International Science Index

International Journal of Management and Industrial Engineering

18
71932
Entrepreneurship Education As A 21st Century Strategy For Economic Growth And Sustainable Development
Abstract:
Abstract - Within the last 30 years, entrepreneurship education (EE) has continued to gain massive interest both in the field of research and among policy makers. This surge in interest can be attributed to the perceived importance entrepreneurship education plays in the equipping of potential entrepreneurs and as a 21st century strategy to foster economic growth and development. This paper sets out to ascertain the correlation between EE and economic growth and development. A desk research approach was adopted where a multiplicity of literatures in the field were studied intensely. The findings reveal that indeed EE has a positive effect on entrepreneurship engagement thereby fostering economic growth and development. However, some research studies reported the contrary. That although EE may be able to equip potential entrepreneurs with requisite entrepreneurial skills and competencies but will only be successful in producing entrepreneurs only if they are internally driven to become entrepreneurs, because we cannot make people what they are not. The findings also reveal that countries that adopted EE early have more innovations inspired by entrepreneurs and are more developed by those that only recently adopting EE as a viable tool for entrepreneurship and economic development.
17
70972
Extent of Derivative Usage, Firm Value and Risk: An Empirical Study on Pakistan Non-Financial Firms
Authors:
Abstract:
Growing liberalisation and intense market competition increase firm’s risk exposure and induce corporations to use derivatives extensively as a risk management instrument, which results in decrease in firm’s risk, and increase in value. Present study contributes towards existing literature by providing an in-depth analysis regarding the effect of extent of derivative usage on firm’s risk and value by using panel data models and seemingly unrelated regression technique. New evidence is established in current literature by dividing the sample data based on firm’s Exchange Rate (ER) and Interest Rate (IR) exposure. Analysis is performed for the effect of extent of derivative usage on firm’s risk and value and its variation with respect to the ER and IR exposure. Sample data consists of 166 Pakistani firms listed on Pakistan stock exchange for the period of 2004-2010. Results show that extensive usage of derivative instruments significantly increases firm value and reduces firm’s risk. Furthermore, comprehensive analysis depicts that Pakistani corporations having higher exchange rate exposure, with respect to foreign sales, and higher interest rate exposure, on the basis of industry adjusted leverage, have higher firm value and lower risk. Findings from seemingly unrelated regression also provide robustness to results obtained through panel data analysis. Study also highlights the role of derivative usage as a risk management instrument in high and low ER and IR risk and helps practitioners in understanding how value increasing effect of extent of derivative usage varies with the intensity of firm’s risk exposure.
16
71919
A Constrained Neural Network Based Variable Neighborhood Search for the Multi-Objective Dynamic Flexible Job Shop Scheduling Problems
Abstract:
In this paper, a new neural network based variable neighborhood search is proposed for the multi-objective dynamic flexible job shop scheduling problems. The neural network considers the problems constraints to prevent unfeasible solutions, while the Variable Neighborhood Search (VNS) applies moves, based on the critical block concept to improve the solutions. Two approaches are used for managing the constraints, at the first approach, unfeasible solutions are modified according to the constraints after the moves application, while in the second one, unfeasible moves are prevented. Several neighborhood structures from the literature with some modifications and also new structures are used in the VNS. The suggested neighborhoods are more systematically defined and easy to implement. Comparison is done based on a multi-objective flexible job shop scheduling problem that is dynamic because of the jobs different release time and machines breakdowns. The results show that the presented method has better performance than the compared VNSs selected from the literature.
15
72144
A Hybrid Pareto-Based Swarm Optimization Algorithm for the Multi-Objective Flexible Job Shop Scheduling Problems
Abstract:
In this paper, a new hybrid particle swarm optimization algorithm is proposed for the multi-objective flexible job shop scheduling problem that is very important and hard combinatorial problem. The Pareto approach is used for solving the multi-objective problem. Several new local search heuristics are integrated into algorithm based on the critical block concept to enhance performance of the algorithm. The algorithm is compared with the recently published multi-objective algorithms based on benchmarks selected from the literature. Several metrics are used for quantifying performance and comparison of the achieved solutions. The algorithms are also compared based on the Weighting summation of objectives approach. The proposed algorithm can find the Pareto solutions more efficiently than the compared algorithms in less computational time.
