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DOAJ Open Access 2024
CHALLENGES IN IMPLEMENTING CIRCULAR ECONOMY STRATEGIES IN ROMANIA

Ana Irina NICOLAU, Sorin IONITESCU, Simona MOAGĂR-POLADIAN et al.

One of the great challenges of humanity today is to manage the consumption of resources and increase their recycling. Current overconsumption constantly aggravates resource insufficiency, by producing an aggressive impact on the environment. The circular economy model is the way to provide the necessary resources and from politicians to companies and consumers the transition to this modern economic system requires responsibility. Worldwide there are concerns in this direction, looking for new ways of financing such sustainable models, both in production and consumption. The functioning of the circular economy model is not easy, it involves transition funds and consistent investments This study aims to analyse the degree to which specific circular economy strategies are known, understood and implemented in Romania. Also, the quantitative research undertaken on the Romanian market analyses the connection between various factors, such as the structure of the social capital, the field of activity, the number of employees, the investments in research-development-innovation, the organizational culture and the stage of the transition to the circular economy in which those companies are.

Agriculture (General)
DOAJ Open Access 2024
THE BEGINNING INVESTOR IN THE CAPITAL MARKET AND INVESTMENT PRODUCTS

VĂDUVA CECILIA ELENA

Investment management focuses on achieving financial goals, not necessarily beating market performance. The main challenge is managing risks and ensuring consistent income, which may be more important than maximizing profits. Investment is a complex process that involves specialized knowledge. The absence of this knowledge can lead to ineffective evaluations and financial losses, with customers at risk of buying inappropriate or high-risk products. Following some basic principles in this area can make it easy for anyone to become an investor. In order to become a better investor, it is essential that one learns to manage risks and returns, select an appropriate capital allocation, diversify one's portfolio, maximize one's investments, protect against inflation and constantly monitor their evolution .

Commercial geography. Economic geography, Economics as a science
DOAJ Open Access 2023
The Choice of the Foreign Touristic Destination: An Analysis of the Motivational Factors among the Algerian Tourists

Hadia Brahimi, Boubakeur Benlaib, Khaled Rouaski

The objective of this study is to identify the motivational factors related to the choice of foreign touristic destinations among Algerian tourists. A questionnaire was distributed online and the study sample reached 318 Algerian tourists who visited at least one tourist destination outside of the country in 2018 or 2019. The data processing was done using the statistical software SPSS 28. The results showed on the one hand that the main internal motives for choosing a foreign destination are the desire to visit new places and see new natural landscapes, discover new cultures and lifestyles, and live a new travel experience. On the other hand, the main external motivations are the availability of the best quality-price ratio, the safety, and cleanliness of the destination, and the exceptional natural landscapes and historical sites.

Capital. Capital investments, Business
DOAJ Open Access 2022
Long-Term Hydrogen Storage—A Case Study Exploring Pathways and Investments

Ciara O’Dwyer, Jody Dillon, Terence O’Donnell

Future low-carbon systems with very high shares of variable renewable generation require complex models to optimise investments and operations, which must capture high degrees of sector coupling, contain high levels of operational and temporal detail, and when considering seasonal storage, be able to optimise both investments and operations over long durations. Standard energy system models often do not adequately address all these issues, which are of great importance when considering investments in emerging energy carriers such as Hydrogen. An advanced energy system model of the Irish power system is built in SpineOpt, which considers a number of future scenarios and explores different pathways to the wide-scale adoption of Hydrogen as a low-carbon energy carrier. The model contains a high degree of both temporal and operational detail, sector coupling, via Hydrogen, is captured and the optimisation of both investments in and operation of large-scale underground Hydrogen storage is demonstrated. The results highlight the importance of model detail and demonstrate how over-investment in renewables occur when the flexibility needs of the system are not adequately captured. The case study shows that in 2030, investments in Hydrogen technologies are limited to scenarios with high fuel and carbon costs, high levels of Hydrogen demand (in this case driven by heating demand facilitated by large Hydrogen networks) or when a breakthrough in electrolyser capital costs and efficiencies occurs. However high levels of investments in Hydrogen technologies occur by 2040 across all considered scenarios. As with the 2030 results, the highest level of investments occur when demand for Hydrogen is high, albeit at a significantly higher level than 2030 with increases in investments of large-scale electrolysers of 538%. Hydrogen fuelled compressed air energy storage emerges as a strong investment candidate across all scenarios, facilitating cost effective power-to-Hydrogen-to-power conversions.

