Archive of Journal
Volume 72, Issue 3, Mar. 2016

Value relevance of intangible assets: An exploratory study of Algerian listed companies

Volume 72, Mar 2016
doi: 10.21506/j.ponte.2016.3.10

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Abstract: The purpose of this paper is to explore the association between market values of Algerian listed companies and intangible assets that reported in their financial statements, in order to measure the explanatory power of intangible assets and determine their effect on the explanatory power of accounting information, which is expressed by the book value of equity. The study included all Algerian listed companies during the period of 2005 to 2013, depending on linear regression and Ohlson�s (1995) model. The results indicate that book values of Algerian listed companies are not value relevant. However, intangible assets are value relevant, but they do not affect the value relevance of book values. Key words: Value relevance of accounting information, Intangible assets, Market value of Company, Book value of equity, Algerian listed companies

Author(s): Bilal Kimouche

Variable Behavior of English Predicate Negation and its implications for acquisition

Volume 72, Mar 2016
doi: 10.21506/j.ponte.2016.3.12

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Abstract: Although verb-negation sequencing has been analyzed as a discrete parameter, this study reports on its variable manifestation in Moby Dick.1 Meanwhile, though contraction is an evidently optional phenomenon, it approaches near determinism in Huckleberry Finn. Thus, arguments from Zwicky and Pullum (1983)�s syntactic idiom analysis of auxiliary-negation contraction (ANcon) are used to emphasize non-modularized, a posteriori, probabilistic requirements of the acquisition process. While shortcomings of simple-minded string frequency acquisition are acknowledged (cf. Krug (1998)), proceeding from imitation to generalization would seem to require both compositional and decompositional capabilities, conditioned by phonological, lexical, syntactic class, and string frequency effects, in both ontogenic and phylogenic development.

Author(s): Paul Juinn Bing Tan, Paul Juinn Bing Tan, Phillip Potamites


Feed-forward semantics with generic, greedy, global variables that derive scope and island effects

Volume 72, Mar 2016
doi: 10.21506/j.ponte.2016.3.13

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Abstract: This paper proposes a simplified notational methodology which directly composes logical formulas for natural language in temporal linear order. While this system in no way implies a complete rejection of structural aspects of language, as few assumptions about structure as possible are made. In fact, this project envisions the fundamental goal of language analysis as inferring a highly structured meaning from an indeterminately structured string of words. However, this analysis will also show where assumptions of processing precedence for em-bedded elements are essential, such constructions being partially comparable to Chomsky's notions of "phases" (Chomsky, 2001). Thus, minimal notions of hierarchal syntactic structure are ultimately defended. First, the challenges and controversies surrounding traditional analyses are described. Then the alternative advocated here is presented, and examples involving quantifier scope ambiguity and relative clauses are derived.

Author(s): Paul Juinn Bing Tan, Paul Juinn Bing Tan, Phillip Potamites


Does Economic Policy Uncertainty Play a Role in the Real Estate Market in Germany?

Volume 72, Mar 2016
doi: 10.21506/j.ponte.2016.3.14

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Abstract: This study investigates the causal relationship between the housing returns (HR) and economic policy uncertainty (EPU) in Germany in the real estate market. We assess the stability of parameters of the estimated vector autoregressive models and find that the short-run relationship between HR and EPU is unstable. As a result, a time-varying (bootstrap) rolling window approach is utilized to revisit the dynamic causal link, and we find that EPU has no impact on HR due to the stability of the real estate market in Germany. HR does not have significant effects on EPU in most time periods, however, significant feedback in several sub-periods (both positive and negative) are found from HR to EPU, which indicates that the causal link from HR to EPU varies over time. The empirical results do not support the general equilibrium model of government policy choices that indicate that EPU does not play a role in the real estate market in Germany. This conclusion further confirms the stability of the real estate market in Germany due to its social welfare nature and rational institutional arrangement, as well as the government�s reasonable response measures when negative external shocks occur.

