ADF stationarity tests.
\\n\\n
IntechOpen was founded by scientists, for scientists, in order to make book publishing accessible around the globe. Over the last two decades, this has driven Open Access (OA) book publishing whilst levelling the playing field for global academics. Through our innovative publishing model and the support of the research community, we have now published over 5,700 Open Access books and are visited online by over three million academics every month. These researchers are increasingly working in broad technology-based subjects, driving multidisciplinary academic endeavours into human health, environment, and technology.
\\n\\nBy listening to our community, and in order to serve these rapidly growing areas which lie at the core of IntechOpen's expertise, we are launching a portfolio of Open Science journals:
\\n\\nAll three journals will publish under an Open Access model and embrace Open Science policies to help support the changing needs of academics in these fast-moving research areas. There will be direct links to preprint servers and data repositories, allowing full reproducibility and rapid dissemination of published papers to help accelerate the pace of research. Each journal has renowned Editors in Chief who will work alongside a global Editorial Board, delivering robust single-blind peer review. Supported by our internal editorial teams, this will ensure our authors will receive a quick, user-friendly, and personalised publishing experience.
\\n\\n"By launching our journals portfolio we are introducing new, dedicated homes for interdisciplinary technology-focused researchers to publish their work, whilst embracing Open Science and creating a unique global home for academics to disseminate their work. We are taking a leap toward Open Science continuing and expanding our fundamental commitment to openly sharing scientific research across the world, making it available for the benefit of all." Dr. Sara Uhac, IntechOpen CEO
\\n\\n"Our aim is to promote and create better science for a better world by increasing access to information and the latest scientific developments to all scientists, innovators, entrepreneurs and students and give them the opportunity to learn, observe and contribute to knowledge creation. Open Science promotes a swifter path from research to innovation to produce new products and services." Alex Lazinica, IntechOpen founder
\\n\\nIn conclusion, Natalia Reinic Babic, Head of Journal Publishing and Open Science at IntechOpen adds:
\\n\\n“On behalf of the journal team I’d like to thank all our Editors in Chief, Editorial Boards, internal supporting teams, and our scientific community for their continuous support in making this portfolio a reality - we couldn’t have done it without you! With your support in place, we are confident these journals will become as impactful and successful as our book publishing program and bring us closer to a more open (science) future.”
\\n\\nWe invite you to visit the journals homepage and learn more about the journal’s Editorial Boards, scope and vision as all three journals are now open for submissions.
\\n\\nFeel free to share this news on social media and help us mark this memorable moment!
\\n\\n\\n"}]',published:!0,mainMedia:{caption:"",originalUrl:"/media/original/237"}},components:[{type:"htmlEditorComponent",content:'
After years of being acknowledged as the world's leading publisher of Open Access books, today, we are proud to announce we’ve successfully launched a portfolio of Open Science journals covering rapidly expanding areas of interdisciplinary research.
\n\n\n\nIntechOpen was founded by scientists, for scientists, in order to make book publishing accessible around the globe. Over the last two decades, this has driven Open Access (OA) book publishing whilst levelling the playing field for global academics. Through our innovative publishing model and the support of the research community, we have now published over 5,700 Open Access books and are visited online by over three million academics every month. These researchers are increasingly working in broad technology-based subjects, driving multidisciplinary academic endeavours into human health, environment, and technology.
\n\nBy listening to our community, and in order to serve these rapidly growing areas which lie at the core of IntechOpen's expertise, we are launching a portfolio of Open Science journals:
\n\nAll three journals will publish under an Open Access model and embrace Open Science policies to help support the changing needs of academics in these fast-moving research areas. There will be direct links to preprint servers and data repositories, allowing full reproducibility and rapid dissemination of published papers to help accelerate the pace of research. Each journal has renowned Editors in Chief who will work alongside a global Editorial Board, delivering robust single-blind peer review. Supported by our internal editorial teams, this will ensure our authors will receive a quick, user-friendly, and personalised publishing experience.
\n\n"By launching our journals portfolio we are introducing new, dedicated homes for interdisciplinary technology-focused researchers to publish their work, whilst embracing Open Science and creating a unique global home for academics to disseminate their work. We are taking a leap toward Open Science continuing and expanding our fundamental commitment to openly sharing scientific research across the world, making it available for the benefit of all." Dr. Sara Uhac, IntechOpen CEO
\n\n"Our aim is to promote and create better science for a better world by increasing access to information and the latest scientific developments to all scientists, innovators, entrepreneurs and students and give them the opportunity to learn, observe and contribute to knowledge creation. Open Science promotes a swifter path from research to innovation to produce new products and services." Alex Lazinica, IntechOpen founder
\n\nIn conclusion, Natalia Reinic Babic, Head of Journal Publishing and Open Science at IntechOpen adds:
\n\n“On behalf of the journal team I’d like to thank all our Editors in Chief, Editorial Boards, internal supporting teams, and our scientific community for their continuous support in making this portfolio a reality - we couldn’t have done it without you! With your support in place, we are confident these journals will become as impactful and successful as our book publishing program and bring us closer to a more open (science) future.”
\n\nWe invite you to visit the journals homepage and learn more about the journal’s Editorial Boards, scope and vision as all three journals are now open for submissions.
\n\nFeel free to share this news on social media and help us mark this memorable moment!
\n\n\n'}],latestNews:[{slug:"intechopen-supports-asapbio-s-new-initiative-publish-your-reviews-20220729",title:"IntechOpen Supports ASAPbio’s New Initiative Publish Your Reviews"},{slug:"webinar-introduction-to-open-science-wednesday-18-may-1-pm-cest-20220518",title:"Webinar: Introduction to Open Science | Wednesday 18 May, 1 PM CEST"},{slug:"step-in-the-right-direction-intechopen-launches-a-portfolio-of-open-science-journals-20220414",title:"Step in the Right Direction: IntechOpen Launches a Portfolio of Open Science Journals"},{slug:"let-s-meet-at-london-book-fair-5-7-april-2022-olympia-london-20220321",title:"Let’s meet at London Book Fair, 5-7 April 2022, Olympia London"},{slug:"50-books-published-as-part-of-intechopen-and-knowledge-unlatched-ku-collaboration-20220316",title:"50 Books published as part of IntechOpen and Knowledge Unlatched (KU) Collaboration"},{slug:"intechopen-joins-the-united-nations-sustainable-development-goals-publishers-compact-20221702",title:"IntechOpen joins the United Nations Sustainable Development Goals Publishers Compact"},{slug:"intechopen-signs-exclusive-representation-agreement-with-lsr-libros-servicios-y-representaciones-s-a-de-c-v-20211123",title:"IntechOpen Signs Exclusive Representation Agreement with LSR Libros Servicios y Representaciones S.A. de C.V"},{slug:"intechopen-expands-partnership-with-research4life-20211110",title:"IntechOpen Expands Partnership with Research4Life"}]},book:{item:{type:"book",id:"548",leadTitle:null,fullTitle:"Antibiotic Resistant Bacteria - A Continuous Challenge in the New Millennium",title:"Antibiotic Resistant Bacteria",subtitle:"A Continuous Challenge in the New Millennium",reviewType:"peer-reviewed",abstract:"Antibiotic-resistant bacterial strains remain a major global threat, despite the prevention, diagnosis and antibiotherapy, which have improved considerably. In this thematic issue, the scientists present their results of accomplished studies, in order to provide an updated overview of scientific information and also, to exchange views on new strategies for interventions in antibiotic-resistant bacterial strains cases and outbreaks. As a consequence, the recently developed techniques in this field will contribute to a considerable progress in medical research.",isbn:null,printIsbn:"978-953-51-0472-8",pdfIsbn:"978-953-51-4308-6",doi:"10.5772/1058",price:159,priceEur:175,priceUsd:205,slug:"antibiotic-resistant-bacteria-a-continuous-challenge-in-the-new-millennium",numberOfPages:588,isOpenForSubmission:!1,isInWos:1,isInBkci:!0,hash:"f8a58b7ebbb9cd01db5c16fbf9f80b44",bookSignature:"Marina Pana",publishedDate:"April 4th 2012",coverURL:"https://cdn.intechopen.com/books/images_new/548.jpg",numberOfDownloads:96571,numberOfWosCitations:113,numberOfCrossrefCitations:43,numberOfCrossrefCitationsByBook:7,numberOfDimensionsCitations:135,numberOfDimensionsCitationsByBook:9,hasAltmetrics:1,numberOfTotalCitations:291,isAvailableForWebshopOrdering:!0,dateEndFirstStepPublish:"February 28th 2011",dateEndSecondStepPublish:"March 28th 2011",dateEndThirdStepPublish:"August 2nd 2011",dateEndFourthStepPublish:"September 1st 2011",dateEndFifthStepPublish:"December 30th 2011",currentStepOfPublishingProcess:5,indexedIn:"1,2,3,4,5,6,8,9",editedByType:"Edited by",kuFlag:!1,featuredMarkup:null,editors:[{id:"77349",title:"Dr.",name:"Marina",middleName:null,surname:"Pana",slug:"marina-pana",fullName:"Marina Pana",profilePictureURL:"https://mts.intechopen.com/storage/users/77349/images/system/77349.jpeg",biography:"Marina Pana, MD, PhD, RS II, works at Cantacuzino National Research Institute, being the head of Vaccine-Preventable Diseases lab. From 2008, she has been appointed as operational contact point for the European Centre for Disease Prevention and Control (ECDC), regarding S. pneumoniae and N. meningitidis, two main agents involved in meningitis etiology. \r\nDuring her career, Dr. Pana has contributed to a number of workshops and medical seminars as their coordinator as well as lecturer. She has attended numerous European congresses (oral communications) especially those concerning pneumococci and meningococci involved in invasive infections and also published several works on bacterial agents that caused meningitis. Dr. Pana is a reviewer of Romanian and international journals and member of the ESCMID and European Society of Chemotherapy (ESC).",institutionString:"Cantacuzino Institute",position:null,outsideEditionCount:0,totalCites:0,totalAuthoredChapters:"1",totalChapterViews:"0",totalEditedBooks:"2",institution:null}],equalEditorOne:null,equalEditorTwo:null,equalEditorThree:null,coeditorOne:null,coeditorTwo:null,coeditorThree:null,coeditorFour:null,coeditorFive:null,topics:[{id:"895",title:"Medical Microbiology",slug:"medical-microbiology"}],chapters:[{id:"34685",title:"Antibiotic Resistance: An Emerging Global Headache",doi:"10.5772/30161",slug:"antibiotic-resistance-an-emerging-global-headache",totalDownloads:2923,totalCrossrefCites:0,totalDimensionsCites:1,hasAltmetrics:0,abstract:null,signatures:"Maimoona Ahmed",downloadPdfUrl:"/chapter/pdf-download/34685",previewPdfUrl:"/chapter/pdf-preview/34685",authors:[{id:"81131",title:"Dr.",name:"Maimoona",surname:"Ahmed",slug:"maimoona-ahmed",fullName:"Maimoona Ahmed"}],corrections:null},{id:"34686",title:"Antibiotic Resistance in Nursing Homes",doi:"10.5772/29448",slug:"antibiotic-resistance-in-nursing-home",totalDownloads:2458,totalCrossrefCites:0,totalDimensionsCites:0,hasAltmetrics:0,abstract:null,signatures:"Giorgio Ricci, Lucia Maria Barrionuevo, Paola Cosso, Patrizia Pagliari and Aladar Bruno Ianes",downloadPdfUrl:"/chapter/pdf-download/34686",previewPdfUrl:"/chapter/pdf-preview/34686",authors:[{id:"77897",title:"Dr.",name:"Giorgio",surname:"Ricci",slug:"giorgio-ricci",fullName:"Giorgio Ricci"},{id:"78191",title:"Prof.",name:"Aladar Bruno",surname:"Ianes",slug:"aladar-bruno-ianes",fullName:"Aladar Bruno Ianes"},{id:"78416",title:"Dr.",name:"Paola",surname:"Cosso",slug:"paola-cosso",fullName:"Paola Cosso"},{id:"78418",title:"Dr.",name:"Patrizia",surname:"Pagliari",slug:"patrizia-pagliari",fullName:"Patrizia Pagliari"},{id:"78422",title:"Dr.",name:"Lucia Maria",surname:"Barrionuevo",slug:"lucia-maria-barrionuevo",fullName:"Lucia Maria Barrionuevo"}],corrections:null},{id:"34687",title:"The Natural Antibiotic Resistances of the Enterobacteriaceae Rahnella and Ewingella",doi:"10.5772/30017",slug:"the-natural-antibiotic-resistances-of-the-enterobacteriaceae-rahnella-and-ewingella",totalDownloads:3600,totalCrossrefCites:1,totalDimensionsCites:5,hasAltmetrics:0,abstract:null,signatures:"Wilfried Rozhon, Mamoona Khan and Brigitte Poppenberger",downloadPdfUrl:"/chapter/pdf-download/34687",previewPdfUrl:"/chapter/pdf-preview/34687",authors:[{id:"80415",title:"Dr.",name:"Wilfried",surname:"Rozhon",slug:"wilfried-rozhon",fullName:"Wilfried Rozhon"},{id:"123233",title:"Dr.",name:"Mamoona",surname:"Khan",slug:"mamoona-khan",fullName:"Mamoona Khan"},{id:"123234",title:"Prof.",name:"Brigitte",surname:"Poppenberger",slug:"brigitte-poppenberger",fullName:"Brigitte Poppenberger"}],corrections:null},{id:"34688",title:"Trends of Antibiotic Resistance (AR) in Mesophilic and Psychrotrophic Bacterial Populations During Cold Storage of Raw Milk, Produced by Organic and Conventional Farming Systems",doi:"10.5772/29994",slug:"trends-of-antibiotic-resistance-in-mesophilic-and-psychrotrophic-bacterial-populations-during-cold-s",totalDownloads:2121,totalCrossrefCites:5,totalDimensionsCites:9,hasAltmetrics:0,abstract:null,signatures:"Patricia Munsch-Alatossava, Vilma Ikonen, Tapani Alatossava and Jean-Pierre Gauchi",downloadPdfUrl:"/chapter/pdf-download/34688",previewPdfUrl:"/chapter/pdf-preview/34688",authors:[{id:"80295",title:"Dr.",name:"Patricia",surname:"Munsch-Alatossava",slug:"patricia-munsch-alatossava",fullName:"Patricia Munsch-Alatossava"},{id:"85398",title:"M.Sc.",name:"Vilma",surname:"Ikonen",slug:"vilma-ikonen",fullName:"Vilma Ikonen"},{id:"85402",title:"Prof.",name:"Tapani",surname:"Alatossava",slug:"tapani-alatossava",fullName:"Tapani Alatossava"},{id:"85403",title:"Dr.",name:"Jean-Pierre",surname:"Gauchi",slug:"jean-pierre-gauchi",fullName:"Jean-Pierre Gauchi"}],corrections:null},{id:"34689",title:"Stability of Antibiotic Resistance Patterns in Agricultural Pastures: Lessons from Kentucky, USA",doi:"10.5772/31258",slug:"stability-of-antibiotic-resistance-patterns-in-agricultural-pastures-lessons-from-kentucky-usa",totalDownloads:1899,totalCrossrefCites:1,totalDimensionsCites:1,hasAltmetrics:0,abstract:null,signatures:"Sloane Ritchey, Siva Gandhapudi and Mark Coyne",downloadPdfUrl:"/chapter/pdf-download/34689",previewPdfUrl:"/chapter/pdf-preview/34689",authors:[{id:"86253",title:"Prof.",name:"Mark",surname:"Coyne",slug:"mark-coyne",fullName:"Mark Coyne"},{id:"86287",title:"Dr.",name:"Sloane",surname:"Ritchey",slug:"sloane-ritchey",fullName:"Sloane Ritchey"},{id:"86290",title:"Dr.",name:"Gandhapudi",surname:"Kumar",slug:"gandhapudi-kumar",fullName:"Gandhapudi Kumar"}],corrections:null},{id:"34690",title:"Emergence of Antibiotic Resistant Bacteria from Coastal Environment - 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Crude petroleum is one of the fundamental sources of energy in the world and plays an important role in economic growth and development of many economies. Because of the need for this product, the oil market is subjected to the market forces of demand and supply, which do lead to the fluctuation in the pricing. Hamilton [1], Blanchard and Gali [2], viewed, changes in the price of oil as an imperative source of economic fluctuations, in which the resultant effect led to global shock, capable of affecting many economic activities instantaneously. This shock is perceived generally to have a similar impact due to events like fall in growth rate, high unemployment rate, and high inflation rate, while the magnitude and the causes of the effect of these shocks may differ. For import-based economy, hike in the oil price will lead to shock in the economy, vice versa for the export-based economy [1, 3].