DOAJ Open Access 2021
Editorial

Elena Mussinelli

Every crisis at the same time reveals, forewarns and implies changes with cyclical trends that can be analyzed from different disciplinary perspectives, building scenarios to anticipate the future, despite uncertainties and risks. And the current crisis certainly appears as one of the most problematic of the modern era: recently, Luigi Ferrara, Director of the School of Design at the George Brown College in Toronto and of the connected Institute without Boundaries, highlighted how the pandemic has simply accelerated undergoing dynamics, exacerbating other crises – climatic, environmental, social, economic – which had already been going on for a long time both locally and globally. In the most economically developed contexts, from North America to Europe, the Covid emergency has led, for example, to the closure of almost 30% of the retail trade, as well as to the disposal and sale of many churches. Places of care and assistance, such as hospitals and elderly houses, have become places of death and isolation for over a year, or have been closed. At the same time, the pandemic has imposed the revolution of the remote working and education, which was heralded – without much success – more than twenty years ago. In these even contradictory dynamics, Ferrara sees many possibilities: new roles for stronger and more capable public institutions as well as the opportunity to rethink and redesign the built environment and the landscape. Last but not least, against a future that could be configured as dystopian, a unique chance to enable forms of citizenship and communities capable of inhabiting more sustainable, intelligent and ethical cities and territories; and architects capable of designing them. This multifactorial and pervasive crisis seems therefore to impose a deep review of the current unequal development models, in the perspective of that “creative destruction” that Schumpeter placed at the basis of the dynamic entrepreneurial push: «To produce means to combine materials and forces within our reach. To produce other things, or the same things by a different method, means to combine these materials and forces differently» (Schumpeter, 1912). A concept well suiting to the design practice as a response to social needs and improving the living conditions. This is the perspective of Architectural Technology, in its various forms, which has always placed the experimental method at the center of its action. As Eduardo Vittoria already pointed out: «The specific contribution of the technological project to the development of an industrial culture is aimed at balancing the emotional-aesthetic data of the design with the technical-productive data of the industry. Design becomes a place of convergence of ideas and skills related to factuality, based on a multidisciplinary intelligence» (Vittoria, 1999). A lucid and appropriate critique of the many formalistic emphases that have invested contemporary architecture. In the most acute phases of the pandemic, the radical nature of this polycrisis has been repeatedly invoked as a lever for an equally radical modification of the development models, for the definitive defeat of conjunctural and emergency modes of action. With particular reference to the Italian context, however, it seems improper to talk about a “change of models” – whether economic, social, productive or programming, rather than technological innovation – since in the national reality the models and reference systems prove to not to be actually structured. The current socio-economic and productive framework, and the political and planning actions themselves, are rather a variegated and disordered set of consolidated practices, habits often distorted when not deleterious, that correspond to stratified regulatory apparatuses, which are inconsistent and often ineffective. It is even more difficult to talk about programmatic rationality models in the specific sector of construction and built environment transformation, where the enunciation of objectives and the prospection of planning actions rarely achieve adequate projects and certain implementation processes, verified for the consistency of the results obtained and monitored for the ability in maintaining the required performance over time. Rather than “changing the model”, in the Italian case, we should therefore talk about giving shape and implementation to an organic and rational system of multilevel and inter-sectorial governance models, which assumes the principles of subsidiarity, administrative decentralization, inter-institutional and public-private cooperation. But, even in the current