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Effect of capital structure on organizational performanceof selected firms in Ghana
No full textOne significant decision which impacts on the continued existence of a business firm is its capital structure decision. The finance mix of a business organisation is characterised by external influences, interest and complexities which can impact on the financial performance of the business organisation. This study investigated the impact of capital structure on the performance of selected manufacturing companies in Ghana. Data from the annual reports of the manufacturing firms listed on the Ghanaian stock market from 2011-2021 were employed and analysed using Panel regression technique. Return on Asset (ROA) was employed to represent performance of the listed companies while short-term debt, long term debt, leverage, size and liquidity ratio represented the independent variables for capital structure. Findings from the study suggest Long-term-debt-ratio has a positive and significant relationship with the financial performance of the listed firms, short-term-debt-ratio has a positive and insignificant relationship with the financial performance of the selected firms, Leverage was observed to have a negative and insignificant influence on the financial performance of the firms, firm size has a direct yet significant influence on the financial performance of the selected firms and liquidity ratio (LR) of the firms suggest a positive and significant influence on financial performance of the firms. There should be close supervision on the debt composition of the listed manufacturing firm’s capital to curtail potential bankruptcy and credit risks exposures
Environmental impact of ISO 14001 certification in promoting sustainable development: The moderating role of innovation and structural change in BRICS, MINT, and G7 economies
No full textSince the industrial era, the selection of energy sources to facilitate economic advancement has been criticized because of the resulting ecological calamity. This has prompted the introduction of radical approaches such as ISO 14001, which tackles the drivers of pollution. Therefore, this study analyses the ISO 14001—environment nexus from three distinct points of view: BRICS, MINT, and G7 countries from 1999–2020. Also, our work fills an extant gap in assessing structural change and innovation’s role in augmenting the relationship. The Driscoll and Kraay estimator is employed as an analytical tool for cross-sectional dependence and slope homogeneity, while the fixed effects approach provides sufficient robustness checks on the findings. While some outcomes vary per bloc, others are relatively similar across the three blocs. That is: (1) ISO 14001 shows an abatement portfolio for only the G7 bloc, and the Full sample. (2) Structural change showed potential for abating carbon emissions in all blocs. (3) Technology led to an increase in pollution in all blocs except for the MINT economy. (4) ICT in the form of mobile phones also help reduce carbon emissions in all three blocs except for their composite. (5) Renewable energy helps reduce carbon emission in all blocs except for G7. ISO 14001 shows the potential to encourage green growth. As a result, policymakers should work to enhance ISO 14001 certification, which might serve as a management tool to promote sustainable development
FAS KOBİ'lerinde e-ticaretin benimsenmesinin önuündeki engeller
Get PDFDış Ticaret Enstitüsü, Uluslararası Ticaret Ana Bilim Dalı, Uluslararası Ticaret Bilim DalıKOBİ'lerin e-ticaret uygulaması küresel dijital ekonomide hayati öneme sahiptir çünkü e-ticaret ekonomik büyümeyi, rekabet gücünü ve pazar erişimini artırır. Faslı KOBİ'ler, e-ticareti ticari faaliyetlerine entegre etme konusunda birçok engelle karşılaşıyor. Bu çalışma Faslı KOBİ'lerin e-ticareti benimsemesinin önündeki engelleri incelemektedir. Çalışma aynı zamanda bu engelleri aşmanın yollarını önermeyi de amaçlamaktadır. Bu çalışma, hedeflerine ulaşmak için birincil ve ikincil verileri toplamak amacıyla karma yöntem yaklaşımı kullanmıştır. Anketlerden ve odak grup tartışmalarından elde edilen birincil veriler, araştırmacıların Faslı KOBİ'lerin e-ticareti benimseme zorluklarını anlamalarına yardımcı oldu. Bu anlayış veri toplamayla mümkün olmuştur. Bu gerçekleşirken, birincil araştırma bulgularını doğrulamak ve bağlamsallaştırmak için kuruluş raporları ve hükümet istatistikleri gibi ikincil veri kaynakları kullanıldı. Rastgele örnekleme, sağlam bir örnek için 280 katılımcıyı seçti. Bu, Fas'ın çeşitli endüstrilerde ve bölgelerde yeterli sayıda küçük ve orta ölçekli işletme (KOBİ) sahibine, yöneticisine ve BT uzmanına sahip olmasını sağlamak için yapıldı. Tanımlayıcı istatistikler, yaş, cinsiyet ve yıllık ciro dahil olmak üzere örneklemin demografik özelliklerini özetlemek için kullanıldı. Bu istatistikler daha sonraki