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Beninese rice production has a major challenge: produce quality rice in sufficient quantity to meet national needs and thus reduce the quantity of imported rice. There are two weaknesses in achieving these objectives: low productivity and low quality of finished products. Both of these weaknesses are closely linked to the use of quality seeds. Seed is a productivity factor that alone could contribute to 40% of yield improvements (FAO 2008). Seed carries the genetic potential of the variety and largely determines the effectiveness of other inputs and production conditions. Therefore, the seed is one of the essential factors for any plant production system. Other factors such as: adaptation of the variety to the production ecosystem, respect of the production schedule, quality of inputs, production conditions, etc. also largely influence production results. After more than fifty years of extension of certified seed, 'the adoption rate of these seeds remained generally low in Benin, with only 22%' (Kinkingninhoun-Medagbe, 2013). Benin has a significant potential in terms of natural resources that can enable it to ensure its self-sufficiency in rice. Benin's rice production has experienced a significant quantitative increase over the last two decades, from 13 686 tonnes of paddy in 1994 to 281 428 tonnes in 2016 (FAOSTAT, 2018) This significant increase in rice production by more than 20 times in 22 years, is largely due to an increase in cultivated area (8 736 ha to 82 351 ha). The devaluation of the CFA franc in 1994 and the 2008 food crisis were the triggers. Average yields have also increased, but to a lesser extent. They rose from 1.7 t/ha in 1994 to 3.4 t/ha in 2016. This level of yield, however, remains below the world average, which now exceeds 4.6 t/ha but above the average of West Africa which is at 2.09 t/h in 2016, Senegal at 3.9 t/ha and Mali at 3.3 t/ha (FAOSTAT, 2018). There is still room for improvement. The varietal mixture that is observed from the production fields is the main problem that arises through the accessibility of small producers (less than 1 ha) to quality seeds. «96% of rice farmers in Benin have areas of less than one hectare» (Allodehou et al., 2013). This thesis carried out an integrated analysis of seed issues in the value chains of finished products. The general objective of this thesis is to analyze the dynamics within the existing seed systems and to identify improvement options that will facilitate access to quality seeds by small producers. More specifically, this thesis has: i- carried out an analytical inventory of the rice sector of Benin; ii make a thorough diagnosis of the formal seed system of rice; iii- identified seed production and distribution mechanisms in the informal system and the reasons for their persistence; iv- proposed an integrated model for improving the efficiency of the rice seed system in Benin. This research was conducted using a participatory and transdisciplinary approach. It also used a systemic approach based on a holistic analysis approach. Data collection took place in several phases and according to the main objectives of the research. It began with the document overview phase which continued throughout the hall research. An exploratory study of the whole rice sector led us to a diagnosis of the main difficulties or constraints to the development of the different value chains of local rice in Benin. This exploratory study was carried out in 2013 in all the rice-growing basins in Benin. It shows that seed quality (germination rate, varietal purity, adaptation to ecological conditions, drought, disease and yield) is mentioned by producers as one of the main factors of productivity. Processors also identified mixed paddy, including several varieties, as a factor in low milling yield (high break rate). The traders judge the quality of the hulled grain through a visual observation, based on the homogeneity and coloring of the grains, which according to them is largely determined by varietal purity. The varietal mixture gives a bad result in cooking and an unpleasant taste to consumers. Thus, the quality of rice seed affects the entire local rice sector. The participatory diagnosis was conducted in 15 communes distributed in the various rice-growing areas in Benin with the aim of better understanding the functioning of local rice value chains. The results of these investigations show that the measures that have been taken by the government, including the subsidy on seeds, fertilizers and the development of production perimeters, in response to the 2008 food crisis, have boosted paddy production. (73,000 tons in 2008 to 220,000 tons in 2012) and the development of local rice value chains. Several local rice labels have thus emerged. Since 2014, government measures aiming production increase have run out of steam and production is stagnating again. The in-depth studies focused on the operational modes of the seed systems in force and also on specific themes with well-targeted groups of actors in the three departments where research focused on Collines, Zou and Couffo departments. It is the government structures that dominate the formal seed system (SSF) in Benin. Private companies are struggling to establish themselves and prosper in a policy-interventionist environment that subsidizes seeds and creates non-competitive conditions. However, financial analyzes have shown that seed production is twice as profitable as paddy production in lowland and irrigated rice systems, and three times as much in the rainfall system. Seed producers are generally responsible for rice producers organizations. The low use of quality seed continues to find its reasons under conditions of low accessibility. The costs of disposal, the physical availability of seeds, the delay and flow of information on new varieties are often the factors involved. The formal seed system does not adequately meet the expectations of small-scale rice producers in Benin, whereas small-scale producers account for the bulk of domestic production. The modes and conditions of access to informal seeds are more varied (donation, exchanges, loans, purchases) and more adapted to the situations of smallholders. The quality of the peasant varieties meets local social and cultural norms, on the understanding that production is often used for self-consumption. The type of seed used in rice production should, in fact, be determined by the objectives pursued by the consumer rice producer and hence according to the requirements of the target market. The point is that the seed sector does not function as a real value chain serving the key players, the paddy producers and processors, as well as consumers or end users of grain. The development of the contract farming of rice production by rice mills is a condition that evolves towards a seed system integrated into value chains. The integration of seed systems into value chains is the approach that improves the use of quality seed by small producers. The proposed seed model is based on the strengths of the informal seed system, which is supported by a dynamic action-research service that regularly feeds good quality genetic material. This material will be reused for a few years (2 to 3) according to the rules of informal systems before being renewed. ; La riziculture béninoise a un défi majeur : produire du riz de qualité en quantité suffisante pour couvrir les besoins nationaux et réduire ainsi les importations. Deux faiblesses s'opposent à l'atteinte de ces objectifs : la faible productivité et la faible qualité des produits finis. Ces deux faiblesses ont un lien étroit avec l'utilisation des semences de qualité. La semence constitue un facteur de productivité qui à lui seul pourrait contribuer à 40% des améliorations des rendements (FAO, 2008). La semence porte le potentiel génétique de la variété et détermine en grande partie l'efficacité des autres intrants et conditions de production. Par conséquent, la graine est un des facteurs essentiels pour tout système de production végétale. D'autres facteurs comme l'adaptation de la variété à l'écosystème de production, le respect du calendrier de production, la qualité des intrants, les conditions de production, etc. influencent aussi largement les résultats de la production. Après plus de cinquante années de vulgarisation des semences certifiées, « le taux d'adoption de ces semences est resté en général très faible en Afrique, avec seulement 22% au Bénin » (Kinkingninhoun- Medagbe, 2013). Le Bénin dispose d'un potentiel non négligeable en ressources naturelles pouvant lui permettre d'assurer son autosuffisance en riz. La production rizicole béninoise connaît depuis ces vingt dernières années une progression quantitative sensible passant de 13 686 tonnes de paddy en 1994 à 281 428 tonnes en 2016 (FAOSTAT, 2018) Cette importante augmentation de la production rizicole de plus de 20 fois en vingt-deux ans, s'est faite en grande partie grâce à une augmentation des superficies (8 736ha à 82 351 ha). La dévaluation du franc CFA en 1994 et la crise alimentaire de 2008 ont été les déclics. Les rendements moyens ont aussi progressé mais dans une moindre mesure. Ils sont passés de 1,7 t/ha en 1994 à 3,4 t/ha en 2016. Ce niveau de rendement reste cependant inférieur à la moyenne mondiale qui dépasse aujourd'hui 4,6 t/ha mais supérieur à la moyenne de l'Afrique de l'Ouest qui est à 2,09t/h en 2016, Sénégal 3,9 t/ha et Mali 3,3 t/ha (FAOSTAT, 2018). Une réelle marge de progression existe encore. Le mélange variétal qui s'observe depuis les champs de production est la problématique principale qui se pose à travers l'accessibilité des petits producteurs (moins d'1ha) aux semences de qualité. «96% des riziculteurs du Bénin ont des emblavures de moins d'un hectare » (Allodehou et al., 2013). Cette thèse a réalisé une analyse intégrée des questions semencières dans les chaînes de valeur des produits finis. L'objectif général de cette thèse est d'analyser les dynamiques au sein des systèmes semenciers existants et d'identifier des options d'amélioration pour faciliter l'accès des petits producteurs aux semences de qualité. Plus spécifiquement, cette thèse a : i- réalisé un état des lieux analytique de la filière rizicole du Bénin ; ii- fait un diagnostic approfondi du système semencier formel du riz ; iii- identifié les mécanismes de production et de distribution des semences dans le système informel et les raisons de leur persistance et ; iv- proposé un modèle intégré pour une amélioration de l'efficacité du système semencier du riz au Bénin. Cette recherche a été conduite suivant une approche participative et transdisciplinaire. Elle a suivi une démarche systémique fondée sur une approche d'analyse holistique. La collecte des données s'est déroulée en plusieurs phases et suivant les principaux objectifs de la recherche. Elle a commencé par la phase de revue documentaire qui s'est poursuivi tout au long de cette recherche. Une étude exploratoire de toute la filière rizicole nous a conduit à un diagnostic des principales difficultés ou contraintes au développement des différentes chaînes de valeur du riz local au Bénin. Cette étude exploratoire a été menée en 2013 dans tous les bassins rizicoles au Bénin. Il en ressort que la qualité des semences (taux de germination, pureté variétale, adaptation aux conditions écologiques, sécheresse, maladies et rendement) est évoquée par les producteurs comme un des principaux facteurs de productivité. Les transformateurs ont aussi identifié le paddy mélangé, comprenant plusieurs variétés, comme facteur de faible rendement à l'usinage (taux de brisure élevé). Les commerçants, jugent la qualité du grain décortiqué à travers une observation visuelle, basée sur l'homogénéité et la coloration des grains, qui selon eux est en grande partie déterminée par la pureté variétale. Le mélange variétal donne un mauvais résultat à la cuisson et un goût désagréable aux consommateurs. Ainsi, la qualité des semences de riz influe sur tout le secteur de la riziculture locale. Le diagnostic participatif a été conduit dans 15 communes réparties dans les divers bassins rizicoles au Bénin dans le but de mieux appréhender le fonctionnement des chaînes de valeur du riz local. Les résultats de ces investigations montrent que les mesures qui ont été prises par le gouvernement, notamment la subvention sur les semences, les engrais et l'aménagement de périmètres de production, en réponse à la crise alimentaire de 2008, ont stimulé la production du paddy (73.000 Tonnes en 2008 à 220.000 Tonnes en 2012) et le développement des chaînes de valeur du riz local. Plusieurs labels de riz local ont ainsi vu le jour. Depuis 2014, les mesures gouvernementales destinées à booster la production se sont essoufflées et la production stagne à nouveau. Les études approfondies ont porté sur les modes opérationnels des systèmes semenciers en vigueur et aussi sur des thématiques spécifiques avec des groupes d'acteurs bien ciblés dans les trois départements où la recherche s'est focalisée à savoir les Collines, le Zou et le Couffo. Ce sont les structures étatiques qui dominent le système semencier formel (SSF) au Bénin. Les entreprises privées ont du mal à s'établir et à prospérer durablement dans un environnement de politique interventionniste qui subventionne les semences et qui crée de ce fait des conditions non-compétitives. Cependant, les analyses financières ont révélé que la production de semences est deux fois plus rentable que la production du paddy dans les systèmes de riz de bas-fond et de riz irrigué, et l'est trois fois plus dans le système pluvial. Les producteurs semenciers sont généralement des responsables des organisations de producteurs du riz. La faible utilisation des semences de qualité, continue de trouver ses raisons dans les conditions de faible accessibilité. Les coûts de cession, la disponibilité physique des semences, le délai et la circulation des informations sur les nouvelles variétés sont les facteurs souvent mis en cause. Le système semencier formel ne répond pas convenablement aux attentes des petits producteurs de riz du Bénin, alors que ce sont les petits producteurs qui assurent l'essentiel de la production nationale. Les modes et conditions d'accès aux semences informelles sont plus variés (don, échanges, emprunts, achats) et plus adaptés aux situations des petits producteurs de riz. La qualité des variétés paysannes obéit à des normes sociales et culturelles locales étant entendu que la production sert souvent à l'autoconsommation. Le type de semences utilisé dans la production rizicole devrait, en effet, être déterminé par les objectifs poursuivis par le producteur de riz de consommation, et donc selon les exigences du marché visé. Le constat est que le secteur semencier ne fonctionne pas comme une véritable chaîne de valeur au service des acteurs clés, c'est-à-dire les producteurs et transformateurs de paddy, ainsi que les consommateurs ou utilisateurs finaux des grains. Le développement de la contractualisation de la production du riz par les rizeries est une condition qui fait évoluer vers un système semencier intégré aux chaînes de valeur. L'intégration des systèmes semenciers aux chaînes de valeur est l'approche qui améliora l'utilisation des semences de qualité par les petits producteurs. Le modèle semencier proposé se fonde sur les points forts du système semencier informel qui reçoivent l'appui d'un service recherche-action dynamique qui réinjecte régulièrement du matériel génétique de bonne qualité. Ce matériel sera réutilisé pendant quelques années (2à3) suivant les règles des systèmes informels avant de se faire renouveler.