situation, with the pandemic not yet over, we are already experiencing a sort of “return to order”: after having envisaged radical changes – new urban models environmentally and climatically more sustainable, residential systems and public spaces more responsive to the pressing needs of social demand, priority actions to redevelop the suburbs and to strength infrastructures and ecosystem services, new advanced forms of decision-making decentralization for the co-planning of urban and territorial transformations, and so on – everything seems to has been reset to zero. This is evident from the list of actions and projects proposed by the National Recovery and Resilience Plan (NRRP), where no clear national strategy for green transition emerges, even though it is repeatedly mentioned. As highlighted by the Coordination of Technical-Scientific Associations for the Environment and Landscape1, and as required by EU guidelines2, this transition requires a paradigm shift that assumes eco-sustainability as a transversal guideline for all actions. With the primary objective of protecting ecosystem balances, improving and enhancing the natural and landscape capital, as well as protecting citizen health and well-being from environmental risks and from those generated by improper anthropization phenomena. The contents of the Plan explicitly emphases the need to «repair the economic and social damage of the pandemic crisis» and to «contribute to addressing the structural weaknesses of the Italian economy», two certainly relevant objectives, the pursuit of which, however, could paradoxically contrast precisely with the transition to a more sustainable development. In the Plan, the green revolution and the ecological transition are resolved in a dedicated axis (waste management, hydrogen, energy efficiency of buildings, without however specific reform guidelines of the broader “energy” sector), while «only one of the projects of the Plan regards directly the theme Biodiversity / Ecosystem / Landscape, and in a completely marginal way» (CATAP, 2021). Actions are also limited for assessing the environmental sustainability of the interventions, except the provision of an ad hoc Commission for the streamlining of some procedural steps and a generic indication of compliance with the DNSH-Do not significant Harm criterion (do not cause any significant damage), without specific guidelines on the evaluation methods. Moreover, little or nothing in the Plan refers on actions and investments in urban renewal, abandoned heritage recovery3, of in protecting and enhancing areas characterized by environmental sensitivity/fragility; situations widely present on the national territory, which are instead the first resource for a structural environmental transition. Finally yet importantly, the well-known inability to manage expenditure and the public administration inefficiencies must be considered: a limit not only to the effective implementation of projects, but also to the control of the relationship between time, costs and quality (also environmental) of the interventions. In many places, the Plan has been talked about as an opportunity for a real “reconstruction”, similar to that of post-war Italy; forgetting that the socio-economic renaissance was driven by the INA-Casa Plan4, but also by a considerable robustness of the cultural approach in the research and experimentation of new housing models (Schiaffonati, 2014)5. A possible “model”, which – appropriately updated in socio-technical and environmental terms – could be a reference for an incisive governmental action aiming at answering to a question – the one of the housing – far from being resolved and still a priority, if not an emergency. The crisis also implies the deployment of new skills, with a review of outdated disciplinary approaches, abandoning all corporate resistances and subcultures that have long prevented the change. A particularly deep fracture in our country, which has implications in research, education and professions, dramatically evident in the disciplines of architectural and urban design. Coherently with the EU Strategic Agenda 2019-2024 and the European Pillar of Social Rights, the action plan presented by the Commission in March 2021, with the commitment of the Declaration of Porto on May 7, sets three main objectives for 2030: an employment rate higher than 78%, the participation of more than 60% of adults in training courses every year and at least 15 million fewer people at risk of social exclusion or poverty6. Education, training and retraining, lifelong learning and employment-oriented skills, placed at the center of EU policy action, now