WSEAS CONFERENCES. WSEAS, Unifying the Science

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 Volume 8,  2011
Print ISSN: 1109-9526
E-ISSN: 2224-2899








Issue 1, Volume 8, January 2011

Title of the Paper: An Integrated DEA-based Model to Measuring Financial Performance of Construction Companies


Authors: Ching-Yi Chiu, Mei-Wei Wang

Abstract: This paper proposes an evaluation model which effectively assesses the financial performance of construction companies. This model successfully combines the methods of Strength Weakness Opportunity Threats (SWOT), Canonical Correlation Analysis (CCA) and Data Envelopment Analysis (DEA). The model first analyzes the operational characteristics of construction companies by using SWOT and, therefore, selects the representative indicators for evaluating financial performance. Next, it adopts CCA to solve the problems generated by the indicators’ correlation and ensures the ability to distinguish performance evaluation. The model finally can utilize DEA to acquire reasonable efficiency values and priorities of financial performance. Through the case studies presented in the paper, it is evident that the proposed model is an effective tool that can rationally execute performance evaluation of construction companies and also suggests valuable improvements for company operations.

Keywords: Financial performance, indicators’ correlation, evaluation model, construction companies, data envelopment analysis

Title of the Paper: Migration among Multicities


Authors: Ming Guan

Abstract: This paper proposes a simple model of economic geography within the Dixit-Stiglitz-Iceberg framework that may be used to analyze migration patterns among three cities. The costbenefit tradeoffs affecting incentives for three types of migration, including echelon migration, are discussed. This paper develops a tractable, heterogeneous-agent, general equilibrium model, where agents share constant human capital, and explores the relationship between the benefits of echelon migration and gross human capital. Using Chinese numerical solutions, we study the manifestation of echelon migration and how it responds to changes in transportation cost and elasticity of substitution. Numerical results demonstrate that (i) there are positive relationships between a migration’s benefitand-wage ratio, (ii) there are positive relationships between gross human capital ratios and wage ratios as to origin and destination, and (iii) we identify 13 varieties of human capital convergence among cities. In particular, this model predicts population shock resulting from the processes of migration choice and echelon migration.

Keywords: Dixit-Stiglitz-Iceberg framework, elasticity, echelon migration, trade-off

Title of the Paper: Influence of Various Business Regulations on the Amount of Foreign Direct Investments


Authors: Maja Samanovic, Maja Cukusic, Mario Jadric

Abstract: The aim of this paper is to establish connections between 25 quantitative indicators on business regulations, laws and the protection of property rights, and the amount of foreign direct investment that can be expected accordingly. In this area, a growing number of econometric and survey-based studies have been published already. Their focus is mostly on the macroeconomic factors which determine the level of FDI in a country, but relatively few studies cover the link between FDI and laws, regulations and institutional arrangements that shape the daily economic activity in every country. For the purposes of this research publicly available databases from the Internet were used. The data mining rule-based approach, CN2 rule method was used. The findings of this research could be used to build an expert system for predicting the amount of FDI, based on the input of relevant business indicators.

Keywords: Foreign direct investments, business regulations, data mining, CN2 rule induction algorithm.

Issue 2, Volume 8, April 2011

Title of the Paper: New Business Strategies and Marketing Opportunities Utilizing a Liberalized Spectrum Management Framework


Authors: George Mastorakis, Evangelos Pallis, Vassilios Zacharopoulos, Athina Bourdena

Abstract: The current global move to switch from analogue to digital terrestrial television has opened up an opportunity for the re-allocation of valuable spectrum resources in VHF/UHF frequencies. In one way, spectrum bands once used for analogue TV broadcasting will be completely cleared, leaving a space for deploying new licensed wireless services, and in another way, digital terrestrial television technology geographically interleaves spectrum bands to avoid interference between neighboring stations, leaving a space for deploying new unlicensed wireless services. In this context, this paper studies spectrum availability in VHF/UHF frequencies, elaborates on their exploitation under a dynamic management approach and discusses their potential business strategies for introducing secondary systems/services within primary bands (i.e. TV bands). Following existing technological and scientific approaches for dynamic spectrum access, it presents a liberalised spectrum exploitation, based on “spectrum commons” and “spectrum markets” regimes rather than the custom “command and control” one.

