Profit Criteria Research Articles

Application of fuzzy evolutionary methods for the development of dual-education projects

The article aims to present a method of specialties cases management based on models of system evolution within the frame-work of a pilot projectin institutions of professional pre-higher and higher education of Ukraine for the training of specialists in the dual form of education. The obtained data allowed determining that the methodology of project management can be successfully implemented in Ukrainian dual education. However, the Ukrainian system of dual education still lacks many elements, and some of them cannot be reproduced in the national environment, because the student himself can choose a form of education. The article pre-sents a simulation of the dual education system evolution in a specific specialty in the form of a multicriterial optimization problem. Well-known McKinsey model is adapted to determine the variant of the strategy for managing the dual education system. With the help ofsuch model, the specialties of the educational institution were ranked as candidates for investment according to the criterion of future profit. The trajectory of the specialty evolution has been developed by means of the method for assessing of qualitative factors, such as the attractiveness of the labor market and the competitive status of the educational institution. The inclusion of the specialty evolution trajectory in the integral criteria of the McKinsey model, made it possible to not onlyestablisha competitive sta-tus for the current period, but also extrapolate it without significant changes to the entire strategic period to predict the competitive status of a particular specialty. It is proposed to apply a decision support system based on the useof an apparatus of fuzzy sets and fuzzy logic to formalize decision-making in an intelligent system. The using of the fuzzy logic apparatus made it possible to adjust and clarify the strategic positions of each business unit of the dual education project portfolio. Thus, a significant practical effect was obtained, since the using of this fuzzy system allows to quickly assessingthe forecast positions of dual education projects, to evaluate the future competitive status of the educational product and the management strategy of this project

Influence of CEO Human Capital and Behavioral Characteristics on Economic Profit of Russian Companies

We investigate how different personal traits of a chief executive officer (CEO) influence value creation in one of the largest emerging capital markets in Russia. Our research model considers several components of human capital of a CEO.
 Moreover, we include CEO’s behavioral biases looking at overconfidence measured by industry adjusted ratio of capital expenditures and narcissism captured by the analysis of CEO’s photos following previous academic research approaches. The CEO power is applied to understand its impact over value creation and possible mitigating effect. Our sample consists of 111 Russian publicly traded companies and 235 CEOs for 8 years (from 2013 to 2020). We apply economic profit criteria to measure corporate performance with economic value added (EVA) which captures the spread between actual return on capital derived from financial reports and overall cost of capital based on the risks of a company collected from Bloomberg .
 We use first-order differences in company’s contribution to EVA after adjustments to the industry and overall market contributions to EVA for the sample. We find empirical evidence that CEO’s human capital affects value creation measured by first-order differences to industry adjusted EVA yearly. Furthermore, the CEO power has positive impact over value creation in Russian corporations while behavioral biases such as overconfidence ad narcissism do not have significant relationship with the changes in EVA.

Production and energy mode control of a production-inventory system

Energy efficiency in manufacturing can be improved by controlling energy modes and production dynamically. We examine a production-inventory system that can operate in Working, Idle, and Off energy modes with mode-dependent energy costs. There can be a warm-up delay to switch between one mode to another. With random inter-arrival, production and warm-up times, we formulate the problem of determining in which mode the production resource should operate at a given time depending on the state of the system as a stochastic control problem under the long-run average profit criterion considering the sales revenue together with energy, inventory holding and backlog costs. The optimal solution of the problem for the exponential inter-arrival, production and warm-up times is determined by solving the Markov Decision Process with a linear programming approach. The structure of the optimal policy for the exponential case uses two thresholds to switch between the Working and Idle or Working and Off modes. We use the two-threshold policy as an approximate policy to control a system with correlated inter-event times with general distributions. This system is modelled as a Quasi Birth and Death Process and analyzed by using a matrix-geometric method. Our numerical experiments show that the joint production and energy control policy performs better compared to the pure production and energy control policies depending on the system parameters. In summary, we propose a joint energy and production control policy that improves energy efficiency by controlling the energy modes depending on the state of the system.