Author(s): Chi Wei Su, Xin Li, Hsu-Ling Chang, Yanping Zhao


Financial feasibility study on spa establishment with Lanna wisdom in Chiang Rai

Volume 72, Mar 2016
doi: 10.21506/j.ponte.2016.3.15

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Abstract: This study aims to analyse the financial feasibility on spa establishment with Lanna wisdom in Chiang Rai. The project life is five years and uses a discount rate of 6.75%. The initial investment is five million Baht, which comes from bank loan and owner funding equally. The investment will build a plant, mortar timber with Lanna architecture. The results show that the net present value (NPV) is 2,055,058.61 Baht, the benefits cost ratio (BCR) of 1.41 times, while the return of the project (internal rate of return: IRR) equals 18.06% and the payback period (PB) is 3.64 years. This study also changes the proportion of bank loan for the sensitivity analysis. The study also finds that the NPV, the BCR, and the IRR are greater than zero, one, and lending interest rate, respectively. The study, therefore, concludes that the financial feasibility of project is worth to invest.

Author(s): Thatphong Awirothananon, Parnpare Chaoprayoon, Warach Madhyamapurush, Chalermchai Panyadee


THE LOCALIZED HERO AND ESCAPE FROM FREEDOM IN THE MUSIC OF CHANCE BY PAUL AUSTER

Volume 72, Mar 2016
doi: 10.21506/j.ponte.2016.3.16

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Abstract: Paul Auster is a prominent American novelist and poet; he was a Pen/Faulkner Award for Fiction finalist for his novel, The Music of Chance. This book’s protagonist, Jim Nashe, is an ex-fireman who has left his family to earn money. He and his friend named Pozzi found wounded on the motorway by him are trapped in a house and forced to make a “wailing” wall because of their gambling debts. Because Jim was a vagabond before his enslavement, Auster invokes Thomas Nashe’s picaresque novel, The Unfortunate Traveller. Critics typically address Jim’s home confinement from both spiritual and physical perspectives. The Music of Chance deals with a sense of meaningless in modern life. Oberman sees Jim “in an existential confrontation with his own freedom” (192). He continues to say that modern people stick “within the culture of late capitalism” (192). In fact, Jim Nashe is a traditional American picaro who “forsakes his family ties, breaks from the past, and seeks to re-create himself through the freedom of the open road” (Shiloh, and Auster, 492). Jim’s ethnic and cultural foundations inform his behaviors. An ethnic Jew, Auster illustrates the suffering of Holocaust survivors. Jim Nashe’s experiences are similar to those of Jews in the Holocaust or the Pogroms. He lives in a space that limits his freedom; he prefers death to living this way. In this study, I examine Jim’s incarceration and the reasons for it.

Author(s): Faruk KALAY

Chinas One Belt & One Silk Road Initiative: A Theoretical Perspective

Volume 72, Mar 2016
doi: 10.21506/j.ponte.2016.3.17

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Abstract: Abstract The aim of this theoretical research paper is to develop the better understanding to the research subject by defining its analytical part by the theory of the international Relations subject. The theories are the core part of the International Relations subject that are used mostly for the better explanations of prevailing world political trends. The theories are developing better understanding to the subject of International Relations. In International Relations discourse, often many events, plans and actions brings broader consequences and changes in the relations among the countries, in world political trends and in world global order. China through One Belt and One Road Initiative is creating a new zone of power, establishing a multipolar world and introducing a new world order of interdependence, peace and cooperation. The paper is analyzing the China�s One Belt and One Road with perspective of changing political, economic and social trends. The analytical part of the subject is analyzed further under the paradigms and framework of the theory. The theory that is used here is neoliberalism. Key-words: Chinas One Belt One Road Initiative, Neo-liberalism, Emerging New World Order.