There are many established empirical analyses on the macroeconomic consequence of oil price shocks to net exporting countries, this is based on the dependency between oil price and the business cycle which can be explained through the impact of the oil price shocks on aggregate demand. Practitioners opined that an increase in oil price reduces aggregate supply since high energy prices mean that firms will purchase less energy. As a consequence, the productivity of any given volume of capital and labor will decline and leads to potential output loss. This invariably will lead to a decline in factors of production and real wages ([4, 5], p. 23; [6, 7]).
To expatiate further the influence of the oil price shocks on aggregate demand, Riaz et al. [5] submitted that oil is one of the basic inputs in manufacturing industries, any positive oil price shock increases the cost of manufacturing. As the cost of manufacturing rises the profit margins on investments fall will influence investors to postpone their irrevocable investments. Reductions in investment causes cuts in production level, consequently exports of the country are negatively affected and economy has to face adverse balance of trade. So also the effect permeates into households, oil price fluctuation induces the consumers to reschedule their expenditures on durable goods. This suggested that oil price shocks have serious concerns for all types of economies as aggregate demand is reduced from both consumption and investment sides. Increase in both oil prices and uncertainty in oil prices is detrimental for the economy (p. 24).
The negative effects of oil price shocks are more on the net-exporters of oil of the developing economies, the effect could be attributed to over-dependence on oil revenue, importation of basic necessity and susceptibility of their tradable lagging sectors to Dutch disease syndrome, the consequences of externalities, and economic pass-through (inflation) [8, 9, 10, 11, 12].
In the submissions of Abeng [8], opined that theoretically, an increase in oil price should reflect more revenue dividend for oil-exporting countries as it is expected to enhance foreign exchange earnings and build reserve in the short-run. Conversely, for net-importers of refined petroleum products for instance Nigeria with domestic regulation of oil prices (subsidies), oil price increase may not transform to the anticipated economic advantage, due to fiscal difficulties, restraining government’s ability to finance import in addition to meeting other international obligations (p.3). Nigerian has a deficit of ₦7114.49 and ₦8324.76 billion Naira for 2017 and 2018 periods for importation of non-oil products and spent about ₦2618.97 and ₦3833.82 billion on importation of refined petroleum product for the period of 2017 and 2018 [13]. These figures stress the vulnerability of the economy to the impulses of international oil price. The consequences may be unfavorable to economic growth arising from increased domestic production cost and decline in aggregate demand (p. 23).
In Ibrahim [14] remarks in studying the responses of non-oil productive sectors that is agriculture, manufacturing and service to shocks in change in oil price in Nigeria. In his submissions, the results obtained reveal that oil price impacted positively on aggregate output but negatively on agricultural, manufacturing and service sector suggesting that at the aggregate level, oil price is incline to increase aggregate output whereas an increase in oil price impacted negatively on the outputs of productive sectors as oil serves as an input factor in the production process of these sectors. This specifies that fluctuation in oil price creates uncertainty in the production capacity of the productive sectors and it also destabilizes the effectiveness of the government fiscal management of crude oil revenue.
Also Ayadi [15] posited that the forecast errors in industrial production are credited to volatility in real exchange rates and that changes in oil prices are only slightly important in influencing industrial production in Nigeria. Moreover, oil price changes affect real exchange rates, which, in turn, affect industrial production. He remarked that it should be noted that the indirect effect of oil prices on industrial production is not statistically significant. Therefore, the implication of the results presented in his paper is that an increase in oil prices does not cause an increase in industrial production in Nigeria.
According to [16, 17], the economy of Nigeria was affected by the decline in the revenue due to a fall in the price of crude oil alongside production. They cited that in about twenty months, the oil price has nosedived rapidly from as high as about one hundred and thirty dollars per barrel to as low as twenty-eight dollars and quantity also dropped from 2.15 Mbpd to 1.81 Mbpd in the earlier months of 2016, this resulted to a recession.
The crude petroleum industry is among the largest contributors to the economic growth, before the recession experienced by the country, in 2016 the growth rate shrank by −13.65%, a more substantial decline than that in 2015 of −5.45%. This reduced the oil sectors share of real GDP to 8.42% in 2016, compared to 9.61 per cent in 2015, (NBS, Q4 [18]). Aside from the contribution to the growth rate, the industry affects monetary variable and high unemployment rate [2]. According to Nweze and Edeme [19], as quoted by Adedokun [16], CBN [20] opined that on average, 75% of government revenues and on average 93% of foreign earnings from trade in goods and services, in the last ten years come from oil export, which informs part of the major sources used in financing the country’s imports.
Fluctuate in the price of natural resources is a term more related to the oil shocks because the majority of the problems encountered concerning recession is aggravated by a change in oil price. Hamilton [1], in his abstract, he opined that historical oil price shocks were principally caused by physical disruptions of supply, the price hike of 2007–2008 was caused by supply not meeting the excessive world demand. The consequences of recession are very similar with significant effects on consumption. According to Hamilton (1983) as cited by Sabiu [21], opined that ten out of eleven economic recessions were preceded by a sharp increase in oil prices in the United States.
Although, In a more recent development in the investigation of the causes of oil price shocks, many practitioners do not see supply as the sole cause of oil price shocks. The neo-monetarist, the likes of Bernanke et al. [22] sees oil and energy costs as insignificant relative to total production costs to account for the entire decline in output that, at least some events, has followed increases in the price of oil, they foresee that the monetary policy taken during spikes in the price of oil as the major contributing factors to the economic shocks.
Kilian [23] opined that historically, the decompositions of fluctuations in the real price of oil shows that oil price shocks have been driven mainly by a combination of global aggregate demand shocks and precautionary demand shocks, rather than oil supply shocks.
In furtherance to clear the air on the causes of oil price fluctuations, which was generally believed to have outgrown the traditional demand and supply factors, Humbatova and Hajiyev [24] made references, to the Er-Riad summit of 2007 where conclusions where reached on the oil market trend that, it is not related to OPEC decisions. They concluded that the current trend is due to financialisation factors, lack of production capacities in oil production, reduction in the world oil reserves, natural disasters, political events and processes.
The financialisation of oil market made oil a speculative commodity in the financial market contrary to the real commodity. This has been one among the major sources of oil price volatility [25, 26].
The exposure of the oil market to commodity market brought about the issue of speculation, that is investors’ expectations about future oil supply and demand. This breeds in the issue of inventory, either below or above the ground since oil can be stored. Others factors are the price of dollars, for net oil importers appreciation of dollar mean lower consumption of oil whereas the net exporters mean more revenue from the sales of oil, the reverse is the case when dollar price depreciate [26, 27].
The most recent factor in the front burner affecting fluctuation of oil price is the improvement of shale-oil technology (the shale revolution in the United States). The technological innovations that decreased the liquid fuel consumption and influenced the global energy markets to the point that many countries that are solely dependent on the oil resource plunged into economic crisis in 2016 due to falling in oil demand [26, 28]. Davig et al. [29] added that the fall in demand led to shifts in precautionary demand in the mid-2014 to mid-2015, this played a fundamental role in driving oil prices lower due to market glut and exacerbate the oil crisis to net exporters in 2016.
Fluctuation in the price of oil as a result of the aforesaid causes create the effect of uncertainty in the outputs of industries, not only to the manufacturing sector but also to the energy management sectors in process industries, that is oil and gas industries. According to Elder and Serletis [30] they posited that the theories of investment under uncertainty and real options predict that uncertainty about oil prices will tend to depress current investment. This uncertainty can be due to rise or fall in the oil prices.
Higher oil prices do come with a glade tidings for some industries. Apparently, they benefit oil and gas industries, but have both positive and negative multiplier effects to other components of an economy [31]. According to Hayes upstream firms face more hitches when oil prices fall since market forces is the determining factor at which oil is sold, and their costs of production are largely fixed. The higher the cost of production the higher the losses incurred by the producer. Downstream companies suffer a lesser consequences since they profit by purchasing crude oil and selling the refined products at a premium. Their earnings and profit margins always remain fairly stable even with fluctuating in oil prices. The submissions of Hayes is line with the suggestions of Jobert et al. [32] they posited that rise in the prices of oil are much desirable to the oil industries because they will make higher turnover, simultaneously, the rise in the oil prices correlate with waning outcomes for large capital expenditure projects for oil recovery. Large and capital-intensive drilling operations are hit harder in contrast to the smaller rigs, which can decide to shut down pending on when prices rise again.
Energy and the development of the shale oil is among the current drivers of US economy, new jobs opportunities has sprang up due to economy of scale (internal and external) for the Americans. Persistence, fall in oil price, could lead to folding up of operations for many onshore fracking wells that lack the working capital to continue drilling. Although the hydraulic fracturing is more expensive than typical drilling, so shale gas companies will be among the first hit if the cost of production prevail over profits [33].
According to Adesina [34], he made references to the local key oil and gas corporation having a rough time due to the fall in oil price in the recent time with prices lower than local production in Nigeria. The local oil firms are fighting hard to survive as Crude and remains at the $20, which means Nigeria’s crude is being sold at a loss, coupled with the fact that oil demand has plummeted to the lowest level in more than a generation.
While on the other side Deloitte [35] views was on the impact of the oil price collapse on company accounts, fall in oil price tends to increase risk of loss of assets. They opined that lower oil price forecasts mean lower future profits from an asset. These leads to reduction in the present value of the asset, and the asset values on balance sheets cannot be fully recovered, this results in write-off, and tendencies of knock-on effect connected to deferring taxes and holding company investment balances.
In Nigeria one of the major contributing factors for 2016 recession was fall in the price of oil coupled with decreased in quantity of production, the recession was accompanied by high inflation rate on basic commodities (cost-push) [16]. Monetary policy on inflation is always been informed by the general price level. Before the recession, the inflation rate was at a single digit of 8.0% and 9.55% per cent for 2014 and 2015 [36]. During the recession, the inflation rate was about 18.55% per cent that is in 2016 and as expected, the monetary authority introduced a tight monetary policy by raising the cost of borrowing, the interest rate was steady at 14% from July 2017 to the first quarter of 2018 against 2016 which was 200 points higher. This is against the backdrop of relative improvement in the global economy.
Saban et al. [37] Investigated the responses of monetary policy variables of select emerging markets to oil market shocks. Using conventional and Fourier Toda Yamamoto methods. In their findings, the oil prices are sensitive to structural shifts and, the causality approach with gradual/smooth shifts indicates oil price shocks influencing the currencies of Indonesia and South Africa, interest rates in Brazil and India, and inflation in South Africa and Turkey.
Also in the summaries of Santos and Chris [38], used Johansen (1992) co-integration approach and the Toda and Yamamoto [39] causality testing procedure. Applying Wald coefficient test, the nominal interest rates, and expected inflation co-move together, in the long run, there is a uni-directional causality from expected inflation to nominal interest rates as suggested by the Fisher hypothesis in the closed economy context. While in the open economy context, the result showed that the expected inflation and international variables do not contain information that predicts the nominal interest rate.
In the empirical findings of Mohammed and Jauhari [40], they employed asymmetric causality test based on Toda and Yamamoto [39] causality approach to further the causal relationship between exchange rate and inflation differentials in Brunei, Malaysia, and Singapore. The results show the existence of Granger causality running from positive cumulative exchange rate shocks to shocks in inflation differentials for Brunei and Malaysia. Also, the asymmetric causality for Singapore runs from both positive and negative cumulative domestic inflation shocks to positive and negative exchange rate shocks respectively.
Chibvalo et al. [41] in their submissions, they employed the Toda-Yamamoto approach to Granger causality to test for a causal relationship between inflation and trade openness in Zambia. They established a bi-directional causality between inflation and trade openness. Further, there exists a positive relationship between inflation and trade openness in Zambia.
This analysis aims at investigating the effect and the interrelations existing between the impact of oil price fluctuation on the monetary instrument (Exchange rate, Inflation, Interest rate). The data were sourced from the Central Bank of Nigeria (CBN), National Bureau of Statistics (NBS) and Nigeria National Petroleum Corporation (NNPC). The data cover a period of 1995–2018 and the data is monthly. All our variables are in local currency. Therefore we used oil price, the interbank exchange rate as a proxy for exchange rate data, while the prime lending rate was used as a proxy for data on the interest rate and we used consumer price index for all commodity as a proxy for inflation.
A Toda and Yamamoto model (1995) (TY-VAR) was adopted in estimating the Modified WALD Granger Non-causality test (MWALD), Forecast Error Variance Decomposition (FEVD) and Impulse Response Function (IRF).
According to Salisu [42], Sims [43] and Toda and Yamamoto (TY-VAR) [39], Vector auto-regressions (VARs) are one of the widely used classes of models in applied econometrics, used as tools both for prediction and for model building and evaluation. It success lied on its flexibility and ease of application when dealing with the analysis of multivariate time series.
Practitioners have recently shown that the conventional asymptotic theory does not apply to hypothesis testing in levels VAR’s if the variables are integrated or co-integrated [39, 43]. And one of the deficiencies of the VAR application is the inability to ascertain the a priori expectation of the variables whether the variables are integrated, co-integrated, or (trend) stationary. This necessitates pretesting(s) for a unit root(s) and co-integration in the economic time series, asarequisite for estimating the VAR model, and also when the intentions are prioritized towards the estimation of cointegration and vector error correction model [44].
Conversely, the powers of the unit and also simulation experiments of Johansen tests for co-integrating are very sensitive to the values of the nuisance parameters in finite samples and hence not very reliable for sample sizes that are typical for economic time series [39, 45, 46].
To alleviate these problems, Toda and Yamamoto [39] as quoted by Shakya [47], Giles [48] proposes the augmented VAR modeling, that is the modified Wald test statistic (MWALD), which is more superiority to the ordinary Granger - causality tests, the method is flexible and easy to apply, since one can test linear or nonlinear restrictions on the coefficients by estimating a levels VAR and applying the Wald criterion, paying little attention or circumventing the integration and cointegration properties of the time series data [42, 44]. However, the model is not a substitute for the conventional pre-testing in time series analysis, but as a complementary to the conventional VAR [49].
In estimating the MWALD test for Granger causality, it is prerequisite to determine the maximum possible order of the integration of the basic variables (dmax). Although, the variables could be a mixture of I (0), I (1), and I (2), in such condition, dmax = 2. The determination of the optimal lag length (k) is very important, to avoid overstating or understating the true value of lag, to evade biased estimates of accepting the null hypothesis when it should be rejected, vice versa. By identifying dmax and k, a level VAR model of order (k + dmax) is estimated and zero restrictions test is conducted on lagged coefficients of the regressors up to lag k. This process certifies that the Wald test statistics have an asymptotical chi-square (χ2) distribution whose critical values can be used to draw a valid inference and conclusion [39, 44].