Specifics of the institutional mechanism for assessing the scientific research effectiveness in France: Evolution and current state

The article is devoted to the analysis of the specifics institutional mechanism assessment for the scientific research effectiveness in France, where national dirigiste traditions are clearly manifested. Despite a series of cardinal reforms of recent decades in the field of management of the field of R&D and higher education, France continues to operate a centralized model of the organization of assessment, where the decisive positions are held by the highest bodies of state administrative power in the person of specialized unified national services for the assessment of R&D and higher education (HCERES and etc.). The author tried to show the originality of these institutions and the main problems they faced, as well as to understand the reasons for their viability. The research focuses on the analysis of the methods and criteria used by them for evaluating scientific activities. Particular attention is paid to quantitative assessments of scientific research based on bibliometric indicators (“impact factor”, etc.), as well as on the basis of efficiency and profitability criteria. During the analysis of the advantages and disadvantages of using quantitative assessment indicators, it was found that in the conditions of France, an assessment based on bibliometric tools over the past 20 years has gradually turning into a tool for centralized management of research organizations, research teams and individual scientists.

Feasibility Analysis of The Establishing Mosul Tourist Park Project

The tourism sector is one of the basic sectors of the economy of any country because it achieves economic and social benefits and achieves important goals. The (Al-Mosul Tourist Park) project is one of the tourism projects that have been feasibility study for it, as it seeks to create multiple groups and a variety of purposes and tasks. The total area of ​​the project is ( 62500 square meters equivalent to 25 dunums) and with an invested capital of (26,200) million dinars (ie twenty-six billion and two hundred million Iraqi dinars), the project is located in the forest area in the city of Mosul near the third bridge in the left of the city, as the study aims to: Establishing an integrated project as much as possible that serves the city and contributes to its development in several respects, in addition to providing entertainment facilities in it; That is to find out whether the establishment of this project will achieve economic feasibility or not? The problem of the study is also focused on the enormity and breadth of the project, as it needs a lot of data and information, and obtaining it requires consulting many experienced people with different specializations, which requires great effort during the feasibility study. The study relied on descriptive and analytical approaches by collecting information in the field and then analyzing it according to the criteria for studying the feasibility of economic projects. The study reached conclusions, the most important of which is that the project achieves economic feasibility from the point of view of commercial profitability criteria, whether it uses current value transactions in its accounts or not using these transactions. The study suggested that it is possible to establish the project as it achieves financial feasibility (achieving good returns for the investor) and from an environmental point of view by adding it aesthetically and from an economic point of view by adding a project at the regional and national levels and increasing the urban and urban development in the country and providing it with new job opportunities.

Integrated optimisation of pricing, manufacturing, and procurement decisions of a make-to-stock system operating in a fluctuating environment

ABSTRACT Manufacturers experience random environmental fluctuations that influence their supply and demand processes directly. To cope with these environmental fluctuations, they typically utilise operational hedging strategies in terms of pricing, manufacturing, and procurement decisions. We focus on this challenging problem by proposing an analytical model. Specifically, we study an integrated problem of procurement, manufacturing, and pricing strategies for a continuous-review make-to-stock system operating in a randomly fluctuating environment with exponentially distributed processing times. The environmental changes are driven by a continuous-time discrete state-space Markov chain, and they directly affect the system's procurement price, raw material flow rate, and price-sensitive demand rate. We formulate the system as an infinite-horizon Markov decision process with a long-run average profit criterion and show that the optimal procurement and manufacturing strategies are of state-dependent threshold policies. Besides that, we provide several analytical results on the optimal pricing strategies. We introduce a linear programming formulation to numerically obtain the system's optimal decisions. We, particularly, investigate how production rate, holding cost, procurement price and demand variabilities, customers' price sensitivity, and interaction between supply and demand processes affect the system's performance measures through an extensive numerical study. Furthermore, our numerical results demonstrate the potential benefits of using dynamic pricing compared to that of static pricing. In particular, the profit enhancement being achieved with dynamic pricing can reach up to 15%, depending on the problem parameters.