Author(s): Aasia Khatoon Khattak

Choosing Suitable Site for Some Forage Legumes Using Multi-Criteria Assessment and Geostatistical Approach

Volume 72, Mar 2016
doi: 10.21506/j.ponte.2016.3.18

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Abstract: Land suitability analysis is a prerequisite to achieving optimum utilization of the available land resources. Lack of knowledge on best combination of factors that suit production of forage legume has contributed to the low production. The aim of this study were to determine the most suitable areas for some forage legumes (Medicago sativa L., Onobrychis sativa L., Vicia sativa L., Vicia villosa L., Vicia pannonica L., Vicia narbonensis L., Trifolium pratense L., Trifolium repens L.) based on some physic-chemical properties of soils in the Samsun province located in the Central Black Sea Region of Turkey. To overcome the management and analysis of large volumes of spatial data for land suitability in this study, the geographic information system, geostatistic techniques and multi-criteria assessment using analytical hierarchy approach approaches were used to solve complex geographical problems and to reach reliable results for forage legume cultivation. According to results, 83.2% of the study area has highly (S1) and moderately (S2) suitable whereas, 16.8% of the study area has marginally suitable coded as S3 for forage legumes cultivation.

Author(s): Mehmet Arif Ozyazici, Orhan Dengiz, Mustafa Saglam, Inci Demirag Turan


Ghrelin gene polymorphism (Arg51Gln) is not associated with coronary artery disease

Volume 72, Mar 2016
doi: 10.21506/j.ponte.2016.3.20

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Abstract: Objective: Ghrelin gene polymorphism has some association with coronary artery diseases (CAD). We conducted this study to examine the possible association between the polymorphism of Ghrelin gene (Arg51Gln) and CAD. Design and methods: This case-control study was undertaken with patients who were referred to referral heart center, in 2011 in Mazandaran province. DNA extractions were performed, and the Ghrelin region was amplified using PCR. The presence of the Arg51Gln polymorphism of Ghrelin was determined using the restriction fragment length polymorphism ( RFLP ) method. Results: Mean serum level of Ghrelin in the CAD group was significantly higher than in the control group (p<0.0001). We did not find any SNP (with AA genotype) in Ghrelin gene and found six polymorphisms (with GA genotype) in the Ghrelin gene. In CAD patients, smoking, creatinine and triglyceride levels were significantly higher than in the control group (P=0.011, P=0.001and P=0.021) respectively. There was not a significant relationship between genotype distributions and serum levels of the Ghrelin gene (P=0.86). Conclusion: This study indicates that mean serum level of Ghrelin in the CAD group was significantly higher than in the control group and in CAD patients, smoking, creatinine and triglyceride levels were significantly higher than in the control group.

Author(s): Akbar Hedayatizadeh-omran, Alireza Rafiei, Reza Alizadeh-Navaei, Rezvan Khajavi, Abulghasem Ajami, Vahid Mokhberi, Reza valadan


Academicians� Motivation Factors towards National Innovation Strategy: A Comparative Study among Three Categories of Malaysia Public Universities Using SEM-PLS

Volume 72, Mar 2016
doi: 10.21506/j.ponte.2016.3.21

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Abstract: This study presents an empirical findings on the significance of eight selected motivation factors towards Malaysia academic citizens� participation in National Innovation Strategy. Respondents consist of 833 academician with Malaysia citizenship who are working in all twenty Malaysia public universities. The eight motivation factors of Equity, Trust, Responsibility, Actualization, Physical Condition, Culture Career Prospect, and Work-Life Integration have statistically concluded with different significant results among the three categories of Malaysia public universities. Discussions commented that the significances of motivation factors towards dependent variable are mainly due to respondents� perceptions on the possible return of the stated motivation factors. Limitations and recommendations of this study are also provided.

