The purpose of any business activity in the private or public field is to obtain profit and to develop economic activities in terms of economic profitability. We can speak ofthe return of an activity when the effects are the net income, the profit. We can speak of economy when the effects are in the form as economy savings. We have to distinguish between the concept of return on assets seen as a theoretical concept which involves the quality of a system to produce useful economic effects and theprofitability measure which is achieved by comparing the effects with the effort. The meaning oftheprofitabilityofthe productive activity, the use of resources, varies depending on the organizational levels ofthe economy, the interests pursued and the place where the action is carried out. Thus, profitability is expressed by the increase in the net national product per unit of effort and at the company’s level profitability is expressed by the level of labor productivity and unit costs of production.
Financial analysis studies in Colombia have a wide history coming back to the 19th century. However, in Colombia the way how financial ratio analysis developed is two-fold, being different for creditor purposes and for managerial purposes. While banks focus the analysis in the ability of payment, managers in different industries highlight efficiency and profitability. There is a wide variety of studies related to financial analysis, such as the Resource Guide from Virginia Small Business Development (VSBD, 2011), which underlines the importance of financial statement analysis for startups and small business, being crucial to achieve a better understanding about the whole business, detect trends and major problems faced by companies. Also, the empirical research “Those unpredictable recessions” from the OECD (2011) analyses financial indicators, and whether or not they can predict turning points in the business cycle.
measurement issues and difficulties, companies are facing problems with their management (Andrikopoulos 2005). For Kok (2007), a method for determining the intellectual capital, or the intangible side of a company, is comparing the market value with its book value. These arguments are based on the intellectual capital assumptions. Intellectual assetsof a company are intangible in nature and therefore do not have a way or a suitable financial value. They are characterized as hidden assets, since it is difficult to iden tify their unique contribution to a company value creation (Fincham, Roslender 2003). Intellectual capital is not re ported in traditional financial statements since some of its elements do not meet the definition or recognition criteria (Lopes 2010). According to the International Accounting Standard (IAS) 38 (IFRF 2004), the definition of an intan gible asset is an identifiable nonmonetary asset without physical substance. An asset is a resource that is controlled by the entity as a result of past events, for example, purchase or selfcreation and from which future economic benefits (inflows of cash or other assets) are expected. Therefore the three critical attributes of an intangible asset are: identifia bility; control or power to obtain benefits from theassets; and future economic benefits, such as revenues or reduced future costs. The list of items that should not be included in the balance sheet includes the brands, mastheads, pu blishing titles, customer lists and items similar in substance internally generated (IAS 38). If an item does not meet the definition of intangible assets and the criteria for recogni tion as an intangible asset, the expenditure on this item should be expensed when it is incurred.
According to the Table 3, and continuing on considering a confidence interval of 90%, the previously used lagged explanatory variables ROE and Total Assets remain statistical significant and consistent with the previously presented signals. However, the introduction ofthe variable accounting for the peers’ effects changed the magnitude of its impact on the LTD ratio. In this new regression, the fact that the institution is operating in a year of sovereign crisis in Portugal decreases its impact on LTD ratio to about 19.5%, on average, ceteris paribus (compared to the 32.1% previously registered). Moreover, a marginal rise of 1000 million euros in terms of Total Assets will cause the institution to increase its LTD by about 0.4%, an impact lower than the previously registered. Finally, profitability experienced a marginal increase in the magnitude of its impact, adding an average of 0.47 percentage points to the LTD ratio for each marginal increase in the ROE. With the introduction ofthe new variable, the efficiency factor lost its previous statistical significance.
main responsibility of banks is to give loan to their customers and this will not happen unless people deposit savings with banks, the results of our survey indicate that people are interested in keeping their money with banks. The other observation was that the increase on inflation substantially hurts banking profitability and the reason for this is because in the event of inflation people withdraw their deposits from banks and invest them in other assets such as real state or exchange their money to other currencies, etc. Finally, when the economy has a positive trend on upcoming market, banking systems in Iran seem to enter into booming stage.
