147 10 3494 https://omeka.ibu.edu.ba/files/original/8071c078f55d3c1b374ad37669281da4.pdf 061133035726dceb3c9641705fb74f9a PDF Text Text 3rd International Symposium on Sustainable Development, May 31 - June 01 2012, Sarajevo Romer, P. (1986) "Increasing Returns And Long Run Growth", Journal Of Political Economy, 94(5), 1002-1037. (1990) "Endogenous Technical Change", Journal Of Political Economy, 98, October, Ss. 71-102. (1994) "Perspectives On Growth Theory", Journal Of Economic Perspectives, 8(1), Winter. Sachs, J. D. Ve Warner, A. (1995) "Economic Reform And The Process Of Global Integration", Brooking Papers Of Economic Activity 0 (1), Ss. 195. Sinha, D., Ve Sinha, T. (1996) "Openness And Economic Growth: Time Series Evidence From India, Applied Economics, Ss.21-28. Seyidoğlu, H. (2003) "International Economy; Theory, Policy and Application", 15. Press, Güzem Publishing, March, İstanbul. Sims, C. A. (1980) "Macroeconomics And Reality", Econometrica, 48, Ss. 146. Vamvakidis, A. (2002) "How Robust Is The Growth-Openness Connection? Historical Evidence", Journal Of Economic Growth, 7, Ss. 57-80. Wu, Y. (2004) "Openness, Productivity And Growth In The Apec Economies", Empirical Economies, 29, Ss. 593-604. http://www.dtm.gov.tr/Ekonomi/Trkekon.htm, 2005. Foreign Capital Inflow and Sustainable Economic Development: A Case Study of Turkey Ahmet Cetin1, Murat Mustafa Kutluturk1, Birol Cetin2 1CankiriKaratekin University, Faculty of Economic and Administrative Sciences, 18100 Cankiri, Turkey. 2Turkish International Cooperation and Development Agency, VlahaBukovca, Podgoritsa. E-mails: akcetin@hotmail.com, mmkutluturk@gmail.com,bcetin@gop.edu.tr Abstract This study analyses the effect of foreign capital inflow (especially foreign direct investment) on the sustainable economic development of Turkey. The main objectives of the study are to analyses the long run relationship between foreign direct investment and sustainable economic development. Quarterly data were used from the period of 1992:Q1 to 2011:Q3. The Engle-Granger Methodology for cointegration was applied to estimate the long run relationship. The Augmented Dickey Fuller (ADF) unit root tests were used to check the stationarity of each variable in the model. The ADF tests of the differences of each variable indicate that all of the variables are integrated of the first order. Cointegration was applied to estimate the long run relationship. A stable long run relationship was found between foreign direct investment and the sustainable economic development. Even if error correction 173 �3rd International Symposium on Sustainable Development, May 31 - June 01 2012, Sarajevo coefficient was statistically significant, the short run regression model was statistically insignificant. It was conducted that foreign direct investment had positive impact on the sustainable economic development in the long run but not in the short run. Keywords: Capital Inflow, Foreign Direct Investment, Economic Development, EngleGranger, Cointegration 1. INTRODUCTION It has been considered capital as the central element of the process of economic development. Based on this view, the capital-deficient countries heavily resorted to foreign capital as the primary means to achieve rapid economic growth. In economic literature, it has been widely accepted that Foreign Capital Inflow (FCI) stimulates sustainable economic development via adoption of new (foreign) technology, which can happen via licensing agreements, beginning competition for resources, employee training and knowledge, and export spillovers. Because of these benefitsof foreign capital inflow, many developing and emerging countries have attracted and experienced large capital inflows during the past decades. However, foreign capital inflow can even adversely affect the development process. It exposes the recipient country to external shocks. That short-term capital flows can increase the fragility of the financial system and destabilize the economy. They not only pose a threat to the financial system but also undermine the economic progress of the developing nations. Additionally, it is more volatile than other categories of capital flows and its sudden reversal tends to have destabilizing effects on the host country. The growth experience of many of these countries has not been very satisfactory and, as a result, they accumulated a large external debt and are now facing serious debt servicing problems. Peterson Institute for International Economics reports that FDI possibly increase the level of productivity so that initiate a circle that in turn increase wage level, saving, so investment, and again productivity. According to report, FDI with higher technology transferred, new management skill implemented, and increasing skill of local workers may bring new dynamics to the economy beside spillover these new implementations into the local firms. In addition competition in the local market will rise efficiency, increase output, and also stimulate economic growth. Such developments may lead economies to increase not in the way of quantity but also quality of products. Growing economy demands new skilled labor should increase wages and so standards of livings like education and health23. Similar concerns were also reported by OECD. Countries on the track of the development consider FDI as a medium of economic development. To attract the FDI, countries liberalize their FDI regimes, hoping macroeconomic growth and enhance welfare. If countries hope to attract foreign investments some basic foreign investment friendly policies and some basic features like scale economies, labor supply, infrastructures, natural resources etc. and some level of economic development need to be available so that FDI may have effect on spillover of technology, human capital formation, integration with world through trade, competitive environment and so on. Such policies and its effects will help economic development like 23http://www.iie.com/publications/chapters_preview/53/1iie258x.pdf 174 �3rd International Symposium on Sustainable Development, May 31 - June 01 2012, Sarajevo reduction of poverty, environment friendly technologies and socially sensitive corporate policies24. According to Papanek (1973) FCI consist of three parts. Fist part is foreign aid that includes official borrowings and transfers that has no direct effect on the economy. Second part is foreign private investment that has two components: net foreign private direct investment and long term borrowing. Net Foreign Direct Investment (FDI) is physical capital that has effects on economy’s reel sectors by increasing physical capacity of product or services and prepares an environment for new economic opportunities and employment. Lastly all other inflows refer to net short term borrowings, net private transfers etc. that has little but unsustainable impacts on the economy. As in this paper development was being concerned, FDI as a most effective part of FCI on development was chosen as the main indicator. For these reasons, in case of such a scenario FDI may cause economic development which is our concern in this study. As proxy variable of sustainable development, the ratio of external depth to export was used. If this ratio gets higher, amount of GDP allocated for current and future payments increases that social spending such as poverty,, health and education could negatively be affected in the long run (Anwar, 2011). 2. LITERATURE REVIEW Even though there is a debate over FDI and its effects on economies at different stages for years, it is undeniable that countries suffer with shortage of saving require other nations savings to break the chain of being the member of so called less developed nations. FDI is one of the most important pillars of the economic growth and development for especially developing, transition and emerging economies. Lucas (1988) and Barro (1990)using endogenous growth model tried to investigate if any effect of FDI on economic growth through diffusion of technology and they show importance of technology on the economic development. The importance of liberalization at the financial sector and stable economy for FDI was emphasized by De Gregrioand Guidotti (1995). Similar points made by the World Bank (2002) that FDI improve productivity, growth and trade even though effects diversifies among countries and sectors according to host countries policies and characteristics. Qi (2007) discuses in the paper, that FDI may have direct and indirect effect on the economy. It may directlypromote economic growth but also it may help human capital development, strengthening completion related sectors and technology transfer indirectly. Aitken and Harrison (1997) reached a conclusion supports previous one that FDI increase the productivity not only for foreign firm but also domestic firms in the same sector. On the other hand De Backer and Sleuwagen (2003) and Carcovic and Levine (2005)discussed the subject that after FDI it may change the structure of the economy and may affect the trade, price, finance etc. so that it will affect resources allocation and slow the economy. FDI may improve economic conditions by increasing employment, productivity, export transferring technology and skills (UNCTAD 2008). According to Borensztein (1998) FDI through training and labor management are beneficiary not only for the economic growth but 24http://www.oecd.org/dataoecd/47/51/1959815.pdf 175 �3rd International Symposium on Sustainable Development, May 31 - June 01 2012, Sarajevo also oversee firms’ interaction with other local firms that may lead to increase production standards higher for production and improve management skills more. In the sectorial level Sekmen (2007) investigated Turkey’s tourism sector for 1980-2005 and didn’t find cointegration among variables but found unidirectional relationship between FDI and GDP and bidirectional relation between exchange rate and GDP and FDI. Ilhan and Huseyin (2007) searched for the impact of FDI on Turkey’s and Pakistan’s economic growth for the periods of 1975 and 2004. They concluded that there is bidirectional causality exists for the case of Turkey and unidirectional causality exist for the case of Pakistan from FDI to GDP. 3. DATA AND METHODOLOGY For this study quarterly data has been collected from Electronic Data Delivery System ofCentral Bank of the Republic of Turkeyfor the periods between 1992:Q1 and 2011:Q3. All variables namely external debt, export, and foreign direct investment (FDI) were measured in million US dollars. As a measurement of sustainable development the ratio of external debt to export (EDX) is used. Variables are used in the form of natural logarithm. In addition to taking logarithm form of variables,X11 seasonal adjustment methodology has implementedto variables. Griffith (2001) indicates that if time series are concern in a regression, two non-stationary variables may produce incorrect results. Time series are generally tends to show increasing or decreasing tendency. In order to catch the long and short run relationship between FDI and development cointegration technique is used. This technique, that was introduced by Granger in 1981 and developed by Engle and Granger 1987, gives us advantages to analyze the both short and long run relation together. Basically this approach indicates that even if economic time series exhibits non-stationary behaviors, a suitable linear combination between these variables may remove trend component so that time series variables become stationary. In such a case these time series variables are called as cointegrated which economically may be a good indicator of long run or steady state equilibrium if exist. Cointegration test can be conducted via Engle and Granger (1987) or Johansen (1988, 1991) and Johansen and Juselius (1990). Residual based Engle Granger (EG) test is implemented in two steps. OLS is being used on level variables for cointegration regression than residuals are acquired to test stationarity using Augmented Dickey-Fuller (ADF) unit root tests. But before implement the test statistics variables integrated order are needed to be identified. If both variables are integrated at the same level, say I(d) than linear combination of these variables will also be integrated at the same level, I(d). If not say I(d-r) where r<d than one may conclude that there is long run relationship between these variables or there is some cointegration.To implement EG test following regression is estimated and residuals are acquired: yt   0  1 xt   t . Obtained residuals are used for following models estimates:  t  yt   0  1 xt . EG test is used to test on error term and if it is, say, I(0) than residuals series are said stationary. In such a case Engel introduces Error Correction Mechanism (ECM). Unit root tests can be implemented on the level and first difference variables: pi y   1 yit 1    ij yit  j  xit.    t j 1 176 �3rd International Symposium on Sustainable Development, May 31 - June 01 2012, Sarajevo ADF, that test the unit root of concerned time series variables, consist of first difference of the series as dependent variable and lagged and lagged difference terms, constant and a time trend as independent variables. The test of unit root is to test coefficient of ( yt 1 ). As discussed by Loayaza (2002) the cointegration relationship between foreign direct investment and sustainable development following log-log form is used for estimation: LnEDX t   0  1 LnFDI t   t 4. EMPIRICAL RESULT AND DISCUSSION 4.1. Unit Root Test Prior to conducting the cointegration analysis, it is essential to check the Stationarity for each variable in the model.Unit root tests for stationarity are performed on both levels and first differences for both variables in the model. Three different modelswith varying deterministic components have been consideredwhile performing the tests. These are: (1) model with the intercept; (2) the model with a constant and atrend; and (3) a model that neither includes a constant,nor a trend in the long-run cointegration space. The results of the tests are reported in Table 1.The results of the unit root tests shows that all the variables are non-stationary at level. First differencing ofall variables yields acceptance of the null hypothesis ofstationarity. Based on these test results, it is, therefore,conclude that both variables are I(1) variables. Table 1: ADF Unit Root Test for Stationarity Test with intercept and trend at level None Intercept Trend&Intercept LnEDX -0.86 -1.04 -2.51 LnFDI 1.04 -0.47 -2.38 Test with intercept and trend at first difference level None Intercept Trend&Intercept D(LnEDX) -10.22* -10.28* -10.21* D(LnFDI) -10.32* -10.41* -10.39* Note: * indicated the stationary of the variables at 1% level of significance 4.2. Cointegration and Error Correction Model To implement Engel Granger procedure following model has been estimated and result summarized below: LnEDX = 3.155758 - 3.155758 Trend - 0.074408 LnFDI (t-stat) 177 (34.26) (-4.17) (-3.76) �3rd International Symposium on Sustainable Development, May 31 - June 01 2012, Sarajevo R2 = 0.735 Adj. R2 = 0.728 DW = 0,486 F-Stat = 105,469 (Prob. 0.000) The above results indicate that in the long run equation the variables are cointegrated since the residuals of the regression are stationary with one lag length based on SIC at the 5 percent level of significance. Error Correction model has been formed as follows and test statistics given below. D(LnEDX) = -0.005804 + -0.007396 D(LnFDI) + -0.154757 ECM-1 (t-stat) (-0.757) R2 = 0.071 Adj. R2 = 0.046 (-0.647) DW = 2.09 (-2.405) F-Stat = 2.896 (Prob. 0.0614) FDI was found statistically insignificant in the short run. We may conclude that FDI has no impact over economic development in the short run. On the other hand ECM is negative and statistically significant as required. This means that there is a relationship between FDI and economic development in the long run. 15% of deviation from the long run relation is being correctedevery period. 5. CONCLUSION The aim of this study is toanalyses the long run relationship between foreign direct investment and sustainable economic development in Turkey with the application of an Engle-Granger approach using quarterly data from the period of 1992:Q1 to 2011:Q3.The date indicated that a stable long run relationship was found between foreign direct investment and the sustainable development. FDI would impact positively. Even if error correction coefficient was statistically significant, the short run regression model was statistically insignificant. It was conducted that foreign direct investment had positive impact on the sustainable economic development in the long run but not in the short run. In the long run, the model indicates that a 1 percent increase in FDI would support sustainable development by 0.074 percent. According to study, FDI has no effect in the short run and limited effect in the long run. REFERENCES Aitken, B. and Harrison, G.H. and Harrison, A.E. (1997) Spillover, Foreign Investment, And Export Behavior, Journal of international Economics, vol. 43, pp103-132 Anwar, S.,Shabir,G. andHussain,Z.(2011). Relationship between Financial Sector Development and SustainableEconomic Development: Time Series Analysis from Pakistan.International Journal of Economics and Finance Vol. 3, No. 1. www.ccsenet.org/ijef Barro, R. (1990), Government Spending in a Simple Model of Economic Growth, Journal of Political Economy, 98, pp.103-125. Borensztein, B., Gregorio, J. De and Lee, J-W, (1998). How does Foreign Direct Investment Affect Economic Growth? Journal of International Economics, pp. 115-135. http://dx.doi.org/10.1016/s0022-1996(97)00033-0 178 �3rd International Symposium on Sustainable Development, May 31 - June 01 2012, Sarajevo Carcovic, M. and Levine, Ross (2005). Does Foreign Direct Investment Accelerate Economic Growth? In Moran, Graham, Blomstorm Edward and Magnus, Does Foreign Direct Investment Promote Development? De Backer, K. and Sleuwagen, L. (2003) Does Foreign Direct Investment Crown Out Domestic Entrepreneurship? Review of Industrial Organization, 22, p. 67-102. De Gregrio, J. and Guidotti, P.E. (1995), Financial Development and Economic Growth, World Development, 23, pp. 433-448. Engle, R. F. and Granger, C. W. J. (1987) Cointegrationand Error Correction: Representation, Estimation And Testing, Econometrica,55, 251-76. Granger, C. W. J. (1981) Some Properties Of Time Series Data And Their Use In Econometric Model Speciation, Journal of Econometrics,16, 121-30. Ilhan, O., Huseyin, K. (2007). Foreign Direct Investment and Growth: An Empirical Investigation Based on Cross-Country Comparison, Working paper, MPRA Paper No.9636. http://ideas.repec.org/p/pra/mprapa/9636.html Johansen, S. (1988), Statistical Analysis of Cointegration Vectors, Journal of Economic Dimension and Control, 12, 231-54. Johansen, S. (1991) Estimation and Hypothesis Testing of Cointegration Vectors in Gaussian Vector Autoregressive Models, Econometrica,59, 1551-80. Johansen, S. and Juselius, K. (1990). Maximum Likelihood Estimation and Inference on Cointegration With Applications to The Demand for Money, Oxford Bulletin of Econometrics and Statistics, 52, 169-210. Loayaza, R. and Ranciere, R. (2002) Financial development, Financial Fragility and Growth, CESifo Working Paper 684 (5) Lucas, R. E. (1988) On the Mechanics of Economic Development, Journal of Monetary Economics, 22, pp.3-42 Papanek, G.F. (1973) Aid, Foreign Private Investment, Savings and Growth in Less Developed Countries, Journal of Political Economy, Vol. 81, No. 1, pp. 120-30 OECD, 2002, Foreign Direct Investment for Development, Maximizing Benefits, Minimizing Costs: Overview, p. 5, OECD Publication Service, Paris Qi, Liangsui 2007, The Relationship between Growth, Total Investment and inward FDI: Evidence from Time Series Data, International Review of Applied Economies, vol. 21 no. 1, pp. 119-133. Sekmen, F.(2007), Co-integration and Causality among Foreign Direct Investment in Tourism Sector, GDP and Exchange rate Volatility in Turkey. The Empirical Economics Letters, Vol. 6, No. 1, ISSN 1681 8997, paper No: 8736. http://mpra.ub.unimuenchen.de/8736/1/ MPRA_paper_8736.pdf. United Nations, (2008) World Investment Report, Transnational Corporations and Infrastructure Challenge, United Nations Conference on Trade and Development. http://www.unctad.org. World Bank 2002, World Tables Oxford University Press 179 � Dublin Core The Dublin Core metadata element set is common to all Omeka records, including items, files, and collections. For more information see, http://dublincore.org/documents/dces/. Extent The size or duration of the resource. 1323 Title A name given to the resource Foreign Capital Inflow and Sustainable Economic Development: A Case Study of Turkey Author Author Ahmet , Cetin Abstract A summary of the resource. This study analyses the effect of foreign capital inflow (especially foreign direct investment) on the sustainable economic development of Turkey. The main objectives of the study are to analyses the long run relationship between foreign direct investment and sustainable economic development. Quarterly data were used from the period of 1992:Q1 to 2011:Q3. The Engle-Granger Methodology for cointegration was applied to estimate the long run relationship. The Augmented Dickey Fuller (ADF) unit root tests were used to check the stationarity of each variable in the model. The ADF tests of the differences of each variable indicate that all of the variables are integrated of the first order. Cointegration was applied to estimate the long run relationship. A stable long run relationship was found between foreign direct investment and the sustainable economic development. Even if error correction coefficient was statistically significant, the short run regression model was statistically insignificant. It was conducted that foreign direct investment had positive impact on the sustainable economic development in the long run but not in the short run. Keywords: Capital Inflow, Foreign Direct Investment, Economic Development, Engle- Granger, Cointegration Date A point or period of time associated with an event in the lifecycle of the resource 2012-05-31 Keywords Keywords. Conference or Workshop Item PeerReviewed H Social Sciences (General),HB Economic Theory,HG Finance,HJ Public Finance https://omeka.ibu.edu.ba/files/original/ac96afca7fe35742f70460e7604c4279.pdf 502ed757bc24c1fd2414f25e5167a1de PDF Text Text 3rd International Symposium on Sustainable Development, May 31 - June 01 2012, Sarajevo Although, England who connected itself to the U.S. dollar in terms of financial and banking system and convert its system from Sterling into dollars as the world's second largest dollar reserves, being a member of the community, it didn’t obey the Community's common monetary policy especially, refused to use the euro came into force in 1999. Britain's entry into the agricultural policy would harm Commonwealth countries, which have an important place with Britain, both politically and commercially. Britain that has already been damaged by the Community's agricultural policy, is working to resolve this situation by regional development policies (Eraktan, 2006). If we look at in terms of the Common Monetary Policy, Britain’s which is so dependent to U.S. Dollar; inclusion to Euro will cause its damage in terms of economic, political and prestige. In the environment that the EUROZONE whose basis was constructed by The Hague Summit in 1969 and Werner Report, became a threat to the EU’s future by recently living a difficult test because of the crisis, it is a fact that it provided a significant advantage to England. Eu Economic Integration Process Of Macedonia Agim Mamuti International Balkan University (IBU),Skopje, Macedonia agim.mamuti@yahoo.com Abstract The purpose of this research is to provide a general overview of the accession process with a special reference to the economic integration and the challenges of the Republic of Macedonia in the road of joining the European Union. The European Council of December 2005 granted the status of candidate country to the Republic of Macedonia. The Stabilization and Association Agreement (SAA) between the Republic of Macedonia and the EU was signed in April 2001 and entered into force in April 2004. The Council adopted the Accession Partnership for the country, including key priorities for reform, in February 2008. In October 2009, the Commission recommended to the Council to open negotiations with the country, as well as to move to the second phase of SAA Implementation. These recommendations were reiterated in 2010. The Council has not yet concluded its deliberations on the Commission's proposals. Visa liberalization for citizens travelling to the Schengen area has been in force since 19 December 2009. The country has a small, open economy, with total trade in goods and services recovering to a level of 114% of GDP in 2010, following the 2009 recession. Trade integration with the EU is advanced, with about 63% of all exports currently going to and about 53% of imports originating from the EU. The CEFTA region is the country's second most important trading region, accounting for around 24% of exports and around 10% of imports. The export structure continues to be highly concentrated on a limited range of products, with textiles and clothing accounting for about 17% of total exports and manufactured iron products for 26% in 272 �3rd International Symposium on Sustainable Development, May 31 - June 01 2012, Sarajevo 2010. The stock of FDI increased to about 51% of GDP, with the Netherlands, Slovenia and Austria being the biggest investors. In total, EU countries accounted for about 60% of total FDI inflows. Switzerland, Turkey and Serbia are the most important non-EU investors. The exchange rate against the euro has remained stable in nominal terms. Price competitiveness has remained largely unchanged. Overall, in the last years trade integration with the EU is well advanced, but exports remain concentrated on a few price-sensitive products. International price competitiveness remained largely unchanged.26 Keywords: EU, economic integration, Macedonia, Stabilization and Association Agreement (SAA), candidate-country, membership 1.EU ECONOMIC INTEGRATION PROCESS OF MACEDONIA Macedonia’s process to become a member of the European Union (EU) is an objective that enjoys broad national consensus. This process for EU membership thus must shape national policy, both foreign and domestic, the reform initiatives, and the economic agenda and business strategies. Macedonia’s EU aspiration provided the compass for the reforms that were implemented in the transition process, and it still anchors the social agreement among virtually all Macedonian citizens. It is important for this reason to review here what has been achieved and what is to come; bearing in mind that EU integration reaches into every aspect of the life. Economic growth is increasingly important for Macedonia for its own sake as well as for the country’s path toward the EU; equally important is the growth of its institutional and administrative capacity at all levels of government, from the local to the international. The main objectives and stepping stones in the next stages of Macedonia’s EU integration will be economic growth, economic and social opening to the EU and institutional preparedness. An important milestone in Macedonia’s path toward EU membership was the signing of the Stabilization and Association Agreement (SAA) in 2001. This agreement provided a strong motivation for the intensification of the adjustments necessary for the fulfillment of EU membership criteria. One positive outcome of the SAA was the establishment of an appropriate administrative structure and of an institutional framework for implementation of the Agreement as well as for monitoring of its implementation.27 The next important step occurred in December 2005, when Macedonia achieved the status of a candidate country. This was an important political recognition of the progress and reforms achieved; however, an important reservation to this positive assessment of Macedonia’s progress is the fact that a date for negotiations has not been set because the country is not yet ready. The acquisition of candidate status does not mean fulfillment of the strict EU criteria for membership. In fact, Macedonia has only reached the point at which the complex process 26 Official documents from the web-page of Ministry of Foreign Affairs of RM, http://www.mfa.gov.mk 27 Commission of the European Communities, The Republic of Macedonia 2011 Progress Report, Brussels, October 2011, p.25 273 �3rd International Symposium on Sustainable Development, May 31 - June 01 2012, Sarajevo of negotiation about the individual chapters of the Acquis Communautaire and of fulfillment of the membership criteria, especially the economic ones, begins. Fulfillment of the economic criteria for membership must be a top priority for Macedonia, not only in order to meet the standards of the EU, but also because they are crucial for Macedonia’s economic and social progress. Macedonia needs to fully develop a functioning market economy that will allow an even ground for competition and weed out all the oligarchic elements in the economy that stifle its overall growth. The Macedonian economy needs to be able to cope with the intense competitive pressures and market forces within the EU. Consequently, Macedonia needs to be aiming for where the EU economy will be at the end of the reporting period not where the EU economy is today.28 The capacity of Macedonian institutions to effectively manage the requirements implied by EU membership and, before membership, the administration of processes such as the implementation of laws and the management of funds, needs to be strengthened. Answering the European Commission Questionnaire revealed that Macedonia has the potential to meet the administrative requirements of EU membership, but this potential cannot remain latent and needs to become the norm. Firm political commitment and leadership, not only management, is needed to prepare these institutions and the Macedonian economy for European integration. Municipalities need to be able to administer funds effectively and transparently. They need to be able to effectively interact with EU organs and to formulate sound and comprehensive policies Public and civil servants from all levels of government need to be trained to work within European standards and processes, to effectively plan, budget and administer funds, to create projects and manage them ably and to be capable of being a positive and proactive member of the EU that can fully participate in European governance and in the formulation of EU policies. 