Author(s): Tan Shen Kian, Wan Fauziah Wan Yusoff, Sivan Rajah, Md Fauzi Ahmad


INDOGLISH PHENOMENON: THE ADAPTATION OF ENGLISH INTO INDONESIAN CULTURE

Volume 72, Mar 2016
doi: 10.21506/j.ponte.2016.3.22

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Abstract: Indoglish is a term often used for the use of the English language which is nuanced by Indonesian culture. Indoglish study focuses on environmental education, particularly in higher education that is not only limited to the academic setting but also nonacademic. Nonacademic atmosphere here meant an event that occurs when students interact with friends, lecturers, and other academic communities in the educational environment. In other words that this study did not rule out the events that were likely not formal speech that was generally out of context and intent of the educational environment. This was because the events were not formal speech that emerging forms of natural language, which in the context of real linguistic research should be used in preference to describe in college on the island of Java, Madura and Bali in real language situation. The data of this research were a wide range of speeches acquired in an educational environment, especially at universities in Java, Madura and Bali in which there are forms of language linguistically mixed Indonesian and English. Locational data source of this research were the perpetrators of students in environmental education at universities in Java, Madura and Bali. The basic assumption for determining the locational data sources (universities) was the consideration that the students, faculties, and staffs had a varied background of social, economic, cultural so that it was expected to describe the condition of society. The universities that were used as research sites were: (1) Sebelas Maret University (UNS) Surakarta, (2) University of Indonesia (UI) Jakarta, (3) University of Education Ganesha (Undiksha) Singaraja Bali, (4) University of Trunojoyo Madura (UTM) Bangkalan Madura, and (5) Institute of Technology 10 Nopember (ITS) Surabaya. The collections of data used refer to the method that was commonly done in linguistic research. The data analysis was conducted by applying the distributional method that was commonly done in linguistics. The method of analysis was done after the data were collected and properly classified. Furthermore, the interpretation of the data was done. Then, the interpreted data were presented informally. That is, the results of the analysis were formulated in the form of ordinary words, not formulated in the form of certain symbols because the results of this study do not require a formal model.

Author(s): Kundharu Saddhono, Ani Rakhmawati


DATA ENVELOPMENT ANALYSIS WITH MISSING DATA: AN EXPECTATION MAXIMIZATION APPROACH

Volume 72, Mar 2016
doi: 10.21506/j.ponte.2016.3.27

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Abstract: In data envelopment analysis (DEA), the input and output data must be complete for the comparison of decision-making units (DMU). Some data may be missing due to various reasons. In such cases, examination of the DMUs with missing data is excluded. Excluding of the examination of some decision-making units may change the effectiveness of other decision-making units. To estimate missing observations as closely to the actual value as possible may be more useful than excluding of the examination of decision-making units. In this study, a problem with the complete input and output data was selected from the DEA literature, and then some data were randomly deleted and turned into a problem with missing data. After the missing data had been estimated with the Expectation Maximization (EM) Algorithm, problems with missing and complete data were examined using DEA and the results were compared. Keywords: Missing Value, Data Envelopment Analysis, Expectation Maximization Algorithm

Author(s): Talat Senel, Yuksel Terzi, Serpil Gumustekin, Mehmet Ali Cengiz


Language, Religion and Islamic Nationalist Movements in Turkey

Volume 72, Mar 2016
doi: 10.21506/j.ponte.2016.3.26

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Abstract: This study investigates Islamic movements in Turkey to reveal their views on language, using an inductive method. It is concerned with relation between religion, language, and Islamic identity. Language is an integral part of the creation of nationalism and national identity as well as religion. Language and religion have always contributed to the creation of identity now as a whole then seperately. Building a secular and nationalist identity has always been challenged by Islamists or ethno-nationalist separatist movements, especially in Turkey. Following the declaration of the Republic of Turkey, the debate on language and religion broke out, and Islamist groups opposed secularism. The Justice and Development Party (AKP) being in power, orders and communities, which are the actors of political Islam, have re-emerged, and are sociologically participants in every layer of society. The views of Islamic movements on national culture and language, whether they act according to the transformational Turkey in the Middle East are points of interest in this study. Whether Islamic movements with ummah approach to people is nationalist or adapts a kind of linguistic nationalism is the question this paper deals with. This study comparatively examines Turkish-Islam synthesis that demonstrates the relation between language and religion in Turkey and reveals the development of religion and language in the secular environment of the West. Ideological tendencies and views on language, of the Nur movement, the Nakshbandis, and Sulaymanists in an inductive manner, based on the votes they cast for political parties are also treated. This study first examines the relationship of language and religion with nationalism, and presents the views of the aforementioned movements on the Turkish language. However, the aim is inductive, which is based on previous studies and the tendencies of the movements towards political parties. This study will contribute to the studies on the relation of language, religion, and ethnic identity. The results suggest that Islamic movements, actors of political Islam in Turkey, contribute to the researches on linguistic nationalism and religious identity.

