Decision making method with paraconsistent annotated logic tools and its application in selection of investment by nancial institutions

Business Sciences and Management Journal (BSMJ), Volume 2, Sep 2017

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Abstract
New types of logics are capable of handling with contradiction and uncertainty without becoming trivial. One of them is the annotated paraconsistent evidential logic E?. A proposition of E? is of the type p(a, b), in which a and b belong to interval [0,1] and represent respectively the degrees of favorable and contrary evidence expressed by p. The set ? of all pairs (a, b) constitutes a lattice of output values. In this work we present an application of the Paraconsistent Decision Method (PDM) in selection of investments, managed by the para-analyzing algorithm based on this logic.

Author(s): Fabio Romeu de Carvalho

New product development in graduate management educational programs

Business Sciences and Management Journal (BSMJ), Volume 2, Sep 2017

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It has been approximately twenty years since the inception of the Internet as we know it today. In addition to a vast array of opportunities for increased communication, the Internet and the World Wide Web have ushered in a new form of graduate management education that has significantly increased in popularity and educational value. This new platform for graduate management education provides unique opportunities for the design and development of new higher education programs that better relate to students changing needs. Developing these new educational programs requires enhanced skills, capabilities, infrastructures, and processes. In some form distance education has been available for approximately 100 years. Due to advances in communication technology, distance education programs of the past have blossomed into the variety of graduate management products (courses and seminars) that are now accessible through the Internet. In this paper, we first discuss the literature surrounding distance education with a focus on two major concepts - dialogue and structure - that can be used to describe and measure the studentfaculty educational interface and the quality of distance education programs. Second, we address the changing environmental conditions that have exacerbated contemporary students needs for access with regard to how and where their education is delivered and flexibility relative to when and how students can participate in educational programs. Both access and flexibility can impact the delivery and content of educational programs in important ways. Next, we examine the relationship between dialogue and structure relative to three existing models of distance education that can be employed to deliver graduate management programs. Fourth, we describe an online graduate management education product entitled the student-centric model and compare its features to the three previously described distance education models. Finally, we discuss several issues surrounding the administration of web-based education programs with a continued emphasis on the concepts of dialogue and structure as they relate to the role administrators play in offering quality graduate management educational programs. Throughout our paper, we suggest propositions derived from our discussion that can be developed into testable hypotheses. We conclude by identifying several specific issues warranting further investigation.

Author(s): Murray R. Millson, David Wilemon

AN ASSESSMENT OF THE STATE OF EMPLOYMENT RELATIONS IN MAURITIUS: THE CASE OF THE PUBLIC AND PRIVATE SECTORS

Business Sciences and Management Journal (BSMJ), Volume 2, Sep 2017

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This paper assesses the state of employment relations in Mauritius by analyzing data from the private and public sector organizations of Mauritius. The paper initially summarises, the theoretical framework governing employment relations and then presents empirical results of the study. The findings are based on two questionnaire surveys, one for management and the other for employees together with unstructured interviews to explore the field. The data used in the paper forms part of a wider study and will contribute to the field of employment relations and open avenues for further research.