29 The next step ahead is the negotiation process, which are both a great opportunity and a great threat. If Macedonia proceeds efficiently in this process, it will demonstrate to itself and to the world its institutional readiness for membership; if it fails to do so, its image as a modern state will suffer correspondingly. A successful negotiation will have important positive economic benefits and solidify a fragile national consensus; a negative outcome to the negotiation may nurture Euro skepticism and a general resistance to any further reform processes since these will be seen as having high costs and few benefits. Macedonia will not be in a position to negotiate parallel chapters at the same time, as other countries have done; it will need to do so sequentially. This may slow the overall process. Macedonia need not rush this process, but, rather, it should strategically adopt segments of the Acquis if it is to its benefit to do so and leave those segments that may be hardest for its economy and society to internalize for last. Furthermore, it is very important that there should be some continuity among Macedonia’s negotiators. They will also need to communicate intensively with the general public and explain the process so as to maintain the national consensus for EU membership. Consequently, the process of negotiating Macedonia’s entry into the EU must be as transparent as possible. 28 Official documents from the web-page of the Secretariat for European Affairs of RM, www.sep.gov.mk 29 Национална програма за усвојување на правото на ЕУ – ревизија 2011, Секретаријат за европски праша (Влада на Република Македонија), Скопје 274 �3rd International Symposium on Sustainable Development, May 31 - June 01 2012, Sarajevo The time between achieving candidate status and the negotiations leading to future membership will be challenging, both politically and economically. While issues of political stability and interethnic dialogue have dominated the discussions between European and Macedonian politicians thus far, economics will dominate the next stage leading toward EU membership. Macedonia needs to undertake a major overhaul of its laws and institutions to prepare for EU membership. Such a large revision of laws, regulations and institutions should, in the long term, be beneficial. However, there will be transition costs, and considerable thought must be given to the phasing in of various EU-related laws and regulations. Consequently, Macedonia must create the capacity to weigh the costs and benefits of adopting specific EU laws and regulations at any given time and to develop a comprehensive plan for doing so. Preparing for EU membership will be a major task for the Macedonian government and society, as well as for the business sector. While the experience of other countries suggests that the pace with which changes are implemented may accelerate over time, it is critical that Macedonia have a clear roadmap of the process, one that identifies costs and benefits of adopting specific measures and weighs them against Macedonia’s ability to absorb such changes as well as their congruence with Macedonia’s economic strategy at any period of time.30 Macedonia has an enormous potential market open to it because of the free trade agreements (FTAs) it has signed, including the one with the European Union. Overall, the FTA’s did not initially stimulate Macedonian exports very much, suggesting a weak supply response on the part of Macedonian exporters or ineffective implementation of the FTAs.31 Macedonian producers must pay greater attention to such factors as environmental standards, packaging, quality, marketing, management techniques and market study to prepare for the EU market. It is hence worthy of mention that one of the elements of the pre-accession process is access to EU funds which will be channeled through the new Instrument for Pre-Accession Assistance (IPA). The main goal of the pre-accession funds is to prepare the institutions of future member countries for the management and administration of the much larger Structural Funds that the country will have access to once it becomes a member of the EU. Indeed, in order to obtain the pre-accession funds, the country needs to define its development and investment priorities for the medium-term, as well as clearly define and organize the institutional mechanisms for using the funds. The IPA funds will have a positive effect on economic growth through creation of a more attractive business climate by contributing to investments in infrastructure, institution-building, human resources, agriculture, competitiveness of firms, all with a consideration for balanced internal regional development. Within the region, Macedonia has an advantage in bordering the EU, in the form of Greece, to the south. Indeed, the bulk of foreign investments that have come in the past years have been from Greece. However, the possibility of exporting to the rest of the EU is significantly hampered by the numerous borders that need to be crossed to reach the biggest part of the EU 30 Official documents from the web-page of the Ministry of Economy of RM, www.economy.gov.mk 31 EUROSTAT 275 �3rd International Symposium on Sustainable Development, May 31 - June 01 2012, Sarajevo market. For this reason, it is in Macedonia’s interest that the rest of the Western Balkan countries also enter the EU as soon as possible. The EU has a market of over 500 million people32, but there is a market of sixty million customers within this region that also can be tapped if unification of sorts occurs regardless of, or as a prelude to, Macedonia’s entry into the EU; indeed, regional cooperation of increasing intensity is an important aspect of the Stabilization and Association Agreement. An encouraging move in this direction is the recent political commitment to, and the start of in 2007, a single free trade agreement (FTA) for the countries of SEE. Improvement of land and air communication must be Macedonia’s top priority. The airport is Macedonia’s gateway to the world and is in dire need of investments, which will come most easily if it is fully privatized. Except for Greece, all EU countries are a considerable distance from Macedonia, and air connections are critical for trade and business. Nevertheless, this does not undermine the importance of Corridors 8 and 10, for both Macedonia’s regional and European perspectives. Corridor 10 has a greater perspective of realization and natural evolution, being also important to Greece. However, Corridor 8 will require more of a push by Albania, Macedonia and Bulgaria. Although corridors 8 and 10 were effectively taken off the European transport map, their importance is increasing as EU foreign policy progressively turns toward Asia. 2.CONCLUSION In the past ten years the Republic of Macedonia is legitimized as a reliable partner and true ally of the EU. Macedonia has not ignored any institutional stage in the development of relations with the EU - starting with the Cooperation Agreement, the Agreement on Stabilization and Association, applying for membership in the European Union, up to receiving a status as a candidate-country for membership. The decision of the European Council of December 17, 2005 granting the candidate status for EU membership is an event of historical importance for the Republic of Macedonia as deserved recognition for the efforts and results achieved in the way of achieving the strategic goal - EU membership. The economic results achieved by the Republic of Macedonia during the transition are far lower than the achievements in the South-eastern European countries. The numerous noneconomic events in the country and the region in the 1990’s and the beginning of the century also contributes to this. With a low inflation rate of 2.5% in last years and a stable exchange rate (with one devaluation of 16% in 1997), Macedonia was a leader among the transition countries in terms of the macroeconomic stability, but numerous non-economic events in the country and the region led to a low average growth in the entire transition period. In the recent years, the Republic of Macedonia generally meets most of the Maastricht criteria. The single bigger problem that our country is facing is the non-existence of a long term 10-year bond used as a reference instrument when defining the interest rate. In this period, the Maastricht criteria are not obligatory for the Republic of Macedonia but they still have great significance for approximation of our economy to the European Union. 32 McKinsey, Global investor Opinion survey on corporate Governance ( 2002 ) 276 �3rd International Symposium on Sustainable Development, May 31 - June 01 2012, Sarajevo Having in mind the present situation within the EU, regarding the negative atmosphere for enlargement, the implementation of Copenhagen and Maastricht criteria will simply not be good enough for candidate countries such as Macedonia. Knowing that in the past a decision for accession was often made for geo-strategic reasons, obtaining political support is even more important factor for the Macedonian accession to the EU. Taking into consideration this fact, it is a need Macedonia to solve the name issue with Greece. REFERENCES Werner Weidenfeld & Wolfgang Wessels, Europa von A bis Z, Bonn, 2002 Вернер Вајденфелд, Волфганг Веселс, Европа од А до Ш, Издадено во Baden-Baden, 2009 Државен завод за статистика, Годишни извештаи 2006-20011 Ласкомбе, М.& Ванденриеш, Х., Јавни финансии, Скопје, 2006 година Мелита Трајковиќ, Цели и инструменти на монетарна политика: современи искуства, НБРМ, јуни 2006 година Народна банка на Република Македонија, Годишни извештаи 1999-2009 Национална програма за усвојување на правото на ЕУ – ревизија 2011, Секретаријат за европски праша (Влада на Република Македонија), Скопје Рен, Оли: Следните граници на Европа, Скопје, 2007 година Студија, Приближување кон Европската Унија: предизвици и можности, Скопје, 2009 година Трпески, Проф.д-р Љубе: Пари и банкарство, второ дополнето и изменето издание, Economy Press, Скопје, 2005 година Treaty of European Union, Maastricht, 07.02.1992 Европски совет од Луксембург, Резолуција за координација на економската политика во третата фаза од ЕМУ, 12-13.12.1997 TREATY establishing the European Economic Community, 29.07.1992 Internet sources: http://europa.eu/ http://ec.europa.eu http://www.delmkd.ec.europa.eu http://www.consilium.europa.eu http://ec.europa.eu/dgs_en.htm http://europa.eu.int/comm/economy_finance/index_en.htm http://eurotreaties.com http://ecb.int http://ec.europa.eu/eurostat http://europa.eu/abc/obj/treaties/index_en.htm 277 �3rd International Symposium on Sustainable Development, May 31 - June 01 2012, Sarajevo http://eur-lex.europa.eu/en/index.htm http://worldbank.org http://imf.org Corporate Governance Practices in Bosnia and Herzegovina Aida Nušinović International Burch University, Faculty of Economics, 71000, Sarajevo, Bosnia and Herzegovina. E-mail: aida.nusinovic@gmail.com Abstract The purpose of this paper is to present the state of corporate governance in Bosnia and Herzegovina, to determine the degree of its principle applications, and to emphasize the importance of good corporate governance practices for transition economies, such as Bosnia and Herzegovina. Corporate governance, by its simplest definition, presents a system of management and control over the company. Good corporate governance practice is important for the investment climate, because it provides greater security for investors and shareholders and leads to sustainable long-term economic development. Because of the reorganization of the still present economic system, developing countries are faced with many problems related to the implementation of corporate governance, such as insufficient use of existing legislation, underdeveloped capital markets and insufficient bussiness transparency of the company. Foreign investors do not wish to invest in companies that do not apply the principles of corporate governance and studies have shown that for making investment decisions, the application of good corporate governance practices plays an important role. The problems Bosnia and Herzegovina is facing are still a lack of business transparency of company operations, as well as the insufficient protection of minor shareholders. At the end of this paper certain guidelines are given in order to improve practices of corporate governance in Bosnia and Herzegovina, and also the importance of their application to the company and the country itself is highlighted. Keywords: corporate governance, transition economies, economic development, principles, business transparency 1. Definition of Corporate Governance The term of corporate governance is far more complex than thought of at first, and implies not only the way in which a company is governed, but a full range of internal and external relations, as well as legal regulations. According to the definition of the OECD (Organization for Economic Cooperation and Development), corporate governance involves a set of relationships between a company’s management, its board, its shareholders and other stakeholders. Good corporate governance should provide proper incentives for the board and management to pursue objectives that are in the interests of the company and its shareholders 278 � Dublin Core The Dublin Core metadata element set is common to all Omeka records, including items, files, and collections. For more information see, http://dublincore.org/documents/dces/. Extent The size or duration of the resource. 1334 Title A name given to the resource Eu Economic Integration Process Of Macedonia Author Author Agim , Mamuti Abstract A summary of the resource. The purpose of this research is to provide a general overview of the accession process with a special reference to the economic integration and the challenges of the Republic of Macedonia in the road of joining the European Union. The European Council of December 2005 granted the status of candidate country to the Republic of Macedonia. The Stabilization and Association Agreement (SAA) between the Republic of Macedonia and the EU was signed in April 2001 and entered into force in April 2004. The Council adopted the Accession Partnership for the country, including key priorities for reform, in February 2008. In October 2009, the Commission recommended to the Council to open negotiations with the country, as well as to move to the second phase of SAA Implementation. These recommendations were reiterated in 2010. The Council has not yet concluded its deliberations on the Commission's proposals. Visa liberalization for citizens travelling to the Schengen area has been in force since 19 December 2009. The country has a small, open economy, with total trade in goods and services recovering to a level of 114% of GDP in 2010, following the 2009 recession. Trade integration with the EU is advanced, with about 63% of all exports currently going to and about 53% of imports originating from the EU. The CEFTA region is the country's second most important trading region, accounting for around 24% of exports and around 10% of imports. The export structure continues to be highly concentrated on a limited range of products, with textiles and clothing accounting for about 17% of total exports and manufactured iron products for 26% in 2010. The stock of FDI increased to about 51% of GDP, with the Netherlands, Slovenia and Austria being the biggest investors. In total, EU countries accounted for about 60% of total FDI inflows. Switzerland, Turkey and Serbia are the most important non-EU investors. The exchange rate against the euro has remained stable in nominal terms. Price competitiveness has remained largely unchanged. Overall, in the last years trade integration with the EU is well advanced, but exports remain concentrated on a few price-sensitive products. International price competitiveness remained largely unchanged.26 Keywords: EU, economic integration, Macedonia, Stabilization and Association Agreement (SAA), candidate-country, membership Date A point or period of time associated with an event in the lifecycle of the resource 2012-05-31 Keywords Keywords. Conference or Workshop Item PeerReviewed H Social Sciences (General),HB Economic Theory,HG Finance,HJ Public Finance https://omeka.ibu.edu.ba/files/original/2268314b6791eba122583d110eb58898.pdf 96f1653d31022a64527ce5255b406518 PDF Text Text 3rd International Symposium on Sustainable Development, May 31 - June 01 2012, Sarajevo Does predefined ERP implementation methodology work for public companies in transitioning country? Adnan Kraljić, Denis Delismajlović, Tarik Kraljić Information Technology Department,International Burch University Sarajevo, Bosnia and Herzegovina E-mails: akraljic@ibu.edu.ba, tkraljic@ibu.edu.ba, ddelismajlovic@ibu.edu.ba Abstract The main objective of this paper is to answer a question “Does predefined ERP implementation methodology work for state owned companies in transitioning countries?” The focus will be on state owned companies from Bosnia and Herzegovina, as it is typical transitioning company. Paper will treat selected issues which could trouble ERP implementation trough predefined ERP implementation methodology for SAP ERP. This paper presents observations/remarks based on experience of authors in SAP ERP implementation projects in public sector in Bosnia and Herzegovina. Author’s goal is to provide useful insight into predefined ERP implementation methodology (in theory) and issues that arise in real life ERP projects. Also, it should provide structural knowledge for all stakeholders involved in the process of ERP implementation in public sector. Keywords: enterprise resource planning (ERP), implementation, state owned company, post socialist transitioning country, ASAP methodology 1.Challenge known as ERP implementation Enterprise resource planning (ERP) system is a business management system which comprises integrated sets of comprehensive software, which can be used, when successfully implemented, to manage and integrate all the business functions within an organization. These sets usually include a set of mature business applications and tools for financial and cost accounting, sales and distribution, materials management, human resource, production planning and computer integrated manufacturing, supply chain, and customer information.[1] References 1 Sheu, C., Yen, H.R., and Krumwiede D.W.: The effect of national differences on multinational ERP implementation: an exploratory study. TQM & Business Excellence, Vol.14, Issue 6, August, pp.641657. (2003) 130 �3rd International Symposium on Sustainable Development, May 31 - June 01 2012, Sarajevo So, the main feature of ERP is computer-based integration of the whole organization into one system and database. It provides higher efficiency and real time reporting. Data entered in one module of the system are immediately accessible for other organization’s functions. Figure 1. presents typical functional ERP architecture. Figure 1. Typical ERP system architecture People often contemplate ERP as software provided out of box. We consider ERP more as a concept. Target of any ERP implementation in organization is to provide benefits for all stakeholders by improving business operations and decision making process. It is important to state that ERP’s benefits are a direct result of effective preparation and implementation, and appropriate use of system. This seems obvious, but nine out of 10 companies don’t get it right the first time around. [2] Story about ERP implementation ERP implementation is set of activates, normally leading to the fully operating system. It mixes business, technical and clerks’ sides which should work harmonized during the implementation. Every employee in the company is involved in ERP implementation process; either they are technical support in company (IT department) or end users of information system. Obviously it is not easy to manage all of these project members. There are many examples of ERP implementation failures. The world of IT and business consulting is full of stories of ERP projects gone wrong. Companies such as Whirlpool, Hershey Foods, and Allied Waste Industries have had exposed 2 ( September 1998 issue of Midrange ERP “There Is No Magic in ERP Software: It’s in Preparation of the Process and People,” p. 8]). 131 �3rd International Symposium on Sustainable Development, May 31 - June 01 2012, Sarajevo court cases against ERP software vendors (such as SAP A.G. and Oracle) because of their unsuccessful implementations. It is interesting that according to a statement cited in an ITWorld.com article, Waste Management claims SAP deceived it by creating "fake software environments" for product demonstrations. The project went bad almost immediately after a sales agreement was signed in October of 2005. Though SAP promised a pilot version of the system would be up and running by Dec. 15, 2006, "it is not even close to being completed today." [3] Another famous story about SAP implementation failure is Shane Co. The family-owned jewelry retailer that sought bankruptcy told a U.S. judge the company’s decline was triggered partly by delays and cost overruns for a $36 million SAP AG inventory-management system. SAP, the world’s biggest maker of business-management software, took almost three years to install and implement the system instead of one year, while costs “ballooned” to $36 million from a projected maximum of $10 million, Shane said in papers filed in U.S. Bankruptcy Court in Denver. [4] In general an implementation is seen as successful if it is completed within budget and time frame; addressing all implementation deliverables measured by ROI, KPIs etc. Lots of variables are involved in ERP implementation such as; personnel (business side, technical side, support side, users), implementation partner (for example local integration software PeopleSoft, JD Edwards, Salesforce.com etc.), and implementation strategy. [5] With a number of issues that arise together, in a few months or year for implementation, it is important to address critical factors that shape an implementation. Also, as we mentioned, it is important not to underestimate the nature of public institution and all bureaucracy you have to cope with during the implementation. 2. No one is immune - country specific issues of public sector There is no industry or business activity that is not influenced by B&H’s social environment. Complex picture of transitioning post conflict country will be described in next few paragraphs. The stress will be on state owned companies. 3 Whos to blame for failed ERP project that prompted lawsuit, http://www.itbusinessedge.com/cm/blogs/all/whos-to-blame-for-failed-erp-project-that-promptedsap-lawsuit/?cs=11588 4 Shane Says SAP Costs Helped Cause Jeweler’s Decline, http://www.bloomberg.com/apps/news?pid=newsarchive&sid=awweg53wmmJw&refer=germany 5 Bhagwani, A.: Critical Success Factors In Implementing SAP ERP Software, An EMGT Field Project report submitted to the Engineering Management Program and the Faculty of the Graduate School of The University of Kansas, (2009) 132 �3rd International Symposium on Sustainable Development, May 31 - June 01 2012, Sarajevo In Bosnia and Herzegovina there are some big state owned companies that implemented an ERP or are in the process of implementation. According to SAP User Community in B&H SAP ERP is the main ERP vendor for big public companies. It could be useful information so we will name those companies: EPBiH, BH Telecom, JP EPHZ HB, HT Mostar and Clinical center University of Sarajevo. One of the issues of public sector in B&H is very complex stakeholder structure due to political system as a result of post conflict circumstances. (Dayton and Paris political agreement resulted in four different levels of government – 14 governments, 180 ministers; 1 prime minister per 300 000 people, one the most complex and expensive governmental body in the world). According to the 2005 CMI report, this bloated public sector accounts for 54% of the annual GDP - more than in any other European country. [6] Another issue is widely spread corruption as one of the common characteristics of post socialist developing country. After war in B&H and privatization, which was conducted doubtfully, hundreds of state owned companies finished in bankruptcy. However, still few state owned companies, mainly utility and telecom companies, are the backbone of country’s economy. Unfortunately, public sector in Bosnia and Herzegovina is very complex and due to the last surveys one of the most corrupted in Europe, especially in its employment policy. As mentioned previously 54% of GDP is consisted of public sector what implies the importance of this sector and long term consequences if fraud is part of it. Same report states that corruption pattern in B&H is characterized by (a) high level of public concern with corruption, (b) low level of public trust in the governments, (c) state capture and conflict of interest, (d) public administration inefficiencies reflected in widespread bribery in public offices, (e) distorted business environment and (f) a significant burden on poor households, exacerbating poverty and inequality. Public tenders (defined by public procurement law) could provide opportunity for corruption if they are done with a lack of transparency. [7] Also process of choosing the bid winner is complex with not strict definition of vendor selection criteria. According to the World Bank report, in the most cases in B&H, tender policy is based on price, which weights for more than 70% of possible points which vendor could earn in selection procedure. This leads to artificially low price offered. It ensures wining the bid, but do not ensure the quality of service. 3.How ERP vendors want to help implementations As mentioned in previous chapter, ERP software vendor is one to blame when expected results do not occur after ERP implementation. ERP vendors believe that tracking of tested implementation methodology is a prerequisite for successful ERP implementation. All implementation methodologies e.g. Oracle Application Implementation Methodology (AIM), Accelerated SAP (ASAP) etc suggest at least five 6 Corruption and Anti-Corruption in Bosnia and Herzegovina (B&H); www.u4.no/helpdesk/helpdesk/query.cfm?id=221 7 Bosnia and Herzegovina Diagnostic Surveys of Corruption, World Bank; http://www1.worldbank.org/publicsector/anticorrupt/Bosnianticorruption.pdf 133 �3rd International Symposium on Sustainable Development, May 31 - June 01 2012, Sarajevo phases of ERP implementation: Define; Design; Build; Transition; and Go Live & Support. [8] To avoid uncomfortable project situations ERP vendors developed predefined ERP implementation methodologies. One of the most famous is delivered by the biggest ERP vendor - SAP. It is ASAP methodology (ASAP – Accelerated SAP). In next few paragraphs we will describe ASAP methodology in details. Accelerated SAP (ASAP) is SAP’s standard implementation methodology. It is consisted of 6 phases, and those are: Project preparation, Blueprint, Realization, Final preparation, Go-Live Support and Run. It is serial relationship, so predecessor phase has to be completed in order to move on next phase. In figure 2. those phases are shown. This roadmap is a step-by-step guide that incorporates experience from many years of implementing R/3. Along with that, Accelerated SAP contains a multitude of tools, accelerators and useful information to assist all team members in implementing R/3. Quality checks are incorporated at the end of each phase to easily monitor deliverables and critical success factors. ASAP is delivered as a PC-based package, so that – if required – an implementation project can begin prior to having an R/3 System installed. [9] We will give more details regarding each phase. 3.1.Project Preparation Goal of this phase is to plan our project and lay the foundations for successful implementation. It is at this stage that we make the strategic decisions crucial to your project: define your project goals and objectives, clarify the scope of your implementation, define your project schedule, budget plan, and implementation sequence, establish the project organization and relevant committees and assign resources 3.2.Business Blueprint During this phase we create a blueprint using the Question & Answer database (Q&Adb), which documents your enterprise’s requirements and establishes how your business processes and organizational structure are to be represented in the SAP System. We also refine the original project goals and objectives and revise the overall project schedule in this phase. 