Chiarella et al. (1991) used the SEM to study capital structure and its determinants in the context of 226 Australian firms. The results were not statistically significant with regards to growth opportunities, collateral value ofassets or cash holdings but do show negative relationships with profitability and non-debt tax shields to debt and a positive one with size and debt level. Jairo (2008) investigated the capital structures of 651 British firms, also using the SEM. The results, which are consistent with the dominant financial theories, led the author to conclude that variables like non-debt tax shields, risk and probability of bankruptcy are negatively correlated to debt, while tangibility, size and profitability (current) have a positive relationship. On the basis of Titman and Wessels (1988), Chang et al. (2009) presented a SEM-MIMIC (SEM-Multiple Indicators and Multiple Causes) for capital structure determinants that had three debt indicators and several independent variables that were statistically significant. Their results showed that growth is the most important variable in explaining capital structure, and that profitability, collateral value, volatility of results, non-debt tax shields and uniqueness are also significant, in the same descending order of explanatory power.
The paper presents a statistical assessment ofthe effect of chemical composition on mechanical properties of hypereutectic AlSi17 silumin, which is expected to act as a counterpart of alloys used by automotive industry and aviation for casting of high-duty engine parts in West European countries and USA. The studies on the choice of chemical composition of silumins were preceded by analysis ofthe reference literature to state what effect some selected alloying elements and manufacturing technology may have on the mechanical properties (HB, R m and A 5 ) of these alloys. As alloying additives, Cu, Ni and Mg in proper combinations were used. The alloy after
the countries in Asia as Malaysia had more intentions of organic products from the customers in view ofthe importance of health on environmental issues (Saleki et al., 2012:99). This shows that attentions to organic products are already quite well received by the community. However, there needs to be studied perception of organic products in Indonesia, because Indonesia is a developing country which has a population density is quite high compared from Malaysia. And consumption of vegetable, especially organic vegetable products is still low in Indonesia (Amin, 2014:13), in particularly the province of West Java. An organic vegetable product offered by retail supermarket is assessed by consumers in both of sides, quality and risk. Price is a risk that should be accepted by consumers when buying organic vegetables. Hence, price of organic vegetables is more expensive than conventional vegetable products (Radman, 2005:263). Value ofthe risk products is very important for customer, which has an impact on consumer purchasing decisions (Yee et al., 2011:55). Nowadays consumers buy organic products is not as aware ofthe health and environmental effects but because of advised and habit of surroundings (Guido et al., 2010:99). In addition, not all consumers considered that by buying organic products, have been keeping or help conserve the environment (Arvola, 2008:449). It is alleged lack of consumer understanding of product quality organic vegetables. On last study it was discovered that the perceived quality is strong relationship with consumer purchasing decisions (Yee et al., 2011:55). Consumer’s had perception of organic products is because of quality and safety, in addition to some other benefits (Zanoli et al., 2012:70). Customer value of product influenced purchase decision of products (Shareef, 2008:105). Organic vegetable products have value in consumer where quality and satisfactions become value for consumers (Ying & Chiu, 2012:125). Higher value of consumer product quality of organic vegetables is more possibility to purchase decisions of organic vegetable products who offered in retail supermarkets. Based on previously phenomenon, this study examines the level of consumer perceptions of quality and risk in organic vegetables, as well as the impact on consumer purchasing decisions.
This work in combination with industrial tests of casting welding show that the causes of high-temperature brittleness are the partial tears ofthe structure and the hot cracks of both the castings and the welded and padded joints. Such phenomena should be treated as irreversible failures caused by the process of crystallisation that is in the area of co-existence ofthe solid and liquid structural constituent. The assessment ofthe resistance to hot fractures was conducted on the basis ofthe transvarestriant trial. The transvarestriant trial consists in changing of strain during welding It was stated that the range ofthe high-temperature brittleness is very broad, which significantly limits the application ofthe welding techniques to join or mend the elements made of alloy ZRE-1. The brittleness is caused mainly by metallurgical factors, i.e., precipitation of inter-metal phases from the solid solution.
Abstract: The research was carried with the aim to discover the existence of securing the foremost islands and state border region ofthe Republic of Indonesia reviewed from a legal perspective, which is directly related to the existence of security and dispute resolution methods as well as the governance ofthe foremost islands and border region in Kalimantan which bordering Malaysia. This study was conducted in Nunukan district and the surrounding provinces of Kalimantan, in this research method that used is normative legal analysis data with juridical and qualitative descriptive approach. The results showed that the security of foremost islands and border region of law perspective in accordance with the Law No. 34 of 2004 regarding the Indonesian National Army has not been implemented to the fullest to realize the security of foremost islands and border region as the frontline ofthe Republic of Indonesia. The existence of leading islands securing and the border region ofthe Republic of Indonesia still contain many weaknesses in terms of both governance and security.
