, biotic, social, economic and cultural variables. The Brazilian law recognized the river basin as the territorial management unit. Based on the diagnosis of the current situation of the water resources of the Rio Grande Basin, a discussion informed in the Brazilian legal basis was made to propose measures to combat or mitigate damages and environmental degradation in the Basin. To manage water resources more efficiently, conserve water and optimize their multiple uses, the integration of acquired scientific knowledge and the management is essential. Moreover, it is necessary that respected the environmental legislation as well as that it is compliance monitored.
Key Success Factors and Enterprise Resource Planning Implementation in Higher Education Institutions: Multiple Case Studies of Jordanian Universities
Research indicates that 75 percent of many Enterprise Resource Planning (ERP) ventures are not successfully implemented. The failure of ERP implementation in higher education institutions (HEIs) worldwide is much higher in comparison to other sectors, such as banking or manufacturing, yet limited research has been conducted on this issue. To date, eleven key success factors (KSFs) have been generally identified. However, these are not specific to the higher education sector. This paper identifies the factors that are critical to the success of ERP implementation in HEIs and provides a conceptual model for the implementation of these factors. Semi-structured face-to-face interviews were conducted with technicians and managers from three Jordanian HEIs. From these case studies, four broad dimensions of KSFs were identified: organisational, technical, project and system support. These dimensions neatly account for the eleven KSFs defined in the literature. Importantly, they also provide a categorisation system that incorporates new KSFs. The main finding of this study is the identification and characterisation of three new sector- and context-specific KSFs, which enable the development of a framework for enhancing ERP implementation. The first is the selection of the ERP system, which is an influential factor in the project dimension. Results show that an ERP solution that is suitable to one context may be disastrous in another. The second new KSF, which falls under the systems support dimension, is the relationship between vendors and HEIs. This must be fair and impartial to enable successful decision-making and thus the achievement of pre-defined goals. Also within the systems support dimension is the third factor: in-house maintenance. Once an appropriate system is selected and a strong relationship is established, the ERP system requires continuous maintenance for effective operation. HEIs should ensure that qualified IT support is in place in-house to avoid excessive running expenses.
Definition and Core Components of the Role-Partner Allocation Problem in Collaborative Networks
In the current constantly changing economic context, collaborative networks allow partners to undertake projects that would not be possible if attempted by them individually. These projects usually involve the performance of a group of tasks (named roles) that have to be distributed among the partners. Thus, an allocation/matching problem arises that will be referred to as Role-Partner Allocation problem. In real life, this situation is addressed by negotiation between partners in order to reach ad hoc agreements. Besides taking a long time and being hard work, both historical evidence and economic analysis show that such approach is not recommended. Instead, the allocation process should be automated by means of a centralized matching scheme. However, as a preliminary step to start the search for such a matching mechanism (or even the development of a new one), the problem and its core components must be specified. To this end, this paper establishes (i) the definition of the problem and its constraints, (ii) the key features of the involved elements (i.e., roles and partners); and (iii) how to create preference lists both for roles and partners. Only this way it will be possible to conduct subsequent methodological research on the solution method.
Recycling Service Strategy by Considering Demand-Supply Interaction
Circular economy promotes greater resource productivity and avoids pollution through greater recycling and re-use which bring benefits for both the environment and the economy. The concept is contrast to a linear economy which is ‘take, make, dispose’ model of production. A well-design reverse logistics service strategy could enhance the willingness of recycling of the users and reduce the related logistics cost as well as carbon emissions. Moreover, the recycle brings the manufacturers most advantages as it targets components for closed-loop reuse, essentially converting materials and components from worn-out product into inputs for new ones at right time and right place. This study considers demand-supply interaction, time-dependent recycle demand, time-dependent surplus value of recycled product and constructs models on recycle service strategy for the recyclable waste collector. A crucial factor in optimizing a recycle service strategy is consumer demand. The study considers the relationships between consumer demand towards recycle and product characteristics, surplus value and user behavior. The study proposes a recycle service strategy which differs significantly from the conventional and typical uniform service strategy. Periods with considerable demand and large surplus product value suggest frequent and short service cycle. The study explores how to determine a recycle service strategy for recyclable waste collector in terms of service cycle frequency and duration and vehicle type for all service cycles by considering surplus value of recycled product, time-dependent demand, transportation economies and demand-supply interaction. The recyclable waste collector is responsible for the collection of waste product for the manufacturer. The study also examines the impacts of utilization rate on the cost and profit in the context of different sizes of vehicles. The model applies mathematical programming methods and attempts to maximize the total profit of the distributor during the study period. This study applies the binary logit model, analytical model and mathematical programming methods to the problem. The model specifically explores how to determine a recycle service strategy for the recycler by considering product surplus value, time-dependent recycle demand, transportation economies and demand-supply interaction. The model applies mathematical programming methods and attempts to minimize the total logistics cost of the recycler and maximize the recycle benefits of the manufacturer during the study period. The study relaxes the constant demand assumption and examines how service strategy affects consumer demand towards waste recycling. Results of the study not only help understanding how the user demand for recycle service and product surplus value affects the logistics cost and manufacturer’s benefits, but also provide guidance such as award bonus and carbon emission regulations for the government.
