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Article
Publication date: 5 March 2019

Ali Azadeh, Mahdokht Kalantari, Ghazaleh Ahmadi and Hossein Eslami

Construction materials comprise a major part of the total construction cost. Given the importance of bitumen as a fundamental material in construction projects, it is…

Abstract

Purpose

Construction materials comprise a major part of the total construction cost. Given the importance of bitumen as a fundamental material in construction projects, it is imperative to have an accurate forecast of its consumption in the planning and material sourcing phases on the project. This study aims to introduce a flexible genetic algorithm-fuzzy regression approach for forecasting the future bitumen consumption.

Design/methodology/approach

In the proposed approach, the parameter tuning process is performed on all parameters of genetic algorithm (GA), and the finest coefficients with minimum errors are identified. Moreover, the fuzzy regression (FR) model is used for estimation. Analysis of variance (ANOVA) is used for selecting among GA, FR or conventional regression (CR). To show the applicability of the proposed approach, Iran’s bitumen consumption data in the period of 1991-2006 are used as a case study.

Findings

Production, import, export, road construction and price are considered as the input data used in the present study. It was concluded that, among all the forecasting methods used in this study, GA was the best method for estimating.

Practical implications

The proposed approach outperforms the conventional forecasting methods for the case of bitumen which is a fundamental economic ingredient in road construction projects. This approach is flexible, in terms of amount and uncertainty of the input data, and can be easily adapted for forecasting other materials and in different construction projects. It can have important implications for the managers and policy makers in the construction market where accurate estimation of the raw material demand is crucial.

Originality/value

This is the first in this field introducing a flexible GA-FR approach for improving bitumen consumption estimation in the construction literature. The proposed approach’s significance has two folds. Firstly, it is completely flexible. Secondly, it uses CRs as an alternative approach for estimation because of its dynamic structure.

Details

Construction Innovation , vol. 19 no. 1
Type: Research Article
ISSN: 1471-4175

Keywords

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Article
Publication date: 5 February 2018

Ebrahim Ahmadi, Mohammad Mosaferi, Leila Nikniaz, Jafar Sadegh Tabrizi, Mohammad Asghari Jafarabadi, Gholamhoseyn Safari and Mina Bargar

The purpose of this paper is to investigate the quality of the frying oil used in restaurants, fast food establishments, and confectionary stores. The compliance of used…

Abstract

Purpose

The purpose of this paper is to investigate the quality of the frying oil used in restaurants, fast food establishments, and confectionary stores. The compliance of used frying oils with the quality standards as determined by the peroxide value (PV) and the total polar materials (TPMs) is investigated by analyzing 375 samples of oil.

Design/methodology/approach

The PV was measured according to the national standard procedure number 4179, while the TPM was determined using a Testo 270 cooking oil tester. Frying oils with a PV>5 mEq/kg and a TPM>25 percent were considered to be non-edible. For a comparison of groups, the Mann-Whitney and Spearman correlation tests were used, and p<0.05 was considered significant.

Findings

The maximum TPM and PV recorded for frying oils in fast food restaurants were 97.5 percent and 77.9 mEq/kg, respectively. The results also revealed that 60 percent of samples were non-edible according to the TPM, while 58.9 percent of the oil samples were non-edible because of the PV. TPM and PV correlated well with each other (r=0.99, p<0.001) and with oil replacement intervals (r=0.90, p<0.001). The relationship between the TPM and PV was stronger in the polynomial model than the linear model. The following equation was obtained: peroxide (mEq/kg oil)=0.0043 TPM2 (%)+0.1587 TPM (%)–0.6152.

Originality/value

Considering the current limitations in official supervision by health authority, on-site self-monitoring of the TPM using the Testo 270 cooking oil tester by sellers as a solution seems a new approach. Food stores, restaurants, and confectionary stores should be equipped with TPM analyzers to determine the quality of the frying oil and the timely replacement of non-edible oils.

Details

British Food Journal, vol. 120 no. 2
Type: Research Article
ISSN: 0007-070X

Keywords

Content available
Article
Publication date: 4 August 2020

Akram Ramadan Budagaga

This study will examine the impact of cash dividends on the market value of banks listed in Middle East and North African (MENA) emerging countries during the period 2000–2015.

Abstract

Purpose

This study will examine the impact of cash dividends on the market value of banks listed in Middle East and North African (MENA) emerging countries during the period 2000–2015.

Design/methodology/approach

The current study adopts residual income approach based on Ohlson's (1995) valuation model. By testing different statistical techniques, fixed effect is applied on panel data for (144) banks listed on 11 MENA stock markets over the period 2000–2015. Furthermore, additional tests are applied to confirm the primary results.

Findings

The analysis reveals that current dividend payouts and dividend yield do not provide information relevant to the establishment of market values in MENA emerging markets; thus, they have no material impact on MENA banks' market values. This lack of current dividend payment effect is consistent with Miller and Modigliani (1961) dividend irrelevance assumption: there is no evidence of either an informational or real cash inflow effect of current dividend payments. The findings of this study can be attributed to the fact that MENA banks may be forced to place more emphasis on allocating money for investment instead of paying dividends given them they are subject to liquidity requirements for investment, expansion, general operations and compliance with regulations. Only after all these financial needs are covered can the remaining surplus be distributed as cash dividends. Therefore, cash dividends represent earnings residual rather than an active decision variable that impacts a firm's market value. This is consistent with the residual dividend hypothesis, which is the crux of Miller and Modigliani (1996) irrelevance theory of dividends.

Research limitations/implications

The current study is restricted to a sample of one type of financial firms, banks, because of the problem of missing data and limited information related to other financial firms for the same period. Therefore, further research could be additional types of financial firms such as insurance firms that play a vital role in MENA emerging economies.

Practical implications

The results of this study have some important implications for banks' dividend policymakers. Dividend policymakers in MENA emerging markets seem to follow residual dividend policy, in which they distribute dividends according to what is left over after all acceptable investment opportunities have been undertaken. This makes for inconsistent and unstable dividend policy trends, making it difficult for investors to predict future dividend decisions. Further, this practice may deliver information to shareholders about a lack of positive future investment opportunities, and this may negatively affect the share value of banks.

Originality/value

This study is the first of its kind – up to the author's knowledge – that examines a large cross-country sample of MENA banks (144) to cover a long time period in the recent past, and, more importantly, after the banking sector in the region has experienced major transformations during last two decades. In addition, most of the MENA region countries included in this study, namely, banks, operate in tax-free environments (there are neither taxes on dividends nor on capital gains). This feature adds complexity to the ongoing dividend debate.

Details

Journal of Capital Markets Studies, vol. 4 no. 1
Type: Research Article
ISSN: 2514-4774

Keywords

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