AMÉRICA LATINA Diversos medios internacionales informaron sobre la visita del Papa a Brasil. Para más información:http://www.nytimes.com/2013/07/28/world/americas/pope-calls-for-dialo gue-to- calm-brazil.html?ref=worldhttp://www.lemonde.fr/ameriques/article/2013/07/28/jmj-le-pape- donne-rendez-v ous-a-cracovie-en-2016_3454673_3222.htmlhttp://www .bbc.co.uk/news/world-latin -america-23498231http://www.economist.com/news/americas/21581991-promise-and-peril-pap al-visi t-earthly-concernshttp://www.eluniversal.com.mx/el-mundo/2013/impreso/brasil-despues- del-papa -83579.htmlhttp://internacional.elpais.com/internacional/2013/07/25/actualidad/13747 78417_5 39775.htmlhttp://www.lemonde.fr/ameriques/article/2013/07/28/le-soutien-du-pape -aux-ma nifestants-bresiliens_3454647_3222.htmlhttp://elpais.com/tag/c/09fe7a6aa423f1cdb0c4ef35679d9ff7http://worldnews.nbcnews.com/_news/2013/07/28/19732453-3-million- pack-cop acabana-beach-for-mass-with-pope?lite "El Tiempo" de Colombia analiza "Luces y sombras de la 'pacificación' de las favelas". Para más información:http://www.eltiempo.com/mundo/latinoamerica/pacificacin-en-las-favelas -la-nuev a-cara-de-ro-de-janeiro_12952733-4 Dos mujeres con vidas paralelas tras el poder en Chile. Para más información:http://www.lanacion.com.ar/1602961-la-derecha-chilena-dividida-por -la-eleccion -de-mattheihttp://www.eltiempo.com/mundo/latinoamerica/michelle-bachelet-y- evelyn-mat thei-tras-la-presidencia-de-chile_12952531-4 Al menos 22 muertos en México tras varios ataques contra la Policía. Para más información:http://worldnews.nbcnews.com/_news/2013/07/24/19651877-22- killed-as-arme d-gangs-police-clash-in-mexico?litehttp://www.eltiempo.com/mundo/latinoamerica/al-menos-22-muer tos-en-mxico -tras-varios-ataques-contra-la-polica_12945148-4 Varias decenas de migrantes mexicanos fueron rescatados. Para más información:http://edition.cnn.com/2013/07/18/world/americas/mexico-migra nts-rescued /index.htmlhttp://photoblog.nbcnews.com/_news/2013/07/24/19654028-mig rants-found- packed-in-overcrowded-truck-bound-for-mexico-us-b order?lite Aumenta la pobreza en México: entre 2010 y 2012 aumentó el número de pobres en el país, existen 53,3 millones de personas en esa condición. Para más información:http://www.bbc.co.uk/mundo/ultimas_noticias/2013/07/130729_u ltnot_aume nta_pobreza_en_mexico_an.shtml Jefe del Ejército argentino es denunciado por enriquecimiento ilícito. Para más información:http://oglobo.globo.com/mundo/chefe-do-exercito-argentino-denunc iado-por-e nriquecimento-ilicito-9268184 "The Economist" analiza coyuntura económica cubana. Para más información:http://www.economist.com/news/americas/21581990-and-eventually- perhaps-on e-currency-tempo-reform-accelerates-money-starts Santos reconoce la responsabilidad del Estado en el conflicto armado Para más información:http://internacional.elpais.com/internacional/2013/07/26/actualida d/137480000 5_346109.html Al menos 19 muertos por choque entre el ejército y rebeldes en Colombia Para más información:http://edition.cnn.com/2013/07/21/world/americas/colombia-violenc e/index.html El atentado a la Amia: la herida sigue abierta Para más información:http://www.eltiempo.com/mundo/latinoamerica/aniversario-19-del-a tentado-a-la- amia-en-argentina_12942709-4 Los expertos valoran positivamente la continuidaden las políticas económicas de Humala. Para más información:http://internacional.elpais.com/internacional/2013/07/28/actual idad/137498592 7_082095.html Presidente venezolano viaja a Cuba a encontrarse con Fidel Castro. Para más información:http://edition.cnn.com/2013/07/28/world/americas/cuba-castro -maduro /index.html Caracas cambiaría su himno para incluir en la letra a Hugo Chávez. Para más información:http://www.lanacion.com.ar/1605076-caracas-cambiaria-su-himno-p ara-inclui r-en-la-letra-a-hugo-chavez El Estado mexicano de Colima permitiría uniones civiles entre individuos del mismo sexo . Para más información:http://www.bbc.co.uk/news/world-latin-america-23502039 La brecha digital en América Latina dificulta el acceso a trámites. Para más información:http://www.eltiempo.com/mundo/latinoamerica/gobierno-electrnico-en -una-am rica-latina_12939637-4 ESTADOS UNIDOS /CANADÁ Estados Unidos anunció nuevas conversaciones entre israelíes y palestinos. Para más información:http://oglobo.globo.com/mundo/palestinos-israelenses-iniciam-dialog o-no-dep artamento-de-estado-dos-eua-9259682http://www.eltiempo.com/mundo/medio-oriente/obama-se-reune-con- negociado res-de-israelies-y-palestinos-para-la-paz_12955768-4http://www.lanacion.com.ar/1605564-proceso-de-paz-estados-unidos- anuncio-q ue-las-conversaciones-entre-israelies-y-palestinos-du Siete heridos deja explosión de planta de gas en Florida. Para más información:http://www.eltiempo.com/mundo/estados-unidos/explosin-en-planta-d e-gas-pro pano-en-florida_12955542-4http://www.bbc.co.uk/news/world-us-canada-23499689http://www.lanacion.com.ar/1605744-estados-unidos-siete-heridos-tra s-una-seri e-de-explosiones-en-una-planta-de-gas Filtrador de Wikileaks absuelto del cargo de ayudar al enemigo. Para más información:http://www.economist.com/blogs/democracyinamerica/2013/07/trial -bradley -manninghttp://www.eltiempo.com/mundo/estados-unidos/condena-para-bradl ey-man ning-el-filtrador-de-wikileaks_12955903-4 Estados Unidos no pedirá la pena de muerte para Snowden. Para más información:http://www.lemonde.fr/technologies/article/2013/07/26/les-etats- unis-ne-requ erront-pas-la-peine-de-mort-contre-snowden_3454335_651865.htmlhttp://internacional.elpais.com/internacional/2013/07/26/actualidad /1374853646 _430827.html El FBI desmanteló una red de prostitución infantil en 76 ciudades de Estados Unidos. Para más información:http://usa.chinadaily.com.cn/world/2013-07/30/content_16850599.htmhttp://www.eluniversal.com.mx/el-mundo/2013/impreso/fbi-desmant ela-red-de- abuso-infantil-en-estados-unidos-83581.html Legisladores de Estados Unidos aprueban envío dearmas a oposición siria. Para más información:http://www.eltiempo.com/mundo/estados-unidos/ee-uu-aprueba-env o-de-arma s-para-rebeldes-sirios_12943482-4 EUROPA Fatal accidente ferroviario en España. Para más información:http://www.bbc.co.uk/news/world-europe-23486048http://worldnews.nbcnews.com/_news/2013/07/29/19748214-spain- train-driver -told-helpers-he-wanted-to-die-after-deadly-crash?litehttp://www.eluniversal.com.mx/el-mundo/2013/impreso/despiden-a- victimas-de -trenazo-en-espania-83584.htmlhttp://www.lemonde.fr/europe/article/2013/07/28/compostelle-apre s-l-acciden t-le-conducteur-aurait-dit-ne-pas-avoir-pu-freiner_3454668_3214.htmlhttp://www.eltiempo.com/mundo/europa/contenido-de-las-cajas-negr as-del-tren -accidentado-en-espana_12956066-4http://www.lanacion.com.ar/1603511-rajoy-cedio-a-los-reclamos-e-ira- al-parlame nto-a-dar-explicacioneshttp://elpais.com/tag/accidentes_ferrocarril/a/http://edition.cnn.com/2013/07/29/world/europe/spain-train-crash/i ndex.html ?hpt=wo_c1 Un muerto y 26 heridos dejó choque de trenes en Suiza. Para más información:http://oglobo.globo.com/mundo/choque-de-2-trens-deixa-mais-de-30- feridos-na- suica-9262651http://www.lanacion.com.ar/1605543-choque-de-trenes-en-suiza-hay -al-menos-4 0-heridoshttp://worldnews.nbcnews.com/_news/2013/07/29/19757804-one-d ead-35-injur ed-in-swiss-train-collision?litehttp://www.eltiempo.com/mundo/europa/choque-de-trenes-en-suiza _12954583-4 Snowden cumple un mes en el limbo pero cerca de recuperar su libertad. Para más información:http://edition.cnn.com/2013/07/24/world/europe/russia-snowden/ind ex.html?h pt=wo_bn9http://www.eltiempo.com/mundo/europa/snowden-cumple-un-mes-e n-el-limbo _12944927-4http://usa.chinadaily.com.cn/world/2013-07/29/content_16849295.htm El escándalo del espionaje cuestiona la credibilidad de Merkel. Para más información:http://internacional.elpais.com/internacional/2013/07/27/actualidad/ 137495596 4_244086.html Tragedia en Italia: al menos 36 muertos tras caer un ómnibus desde un puente. Para más información:http://www.bbc.co.uk/news/world-europe-23501313http://www.lanacion.com.ar/1605435-tragedia-en-italia-al-menos-36-m uertos-t ras-caer-un-omnibus-desde-un-puentehttp://edition.cnn.com/2013/07/28/world/europe/italy-bus-crash/inde x.html?h pt=wo_c2http://worldnews.nbcnews.com/_news/2013/07/29/19748445-italy-i nvestigator s-probe-100-foot-ravine-bus-crash-that-killed-38?lite Gran golpe a la mafia italiana: policía arresta a más de 100 personas. Para más información:http://edition.cnn.com/2013/07/26/world/europe/italy-mafia-crackdo wn/index. html?hpt=wo_c2http://www.eltiempo.com/mundo/europa/polica-italiana-adelant-opera tivos-con tra-la-mafia_12948862-4 Assange presenta el Partido Wikileaks para elecciones de Australia. Para más información:http://www.eltiempo.com/mundo/australia/julian-assange-presenta-el -partido-w ikileaks-para-elecciones-de-australia_12947116-4 Un varón, tercero en la línea del trono británico. Para más información:http://www.lanacion.com.ar/1604214-el-bebe-real-tiene-nombre-jorgehttp://www.eltiempo.com/mundo/europa/guillermo-y-catalina-vuelven -a-casa-c on-su-primognito_12944700-4 El presidente Putin y el patriarca Kirill a la conquista de Ucrania. Para más información:http://internacional.elpais.com/internacional/2013/07/28/actualidad/1 37496511 3_930266.html Ofensiva contra porno infantil y otros ciber delitos en el Reino Unido. Para más información:http://www.bbc.co.uk/news/uk-politics-23495121http://www.eltiempo.com/mundo/europa/ofensiva-contra-porno-infant il-en-el-r eino-unido_12952552-4 Desempleo en España da un respiro y baja de los 6 millones. Para más información:http://www.portafolio.co/internacional/desempleo-espana-junio Embargan bienes de ex tesorero del PP español sospechosos de corrupción. Para más información:http://www.eltiempo.com/mundo/europa/embargan-bienes-del-exteso rero-del-p p-luis-barcenas_12955767-4 Delegados de la Unión Europea viajan a Egipto en busca de contribuir a la paz. Para más información:http://usa.chinadaily.com.cn/world/2013-07/30/content_16851076.htm Europa ayuda a Grecia pero continúan las presiones. Para más información:http://www.lemonde.fr/economie/article/2013/07/27/l-europe-debloq ue-une-t ranche-d-aide-pour-la-grece-sans-relacher-la-pression_3454462_3 234.html Los primeros análisis del Gobierno británico desmienten el mito de que la pertenencia a la Unión Europea dañe los intereses de Reino Unido. Para más información:http://internacional.elpais.com/internacional/2013/07/27/actualida d/137495322 0_443959.html ASIA- PACÍFICO/ MEDIO ORIENTE 100.000 muertos en 28 meses de conflicto sirio. Para más información:http://www.eltiempo.com/mundo/medio-oriente/cien-mil-muert os-en-conflicto -sirio_12948308-4http://www.bbc.co.uk/news/world-middle-east-23488855http://edition.cnn.com/2013/07/26/world/meast/syria-violence/ index.html?h pt=wo_c2http://worldnews.nbcnews.com/_news/2013/07/29/19758215-a -guide-to-the- 2013-israeli-palestinian-peace-talks?litehttp://www.nytimes.com/2013/07/28/world/middleeast/worries -mount-as-sy ria-lures-wests-muslims.html?ref=worldhttp://www.lemonde.fr/proche-orient/article/2013/07/27/syrie- 29-civils-dont -19-enfants-tues-par-un-missile-de-l-armee-a-alep_3454631_32 18.html ONU afirma haber llegado a un acuerdo con Siria sobre armas químicas. Para más información:http://www.eltiempo.com/mundo/medio-oriente/onu-afirma-hab er-llegado-a- un-acuerdo-con-siria-sobre-armas-qumicas_12952202-4 Retoman diálogo de paz israelíes y palestinos. Para más información:http://www.lemonde.fr/proche-orient/article/2013/07/28/israel- pret-a-lib erer-104-palestiniens-dans-le-cadre-des-negociations_3454642_3 218.htmlhttp://www.eltiempo.com/mundo/medio-oriente/israel-liberar-1 04-preso s-palestinos_12953526-4http://www.nytimes.com/2013/07/29/world/middleeast/israel-a grees-to-p risoner-release-clearing-way-for-talks.html?ref=worldhttp://internacional.elpais.com/internacional/2013/07/28/actuali dad/13 75021822_953484.htmlhttp://www.bbc.co.uk/news/world-middle-east-23486045http://edition.cnn.com/2013/07/29/world/meast/mideast-peac e-talks/ index.html?hpt=wo_c2http://usa.chinadaily.com.cn/world/2013-07/30/content_16850 962.htm Hamás queda acorralado en Gaza tras la caída de Morsi. Para más información:http://internacional.elpais.com/internacional/2013/07/26/actualidad/13 74856384_031650.html Se celebran 60 años del armisticio que puso fin a la guerra de Corea. Para más información:http://www.nytimes.com/2013/07/28/world/asia/north-korea-shows-mili tary-might-at-mass-rally.html?ref=worldhttp://www.lemonde.fr/asie-pacifique/article/2013/07/27/la-coree-du-no rd-celebre-le-60e-anniversaire-de-l-armistice-avec-le-sud_3454389_321 6.htmlhttp://www.lemonde.fr/asie-pacifique/article/2013/07/27/pyongyang-cel ebre-en-grande-pompe-l-anniversaire-de-sa-victoire-de-1953_3454515_ 3216.htmlhttp://internacional.elpais.com/internacional/2013/07/27/actualidad/137 4927772_835641.htmlhttp://worldnews.nbcnews.com/_news/2013/07/27/19703009-north-kor ea-marks-60-years-since-korean-war-with-massive-victory-day-parade?lite La operadora de Fukushima admite filtración de agua radiactiva al mar. Para más información:http://www.eltiempo.com/mundo/asia/admiten-filtracin-de-agua-radiactiva -al-mar-en-fukushima_12942763-4 Camboya inicia el quinto proceso electoral desde que se restableció su democracia. Para más información:http://www.economist.com/blogs/banyan/2013/07/cambodias-electionhttp://www.lemonde.fr/asie-pacifique/article/2013/07/28/cambodge-des -legislatives-sans-grand-suspense_3454645_3216.htmlhttp://www.lemonde.fr/asie-pacifique/article/2013/07/27/au-cambodge -le-parti-du-premier-ministre-est-le-grand-favori-des-legislatives_345450 0_3216.htmlhttp://www.nytimes.com/2013/07/29/world/asia/hun-sens-party-holds- on-to-win-cambodian-vote.html?ref=worldhttp://edition.cnn.com/2013/07/29/world/asia/cambodia-elections/index .html?hpt=wo_c2 Al menos75 muertos por un fuerte sismo en China. Para más información:http://www.eltiempo.com/mundo/asia/terremotos-en-el-noroeste-de-chi na-dejan-75-muertos_12941452-4http://www.lanacion.com.ar/1603245-al-menos-73-muertos-por-un-fuer te-sismo-en-china Ola de atentados causa cientos de muertos en Irak. Para más información:http://www.nytimes.com/reuters/2013/07/28/world/middleeast/28reuters -iraq-violence.html?ref=worldhttp://www.lemonde.fr/proche-orient/article/2013/07/26/des-attentats-fo nt-25-morts-en-irak_3453921_3218.htmlhttp://www.eltiempo.com/mundo/medio-oriente/ola-de-violencia-en-irak-5 3-muertos_12941562-4http://worldnews.nbcnews.com/_news/2013/07/29/19749974-at-least-47- die-as-more-than-a-dozen-car-bombs-rock-iraq?lite Preocupados por las revueltas en la región y el creciente activismo en Internet, los gobiernos de la península Arábica intensifican la represión. Para más información:http://edition.cnn.com/2013/07/29/world/meast/bahrain-protests/index.ht ml?hpt=wo_bn11http://internacional.elpais.com/internacional/2013/07/27/actualidad/13749 55837_179289.htmlhttp://www.nytimes.com/2013/07/28/world/middleeast/thousands-gather- to-bury-a-slain-tunisian-politician.html?ref=world Serie de atentados golpean a Pakistán. Para más información:http://www.lemonde.fr/asie-pacifique/article/2013/07/27/serie-d-attentats- meurtriers-au-pakistan_3454569_3216.htmlhttp://worldnews.nbcnews.com/_news/2013/07/26/19699485-40-killed-afte r-suicide-bombers-on-motorcycles-attack-pakistan-market?lite Talibanes liberan a casi 250 internos de cárcel en Pakistán. Para más información:http://edition.cnn.com/2013/07/29/world/asia/pakistan-prison-attack/inde x.html?hpt=ias_c2http://www.bbc.co.uk/news/world-asia-23493323 ÁFRICA El presidente de Zimbabwe amenazó con decapitar homosexuales. Para más información:http://www.lanacion.com.ar/1605063-el-presidente-de-zimbabwe-am enazo-con -decapitar-homosexuales La brutal represión inflama Egipto. Para más información:http://usa.chinadaily.com.cn/world/2013-07/29/content_16844897.htmhttp://www.lemonde.fr/afrique/article/2013/07/27/a-rabiya-les-partisans-de- morsi-comptent-leurs-morts_3454624_3212.htmlhttp://www.nytimes.com/2013/07/28/world/middleeast/egypt.html?ref=wor ld&_r=0http://internacional.elpais.com/internacional/2013/07/27/actualidad/137490 1028_542481.htmlhttp://www.lanacion.com.ar/1605374-egipto-crece-la-tension-tras-la-ultima- matanzahttp://edition.cnn.com/2013/07/27/world/meast/egypt-clashes/index.html? hpt=wo_c2 Asesinan a líder opositor en Túnez. Para más información:http://worldnews.nbcnews.com/_news/2013/07/30/19769128-gunmen-kill-e ight-as-tunisia-slides-toward-political-crisis?litehttp://edition.cnn.com/2013/07/25/world/africa/tunisia-politician-killed/ind ex.html?hpt=wo_bn10http://internacional.elpais.com/internacional/2013/07/26/actualidad/137483 2283_430560.htmlhttp://www.nytimes.com/2013/07/28/world/africa/libyans-turn-on-islamists -and-liberals-after-killings.html?ref=worldhttp://www.lemonde.fr/tunisie/article/2013/07/27/tunisie-42-deputes-se-r etirent-de-la-constituante-apres-l-assassinat-d-un-opposant-politique_3454 388_1466522.htmlhttp://www.lemonde.fr/tunisie/article/2013/07/26/tunis-doit-proteger-le- pluralisme_3454036_1466522.html Mandela cumple 95 años y familiares afirman que su estado de salud mejora. Para más información:http://worldnews.nbcnews.com/_news/2013/07/18/19526061-mandelas-co ndition-improves-as-south-africa-celebrates-icons-95th-birthday?litehttp://usa.chinadaily.com.cn/world/2013-07/28/content_16843635.htm Elecciones en Mali. Para más información:http://photoblog.nbcnews.com/_news/2013/07/26/19697607-election-offer s-new-start-for-mali-but-no-magic-wand?lite Al menos 95 muertos tras combate de tribus en Darfur. Para más información:http://www.lemonde.fr/afrique/article/2013/07/27/au-moins-94-morts-dan s-des-combats-entre-tribus-au-darfour_3454638_3212.html OTRAS NOTICIAS Fin de pobreza extrema debe ser nuevo objetivo mundial para 2030: ONU. Para más información:http://www.eltiempo.com/mundo/estados-unidos/la-onu-dice-que-el-fin -de-la-po breza-extrema-debe-ser-nuevo-objetivo-mundial-para-2030_ 12845943-4 "Los Angeles Times" presenta portal sobre el crecimiento de la población mundial. Para más información:http://www.latimes.com/news/nationworld/world/population/ "The Economist" presenta su informe semanal: "Business this week". Para más información:http://www.economist.com/news/world-week/21580206-business-week