Six Failure Points Innovators and Entrepreneurs Risk Falling Into: An Exploratory Study of Underlying Emotions and Behaviors of Self- Perceived Failure
Many technology startups fail to achieve a worthwhile return on investment for their funders, founders, and employees. Failures in product development, to-market strategy, sales, and delivery are commonly recognized. Founder failures are not as obvious and harder to identify. This paper explores six critical failure points that entrepreneurs and innovators are susceptible to and aims to link their emotional intelligence and behavioral profile to the points at which they experienced self-perceived failure. A model of six failure points from the perspective of the technology entrepreneur ranging from pre-startup to maturity is provided. By analyzing emotional and behavioral profile data from entrepreneurs and recording in-person accounts, certain key emotional and behavioral clusters contributing to each failure point are determined, and several underlying factors are defined and discussed. Recommendations that support entrepreneurs and innovators stalling at each failure point are given. This work can enable stakeholders to evaluate founder emotional and behavioral profiles and to take risk-mitigating action, either through coaching or through more robust team creation, to avoid founder-related company failure. The paper will be of interest to investors funding startups, executives leading them and mentors supporting them.
Optimum Currency Area Index for Central and Eastern European Countries
The optimum currency area (OCA) theory was pioneered by Mundel in 1961, and since then it has remained a benchmark for monetary unification analyses. The origin of this theory is associated with the debate on the exchange rate regimes, and it became one of the foundations of monetary integration analyses. OCA theory focuses on defining the main factors that are crucial from the point of view of the successful currency area formation. The most important criteria postulated by this theory are the mobility of production factors (geographical, sectoral and occupational), openness of economies and their diversification, similarity of economic policies (especially in terms of low inflation), the low volatility of the exchange rate and synchronisation of business cycles. Many of optimum area theory’s postulates can be difficult to measure. That is why this theory was often criticized for being hard to move from the theory to empirical applications. Eichengreen and Bayoumi made an attempt to combine OCA theory postulates and create a synthetic measure which could clearly show which countries would be better candidates to form a currency union. They built the optimum currency area index which is based on the analysis of exchange rate variability. The lower it gets, the higher probability of successful monetary integration from the point of view of optimum currency area theory. As key factors which can make the exchange rate more stable authors indicate similar structures of economies, business cycles synchronization, high volume of bilateral trade and similar size of analyzed economies. In our research, we use Bayoumi and Eichengreen’s OCA index. We calculate indices for Central and Eastern European (CEE) countries, which are not euro area members (Bulgaria, Croatia, Czech Republic, Hungary, Poland and Romania). The aim of this analysis is to assess which countries are best candidates to adopt euro, taking into consideration OCA theory and index. Sample covers the period 1999-2014, analysis is based on annual Eurostat and World Bank data. The results confirm that all factors indicated by Bayoumi and Eichengreen are statistically significant in determining the volatility of exchange rate. Values of estimated indices show that, among analyzed countries, the most desirable level of this measure (the lowest values) is for Poland, Czech Republic, and Hungary. Indices for Bulgaria, Croatia, and Romania are, on average, approximately five times higher. That means that those countries in a weaker way fulfill postulates of OCA theory.