analizlere ışık tuttu. E-ticaretin benimsenmesinin önündeki engellerle ilgili değişkenler arasındaki kalıpları ve ilişkileri bulmak için faktör analizini kullandık. Analiz, veri setinin faktör analizine uygun olduğunu gösterdi. Faktör yükleri ve özdeğerler değişkenler arasında güçlü ilişkiler göstermiştir. Güvenilirlik analizi, özellikle Cronbach alfa, ölçüm araçlarının iç tutarlılığını ve istikrarını doğrulayarak çalışmanın güvenilirliğini ve geçerliliğini artırdı. Bu, e-ticaretin benimsenmesi ile pazar engelleri arasında güçlü bir doğrusal ilişki olduğunu gösterdi. Regresyon modeli bu ilişkiyi gösteren güçlü bir açıklama gücü gösterdi. Çoklu regresyon analizi, Fas KOBİ'lerinin eticareti benimseme sonuçlarının belirlenmesinde bu engellerin önemini gösterdi. Anahtar Kelimeler: KOBİ'leri, E-ticaretin benimsenmesi, Bariyer analizi, Pazar erişimi,SMEs' e-commerce implementation is crucial in the global digital economy because ecommerce boosts economic growth, competitiveness, and market access. Moroccan SMEs face many obstacles to integrating e-commerce into their business operations. This study examines the barriers to Moroccan SMEs adopting e-commerce. The study also aims to suggest ways to overcome these obstacles. This study used a mixedmethods approach to collect primary and secondary data to achieve its goals. Primary data from surveys and focus group discussions helped researchers understand Moroccan SMEs' e-commerce adoption challenges. This understanding was made possible by data collection. While this was happening, secondary data sources like organization reports and government statistics were used to validate and contextualize primary research findings. Random sampling selected 280 participants for a robust sample. This was done to ensure that Morocco has enough small and medium-sized enterprise (SME) owners, managers, and IT specialists in a variety of industries and regions. Descriptive statistics were used to summarize the sample's demographics, including age, gender, and annual turnover. These statistics informed subsequent analyses. Factor analysis is used to find patterns and relationships between variables related to the barriers to e-commerce adoption. The analysis showed that the dataset was suitable for factor analysis. Factor loadings and eigenvalues showed strong relationships between the variables. Reliability analysis, specifically Cronbach's alpha, confirmed the measurement instruments' internal consistency and stability, boosting the study's credibility and validity. This showed a strong linear relationship between e-commerce adoption and market barriers. The regression model showed strong explanatory power, indicating this relationship. Multiple regression analysis showed these obstacles' importance in determining Moroccan SMEs' e-commerce adoption outcomes. Keywords: Moroccan SMEs, E-commerce adoption, Barrier's analysis, Market access
Off-design analysis of the inverted Brayton cycle engine
No full textPurpose: The purpose of this study is to perform an off-design analysis of the inverted Brayton cycle engine. Design/methodology/approach: The off-design analysis equations of the inverted Brayton cycle engine were first derived in this study and the control parameters of the inverted Brayton cycle engine were first determined and investigated. Findings: It is observed that by controlling the total temperature decrease in cooling section, it is possible to adapt the engine for low specific fuel consumption working conditions or high thrust working conditions. Specific fuel consumption is reduced by 27.1 % by stopping cooling in the cooling section and thrust is increased by 27.6 % by working with full load of the cooling section (500 K temperature decrease in cooling section). It is observed that thrust depending on the flight Mach number increases with an increase in flight Mach number and reaches a peak value at 5.21 flight Mach number and reduces by 80.8 % at 6 flight Mach number relative to the peak value. The specific fuel consumption increases rapidly as the Mach number increases, and the specific fuel consumption is 49.0 g/[kN.s] at Mach 1, reaches 70.4 g/[kN.s] at Mach 5 and increases to 412 g/[kN.s] at Mach 6. The specific fuel consumption increases from 68.1 to 73.0 g/(kN.s) and the thrust decreases from 16.5 to 13.3 kN as the total preburner exit temperature increases from 1,500 to 2,000 K. Specific fuel consumption decreases from 83.1 to 64.8 g/(kN.s) and thrust increases from 4.60 to 11.08 kN depending on afterburner exit total temperature increase from 1,800 to 2,500 K. Research limitations/implications: The cooling section reduces total temperature of the gas flow to lower values to increase the compressor total pressure ratio. The compressor increases the total pressure of the gas flow to the optimum total pressure ratios to increase the nozzle exit Mach number and gain more thrust. The