AMÉRICA LATINARepública Dominicana elige presidente sin una opción de renovación.Para más información: http://www.nytimes.com/2012/05/20/world/americas/new-hints-at-looser-travel-rules-stir-hope-in-cuba.html?ref=world&gwh=540CD4774545D8E17C7F9064A5EA9D35 http://diario.elmercurio.com/2012/05/22/internacional/_portada/noticias/CB59B748-D065-4F16-884B-A12813557137.htm?id={CB59B748-D065-4F16-884B-A12813557137}http://internacional.elpais.com/internacional/2012/05/18/actualidad/1337333119_548420.html http://www.bbc.co.uk/news/world-latin-america-18139809 http://www.economist.com/blogs/americasview/2012/05/dominican-republics-presidential-election Guatemala: ex dictador enfrenta cargos por genocidio. Para más información: http://oglobo.globo.com/mundo/ex-ditador-da-guatemala-sera-processado-por-massacre-4967912 http://diario.elmercurio.com/2012/05/22/internacional/internacional/noticias/849e6371-a380-4660-9cee-77b359fe01f2.htm "El País" de Madrid analiza efectos de la política cambiaria argentina: "Lecciones argentinas para esconder billetes".Para más información: http://internacional.elpais.com/internacional/2012/05/19/actualidad/1337443141_571774.html Asesinado otro reportero en México en un mes fatídico para los periodistas. Para más información: http://www.msnbc.msn.com/id/47483396/ns/world_news-americas/#.T7vvRlK1uw4http://internacional.elpais.com/internacional/2012/05/19/actualidad/1337384449_271233.html Reelección en Venezuela: Chávez afirma que inscribirá candidatura. Para más información: http://diario.elmercurio.com/2012/05/22/internacional/internacional/noticias/D5C4B980-6AD9-4393-9022-FC6AB8A3143D.htm?id={D5C4B980- La detención de tres generales abre una brecha entre el poder civil y militar en México. Para más información: http://www.bbc.co.uk/news/world-latin-america-18133808http://internacional.elpais.com/internacional/2012/05/18/actualidad/1337304528_943912.html México arresta líder de cartel que supuestamente está tras la masacre de Monterrey. http://www.bbc.co.uk/news/world-latin-america-18140844http://www.latimes.com/news/nationworld/world/la-fg-mexico-bodies-20120514,0,2098410.story Repsol no tiene éxito en su primer intento por encontrar petróleo en Cuba. Para más información: http://www.bbc.co.uk/news/world-latin-america-18124320 Repsol cancela las exportaciones de gas desde Argentina. Para más información: http://www.bbc.co.uk/news/world-latin-america-18127122 Corrupción en Bolivia hace que Morales vuelva a cambiar al jefe de la policía. Para más información: http://diario.elmercurio.com/2012/05/22/internacional/internacional /noticias/BA437319-03AB-408A-A19D-0BECB836CC3D.htm?id={ BA437319-03AB-408A-A19D-0BECB836CC3D} Tres mexicanos son condenados a muerte por narcotráfico en Malasia. Para más información: http://www.bbc.co.uk/news/world-asia-18100100 Toma posesión nuevo jefe de Policía en Honduras. Para más información: http://www.eluniversal.com.mx/notas/848737.html El periodista hondureño Alfredo Villatoro fue encontrado muerto. Para más información: http://edition.cnn.com/2012/05/16/world/americas/honduras-journalist-killed/index.html?hpt=wo_bn8http://www.bbc.co.uk/news/world-latin-america-18083550 Haití, entre el cólera y la parálisis política. Para más información: http://diario.elmercurio.com/2012/05/22/internacional/internacional/noticias/19A02809-E2DD-48F1-A307-8041A9B6E6DA.htm?id={19A02809-E2DD-48F1-A307-8041A9B6E6DA}http://internacional.elpais.com/internacional/2012/05/17/actualidad/1337276825_158084.htmlhttp://www.miamiherald.com/2012/05/19/2807321/remnants-of-haitis-army-march.html#storylink=cpy Argentina dio a conocer nuevo memorial de la Guerra de las Malvinas. Para más información: http://www.bbc.co.uk/news/uk-18135404 Noreste de Colombia: choques con las FARC dejan al menos 12 militares muertos. Para más información: http://diario.elmercurio.com/2012/05/22/internacional/_portada/noticias/7894A443-F4F7-4A70-B44A-C060FA5FA473.htm?id={7894A443-F4F7-4A70-B44A-C060FA5FA473}http://www.eluniversal.com.mx/notas/848734.html Candidato presidencial mexicano, Peña Nieto, presentó un "manifiesto" con los principios de su eventual gobierno. Para más información: http://diario.elmercurio.com/2012/05/22/internacional/internacional/noticias/8857F115-D995-4E64-907D-78A99A2E98A1.htm?id={8857F115-D995-4E64-907D-78A99A2E98A1} Miles de mexicanos salen a la calle en contra del candidato Peña Nieto. Para más información:http://internacional.elpais.com/internacional/2012/05/20/actualidad/1337480827_289958.html Instalan Comisión de la Verdad en Brasil para investigar crímenes de dictadura. Para más información: http://www.bbc.co.uk/news/world-latin-america-18087390ESTADOS UNIDOS / CANADÁDistintos medios cubren la campaña presidencial en Estados Unidos. Para más información: http://www.bbc.co.uk/news/world-us-canada-15949569 http://elpais.com/tag/elecciones_eeuu_2012/a/http://diario.elmercurio.com/2012/05/22/internacional/internacional/noticias/DED6F01B-78A2-4AE6-8A73-3E966CDF2A06.htm?id={DED6F01B-78A2-4AE6-8A73-3E966CDF2A06}http://oglobo.globo.com/mundo/romney-encosta-em-obama-em-arrecadacao-de-campanha-4970694#ixzz1vdB1cknL Obama recibe apoyo de sectores que estaban al margen en elecciones. Para más información: http://www.eltiempo.com/mundo/estados-unidos/obama-recibe-apoyo-de-sectores-que-estaban-al-margen-en-elecciones_11836643-4 Violentos choques entre estudiantes y la policía en Quebec. Para más información: http://photoblog.msnbc.msn.com/_news/2012/05/17/11742456-quebec-moves-to-restore-order-as-striking-students-clash-with-police?lite Desvían vuelo en Estados Unidos por mujer que dijo tener artefacto implantado. Para más información: http://oglobo.globo.com/mundo/voo-desviado-nos-eua-por-motivo-de-seguranca-4969522#ixzz1vdB7bRXW http://www.eltiempo.com/mundo/estados-unidos/desvian-vuelo-en-ee-uu-por-mujer-que-dijo-tener-artefacto-implantado_11851821-4 Corrupción fluye libremente en la frontera de Estados Unidos con México. Para más información: http://www.latimes.com/news/nationworld/nation/la-na-border-corruption-20120513,0,5165934.storyDisidente chino recomienza su vida en Estados Unidos, su país guarda silencio. Para más información: http://edition.cnn.com/2012/05/19/world/asia/china-us-chen/index.html?hpt=wo_c2http://www.eltiempo.com/mundo/estados-unidos/disidente-chino-recomienza-su-vida-en-ee-uu-su-pas-guarda-silencio_11839682-http://internacional.elpais.com/internacional/2012/05/20/actualidad/1337473690_210062.html Los recién nacidos blancos ya no son mayoría en Estados Unidos. Para más información: http://internacional.elpais.com/internacional/2012/05/17/actualidad/1337274105_586907.html Obama busca el apoyo de la OTAN a su estrategia para Afganistán. Para más información: http://www.nytimes.com/2012/05/20/us/obamas-journey-to-reshape-afghanistan-war.html?ref=world&gwh=617EC044AFC4D4AE851F916B4AA6F365http://internacional.elpais.com/internacional/2012/05/18/actualidad/1337365516_467431.htmlhttp://www.nytimes.com/2012/05/20/us/us-to-unveil-initiatives-to-bolster-nato.html?ref=world&gwh=B2D94B0606B7E89D5484093F2D5C286C http://www.eltiempo.com/mundo/estados-unidos/barack-obama-dice-que-salida-de-afganistn-no-debe-ser-una-estampida_11843221-4 Para Obama la Eurozona se debe enfocar en el crecimiento económico y el trabajo. Para más información: http://www.bbc.co.uk/news/world-us-canada-18135042 http://www.nytimes.com/2012/05/19/us/19iht-currents19.html?ref=world http://www.bbc.co.uk/news/world-us-canada-18135796 Obama presenta plan de seguridad alimenticia para África. Para más información: http://usa.chinadaily.com.cn/world/2012-05/19/content_15337343.htm EUROPA Distintos portales hacen referencia a la actual crisis económica en la Eurozona. Para más información: http://usa.chinadaily.com.cn/world/2012-05/20/content_15340739.htmhttp://www.bbc.co.uk/news/business-18094883 http://internacional.elpais.com/tag/zona_euro/a/http://internacional.elpais.com/internacional/2012/05/19/actualidad/1337454283_695796.html http://bottomline.msnbc.msn.com/_news/2012/05/22/11805670-vicious-circle-europe-crisis-threatens-world-economy-oecd-says?lite http://www.economist.com/blogs/graphicdetail/2012/05/daily-chart-13 http://www.lemonde.fr/crise-de-l-euro/ Grecia entre el caos político y el derrumbe económico. Para más información: http://www.economist.com/node/21555567 http://diario.elmercurio.com/2012/05/22/internacional/_portada/noticias/877DE393-32C5-4CC5-8A02-A522CFC9D415.htm?id={877DE393-32C5-4CC5-8A02-A522CFC9D415} http://www.latimes.com/news/nationworld/world/la-fg-greece-banks-20120520,0,235777.story Merkel pide a Grecia que subsane a la brevedad la inestabilidad política. Para más información: http://edition.cnn.com/2012/05/18/world/europe/greece-germany-politics/index.html?hpt=hp_t2 Serbia enfrenta la segunda vuelta de las presidenciales. Para más información: http://www.lemonde.fr/europe/article/2012/05/20/le-nationaliste-tomislav-nikolic-donne-en-tete-de-la-presidentielle-en-serbie_1704422_3214.html http://internacional.elpais.com/internacional/2012/05/20/actualidad/1337522464_617545.html http://internacional.elpais.com/internacional/2012/05/20/actualidad/1337510494_056245.html http://www.nytimes.com/2012/05/21/world/europe/serbian-presidential-elections.html?ref=world La denuncia de la limpieza étnica marca la apertura del proceso contra Mladic, el carnicero de Srebrenica. Para más información: http://www.latimes.com/news/nationworld/world/la-fg-mladic-trial-20120517,0,6653722.story http://www.eltiempo.com/mundo/europa/mladic-es-juzgado-por-muerte-de-musulmanes-en-srebrenica_11836645-4 http://internacional.elpais.com/internacional/2012/05/16/actualidad/1337148040_913451.html http://edition.cnn.com/2012/05/16/world/europe/robertson-mladic-justic/index.html?hpt=wo_bn9Terremoto sacude el norte de Italia. Para más información: http://www.lemonde.fr/europe/article/2012/05/20/au-moins-trois-morts-dans-un-seisme-dans-le-nord-est-de-l-italie_1704300_3214.html http://www.nytimes.com/2012/05/21/world/europe/earthquake-in-northern-italy.html?ref=world&gwh=8E237AD33D0F5E8E46AE9B062C9F502Dhttp://edition.cnn.com/2012/05/20/world/europe/italy-earthquake/index.html?hpt=wo_c2http://internacional.elpais.com/internacional/2012/05/20/actualidad/1337489255_970834.htmlhttp://www.bbc.co.uk/news/world-europe-18140543http://www.eltiempo.com/mundo/europa/cinco-mil-evacuados-tras-terremoto-en-italia_11846542-4http://oglobo.globo.com/mundo/cidades-italianas-atingidas-por-tremor-vao-receber-130-milhoes-4970870#ixzz1vdEvkhFR Miles de españoles protestan por recortes en educación. Para más información: http://www.nytimes.com/2012/05/20/opinion/sunday/spains-yearnings-are-now-its-agony.html?ref=world&gwh=5615EC81EBD9E52A32763B7DB59EDFB5 http://www.eltiempo.com/mundo/europa/espanoles-protestan-por-recortes-en-educacion_11850841-4 Sismo de 5,7 sacude la capital de Bulgaria. Para más información: http://www.eltiempo.com/mundo/europa/sismo-de-57-sacude-la-capital-de-bulgaria_11846801-4 http://www.eluniversal.com.mx/notas/848702.html http://www.nytimes.com/2012/05/20/world/europe/frankfurt-germany-protests-austerity-measures.html?ref=world Primera medida del Gobierno socialista francés: un 30% menos de sueldo. Para más información: http://internacional.elpais.com/internacional/2012/05/17/actualidad/1337269966_524573.html http://edition.cnn.com/2012/05/17/world/europe/france-politics/index.html?hpt=wo_bn9 Merkel destituye al ministro Röttgen tras su derrota en el Estado de Renania. Para más información: http://internacional.elpais.com/internacional/2012/05/16/actualidad/1337180794_362929.html Bomba en Italia dejó como saldo una estudiante muerta. Para más información: http://usa.chinadaily.com.cn/world/2012-05/20/content_15339766.htmhttp://www.nytimes.com/2012/05/20/world/europe/fatal-school-bombing-stokes-fears-of-new-italy-violence.html?ref=world&gwh=2EA47097F6019E82A292648550254BEE http://www.eltiempo.com/mundo/europa/bomba-en-brindisi-italia-dej-como-saldo-una-estudiante-muerta_11832821-4 http://edition.cnn.com/2012/05/20/world/europe/italy-blast/index.html?hpt=wo_c2 Rusia aceptaría cambio de régimen sirio sin fuerza. Para más información: http://usa.chinadaily.com.cn/world/2012-05/21/content_15340901.htm "El País" de Madrid analiza: "Italia malvive en el desconcierto". Para más información: http://internacional.elpais.com/internacional/2012/05/19/actualidad/1337455694_588810.html 7 personas enfrentan cargos de terrorismo por supuestamente pertenecer a la IRA. Para más información: http://www.nytimes.com/2012/05/20/world/europe/7-suspected-of-ties-to-ira-faction-are-charged-with-terrorism.html?ref=world&gwh=1227D495BFDA74AC40440613EA7B7F56 Dominique Strauss-Kahn, la caída vertiginosa de un libertino. Para más información: http://www.eltiempo.com/mundo/europa/dominique-strauss-kahn-su-caida-vertiginosa_11846586-4ASIA- PACÍFICO/ MEDIO ORIENTE Atentado de Al Qaeda mata a 112 soldados durante ensayo militar en Yemen. Para más información: http://oglobo.globo.com/mundo/governo-do-iemen-destitui-militares-ligados-saleh-4966159#ixzz1vdGOkL3e http://edition.cnn.com/2012/05/20/world/meast/yemen-clashes/index.html?hpt=wo_c2http://www.eltiempo.com/mundo/medio-oriente/atentado-de-al-qaeda-en-yemen-deja-70-muertos_11846521-4 http://www.eluniversal.com.mx/notas/848691.htmlhttp://www.latimes.com/news/nationworld/world/la-fg-yemen-bombing-20120522,0,2884842.story http://diario.elmercurio.com/2012/05/22/internacional/internacional/noticias/5F554DE6-CC26-44B2-9DD6-CD028D66C892.htm?id={5F554DE6-CC26-44B2-9DD6-CD028D66C892} La OTAN entregará