This paper provides an overview of the leading role that energy efficiency plays in the development of modern socio-economic systems, which serve as the foundation for building green economies. The main purpose of the paper is to develop a methodological toolkit for assessing energy efficiency of large industrial complexes and test it on the world’s largest metallurgical complexes. The central object of the research is the Ural Mining and Metallurgical Company (UMMC), which mainly specializes in the production of copper and copper-based products. The study follows a comparative analysis of a set of preliminary selected energy efficiency indicators obtained from UMMC with those of the world’s leading copper manufacturers and copper-based products. At the same time, in accordance with the methodical approach, it is proposed to divide the energy efficiency indicators of an industrial complex into three levels: the level of an industrial complex as a whole (1); the level of certain types of products manufactured in the industrial complex (2); the level of the technological process (3). To obtain summarized (synthetic) energy efficiency estimates of the industrial complex, the hierarchy analysis method has been proposed. For the comparative analysis of energy efficiency indicators of UMMC, the authors chose the following companies: Norilsk Nickel and Russian Copper Company and leading world companies, such as Glencore Xstrata Plc (Switzerland), Codelco (Chile), KGHM Polska Miedz SA (Poland), and Vedanta Resources (India). The obtained results revealed that UMMC strongly lags behind in a number of key energy efficiency indicators. During 2010–2016, a negative trend was observed in the majority of UMMC enterprises. The results also showed the practical applicability of the given methodical approach and the possibility of its wide use in solving energy efficiency problems of Russian industrial complexes for their strategic development.

The volatile nature of the renewable energy sources requires energy storage to compensate for the imbalances and to provide reliable base load. Power-to-Methane technology facilitates long-term high capacity renewable energy storage in the form of Synthetic Natural Gas (SNG) in the gas network. Unlike hydrogen, SNG usage in the network has no restrictions and natural gas appliances can operate on SNG. The two inputs required to produce SNG in the methanator are hydrogen and CO2 and they can be obtained from several sources. This leads to multiple possible process flow configurations in SNG production, each of them with varying performance. An optimization model has been developed in GAMS to analyse the performance of these various configurations. The objective of this research is to determine the optimal configuration, key cost factors and their effects on the production cost to identify the areas that require further development for cost reduction. This work also aims to determine the production cost per unit of SNG and the factors with most significant influence on the production cost by implementing a factorial design and a multivariate analysis (analysis of variance) approach. Methanator, electrolyser, biogas upgrader and hydrogen storage are considered as the fundamental process units in this work. The lowest production cost identified in the first year of production is 0.432 €/kWhSNG. The discounted production cost obtained shows that the lowest cost in 20 years from now is 0.143 €/kWhSNG. The variable with the most influence on the production cost is the capex of the methanator followed by the capacity of the methanator.

Purpose: The manufacturing companies must keep attention over challenges and for the moment of adopt technology and practices instead of observation of competition amongst competitor companies.To create automobile business successful in India, companies are essential to adopt better cost accounting techniques to minimize cost of products and service costs.

Design/methodology/approach: This research investigates the application procedure of Target Costing (TC) in automobile companies in India. This study employed Target Costing as a dependent variable while Profitability; Growth; Net Tangibility Assets (NTA); EPS and Firm Size are independent variables. The study adopted convenience sample of top ten automobile companies listed on BSE of India and panel data has covered from 2014-15 to 2018-19 years. Data was analyzed through using statistical techniques of descriptive statistical analysis, Pearson’s Correlation, Simple Regression and Multiple Regression analysis and using the SPSS.

Findings: The result of the target costing impact on profitability has reported by Pearson’s correlation result shown a negative relationship. Similarly, Target costing impact on Return on sales examined by simple regression analysis and revealed that there is positive correlation. Finally, Target costing impact on financial performance examined by multiple regression results revealed that there is positive correlation with Revenue from Operation; Profitability; Return on Sales (ROS) and Growth, while negative correlation revealed by Margin from Operation; ROA; Net Tangibility Assets(NTA); EPS and Firm Size.

Originality/value: Target Costing has been identified as a popular technique to accomplish automobile company’s goals. Target costing consist exclusive approach to decide target price for the product and services. Target Costing ensure that new product price would be competitive in the market with substantial quality of products and services. This research investigates the application procedure of Target Costing (TC) and examined financial performance of Indian Automobile companies.