14
68274
Synthesis of Ethoxylated Amide as Bactericide to Enhance the Storage Period of Diesel Fuel Nanoemulsions
Abstract:
This paper aims to the synthesis of new ethoxylated amide as bactericides to prevent the growth of Gram +ve and –ve bacteria of water-in-diesel fuel nanoemulsions over a long period of time as three months. To realize it, eight kinetically stable water-in-diesel fuel nanoemulsions differing in surfactant concentrations and water contents ranging from 4 to 8 and 5 to 8 wt.,wt.,% of total weight of the nanoemulsions, respectively were formed at a temperature of 20 °C. The performance of this ethoxylated amide as bactericides agents against two strains of Gram-negative bacteria, namely, Pseudomonas aeruginosa and Escherichia coli, and two strains of Gram-positive bacteria namely, Staphylococcus aureus and Bacillus subtilis, were evaluated as antimicrobial agents. The maximum and minimum antimicrobial activities were 85 and 71 % against S. aureus and E. coli, respectively, at a concentration of 5 mg/l, pH 7, and 37 °C.
13
71968
Identifying and Evaluating the Effectiveness of Communication Channels between Employees and Management Based on the Efqm Excellence Model
Abstract:
This study aims to investigate the relationship between the bilateral communication channels, communication technologies with effective communications and communication technologies, employee participation in motivated decision-making of employees using the EFQM excellence model in Education Organization of Area 4 in Karaj. This research is an applied research in terms of the purpose and is a descriptive survey research in terms of nature and method and assesses the current situation using field studies. The statistical population consists of all employees and managers of Education Organization of Area 4 in Karaj including 5442 persons and random sampling was used and sample size is 359 using Cochran formula. Measurement tool is a researcher-made questionnaire with 20 questions including two categories of expertise and general questions. The first category includes general questions about respondents' personal characteristics such as gender and level of education, work experience and courses of study. The second category includes expertise questions of the questionnaire that have been designed to test research hypotheses that its reliability was approved by Cronbach's alpha coefficient 0.916 and its validity was approved according to the vies of teachers and some senior managers of Education Organization of Area 4 in Karaj. Kolmogorov-Smirnov test was used to examine normal or non-normal data and for analysis of research findings we used methods of statistical description including frequency distribution table, dispersion and central indices and ANOVA method was used for statistical inferences and univariate linear regression and Pearson test were used to evaluate the hypotheses. The results of the analysis of the findings show that there is a significant relationship between mutual communication channels, communication technologies with effective communication between employees and management. There is also a significant relationship between communication technologies and employee motivation and there is also a significant relationship between employee participation in their motivated decision-making in Education Organization of Area 4 in Karaj.