Impact of WACC on Firm Profitability: Evidence from the Food and Allied Industry of Bangladesh

The research paper aims to analyze the underlying relationship in between the profitability and cost of funds of a firm. A total of twelve companies were selected as a sample for this study which is listed in Dhaka Stock Exchange under Food and Allied Industry. A panel data set of 15 years from 2005 to 2019 was used to conduct the necessary analysis. In this paper, Return on Asset (ROA) is used as the accounting criteria of profitability. WACC is the independent variable while Firm Size, Firm Age and Firm Leverage are used as control variable for the study. Fixed Effects Panel Regression Model is used to analyze the dataset. The result of the analysis shows that WACC is negatively related with the profitability measure and this relationship is significant. The study has potential to be replicated by other industries like textile, cement, pharmaceutical & chemical, fuel & power, tannery etc.

Sizing a Battery Energy Storage System for Hybrid Renewable Power Plants Based on Optimal Market Participation Under Different Market Scenarios

This article presents a method for selecting the best battery sizing based on an optimal market participation strategy in a hybrid renewable power plant. The proposed formulation considers different scenarios to ensure the reserve provision compliance and includes two terms. The first one maximizes the day-ahead and automatic frequency restoration reserve (aFRR) market revenues. The second minimizes the battery degradation, accounting for both cycling and calendar ageing effects. The Iberian Electricity Market is selected as the study case, and two different market scenarios are compared: the current market scenario and the upcoming one, in which the upward and downward aFRR band offers are independent. The operation of a set of batteries is simulated until their end of life, and results reveal that energy/power ratios higher than 3 h for the current market scenario, and than 4 h for the upcoming one, are less cost effective. Regarding the best battery energy storage systems sizing, the selection varies considering incomes or profitability criteria. Moreover, keeping the current prices, in the upcoming market scenario hybrid renewable power plants are encouraged to participate more in the downward than in the upward aFRR market.

Financial well-being of territorial communities and the economic growth of the regions of Ukraine: assessment and modeling of interrelation

Purpose. The purpose of the article to assess and model the interrelation between the financial well-being of territorial communities (TCs) and regional economic growth in Ukraine under conditions of uncertainty.
 Methodology / approach. The empirics of assessment and modeling of a causal relationship between the financial well-being of TCs and economic growth of regions is based on: the construction of time series for empirical parameters of territorial communities’ financial well-being (substantiation of structural elements of financial well-being, TCs clusterization by the criteria of profitability, and calculation of integral coefficients); multidimensional estimation of regional economic growth (multiplicative approach, principal component analysis); detection of impact (“pressure” force) of TCs’ financial well-being on the paces of regional economic growth (index and regression methods). 
 Results. Based on the results of the integral assessment with preliminary clusterization of TCs by their revenues, the article reveals that in 2020, the weighted average level of TCs’ financial well-being in Ukrainian regions was the highest in Zakarpattia (0.592), Kherson (0.534), Zaporizhzhia (0.513), and Chernivtsi (0.512) oblasts, while the lowest – in Ivano-Frankivsk (0.281) oblast. In 2010–2020, Ivano-Frankivsk (0.48 %), Poltava (0.06 %), Rivne (0.16 %), Ternopil (0.25 %), Khmelnytskyi (0.35 %), and Chernihiv (0.54 %) oblasts demonstrated higher annual average economic growth paces, while Dnipropetrovsk (-0.86 %) and Kherson (-0.94 %) oblasts – negative ones. 
 Originality / scientific novelty. The article enhances the methodological approach to the complementary assessment of TCs’ financial well-being and regional economic growth, which has contributed to modeling the ability of territories’ economies to increase investment-economic capacity and the causal relationship between economic growth determinants and the financial capacity of territorial communities in regions. 
 Practical value / implications. The article offers and substantiates the action-oriented approach to the assessment of regional economic development. Its implementation contributes to making the spatial breakdown of the system’s economic condition and building the architectonics of economic progress determinants to determine the “divergence areas” of regional development.

