Search Results (16)

Corruption in public procurement remains a challenge to good governance, especially in developing nations. Blockchain technology has been espoused as a new paradigm for achieving sustainable public procurement practices for effective service delivery and, by extension, promoting sustainable development. Given the potential of blockchain technology, its implementation has been slow in developing countries. Additionally, there is an inadequate decision support framework to prioritize corruption-prone stages of the public procurement cycle for strategic blockchain integration at the most critical corruption-prone stages of the public procurement cycle given the scarce resources available in developing countries. Therefore, we employed a matured theory that is the principal-agent theory to identify key agency problems related to public procurement in developing countries. An interview with 25 experts and a thorough review of Ghana’s Auditor General produced seven public procurement cycle stages. Further, a survey was designed for experts and stakeholders to prioritize the identified procurement stages under the agency problems through the Analytic Hierarchy Process (AHP). Our results revealed that tender evaluation was the most critical stage susceptible to corruption, followed by contract management and procurement planning in the public procurement stages. Additionally, for the relative importance of the criteria, information asymmetry was ranked first, followed by moral hazard, and then adverse selection. This study offers a targeted framework for blockchain deployment in public procurement from an African country perspective. The outcome of this study provides insights for policymakers and procurement practitioners to know the most critical stages of public procurement stages and leverage blockchain technology given the scarcity of resources in developing countries to aid sustainable public procurement. The proposed blockchain framework can enhance service delivery, citizens’ trust, and international donor confidence in partnership and funding for public procurement projects in developing countries. Full article

Background/Objectives: Takeda’s tetravalent dengue vaccine TAK-003 has been approved by the Brazilian regulatory agency ANVISA for dengue disease prevention in individuals aged 4 to 60 years. Dourados, in the state of Mato Grosso do Sul, became the world’s first city to implement a mass vaccination campaign targeting approximately 120,000 individuals. An ongoing collaborative, observational, population-based study using national surveillance and vaccination data was planned to measure the impact of the vaccine on the reduction in dengue incidence. Methods: In this manuscript, the study’s methodology, including its programmatic steps and public health relevance, is described. A collaborative assessment with multidisciplinary researchers in Brazil was conducted to identify key programmatic areas for the successful implementation of the study. These areas included feasibility and site selection assessment, methodology selection, vaccination program implementation, and public health importance. Results/Conclusions: Identification of the public health problem and understanding the disease burden, local healthcare infrastructure, and strategic partnerships were critical for a robust feasibility assessment. One of the feasibility criteria identified was the ability of the Dourados Municipal Health Secretary and the principal investigator to conduct an active vaccination campaign, utilizing extramural activities and diverse communication channels to increase vaccine acceptance and coverage. The selection of analytical methods, such as time series analysis, was dependent on the national and local structures of the databases and data availability. Full article

This paper examines the determinants of bond issuance in the Chinese market and the influence of capital structure—in particular direct debt finance—on firm performance and the cost of debt. The results reveal that institutional factors in the Chinese market, in particular the involvement of the financial authority permission process during bond issuance, enhance the credibility of firms that are able to successfully issue bonds. Empirical analysis of Chinese listed manufacturing firms over the period from 2010 to 2021 demonstrates that firms with higher outstanding levels of bonds perform better and face lower costs of both bond and nonbond direct finance. We interpret this as bond issuance approval serving as a signal to markets of an implicit government guarantee on firms that are approved to issue bonds. The agency problem is analyzed using propensity-score matching and Logit analysis, revealing a trade-off between the principal–agent conflict and conflicts of interest among different shareholders when power is very concentrated through CEO duality: the CEO simultaneously serves as the chairman of the board. In large firms, as measured by total assets, the cost-reducing effect of the principal–agent problem being mitigated by CEO duality outweighs the agency costs arising from conflicts of interest between large and small shareholders, leading to an increased likelihood of successful bond issuance. However, in large firms, as measured by market capitalization, where share ownership is likely more diversified, this effect diminishes. In conclusion, this paper posits that policymakers ought to investigate strategies for granting preferential treatment to high-growth, small to mid-sized enterprises, enabling them to secure funding through direct debt financing. Full article

