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The purpose of this paper is to examine the impact of corporate governance, investor sentiment and financial liberalization on downside systematic risk and the interplay of socio-political turbulence on this relationship through static and dynamic panel estimation models.

The evidence is based on a sample of 230 publicly listed non-financial firms from Pakistan Stock Exchange (PSX) over the period 2008–2018. Furthermore, this study analyzes the data through Blundell and Bond (1998) technique in the full sample as well sub-samples (big and small firms).

The authors document that corporate governance mechanism reduces the downside risk, whereas investor sentiment and financial liberalization increase the investors’ exposure toward downside risk. Particularly, the results provide some new insights that the socio-political turbulence as a moderator weakens the impact of corporate governance and strengthens the effect of investor sentiment and financial liberalization on downside risk. Consistent with prior studies, the analysis of sub-samples reveals some statistical variations in large and small-size sampled firms. Theoretically, the findings mainly support agency theory, noise trader theory and the Keynesians hypothesis.

Stock market volatility has become a prime area of concern for investors, policymakers and regulators in emerging economies. Primarily, the existence of market volatility is attributed to weak governance, irrational behavior of market participants, the liberation of financial policies and sociopolitical turbulence. Therefore, the present study provides simultaneous empirical evidence to determine whether corporate governance, investor sentiment and financial liberalization hinder or spur downside risk in an emerging economy. Furthermore, the work relates to a small number of studies that examine the role of socio-political turbulence as a moderator on the relationship of corporate governance, investor sentiment and financial liberalization with downside systematic risk.

Improving the quality of madrasah in the digital era is a must. This can be committed by strengthening aspects of madrasah governance through implementing management strategies that refer more to the integration of technology and Islamic education. This research focuses on madrasah management strategies through the Madrasah Reform program.

This research uses a case study research design that focuses attention on strategic aspects of developing madrasah through the Madrasah Reform program. The informants in this study were 18 people consisting of three madrasah heads from Madrasah Ibtidaiyah (MI), Madrasah Tsanawiyah (MTs) and Madrasah Aliyah (MA), five teachers and 10 students. Data collection in this study used in-depth and semi-structured interviews with madrasah heads and teachers regarding the implementation of the Madrasah Reform program and also regarding madrasah management strategies at three levels of education.

This study shows that the strategy of managing madrasahs through the Madrasah Reform program in three madrasahs in Indonesia has had a positive impact on improving the quality of madrasahs, although there are still aspects that require development.

This research implies that the quality of madrasah in the digital era is determined by management strategies based on the use of educational technology.

This program has implications for the development of the quality of human resources in educational institutions, especially in relation to digital literacy among students and teaching staff. The use of digital technology, which is one of the main projections of the Madrasah Reform program, is continuously able to change the face of education in a more modern direction, both in terms of governance and the learning process, so that the output of this program, especially what occurs at Madrasah Madani, is significant development in the aspects of digital literacy and technology. Which is the main criterion in facing a digital-based educational context.

For a policy aspect, the success of the Madrasah Reform program at Madrasah Madani can be used as a blueprint or model for implementing this program in Islamic educational institutions, specifically Madrasas in South Sulawesi and in general at Madrasas throughout Indonesia.

This proves that Madrasah Reform program is a program that can be implemented in madrasahs to improve the quality of madrasah management in the digital era while continuing to carry out simultaneous improvements and evaluations of the program.

The purpose of this study is to demonstrate the strategy and innovation of the Faculty of Adab and Humanities in developing the quality of education in digital era by using anthropology of education approach.

In accordance with the research purpose to demonstrate the strategy and innovation of the Faculty of Adab and Humanities in developing the quality of education in the digital era using an educational anthropology approach, the method used is descriptive qualitative, which refers to data in the form of interviews obtained from the field.

The results of this research indicate that there are strategies and innovations to develop the quality of higher education at the Faculty of Adab and Humanities in the digital era. These include adjusting the curriculum with the context of the era, implementing the learning process based on research and reinforcing on aspects of digital literacy among students through the innovation of the library based on digital.

This study can be considered in the process of evaluating policies related to quality reinforcing strategies and innovations at the Faculty of Adab and Humanities in facing the challenges of the times. The study is only limited to tracing and analyzing strategies and innovations to reinforce education in the Faculty of Adab and Humanities and their impact on human resource development. For further research, it can be done in more detail and depth and on a larger scale.

This study aims to identify and prioritize the challenges to adopting blockchain in supply chain management and to make its taxonomic model. Moreover, validate whether these challenging factors exist in the real world and, if they exist, then in what percentage.