el mando de sus misiones de combate a los afganos a mediados de 2013. Para más información: http://diario.elmercurio.com/2012/05/22/internacional/_portada/noticias/DB7CA3BD-1E30-4A97-A19B-4D5196B48616.htm?id={DB7CA3BD-1E30-4A97-A19B-4D5196B48616} http://www.lemonde.fr/asie-pacifique/article/2012/05/20/deux-soldats-de-l-otan-tues-en-afghanistan_1704337_3216.html http://www.latimes.com/news/nationworld/world/la-fg-nato-summit-20120521,0,3696577.story Al menos 25 muertos deja el choque de dos trenes en la India. Para más información: http://www.eltiempo.com/mundo/asia/al-menos-15-muertos-deja-el-choque-de-dos-trenes-en-la-india_11848901-4 http://oglobo.globo.com/mundo/batida-de-trens-deixa-aos-menos-25-mortos-na-india-4968644#ixzz1vdEnsqGg Pakistán bloquea Twitter debido a un contenido 'blasfemo'. Para más información: http://edition.cnn.com/2012/05/20/world/asia/pakistan-twitter/index.html?hpt=wo_c2http://www.eltiempo.com/mundo/medio-oriente/pakistn-bloquea-twitter-debido-a-un-contenido-blasfemo_11837901-4http://worldnews.msnbc.msn.com/_news/2012/05/21/11786700-pakistan-blocks-twitter-over-blasphemous-content-but-fails-to-stop-tweets?lite Japón inaugura la segunda torre más alta del mundo. Para más información: http://oglobo.globo.com/mundo/japao-inaugura-torre-mais-alta-do-mundo-4967044 http://worldnews.msnbc.msn.com/_news/2012/05/22/11809861-tokyo-sky-tree-takes-root-as-worlds-second-tallest-structure?lite Continúa la brutal represión gubernamental en Siria. Para más información: http://www.bbc.co.uk/news/world-middle-east-17258397 http://oglobo.globo.com/mundo/rebeldes-acusam-governo-sirio-de-matar-dois-na-frente-de-monitores-4966442#ixzz1vdEs0S7J http://www.lemonde.fr/proche-orient/article/2012/05/20/une-roquette-explose-a-proximite-du-chef-des-observateurs-de-l-onu-pres-de-damas_1704403_3218.html http://www.latimes.com/news/nationworld/world/la-fg-syria-annan-20120509,0,6654876.story http://www.bbc.co.uk/news/world-middle-east-18138269 Corea del Norte libera a pescador chino. Para más información: http://behindthewall.msnbc.msn.com/_news/2012/05/21/11792486-chinese-fishermen-held-by-north-korea-released-but-questions-linger?lite http://www.bbc.co.uk/news/world-asia-china-18141009 La ONU intenta llegar a un acuerdo con Irán sobre desarrollo nuclear. Para más información: http://worldnews.msnbc.msn.com/_news/2012/05/22/11805208-un-nuclear-chief-deal-reached-with-iran-over-suspected-weapons-program?lite http://www.bbc.co.uk/news/world-middle-east-18140539 Hackers iraníes se responsabilizan de ataque cibernético a la NASA. Para más información: http://www.msnbc.msn.com/id/47522497/ns/technology_and_science-security/#.T7vvjFK1uw4 Terremoto de 6.1 grados sacude la región de Honshu en Japón. Para más información: http://usa.chinadaily.com.cn/world/2012-05/20/content_15340479.htm China expande a nuevas ciudades el impuesto a las propiedades. Para más información: http://usa.chinadaily.com.cn/china/2012-05/10/content_15269760.htm "China Daily" analiza: "China y el repunte de sus exportaciones" . Para más información: http://usa.chinadaily.com.cn/business/2012-05/20/content_15339611.htm Presidente de Sri Lanka libera al General Sarath Fonseka. Para más información: http://www.bbc.co.uk/news/world-asia-18127712 Según el ministro de finanzas iraní los precios del petróleo seguirán reflejando las sanciones económicas. Para más información: http://edition.cnn.com/2012/05/20/world/meast/iran-nuclear/index.html?hpt=wo_c2 ÁFRICA Histórica caída en la mortalidad infantil en África. Para más información: http://www.economist.com/node/21555571 Egipto vive unas cruciales elecciones presidenciales. Para más información: http://www.economist.com/node/21555607http://diario.elmercurio.com/2012/05/22/internacional/internacional/noticias/CE137D6C-34FD-439F-B9C7-1A6A78B4767E.htm?id={CE137D6C-34FD-439F-B9C7-1A6A78B4767E}http://worldnews.msnbc.msn.com/_news/2012/05/22/11810404-egypts-elections-a-struggle-between-secularism-and-political-islam-and-how-it-may-transform-the-middle-east?litehttp://www.latimes.com/news/nationworld/world/la-fg-egypt-election-campaign-20120521,0,2977866.story Murió el único libio condenado por atentado en Lockerbie. Para más información: http://www.latimes.com/news/nationworld/world/la-fg-libya-lockerbie-bomber-20120521,0,4044827.story http://www.lemonde.fr/afrique/article/2012/05/20/le-libyen-al-megrahi-condamne-pour-l-attentat-de-lockerbie-est-mort_1704367_3212.htmlhttp://edition.cnn.com/2012/05/20/world/africa/obit-lockerbie-bomber/index.html?hpt=hp_t1 Nigeria entre la inflación y la escasez de alimentos. Para más información: http://usa.chinadaily.com.cn/world/2012-05/16/content_15310965.htm Líder de Malí hospitalizado tras que protestantes atacaran palacio presidencial. Para más información: http://worldnews.msnbc.msn.com/_news/2012/05/21/11796109-mali-leader-in-hospital-after-protesters-attack-presidential-palace?lite Sudan libera a cuatro extranjeros capturados en zona de disputa. Para más información: http://www.bbc.co.uk/news/world-africa-18137033 OTRAS Líderes del G8 se comprometen con crecimiento y una eurozona unida. Para más información: http://edition.cnn.com/2012/05/19/world/obama-g8-nato/index.html?hpt=wo_c2http://usa.chinadaily.com.cn/world/2012-05/20/content_15338533.htmhttp://www.eltiempo.com/mundo/estados-unidos/lderes-del-g8-se-comprometen-con-crecimiento-y-una-eurozona-unida_11835102-4 http://www.latimes.com/news/nationworld/world/la-fg-g8-economy-20120520,0,817522.story"The Economist" presenta su informe semanal: "Business this week".Para más información: http://www.economist.com/node/21555625

1.1\xNote continued: 5.6. Climate Change Impacts on Dams Projects in Transboundary River Basins. The Case of the Mesta/Nestos River Basin, Greece / Jacques Ganoulis -- 5.6.1. Introduction -- 5.6.2. Numerical Models and Tools -- 5.6.2.1. Modsur-Neige Runoff Model -- 5.6.2.2. Dams Simulation Model -- 5.6.2.3. CLM Climate Model -- 5.6.3. Simulation Results -- 5.6.3.1. Reference Climate (RF) -- 5.6.3.2. Climate Scenario A1B -- 5.6.3.3. Climate Scenario B1 -- 5.6.4. Conclusions -- References -- Further Reading -- 5.7. Assessment of Climate Change Impacts on Water Resources in the Vjosa Basin / Eglantina Demiraj -- 5.7.1. Introduction -- 5.7.2. Surface Water Assessment -- 5.7.3. Vulnerability Assessment of Surface Water -- 5.7.3.1. Evaluation of Impact of Climate Change on the Mean Annual River Runoff -- 5.7.3.2. Evaluation of Impact of Climate Change on the Seasonal River Runoff -- 5.7.4. Conclusions -- References -- 5.8. Identification and Typology of River Water Bodies in the Hellenic Part of the Strymonas River Basin, as a Transboundary Case Study / Nikolaos Tsotsolis -- 5.8.1. Introduction -- 5.8.1.1. Study Area -- 5.8.2. Methodology -- 5.8.3. Results -- 5.8.4. Conclusions and Discussion -- References -- Further Reading -- 5.9. Calculation of Sediment Reduction at the Outlet of the Mesta/Nestos River Basin caused by the Dams / Nikolaos Kotsovinos -- 5.9.1. Introduction -- 5.9.2. Description of the Simulation Model -- 5.9.3. Application of the Simulation Model -- 5.9.4. Model Testing -- 5.9.5. Main Computations -- 5.9.6. Conclusion -- References -- 5.10. Methodologies of Estimation of Periodicities of River Flow and its Long-Range Forecast: The Case of the Transboundary Danube River / Alexey V. Babkin -- 5.10.1. Introduction -- 5.10.2. Methodology for Presenting Periodicities in Time Series of River Runoff -- 5.10.3. Long-Range Forecast of Runoff from the Danube River -- 5.10.4. Conclusion -- References -- pt. Three Legal, Socio-Economic and Institutional Approaches -- 6. Legal Approaches -- 6.1. The Law of Transboundary Aquifers: Scope and Rippling Effects / Lilian Del Castillo-Laborde -- 6.1.1. Introduction -- 6.1.2. Legal Principles for Transboundary Aquifers -- 6.1.3. The Scope of the Draft Adopted by the UN General Assembly -- 6.1.4. Provisions Concerning Access -- 6.1.5. Provisions Concerning Utilization -- 6.1.6. Provisions Concerning Protection, Preservation and Management -- 6.1.6.1. Provisions on Duties -- 6.1.6.2. Provisions on Implementation Mechanisms -- 6.1.7. Provisions Concerning Technical Cooperation, Emergency Situations and Armed Conflict -- 6.1.8. Other Rules Applicable to Transboundary Shared Resources -- 6.1.9. Case study: The Guarani Aquifer System -- 6.1.10. Conclusions -- References -- Further Reading -- 6.2. Water Management Policies to Reduce over Allocation of Water Rights in the Rio Grande/Bravo Basin / Rebecca L. Teasley -- 6.2.1. Introduction -- 6.2.2. Buying Back of Water Rights -- 6.2.3. Scenarios -- 6.2.4. Simulation Model -- 6.2.5. Performance Criteria -- 6.2.6. Results -- 6.2.7. Conclusions -- References -- Further Reading -- 6.3. Interstate Collaboration in the Aral Sea Basin -- Successes and Problems / Galina Stulina -- 6.3.1. Introduction -- 6.3.2. Achievement of Collaboration -- 6.3.3. Future of the Region -- 6.4. Kidron Valley/Wadi Nar International Master Plan / Richard Laster -- 6.4.1. Introduction -- 6.4.2. Development of the Master Plan -- 6.4.3. Descriptions of the Master Plan and its Effectiveness -- 6.4.4. Conclusions -- Further Reading -- 6.5. The Development of Transboundary Cooperation in the Prespa Lakes Basin / Miltos Gletsos -- 6.5.1. Introduction -- 6.5.2. Prespa Park: The Early Years of Transboundary Cooperation -- 6.5.3. Advances on Integrated Water Management -- 6.5.4. The Prespa Park International Agreement -- 6.5.5. Supporting Trilateral Cooperation: Other Actors -- 6.5.6. Conclusion -- References -- 6.6. International Relations and Environmental Security: Conflict or Cooperation? Contrasting the Cases of the Maritza-Evros-Meric and Mekong Transboundary Rivers / Anastasios Valvis -- 6.6.1. Introduction -- Conflict or Cooperation in Transboundary River Basins? -- 6.6.2. The Maritza-Evros-Meric Case -- 6.6.2.1. The Evros River and its Importance -- 6.6.2.2. International Management of the Evros River -- 6.6.2.3. Main Issues in Managing the Evros River -- 6.6.3. The Mekong-Lancang River Case -- 6.6.3.1. The Mekong River and its Importance -- 6.6.3.2. International Management of the Mekong River -- 6.6.3.3. Main Issues on Managing the Mekong River -- 6.6.4.Comparing the two Regions -- 6.6.5. Conclusion -- References -- Further Reading -- 6.7. Delineation of Water Resources Regions to Promote Integrated Water Resources Management and Facilitate Transboundary Water Conflicts Resolution / Rodrigo Maia -- 6.7.1. Introduction -- 6.7.2. IWRM and Water Resources Regions -- 6.7.3.Comparative Analysis: Water Resources Regions in Europe and America -- 6.7.4. Recognition of More Comprehensive Aspects -- 6.7.5. Conclusion -- References -- 6.8. Transboundary Water Resources and Determination of Hydrologic Prefectures in Greece / Evangelos A. Baltas -- 6.8.1. Introduction -- 6.8.2. Difficulties in Implementing the Directive -- 6.8.3. Determination of the Hydrologic Prefectures -- 6.8.4. Conclusions -- References -- 7. Socio-Economic and Institutional Approaches -- 7.1. Social-Ecological Resilience of Transboundary Watershed Management: Institutional Design and Social Learning / Barbara J. Morehouse -- 7.1.1. Introduction -- 7.1.2. Issues for Transboundary Institutional Mechanisms -- 7.1.3. Social Learning -- 7.1.4. Conclusion: Potential for Transboundary Collaboration -- References -- Further Reading -- 7.2. How Stakeholder Participation and Partnerships Could Reduce Water Insecurities in Shared River Basins / Bach Tan Sinh -- 7.2.1. Introduction -- 7.2.2. Stakeholder Engagement -- 7.2.3. Stakeholder Roles and Participation -- 7.2.4. Stakeholder Coordination and Partnerships -- 7.2.5. International-Domestic Linkages -- 7.2.6. Conclusion -- References -- Further Reading -- 7.3. Transboundary Stakeholder Analysis to Develop the Navigational Sector of the Parana River / Andre Hernandes -- 7.3.1. Introduction -- 7.3.2. Objectives -- 7.3.2.1. Home Organization -- 7.3.2.2. The Transboundary Context -- 7.3.3. Key Stakeholder Analysis -- 7.3.3.1. Methodology -- 7.3.3.2. Results -- 7.3.4. The Way Forward: Suggested Actions for Improvements -- References -- 7.4. Cooperation in the Navigable Course of the Sava River / Milana Pantelic -- 7.4.1. Introduction -- 7.4.2. Navigable Course and Cooperation -- 7.4.3. Proposal for Further Actions -- 7.4.4. Conclusion -- References -- 7.5. Transboundary Cooperation through the Management of Shared Natural Resources: The Case of the Shkoder/Skadar Lake / Brilanda Bushati -- 7.5.1. Introduction -- 7.5.1.1. Ecological Values of the Lake Shkodra/Skadar -- 7.5.2. Working Method -- 7.5.3. Conclusions -- References -- 7.6. How Far is the Current Status of the Transboundary Shkodra Lake from Requirements for Integrated River Basin Management? / Sotir Mali -- 7.6.1. Introduction -- 7.6.2. Survey Methods -- 7.6.3. Results and Discussion -- 7.6.4. Conclusions -- References -- Further Reading -- 7.7. Economic Governance and Common Pool Management of Transboundary Water Resources / Bo Appelgren -- 7.7.1. Introduction -- 7.7.2. Economic Governance of Transboundary Water Management Systems -- 7.7.3. Economic Governance Approaches to Transboundary Water Management -- 7.7.4. Conclusions -- References -- Further Reading -- 7.8. Water Resources Management in the Rio Grande/Bravo Basin Using Cooperative Game Theory / Daene C. McKinney -- 7.8.1. Introduction -- 7.8.2. The Water Demand Reduction Cooperative Game -- 7.8.3. Results -- 7.8.4. Conclusions -- References -- 7.9. Conflict Resolution in Transboundary Waters: Incorporating Water Quality in Negotiations / Yannis Mylopoulos -- 7.9.1. Introduction -- 7.9.2. Game Theory in Water Resources -- 7.9.3. Methodology -- 7.9.4. Results -- 7.9.5. Conclusions -- References -- 7.10. The Johnston Plan in a Negotiated Solution for the Jordan Basin / Julio Sanchez Choliz -- 7.10.1. Introduction -- 7.10.2. Key Elements of the Negotiation Game and Fairness Criteria -- 7.10.2.1. Utility or Payment Functions for Arabs and Israelis -- 7.10.2.2. Negotiation Set -- 7.10.2.3. Fairness Criteria -- 7.10.2.4. Johnston Plan (1953-1955) -- 7.10.3. Three Significant Game Solutions between Israel and the Arabs -- 7.10.3.1. Regular Nash Solution without Lateral Payments and Break-off at (0; 0) -- 7.10.3.2. Nash Solution with Lateral Payments and Break-off at (0; 0) -- 7.10.3.3. Raiffa-Kalai-Smorodinsky Solution with Break-off at (0; 0) -- 7.10.3.4. Other Solutions -- 7.10.4. Conclusions -- References -- Further Reading -- pt. Four Bridging the Gaps -- 8. Capacity Building and Sharing the Risks/Benefits for Conflict Resolution -- 8.1. Capacity Building and Training for Transboundary Groundwater Management: The Contribution of UNESCO / Jean Fried -- 8.1.1. Field Experience or Specific Training? -- 8.1.1.1. Training Objectives -- 8.1.2. Training Target Groups -- 8.1.3.Communication as a Basis of a Transboundary Groundwater Curriculum -- 8.1.4. Experimenting Transboundary Groundwater Curricula and Pedagogy: Two Pilot Courses -- 8.1.5. An Instrument for Training: a Manual Gathering the Contributions to the Pilot Courses -- 8.2.A Risk-Based Integrated Framework for Conflict Resolution in Transboundary Water Resources Management / Lena Salame -- 8.2.1. Managing Transboundary Water Resources: Quantity and Quality -- 8.2.2. The Risk Analysis Framework in TWRM -- 8.2.2.1. Aleatory Uncertainties or Randomnes -- 8.2.2.2. Epistemic or Man-Induced Uncertainties -- 8.2.2.3. Risk Assessment and Management -- 8.2.2.4. Institutional and Social Issues -- 8.2.3. Towards an Integrated Risk-Based Sustainable TWRM Approach -- 8.2.4. Modelling Transbound