require large investments, to stimulate employment transitions towards the emerging sectors of green, circular and digital economies (environmental design and assessment, risk assessment & management, safety, durability and maintainability, design and management of the life cycle of plans, projects, building systems and components: contents that are completely marginal or absent in the current training offer of Architecture). Departments and PhDs in the Technological Area have actively worked with considerable effectiveness in this field. In these regards, we have to recall the role played by Romano Del Nord «protagonist for commitment and clarity in identifying fundamental strategic lines for the cultural and professional training of architects, in the face of unprecedented changes of the environmental and production context» (Schiaffonati, 2021). Today, on the other hand, the axis of permanent and technical training is almost forgotten by ministerial and university policies for the reorganization of teaching systems, with a lack of strategic visions for bridging the deficit of skills that characterizes the area of architecture on the facing environmental and socio-economic challenges. Also and precisely in the dual perspective of greater interaction with the research systems and with the world of companies and institutions, and of that trans- and multi-disciplinary dimension of knowledge, methods and techniques necessary for the ecological transition of settlement systems and construction sector. Due to the high awareness of the Technological Area about the multifactorial and multi-scale dimension of the crises that recurrently affect our territories, SITdA has been configured since its foundation as a place for scientific and cultural debate on the research and training themes. With a critical approach to the consoling academic attitude looking for a “specific disciplinary” external and extraneous to the social production of goods and services. Finalizing the action of our community to «activate relationships between universities, professions, institutions through the promotion of the technological culture of architecture [...], to offer scientific-cultural resources for the training and qualification of young researchers [...], in collaboration with the national education system in order to advance training in the areas of technology and innovation in architecture» (SITdA Statute, 2007). Goals and topics which seem to be current, which Techne intends to resume and develop in the next issues, and already widely present in this n. 22 dedicated to the Circular Economy. A theme that, as emerges from the contributions, permeates the entire field of action of the project: housing, services, public space, suburbs, infrastructures, production, buildings. All contexts in which technological innovation invests both processes and products: artificial intelligence, robotics and automation, internet of things, 3D printing, sensors, nano and biotechnology, biomaterials, biogenetics and neuroscience feed advanced experiments that cross-fertilize different contributions towards common objectives of circularity and sustainability. In this context, the issue of waste, the superfluous, abandonment and waste, emerge, raising the question of re-purpose: an action that crosses a large panel of cases, due to the presence of a vast heritage of resources – materials, artefacts, spaces and entire territories – to be recovered and re-functionalized, transforming, adapting, reusing, reconverting, reactivating the existing for new purposes and uses, or adapting it to new and changing needs. Therefore, by adopting strategies and techniques of reconversion and reuse, of re-manufacturing and recycling of construction and demolition waste, of design for disassembly that operate along even unprecedented supply chains and which are accompanied by actions to extend the useful life cycle of materials , components and building systems, as well as product service logic also extended to durable goods such as the housing. These are complex perspectives but considerably interesting, feasible through the activation of adequate and updated skills systems, for a necessary and possible future, precisely starting from the ability – as designers, researchers and teachers in the area of Architectural Technology – to read the space and conceive a project within a system of rationalities, albeit limited, but substantially founded, which qualify the interventions through approaches validated in research and experimental verification. Contrarily to any ineffective academicism, which corresponds in fact to a condition of subordination caused by