Financial well-being of territorial communities and the economic growth of the regions of Ukraine: assessment and modeling of interrelation

Purpose. The purpose of the article to assess and model the interrelation between the financial well-being of territorial communities (TCs) and regional economic growth in Ukraine under conditions of uncertainty.
 Methodology / approach. The empirics of assessment and modeling of a causal relationship between the financial well-being of TCs and economic growth of regions is based on: the construction of time series for empirical parameters of territorial communities’ financial well-being (substantiation of structural elements of financial well-being, TCs clusterization by the criteria of profitability, and calculation of integral coefficients); multidimensional estimation of regional economic growth (multiplicative approach, principal component analysis); detection of impact (“pressure” force) of TCs’ financial well-being on the paces of regional economic growth (index and regression methods). 
 Results. Based on the results of the integral assessment with preliminary clusterization of TCs by their revenues, the article reveals that in 2020, the weighted average level of TCs’ financial well-being in Ukrainian regions was the highest in Zakarpattia (0.592), Kherson (0.534), Zaporizhzhia (0.513), and Chernivtsi (0.512) oblasts, while the lowest – in Ivano-Frankivsk (0.281) oblast. In 2010–2020, Ivano-Frankivsk (0.48 %), Poltava (0.06 %), Rivne (0.16 %), Ternopil (0.25 %), Khmelnytskyi (0.35 %), and Chernihiv (0.54 %) oblasts demonstrated higher annual average economic growth paces, while Dnipropetrovsk (-0.86 %) and Kherson (-0.94 %) oblasts – negative ones. 
 Originality / scientific novelty. The article enhances the methodological approach to the complementary assessment of TCs’ financial well-being and regional economic growth, which has contributed to modeling the ability of territories’ economies to increase investment-economic capacity and the causal relationship between economic growth determinants and the financial capacity of territorial communities in regions. 
 Practical value / implications. The article offers and substantiates the action-oriented approach to the assessment of regional economic development. Its implementation contributes to making the spatial breakdown of the system’s economic condition and building the architectonics of economic progress determinants to determine the “divergence areas” of regional development.

COMPARISON OF CREATIVE ACCOUNTING RISKS IN SMALL ENTERPRISES: THE DIFFERENT BRANCHES PERSPECTIVE

Small enterprises are exposed to new challenges in examining the impact of creative accounting on their financial statements, particularly when assessing ‘going concerned’ conditions and increasing the risk of fraud. The article aims to identify accounting errors and fraud risks made by accounting adjustments, thus distorting the true and fair presentation of financial statements. We aim to explore the risks of creative accounting based on the relationship between profit creation (EBT) and cash flow (CF) by applying the CFEBT risk triangle method. We analyze small enterprises operating mainly in the trade, processing, and construction industry to achieve this. The detected risks of accounting records were subsequently compared and evaluated in the selected branches of activities. Our research findings confirmed that M-score values were primarily negative for the monitored industries of small enterprises. The resulting values point to applying creative accounting methods – earning management, which pursues, in particular, tax optimization, and, on the other hand, the fulfilment of profitability criteria. A more profound analysis of selected accounting items and financial indicators confirmed more substantial differences between the trade and construction industries. Differences between the branches were found in one-half of the financial indicators and most of the 14 accounting items monitored. The accounting risks ascertained may be used as a tool for reducing the information asymmetry between authors of accounting records and users of reported accounting data and information. The detection and evaluation of risks of accounting errors and errors beyond the economic substance of reported data may considerably improve the quality of decision-making of internal and external users and is also used by persons authorized to conduct the administration and Corporate Governance for increasing the efficiency of enterprises’ internal control systems.