afterburner increases the total temperature of the gas flow to increase the sound speed in the nozzle exit to increase thrust. The nozzle expands the gas flow to reduce the static pressure of the gas flow to near the optimum value, atmosphere pressure, to increase thrust and reduce specific fuel consumption. Practical implications: Hypersonic and supersonic air vehicles can use the current engine model for the its own propulsion systems. Social implications: After first heavier than air flight, aero engines was designed for only used for aero vehicle. Internal combustion engines were used for propelled propeller aircraft at the first term of aircraft. However, propeller-propelled aircrafts are not sufficient to increase aircraft velocity to supersonic Mach numbers due to the shock losses of propeller, so the supersonic era was only introduced by revolution in propulsion systems with new concept. A jet engine was developed to be candidate for supersonic flight. Originality/value: Off-design analysis equations of an inverted Brayton cycle engine were first derived in this study. Furthermore, the control parameters of the inverted Brayton cycle engine were first determined and investigated in this paper
Finansal piyasalarda etkinlik hipotezi: OECD ülkeleri üzerine bir uygulama
No full textThis study examines the stock market index values of OECD countries using traditional and current econometric methods to test the validity of the efficiency hypothesis in financial markets. The efficiency hypothesis is defined as stock exchange markets' inability to be predicted through modeling. The reason why prices cannot be predicted in efficient markets is that prices exhibit random walks. When examining the descriptive statistics of financial time series, they are generally known to not conform to normal distributions. Therefore, the use of unit root tests based on the assumption of normal distribution in a financial time series may lead to incorrect results. As such, the empirical part of the study uses unit root tests based on the residual augmented least squares (RALS) method alongside unit root tests based on the assumption of normal distribution. To test the efficiency hypothesis on the stock market index values of 19 OECD countries, the study uses the Lagrange multiplier (LM) unit root tests with one and two structural breaks and RALS-LM tests, which are unit root tests based on the RALS method. According to the results from the Schmidt and Phillips (SP), LM and RALS-LM tests, the residuals from the auxiliary regressions of the SP and LM unit root tests were observed to not show normal distributions. Therefore, the residuals related to the financial series under consideration have been shown to not support the normality assumption. Additionally, when examining whether the series shows a unit-rooted process the RALS-LM unit root tests reject, the unit root hypothesis for more country market indexes than the SP and LM unit root tests. In other words, the study has determined the market prices of the relevant countries to not be efficient. In this case, making investment decisions would be appropriate by taking into account the knowledge that investors can predict prices in inefficient markets and that prices cannot be predicted in efficient markets.Bu çalışmada finansal piyasalarda etkinlik hipotezinin geçerliliğinin test edilmesi amacıyla, geleneksel ve güncel ekonometrik yöntemler kullanılarak, OECD ülkelerine ait borsa endeks değerleri incelenmiştir. Etkinlik hipotezi, menkul kıymet fiyatlarının modellenerek tahmin edilemeyeceği şeklinde tanımlanmaktadır. Etkin piyasalarda fiyatların tahmin edilememesinin nedeni ise fiyatların rastgele yürüyüş sergilemesidir. Finansal zaman serilerinin tanımlayıcı istatistikleri incelendiğinde, genellikle normal dağılıma uygunluk göstermedikleri bilinmektedir. Bu durumda finansal zaman serilerinde normal dağılım varsayımına dayalı birim kök testlerinin kullanımı, hatalı sonuçlar elde edilmesine sebep olabilmektedir. Dolayısıyla çalışmanın ampirik kısmında normal dağılım varsayımına dayalı birim kök testleri ile birlikte Kalıntılarla Arttırılmış En Küçük Kareler (RALS) yöntemine dayanan birim kök testleri de kullanılmıştır. Etkinlik hipotezinin test edilmesi için 19 OECD ülkesine ait borsa endeks değerleri üzerinde; LM tipi bir ve iki yapısal kırılmalı birim kök testleri ile RALS yöntemine dayalı olan RALS-LM birim kök testleri kullanılmıştır. Normal dağılım varsayımına dayanan SP ve LM testi ile RALS-LM testlerinin uygulamadaki sonuçlarına göre; SP ve LM birim kök testlerinin yardımcı regresyonlarına ait kalıntıların normal dağılım göstermediği gözlenmiştir. Dolayısıyla ele alınan finansal serilere ilişkin kalıntıların normallik varsayımını sağlamadığı gösterilmiştir. Ayrıca serilerin birim köklü bir süreç gösterip göstermediği incelendiğinde, RALS-LM birim kök testlerinde, SP ve LM birim kök testlerine göre daha çok ülke piyasa endeksi için birim kök hipotezinin reddedildiği, yani ilgili ülkelerin piyasa fiyatlarının etkin olmadığı tespit edilmiştir. Bu durumda etkin olmayan piyasalarda yatırımcıların fiyatları tahmin edebilmesi bilgisi ile etkin piyasalarda fiyatların tahmin edilemeyeceği bilgisi göz önünde bulundurularak yatırım kararları alınması uygun olacaktır