the hegemonic dynamics at the base of the crisis itself, but also by a loss of authority that derives from the inadequate preparation of the architects. An expropriation that legitimizes the worst ignorance in the government of the territories, cities and artifacts. Education in Architecture, strictly connected to the research from which contents and methods derive, has its central pivot in the project didactic: activity by its nature of a practical and experimental type, applied to specific places and contexts, concrete and material, and characterized by considerable complexity, due to the multiplicity of factors involved. This is what differentiates the construction sector, delegated to territorial and urban transformations, from any other sector. A sector that borrows its knowledge from other production processes, importing technologies and materials. With a complex integration of which the project is charged, for the realization of the buildings, along a succession of phases for corresponding to multiple regulatory and procedural constraints. The knowledge and rationalization of these processes are the basis of the evolution of the design and construction production approaches, as well as merely intuitive logics. These aspects were the subject of in-depth study at the SITdA National Conference on “Producing Project” (Reggio Calabria, 2018), and relaunched in a new perspective by the International Conference “The project in the digital age. Technology, Nature, Culture” scheduled in Naples on the 1st-2nd of July 2021. A reflection that Techne intends to further develop through the sharing of knowledge and scientific debate, selecting topics of great importance, to give voice to a new phase and recalling the practice of design research, in connection with the production context, institutions and social demand. “Inside the Polycrisis. The possible necessary” is the theme of the call we launched for n. 23, to plan the future despite the uncertainties and risks, foreshadowing strategies that support a unavoidable change, also by operating within the dynamics that, for better or for worse, will be triggered by the significant resources committed to the implementation of the Recovery Plan. To envisage systematic actions based on the centrality of a rational programming, of environmentally appropriate design at the architectural, urban and territorial scales, and of a continuous monitoring of the implementation processes. With the commitment also to promote, after each release, a public moment of reflection and critical assessment on the research progresses. NOTES 1 “Osservazioni del Coordinamento delle Associazioni Tecnico-scientifiche per l’Ambiente e il Paesaggio al PNRR”, 2021. 2 EU Guidelines, SWD-2021-12 final, 21.1.2021. 3 For instance, we can consider the 7,000 km of dismissed railways, with related buildings and areas. 4 The two seven-year activities of the Plan (1949-1963) promoted by Amintore Fanfani, Minister of Labor and Social Security at the time, represented both an employment and a social maneuver, which left us the important legacy of neighborhoods that still today they have their own precise identity, testimony of the architectural culture of the Italian twentieth century. But also a «grandiose machine for the housing» (Samonà, 1949), based on a clear institutional and organizational reorganization, with the establishment of a single body (articulated in the plan implementation committee, led by Filiberto Guala, with regulatory functions of disbursement of funds, assignment of tasks and supervision, and in the INA-Casa Management directed by the architect Arnaldo Foschini, then dean of the Faculty of Architecture), which led to the construction of two million rooms for over 350,000 families. See Di Biagi F. (2013), Il Contributo italiano alla storia del Pensiero – Tecnica, Enciclopedia Treccani. 5 From Quaderni of the Centro Studi INA-Casa, to Gescal and in the Eighties to the activity of CER. Complex theme investigated by Fabrizio Schiaffonati in Il progetto della residenza sociale, edited by Raffaella Riva. 6 Ferruccio De Bortoli underlines in Corriere della Sera of 15 May 2021: «The revolution of lifelong learning (which) is no less important for Brussels than the digital or green one. By 2030, at least 60 per cent of the active population will have to participate in training courses every year. It will be said: but 2030 is far away. There’s time. No, because most people have escaped that to achieve this goal, by 2025 – that is, in less than four years – 120 million Europeans will ideally return to school. A kind of great educational vaccination campaign. Day after tomorrow».