Tax tools with innovative functionality: practice and possibilities of application in Ukraine

Methods. The methodological basis of the study are general and special methods of scientific knowledge, in particular: methods of interdisciplinary, institutional, comparative and statistical analysis with the use of tabular and graphical methods of data visualization to formulate theoretical foundations of research tax tools with innovative functionality. Results. The essence of tax tools with innovation functionality is determined, the goals of which are the formation of a competitive environment with prerequisites and focus on innovation, support for innovation, intersectoral and public-private cooperation in innovation, state guarantee of investment in innovation projects. The current practices of tax policy in Ukraine with an emphasis on innovative results are analyzed, which allowed the author to divide them into investment, subjective and innovation-resuscitation areas. Novelty. Taking into account the satisfactory situation with regard to innovation in Ukraine, a flowchart of the scientific substantiation of the concept of state regulation of innovative transformations of the economy is proposed, where tax tools occupy an important place. Practical value. The system of measures on the way of effective application of tax tools with innovative functionality in Ukraine is determined. In the short term, measures aimed at overcoming the current destructive effects of tax benefits have been identified, namely: disclosure and public control of their institutional orientation, reduction of tax benefits to resource-intensive sectors of the economy with low innovation efficiency, introduction of profitability criteria for entities. with the prospect of innovation, providing tax benefits for the renewal of fixed assets.

Method for solving the multi-criteria non-Markov problem of project portfolio optimization

The subject of the study in this paper is models and methods of optimization of the organization's project portfolio for the planning period, considering the effects of the previously made decisions. Project portfolio optimization is one of the responsible and complex tasks by company's top management solves. Based on the analysis of the known works in the field, the research purpose is described: to create a method that would allow solve the problem of multi-criteria project portfolio optimization for the planned period, considering the aftereffects of the previously made decisions. The research tasks are to enhance the method for solving the project portfolio optimization problem in terms of maximizing the difference between income and costs for all projects started during the planned period; to propose a method for solving the project portfolio optimization problem in terms of the social effects of projects that started during the planned period; create a method for solving the problem of project portfolio optimization for the planned period in a multi-criteria setting. There are the following results obtained in the paper. There is presents the mathematical model of the problem being solved, the problem objective functions include the difference between the receipt and expenditure of funds in time, the portfolio risks, and its implementation social effects. The mathematical model considers the provision of funds sufficiency for the implementation of projects in all periods, the required sequence of project implementation, and the mandatory inclusion of some projects in the portfolio for a given period. The problem under consideration belongs to the multi-criteria non-Markov dynamic discrete optimization problems. There is a proposed method for solving it in a multi-criteria formulation. The method is based on solving one criterion problem, and then a multi-criteria problem. The method is based on the minimax approach and implicit search. There has been developed solving method for the problem of enterprise project portfolio optimization for the planned period following the profit criterion. In contrast to the existing methods, this method considers the constraints on debt absence and the aftereffects of the previously made decisions. The method served as the basis for creating risk and social effect optimization methods. A method for enterprise project portfolio optimization of the planned period is provided, which, unlike previous, considers the criteria of profit, risks, and social effect, the constraints on debt absence, and the aftereffect of the previously made decisions. That makes it possible to improve the quality of the generated portfolio.

Distribution-Free Pricing

Problem definition: We study a monopolistic robust pricing problem in which the seller does not know the customers’ valuation distribution for a product but knows its mean and variance. Academic/practical relevance: This minimal requirement for information means that the pricing managers only need to be able to answer two questions: How much will your targeted customers pay on average? To measure your confidence in the previous answer, what is the standard deviation of customer valuations? Methodology: We focus on the maximin profit criterion and derive distribution-free upper and lower bounds on the profit function. Results: By maximizing the tight profit lower bound, we obtain the optimal robust price in closed form as well as its distribution-free, worst-case performance bound. We then extend the single-product result to study the robust pure bundle pricing problem where the seller only knows the mean and variance of each product, and we provide easily verifiable, distribution-free, sufficient conditions that guarantee the pure bundle to be more robustly profitable than à la carte (i.e., separate) sales. We further derive a distribution-free, worst-case performance guarantee for a heuristic scheme in which customers choose between buying either a single product or a pure bundle. Moreover, we generalize separate sales and pure bundling to a scheme called clustered bundling that imposes a price for each part (i.e., cluster) of a partition of all products and allows customers to choose one or multiple parts (i.e., clusters), and we provide various algorithms to compute clustered bundling heuristics. In parallel, most of our results hold for the minimax relative regret criterion as well. Managerial implications: The robust price for a single product is in closed form under the maximin profit or minimax relative regret criterion and hence, is easily computable. Its interpretation can be easily explained to pricing managers. We also provide efficient algorithms to compute various mixed bundling heuristics for the multiproduct problem.