Author(s): RECEP GULMEZ

DEVELOPMENT, RELIABILITY, AND VALIDITY OF A SCALE FOR MEASURING SECONDARY SCHOOL STUDENTS’ PROBLEM-SOLVING SKILLS

Volume 72, Mar 2016
doi: 10.21506/j.ponte.2016.3.25

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Abstract: Although mathematics education attaches particular importance to problem-solving skills, reliable and valid instruments available for measuring these skills are insufficient. The purpose of the present study is to develop a valid and reliable scale that can be used by teachers to assess sixth to eight grade students’ problem-solving skills. Six main steps were followed in this respect: item pool development, testing content validity, pilot scheme, actual administration, factor analysis, and reliability analysis. First, a 50-item draft was composed through a document analysis, classroom observations, and interviews with experts. Next, the draft was tested for its content validity thanks to expert judgment and in-class observations. Then, it was administered to a total of 347 mathematics teachers, and its reliability and validity were tested via SPSS and LISREL. The exploratory and confirmatory factor analyses concluded that the scale was highly valid and reliable. Finally, an 18-item Problem-Solving Skill Scale (PSSS) was developed, and the items were divided into three dimensions, namely comprehension, implementation, and evaluation. Hopefully, the PSSS will prove to be an effective instrument to be used by teachers, school administrators and parents to identify students’ problem-solving skills, and it will help determine what aspects of the problem-solving process are particularly problematic for students and enable particular improvements to be made accordingly

Author(s): Selahattin ARSLAN, Ilknur OZPINAR


Energy Consumption and the Drivers of CO2 Emissions in the Central European Countries

Volume 72, Mar 2016
doi: 10.21506/j.ponte.2016.3.24

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Abstract: This paper examines energy consumption and the driving forces of CO2 emissions of five sectors of the Central European economies - V4 group countries and Austria. Our analysis is based on extended Kaya Identity framework using logarithmic mean divisia index decomposition technique. We applied chaining analysis for period 2004 - 2013 and examined contributions of activity, structural, energy intensity, energy mix and emission factor effects. We found that primary mover of CO2 emissions in the all examined countries was energy intensity effect pushing emissions down while activity effect basically expressing economic growth was the main factor driving emissions up. The other one that would have increasing effect on emissions was structural effect as all the economies became more industry based. The energy mix effect played the least significant role, however the emission factor effect reflecting the changes in power and heat generation as a primary subject of initiatives transforming the energy usage patterns, recorded stable gains and was particularly important in case of Hungary and Austria in reducing emissions. We concluded that, Austrian case showed the likely path in curbing the CO2 emissions for the other countries as gains in energy efficiency which is going to inevitably diminish. Reliance on changes in energy mix will have to become integral part on the way to meet goals in limiting CO2 emissions.

Author(s): Saleh Mothana Obadi, Matej Korcek


Tolerance as the basis of the polycultural education development

Volume 72, Mar 2016
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Abstract: In the contemporary world permanent and essential changes in the processes of interactions between the representatives of different states and peoples take place. The most negative ones, exactly uprising of interethnic conflicts comes out of the number of definite provocative factors, as: disregard and rejection of the confessional and national ideals and values; rise of the number of international regional conflicts that have criminal character; destruction of social, economic, political and ideological interactions; growth of national self-consciousness of antecedently repressed nations along with the derogation of their rights and liberty; increase of the migration processes.\nIn these conditions increases the role of the research of the national culture and value systems, conscious investigation of the specific features of various ethnoses, of valuable and symbolic aspects of national and ethnical societies’ existence. In this regard Kazakhstan presents a special interest, as here representatives of numerous nations, ethnoses and confessions having ancient cultural customs and traditions dating back centuries are concentrated. It should be noted that in the Republic of Kazakhstan in peace and harmony coexist representatives of 45 different confessions and 130 nations, the conditions for the development of national cultures and languages are created.\nKey words: polycultural education; polyethnic education; culture; tolerance; intolerance; ethnical tolerance.