3.3.Realization In this phase, we configure the requirements contained in the Business Blueprint. Baseline 8 Nazir, M. M.: ERP Implementation in Oil Refineries, Daily Business Recorder, Karachi (2005) 9 Miller, S.: Asap Implementation at the Speed of Business: Implementation at the Speed of Business, Computing Mcgraw-Hill (1998) 134 �3rd International Symposium on Sustainable Development, May 31 - June 01 2012, Sarajevo configuration (major scope) is followed by final configuration (remaining scope), which can consist of up to four cycles. Other key focal areas of this phase are conducting integration tests and drawing up end user documentation. 3.4.Final Preparation After project realization phase, we complete our preparations, including testing, end user training, system management, and cutover activities. We also need to resolve all open. At this stage we need to ensure that all the prerequisites for your system to go live have been fulfilled. 3.5. Go Live & Support In this phase we move from a pre-production environment to the live system. The most important elements include setting up production support, monitoring system transactions. [8] 3.6.Run Optimizing overall system performance and obtaining permanent business process optimization. Phase objectives shown in Figure 3. . Figure 3. Phase objectives 135 �3rd International Symposium on Sustainable Development, May 31 - June 01 2012, Sarajevo ERP implementation in transitioning country in state owned companies –It is shown in table 1. Expected objectives for each ASAP phase and constraints that occurs in practice Phase Excepted objectives Constraints in practice regarding the phase objects Project Preparation Defined your project goals and objectives Unskilled project managers Clarified the scope of your implementation Corruption in tendering procedure (inadequate tendering procedure) Defined your project schedule, budget plan, Poorly written tendering documentation and implementation sequence Leak of project management knowledge (no clear goals and objectives) Established the project organization and Poorly prepared project work break structure relevant committees and assign resources Employee does not care about resource spending - state money. Budget and project schedule planned with no serious approach Blueprint Created blueprints using the Question & Too much / little time spent on blueprint preparation due to lack of project Answer database (Q&Adb) management knowledge, and requirements set by political not business persons / reasons Mapped business processes Overview of all business process No localize ASAP documentation for smaller countries (example Bosnian language) Leak of business process mapping skills Leak of professional business environment in state owned companies, which support this extremely important phase Managers and supervisors mostly not centers of competence Realization 136 Configured the requirements contained in Leak of project management the Business Blueprint Leak of change management (Change management not consider as important) conducted unit tests Responsibility issue - “there is someone else who will do it” �3rd International Symposium on Sustainable Development, May 31 - June 01 2012, Sarajevo Go – Live Support Run Conducted integration tests Integration test not taken seriously from end users Prepared end users documentation Very slow internal knowledge and information transfer - several managers has to sign document to be approved . Moved from a pre-production environment Help desk not established by the company to the live system Defined communication channels not respected Includes setting up production support, Often, poor management decision made under huge pressureof Go Live phase monitoring system transactions Employees working habits- mistakes are there to be hidden Optimizing overall system performance No optimization and improvements Permanent business process optimization Lack of understanding that the ERP system is “live” system After project is finished all ERP story ends. Problems with tendering procedure for support No competent support in country as Bosnia and Herzegovina - low spending on consultant education 137 �3rd International Symposium on Sustainable Development, May 31 - June 01 2012, Sarajevo 4. Most threatening constraints in practice regarding ASAP methodology In next few paragraphs we will discuss the most prominent constraints from the list above. Inadequate tendering procedure for state owned company - The Public Procurement Law adopted in 2004 generally complies with the main principles of the EU public procurement system. [10] However, in practice, procurement process for public companies still provides significant space for fraud. One of the most questionable aspects of public tendering law is determining price as the most important factor in bidding. So winning the bid is based significantly, if not exclusively on price. This leads to artificially decreased price by some bidders. Other companies are in the risk to become uncompetitive if the price is set according to the real market price for the project scope. This provide space for risky system integrators who are not skilled to provide ASAP methodology and cannot provide skilled SAP consultants who can implement ASAP methodology in SAP ERP implementation. No localization for ASAP documentation for smaller countries (example Bosnian language) – ASAP methodology provides dozen of documents well written in English language. It is profound help for consultants and substantially accelerates the process of implementation. Unfortunately, this documentation is not translated on local languages of small, transitioning B&H market. Time consuming decision making flow process (from bottom to top) – Decision process in big, public companies can be very slow. It clearly does not support name of SAP standard methodology – Accelerated SAP. One of the reasons could be very complex and complicated organization structure. Specific for some public companies is lack of modern information infrastructure, like e-mails. Working habits of management and employees – Probably someone would ask what communism has with ASAP. However, as former communist country, Bosnia and Herzegovina has kept some of the practices from that period (especially in state owned companies). These habits could include: no real authority of the management, work is not valuated by achievement but personal relations; there is no incentive by employees to make some effort and improve work environment. Also, salary is determinate by salary coefficients for each working position. Coefficient is provided by legislation. Public companies are short of qualified employees. Most of employees are with lack of knowledge and practice in business domain they are hired for. The reason for this could be 138 �3rd International Symposium on Sustainable Development, May 31 - June 01 2012, Sarajevo corruption in employment process (some public companies advocate publicly that they prefer daughters and sons of their current employees in hiring process. Leak of professional business environment in state owned companies – ASAP methodology requires business educated professionals who can follow ASAP predefined tasks. Very often employees in state owned companies do not have appropriate skills that can support ASAP activities. Even if the project managers deliver tasks to their employee the feedback is missing or is delivered in very poor manner. Leak of change management (Change management not consider as important) - Change management is a process which aim is to make easier implementation, as well as transition during ERP project. Since ERP project is usually very complex, change management can play significant role to improve employees to understand why the project has been implemented and to make organizational changes and BPR easier. These activities can be summed into 3 basic ones: education of employees, communication among stakeholders and involvement in project process. Lack of change management can affect quality of project implementation, and make results smaller. 5. CONCLUSION As it is stated in abstract the main objective of this paper is to answer a question “Does predefined ERP implementation methodology work for state owned companies in transitioning countries?” We tried to answer on this question with experience gained with several projects in state owned companies done in Bosnia and Herzegovina. We will call it “hands on” experience. As we are working as SAP consultants, we chose SAP Accelerated methodology as referent methodology for our paper. We found it relevant as it is provided by the biggest ERP vendor – SAP A.G. In general ASAP methodology is well developed with hundreds of well-structured documents which support all ERP implementation activities. Unfortunately, in practice, this ERP implementation methodology hardly works for state owned. As experienced SAP consultants we have impression that ASAP methodology is constructed for private companies with professional business environment. At the end we will state the most remarkable constrains we found during ASAP methodology implementation: Inadequate tendering procedure for state owned company No localization for ASAP documentation for smaller countries (example Bosnian language) Time consuming decision making flow process Working habits of management and employees 139 �3rd International Symposium on Sustainable Development, May 31 - June 01 2012, Sarajevo Leak of professional business environment in state owned companies Leak of change management (Change management not consider as important) We hope that this paper will be useful in further ERP implementations and ERP research. A Cross – Sectional Analysis of Environmetal Sustainability Practices Toksari Murat1, Uçan Okyay2 1Nigde University, Department of Business, 2Nigde University, Department of Economics, E-mails: mtoksari@nigde.edu.tr, okyayu@hotmail.com Abstract In 1970s and 1980s the concept of sustainability developed as a process of protection for the elements that social, economic and eceological systems need. During the Environment and Development Summit held in 1992, decisions were made about the works to protect and improve the environmental sustainability with the help of objective policies. By revealing sustainability specifically focuses on the social, economic and ecological target, Brountland report states that meeting Socia-Economic needs is limited to the carrying capacity of ecosystem. Environmental sustainability is divided into three categories. They are resource management, energy management and product sustainability. While, solid waste and water conservation compose the resource managament, energy managament includes energy conservation, renewable energy, GHG emission reduction, energy sufficient. Finally, product sustainability involves product transportation, supply chain audit, product stewardship and Life Cycle Program. In this context, environmental sustainability index and environmental performance index were prepared by the universities of Yale and Colombia. With environmental sustainability index, it is intented to reach perfection in the current and future environmental qualities of the countries. This index, is a tool when aiming to be qualified and is an important mechanism for testing the environmental performance. As for environmental performance index, it has been developed by using result-oriented indicators. 140 � Dublin Core The Dublin Core metadata element set is common to all Omeka records, including items, files, and collections. For more information see, http://dublincore.org/documents/dces/. Extent The size or duration of the resource. 1162 Title A name given to the resource Does predefined ERP implementation methodology work for public companies in transitioning country? Author Author Adnan , Kraljić Abstract A summary of the resource. The main objective of this paper is to answer a question “Does predefined ERP implementation methodology work for state owned companies in transitioning countries?” The focus will be on state owned companies from Bosnia and Herzegovina, as it is typical transitioning company. Paper will treat selected issues which could trouble ERP implementation trough predefined ERP implementation methodology for SAP ERP. This paper presents observations/remarks based on experience of authors in SAP ERP implementation projects in public sector in Bosnia and Herzegovina. Author’s goal is to provide useful insight into predefined ERP implementation methodology (in theory) and issues that arise in real life ERP projects. Also, it should provide structural knowledge for all stakeholders involved in the process of ERP implementation in public sector. Keywords: enterprise resource planning (ERP), implementation, state owned company, post socialist transitioning country, ASAP methodology Date A point or period of time associated with an event in the lifecycle of the resource 2012-05-31 Keywords Keywords. Conference or Workshop Item PeerReviewed H Social Sciences (General) https://omeka.ibu.edu.ba/files/original/4ff3225651fbcacccf7631b61523ff7c.pdf b2dc846f3e0c906ac526d0de461a0573 PDF Text Text 3rd International Symposium on Sustainable Development, May 31 - June 01 2012, Sarajevo Yıldırım, Ş. (2003). Ticaret Egitimi Arastırması. T.C. Milli Eğitim Bakanlığı (MEB) Mesleki ve Teknik Egitim Arastırma ve Gelistirme Merkezi Baskanlıgı Yayını (Editör), Ankara Vanfossen, B.E., Jones, J.D., Spade, J.Z., (1987). Curriculum tracking and status maintenance. Sociology of Education 60, 104–122. Yıldırım, O. and Dalgeç, A. (1993). Küresellesme ve Muhasebe Egitimi, XIII, Türkiye Muhasebe Egitimi Sempozyumu, İzmir. Knowledge Maps & Knowledge Mapping: Literature Review Admir Čavalić, Erkan Ilguen International Burch University,Sarajevo, Bosnia and Herzegovina Abstract This study provides information about Knowledge Mapping as a tool of Knowledge Management, how it is used and how do we “occasionally” use it daily. Main part of this paper focuses on the relation among an organisation and knowledge mapping, and how kmaps are important and what’s their purpose. After a broad analysis of articles from nowadays significant researchers about knowledge mapping I was able to extract the main issues, statements and definitions on knowledge mapping and what would help an organisation in its strategic positioning and development in the manner of k-maps. Moreover, where to focus on, in the need of preparing a knowledge map. Also, which k-maps developed throughout the time and their difference among each other? Keywords: Knowledge Mapping, Knowledge Management, Organisation, Strategic Positioning 1. INTRODUCTION Knowledge is an accepted and significant base for competitive advantages and companies started to establish new smart information system. One of the key processes in Knowledge Management is Knowledge Mapping. The main use of knowledge maps is to get an outline about the available sources of information and to help in finding appropriate sources quickly. So therefore a source can be expertise, knowledge, a person, etc. In order to apply any knowledge mapping technique, an organization must be sure of its success and efficiency. A basis to identify the level of knowledge of an organisation could be the knowledge map which also can support the strategic positioning in terms of knowledge management. In an organisation one of the most important goals is the expertise location. In this expertise mapping the organisation’s knowledge needs to be inventoried as well as to map the organisation’s information flow. The common approached to achieve this are assessment of interviews, abilities records and extensive surveys and analysis. 373 �3rd International Symposium on Sustainable Development, May 31 - June 01 2012, Sarajevo "Knowledge mapping is a process by which organisations can identify and categorise knowledge assets within their organisation - people, processes, content, and technology. It allows an organisation to fully leverage the existing expertise resident in the organisation, as well as identify barriers and constraints to fulfilling strategic goals and objectives. It is constructing a roadmap to locate the information needed to make the best use of resources, independent of source or form".43 Knowledge Mapping in not a term that is new, in fact we all are practising knowledge mapping throughout our whole and everyday life. The only difference is that we are not writing/drawing it down and we are not doing it systematic. So basically knowledge mapping is having a record of information and knowledge we need like where we can get it from, who holds it, whose expertise is it, and so on. A good example would be our home. When we need to find something that we need and which is in our home it would be easy and fast to find it because we have almost all information and knowledge about “where is what” and “who knows what” at our home. This map which is about our home and which in our mind it is always updated, therefore we are able to act quickly and precised. But of course to have such a “mind” map about our organisation and organisational knowledge would be impossible. Since there is too much information and many individuals included. This is where knowledge mapping comes to action and shows us details of every knowledge that exist in the organization containing information about location, quality, and accessibility; and all the knowledge which is required to run the company smooth, means it enables us to find the knowledge we need easy and efficiently. It is important to note that the main aim of knowledge maps is not to create new knowledge but to structure and provide an easy access to knowledge which already available within the organisation. To find out and assess the knowledge assets of an organisation and make the organisation have maximum benefits from these assets. 2. Additional Definitions of Knowledge Mapping “Knowledge mapping is a process of surveying, assessing and linking the information, knowledge, competencies and proficiencies held by individuals and groups within an organization.”44 - Dr Ann Hylton, KeKma-Training 2002 “It's an ongoing quest within an organization (including its supply and customer chain) to help discover the location, ownership, value and use of knowledge artifacts, to learn the roles and expertise of people, to identify constraints to the flow of knowledge, and to highlight opportunities to leverage existing knowledge. Knowledge mapping is a important practice consisting of survey, audit, and synthesis. It aims to track the acquisition and loss of information and knowledge. It explores personal and group competencies and proficiencies. It illustrates or "maps" how knowledge flows throughout an organization. Knowledge mapping helps an organization to appreciate how the loss of staff influences intellectual 43 Vestal, Wesley. "Knowledge Mapping 101". Presentation at USAID Knowledge for Development Seminar September 22, 2003. http://pdf.usaid.gov/pdf_docs/PNADK308.pdf 44 "U.S. Agency for International Development." U.S. Agency for International Development. Web. 15 May 2012. <http://www.usaid.gov/>. 374 �3rd International Symposium on Sustainable Development, May 31 - June 01 2012, Sarajevo capital, to assist with the selection of teams, and to match technology to knowledge needs and processes.”45 - Knowledge Mapping: A Practical Overview by Denham Grey March, 1999 “Knowledge mapping is related to making knowledge that is available within an organisation translucent, and is about giving you the insights into it's quality.”46 - Willem-Olaf Huijsen, Samuel J. Driessen, Jan W. M. Jacobs “Knowledge mapping externalizes networks of cognitive relationships and renders them in graphic form. This pictorial approach to individual or group knowledge assists in the formation and maintenance of shared mental models and streamlines collaboration. Knowledge maps are commonly referred to as mind maps, semantic networks, and concept maps.”47 - Jonassen, D. H., & Carr, C. S. (2000) & Novak, J. D. (1998) “A knowledge map is a presentation of one or more aspects of the knowledge available within an organization that aims to fulfill a specific information need for one or more employee roles within the organization.“48 - Driessen, Huijsen and Grootveld To sum up all the definitions, knowledge mapping is a process and an approach to information that can be applied to any area that requires knowledge; it can also be used in specific circumstances such as implementing technological modification, preparation for an acquisition, introducing a new policy, or mapping intellectual capital. 3. Knowledge Mapping: Where to Focus? 3.1 Strategic 3.1.1 Enterprise-level Strategic business, technical, market knowledge Determine the organization’s “bench strength” Identify areas to focus KM efforts 45 "Knowledge Mapping: A Practical Overview." : Impact Alliance. Web. 15 May 2012. <http://www.impactalliance.org/ev_en.php?ID=2011_201>. 46 "Thoughts.com." Where Is the Map? 3 Easy Steps to Construct a Speech. Web. 15 May 2012. <http://www.thoughts.com/colbygross511/where-is-the-map-3-easy-steps-to-construct-a-speech>. 47 "Definition: Knowledge Mapping." Definition: Knowledge Mapping. Web. 15 May 2012. <http://technologysource.org/extra/83/definition/2/>. 48 "Mapping the People in Your Organisation." Mapping the People in Your Organisation. Web. 15 May 2012. <http://www.moxy.com.au/index.php/moxy-knowledge/18-articles/60-mapping-thepeople-in-your-organisation>. 375 �3rd International Symposium on Sustainable Development, May 31 - June 01 2012, Sarajevo 3.1.2 Cross-functional between divisions/business groups Operational assessment of working knowledge 3.2 Tactical Working group/process Tactical and operational knowledge applied to process excellence, innovation, customer relationship - USAID, 2003 4. Classification of Knowledge Maps 4.1 Through classification of knowledge maps many advantages can be achieved: A descriptive overview (which can function as an inventory or repository) A problem solving heuristic (that relates possible mapping solutions) Reduces the complexity characteristic (in choosing a knowledge map format) Recognition of similarities and differences (among different types of knowledge maps) To compare (different knowledge maps) May reveal new forms of knowledge maps (which are not applied yet) 4.2 Through classification of knowledge maps many disadvantages may appear: - Focus on description, instead of explanation Reification (pretending that an ideal archetype does exist) Static (difficult to adjust as a domain changes and evolves) Due to these disadvantages it is recommended that the classification system should rely on more than just one classification principle and should suggest various, alternative classification criteria. A classification should minimize the differences within a group and maximize the differences between groups. Knowledge maps are classified by: - Purpose Graphic Form Content Application Level Creation Mode Furthermore, according to this it can be classified in questions forms: 1. Which knowledge management purpose do I want to achieve with the map? (The “why?” of the map.) 2. Which kind of content about knowledge do I want to represent in the map? (The “what?” of the map.) 3. Who should use the map in which context or situation and at what level? (The “for whom?” and “when?” of the map) 376 �3rd International Symposium on Sustainable Development, May 31 - June 01 2012, Sarajevo 4. Which graphic form should be used and who can create the map in what way? (The “how?” and “who?” of the map) So basically knowledge maps differ themselves in the usage of why, what, for whom, how and who wants information and to whom we want to transfer it. Therefore, their limitation lies in that that we can’t mix them, even there are some possibilities. But they are limited by the purpose and how we want to transfer our information and knowledge throughout an organisation. In the next two pages you will be able to see 2 tables. Table 1 shows sample knowledge maps types based on these primary classifications. Table 2 deliberates on which kind of knowledge map may be useful for a given knowledge management process or challenge. Those two tables were taken from the research article from Martin J. Eppler, A process-Based Classification of Knowledge Maps and Application Examples. 5. Conclusion Since a knowledge map gives you information of knowledge and information within your organisation, IBU would benefit from a knowledge map. It would have fast access to many information about the students, professor, grades, etc and IBU in total. It would be an easy effort to see which students are visiting/joining IBU. Which nationality, age, previous education, gpa, etc they have; also the progress of the students throughout their education. As well as the satisfaction of students about the professors, grade overview of all of them, etc. We would be able to see which quality IBU is offering, what kind of professor they have. Who has a phd or master title, where they taught before, etc. All this would be beneficial to IBU but I think that every university should and must have a regularly updated knowledge map. But I think that IBU already have some kind of knowledge map due to its regularly surveys which are offered to students. Knowledge Map Classification A. Classifying knowledge maps by intended purpose or KM process (‘‘why?’’) 1. Knowledge creation maps: illustrate the planned steps to develop a certain (organizational) competence or create new knowledge (i.e., a technology road map) 2. Knowledge assessment or audit maps: illustrate the evaluation of certain knowledge assets graphically, for example, by a 2 x 2 matrix (axes: current ability and future importance) 3. Knowledge identification maps: provide a graphic overview on knowledge assets (experts, patents, practices) and points to their locations/coordinates 4. Knowledge development or acquisition maps/learning maps (a) Learning overview and learning path maps (b) Learning content structure maps (c) Learning reviewing/repetition maps 377 �3rd International Symposium on Sustainable Development, May 31 - June 01 2012, Sarajevo 5. Knowledge transfer, sharing, or communication maps: show who transfers knowledge to whom 6. Knowledge application maps: show which knowledge is necessary for carrying out certain processes or steps in a single process 7. Knowledge marketing maps: can be used to signal competence to the public in a certain domain B. Classifying maps by their content (‘‘what?’’) I. By (digital and analog) content formats: 1. websites (incl. blogs, portals, homepages), 2. documents (incl. books), modules), 3. databases or repositories, 4. learning objects or online courses (or 5. other file formats (e.g., sketches, drawings) II. By content types: 1. methods, 2. processes, 3. experts (incl. groups), 4. organizations/departments/ institutions, 5. lessons learned/experiences, 6. skills and competencies, 7. concepts, 8. events, 9. patents, 10. knowledge or communication flows or relationships, 11. interests or knowledge needs C. Classifying maps by the application level (‘‘who?’’) 1. Personal knowledge maps (visualizing one’s own skills or expert contacts, see Eppler and Sukowksi, 2000 or Burnett et al., 2004) 2. Dyadic knowledge map (to support knowledge creation, transfer, or assessment between two people) 3. Team knowledge maps (visualize the skills present or needed in a project team, like the T-matrix, see Eppler and Sukowksi, 2000) 4. Departmental knowledge maps 5. Community knowledge maps 6. Organizational knowledge maps 7. Inter-organizational/network knowledge maps D. Classifying knowledge maps by graphic form (‘‘how?’’) I Table-based format (for an example see Heng, 2001) 1. Person by skills table 2. Skill area by people table 3. People by documents 4. Team by project experience table II. Diagrammatic format 1. Structure diagrams (a) Venn diagram, (b) concentric circles (with or without segments), (c) matrix (i.e., 2 x 2), (d) network diagram, (e) mind map, (f) concept map (Tergan and Keller, 2005), (g) cognitive map (Huff and Jenkins, 2002), (h) strategy map, (i) fishbone 378 �3rd International Symposium on Sustainable Development, May 31 - June 01 2012, Sarajevo 2. Process diagrams (Galloway, 1994) (a) Timeline, (b) swim lane chart, (c) flow chart, (d) event chain, (e) critical path method, (f) Gantt chart, (g) cycle chart, (h) decision tree, (i) value chain, (j) flight plan (Eppler and Sukowksi, 2000) III. Cartographic format 1. Geographic map: globe/continent/land/island/region, 2. informational map: park, 3. tube/metro (Burkhard and Meier, 2005) map, 4. galaxy/stars, 5. sea/ocean, 6. building/ architectural map IV. Metaphoric format (a) From the natural realm: 1. tree, 2. iceberg, 3. canyon, 4. mountain, 5. river, 6... (b) Man made artifacts: 1. house, 2. temple structure, 3. radar screen, 4. bridge, 5. race track, 6... E. Classifying maps by their creation method (‘‘how?’’ and ‘‘who?’’) 1. Maps that are automatically and dynamically generated by the computer (such as selforganizing maps, see Kohonen, 2001) 2. Maps that are semi-automatically generated (automatically assembled and optimized by analysts) then 3. Maps that are designed once by domain and mapping experts and then used in the same way by all users 4. Maps that are iteratively created, modified, or extended by the map user(s) themselves (community generated maps) 379 �3rd International Symposium on Sustainable Development, May 31 - June 01 2012, Sarajevo REFERENCES 1. Vestal, Wesley. "Knowledge Mapping 101". Presentation at USAID Knowledge for Development Seminar September 22, 2003. http://pdf.usaid.gov/pdf_docs/PNADK308.pdf 2. "U.S. Agency for International Development." U.S. Agency for International Development. Web. 15 May 2012. <http://www.usaid.gov/>. 