12
69835
Effective Use of X-Box Kinect in Rehabilitation Centers of Riyadh
Abstract:
Physical rehabilitation is the process of helping people to recover and be able to go back to their former activities that have been delayed due to external factors such as car accidents, old age and victims of strokes (chronic diseases and accidents, and those related to sport activities).The cost of hiring a personal nurse or driving the patient to and from the hospital could be costly and time-consuming. Also, there are other factors to take into account such as forgetfulness, boredom and lack of motivation. In order to solve this dilemma, some experts came up with rehabilitation software to be used with Microsoft Kinect to help the patients and their families for in-home rehabilitation. In home rehabilitation software is becoming more and more popular, since it is more convenient for all parties affiliated with the patient. In contrast to the other costly market-based systems that have no portability, Microsoft’s Kinect is a portable motion sensor that reads body movements and interprets it. New software development has made rehabilitation games available to be used at home for the convenience of the patient. The game will benefit its users (rehabilitation patients) in saving time and money. There are many software's that are used with the Kinect for rehabilitation, but the software that is chosen in this research is Kinectotherapy. Kinectotherapy software is used for rehabilitation patients in Riyadh clinics to test its acceptance by patients and their physicians. In this study, we used Kinect because it was affordable, portable and easy to access in contrast to expensive market-based motion sensors. This paper explores the importance of in-home rehabilitation by using Kinect with Kinectotherapy software. The software targets both upper and lower limbs, but in this research, the main focus is on upper-limb functionality. However, the in-home rehabilitation is applicable to be used by all patients with motor disability, since the patient must have some self-reliance. The targeted subjects are patients with minor motor impairment that are somewhat independent in their mobility. The presented work is the first to consider the implementation of in-home rehabilitation with real-time feedback to the patient and physician. This research proposes the implementation of in-home rehabilitation in Riyadh, Saudi Arabia. The findings show that most of the patients are interested and motivated in using the in-home rehabilitation system in the future. The main value of the software application is due to these factors: improve patient engagement through stimulating rehabilitation, be a low cost rehabilitation tool and reduce the need for expensive one-to-one clinical contact. Rehabilitation is a crucial treatment that can improve the quality of life and confidence of the patient as well as their self-esteem.
11
67128
Dynamic Comovements between Exchange Rates, Stock Prices and Oil Prices: Evidence from Developed and Emerging Latin American Markets
Abstract:
This paper applies DCC, EWMA and OGARCH models to compare the dynamic correlations between exchange rates, oil prices, exchange rates and stock markets to examine the time-varying conditional correlations to the daily oil prices and index returns in relation to the US dollar/local currency for developed (Canada and Mexico) and emerging Latin American markets (Brazil, Chile, Colombia and Peru). Changes in correlation interactions are indicative of structural changes in market linkages with implications to contagion and interdependence. For each pair of stock price-exchange rate and oil price-US dollar/local currency, empirical evidence confirms of a strengthening negative correlation in the last decade. Methodologies suggest only two events have significatively impact in the countries analyzed: global financial crisis and Europe crisis, both events are associated with shifts of correlations to stronger negative level for most of the pairs analyzed. While, the first event has a shifting effect on mainly emerging members, the latter affects developed members. The identification of these relationships provides benefits in risk diversification and inflation targeting.
10
69079
Tiebout and Crime: How Crime Affect the Income Tax Capacity
Abstract:
Despite the extensive literature on the relation between crime and migration, not much is known about how crime affects the tax capacity of local communities. This paper empirically investigates whether the Flemish local income tax base yield is sensitive to changes in the local crime level. The underlying assumptions are threefold. In a Tiebout world, rational voters holding the local government accountable for the safety of its citizens, move out when the local level of security gets too much alienated from what they want it to be (first assumption). If migration is due to crime, then the more wealthy citizens are expected to move first (second assumption). Looking for a place elsewhere implies transaction costs, which the more wealthy citizens are more likely to be able to pay. As a consequence, the average income per capita and so the income distribution will be affected, which in turn, will influence the local income tax base yield (third assumption). The decreasing average income per capita, if not compensated by increasing earnings by the citizens that are staying or by the new citizens entering the locality, must result in a decreasing local income tax base yield. In the absence of a higher level governments’ compensation, decreasing local tax revenues could prove to be disastrous for a crime-ridden municipality. When communities do not succeed in forcing back the number of offences, this can be the onset of a cumulative process of urban deterioration. A spatial panel data model containing several proxies for the local level of crime in 306 Flemish municipalities covering the period 2000-2014 is used to test the relation between crime and the local income tax base yield. In addition to this direct relation, the underlying assumptions are investigated as well. Preliminary results show a modest, but positive relation between local violent crime rates and the efflux of citizens, persistent up until a 2 year lag. This positive effect is dampened by possible increasing crime rates in neighboring municipalities. The change in violent crimes -and to a lesser extent- thefts and extortions reduce the influx of citizens with a one year lag. Again this effect is diminished by external effects from neighboring municipalities, meaning that increasing crime rates in neighboring municipalities (especially violent crimes) have a positive effect on the local influx of citizens. Crime also has a depressing effect on the average income per capita within a municipality, whereas increasing crime rates in neighboring municipalities increase it. Notwithstanding the previous results, crime does not seem to significantly affect the local tax base yield. The results suggest that the depressing effect of crime on the income basis has to be compensated by a limited, but a wealthier influx of new citizens.