The aim of this study was to examine the opinions of farmers on a consulting project, which was established for organic dairy farms in Northern Germany involving different animal health experts who participated in the meetings. Furthermore, the properties of measures that are of decisive importance for implementation on the farms were identified to improve consultancy services for dairy farming. Once a year, the farmers met on a host-farm in one of three groups consisting of five to nine farms, a facilitator and an expert. At each meeting, a host-farm was visited and the analysed data of all participating farms of the previous year were presented to the group members. Each farmer had the possibility to report on success stories and issues concerning his herd. During discussions, the farmers first proposed mutual farm-specific measures for improving herd health and animal welfare. Afterwards, the expert named possible interventions and commented on the given measures of the farmers. All measures were noted by the facilitator. At the end of each meeting, each farmer could choose which of the given measures he wanted to implement. Open group-interviews as well as anonymous questionnaires for the farmers were used at the meetings in winter 2016/2017 to evaluate their perception of this consulting project and to determine which properties of measures were important for implementation on the farms. Based on the results of this study, the participating farmers were very positive towards this kind of consulting project. They favoured the participation of an expert during the meetings and the analysis of farm-specific data. Farmers mostly chose measures for implementation proposed by farmers and approved by the expert, followed by those proposed by the expert only. Measures were chosen when they were practical in the implementation, effective, efficient and took a low additional workload for implementation.

The development of organic agriculture in Bangladesh has been slow. According to the Bangladesh Bureau of Statistics (2018), approximately 12,000 farmers in Bangladesh produce organic crops on around 7,000 hectares of land. The transition from conventional to organic farming has been an issue of debate, especially in the context of developing nations such as Bangladesh. The debate stresses the urgency for the transition to preserve environment and health and to ensure a safe, sustainable and environmentally friendly food production system, but also emphasizes the pressure of maintaining food production for a large growing population. We focus on the debate in the context of Bangladesh, and question whether it is the proper time and stage in the development process to attempt the transition from conventional to organic food production systems. We ask why the organic rice market is not expanding in Bangladesh and explain the slow market growth through the two main factors of income constraint and lack of awareness among people about the environmental and health detriments of non-organic farming. The exploratory study finds that it is not mainly the lack of awareness but the income constraint that can be principally attributed to the slow expansion of the organic rice market in Bangladesh. Through exploring consumers’ awareness about organic farming methods and their demand for organic products, this study shows how income as a major constraint, besides price, affects consumers demand for organic and non-organic rice in Bangladesh. Income being identified as the major barrier reveals the potential of the organic rice market to grow in the future, as Bangladesh continues its journey towards becoming a middle-income country.

Starting from the research assumption that the Corporate Governance Code issued by Bucharest Stock Exchange (BSE) aims at building an internationally attractive capital market in Romania, based on best practices, transparency and trust that encourages companies to build a strong relationship with their shareholders and other stakeholders, communicate effectively and transparently and show openness towards all potential investors, in this paper we would like to present the degree of compliance of the companies listed on the Bucharest Stock Exchange with the principles and provisions of the Corporate Governance Code. The aim of this paper is achieved by presenting and commenting on the principles issued by the BSE regarding the corporate governance and by analysing the Corporate Governance Reports of the companies, presenting at the same time the compliance of the listed companies with these principles and provisions, by using the data issued in 2018 by the entities included in our study, namely the listed companies on the main market of the Bucharest Stock Exchange. Our analysis reflects that, although the provisions and principles of the Corporate Governance Code are not mandatory for the listed companies, they are largely implemented in the activity of companies because an efficient corporate governance system can represent a competitive advantage for any economic entity in the context of globalisation.