Types of Innovation Management Office and Their Roles and Responsibilities in Supporting the Innovation Management Process from Organisational Strategic Foresight to Managing Innovation Project Portfolios
With the aim of maximising return on innovation investments, organisations create central units to support successful implementation of innovation management initiatives. The support units–referred to in this research as innovation management offices (IMOs)–range from small teams of innovation management champions to fully resourced centres of excellence for innovation management. However, roles and responsibilities of IMOs vary in different organisations. This research investigates the different types of IMO in organisations, based on their different roles and responsibilities in supporting innovation management processes. The research uses grounded theory methodology to uncover an IMO taxonomy from emergent concepts during innovation management maturity assessment exercises in twelve organisations from the United Kingdom and the United Arab Emirates. The taxonomy distinguishes five types of IMO, based on their roles and responsibilities in supporting innovation management processes, from organisational strategic foresight to managing innovation management project portfolios. The IMO taxonomy addresses a gap in research into innovation management support in organisations and offers a practical framework that diverse organisations can appreciate and use in designing IMOs that are aligned with their innovation management visions and strategies.
The Role of Organizational Culture in the Development of Dynamic Capabilities
Dynamic capabilities framework has got the wide attention of researchers because of its importance in providing sustainable competitive advantage. However, researchers have less focused on the process of development of dynamic capabilities. The aim of this study was to investigate the role of organizational culture in the development of dynamic capabilities. This objective was achieved through comprehensive study of the relevant literature and case study analysis on the first Italian private railway company (Italo). This study revealed that the development of dynamic capabilities needs a holistic approach and the organizational culture act as a contextual moderator in the development of dynamic capabilities. Furthermore, open organizational culture empowers teamwork and foster nurturement of the employee’s skills, which lead to the development of the dynamic capabilities.
Training the Hospitality Entrepreneurship on the Account of Constructing Nascent Entrepreneurial Competence
Over the past several decades there has been considerable research on the topics of entrepreneurship education and nascent entrepreneurial competence. The purpose of this study is to explore the nascent entrepreneurial competence within entrepreneurship education via the use of three studies. It will be a three-phrases longitudinal study and the effective plan will combine the qualitative and quantitative mixed research methodology in order to understand the issues of nascent entrepreneurship and entrepreneurial competence in hospitality industry in Taiwan. In study one, the systematic literature reviews and twelve nascent entrepreneurs who graduated from hospitality management department will be conducted simultaneously to construct the nascent entrepreneurial competence indicators. Nine subjects who are from industry, government, and academia will be the decision makers in terms of forming the systematic nascent entrepreneurial competence indicators. The relative importance of indicators to each decision maker will be synthesized and compared using the Analytic Hierarchy Process method. According to the results of study one, this study will develop the teaching module of nascent hospitality entrepreneurship. It will include the objectives, context, content, audiences, assessment, pedagogy and outcomes. Based on the results of the second study, the quasi-experiment will be conducted in third study to explore the influence of nascent hospitality entrepreneurship teaching module on learners’ learning effectiveness. The nascent hospitality entrepreneurship education program and entrepreneurial competence will be promoted all around the hospitality industry and vocational universities. At the end, the implication for designing the nascent hospitality entrepreneurship teaching module and training programs will be suggested for the nascent entrepreneurship education. All of the proposed hypotheses will be examined and major finding, implication, discussion, and recommendations will be provided for the government and education administration in hospitality field.
South Korean Discourse on Bioecomomy in the Sector of Agriculture
Biotechnology provides us with technological solutions to resource-based challenges facing the global society. A bioeconomy or bio-based economy emerged as all economic activities derived from biotechnology. This paper aims to understand discourses on bioeconomy in the sector of agriculture with three dimensions; media discourse, science discourse, and policy discourse. For achieving research goals, content analysis was applied to this research. Media articles, academic journal articles and policy documents published from 2000 to 2016 were collected in South Korea. The text was coded and analyzed with the categories of speakers and their arguments. The research findings indicate that powerful actors and key messages of bioeconomy in South Korean agriculture. Differences and similarities among media, science, and policy were examined. Therefore this case study can contribute to understanding dynamic interaction and interfaces of media, science and policy discourse on biotechnology in the sector of agriculture.