Aesthetics of cities. City planning and beautifying, Architectural drawing and design
DOAJ Open Access 2020
Start-ups, bearers of innovation in globalizing environment and their valuation

Achimská Veronika

The paper presents chosen methods of star-up valuation. In the context of globalization, innovations are clearly bearers of a potential enterprises’ competitiveness, start-ups are consider as their most important sources. Start-ups are mainly based on the human capital designed to create novel products, services, processes, and bring them to the markets. The basic precondition for meaningful growth of start-ups is favourable business environment (legal and administrative point of view) and framework supporting innovative entrepreneurship including access to external sources of financing. Start-ups are investments with a significant degree of uncertainty, lacking any characteristics pointing to their financial and economic performance from a historical perspective, which restricts the use of “traditional” business valuation methods. It should also be pointed out that, as there is no uniform valuation for maturity enterprises, there is no uniform procedure for valuing of a business even in the case of start-ups. The presented approaches take into account decisive criteria of start-ups, including a life cycle of a start-up in which an investment is made, and other factors affecting valuation. Their use from a theoretical point of view is generalized, the practical use is already determined by specific conditions under which the valuation takes place.

Social Sciences
DOAJ Open Access 2020
What Have We Learnt of Joint Ventures in the Internationalization Process of Chinese Multinationals (MNCs)? Evidence from Central Africa

T. Dzaka-Kikouta

The purpose of this article is to analyze the specific role of joint ventures and other strategic alliances in Foreign Direct Investments (FDI) carried out by Chinese Multinationals Corporations in Central Africa. After exploring the extent to which the use of Sino‑Western joint ventures has helped Chinese firms to improve their technical and managerial skills both in domestic and foreign markets, the focus shifts to Central African countries members of the Economic Community of Central African States (ECCAS). The result is that joint ventures have become a major vehicle for Chinese multinationals firms to channel FDI, thus supporting the hypothesis that in the region under study this strategy allows them to guarantee the supply of raw materials (oil and mining products: copper, cobalt, gold, diamond,..), as part of a “package deals” linking FDI, Chinese Aid and Trade, also known as “Angolan model”; to conquer foreign markets (for technology and manufactured goods “Made in China”) and; to a lesser extent, to acquire strategic assets (brands, technological innovation, managerial skills).The commitment of Chinese stateowned MNCs through the “package deals” appears to be the keystone of stability and sustainability of Chinese FDI in Central Africa and in the continent In conclusion, the expectation is that the flow of Chinese FDI to Central Africa, should contribute to the process of sustainable development in recipient countries, provided that adequate political and economic governance is guaranteed. A pre‑requisite is to achieve institutional change, from a rent‑seeking to a developmental behavior at the state level, the result being an enhanced capacity to promote engineering potential, through the strengthening of human capital, and to negotiate transfer of technology and know‑how, with emerging countries partners, especially BRICS (Brazil, Russia, India, China and South Africa)

International relations
DOAJ Open Access 2020
ECONOMIC ASSESSMENT OF THE INVESTMENT CLIMATE IN THE PROCESS OF ENSURING SUSTAINABLE DEVELOPMENT OF UKRAINE

Kostiantyn Shaposhnykov, Kateryna Okayanyuk

The purpose of the article is a systemic economic analysis of the investment climate in the process of ensuring sustainable development of Ukraine. European integration strategy of Ukraine necessitates the formation of an investment climate in order to adapt to European requirements, create a development strategy to integrate with developed countries, harmonize economic trade and environmental processes. Methodology. In the course of this analysis, the investment climate was considered as a complex open system with the application in the study of the methodology of systemic analysis, which allowed to emphasize certain aspects of the specific nature of its operation. Results. It is established that in modern conditions of acceleration of transformation processes the mechanisms of expansion of investment opportunities and overcoming of investment restrictions at all levels of hierarchy of taxonomic systems are characterized by any importance and intensity. At the global level, this affects the international movement of capital and the formation of world investment wealth through the internationalization of the economies of different countries. At the national level, this applies to regulatory and legal support, formation of institutional support for investment processes, diversification of ownership, sources and types of investment resources. At the local and territorial levels, it is especially important to ensure investment in human capital and the social sphere. The factors of negative influence on the development of Ukrainian industry are determined: reduction of world prices for ferrous metals; national gaps in the development of railway transport causing problems with logistics; the need to repair production facilities in the fields of metallurgy, electricity, gas and steam, carbonite and refining; low level of yield in agriculture (for the food industry); sanctions of the Russian Federation; inflation; reduction in use of electricity and gas due to global warming; market advantage of imports of competitive products. The priority tasks for the development of Ukrainian industry are also outlined: renewal of industrial production facilities; development of infrastructure and logistics; balancing of external and internal market conditions; providing the food industry by increasing the volume of agricultural production; ensuring the purchasing power of domestic consumers and expanding demand. It is established that the level of capital investments in the first half of 2020 lags significantly behind the previous year. In addition, with the development of the COVID-19 pandemic in 2020, the situation with the inflow of foreign direct investment in Ukraine has also deteriorated significantly. According to preliminary results, the balance of FDI amounted to -112.6%. This was not the case even in the unfavorable economic development of 2014, which was characterized as a crisis period associated with the military conflict in the east and the annexation of Crimea. Practical implications. The analysis of the peculiarities of the investment climate and its goals allows to determine the role of investment in achieving the Sustainable Development Goals by 2030, to identify key priorities in solving environmental problems, to form the potential for sustainable development. For Ukraine, these are components of the formation of the investment climate in a pandemic. Value/originality. The use of systems analysis allows to identify the main problems of formation of the investment climate in modern conditions.