9
69181
The Effect of Political Characteristics on the Budget Balance of Local Governments: A Dynamic System Generalized Method of Moments Data Approach
Abstract:
This paper studies the effect of political characteristics of 308 Flemish municipalities on their budget balance in the period 1995-2011. All local governments experience the same economic and financial setting, however some governments have high budget balances, while others have low budget balances. The aim of this paper is to explain the differences in municipal budget balances by a number of economic, socio-demographic and political variables. The economic and socio-demographic variables will be used as control variables, while the focus of this paper will be on the political variables. We test four hypotheses resulting from the literature, namely (i) the partisan hypothesis tests if left wing governments have lower budget balances, (ii) the fragmentation hypothesis stating that more fragmented governments have lower budget balances, (iii) the hypothesis regarding the power of the government, higher powered governments would resolve in higher budget balances, and (iv) the opportunistic budget cycle to test whether politicians manipulate the economic situation before elections in order to maximize their reelection possibilities and therefore have lower budget balances before elections. The contributions of our paper to the existing literature are multiple. First, we use the whole array of political variables and not just a selection of them. Second, we are dealing with a homogeneous database with the same budget and election rules, making it easier to focus on the political factors without having to control for the impact of differences in the political systems. Third, our research extends the existing literature on Flemish municipalities as this is the first dynamic research on local budget balances. We use a dynamic panel data model. Because of the two lagged dependent variables as explanatory variables, we employ the system GMM (Generalized Method of Moments) estimator. This is the best possible estimator as we are dealing with political panel data that is rather persistent. Our empirical results show that the effect of the ideological position and the power of the coalition are of less importance to explain the budget balance. The political fragmentation of the government on the other hand has a negative and significant effect on the budget balance. The more parties in a coalition the worse the budget balance is ceteris paribus. Our results also provide evidence of an opportunistic budget cycle, the budget balances are lower in pre-election years relative to the other years to try and increase the incumbents reelection possibilities. An additional finding is that the incremental effect of the budget balance is very important and should not be ignored like is being done in a lot of empirical research. The coefficients of the lagged dependent variables are always positive and very significant. This proves that the budget balance is subject to incrementalism. It is not possible to change the entire policy from one year to another so the actions taken in recent past years still have an impact on the current budget balance. Only a relatively small amount of research concerning the budget balance takes this considerable incremental effect into account. Our findings survive several robustness checks.
8
70731
Tremendous Global Spillovers: Analysis and Mechanisms of the Destination-Based Border Adjusted Tax
Abstract:
The Republican members of the US House of Representatives have proposed a major overhaul of the US corporate tax system, the so-called ‘destination-based border-adjusted cash-flow tax’ (DBCFT). The literature on the macroeconomic implications and global spillovers of such a DBCFT is scarce. This paper aims to provide a comprehensive analysis of the mechanics of this new tax, its macroeconomic implications as well as its global spillovers using a fully structural global multi-country model. Our results suggest that despite providing a boost to US GDP and inflation, and a significant – but less than complete – appreciation of the US dollar, the DBCFT would reduce household consumption, lead to a rise in the fiscal deficit and a rebalancing of the US economy away from domestic demand towards exports. Even under a scenario where other countries do not retaliate, global economic activity spillovers are strongly negative and world trade would decline substantially leading to a diminishing of global imbalances. Robustness scenarios show the short-term impact would be substantially reduced if exporters do not receive a rebate for the tax liability related to their domestic inputs or if agents perceive this reform as permanent.