We explore attitudes toward democracy in relation to social divisions by focusing on the European Union member states and the corresponding EU political field. Positioning in the European political field is addressed through the theory of social fields as provided by Bourdieu and further conceptualized by Fligstein and McAdam. Drawing on the data obtained from the European Social Survey, we conducted a principal component analysis of the attitudes toward democracy and a correspondence analysis between these attitudes and social, cultural, and economic capitals. We demonstrate that attitudes toward challenging the existing representative democratic order can be seen in terms of two distinct dimensions: authoritarianism and populism. The presence of both corresponds to the lack of one’s possession of economic, social, and cultural capitals and the related political habitus. Those who lack these forms of capital are more prone to support strong authoritarian leaders and are also more likely to endorse conspiracy theories. We can relate this to the problems of exclusion and deprivation related to the lack of political habitus required for effective agency in the political field. Full article

In recent years, the popularity of copaiba oil-resin has increased worldwide due to its medicinal value and wide applications in industry. Despite its popularity, the oil has not been standardized by industry or regulatory agencies. Product adulteration in order to maximize profits has become a problem. To address these issues, the current study describes the chemical and chemometric characterization of forty copaiba oil-resin samples by GC/MS. The results demonstrated, with the exception of commercial samples, that all sample groups contained six characteristic compounds (β-caryophyllene, α-copaene, trans-α-bergamotene, α-humulene, γ-muurolene, and β-bisabolene) in varying concentrations. Furthermore, compositional patterns were observed in individual groups which corresponded to sample origin. Within the commercial group, two samples did not contain or contained only one of the characteristic compounds. Principal component analysis (PCA) revealed distinct groups which largely corresponded to sample origin. Moreover, commercial samples were detected by PCA as outliers, and formed a group far removed from the other samples. These samples were further subjected to analysis using a SFC/MS method. Product adulteration with soybean oil was clearly detected, with each individual triglyceride in soybean oil being unambiguously identified. By combining these analytical techniques, the overall quality of copaiba oil-resin can be assessed. Full article

Heavy metal (HM) pollution of soil is an increasingly serious problem worldwide. The current study assessed the metal levels and ecological and human health risk associated with HMs in Grand Forks urban soils. A total 40 composite surface soil samples were investigated for Mn, Fe, Co, Ni, Cu, Zn, As, Pb, Hg, Cr, Cd and Tl using microwave-assisted HNO₃-HCl acid digestion and inductively coupled plasma mass spectrometry (ICP-MS) analysis. The enrichment factor (EF), contamination factor (CF), geoaccumulation index (Igeo), ecological risk and potential ecological risk index were used for ecological risk assessment. The park soils revealed the following decreasing trend for metal levels: Fe > Mn > Zn > Cr > Ni > Cu > Pb > As > Co > Cd > Tl > Hg. Based on mean levels, all the studied HMs except As and Cr were lower than guideline limits set by international agencies. Principal component analysis (PCA) indicated that Mn, Fe, Co, Ni, Cu, Zn, As, Cd, Pb, Cr and Tl may originate from natural sources, while Hg, Pb, As and Cd may come from anthropogenic/mixed sources. The Igeo results showed that the soil was moderately polluted by As and Cd and, based on EF results, As and Cd exhibited significant enrichment. The contamination factor analysis revealed that Zn and Pb showed moderate contamination, Hg exhibited low to moderate contamination and As and Cd showed high contamination in the soil. Comparatively higher risk was noted for children over adults and, overall, As was the major contributor (>50%), followed by Cr (>13%), in the non-carcinogenic risk assessment. Carcinogenic risk assessment revealed that As and Cr pose significant risks to the populations associated with this urban soil. Lastly, this study showed that the soil was moderately contaminated by As, Cd, Pb and Hg and should be regularly monitored for metal contamination. Full article

When studying large multiparametric databases with very heterogeneous parameters (microbiological, chemical, and physicochemical), covering a wide and heterogeneous area, the probability of observing extreme values (Z-score > 2.5) is high. The information carried by these few samples monopolizes a large part of the information conveyed by the entire database. The study of the spatial structure of the data and the identification of the mechanisms responsible for the water quality are then strongly degraded. Data transformation can be proposed to overcome these problems. This study deals with a database of 8110 groundwater analyses (Occitanie region, France), on which the bacteriological load was measured in Escherichia coli and Enterococci, in addition to electrical conductivity, major ions, Mn, Fe, As and pH. Three modes of data conditioning were tested and compared to the treatment with raw data. The results show that log transformation is the best option, revealing a relationship between E. coli content and all the other parameters. By reducing the impact of extreme values without eliminating them, it allowed a concentration of information on the first factorial axes of the PCA, and consequently a better definition of the associated processes. The spatial structure of the principal components and their cartographic representation is improved. The conditioning of the data with the square root function led to an intermediate improvement between the logarithmic transformation and the absence of conditioning. The application of these results should allow a targeted, more efficient, and therefore, less expensive monitoring of water quality by Regional Health Agencies. Full article