The model used in this research work borrowed a leave from the Toda and Yamamoto model (1995) as iterated in the work of Saban et al. [37], their model was adopted in this paper, to finding the inter-relationship between oil price and monetary variables. While they consider Granger Non-causality and structural shift, in our model we considered Granger Non-causality test, and substitute structural shift with Impulse Response Function (IRFs) and Forecast Error Variance Decomposition (FEVD). The TY-VAR is given by:
Where
The analysis aims at establishing the interrelationship that exist among the variables; i.e. oil price (lnoilpr), and monetary policy variable i.e. exchange rate (lnexchr), interest rates (lnintr), and inflation (lncpi). The specification considers each variable expressed as independent in the model as a function of its lag and the lag of other variables in the model. Here the exogenous error terms
Where
Although, the Todo-Yamamoto model, the MWALD test was introduced for ease of estimation by circumventing the presence of unit roots pre-testing problem, nevertheless, there is the need to determine the maximum order of integration of the variables, which is necessary for estimation of The MWALD test for Granger causality by Toda and Yamamoto [39]. Therefore, we ran the test for the Augmented Dickey-Fuller (ADF) test, Phillips – Perron (PP) test and Kwiatkowski–Phillips–Schmidt–Shin (KPSS) unit root test, to ascertain the stationarity of the variables [45, 50, 51, 52, 53, 54].
From Tables 1 and 2, the unit-roots tests confirmed all our process to be considered integrated at the first difference and 1% level of significance using Augmented Dickey-Fuller (ADF) test and Phillips – Perron (PP).
Variable | ADF | |||||||
---|---|---|---|---|---|---|---|---|
Level | First Difference | |||||||
Constant | Prob. | Constant & Trend | Prob. | Constant | Prob. | Constant & Trend | Prob. | |
lnoilpr | −1.2206 | 0.6663 | −2.3779 | 0.3904 | −14.3220*** | 0.0000 | −14.3037*** | 0.0000 |
lnexchr | 0.3070 | 0.9784 | −1.5899 | 0.7949 | −11.6443*** | 0.0000 | −11.6786*** | 0.0000 |
lncpi | −1.4401 | 0.5626 | −5.3282*** | 0.0000 | −13.3181*** | 0.0000 | −13.3666*** | 0.0000 |
lnintr | −1.8216 | 0.3696 | −2.3214 | 0.4250 | −16.2688*** | 0.0000 | −16.2400*** | 0.0000 |
ADF stationarity tests.
Note: ***, ** and * denote significance at 1%, 5% and 10% respectively. ADF test the null hypothesis of ‘not stationary’ against the alternative of ‘stationary’. Source: E-views Version 9 software was used in the estimation.
Variable | PP | |||||||
---|---|---|---|---|---|---|---|---|
Level | First Difference | |||||||
Constant | Prob. | Constant & Trend | Prob. | Constant | Prob. | Constant & Trend | Prob. | |
lnoilpr | −1.2921 | −2.3897 | −14.3491*** | −14.3312*** | ||||
lnexchr | 1.0660 | −1.5040 | −9.8974*** | 0.0000 | −9.8872*** | 0.0000 | ||
lncpi | −1.7664 | 0.3968 | −5.5627*** | −13.2950*** | 0.0000 | −13.3455*** | 0.0000 | |
lnintr | −1.9316 | −2.4972 | −16.2641*** | 0.0000 | −16.2351*** | 0.0000 |
PP stationarity tests.
Note: Just like the ADF, the PP unit root test has the null hypothesis of ‘not stationary’ against the alternative, which is ‘stationary’. *, ** and *** indicate the level of significance at 10%, 5% and 1% respectively. Source: E-views Version 9 software was used in the estimation.
While Kwiatkowski, Phillips, Schmidt, and Shin (KPSS) in Table 3 is in contrast to ADF and PP which indicated that the variables are at levels. This corroborates with the work of Yakubu and Abdul Jalil in their test of stationarity. A quick check on the line graphs in Figure 1 indicated that all the variables are at first difference I(1). Therefore, we stick to ADF and PP, and agree that dmax = 1.
Variable | KPSS | |||||||
---|---|---|---|---|---|---|---|---|
Level | First Difference | |||||||
Constant | Prob. | Constant & Trend | Prob. | Constant | Prob. | Constant & Trend | Prob. | |
lnoilpr | 1.8432*** | 0.2905*** | 0.0615 | 0.0359 | ||||
lnexchr | 1.7493*** | 0.2035** | 0.1959 | 0.0771 | ||||
lncpi | 0.2299*** | 0.1406* | 0.2440 | 0.1035 | ||||
Intr | 0.9826*** | 0.1353* | 0.0457 | 0.0454 |
KPSS stationarity tests.
Note: In contrast to ADF and PP, KPSS unit root test has the null hypothesis of ‘stationarity’ against the alternative, ‘not stationary’. ***, ** and * represent 1%, 5% and 10% level of significance respectively. Source: E-views Version 9 software was used in the estimation.
Graphical representation of original series at I(1) for oil price (doilpr), exchange rate (dexcri), CPI (dcpi) and interest rate (dintr).
The Modified Wald (MWALD) Test for Granger Causality requires the determination of optimal lag which is presented in Table 4. By default, we use LR: sequentially modified LR test statistic, FPE: Final prediction error, AIC; Akaike information criterion, SBC: Schwarz information criterion and Hannan-Quinn information criterion to determine the optimal lag for the estimation of VAR system. The SC and HQ minimize its value at lag 2 while LR and FPE minimizes at lag 3. According to Liew [55], Asghar and Abid [56] Estimating the lag length of the autoregressive process for a time series is imperative in econometrics. The selection is done to minimize the chance of underestimation while at the same time maximizing the chance of recovering the true lag length. Another important aspect of the lag selection criteria is to overcome the structural break. Though, studies indicated that HQC is found to surpass the rest by correctly identifying the true lag length. In contrast, AIC and FPE are better choices for a smaller sample. In Table 4 out of the two criteria, we propose three lags (lag 3) as the optimal lag.
Endogenous variables: LNOILPR LNEXCHR LNCPI LNINTR | ||||||
---|---|---|---|---|---|---|
Lag | LogL | LR | FPE | AIC | SC | HQ |
0 | 1024.270 | NA | 8.68e-09 | −7.210389 | −7.158863 | −7.189729 |
1 | 3293.435 | 4458.148 | 1.05e-15 | −23.13382 | −22.87619 | −23.03052 |
2 | 3342.568 | 95.13951 | 8.35e-16 | −23.36797 | −22.90424* | −23.18203* |
3 | 3364.257 | 41.38540* | 8.02e-16* | −23.40817* | −22.73834 | −23.13959 |
4 | 3375.620 | 21.36093 | 8.29e-16 | −23.37540 | −22.49947 | −23.02418 |
5 | 3381.763 | 11.37514 | 8.89e-16 | −23.30575 | −22.22371 | −22.87189 |
VAR lag order selection criteria.
indicates lag order selected by the criterion. LR: sequential modified LR test statistic (each test at 5% level), FPE: Final prediction error, AIC: Akaike information criterion, SC: Schwarz information criterion and HQ: Hannan-Quinn information criterion. Source: E-views Version 9 software was used in the estimation.
The orthogonal impulse response are based on recursive causal ordering, if the ordering is reversed different sets of structural shocks will be identified, and this gives a different impulse response function (IRF) and forecast error variance decomposition (FEVD), except if the error terms contemporaneous correlations are low [57]. According to Lutkepohl [58] given a sample size of T, the determinant of the reordering of the variables is given by
The ordering of variables suggested by Sims (1981, 1980) as iterated in the work of Yakubu and Abdul Jalil [44], Duasa [46], is to start with the most exogenous variables in the system and ended by the most endogenous variable. Table 5 shows the residual correlation matrix result, the result shows that there is no instantaneous correlation between the variables because the variables are not significantly different from zero (at a 5% level of significance) [59]. This is based on the sample size in this analysis, we need at least a correlation of 31% that is above 5% level of significance to satisfy the call for reordering of the variables. Since there is no strong correlation among the variable we assumed the arrangement of our variables are in order.
LNOILPR | LNEXCHR | LNCPI | LNINTR | |
---|---|---|---|---|
LNOILPR | 1.000000 | |||
LNEXCHR | 0.156275 | 1.000000 | ||
LNCPI | 0.025236 | 0.038583 | 1.000000 | |
LNINTR | 0.052056 | 0.144681 | −0.057944 | 1.000000 |
Correlation matrix for TY-VAR.
Before the estimation of the Causality Test, Forecast Error Variance Decomposition (FEVD) and Impulse Response Functions (IRFs). The VAR residual serial correlation test is needed to verify the adequacy of the lag selection criterion used in the estimation of a chosen multivariate model, it is applied to test a set of restrictions on a model that is unrestricted, and it is based on the restricted maximum likelihood test (ML) [42, 60, 61]. From the TY-VAR estimated output for the residual serial correlation test in Table 6, the null hypothesis for the test is that there is no serial correlation. The result submits that there is no evidence of serial correlation. Which indicate the acceptance of the null hypothesis that the restriction (lags) place on the model is adequate.
Lags | LM-Stat | Prob |
---|---|---|
1 | 13.85744 | 0.6093 |
2 | 8.875657 | 0.9184 |
3 | 15.67327 | 0.4760 |
4 | 12.71378 | 0.6936 |
TY-VAR residual serial correlation LM tests.
Probs from chi-square with 16 df.
In the test for normality, to examine whether the residuals are normally distributed. We employed the null hypothesis H0: residuals are normally distributed. From Table 7 we rejected the null hypothesis of normality of residuals of each equation as well as all the equations combined at 5% level of significance since p-value of all the variables are zero. Hence, we concluded that residuals are not normally distributed [62].
Component | Jarque-Bera | df | Prob. |
---|---|---|---|
1 | 15.36714 | 2 | 0.0005 |
2 | 4572.449 | 2 | 0.0000 |
3 | 389.0131 | 2 | 0.0000 |
4 | 382.0722 | 2 | 0.0000 |
Joint | 5358.902 | 8 | 0.0000 |
Jarque-Bera normality test result.
df and Prob stands for the degree of freedom and probability
Although, the credibility of Iarque-Bera test of normality with application to VAR has been questioned specifically for an I(1). Jarque-Bera normality of the series does not guarantee normality of distributions, it only signifies normality of the first four moments of a distributions [58]. According to Lutz and Ufuk [63] in their remarks, they posited that Jarque-Bera test based on asymptotic critical values can be very unreliable. In their submissions, they gave the asymptotic critical values of 1–100% in their Monte Carlo analysis of VAR. They presented that the size distortions of the asymptotic test persevere even for sample sizes as large as 5000 observations.
From Table 8 we have the lnoilpr as the dependent variable, at 5% level of significance, we accept the null hypothesis that there is no causality between, the lnexchr, lncpi and lnintr on the dependent variable. Also, the combination of all the independent variables do not granger caused changes in the dependent variable. This indicates the exogeneity of oil price which is been determined by many factors that are exogenous to both net importers and exporters of oil, Nigerian inclusive. According to Humbatova and Hajiyev [24] posited that the determinants of oil price range from financial factors, lack of production capacities in oil production, the decline in the world oil reserves, natural disasters, political events and processes, and no one country has the monopoly of determining oil price.
Excluded | Chi-sq | df | Prob. |
---|---|---|---|
LNEXCHR | 0.297326 | 3 | 0.9605 |
LNCPI | 2.517571 | 3 | 0.4721 |
LNINTR | 2.072927 | 3 | 0.5574 |
All | 5.503884 | 9 | 0.7884 |
Granger causality test WALD test for Eq. (2) for the dependent variable: LNOILPR.
From Table 9 we have the lnexchr as the dependent variable, at 10% level of significance, we reject the null hypothesis that there is no causality between loilpr and lnexchr. The exchange rate plays a significant role in determining the oil price both to net exporters and net importers. Specifically, oil is priced in U.S. dollars. According to Farley [64] submissions, each decrease and increase in the dollar or the price of the commodity (oil) generates an instantaneous realignment between the US dollar and other currencies. These correlated is more significant in countries with significant oil reserves that depend largely on crude exports and they experience more economic damage than those with more diverse resources. In the presentations of Bützer [65], he established that oil Net exporters tend to respond against depreciation pressures by running down foreign exchange reserves, particularly after oil demand shocks, but also global demand shocks (which also decrease oil prices). This is sometimes supplemented by a nominal depreciation of exchange rates. These invariably indicate that oil demand shocks are a relevant factor for their exchange rates. While we accept the null hypothesis that there is no causality between, the lncpi and lnintr on the dependent variable. Also, the combination of all the independent variables do not Granger cause changes in the dependent variable.
Excluded | Chi-sq | df | Prob. |
---|---|---|---|
LNOILPR | 6.426225* | 3 | 0.0926 |
LNCPI | 2.889761 | 3 | 0.4089 |
LNINTR | 1.567570 | 3 | 0.6668 |
All | 11.29767 | 9 | 0.2559 |
Granger causality test WALD test for Eq. (3) for the dependent variable: LNEXCHR.
Also from Table 10 we have the lncpi as the dependent variable, at 10% level of significance, we reject the null hypothesis and accept the alternative hypothesis that there is causality from lnexchr and linintr to lncpi. Exchange rate plays a vital role in determining prices in Nigeria, as an economy that has some element of a Dutch disease syndrome, and relied heavily on importation of basic necessity, when we factor out oil exportation from the total export, the non-oil balance of trade approximately stood at negative 7114 billion for 2017 as stated in our introduction. Therefore, appreciation in the exchange rate can cause inflation (lncpi) (Katz, 1973). The interest rate is one of the instruments used by the monetary authority to regulate the economy either during inflation or deflationary periods, the interest rate affects the demand and allocation of the available loanable funds the level, and pattern of consumption and investment ([66] p. 15). Before 2016 recession in Nigeria, the inflation rate was at a single digit of 9.55% in 2015, during the recession, the inflation rate was at double-digit 18.55% in 2016 and the central bank introduced a tight monetary policy, by raising the interest rate steady at 14 per cent from July 2017 to the first quarter of 2018 against 2016 which is 200 points higher [36].
Excluded | Chi-sq | df | Prob. |
---|---|---|---|
LNOILPR | 1.151935 | 3 | 0.7646 |
LNEXCR | 6.824049* | 3 | 0.0777 |
LNINTR | 7.771454* | 3 | 0.0510 |
All | 14.75625** | 9 | 0.0979 |
Granger causality test WALD test for Eq. (4) for the dependent variable: LNCPI.
Also, the combination of all the independent variables (lnoilpr, lnexchr and lnintr) does Granger cause changes in the dependent variable lncpi at 5%, but lnexchr and lnintr are more pronounced in the causality. While we accept the null hypothesis that lnoilpr do not granger cause lncpi.
In Table 11 we have lnintr as the dependent variable, we reject the null hypothesis and accept the alternative hypothesis that at 5% levels of significance that there is a causality which is from lnoilpr and lnexchr to the endogenous variable lnintr, while there is no any causality with the log of lncpi on the dependent variable. Also, the combination of all the independent variables Granger cause changes in the dependent variable at a 5% level of significance. The relationship of lnoilpr and lnintr may not be exclusive but via the exchange rate, in the boom period the net exporter of oil has more dollars to expend, vice versa during deflationary periods, both periods has a direct link to economic growth. To avoid these inflationary or deflationary tendencies, the central bank may engage in the sterilization process through open market operation, by manipulating the short-term interest rate, that is by increasing interest rates to discourage borrowing during inflationary periods or decrease the interest rate to encourage borrowing during deflationary periods. The relation is said to be inverse and this shows how oil price and exchange rate influences the monetary policy of net oil exporters.