The examination ofthe structure and microhardness of surface layer of C120 U carbon tool steel after arc treatment are presented in the paper. They are compared with the properties obtained after conventional hardening. The GTAW (Gas Tungsten Arc Welding) method was used. The remelted zone consists of dendritic cells and columnar crystals. Inside the columnar crystals dependent to current arc plasma intensity the martensite or lower bainite was observed. The cooling rate ofthe remelted zone is similar to the cooling rate obtained in the classical heat treatment. The maximum hardness 650 HV0,1 was measured in material after treatment with a smaller current intensity of arc plasma – 60A. Increases ofthe current intensity of arc plasma from 60 A to 110 A (for fixed speed rate of source) lead to increases the depth ofthe remelted zone from 1,2 to 3,1 mm. Thickness ofthe heat affected zone in the all specimens was similar (1,9 to 2,1 mm).
oocyte growth) or by increasing enzyme activity necessary for vitellogenesis (Medford and Mac kay, 1978). However, the males H.S.I. in this study, were stable during all the sampling period, this probably indicates that males of C. conger do not used the liver reserves for maturation before migration because of abundance prey in these periods (Abi-Ayad et al., 2011). In the Mediterranean Sea, males conger eel are reported to be smaller than females, and rarely exceeding 100 cm in length and females reaching over 200 cm (Cau and Manconi, 1983). In fact, 50 % of males become sexually mature earlier than 50 % of females in all samples analyzed in this study. However, the present study is the first attempt to determine the size at first maturity for this species. There were no references dealing with the size at maturity for C.conger, reported from other regions. The sex ratio ofthe European conger eel population in the western coast of Algeria was strongly skewed towards females in summer and spring seasons, which represent 86 % ofthe population. In winter and autumn the percentage between males and female in quite equal. Different findings have been reported by Sbaihi et al., 2001, Sullivan et al., 2003, and Correia et al., 2009. This may be caused by different gear used in summer and spring and in winter and autumn. In fact, the European conger eel present a spatial displacement of sexes, females were found in the inshore waters but males were only found at much greater depths (Cau and Manconi, 1983). The conclusion of that contribution, the inshore fishery ofthe European conger eel (Conger conger) target mainly young individuals with sizes between 50 cm and 60 cm. The study ofthe biology of C.
Sensitivity analysis was conducted each time for the model described in Section 3, for which it was assumed that the parameters vary in ranges given in Table 1. Table 2 lists parameters influence of which was not taken into consideration in sensitivity analysis. According to the fact that these parameters are connected with the phase change diagram, they cannot be changed freely and independently from one another. Additionally, in Table 2 physical parameters ofthe mould are included. Table 2.
One ofthe most common defects leading to the rejection of faulty castings made of duplex cast steel is hot cracking. Hot cracking – differently from cold cracking which occur on cooling, when the material exhibits already distinct elastic properties – proceeds in the semi-solid state, particularly when the temperature of solidifying casting is close to the equilibrium solidus point. There exist a range of temperatures in the vicinity ofthe solidus point within which the solidifying metal shows very small deformation ability and small strength. Therefore even little stresses occurring at the solidification stage and caused by density difference between ferrite and austenite, or restricted shrinkage, or various temperature gradients, can be the reason of hot cracking. Copper addition, as it is used in cast steel grades implemented in Polish power industry applications, decreases the temperature ofthe end of solidification, thus affecting beneficially the surface reproduction quality, but on the other hand it can promote, along with several other elements contained in duplex cast steel, the peritectic transformation during the last stage of solidification. The presence of peritectic solidification, i.e. strictly speaking the structural stresses accompanying that process, is the well-known and significant reason ofthe increased steel defectiveness in the continuous steel casting (CSC) technology if the steel with carbon content promoting the peritectic transformation is processed.
