Regional performance and characteristics of Indian manufacturing industry

This paper investigates the regional characteristics of Indian manufacturing industry. Its aim is to assess whether geography plays any major role in determining the performance or characteristics of Indian manufacturing firms, and in order to do this, it presents the results of cross-section regressions estimated on the basis of a balanced sample of 1607 firms across the 30 Indian states. The results suggest that firm performance and characteristics are related to many of the expected industrial organization variables. However, there is also evidence of significant region–state influences on both the performance and characteristics of Indian manufacturing industry. As such, the results demonstrate that analyses which focus solely on standard non-spatial industrial organization variables will fail to explain much of the cross-sectional variation in firm performance and characteristics. In particular, while there are no systematic simple centre–periphery variations in the Indian regional economic system, there is evidence to suggest that industrial spatial concentration, regional specialization, and regional market size play a key role in determining the performance and characteristics of Indian manufacturing industry.

The effects of cross-border and cross-industry mergers and acquisitions on home-region and global multinational enterprises

We examine the effects of international and product diversification through mergers and acquisitions (M&As) on the firm's risk–return profile. We identify the rewards from different types of M&As and investigate whether becoming a global firm is a value-enhancing strategy. Drawing on the theoretical work of Vachani (Journal of International Business Studies, 22 (1991), pp. 307−222) and on Rugman and Verbeke's (Journal of International Business Studies, 35 (2004), pp. 3−18) metrics, we classify firms according to their degree of international and product diversification. To account for the endogeneity of M&As, we develop a panel vector autoregression. We find that global and host-region multinational enterprises benefit from cross-border M&As that reinforce their geographical footprint. Cross-industry M&As enhance the risk–return profile of home-region firms. This effect depends on the degree of product diversification. Hence there is no value-enhancing M&A strategy for home-region and bi-regional firms to become ‘truly global’.

Investigating the level of awareness of building assessment tools in the construction industry of Botswana

Environmental building assessment tools have been developed to measure how well or poorly a building is performing, or likely to perform, against a declared set of criteria, or environmental considerations, in order to achieve sustainability principles. Knowledge of environmental building assessment tools is therefore important for successful design and construction of environmentally friendly buildings for countries. The purpose of the research is to investigate the knowledge and level of awareness of environmental building assessment tools among industry practitioners in Botswana. One hundred and seven paper-based questionnaires were delivered to industry practitioners, including architects, engineers, quantity surveyors, real estate developers and academics. Users were asked what they know about building assessment, whether they have used any building assessment tool in the past, and what they perceive as possible barriers to the implementation of environmental building assessment tools in Botswana. Sixty five were returned and statistical analysis, using IBM SPSS V19 software, was used for analysis. Almost 85 per cent of respondents indicate that they are extremely or moderately aware of environmental design. Furthermore, the results indicate that 32 per cent of respondents have gone through formal training, which suggests ‘reasonable knowledge’. This however does not correspond with the use of the tools on the ground as 69 per cent of practitioners report never to have used any environmental building assessment tool in any project. The study highlights the need to develop an assessment tool for Botswana to enhance knowledge and further improve the level of awareness of environmental issues relating to building design and construction.

State capitalism and social responsibility in China's banking industry

China’s financial system has experienced a series of major reforms in recent years. Efforts have been made towards introducing the shareholding system in state-owned commercial banks, restructuring of securities firms, re-organising equity of joint venture insurance companies, further improving the corporate governance structure, managing financial risks and ultimately establishing a system to protect investors (Xinhua, 2010). Financial product innovation, with the further opening up of financial markets and the development of the insurance and bond market, has increased liquidity as well as reduced financial risks. The U.S. subprime crisis indicated the benefit of financial innovations for the economy, but without proper control, they may lead to unexpected consequences. Kirkpatrick (2009) argues that failures and weaknesses in corporate governance arrangements and insufficient accounting standards and regulatory requirements attributed to the financial crisis. Similar to the financial crises of the last decade, the global financial crisis which sparked in 2008, surfaced a variety of significant corporate governance failures: the dysfunction of market mechanisms, the lack of transparency and accountability, misaligned compensation arrangements and the late response of government, all which encouraged management short-termism, poor risk management, as well as some fraudulent schemes. The unique characteristics of the Chinese banking system are an interesting point for studying post-crisis corporate governance reform. Considering that China modelled its governance system on the Anglo-American system, this paper examines the impact of the financial crisis on corporate governance reform in developed economies, and particularly, China’s reform of its financial sector. The paper further analyses the Chinese government’s role in bank supervision and risk management. In this regard, the paper contributes to the corporate governance literature within the Chinese context by providing insights into the contributing factors to the corporate governance failure that led to the global financial crisis. It also provides policy recommendations for China’s policy makers to seriously consider. The results suggest a need for the re-examination of corporate governance adequacy and the institutionalisation of business ethics. The paper’s next section provides a review of China’s financial system with reference to the financial crisis, followed by a critical evaluation of a capitalistic system and a review of Anglo-American and Continental European models. It then analyses the need for a new corporate governance model in China by considering the bank failures in developed economies and the potential risks and inefficiencies in a current State controlled system. The paper closes by reflecting the need for Chinese policy makers to continually develop, adapt and rewrite corporate governance practices capable of meeting the new challenge, and to pay attention to business ethics, an issue which goes beyond regulation.