This research adopted the fuzzy best-worst method (F-BWM), which integrates fuzzy set theory with the best-worst method to identify and prioritize the prominent challenges of the blockchain-based supply chain by developing a weighted multi-criteria model.

A total of 20 challenges (CH's) were identified. Lack of storage capacity/scalability and lack of data privacy challenges were found as key challenges. The findings of this study will provide a robust framework of the challenges that will assist academic researchers and industry practitioners in considering the most significant category concerning their working area.

Blockchain provides the best solution for tracing and tracking where RFID has not succeeded. It can improve quality management in a supply chain network by improving standards and speeding up operations. For inventory management, blockchain provides transparency of documentation for both parties within no time.

To the best of the authors' knowledge, no previous research has adopted the fuzzy best-worst method to prioritize the identified challenges of blockchain implementation in the supply chain. Moreover, no study provides a taxonomic model for the challenges of implementing a blockchain-based supply chain.

This paper aims to examine whether the volatility of returns in commodity (gold, oil), bond and forex markets is related over time to the volatility of returns in equity markets of Bangladesh, Indonesia, Pakistan, Philippines, Turkey and Vietnam. In addition, the authors analyze the integration of the commodity, bond, forex and equity markets across these markets.

The dynamic conditional correlation GARCH (DCC-GARCH) model is used to capture the time-varying conditional correlation among markets. The authors use daily data of stock prices, oil prices, gold prices, exchange rates and 10 years' bond yields of the six countries from Datastream and investing.com from January 2001 to April 2021.

Findings reveal that the parameters of dynamic correlation are statistically significant which indicates the importance of time-varying co-movements. Estimation of the DCC-GARCH model suggests that the stock market is significantly correlated with bond, forex, gold and oil markets in all six countries.

This study has practical implications for policymakers and investment professionals. A better understanding of dynamic linkages among the markets would help in constructing effective hedging and portfolio diversification strategies. Policy makers can get insight to build proper strategies in order to insulate the economy from factors that cause volatility.

Several studies have investigated the linkage between commodity and stock markets and the volatility spillover effect, but very little attention is given to study the interrelationship between groups of market segments of different economies. No study has comparatively examined the dynamic relationship of multiple markets of a group of emerging countries simultaneously.

The paper investigates the governance and administrative process in the Palembang Light Rail Train (LRT) project in Indonesia and gives suggestions on the strategic development of the LRT project for creating a desakota technopole in Palembang.

This paper adopts both STEEP (Social, Technological, Environmental, Economic, Political) analysis and desakota technopole theoretical framework. The STEEP analysis is used to explain the Palembang LRT project which is to meet one of the city’s high-tech urban transportation goals. The desakota technopole framework is used as a strategic urban planning guideline for the further development of Palembang.

This paper has three findings. First, based on STEEP analysis, Palembang needs smart urban transportation, such as LRT, to solve the present and future traffic problems. Second, the governance and administrative process in the LRT project is mandated to national companies as part of a national government infrastructure policy financed over multiple years through the national budget. Third, it is critical for national, provincial, and local governments to adopt a desakota technopole framework strategy to meet long-term targets.

This paper highlights Indonesia experience towards making a desakota technopole, using the Palembang LRT project policy as the key driver under investigation.

The purpose of this study is to demonstrate a pseudomorphic High Electron Mobility Transistor (pHEMT) cutoff frequency (f_T) and maximum oscillation frequency (fmax) are determined by the role of its gate length (Lg). Theoretically, to obtain an Lg of 1 µm, the gate’s resist opening must be 1 µm wide. However, after the coat-expose-develop (C-E-D) process, the Lg became 13% larger after metal evaporation. This enlargement is due to both resist thickness and its profile.

This research aims to optimize the 1-µm Lg InGaAs-InAlAs pHEMT C-E-D process, where the diluted AZ®nLOF™ 2070 resist with AZ® EBR solvent technique has been used to solve the Lg enlargement problem. The dilution theoretically allows the changing of a resist thickness to different film thickness using the same coating parameters. Here, for getting a new resist, which is simply called AZ 0.5 µm, the experiment’s important parameters such as the coater’s spin speed of 3,000 rpm and soft bake at 110°C for 5 min are executed.

The newly mixed AZ 0.5 µm resist has presented a high resolution and undercut profile rather than standard AZ 1 µm resist. Hence, the Lg metallization after using AZ 0.5 µm optimized process showed better results than AZ 1 µm which used the standard process.