Trade-Off between Access to Banking Sector and the Effectiveness of Fiscal Policy
The effectiveness of fiscal policy within business cycle is becoming more and more popular issue in the recent post-crisis macroeconomics literature. As a consequence, dynamic stochastic general equilibrium (DSGE) models, which are nowadays the main tool of the analysis of short-term term macroeconomic policy effects, are becoming more and more elaborated. However, most of DSGE models concerning fiscal policy still assume that all households make consumption decisions based on the intertemporal optimization. This assumption means that households do not face liquidity constraints and have free access to the banking sector. However, as Galí, López-Salido, and Vallés indicate, the estimates of fiscal multipliers taking into account heterogeneity of households enable more precise assessment of the effectiveness of fiscal policy. Thus, the effects of government spending in the model assuming heterogeneity of households was analysed in our research. The analysis was based on new Keynesian model, which takes into account both optimizing Ricardian households and non-Ricardian households with liquidity constraints. Ricardian households make decisions on the basis of permanent income whereas non-Ricardians because of lack of access to credit make decisions on the basis of their current income. The model is medium scale DSGE model in which both wage and price rigidities are assumed. The investment function was included in our model, which was necessary to estimate the impact of fiscal shocks on both factors of production. In order to solve non-linear model, the relaxation algorithm was applied. The parameters were estimated on the basis of Bayesian approach, which takes into account both empirical data and a-priori assumptions concerning parameters distributions. The research was carried out for European Union countries. Empirical data comes from Eurostat and a-priori moments are similar to those assumed by Smets and Wouters. A-posteriori distributions were calculated using Metropolis-Hastings algorithm. The results of our study indicate that the share of non-Ricardians, who have no access to the banking sector, has significant impact on fiscal multipliers. The impulse response functions show that the higher the share of households without access to the banking sector the stronger the impact of government spending on GDP, labour and consumption. In particular, the government spending multiplier is much higher than one in countries with the highest share of non-Ricardian households, whereas the impact of government spending on GDP is much weaker in countries with the lowest share of non-Ricardians. Thus, the results of the study indicate that there is a trade-off between the effectiveness of fiscal policy as a tool of GDP stabilisation within business cycle and households access to the credit market.
Efficiency, Effectiveness, and Technological Change in Armed Forces: Indonesian Case
Government of Indonesia had committed to increasing its national defense the budget up to 1,5 percent of GDP. However, the budget increase does not necessarily allocate efficiently and effectively. Using Data Envelopment Analysis (DEA), the operational units of Indonesian Armed Forces are considered as a proxy to measure those two aspects. The bootstrap technique is being used as well to reduce uncertainty in the estimation. Additionally, technological change is being measured as a nonstationary component. Nearly half of the units are being estimated as fully efficient, with less than a third is considered as effective. Longer and larger sets of data might increase the robustness of the estimation in the future.
Family Succession and Cost of Bank Loans: Evidence from China
The purpose of this study is to examine the effect of family succession on the cost of bank loan and non-price contractual terms. Using a unique dataset from China, we find that lending banks are more likely to charge higher interest rates and impose tighter contractual terms, such as maturity of loans and collateral requirement for second-generation family firms. This finding indicates that information risk and default risk may arise after subsequent family succession. However, we find that second-generation family firms can reduce their cost of bank loan by hiring top-tier auditors or establishing political connections to enhance the credibility of financial reporting or possible future bailouts from the Chinese government.