RIJEČ UREDNIŠTVAOve godine hrvatska šumarska struka obilježit će dvije značajne obljetnice – 175 godina Hrvatskoga šumarskog društva i 145 godina njegovog znanstveno-stručnog i staleškog glasila Šumarski list. Glavni ciljevi ove, jedne od najstarijih strukovnih udruga u Europi, ostvareni su u cijelosti. Zaslugom ove udruge, šumarska nastava započela je kod nas 1860. godine osnivanjem Gospodarsko šumarskoga učilišta u Križevcima, a ona visokoškolska 1898. godine osnivanjem Šumarske akademije kao četvrte visokoškolske ustanove Zagrebačkog sveučilišta. Drugi cilj, pokretanje tiskanja znanstveno-stručnog i staleškog glasila, ostvaren je 1877. godine tiskanjem Šumarskoga lista koji izlazi neprekidno, unatoč ratovima, tako da je ovo prvi dvobroj 145-og volumena. Razlog otvaranja Šumarske akademije (danas Šumarskog fakulteta) bila je spoznaja tadašnjih vlasti da za vođenje šumskog gospodarstva nije dovoljna viša, nego je potrebna visokoškolska sprema. Već tada je shvaćeno kako je šuma najsloženiji ekosustav, zbog čega njime trebaju gospodariti visokostručni kadrovi po načelu potrajnog gospodarenja. To znači da se poštivala struka, a rezultat toga je očuvanost naših šuma. Hrvatsko šumarsko društvo dalo je svoj obol tome izravno, ali i kroz stranice Šumarskoga lista, što vidimo i u tekstovima ovoga dvobroja, posebice u rubrici Aktualno.Kakva je situacija danas sa strukom? Nikakva – ne poštuje se – svi, bez obzira na stručnu kvalifikaciju "znaju sve o šumi", a politika ne nalazi vremena da o njoj stručno raspravlja. Ona odobrava netržišno gospodarenje šumskim resursima, a podupire drvoprerađivače, od kojih se većina bavi primarnom preradom drva s malom dodanom vrijednošću, dok je vrlo mali broj onih koji se bave finalnom obradom drva. Time, osim izvoza drvne sirovine, "izvozimo" i radna mjesta, što očito nekima nije jasno. Prerađujući drvnu sirovinu uglavnom primarnom preradom, poništavamo trud prosječno tri generacije šumarskih stručnjaka, koji su uzgojnim postupcima osigurali njenu visoku kvalitetu i potrajnost.Šume kao resurs od posebnog interesa za Republiku Hrvatsku, unatoč činjenici da pokrivaju okvirno gotovo 50 % kopnene površine, već u mandatu tri Vlade "nisu zaslužile" biti spomenute u nazivu resornog Ministarstva. Mediji, kada i govore nešto o šumi, to su uglavnom senzacionalistički negativni napisi koji podržavaju kritike nekih ekoloških udruga bez stručne podloge. Naravno, nisu mediji krivi, jer i oni ne posjeduju minimalnu edukaciju o šumi. Svojevremeno, osjećajući potrebu da se mediji educiraju kako bi imali stručnu podlogu za ono o čemu pišu ili govore, tadašnja urednica Hrvatske radio-televizije Lidija Firšt, potakla je uz stručnu potporu Hrvatskoga šumarskog društva pri Hrvatskom novinarskom društvu osnivanje Zbora novinara za okoliš. Taj rad je djelomično nastavila Tanja Devčić, urednica Drugog programa hrvatskog radija, čije se jutarnje emisije "Ekološka minuta" svi sjećamo. Iz toga zaključujemo, kako bi mogla neposredno komunicirati s javnošću, šumarska struka trebala bi imati javnu tribinu. Svake nedjelje gledamo emisije Plodovi zemlje i More, a zašto ne i Šume, makar jednom mjesečno, a imalo bi se o čemu govoriti, primjerice o spomenutoj prodaji i preradi drvnih sortimenata, općekorisnim funkcijama šume, privatnim šumama ili pitanju rješenja sukcesija, jer smo recimo u Gorskom kotaru prije 30-tak godina govorili od oko 70 % šumovitosti, a ona se danas procjenjuje na 82 %. Dakle šuma je obrasla pašnjake i spustila se do vrtova, što bi se moglo riješiti primjerice Zelenom tranzicijom. Da se ne ponavljamo, treba "prolistati" tekstove ove rubrike, gdje se mogu pronaći vrlo interesantne teme za raspravu.Uredništvo ; EDITORIALThis year the Croatian forestry profession marks two important anniversaries – the 175th anniversary of the Croatian Forestry Association and the 145th anniversary of its scientific-specialist and professional periodical – the Forestry Journal. The goals of the Croatian Forestry Association as one of the oldest professional associations in Europe have been achieved in full. It is owing to this association that the forestry education in Croatia started in 1860 with the establishment of the Agricultural Forestry School in Križevci, while higher education began in 1898 when the Forestry Academy was established as the fourth institution of higher education at the University of Zagreb. The second goal, the launching of a scientific-specialist and professional magazine, was achieved in 1877 when the Forestry Journal was published. The Forestry Journal has been coming out continuously, even during war time, so that this edition is the first double issue of the 145th volume. The reason behind the establishment of the Forestry Academy (today the Faculty of Forestry) was the realisation by the then authorities that the management of forestry required not secondary but higher education. It was understood early enough that the forest as the most complex ecosystem needed to be managed by highly qualified personnel according to the principle of sustainable management. Accordingly, the dictates of the profession were meticulously followed, resulting in the current well-preserved state of Croatian forests. The Croatian Forestry Association has given its contribution to this directly but also through the pages of the Forestry Journal, as evidenced by the articles in this double issue, particularly in the column Current Affairs. What is the status of the forestry profession today? Sadly, very poor: it is not respected – everybody, regardless of their professional qualifications "knows all there is to know about forests", while politics does not find time to organize professional debates about the issue. Moreover, it turns a blind eye to non-market management of forest resources and supports those wood processing companies which mostly deal with primary wood processing with low additional value, and only a very small number of them engages in final wood processing. In doing so, not only do we export wood raw material, but we also "export" work places, something that those concerned obviously cannot see. By primary processing of raw wood material, we annul the work of an average of three generations of forestry experts, who have applied silvicultural treatments to ensure its present high quality and sustainability.Despite the fact that forests as a resource of special interests for the Republic of Croatia cover almost 50 per cent of Croatian land area, they have not even "deserved" to be mentioned in the name of the relevant Ministry in the mandates of the last three governments. When forests are treated in the media at all, then the articles mostly echo scientifically groundless but sensationalist and negative criticisms of some environmental associations. Of course, the media cannot be blamed, because they do not possess even the minimal education about forests. Some time ago, aware of the need for the media to be educated in order to have an expert background for what they write or talk about, Lidija Firšt, the then editor of the Croatian Radio Television, initiated the establishment of the Association of Environmental Journalists at the Croatian Journalist Association with expert support of the Croatian Forestry Association. Her work was partly continued by Tanja Devčić, editor of the Croatian Radio Second Channel, whose morning show "Environmental Minute" we all remember. From this we conclude that, in order to communicate directly with the public, the forestry profession should have a public forum. Every Sunday we watch TV shows Fruits of the Earth and The Sea: why not Forests, even if it be once a month. There would certainly be a wealth of topics to discuss, such as the sale and processing of wood assortments, non-market forest functions, private forests or the issue of succession, to name but a few. For example, about 30 years ago the forest cover of Gorski Kotar amounted to 70 per cent, whereas presently it is estimated at 82 per cent. The problem of forests colonizing pastures and approaching gardens can be solved by the Green Transition. Not to repeat ourselves, let us browse through the articles already published in this column and find highly interesting topics for discussion.Editorial Board

Hladni rat je predstavljao rat ideologija bez presedana u istoriji. Nijedan drugi rat, ni pre ni posle ovog višedecenijskog hladnog sukoba između Sjedinjenih Američkih Država i Saveza Sovjetskih Socijalističkih Republika, nije bio rat koji se vodio u tolikoj meri u sferi meke moći kao Hladni rat. Odsustvo neposrednog oružanog sukoba između Sjedinjenih Američkih Država i Sovjetskog Saveza učinilo je da se Hladni rat odvija kao takmičenje u sferi ekonomije, tehnologije i nauke, kao trka u nuklearnom i konvencionalnom naoružanju i kao svemirsko nadmetanje. Pored takmičenja u sferi tvrde moći, Sjedinjene Američke Države i Sovjetski Savez vodili su intenzivnu bitku u oblasti meke moći. Ovo je bio sukob između američke liberalno-demokratske ideologije i sovjetske marksističke ideologije. Svaka od ove dve zemlje težila je tome da ubedi građane one druge zemlje da je njen društveni i ekonomski sistem idealan i da je bolji i pravedniji od sistema njenog glavnog suparnika. Uzrok propasti Sovjetskog Saveza i komunizma u istočnoj Evropi nikada sa sgurnošću neće moći da bude određen. Okolnosti koje su dovele do raspada Sovjetskog Saveza, pada Berlinskog zida 1989. godine i urušavanja komunizma u Evropi ne mogu se svesti na skup vojnih, političkih, ekonomskih i društvenih činilaca koji su, nezavisno jedni od drugih, doveli do tektonskih promena u međunarodnim odnosima. Svi ovi činioci zajedno, isprepletani u kompleksnu mrežu poluga, učinili su da se Sovjetski Savez uruši i da Sjedinjenim Američkim Državama prepusti ulogu pobednika u Hladnom ratu. Pritom, Amerika nije bila samo vojni i ekonomski pobednik. Amerika je iz Hladnog rata izašla kao moralni i ideološki pobednik. Hladni rat predstavlja temu izuzetno velikog broja radova, ali mali broj tih radova se bavi analizom američko-sovjetskog sukoba u sferi meke moći. Stoga je cilj ovog istraživanja i rada rasvetljavanje, objašnjene i tumačenje poluga meke moći koje su Sjedinjene Američke Države institucionalizovale, pokrenule i upotrebile u ideološkoj borbi protiv Sovjetskog Saveza u vreme Hladnog rata. Međutim, Sjedinjene Američke Države nisu od svog nastanka u drugoj polovini 18. veka do Hladnog rata osmišljeno primenjivale svoju meku moć. Do Hladnog rata upotreba poluga meke moći bila praksa kojom su se Sjedinjene Američke Države bavile isključivo u vreme učešća u oružanim sukobima. Tek sa Hladnim ratom u Americi se javlja potreba za namenskom i osmišljenom upotrebom poluga meke moći. Odmah nakon Drugog svetskog rata Sovjetski Savez je počeo da vrši uticaj na druge zemlje šireći marksističku ideologiju i komunističke ideje. Osim širenja marksističke ideologije Sovjetski Savez je vodio i dobro osmišljenu kampanju protiv Sjedinjenih Američkih Država i američkog načina života. Američka administracija je kao odgovor na sovjetsku spoljnu politiku u periodu od 1946. do 1950. godine stvorila politiku obuzdavanja Sovjetskog Saveza i sovjetskog uticaja u svetu svim sredstvima. Ovo je podrazumevalo kako upotrebu poluga tvrde moći tako i primenu poluga meke moći. U to vreme u američkom društvu postojao je konsenzus o upotrebi političkih, vojnih i ekonomskih oruđa u borbi protiv Sovjetskog Saveza, ali je upotreba poluga meke moći bila predmet duge javne rasprave. Jedna od izuzetno važnih poluga meke moći su državni programi informisanja, odnosno ono što se u Sjedinjenim Američkim Državama smatra propagandom, a propaganda se od nastanka Sjedinjenih Američkih Država do danas smatra nečasnom delatnošću autokratskih režima. Sjedinjene Američke Države su u periodu neposredno nakon Drugog svetskog rata sprovele zakonske, institucionalne i strukturalne promene koje su omogućile trajno ustanovljavanje poluga meke moći zarad širenja američkih vrednosti, ideja i kulture i zarad ideološke borbe protiv Sovjetskog Saveza i sovjetske marksističke ideologije. Zakoni doneti u to vreme su na snazi i danas i pružaju okvir za mnogobrojne programe i aktivnosti na polju primene poluga meke moći po celom svetu. ; The Cold War was a war without precedent in the history. No war before this prolonged cold conflict between the United States and the Soviet Union was waged that much in the realm of soft power as the Cold War. In the absence of an immediate armed conflict between the United States and the Soviet Union, the Cold War was conducted as a competition in the areas of economy, technology and science, nuclear and conventional weapons, as well as the space race. Besides the competition in the realm of hard power, the United States and the Soviet Union pursued an intensive battle in the realm of soft power. This was a conflict between the American ideology of a liberal democracy and the Soviet Marxist ideology. Each of the two attempted to persuade the citizens of the other country that its social and economic practice was an ideal one, better and more just than the other one. The source of the collapse of the Soviet Union and communism in Eastern Europe will never be fully determined. The circumstances that brought about the break-up of the Soviet Union, the fall of the Berlin Wall in 1989, and the fall down of communism in Europe cannot be summarized as an aggregation of military, political, economic and social factors that independently from each other led to the colossal changes in the world order. All of these factors, entangled together in a complex net, caused the implosion of the Soviet Union which left the United States as the winner in the Cold War. Yet, the United States was not only a military and economic victor, it resurfaced as a moral and ideological champion, as well. The Cold Was has been a theme of numerous papers but only a handful of these papers tackled the American-Soviet conflict in the realm of soft power. Thus, the objective of this research and dissertation is to shed the light, explain and construe the instruments of soft power that the United States institutionalized, put into motion and deployed in the ideological battle against Soviet Union in the Cold War. However, since its birth in the 18th century until the Cold War, the United States had not wielded its soft power strategically. Up to the Cold War, the soft power instruments were used exclusively during the times when the United States was involved in an armed conflict. Only in the Cold War, the need for intentional and thoughtful use of soft power instruments emerged. Soon after the end of the Second World War, the Soviet Union got set off to exert its influence by diffusing its Marxist ideology and communist values. In addition to spreading its ideology, the Soviet Union led a well-planned campaign against the United States and the American way of life. From 1946 to 1950, in response to the Soviet policy towards the United States, the American administration coined the policy of containment of the Soviet Union and the Soviet influence in the world. The policy of containment included both the use of the instruments of hard power and of soft power. At that time, there was a consensus in the American society on the use of political, military and economic means in fighting the Soviet Union, while the use of soft power instruments was a subject of a prolonged public discourse. Government information programs, perceived as propaganda in the United States, have always been a very important soft power instrument, and propaganda has been considered by Americans to be a dishonest activity of autocratic governments. In the period right after the Second World War, the United States implemented legislative, institutional and structural changes that allowed for permanent establishment of the soft power instruments. These foreign policy instruments made it possible for the United States government to diffuse American values, ideas and culture and to wage an ideological war against the Soviet Union and its Marxist principles. The acts adopted at that time are in place nowadays, and provide a legal framework for numerous programs and activities in the realm of soft power.