Tobacco, alcohol, and betel quid are the main causes of squamous cell cancers ofthe upper aerodigestive tract. These substances can cause multifocal carcinogenesis leading to multiple synchronous or metachronous cancers ofthe oesophagus, head and neck region, and lungs (‘ield cancerisation’). Globally there are several million people who have survived either head and neck squamous cell cancer (HNSCC) or lung cancer (LC). HNSCC and LC survivors are at increased risk of developing second primary malignancies, including second primary cancers ofthe oesophagus. The risk of second primary oesophageal squamous cell cancer (OSCC) ranges from 8-30% in HNSCC patients. LC and HNSCC survivors should be ofered endoscopic surveillance ofthe oesophagus. Lugol chromoendoscopy is the traditional and best evaluated screening method to detect early squamous cell neoplasias ofthe oesophagus. More recently, narrow band imaging combined with magnifying endoscopy has been established as an alternative screening method in Asia. Low-dose chest computed tomography (CT) is the best evidence- based screening technique to detect (second primary) LC and to reduce LC-related mortality. Low-dose chest CT screening is therefore recommended in OSCC, HNSCC, and LC survivors. In addition, OSCC survivors should undergo periodic pharyngolaryngoscopy for early detection of second primary HNSCC. Secondary prevention aims at quitting smoking, betel quid chewing, and alcohol consumption. As ield cancerisation involves the oesophagus, the bronchi, and the head and neck region, the patients at risk are best surveilled and managed by an interdisciplinary team.
The best method of determining the fair value ofthe permanent capitals is the market price in the case of an active market. However, for a good part ofthe permanent capitals no active market exists.. If the market price is not available, the best estimation ofthe fair value ofthe permanent capitals should be based on the best possible information available, including the price of other similar assets and other technical estimations. The Standard specifically point out that the technical estimation is often the most accessible method of estimating the fair value ofassets. Standard FASB No.7 “Using Cash Flow Information and Present Value in Accounting Measurements” deals with the use of two techniques in determining the fair value: estimated cash-flows approach and traditional approach of current value. The technique ofthe current price uses a single set of estimated cash-flows and a single interest rate (the rate which should be correlated with the risk).
The paper analyses the as-cast state structure of chromium cast iron designed for operation under harsh impact-abrasive conditions. In the process of chromium iron castings manufacture, very strong influence on the structure of this material have the parameters ofthe technological process. Among others, adding to the Fe-Cr-C alloy the alloying elements like tungsten and titanium leads to the formation of additional carbides in the structure of this cast iron, which may favourably affect the casting properties, including the resistance to abrasive wear.
Without any references in the recitals, Roma I Regulation simply excludes from its scope the fiduciary operations more specifically “the constitution of trusts and the relationship between settlors, trustees and beneficiaries”. The same applies to Rome II Regulation expressly stipulating that shall be excluded from the scope of this regulation “non-contractual obligations arising out ofthe relations between the settlors, trustees and beneficiaries of a trust created voluntarily”. In addition, Rome III Regulation provides that is shall not apply to the trusts or successions, even if they arise merely as a preliminary question within the context of divorce or legal separation proceedings. Questions remain to which neither the legal doctrine, nor other specialists do not seems to have an answer yet.
Burger King, often abbreviated as BK, is a global chain of hamburger fast food restaurants headquartered in unincorporated Miami-Dade County, Florida, United States. The company began in 1953 as Insta-Burger King, a Jacksonville, Florida-based restaurant chain. After Insta-Burger King ran into financial difficulties in 1955, its two Miami-based franchisees, David Edgerton and James McLamore, purchased the company and renamed it Burger King. Over the next half century, the company would change hands four times, with its third set of owners, a partnership of TPG Capital, Bain Capital, and Goldman Sachs Capital Partners, taking it public in 2002. In late 2010, 3G Capital of Brazil acquired a majority stake in BK in a deal valued at $3.26 billion (USD). The new owners promptly initiated a restructuring ofthe company to reverse its fortunes.
In the quality assurance system for components cast using the lost wax method, the object of evaluation is the grain size on the surface ofthe casting. This paper describes a new method for evaluating the primary grain parameters on the surface of aircraft engine turbine blades. Effectiveness ofthe method has been tested on two macrostructures distinguished by a high degree of diversity in the grain size. The grounds for evaluating the grain parameters consist of geometric measurement ofthe turbine blade using a laser profilometer and of approximation ofthe measurement results using a polynomial of a proper degree. The so obtained analytical non-planar surface serves as a reference point for an assessment ofthe parameters of grains observed on the real blade surface of a variable curvature. The aspects subjected to evaluation included: the grain areas, shape and elongation coefficients of grains on a non-planar surface ofthe blade airfoil, using measurements taken on a perpendicular projection by means of a stereoscopic microscope and image analysis methods, and by making calculations using the Mathematica ® package.