The Value Co-creation of Private Equity Fund in China -- Customer Participation, Virtual Vehicle and Service System

In China, based on the existing and dominant management method of private equity fund (PE), a general partner (GP) takes full responsibility for the running of PE This entails a closed management style for all activities of the fund, such as investment, fundraising and management. GP creating value and limited partner (LP) sharing value is still the current mainstream management method. However, in recent years, due to the change of the whole economic structure and environment in China, the profit rate and the project survival rate of PE under the management of GP has declined dramatically necessitating consideration of alternative methods of management to respond to these challenges. Academic research on customer participation and value co-creation under a Service-dominant logic (S-D) framework has been studied for many years in China and worldwide. However, there has been less research on customer participation value co-creation under service-dominant logic, especially as evidenced by empirical evidence from China's PE industry. Research on this issue can have a positive impact on dealing with the current problems faced by China's PE industry. Therefore, this thesis explores these basic and important problems. According to the service-dominant logic, this study focuses on customer participation value co-creation, value co-creation vehicle and value co-creation service system. Value co-creation is an important part of S-D logic, which is created value jointly by the customer and the enterprise. Value co-creation could increase the perceived value and the loyalty of customer. Therefore, based on S-D logic, this thesis tries to illustrate a new pathway to solve these problems for China's PE funds in a logical manner combining theoretical insights with empirical evidence. The research questions that this thesis addresses are as follows. Firstly, the hypothesis is verified that the value co-creation of customer participation has a significant positive impact on customer perceived value. Moreover, the complete mediation effect of customer participation in value co-creation of PE on customer perceived value is explored. Secondly, using actual PE (APE) to build a special vehicle, which is a virtual PE (VPE) which provides a platform for customer participation in PE value co-creation processes. It demonstrates that customer participation (engagement) has a partial mediation effect in value co-creation processes. Thirdly, APE and VPE jointly carry out value co-creation, this interaction process not only makes the high-level integration and optimization of resources possible but will also bring unexpected creativity to PE. This needs to be supported by the service system. In the constructed service system, this thesis focuses on researching customer demand preference discovery and Clustering modeling, in order to determine potential customer demand and value propositions; it also studies collaborative filtering recommendation and decision-making and discusses collaborative decision-making mechanisms for PE. Finally, this thesis focuses on PE equity assets monetization and transaction method. Further, it emphasizes that the fair value of PE equity assets should not be the scalar algebraic sum of the initial value + expected excess return value, but the vector sum (module) - composite value of the complex number. This thesis provides recommendations and conclusions for management strategies for those working in the Chinese PE industry to pursue in strengthening all aspects of value co-creation

Sustainable Construction Engineering and Management

This Book is a Printed Edition of the Special Issue which covers sustainability as an emerging requirement in the fields of construction management, project management and engineering. We invited authors to submit their theoretical or experimental research articles that address the challenges and opportunities for sustainable construction in all its facets, including technical topics and specific operational or procedural solutions, as well as strategic approaches aimed at the project, company or industry level. Central to developments are smart technologies and sophisticated decision-making mechanisms that augment sustainable outcomes. The Special Issue was received with great interest by the research community and attracted a high number of submissions. The selection process sought to balance the inclusion of a broad representative spread of topics against research quality, with editors and reviewers settling on thirty-three articles for publication. The Editors invite all participating researchers and those interested in sustainable construction engineering and management to read the summary of the Special Issue and of course to access the full-text articles provided in the Book for deeper analyses

Enterprise Risk Management in Chinese Construction Firms Operating Overseas

Ph.DDOCTOR OF PHILOSOPH

Tematski zbornik radova međunarodnog značaja. Tom 3 / Međunarodni naučni skup “Dani Arčibalda Rajsa”, Beograd, 3-4. mart 2015.

In front of you is the Thematic Collection of Papers presented at the International Scientific Confer-ence “Archibald Reiss Days”, which was organized by the Academy of Criminalistic and Police Studies in Belgrade, in co-operation with the Ministry of Interior and the Ministry of Education, Science and Techno-logical Development of the Republic of Serbia, National Police University of China, Lviv State University of Internal Affairs, Volgograd Academy of the Russian Internal Affairs Ministry, Faculty of Security in Skopje, Faculty of Criminal Justice and Security in Ljubljana, Police Academy “Alexandru Ioan Cuza“ in Bucharest, Academy of Police Force in Bratislava and Police College in Banjaluka, and held at the Academy of Crimi-nalistic and Police Studies, on 3 and 4 March 2015.International Scientific Conference “Archibald Reiss Days” is organized for the fifth time in a row, in memory of the founder and director of the first modern higher police school in Serbia, Rodolphe Archibald Reiss, PhD, after whom the Conference was named.The Thematic Collection of Papers contains 168 papers written by eminent scholars in the field of law, security, criminalistics, police studies, forensics, informatics, as well as members of national security system participating in education of the police, army and other security services from Spain, Russia, Ukraine, Bela-rus, China, Poland, Armenia, Portugal, Turkey, Austria, Slovakia, Hungary, Slovenia, Macedonia, Croatia, Montenegro, Bosnia and Herzegovina, Republic of Srpska and Serbia. Each paper has been reviewed by two reviewers, international experts competent for the field to which the paper is related, and the Thematic Conference Proceedings in whole has been reviewed by five competent international reviewers.The papers published in the Thematic Collection of Papers contain the overview of contemporary trends in the development of police education system, development of the police and contemporary secu-rity, criminalistic and forensic concepts. Furthermore, they provide us with the analysis of the rule of law activities in crime suppression, situation and trends in the above-mentioned fields, as well as suggestions on how to systematically deal with these issues. The Collection of Papers represents a significant contribution to the existing fund of scientific and expert knowledge in the field of criminalistic, security, penal and legal theory and practice. Publication of this Collection contributes to improving of mutual cooperation between educational, scientific and expert institutions at national, regional and international level