Excluded | Chi-sq | df | Prob. |
---|---|---|---|
LNOILPR | 14.66233** | 3 | 0.0021 |
LNEXCR | 10.44319** | 3 | 0.0152 |
LNCPI | 3.488718 | 3 | 0.3222 |
All | 31.49615** | 9 | 0.0002 |
Granger causality test WALD test for Eq. (5) for dependent variable: LNINTR.
From the estimated TY-VAR, we compute forecast error variance decompositions (FEVD and impulse response functions (IRF), which serve as means for evaluating the dynamics of the interrelationship, interactions, and strength of causal relations among the variables in the system. The impulse response functions trace the effects of a shock to one endogenous variable on to the other variables in the VAR, variance decomposition separates the variation in an endogenous variable into the component shocks to the VAR [10, 46].
In simulating FEVD and IFRs, the VAR innovations can be contemporaneously correlated. That is a shock in one variable can work through the contemporaneous correlation with innovations in other variables. The responses of a variable to innovations in another variable of interest cannot be adequately represented in isolation, due to the facts that shock to individual variables cannot be separately identified due to contemporaneous correlation [46].
In our analyses, we applied Cholesky approach which uses the inverse of the Cholesky factor of the residual covariance matrix to orthogonalise impulses (innovations) as recommended by Sims (1980) as quoted by Duasa [46] and (Breitung, Bruggemann, and [58]) to solve this identification problem. The strategy requires a pre-specified causal ordering of the variables, which we estimated in Table 5 for the correlation matrix. The results of FEVD are displayed in Tables 12–15, while the IRFs represented in Figures 2–17 in appendix 1, respectively.
Period | S.E. | LNOILPR | LNEXCHR | LNCPI | LNINTR |
---|---|---|---|---|---|
1 | 0.039283 | 100.0000 | 0.000000 | 0.000000 | 0.000000 |
2 | 0.059667 | 99.56602 | 0.007555 | 0.357862 | 0.068566 |
3 | 0.074387 | 99.31622 | 0.077847 | 0.518729 | 0.087200 |
4 | 0.087239 | 99.17720 | 0.135794 | 0.615055 | 0.071949 |
5 | 0.099720 | 99.16728 | 0.123200 | 0.650960 | 0.058563 |
6 | 0.112282 | 99.16645 | 0.102858 | 0.650544 | 0.080151 |
12 | 0.191020 | 98.36406 | 0.104402 | 0.630791 | 0.900743 |
18 | 0.276129 | 96.71609 | 0.060657 | 0.908562 | 2.314688 |
24 | 0.366613 | 94.33976 | 0.064427 | 1.477383 | 4.118426 |
30 | 0.457642 | 91.03687 | 0.223173 | 2.331971 | 6.407984 |
36 | 0.541764 | 86.40256 | 0.693518 | 3.520289 | 9.383636 |
42 | 0.611323 | 79.78047 | 1.802594 | 5.120937 | 13.29600 |
43 | 0.621214 | 78.43050 | 2.090483 | 5.429983 | 14.04904 |
44 | 0.630655 | 77.00398 | 2.418306 | 5.749531 | 14.82819 |
45 | 0.639696 | 75.50135 | 2.790808 | 6.077919 | 15.62992 |
46 | 0.648412 | 73.92544 | 3.212962 | 6.412711 | 16.44889 |
47 | 0.656906 | 72.28230 | 3.689787 | 6.750497 | 17.27741 |
48 | 0.665310 | 70.58226 | 4.226078 | 7.086683 | 18.10498 |
Variance decomposition of LNOILPR.
Note: SE refers to the total variance error in forecasting LNOILPR. Other columns represent the percentage of the variance attributable to shocks in the residual of the respective variables.
Variance Decomposition of LNEXCHR: | |||||
---|---|---|---|---|---|
Period | S.E. | LNOILPR | LNEXCHR | LNCPI | LNINTR |
1 | 0.008667 | 2.442191 | 97.55781 | 0.000000 | 0.000000 |
2 | 0.016018 | 1.303029 | 98.47056 | 0.226099 | 0.000307 |
3 | 0.020768 | 0.793908 | 98.43015 | 0.646775 | 0.129165 |
4 | 0.024011 | 0.693289 | 97.87271 | 1.034284 | 0.399717 |
5 | 0.026961 | 0.553215 | 97.54321 | 1.309243 | 0.594331 |
6 | 0.030343 | 0.647208 | 97.17916 | 1.485892 | 0.687736 |
12 | 0.059365 | 4.366737 | 92.68622 | 2.025025 | 0.922015 |
18 | 0.109801 | 12.31598 | 84.79549 | 2.160683 | 0.727839 |
24 | 0.199812 | 21.01359 | 76.31208 | 2.242682 | 0.431654 |
30 | 0.358345 | 28.27847 | 69.15410 | 2.361025 | 0.206413 |
36 | 0.633138 | 33.57260 | 63.83346 | 2.514318 | 0.079625 |
42 | 1.103690 | 37.11351 | 60.17595 | 2.683471 | 0.027067 |
43 | 1.209424 | 37.56150 | 59.70328 | 2.711909 | 0.023305 |
44 | 1.324903 | 37.97407 | 59.26509 | 2.740223 | 0.020615 |
45 | 1.451006 | 38.35307 | 58.85970 | 2.768351 | 0.018878 |
46 | 1.588692 | 38.70034 | 58.48544 | 2.796232 | 0.017984 |
47 | 1.739007 | 39.01764 | 58.14072 | 2.823810 | 0.017829 |
48 | 1.903092 | 39.30669 | 57.82396 | 2.851035 | 0.018316 |
Variance decomposition of LNEXCHR.
Note: SE refers to the total variance error in forecasting LNEXCHR. Other columns represent the percentage of the variance attributable to shocks in the residual of the respective variables.
Variance Decomposition of LNCPI: | |||||
---|---|---|---|---|---|
Period | S.E. | LNOILPR | LNEXCHR | LNCPI | LNINTR |
1 | 0.006843 | 0.063687 | 0.122994 | 99.81332 | 0.000000 |
2 | 0.010614 | 0.111687 | 1.169617 | 97.78015 | 0.938541 |
3 | 0.013902 | 0.104867 | 1.709240 | 96.72400 | 1.461890 |
4 | 0.016436 | 0.118843 | 2.348794 | 96.05369 | 1.478675 |
5 | 0.018494 | 0.094052 | 3.766938 | 94.89832 | 1.240691 |
6 | 0.020348 | 0.110542 | 6.716716 | 92.14406 | 1.028684 |
12 | 0.034150 | 0.390382 | 43.39555 | 54.73213 | 1.481945 |
18 | 0.058790 | 0.800621 | 71.63000 | 26.51978 | 1.049596 |
24 | 0.102887 | 2.477121 | 83.86813 | 13.27275 | 0.382003 |
30 | 0.182422 | 6.425699 | 86.02039 | 7.403793 | 0.150115 |
36 | 0.326127 | 12.33701 | 82.73589 | 4.811637 | 0.115460 |
42 | 0.583692 | 18.92647 | 77.30909 | 3.668364 | 0.096074 |
43 | 0.642926 | 19.99991 | 76.35470 | 3.554354 | 0.091028 |
44 | 0.708053 | 21.05415 | 75.40480 | 3.455500 | 0.085552 |
45 | 0.779631 | 22.08580 | 74.46447 | 3.369987 | 0.079739 |
46 | 0.858270 | 23.09198 | 73.53809 | 3.296234 | 0.073694 |
47 | 0.944635 | 24.07026 | 72.62936 | 3.232858 | 0.067521 |
48 | 1.039451 | 25.01867 | 71.74135 | 3.178651 | 0.061323 |
Variance decomposition of LNCPI.
Note: SE refers to the total variance error in forecasting LNCPI. Other columns represent the percentage of the variance attributable to shocks in the residual of the respective variables.
Variance Decomposition of LNINTR: | |||||
---|---|---|---|---|---|
Period | S.E. | LNOILPR | LNEXCHR | LNCPI | LNINTR |
1 | 0.011298 | 0.270981 | 1.911153 | 0.411721 | 97.40614 |
2 | 0.015682 | 1.162856 | 3.384292 | 0.236829 | 95.21602 |
3 | 0.019164 | 0.778732 | 7.551086 | 0.251113 | 91.41907 |
4 | 0.021868 | 1.545252 | 10.35243 | 0.690563 | 87.41175 |
5 | 0.024147 | 4.317860 | 10.80310 | 1.548061 | 83.33098 |
6 | 0.026278 | 8.517769 | 10.19189 | 2.639437 | 78.65090 |
12 | 0.042469 | 43.36535 | 7.083532 | 7.537991 | 42.01312 |
18 | 0.068739 | 68.22092 | 7.817425 | 6.432329 | 17.52932 |
24 | 0.105922 | 75.25005 | 13.09986 | 4.196117 | 7.453977 |
30 | 0.154692 | 69.22610 | 23.97069 | 2.633864 | 4.169344 |
36 | 0.219876 | 52.16768 | 42.34294 | 1.710601 | 3.778773 |
42 | 0.320347 | 28.71560 | 65.93762 | 1.220443 | 4.126342 |
43 | 0.343392 | 25.06914 | 69.62387 | 1.173901 | 4.133092 |
44 | 0.369026 | 21.71282 | 73.04019 | 1.136972 | 4.110024 |
45 | 0.397622 | 18.71892 | 76.11686 | 1.109481 | 4.054735 |
46 | 0.429590 | 16.14604 | 78.79614 | 1.091170 | 3.966652 |
47 | 0.465375 | 14.03524 | 81.03610 | 1.081687 | 3.846977 |
48 | 0.505456 | 12.40799 | 82.81296 | 1.080569 | 3.698485 |
Variance decomposition of LNINTR.
Cholesky Ordering: LNOILPR LNEXCHR LNCPI LNINTR. Note: SE refers to the total variance error in forecasting LNINTR. Other columns represent the percentage of the variance attributable to shocks in the residual of the respective variables.
Impulse response function of lnoilpr to lnoilpr.
Impulse response function of lnoilpr to lnexchr.
Impulse response function of lnoilpr to lncpi.
Impulse response function of lnoilpr to lnintr.
Impulse response function of lnexchr to lnoilpr.
Impulse response function of lnexchr to lnexchr.
Impulse response function of lnexchr to lncpi.
Impulse response function of lnexchr to lnintr.
Impulse response function of lncpi to lnoilpr.
Impulse response function of lncpi to lnexchr.
Impulse response function of lncpi to lncpi.
Impulse response function of lncpi to lnintr.
Impulse response function of lnintr to lnoilpr.
Impulse response function of lnintr to lnexchr.
Impulse response function of lnintr to lncpi.
Impulse response function of lnintr to lnintr.
We explored the Cholesky factorization in the E-Views software and forecast the interrelationship of the variables up 48 months equal to 4 years. Table 10 is the Table for FEVD for lnoilpr as a dependent variable for 48 periods (4 years) forecast. In forecasting a variable, shocks in the residual of the forecasted variable contribute more to its variance than the shocks in other variables in the first period. The shocks in oil price-output contributed more to its variance, from 100% in the first period down to 70.58% in the 48 period (4th year) of the forecast period. This is followed by lnintr that contributed 4.11% in the 24th period to about 18.11% in the 48 period (4th year). This followed by lncpi that contributed 1.48% at the 24th period to 7.09 at the 48 periods and last is the lnexchr contributions from 0.06% in the 24th period to 4.22% in the 48 periods. This shows monetary policy influences the fluctuation inherent with the oil price and in the future, it shows that lnintr will respond highly to oil price shocks. While the contemporaneous relationship between the oil prices as the endogenous variables (lncpi and lnexchr) in our model are very insignificant. This is an indication that it will take a longer time into the future, for variables other than lnintr to influence the impact of oil prices.
Table 13, is the Variance Decomposition for dependent variable lnexchr, the contributions to itself were 97.56% in the 1st period, to about 57.82% in the 48 period (4th year) into the future. This followed by the contributions of lnoilpr with 28.28% at the 24th period and 39.31% at the 48th period. While lncpi and lnintr contributed 2.58% and 0.02% all at the 48th period. The error variance in forecasting lnexchr from lnoilpr is high, which indicates that shocks in the residuals of lnoilpr will have much effect in determining the lnexchr in the future.
Table 14 is forecast error variance decomposition of LNCPI as the predictant, the predictant contributes 99.81%, 54.73%, 3.18% in the 1st, 12th and 48th periods to itself, which indicates that the contributions of lncpi to itself declined in 4 years. While lnexchr contributes more to the error variance in forecasting lncpi, contributing about 43.40% up to 82.74% for the periods 12th and 36th then declined to 71.74%in the 48th period (4th year). While lnoilpr contributions started from 24th period with 2.47% and keep increasing up to 25.02% in the 48th period. Whereas lnintr contributions are insignificant. This has brought a clearer picture that lnexchr and lnoilpr are the major determinant of inflation in the economy.
Table 15 illustrated the forecast error variance decomposition of lnintr, contributing to its future error variation of 97.41%, 42.01% and 54.34% for the 1st, 12th and declined to 3.70% at the 48th period (4th year), this is followed by lnexchr which contributes 1.91%, 10.19% for the 1st and 6th periods, it declined for some periods and pick up again and continue rising to 82.81% in the 48th period (4th year).
This is trailed behind by lnoilpr, contributing 4.32% and 43.37% in the 6th and 12th, 75.25% at 24th period and started declining up to 12.41% at the 48th period (4th year). This indicates also a strong relationship into the future. The forecast error variance decomposition of the variables estimates also coincides with the result we obtained in the estimates we derived in Table 11, which also indicates that our estimates are good to go with for future implementation of policies.
In Figure 2, from appendix 1, the Oil price (lnoilp) responded contemporaneously by the change in its own shocks, which is positive and not dissipating. The implication is that hick in the price of oil may mean high revenue, but the consequences is, as an import based economic of non-oil goods and refined petroleum product, with domestic regulation of prices (subsidies), the policy will confine government’s ability to finance the import bills as well as meet other international obligations [8]. While the response of oil price (lnoilpr) to change in Exchange rate (lnexchr) is insignificant in Figure 3. Inflation (lncpi), and Interest rate (lnintr) in Figures 4, and 5 showed some level of positive response.
In Figure 6, there is a slightly positive response of Exchange (lnexchr) to change Oil price (lnoilpr) in the sixth lag period. This show how influential oil is in determining exchange rate, since high price of oil means more revenue (foreign income), also Exchange (lnexchr) responded instantaneously, a positive response, to change in its self (Figure 7.). In Figure 8, there is slight positive response of lnexchr to change in lncpi and Figure 9 showed a small inverse response of lnexchr to change in lnintr.
In Figures 10 and 13, Inflation (lncpi) did not show a meaningful response to orthogonal change in the price of oil (lnoilpr) and Interest rate (lnintr). While Figure 11, showed a positive response in Inflation (lncpi) to change in the Exchange rate (lnexchr), that is from the second lag period up to the tenth lag period in increasing order, this indicate that inflation will continue since the response is not dissipating unless there is a policy to induce deflation. Whereas in Figure 12 there is an instantaneous response of Inflation (lncpi) to change in Inflation (lncpi) in a high positive level, with a slight drop towards the tenth period which indicates tendencies of achieving normality in the future.
