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This paper aims to investigate the impact of capital requirements and bank competition on banks' risk-taking behavior in the Middle East and North Africa (MENA) region.

The study combines both descriptive and analytical approaches. It considers panel data sets and adopts panel data econometric techniques like fixed effects/random effects and generalized method of moments estimator.

Regulatory capital and market competition have different effects according to the bank’s type (Islamic or conventional). The results show that the capital adequacy ratio has a significant impact on the credit risk of conventional banks (CBs) while this effect is irrelevant for Islamic banks (IBs). However, market competition plays a significant role in shaping risk-taking behavior of Islamic banking institutions. Our results indicate that banks with strong market power may pursue risky strategies in the face of increased regulatory pressure (e.g. increased minimum capital requirements). The results were robust to alternative profitability measures and endogeneity checks.

The most important limitation is the lack of data for some banks and years, and this paper had to exclude some variables because of missing observations. The second limitation concerns the number of IBs in the sample. However, this can be overcome by including more countries from MENA and other regions where Islamic banking is a growing phenomenon.

Our findings call for a change in Islamic banking’s traditional business model based on the prohibition of interest. The analysis indicates that market concentration moderates the association between capital requirements and the insolvency risk of IBs but not CBs. Therefore, regulatory authorities concerned with improving financial stability in the MENA region should set up their policies differently depending on the level of banking market concentration. Finally, bank managers are requested to apply a more disciplined approach to their lending decisions and build sufficient capital conservation buffers to limit the impact of downside risk from the depletion of capital buffers during the pandemic.

This study addresses banks’ risk-taking behavior and stability in the MENA region, which includes banks of different types (Islamic and conventional). This paper also contributes to the literature on bank stability by identifying the most critical factors that affect bank risk and stability in the MENA region, which can be relevant in the context of the new global (COVID-19) crisis.

This paper aims to synthesize new terpolymers by the emulsion polymerization technique composed of acrylamide-based polyurethane monomers (TPM and MPM) with different vinyl acetate copolymer systems, such as vinyl acetate/butyl acrylate (VAc/BA), vinyl acetate/ethylhexyl acrylate (VAc/2-EHA) and vinyl acetate/vinyl ester of versatic acid (VAc/VEOVA 10) systems. The performance of the prepared terpolymers as binders in emulsion coatings and textile industries was investigated and compared with the analogous commercial ones.

New waterborne polyurethane-vinyl ester-vinyl acetate terpolymers with high solid content and nano-scale emulsions have been successfully synthesized in two steps. The polyurethane oligomers were prepared by the prepolymer method as the first step. The second step involved polymerization with different vinyl monomers. The synthesized terpolymers were characterized using FTIR, scanning electron microscope, thermogravimetric analysis, minimum film forming temperature and particle size analyzer methods.

The synthesized emulsion terpolymers have shown small particle sizes averaged of 70 nm and a narrow distribution range, along with good mechanical, thermal and chemical stabilities. The surface coating layers of the terpolymers also have some important in terms of smoothness, clarity and binding ability in water-based coating for up to 4425 scrub cycles at 30 GU. Further, a high potential application textile printing was achieved at high solid content of 47–50%.

The effects of different isocyanates and vinyl monomers on the properties of obtained emulsion coatings have been studied. The improvement consequences of the coating evaluation of the waterborne binders for emulsion paints have been described. The properties of polyester/cotton fabric print pigment printing of textiles appear to be most promising enhancements by using the prepared nanocomposites of PU-co-vinyl acetate-co-vinyl ester as waterborne binders. So that the prepared emulsions have the potential to replace solvent-based coatings as waterborne binders for both emulsion coating and textile printing applications.

The case covers several topics such as social entrepreneurship, social innovation, green startups, their marketing and growth. The learning outcomes are as follows: identify the characteristics of social entrepreneurs; learn about the concept of social innovation, its challenges and opportunities; apply the concepts environmental sustainability to possible growth strategies; and evaluate the different growth opportunities available to the company in the region.