7
65436
Clustering of Extremes in Financial Returns: A Comparison between Developed and Emerging Markets
Abstract:
This paper investigates the dependency or clustering of extremes in the financial returns data by estimating the extremal index value θ∈[0,1]. The smaller the value of θ the more clustering we have. Here we apply the method of Ferro and Segers (2003) to estimate the extremal index for a range of threshold values. We compare the dependency structure of extremes in the developed and emerging markets. We use the financial returns of the stock market index in the developed markets of US, UK, France, Germany and Japan and the emerging markets of Brazil, Russia, India, China and Saudi Arabia. We expect that more clustering occurs in the emerging markets. This study will help to understand the dependency structure of the financial returns data.
6
38429
A Game of Information in Defense/Attack Strategies: Case of Poisson Attacks
Abstract:
In this paper, we briefly introduce the concept of Poisson attacks in the case of defense/attack strategies where attacks are assumed to be continuous. We suggest a game model in which the attacker will combine both criteria of a sufficient confidence level of a successful attack and a reasonably small size of the estimation error in order to launch an attack. Here, estimation error arises from assessing the system failure upon attack using aggregate data at the system level. The corresponding error is referred to as aggregation error. On the other hand, the defender will attempt to deter attack by making one or both criteria inapplicable. The defender will build his/her strategy by both strengthening the targeted system and increasing the size of error. We will formulate the defender problem based on appropriate optimization models. The attacker will opt for a Bayesian updating in assessing the impact on the improvement made by the defender. Then, the attacker will evaluate the feasibility of the attack before making the decision of whether or not to launch it. We will provide illustrations to better explain the process.
5
38689
An Application of Bidirectional Option Contract to Coordinate a Dyadic Fashion Apparel Supply Chain
Abstract:
Since the inception, the fashion apparel supply chain is facing the problem of high demand uncertainty. Often the demand volatility compels the corresponding supply chain member to incur substantial holding cost and opportunity cost in case of the overproduction and the underproduction scenario, respectively. It leads to an uncoordinated fashion apparel supply chain. There exist several scholarly works to achieve coordination in the fashion apparel supply chain by employing the different contracts such as the buyback contract, the revenue sharing contract, the option contract, and so on. Specially, the application of option contract in the apparel industry becomes prevalent with the changing global scenario. Exploration of existing literature related to the option contract reveals that most of the research works concentrate on the one direction demand adjustment i.e. either to match the demand upwards or downwards. Here, we present a holistic approach to coordinate a dyadic fashion apparel supply chain comprising one manufacturer and one retailer with the help of bidirectional option contract. We show a combination of wholesale price contract and bidirectional option contract can coordinate the under expanded supply chain. We also propose a framework that captures the variation of the apparel retailer’s order quantity and the apparel manufacturer’s production quantity with the changing exercise price for the different ranges of the option price. We analytically explore that corresponding cost parameters of the supply chain members along with the nature of demand distribution play an instrumental role in the coordination as well as the retailer’s ordering decision.
4
41756
Designing a Cricket Team Selection Method Using Super-Efficient DEA and Semi Variance Approach
Abstract:
Team formation plays an instrumental role in the sports like cricket. Existing literature reveals that most of the works on player selection focus only on the players’ efficiency and ignore the consistency. It motivates us to design an improved player selection method based on both player’s efficiency and consistency. To measure the players’ efficiency measurement, we employ a modified data envelopment analysis (DEA) technique namely ‘super-efficient DEA model’. We design a modified consistency index based on semi variance approach. Here, we introduce a new parameter called ‘fitness index’ for consistency computation to assess a player’s fitness level. Finally, we devise a single performance score using both efficiency score and consistency score with the help of a linear programming model. To test the robustness of our method, we perform a rigorous numerical analysis to determine the all-time best One Day International (ODI) Cricket XI. Next, we conduct extensive comparative studies regarding efficiency scores, consistency scores, selected team between the existing methods and the proposed method and explain the rationale behind the improvement.