Figure 14, showed that there is an inverse response of Interest rate (lnintr) to one standard deviation change in the price of oil (lnoilpr) from the second lag period in an increasing order up to the tenth period, this is expected because the assumption is that interest rate has an inverse relationship with the oil price. Also Figure 15 indicated an instantaneous positive response of interest rate (lnintr) to change in the Exchange rate (lnexchr), in the third and fourth period, before it dying off which indicates that there is propensities of achieving normality in the long run. In Figure 16 Interest rate (lnintr) responds contemporaneously to change in Inflation (lncpi), with a positive increase from the fourth period and finally, in Figure 17 Inflation (lncpi) responded significantly to change Inflation (lncpi). The impulse response functions further complement the Forecast Error Variance Decomposition by given a portrait of the direction of the inter-relationships of variables.
In this research work, we explored the Toda-Yamamoto Modified Wald Test (MWALD) to examine the impact of oil price fluctuation on the monetary instrument in Nigeria, by looking at their causal relationships. The study covered the period 1995 to 2018 and the data are monthly data, to establish the contemporaneous relationships between these macroeconomic indicators. Among other analyses are the Granger Causality, FEVD and IRFs.
The review showed the direction of causality and FEVD into the future for 48 months equivalent to four years (short-run), between oil price, Exchange rate, Inflation, and Interest rate.
From the analyses of Toda-Yamamoto Granger Causality WALD Test, the review presented that there is unidirectional causality from lnoilpr to lnexchr in Table 9. This is consistence with the result we obtained in the estimation forecast error variance decomposition of lnexchr (Table 13) as the predictant, where the predictant contributes 97.56% in the 1st period, to about 57.82% in the 48 period (4th year) into the future. This was followed by the contributions of lnoilpr with 28.28% at the 24th period and 39.31% at the 48th period. While lncpi and lnintr contributed 2.58% and 0.02% all at the 48th period. This was also complemented by for IRFs in Figure 7 in the appendix.
Also from granger causality of lncpi as a dependent variable in Table 10 there is unidirectional causality from lnexchr and lnintr to lncpi, also the combination of all the three independent variables (lnoilpr, lnexchr and lnintr) granger cause lncpi but lnexchr and lnintr have more contributions. This is also in tandem with the result of FEVD for dependent variable lncpi in Table 14 where the dependent variable contributions to itself were 99.81%, 54.73%, 3.18% in the 1st, 12th and 48th periods, which indicates that the contributions of lncpi to itself declined in 4 years. While lnexchr contributes more to the error variance in forecasting lncpi, contributing about 43.40% up to 82.74% for the periods 12th and 36th periods (3rd years) then declined to 71.74%in the 48th period (4th year). While lnoilpr contributions started from 24th period with 2.47% and keep increasing up to 25.02% in the 48th period (4th year). This is also affirmed in Figure 11 in the appendix.
Similarly in the estimation of Granger Causality WALD Test for lnintr, it responded positively to change in lnoilpr and lnexchr. This is also in agreement with the estimation of forecast error variance decomposition of lnintr as an endogenous variable, contributing to its future error variation of 97.41%, 42.01% and 54.34% for the 1st, 12th periods and declined to 3.70% at the 48th period (4th year), this is followed by lnexchr which contributes 1.91%, 10.19% for the 1st and 6th perods, it declined for some periods and pick up again and continue rising to 82.81% in the 48th period (4th year). This is trailed behind by lnoilpr, contributing 4.32% and 43.37% in the 6th and 12th, 75.25% at 24th period and started declining up to 12.41% at the 48th period (4th year). This indicated that the major determinant factors of interest rate policy in Nigeria are change in price of oil and exchange rate in the long run. This also conforms to the outcome of the IRF in Figure 14, which specified further that the relation between lnintr and lnoilpr is an inverse relationship, while lnexchr, lncpi and lnintr in Figures 15–17 are positive.
The object of this is work is to establish a direct link between oil price and some selected monetary instruments in Nigeria, and our a priori expectations were achieved, we were able to established that oil price has a direct influence on the exchange rate, interest rate and inflation rate. It is known facts that Nigeria is an oil-producing economy and at the same time also an import-based economy of non-oil products. The major sources of financing the import come from oil revenue. As an oil-producing economy, there are tendencies of having Dutch disease syndrome and economic pass-through [9]. Both in theory and empirical analyses one can conclude that oil price is a strong determining factor of the rate of exchange, it has a direct link to inflationary or deflationary tendencies and also influences the monetary policies in Nigeria in terms of cost of borrowing.
Therefore, in implementation of monetary policy by the policymakers, attention should be drawn to price level of import from the external market, that is by concurrently monitoring the domestic market and the economy of the country’s trading partners. On a general note, there should be diversification of the economy from oil to the non-oil economy to avoid the Dutch disease syndrome.
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from R&D to Final Solutions"},signatures:"Mohamed Khodja, Malika Khodja-Saber, Jean Paul Canselier, Nathalie Cohaut and Faïza Bergaya",authors:null},{id:"35523",doi:"10.5772/38092",title:"New Opportunities for the Tourism Market: Senior Tourism and Accessible Tourism",slug:"new-opportunities-for-the-tourism-market-senior-tourism-and-accessible-tourism",totalDownloads:16646,totalCrossrefCites:19,totalDimensionsCites:47,abstract:null,book:{id:"1852",slug:"visions-for-global-tourism-industry-creating-and-sustaining-competitive-strategies",title:"Visions for Global Tourism Industry",fullTitle:"Visions for Global Tourism Industry - Creating and Sustaining Competitive Strategies"},signatures:"Elisa Alén, Trinidad Domínguez and Nieves Losada",authors:[{id:"115524",title:"Dr.",name:"Elisa",middleName:null,surname:"Alen",slug:"elisa-alen",fullName:"Elisa Alen"},{id:"118677",title:"Dr.",name:"Trinidad",middleName:null,surname:"Dominguez",slug:"trinidad-dominguez",fullName:"Trinidad Dominguez"},{id:"118678",title:"MSc.",name:"Nieves",middleName:null,surname:"Losada",slug:"nieves-losada",fullName:"Nieves Losada"}]},{id:"17370",doi:"10.5772/16376",title:"Mental Fatigue Measurement Using EEG",slug:"mental-fatigue-measurement-using-eeg",totalDownloads:6092,totalCrossrefCites:24,totalDimensionsCites:39,abstract:null,book:{id:"146",slug:"risk-management-trends",title:"Risk Management Trends",fullTitle:"Risk Management Trends"},signatures:"Shyh-Yueh Cheng and Hong-Te Hsu",authors:[{id:"24884",title:"Dr.",name:"Shyh-Yueh",middleName:null,surname:"Cheng",slug:"shyh-yueh-cheng",fullName:"Shyh-Yueh Cheng"},{id:"24893",title:"Dr.",name:"Hong-Te",middleName:null,surname:"Hsu",slug:"hong-te-hsu",fullName:"Hong-Te Hsu"}]}],mostDownloadedChaptersLast30Days:[{id:"55499",title:"Human Resources Management in Nonprofit Organizations: A Case Study of Istanbul Foundation for Culture and Arts",slug:"human-resources-management-in-nonprofit-organizations-a-case-study-of-istanbul-foundation-for-cultur",totalDownloads:2401,totalCrossrefCites:0,totalDimensionsCites:0,abstract:"The aim of this study is to investigate the efficiency and importance of human resources management in nonprofit organizations. The understanding was included to the literature as personnel management at the beginning of the twentieth century and it turned into an approach as human resources management in the 1980s. It could be observed that many organizations, which deem the human as the most critical stakeholder, adopt a traditional way of personnel management in operating human resources. The employees play a key role in the success of an organization. For this reason, subjects such as recruitment, training, development, career management, performance appraisal, occupational health, and safety are the fundamental functions of human resources management. The study examines to what extent these roles are evaluated through a case study. The subject matter of the study is the most powerful culture and art foundation in Turkey. Compared to many other nonprofit organizations, the foundation actively performs a variety of services within a year worldwide. The fact that the total number of employees might rise up to 800, including the field personnel, indicates the need of a good functioning human resources management. The human resources practices of the foundation are examined and evaluated within that scope.",book:{id:"5826",slug:"issues-of-human-resource-management",title:"Issues of Human Resource Management",fullTitle:"Issues of Human Resource Management"},signatures:"Beste Gökçe Parsehyan",authors:[{id:"189113",title:"Dr.",name:"Beste",middleName:null,surname:"Gokce Parsehyan",slug:"beste-gokce-parsehyan",fullName:"Beste Gokce Parsehyan"}]},{id:"70045",title:"Islamic Leadership: Comparisons and Qualities",slug:"islamic-leadership-comparisons-and-qualities",totalDownloads:3023,totalCrossrefCites:5,totalDimensionsCites:6,abstract:"This chapter explores the concept and principles Islamic leadership which generate qualities. These qualities differentiate the Islamic leadership with other leadership concepts. The fundamental sources of Islamic leadership and guidance for the Muslim leaders are Al-Qur’an and Hadith. The sub-topics related to the Islamic leadership elaborate all attributes (traits, skills, power, authority) needed by the leaders. This content analysis method is based on a review of literature and other secondary data. The information in this chapter expectedly will give understanding on the importance of the Islamic leadership concept and can be useful or as a reference for further studies.",book:{id:"7799",slug:"digital-leadership-a-new-leadership-style-for-the-21st-century",title:"Digital Leadership",fullTitle:"Digital Leadership - A New Leadership Style for the 21st Century"},signatures:"Ahmad Rafiki",authors:[{id:"307090",title:"Ph.D.",name:"Ahmad",middleName:null,surname:"Rafiki",slug:"ahmad-rafiki",fullName:"Ahmad Rafiki"}]},{id:"63695",title:"The Role of National Cultures in Shaping the Corporate Management Cultures: A Three-Country Theoretical Analysis",slug:"the-role-of-national-cultures-in-shaping-the-corporate-management-cultures-a-three-country-theoretic",totalDownloads:5070,totalCrossrefCites:8,totalDimensionsCites:9,abstract:"This chapter explores answers to the question that how national cultures influence the management cultures of organizations. In this case, therefore, differences and similarities among the national cultures of Pakistan, Mexico, and the USA are under investigation in order to analyze the impacts of such differences and similarities on the management cultures of organizations located in these countries. The outcomes of the analysis based on the existing literature suggest that differences in national cultures greatly influence the way organizations are managed in these countries. These findings present cross-cultural management challenges for organizations working in these countries, especially when they want to build trilateral or bilateral business partnerships. This is in addition to the fact that the USA and Mexico are geographically far from Pakistan.",book:{id:"7251",slug:"organizational-culture",title:"Organizational Culture",fullTitle:"Organizational Culture"},signatures:"Mohammad Ayub Khan and Laurie Smith Law",authors:[{id:"247709",title:"Prof.",name:"Mohammad",middleName:null,surname:"Khan",slug:"mohammad-khan",fullName:"Mohammad Khan"},{id:"247712",title:"Prof.",name:"Laurie Smith",middleName:null,surname:"Law",slug:"laurie-smith-law",fullName:"Laurie Smith Law"}]},{id:"60433",title:"The Role of Leadership in the Professional Development of Subordinates",slug:"the-role-of-leadership-in-the-professional-development-of-subordinates",totalDownloads:2668,totalCrossrefCites:4,totalDimensionsCites:7,abstract:"Professional development is relevant for the workers themselves, for the organizations, and, in a more macro view, also for the countries. In this sense, this chapter aims to discuss the influence of leadership in the professional development of subordinates, pointing out the importance of leadership performance. To achieve this goal, research results are presented on the relationship between leadership and professional development of subordinates. Research in the field shows that professional development is directly related to the day-to-day activities of workers and should be part of a broader process of continuous learning, which results both from formal and informal learning actions. The debate proposed for this chapter considers that professional development is more directly related to the combination of cognitive, affective, and behavioral processes that involve learning than the specific results of certain formal or informal learning actions. Thus, we discuss how the relations established with the leadership in the work environment can influence the professional development of the subordinates besides the type of learning provided to the workers. This discussion can shift the focus of research—currently centered on learning modes—to a focus on leadership practices for skills development and the consequent career progression of subordinates.",book:{id:"6781",slug:"leadership",title:"Leadership",fullTitle:"Leadership"},signatures:"Luciana Mourão",authors:[{id:"239876",title:"Ph.D.",name:"Luciana",middleName:null,surname:"Mourão",slug:"luciana-mourao",fullName:"Luciana Mourão"}]},{id:"55244",title:"Corporate Governance and Fraud: Evolution and Considerations",slug:"corporate-governance-and-fraud-evolution-and-considerations",totalDownloads:3104,totalCrossrefCites:1,totalDimensionsCites:2,abstract:"There are many definitions of Corporate Governance, as a structure, as process, as policies, as mechanisms, but despite their differences of focus, they mainly addressed the sustainable economic growth and protection of shareholders and other stakeholder’s rights. The purpose here is to present the evolution of the main principles and frameworks as corporate and financial environment changes and set new challenges. Some important scandals that revealed the weaknesses of corporate governance frameworks are described to complement the comprehension of the object of it. It is detached the aspects simulated or ignored and the subsequent enforcement and monitoring response. Discussion about the new challenges, what corporate governance is supposed to provide and what it can promote, closes this chapter.",book:{id:"5968",slug:"corporate-governance-and-strategic-decision-making",title:"Corporate Governance and Strategic Decision Making",fullTitle:"Corporate Governance and Strategic Decision Making"},signatures:"Ana Paula Paulino da Costa",authors:[{id:"201677",title:"Dr.",name:"Ana Paula P.",middleName:null,surname:"Costa",slug:"ana-paula-p.