Fashionline: CSR case of a U.K. fashion retailer

This paper presents findings from a corporate social responsibility (CSR) case-study of a UK fashion retailer informed through 22 multi-level internal and 5 external semi-structured interviews. Our research explores the relationship between various stakeholders and their perceptions of CSR issues. Sixteen themes emerge. We find disparity in CSR perceptions at different levels of organization and in views of consumers. Our recommendations are that the UK fashion retailer needs to – better understand normative purpose of CSR and in doing so balance social and environmental factors more equally; engage more widely at an early stage with broader stakeholders (global supply chain; consumers, employees, local populations, regulators, industry players); and better communicate (at different levels internally) along with integrate (external policy makers and with industry) design and implementation of CSR strategies. The authors conclude a gap remains for better CSR frameworks for the UK fashion retailer.

The value of a saved tree : The lifecycle of CO2-emissions associated with the combination of printing paper and electricity production of wood in the U.S. and Sweden

The pulp- and paper production is a very energy intensive industry sector. Both Sweden and the U.S. are major pulpandpaper producers. This report examines the energy and the CO2-emission connected with the pulp- and paperindustry for the two countries from a lifecycle perspective.New technologies make it possible to increase the electricity production in the integrated pulp- andpaper mill through black liquor gasification and a combined cycle (BLGCC). That way, the mill canproduce excess electricity, which can be sold and replace electricity produced in power plants. In thisprocess the by-products that are formed at the pulp-making process is used as fuel to produce electricity.In pulp- and paper mills today the technology for generating energy from the by-product in aTomlinson boiler is not as efficient as it could be compared to the BLGCC technology. Scenarios havebeen designed to investigate the results from using the BLGCC technique using a life cycle analysis.Two scenarios are being represented by a 1994 mill in the U.S. and a 1994 mill in Sweden.The scenariosare based on the average energy intensity of pulp- and paper mills as operating in 1994 in the U.S.and Sweden respectively. The two other scenarios are constituted by a »reference mill« in the U.S. andSweden using state-of-the-art technology. We investigate the impact of varying recycling rates and totalenergy use and CO2-emissions from the production of printing and writing paper. To economize withthe wood and that way save trees, we can use the trees that are replaced by recycling in a biomassgasification combined cycle (BIGCC) to produce electricity in a power station. This produces extra electricitywith a lower CO2 intensity than electricity generated by, for example, coal-fired power plants.The lifecycle analysis in this thesis also includes the use of waste treatment in the paper lifecycle. Both Sweden and theU.S. are countries that recycle paper. Still there is a lot of paper waste, this paper is a part of the countries municipalsolid waste (MSW). A lot of the MSW is landfilled, but parts of it are incinerated to extract electricity. The thesis hasdesigned special scenarios for the use of MSW in the lifecycle analysis.This report is studying and comparing two different countries and two different efficiencies on theBLGCC in four different scenarios. This gives a wide survey and points to essential parameters to specificallyreflect on, when making assumptions in a lifecycle analysis. The report shows that there arethree key parameters that have to be carefully considered when making a lifecycle analysis of wood inan energy and CO2-emission perspective in the pulp- and paper mill in the U.S. and in Sweden. First,there is the energy efficiency in the pulp- and paper mill, then the efficiency of the BLGCC and last theCO2 intensity of the electricity displaced by BIGCC or BLGCC generatedelectricity. It also show that with the current technology that we havetoday, it is possible to produce CO2 free paper with a waste paper amountup to 30%. The thesis discusses the system boundaries and the assumptions.Further and more detailed research, including amongst others thesystem boundaries and forestry, is recommended for more specificanswers.

The determinants of internationalstudent mobility : An empirical study on U.S. Data

The increase in foreign students in countries such as the US, the UK and Francesuggests that the international ‘education industry’ is growing in importance. Thepurpose of this paper is to investigate the empirical determinants of internationalstudent mobility. A secondary purpose is to give tentative policy suggestions to hostcountry, source country and also to provide some recommendations to students whowant to study abroad. Using pooled cross-sectional time series data for the US overthe time period 1993-2006, we estimate an econometric model of enrolment rates offoreign students in the US. Our results suggest that tuition fees, US federal support ofeducation, and the size of the ‘young’ generation of source countries have asignificant influence on international student mobility. We also consider other factorsthat may be relevant in this context.