3
34619
Oil-price Volatility and Economic Prosperity in Nigeria: Empirical Evidence
Abstract:
The impact of macroeconomic instability on economic growth and prosperity has been at forefront in many discourses among researchers and policy makers and has generated a lot of controversies over the years. This has generated series of research efforts towards understanding the remote causes of this phenomenon; its nature, determinants and how it can be targeted and mitigated. While others have opined that the root cause of macroeconomic flux in Nigeria is attributed to Oil-Price volatility, others viewed the issue as resulting from some constellation of structural constraints both within and outside the shores of the country. Research works of scholars such as [Akpan (2009), Aliyu (2009), Olomola (2006), etc] argue that oil volatility can determine economic growth or has the potential of doing so. On the contrary, [Darby (1982), Cerralo (2005) etc] share the opinion that it can slow down growth. The earlier argument rest on the understanding that for a net balance of oil exporting economies, price upbeat directly increases real national income through higher export earnings, whereas, the latter allude to the case of net-oil importing countries (which experience price rises, increased input costs, reduced non-oil demand, low investment, fall in tax revenues and ultimately an increase in budget deficit which will further reduce welfare level). Therefore, assessing the precise impact of oil price volatility on virtually any economy is a function of whether it is an oil-exporting or importing nation. Research on oil price volatility and its outcome on the growth of the Nigerian economy are evolving and in a march towards resolving Nigeria’s macroeconomic instability as long as oil revenue still remain the mainstay and driver of socio-economic engineering. Recently, a major importer of Nigeria’s oil- United States made a historic breakthrough in more efficient source of energy for her economy with the capacity of serving significant part of the world. This undoubtedly suggests a threat to the exchange earnings of the country. The need to understand fluctuation in its major export commodity is critical. This paper leans on the Renaissance growth theory with greater focus on theoretical work of Lee (1998); a leading proponent of this school who makes a clear cut of difference between oil price changes and oil price volatility. Based on the above background, the research seeks to empirically examine the impact oil-price volatility on government expenditure using quarterly time series data spanning 1986:1 to 2014:4. Vector Auto Regression (VAR) econometric approach shall be used. The structural properties of the model shall be tested using Augmented Dickey-Fuller and Phillips-Perron. Relevant diagnostics tests of heteroscedasticity, serial correlation and normality shall also be carried out. Policy recommendation shall be offered on the empirical findings and believes it assist policy makers not only in Nigeria but the world-over.
2
2584
An Efficient Approach to Optimize the Cost and Profit of a Tea Garden by Using Branch and Bound Method
Abstract:
In this paper, we formulate a new problem as a linear programming and Integer Programming problem and maximize profit within the limited budget and limited resources based on the construction of a tea garden problem. It describes a new idea about how to optimize profit and focuses on the practical aspects of modeling and the challenges of providing a solution to a complex real life problem. Finally, a comparative study is carried out among Graphical method, Simplex method and Branch and bound method.
1
5827
Providing a Road Pricing and Toll Allocation Method for Toll Roads
Authors:
Abstract:
There is a worldwide growing tendency toward construction of infrastructures with the possibility of private sector participation instead of free exploitation of public infrastructures. The construction and development of roads through private sector participation is performed by different countries because of appropriate results and benefits such as compensation of public budget deficit in road construction and maintenance and responding to traffic growth (demand). Toll is the most definite form of budget provision in road development. There are two issues in the toll rate assignment: A. costing of transport, B. Cost allocation and distribution of cost between different types of vehicles as each vehicle pay its own share. There can be different goals in toll collection and its extent is variable according to the strategy of toll collection. Costing principles in different countries are based on inclusion of the whole transport and not peculiar to the toll roads. For example, fuel tax policy functions where the road network users pay transportation cost (not just users of toll road). Whereas transportation infrastructures in Iran are free, these methods are not applicable. In Iran, different toll freeways have built by public investment and government provides participation in the road construction through encouragement of financial institutions. In this paper, the existing policies about the toll roads are studied and then the appropriate method of costing and cost allocation to different vehicles is introduced.