Oil Logistics for Refining to Northern Europe
To develop the programs to supply crude oil to North European refineries, it is necessary to take into account the refineries’ location, crude refining capacity, and the transport infrastructure capacity. Among the countries of the region, we include those having a marine boundary along the Northern Sea and the Baltic Sea (from France in the west to Finland in the east). The paper envisages the geographic allocation of the refineries and contains the evaluation of the refineries’ capacities for the region under review. The sustainable operations of refineries in the region are determined by the transportation system capacity to supply crude oil to them. The assessment of capacity of crude oil transportation to the refineries is conducted. The research is performed for the period of 2005/2015, using the quantitative analysis method. The countries are classified by the refineries’ aggregate capacities and the crude oil output on their territory. The crude oil output capacities in the region in the period under review are determined. The capacities of the region’s transportation system to supply crude oil produced in the region to the refineries are revealed. The analysis suggested that imported raw materials are the main source of oil for the refineries in the region. The main sources of crude oil supplies to North European refineries are reviewed. The change in the refineries’ capacities in the group of countries and each particular country, as well as the utilization of the refineries' capacities in the region in the period under review, was studied. The input suggests that the bulk of crude oil is supplied by marine and pipeline transport. The paper contains the assessment of the crude oil transportation by pipeline transport in the overall crude oil cargo flow. The refineries’ production rate for the groups of countries under the review and for each particular country was the subject of study. Our study yielded the trend towards the increase in the crude oil refining at the refineries of the region and reduction in the crude oil output. If this trend persists in the near future, the cargo flow of imported crude oil and the utilization of the North European logistics infrastructure may increase. According to the study, the existing transport infrastructure in the region is able to handle the increasing imported crude oil flow.
Skill-Based or Necessity-Driven Entrepreneurship in Animal Agriculture for Sustainable Job and Wealth Creations
This study identified and described some skill-based and necessity-driven entrepreneurship in animal agriculture (AA). AA is an integral segment of the world food industry, and provides a good and rapid source of income. The contribution of AA to the Sub-Saharan economy is quite significant, and there are still large opportunities that remain untapped in the sector. However, it is imperative to understand, simplify and package the various components of AA in order to pave way for rapid wealth creation, poverty eradication and women empowerment programmes in sub-Saharan Africa and other developing countries. The entrepreneurial areas of AA highlighted were animal breeding, livestock fattening, dairy production, poultry farming, meat production (beef, mutton, chevon, etc.), rabbit farming, wool/leather production, animal traction, animal feed industry, commercial pasture management, fish farming, sport animals, micro livestock production, private ownership of abattoirs, slaughter slabs, animal parks and zoos, among others. This study concludes that reproductive biotechnology such as oestrous synchronization, super-/multiple ovulation, artificial insemination and embryo transfer can be employed as a tool for improvement of genetic make-up of low-yielding animals in terms of milk, meat, egg, wool, leather production and other economic traits that will necessitate sustainable job and wealth creations.
Marketing of Global Business Systems Technologies as a Panacea to Unemployment Problem in Ogun State, Nigeria
This research work seeks to take technology used for business systems as a product that requires marketing activities. Technology is invented and innovated upon in developed countries and are introduced into Africa through marketing activities. Businesses in Africa now adopt this technology for global competitiveness and hitherto unemployed but educationally advantaged people are trained in handling and utilising the technology. The aim of this study is to examine how marketing activities make this technology help in solving the unemployment problem in Africa. The areas of study are both the premier local government and the local government of the industrial haven in Ogun State, Nigeria. Area or cluster sampling technique was employed and Questionnaires were administered to two hundred respondents in the areas of study. Findings revealed that marketing has contributed to the promotion of technology; thereby making businesses globally competitive. In addition, technology has helped in reducing unemployment in developing countries. Recommendations are that training programmes that will address existing knowledge gap in technology utilisation needs to be conducted for the labour force in Africa. Moreover, adequate power supply that will aid effective utilisation of these technologies needs to be put in place by the government in these various African countries.