The outcome of the optimization has reached that it is possible to get a nearly sub-µm range gate’s opening using a diluted resist, and at the same time retaining a high resolution and undercut profile.

The purpose of this study is to present the optimization of the design and measurement principle of a six-component force/thrust measurement stand. This study highlights some key problems found in previous studies and proposes improvements in design and measurement principles.

The numerical simulation approach is used to verify the proposed improvements. An improved design and measurement principle are proposed and to verify the proposed improvements, simulation experiments are conducted. The data obtained from simulations are analyzed through the proposed improved measurement principle. The proposed stand is capable of measuring the main thrust and other components as pitch, yaw and roll. The stand is capable of measuring the main thrust more than 50,000 N and orthogonal thrust components more than 1,000 N. Improved design of measurement stand is also capable of measuring moments in three-axis more than 150 Nm. Thrust stand consists of two main sections: front and rare. Stand consists of seven piezoelectric force sensors to measure all components of force.

The simulations experiments and basic theoretical laws of kinematics prove that the proposed design indeed improves the precision of measurement and also enhance the efficiency of design. Evaluation results show that the measurement stand designed is highly functional. Non-linearity, coupling and repeatability errors are found to be within acceptable range during numerical simulations.

This study is unique in this kind. This study identifies the key problems found in previous studies and proposes an improved design and measurement principle. This study provides evidence for the improvements to be really functional and necessary.

The Purpose of this research is to make an energy efficient finite state machine (FSM) in order to achieve the core objective of green computing because FSM is an indispensable part of multiple computer hardware.

This study uses ultra-scale plus FPGA architecture in place of seven-series field-programmable gate array (FPGA) for the implementation of the FSM design and also uses output load scaling for the design of environment-friendly FSM. This design study is done using Verilog Hardware description language and Vivado integrated system environment design tools and implemented on 16 nm ultra-scale FPGA architecture.

There is up to 98.57% reduction in dynamic power when operating frequency is managed as per smart job scheduling. There is up to a 21.97% reduction in static power with proper management of output load capacitance. There is up to 98.43% saving in dynamic power with the proposed management of output load capacitance.

The proposed design will be environment friendly that eventually leads to the green earth. This is the main motive of the research area i.e. green computing.

To improve the thermal performance of base fluid, nanoparticles of three types are dispersed in the base fluid. A novel theory of non-Fourier heat transfer is used for design and development of models. The thermal performance of sample fluids is compared to determine which types of combination of nanoparticles are the best for an optimized enhancement in thermal performance of fluids. This article aims to: (i) investigate the impact of nanoparticles on thermal performance; and (ii) implement the Galerkin finite element method (GFEM) to thermal problems.

The mathematical models are developed using novel non-Fourier heat flux theory, conservation laws of computational fluid dynamics (CFD) and no-slip thermal boundary conditions. The models are approximated using thermal boundary layer approximations, and transformed models are solved numerically using GFEM. A grid-sensitivity test is performed. The accuracy, correction and stability of solutions is ensured. The numerical method adopted for the calculations is validated with published data. Quantities of engineering interest, i.e. wall shear stress, wall mass flow rate and wall heat flux, are calculated and examined versus emerging rheological parameters and thermal relaxation time.

The thermal relaxation time measures the ability of a fluid to restore its original thermal state, called thermal equilibrium and therefore, simulations have shown that the thermal relaxation time associated with a mono nanofluid has the most substantial effect on the temperature of fluid, whereas a ternary nanofluid has the smallest thermal relaxation time. A ternary nanofluid has a wider thermal boundary thickness in comparison with base and di- and mono nanofluids. The wall heat flux (in the case of the ternary nanofluids) has the most significant value compared with the wall shear stresses for the mono and hybrid nanofluids. The wall heat and mass fluxes have the highest values for the case of non-Fourier heat and mass diffusion compared to the case of Fourier heat and mass transfer.

An extensive literature review reveals that no study has considered thermal and concentration memory effects on transport mechanisms in fluids of cross-rheological liquid using novel theory of heat and mass [presented by Cattaneo (Cattaneo, 1958) and Christov (Christov, 2009)] so far. Moreover, the finite element method for coupled and nonlinear CFD problems has not been implemented so far. To the best of the authors’ knowledge for the first time, the dynamics of wall heat flow rate and mass flow rate under simultaneous effects of thermal and solute relaxation times, Ohmic dissipation and first-order chemical reactions are studied.