Keywords: Liberalized Spectrum Management, Spectrum Markets, Business Strategies, Marketing Opportunities

Title of the Paper: Models for Natural Resources Management


Authors: Marius Bulearca, Catalin Popescu, Cristian Sima, Constantin Ghiga, Cornelia Neagu

Abstract: Natural resources are not homogeneous in nature, having certain features in the productive process that require grouping them into different categories by different criteria. Consequently, natural resources cannot be addressed all at once, but only distinctly, according to relevant criteria selected based on the proposed goals. This criteria selection process requires special mathematical models and features that form the main object of the present paper. Furthermore, the paper also intends to cover the social importance of understanding resources misuse, which is based on the social opportunity cost and the total economic value. These concepts, alongside the types and sources of inefficiency in resource management, will subsequently be analyzed, in order to gain a complete and informed picture, while also understanding the market and government failures in this respect.

Keywords: Economic management principles, mathematical models, mining industry, natural resources market, scarcity, property rights regime, social opportunity cost, total economic value

Title of the Paper: Factors Affecting Hospital’s Adoption of a Market Orientation


Authors: Wen-Bao Lin

Abstract: This study investigates factors affecting hospital’s adoption of a market orientation and the difference between public and private hospitals in Taiwan in their market orientation after implementation of the National Health Insurance program. Hospitals, both private and public, with more than 100 sickbeds are selected from three municipalities in Taiwan, namely Taipei, Taichung, and Kaohsiung. The subjects are high-ranking executives in these hospitals. A total of 152 copies of the questionnaire are distributed. Empirical results are as follows: (1) Private hospitals are faced with a higher degree of environmental uncertainty than public hospitals and are thus characterized by higher levels of market orientation; (2) Private hospitals are more influenced than public hospitals by their organizational entrepreneurship in market orientation; (3) Private hospitals pay more attention to professional ethics and are more market-oriented than public hospitals; (4) Market orientation has significant and positive influence on hospital’s organizational performance. Compared with previous studies, this study has the following features: (1) Difference in market orientation between public and private hospitals in Taiwan is seldom addressed in previous studies. Unlike these studies, which are mainly focused on hospitals in the US and European nations, this paper discusses market orientation among hospitals in Taiwan. (2) Previous research on issues concerning hospital management is mostly concentrated on discussion of medical quality, and the research on factors affecting hospital’s market orientation is really rare. However, investigation of these factors is really necessary. (3) Integration of multivariate analysis and nonlinear fuzzy neural network model for an empirical test is rare among previous studies of related issues. This methodology is expected to be more contributive to the academic area.

Keywords: Market orientation, environmental uncertainty, entrepreneurship, professional ethics

Issue 3, Volume 8, July 2011

Title of the Paper: Assessing the Relative Performance of U.S. University Technology Transfer: Non-Parametric Evidence


Authors: Tao Huang, Yun Ken, Wen-Cheng Wang, Chih-Hung Wu, Shian-Hung Shiu

Abstract: This study presents non-parametric evidence on the relative efficiency of U.S. university technology transfer performance (TTP) through data envelopment analysis (DEA) model. We also compare three alternative DEA models —Charnes-Cooper-Rhodes (CCR), slack-based measure (SBM), and supper-efficiency slack-based measure (super SBM) to determine relative efficiencies and to measure the slack values among universities on the basis of the Association of University Technology Managers (AUTM) licensing survey data. We hope the result of this study is able to offer a performance ranking and provide managerial suggestions for each university to improve their technology transfer performance (TTP).

Keywords: U.S. university, Technology transfer performance, Relative performance, Data Envelopment Analysis (DEA), Super-efficiency, Slack-based measure (SBM)

Title of the Paper: Innovation, Risk and Proactivity: Are Firms Following These Strategies?


Authors: Nelson Duarte

Abstract: In the present paper, management strategies are analysed in order to evaluate the degree of entrepreneurship in firms’ management by the use of innovation, risk and proactivity strategies. Since we are dealing with management strategies, it is possible to relate them to the concept of Intrapreneurship. This study was done in a region of northern (Portugal Vale do Sousa) and focus on Industrial and Construction sectors. The region is composed of six concelhos in some of which it is possible to identify some industrial districts. In order to get a valid sample, a group of 251 firms were analysed. Each strategy was analysed individually and the results pointed to a lack of culture of entrepreneurship in firms’ management. Only Proactivity presented a positive result in firms’ management. When grouping the results, it was possible to conclude that the degree of intrapreneurship is very low and firms are surviving (even succeeding) by following conventional (old fashioned) management strategies.