This thesis reveals how scholarly preconceptions guided the reception of a specific saga, Ljósvetninga saga, and contributes to a wider understanding of how saga, Old Norse, medieval, and general literature are each constantly changing and unstable, both in their preservation, and in the ways they are presented to the general public and scholarly community. It focuses on issues of memory and genre that arise from a material philology approach, providing a literary analysis of both redactions of the saga as independent texts with their own intrinsic value. ; Ljósvetninga saga takes place in Northern Iceland during the tenth and eleventh centuries and focuses on the political maneuverings of the chieftain Guðmundr inn ríki Eyjólfsson and his son Eyjólfr. Most of the academic debate surrounding Ljósvetninga saga has focused on the issue of its origins. This saga, most likely written in the thirteenth century, is atypical in that it has two seperate redactions that offer highly divergent information and narratives in several segments, dividing the saga between the A-redaction, based on the late fourteenth–early fifteenth-century manuscript AM 561 4to, and the C-redaction, based on the mid-fifteenth-century manuscript AM 162 c fol. and its approximately fifty post-medieval paper copies. The divergent redactions are the source of much speculation about the text's origins, split between an interpretation of oral composition, commonly referred to as Freeprose, and one of written composition, commonly referred to as Bookprose. These two understandings of the saga are also tied to two different editions of the saga, which have been alternately used to elevate one redaction over the other. Theodore Andersson's attempt to shift the debate toward a compromise between Freeprose and Bookprose has only been partially successful, due, among other reasons, to his continued elevation of one redaction (the C-redaction). This thesis approaches both redactions as independent, internally-coherent texts rather than stressing their literary relationship. The thesis deals with its primary question: How did the reception of Ljósvetninga saga influence its construction? It shows that Ljósvetninga saga has been constantly rewritten over time by its oral performers, its literary authors, its scribes, its publishers, and its scholars. In the introduction, the thesis establishes its material philology approach, presents its assumptions about medieval authorship and intentionality, and argues for the use of the paper manuscript AM 485 4to as the base manuscript for its treatment of C-redaction. The scholarly debate about the saga is presented with special attention paid to matters of origins and dating, examining Ljósvetninga saga's relationship with Brennu-Njáls saga, and what is gained from a literary connection between the two. A literary interpretation of both redactions as texts that have their own intrinsic value is provided, showing how each of these texts creates meaning using internal connections, including the C-redaction's þættir. Ljósvetninga saga is used as a tool to discuss the role of cultural memory in composition and interpretation, with a stress on the scholar Barði Guðmundsson, AM 162 c fol.'s fifteenth-century scribe Ólafur Loftsson, and AM 561 4to's hypothetical fourteenth-century context. The thesis offers a synchronic and a diachronic reading: the first treats memory as a template for events and people contemporaneous with the author, whereas the second acknowledges both past and present as significant for interpretation. The thesis also examines Ljósvetninga saga in its generic context, questioning and expanding the definition of the Íslendingasögur (Sagas of Early Icelanders) category, and rejecting the usefulness of the term 'post-classical' Íslendingasögur altogether. Using Rick Altman's concept of generic crossroads, the thesis analyses both redactions' manuscripts' approach to the issue of power. This thesis reveals how scholarly preconceptions guided the reception of a specific saga, Ljósvetninga saga, and contributes to a wider understanding of how saga, Old Norse, medieval, and general literature are each constantly changing and unstable, both in their preservation, and in the ways they are presented to the general public and scholarly community. ; Ljósvetninga saga gerist á Norðurlandi á tíundu og elleftu öld og fjallar fyrst og fremst um pólitískar fléttur höfðingjans Guðmundar hins ríka Eyjólfssonar og sonar hans Eyjólfs. Fræðileg umræða um Ljósvetninga sögu hefur öðru fremur einblínt á uppruna hennar. Sagan, sem talin er rituð á þrettándu öld, er óvenjuleg að því leyti að hún er varðveitt í tveim gerðum sem mjög eru frábrugðnar um ýmis atriði og atburði. Þannig skiptist sagan í A-gerð, sem byggð er á handritinu AM 561 4to frá seinni hluta fjórtándu aldar eða upphafi þeirrar fimmtándu, og í C-gerð, sem byggð er á handritinu AM 162 c fol. frá miðri fimmtándu öld og um það bil fimmtíu pappírsafritum sem rituð eru eftir siðbreytingu. Hinar frábrugðnu gerðir sögunnar hafa orðið tilefni til mikilla vangaveltna um uppruna sögunnar og skiptar skoðanir þar um. Ein skoðun er sú að sagan sé upprunnin í munnlegri geymd og er kennd við skóla sagnfestukenningarinnar, en önnur skoðun er sú að sagan sé frumsamin á bókfell og er hún kennd við bókfestukenninguna. Sá ólíki skilningur sem lagður er í söguna út frá þessum tveim meginkenningum tengjast sömuleiðis tveim ólíkum fræðilegum útgáfum á sögunni, sem hvor um sig hafa verið notaðar sem rök fyrir gildi annarrar gerðarinnar fram yfir hina. Tilraun Theodore Andersson til að sætta umræðuna og fara bil beggja kenninga hefur ekki tekist nema að hluta til, meðal annars vegna þeirrar óbilandi afstöðu sem hann tekur með C-gerð sögunnar. Í þessari ritgerð verður litið svo á að báðar gerðir sögunnar séu sjálfstæðir og sjálfum sér samkvæmir textar fremur en að bókmenntaleg tengsl þeirra verði í forgrunni. Lykilspurningin sem ritgerðinni er ætlað að svara er: Hvaða áhrif höfðu viðtökur Ljósvetninga sögu áhrif á samsetningu hennar? Hér verður sýnt að Ljósvetninga saga hefur stöðugt verið endursamin hvort heldur sem er í munnlegum flutningi, af bóklegum höfundum hennar, handritaskrifurum, útgefendum og fræðimönnum. Aðferðir efnislegrar textafræði eru grundvöllur rannsóknarinnar. Í inngangi eru kynntar forsendur rannsóknarinnar er varða höfunda á miðöldum og bókmenntalegan atbeina þeirra, og rök eru færð fyrir því að pappírshandritið AM 485 4to sé grundvallarhandrit að C-gerðinni. Áhersla verður lögð á þá fræðilegu umræðu um söguna sem hefur að gera með uppruna hennar og aldur. Þar með verða tengsl Ljósvetninga sögu við Brennu-Njáls sögu skoðuð og hvað samband þessara texta getur sagt okkur. Báðar gerðir sögunnar eru greindar með aðferðum bókmenntafræði enda eru þær sjálfstæðar gerðir sem hvor hefur gildi í sjálfri sér, og það er sýnt hvernig merkingarsköpun hvors texta hangir saman við innbyrðis tengingar, þar með talið þætti C-gerðarinnar. Ljósvetninga saga er ennfremur notuð sem rammi um umræðu um hlutverk menningarminnis í samsetningu og túlkun sögunnar, með áherslu á fræðileg skrif Barða Guðmundssonar, skrifara fimmtándu aldar handritsins AM 162 c fol., og ætlað fjórtándu aldar samhengi handritsins AM 561 4to. Ritgerðin býður hvort tveggja upp á samtímalegan og sögulegan lestur á sögunni; hinn fyrri lítur á minni sem skapalón fyrir notkun atburða og persóna samtíða höfundinum, meðan hinn síðari viðurkennir að hvort tveggja fortíð og nútíð skipta máli fyrir túlkun texta. Ritgerðin kannar einnig bókmenntagrein Ljósvetninga sögu og færir fram efasemdir um og útvíkkun á skilgreiningu Íslendingasagna, og hafnar jafnframt alfarið hugtakinu 'unglegar' eða 'póstklassískar' Íslendingasögur. Með stuðningi í hugtaki Rick Altman 'vegamót bókmenntagreina' (e. generic crossroads) er ráðist í greiningu á nálgun handrita beggja gerða sögunnar á völd. Ritgerðin leiðir í ljós hvernig fyrirframgefnar ályktanir fræðimanna hafa haft áhrif á viðtökur Ljósvetninga sögu. Hún er framlag til aukins skilnings á því hvernig forníslenskar sögur og bókmenntir almennt eru stöðugt breytingum háðar, bæði hvað geymd þeirra snertir og hvernig þær eru kynntar almenningi og fræðasamfélaginu. ; 163292-051

The reduction of carbon dioxide (CO2) emissions in the atmosphere is currently one of the main challenges facing humanity. One solution is carbon capture from concentrated sources and directly from the atmosphere, and long term storage in rocks. Basaltic rocks are rich in divalent cations, Ca2+, Mg2+ and Fe2+, which react with the dissolved CO2 to form stable carbonate minerals. Mineralization of water-dissolved CO2 injected into basaltic rocks at 20–50 °C occurs within two years in field-scale settings. In this study, a high-pressure column flow-through experiment was run to simulate CO2 injection into glassy basaltic rocks at 50 °C. The aim of this experiment was to investigate the proportions of injected dissolved CO2 and high-pH groundwater needed to reach a "sweet spot" in the reacted fluid composition that favors the saturation of carbonates rather than zeolites and clays at pH 5.2–6.5 at 50 °C, as all compete for diva- lent cations and pore space. Results highlighted the importance of initial pCO2 and pH values to obtain a balance between the formation of carbonates versus clays and zeolites. Moreover, modelling indicates that pauses in CO2 injection while still injecting water can result in enhanced large molar volume Ca-Na-zeolite and Mg-Fe-clay formation that consumes pore space within the rocks. Parallel to the laboratory experiment, industrial-scale testing of a CO2-H2S gas mixture injection commenced in 2014 at the Hellisheiði geothermal power plant in Iceland. By the end of 2017, 23,200 metric tons of CO2 and 11,800 metric tons of hydrogen sulfide (H2S) had been injected to a depth of 750 m into fractured, hydrothermally altered basalts at > 250 °C. We collected over 80 water and gas samples from monitoring and injection wells, before and during injection. Major, minor, and trace element geochemi- cal data were compiled to assess the magnitude of carbon and sulfur mineralization in the subsurface in relation to relevant primary and secondary minerals in the geothermal reservoir and to evaluate the potential scavenging and mobility of trace metals. During the first phase of the CarbFix2 injection (June 2014 to July 2016), over 50% of injected carbon and 76% of sulfur mineralized within four to nine months. Four months after the doubling of gas injection rates in July 2016, the decrease in injected fluid pH led to increased mineralization during the second phase (July 2016 to Decem- ber 2017), resulting in over 60% of the injected carbon and over 85% of the sulfur mineralizing. Doubling the gas injection rate brought the gas-charged fluids closer to the "sweet spot" of mineralization. The Ca release from the reservoir rocks to the fluid phase is a potential limiting factor for calcite (CaCO3) precipitation, although dolomite (Ca,Mg(CO3)2) and thus aqueous Mg may also play a role in the mineralization of the injected carbon. The mineralization rates are accelerated by the high temperatures (> 250 °C) of the formation rocks, but this is the upper temperature limit for carbon storage via the mineral carbonation of basalts due to decarbonation reactions. However, the injectivity of the injection well has remained stable throughout the study period confirming that the host rock permeability has been essentially unaffected by 3.5 years of mineral carbon and sulfur reactions. Basalt rock dissolution is also known to release trace elements, having been exten- sively studied in Icelandic geothermal systems. Yet, little is known with regards to their mobility as a consequence of gas injection into basaltic rocks. The results here reveal the mobilization and uptake of several trace elements, particularly Ba, Sr, As, and Mo. Carbonates, sulfides, and secondary minerals such as epidote and actinolite likely incorporated these elements, among others. Notably, although these geothermal fluids are not meant for consumption, the trace elements were generally not above the drinking water standards set by the World Health Organization, the European Union, and Iceland, with the main exception of As. However, while As was significantly elevated before and during the first year of gas injection, concentrations have since been greatly reduced over time to levels at or below drinking water standards. ; Eitt af höfuðvandamálum þeim, sem mannkynið stendur frammi fyrir um þessar mundir, er hvernig draga megi úr losun koltvíoxíðs (CO2) til andrúmsloftsins. Ein lausnin væri að fanga koltvíoxíðið úr útblæstri iðju- og orkuvera, eða þá beint úr andrúmslofti, og binda það til frambúðar í bergi. Basalt er auðugt af tvígildum katjónum, Ca2+, Mg2+ og Fe2+, sem geta leyst úr bergi og hvarfast við koldíoxíð, og myndað þannig stöðugar karbónatsteindir. Koldíoxíð, sem leyst er upp í vatni og dælt niður í basaltsvæði, stein- rennur á innan við tveimur árum. Í rannsókn þessari var gerð rennslistilraun í háþrýstihvarfasúlu, sem svo er kölluð, til að herma dælingu koltvíoxíðs í glerað basalt við 50°C. Var þetta gert í því augnamiði að kanna hver hlutföll koltvíoxíðsins og vatnsins, sem það væri leyst í, þyrftu að vera til þess að skapa kjöraðstæður til útfellingar karbónata, fremur en zeólíta eða leirsteinda, við 50°C og pH-gildi á bilinu 5,2 til 6,5, en allar þessar steindir keppa um tvígildar katjónir og holrými í berginu. Niðurstöðurnar sýna glöggt, að upphaflegt pH-gildi og styrkur koltvíoxíðs í niðurdælingarvatninu skipta mestu um að þessar kjöraðstæður náist. Líkanreikningar sýna enn fremur, að ef hlé er gert á innstreymi koltvíoxíðs en niðurdælingu vatns haldið áfram, aukast líkur á myndun rúmmálsfrekra Ca-Na-zeólíta og Mg-Fe-leirsteinda, sem taka upp holrými í berginu. Samhliða tilraunum á rannsóknarstofu hófst niðurdæling blöndu koltvíoxíðs og brenni- steinsvetnis árið 2014 í svonefndu CarbFix2 verkefni við Hellisheiðarvirkjun. Í árslok 2017 hafði 23.200 tonnum af koltvíoxíði og 11.800 tonnum af brennisteinsvetni verið dælt niður á 750 m dýpi, í sprungið og ummyndað basalt, heitara en 250°C. Safnað var meira en 80 sýnum af vatni og gasi úr vöktunar- og niðurdælingarholum, bæði fyrir niðurdælingu og meðan á henni stóð. Styrkur aðal-, auka- og snefilefna var mældur í þeim tilgangi að leggja mat á hlut steinrunninna gasa, reikna mettunarstig frum- og ummyndunarsteinda í berginu, og til að kanna hreyfanleika og upptöku snefilefna. Í fyrsta áfanga CarbFix2 niðurdælingarinnar, frá júní 2014 til júlí 2016, steinrunnu meira en 50% af koltvíoxíðinu og 76% af brennisteinsvetninu á fjórum til níu mánuðum. Niðurdælingin var tvöfölduð í öðrum hluta verkefnisins, frá júlí 2016 til desember 2017, og jókst þá steinrenningin á fjórum mánuðum, þannig að 60% koltvíoxíðsins og meira en 85% brennisteinsvetnisins bundust í bergi. Tvöföldun innstreymis gass hafði þá lækkað pH-gildi vökvans og fært hann nær kjöraðstæðum útfellingar. Leysing Ca úr bergi er væntanlega sá þáttur sem takmarkar útfellingu kalsíts, en dólómít og uppleyst Mg skipta trúlega einnig máli fyrir steinrenningu koltvíoxíðsins. Hár hiti bergsins, yfir 250°C, flýtir steinrenningu, en hann er við efri mörk þess að leyfa steinrenningu koltvíoxíðs, því karbónatsteindir vilja brotna niður við hærri hita. Ádælingarstuðull niðurdælingarholunnar hélst stöðugur á því hálfu fjórða ári sem tilraunin stóð yfir, sem sýnir að steinrenningin hefur enn ekki spillt lekt bergsins svo neinu nemi. Uppleysing basalts losar einnig snefilefni, sem talsvert hafa verið rannsökuð í íslensk- um jarðhitakerfum. Lítið er samt vitað um hreyfanleika þeirra í kjölfar niðurdælingar gasa í basalt. Niðurstöður þessa verkefnis sýna fram á losun og upptöku nokkurra snefilefna, einkum Ba, Sr, As og Mo. Þessi efni, og fleiri, eru væntanlega tekin upp af karbónötum, súlfíðum svo og ummyndunarsteindum eins og epídóti og aktínólíti. Þótt þessi jarðhitavökvi sé ekki ætlaður til drykkjar, er engu að síður eftirtektarvert að styrkur snefilefna í honum er yfirleitt undir þeim mörkum sem neysluvatnsstaðlar Alþjóðaheilbrigðismálastofnunarinnar, Evrópusambandsins og íslenskra stjórnvalda setja. Helsta undantekningin er þó styrkur arsens. Hann var umtalsvert hærri áður en niðurdæling hófst, svo og á fyrsta ári hennar, en lækkaði síðan mikið með tímanum, og það niður fyrir mörk téðra neysluvatnsstaðla. ; CarbFix (EC Project 283148), CO2-React (EC Project 317235), CarbFix2 (EC Project 764760), S4CE (EC Project 764810), Reykjavík Energy