The case tells the story of a recently established technology and agriculture startup, Schaduf, founded in Egypt. Their concept mixes tradition with technology to improve the quality of life for city dwellers. Research and development (R&D) plays a big role in this company’s success. Schaduf uses the concepts of soilless farming to grow rooftop crops for low-income households. The company also provides aesthetic solutions for businesses and homes to increase their green spaces. Driven by a desire to transform the monochrome city to a green paradise, two Egyptian entrepreneurs founded Schaduf, an urban micro-farming and eco-friendly venture. The founders of the startup, brothers Sherif and Tarek Hosny, are in the process of expanding their business. They are faced by the dilemma of staying true to their original business concept in developing markets or pursuing other lucrative ventures in more affluent economies. This case offers learners insight into the growth strategy of a social enterprise that relies heavily on R&D to stay ahead of the game. Learners should evaluate the different growth strategies available to the company.

The case can be used for senior undergraduate students and at the graduate level in MBA, management, innovation, entrepreneurship and social entrepreneurship programs.

Teaching notes are available for educators only.

CSS 3: Entrepreneurship.

The purpose of this paper is to explore the potential benefits of an optimal vs observed working capital; the latter being measured by cash conversion cycle (CCC). Optimal CCC is defined and measured as the CCC that maximizes sales in the last four quarters. The initial exploratory results show that optimal CCC has been shorter than the observed. In addition, shorter CCC is accompanied by higher return on investment.

The authors use various statistical tools to analyze the differences between determinants of observed and optimal CCC. These statistical tools include Johansen cointegration test, linearity, normality tests, cointegration regression and Granger causality. The authors also use the benefits of discriminant analysis in order to reach a Z-score model that can be used for monitoring the move from an observed to optimal working capital.

The results show that: significant association exists between volatility of sales and CCC; sales volatility and lagged growth of sales carry relatively the highest weights when a firm moves from observed to optimal CCC; shorter CCC is associated significantly with higher profitability; the observed CCC adjusts to an optimal level; as inflation rises causing potential rise in cost of goods sold, firms prefer staying away from optimal levels of working capital; as economic growth slows down, firms stay at the current level of observed working capital; the results are subject to industry and size effects; and the DJIA and NASDAQ listed firms adjust observed CCC to optimal level slowly.

This paper offers three advances in the literature. The first advance is that the paper determines an optimal level of working capital empirically. To the best of the authors’ knowledge up to the date of submission, other related studies did not include an empirical solution to determine optimal working capital. The second advance is that the paper develops an empirical discriminant model that can be used for monitoring firms’ move from an observed to optimal working capital. The third advance is that optimal working capital shows the empirical integration between short-term and long-term investments that results in an improvement to firm’s liquidity and profitability.

This study aims to synthesise and characterise new reactive dyes based on thiazole derivatives which act as chromophoric moieties. These dyes were applied to cotton fabric, resulting in the dyed fabrics exhibiting good colour strength, light fastness and other fastness properties. The antibacterial activity of the dyed cotton fabric was evaluated against gram-negative and gram-positive bacteria.

The dyes were synthesised in two steps. First, the coupling compound was formed by adding H-acid solution to cyanuric chloride in an ice bath at pH 5 then adding 4-aminobenzenesulphonic acid portion-wise at room temperature and at pH 6-7. Second, different diazonium salts 4-phenylthiazol-2-amine (2a) and 4-(4-methoxyphenyl) thiazol-2-amine (2b) were coupled with the coupling compound at pH 5. The resultant monochlorotriazine (MCT)-reactive dyes (6a, 6b) were formed. The synthesised dyes were applied onto cotton fabric under typical exhaust dyeing conditions and their dyeing properties were investigated.

High antimicrobial activity, dye exhaustion and fixation yield on cotton fabric were recorded for each dye. All dyes showed high stability against washing, rubbing, perspiration and light fastness.

Dyeing of cotton fabric with these dyes which have higher fastness, higher exhaustion and higher antibacterial activity is considered one of the most important reactive dyes species.

The preparation procedure showed the synthesis of the novel MCT-reactive dyes derived from thiazole derivatives followed by the application of these dyes on cotton fabrics.

Use of reactive dyes will bring a number of benefits to society including higher fastness and higher antibacterial activity so, and these dyes can be used for dyeing cotton.

In this work, the new reactive dyes derived from thiazole derivatives were synthesised and their structures were confirmed by the analytical and spectral data. Such compounds are considered to be excellent reactive dyes with different colour shades and higher antibacterial activity.

This study aims to evaluate the state of preservation of one of the most famous manuscripts dated back to the 15th century using some analytical techniques to identify the manuscript components, explain its deterioration mechanisms and produce some solutions for conservation processes in future studies.