An Interpretive Study of Entrepreneurial Experience towards Achieving Business Growth Using the Theory of Planned Behaviour as a Lens
Entrepreneurship is widely associated and seen as a vehicle for economic growth; however, different scholars have studied entrepreneurship from various perspectives, resulting in multiple definitions. It is surprising to know most entrepreneurship definition does not incorporate growth as part of their definition of entrepreneurship. Economic growth is engineered by the activities of the entrepreneurs. The purpose of the present theoretical study is to explore the working practices of the successful entrepreneurs towards achieving business growth by understanding the experiences of the entrepreneur using the Theory of Planned Behaviour (TPB) as a lens. Ten successful entrepreneurs in the North West of England in various business sectors were interviewed using semi-structured interview method. The recorded audio interviews transcribed and subsequently evaluated using the thematic deductive technique (qualitative approach). The themes were examined using Theory of Planned Behaviour to ascertain the presence of the three intentional antecedents (attitude, subjective norms, and perceived behavioural control). The findings categorised in two folds, firstly, it was observed that the three intentional antecedents, which make up Theory of Planned Behaviour were evident in the transcript. Secondly, the entrepreneurs are most concerned with achieving a state of freedom and realising their visions and ambitions. Nevertheless, the entrepreneur employed these intentional antecedents to enhance business growth. In conclusion, the work presented here showed a novel way of understanding the working practices and experiences of the entrepreneur using the theory of planned behaviour in qualitative approach towards enhancing business growth. There exist few qualitative studies in entrepreneurship research. In addition, this work applies a novel approach to studying the experience of the entrepreneurs by examining the working practices of the successful entrepreneurs in the North-West England through the lens of the theory of planned behaviour. Given the findings regarding TPB as a lens in the study, the entrepreneur does not differentiate between the categories of the antecedents reasonably sees them as processes that can be utilised to enhance business growth.
Measuring the Lean Readiness of Kuwaiti Manufacturing Industries
Purpose: To measure the readiness of the Kuwaiti small and medium sized manufacturing industries (K-SMMIs) to implement the lean system (LS) through an evaluation of their existing quality practices, and compare such readiness among different product sectors and ownership types. Design/methodology/approach: This study adopts the measurement framework developed by Al-Najem et al. (2013), which establishes six constructs related to lean quality practices, namely: process, planning and control, customer relations, suppliers relations, HR, and top management and leadership. Data were collected from a survey of 50 K-SMMIs operating in different industrial sectors. One research question and two hypotheses were developed and tested using t-test and Levene’s test, descriptive analysis, and one-way ANOVA. Findings: The results demonstrate that the K-SMMIs are far from being ready to implement lean. In addition, the study found that product sector and ownership type have no significant impact on the lean readiness in the K-SMMIs. Practical implications: This research provides insight into preparing Kuwaiti, and other SMMIs, to implement the LS by creating an assessment of their existing lean practices and readiness. Originality/value: This research is among a limited number of studies that have addressed lean within the Arab region, and only the second to examine the level of lean readiness of the K-SMMIs. It expands the literature on lean in developing countries, particularly in the Arab region, and can provide guidance to research within other countries in the region.
Risk and Emotion: Measuring the Effect of Emotion and Other Visceral Factors on Decision Making under Risk
Background: The science of modelling choice preferences has evolved over centuries into an interdisciplinary field contributing to several branches of Microeconomics and Mathematical Psychology. Early theories in Decision Science rested on the logic of rationality, but as it and related fields matured, descriptive theories emerged capable of explaining systematic violations of rationality through cognitive mechanisms underlying the thought processes that guide human behaviour. Cognitive limitations are not, however, solely responsible for systematic deviations from rationality and many are now exploring the effect of visceral factors as the more dominant drivers. The current study builds on the existing literature by exploring sleep deprivation, thermal comfort, stress, hunger, fear, anger and sadness as moderators to three distinct elements that define individual risk preference under Cumulative Prospect Theory. Methodology: This study is designed to compare the risk preference of participants experiencing an elevated affective or visceral state to those in a neutral state using nonparametric elicitation methods across three domains. Two experiments will be conducted simultaneously using different methodologies. The first will determine visceral states and risk preferences randomly over a two-week period by prompting participants to complete an online survey remotely. In each round of questions, participants will be asked to self-assess their current state using Visual Analogue Scales before answering a series of lottery-style elicitation questions. The second experiment will be conducted in a laboratory setting using psychological primes to induce a desired state. In this experiment, emotional states will be recorded using emotion analytics and used a basis for comparison between the two methods. Significance: The expected results include a series of measurable and systematic effects on the subjective interpretations of gamble attributes and evidence supporting the proposition that a portion of the variability in human choice preferences unaccounted for by cognitive limitations can be explained by interacting visceral states. Significant results will promote awareness about the subconscious effect that emotions and other drive states have on the way people process and interpret information, and can guide more effective decision making by informing decision-makers of the sources and consequences of irrational behaviour.