3. "Knowledge Mapping: A Practical Overview." : Impact Alliance. Web. 15 May 2012. <http://www.impactalliance.org/ev_en.php?ID=2011_201>. 4. "Thoughts.com." Where Is the Map? 3 Easy Steps to Construct a Speech. Web. 15 May 2012. <http://www.thoughts.com/colbygross511/where-is-the-map-3-easy-steps-to-constructa-speech>. 5. "Definition: Knowledge Mapping." Definition: Knowledge Mapping. Web. 15 May 2012. <http://technologysource.org/extra/83/definition/2/>. 6. "Mapping the People in Your Organisation." Mapping the People in Your Organisation. Web. 15 May 2012. <http://www.moxy.com.au/index.php/moxy-knowledge/18-articles/60mapping-the-people-in-your-organisation>. Links used: 1. http://lpis.csd.auth.gr/mtpx/km/material/knowledge%20maps.pdf 2. http://www.slideshare.net/dtandukar/KMap 3. http://it.toolbox.com/wiki/index.php/Knowledge_Map 4. http://pdf.usaid.gov/pdf_docs/PNADK308.pdf 5. http://www.moxy.com.au/index.php/moxy-knowledge/18-articles/46-knowledge-mapping 6. http://kmwiki.wikispaces.com/Knowledge+mapping 7. http://knowledge-mapping.blogspot.de/2006/11/concept-mapping-today.html 8. http://www.tlainc.com/articl180.htm 9. http://www.trainmor-knowmore.eu/AC44FB2A.en.aspx 10. http://ezinearticles.com/?Knowledge-Mapping&id=9077 11.http://www.moxy.com.au/index.php/moxy-knowledge/18-articles/60-mapping-the-peoplein-your-organisation 380 � Dublin Core The Dublin Core metadata element set is common to all Omeka records, including items, files, and collections. For more information see, http://dublincore.org/documents/dces/. Extent The size or duration of the resource. 1345 Title A name given to the resource Knowledge Maps & Knowledge Mapping: Literature Review Author Author Admir , Čavalić ILGÜN, Erkan Abstract A summary of the resource. This study provides information about Knowledge Mapping as a tool of Knowledge Management, how it is used and how do we “occasionally” use it daily. Main part of this paper focuses on the relation among an organisation and knowledge mapping, and how kmaps are important and what’s their purpose. After a broad analysis of articles from nowadays significant researchers about knowledge mapping I was able to extract the main issues, statements and definitions on knowledge mapping and what would help an organisation in its strategic positioning and development in the manner of k-maps. Moreover, where to focus on, in the need of preparing a knowledge map. Also, which k-maps developed throughout the time and their difference among each other? Keywords: Knowledge Mapping, Knowledge Management, Organisation, Strategic Positioning Date A point or period of time associated with an event in the lifecycle of the resource 2012-05-31 Keywords Keywords. Conference or Workshop Item PeerReviewed H Social Sciences (General),HB Economic Theory,HG Finance,HJ Public Finance https://omeka.ibu.edu.ba/files/original/1c4656b1f7a05ac8797e01dd9fb70694.pdf a4f3b47f60c552f6bd32232d4b7d3733 PDF Text Text 3rd International Symposium on Sustainable Development, May 31 - June 01 2012, Sarajevo innovative business support , as well as startup companies support for certain social categories. 3. In fact, despite of high level of awareness to corporate social responsibility projects and actions , the same level of commitment is not indentified with their credit policy In fact only limited number of selected banks truly incorporate sustainable financing in their lending policy, while the others provide almost all sustainable loans being in a positions of intermediary bank for MBDP credit lines. Therefore MBDP is the biggest promoter of the special loans for sustainable development , while some of the medium sized banks are trying to assure better position at the market , with allocating part of their credit potential for the purpose of sustainable development financing. LITERATURE Coro Strandberg ,”Best practices in sustainable finance” – Strandberg Consulting, June 2005 WWF & BankTrack Report - “ Shaping the future of sustainable finance” – WWF , 2006 Marchel H.A. Jeunken , Jan Jaap Bouma “The changing environment of banks “GMI 1999 Marcel Jeucken “Sustainable Finance and Banking” November 2001. Jan Willem van Gelder “The do’s and don’ts of Sustainable Banking - A BankTrack manual”- 2004 Post-Modern Criticism of Monetary System and Financial Institutions Adi Fišević, Ugur Ergun International Burch University, Faculty of Economics 71000, Sarajevo, Bosnia and Herzegovina E-mails: adifisevic@yahoo.com, uergun@ibu.edu.ba Abstract Monetary System represents a synonym for modern economic era and its functionality. In order to maintain economic stability it is important to keep major segments of monetary system in balance. Throughout analysis we will first emphasise on nature of money and basic characteristics of it by observing its impact on human nature to reach focal points that could negatively affect monetary system. Since world is reaching toward one unique economic space we must observe it as compact unity in order to react on time to all negative impact that could potentially destabilize international monetary system. Crucial part of the analysis will be based on uncontrolled creation of debt which represents major factor that creates instability on the global and intra-country scale. Since the debt is mostly created throughout generally implemented fractional reserve system we will try to indicate how money multiplier contributes toward debt creation and how it changes over time. Also institutions like IMF and World Bank contribute to excess debt creation by formally providing loans to counties in development that eventually sink into deeper crises. One of the most fragile segments of 103 �3rd International Symposium on Sustainable Development, May 31 - June 01 2012, Sarajevo monetary system is foreign exchange market whose general purpose is often misused by governments’ manipulations that have tendency to provide current economic prosperity for their countries but as the final result provides global economic crises. The role of central banks is crucial in this process and we will see how it contributes to overall activities. Keywords: Monetary System; Money; Debt, Fractional Reserve Banking; Legal Tender Laws; Money Multiplier; International Monetary Fund (IMF); Foreign Exchange Market; Purchasing Power Parity; Central Bank. 1. INTRODUCTION Taking into consideration current position of monetary system, it has become obvious that certain aspects do not function properly with respect to conditions that provide economic stability on global scale. Due to the sophisticated nature of monetary system and financial institutions we will not be able to analyse all vulnerable aspects. As name of the paper says post modernistic approach will be applied in order to reach crucial points that destabilise system and cause temporary crises. Importance of intra-country economies should not be neglected during the analysis because of its micro economic influence that individually constitute overall picture. Creation of new money in the information age could become one of the major issues in the upcoming period (Huber and Robertson, 2009). This creative approach by these two authors and their perception of new monetary turmoil could be useful for the analytic process and new predictions that might occur in the monetary system. Problem of debt creation represents one of the major disadvantages that was not substantially emphasised in the past. In the last two decades we may consider International Monetary Fund (IMF) and World Bank as major causes for enlargement of external debt in most countries. Although the system looks helpful at first sight, it actually generates long term debt and produces negative consequences for the debtor. Influence of money multiplier in current monetary system, imposed by central bank is regarded as major priority and susceptible matter. Another important segment that has ability to destabilise monetary system is unlimited and uncontrolled foreign currency exchange. It basically acts throughout inflationary changes that do not leave intra-country economy unharmed. Central Banks have tendency to manipulate system in order to prevent balance of payment and to gain competitive advantage over others. This approach generally causes instability of foreign exchange market. On the other side it may not be of crucial importance but it is one of the most common factors that cerate monetary instability on the global scale. 2. MONEY 2.1 Nature of Money Maybe the most significant issue when discussing about monetary system is the attitude of people toward it. In order to understand systematization of the monetary process and obstacles that it meets we need to recognize psychological nature of money and general perception of the population. Taking into consideration that we live in technological age when information is highly available and people are vastly eager to participate in legislation processes, because 104 �3rd International Symposium on Sustainable Development, May 31 - June 01 2012, Sarajevo they understand its impact on everyday life activities. Monetary system is nothing else but immanent factor that influences intra-country economies and determines future of the long term political stability. There are many factors that influence human will when it comes to handling of money. Monetary policies created by central banks or retail banks directly participate in the decision process. Lower interest rate provides direct motivation for loans which could eventually improve wellbeing of the citizens. Importance of understanding human behaviour is equally important as monetary changes since the impact is visible on living standards. Since desire for money is not innate, but it is caused by socio-economic standards that exist over time people have developed certain addiction. Money in some opinions affect as perceptual drug which produces same psychological effect as any other psychoactive substance (Lea and Webley 2005). In the modern era money is observed as social resource and necessity for major surviving activities. Purchasing power that money possesses enables us to fulfil desires and goals which consist of materialistic nature. All type of merchandise must be expressed within some monetary parameters, regardless of its value that will enter individual or production spending (Marx, 1890). This brings us to the point where we need to take serious dialectical approach to money. Since the monetary system sets the standards within which money is to be used and operated with, must be observe simultaneously with caution. In its essence money represents foundation of every modern society and if those foundations are not precisely adjusted throughout monetary system the society will collapse from inside. 2.2 Creating New Money* In this part we will debate on new monetary system and all possible changes necessary in order to create long term stability in the economic sector. Most of propositions are derived from the book of Joseph Huber and James Robertson ¨Creating New Money: A Monetary Reform for the Information Age¨ (Hubert and Robertson, 2009). Analysis is based on the potential reformation with respect to new standards that constitute modern information age. Since most of money in the modern era is created by banks throughout fractional reserve system such propositions seem logical. Second step is based on governments urge to spend potential money and to put it into circulation. Many academics have different opinion on this issue. Some of them consider that money should be channelled through specific public spending programs. Others think that money should be used to pay national debt. Third and most interesting suggestion is for governments to put money into circulation as interest free loans. This way government could directly help itself and also facilitate tax payers’ obligation for government expenditures. Another author that proposed reform of monetary system was Ludwig von Mises. In his work he also supported idea that all future bank notes must completely be covered in gold (Mises, 1928). His reform was also related to commercial banks and various changes that need to be implemented from limitation of fiduciary media up to regulation over the banks cash balance in order to stabilize monetary system. * Following analysis is based on the book ¨Creating New Money: A Monetary Reform for the Information Age¨ by Joseph Huber and James Robertson with the addition of authors’ propositions and criticism. 105 �3rd International Symposium on Sustainable Development, May 31 - June 01 2012, Sarajevo 3. UNCONTROLED CREATION OF DEBT 3.1 Factors of Debt Creation Post modern period created many unpredictable situations whose effects constantly destabilise international monetary system. Throughout intense globalization processes monetary system did not stayed unharmed. Governments have daily issues that concern misjudgement and predictions of the future monetary reforms. It has become obvious that system as it is can maintain its functionality but it is a matter up to when since the world is slowly recovering from the crises and harmful impact on global economy. Whether banking can preserve its stability is an unquestionable, but major issue concerns intra-country economies since it is not desirable for many undeveloped countries to fall within global corporations that enjoy affection of banking sector. In many cases global economy does not favour corporations whose tendency toward profit is unstoppable. On the other hand we should focus on crucial issues within monetary system and try to find key defects and shortages. One of those issues is regarded of fractional reserve banking. Since the beginning of the previous century world has entered new era of consumerism. From one perspective consumption was blossoming while on the other side debt was accumulating. However paradoxical this sounds it represents current situation we are living in. Daily consumption of each household increases which is a positive sign, but overall debt per individual also increases. This date are standardised and well known to all government officials. The only question is how long such system will last till it entirely collapses. 3.2 Fractional Reserve Banking Since the introduction of the modern banking system fractional reserve approach was introduced. It has a long tradition and also hazardous nature that through time proved to be instable and harmful for the economy. Although bankers lobby still enjoys all benefits of this system it is obvious that whole planet is over debt and this bubble could implode soon. As I have already said consequences would be disastrous and economy could hardly recover. Politics promoted by hegemony forces like U.S and U.K favours fractional reserve banking since those international corporations that represent those two countries usually gain greatest benefits. There have been few attempts to justify fractional reserve banking which can be placed in two distinct groups. First group is based on principle that equates irregular deposit contracts with the loan contract. Second doctrine was based on the ground of new legal concept of availability which states that bankers should carry out their investments responsibly in accordance with regulations and legislatives (Soto, 2009). These two approaches do not look convincing and they lack scientific base for proving statements. Especially first group of doctrines that equates irregular deposit contracts with loan contract. In any case depository contracts are characterised by lower interest rates which is logical because of business cycle that characterises the process. Problem is not in the fact that banks provide loans with higher interest but in the fractional reserve nature. Banks decrease their reserves which disables depositors of taking their funds from the bank at will. Furthermore bank borrows money that do not own but beside that also create new additional money from imaginary base. In most cases bankers behave according to law since the regulations are set to support their operations. 106 �3rd International Symposium on Sustainable Development, May 31 - June 01 2012, Sarajevo 3.3 Influence of Money Multiplier The system operates in a way that central bank prints additional amounts of money which is infiltrated into the process of further multiplying. Since the banks cooperate with central bank in coherence money is printed in accordance to the directions that follow banks operations and needs. In order to infiltrate new money into the market central banks simply purchase additional assets. Reserve rate held by the banks are determined by the central bank rules and legislatives in cooperation with government. When new money is printed it instantly increases banks potential deposits that they can further lend by again increasing money supply. According to the studies in United States each additional dollar created by the Fed will generate new $8.5 with respect to M2 money supply (Johnson, 2010). M2 money supply is crucial indicator when evaluating amount of money in the market and inflation. It includes checking accounts, currency, saving accounts, retail money market funds and time deposits. In the economic terminology money multiplier is denoted with (m). It shows simple variation and change in money supply (M) compared to the change in monetary base (MB). Money multiplier expresses the value of the monetary base that was increased in the money supply. In this post-modern monetary system money multiplier is always higher than 1 which also is directly correlated with increase in inflation. Since the banks operate under fractional reserve system money multiplier is one of the crucial variables that affect monetary system. When evaluating money multiplier it is important to include variety of factors. Few of the main variables are reserve ratio (r), currency in circulation (C), checkable deposits (D) and excess reserves (ER). During the analysis it would be enough to posses these numbers that are usually presented in the central banks report in order to calculate currency ratio (c) and excess reserve ratio (e) to be able to calculate simple money multiplier. After calculating excess reserves and currency ratio we will be able to calculate simple money multiplier. We call it simple because in this equation only M1 (money supply) is used because it gives us easier approach for explanation of it functionality unlike M2 where we would need to take into consideration retail money market funds and time deposits. 3.4 Foreign Exchange Market Foreign exchange market represents one of the most volatile segments of international monetary system. Due to its nature and characteristics fluctuations in exchange rates directly influence intra-country economy. Exchange rate is an expression of one currency price in terms of other (Mishkin, 2010). 107 �3rd International Symposium on Sustainable Development, May 31 - June 01 2012, Sarajevo Since level of trading has reached its peak on the international scale especially in the last few years, issue of foreign exchange market became more important for stability of international economy. Foreign exchange market enjoys certain kind of autonomy since it is completely decentralised and independent of most government regulations. Unlike stock exchange where all dealers are gathered at one place foreign exchange market functions on the principle of few hundred banks that trade among themselves. It is another characteristic that result in new doubts regarding the functionality of the system. We can differentiate two major types of exchange rate transactions. Spot transactions are most common type of exchange rate transactions and it is based on immediate exchange of banks deposits. On the other side we have forward transactions where transactions of bank deposits occur in the future (Mishkin, 2010). Forward transactions are unpredictable due to intensive fluctuations among exchange rates which can cause high gains or losses for one of the participants. Trading parties use forward premium that show approximate measurement of market expectations in the future. In its core it is a difference between spot price and future forward price. Fm is the forward exchange rate while e represents number of days from the starting point. If it means that more primer currency will be necessary to purchase foreign exchange e days from now than today (Ickes, 2006). 4. CONCLUSION Through analysis we have seen that international monetary system is extremely fragile ad that change in any particular segment can destabilize overall economic wellbeing. Money itself has certain impact on human behaviour that can be manipulated with different means. Stability of monetary system also depends on attitude of general population toward banking sector. Fractional reserve system is one of the most prominent segments whose functionality is questionable. We have seen that fractional reserve system does promote uncontrolled creation of debt that generally is not favourable for stable economic environment. Money multiplier as one of the most important measurements of money supply proved to be inefficient and unreliable. Foreign exchange market as most autonomous segment of monetary system constantly suffers of manipulations enforced by governments that tend to promote economic efficiency. In order to maintain global stability it is important to introduce new independent institutions that have capabilities to monitor and control monetary behaviour of developed countries whose currencies are widespread. REFERENCES Huber, J., Robertson, M. (2000). Creating New Money: A Monetary Reform for the Information Age. New Economics Foundation, London. pp. Ickes, B. (2006). The Foreign Exchange Market, p. 8 http://econ.la.psu.edu/~bickes/forex.pdf Johnson, S. (2010). Keeping an Eye on the Money Multiplier. Invesco Fixed Income, pp. 1-3 Kindelberger, C. (1978). Manias, Panics and Crashes: A History of Financial Crises. New York, Basic p. 16 108 �3rd International Symposium on Sustainable Development, May 31 - June 01 2012, Sarajevo Lea, S., Webley, P. (2005). Money as tool, money as drug: The biological psychology of a strong incentive. The Journal of Behavioral and Brain Science, University of Cambridge, pp. 5-7. Marx, K. (1890). Das Kapital: Kritik der Politichen Oekonomie, Verlag von Otto Meissner, Hamburg, p. 645 Mises, L. (2006). The Causes of Economic Crises: And Other Essays Before and After the Great Depression. Ludwig von Misses Institute, pp. 39-41 Mishkin, F. (2010). The Economics of Money, Banking and Financial Markets (9th Edition). Pearson Education Inc., Boston, p. 56, 433, 434, 437 Rothbard, M. (2008). The Mystery of Banking (2nd Edition). Ludwig von Misses Alabama, p. 4 Institute., Shah, A. (2007).Third World Debt Undermines Development: Causes of the Debt Crisis. Retrieved December 20 2007. http://www.globalissues.org/ TradeRelated /Debt/ causes.asp Soto, J. (2009). Money, Bank Credit and Economic Cycles (2nd Edition). Ludwig von Misses Institute., Alabama, pp. 115-119 Taylor, A., Taylor, M. (2004). The Purchasing Power Parity Debate. Journal of Economic Perspectives, Volume18, no. 4, pp. 135-158 Taylor, J., (2001). The Role of the Exchange Rate in Monetary-Policy Rules." American Economic Review, Vol. 2: p. 67 IT role on proper Financial Statement Analysis Ozlen Serife, Duric Adnan, Ergun Ugur, Kevro International Burch University, Sarajevo, Bosnia and Herzegovina E-mails: serifeozlen@hotmail.com,duric_adnan@hotmail.com, uergun@ibu.edu.ba Abstract Financial statements are prepared reports to quantitatively describe the current financial situation of a company. Therefore, proper financial statement analysis is important for the managers to be able to observe the organization and make financial decisions as a result of achieving the right information about the company on time. Hence the company can obtain some benefits. The tools used in the analysis and the staff motivation who performs the analysis are assumed in this research as the key variables to develop proper financial statements and therefore the analysis. 109 � Dublin Core The Dublin Core metadata element set is common to all Omeka records, including items, files, and collections. For more information see, http://dublincore.org/documents/dces/. Extent The size or duration of the resource. 1284 Title A name given to the resource Post-Modern Criticism of Monetary System and Financial Institutions Author Author Adi , Fišević ERGÜN, Uğur Abstract A summary of the resource. Monetary System represents a synonym for modern economic era and its functionality. In order to maintain economic stability it is important to keep major segments of monetary system in balance. Throughout analysis we will first emphasise on nature of money and basic characteristics of it by observing its impact on human nature to reach focal points that could negatively affect monetary system. Since world is reaching toward one unique economic space we must observe it as compact unity in order to react on time to all negative impact that could potentially destabilize international monetary system. Crucial part of the analysis will be based on uncontrolled creation of debt which represents major factor that creates instability on the global and intra-country scale. Since the debt is mostly created throughout generally implemented fractional reserve system we will try to indicate how money multiplier contributes toward debt creation and how it changes over time. Also institutions like IMF and World Bank contribute to excess debt creation by formally providing loans to counties in development that eventually sink into deeper crises. One of the most fragile segments of monetary system is foreign exchange market whose general purpose is often misused by governments’ manipulations that have tendency to provide current economic prosperity for their countries but as the final result provides global economic crises. The role of central banks is crucial in this process and we will see how it contributes to overall activities. Keywords: Monetary System; Money; Debt, Fractional Reserve Banking; Legal Tender Laws; Money Multiplier; International Monetary Fund (IMF); Foreign Exchange Market; Purchasing Power Parity; Central Bank. Date A point or period of time associated with an event in the lifecycle of the resource 2012-05-31 Keywords Keywords. Conference or Workshop Item PeerReviewed H Social Sciences (General),HB Economic Theory,HG Finance,HJ Public Finance https://omeka.ibu.edu.ba/files/original/3800f6eb39ce842a38aac99dd13f4ba0.pdf 9769015540f98be1229b0c5e7c7ff682 PDF Text Text Sustainable Aquaculture Practise: A Profitable Venture In Nigeria Adelakun, K.M.1; Ogundiwin, D.I.2; Ajagbe, S.O.1; Ijagbemi A.B.1 Federal College of Wildlife Management. P.M.B.268, New Bussa. Bewasol Integrated Farms, Powerline, Osogbo E-mail: adelakunkehinde@gmail.com Abstract Aquaculture, which involves the farming of fish for nutritional and economic benefits as well as food security and income generation, has in the last few years witnessed spectacular growth in Nigeria. The level of intensification witnessed in recent times has raised several issue that need to be addressed for the sustainability of the industry. This paper reviews relevant literature and examines the status and profitability of this green business in Nigeria. While it notes that economic viability of aquaculture depends on the interplay of various determinants (resources). It highlights land, water, labour and capital as resources employed for the optimum production in fish farming. The paper also discussed prospects that emanated from yearly shortfall in fish supply which is an indicator that there is a stable and ready market for fish. Possible suggestion were proffered to the problem of poor quality fish seed, high cost of fish feed, poaching, lack or insufficient of capital and marketing of fish and fish products identified as the hindrance militating against aquaculture development in Nigeria. The investigation reveals that aquaculture is very profitable in Nigeria due to the diversity in the culturable species in the country and its ability to yield between 30-100% return on investment in some very successful cases. Therefore, if taken as a full time occupation or venture it makes a significant economic impact on the investor. Keywords: Aquaculture, determinants, problems, profitability, prospects. 1.INTRODUCTION Fisheries occupy a unique position in the agricultural sector of the Nigerian economy. In terms of Gross Domestic Product (GDP), the fishery sub-sector has recorded the fastest growth rate in agriculture to the GDP. The contribution of the fishery sub-sector to GDP at 2001 current factor cost rose from #76.76billion to 162.61billion in 2005 (CBN report, 2005). It however has diverse sub-sector and this included fish farming (Aquaculture) which involves the rearing of fish for nutritional and economic benefits. More specifically for food security, the productionof fish offers the prospects of improved local nutrition by providing ready source of high quality protein as well as an opportunity to generate income (Otubusin, 1998). Aquaculture account for 25,000 metric tonnes which is currently far below its estimated potential of 2.50million metric tonnes annually, yet it has contributed 6% to the local domestic fish production in 2002 (FDF, 2005). 