Introduzione Oggetto di studio di questo lavoro è il tema della rappresentanza sindacale dei lavoratori in azienda. Il centro gravitazionale attorno a cui ruota tutta l'analisi che segue è costituito dall'art. 19 della l. 300/1970, nota come "statuto dei lavoratori", che rappresenta ad oggi l'unico riferimento normativo in materia (quantomeno nel settore privato): si tratta di un argomento di ampio respiro, che ben può essere considerato l'anima del diritto sindacale. Ripercorrendo le varie fasi evolutive della rappresentanza all'interno della realtà aziendale, convergeremo poi la nostra attenzione sulle innate problematiche strutturali dell'art. 19 st. lav. e sulle molteplici dinamiche conflittuali ad esso conseguenti. Procedendo come dichiarato, si cercherà di fornire un quadro quanto più esaustivo della citata normativa alla luce dei principali interventi giurisprudenziali e degli ultimi eventi che hanno particolarmente interessato il panorama delle relazioni industriali. Nello specifico, noteremo come la prolungata assenza di un (nuovo) intervento regolativo da parte del legislatore abbia contribuito a discostare sempre più l'applicazione pratica della norma in questione dalla sua originaria ratio legis: misurare la rappresentatività delle varie oo.ss., per poi garantire l'accesso al Titolo III dello statuto soltanto a quelle risultanti più "meritevoli". Il discorso è ovviamente più articolato, ma in pratica si permetteva al datore di lavoro di selezionare direttamente specifici sindacati senza una (preventiva) verifica della loro effettiva consistenza. Il parametro selettivo di cui all'art. 19 st. lav., pertanto, risultava configurabile non tanto come indice "rilevatore" di rappresentatività, ma piuttosto quale meccanismo "rivelatore" di questa: considerato quanto detto, infatti, le oo.ss. che riuscivano a costituire una propria RSA finivano per essere ritenute solo "presuntivamente" più rappresentative. Saranno poi esaminate le varie interpretazioni che nel corso degli anni hanno tentato di conciliare l'aspetto della rappresentanza con quello della rappresentatività, il cui rapporto conflittuale ha finito per dilaniare dall'interno lo stesso art. 19 st. lav. . Particolare attenzione, quindi, sarà riservata alla disamina del "caso Fiat" e all'ultima pronuncia della Corte Costituzionale (sentenza n. 231/2013) che, cronologicamente, si pone a chiusura della vicenda: si tratta di una sentenza che per la portata del suo contenuto si può assumere come "storica". Nel terzo capitolo andremo ad approfondire un ulteriore aspetto: noteremo come le citate problematicità della norma in questione non esauriscano i loro effetti destabilizzanti all'interno dell'ordinamento generale, ma investano indirettamente anche quello intersindacale. In entrambi i contesti, infatti, viene fortemente avvertita la mancanza di un oggettivo "criterio selettivo della rappresentatività sindacale ai fini del riconoscimento della tutela privilegiata di cui al Titolo III dello statuto" : nonostante a seguito del referendum del 1995 la condicio sine qua non della "firma" premiasse l'effettività dell'azione sindacale, fondamentalmente non ci si discostava da quell'ordine di idee incentrato sulla "supposizione" della rappresentatività (deducibile, ex post, dalla firma stessa) piuttosto che su di una sua più concreta (e quindi più effettiva) misurazione. Ponendo l'accento sull'estrema delicatezza della questione, quindi, si indagheranno i vari interventi di natura sindacale con cui si è cercato di contenere una situazione resa ancora più complicata dall'emanazione del d.l. 138/2011 : si parla dell'Accordo Interconfederale del 28 giungi 2011, del Protocollo d'Intesa del 31 maggio 2013e, da ultimo, del nuovo Testo Unico sulla rappresentanza del 10 gennaio 2014. Benché la disciplina in essi contenuta sia sostanzialmente rivolta a regolamentare vari aspetti della contrattazione collettiva intro ed extra aziendale, è infatti possibile intravedere un "percorso di soluzione" intrapreso dalle parte sociali per quanto riguarda il problema della rappresentanza: una sorta di "surrogato convenzionale" dell'inattività normativa. Una ricostruzione avvalorata dal fatto che l'ultimo Accordo citato, risolvendo gran parte di quelle problematiche che avevano congelato per anni i rapporti intersindacali, simboleggia la conclusione di questo percorso. Questa particolare impostazione ci permette di cogliere un vero e proprio cambio di prospettiva nell'approccio all'art. 19 st. lav. conseguente alla citata modifica referendaria: tutto ciò derivava dalla necessità di trovare un'alternativa per la costituzione di RSA data l'impraticabilità della "via ordinaria" basata esclusivamente sull'imprescindibile requisito della firma che, di fatto, non lasciava spazio alla rappresentatività effettiva di un sindacato. Preso atto che costituire una RSA non era più il punto di partenza da cui un sindacato "maggiormente rappresentativo" sarebbe dovuto partire per poter poi stipulare un contratto, bensì il traguardo da raggiungere per il tramite della firma stessa, l'unica soluzione resta(va) quella di sfruttare la citata "componente contrattuale" della norma per far valere la loro effettiva rappresentatività . Senza qui aggiungere altro, basti precisare che si tratta di un'argomentazione che viene corroborata da alcune importanti teorie: più specificamente si fa riferimento a quella parte della dottrina che dal recepimento dell'A.I. del 2011 da parte dell'art. 8 del d.l. 138/2011 sostiene di poter evincere quel valido criterio oggettivo (per di più di generale efficacia) in grado di supplire all'inefficacia dell'art. 19 st. lav. . Pare necessario fin da ora, però, anticipare una considerazione riguardo alla validità della "soluzione" appena prospetta. Sebbene da un punto di vista logico si tratti di una ricostruzione che può effettivamente essere ritenuta pertinente, confermando la possibilità di intravedere negli Accordi citati qualcosa di più di "semplici" riferimenti alla disciplina contrattuale, incontra però un limite essenziale: aver elaborato un risultato "pratico" (rectius di pratica applicabilità) portando a termine un ragionamento che, per quanto razionale, restava sempre (e solo!) di natura strettamente logica . Nonostante fosse già possibile ipotizzare la praticabilità di un percorso che avrebbe condotto, poi, alla decodificazione di un nuovo oggettivo parametro selettivo, al momento, infatti, gli Accordi facevano espresso riferimento a una rappresentatività puramente "negoziale" (rectius ai fini dell'ammissione alla contrattazione collettiva nazionale), risultando ogni interpretazione diversa un chiaro tentativo di "forzare la mano" (comunque sia, ciò non toglie che gli Accordi citati possono essere letti sotto questa lente d'ingrandimento). In conclusione, poi, si cercherà di fare il punto della situazione chiedendosi se la sentenza costituzionale n. 231/2013 abbia potuto finalmente mettere la parola "fine" a questa lunga e travagliata vicenda che ha interessato la rappresentanza dei lavoratori in azienda. In particolar modo si procederà analizzando quelli che sono stati gli effetti indiretti della sentenza: l'aver modificato sensibilmente lo stutus quo ante su cui le parti sociali avevano fatto legittimo affidamento durante la stipulazione dell'ultimo Accordo Interconfederale (al tempo, quello del 2013), ha, infatti, avuto delle ricadute sullo stesso. D'altro canto, però, in un certo senso possiamo dire che questo abbia contribuito alla rapida stesura del nuovo Testo Unico del 10 gennaio 2014: vedremo che, al pari della sentenza 231/2013 della Consulta, anche il citato Testo Unico rappresenta una svolta di portata storica. Finalmente un'o.s. che vanti un (pre)determinato consenso tra i lavoratori potrà validamente costituire una propria RSA e accedere ai diritti del Titolo III senza essere condizionata da qual si voglia vincolo esterno (i.e. la firma). Tuttavia, tralasciando per il momento le ulteriori argomentazioni a riguardo, dobbiamo ritenere negativo l'esito della domanda formulata: è bene ricordare, infatti, che quanto espresso dall'ultimo Accordo citato può valere esclusivamente entro i confini dell'ordinamento intersindacale. L'art. 19 st. lav., dunque, resta inefficace filtro selettivo nonostante l'intervento della sentenza n. 231/2013 che finisce per essere più un "palliativo" che una vera e propria cura per i suoi "mali": come ci tiene a ricordare la Corte stessa, infatti, affinché la soluzione ottimale raggiunta in ambito sindacale possa pienamente considerarsi definitiva, occorre inesorabilmente un intervento del legislatore che, ad oggi, quantomeno recepisca all'interno dell'ordinamento civile quanto appena fatto in quello intersindacale. Non resta che aspettare e, nel frattempo, godersi questo importantissimo risultato che restituisce dignità a un art. 19 st. lav. stravolto nel suo reale significato e rispetto a tutte quelle oo.ss. alle quali era stata negata la propria rappresentatività.

The rapid growth in Islamic Finance Industry such as in Islamic banking, takaful, waqf, and sukuk gain more awareness and interest from around the world including Islamic countries and non-Islamic countries such as Singapore, South Korea, Japan, Europe, Australia, Brazil, and America Latin. Based on Islamic Financial Services Board (IFSB) and Ernst & Young Report in 2016 it stated that Islamic finance industry had reached a gross value USD 1.88 trillion in 2015. In addition, it also maintained double-digit growth rates despite sustained low energy prices, geopolitical conflicts and economic uncertainty. Meanwhile, Global Islamic Finance Report 2017 reported that in December 2016 global Islamic financial service industry stood at USD2.293 trillion. According to El-Qorchi (2005) that highlights there have three motivation of shifting to Islamic finance because strong demand for Shariah compliant products and services, demand from Gulf region or oil rich nation for Shariah compliant investment and lastly non-muslim investor also attracted with competitiveness of Shariah compliant products and services. Furthermore, there have numerous capital structure modern theories that have been developed since 1958 begin with MM Irrelevance Theory and continue with Trade-off Theory, Pecking Order Theory, Agency Theory and Market Timing Theory. As an example, trade-off theory is encouraging the firms to use debt financing rather than retained earnings and equity financing in order to utilise the tax deduction benefit from interest on debt financing. Each of this theory has different vi approach to manage and oversee the capital structure decision. Unfortunately, not all these theories explain adequately the effect of capital structure on corporate performance for Shariah compliant companies. Therefore, the question that can been arisen which is the most appropriate and suitable capital structure theory under Shariah principles? Firstly, this study intends to determine until to what extent the capital structure of Shariah compliant companies (SCC) can be different from Non Shariah compliant companies (NSCC). Many studies have been done on capital structure. However, most of the studies focused on the capital structure determinants, impacts of capital structure on financial performance, how the tax affected capital structure and short-term debt during financial crisis period. All of these past studies using financial institution, small and medium enterprises (SME) and public listed companies (PLC) as samples in their study. Nevertheless, there are few studies relate to the impact of capital structures on corporate performance during financial crisis. Shariah compliant companies presume to be more resilent during financial crisis based on their characteristic. However, there is no study on how SCC manages their capital structure during financial crisis period. Therefore, in order to fill the research gap, it is necessary to carry out a study on impact of capital structure on corporate performance during financial crisis by using SCC as sample. The main objective of this study is to investigate the impact of capital structure on corporate performance of SCC predominantly during financial crisis period. To the best of our knowledge, there is no such empirical study that has been conducted until nowadays. As information, Shariah compliant companies (SCC) are deemed to comply with Shariah principles, rules, values and restrictions when dealing with the financing activities. In order to ensure SCC comply with all the Shariah principles and free from prohibited elements such as interest (riba), gambling (masyar) and speculation (gharar), Shariah advisory board (SAC) are established to monitor the SCC's activities. Besides, before being listed in Islamic index all the firms must be complying with the qualitative and quantitative criteria for screening process that are set by the index provider. This study will take the sample from FTSE Shariah global index series, therefore under this index provider, Yasaar Ltd is an impartial consultancy and leading authority on handling Shariah matters including the screening process. Under quantitative screening, there have several financial vii benchmarks that the firms need to follow in order to acquire the shariah-compliant status. According to Haron and Ibrahim (2012) due to the benchmark that are set by index provider, it leads SCC to raise capital via equity financing. Empirically, firms that rely more on equity-based financing tend to be more resilient during financial crisis period. Gitman and Zutter (2012, p.508) defines the capital structure as "the mix of debt and equity maintained by the firm". Thus, the main concern is how the firm decision to optimize the capital structures by combining debt and equity financing. There have a number of previous studies that explored how the firms or financial managers determine the optimum capital structure to ensure they can maximize the firm's corporate performance. Based on the empirical results it shows that there has numerous factor that influenced the firms and financial manager in order to make the capital structure financing decision such as profitability, growth, size, tangibility, tax, leverage, liquidity, and industry. Meanwhile, this study will focus on some financial benchmarks in order to achieve the objective of this study. Such example this study uses corporate performance, debt to equity ratio, debt financing ratio (short-term debt ratio and long-term debt ratio), tangibility ratio, cash plus account receivables ratio, growth ratio, and size ratio. Corporate Performance In this study, two proxies will be used to measure the corporate performance of the firm. Firstly, this study decides to use profit before tax and zakat over total asset or it called pre-tax return on assets (Pre-tax ROA) to measure the firm's corporate performance. This ratio is to measures how the efficiency of the firm can earn on its investment in its assets. In other words, how the firm used its assets effectively to generate the income or profit from that assets. Like the previous study that have been used earnings before interest and tax (EBIT) over total assets and profit before interest and tax to measure the firm's corporate performance. Initially, this study intends to show the different significant impact to the firm's corporate performance if the firm paying taxes or zakat or both. It is due to the SCC has special taxes that are called 'zakat' under Shariah term and it viii has fixed-rate 2.5 percent from the net profit or income. However, until nowadays zakat still voluntary basis in most of the Muslim countries. Based on the sample in this study, Malaysia is the only country that implemented zakat system however it based on voluntary basis and none of the samples shows the zakat amount in their financial statement. The second proxy in this study for dependent variables that represents for firm's corporate performance is return on equity ratio (ROE) ratio. Based on the previous studies, there has been used net income after tax over total equity to measure the ROE in their studies. Therefore, this study also decides to use the same measurement as the prior studies. This ratio will measure by the firm's profitability using net profit after interest, tax and preference dividend divided by ordinary share capital plus reserves at the end of the financial year. ROE ratio is one of the main profitability ratios that concentrate on the firm's ordinary shareholders and compares the profit that has been earned and its capital. Some of the investors are using this ratio to measure the firm's ordinary shares desirability. Debt to Equity Ratio Some of the Islamic index provider set the financial benchmark that the total debt must be less than 33 percent from the total equity. Such an example, Dow Jones Global Islamic Index (DJIM) set the debt to equity ratio as one of their financial benchmarks. However, FTSE Global Equity Shariah Index does not include this benchmark under their screening process. Therefore, this study intends to use this benchmark to see whether there have significant differences between SCC and NSCC. This study decides to use total debt divided by total equity as a measurement of debt to equity ratio. It supported by other studies such as Margaritis and Psillaki (2010) and Memon et al., (2012) that also used the same measurement in their studies. This ratio is to evaluate a firm's financial leverage by measuring the degree of firm financing based on debt to equity or wholly-owned funds. In case if the company downturn, it measures the ability of the shareholder equity to cover all the debts in the firms. ix Debt Financing Under FTSE Global Equity Shariah Index quantitative screening, the debt ratio must be less than 33 percent of total assets. Due to this study's objective to determine the impact of capital structure on corporate performance during financial crisis, therefore the debt ratio divided into two categories, which are short-term debt financing and long-term debt financing. Based on Fosberg (2013) conducted a study on public listed companies in US and found that short-term debt financing increased from 1.3 percent in 2006 to 2.2 percent in 2008 which represent $34 million increase due to the financial crisis that are happened in 2008. It supported by numerous studies (see Brealey et al., 2008; Almeida et al., 2011; Federal Reserve, 2012; Fosberg, 2013) that during the stock market collapsed in 2008, the borrowing power of firms becomes fewer than before due to the credit supply was limited. Therefore, firms intend using more STD financing during financial difficulties. Hassan and Samour (2016) added that it highlighted that capital structure financing decision were impact during financial crisis period. Cheema et.al (2017) and Shahar and Shahar (2015) found that SCC using long-term debt (LTD) financing more than short-term debt (STD) financing. It might be due to the restriction for limited interest and risk sharing under Shariah guidelines. However, for NSCC, they are using more STD in order to meet the working capital requirement. On the other hand study by Sahudin, Ismail, Sulaiman, Rahman, and Jaafar (2019) found that SCC using more STD financing compared to LTD financing. STD financing is more widely used compared to LTD financing by the SCC in Malaysia because the majority of Islamic debt instruments issued short-term debt rather than long-term debt (Aggarwal & Yousef, 2000). This also supports agency theory whereby it justifies the function of STD financing as a mechanism to control the debt and