Impact of Capital Structure, Dividend Policy and Sustainability on Value of Firm: A Case Study of Spinning Textile Sector of Pakistan
The main purpose of this study is to evaluate and assess the financial position, operating performance, and recent outlook of the companies. This study investigates the impact of capital structure, dividend policy and sustainability on the value of firms of textile spinning sector of Pakistan which is listed on Pakistan stock exchange. The panel data technique has been applied to this group of textile sector which is textile spinning. This study covers the last ten years of time period. All the data related to the variables have been collected from the annual reports and financial statements of the textile sector firms. There are differently related determinants to measure the capital structure which are fixed assets turnover ratio, debt ratio, equity ratio, debt to equity ratio, assets tangibility, and shareholder’s equity. Dividend policy is being measured by two determinants which are earning per share (EPS) and dividend payout ratio. Sustainability is being measured by three suitable factors which are sales growth, gross profit margin ratio and firm size. These are three independent variables and their determinants of this study. Value of firm is measured through the return on asset (ROA). Capital structure is at the top of the list among all the three variables. According to the results of this research work, somewhere all the three variables generates positive and significant effect on the firm’s performance and its growth.
Implementation of Analysis-Led-Design in Product Development: Study of Roll Over Protecting Structure to Improve Energy Absorption Performance Using Absorption Part
Product development is a big issue in the industrial competition and takes a serious part in development of technology. Product development process could adapt high changes of market needs and transform into engineering concept in order to produce high-quality product. One of the latest methods in product development is Analysis-Led-Design (ALD). It utilizes digital engineering design tools with finite analysis to perform product robust analysis and valuable for product reliability assurance. Heavy machineries which operate under severe condition should perform guarantee to the customer when faced with potential hazard. Through ALD, a series of improvement of cab frame as operator standard safety device in heavy equipment is analyzed. Cab frame should perform high energy absorption while collision. Improvement was made by modify shapes of frame and-or install absorption device in certain area. Simulation result showed that absorption device could increase absorption energy than modifying shape.
Classifying the Role of Technology in Technology Development
Even though technology evolves and develops through interaction with each other, not all technologies contribute to the development of technology equally. While some technologies play a central role in developing technology, others play a secondary role. The role of the technological components can be classified as core or non-core (peripheral) technology. The core technologies have a considerable knowledge interaction with other technological components while the non-core technologies barely interact with others within the system. This study introduces the concept that classifies the technological components into core or peripheral technology according to their role and importance in the technology field. The study adapted the social network analysis to examine the relationship between technological components. Using a continuous core-periphery analysis, it identifies the technological network structure and classifies the core and peripheral nodes. Based on their knowledge inflow/outflow direction and their dependence/influence on core technologies, the technological clusters are classified into four categories: (1) high dependence and high influence on core technology, (2) high dependence and low influence on core technology, (3) low dependence and high influence on core technology, and (4) low dependence and low influence on core technology.
The Impact of Teams' Climate on the Intrapreneurial Process of Organizations Operating in Times of Crisis: Evidence from Greece
The present research investigates the role of teams’ climate within organizations acting in a country during a critical financial period, and its impact on the intrapreneurial process of organizations. Literature shows a significant relationship between organizational climate and intrapreneurship (entrepreneurship within existing organizations) in general, and gives climate the role of an important influential factor of the intrapreneurial behavior. However, the majority of researches have been conducted regarding climate at organizational level. Literature suggests that work teams’ climate may be differentiated from organizational climate and be far more influential especially over the members of the team. Specifically, the study investigates the impact of teams’ climate on Greek organizations’ intrapreneurship. Empirical evidence was obtained from 105 Greek organizations of various sectors and sizes. The results confirm the importance of teams’ climate in the intrapreneurial process and indicate a positive relationship between a strong climate and the intrapreneurial outcomes. Finally, the paper provides insights for future research.
The Study of Strength and Weakness Points of Various Techniques for Calculating the Volume of Done Work in Civil Projects
One of the topics discussed in civil projects, during the execution of the project, which the continuous change of work volumes is usually the characteristics of these types of projects, is how to calculate the volume of done work. The difference in volumes announced by the execution unit with the estimated volume by the technical office unit, has direct effect on the announced progress of the project. This issue can show the progress of the project more or less than actual value and as a result making mistakes for stakeholders and project managers and misleading them. This article intends to introduce some practical methods for calculating the volume of done work in civil projects. It then reviews the strengths and weaknesses of each of them, in order to resolve these contradictions and conflicts.