Lately, economists and policymakers have been paying even closer attention to the hidden economy. Indeed, it makes a difference to the economy how much money goes into the state coffers. In order to uncover the hidden economy however, it is necessary to be familiar with its nature and manifestations. In this paper, with the aid of previous research and literature we attempt to illustrate the characteristics of the hidden economy in Hungary before and after the regime change and to map out the steps that have been taken to uncover it. This publication was preceded by a systematic literature review on the definition, causes, and effects of the hidden economy, consisting of the collection of both data and literature related to the domestic hidden economy. The following summarize the results from the synthesis of literature: The Hungarian hidden economy existed even before the regime change and took a variety of different forms. These include tips, bribes, informal payments, unauthorized work and patchwork, moonlighting, unauthorized rental of real estate, use of social property for personal gain, gains from the infringement of customs and exchange law, tax fraud by craftsmen and retailers, theft of public property, and corruption. Since 1990, not only have the dynamics of the hidden economy strengthened, but its types of activities have changed significantly as well. These include, but are not limited to: omitting a portion of revenue from the register; recognizing non-incurred material production costs among expenditures; including an excessive portion of personal household maintenance costs among production costs; organizing business and study trips abroad; finder’s fee; end-of-year depreciation or 'transfer' of inventories; wages of registered employees paid out of pocket; employment of unreported employees; parallel company formation; economic activity of unincorporated individuals and the income generated thereby. The following are among the concrete steps taken in recent years to uncover the Hungarian hidden economy: the temporary employment booklet; the simplified entrepreneurial tax; the Electronic Trade and Transport Control System; online cash registers; the connection of vending machines to the tax office.

Social entrepreneurship is a relatively new topic of interest within the academic and the literature on it is limited. With the increase of interest in recent years from various interest groups the concept of social enterprise has become more widespread. The purpose of this paper is to explore the link between social entrepreneurship and voluntourism, as one of the types of special interest tourism. Voluntourism, according to the concept of sustainable community development, relate all the stakeholders of such development. Moreover, social entrepreneurship could become an important vehicle for sustainable development of destinations. This paper proposes that niche tourism products and more specifically, voluntourism projects, under the prism of social entrepreneurship, can become the means towards Croatian product diversification and long-term environmental, social and economic sustainability. Quantitative research was conducted and the methodology entails a case study approach. Results indicate that there are limited number of projects concerning social entrepreneurship in voluntourism in Croatia and also that discussed projects are not recognized. This study assessed the situation in Croatia and although it was comprehensive under conditions of limited data availability, it cannot speak to social entrepreneurship in voluntourism globally, but it can offer foundation for future research in this area.

The institutional environment in which multinational companies act is unique and complex. It is unique in the sense that the subsidiaries of multinational companies are facing dual pressures from both the host country and the country of the parent company. Further, the complexity of the environment presumes the need for global integration and the need for the local adaptation. Although some countries are characterized by a more favorable institutional environment for establishing and expanding business, in other countries the institutional environment is a challenge for multinational companies. In this paper, the author will present the current theoretical knowledge and references in already conducted research regarding the institutional distance in the context of multinational companies and its subsidiaries.

The objectives of this paper are to investigate the relevance of guidelines on good corporate governance (CG) to family public interest companies (PICs) within the small state of Malta and to recommend how existing guidelines may be improved and tailored for such companies. An explanatory mixed-methods empirical approach is adopted with a structured questionnaire being first administered to 17 respondents in 12 PICs owned by different families. This was then followed by semi-structured interviews with the representatives of 11 of these PICs. Findings indicate that there is a need for the existing guidelines to be improved for them to become more in line with the needs of PICs which are characterised by dominant family interests. In this respect, this paper recommends possible principles and guidelines that may be used by the relevant authorities either to improve the existing PIC guidelines or to issue a new set of guidelines aimed specifically for family PICs. Given the peculiarities of such companies, it is clear that the guidelines have to contain elements that address the CG structure, such as the need to formally document a family governance plan. Clearer guidance is needed on the appointment and composition of the Board of Directors, on the employment, conduct, compensation and performance evaluation of managers, as well as on the composition of the ownership of family PICs. Additionally, the paper concludes that a relevant factor for family PICs in carrying out improvements to their CG is that they continue to place more importance than other PICs to their continued existence.

Absorptive capacity (ACAP) as a function of systematic knowledge management is widely recognized as the catalyst for successful innovation performance in firms, particularly when it comes to identifying business opportunity information from the outside world and assimilating it into a firm’s innovation process. The concept of absorptive capacity became a widely researched topic in the area of organization and management, consequently, the definition of the ACAP components, its operationalization and outcomes, is extremely heterogeneous and has greatly affected the research production on ACAP. Therefore, the question arising is: Which approach to absorptive capacity will enable its being truly recognized as a concept at a global level, and in which areas of economy and business is ACAP most frequently encountered, particularly when it is connected to innovation processes? Based on a sample of 1288 papers within Web of Science Core Collection, this paper presents a bibliometric analysis of relevant publications on ACAP with the specific aim of gaining a deeper insight into the relevance of the impact of absorptive capacity on a firm’s innovation strategy. The results were systematized in a form of quantitative bibliographic review. The purpose of the analysis was to determine the existing level of the empirical and theoretical efforts in the research on ACAP, with a particular focus on firms and their innovation processes as well as knowledge management processes.