265 �The awareness on the potential of aquaculture to contribute to domestic fish production has continued to increase in the country. This stems from the need to meet the much needed fish for domestic production and export. Fish species which commonly cultured include Clarias and Heterobranchus spp. (catfish), Tilapia spp. (Tilapia),Cyprinuscarpio (Common carp),Heterotisniloticus (Slap water). This culturable species usually grow to a minimum acceptable marketable size in a reasonable growing period (usually between 4-9 months of culture) depending on the production system. Despite the growing aquaculture, livestock and poultry industries, the problem of protein deficiency still persist (Adewuyiet. al., 2010). The protein deficiency in diet is equally associated with the inability of fish farming industry to supply the required quantity of fish despite its huge potential. The situation causes poor health, low efficiency, low productivity and poor standard of living. It is therefore expedient to review the profitability of fish farming in Nigeria in order to review the profitability of fish farming in Nigeria in order to unveil the golden opportunities in this green business. Investment in fish farming will increase local production of fish for consumption and importation.Specifically, it has a special role of ensuring food security, alleviating poverty and provision of animal protein. 2.IMPORTANCE OF FISH FARMING Source of food: Fish as a product provides an excellent balance of calories. Fish is high in good quality protein. The percentage of edible lean tissue in fish is appreciably greater than that in beef, pork or poultry. Fish has a concentration of calcium and phosphorus in the bones. Conquer and Holub (2002) noted that fish oil significantly lower blood pressure, protect against blood vessel construction thrombosis and heart arrhythmia. Fin fish consumption also decreases the risk of blood cancer and reduces insulin resistance in skeletal muscles. Employment generation: Fish production also occupies a very significant position in the primary sector providing direct employment for over a million people (FDF, 2005). The IFC (2004) estimated that some of the fish consumed in Nigeria is catfish and farmed raised fish is increasingly contributing to this market, which to date remains largely a live, fresh market. Employment opportunities are not only in the production, credit for aquaculture farms and consultancy services. Source of income: Many fish farms are established yearly to produce fish, rivers and streams are continuously utilized as regular fish ponds, generating revenue to the individualfish farmer and other resource holder. Most recent investment in aquaculture has been targeted towards catfish farming. Presently live catfish attracts premium price in Nigeria, with a high ROI (Return On-Investment) ranging between 30-100 percent in some very successful enterprises and considered a viable option of increasing income of the investor. Source of raw materials to local manufacturers: Fish is a ready source of raw materials to manufacturers and producers of all types of feeds and animal rations. Fish trashes, offal, gills, scales and even lesser-utilized fish can be converted to fish meal which is often an expensive unit of all animal feeds. Fish are supply to convenience store and relaxation center for its availability to the individual customer at their convenience. 266 �3.DETERMINANTS (RESOURCES) OF FISH OUTPUT Resources used in fish production are Land, water, labour and capital. These resources are employed for the optimum production in fish farming. LAND: This is the most important resources readily available for production in developing countries. The mode of acquisition of land in the country today is mostly through outright purchase from individual owner or from government by issuance of a certificate of occupancy. However, there are still other areas where land acquisition could be by traditional inheritance. The location of land determines how land is used and the type of fish culture system adopted by fish farmers. Farmers, whose lands are located in swampy area with plenty of water, simply evacuate such lands into earthen ponds. On the other hand, farmers utilized any available empty space in their homes and build them into either concrete or any other types of holding tanks. WATER: This is basically the most important determinant. Adequate quality water as an essential commodity in fish farming cannot be underestimated. Without assurance of water supply, fish production would be made impossible. The major source water for fish farming are stream water (perennial or seasonal) and domestic water supply (well or borehole). LABOUR: Labour is a very important factor in traditional agriculture (Norman, 1972). Two kinds of labour identified with fish farming are family labour and hired labour. Family labour is very important in fish production because majority of the fish farms are homestead. The size of the household helps in making this kind of labour available. Hired labour is important in all scale of operation especially farm based operation. CAPITAL: The capital could be durable and non-durable. The durable capital items used by the fish producers are ponds, vehicle and fixed asset while non-durable capital items are stock (either fingerling or juvenile), feeds (local and imported) and other variable resources. Capital inform of money needed to finance all production activities is also important resources. Kudiet.al, 2008 report that most fish farmers in Nigeria depends on personal savings to finance their production activities while only few have access to either cooperatives or other lending institutions. Economic viability of aquaculture depends on the interplay of these various complex resources. It is often the aim of fish farm operators to cut down production cost in order to increase the return on investment. However, product cost is a function of operational skills which include selection of sites, fish species and the manipulation of the growth pattern of the stock, management capability of the operators and also the production of the culture. The practical application of these resources will definitely result in viability of the aquaculture business. 4.CURRENT ECONOMIC VIABILITY STATUS OF FISH FARMING IN NIGERIA The current phase of aquaculture development in Nigeria is the emergence of investment from the private sector as the driving force. This is also complemented with the ability of researchers to provide scale basis. Moreover, there have been proof beyond reasonable doubt that the rate of return is encouraging if well planned before embarking in it. 267 �According to Raufu et.al., (2009) in the study of Alimosho Local Government Area of Lagos state, reported that the total variable cost and total fixed cost represents 32.5% and 67.5% of the total cost of production respectively. The higher value for fixed cost may be due to the high cost of land acquisition in the area as well as high cost of construction materials like cements used in constructing a high standard fish pond. The gross margin of #11,479,304 and a net farm income for #8,985,904 indicates that small scale fish farming is profitable in the area. Table 1: Budgetary analysis of the study in Alimosho Local Government Area Variables Amount (#) Total variable cost 1,201,186 Total fixed cost 2,493,400 Total cost 3,694,586 Total revenue 12,680,490 Gross margin 11,479,304 Net farm income 8,985,904 Source: Raufu et.al., 2007 In the last ten years, individual has virtually taken over the industry and invested massively in aquaculture especially freshwater catfish farming. Adewuyiet.al., 2010 in the profitability analysis of fish farming in Ogun state shows an equally evident result of an average fixed cost of #243,287 and total cost of #394,380 incurred per annum while gross revenue of #715,030,thereby having returning gross margin of #574,314 and a profit of #320,650. The rate of return on-investment of 0.55 which implies that for every #1 invested, a return of #1.55 and a profit of #0.55 were obtained. The implication of these is that there is considerable level of profitability in fish farming in consistent with the findings of Ashaoluet.al., 2005; Olukunle, 2004; and Kudiet.al.,2008 from their separate studies on profitability of fish farming in different area of Nigeria. 5.PROSPECTS OF AQUACULTURE IN NIGERIA 5.1.Prospects Aquaculture has high prospects in Nigeria with a population of over 140 million, the fish demand estimated at 1.6 million metric tones, while the current local supply was 640,000 metric tones (FDF, 2005). Faturoti (1999) noted that recent trends all over the world point to a decline in landing from capture fisheries which is an indicator that fish stocks have approached or even exceeded the point of maximum sustainable yield. This shortfall in fish supply has led to low annual per capita fish consumption of 7.5kg per annum 2002 even though the WHO/FAO recommended 268 �13.5kg per annum (FDF. 2005). Aquaculture therefore remains the only viable alternative for increasing fish production in order to meet the the protein need of Nigerians. Table2: Projected Population and Fish Demand/Supply, 2008-2016 Year Population (Million) Fish demand Fish domestic Shortfall (Million tonnes) supply (Million (Million tonnes) tonnes) 2008 143.0 1.09 0.85 0.24 2009 147.1 1.12 0.89 0.23 2010 151.2 1.15 0.93 0.22 2011 155.5 1.18 0.97 0.21 2012 159.9 1.22 1.00 0.22 2013 164.4 1.25 1.04 0.21 2014 169.1 1.29 1.08 0.21 2015 173.9 1.32 1.12 0.20 2016 178.8 1.36 1.16 0.20 Source: http://www.fao.org/fi/fcp/en/NGA/body.htm March 2000 Nigeria is blessed with suitable land where freshwater, brackish and marine fish species can be cultured.Tobor (1990), report that 1.8 million hectares of suitable land for aquaculture out which less than 20% has been put into use. If the available land is put into proper use, fish production will increase from the present level. The yearly shortfall in fish supply is also an indicator that there is a stable and ready market for fish; coupled with disease outbreak in poultry, high cost of beef and other alternative animal protein sources. Aquaculture therefore, has a lot of prospect, not only in alleviating under-nutrition and poverty but as a source of foreign exchange for Nigeria. Aquaculture can also provide a viable socio-economic alternative to capture fisheries. Aquaculture can be operated either on a small scale, low cost, utilizing family labour or at high cost under intensive operation (Omitoyin, 2007). This provides opportunities for both the poor and the rich to improve their standards of living, apart from providing employment opportunities. 269 �5.2.Problems Inspite of the potentials of aquaculture, there are lots of problems militating against its development. Prominent among these as discussed by Omitoyin, 2007 are; Poor quality fish seed: Many states of the federation lack functional fish hatcheries where farmers can purchase fingerlings and juveniles to stock their ponds. Farmers have to travel long distances to source for fish seeds, or collect from the open waters. Even where there are hatcheries, in some cases, fingerlings of poor genetic quality are produced for farmers to grow. Some hatcheries sell advanced fry as fingerlings. This has resulted in stunted growth of fish, poor survival rate, and poor returns on-investment. Akintunde (2009) estimated fish seed demand to 55million in 2007.There is therefore, the need for more private sector participation in fish seed production and adequate manpower training to bridge this gap. High cost of fish feed:Although there has been a lot of research work on fish feed production to meet the nutrient requirement of culturable fish in Nigeria, (Faturoti and Akinbote 1986; Falaye 1988; Ayinla 1988; Omitoyin 1995 and Olukunle and Falaye 1998): good-quality fish feed pellet are still sparingly used by fish farmers. This is due to high cost of most fish feed ingredients particularly fish meal and its competitive use by livestock farmers. There are also few commercial fish feed producers in Nigeria, a lot of farmers depend on imported quality fish feed which are expensive and not affordable. This increases their cost of production and reduces their profit margin. Poaching: This is becoming a serious problem to the development of aquaculture in Nigeria. Many farmers have lost substantial, if not all stocks to poachers. As a result of this, many fish farms have closed down while many more farmers have run into debt. This has also prevented lending agencies from giving out loans to genuine fish farmers. The overall effect is a decrease in fish production. Lack or insufficient of fund: Many fish farmers lack adequate capital to either operate their farms profitably or expand them. The situation is made more difficult by the unwillingness of financial institutions to grant loans to the farmers. When loans are given, it is usually at very high interest rates. The number of operational fish farms in the country has reduced significantly as a result of lack or insufficient capital and expected fish yield is affected in the long run. Government should therefore encourage financial institutions to give loans to serious minded would-be investors at considerable interest rates but with proper monitoring. This will helpto increase farmers‘ production levels and profitability. Marketing of aquaculture products: Marketing of aquaculture products is becoming a problem in Nigeria. This is not because the supply is in excess of demand but because of uncoordinated marketing programmes. Many farmers sell their fish in fresh form to middlemen at very low prices. There is, therefore the need for networking and marketing information among fish farmers, processors and consumers on availability of fish and current market prices all over the country to prevent the farmer from being ripped-off. There is also the need to add value to aquaculture products in order to increase the profit margin of farmers. Modern fresh fish distribution chains should be developed as to make fish available to consumers no matter where they are in the country. The quality control of such products should be ensured by regulatory agencies. 270 �6.CONCLUSION There are not too few fish-there are too many people (Tidwell and Allen, 2002). In view of the high demand for fish as an important delicacy in Nigerian meal and the Nigerian‘s domestic fish production is yet to meet up, the outlets are continually looking for high quality fish which gives an affordable source of protein to the people, create opportunity for business diversification and reduces importation of fish and fish products into the country. Aquaculture (fish farming) is very profitable in Nigeria due to the diversity in the culturable species present in the country and its ability to yield between 30 – 100 percent return oninvestment in some very successful cases. If taken as a full time occupation or venture it makes a significant economic impact to the farmer. It alsohas a special ability of ensuring food security, alleviating poverty and provision of accessible animal protein for Nigerians. REFERENCES Adewuyi, S.A.; Phillip, B.B.; Ayinde, I.A.; and Akerele, D. (2010): Analysis of profitability of fish farming in Ogun state, Nigeria. Journal of Human Ecology, 31(3): 179-184 Akintunde, N.A (2009): Freshwater fish seed resources in Nigeria. Fishnetwork, Vol.5 (4) Pp. 26-37. 2009 Ashaolu, O.F.; Akinyemi, A.A.; Nzekwe, L.S.O. (2006): Economic viability of homestead fish production in Abeokuta metropolis of Ogun state, Nigeria. Asset Series A, 6(2): 209-220 Ayinla, O.A. (1988): Nutrition and reproductive performance of the African catfish (Burchell 1822). Ph.D Thesis, University of Ibadan, Nigeria Central Bank of Nigeria (2005): Statistical Bulletin, 264-267 Conquer, J. and Holub, B.J. (2002): Human Health Effects of Decosahexanaenoic acid, Pp.311-329 Falaye, A.E. (1988): Utilization of Cocoa husk in the nutritional of Tilapia (O. Niloticus) (Trewavas). Ph.D Thesis, University of Ibadan, Nigeria. Faturoti, E.O. (1999): Fisheries potentials and investment opportunities in Nigeria. Paper presented at the Fisheries Society of Nigeria (FISON) Investors workshop held at NIOMR, Lagos. April 22nd 1999 Faturoti, E. O. and Akinbote, R.E. (1986): Growth responses and nutrient utilization of Oreochromisniloticus fed varying levels of dietary Cassava peel. Nigerian Journal of Applied Fisheries and Hydrobiology 1: 47-55 Federal Department of Fisheries (2005): Fisheries Statistics of Nigeria. Pp. 2-43 Federal Department of Fisheries (2006): Nigeria fish import and value (1993-2004) Kudi, T.M.; Bako, F.P.; and Atala, T.K. (2008): Economic of fish production in Kaduna State, Nigeria. ARPN Journal of Agricultural and Biological Science. Vol-3, No.5 and 6, Pp17-21 Norman, D.W. (1972): An economic study of three villages in Zaria Province, Samani miscellaneous paper 38, Institute for Agricultural Research, Ahmadu Bello University, Zaria Olunkunle, O. (2004): Homestead Pond Management Ibadan, John Limited. Pp.4-36 271 �Olukunle, A.O and Falaye, A.E. (1998): Use of Sesame seed cake as replacement for fish meal in diets of catfish (Clariasgariepinus (Burchell, 1822)). Appl. Trop. Agric. 3(2): 86-91 Omitoyin, B.O. (2007): Introduction to Fish Farming in Nigeria, Ibadan University Press. Pp. 1-9 Omitoyin, B.O.(1995): Utilization of poultry by products (Feather and offal) in the diets ofAfrican catfish (Clariasgariepinus (Burchell, 1822)). Ph.D Thesis, University of Ibadan, Nigeria Raufu, M.O.; Adepoju, A.A.; Salau, A.S. and Adebiyi, O.A. (2009): Determinants of yield performance in small scale fish farming in Alimosho Local Government Area of Lagos state. Journal of Agricultural Economics and Rural Development -2(1):2009 Pp.10-14 Tidwell, J.H. and Allen, G.L. (2002): Fish as Food: Aquaculture‘s contribution, Ecological and Economic impacts and contribution of fish farming and capture Fisheries Tobor, J.G. (1990): The fishing industry in Nigeria. Status and potential for self sufficiency in fish production. NIOMR Tech. Paper No.54 Sustainable City Ahmetspahic Erna International Burch University, Faculty of Engineering and Information Technologies Architecture Department 71000, Sarajevo, Bosnia and Herzegovina E- mail : eahmetspahic@ibu.edu.ba Abstract On the beginning of 20th century, cities become synonymous for progress, wealth and increasing opportunities when compared with the rural regions. Based on some UN information‘s, 30% of world population was urban in 1950, this percentage increase to 47% in 2000, and expectations are that in 2030 60% of population will live in cities. If changes in space organization do not happen until 2030, total earth population will increase to 8,1 billion and 5 billion people will live in urban regions with the 2,67 billion that will not have place to live. This change of the world, from rural to predominantly urban is continuous and cannot convert again, so these changes affect using of water, energy, earth and other nature resources. In the same time cities are primary victims of climate changes. Half of the population lives in urban regions, but they consume 80% of global energy production. 272 � Dublin Core The Dublin Core metadata element set is common to all Omeka records, including items, files, and collections. For more information see, http://dublincore.org/documents/dces/. Extent The size or duration of the resource. 1255 Title A name given to the resource Sustainable Aquaculture Practise: A Profitable Venture In Nigeria Author Author Adelakun, Abstract A summary of the resource. Aquaculture, which involves the farming of fish for nutritional and economic benefits as well as food security and income generation, has in the last few years witnessed spectacular growth in Nigeria. The level of intensification witnessed in recent times has raised several issue that need to be addressed for the sustainability of the industry. This paper reviews relevant literature and examines the status and profitability of this green business in Nigeria. While it notes that economic viability of aquaculture depends on the interplay of various determinants (resources). It highlights land, water, labour and capital as resources employed for the optimum production in fish farming. The paper also discussed prospects that emanated from yearly shortfall in fish supply which is an indicator that there is a stable and ready market for fish. Possible suggestion were proffered to the problem of poor quality fish seed, high cost of fish feed, poaching, lack or insufficient of capital and marketing of fish and fish products identified as the hindrance militating against aquaculture development in Nigeria. The investigation reveals that aquaculture is very profitable in Nigeria due to the diversity in the culturable species in the country and its ability to yield between 30-100% return on investment in some very successful cases. Therefore, if taken as a full time occupation or venture it makes a significant economic impact on the investor. Keywords: Aquaculture, determinants, problems, profitability, prospects. Date A point or period of time associated with an event in the lifecycle of the resource 2012-05-31 Keywords Keywords. Conference or Workshop Item PeerReviewed H Social Sciences (General),Q Science (General) https://omeka.ibu.edu.ba/files/original/c9dfb80513c9af8d5a2183fa8479d426.pdf ecebe5b80ef38df9cbb743b5d122aa48 PDF Text Text 3rd International Symposium on Sustainable Development, May 31 - June 01 2012, Sarajevo A Loan Payment Model with Rhythmic Skips Abdullah Eroglu1, Gultekin Ozdemir2 1Suleyman Demirel University, Faculty of Economics and Administrative Sciences Department of Business Administration, 32260 Cunur, Isparta – Turkey 2Suleyman Demirel University, Faculty of Engineering Department of Industrial Engineering, 32260 Cunur, Isparta – Turkey E-mails: abdullaheroglu@sdu.edu.tr, gultekinozdemir@sdu.edu.tr Abstract Repayments of loans granted by banks to customers are usually in equal installments. The general formulae of the amount of financial installment, the number of installment, the interest rate of installments, etc. could be derived as considering the sum of present value of repayments made by the customer (installments) to be equal to the present value of the loan. Presenting the different options instead of only fixed installments to customers for repayments of loan installments is very important in terms of reaching more customers. Customers could have some difficulties to pay the loan due to the increased costs in some periods. Therefore, repayments could not be done in these periods. This situation was addressed by Formato (1992) first time and it was called as skip loan payment model. Formato's (1992) model is improved by Moon as a repayment installments model in a geometric-gradient series. Eroglu and Karaoz (2002) extended Formato's result to the case that periodic payments occur in a linear-gradient series. In this study, general formulae are derived for loan payment models including rhythmic skips with split geometric constant and alternating installments instead of random skips with geometric constant and alternating installments. Examples of the developed model are provided for better understanding and for future research areas. Since prospective customers of financing institutions demand more alternatives for payment plans for their loans, financing institutions need different installment plans. Therefore, it is expected that one of those alternatives would be in this study. Keywords: Loan payment, Rhythmic skips, Split geometric constant, Installments, Formato 1. INTRODUCTON The problem of repayment installments of a loan is based on the present value of the debt to be equal the net present value of debt repayments (Iscil, 1997). The general formulae are derived for loan payment models including rhythmic skips with split geometric constant and 271 �3rd International Symposium on Sustainable Development, May 31 - June 01 2012, Sarajevo alternating installments instead of random skips with geometric constant and alternating installments in different financial mathematics books. Those models are given below: The loan repayment model with constant installments as follows: d pr . 1  Rn (1) The loan repayment model with geometric alternating installments as follows: dk  dG k 1 , k  1,  p r  g   n d   1 i  pR  n ,n . (2) , gr . (3) , gr The loan repayment model with arithmetical alternating installment series as follows: dk  d   k  1 v , k  1, d ,n pr 2 R n  v 1  nr  R n  r  R n  1 (4) (5) (Eroglu 2000). Where; d : the installment or the first amount of periodic payment, dk : the amount of the installment at the end of kth period, n : the number of installments, p : the amount of the loan, r : the periodic interest rate, R=1+r, g : the proportional change (geometric) in installment amounts, G=1+g, i=GR-1 , v : the quantitative change (arithmetic) in installment amounts. The aforementioned loan repayment models assume that installments are made at the end of each period. Formato (1992) developed an installment model in which cases client does not want to make payments at the end of certain periods that s/he will determine, such as due to vacation expenses. Formato's skip payment model is extended to the case where periodic installments change in geometric sequences by Moon (1994) and is extended to the case where periodic payments change in geometric sequences by Eroglu and Karaoz (2002). Furthermore, Eroglu (2001) developed general formulae for the models of installments with arbitrary skipped partially geometric and installments with partially arithmetic changes. The 272 �3rd International Symposium on Sustainable Development, May 31 - June 01 2012, Sarajevo installments that will not be paid at the end of which period are chosen arbitrarily for the above mentioned four studies. In this study, general formulae are derived for loan payment models including rhythmic skips with split geometric constant and alternating installments instead of random skips with geometric constant and alternating installments instead of choosing the periods where the installments will not be paid arbitrarily. 