Unearthing Insights into Metabolic Syndrome by Linking Drugs, Targets, and Gene Expressions Using Similarity Measures and Graph Theory
Get PDFAims and Objectives: Metabolic syndrome (MetS) is a group of metabolic disorders that includes obesity in combination with at least any two of the following conditions, i.e., insulin resistance, high blood pressure, low HDL cholesterol, and high triglycerides level. Treatment of this syndrome is challenging because of the multiple interlinked factors that lead to increased risks of type-2 diabetes and cardiovascular diseases. This study aims to conduct extensive insilico analysis to (i) find central genes that play a pivotal role in MetS and (ii) propose suitable drugs for therapy. Our objective is to first create a drug-disease network and then identify novel genes in the drug-disease network with strong associations to drug targets, which can help in increasing the therapeutical effects of different drugs. In the future, these novel genes can be used to calculate drug synergy and propose new drugs for the effective treatment of MetS. Methods: For this purpose, we (i) investigated associated drugs and pathways for MetS, (ii) employed eight different similarity measures to construct eight gene regulatory networks, (iii) chose an optimal network, where a maximum number of drug targets were central, (iv) determined central genes exhibiting strong associations with these drug targets and associated disease-causing pathways, and lastly (v) employed these candidate genes to propose suitable drugs. Results: Our results indicated (i) a novel drug-disease network complex, with (ii) novel genes associated with MetS. Conclusion: Our developed drug-disease network complex closely represents MetS with associated novel findings and markers for an improved understanding of the disease and suggested therapy
National support in Turkey: Incentives and grants
No full textÜlkemizde 1990’lı yılların ortalarında yasalaşarak, yaklaşık 30 yıldır kamu kuruluşları tarafından sunulan, işletmelerin geliştirilmesi, Ar-Ge projeleri yürütmeleri ve yatırıma yönelik faaliyetleri özelinde pek çok teşvik ve hibe verilmektedir. Günümüzde; KOSGEB, Sanayi ve Teknoloji Bakanlığı, TÜBİTAK ve Ticaret Bakanlığı öncülüğünde bu çalışmalar yürütülmektedir. Ülkemizde 4691 Sayılı Teknoloji Geliştirme Bölgeleri Kanunu ve 5746 Sayılı Araştırma, Geliştirme ve Tasarım Faaliyetlerinin Desteklenmesi Hakkında Kanun kapsamında Ar-Ge faaliyetleri desteklenmektedir. Yurtiçinde faaliyet gösteren işletmeler özelinde KOBİ ve Büyük işletme ayrımı yapılarak verilen destekler firma büyüklüklerine göre değişiklik göstermektedir. Bu nedenle KOBİ tanımı firmalar için önem arz etmektedir. Ülkemizde çağrılı ya da açık çağrı şeklinde her sektöre uygun olarak kurum/kuruluşlar hibe/teşvik vermektedir.. Bu çalışmada ülkemizdeki ulusal fon kaynaklarının neler olduğu ve bu fonlara nasıl ulaşılabileceği ile ilgili detaylı bilgiler verilerek farkındalık yaratılması hedeflenmiştir. Çalışma, genel bir değerlendirme ve öneriler ile son bulmaktadır.Starting from mid-1990’s, it has been around 30 years since small companies are encouraged to do research and development activities as well as doing new investments via governmental donations. Contemporarily, these donations are given mainly by KOSGEB – Small and Medium Enterprises Development Organization, Ministry of Industry and Technology, TÜBİTAK – Scientific and Technological Research Council of Turkey, and Ministry of Commerce. In Turkey, endorsement of research and development activities are governed by laws number 4691 and 5746 which are Technological Development Regions Law and Endorsement of Research, Development and Design Activities Law respectively. Moreover, Turkish companies are classified as “Small and Medium Scaled - KOBİ” and “Large Scaled” for which these governmental endorsements are varied according to the scale of the company. The classification of a company is important since it directly affects the amounts of endorsements which can be acquired from Turkish Government. There endorsements can be call on, or they can be pursued throughout the year without any timeframe depending on the branch of business. In this paper, endorsement types, details of these endorsements and methods of using these endorsements are explained in detail, and it is aimed to raise awareness on the topic. The study concludes with a general evaluation and recommendations
Experimental and machine learning research on a multi-functional Trombe wall system