The article analyzes how economic theory usually investigates corruption. It describes the main traditional economic theories dealing with this issue—principal-agent theory (agency theory) and rent-seeking theory—and it emphasizes that both face some problems, especially their neglect of some important factors as to why corruption occurs which prevents them from accurately analyzing this phenomenon and proposing solutions on how to fight against it. The article further discusses whether institutional economics can overcome these problems. We show that it does, but that it needs to more seriously consider the environment in which corruption occurs. Redistribution system theory can serve as a useful aid here because it reveals that the source of corruption is an environment of undesirable redistribution. The article provides the characteristics of this type of redistribution and shows how its reduction also leads to the reduction in corruption. It can be concluded that economic theory should not rely only on traditional approaches to corruption but should at least add institutional economics and redistribution system theory to its methods of corruption analysis. Full article

Prior research on unethical controlling shareholder is limited. This study examines the effect of the evanishment of unethical controlling shareholders’ risk on firm value and how corporate governance moderates this effect from a principal–principal agency perspective. This research proposes a contingent model of corporate governance as a mechanism to provide professional managers with managerial autonomy. This study identifies 43 cases of controlling shareholders of Korean conglomerates being absent due to their imprisonment from 2006 to 2015. The regression analysis results indicate that the evanishment of controlling shareholders’ risks does not significantly influence the affiliated firms’ value. This study supports the positive effect of corporate governance on firm value. Although the statistical significance is low, it observes a tendency for corporate governance to amplify the relationship between the dissolution of unethical controlling shareholders’ risks and firm value. This study contributes to the literature by being one of the first to explore unethical controlling shareholders’ risks based on corporate governance theory. Full article

This paper explores how to construct a fair and optimal compensation system between the principal and the agent in the face of financial compensation agency problems during a limited period in relation to the concept of sustainability. In the construction of the principal’s compensation system, the agent’s degree of operational financial effort will affect the overall revenue function for reaching sustainability. Both the principal and the agent have a maximum expected utility in the negative exponential pattern of the general hyperbolic absolute risk aversion (HARA) utility function that satisfies their respective objective functions. The proposed model and numerical example analysis results prove that the compensation system for sustainability can provide a fair and optimal financial system, from a sustainability perspective. The main contribution of this study is the construction and development of an optimal compensation agency model for risk management, which is derived by considering the effect of risk aversion utility on revenue. The proposed model can provide a fair and feasible approach within the issue of compensation, from the viewpoint of sustainability, for an optimal compensation agency problem. Full article

Urban sprawl has been studied principally as a phenomenon produced by a lack of or weakness in urban planning, as a consequence of real estate liberalization. This article examines the Chilean case, and proposes that the state has been the engine of this phenomenon through spatial planning instruments that have both neoliberal and neostructural features, and that are best defined by the concept, new public management. The analysis tracks urban sprawl in four intermediate cities, which have experienced high rates of growth since 2000, using photointerpretation of satellite images between 2003 and 2011, and the creation of a typology to define land uses and housing types. The results show that intermediate cities follow similar trends to the capital city, Santiago, and face similar problems, in particular the concentration of services in the urban core. These similarities are produced by the application of general planning instruments: Article 55 and Decree Law 3516. While most research on urban sprawl focuses on private agency, this article highlights the role of the state in its production. It is therefore relevant to explore the nature of public agency in urban sprawl processes in different metropolitan and intermediate cities, and how planning policies can be adapted to curb the phenomenon. Full article