Author(s): PRIYA BAGUANT

ARCHITECTURE AND DYNAMICS OF RUSSIANGERMAN ECONOMIC RELATIONS

Business Sciences and Management Journal (BSMJ), Volume 2, Sep 2017

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Trade and economic cooperation between Russia and Germany is traditionally among the most advanced areas of bilateral relations. In the framework of bilateral cooperation in both directions are the flows of goods, direct investments, credit and financial resources, transport - logistics, construction, consulting services and market know-how, the exchange of labor and high technologies. The overall macroeconomic situation in Russia is clearly not an obstacle to operate on the Russian market, although some accompanying phenomena deter investors. First of all it is necessary to take care of ordering the rules relating to the protection of property, business liability, compliance with contractual relations. It is important not only to decrease taxes, but also to provide tax system to be understandable and transparent, to avoid arbitrary exactions carried out by local authorities. Political stability, reasonable and predictable economic policies and an enabling institutional environment of business in Russia - the most important conditions for the growth of capital investments by German companies in the Russian economy and the development of trade relations. It is also necessary to solve particular problems, especially those related to financial risk coverage, both investors and exporters. It is advisable to raise the question of the establishment of special insurance fund, which would not have proceeded from political problems, and performance evaluations of specific projects for both sides. There are extremely important balanced and worked out laws as well as the presence of mechanisms for their implementation. The Russian authorities must develop and implement a clear strategy to support business in a foreign country and make great efforts to diversify exports, aware that initially it will be associated with certain costs. Priority should be given to the promotion of scientific and technological cooperation between our countries and promoting joint ventures in high technologies. It is exactly in the sphere of high-tech, but not in the primary sector Russia has got a good chances due to the great intellectual potential, and education in Russia is one of the best in the world. Very promising ? although is not granting a quick and large-scale impact ? is supporting participation on our both markets as small as medium-sized firms engaged in production activities. Already established some bases for expansion of mutual presence: only in Moscow there are 739 representative offices and branches of German companies and legal entities in 2110, and in general in Russia there are 5205 German entities. In Germany also there are about 300 Russian trade associations, joint ventures and individual firms.

Author(s): Anton Pakhomov, Viola von Cramon-Taubadel, Marat Balasanyan

STUDY ON PANEL DATA OF NATIONAL INNOVATION CAPACITY AND ECONOMIC DEVELOPMENT

Business Sciences and Management Journal (BSMJ), Volume 2, Aug 2017

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National innovation capacity is critical in economic development, and continuous innovative activities energize national economic development. National innovation capacity consists of multiple sub-systems. Therefore, by different dimensions, this study observes national innovation capacity and explores the effect on national economic development and stability. Panel data from 52 countries demonstrate that S&T capacity, financial capacity, social capacity and governance will significantly and positively influence resilience of economy. According to researches, it is necessary to enhance economic development and stability by increase of national innovation capacity. This study attempts to construct a correlation model between national innovation capacity and economic development to serve as the reference for the government of Taiwan to enhance economic capacity.

Author(s): Shu-Hao Chang, Hsin-Yuan Chang

AN EXPERIMENTAL STUDY OF ELECTROCHEMICAL DISCHARGE MACHINING PROCESS USING VARIOUS TOOL KINEMATICS

Business Sciences and Management Journal (BSMJ), Volume 2, Aug 2017

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Machining with electrochemical discharges is an unconventional machining technology able to machine several electrically non-conductive material like glass and ceramics. The improvement of machining efficiency of the process continues to be a major challenge for researchers. Electrochemical Discharge Machining has its own problem too. Till date, majority of the researchers have used stationary tool only, but the performance of such tool has been reported to be poor. In present work, Electrochemical Discharge Machining has been conducted on indigenously developed set-up, using various tool kinematics such as rotary, vibratory and vibro-rotary, with a view to enhance process performance. Comparison of stationary, rotary, vibratory and vibro-rotary tool have been done in respect of material removal rate. The Electrochemical Discharge process is influenced by various process parameters such as applied voltage, duty factor, current pulse on time and electrolyte concentration, etc. Electrochemical Discharge Machining of glass under varying process parameters has been reported.

Author(s): Sanjay B. Zope, B. B. Ahuja

CONFLICT AND RESOLUTION: A CASE STUDY OF DOCTORS PAY IN TWO CHINESE PUBLIC HOSPITALS

Business Sciences and Management Journal (BSMJ), Volume 2, Aug 2017

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The paper evaluates submerged discontent among Chinese doctors regarding their pay and patterns of resolution, in particular doctors responses through formal and informal actions in the context of health service marketisation. Based on a case study of two public hospitals in China, the paper reveals that marketisation has intensified Chinese doctors dissatisfaction over pay. Because of authoritarian management and compliant trade unions, the conflict between doctors and their employers cannot be accommodated through collective channels. Instead doctors discontent can only be expressed through individual, subtle and informal activities. Meanwhile doctors professional society is expanding its influence, showing a desire to develop health professionals group identity and protect members interests more effectively in the future.