Uncertain Multi-Criteria Optimization Problems

Most real-world search and optimization problems naturally involve multiple criteria as objectives. Generally, symmetry, asymmetry, and anti-symmetry are basic characteristics of binary relationships used when modeling optimization problems. Moreover, the notion of symmetry has appeared in many articles about uncertainty theories that are employed in multi-criteria problems. Different solutions may produce trade-offs (conflicting scenarios) among different objectives. A better solution with respect to one objective may compromise other objectives. There are various factors that need to be considered to address the problems in multidisciplinary research, which is critical for the overall sustainability of human development and activity. In this regard, in recent decades, decision-making theory has been the subject of intense research activities due to its wide applications in different areas. The decision-making theory approach has become an important means to provide real-time solutions to uncertainty problems. Theories such as probability theory, fuzzy set theory, type-2 fuzzy set theory, rough set, and uncertainty theory, available in the existing literature, deal with such uncertainties. Nevertheless, the uncertain multi-criteria characteristics in such problems have not yet been explored in depth, and there is much left to be achieved in this direction. Hence, different mathematical models of real-life multi-criteria optimization problems can be developed in various uncertain frameworks with special emphasis on optimization problems

Tematski zbornik radova međunarodnog značaja. Tom 2 / Međunarodni naučni skup "Dani Arčibalda Rajsa", Beograd, 1-2. mart 2013

The Thematic Conference Proceedings contains 138 papers written by eminent scholars in the field of law, security, criminalistics, police studies, forensics, medicine, as well as members of national security system participating in education of the police, army and other security services from Russia, Ukraine, Belarus, China, Poland, Slovakia, Czech Republic, Hungary, Slovenia, Bosnia and Herzegovina, Montenegro, Republic of Srpska and Serbia. Each paper has been reviewed by two competent international reviewers, and the Thematic Conference Proceedings in whole has been reviewed by five international reviewers. The papers published in the Thematic Conference Proceedings contain the overview of con-temporary trends in the development of police educational system, development of the police and contemporary security, criminalistics and forensics, as well as with the analysis of the rule of law activities in crime suppression, situation and trends in the above-mentioned fields, and suggestions on how to systematically deal with these issues. The Thematic Conference Proceedings represents a significant contribution to the existing fund of scientific and expert knowledge in the field of criminalistic, security, penal and legal theory and practice. Publication of this Conference Proceedings contributes to improving of mutual cooperation between educational, scientific and expert institutions at national, regional and international level

The effect of audit objections on performance measures and market indicators of audited organisations – evidence from textile manufacturing sector of Pakistan

The purpose of this research was to investigate if the auditees respond effectively to modified audit opinions. The study is important to judge the in-time response to audit opinion for financial transparency, audit policy formation and remedial measures. The population consisted of all listed textile manufacturing companies of Pakistan. The textile sector is the largest indigenous sector with a large number of audit objections. To judge the effectiveness of the audit opinion on audit response, various performance indicators of the auditee are used. Three subsequent years after the audit opinion are considered to judge the audit responses. Other influencing variables like size and age of the company, cotton prices, yarn production, exchange rates and the export value of textiles were taken as control variables. Additionally, any difference in audit responses between the two textile policy regimes (2009-2013 & 2014-2017) in Pakistan was investigated. Data was manually collected for the period 2009-2017 from the archival records of all relevant stakeholders. Giving rise to a data set with more than one thousand observations, audit responses were classified into three ordinal categories of good, negligible and bad responses. A positivist research paradigm was followed to explore the research question. Multinomial logistic regression in SPSS was applied to model the associations statistically between the audit opinions and audit responses. The main outcomes of this study were (1) time is needed to allow good responses effectively (2) severity of audit opinions is associated with better audit response and (3) mixed results for two textile policies in terms of audit responses. The research has several limitations, most notably that financial performance measures lack precision and that no account has been made of the variation in the performance of individual audit firms. Nevertheless, the research is a substantial contribution to knowledge and applied practices. The outcome of this study supports the value of the audit and the need for appropriate managerial interventions to address the issues raised. The research has demonstrated that how effective response to audit opinion can positively impact performance. The insights are useful for regulators to improve decision-making for the credibility of the audit process. Textile companies may enhance their financial transparency and sustainability through effective and in-time audit responses

Tematski zbornik radova međunarodnog značaja. Tom 1 / Međunarodni naučni skup "Dani Arčibalda Rajsa", Beograd, 1-2. mart 2013

The Thematic Conference Proceedings contains 138 papers written by eminent scholars in the field of law, security, criminalistics, police studies, forensics, medicine, as well as members of national security system participating in education of the police, army and other security services from Russia, Ukraine, Belarus, China, Poland, Slovakia, Czech Republic, Hungary, Slovenia, Bosnia and Herzegovina, Montenegro, Republic of Srpska and Serbia. Each paper has been reviewed by two competent international reviewers, and the Thematic Conference Proceedings in whole has been reviewed by five international reviewers. The papers published in the Thematic Conference Proceedings contain the overview of con-temporary trends in the development of police educational system, development of the police and contemporary security, criminalistics and forensics, as well as with the analysis of the rule of law activities in crime suppression, situation and trends in the above-mentioned fields, and suggestions on how to systematically deal with these issues. The Thematic Conference Proceedings represents a significant contribution to the existing fund of scientific and expert knowledge in the field of criminalistic, security, penal and legal theory and practice. Publication of this Conference Proceedings contributes to improving of mutual cooperation between educational, scientific and expert institutions at national, regional and international level