The building sector consumes most energy in the world, especially public buildings, which normally have high energy-use intensity. This phenomenon indicates that the energy-efficiency retrofit (EER) for public buildings is essential for energy saving. Incentive policies have been emphasized by governments in recent years, but their effectiveness has not been sufficient. A major reason is agency problems in EER and that the government and building owners have asymmetric information. Furthermore, most policies apply identical standard to existing buildings of different types, resulting in resistance from owners and tenants. To mitigate this issue, this study proposes a principal–agent model to optimize incentive policy in EER. The proposed model defines two pairs of principal–agent relations (i.e., the government-owner and owner-tenant) and models their behaviors under different scenarios as per principal–agent theory. The results indicate the optimal incentive policies for different scenarios. In addition, critical factors of policy making, such as cost, risk, uncertainty, and benefit distribution are discussed. This study has implications for policy that will benefit policy makers, particularly in promoting EER by mitigating the agency problem found for the different scenarios. Full article

The Dutch animal welfare law includes so-called principle-based standards. This means that the objective is described in abstract terms, enabling farmers to comply with the law in their own way. Principle-based standards are, however, difficult for the inspection agency to enforce because strict limits are missing. This pilot project aimed at developing indicators (measurements) to assess the climate in pig houses, thus enabling the enforcement of principle-based standards. In total, 64 farms with weaners and 32 farms with growing–finishing pigs were visited. On each farm, a set of climate-related measurements was collected in six pens. For each of these measurements, a threshold value was set, and exceeding this threshold indicated a welfare risk. Farm inspections were carried out during winter and spring, thus excluding situations with heat stress. Assessment of the variation and correlation between measurements reduced the dataset from 39 to 12 measurements. Using a principal components analysis helped to select five major measurements as warning signals. The number of exceeded thresholds per pen and per farm was calculated for both the large (12) and small (five) sets of measurements. CO₂ and NH₃ concentrations were related to the outside temperature. On colder days, there was less ventilation, and thus CO₂ and NH₃ concentrations increased. Air quality, reflected in the CO₂ and NH₃ concentrations, was associated with respiratory problems. Eye scores were positively correlated with both pig and pen fouling, and pig and pen fouling were closely related. We selected five signal indicators: CO₂, NH₃, and tail and eye score for weaners and finishers, and added ear score for weaners and pig fouling for growing–finishing pigs. The results indicate that pig farms can be ranked based on five signal indicators related to reduced animal welfare caused by climatic conditions. This approach could be adopted to other principle-based standards for pigs as well as for other species. Full article

Most of the irrigated agricultural regions in Europe are supplied by surface irrigation networks managed by local water authorities (WAs). Under such conditions, WAs are not able to fully monitor water usage and farmers have an information advantage vis-a-vis the WA. This results in the water authority suffering ‘pricing failure’ if it decides to apply an incentive pricing strategy (tariffs proportional to the alleged water uses). Indeed, farmers could exploit their information advantage by behaving in an opportunistic manner, withdrawing more water than declared, and ultimately paying less than they should. This situation could also undermine the efficacy and the efficiency of the WA incentive pricing strategies. This paper analyses incentive water pricing schemes under asymmetric information by the means of a Principal-Agent model. The Agency problem between the WA and farmers is addressed by introducing a monitoring strategy that would enable the WA to detect farms action. In doing so, we compare incentive strategies with flat rate water pricing and investigate under what conditions the WA might provide/not provide incentive water pricing in the absence of water metering. Full article

Sandy desertification is one of the most severe ecological problems in the world. Essentially, it is land degradation caused by discordance in the Social-Ecological Systems (SES). The ability to coordinate SES is a principal characteristic of regional sustainable development and a key factor in desertification control. This paper directly and comprehensively evaluates the ability to coordinate SES in the desertification reversal process. Assessment indicators and standards for SES have been established using statistical data and materials from government agencies. We applied a coordinated development model based on Identical-Discrepancy-Contrary (IDC) situational ranking of a Set Pair Analysis (SPA) to analyze the change in Yanchi County’s coordination ability since it implemented the grazing prohibition policy. The results indicated that Yanchi County was basically in the secondary grade of the national sustainable development level, and the subsystems’ development trend was relatively stable. Coordinate ability increased from 0.686 in 2003 to 0.957 in 2014 and experienced “weak coordination to basic coordination to high coordination” development processes. We concluded that drought, the grazing prohibition dilemma and the ecological footprint were key factors impeding the coordination of SES development in this area. These findings should provide information about desertification control and ecological policy implementation to guarantee sustainable rehabilitation. Full article