Economics as a science, Management. Industrial management
DOAJ Open Access 2018
Investigation of the Investment Activity of the Eurasian Economic Union

Artur Arturovich Gibadullin

The article presents the prerequisites for the formation of international organizations based on mechanisms for the unification of national industries and states. The Russian Federation is currently an active participant in economic and political alliances, and often initiates the creation of supranational alliances in the territory of the former Soviet Union. To date, several interstate organizations are functioning, the most successful is the Eurasian Economic Union, within which common markets for goods and services have been formed, a free flow of labor and capital is provided, and strategic tasks have been set for convergence of national industrial production into a common supranational complex. In this connection, the study devoted to the issues of investment activity in the member states of the Eurasian Economic Union is relevant. The analysis showed that the investment in fixed capital per capita in Belarus, Kazakhstan and Russia is on average the same, while in Armenia and Kyrgyzstan it is four times less. According to sources of financing, investments are formed, mainly, at the expense of own funds of enterprises and organizations, budget appropriations and borrowed funds of credit institutions. At the end of the article, mechanisms of attraction at the supranational level are proposed.

Political institutions and public administration (General)
DOAJ Open Access 2018
Techno-Economic Evaluations of Copper-Based Chemical Looping Air Separation System for Oxy-Combustion and Gasification Power Plants with Carbon Capture

Calin-Cristian Cormos

Energy and economic penalties for CO<sub>2</sub> capture are the main challenges in front of the carbon capture technologies. Chemical Looping Air Separation (CLAS) represents a potential solution for energy and cost-efficient oxygen production in comparison to the cryogenic method. This work is assessing the key techno-economic performances of a CLAS system using copper oxide as oxygen carrier integrated in coal and lignite-based oxy-combustion and gasification power plants. For comparison, similar combustion and gasification power plants using cryogenic air separation with and without carbon capture were considered as benchmark cases. The assessments were focused on large scale power plants with 350&#8315;500 MW net electricity output and 90% CO<sub>2</sub> capture rate. As the results show, the utilization of CLAS system in coal and lignite-based oxy-combustion and gasification power plants is improving the key techno-economic indicators e.g., increasing the energy efficiency by about 5&#8315;10%, reduction of specific capital investments by about 12&#8315;18%, lower cost of electricity by about 8&#8315;11% as well as lower CO<sub>2</sub> avoidance cost by about 17&#8315;27%. The highest techno-economic improvements being noticed for oxy-combustion cases since these plants are using more oxygen than gasification plants.