Effect of bake-hardening on the structure-property relationship of multiphase steels for the automotive industry

The effect of a bake-hardening (BH) treatment on the microstructure and mechanical properties has been studied in C-Mn-Si TRansformation Induced Plasticity (TRIP) and Dual Phase (DP) steels after: (i) thermomechanical processing (TMP) and (ii) intercritical annealing (IA). The steels were characterized using X-ray diffraction, transmission electron microscopy (TEM) and three-dimensional atom probe tomography (APT). All steels showed high BH response. however, the DP and trip steels after IA/BH showed the appearance of upper and lower yield points, while the stress-strain behavior of the trip steel after TMP/BH was still continuous. This was due to the higher volume fraction of bainite and more stable retained austenite in the TMP/BH steel, the formation of plastic deformation zones with high dislocation density around the "as-quenched” martensite and “TRIP” martensite in the IA/BH DP steel and IA/BH TRIP steel, respectively.

A clustering-based failure mode and effect analysis model and its application to the edible bird nest industry

Failure mode and effect analysis (FMEA) is a popular safety and reliability analysis tool in examining potential failures of products, process, designs, or services, in a wide range of industries. While FMEA is a popular tool, the limitations of the traditional Risk Priority Number (RPN) model in FMEA have been highlighted in the literature. Even though many alternatives to the traditional RPN model have been proposed, there are not many investigations on the use of clustering techniques in FMEA. The main aim of this paper was to examine the use of a new Euclidean distance-based similarity measure and an incremental-learning clustering model, i.e., fuzzy adaptive resonance theory neural network, for similarity analysis and clustering of failure modes in FMEA; therefore, allowing the failure modes to be analyzed, visualized, and clustered. In this paper, the concept of a risk interval encompassing a group of failure modes is investigated. Besides that, a new approach to analyze risk ordering of different failure groups is introduced. These proposed methods are evaluated using a case study related to the edible bird nest industry in Sarawak, Malaysia. In short, the contributions of this paper are threefold: (1) a new Euclidean distance-based similarity measure, (2) a new risk interval measure for a group of failure modes, and (3) a new analysis of risk ordering of different failure groups. © 2014 The Natural Computing Applications Forum.

Industry analysis of the high frequency trading industry : an assessment of the industry boundaries, environment and strategic options

O Mercado Acionário Americano evoluiu rapidamente na última década. Este tornou-se uma arquitetura aberta em que participantes com tecnologia inovadora podem competir de forma eficaz. Várias mudanças regulatórias e inovações tecnológicas permitiram mudanças profundas na estrutura do mercado. Essas mudanças, junto com o desenvolvimento tecnológico de redes de alta velocidade, agiu como um catalisador, dando origem a uma nova forma de negociação, denominada Negociação em Alta Frequência (HFT). As empresas de HFT surgiram e se apropriaram em larga escala do negócio de formação de mercado, no fornecimento de liquidez. Embora HFT tem crescido massivamente, ao longo dos últimos quatro anos, HFT perdeu rentabilidade significativamente, uma vez que mais empresas aderiram ao setor reduzindo as margens. Portanto, diante deste contexto, esta tese buscou apresentar uma breve revisão sobre a atividade de HFT, seguida de uma análise dos limites deste setor, bem como, das características do macroambiente do HFT. Para tanto, a tese realizou uma extensa revisão do histórico literário, documentos públicos qualitativos, tais como, jornais, atas de reunião e relatórios oficiais. A tese empregou um ferramental de análise, Barreiras de Entrada e Mobilidade (Porter, 1980); Modelos de Evolução Setorial (McGahan, 2004); Estrutura do Setor de Informação Intensiva (Sampler, 1998), para analisar os limites do setor de HFT. Adicionalmente, empregou as ferramentas de análise, Modelos de Evolução Setorial (McGahan, 2004) e PESTEL (JOHNSON, SCHOLES, and WHITTINGTON, 2011), para analisar o setor e o contexto que envolve o negócio de HFT. A análise concluiu que as empresas que empregam HFT para atuar e competir no mercado acionário, compoem um setor independente.

Production of CGTase by a bacillus Alkalophilic CGII strain isolated from wastewater of a manioc flour industry

GCTase production by a new strain of Bacillus alkalophillc CGII isolated from Brazilian wastewater of manioc flour industry was examined. The growth medium used was composed by 1.5% starch, 1.5% nitrogen and 1% Na 2CO3. Higher activity was obtained with starch, maltodextrin and galactose. When glucose was added to the medium, no enzyme production was observed. High enzyme activity and growth were reached when aeration was increased (88.6 U/mL). The enzyme characterization showed an optimum pH and temperature 8.0 and 55°C for starch hydrolyses, respectively. Mg+ and Ca++ showed small activation; however, Hg + and Cu+ showed a strong enzyme inhibition.