2. A LOAN REPAYMENT MODEL WHICH HAS RHYTMIC SKIPS WITH SPLIT GEOMETRIC ALTERNATING INSTALLMENT SERIES In this model, the installments occur as periods, e.g, monthly, quarterly, etc. Period with repayments is the sequential periods where installments are made. Period without repayments is the sequential periods where installments are not made. The fundamental assumption of the model is that the lengths of periods with repayments are equal to each other (each period has an equal number of repayment period) and also the lengths of periods without repayments are equal among themselves. The adjective rhythmic is added to the model because of this assumption. In previous studies, the lengths of periods with repayments are different. This situation also holds for periods without repayments. Another assumption of the model is that the amounts of installments are forming a geometric series. In other words, installments in a period with repayment are equal to each other and form a geometric alteration in sequential two periods. The following symbols are used in addition to symbols for the model given earlier. f : the total number of installments in a period with repayment, h : the number of unpaid installments in a period without repayment, Mk : the first period number of an installment in a period with repayment following a period without repayment, Lk+1 : the last period number of an installment in a period with repayment following a period without repayment, dkj : the total amount of installments made at the end of the jth period of a period with repayment following kth period without repayment, s : the total number of periods without repayments, n : the duration of loan repayment schedule as the number of periods. The following expressions can be written, since the number of installments of periods with repayments is equal to each other and the lengths of the periods without repayments are equal: M k  k  f  h  1, k  0,, s Lk 1  k  f  h  f , k  0,, s 273 �3rd International Symposium on Sustainable Development, May 31 - June 01 2012, Sarajevo n  Ls 1  s f  h  f The following formula is used for when the installments are split geometric alternating: d kj  dG k , k  0,, s j  M k ,, Lk 1 (6) The following formulae are obtained, since the amount present value of the loan is equal to the net present value of the installments (see appendices):    d 1  R  f  GR  f  h  s 1  1      , G  R f h  f  h  Lk 1 s  r GR  1   p    d kj R  j     k 0 j  M k  d  s  1 1  R  f   , G  R f h  r  7a   7b  and     rp GR  f  h   1  s 1  1  R  f   GR  f  h   1   d   rp  f   s  1 1  R   , G  R f h  8a  , G  R f h 8b  2.1. Example-1: For the case of G ≠ Rf+h A car with the cash value of $ 15000 has been bought with the following conditions: There will be 1 month skip after 3 monthly installments and the loan will be paid within 15 months with a 3 percent increase from one period with repayment to the next. Compute the monthly installments when the monthly interest rate is 1.2%. The problem data: p = 15000, f = 3, h = 1, s = 3, n = 15, g = 0.03, r = 0.012. The first installment is calculated as d = 1315.19 by using Equation-8a. The installment plan is given in Table 1. Table 1. The installment plan for Example-1 Months Installments The remaining amount of the debt ($) 0 274 15000 – 1315.19 = 13864.81 1 1315.19 (15000*1.012) 2 1315.19 (13864.81*1.012) – 1315.19 = 12716.00 3 1315.19 (12716.00*1.012) – 1315.19 = 11553.40 4 0 5 1354.64 (11553.40*1.012) – 0 = 11692.04 (11692.04*1.012) – 1354.64 = 10477.70 �3rd International Symposium on Sustainable Development, May 31 - June 01 2012, Sarajevo 6 1354.64 (10477.70*1.012) – 1354.64 = 9248.80 7 1354.64 (9248.80*1.012) – 1354.64 = 8005.14 8 0 9 1395.28 (8101.20*1.012) – 1395.28 = 6803.14 10 1395.28 (6803.14*1.012) – 1395.28 = 5489.50 11 1395.28 (5489.50*1.012) – 1395.28 = 4160.09 12 0 13 1437.14 (4210.01*1.012) – 1437.14 = 2823.39 14 1437.14 (2823.39*1.012) – 1437.14 = 1420.13 15 1437.14 (1420.13*1.012) – 1437.14 = 0 (8005.14*1.012) – 0 = 8101.20 (4160.09*1.012) – 0 = 4210.01 2.2. Example-2: For the case of G = Rf+h A car with the cash value of $ 13000 has been bought with the following conditions: There will be 2 months skip after 3 monthly installments and the loan will be paid within 13 months with a 5.101 percent increase from one period with repayment to the next. Compute the monthly installments when the monthly interest rate is 1%. The problem data: p = 13000, f = 3, h = 2, s = 2, n = 13, g = 0.05101, r = 0.01. The first installment is calculated as d = 1473.43 by using Equation-8b. The installment plan is given in Table 2. Table 2. The installment plan for Example-2 Months Installments The remaining amount of Months Installments the debt ($) 0 275 The remaining amount of the debt ($) 13000 7 1548.59 6179.17 1 1473.43 11656.57 8 1548.59 4692.37 2 1473.43 10299.71 9 0 4739.30 3 1473.43 8929.27 10 0 4786.69 4 0 9018.57 11 1627.58 3206.98 5 0 9108.75 12 1627.58 1611.47 6 1548.59 7651.25 13 1627.58 0 �3rd International Symposium on Sustainable Development, May 31 - June 01 2012, Sarajevo 3. A LOAN REPAYMENT MODEL WHICH HAS RHYTMIC SKIPS WITH CONSTANT INSTALLMENTS A loan repayment model which has rhythmic skips with split geometric alternating installment series becomes a loan repayment model which has rhythmic skips with constant installments when g=0. Therefore, the equations (7a) and (8a) transform equations (9) and (10), respectively. p d    d 1  R  f R  f  h s 1  1 r R  f  h   1      (9) rp R   f  h   1 1  R  f R  f  h s 1  1   (10) 3.1. Example-3 A car with the cash value of $ 8000 has been bought with the following conditions: There will be 1 month skip after 3 monthly installments and the loan will be paid within 15 months with constant repayments. Compute the monthly installments when the monthly interest rate is 0.9%. The problem data: p = 8000, f = 3, h = 1, s = 3, n = 15, r = 0.009. The first installment is calculated as d = 715.61 by using Equation-10. The installment plan is given in Table 3. Table 3. The installment plan for Example-3 Months Installments The remaining amount of Months Installments the debt ($) 0 276 The remaining amount of the debt ($) 8000 8 0 4143.31 1 715.61 7356.39 9 715.61 3464.99 2 715.61 6706.99 10 715.61 2780.56 3 715.61 6051.74 11 715.61 2089.98 4 0 6106.21 12 0 2108.79 5 715.61 5445.55 13 715.61 1412.16 6 715.61 4778.95 14 715.61 709.26 7 715.61 4106.35 15 715.61 0 �3rd International Symposium on Sustainable Development, May 31 - June 01 2012, Sarajevo 4. CONCLUSION The problem of repayment installments of a loan is based on the present value of the debt to be equal the net present value of debt repayments. The difference between loan repayment models is due to the alternation of distribution of installments. The most known and used loan repayment models are models with constant, geometric alternating and arithmetic alternating installment series. It can be convenient for customers not to make installments in some periods because of income variability over time. Using this idea, models with arbitrary skips are studied by Formato (1992), Moon (1994), Eroglu (2001), and Eroglu and Karaoz (2002). It is very important for financial institutions increase in the number of loan repayment models in terms of reaching more customers. In this study, loan repayment models with skips have some rules (such as repayments for three months after two month skips) instead of installments with arbitrary skips are studied. General formulae are derived for the models have rhythmic skip installments with constant and split geometric alternations, and demonstrated with examples. REFERENCES Eroglu, A. (2000). Solutions to the problems of loan repayment installments. Suleyman Demirel University, The Journal of Faculty of Economics and Administrative Sciences, 5(1), 87-102, (in Turkish). Eroglu, A., (2001). Solutions to problems of skip loan repayments with repayment of partial geometric and arithmetic alternating installments. Dumlupinar University, The Journal of Social Sciences, 5, 297-307, (in Turkish). Eroglu, A., Karaoz, M., (2002). Generalized formula for the periodic linear gradient series payment in a skip payment loan with arbitrary skips. The Engineering Economist, 47(1), 7583. Formato, R.A., (1992). Generalized formula for the periodic payment in a skip payment loan with arbitrary skips. The Engineering Economist, 37(4), 355-359. Iscil, N., (1997). Commercial Arithmetic and Financial Algebra, Ankara, Armagan Yayınevi (in Turkish). Moon, I., (1994). Generalized formula for the periodic geometric gradient series payment in a skip payment loan with arbitrary skips. The Engineering Economist, 39(2), 177-185. APPENDICES s Lk 1 s p    d kj R  j   k 0 j  M k 277 k 0 s s    k  f h 1   R  f  1 R    k k  f  h  f  j  k j k dG R  d G R  d G  R          1  j  k  f  h  1 k 0  j  k  f  h  1 k  0     R  1   k  f  h  f �3rd International Symposium on Sustainable Development, May 31 - June 01 2012, Sarajevo  dRR 1  R  f  1 r  GR s  f  h  k 0  k    f  h   1 d 1  R  f   GR     f h r  GR    1    s 1 and d   rp GR  f  h  1 1  R  GR f   f  h  s 1  1 The effects of work motivation in quality of work life and A study on banking sector Esra Zeynel Süleyman Demirel University, Social Science Institution, Business Administration Doctoral Programme, Isparta Abstract In terms of Suistainable development, in countries, the success and effectiveness of instuitaions is quite important. One of the most important elements of providing success and effectiveness of institutions that have the human resources is working effectively and efficiently. In this respect, “motivation” is one of the most important factors in raising the quality of work life in the institutions, employee productivity, the contribution of the institution, and the sense of belonging in the institution. Motivation plays an important role in business life. Motivation by definition means that the individual actuating motive. In the business life, motivation, increase the concern of the employee's job, and as a result of raising the quality of work life is an important factor that increase business efficiency. The higher motivation increases the contribution of the institution by raising the productivity of the employee. High rate of success of the organization by increasing employee motivation provided by the institution will contribute to the country's economy. This aspects, in order to take advantage of the present institutions active human sources,making efforts to enhance the motivation of employees in achieving organizational effectiveness and efficiency and provide the employees' job satisfaction. Happy and productive working lifes of employees in having a sense of belonging in the institution can be used effectively in improving the motivation factor is the result.This study measured the effect of bank employees, the care component of motivation in raising the quality of work life survey was applied on the bank employees. In this study, a survey was applied on bank employee in terms of assessment of the effect of motivation in the raising the quality of work life of bank employee. Importance of motivation arises in this sector. The higher motivation increases the productivity of employee, 278 � Dublin Core The Dublin Core metadata element set is common to all Omeka records, including items, files, and collections. For more information see, http://dublincore.org/documents/dces/. Extent The size or duration of the resource. 1124 Title A name given to the resource A Loan Payment Model with Rhythmic Skips Author Author Abdullah, Eroglu Abstract A summary of the resource. Repayments of loans granted by banks to customers are usually in equal installments. The general formulae of the amount of financial installment, the number of installment, the interest rate of installments, etc. could be derived as considering the sum of present value of repayments made by the customer (installments) to be equal to the present value of the loan. Presenting the different options instead of only fixed installments to customers for repayments of loan installments is very important in terms of reaching more customers. Customers could have some difficulties to pay the loan due to the increased costs in some periods. Therefore, repayments could not be done in these periods. This situation was addressed by Formato (1992) first time and it was called as skip loan payment model. Formato's (1992) model is improved by Moon as a repayment installments model in a geometric-gradient series. Eroglu and Karaoz (2002) extended Formato's result to the case that periodic payments occur in a linear-gradient series. In this study, general formulae are derived for loan payment models including rhythmic skips with split geometric constant and alternating installments instead of random skips with geometric constant and alternating installments. Examples of the developed model are provided for better understanding and for future research areas. Since prospective customers of financing institutions demand more alternatives for payment plans for their loans, financing institutions need different installment plans. Therefore, it is expected that one of those alternatives would be in this study. Keywords: Loan payment, Rhythmic skips, Split geometric constant, Installments, Formato Date A point or period of time associated with an event in the lifecycle of the resource 2012-05-31 Keywords Keywords. Conference or Workshop Item PeerReviewed H Social Sciences (General) https://omeka.ibu.edu.ba/files/original/0dd2b1643b79986100e2dee81f05b552.pdf bd3f889aaf171b76889ae7284596deed PDF Text Text P53 Tumor Suppressor Gene and Cancer Abdul Razaque Memon, Mesut Karatas Faculty of Engineering and Information Technology, International Burch Universiy, Sarajevo, BIH E-mails:armemon@ibu.edu.ba,mesutkara@yahoo.com Abstract Human cells face many dangers, including chemicals, viruses and ionizing radiation. If cells are damaged in sensitive places by these attackers the effect can be disastrous. Highly regulated processes become deregulated due to genetic alterations that lead to cellular transformation. Guardians of genomes (Tumour suppressor genes) play a crucial role in the protection of our cells. Tumour suppressor genes are involved in a diversity of cellular processes such as cell cycle control, replication, recombination, signal transduction, repair, differentiation and aging. One of our guardian genes is p53 Tumour suppressor gene; restrict cell cycle progression, p53 lost its function by genetic alteration (mutation) or some external factors. TP53 gene contribute to about half of the cases of human cancer. Most of the mutations that cause mutant p53 protein production are missense mutations, mutant p53 unable to stop multiplication in the damaged cell. The function of p53 protein can also be blocked by indirect factors. Some viral proteins form complexes with p53 protein thereby functionally inactivating it, accumulation of wild type p53 in the cytoplasm, over expression of mdm2 protein are also inactivate p53 protein, PTEN mutation leads to an increase of AKT activity, an increase of nuclear mdm2 and impairs p53 response Keywords: 317 TP53 gene, p53 inactivation, mutation, PTEN mutation, mdm2 protein. �1.INTRODUCTION p53 is a tumor suppressor protein and which is encoded by TP53 gene located on the human chromosome17 (17p13.1). Like other tumor suppressor, the function of p53 to prevent unregulated cell growth, to maintain genomic stability and plays an important role in the protection of our body from cancer [1]. In normal cells, the level of p53 protein is kept low by the combination of another protein called mdm2. This protein binds to p53 preventing its action and transports it from the nucleus to the cytosol and degraded by proteasome under non-stressed conditions[15].The level of p53 proportionally increases in the response to genotoxic insults such as DNA damage, hypoxia activation, ionizing radiation, oncogene activities, some chemical agents, ribonucleotide depletion, and telomere shortening. Active p53 protein take a role as transcription factor and binds to several genes including WAF1/CIP1 to stimulate the transcription of p21 WAF1/CIP1 protein. p21 / WAF1 also known as cyclin-dependent kinase inhibitor1. p21 binds to CDK/cyclin complexes (molecules important for the G1/S transition in the cell cycle) inhibiting their activity. This would allow time to repair the DNA. If repair is not possible, p53 stimulates the cell apoptosis (programmed cell death) [2]. In normal cells, regulation of cell division is done by these two proteins but in cancer cells the controls are no longer functioning properly. The mutation of the TP53 gene causes the genetic change and mostly seen in cancer cells. Approximately half of all cases of human cancer attributed to a mutant p53 protein. [2]. TP53 mutations can be within the p53 coding sequence and has a negative effect on the thermodynamic stability of the p53 protein. Unlike most other tumour suppressor genes that are inactivated by frameshift or nonsense mutations, almost 90% of p53 gene mutations are missense mutations in which a single nucleotide is substituted by another. As a result of this, a stable mutant p53 protein is produced with a defective DNA binding domain and accumulating in the nucleus of tumor cells [19]. In addition to the loss of normal regulatory function of p53 protein that a mutation in TP53 may cause, many p53 mutants have positive effects on the development of tumor by several ways [4]. In a heterozygous situation ( both wild type (WT) and mutant alleles exist), expressing both wild-type and mutp53, mutant p53 work against WTp53 tumor suppressor functions. The transcriptional activity of WT p53 is blocked by mutant p53[5]. Eventually, in the course of tumor progression, the remaining WT TP53 allele is often lost (mostly by deletion), further enhancing tumorigenesis. 2.MAJOR FACTORS THAT INACTIVATE p53 REGULATION P53 protein plays a crucial role in the cell cycle of multicellular organisms, where it is involved in transactivation of a variety of growth-inhibitory signals of cell cycle control, via specific mechanisms. Its inactivation may lead to uncontrolled cell proliferation and a predisposition to abnormal proliferation. [10] There are several ways that inactivate p53. 1. Mutational Inactivation Inactivation of the p53 gene is essentially due to missense in which a single nucleotide is substituted by another which lead to either expression of a mutant protein (90% of cases) or absence of protein (10% of cases) In a high percentage of human tumors, p53 is always functionally impaired. ―The p53 mutational type differs among cancers of the colon, lung, esophagus, breast, liver, brain, reticuloendothelial tissues, and hemopoietic tissues. Transitions predominate in colon, brain, and lymphoid malignancies, whereas G:C to T:A 318 �transversions are the most frequent substitutions observed in cancers of the lung and liver. Mutations at A:T base pairs are seen more frequently in esophageal carcinomas than in other solid tumors. Most transitions in colorectal carcinomas, brain tumors, leukemias, and lymphomas are at CpG dinucleotide mutational hot spots. G to T transversions in lung, breast, and esophageal carcinomas are dispersed among numerous codons". [20] Figure : p53.free.fr 2.1. Indirect (Mutation-independent) Inactivation of p53 Viral oncoproteins such as E6 protein (HPV), SV40 Large T antigen, E1B protein (adenoviruas), IE84 protein (Human Cytomegalovirus) binds with P53 protein, and functionally inactivating it as a result p53 proteins are degraded [9], [11]. Certain HPV types such as HPV type 16 and type 18 lead to infection of cervix. If not treated they can cause irreversible changes leading to cervical cancer. [6] 2.2 Nuclear Exclusion of P53 Molecular and immunohistochemical analyses indicate that wild type p53 accumulates in the cytoplasm, such as, in the case of Inflammatory breast carcinomas (37%) and 95% of undifferentiated neuroblastomas tumour cells have these characteristics, this accumulation causes functional inactivation of p53 [7] [8]. In some breast cancers the wild-type p53 protein is accumulated in the cytoplasm and stabilized. The exclusion of the p53 protein from the cell nucleus inactivates the p53 function (unable to inhibit the cellular proliferation)[7]. Similar case is also observed in normal lactating breast tissue in which accumulation of p53 in the cytoplasm of ductal cells. This observation indicates that estrogen-mediated cell division could involve inactivation of p53 protein via exclusion from the cell nucleus. In this case, the cancer cells might use an altered version of a physiological mechanism to retain p53 in the cytoplasm. ―While the mechanism by which the wild-type p53 could be retained in the cytoplasm is not known, an interesting hypothesis derives from the fact that one of the nuclear localization signals is located between amino acid residues 316 and 321. Serine-315 can be 319 �phosphorylated by a cdc2-like kinase. It is therefore possible that a growth-regulatory signal, such as an active cdc2-like kinase, could alter p53 protein via phosphorylation and exclude it from the nucleus‖ [7]. ―The cytoplasmic (wild-type) p53 group had the longest overall survival, with an average of 38 monthsfrom the time of diagnosis (45 months if one patient who died immediately after diagnosis is not included), whereas the nuclear (mutant) p53 group had the shortest, with 20 months' survival. Although these data suggest that survival time and estrogen receptor status may correlate well with high levels of wild-type cytoplasmic p53 Protein‖[7].―Neuroblastoma cell lines with cytoplasmic p53 showed decreased cell cycle arrest response after DNA damaging treatments. This may result from p53 being excluded from the nuclear compartment, where it normally functions as a transcription factor. Therefore, exclusion of p53 from the nucleus may compromise the ability of p53 to exert its tumor suppressor function and may be an important alternative mechanism of p53 inactivation during tumor development‖. [8] 2.3 Accumulation of mdm2 Protein ―MDM2 gene (Murine Double Minute) encodes for a 90-kD protein that forms a complex with p53 protein and inhibits its transactivating properties‖. ―[10] ―The MDM2protein is one key regulator of p53 activity. MDM2 inhibits p53 activity by two way. First, MDM2 binds to the N-terminal trans-activation domain (TAD) of p53, preventing transcription of downstream targets. Second, MDM2 functions as an E3 ubiquitin ligase to maintain low protein levels of p53 under non-stressed conditions and to return p53 to normal levels after a damage response is resolved‖[15]. ―Overexpression of MDM2 in tumor cells including leukemia and lymphomas is reported in several article , which allows its association with p53, is mainly due to MDM2 gene amplification, but other mechanisms have also been described, including an elevated level of MDM2 mRNA or enhanced levels of translation‖. [10]―Although these tumours would be expected to no longer express p53, the opposite situation is generally observed, with a large number of tumours overexpressing both p53 and mdm2. The reasons for this have not been clarified. No formal exclusion between p53 gene mutation and mdm2 accumulation has been clearly demonstrated, suggesting that this situation could be due to an oncogenic activity of mdm2 independent of p53‖. [10], [11] 2.4 PTEN Mutation ―Phosphotase and tensin homolog (PTEN) is a protein that, in humans is encoded by the PTEN gene. Mutations of this gene cause development of many cancers. PTEN is a lipid phosphatase that negatively regulates the phosphatidylinositol 3-kinase (PI3K) signaling pathway‖[13]. ―PI3K–PTEN signaling pathway promotes cell survival and proliferation, increases in cell size and chemoresistance. Each of these biological outcomes results from the interaction of this pathway with other signalling networks‖. [13] ―When PTEN is deleted, mutated or inactivated result in activation of PI3K effectors, particularly the activation of the key survival kinase protein kinase B (PKB, also known as AKT) can occur in the absence of any exogenous stimulus, and tumorigenesis can be initiated‖. [12,13] ―AKT kinase phosphorylates mdm2 protein and induces its migration into the nucleus where it binds and ubiquinates p53. Upon growth factor activation, mdm2 activation through 320 �AKT activation ensure proper cell growth. PTEN, a p53 regulated gene, down regulate the AKT pathway. PTEN deletion leads to an increase of AKT activity, an increase of nuclear mdm2 and impairs p53 response‖. [13] 2.5 AKT Alteration ―The p53 tumor suppressor protein and the Akt/PKB kinase play important roles in the transduction of pro-apoptotic and anti-apoptotic signals, respectively. Phosphorylation of Mdm2 by AKT enables its translocation from the cytoplasm into the nucleus, and the subsequent inactivation of nuclear p53 by Mdm2, mdm2 activation through AKT activation ensure proper cell growth‖.[14],[ 15] ―Although no mutation of AKT has been found in human cancer, constitutive activation of its kinase activity has been observed via deregulation of the upstream pathway. An increase of AKT activity leads to an increase of nuclear mdm2 and incapacitates p53 and overcome its pro-apoptotic effects‖. [14] ―Akt has been implicated in the down-regulation of p53 via MDM2. Studies have shown that MDM2 is phosphorylated by AKT at different sites, resulting in its stabilization Other studies have shown nuclear translocation of MDM2 in response to phosphorylation by AKT. This results in decreased p53 transcriptional activity from MDM2 binding at the transactivation domain and increases the ubiquitylation of p53‖. [ 15] 2.5 AKT Alteration ―Two major effectors of cell cycle checkpoint responses are ATM and ATR, protein kinases that phosphorylate cellular substrates in response to various forms of genetic stress. In response to DNA damage , p53 and mdm2 are phosporylated by two protein kinases the ataxia telangiectasia mutated (ATM) and ATR serine/threonine kinases. This causes dissociation of p53 from mdm2, leading to increased p53 protein levels and transcription of genes leading to cell cycle arrest (p21) or apoptosis‖. [16], [17] ―One of the check point is G2 check point (during which the fidelity of DNA replication is assessed and errors are corrected. [17] The G2checkpoint system includes immediate and sustained signaling events to prevent cells from entering mitosis with damaged chromatids. Ataxia telangiectasia (AT) cells with inactivating mutations in ATM displays a defect in G2 checkpoint function, inactivation of G2 checkpoint function thus may contribute to the genetic instability that characterizes cancer‖. ―ATM is a high-molecular–weight protein kinase encoded at 11q22-23, ATM can associate with and phosphorylate p53 at serine 15 and is involved in the dephosphorylation of p53 at serine 376, both events are associated with p53 activation. Reduced levels of ATM protein have been detected in tumor cells from 30% to 40% of patients with Chronic Lymphocytic Leukomia‖. [18] 3.DISCUSSION TP53 gene contribute to about half of the cases of human cancer, so that mutation in TP53 gene may involve in the initiation of malignant transformation. Other data in other tumour tissue also suggest that Mdm2 is playing important role in p53 regulation. The results also indicate that MDM2 could be most important inhibitor of p53 321 �even when expressed at low levels. Therefore, MDM2 may play a broader role in the functional inactivation of p53 during tumor development. Normal lactating breast tissue accumulates p53 in the cytoplasm of ductal cells and similar case seen in some breast cancers the wild-type p53 protein is accumulated in the cytoplasmic compartment of the cell and stabilized. Lactating breast tissue may have some protective mechanism against cancer. 4.CONCLUSION Tumor suppressor genes are involved in a diversity of cellular processes such as cell cycle control, replication, recombination, signal transduction, repair, differentiation and aging. One of our guardian gene is p53 Tumor suppressor gene, restrict cell cycle progression, Its control over the cells division is lost with genetic alteration (mutation) or some external factors leading to its inactivation. TP53 gene contribute to about half of the cases of human cancer. Most of these are missense mutations, changing the information in the DNA at one position and causing the cell to build p53 with an error, mutant p53 unable to stop multiplication in the damaged cell. The function of p53 protein can also be blocked by indirect factors. Some viral proteins form complexes with p53 protein thereby functionally inactivating it. Another inactivation factor, accumulation of wild type p53 in the cytoplasm. While the mechanism by which the wild-type p53 could be retained in the cytoplasm is not known, 37%of inflammatory breast carcinomas and 95% of undifferentiated neuroblastomas tumour cells have this type of inactivation. Mdm2 is an important negative regulator of p53. Mdm2 protein functions both as an E3 ubiquitin ligase that recognizes N– terminal trans-activation domain (TAD) of the p53 and inhibitor of p53 transcriptional activity. Overexpression of MDM2 is observed in many tumours especially sarcomas, PTEN deletion leads to an increase of AKT activity, an increase of nuclear md REFERENCES [1] Hock AK, Vigneron AM, Carter S, Ludwig RL, Vousden KH. Regulation of p53 stability and function by the deubiquitinating enzyme USP42. EMBO J 2011;30:4921-30 [2] David Olle. The p53 tumor suppressor gene, Nov4,2004 [3] L Weisz, M Oren and V Rotter, Transcription regulation by mutant p53, 2007. [4] Noa Rivlin, , Ran Brosh, Moshe Oren, and Varda Rotter, 2011, Mutations in the p53 Tumor Suppressor Gene: Important Milestones at the Various Steps of Tumorigenesis, 2011. [5] Milner J, Medcalf EA, Cook A. Tumor suppressor p53: analysis of wild-type and mutant p53 complexes. Mol Cell Biol. 1991;11:12-9. [6] Angeletti PC, Zhang L, Wood C (2008). "The Viral Etiology of AIDS-Associated Malignancies". Adv. Pharmacol.. Advances in Pharmacology [7] Ute M. Moll, Guy Riou and Arnold J. Levine, Two distinct mechanisms alter p53 in breast cancer: Mutation and nuclear exclusion, April 15, 1992 322 �[8] Wenge Lu, Radhika Pochampally, Lihong Chen, Mullika Traidej, Yiliang Wang and Jiandong Chen, Nuclear exclusion of p53 in a subset of tumors requires MDM2 function, 2000 [9] UTE M. MOLL, ANNE G. OSTERMEYER, ROBERT HALADAY, BLONKA WINKFIELD, MARK FRAZIER, AND GERARD ZAMBETTI, Cytoplasmic Sequestration of Wild-Type p53 Protein Impairs the G1 Checkpoint after DNA Damage, 21 November 1995 [10] Saïd El Mansouri, Antoine Martin, Anne Mercadier, Corrine Capoulade, Vincent Maréchal, Joëlle Wiels, Jean Feuillard, and Martine Raphaël, High Expression of MDM2 Protein and Low Rate of p21WAF1/CIP1 Expression in SCID Mice Epstein Barr Virusinduced Lymphoproliferation Oct 1, 1999 [11] Pierre May and Evelyne May Twenty years of p53 research: structural and functional aspects of the p53 protein [12] Anna M. Puzio-Kuter, Mireia Castillo-Martin, Carolyn W. Kinkade, et al. Inactivation of p53 and Pten promotes invasive bladder cancer, Genes Dev. 2009 23: 675-680 originally published online March 4, 2009 [13] Megan Cully, Han You, Arnold J. Levine and Tak W. Mak Beyond PTEN mutations: the PI3K pathway as an integrator of multiple inputs during tumorigenesis, 2006 Nature Publishing Group [14] Tanya M Gottlieb, Juan Fernando Martinez Leal, Rony Seger, Yoichi Taya3 andMoshe Oren, Cross-talk between Akt, p53 and Mdm2: possible implications for the regulation of apoptosis, Oncogene (2002) 21, 1299 – 1303 [15] TVanessa Lopez-Pajares, Mihee M. Kim, and Zhi-Min Yuan, Phosphorylation of MDMX Mediated by Akt Leads to Stabilization and Induces 14-3-3 Binding March 20, 2008, DOI 10.1074/jbc.M710030200 [16] Robert G. Fenton, Dan L. Logo, Cancer Cell Biology and Angiogenesis [17] H. Christian Reinhardt, Aaron S. Aslanian,Jacqueline A. Lees, and Michael B. Yaffe, p53 deficient cells rely on ATM and ATR-mediated checkpoint signaling through the p38 MAPK/MK2pathway for survival after DNA damage [18] Andrew R. Pettitt, Paul D. Sherrington, Grant Stewart, John C. Cawley, A. Malcolm R. Taylor, and Tatjana Stankovic, p53 dysfunction in B-cell chronic lymphocytic leukemia: inactivation of ATM as an alternative to TP53 mutation. [19] Thierry Soussi, Focus on the p53 Gene and Cancer: Advances in TP53 Mutation Research, 2003 [20] Hollstein M, Sidransky D, Vogelstein B, Harris CC. p53 mutations in human cancers.1991 Jul 5 323 � Dublin Core The Dublin Core metadata element set is common to all Omeka records, including items, files, and collections. For more information see, http://dublincore.org/documents/dces/. Extent The size or duration of the resource. 