The analytical techniques used were visual assessment, digital microscope, scanning electron microscope (SEM) with EDX, pH measurement, attenuated total reflection – Fourier transform infrared spectroscopy (ATR/FTIR) and cellulose crystallinity.

Stains, missed parts and scratching were the most common aspects of deterioration. Some insects were observed by digital microscope. The SEM showed that linen fibers and goat skin were used to manufacture paper sheets and leather binding. Energy dispersive X-ray analysis proved that niobium and tantalum were added during the manufacture of paper sheets. Carbon black ink was the main writing material. The other pigments used were cinnabar in red ink, gold color from brass and blue color from lapis lazuli. FTIR analysis proved that some chemical changes were noticed. Low crystallinity of the historical paper was obtained. There was a reduction in the pH value of the historical bookbinding.

The importance of the analytical techniques used to detect the main components, forms and mechanism of deterioration of the studied manuscript. The elements of niobium and tantalum were added to paper sheets, which protected them from deterioration. The insects such as house flies and Sitophilus granarius were found in the manuscripts.

This paper aims to investigate the utilisation of street food to redefine place management in public spaces in Egypt. The study examines the spatiotemporal effects of this approach, considering the preferences of both vendors and consumers alongside contextual design factors.

In this study, conducted in Cairo, Egypt, a spatial ethnographic approach was used to delve into the process of place management in areas hosting street food activities. Focus group interviews were conducted with a random sample of street food vendors and consumers.

The results of this case study confirm the significant impact of street food on its surroundings, emphasising the importance of the people–place relationship. Insights from group interviews shed light on essential questions regarding the timing, location and drivers of spatiotemporal effects around food activity areas, as well as the entities controlling these effects and their mechanisms. The findings underscore the necessity of harmoniously balancing the needs of vendors and consumers without detrimentally affecting the context.

The proactive insights gleaned from this study hold potential for replication in other cities, offering valuable insights into the roles and specialisations of actors involved in managing street food places. However, achieving a more comprehensive understanding of stereotypes and underlying themes is imperative.

This study contributes to filling a research gap by exploring strategies to integrate vendors’ and consumers’ preferences and designs into specific contexts. It provides proactive and preventive solutions to mitigate adverse spatiotemporal effects of street food activities within the studied context.

This contribution analyses marketing strategies of transnational corporations operating in the field of consumer goods in contemporary Egypt. Using anthropological methodology, I explore the interrelations between rural marketing and consumer intifada, and note that in contrast to commonly held views about the homogenisation of local consumer cultures, in the sense of a Coca-Colaisation process, corporate communications strategies and product policies over the past decade have been increasingly taking cultural spheres of meaning into account in their effort to penetrate the Egyptian mass market. Various indicators show that the relevance of producing and marketing standardised goods has been diminishing as compared to the key importance of adapting global products to the local setting with its various cultural and political components.

The purpose of this paper is to develop an analytical account on the contemporary architecture of Cairo with emphasis on the past three decades, from the early 1990s to the present. The paper critically analyses narratives of the plurality of “isms”, within architectural vocabulary and discourse, that resulted from the contextual particularities that shaped it.

Three lines of inquiry are envisioned as overarching aspects of architecture: the chronological, the interventional and the representational. These discussions are underpinned by the discourse of decolonialisation and cosmopolitanism, posited sequentially by Frantz Fanon in The Wretched of the Earth (1961), and Ulrich Beck in The Cosmopolitan Vision (2004). The analysis expands to interrogate these two notions as prelude for reflecting on representations of selected projects: The Smart Village (2001); the Great Egyptian Museum (2002), Al-Azhar Park (2005), American University in Cairo New Campus (2008/2009), and the New Administrative Capital (2018).

The investigation on the interventional and the representational levels via aspects of discursivity and contradictions highlights that decolonisation and cosmopolitanism are two inseparable facets in the architectural practice in Egypt’s 21st century. These indivisible notions are based on idiosyncratic core to human experience, which emerged from concurrent overturning historical and secular everyday life striving to suppress ideological supremacy.

Further detailed examples can be developed to offer discerning elucidations relevant to both notions of cosmopolitanism and decolonialisation.

The paper offers novel theoretical analysis of Cairo’s most recent architecture. The reflection on the notions of decolonialisation and cosmopolitanism is a timely example of the complex cultural encounters that have shaped the Egyptian architecture, given the recent interventions by the “Modern State” that legitimised such notions.