Author(s): Gulnur Issabekova,


Forming Functional Literacy of Law Students with Technological Development of Critical Thinking

Volume 72, Mar 2016
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Abstract: One of the requirements of the global linguistic globalization is functional literacy, which involves a degree of native and foreign languages. Today the objective historical principal is the nomination of more serious requirements to the knowledge level and skills of students. In the current realities, the educational process in higher education institutions should focus on building skills that contribute to the implementation of the concept of “education throughout life”. It is obvious that the main condition for the formation of such skills is the presence of a certain level of functional literacy.\nThe Republic of Kazakhstan has changed the paradigm of higher education from teaching in the format “teaching” to the format of “learning” after the signing in 1999 the Bologna Declaration by 29 countries to participate in the process of creating a common educational space. It is no longer a person “teaches” but “learns”.\nIn Kazakhstan the main directions of development of functional literacy are listed in the State Program for Education Development of Kazakhstan for 2011-2020 years.\nThus, functional literacy is a social and economic phenomenon related to the welfare of the population and the country as a whole.\nKeywords: functional literacy, methods of forming the functional literacy of students, development technology of critical thinking, models of formation and development of functional literacy.

Author(s): Beisenova Zhainagul, Ytegenova D.I., Sapina S.M., Smagul A.K., Shaimerdenova D.Z.


The influence of organizational culture on organizational structure in Montenegrin companies

Volume 72, Mar 2016
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Abstract: The aim of this paper is to examine the influence of organizational culture on company's organizational structure. The assumption that organizational culture affects company's organizational structure implies that dominance of different types of cultures in an organization implies different types of organizational structure. Empirical research encompassed a sample of 16 companies (423 employees) in Montenegro where respondents who took the survey answered the survey questions. The analyses of data obtained were conducted by Chi square test. The research findings shown that organizational culture has a direct and significant influence on the type of organizational culture in analyzed companies, i.e. that different types of organizational culture, depending on their content, imply different types of organizational structure. Key Words: Organizational culture, organizational structure, employees, company, Monetnegro JEL Classification: M 14

Author(s): Gordana Nikcevic

Treatment of benign tumors of the mammary glands using ultrasound ablation (HIFU)

Volume 72, Mar 2016
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Abstract: The main method of treatment of breast fibroadenomas, until recently, was considered a surgical. However, there is research the authors of a new non-invasive method of treatment HIFU. The paper describes the mechanism of action and clinical features of the effect of treatment of fibroadenomas of the mammary glands by HIFU. Mor?hocytology effectsconfirmation of the method HIFU ablation breast fibroadenoma.

Author(s): Zhazira Seidagaliyeva, S. Imankulov, T.Tuganbekov, K. Rustemova


RESILIENCE AS A FACTOR FOR EFFECTIVE ORGANIZATIONAL DEVELOPMENT

Volume 72, Mar 2016
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Abstract: Abstract \n\nThe aim of this paper is to analyse the effect of resilience as a factor for effective organizational development. Organizational development is a result of the demands of a changing environment and knowledge caused by changes in the applied social sciences. Rapid changes in the organizational environment has required changes in their processes of interaction in technology, structure and people currently in organizational structures that are more flexible to take risks that provide more responsive than traditional structures are required. The employed method is the analytical - descriptive. New individual and organizational skills are required. Resilience contributes to effective organizational development that ensures the survival and generates additional benefits from adverse circumstances. \n\nKeywords: Environment, organizational development, innovation, resilience, culture. \n\nJEL codes: D23, L23, M11