Certain tasks in the Republic of Slovenia are in the domain of the state or local community. In order to carry out these tasks, state-owned or public companies have been established.

The management of such companies is not always good and transparent, and as a result it often leads to considerable damage to public property. Such situations are mostly caused by poor management by the management boards, and rarely by poor and inadequate control by the supervisory boards. They are also the result of poor and inadequate communication between the management and supervisory boards. Unfortunately, poor governance does not occur in isolated cases and the mismanagement of such companies is often only introduced to the public through affairs that are presented in the media.

There are, however, also some positive exceptions with good and transparent corporate governance that bring profits to the shareholders and, consequently, lower the prices of individual services for citizens.

Today, agroecology is more than a science; it is a movement that advocates for a sustainable redesign of the global food system. Some of its acknowledged protagonists plead for a redesign based on the support of and for small-scale farming because small farms are considered more sustainable than large farms. The present review explores the arguments that leading agroecologists use for justifying their preference for small (frequently peasant) farms. In this review, small farms are defined as possessing a mean agricultural area of maximum two hectares, being family-owned, emphasizing outdoor production, and annually producing at least two different crops or livestock. Peasant farms are defined as subsistent small farms in developing countries. The review includes an overview of the current state of small farms and their most severe challenges. Agroecological publications of the last thirty years were scanned for arguments that sustain the hypothesis that small farms are more sustainable. It was found that there are no studies that directly compare the sustainability of farms based on their size. Instead, most studies cited to confirm the sustainability of small farms compare farms that differ in terms of both, size and farm management. Hence, it is likely that the reason for the advanced sustainability of small farms is their management, not their size. The assertion that small farms are a priori more sustainable than large ones is not supportable. Misleading use of the term “small farms” may impede the efforts of agroecology to stimulate sustainable food production.

Solar power or photovoltaic (PV) systems have emerged as a leading low-carbon energy technology worldwide, but the deployment of residential PV systems in Norway has lagged behind other Scandinavian countries. Therefore, the Norwegian market provides an opportunity to gain insights on the demand factors that determine residential PV adoption. This paper presents results from a stated- preference survey designed to elicit household knowledge, preferences and willingness to pay for residential PV systems. Results suggest that meaningful growth in residential PV capacity depends greater knowledge among households, continued advances in technology, clarity with the grid tariff and stronger support systems. A review of recent experiences in the field corroborates the important role of effective regulatory structures and support programs.

Purpose: The study was conducted to assess the implementation of value added tax and related challenges the case of Bench Sheko Zone, SNNPR, Ethiopia. Methodology: The study is based on descriptive data analysis method and the collected primary data has been carefully coded, checked for consistency and entered into the Statistical Package for Social Scientists (SPSS) and the secondary data related to VAT collection performance of the revenue bureau from 2010/11 to 2017/18 analysis also done. Finding: The result of the study shows that there are less awareness creation and educational programs, inadequate competence, inadequate enforcement of tax laws, absence of consistent follow-up to assess and register unregistered traders, inadequate infrastructure, weak monitoring, tax evasion, inefficient tax intelligence work and tax auditing. Practical implication: This article offers insights to regional revenue bureau and ministry of revenue to give unreserved attention on it and improve the implementation gaps of VAT through fulfilling the necessary tax administration logistics, enhancing tax education, reducing organizational bureaucracy and improving tax payers’ trust. Lastly, the revenue bureau shall make continuous monitoring and evaluation, maintain accountability and transparency, conduct adequate intelligence and tax auditing to achieve the desired objectives. Significance of the study: The study would notably reveal the way of intervention to revenue minster and policy makers to fill on the gaps found and improve its performance related to VAT administration and collection practice in future.