Get PDFPerformance prediction tools can assist architects and engineers in designing and sizing TWs without the extensive effort, time, and costs associated with experimental evaluations. This study aims to develop an artificial neural network (ANN) model for predicting the performance of a multi-functional TW by using 57 experimental datasets and the Levenberg-Marquardt algorithm as the training algorithm. The developed model was found to be capable of TW performance prediction with error rates < 0.23%. The performance parameters for the ANN model, namely the mean squared error (MSE) and the coefficient of determination (R), were calculated to be 0.034 and 0.99917, respectively
Infinite Speed of Light and Compton Scattering
Get PDF2024 Photonics and Electromagnetics Research Symposium, PIERS 2024 -- 21 April 2024 through 25 April 2024 -- Chengdu -- 201582It has been theoretically demonstrated by the author in past work that when a charge density starts an arbitrary motion abruptly in time an infinite speed of light c will commence along with emergence of a magnetic charge. In another paper presented at the present PIERS we show that an infinite c exists even with a current density vector motion which starts continuously in time provided that charge density is a noncausal function and is nonzero at the instant of inception of the motion. In other words, causality of the current density vector is sufficient to obtain this effect. One outcome of the infinite speed of light finding is the exclusion of an ultraviolet catastrophe in the black body radiation problem. This removes the need for an energy discretization. This result is presented by the author in a third paper at the present PIERS. Therefore, in the present work we attempt to model the Compton effect with an infinite speed of light perspective. Thus, regardless of whether the recoiled electron starts a motion which is temporally continuous or abrupt at t = 0 we suppose that speed of light is infinite for the wave emitted by the electron. By also accounting for the emerging magnetic charge which we know accompanies an infinite c, a classical electromagnetic field structure is proposed for the effect. The principle of conservation of energy is used to derive a relation for the scattering angle. The auxiliary relation involving the angle of recoil for the electron (and the magnetic charge) is assumed to be true and the derived relation is solved for the scattering angle using the Newton-Raphson method. Comparison with the scattering angle obtained by the discretization of energy approach shows good agreement for recoiled electron velocities of up to 2×107 m/s. It is concluded that classical electromagnetic theory with an infinite speed of light assumption can model the Compton effect.Istanbul Commerce Universit
Intra-industry trade in glass and glassware sector: An examination on the European Union countries and Turkey
No full textBu çalışmada, Türkiye ile Avrupa Birliği üyeleri arasında cam ve cam eşya sektöründe endüstri içi ticaretin analizi gerçekleştirilmiştir. Çalışmada cam ve cam eşya ürünlerinin ihracat ve ithalat değerlerinin ne kadar benzeştiğinin tespit edilmesi amaçlanmıştır. Çalışmada Armonize Sistem Nomanklatürü sınıflandırılması dikkate alınarak 70 koduna sahip cam ve cam eşya ürün grubu verileri 2004-2023 dönemi için Grubel-Lloyd endeksi hesaplamalarına dâhil edilmiştir. Bununla birlikte Türkiye’nin dünya ile cam ve cam eşya grubunda dış ticareti de incelemeye alınarak endüstri içi ticaret değerlerinin değişimlerinin gerekçeleri de yorumlanmıştır. Çalışmanın başlıca bulguları arasında Fransa’ya ait endüstri içi ticaret değerlerinin yirmi yıllık dönem içerisinde en yüksek ortalamaya sahip olduğu ve Kıbrıs, İsveç, Malta, Portekiz ve Yunanistan ile Türkiye arasında düşük yoğunluklu endüstri içi ticaretin varlığı tespit edilmiştir. Ayrıca 2008 ve 2012 yıllarında endüstri içi ticaret değerlerinin düşme eğilimi gösterdiği bulgusu da elde edilmiştir.This study analyzes the intra-industry trade between Turkey and the European Union members in the glass and glassware sector. The study aims to determine how similar the export and import values of glass and glassware products are. In the study, taking into account the H.S. classification, glass and glassware product group data with code 70 are included in the GrubelLloyd index calculations for the period 2004-2023. In addition, Turkey's foreign trade in glass and glassware with the world is also analyzed and the reasons for the changes in intra-industry trade values are also interpreted. Among the main findings of the study, it was found that the intra-industry trade values of France had the highest average over the twenty-year period and that there was low-intensity intra-industry trade between Turkey and Cyprus, Sweden, Malta, Portugal and Greece. It is also found that intra-industry trade values showed a downward trend in 2008 and 2012