The Entrepreneurial Journey of Students: An Identity Perspective
While university dropout entrepreneurs are celebrated in the practitioner literature, students’ intentions of becoming entrepreneurs have increasingly been the focus of student entrepreneur studies. However, students who are already running a business have rarely been examined. The experience of these students is a phenomenon that requires further research. Entrepreneurial identity represents a gap in the organisational studies literature. This paper utilises studentpreneurs’ self-narratives of their entrepreneurial journey. More specifically, the aim is to answer the following question: what are the types of identity work that individuals go through to build their entrepreneurial identity during that journey? Through long interviews, this paper studies the lived experience of 14 studentpreneurs who have achieved $54,000 in income and who participated publicly in entrepreneurial competitions. A general inductive analysis is performed on their narrative. With its focus on the journey, this paper makes a contribution to the literature on identity work and the entrepreneurial journey. A key contribution is the study of identity work on the journey to becoming an (established) entrepreneur in contrast to routine identity work.
The Impact of Financial Literacy to the Retirement Planning on Malaysian Household
Purpose: This study examines the comprehensive household retirement planning based on the level of financial literacy in Malaysia. Sufficient financial literacy is essential to make financial decision on Malaysian household retirement planning. Design/Methodology/Approach: Numerous measurements consist of present value of total retirement fund needed, future value of the expenses and inflation-adjusted interest rate are used in this paper. Therefore, we are able to identify the retirement gap that needs to be considered immediately. Findings: Our results show, firstly, adequate financial literacy is vital to achieve long term household retirement planning. Secondly, there is no retirement gap where the future value of the existing financial assets is greater than the lump sum needs during retirement phase. Thirdly, financial assets should be prepared in early age to accumulate substantial funding to support household retirement life. Practical Implications: The outcomes benefit to retiree and working adults. It highlights the importance of financial literacy to retirement planning. It is also a milestone for Malaysian to achieve developed country if Malaysian has sufficient retirement funding. Originality/Value: There is currently lack of in-depth research on financial literacy related to household retirement planning. Further, the paper also focusses on financial literacy, as a means to assist those in funding retirement resources, in order to fulfil the retirement gap.
Pressure Sensitive v/s Pressure Resistance Institutional Investors towards Socially Responsible Investment Behavior: Evidence from Malaysia
The significant contribution of institutional investors across the globe in socially responsible investment (SRI) is well-documented in the literature. Nevertheless, how the SRI behavior of pressure-resistant, pressure-sensitive and pressure-indeterminate institutional investors remain unexplored extensively. This study examines the moderating effect of institutional investors towards socially responsible investment behavior in the context of emerging economies. This study involved 229 institutional investors in Malaysia. A total of 1,145 questionnaires were distributed. Out of these, 308 (130 pressure sensitive institutional investors and 178 pressure resistant institutional investors), representing a usable rate of 26.9 per cent, were found fit for data analysis. Utilizing multi-group analysis via AMOS, this study found evidence for the presence of moderating effect by a type of institutional investor topology in socially responsible investment behavior. At intentional level, it established that type of institutional investor was a significant moderator in the relationship between subjective norms, and caring ethical climate with intention among pressure-resistant institutional investors, as well as between perceived behavioral controls with intention among pressure-sensitive institutional investors. At the behavioral level, the results evidenced that there was only a significant moderating effect between intention and socially responsible investment behavior among pressure-resistant institutional investors. The outcomes are expected to benefit policy makers, regulators, and market participants in order to leap forward SRI growth in developing economies. Nevertheless, the outcomes are limited to a few factors, and it is believed that future studies shall address those limitations.
Cluster Mapping for Economic Development in Thailand
This study investigates cluster mapping in Thailand. The cluster is the major driving force for economic development. A cluster is a group of related firms, public sector entities, and other related institutions with the objective of improving the competitiveness of a group in a specific geographic region. For this study, major clusters were identified in each region. The data were collected from secondary sources such as government database, statistical data, and secondary document. The cluster map can be used to guide business investment and provide the direction for government policy.