Purpose: The purpose of this article is to examine the sector-wise dividend payment of all the listed companies in the Dhaka Stock Exchange (DSE). This paper also indicates the highest and lowest percentage of dividend paid by companies in each sector, as well as illustrates the reason for distributing such amount of dividend. Design/methodology/approach: The empirical analysis was done by using the last fifteen years (i.e., 2004-2018) of dividend payment by all listed firms in DSE. Data was collected from the secondary sources to perform the analysis. On collected data, average dividend amount was calculated for each listed company by adding the percentage of cash and stock dividend paid by those companies. Trend analysis was performed on the average dividend to see which company among all listed companies is distributing a high or low percentage of dividend to their shareholders' over the years. Findings: The results from this article show that companies in the declining industry fail to meet their shareholders’ expectations in terms of dividend payment. On the other hand, companies in booming industries are consistently disbursing dividend for their shareholders’. Besides, companies are in the growth stage, and the multinational companies are distributing a considerable percentage of dividend. Practical implications: The results of this article will be helpful for the fund managers’, investment analysts’ and investors’ who makes decisions to invest in the capital market because the paper presented the historical average dividend payment by listed companies. Originality/value: This article presents the average dividend payment by companies listed in stock exchange in an emerging economy, also finds out sector-wise dividend payment and suggests some remedial for companies.

Purpose: This study was conducted to examine the impact of the operating synergy, financial synergy and firm reputation toward firm performance in merger and acquisition processes. This study also examines how firm reputation moderates the impact of operating synergy and financial synergy toward firm performance. The object of this research are companies involved in mergers and acquisitions between 2010 and 2016. Design/methodology/approach: The purposive sampling method is used to select the research sample. The descriptive statistical test, outlier test and hypothesis test is used to analyze the data using e-eviews program. The study assumed Buy and Hold Abnormal Return (BHAR) as the performance to measure a successful acquisition, and the factors that have an impact on acquisition performance are taken as being operating synergy, financial synergy and firm reputation. Findings: The results of this study show that by maximizing the operating synergy and firm reputation, this can improve the BHAR of an acquisition event, and a firm will a weak reputation can strengthen the BHAR by maximizing the operating synergy. Practical implications: These findings will be very helpful to management to maximize their firm performance using merger and acquisition as their strategy and firm reputation as their intangible resources. Originality/value: This article provides a new insight of acquisition research as to how firm reputation moderates the impact of acquisition synergy to achieve firm performance.

Purpose: This research aims to study the impact of local environmental factors on the adoption of International Accounting system in Iraq. So the main objective of the research can be the evaluation of the role of local environmental factors in selecting the best method to adopt International Accounting Standards (IAS), and International Financial Reporting Standards (IFRS). Design/methodology/approach: The researchers prepared a questionnaire contains 28 paragraphs which were coded and divided into 7 parts showing the independent variables of the study (the environmental factors) and the dependent variable (the adoption of IAS/IFRS) Findings: The results of the research show that the local environment factors can effect on the choice of the country to adopt the best method of IAS/IFRS adoption, and the statistical analysis results show that there is a very good level of agreement for the participants about the effect of local environment factors on the adoption of IAS/IFRS. Practical implications: The research offers insights to the need to activate national standards and principles that are appropriate to the local environment in order to adapt with the requirements of IAS/IFRS adoption. Originality/value: The research presents significant pragmatic evidence in terms of its meticulous approach towards checking the robustness of results.

Purpose: This research is aimed to find out the determinant of Price Earning Ratio (PER) in the property and real estate company listed in Indonesian Stock Exchange for the period 2011-2018. Design/methodology/approach: Referring to the developed model by Afza & Tahrir and Amalia by using 6 independent variables including Dividend Payout Ratio, Tobin’s Q, Leverage, Market Return, Earning Growth and Size, are expected to renewal in results in order to obtain variables that influencing the movement of Price Earning Ratio in property and Real Estate Company. Findings: From panel data analysis method, it can be found that fixed effect model is the most suitable model for both the changes of Price Earning Ratio in the property and Real Estate Company. The results of each variable can be explained that Tobin’s Q has positive impact, meanwhile Earning Growth and Size has negative impact. Afterwards, this research is also expected to provide framework of thinking for the policy maker to attract the attention of investor in the property and real estate company sector. Practical implications: The article offers insights to Price Earning Ratio in property and Real Estate Company that listed in Indonesian stock exchange period 2011-2018 simultaneously, partially and identifies the regression model of panel data inside. Originality/value: The article presents there are five significant free variables, including Tobin’s Q, Leverage, Market Return, Earning Growth and Size that influence the Price Earning Ratio in property and Real Estate Company.