1262 Title A name given to the resource P53 Tumor Suppressor Gene and Cancer Author Author Abdul , Razaque Memon Abstract A summary of the resource. Human cells face many dangers, including chemicals, viruses and ionizing radiation. If cells are damaged in sensitive places by these attackers the effect can be disastrous. Highly regulated processes become deregulated due to genetic alterations that lead to cellular transformation. Guardians of genomes (Tumour suppressor genes) play a crucial role in the protection of our cells. Tumour suppressor genes are involved in a diversity of cellular processes such as cell cycle control, replication, recombination, signal transduction, repair, differentiation and aging. One of our guardian genes is p53 Tumour suppressor gene; restrict cell cycle progression, p53 lost its function by genetic alteration (mutation) or some external factors. TP53 gene contribute to about half of the cases of human cancer. Most of the mutations that cause mutant p53 protein production are missense mutations, mutant p53 unable to stop multiplication in the damaged cell. The function of p53 protein can also be blocked by indirect factors. Some viral proteins form complexes with p53 protein thereby functionally inactivating it, accumulation of wild type p53 in the cytoplasm, over expression of mdm2 protein are also inactivate p53 protein, PTEN mutation leads to an increase of AKT activity, an increase of nuclear mdm2 and impairs p53 response Keywords: TP53 gene, p53 inactivation, mutation, PTEN mutation, mdm2 protein. Date A point or period of time associated with an event in the lifecycle of the resource 2012-05-31 Keywords Keywords. Conference or Workshop Item PeerReviewed H Social Sciences (General),Q Science (General) https://omeka.ibu.edu.ba/files/original/d1c5fd07a3fea330d459087ff91986df.pdf 3761ea32a92fa8b67236c305998bdf6b PDF Text Text Genomics and Transcriptomics Analysis of Metal Accumulator Plants in Brassicaceae Abdul Razaque Memon1, Birsen C Keskin2 Yasemin Yildizhan2 1Department of Genetics and Bioengineering, Faculty of Engineering and Information Technologies, International Burch University, Francuske revolucije bb, 71000 Sarajevo, Bosnia & Herzegovina 2GEBI, Marmara Research Center, TUBITAK, Gebze, Turkey. E-mail: armemon@ibu.edu.ba Abstract The genus Brassica contains a wide range of diploid and amphipolyploid species including some of the economically high valuable vegetables and oilseed crops used worldwide. The major industrial and food crops in Brassica are the closest relatives to the model plant Arabidopsis thaliana, and hence are major beneficiaries from the vast data of genomics and molecular genetics available in the database of Arabidopsis thaliana. Extensive genetic and molecular analyses have been undertaken for the six cultivated Brassica species. The four closely related crop species B. rapa (AA, 2n=20), B. juncea (AABB, 2n=36), B. napus (AACC, 2n=38), and B. carinata (BBCC, 2n=34) provide about 12% of the worldwide edible oil supply. The other two species B. nigra (BB, 2n=16) and B. oleracea (CC, 2n=18) provide many vegetables for healthy human diet having a valuable source of dietary fiber, vitamin C and other anticancer compounds. The comparative mapping between Arabidopsis thaliana and the well known oil crops in Brassicaceae, coupled with the basic knowledge of mutation based functional analysis in Arabidopsis thaliana and QTL mapping in Brassicas, could greatly contribute towards a better understanding of the genetic architecture for the conserved as well as the evolved traits of agronomic value of crop plants in Brassicaceae. Brassica nigra has the second smallest genome size (~ 632 Mbp) among the six cultivated species of Brassica. Approximately 25% of the documented metal hyper accumulating species are members of the Brassicaceae and some of them are being used for phytoremediation. The super metal accumulating capacity of Arabidopsis halleri and Thlaspi caerulescens have been well documented. Because of their slow growth and low biomass, other fast-growing and high biomass brassica crop plants, for example Brassica juncea and Brassica nigra have been evaluated for their ability to hyper accumulate metals from contaminated soils. The Diyabeker ecotype of B. nigra collected from southeastern part of Turkey was found to be hyperaccumulator of Cu. We carried out the comparative transcriptome analysis in order to find out the expression level of metal induced genes and transcriptome changes both in low and high Cu treated plants. Microarray analysis showed that some of the genes were highly expressed (several hundred fold) with Cu treated plants compared to control. Our microarray data using Affymetrix GeneChip Arabidopsis Genome Array (ATH1-121501 Genechip) indicate that possibly several genes including the genes in glutathione pathway, metal ATPase and ABC transporters are involved in metal tolerances in this ecotype. 195 �1.INTRODUCTION The Brasscicaceae family (formerly Cruciferae) consists of approximately 375 genera and 3200 species of plants, commonly known as the mustard family. Brassica contains about 100 species, including rapeseed, cabbage, cauliflower, broccoli, Brussels sprouts, turnip, various mustards and weeds (Warwick and Black, 1991). The cultivated Brassica species are the group of crops most closely related to Arabidopsis thaliana. Chromosome numbers in the Brassicaceae vary from 2n = 8 to 2n = 256 (Lysak et al., 2005) A. thaliana, with 2n = 10, has one of the smallest chromosome numbers, an advanced character representing reduction from its ancestors in the clade including A. lyrata and Capsella rubella (both 2n = 16). The species typically termed the "diploid" Brassica species, B. rapa (n = 10), B. nigra (n = 8) and B. oleracea (n = 9) contain the A, B and C genomes, respectively. Each pairwise combination has hybridized spontaneously to form the three allotetraploid species, B. napus (n = 19, comprising A and C genomes), B. juncea (n = 18, comprising A and B genomes) and B. carinata (n = 17, comprising B and C genomes). The genome of B. rapa is the smallest, at ca. 500 Mb (Arumuganathan and Earle, 1991), and a genome sequencing project is under way, with both sequences and sequence annotations in the public domain http:// brassica.bbsrc.ac.uk/. 2.Transcriptional regulation in response to Cu treatments to Brassica nigra Arabidopsis thaliana has become a model molecular genetics system because of its extensive genetic characterization, compact genome, known genomic sequence and compact growth habit, and the availability of a wide variety of tools for its molecular genetic manipulation. However, it does not accumulate metal. Interestingly, approx. 25% of the documented metal hyperaccumulating species are the members of the Brassicaceae (Peer et al., 2006). The heavy metal accumulating species Brassica nigra and B. juncea have received attention due to its possible use for phytoremediation of heavy metal-polluted soils (Muthukumar et al 2007, Memon et al 2008). Tolerance to metals is based on multiple mechanisms such as cell wall binding, active transport of ions into the vacuole and formation of complexes with organic acids or peptides (Memon and Schroder, 2009). Here, one of the most important mechanisms for metal detoxification in plants appears to be chelation of metals by low molecular weight proteins such as metallothioneins and a family of peptide ligands, the phytochelatins. In the last decade, the tremendous developments in molecular biology and the success of genomics have highly encouraged studies in molecular genetics, mainly transcriptomics, for the identification of the functional genes implied in metal tolerance in plants (Hammond et al., 2006; Muthukumar et al., 2007). These studies have already succeeded in the identification of hundreds of genes that largely belong to the metal-homeostasis network (Memon and Schroder 2009). To understand the genetics of metal accumulation and adaptation, the vast arsenal of resources developed in A. thaliana could be extended to one of its closest relatives that display the highest level of adaptation to high metal environments such as A. halleri and T. caerulescens. Further studies could also be carried out with fast growing, high biomass producing and economically important Brassica sps which can be used for both for phytoremediation and for biofuel and/or industrial oil production. In this comminication I will describe recent advances in understanding the genetic and molecular basis of the metal induced gene expression in plants including the gene expression work which is being carried out in my laboratory on some metal accumulating plant species in Brassicaceae family. 196 �While surveying the flora of Cu mining areas of Southeastern Anatolia, we discovered several endemic metal accumulator plants accumulated high amount of several metals as shown in Table 1. Table1. Plant species surveyed from eastern Turkey for heavy metal accumulation. Plant species Metal Brassica nigra Cu Trigonella velutina Cd Onosma sericeum Cr Rumex scutatus Mn Alyssum filifome Ni Centaurea consanguinea Ni, Cr Trifolium arvense Cd Medicago lupulina Zn Lamium amplexicaule Ni Calodophora sps Fe, Zn, Cu, Ni Interestingly a Brassica nigra ecoptype found from Diyarbakir site contained a very high amount of Cu in their shoots ( around 700 ppm Cu in their leaves) (see Fig 1) (Memon, 2006). When plants from this ecotype were regenerated from callus culture and grown in soil culture containing 200 ppm Cu, the shoots accumulated x3 more Cu (700 ug/g D.W.) than roots (Yildizhan and Memon unpublished data). This ecotype could be considered as a good candidate for Cu phytoremdiation (Memon, 2000 ). Our data showed that ~ 20000 µg Cu g-1 DW was accumulated in the shoots of B. nigra when grown at 500 µM Cu. The expression γ-ECs and PCS was also increased several times in shoots when plants were subjected to high Cu concentration (Memon et al. 2009). Specially the expression of key regulatory enzyme in glutathione pathway (γ-EC) was increased around 9 fold in the leaves when plants were subjected to 200μM Cu treatment (Fig 1). 197 �Fig.1. R-T(real time) PCR experiments showing γ-EC expression in roots (K), stems (G) and leaves (Y) of Brassica nigra grown in 0 (control), 200, and 500 μM Cu (Memon et al 2008). Comparative transcriptome analysis was carried in order to find out the expression level of metal induced genes and transcriptome changes both in low and high Cu treated plants. Microarray analysis showed that some of the genes were up regulated (several hundred folds) and some were down regulated when plants were exposed to high Cu (Memon, 2009). The Cu accumulation capacity of Diyarbakir ecotype was determined and compared with other Brassica nigra ecotypes 6619, 6620 and 6630 obtained from different sites of Western Europe. In these comparative studies Brassica nigra Diyarbakir ecotype was found to be a super accumulator of Cu compare to other European ecotypes (Memon et al. 2009). Microarray analysis showed several hundred folds up regulation of metal related genes including the genes involved in glutathione pathway, metal ATPase and ABC transporters in B. nigra when treated with 500 μM Cu. Currently we are carring out metabolomic studies with metal treated accumulator and non accumulator ecotypes of B. nigra by using HPLCMS-MS inorder to identify metabolomic pattern in accumulator and non-accumulator ecotypes. Our aim is to identify specific metabolites which are upregulated and/or down regulated with Cu treatment in both ecotypes. 3.CONCLUSION To understand fully the genetics of metal accumulation, the vast genetic resources developed in A. thaliana must be extended to other metal accumulator species that display traits absent in this model species. A. thaliana microarray chips could be used to identify differentially expressed genes in metal accumulator plants in Brassicaceae. The 198 �integration of resources obtained from model and wild species of the Brassicaceae family will be of utmost importance, bringing most of the diverse fields of plant biology together such as functional genomics, population genetics, phylogenetics, and ecology. Further development of phytoremediation technology requires an integrated multidisciplinary research effort that combines plant biology, genetic engineering, soil chemistry, soil microbiology, as well as agricultural and environmental engineering. REFERENCES Arumuganathan K, Earle E (1991) Nuclear DNA content of some important plant species. Plant Molecular Biology Reporter 9: 208-218 Hammond JP, Bowen HC, White PJ, Mills V, Pyke KA, Baker AJM, Whiting SN, May ST, Broadley MR (2006) A comparison of the Thlaspi caerulescens and Thlaspi arvense shoot transcriptomes. New Phytologist 170: 239-260 Lysak M, Koch M, Pecinka A, Schubert I (2005) Chromosome triplication found across the tribe Brassiceae. Genome Res 15: 516 - 525 Memon A, Aktoprakligıl, D., Özdemir, A., Vertii, A. (2000 ) Gene expression of heavy metal stress protein in plants. Turkish J. Botany 25: 111-121 Memon A, Yildizhan, Y., Demirel, U. (2006) Cu tolerance and accumulation in Brassica nigra and development of in vitro regeneration system for phytoremediation. COST 859 WG 2 & WG 3 second Scientific Workshop, ―-omics approaches and agricultural management: driving forces to improve food quality and safety?‖ 31 August – 2 September 2006, Saint-Etienne, France: 38 Memon AR, Schroder P (2009) Implications of metal accumulation mechanisms to phytoremediation. Environ Sci Pollut Res Int 16: 162-175 Memon AR, Yildizhan, Y., Keskin, BC. (2009) Transcriptome analysis of Cu responses in metal accumulator plant Brassica nigra Diyarbakir ecotype. COST 859 Phytotechnologies to promote sustainable land use and improve food safety April15-17, University of Szeged, Szeged, Hungary: 63 Memon AR, Yildizhan, Y., Keskin, BC. (2008) Phytoremedıatıon of heavy metals from contamınated areas of Turkey. 4th European Bioremediation Conference Sept 3-6, Chania, Crete, Greece, ID04 , ISBN 978-960-8475-12-0.: 1-4 Muthukumar B, Yakubov B, Salt D (2007) Transcriptional activation and localization of expression of Brassica juncea putative metal transport protein BjMTP1. BMC Plant Biology 7, 32: 1-12 Peer WA, Mahmoudian M, Freeman JL, Lahner B, Richards EL, Reeves RD, Murphy AS, Salt DE (2006) Assessment of plants from the Brassicaceae family as genetic models for the study of nickel and zinc hyperaccumulation. New Phytologist 172: 248-260 Warwick S, Black L (1991) Molecular systematics of Brassica and allied genera (subtribe Brassicinae, Brassiceae) - chloroplast genome and cytodeme congruence. Theor Appl Genet 82: 81 - 92 199 � Dublin Core The Dublin Core metadata element set is common to all Omeka records, including items, files, and collections. For more information see, http://dublincore.org/documents/dces/. Extent The size or duration of the resource. 1245 Title A name given to the resource Genomics and Transcriptomics Analysis of Metal Accumulator Plants in Brassicaceae Author Author Abdul , Razaque Memon Abstract A summary of the resource. some of the economically high valuable vegetables and oilseed crops used worldwide. The major industrial and food crops in Brassica are the closest relatives to the model plant Arabidopsis thaliana, and hence are major beneficiaries from the vast data of genomics and molecular genetics available in the database of Arabidopsis thaliana. Extensive genetic and molecular analyses have been undertaken for the six cultivated Brassica species. The four closely related crop species B. rapa (AA, 2n=20), B. juncea (AABB, 2n=36), B. napus (AACC, 2n=38), and B. carinata (BBCC, 2n=34) provide about 12% of the worldwide edible oil supply. The other two species B. nigra (BB, 2n=16) and B. oleracea (CC, 2n=18) provide many vegetables for healthy human diet having a valuable source of dietary fiber, vitamin C and other anticancer compounds. The comparative mapping between Arabidopsis thaliana and the well known oil crops in Brassicaceae, coupled with the basic knowledge of mutation based functional analysis in Arabidopsis thaliana and QTL mapping in Brassicas, could greatly contribute towards a better understanding of the genetic architecture for the conserved as well as the evolved traits of agronomic value of crop plants in Brassicaceae. Brassica nigra has the second smallest genome size (~ 632 Mbp) among the six cultivated species of Brassica. Approximately 25% of the documented metal hyper accumulating species are members of the Brassicaceae and some of them are being used for phytoremediation. The super metal accumulating capacity of Arabidopsis halleri and Thlaspi caerulescens have been well documented. Because of their slow growth and low biomass, other fast-growing and high biomass brassica crop plants, for example Brassica juncea and Brassica nigra have been evaluated for their ability to hyper accumulate metals from contaminated soils. The Diyabeker ecotype of B. nigra collected from southeastern part of Turkey was found to be hyperaccumulator of Cu. We carried out the comparative transcriptome analysis in order to find out the expression level of metal induced genes and transcriptome changes both in low and high Cu treated plants. Microarray analysis showed that some of the genes were highly expressed (several hundred fold) with Cu treated plants compared to control. Our microarray data using Affymetrix GeneChip Arabidopsis Genome Array (ATH1-121501 Genechip) indicate that possibly several genes including the genes in glutathione pathway, metal ATPase and ABC transporters are involved in metal tolerances in this ecotype. Date A point or period of time associated with an event in the lifecycle of the resource 2012-05-31 Keywords Keywords. Conference or Workshop Item PeerReviewed H Social Sciences (General),Q Science (General) https://omeka.ibu.edu.ba/files/original/cab4a7e34dac615942f9d4fc7f1dc993.pdf 02cedf3c493fe707ddbd642e0d1e56f5 PDF Text Text 3rd International Symposium on Sustainable Development, May 31 - June 01 2012, Sarajevo T.C.ÇEVRE VE ORMAN BAKANLIĞI. (2011). Karbon Piyasalarinda Ulusal Deneyim ve GeleceğeBakiş,http://www.google.com.tr/search?q=KARBON+P%C4%B0YASALARINDA +ULUSAL+DENEY%C4%B0M+ve+GELECE%C4%9EE+BAKI%C5%9E&ie=utf8&oe=utf-8&aq=t&rls=org.mozilla:tr:official&client=firefox-a (accessed: 12.12.2011) TEKİN A., VURAL İ.Y. (2004). Global Kamusal Malların Finansman Aracı Olarak Global Önerileri. Selçuk Ün. SBE Dergisi 12: 323-335. The Rio Declaration on Enviroment and Development. (1992). The United Nations Conference on Environment and Development. Rio de Jenerio: United Nations. TÜRKEŞ, M. (2002). İklim Değişikliği ve Sürdürülebilir Kalkınma Ulusal Değerlendirme Raporu. Ankara: Türkiye Teknoloji Geliştirme Vakfı. UNED. (2001). Governance for Sustainable Development-WHAT Governance Programmeizations for a Balanced Enviroment Southern Africa Research and Policy Unit, Montreal. UYSAL, K., ALTAN, Y., AKTEL, M., & LAMBA, M. (2011). Yerel Yönetişim ve Kent. Kent Konseyleri Sempozyumu (s. 13-29). Bursa: Bursa Kent Konseyi. ÜSTÜNER, Y. (2003). Siyasa Oluşturma Sürecinde Ağ Yönetişimi Kuramı. Amme İdaresi Dergisi, 36(3), s. 49-65. WORLD RESOURCES INSTİTUTE. (2008). WRI Annual Report 2008 | World Resources Institute. http://www.wri.org/publication/wri-annual-report-2008 (accessed: 10.11.2011) WWF. (2010). Yaşayan Gezegen Raporu 2010: Biyolojik çeşitlilik, biyolojik kapasite ve kalkınma. http://www.wwf.org.tr/page.php?ID=347 (accessed: 10.11.2011) YIKMAZ, R. F. (2011). Sürdürülebilir Kalkınmanın Ölçülmesi ve Türkiye İçin Yöntem Geliştirilmesi. Ankara. YILDIZ, H. (2006). Kirliliğin Önlenmesinde Çevre Vergilerinin Rolü, 21(245), 103-122. Identifying The Dimensions Of Attitudes Toward Vocational Economy And Commerce Education: A Research In Sarajevo, Bosnia And Herzegovina A.Tuba Duman, Uğur Ergün Internatıonal Burch Unıversıty, Faculty of Economıcs, Sarajevo, Bosnia and Herzegovına E-mails: d.aybalatuba@yahoo.com, uergun@ibu.edu.ba Abstract The purpose of this research is to identify the dimensions of attitudes toward vocational economy and commerce education in high schools in Sarajevo, Bosnia and Herzegovina. 354 �3rd International Symposium on Sustainable Development, May 31 - June 01 2012, Sarajevo Secondary school students’ attitudes toward professional economy and commerce education are analyzed through a self administered questionnaire. The surveys were collected from four high schools giving economy and commerce education in Sarajevo Canton. Out of the total number of 820 students in the second, third and fourth grades, 373 students were surveyed as part of the study. The results show that the students’ attitudes toward vocational economy and commerce education in Sarajevo Canton can be explained by six dimensions. These dimensions are “laboratory and physical resources”, “education”, “books”, “courses”, “overall attitude”, and “career intentions”. Keywords: Vocational education, economy and commerce education, high schools, Sarajevo 1. INTRODUCTION Bosnia and Herzegovina is a new republic established after a devastated war between regional forces On December 14, 1995. The country is divided into two entities (BosniaHerzegovina Federation and Serbian Republic) and an autonomous district (Brcko). The area of Bosnia-Herzegovina Federation covers %51 of the area of the country and the area of Serbian Republic covers %49. The approximate population of Bosnia Herzegovina is 3.4 million and 51.1% of the population is female and 48.9% is male (in 2007 estimates). Bosnian (43.5%), Serbian (31.2%) and Croation (17.4%) ethnic groups constitute the majority of the Bosnia Herzegovina’s population (Küçükkiremitçi, Genç, Şimşek, Ekinci, Ersoy ve Sekmen, 2010). Present education system in Bosnia Herzegovina is planned and carried out separately by two entities and autonomous Brcko district. Although Federation Ministry of Education and Science forms the national education planning and coordination of the 10 cantons that constitute Bosnia Federation, Canton Ministries of Education carry out education applications in a non-central way. Cantons are authorized to legislate and use their own laws on the condition that they adhere to the federation laws. In Serbian Republic (Republika Srpska) there is a central education system. Central administration plans and carries out the issues such as determining school subjects, preparing curriculum, control and number of teachers. In the country totally 12 ministries of national education (10 cantons, Serbian Republic and Brcko District) conduct education applications (Jabuča, Gaković, Hadrović, Prohaska, Đokić, Vlasić, Markotić, Mandić, Merlo, Praso, Jović, Leto, Sarajčić, Mulać, Vlasić, Numic, Ličina and Gaković, 2001). In Bosnia Herzegovina 9-year compulsory education is implemented and it is free of charge (Foundation for Development of Relations with Bosnia (BIGMEV), 2012). Education and training start at the age of 6. Education life in Bosnia Herzegovina is divided into three parts: primary, secondary and higher education. Schools offering primary education are named as “osnovna škola” and they implement a 9-year education program that trains students between the ages of 6-15. After primary education, students start secondary education which lasts 3 or 4 years. Seven school types are found in the country (Jabučar et al., 2001). These are general education, languages and mathematics (Gimnazija), teaching schools (These schools are only in the Federation regions where mainly Bosnians live.), art schools, technical and related schools (These schools are only in the Federation region and they are named as 4-year 355 �3rd International Symposium on Sustainable Development, May 31 - June 01 2012, Sarajevo vocational schools.), vocational schools (These schools are named as 3-year vocational schools.), religious schools, special schools. Schools that are dealt within the scope of this study are technical and related schools and vocational schools and they offer economy and commerce education. Technical schools give 4-year vocational education, vocational schools give 3-year vocational education. Schools that give 4-year vocational education accept students with exams; entrance to 3-year schools is with ability tests. In order for graduates of 3-year vocational schools to continue higher education, they have to switch to 4-year education and complete it. The ones who have completed their 4-year education can continue higher education (Institutional and Capacity Building of Bosnia and Herzegovina Education System, 2008). This research examines the attitudes of high school students receiving economy and commerce education towards vocational education and the relationship between these attitudes and career expectations for the future. The research questions are determined as follows: What are the factors forming the attitudes of students, who are receiving economy and commerce training in Sarajevo Canton, towards vocational education? What are the basic dimensions determining the attitudes of students towards vocational education? 2. LITERATURE REVIEW 2.1. Vocational Education The technological improvements in our rapidly improving and changing world increase the use of information and cause this information to spread quickly. This situation reveals labor market’s need for intermediate staff that is equipped, open to innovation and is able to adapt themselves to new improvements. Therewithal, the need and expectations of business world lead people to specialize in certain fields. This increases the importance of the vocational schools training qualified staff. In this sense, “vocational education can be named as activities that bring ability and behavior with individual development in a profession with the aim of meeting the needs of individuals that make up society and individuals’ activities to improve their capabilities with various aspects in order to be useful for the society” (Yıldırım, 2003: 2). Vocational and technical education is one of the prior issues in education in European Union countries. In the year 2002 in the notice published as part of “Copenhagen Process” it was emphasized to increase the quality of VET and the decision to study on the issue was taken (Copenhagen Process, 2002). Bosnia-Herzegovina, taking steps to integrate itself into European criteria, initiated the integration projects also in VET field and reform movements between the years of 1998-2000 with “EU Phare” program. Within the scope of this project “Green Paper” including strategy and plans related to VET that is compatible to EU trends was prepared. “The White Paper” was published in December 2001 by being accepted by all institution and canton level ministries. 356 �3rd International Symposium on Sustainable Development, May 31 - June 01 2012, Sarajevo 2.2. Economy and Commerce Education in Sarajevo Canton In Bosnia in general and in Sarajevo Canton economy and commerce high schools offer their graduates diploma and certificate as a result of the education they give. In Sarajevo Canton there are a total of 35 state and private high schools and the total number of the students in these schools are 162,434. Among these high schools there are 5 schools, which are related to the topic of the thesis carried out, including commercial high school, high school of economics and multi-programmed high schools offering commerce education and the total number of students of these schools are 820. Unemployment is a serious problem of Bosnia Herzegovina. When the causes of this problem are taken into consideration it seen that the educational level of the unemployed is low and they do not have the enough qualification to find a job. This must show us that vocational education is a quite important education to train qualified staff for the labor market. The unemployment rate’s being high in Bosnia Herzegovina effects the female population at the most. 2.3. Factors Influencing the Quality of Economy and Commerce Education One of the main factors of economic and social development is vocational education. Vocational education is seen as a crucial tool to obtain efficiency in the operation of economy and to achieve social welfare (Mouzakitis, 2010). Because of the reasons mentioned vocational education is one of the issues that managers and educators always overemphasize (Qiang and Shiyan, 2012). When the research and applications carried out are examined, it can be suggested that main factors determining the quality of vocational education fall under six headings (Pehlivan, 2008; İmamoğlu, 2010; Ozturk, 2001). These main factors are; course structure, textbooks, educators, technological resources, practical education and internship and physical environment. 2.3.1. Course Structure According to Child (2004), education curricula can be grouped under four headings. These are content, learning experiences, objectives and assessment. Child at the same time defines the effective curricula as the ones that encourage teachers and students to talk on the important issues and bring practical experience with academic knowledge. As in all areas, curricula in vocational education should be designed in a way that teaches students the requirements of the profession and presents them an opportunity to show their capabilities (Bowers, 2006; Kang and Bishop, 1986). The course curricula in vocational education should be prepared by taking teacher and student’s opinions (Bowers, 2006). It can be expected the curricula reflecting teacher and student’s opinions to be more encouraging and successful. 2.3.2. Textbooks Nowadays, even though the use of technology increases, the importance of the course books for the education does not change (Prucha, Walterova and Mares, 2003). In this sense, also in 357 �3rd International Symposium on Sustainable Development, May 31 - June 01 2012, Sarajevo vocational education, course books are an important factor for student’s attitude towards the course and learning. In vocational fields the course books have the characteristics of a tool that visually presents art, science and technology in accordance with the student’s level (Novota, Ridzonova, Kadnar and Stefkova, 2012). Novota et al. (2012) found in their study that even if vocational education students do not use the course books constantly, they use them as a part of education. In this study teacher state that they find the course books insufficient and they refer to the Internet to complete the lacking parts. Writers state that course books are one of the most important elements in terms of the quality of education. 