ІНТЕРПРЕТАЦІЯ ОБЛІКОВО-ЕКОНОМІЧНОЇ КАТЕГОРІЇ «ФІНАНСОВІ РЕЗУЛЬТАТИ», ЇХ КЛАСИФІКАЦІЯ

The financial result is the final expression of the business processes of the enterprise: supply, production, sales, for the implementation of which requires constant capital of the owners. In the context of modern scientific research, the economic and accounting nature of the category "financial results" is analyzed. Approaches to understanding the financial results of the enterprise are highlighted, its qualitative characteristics are outlined. The results of the study showed that the financial result is the difference between income and expenses incurred, and its form of expression is profit (or loss, or zero result). From the standpoint of economic theory, accounting, analysis, the financial result is characterized as: 1) a criterion for assessing the absolute efficiency of the enterprise; 2) the criterion of profitability, efficiency and economic stability; 3) the result of economic relations of the enterprise and its sustainable development; 4) the source of increase (decrease) in the market value of the enterprise; 5) source of funding for production, commercial and social development of the enterprise.The proposals of scientists to build a classification of financial results are considered. The expediency of their use in the accounting practice of enterprises is substantiated. An alternative approach to the grouping of financial results with the allocation of a classification feature: financial results from the sale of accounting objects. It is proved that the proposed classification criterion is meaningful, informative and allows to deepen the system of analytical accounting. The results of the study showed that the value of financial results can change under the influence of external and internal factors. The factors of the external environment include: economic instability in the state and the world; pricing policy for fuel, energy; taxation system; breach of contractual obligations by counterparties. Internal factors are: 1) the accounting policy of the enterprise; 2) the volume and quality of sold finished products (goods, works, services); 3) pricing system, marketing activities, quality of enterprise management. It is proved that the effective formation of financial results depends on making informed decisions about revenue generation and cost optimization, which will improve the efficiency of the enterprise as a whole.

FORMATION OF THE STRUCTURE OF SUSTAINABLE FINANCIAL RELATIONS IN THE ECONOMIC SPACE

The article is aimed at outlining theoretical and methodological approaches and practical recommendations for the formation of the structure of sustainable financial relations in the economic space of the country. The growing dynamics of the development of sustainable financial relations in the world has been identified. It is established that at each of the spatial levels, special conditions should be created to ensure the financial sustainability of economic entities, based on the task of building sustainable state finances as a component of the sustainable management system. The need to form an innovative structure of sustainable financial relations through properly organized business activities is substantiated in the investment sector, banking, insurance and the stock market. The main factors in the formation of the structure of sustainable financial relations are determined as the criteria of profitability, liquidity of assets, solvency of participants in financial relations and their credit and financial stability simultaneously with the recommended UN Environment Program Financial Initiative environmental, social and managerial ESG – criteria of financial activity. A typical scheme for the formation of the structure of sustainable financial relations in the economic space is proposed on the basis of the project-process approach and the principles of robust management. Typical business processes in the formation of the structure of sustainable financial relations have been identified, including the organization of a system of sustainable financial institutions, stakeholder communication platforms, corporate asset management structures, infrastructure support for sustainable finance, etc. The typical structure of sustainable financial relations is proposed, which includes, among other things, blocks for ensuring the profitability, liquidity of assets and solvency of stakeholders, as well as credit and financial stability with the relevant components of the system of sustainable finance, which support the sustainability of the country's financial system and at the same time ensure the sustainability of the country's economic system as a whole.

