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The purpose of this paper is first, to engage in a critical examination of the broad legislative framework of the Emergency Economic Stabilization Act, 2008, in the United States; second, to provide an in‐depth understanding the legal basis, scope and nature of the Troubled Asset Relief Program (TARP) under the Act; third, to provide a legal analysis of the oversight provisions in the new Act; fourth, to examine the powers, responsibilities, functions and roles of the various new oversight offices set up under the new Act; fifth, to assess the economic and financial impact of implementation of the programme till early 2009; and to engage in a critical discussion of the limitations and shortcomings of TARP. The central focus of the paper is largely on TARP and the issues arising from using TARP as a legislative framework to facilitate the removal of toxic assets held by the various banks and financial institutions.

The larger approach used in this paper is a financial law approach. It is to facilitate an in‐depth analysis of the broader framework of the Emergency Economic Stabilization Act, 2008, i.e. the legislative mechanism that establishes the TARP. The central issue of the paper is to examine the provisions in TARP in the broader context of its ability to take toxic assets off the balance sheets of banks and financial institutions. The approach, therefore, aims to aid a critical examination of the related legal, financial and economic issues arising out of the implementation of TARP. It relies extensively on official publications, testimonials and reports by various oversight bodies in the public domain, academic writings and newspaper reports to assess the impact of the programme and explore the related legal, regulatory and financial implications.

The findings in the paper relate to the impact and extent of the TARP till the present. It explores the basis, nature and scope of the implementation of the programme and outlines the various shortcomings and limitations. The paper concludes that there are various issues that need to be redressed for TARP or a similar programme to be more effective and transparent.

Various oversight reports and recommendations by official bodies are still expected as regards various spending, accountability and transparency issues related to TARP in the coming months. A new stimulus package of $787 billion was just approved by the US Congress and signed into law (American Recovery and Reinvestment Act, 2009) at the time this article was submitted for publication consideration. The article incorporates some issues relating to the new stimulus package as well as the Geithner plan, Public Private Investment Programme (PPIP), in the concluding section. However, substantial details are yet to emerge as to how the American Recovery and Reinvestment Act, 2009, establishing the stimulus package under the Obama government and the PPIP are both going to impact the future implementation of TARP and induce economic recovery at a broader level.

This paper is of immense significance to academics, jurists, consultants, legislators, policy‐makers, bankers, lawyers, auditors, consultants, researchers and anyone interested in financial and banking issues.

The accurate modeling of magnetic hysteresis in electrical steels is important in several electrical and electronic applications. Numerical models have long been known that can correctly reproduce some typical behaviours of these magnetic materials. Among these, the model proposed by Jiles and Atherton must certainly be mentioned. This model is intuitive and fairly easy to implement and identify with relatively few experimental data. Also, for this reason, it has been extensively studied in different formulations. The developments and numerical tests made on this hysteresis model have indicated that it is able to accurately reproduce symmetrical cycles, especially the major loop, but often it fails to reproduce non-symmetrical cycles. This paper aims to show the positive aspects and highlight the defects of the different formulations in predicting the minor loops of electrical steels excited by non-sinusoidal currents.

The different formulations are applied to different electrical steels, and the data coming from the simulations are compared with those measured experimentally. The direct and inverse Jiles–Atherton models, including the introduction of the dissipative factor approach, are presented, and their limitations are proposed and validated using the measurements of three non-grain-oriented materials. Only the measured major loop is used to identify the parameters of the Jiles–Atherton model. Furthermore, the direct and inverse Jiles–Atherton models were used to simulate the minor loops as well as the hysteresis cycles with direct component (DC) bias excitation. Finally, the simulation results are discussed and compared to measurements for each study case.

The paper indicates that both the direct and the inverse Jiles–Atherton model formulations provide a good agreement with the experimental data for the major loop representation; nevertheless, both models can not accurately predict the minor loops even when the modification approaches proposed in the literature were implemented.

The Jiles–Atherton model and its modifications are widely discussed in the literature; however, some limitations of the model and its modification in the case of the distorted current waveform are not completely highlighted. Furthermore, this paper contains an original discussion on the accuracy of the prediction of minor loops from distorted current waveforms, including DC bias.

Prior literature proposes that integrated reporting (IR) drives integrated thinking (IT), enabling an organisation to create value for stakeholders in both quantitative (economic performance) and qualitative manners (beyond financially-oriented information). Fraud triangle theory also predicts that earnings manipulation may also affect the creation of value. Thus, this study seeks to provide empirical evidence on the relationship between IT, earnings manipulation and value creation.

This data sample comprises of 497 observations from 2014 to 2018 of the top 100 market capitalisation of Malaysian public listed companies (PLCs) in Bursa Malaysia. This study used an index score for IT variable and Beneish’s M-score as a proxy to detect earnings manipulations and to classify the companies into non-manipulators and manipulator companies. Value creation measurements consist of four variables under shareholder's value creation and one variable represents value creation through innovation.