Author(s): XUEBING CAO

TOO MANY APPLICANTS! BARRIERS FACED BY JOBLESS INDIVIDUALS IN FOUR STATES IN AUSTRALIA

Business Sciences and Management Journal (BSMJ), Volume 2, Aug 2017

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Australia is currently enjoying one of the lowest unemployment rates at 4.9% (ABS, 2011) and current public discussion is on the skilled labour force shortage. However, for many people they continue to be unemployed for extended period of time or simply become not in the labour force as they stop actively looking for work. This paper presents findings from a mixed method research study undertaken in four different states in Australia from 2009 to 2011. It involves consultation with service providers and stakeholders on their experience of working with long-term jobless individuals; and the individuals themselves on their experience of being jobless. The methodology used consisted of one-to-one interviews; focus groups discussion; and completion of an anonymous survey instruments. Data was collected from 200 individuals and over 100 stakeholders. The issues explored included barriers of using the service(s); challenges for individuals in gaining employment; gaps in services provided; and how well the services work together. A number of barriers identified have been described by other research but others, such as their being too many applicants, being considered too old for the job, or the need to have a car and a licence to simply be considered for a job. Multi-methods were described by jobless as having been used to try to source employment, such as on-line ads, in contrast to those detailed by service providers. The other findings was the growing expectations of prospective employers in terms of language, education and other abilities; and lack of disability or injury, of prospective employees given their economic pressures of rising insurance premiums. The findings of this study are significant in providing some direction to policy makers in assisting this increasingly forgotten group and the growing public debate in Australia and other countries to further tighten the requirements imposed on this group of social security recipients.

Author(s): KATHY TANNOUS Ian Caddy Dennis Mortimer

Understanding consumer loyalty to socially responsible investment funds

Business Sciences and Management Journal (BSMJ), Volume 2, Aug 2017

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For consumers wishing to have a positive influence on social and environmental problems socially responsible investment (SRI) mutual funds represent an interesting option. In essence, the availability of SRI funds means that consumers indirectly can own the companies that they want to influence. Compared to consumer attempts to influence through purchasing behavior, owning companies and engaging them collectively through a mutual fund could potentially be more effective to achieve social impact. However, in order to have a social impact, the size of the fund is important. Thus, for SRI funds to be able to have an impact, it is important that consumers not only choose SRI in the first place, but also stay invested in the SRI fund for an extended period of time. Against this background, the purpose of this paper is to investigate what factors influence consumers to invest in, and stay invested in, SRI mutual funds by addressing determinants of satisfaction in the SRI context. In the marketing discipline, one of the most important determinants of retention is consumer satisfaction (e.g., Rust and Zahorik, 1993). The fundamental logic is that if consumers are satisfied with the product or service, they will also be more likely to stay with the provider of the service and be loyal. In this study, the Nordic School of Services Marketing was applied as a theoretical framework in order to increase the understanding of satisfaction in the SRI sector (e.g., Gronroos, 1998). In essence, the theory prescribes that satisfaction will be the outcome of both perceived technical quality (the outcome or result of the service) and perceived functional quality (the way the service is delivered to the consumer). In the SRI context it can be argued that the consumer is investing to achieve both financial return and ESG (environmental, social, governance) influence. These two aspects would then amount to technical quality dimensions. The first set of hypotheses thus supposes that the two technical attributes of SRI: ? H1a: A positive evaluation of financial quality of the SRI fund will impact customer satisfaction with the fund in a positive manner ? H1b: A positive evaluation of ESG quality of the SRI fund will impact customer satisfaction with the fund in a positive manner In addition to technical quality the functional quality attribute is of interest. In an SRI context this would entail how the service related to the SRI mutual fund is perceived by the consumer. The second set of hypotheses thus address functional attributes of SRI: the way the service is delivered. ? H2a: A positive evaluation of the SRI providers accessibility will have a positive effect on satisfaction with the SRI fund ? H2b: A positive evaluation of the SRI providers servicescape will have a positive effect on satisfaction with the SRI fund ? H2c: A positive evaluation of the SRI providers service personnel will have a positive effect on satisfaction with the SRI fund As both profit oriented and socially oriented investors choose SRI funds (e.g., Derwall, Koedijk, Ter Horst, 2011; Nilsson, 2009), it is likely that financial and ESG performance is of varying importance to different investors. Thus, investors that are more involved with environmental and social issues are likely to derive a larger part of the (dis)satisfaction with SRI from the evaluation of the funds ESG quality than investors with less involvement. ? H3: The higher the level of ESG involvement, the stronger the relationship between perception of ESG quality and satisfaction To test the hypotheses a survey was sent to 2,000 Swedish private SR-investors. A total of 369 questionnaires were returned which represented a response rate of 18.5%. A set of ANOVA analyses were run to examine the hypotheses. The results showed that both perceived financial and ESG quality proved to be significant predictors of customer satisfaction. Judging by the F values however it was clear that, of the two, perceived financial quality F(2, 360) = 38,81, p < .001 was more important for customer satisfaction than perceived ESG quality F(2, 360) = 3,79, p < .05. Regarding functional quality the results showed that accessibility F(2, 272) = 4.73, p < .01 had a significant impact on overall satisfaction with the SRI mutual fund. However, the results also indicated that neither evaluations of service personnel F(2, 272) = 2.45, p > .05, nor physical environment F(2, 272) = .95, p > .05 had a significant impact on overall customer satisfaction. Finally, interaction effects showed that ESG involvement did not have a statistically significant impact combined with ESG quality or financial performance. The most noteworthy result of our study is the statistically significant relationship between perceived ESG quality and satisfaction. After all, investing is very much a financial activity, and in neo-classical economics, financial return and risk is almost exclusively used to explain investment behavior (e.g., Rivoli, 2003). However, although the results of this study show that ESG quality impacts overall customer satisfaction, the results also highlight that ESG quality is not as important as financial performance of the SRI mutual fund. One interpretation of these results is that traditional attributes, such as financial return in parity with for example other mutual funds are perceived as hygiene attributes ? something that must be in place for satisfaction to occur ? while ESG attributes are perceived as additional value adding attributes. This combination of conventional buying criteria and environmental motivations has been called motive alliances (Belz, 2006) and has been proven in other contexts as well (e.g., Jansson, 2011). Without the conventional financial attributes reaching a high level of quality, customers are likely to be dissatisfied with the offering in its entirety, irrespective of how well the product or service delivers on ESG attributes. This area is in need of further research. In our current studies we focus on applying a longitudinal perspective on customer satisfaction and loyalty in order to understand how the quality attributes in the SRI sector have an impact over time while market conditions are changing