Keywords: Innovation, Risk, Proactivity, Small firms, Intrapreneurship, Strategy

Title of the Paper: A Theory Documenting the Feasibility of a Global Capital Market from an Accounting Perspective


Authors: Carmen Giorgiana Bonaci, Jiri Strouhal, Razvan V. Mustata, Dumitru Matis

Abstract: Paper proposes a theory for testing the feasibility of a global capital market from an accounting perspective. The theory connects the area of accounting regulations and the place where the result of their application is put into use, namely the capital market. Quantifying this connection is done indirectly, by using two direct connections. Firstly there is quantified the similitude degree of the considered accounting regulations based on a detailed content analysis. Secondly there is quantified to what extent the foresights of the considered accounting regulations are actually used in practice by companies being listed on the capital market. Once determined the two correlations there is derived the link between a certain capital market and a set of accounting regulations that is different from the one officially being applied by companies listed in the considered market. The proposed theory is tested by considering accounting regulations issued by the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) and companies being listed on the London Stock Exchange (LSE) and the New York Stock Exchange (NYSE), focusing on financial assets’ measurement. Paper concludes by validating the proposed theory based on the fact that we have dimensioned a conceptual and methodological algorithm that was applied and generated results allowing the interpretation of the feasibility of a global capital market between financial reporting theory and practice.

Keywords: Feasibility, capital market, theory, accounting regulations, accounting practices

Issue 4, Volume 8, October 2011

Title of the Paper: TAM2-based Study of Website User Behavior—Using Web 2.0 Websites as an Example


Authors: Mei-Ying Wu, Han-Ping Chou, Yung-Chien Weng, Yen-Han Huang

Abstract: In recent years, we have seen a return of web-based applications built with new ideas and new commercial models. The key momentum for the development of such applications is the Web 2.0 technology. Web 2.0 websites are dynamic and characterized by user interaction, sharing, and participation. The emergence of this new business model brings new business opportunities. In fact, website users are the main contributors of business opportunities. Thus, for operators of Web 2.0 websites to enjoy the business opportunities, understanding user behavior is of great importance. In this study, Technology Acceptance Model 2 (TAM2) is adopted as the research framework to explore relationships between constructs associated with Web 2.0 website user behavior. Data are collected through a questionnaire survey. Hypotheses are proposed and validated through Confirmatory Factor Analysis (CFA) and Structural Equation Modeling (SEM) in order to understand user acceptance of Web 2.0 websites. Results show that most of the hypotheses proposed on the basis of TAM2 are empirically supported. It can be inferred that the current Web 2.0 websites are generally accepted by users. Moreover, from the research results, users’ intentions and behavior associated with use of Web 2.0 websites can be understood; hence, the results serve as a reference for those planning to start a business on Web 2.0 websites. It is believed that Web 2.0 websites will continue to be the source of new business opportunities on the web.

Keywords: Web 2.0, technology acceptance model 2 (TAM2), confirmatory factor analysis (CFA), structural equation modeling (SEM)

Title of the Paper: Long-Run Structural Modelling of the Czech Macroeconomy


Authors: Jana Hanclova

Abstract: The aim of this paper is to modify and empirically verify the modelling strategy developed by Garratt, Lee, Pesaran and Shin (2006). The strategy provides a practical approach to incorporating theoretic long-run relationships of a small open economy through a structural vector error correction model (VECM). The basic macroeconomic framework is a core small open economy model consisting of five long-run relationships based on production technology and output determination, arbitrage conditions, long-run solvency requirements and accounting identities and stock-flow relations. This leads to five expected long-run equations: the relative purchasing power parity (PPP), the real money market equilibrium condition (MD), the output gap (OG), the interest rate parity (IRP) and the interest rate relationship – Fisher inflation parity (FIP). We apply this modelling strategy to the Czech economy. The data are quarterly and run from the first quarter 1999 to the fourth quarter of 2010. The domestic variables are real money stock, real gross domestic product, the nominal interest rate, the rate of inflation and the domestic price level. Further endogenous variables are the nominal exchange rate, the foreign price level, foreign real GDP, the foreign interest rate. We are able to identify the long-run structure amongst those variables and to test over-identifying restrictions on the cointegrating vectors. We analyse the consequences of imposing the long-run restrictions for the impulse response function, where we focus on a Czech monetary policy shock. This shock has a significant effect on domestic inflation and real domestic output.

Keywords: Long-run structural model, Czech economy, Small open economy, Purchasing power parity, Interest rate parity, Output relationship, Money market, Fisher inflation parity, Impulse, Response Functions.

Title of the Paper: The Travelling Salesman Problem and its Application in Logistic Practice


Authors: Exnar Filip, Machac Otakar

Abstract: The article describes The Travelling Salesman Problem as a logistic transport task. The first part defines the TSP as a mathematical model and briefly describes main established methods of solving the problem. The second part brings experience with practical task solutions in a distribution company within specific conditions and other requirements of the transport management in the company.

Keywords: Travelling Salesman Problem, Genetic Algorithm, Objective Function, Constraints in Practice, Transport Management

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