DOAJ Open Access 2017
EVALUATION OF INVESTMENT ATTRACTIVENESS INDICATORS OF REGIONS IN UKRAINE

Vira Vartsaba, Halyna Leshuk

The theoretical and methodological principles for assessing the investment attractiveness of the regions are the subject of the research. The aims of the research consist in improving the existing approach for measuring the level of investment attractiveness of territorial systems in the direction of taking into account the possible multicollinearity and determining the share of investment attractiveness factors in the aggregate indicator on the basis of calculated values of determination coefficients, which respectively provide to distinguish the priority directions in the formation of regional investment policy aimed at raising the level of investment attractiveness of regions of Ukraine. Methodology. The article deals with the research of theoretical and methodological approaches to the definition of investment attractiveness of Ukrainian regions by means of general scientific methods of analysis: systematization and generalization, induction, deduction. Results. To assess the investment climate in the regions of Ukraine, an improved existing approach for measuring the level of investment attractiveness of territorial systems is proposed in the direction of taking into account possible multicollinearity and determining the share of factors of investment attractiveness, which is based, in particular, on the selected indicators, in particular: the volume of direct foreign investments per capita (FORINV); per capita net exports (NETEXP); the number of economically active enterprises per 10 000 population (ENTRP); volumes of industrial production (PROM); population income (REV); volume of retail trade turnover per capita (TOV); volume of completed construction work (BUD). It is proved that the priority and intensity of influence on the indicator of investment into fixed capital per capita of factors of investment attractiveness varies for different regions of Ukraine, therefore, according to the conducted analysis, the investment attractiveness of the researched regions are determined by such factors as the volume of direct foreign investments per capita, the volume of net exports per capita, the number of economically active enterprises per 10 000 population, volumes of industrial production, population income, and volume of completed construction work. The dynamics of values of general indicators of investment attractiveness for five regions of Western Ukraine are determined, which allowed substantiating the absence of a stable positive tendency in any of the regions to change the values of the general indicator of investment attractiveness, as well as establishing the existence of negative trends accumulation in the formation of investment attractiveness factors, which leads to a decrease of indicators of volumes of foreign investments per capita and volumes of investments in fixed capital per capita during the researched period. Practical significance. The use of the proposed approach made it possible to obtain competitive, scientifically substantiated results, which could become a methodological basis in the process of planning and practical implementation of the measures to create the investment attractiveness of regions and their territorial systems. The possibility of identifying the priority areas of influence on factors of investment attractiveness in order to increase the volume of investments attraction into the regional economic system is the determining positive side of the proposed approach.

Economic growth, development, planning
DOAJ Open Access 2017
PENGARUH SUMBER DANA DEPOSITO DAN GIRO TERHADAP TINGKAT KESEHATAN BANK (Studi Kasus Pada PT.Bank XYZ)

Sumiati Sumiati

The background of this paper is to analyze the correlation between the sources of funds of a bank's financial performance parameters including measured by CAR (Capital Adequacy Ratio), ROA (Return on Assets), ROA (Operating Expenses to Operating Income) and NIM (Net Income Margin ). Measurement of the ratios above is one of the most common of Bank Indonesia in the assessment of the Bank (NKTK) or performance of the Bank. While the source of the funds is intended as funds collected from the public banks as demand deposits, and deposits as well as from inter-bank funds in connection with the intermediation function. In this case the bank acting as providers of funds to the parties who need it in the form of credit or other form of investments such as the purchase of securities and interbank placements. In setting policy on the composition or structure of the fund is ideal for banks is very important, especially as it concerns to the cost of funds, interest loans and ultimately the bank's ability to obtain the expected profit rate. This looks at ratios such as ROA and ROA, so that policies in determining the composition of improper fund structure would result in reduced level of benefits that have accrued bank and can ultimately affect the capital and soundness of the Bank. The selected research object is PT. Bank XYZ. Data collection techniques and research uses secondary data in the form of Annual Financial Statements were submitted and published by the Bank sampled. Restrictions object of research carried out in line with the title discussion namely Effect Analysis Sources and Demand Deposits to the Bank through the calculation of funding sources, by analyzing the influence of sources of funding contribution Deposits and Giro PT. Bank XYZ. Hypothesis testing program from SPSS can be seen that there are significant sources of funding and Giro deposits together with the Bank. However, based on the results of hypothesis test (t test) showed that the deposits and Giro not had a significant relationship with the Bank, meaning Giro Deposit and can not be used to estimate the value of the Bank.

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