The findings show that IT is significantly related to value creation, whereas earnings manipulation had no significant relationship with value creation except for value creation measured using Tobin's Q ratio. The alarming finding is that a fraud predictor, namely earning manipulation, measured by Beneish-M, is not a predictor of whether companies are creating better or less value.

This study is among the early literature that provides empirical evidence of the relationship between IT and value creation. Furthermore, this paper adds to look at the association of earning manipulation and value creation.

This paper aims to examine whether the audit committee moderates the relationship between audit quality and market reactions.

Using fixed effects and the GMM model for robustness, the study used 472 publicly listed firms on South Africa’s Johannesburg stock exchange spanning a period of six years from 2014 to 2019.

Results obtained show that audit quality impacts market reactions through share price and adjusted market returns. And, that the audit committee moderates the relationship between audit quality and market reactions in South Africa’s publicly listed firms. An effective audit committee is expected to play a crucial role in overseeing the audit process, ensuring the independence of auditors and promoting transparency and accountability which in turn impacts asset prices.

The study implies that governments and regulatory bodies in other developing economies could strengthen regulations about companies’ Acts, how firms regulate themselves and more so audit committees. Firms can also strive to make sure that audit committees are staffed with experts to promote higher audit quality and investor attention to get access to the much-alluded capital.

To the best of the authors’ knowledge, the study adds value by being the first to explore the subject matter of the importance of audit committees in defining audit quality and market reactions in publicly listed firms. The research adds to the body of knowledge on corporate governance and audit quality. It provides a case study specific to the South African context, contributing to the global literature on these topics.

The purpose of this study is to demonstrate how alertness enable small and medium scale enterprise (SME) owners to leverage their individual entrepreneurial orientation (IEO) such as risk-taking, pro-activity, innovation, passion and perseverance in a better way to recognize opportunities for financial resources as compared to their counterparts who are not alert. Moreover, it elaborates on the mediating role of opportunity recognition of financial resources between IEO and SMEs’ access to finance (AF).

A three-wave time-lagged survey from a stratified sample of 271 small and medium scale business owners in Pakistan was conducted and the data were analysed using PROCESS models 1 and 4.

The findings grounded in the theory of Action Regulation, signify that the IEO of small and medium scale business owners helps them attain financial resources through opportunity recognition capacity which is an action characteristic. Moreover, the IEO of SME owners, coupled with entrepreneurial alertness (EA; a cognitive pre-action state), amplifies their ability to recognize opportunities for financial resource availability.

This is one of the initial studies to test the IEO scale, including passion and perseverance. Moreover, it has added to the individual-level antecedents of AF in small and medium scale businesses through the role of EA and opportunity recognition.

The purpose of this paper is to predict the effects of magnetic field, heat and mass transfer and rotation on the peristaltic flow of an incompressible Newtonian fluid in a channel with compliant walls. The whole system is in a rotating frame of reference.

The governing equations of two-dimensional fluid have been simplified under long wavelength and low Reynolds number approximation. The solutions are carried out for the stream function, temperature, concentration field, velocity and heat transfer coefficient.

The results indicate that the effects of permeability, magnetic field and rotation are very pronounced in the phenomena. Impacts of various involved parameters appearing in the solutions are carefully analyzed.

The effect of the concentration distribution, heat and mass transfer and rotation on the wave frame is analyzed theoretically and computed numerically. Numerical results are given and illustrated graphically in each case considered. A comparison was made with the results obtained in the presence and absence of rotation, magnetic field and heat and mass transfer.

The purpose of this paper is to theoretically study the problem of the unsteady boundary layer flow past a permeable curved stretching/shrinking surface in the presence of a uniform magnetic field. The governing nonlinear partial differential equations are converted into ordinary differential equations by similarity transformation, which are then solved numerically.

The transformed system of ordinary differential equations was solved using a fourth-order Runge-Kutta integration scheme. Results for the reduced skin friction coefficient and velocity profiles are presented through graphs and tables for several sets of values of the governing parameters. The effects of these parameters on the flow characteristics are thoroughly examined.

Results show that for the both cases of stretching and shrinking surfaces, multiple solutions exist for a certain range of the curvature, mass suction, unsteadiness, stretching/shrinking parameters and magnetic field parameter.

The paper describes how multiple (dual) solutions for the flow reversals are obtained. It is shown that the solutions exist up to a critical value of the shrinking parameter, beyond which the boundary layer separates from the surface and the solution based upon the boundary layer approximations is not possible.

The purpose of this paper is to examine the effect of human resource development on turnover intention through the mediating role of organizational commitment.