Author(s): Jonas Nilsson, Johan Jansson, Anna-Carin Nordvall

Addressing Waste Management Challenges Using a Broader Systems Approach

Business Sciences and Management Journal (BSMJ), Volume 2, Aug 2017

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In recent decades, rapid economic development and increasing population in urbanized parts of the world have resulted in a much increased resource use and consequently release of gaseous, liquid and solid emissions. Nowadays, waste management (WM) is a growing concern of organizations and municipalities due to increasing environmental awareness in society and adverse consequences of unsustainable WM practices. Consequently, waste issues have been extensively discussed in sustainable development agenda and understanding of WM issues in a systems perspective have been much improved. Significant advancements have been made in WM, such as waste collection, material recovery and treatment and advanced landfilling. However, these technological improvements have been introduced considering only WM system itself and lacking a systems approach to resource extraction, production, consumption and WM as a whole. Therefore, today, the traditional reductionist approaches to WM proves to be short term solutions rather than true long term sustainability thinking. Although, waste reduction and resource management initiatives have been introduced throughout the products life cycle chain, such as cleaner production, design for environment, industrial symbiosis and extended producer responsibility, they lack in providing holistic solutions to resource use. Additionally, these efforts are carried out in relatively isolated working systems. This isolation give them the effect of end of pipe solutions to the problem rather than a true system solution (technological and framework oriented), which would be necessary to fulfill combined broader goals instead of just managing waste. The overall aim of this paper is to holistically address current challenges to WM with the help of a much broader systems view. In order to accomplish this aim, current WM issues are discussed in a global perspective to explore the gaps in current practices on a systemic level. Different examples are used to illustrate the various deep root causes responsible for the current situations by highlighting various aspects related to WM, such as product design, consumer awareness and limited systemic view. The study leads to conclusions that the current efforts, rather isolated, in different systems for WM, waste reduction and resource management are indeed not sufficient in a long term sustainability perspective. The suggested broader systems approach considers production, consumption and WM systems aligned to provide long term sustainable solutions to waste issues.

Author(s): Singh J., Laurenti R., Frostell B. and Wennersten R.