2.3.3. Educators The most successful teachers are the ones who give their students pedagogically the most qualified education in the field offered (Darling-Hammond, 1997). According to the observational theory put forward by Bandura (1971), most of the time the reason for the changes in human behavior is by observing the behavior of the people nearby like teacher, parents and friends. Among these people around student teacher factor confronts us as the person from whom the student is influenced and whose behavior the student models at most. Additionally, Lleras (2008) puts forward that there is a positive relationship between students’ learning and teachers’ positive motivation. In terms of the communication between teacher and student, the efficiency of education depends on the highness of motivation of both sides (Igwe, 2002). 2.3.4. Technological Resources In economy and commerce education the use of technology is by using packaged software, simulations, case studies, public access databases via the Internet, networking and interactive programs. In this respect, in the schools giving vocational education on economy and commerce, by teaching students packaged software widely used in the markets students can be made to get ready for the profession in this way. For instance in accounting education it has become compulsory for the course schedule and curricula to be improved in every respect and evaluated continuously (Yıldırım and Dalgeç, 1993). However, what is more important for the success of education is teachers’ providing education by using different education methods while using computer (Dwyer, Ringstaff, and Sandholtz, 1991). 2.3.5. Practical Education and Internship At the present time, the internship training which is usually given in vocational education appears to be a complementary element for vocational education syllabuses (Knouse, and Fontenot, 2008). The internship training is important because it is the environment for the students to reinforce the things they have learnt during the lessons and to practice. Since students are personally in daily life with the internship programs, these programs make them gain a good training experience and provide them with a chance to improve themselves (Hendrie, 2004; Hirsch, 1974; Littky and Grabelle, 2004). 358 �3rd International Symposium on Sustainable Development, May 31 - June 01 2012, Sarajevo 2.3.6. Physical Resources One of the factors that contribute to the academic success at school is school equipment (Hallack, 1990). The adequacy of physical facilities is one of important signs for student achievement (Shami and Hussain, 2005). School buildings, classrooms, accommodation units, libraries, laboratories, furniture, recreation equipment and other education materials constitute the physical environment and equipment in school. In addition to these, other factors such as books, audio-visual software and hardware and the size of classrooms can be regarded as the factors that forms student’s learning environment (Farrant, 1991 and Farombi, 1998). In a research by Shami and Hussain (2005) it is found out that the adequacy of physical facilities is directly related to student’s success. In a research carried out in the District of Columbia in the United States of America, it is seen that the grades of students who have education in neglected and old buildings are lower than the grades of students who have education in modern and well-maintained buildings (Edwards, 1991). 2.3.7. Student Participation In vocational education student participation starts with student’s choosing his/her school. Research shows that the participation of students who choose their school willingly and their chance to choose the right career is increasing (Bishop and Mane, 2004). Students’ learning by taking responsibility in their education environment is important for their learning motivation to increase and for students to exhibit positive behavior (Le Brun and Johnstone, 1994). Students’ active participation in class is closely related with their achievements in learning and forming positive attitudes towards education (Howard, Short, and Clark, 1996). In previous research on the subject, it is suggested that the elements determining student’s active participation in class are student’s taking notes, getting in touch with teacher or classmate and sharing ideas (Howard, Short, and Clark, 1996; Howard and Henney, 1998). The student who participates in class performs a more effective learning by exhibiting an active behavior. Since vocational education is an education method which is largely based on application and is actualized with student participation, student’s success and career choice is directly related with active participation in class (Carbonaro, 2005; Farkas et al., 1990; Johnson et al., 2001; Kelly, 2008). 2.3.8. Career Intentions Vocational education as by its structure is directly related with career planning. Students thinking of getting vocational education, also make their career plans with their education plans. In a sense vocational education is a career oriented education. Thus, it is recommended that education on career facilities, occupations related to the education received and industry qualifications is given to students during training (Kelly and Price, 2009). 359 �3rd International Symposium on Sustainable Development, May 31 - June 01 2012, Sarajevo Vocational education’s career development dimension is important to form positive attitudes in students towards school, to decrease prudential concerns and to increase students’ motivation to improve themselves (Arum and Shivat, 1995). Kuijpers , Meijers and Gundy (2011), it can also be expected that student makes career plans in vocational education in which real life problems are discussed and student directly participates in discussion. While making career plans in the correct way might have important positive impacts on students’ life after training, making them in the wrong way might also have many negative impacts (Carbonaro, 2005; Gamoran, 1987; Lee and Bryk, 1988). Research shows that placing especially students from low-income groups in vocational education fields without a plan causes a decrease in student’s motivation and failure in profession (Vanfossen, Jones, Spade, 1987; Gamoran and Mare, 1989). This case emerges more clearly in the event of placing students especially from minority ethnic groups in vocational education in an unplanned way (Brekke, 2007; Oakes, Ormseth, Bell and Camp, 1990). 2.3.9. Other Factors It should be indicated here that there might also be a good many different reasons determining students’ attitudes towards vocational education and their intentions of making a career. For example, various reasons such as students’ family and social environments, the place and geography where the education is received and personal facilities presented to the student can also effect attitude and career plans (Schoon, Martin and Ross 2007; Guo and Harris, 2000). Furthermore, students’ personal qualifications and differences can also play an important role on their career plans (Bowles and Ginties, 2002). Topics other than determined elements are excluded from the scope of this research and left to be examined in the next studies. This research’s findings are limited to tested topics and its sample. 3.METHODOLOGY 3.1. Data Collection Instrument and Pilot Study The questionnaire used in this research consists of three parts. General questions are asked in the 1st part. Students are asked in which department they study, their reasons for choosing vocational education and who has got impacts on their choosing vocational education. In the 2nd part demographic qualifications of participants are tried to be identified. In this part, demographic questions related to students themselves and their families are asked. In the 3rd part, questions to assess vocational education are posed. In this part participations are requested to consider 9 different dimensions as they evaluate vocational education. These dimensions are composed of questions about ideas on instructors and attitudes towards commerce education, course, the contents of course books, the use of technology in education, doing internship, physical facilities of educational institutions, student’s participation in class and professional career expectations. While these questions are answered, it is expected to respond within the options of 1 “strongly disagree” and 5 “strongly agree”. 3 is “I am not sure” option. For the students who do not have any opinions, “I have no idea” option was also given. Before this questionnaire was implemented, a preliminary study was done in order for the questionnaire to be understood easily and not to overlook any problems related to the 360 �3rd International Symposium on Sustainable Development, May 31 - June 01 2012, Sarajevo research. A high school teacher and a university instructor who are engaged in related education were requested to examine the questionnaire and their opinions were taken. During these interviews parts which are not understood were revised and one of the questionnaire questions was removed. After that a pilot study was carried out by applying the questionnaire with a group of 45 3rd grade students from Economy high school in Zenica city. The application was done face to face in classroom environment. At the end of the preliminary study, the questionnaire was given its final shape. 3.2. Population Sampling and Data Collection 2, 3 and 4th grade students receiving education in economy and commerce high schools in Sarajevo Canton form the universe of this research. According to the information from Canton Ministry of Education, 820 2, 3 and 4th grade students receive education in economy and commerce high schools. High schools offering economy and commerce education, the types of these high schools, their education years, number of students and number of questionnaires collected in the scope of this research are given in Table 1. As it might be observed in the table, 45 % of the targeted number of students is reached and questionnaire response rate is 45 %. Table 1. Number of high school and students surveyed School School Types Education Year Number of Number of Current Students Collected Questionnaires A (Ekon Saraj) Economy 4 300 85 B (Trgov Sarj) Commerce 4 200 78 C(Vogoşca) Economy 4 265 157 D (Hadzici) Commerce 3 55 53 820 373 TOTAL In the process of collecting questionnaire data, firstly the permission was asked by writing a petition to Sarajevo Canton Ministry of Education. In this petition, the objective of this research was explained and the questionnaire form to be used in the research was presented. The data collection was performed with the permission of the Ministry of Education by making appointments with schools in different times. The data collection was performed in four different economy and commerce high schools in Sarajevo Canton. One of these schools is economy high school, another is commerce high school and the other two are Economy departments of Srednjoskolski Centar schools. Srednjoskolski Centar Schools are multiprogrammed high schools embodying different departments. All of school directors were 361 �3rd International Symposium on Sustainable Development, May 31 - June 01 2012, Sarajevo interviewed beforehand and informed about how the questionnaire was going to be performed. All directors and pedagogues were closely interested in the application. In general the students’ interests and participation were high but in one school, instructor had to read and explain questionnaire questions one by one. The instructor put forward students’ lack of interest towards education as a reason for his/her using this method and stated that the questionnaire would be more productive in this way. Questionnaires were implemented throughout December 2011 and a total of 373 questionnaires were collected. 4.RESEARCH RESULTS 4.1. Socio-demographic Analysis The socio-demographic characteristics of the participants are given in Table 2. When the socio-demographic characteristics are examined, it is seen that 71.0% of the participants are female and 29.9% are male students. 67.5% of students’ families are composed of 4-5 people. It can be observed that 54.5% of the monthly income of the participants’ family is between 500 KM and 1.100 KM. The total is 71.5% and this shows that participants are satisfied with the quality of vocational education in general. Table 2. Socio-demographic profile of the respondents Socio-demographic Variables Gender Family size n Male 107 29.0 Female 265 71.0 Total 372 100 2-3 80 21.5 4-5 251 67.5 33 8.9 8 2.2 6 or more Missing Total Monthly family income (Convertible Bosnian Mark (KM)) 372 100 500 or less 50 13.4 501-800 92 24.7 801-1100 111 29.8 1101 or more 102 27.4 17 4.6 Missing 362 % �3rd International Symposium on Sustainable Development, May 31 - June 01 2012, Sarajevo Father’s occupation Total 372 100.0 Worker 146 39,2 Public employee 41 11,0 Business owner 42 11,3 Unemployed 80 21,5 Missing 63 16,9 372 100,0 25 6,7 242 65,1 University 57 15,3 Missing 48 12,9 Total 372 100,0 Worker 105 28,2 Public employee 39 10,5 Business owner 20 5,4 201 54,0 7 1,9 372 100,0 98 26,3 223 59,9 43 11,6 8 2,2 372 100,0 3 53 14,2 4 319 85,8 Total 372 100,0 74 19,9 Total Father’s education Primary school High school Mother’s occupation Unemployed Missing Total Mother’s education Primary school High school University Missing Total School type how the student selected this school 363 family �3rd International Symposium on Sustainable Development, May 31 - June 01 2012, Sarajevo friends 14 3,8 250 67,2 9 2,4 22 5,9 3 ,8 372 100,0 4 1,1 To find jobs easier 177 47,6 To continue university education 160 43,0 27 7,3 4 1,1 372 100,0 Low quality 10 2,7 unsatisfactory 23 6,2 undecided 33 8,9 187 50,3 High quality 79 21,2 Missing 11 3,0 Don’t know 29 7,8 372 100,0 Own decision teachers others Missing Total Why the student selected this school Others motivated me Other reasons Missing Total Overall quality of vocational education Overall quality Total 4.2. Descriptive Evaluation of Measurement Scales The items of the scale used in the research are measured with 5-point Likert scales which denoted 1 absolutely negative and 5 absolutely positive categories at both ends of each scale items. While 1 and 2 alternatives marked for scale items express negative attitude, 4 and 5 alternatives express positive attitude. Grading done with 3 on the scale shows that no attitudes are developed related to mentioned item. Table 3 shows the descriptive analysis of students’ answers to 29 scale items related to attitudes of participant students towards vocational education. 364 �3rd International Symposium on Sustainable Development, May 31 - June 01 2012, Sarajevo Table 3. Descriptive Analysis of Attitudes toward Vocational Education in Sarajevo Canton Descriptive Statistics N 1. I think I advance myself with the vocational education. 2. Our classroom size is adequate for the number of occupying students. 3. I plan to continue university education in this area. 4. I plan to pursue my career after my graduation. 5. Internship supports my vocational education. 6. The number of vocational courses at our school are adequate. 7. People who get education in this vocational area will have a successful career in this area. 8. If I had to choose again, I would choose to take vocational education. 9. Our teachers' subject knowledge is satisfactory. 10. I like vocational education. 11. I can get help in solving vocational education problems. 12. Homework improves us professionally. 13. I like vocational courses. 14. Our school building is well-kept. 15. My internship company is closely related to my vocational education. 16. I like to deal with vocational problems. 17. I can participate in the sample problem solving in the classroom. 18. I don't think that vocational courses are boring. 19. Our teachers' methods for teaching vocational subjects are very good. 20. Social spaces in our schools are adequate. 21. Vocational books make my learning the subjects easier. 22. Equipment at our school is adequate for contemporary needs. 23. Computer labs at our school are adequate. 24. Number of days allocated for internship is adequate. 25. The way our teachers' approach towards students is very good. 26. The theoretical information in vocational education books supports practical life. 365 Minimum Maximum Mean Std. Deviation 360 1.00 5.00 3.90 0.87 356 1.00 5.00 3.90 1.00 341 1.00 5.00 3.89 1.20 336 1.00 5.00 3.88 1.17 298 1.00 5.00 3.87 1.06 357 1.00 5.00 3.82 1.10 326 1.00 5.00 3.78 1.01 330 1.00 5.00 3.73 1.19 360 1.00 5.00 3.70 1.09 349 1.00 5.00 3.66 1.02 347 1.00 5.00 3.63 1.05 351 1.00 5.00 3.63 1.07 350 1.00 5.00 3.61 1.05 341 1.00 5.00 3.57 1.10 247 1.00 5.00 3.56 1.08 339 1.00 5.00 3.56 1.05 324 1.00 5.00 3.52 0.98 350 1.00 5.00 3.46 1.13 361 1.00 5.00 3.46 1.12 334 1.00 5.00 3.34 1.12 351 1.00 5.00 3.23 1.24 315 1.00 5.00 3.20 1.11 360 1.00 5.00 3.16 1.36 310 1.00 5.00 3.14 1.34 363 1.00 5.00 3.12 1.22 344 1.00 5.00 2.99 1.15 �3rd International Symposium on Sustainable Development, May 31 - June 01 2012, Sarajevo 27. Vocational books cover contemporary subjects. 28. We use computer software related to our profession adequately. 29. I can use school laboratories for my vocational education adequately. 345 1.00 5.00 2.92 1.22 363 1.00 5.00 2.90 1.37 353 1.00 5.00 2.84 1.28 4.3. Exploratory Factor Analysis In order to determine the number of dimensions of the 29 attitude items presented in Table 3, an exploratory factor analysis was implemented. The factor analysis was performed in five stages and the results obtained at the end of these stages are presented in Table 4. In the first stage of the analysis 7 dimensions whose Eigen values are over 1 were revealed by using basic components method and varimax transformation. However, among the scale items respectively three items related to internship were excluded from the analysis because of their factor loads’ being low. As a result of the examinations, it was revealed that an important number of the students had not answered these questions. One reason for this is that the internship activities were not performed as required and students could not develop attitudes towards this topic. Two more items among scale items were respectively excluded from the analysis. It was observed that one of these two items was loaded on more than one item and the other one appeared as a separate factor. It was observed that among these items, the item related to teacher attitude was not completely understood by the students. The item related to the size of the classrooms was interpreted not to be associated with any dimensions by the students because of the fact that the classrooms were already big enough. As a result of the analyses 6 factors presented in Table 4 were obtained. These factor dimensions are named as “Laboratory and physical resources, education, career, books, courses and overall attitude”. As it can be seen in Table 4 the data support the factor analysis (Kaiser-Meyer-Olkin Measure of Sampling Adequacy: ,84) (Hair, Anderson, Tatham and Black, 1998) and 6 factors explain 67,62% of the total variance. The factor structure obtained as a result of the analyses was compatible with the theory and literature so the following analyses of the research were started. Tablo 4. Exploratory Factor Analysis of Attitude Items Components and loadings 1. Computer labs at our school are adequate. 2. I can use school laboratories for my vocational education adequately. Laboratory 3. We use computer software related to our profession and adequately. physical 4. Equipment at our school is adequate for contemporary resources needs. 5. Our school building is well-kept. 6. Social spaces in our schools are adequate. 7. I like to deal with vocational problems. 8. I don't think that vocational courses are boring. Education 9. I can get help in solving vocational education problems. 366 1 ,838 ,812 2 Components 3 4 5 6 ,789 ,735 ,647 ,641 ,419 ,785 ,715 ,595 �3rd International Symposium on Sustainable Development, May 31 - June 01 2012, Sarajevo 10. Our teachers' methods for teaching vocational subjects are very good. 11. Homework improves us professionally. 12. Our teachers' subject knowledge is satisfactory. 13. I can participate in the sample problem solving in the classroom. 14. I plan to continue university education in this area. 15. I plan to pursue my career after my graduation. 16. If I had to choose again I would choose to take vocational education. 17. People who get education in this vocational area a will have a successful career in this area. 18. Theoretical information in vocational education books supports practical life. 19. Vocational books make my learning the subjects easier. 20. Vocational books cover contemporary subjects. 21. The number of vocational courses at our school is adequate. 22. I like vocational courses. 23. I like vocational education. 24. I think I advance myself with the vocational education. Factor Eigen Values The Variance Values for the Factors Total Variance Explained Kaiser-Meyer-Olkin Measure of Sampling Adequacy Bartlett Test of Superficiality ,591 ,432 Career ,589 ,546 ,479 ,403 ,862 ,836 ,705 ,635 ,824 Books ,784 ,764 ,429 ,779 Courses ,679 ,743 ,646 Overall attitude 7,762 2,563 1,756 1,605 1,402 1,139 32,343 10,681 7,317 6,689 5,842 4,747 67,618 ,840 Chi-square: 1972,103 (276), significance=,000 4.4. Reliability and correlation analysis Reliability analyses were implemented in order to determine to what extent the substances that constitute the factors are related with the factors they belong to. Reliability analysis results of factors are given in Table 5. Due to the fact that factor reliability coefficient in reliability analyses was high and there were no items that would significantly reduce the reliability coefficients, any items were not removed from the scale. As it can be seen in Table 5, reliability coefficients of the tested dimensions except for “courses” dimension are over 70. These values prove that this scale can be evaluated as reliable (Nunnaly, 1978). Since the courses dimension is theoretically an important dimension of education evaluation and reliability value ,614 is acceptable in general, this dimension was included in the analysis (Hair et. al., 1998). In order to examine the relationships between the factors in the research model, scale indexes were composed based on the general arithmetic means of scale items which constitute the factors obtained from the factor analysis. The arithmetic means, standard deviation and correlation values of the factors are presented in Table 6. As it can be observed from the correlation table, the highest correlation value among independent variables in the research model is ,56. As the correlation values among factors are not so high, it can be interpreted that they can be accepted as different factors. 367 �3rd International Symposium on Sustainable Development, May 31 - June 01 2012, Sarajevo Table 5. Reliability Analysis Factors Number of Items Cronbach Alpha Laboratory and physical resources 6 ,873 Education 7 ,825 Career 4 ,798 Books 3 ,802 Courses 2 ,614 Overall Attitude 2 ,700 Table 6. Correlation Analysis Factors AA SS Laboratory 3,13 0,99 Education 3,56 0,76 Career 3,79 0,95 Books 3,03 1,02 Courses 3,71 0,94 Attitude 3,77 0,84 1 2 1 3 4 5 6 ,508 ,436 ,234 ,365 ,223 1 ,480 ,430 ,560 ,489 1 ,280 ,380 ,278 1 ,443 ,200 1 ,350 1 5. DISCUSSION The purpose of this study was to identify the underlying dimensions of vocational economy and commerce education in Sarajevo, Bosnia and Herzegovina. The research was carried out in 4 vocational schools in Sarajevo Canton. The majority of students who participated in the research were composed of female students. Students commonly stated that they had taken their vocational education decision themselves and their main purpose was to find a job easily and to continue their university education. Half of the students indicated that the quality of education they received was in “general level”. When the socio-demographic qualifications of students are examined, it can be observed that the income of their families is low, most of the parents are high school graduates and in connection with this fact their unemployment rates are high are the reasons leading them to have vocational education. In order to determine students’ attitudes towards vocational education, a 29-item economy and commerce scale was prepared. When students’ answers for the items in this scale are viewed, it can be said that students improve themselves by receiving vocational education 368 �3rd International Symposium on Sustainable Development, May 31 - June 01 2012, Sarajevo and they regard vocational education as a tool to make career and continue their university education. The arithmetic means’ related to these items being high is an expected situation. The literature research also shows that vocational education is an education received for career. On the other hand, students exhibit negative attitudes in three topics. These facts are; books do not include recent topics, packaged programs related to vocational topics are not adequately used and students do not sufficiently use the school laboratories. According to these results, in order to improve students’ attitudes towards vocational education, the necessity to perform the required studies on these three topics comes out. To identify the basic dimensions determining students’ attitudes towards vocational education, seven dimensions were specified and items related to these dimensions were presented to students’ evaluations. As it was indicated in the research model, these seven dimensions were courses, textbooks, lecturers, technology use, internship, physical environment and student participation. As a result of the factor analyses performed with the obtained data, it was concluded that these seven dimensions might be examined in a more reliable way under four basic dimensions. The new obtained dimensions were education, books, courses and laboratories and physical facilities. Because of this fact it can be stated that for the Sarajevo Canton where the datum was collected, the four basic elements forming the attitudes towards vocational education in economy and commerce education are education, books, courses and laboratories and physical facilities. 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After a broad analysis of articles from nowadays significant researchers about knowledge mapping I was able to extract the main issues, statements and definitions on knowledge mapping and what would help an organisation in its strategic positioning and development in the manner of k-maps. Moreover, where to focus on, in the need of preparing a knowledge map. Also, which k-maps developed throughout the time and their difference among each other? Keywords: Knowledge Mapping, Knowledge Management, Organisation, Strategic Positioning 1. INTRODUCTION Knowledge is an accepted and significant base for competitive advantages and companies started to establish new smart information system. One of the key processes in Knowledge Management is Knowledge Mapping. The main use of knowledge maps is to get an outline about the available sources of information and to help in finding appropriate sources quickly. So therefore a source can be expertise, knowledge, a person, etc. In order to apply any knowledge mapping technique, an organization must be sure of its success and efficiency. A basis to identify the level of knowledge of an organisation could be the knowledge map which also can support the strategic positioning in terms of knowledge management. In an organisation one of the most important goals is the expertise location. In this expertise mapping the organisation’s knowledge needs to be inventoried as well as to map the organisation’s information flow. The common approached to achieve this are assessment of interviews, abilities records and extensive surveys and analysis. 373 � Dublin Core The Dublin Core metadata element set is common to all Omeka records, including items, files, and collections. For more information see, http://dublincore.org/documents/dces/. Extent The size or duration of the resource. 1344 Title A name given to the resource Identifying The Dimensions Of Attitudes Toward Vocational Economy And Commerce Education: A Research In Sarajevo, Bosnia And Herzegovina Author Author A., Tuba Duman ERGÜN, Uğur Abstract A summary of the resource. The purpose of this research is to identify the dimensions of attitudes toward vocational economy and commerce education in high schools in Sarajevo, Bosnia and Herzegovina. Secondary school students’ attitudes toward professional economy and commerce education are analyzed through a self administered questionnaire. The surveys were collected from four high schools giving economy and commerce education in Sarajevo Canton. Out of the total number of 820 students in the second, third and fourth grades, 373 students were surveyed as part of the study. The results show that the students’ attitudes toward vocational economy and commerce education in Sarajevo Canton can be explained by six dimensions. These dimensions are “laboratory and physical resources”, “education”, “books”, “courses”, “overall attitude”, and “career intentions”. Keywords: Vocational education, economy and commerce education, high schools, Sarajevo Date A point or period of time associated with an event in the lifecycle of the resource 2012-05-31 Keywords Keywords. Conference or Workshop Item PeerReviewed H Social Sciences (General),HB Economic Theory,HG Finance,HJ Public Finance