-costa",fullName:"Ana Paula P. Costa"}]}],onlineFirstChaptersFilter:{topicId:"63",limit:6,offset:0},onlineFirstChaptersCollection:[{id:"76373",title:"Managing Conflict in Faith-Based Organizations in Zimbabwe",slug:"managing-conflict-in-faith-based-organizations-in-zimbabwe",totalDownloads:304,totalDimensionsCites:0,doi:"10.5772/intechopen.96932",abstract:"One of the basic theories commonly believed in the secular world today is that conflict is inevitable which means that individuals and groups have needs, interests, dislikes, likes, partnerships, values and preferences which are often not compatible. This is also true of faith-based organizations. Using the Apostolic Faith Mission in Zimbabwe church as a point of reference, this article argues that in Christian circles there is need to deliberately develop a perspective of conflict that reflects conflict as a positive force that generates both co-existence and growth in the church to counter the conventional view in the majority of churches that consider conflict as a destructive force. In the Apostolic Faith Mission church, intra-church disputes have a negative effect on the wellbeing of individuals and groups (the church) as conflict creates rivalry, hostility, divisions, hate, breakaways, among others. This is because a strongly adversarial attitude to conflict of all sorts is reflected in the approach of the church to conflict and in particular, some pastors have responded with legal action against the disciplinary activities of the church. Consequently, this article suggests that faith-based organizations should appreciate the importance of conflict for positive growth and development as a good number of Christians today are still pessimistic about conflict.",book:{id:"8452",title:"Organizational Conflict - New Insights",coverURL:"https://cdn.intechopen.com/books/images_new/8452.jpg"},signatures:"Norman Chivasa"},{id:"75982",title:"How Task Conflict Can Support Creative Problem Solving in Teams by Stimulating Knowledge Sharing, Critical and Creative Thinking and Meta-Cognition",slug:"how-task-conflict-can-support-creative-problem-solving-in-teams-by-stimulating-knowledge-sharing-cri",totalDownloads:281,totalDimensionsCites:0,doi:"10.5772/intechopen.96600",abstract:"This study explores how task conflict can support creative problem solving in teams and the cognitive processes applied. As multidisciplinary teams can be diverse in nature, they may not always partake competently in the pooling of information, and as a result task conflict may arise due to differences in mental models. Under certain conditions task conflict is considered to be beneficial to creative problem solving because it stimulates knowledge exchange and integration and constructive criticism to reach co-created decisions and solutions. Four case studies were conducted to analyse the discourse of teams carrying out design and innovation projects. Task conflict was found to have a positive impact on creative problem solving in the application of four cognitive processes: knowledge processing, critical and creative thinking and metacognition (team self-reflection). Task conflict was positively related to creativity in the proposal of solution alternatives. The successful application of the cognitive processes was dependent on an awareness of when task conflict is appropriate and high level social skills. The findings have implications for managers of teams solving complex problems. They highlight how the cognitive processes can be constructively used to stimulate and manage conflict to effectively solve problems in teams.",book:{id:"8452",title:"Organizational Conflict - New Insights",coverURL:"https://cdn.intechopen.com/books/images_new/8452.jpg"},signatures:"Louise Kiernan, Ann Ledwith and Raymond Lynch"},{id:"75879",title:"Intergroup Conflict and Organizational Performance: A Case of Kiboga Hospital, Uganda",slug:"intergroup-conflict-and-organizational-performance-a-case-of-kiboga-hospital-uganda",totalDownloads:327,totalDimensionsCites:0,doi:"10.5772/intechopen.96150",abstract:"The study aimed at finding out whether there is a relationship between intergroup conflicts and organizational Performance, using the case of Kiboga hospital. The study contributes to the body of existing literature by laying down strategies for managing and reducing intergroup conflicts. The study employed a cross-sectional research design along with a quantitative approach. The study population was 95 of which a sample size of 76 respondents was selected using Krejcie and Morgan table. Data was collected by the use of a questionnaire which was self-administered. Data were analyzed by the use of Statistical Package for Social Science (SPSS) through descriptive statistics and correlation analysis. Results revealed that respondents consented that intergroup conflicts affect performance with an average mean of 4.154 and a standard deviation of 1.092. A correlation coefficient of 0.903 which is significant at 0.01, revealed that there is a significant relationship between intergroup conflicts and performance which lead to the rejection of a null hypothesis. The study concluded that moderate levels of conflicts improve performance since they stimulate thinking and creativity in decision making towards goal achievement. However, extreme levels of conflict reduce performance in terms of patient care for our case of investigation. The study recommended strategies management can employ to manage extreme levels of conflicts to improve patient care.",book:{id:"8452",title:"Organizational Conflict - New Insights",coverURL:"https://cdn.intechopen.com/books/images_new/8452.jpg"},signatures:"Antony Tebitendwa"},{id:"75316",title:"Conflicts in Environmental and Agricultural Organizations in the Far North Region of Cameroon",slug:"conflicts-in-environmental-and-agricultural-organizations-in-the-far-north-region-of-cameroon",totalDownloads:248,totalDimensionsCites:0,doi:"10.5772/intechopen.95860",abstract:"The population of the Far North Region of Cameroon suffers the most from poverty and huge environmental challenges. As a result, they have the highest concentration of environmental organizations in Cameroon. Data was collected by interviewing key informants who work in environmental and agricultural companies. It was discovered that conflicts in such organizations are caused by the differences people have in terms of opinions, interests and needs as they work together with each other. Their strictness with one another also causes conflict especially when doing dirty or difficult work tasks. Conflict also comes about when the religious values of each other is not respected especially that of the Muslims in Christians dominated companies. There is also generational conflict which is characterized by the confrontation between the older and less educated generation who have some experience and young graduates who would like to implement new practices. Other causes are discrimination where workers are not promoted basing on merit but on their ethnic relation to one another. There is equally an economic cause which is due to the non-distribution of part of the substantial profits that some companies make to their employees as well as too low salary and poor work tasks distribution.",book:{id:"8452",title:"Organizational Conflict - New Insights",coverURL:"https://cdn.intechopen.com/books/images_new/8452.jpg"},signatures:"Nanche Billa Robert"},{id:"74723",title:"Rhetoric Communication to Handle Interpersonal Conflicts at Workplaces",slug:"rhetoric-communication-to-handle-interpersonal-conflicts-at-workplaces",totalDownloads:294,totalDimensionsCites:0,doi:"10.5772/intechopen.95526",abstract:"Organisations are large platforms amalgamating people from diverse backgrounds, mindsets, experiences, opinions and beliefs. It is likely that at times there may be a clash in personalities leading to conflicts. While conflicts resolved create productive workplaces, on the contrary unresolved conflicts generate dissatisfaction and discontent among the people further leading to inefficiency among the employees directly hampering the organisation as a whole. Communication is understood as the most indispensable factors that moulds and reflects in our everyday relationships. Because of its dynamism and complexity, communication forms the essence of interpersonal relationships in organisational contexts. Understanding the vitality of communication, the concept this paper explores is how rhetoric communication, an Aristotelian principle may help resolving interpersonal conflicts, creating a win-win situation and further extending healthy interpersonal relationships at workplaces.",book:{id:"8452",title:"Organizational Conflict - New Insights",coverURL:"https://cdn.intechopen.com/books/images_new/8452.jpg"},signatures:"Mitashree Tripathy"},{id:"74603",title:"Power Asymmetry, Negotiations and Conflict Management in Organizations",slug:"power-asymmetry-negotiations-and-conflict-management-in-organizations",totalDownloads:518,totalDimensionsCites:0,doi:"10.5772/intechopen.95492",abstract:"Relationships are seldom equal. In fact, social interactions involve most of the times power asymmetric relationships. Especially in organizations people are daily faced with situations where they are either in a powerful or in a powerless position compared to others. Power stems from various sources and takes several forms. For instance, people are powerful when they can administer punishments or rewards, when they are in a hierarchically higher position than others, when they have knowledge and expertise, when they are admired and respected, and when they have alternative options which enable them to make choices. Importantly, power determines the way people interact with each other and subsequently, the way they engage in conflicts and conflict resolution. Power-holders are best able to asymmetrically enforce their will and therefore, they have the capability to determine the process and the outcome of a conflict. In this chapter, I present the major sources of power and the main differences between them. Consequently, I elaborate on the impact of power on conflict management based on the negotiation literature. 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He is currently the Director of the Postgraduate Program in Implantology of the Bioface/UCAM/PgO (Montevideo, Uruguay), Director of the Cathedra of Biotechnology of the Catholic University of Murcia (Murcia, Spain), an Extraordinary Full Professor of the Catholic University of Murcia (Murcia, Spain) as well as the Director of the private center of research Biotecnos – Technology and Science (Montevideo, Uruguay). Applied biomaterials, cellular and molecular biology, and dental implants are among his research interests. He has published several original papers in renowned journals. In addition, he is also a Collaborating Professor in several Postgraduate programs at different universities all over the world.",institutionString:null,institution:{name:"Universidad Católica San Antonio de Murcia",institutionURL:null,country:{name:"Spain"}}},editorTwo:null,editorThree:null},subseries:{paginationCount:2,paginationItems:[{id:"1",title:"Oral Health",coverUrl:"https://cdn.intechopen.com/series_topics/covers/1.jpg",isOpenForSubmission:!0,editor:{id:"173955",title:"Prof.",name:"Sandra",middleName:null,surname:"Marinho",slug:"sandra-marinho",fullName:"Sandra Marinho",profilePictureURL:"https://s3.us-east-1.amazonaws.com/intech-files/0030O00002bRGYMQA4/Profile_Picture_2022-06-01T13:22:41.png",biography:"Dr. Sandra A. Marinho is an Associate Professor and Brazilian researcher at the State University of Paraíba (Universidade Estadual da Paraíba- UEPB), Campus VIII, located in Araruna, state of Paraíba since 2011. She holds a degree in Dentistry from the Federal University of Alfenas (UNIFAL), while her specialization and professional improvement in Stomatology took place at Hospital Heliopolis (São Paulo, SP). Her qualifications are: a specialist in Dental Imaging and Radiology, Master in Dentistry (Periodontics) from the University of São Paulo (FORP-USP, Ribeirão Preto, SP), and Doctor (Ph.D.) in Dentistry (Stomatology Clinic) from Hospital São Lucas of the Pontifical Catholic University of Rio Grande do Sul (HSL-PUCRS, Porto Alegre, RS). She held a postdoctoral internship at the Federal University from Jequitinhonha and Mucuri Valleys (UFVJM, Diamantina, MG). She is currently a member of the Brazilian Society for Dental Research (SBPqO) and the Brazilian Society of Stomatology and Pathology (SOBEP). Dr. Marinho's experience in Dentistry mainly covers the following subjects: oral diagnosis, oral radiology; oral medicine; lesions and oral infections; oral pathology, laser therapy and epidemiological studies.",institutionString:null,institution:{name:"State University of Paraíba",institutionURL:null,country:{name:"Brazil"}}},editorTwo:null,editorThree:null},{id:"2",title:"Prosthodontics and Implant Dentistry",coverUrl:"https://cdn.intechopen.com/series_topics/covers/2.jpg",isOpenForSubmission:!0,editor:{id:"179568",title:"Associate Prof.",name:"Wen Lin",middleName:null,surname:"Chai",slug:"wen-lin-chai",fullName:"Wen Lin Chai",profilePictureURL:"https://s3.us-east-1.amazonaws.com/intech-files/0030O00002bRHGAQA4/Profile_Picture_2022-05-23T14:31:12.png",biography:"Professor Dr. Chai Wen Lin is currently a lecturer at the Department of Restorative Dentistry, Faculty of Dentistry of the University of Malaya. She obtained a Master of Dental Science in 2006 and a Ph.D. in 2011. Her Ph.D. research work on the soft tissue-implant interface at the University of Sheffield has yielded several important publications in the key implant journals. She was awarded an Excellent Exchange Award by the University of Sheffield which gave her the opportunity to work at the famous Faculty of Dentistry of the University of Gothenburg, Sweden, under the tutelage of Prof. Peter Thomsen. In 2016, she was appointed as a visiting scholar at UCLA, USA, with attachment in Hospital Dentistry, and involvement in research work related to zirconia implant. In 2016, her contribution to dentistry was recognized by the Royal College of Surgeon of Edinburgh with her being awarded a Fellowship in Dental Surgery. She has authored numerous papers published both in local and international journals. She was the Editor of the Malaysian Dental Journal for several years. Her main research interests are implant-soft tissue interface, zirconia implant, photofunctionalization, 3D-oral mucosal model and pulpal regeneration.",institutionString:null,institution:{name:"University of Malaya",institutionURL:null,country:{name:"Malaysia"}}},editorTwo:{id:"479686",title:"Dr.",name:"Ghee Seong",middleName:null,surname:"Lim",slug:"ghee-seong-lim",fullName:"Ghee Seong Lim",profilePictureURL:"https://s3.us-east-1.amazonaws.com/intech-files/0033Y00003ScjLZQAZ/Profile_Picture_2022-06-08T14:17:06.png",biography:"Assoc. Prof Dr. Lim Ghee Seong graduated with a Bachelor of Dental Surgery from University of Malaya, Kuala Lumpur in 2008. He then pursued his Master in Clinical Dentistry, specializing in Restorative Dentistry at Newcastle University, Newcastle, UK, where he graduated with distinction. He has also been awarded the International Training Fellowship (Restorative Dentistry) from the Royal College of Surgeons. His passion for teaching then led him to join the faculty of dentistry at University Malaya and he has since became a valuable lecturer and clinical specialist in the Department of Restorative Dentistry. He is currently the removable prosthodontic undergraduate year 3 coordinator, head of the undergraduate module on occlusion and a member of the multidisciplinary team for the TMD clinic. He has previous membership in the British Society for Restorative Dentistry, the Malaysian Association of Aesthetic Dentistry and he is currently a lifetime member of the Malaysian Association for Prosthodontics. Currently, he is also the examiner for the Restorative Specialty Membership Examinations, Royal College of Surgeons, England. He has authored and co-authored handful of both local and international journal articles. 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She graduated from Gazi University Faculty of Dentistry, Ankara, Turkey in 2000. \r\nLater she received her Ph.D. degree from the Oral Diagnosis and Radiology Department; which was recently renamed as Oral and Dentomaxillofacial Radiology, from the same university. \r\nShe is working as a full-time Associate Professor and is a lecturer and an academic researcher. \r\nHer expertise areas are dental caries, cancer, dental fear and anxiety, gag reflex in dentistry, oral medicine, and dentomaxillofacial radiology.",institutionString:"Gazi University",institution:{name:"Gazi University",institutionURL:null,country:{name:"Turkey"}}}]},{type:"book",id:"7139",title:"Current Approaches in Orthodontics",subtitle:null,coverURL:"https://cdn.intechopen.com/books/images_new/7139.jpg",slug:"current-approaches-in-orthodontics",publishedDate:"April 10th 2019",editedByType:"Edited by",bookSignature:"Belma Işık Aslan and Fatma Deniz Uzuner",hash:"2c77384eeb748cf05a898d65b9dcb48a",volumeInSeries:2,fullTitle:"Current Approaches in Orthodontics",editors:[{id:"42847",title:"Dr.",name:"Belma",middleName:null,surname:"Işik Aslan",slug:"belma-isik-aslan",fullName:"Belma Işik Aslan",profilePictureURL:"https://mts.intechopen.com/storage/users/42847/images/system/42847.jpg",biography:"Dr. Belma IşIk Aslan was born in 1976 in Ankara-TURKEY. 