Author(s): José G. Vargas-Hernández

MODELING DYNAMIC CHARACTERISTICS OF FREIGHT CAR WITH OPTIMIZED PARAMETERS OF WEDGE-TYPE SHOCK ABSORBER

Volume 72, Mar 2016
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Abstract: Shock absorbers are intended for developing forces providing elimination or reduction of the amplitude of cars or their parts fluctuations. On the CIS railroads the wedge-type shock absorber became the most wide-spread in the trucks of freight cars. In friction shock absorbers the friction force arises in vertical and horizontal movements of the absorber wedges rubbing on friction plates fixed on the columns of the truck sidewalls. In the article there is performed the modeling of dynamic characteristics of a freight car with the optimized parameters of the wedge-type shock absorber. The modeling is performed by means of the software complex for studying the problems of dynamics of rail vehicles "The universal mechanism". There is developed a dynamic and a block diagram of the dynamic model of the car platform, as well as the mathematical model for studying the friction force and interaction of contact power elements, accounting the creep forces in contact by means of the FASTSIM algorithm based on the Kalker linear theory. The obtained results of modeling an eight-wheel freight car with modernized frictional wedges show that in the truck modernization it is expedient to provide additional devices, for example a frictional shock absorber in the central step of suspension. The results of the carried out study prove the expediency of using for the upgraded truck of 18-100 model the design of M1816.06.000SB, M1819.00.000 SB wedges, at this it is recommended to accept rigidity of elastic elements of these wedges equal to 1.1 kN/mm that is a compromise solution for the safe movement of the car in the empty and loaded modes.

Author(s): Janat Musayev

LONG TERM CONVENTIONAL BONDS VERSUS SUKUK IN MALAYSIA

Volume 72, Mar 2016
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Abstract: Theoretically, the main different is relying on sukuk trading shall be halal (Box & Asaria, 2005; Jobst, Kunzel, Mills & Sy, 2008) in transactions and fully compliant to shariah Islam (Saeed & Salah, 2014; Taqi Usmani, 2007) but for conventional bonds is not restricted to this constituent. The objective of this study is to investigate the mean different between performance of sukuk and conventional bonds. Throughout, this study focused on the sample of 256 tranche of issuances consists of conventional bonds and sukuk with number of observations of 112 and 144 respectively. Secondary data is gathered from Bank Negara Malaysia (BNM) bond information Hub for fifteen conservative year’s period from 2000 to 2014. The methods of independent sample T-test and Levene’s test are employed in order to test the hypothesis. Interestingly, results revealed there is a significant mean different between long-term conventional bonds and sukuk performance denoting that these two debt instruments are performed in different ways even though trading in the similar marketplace. \nKEYWORDS: [Conventional Bonds; Sukuk; Performance; Malaysia]

Author(s): NORIZA MOHD SAAD

Literature Review on Artificial Neural Network and Support Vector Machine anchored in Face Recognition System

Volume 72, Mar 2016
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Abstract: In view of two fundamental reasons, face recognition system has gotten consideration in the research. The primary reason is the extensive variety of business and law enforcement applications and second reason is concerned with the accessibility of the attainable advancements. The combination of PCA-SVM (Principal Component Analysis and Support Vector Machine) and PCA-ANN (Principal Component analysis and Artificial Neural Network) techniques for face recognition system have been easily found in recent years. Some researchers came up to improve PCA-SVM and PCA-ANN combinations. This paper gives state-of-the-art audits of these blends and tries to clarify the reason that why PCA is utilized with numerous classifiers and which one combination is ideal to use in future.