Purpose: This study aims to examine the effect of audit quality on firm value in manufacturing companies listed on the Indonesian Stock Exchange in 2013 to 2017. Design/methodology/approach: Population in this study are all manufacturing companies listed on the Indonesian Stock Exchange. Sampling was carried out using a purposive sampling method. Research data were tested using multiple regression analysis. Findings: The results from this study show that audit quality has a positive effect on firm value in manufacturing companies on the Indonesian Stock Exchange. Practical Implications: The Indonesian capital market gives a positive appreciation to companies that have higher quality audits. Higher audit quality is expected to reduce agency costs, reduce information asymmetry and increase firm value. Companies are advised to use higher quality auditors in order to increase firm value in the Indonesian capital market. Originality/value: Audit quality which is proxied by Big 4 and non-big 4 auditors has been proven to have a positive influence on firm value in manufacturing companies on the Indonesia Stock Exchange.

Mental accounting, defined as a set of cognitive processes that allows the organization of financial activities and facilitates money management; First of all, it helps people to compare the returns / incomes in return for their expenses and the costs to be incurred, and enables them to make decisions through a different mental account for the income tax or value added tax etc. they will pay in their investments. In the process of mental accounting, self-employed taxpayers may consider the correct declaration of tax, but they can also make different tax calculations, and even obtain information in consultation with their professionals. It is known that some professionals use mental accounting themselves by helping self-employed people fondly. It is impossible today to check whether mental accounting is related to tax knowledge, business and personality traits, and the degree of association with the intended tax behavior. The conclusions have been reached by a study in this regard;

- While some taxpayers mentally separate taxes from turnover, others are not (integrators ) ,

- Where there are small differences in mental accounting between income tax and VAT, and,

- Confirmatory factor analysis, tax information and mental accounting are different structures (Journal of Economic Psychology Nr. 70 , January 2019, P: 125-139).

On the other hand, mental accounting is a strategy used in controlling personal spending, consumption, and investments as a cognitive set of operations in monitoring one's financial/financial business (=activity) and transactions. These are classified in mental accounts, meaning that individuals monitor all of their expenses separately and include the process of personal decision making, correction, control or abandonment of decisions. In particular, when multiple options are encountered, they are evaluated jointly-the results of different decisions are combined or evaluated separately. This depends on the emotional and intellectual structures of the person, along with the risk and expenditure criteria that the person undertakes. Because the decision is between sentimentality and thought, and results in rational-real or irrational-non-real results. In fact, they have a positive relationship with education, financial knowledge, money management and tax awareness in mental accounting. A consumer or investor/businessman in the decision process, including most accounting and Finance, Management Accounting, Financial Accounting and tax accounting are associated with, and are affected by them and affect them. These aspects are quite interesting.

This work presents a new method for identifying the bubbling regime of a fluidized bed gasification reactor. The method has been developed using experimental measurements and a computational model. Pressure drops are measured in experiments, and pressure drop as well as solid volume fraction fluctuations are calculated by implementing the model. experiments are carried out with sand and limestone particles of mean diameter 346 µm and 672 µm, respectively. A computational particle fluid dynamics (CPFD) model has been developed for the reactor and implemented using a commercial CPFD software Barracuda VR. The model is validated against experimental measurements. The validated model is used to analyse the fluctuation of pressure drop and solid volume fraction as a function of superficial air velocity. The change in standard deviation of pressure drop and solid volume fraction fluctuation is used to predict the transition from one regime to another. The method can be used in the design and operation of a bubbling fluidized bed gasification reactor. The results show that the minimum fluidization velocity for sand and limestone are 0.135 m/s and 0.36 m/s, respectively and are independent of the particle aspect ratio. Both types of particle beds make the transition into bubbling regime as soon as they get fluidized. The bed aspect ratios have almost no effect on the onset of bubbling fluidization regime. The slugging velocity decreases with increasing aspect ratio for both types of particles. The operating range of the bubbling fluidized bed for sand particle is 0.2–0.4 m/s and 0.5–0.8 m/s for the limestone particles.