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Her knowledge of English is at an advanced level.",institutionString:"Gazi University Dentistry Faculty Department of Orthodontics",institution:null}]},{type:"book",id:"7572",title:"Trauma in Dentistry",subtitle:null,coverURL:"https://cdn.intechopen.com/books/images_new/7572.jpg",slug:"trauma-in-dentistry",publishedDate:"July 3rd 2019",editedByType:"Edited by",bookSignature:"Serdar Gözler",hash:"7cb94732cfb315f8d1e70ebf500eb8a9",volumeInSeries:3,fullTitle:"Trauma in Dentistry",editors:[{id:"204606",title:"Dr.",name:"Serdar",middleName:null,surname:"Gözler",slug:"serdar-gozler",fullName:"Serdar Gözler",profilePictureURL:"https://mts.intechopen.com/storage/users/204606/images/system/204606.jpeg",biography:"Dr. Serdar Gözler has completed his undergraduate studies at the Marmara University Faculty of Dentistry in 1978, followed by an assistantship in the Prosthesis Department of Dicle University Faculty of Dentistry. Starting his PhD work on non-resilient overdentures with Assoc. Prof. Hüsnü Yavuzyılmaz, he continued his studies with Prof. Dr. Gürbüz Öztürk of Istanbul University Faculty of Dentistry Department of Prosthodontics, this time on Gnatology. He attended training programs on occlusion, neurology, neurophysiology, EMG, radiology and biostatistics. In 1982, he presented his PhD thesis \\Gerber and Lauritzen Occlusion Analysis Techniques: Diagnosis Values,\\ at Istanbul University School of Dentistry, Department of Prosthodontics. As he was also working with Prof. Senih Çalıkkocaoğlu on The Physiology of Chewing at the same time, Gözler has written a chapter in Çalıkkocaoğlu\\'s book \\Complete Prostheses\\ entitled \\The Place of Neuromuscular Mechanism in Prosthetic Dentistry.\\ The book was published five times since by the Istanbul University Publications. Having presented in various conferences about occlusion analysis until 1998, Dr. Gözler has also decided to use the T-Scan II occlusion analysis method. Having been personally trained by Dr. Robert Kerstein on this method, Dr. Gözler has been lecturing on the T-Scan Occlusion Analysis Method in conferences both in Turkey and abroad. Dr. Gözler has various articles and presentations on Digital Occlusion Analysis methods. He is now Head of the TMD Clinic at Prosthodontic Department of Faculty of Dentistry , Istanbul Aydın University , Turkey.",institutionString:"Istanbul Aydin University",institution:{name:"Istanbul Aydın University",institutionURL:null,country:{name:"Turkey"}}}]},{type:"book",id:"7060",title:"Gingival Disease",subtitle:"A Professional Approach for Treatment and Prevention",coverURL:"https://cdn.intechopen.com/books/images_new/7060.jpg",slug:"gingival-disease-a-professional-approach-for-treatment-and-prevention",publishedDate:"October 23rd 2019",editedByType:"Edited by",bookSignature:"Alaa Eddin Omar Al Ostwani",hash:"b81d39988cba3a3cf746c1616912cf41",volumeInSeries:4,fullTitle:"Gingival Disease - A Professional Approach for Treatment and Prevention",editors:[{id:"240870",title:"Ph.D.",name:"Alaa Eddin Omar",middleName:null,surname:"Al Ostwani",slug:"alaa-eddin-omar-al-ostwani",fullName:"Alaa Eddin Omar Al Ostwani",profilePictureURL:"https://mts.intechopen.com/storage/users/240870/images/system/240870.jpeg",biography:"Dr. Al Ostwani Alaa Eddin Omar received his Master in dentistry from Damascus University in 2010, and his Ph.D. in Pediatric Dentistry from Damascus University in 2014. Dr. Al Ostwani is an assistant professor and faculty member at IUST University since 2014. \nDuring his academic experience, he has received several awards including the scientific research award from the Union of Arab Universities, the Syrian gold medal and the international gold medal for invention and creativity. Dr. Al Ostwani is a Member of the International Association of Dental Traumatology and the Syrian Society for Research and Preventive Dentistry since 2017. 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Currently, he is a Professor at Xiangya Hospital of Central South University in China, Fellow of Royal Society of Medicine (FRSM), the European EPMA National Representative in China, Regular Member of American Association for the Advancement of Science (AAAS), European Cooperation of Science and Technology (e-COST) grant evaluator, Associate Editors of BMC Genomics, BMC Medical Genomics, EPMA Journal, and Frontiers in Endocrinology, Executive Editor-in-Chief of Med One. He has\npublished 116 peer-reviewed research articles, 16 book chapters, 2 books, and 2 US patents. His current main research interest focuses on the studies of cancer proteomics and biomarkers, and the use of modern omics techniques and systems biology for PPPM in cancer, and on the development and use of 2DE-LC/MS for the large-scale study of human proteoforms.",institutionString:null,institution:{name:"Xiangya Hospital Central South University",country:{name:"China"}}},{id:"40482",title:null,name:"Rizwan",middleName:null,surname:"Ahmad",slug:"rizwan-ahmad",fullName:"Rizwan Ahmad",position:null,profilePictureURL:"https://mts.intechopen.com/storage/users/40482/images/system/40482.jpeg",biography:"Dr. Rizwan Ahmad is a University Professor and Coordinator, Quality and Development, College of Medicine, Imam Abdulrahman bin Faisal University, Saudi Arabia. Previously, he was Associate Professor of Human Function, Oman Medical College, Oman, and SBS University, Dehradun. Dr. Ahmad completed his education at Aligarh Muslim University, Aligarh. He has published several articles in peer-reviewed journals, chapters, and edited books. His area of specialization is free radical biochemistry and autoimmune diseases.",institutionString:"Imam Abdulrahman Bin Faisal University",institution:{name:"Imam Abdulrahman Bin Faisal University",country:{name:"Saudi Arabia"}}},{id:"41865",title:"Prof.",name:"Farid A.",middleName:null,surname:"Badria",slug:"farid-a.-badria",fullName:"Farid A. Badria",position:null,profilePictureURL:"https://mts.intechopen.com/storage/users/41865/images/system/41865.jpg",biography:"Farid A. Badria, Ph.D., is the recipient of several awards, including The World Academy of Sciences (TWAS) Prize for Public Understanding of Science; the World Intellectual Property Organization (WIPO) Gold Medal for best invention; Outstanding Arab Scholar, Kuwait; and the Khwarizmi International Award, Iran. He has 250 publications, 12 books, 20 patents, and several marketed pharmaceutical products to his credit. He continues to lead research projects on developing new therapies for liver, skin disorders, and cancer. Dr. Badria was listed among the world’s top 2% of scientists in medicinal and biomolecular chemistry in 2019 and 2020. He is a member of the Arab Development Fund, Kuwait; International Cell Research Organization–United Nations Educational, Scientific and Cultural Organization (ICRO–UNESCO), Chile; and UNESCO Biotechnology France",institutionString:"Mansoura University",institution:{name:"Mansoura University",country:{name:"Egypt"}}},{id:"329385",title:"Dr.",name:"Rajesh K.",middleName:"Kumar",surname:"Singh",slug:"rajesh-k.-singh",fullName:"Rajesh K. Singh",position:null,profilePictureURL:"https://mts.intechopen.com/storage/users/329385/images/system/329385.png",biography:"Dr. Singh received a BPharm (2003) and MPharm (2005) from Panjab University, Chandigarh, India, and a Ph.D. (2013) from Punjab Technical University (PTU), Jalandhar, India. He has more than sixteen years of teaching experience and has supervised numerous postgraduate and Ph.D. students. He has to his credit more than seventy papers in SCI- and SCOPUS-indexed journals, fifty-five conference proceedings, four books, six Best Paper Awards, and five projects from different government agencies. He is currently an editorial board member of eight international journals and a reviewer for more than fifty scientific journals. He received Top Reviewer and Excellent Peer Reviewer Awards from Publons in 2016 and 2017, respectively. He is also on the panel of The International Reviewer for reviewing research proposals for grants from the Royal Society. He also serves as a Publons Academy mentor and Bentham brand ambassador.",institutionString:"Punjab Technical University",institution:{name:"Punjab Technical University",country:{name:"India"}}},{id:"142388",title:"Dr.",name:"Thiago",middleName:"Gomes",surname:"Gomes Heck",slug:"thiago-gomes-heck",fullName:"Thiago Gomes Heck",position:null,profilePictureURL:"https://mts.intechopen.com/storage/users/142388/images/7259_n.jpg",biography:null,institutionString:null,institution:{name:"Universidade Regional do Noroeste do Estado do Rio Grande do Sul",country:{name:"Brazil"}}},{id:"336273",title:"Assistant Prof.",name:"Janja",middleName:null,surname:"Zupan",slug:"janja-zupan",fullName:"Janja Zupan",position:null,profilePictureURL:"https://mts.intechopen.com/storage/users/336273/images/14853_n.jpeg",biography:"Janja Zupan graduated in 2005 at the Department of Clinical Biochemistry (superviser prof. dr. Janja Marc) in the field of genetics of osteoporosis. Since November 2009 she is working as a Teaching Assistant at the Faculty of Pharmacy, Department of Clinical Biochemistry. In 2011 she completed part of her research and PhD work at Institute of Genetics and Molecular Medicine, University of Edinburgh. She finished her PhD entitled The influence of the proinflammatory cytokines on the RANK/RANKL/OPG in bone tissue of osteoporotic and osteoarthritic patients in 2012. From 2014-2016 she worked at the Institute of Biomedical Sciences, University of Aberdeen as a postdoctoral research fellow on UK Arthritis research project where she gained knowledge in mesenchymal stem cells and regenerative medicine. She returned back to University of Ljubljana, Faculty of Pharmacy in 2016. She is currently leading project entitled Mesenchymal stem cells-the keepers of tissue endogenous regenerative capacity facing up to aging of the musculoskeletal system funded by Slovenian Research Agency.",institutionString:null,institution:{name:"University of Ljubljana",country:{name:"Slovenia"}}},{id:"357453",title:"Dr.",name:"Radheshyam",middleName:null,surname:"Maurya",slug:"radheshyam-maurya",fullName:"Radheshyam Maurya",position:null,profilePictureURL:"https://mts.intechopen.com/storage/users/357453/images/16535_n.jpg",biography:null,institutionString:null,institution:{name:"University of Hyderabad",country:{name:"India"}}},{id:"418340",title:"Dr.",name:"Jyotirmoi",middleName:null,surname:"Aich",slug:"jyotirmoi-aich",fullName:"Jyotirmoi Aich",position:null,profilePictureURL:"https://s3.us-east-1.amazonaws.com/intech-files/0033Y000038Ugi5QAC/Profile_Picture_2022-04-15T07:48:28.png",biography:"Biotechnologist with 15 years of research including 6 years of teaching experience. Demonstrated record of scientific achievements through consistent publication record (H index = 13, with 874 citations) in high impact journals such as Nature Communications, Oncotarget, Annals of Oncology, PNAS, and AJRCCM, etc. Strong research professional with a post-doctorate from ACTREC where I gained experimental oncology experience in clinical settings and a doctorate from IGIB where I gained expertise in asthma pathophysiology. A well-trained biotechnologist with diverse experience on the bench across different research themes ranging from asthma to cancer and other infectious diseases. An individual with a strong commitment and innovative mindset. Have the ability to work on diverse projects such as regenerative and molecular medicine with an overall mindset of improving healthcare.",institutionString:"DY Patil Deemed to Be University",institution:null},{id:"349288",title:"Prof.",name:"Soumya",middleName:null,surname:"Basu",slug:"soumya-basu",fullName:"Soumya Basu",position:null,profilePictureURL:"https://s3.us-east-1.amazonaws.com/intech-files/0033Y000035QxIDQA0/Profile_Picture_2022-04-15T07:47:01.jpg",biography:"Soumya Basu, Ph.D., is currently working as an Associate Professor at Dr. D. Y. Patil Biotechnology and Bioinformatics Institute, Dr. D. Y. Patil Vidyapeeth, Pune, Maharashtra, India. With 16+ years of trans-disciplinary research experience in Drug Design, development, and pre-clinical validation; 20+ research article publications in journals of repute, 9+ years of teaching experience, trained with cross-disciplinary education, Dr. Basu is a life-long learner and always thrives for new challenges.\r\nHer research area is the design and synthesis of small molecule partial agonists of PPAR-γ in lung cancer. She is also using artificial intelligence and deep learning methods to understand the exosomal miRNA’s role in cancer metastasis. Dr. Basu is the recipient of many awards including the Early Career Research Award from the Department of Science and Technology, Govt. of India. She is a reviewer of many journals like Molecular Biology Reports, Frontiers in Oncology, RSC Advances, PLOS ONE, Journal of Biomolecular Structure & Dynamics, Journal of Molecular Graphics and Modelling, etc. She has edited and authored/co-authored 21 journal papers, 3 book chapters, and 15 abstracts. She is a Board of Studies member at her university. She is a life member of 'The Cytometry Society”-in India and 'All India Cell Biology Society”- in India.",institutionString:"Dr. D.Y. Patil Vidyapeeth, Pune",institution:{name:"Dr. D.Y. Patil Vidyapeeth, Pune",country:{name:"India"}}},{id:"354817",title:"Dr.",name:"Anubhab",middleName:null,surname:"Mukherjee",slug:"anubhab-mukherjee",fullName:"Anubhab Mukherjee",position:null,profilePictureURL:"https://intech-files.s3.amazonaws.com/0033Y0000365PbRQAU/ProfilePicture%202022-04-15%2005%3A11%3A18.480",biography:"A former member of Laboratory of Nanomedicine, Brigham and Women’s Hospital, Harvard University, Boston, USA, Dr. Anubhab Mukherjee is an ardent votary of science who strives to make an impact in the lives of those afflicted with cancer and other chronic/acute ailments. He completed his Ph.D. from CSIR-Indian Institute of Chemical Technology, Hyderabad, India, having been skilled with RNAi, liposomal drug delivery, preclinical cell and animal studies. He pursued post-doctoral research at College of Pharmacy, Health Science Center, Texas A & M University and was involved in another postdoctoral research at Department of Translational Neurosciences and Neurotherapeutics, John Wayne Cancer Institute, Santa Monica, California. In 2015, he worked in Harvard-MIT Health Sciences & Technology as a visiting scientist. He has substantial experience in nanotechnology-based formulation development and successfully served various Indian organizations to develop pharmaceuticals and nutraceutical products. He is an inventor in many US patents and an author in many peer-reviewed articles, book chapters and books published in various media of international repute. Dr. Mukherjee is currently serving as Principal Scientist, R&D at Esperer Onco Nutrition (EON) Pvt. Ltd. and heads the Hyderabad R&D center of the organization.",institutionString:"Esperer Onco Nutrition Pvt Ltd.",institution:null},{id:"319365",title:"Assistant Prof.",name:"Manash K.",middleName:null,surname:"Paul",slug:"manash-k.