Author(s): Rakesh Kumar Yadav

Determination of relationship patterns in EEG and BVP signals using the K2 learning algorithm

Volume 72, Mar 2016
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Abstract: Brain oscillations are often underestimated as compared to slower oscillations. In past years, some studies had presented relationships between EEG and ECG activity. They obtained that the heart rate, and the low-frequency signals are positively correlated to the band-power changes, in the alpha and beta range. Heart rate signal showed a negative correlation with EEG signals high frequency in the time domain, however, the power band in the frequency range of beta during the action, the ECG signal is not correlated. The considerations in studying these signals aim to reduce the effects of noise, such as electromagnetic interference shielding or decreasing the signal manually, among others. This study was to address this problem by focusing on Bayesian Networks (BN) to describe the relationship between the EEG frequencies and BVP signal studied as variables. We obtained a model with 96.1% to accuracy, in which shows the relations between each EEG and ECG signal. The dependency probability distribution was calculated, according to the signal amplitude behavior. The relations for the entire signal frequency are directly proportional. When the BVP signal reaches the voltage of 34.76, induces the Delta signal to obtain a voltage of 3.36 µV and Tetha signal lowers its voltage to - 1.24 µV. An EEG signal is the result of the sum of distinct signals at different frequencies which are serially interconnected and dependent of the heart rate signals or Blood Volume Pulse.

Author(s): Guillermo de la Torre-Gea, Gabriela García-Manzo, Juan Nicholas De la Vega-Flatow, Sandra L. Martínez-Alcaráz, Rosa María Quijada-López, Claudia Soraya Rodríguez-Reyes


Principal Component Analysis Approach in the Determination of House Value

Volume 72, Mar 2016
doi: 10.21506/j.ponte.2016.3.23

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Abstract: The real estate valuation is determination of real estate value based on objective criteria’s impartially. A lot of factors tangible or intangible affect the real estate value. The principal component analysis (PCA) is a statistical application used to determine relationship between lots of factors. The factor numbers are reduced and more effective factors are determined as a component using PCA. The aim of this study is to provide the understanding of the dynamics in the market prices of houses in Samsun. The 149 house prices obtained from sales advertisement on the internet. Each of sale data had 13 factors. The PCA was applied to data by using Minitab16 software and three components were determined as principle components. It was seen that; elevator, parking area, insulation, number of bathroom and number of room have strong loadings in these three factors.

Author(s): Yasemin Sisman, Aziz Sisman


MODELING OF SOCIO-POLITICAL DEVELOPMENT OF THE RUSSIA IN XX-XXI CENTURIES: SOCIO-ENERGY APPROACH

Volume 72, Mar 2016
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Abstract: The current article proposes a mathematical model of society in terms of the author\'s socio-energy approach, as well as an explanation of its basic principles. Expression of social energy flow through the system is used as the basic equation, and then the model is based on the nonlinear dynamical system using the ideas of fractal geometry to calculate the individual elements of structures. A characteristic pattern of XX century in Russia and the beginning of XXI century was developed through this model.

Author(s): Alexandr Y. Petukhov

ENVIRONMENTAL IMPACTS OF TRUCKING INDUSTRY AND HOW TO MITIGATE

Volume 72, Mar 2016
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Abstract: This work has as objective; through the analysis of the environmental problems related with the trucking industry demonstrate the impacts caused by its use and ways to mitigate. This work, through research comes to show the latest technologies and forms used by leading companies to reduce environmental impacts by their trucks. It will be important to help to mitigate environmental impacts either to desire to be green or to prepare for new regulations.

Author(s): Heriberto Wagner Amanajás Pena, Thiago Mendes de Freitas


SUSTAINABLE DEVELOPMENT RELATED TO COMPETITION BETWEEN FIRMS: A STUDY FOCUSED ON DOCTRINAL ENVIRONMENTAL ASPECT

Volume 72, Mar 2016
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Abstract: This paper describes the evolution of environmental thinking, demonstrating the laws, regulations and the specific norms and addressing issues directly related to the benefits that organizations could get. Further, it presents the relationship between sustainable development and competition between firms nowadays. It also explores possibilities of resource utilization without harming the environment as an alternative to new markets. It shows the economic and strategic benefits that companies can achieve when implementing sustainability throughout the production processes. To conclude, the development of the environmental social responsibility also assures the preservation of the environment and establishes competitive advantages sought by stakeholders.

Author(s): Carlos Navarro Fontanillas, Eduardo Picanço Cruz