This paper used a quantitative research design. Data were collected from 204 flight attendants employees working at Royal Jordanian Airlines Company using an email survey questionnaire. Structural equation modeling (SEM) was adopted to test the hypothesized model.

The results assure positive effect of human resource development (HRD) on organizational commitment. Negative effect of both HRD and organizational commitment to turnover intention is observed. The results also confirm that the effect of HRD on turnover intention is negatively mediated by organizational commitment.

This research paper extends the literature by empirically adducing evidence that organizational commitment negatively mediated the effect of human resource development on turnover intention of the airlines in Jordan.

本研究擬透過組織承諾的中介角色,探討人力資源發展對離職意向的影響。

本研究採用了定量研究法。數據透過電郵問卷調查,從204名在皇家約旦航空公司工作的機艙服務員取得的。研究人員使用結構方程模型來測試假設模型。

研究結果確認了人力資源發展對組織承諾的積極作用,也肯定了人力資源發展和組織承諾兩者對離職意向的負面影響。研究結果亦確認了人力資源發展對離職意向的影響,是會受組織承諾負介導的。

由於研究在約旦的航空工業內進行,故取得的數據不能概括地廣泛應用於其他行業上。

研究的結果,在人力資源發展、組織承諾和離職文獻的知識體系上提供了新的信息。本研究亦顯示了在一個仍未充分探討、處於發展中國家的公司的背景下,人力資源發展、組織承諾與離職意向三者之間的相互作用。由於過去對人力資源發展和離職的研究大多是在發達國家進行的,故本研究的結果,確切證明了在發展中國家的背景裡,機艙服務員對人力資源發展的看法,會影響其態度的情感部分和行為意向。再者,本研究或可填補以發展中國家為背景之離職文獻研究缺口,尤其是約旦。實際上,面對員工有離職意向這挑戰的航空公司管理階層或需特別關注這個學術研究,這也正是本研究主要的啟示。航空公司經理和政策制定者可使用本研究的結果、作為他們研發人員保持策略的指導原則,以把員工離職的意欲減至最低。

研究以實驗為依據,引證了就約旦航空公司而言,人力資源發展對離職意向的影響,是會受組織承諾負介導的。

This chapter covers the effect of country's economic and political situation on sustainability reporting disclosure (in particular the corporate social responsibility aspect). The first section discusses the previous empirical studies in this topic. Based on this, the second section develops the theoretical framework in order to examines the moderating role of a country's economic activities (GDP) and political or institutional quality (IQ) on the relationship between corporate social responsibility disclosure (CSRD) and a banks' operational, financial and market performance. For this purpose, we used ordinary least square (OLS), panel fixed-effect regression and IV-GMM to estimate the parameters of the models. We find that the CSRD scores negatively influences bank's performance. The moderator of CRSD and the level of economic activities have a positive influence on that bank's performance. However, the moderator (CRSD and country's institutional quality), while showing positive relationship with bank's performance, has a significant effect only on bank's operational and financial performance.

One of the existing and commonly used solar energy harvesting devices is the parabolic trough solar collector (PTSC). Because of their ability to operate in low and medium temperatures, parabolic trough concentrators are widely used in power generation plants and industrial process heating applications. Therefore, the investigation of how different operating conditions affect these devices’ overall efficiency has received a great deal of attention in the recent decade. This study aims to enhance the thermal performance of the PTSC and reduce the system cost.

In the novel configuration, a noncirculated nanofluid absorbs solar radiation through a glass wall. The base fluid was synthetic oil (5W30), and the nanoparticles used were copper oxide. The heat captured is immediately absorbed by the water circulating inside the copper tube immersed in the nanofluid. ANSYS FLUENT 15.0 was used for carrying out computational fluid dynamics simulations for two models of single and triple copper tubes. The experimental results obtained from a test rig constructed for this purpose were compared with the numerical outcomes of the single copper tube model.

The findings of the simulation demonstrated that performance was superior for the single copper tube model over the triple copper tube model. The numerical findings of the single copper tube model were compared with the experimental results. The numerical and experimental results differed from 3.17% to 5.6%. Investigations were carried out to study the effects of varying the volumetric flow rate of (20, 40, 60 and 80 L/h) and water inlet temperatures of (300, 315 and 330 K) on the effectiveness and performance of the newly developed model. Additionally, two nanofluid volume fractions of 0.05% and 0.075% were used for investigating their effect on the performance of the novel configuration. According to the findings, the highest thermal efficiency of 55.31% was recorded at 0.075% concentration and 80 L/h volume flow rate.

In this study, a novel direct absorption solar collector configuration using a noncirculated nanofluid was designed to enhance the thermal efficiency of PTSC. This new approach makes it possible to boost the thermal performance of the PTSC and lower the system’s cost.