AHP–TOPSIS Methodology for Stock Portfolio Investments

This paper presents a methodology for making decisions in the stock market using the AHP-TOPSIS multi-criteria technique. The problem is related to the stock market’s investment process considering the criteria of liquidity, risk, and profitability. The proposed methodology includes integrating economic and financial theories of investment in equity portfolios with the AHP-TOPSIS multi-criteria technique, which allows for evaluating a finite number of alternatives hierarchically under qualitative and quantitative criteria. The methodology has been tested in a real case of selecting a portfolio of high and medium marketability stocks for the Colombian market from April 2012 to April 2017. The computational results show the importance and efficiency of successfully integrating traditional equity portfolio investment criteria and multi-criteria methodologies to find an appropriate balance between profitability and risk in the investment decision-making process in shares in the Colombian stock market. The proposed methodology could be applied to other emerging markets, similar to Colombia.

Estudio piloto para la inyección de bactericidas en arenas con problemas de actividad microbiana en el Campo Libertador, Bloque-57

Microbial activity can lead to problems such as corroded tubing, formation plugging, and decreased effective permeability, especially the sulfate-reducing bacteria that have the formation water as a medium that allows their proliferation. These adhere to the conductive channels of the producing sand and form biomass that restricts the flow of fluids. This work was carried out to design a non-reactive matrix stimulation by injecting biocides that clean the sand face to increase permeability, reduce formation damage, control corrosive environments, and increase daily oil production. By analyzing the total concentration of iron, sulfate, carbon dioxide, sulfide in gas and water, wells with microbial activity were identified, while the behavior of the bacteria was characterized by evaluating bacterial cultures and corrosion coupons. Using economic profitability criteria, the TTT A 011 and TAP 09 wells were selected as the most prospective in the Libertador field since, out of the 94 wells analyzed, they presented the highest index of microbial activity and recovery of oil barrels. The microbial activity in the wells of the Tetete station is more aggressive, since they reproduce in less time, clogging the porous channels at a faster rate. The THPS and GLH bactericides had better functionality against bacteria and the environment, so they were considered in this design of non-reactive matrix stimulation generating $907,976.10 as profit for the company in the 12-month projection.

Banking System Paradox

Banking system has been the backbone of Indian economy. Banking industry has seen a drastic transformation in past two and half decades with emergence of new players in the form of new generation private sector bank, payment banks, non banking financial companies. Competition among service providers has lead to sustainability issues. Balancing between business expansion, risk absorbing capacity and profitability is important. Survival of the fittest is the rule of the game. Nationalization of private banks was done to expand the service base for common masses. Since independence public sector banks have played a key role in the development and balanced growth of all sections of the society. Public sector banks were supported by a league of few old generation banks that catered the niche segments across India. Kerala is the birth place of many old generation private sector banks. Old generation banks worked in line to the practices followed by the leading public sector banks. Indian Banking Association (IBA) was formed for bringing standardization among peer players across industry. Post liberalization era has originated many new generation banks are genetically modified hybrids. New variants are designed for specific objectives of profit maximization en-cashing available opportunities. Business expansion is based on profit criteria rather than social requirements. Ideologies have differed a lot across generations. Public sector banks and new generation private sector banks are operating with diverse organizational goals. This case study highlights the comparative scenario of private sector banks with that of public sector banks to understand the market dynamics in the game of performance and survival.

Triple Bottom Line in Indonesia Commercial Palm Oil Mill Business: Analytical Network Process Approach

The latest trend in palm oil business is the emergence of independent commercial crude palm oil (CPO) mills, which emphasize processing FFB from smallholder plantations. The involvement of smallholders without mill in CPO operations shows that there is potential from the business for sustainable development. The purpose of this study to investigate the Indonesian commercial CPO mill business with a triple bottom line perspective. Moreover, this is to gain how much benefit the Commercial CPO mill business is in terms of profit, people and planet. This study applied the Analytic Network Process (ANP) with the criteria of profitability, social justice and environmental quality. This analytical technique uses a number of experts related to the palm oil business and sustainable development. The results of this study reveal that the critical success factors of priority Indonesian commercial CPO mills are the source of raw materials from small farmers (71.90%) and operational considerations of CPO mills (28.10%). While the benefits of this business can create shared value through quadruple helix analysis of academics, entrepreneurs, communities, and government which ranks profit (53.05%), people (23.75%) and planet (23.19%). The significant results of this study revealed that the Indonesia Commercial CPO mill is sustainable from triple bottom line point of view.