-paul",fullName:"Manash K. Paul",position:null,profilePictureURL:"https://mts.intechopen.com/storage/users/319365/images/system/319365.png",biography:"Manash K. Paul is a Principal Investigator and Scientist at the University of California Los Angeles. He has contributed significantly to the fields of stem cell biology, regenerative medicine, and lung cancer. His research focuses on various signaling processes involved in maintaining stem cell homeostasis during the injury-repair process, deciphering lung stem cell niche, pulmonary disease modeling, immuno-oncology, and drug discovery. He is currently investigating the role of extracellular vesicles in premalignant lung cell migration and detecting the metastatic phenotype of lung cancer via machine-learning-based analyses of exosomal signatures. Dr. Paul has published in more than fifty peer-reviewed international journals and is highly cited. He is the recipient of many awards, including the UCLA Vice Chancellor’s award, a senior member of the Institute of Electrical and Electronics Engineers (IEEE), and an editorial board member for several international journals.",institutionString:"University of California Los Angeles",institution:{name:"University of California Los Angeles",country:{name:"United States of America"}}},{id:"311457",title:"Dr.",name:"Júlia",middleName:null,surname:"Scherer Santos",slug:"julia-scherer-santos",fullName:"Júlia Scherer Santos",position:null,profilePictureURL:"https://mts.intechopen.com/storage/users/311457/images/system/311457.jpg",biography:"Dr. Júlia Scherer Santos works in the areas of cosmetology, nanotechnology, pharmaceutical technology, beauty, and aesthetics. Dr. Santos also has experience as a professor of graduate courses. Graduated in Pharmacy, specialization in Cosmetology and Cosmeceuticals applied to aesthetics, specialization in Aesthetic and Cosmetic Health, and a doctorate in Pharmaceutical Nanotechnology. Teaching experience in Pharmacy and Aesthetics and Cosmetics courses. She works mainly on the following subjects: nanotechnology, cosmetology, pharmaceutical technology, aesthetics.",institutionString:"Universidade Federal de Juiz de Fora",institution:{name:"Universidade Federal de Juiz de Fora",country:{name:"Brazil"}}},{id:"219081",title:"Dr.",name:"Abdulsamed",middleName:null,surname:"Kükürt",slug:"abdulsamed-kukurt",fullName:"Abdulsamed Kükürt",position:null,profilePictureURL:"https://mts.intechopen.com/storage/users/219081/images/system/219081.png",biography:"Dr. Kükürt graduated from Uludağ University in Turkey. He started his academic career as a Research Assistant in the Department of Biochemistry at Kafkas University. In 2019, he completed his Ph.D. program in the Department of Biochemistry at the Institute of Health Sciences. He is currently working at the Department of Biochemistry, Kafkas University. He has 27 published research articles in academic journals, 11 book chapters, and 37 papers. He took part in 10 academic projects. He served as a reviewer for many articles. He still serves as a member of the review board in many academic journals. He is currently working on the protective activity of phenolic compounds in disorders associated with oxidative stress and inflammation.",institutionString:null,institution:{name:"Kafkas University",country:{name:"Turkey"}}},{id:"178366",title:"Dr.",name:"Volkan",middleName:null,surname:"Gelen",slug:"volkan-gelen",fullName:"Volkan Gelen",position:null,profilePictureURL:"https://mts.intechopen.com/storage/users/178366/images/system/178366.jpg",biography:"Volkan Gelen is a Physiology specialist who received his veterinary degree from Kafkas University in 2011. Between 2011-2015, he worked as an assistant at Atatürk University, Faculty of Veterinary Medicine, Department of Physiology. In 2016, he joined Kafkas University, Faculty of Veterinary Medicine, Department of Physiology as an assistant professor. Dr. Gelen has been engaged in various academic activities at Kafkas University since 2016. There he completed 5 projects and has 3 ongoing projects. He has 60 articles published in scientific journals and 20 poster presentations in scientific congresses. His research interests include physiology, endocrine system, cancer, diabetes, cardiovascular system diseases, and isolated organ bath system studies.",institutionString:"Kafkas University",institution:{name:"Kafkas University",country:{name:"Turkey"}}},{id:"418963",title:"Dr.",name:"Augustine Ododo",middleName:"Augustine",surname:"Osagie",slug:"augustine-ododo-osagie",fullName:"Augustine Ododo Osagie",position:null,profilePictureURL:"https://mts.intechopen.com/storage/users/418963/images/16900_n.jpg",biography:"Born into the family of Osagie, a prince of the Benin Kingdom. I am currently an academic in the Department of Medical Biochemistry, University of Benin. Part of the duties are to teach undergraduate students and conduct academic research.",institutionString:null,institution:{name:"University of Benin",country:{name:"Nigeria"}}},{id:"192992",title:"Prof.",name:"Shagufta",middleName:null,surname:"Perveen",slug:"shagufta-perveen",fullName:"Shagufta Perveen",position:null,profilePictureURL:"https://mts.intechopen.com/storage/users/192992/images/system/192992.png",biography:"Prof. Shagufta Perveen is a Distinguish Professor in the Department of Pharmacognosy, College of Pharmacy, King Saud University, Riyadh, Saudi Arabia. Dr. Perveen has acted as the principal investigator of major research projects funded by the research unit of King Saud University. She has more than ninety original research papers in peer-reviewed journals of international repute to her credit. She is a fellow member of the Royal Society of Chemistry UK and the American Chemical Society of the United States.",institutionString:"King Saud University",institution:{name:"King Saud University",country:{name:"Saudi Arabia"}}},{id:"49848",title:"Dr.",name:"Wen-Long",middleName:null,surname:"Hu",slug:"wen-long-hu",fullName:"Wen-Long Hu",position:null,profilePictureURL:"https://mts.intechopen.com/storage/users/49848/images/system/49848.jpg",biography:"Wen-Long Hu is Chief of the Division of Acupuncture, Department of Chinese Medicine at Kaohsiung Chang Gung Memorial Hospital, as well as an adjunct associate professor at Fooyin University and Kaohsiung Medical University. Wen-Long is President of Taiwan Traditional Chinese Medicine Medical Association. He has 28 years of experience in clinical practice in laser acupuncture therapy and 34 years in acupuncture. He is an invited speaker for lectures and workshops in laser acupuncture at many symposiums held by medical associations. He owns the patent for herbal preparation and producing, and for the supercritical fluid-treated needle. Dr. Hu has published three books, 12 book chapters, and more than 30 papers in reputed journals, besides serving as an editorial board member of repute.",institutionString:"Kaohsiung Chang Gung Memorial Hospital",institution:{name:"Kaohsiung Chang Gung Memorial Hospital",country:{name:"Taiwan"}}},{id:"298472",title:"Prof.",name:"Andrey V.",middleName:null,surname:"Grechko",slug:"andrey-v.-grechko",fullName:"Andrey V. Grechko",position:null,profilePictureURL:"https://mts.intechopen.com/storage/users/298472/images/system/298472.png",biography:"Andrey Vyacheslavovich Grechko, Ph.D., Professor, is a Corresponding Member of the Russian Academy of Sciences. He graduated from the Semashko Moscow Medical Institute (Semashko National Research Institute of Public Health) with a degree in Medicine (1998), the Clinical Department of Dermatovenerology (2000), and received a second higher education in Psychology (2009). Professor A.V. Grechko held the position of Сhief Physician of the Central Clinical Hospital in Moscow. He worked as a professor at the faculty and was engaged in scientific research at the Medical University. Starting in 2013, he has been the initiator of the creation of the Federal Scientific and Clinical Center for Intensive Care and Rehabilitology, Moscow, Russian Federation, where he also serves as Director since 2015. He has many years of experience in research and teaching in various fields of medicine, is an author/co-author of more than 200 scientific publications, 13 patents, 15 medical books/chapters, including Chapter in Book «Metabolomics», IntechOpen, 2020 «Metabolomic Discovery of Microbiota Dysfunction as the Cause of Pathology».",institutionString:"Federal Research and Clinical Center of Intensive Care Medicine and Rehabilitology",institution:null},{id:"199461",title:"Prof.",name:"Natalia V.",middleName:null,surname:"Beloborodova",slug:"natalia-v.-beloborodova",fullName:"Natalia V. Beloborodova",position:null,profilePictureURL:"https://mts.intechopen.com/storage/users/199461/images/system/199461.jpg",biography:'Natalia Vladimirovna Beloborodova was educated at the Pirogov Russian National Research Medical University, with a degree in pediatrics in 1980, a Ph.D. in 1987, and a specialization in Clinical Microbiology from First Moscow State Medical University in 2004. She has been a Professor since 1996. Currently, she is the Head of the Laboratory of Metabolism, a division of the Federal Research and Clinical Center of Intensive Care Medicine and Rehabilitology, Moscow, Russian Federation. N.V. Beloborodova has many years of clinical experience in the field of intensive care and surgery. She studies infectious complications and sepsis. She initiated a series of interdisciplinary clinical and experimental studies based on the concept of integrating human metabolism and its microbiota. Her scientific achievements are widely known: she is the recipient of the Marie E. Coates Award \\"Best lecturer-scientist\\" Gustafsson Fund, Karolinska Institutes, Stockholm, Sweden, and the International Sepsis Forum Award, Pasteur Institute, Paris, France (2014), etc. Professor N.V. Beloborodova wrote 210 papers, five books, 10 chapters and has edited four books.',institutionString:"Federal Research and Clinical Center of Intensive Care Medicine and Rehabilitology",institution:null},{id:"354260",title:"Ph.D.",name:"Tércio Elyan",middleName:"Azevedo",surname:"Azevedo Martins",slug:"tercio-elyan-azevedo-martins",fullName:"Tércio Elyan Azevedo Martins",position:null,profilePictureURL:"https://mts.intechopen.com/storage/users/354260/images/16241_n.jpg",biography:"Graduated in Pharmacy from the Federal University of Ceará with the modality in Industrial Pharmacy, Specialist in Production and Control of Medicines from the University of São Paulo (USP), Master in Pharmaceuticals and Medicines from the University of São Paulo (USP) and Doctor of Science in the program of Pharmaceuticals and Medicines by the University of São Paulo. Professor at Universidade Paulista (UNIP) in the areas of chemistry, cosmetology and trichology. Assistant Coordinator of the Higher Course in Aesthetic and Cosmetic Technology at Universidade Paulista Campus Chácara Santo Antônio. Experience in the Pharmacy area, with emphasis on Pharmacotechnics, Pharmaceutical Technology, Research and Development of Cosmetics, acting mainly on topics such as cosmetology, antioxidant activity, aesthetics, photoprotection, cyclodextrin and thermal analysis.",institutionString:null,institution:{name:"University of Sao Paulo",country:{name:"Brazil"}}},{id:"334285",title:"Ph.D. Student",name:"Sameer",middleName:"Kumar",surname:"Jagirdar",slug:"sameer-jagirdar",fullName:"Sameer Jagirdar",position:null,profilePictureURL:"https://mts.intechopen.com/storage/users/334285/images/14691_n.jpg",biography:"I\\'m a graduate student at the center for biosystems science and engineering at the Indian Institute of Science, Bangalore, India. I am interested in studying host-pathogen interactions at the biomaterial interface.",institutionString:null,institution:{name:"Indian Institute of Science Bangalore",country:{name:"India"}}},{id:"329248",title:"Dr.",name:"Md. Faheem",middleName:null,surname:"Haider",slug:"md.-faheem-haider",fullName:"Md. Faheem Haider",position:null,profilePictureURL:"https://mts.intechopen.com/storage/users/329248/images/system/329248.jpg",biography:"Dr. Md. Faheem Haider completed his BPharm in 2012 at Integral University, Lucknow, India. In 2014, he completed his MPharm with specialization in Pharmaceutics at Babasaheb Bhimrao Ambedkar University, Lucknow, India. He received his Ph.D. degree from Jamia Hamdard University, New Delhi, India, in 2018. He was selected for the GPAT six times and his best All India Rank was 34. Currently, he is an assistant professor at Integral University. Previously he was an assistant professor at IIMT University, Meerut, India. He has experience teaching DPharm, Pharm.D, BPharm, and MPharm students. He has more than five publications in reputed journals to his credit. Dr. Faheem’s research area is the development and characterization of nanoformulation for the delivery of drugs to various organs.",institutionString:"Integral University",institution:{name:"Integral University",country:{name:"India"}}},{id:"329795",title:"Dr.",name:"Mohd Aftab",middleName:"Aftab",surname:"Siddiqui",slug:"mohd-aftab-siddiqui",fullName:"Mohd Aftab Siddiqui",position:null,profilePictureURL:"https://mts.intechopen.com/storage/users/329795/images/system/329795.png",biography:"Dr. Mohd Aftab Siddiqui is an assistant professor in the Faculty of Pharmacy, Integral University, Lucknow, India, where he obtained a Ph.D. in Pharmacology in 2020. He also obtained a BPharm and MPharm from the same university in 2013 and 2015, respectively. His area of research is the pharmacological screening of herbal drugs/natural products in liver cancer and cardiac diseases. He is a member of many professional bodies and has guided many MPharm and PharmD research projects. Dr. Siddiqui has many national and international publications and one German patent to his credit.",institutionString:"Integral University",institution:null}]}},subseries:{item:{id:"1",type:"subseries",title:"Oral Health",keywords:"Oral Health, Dental Care, Diagnosis, Diagnostic Imaging, Early Diagnosis, Oral Cancer, Conservative Treatment, Epidemiology, Comprehensive Dental Care, Complementary Therapies, Holistic Health",scope:"\r\n\tThis topic aims to provide a comprehensive overview of the latest trends in Oral Health based on recent scientific evidence. Subjects will include an overview of oral diseases and infections, systemic diseases affecting the oral cavity, prevention, diagnosis, treatment, epidemiology, as well as current clinical recommendations for the management of oral, dental, and periodontal diseases.
",coverUrl:"https://cdn.intechopen.com/series_topics/covers/1.jpg",hasOnlineFirst:!0,hasPublishedBooks:!0,annualVolume:11397,editor:{id:"173955",title:"Prof.",name:"Sandra",middleName:null,surname:"Marinho",slug:"sandra-marinho",fullName:"Sandra Marinho",profilePictureURL:"https://s3.us-east-1.amazonaws.com/intech-files/0030O00002bRGYMQA4/Profile_Picture_2022-06-01T13:22:41.png",biography:"Dr. Sandra A. Marinho is an Associate Professor and Brazilian researcher at the State University of Paraíba (Universidade Estadual da Paraíba- UEPB), Campus VIII, located in Araruna, state of Paraíba since 2011. She holds a degree in Dentistry from the Federal University of Alfenas (UNIFAL), while her specialization and professional improvement in Stomatology took place at Hospital Heliopolis (São Paulo, SP). Her qualifications are: a specialist in Dental Imaging and Radiology, Master in Dentistry (Periodontics) from the University of São Paulo (FORP-USP, Ribeirão Preto, SP), and Doctor (Ph.D.) in Dentistry (Stomatology Clinic) from Hospital São Lucas of the Pontifical Catholic University of Rio Grande do Sul (HSL-PUCRS, Porto Alegre, RS). She held a postdoctoral internship at the Federal University from Jequitinhonha and Mucuri Valleys (UFVJM, Diamantina, MG). She is currently a member of the Brazilian Society for Dental Research (SBPqO) and the Brazilian Society of Stomatology and Pathology (SOBEP). 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We encourage the submission of manuscripts that provide novel and mechanistic insights that report significant advances in the fields. Topics can include but are not limited to: Biotechnology such as biotechnological products and process engineering; Biotechnologically relevant enzymes and proteins; Bioenergy and biofuels; Applied genetics and molecular biotechnology; Genomics, transcriptomics, proteomics; Applied microbial and cell physiology; Environmental biotechnology; Methods and protocols. Moreover, topics in biosensor technology, like sensors that incorporate enzymes, antibodies, nucleic acids, whole cells, tissues and organelles, and other biological or biologically inspired components will be considered, and topics exploring transducers, including those based on electrochemical and optical piezoelectric, thermal, magnetic, and micromechanical elements. Chapters exploring biomaterial approaches such as polymer synthesis and characterization, drug and gene vector design, biocompatibility, immunology and toxicology, and self-assembly at the nanoscale, are welcome. Finally, the tissue engineering subcategory will support topics such as the fundamentals of stem cells and progenitor cells and their proliferation, differentiation, bioreactors for three-dimensional culture and studies of phenotypic changes, stem and progenitor cells, both short and long term, ex vivo and in vivo implantation both in preclinical models and also in clinical trials.",annualVolume:11405,isOpenForSubmission:!0,coverUrl:"https://cdn.intechopen.com/series_topics/covers/9.jpg",editor:{id:"126286",title:"Dr.",name:"Luis",middleName:"Jesús",surname:"Villarreal-Gómez",fullName:"Luis Villarreal-Gómez",profilePictureURL:"https://mts.intechopen.com/storage/users/126286/images/system/126286.jpg",institutionString:null,institution:{name:"Autonomous University of Baja California",institutionURL:null,country:{name:"Mexico"}}},editorTwo:null,editorThree:null,editorialBoard:[{id:"35539",title:"Dr.",name:"Cecilia",middleName:null,surname:"Cristea",fullName:"Cecilia Cristea",profilePictureURL:"https://s3.us-east-1.amazonaws.com/intech-files/0030O00002aYQ65QAG/Profile_Picture_1621007741527",institutionString:null,institution:{name:"Iuliu Hațieganu University of Medicine and Pharmacy",institutionURL:null,country:{name:"Romania"}}},{id:"40735",title:"Dr.",name:"Gil",middleName:"Alberto Batista",surname:"Gonçalves",fullName:"Gil Gonçalves",profilePictureURL:"https://s3.us-east-1.amazonaws.com/intech-files/0030O00002aYRLGQA4/Profile_Picture_1628492612759",institutionString:null,institution:{name:"University of Aveiro",institutionURL:null,country:{name:"Portugal"}}},{id:"211725",title:"Associate Prof.",name:"Johann F.",middleName:null,surname:"Osma",fullName:"Johann F. 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