mitigate the agency problem. Therefore, this study intends to examine the significant differences in financing patterns particularly before, during and after the financial crisis period. x Tangibility Ratio Tangibility assets become more popular as a measurement for bank viability after the financial crisis occurred. Bank viability means the bank's judgment on the ability of the firms to meet ongoing financial obligation with the additional investment and financing such as from the banks and investors. One of the reasons because tangible assets are liquid compared to intangible assets. It supported by Charalambakis and Garrett (2012) that stated tangible assets are the main point in explaining the capital structure within the firms. As a result, tangible assets have a higher value in the market and even if firms have financial problem or going to bankrupt, the firms can easily and quickly in selling their tangible assets. Scott (1977) and Titman and Wessels (1988) stated that less profitable firm intends to have a high value of tangible assets and the firms will use tangible assets as collateral in order to get more debt financing. Therefore, any firm that has higher tangibility ratio will issue more debt financing. This is in line with trade-off theory that highlight, firms need to enjoy the advantage of tax with issuing more debt financing while having more profit to the firm. Ahmad and Azhar (2015) added that this would give assistance to the firms that have default in their debt to use the tangible asset to avoid being bankrupcy. Cash plus Account Receivables Ratio Most of the previous studies used the liquidity ratio in order to measure the firm's ability to meet the short-term financial obligation. Even Thabet and Hanefah (2014) found in their study that liquidity were one of the factors that have the impact on the corporate performance to the firm. This ratio is important to ensure the firms have cut limit for total cash and account receivables in one time in order to avoid excess or lack of cash in the firms. In addition, it also to reduce the agency cost. To the best of our knowledge, this is the first study that examines the impact on total cash plus account receivables over total assets (CashAR) to the corporate performance. This variable is chosen as an independent variable for this study due to the characteristics for SCC must be following and passed the benchmark in order to be listed in the Islamic index. Farooq xi and Alahkam (2016) also mentioned that the Islamic financial system was more stable and resilient because of the economy based on Islamic guidelines. Growth Ratio This study decides to use the different amount of this year sales minus last year sales divided by this year sales as a proxy of firm growth ratio. It is supported by prior studies (Salim and Yadav, 2012; Bundala, 2012; Proença et al., 2014; Cheema et al., 2017) that are also used the same measurement for growth ratio in their studies. According to Titman & Wessel (1988) and Rajan & Zingales (1995) shows that the firms with high future growth turns out to be used less leverage in the financing decision. It is because the firm will shift from debt financing to equity financing. In addition, growth ratio are influence by the profitability of the firm. This study will be focused on selected countries from Southeast Asia, which are Malaysia, Indonesia, Vietnam, Singapore, and Thailand. The selection sample is justified that Southeast Asia is the most progressive region in the Islamic capital market in the Asia region (Yakcop, 2002). Initially, this study has identified 595 samples of Public Listed Companies under industrial sector in Southeast Asia. Nevertheless, 114 samples have been excluded due to the several reasons such as incomplete financial statement and change of accounting year during the period of study. Thus, the final samples selected are 197 PLC from Shariah-compliant companies and 284 PLC from Non-shariah compliant companies. All the sample are collecting through DataStream that is published by Thomson Reuter Eikon. This study gathers all the financial statements such as balance sheet, income statement and cash flow statement in order to achieve the objective of this study. The unique for this study, the data is analyzed using Python Pandas programming software. This is the first study using Python Pandas to analyze the impact of capital structure on corporate performance during the financial crisis. As information, Pandas are the software library written for the Python programming language for data manipulation and analysis. Undoubtedly, Pandas offer data structures and operations for manipulating numerical tables and time series. Therefore, the first step to do to analyze the data by creating the coding system that is xii required for this study. In order to accomplish the objective in this study, the regression equations have been developed as follows: 1. Y (Pretax ROA) = β0 + β1D/Eit + β2Tangit + β3STDit + β4LTDit + β5CASH/ARit + β6GRWit + β7SIZEit + β8(X) + ε 2. Y (ROE) = β0 + β1D/Eit + β2Tangit + β3STDit + β4LTDit + β5CASH/ARit + β6GRWit + β7SIZEit + β8(X) + ε Whereby: Pre-tax ROA = Return on asset before tax ratio ROE = Return on equity ratio D/E = Debt to equity ratio STD = Short term debt ratio LTD = Long term debt ratio TANG = Tangibility ratio CASHAR = Cash plus account receivable ratio GRW = Growth ratio SIZE = Size ratio ε = Error term X = dummy variable 0: Non-Shariah Compliant Companies (NSCC) 1: Shariah Compliant Companies (SCC) The analysis begins with the multicollinearity test and the purpose of this test to ensure there is no problem of multicollinearity among the variables. Based on the result, none of the tolerances value is less than 0.2 and none of the Variance Inflation Factor (VIF) is greater than 10. As a result, it found that there is no multicollinearity problem in this study. The analyses continue with the descriptive statistic analysis that found the corporate performance of Shariah compliant companies (SCC) is higher than Non Shariah compliant companies (NSCC) during the financial crisis and after the financial crisis for both proxies, pre-tax return on assets (Pre-tax ROA) and return on equity (ROE). However, for independent variables those are debt to equity ratio, short-term debt ratio, long-term debt ratio, cash plus account receivables ratio shows that SCC has lower ratio through out the periods which are before, during and after financial crisis. These results have been expected due to the benchmarks that are set xiii by index providers during the quantitative (financial) screening process. Furthermore, SCC requirements to follow all the time the benchmark in order to be listed in Shariah index and maintain as shariah status. Due to this reason, we can observe that SCC always has a lower leverage ratio compare to NSCC. In addition, firms that have lower ratio are better because high leverage ratio or debt financing ratio contributes to the high risk of solvency and instability of the firms. Tangibility ratio for SCC is higher than NSCC before, during and after the financial crisis period. This ratio becomes more important after the financial crisis period. It is because it uses as a measurement for bank viability and indicate the firm's collateral level. Therefore, SCC with a higher tangibility ratio can issue more debt financing. It becomes more secure in case of bankruptcy; the firm can sales its tangible assets in order to pay their debt financing. Cash plus account receivables ratio is lower than NSCC before, during and after financial crisis period. Even though high liquidity can attract more lender and manager to make investment easily however there have high risk of bankruptcy and high risk of non-payment. Besides, the lower liquidity can contribute to the lower agency problem. Growth ratio shows before and during financial crisis period NSCC have higher ratio than SCC. However, after financial crisis period, SCC demonstrates higher ratio than NSCC. It indicates that SCC's growth better after financial crisis period. In addition, it proved that SCC gets more attention from the investor after financial crisis period. The second major finding are from multiple regression analysis based on pre tax ROA as the first proxy for corporate performance. It found that all the independent variables are significant except for debt to equity ratio before the financial crisis period. However, during the financial crisis period, only long-term debt ratios not significant and after the financial crisis period both short-term debt and long-term debt do not significant. Shariah-compliant companies only have a significant level after the financial crisis period. The impact of capital structure on corporate performance, pre-tax ROA for SCC is 1.6617 times higher than NSCC after financial crisis period. xiv Second proxy of corporate performance is a return on equity (ROE). All the independent variables are significant with the ROE except for debt to equity ratio and cash plus account receivable ratio before the financial crisis period, while long-term debt ratio during and after the financial crisis period. SCC significantly with ROE before the financial crisis and it shows that the impact of capital structure on SCC for corporate performance, ROE is -2.9264 times lower than NSCC. However, after the financial crisis period, the impact of capital structure on corporate performance, ROE for SCC is 4.3171 times higher than NSCC. The findings in this study posed an important implications for academicians, researchers, regulatory bodies as well as the management of the firms particularly Shariah compliant and non-shariah compliant companies, as they pave for further exploration. It offers knowledge to the regulatory bodies and related government agencies to come out with the guidelines and framework regarding shariah compliant status. Therefore, in order to set up with the new regulations and guidelines, these agencies need to understand the needed of investors and the characteristics of SCC itself in order to develop new guidelines to attract more investors. Such cases in Malaysia, the government give incentive to the new shariah compliant companies with five years tax exemption. Other, in UK and France they have amended their tax structure to compatible with Islamic finance guidelines. There have several limitations encountered in conducting this study. This study did not take into consideration the effects of the Asian financial crisis because there have different impact between the countries due to the different level of development in the financial market, the policies of the government and the sensitivity of that country to external incidents. In addition, due to this was the cross country study, therefore the differences are expected due to difference law system and regulation, bureaucracy, dissimilar costs and benefits that the companies face in each country. These limitations have paved the way to future research. Therefore, in the future it hopes to take consideration for these limitations in order to fill the research gap in this area ; slami finans özellikle son zamanlarda, İslami bankacılık, tekaful, vakıf ve sukuk gibi bir çok alanda hızlı bir büyüme göstermektedir. İslami finans İslam ülkelerinin yanında, Singapur, Güney Kore, Japonya, Avrupa, Avustralya, Brezilya ve Amerika Latin gibi İslami olmayan ülkeleri de kapsayacak şekilde dünyanın dört bir yanından, gittikçe daha fazla farkındalık ve ilgi kazanmaktadır. İslami Finansal Hizmetler Kurulu (IFHK) ve 2016'da Ernst & Young raporuna dayanarak, İslami finans sektörünün 2015 yılına kadar brüt 1,88 trilyon ABD doları değerine ulaştığını belirttimektedir. Üstelik bu sektörün büyüme hızı, düşük enerji fiyatlarının sürmesine, jeopolitik çatışmalara ve ekonomik belirsizliğe rağmen, çift haneli büyüme oranlarını korumuştur. Örneğin, 2017 yılına ait Küresel İslami Finans Raporunda, Aralık 2016'da küresel İslami finansal hizmet sektörünün 2,293 trilyon ABD doları bulduğu raporlanmıştır. El-Qorchi'ye (2005) göre İslami finansa geçiş konusunda üç motivasyon bulunduğu vurgulamaktadır: Şeriat uyumlu ürün ve hizmetlere yönelik güçlü talep, Körfez bölgesindeki petrol zengini uluslardan gelen Şeriat uyumlu yatırım için talep ve ve son olarak Şeriat uyumlu ürün ve hizmetlerin rekabet gücünden etkilenen gayrimüslim yatırımcıların ilgisi. Ayrıca, 1958'den bu yana geliştirilen ve MM Teorisi ile başlayan ve Takas Teorisi (Trade-Off Theory), Finansman Hiyerarşisi Kuramı (Pecking Order Theory), Vekâlet Maliyeti Teorisi (Agency Theory) ve Piyasa Zamanlama Teorisi (Market xvi Timing Theory) ile devam eden çok sayıda sermaye yapısı teorisi vardır. Örnek olarak Takas teorisi, firmaları borcun faizinden faydalanmak için birikmiş karlar ve özkaynak finansmanı yerine, borç finansmanı kullanmaya teşvik etmektedir. Bu teorilerinin her birinin sermaye yapısı kararını yönetmek ve denetlemek için farklı bir yaklaşımı vardır. Bu çalışmanın temel amacı, finansal kriz döneminde sermaye yapısının kurumsal performans üzerindeki etkisini incelemektir. İlk olarak, bu çalışma Şeriat uyumlu şirketlerin (ŞUŞ) sermaye yapısının Şeriat uyumlu olmayan şirketlerden (ŞUOŞ) ne kadar farklı olabileceğini belirlemeyi amaçlamaktadır. Sermaye yapısı üzerinde çok sayıda çalışma yapılmıştır. Bununla birlikte, çalışmaların çoğu sermaye yapısı belirleyicileri, sermaye yapısının finansal performans üzerindeki etkileri, verginin finansal yapıdaki sermaye yapısını ve kısa vadeli borçları nasıl etkilediğine odaklanmıştır. Bu geçmiş çalışmalarda örneklem olarak, finansal kurumlar, küçük ve orta ölçekli işletmeler ve halka açık şirketler kullanmaktadır. Ancak Şeriate Uygun Şirketlerin sermaye yapıları ve sermaye yapısının finansal performans üzerindeki etkisi konusunda az sayıda çalışma vardır. Özellikle ŞUŞ'lerin sermaye yapıları göz önünde bulundurulduğunda, bu şirketlerin kriz döneminde daha avantajlı olmaları beklenmektedir. Ancak ŞUŞ'lerin finansal yapılarının, fiannsal kriz döneminde onlar için nasıl bir avantaj sağladığı bugüne kadar bir araştırma konusu yapılmamıştır. Bu nedenle, araştırma boşluğunu doldurmak için, ŞUŞ'lerin örnek olarak kullanıldığı, finansal kriz sırasında sermaye yapısının finansal performans üzerindekini araştıran bir çalışma yapılması gerektirmektedir. Bildiğimiz kadarıyla, bugüne kadar yapılmış böyle bir ampirik çalışma yoktur. Şeriat uyumlu şirketler (ŞUŞ), finansman faaliyetlerini yürütürken Şeriat ilkelerine, kurallarına, değerlerine ve kısıtlamalarına uymaktadır. ŞUŞ'in tüm Şeriat ilkelerine uyması, ayrıca riba, masyar ve gharar gibi yasaklanmış unsurlardan arındırılmasını sağlamak için, Şeriat Danışma Kurulu (ŞDK) ŞUŞ'lerin faaliyetlerini izlemek üzere kurulur. Bunlara ek olarak İslami endekste listelenmeden önce, tüm şirketler, endeks sağlayıcısı tarafından belirlenen tarama süreci için nitel ve nicel kriterlere uymalıdır. Bu çalışmada kullanılan örneklem, FTSE şeriat küresel sermaye endeksinde yer alan şirketlerden oluşturulmuştur. Bu endeks sağlayıcısı altında, xvii tarama süreci de dahil olmak üzere Şeriat konularının ele alınmasında Yasaar Ltd. tarafsız bir danışmanlık ve lider otorite olarak kabul edilmektedir. Şirketlerin Şeriat uyumlu statüsünü elde edebilmesi için, nicel tarama başlığı altında, uyması gereken bir dizi finansal kriterler de vardır. Haron ve Ibrahim'e (2012) göre, endeks sağlayıcı tarafından belirlenen kriter nedeniyle, ŞUŞ'ler sermaye arttrırımı yoluyla finansmanı tercih etmek durumunda kalmaktadır. Ampirik olarak, özkaynağa dayalı finansmana daha fazla ağırlık veren firmalar, finansal krizler sırasında daha dirençli olma eğilimindedir. Gitman ve Zutter (2012, s.508) sermaye yapısını "firma tarafından tutulan borç ve özkaynak karışımı" olarak tanımlar. Bu tanım doğrultusunda asıl amaç, borç ve özkaynak finansmanını çeşitli bileşimleri ile sermaye yapılarının nasıl optimum hale getirileceğidir. Ayrıca, sermaye yapıları aslında borç sahiplerini borç sahipleri olarak, özkaynakları ise hissedarlar veya hissedarlar olarak temsil etmektedir. O halde ortaya çıkan soru, şeriat ilkeleri uyarınca en uygun sermaye yapısı teorisi hangisidir? Firmaların veya finansal yöneticilerin, şirket performansını en üst düzeye çıkarabilmelerini sağlamak için optimum sermaye yapısını nasıl belirlediğine dair daha önce yapılmış çok sayıda çalışma vardır. Ampirik sonuçlar, kârlılık, büyüme, büyüklük, maddi varlık, vergi, kaldıraç, likidite ve sanayi gibi finansman kararını vermek için firmayı ve finans yöneticisini etkileyen çok sayıda faktöre sahip olduğunu göstermektedir. Bu arada, bu çalışmada, çalışmanın amacına ulaşmak için bazı finansal ölçütlere odaklanılacaktır. Bu örnekte, bu çalışmada kurumsal performans, borç / özsermaye oranı, borç finansman oranı, maddi duranlık oranı, nakit artı hesap alacakları oranı, büyüme oranı ve büyüklük oranı kullanılmıştır. Kurumsal Performans Bu çalışmada, kurumsal performansı ölçmek için iki bağımlı değişken kullanılmıştır. Şirketin kurumsal performansını ölçmek için il olarak vergi ve/veya zekat öncesi karın toplam varlığa olan oranıyla elde edilen ve varlıkların vergi öncesi getirisi (Vergi Öncesi Varlık Getirisi- Pre-tax Return of Asset) denilmektedir. Bu oran, işletmenin varlıklarına yaptığı yatırımdan elde ettiği getiri ile işletmenin xviii etkinliğini ölçer. Diğer bir deyişle, işletmenin varlıklarını gelir veya kârı elde etmek içine ne kadar etkin kullandığını gösterir. Önceki çalışmalarda olduğu gibi şirketin finansal performansını ölçmek için toplam aktifler üzerinden faiz ve vergi öncesi kazanç (faiz ve vergi öncesi kâr) kullanılmıştır. Öncellikle, bu çalışma, şirketin vergi veya zekat veya her ikisini birden ödemesi durumunda, işletmenin kurumsal performansının bundan önemli derecede etkilendiğini göstermeyi amaçlamaktadır. ŞUŞ'lerin Şeriat yönergelerine göre 'zekat' olarak adlandırılan, kâr veya gelirden yüzde 2,5 sabit oranda ödenen özel vergilere tabidir. Ancak, günümüze kadar zekat Müslüman ülkelerin çoğunda hala gönüllü olarak kullanılmaktadır. Bu çalışmadaki örneklem ile ilgili olarak, zekat sistemini uygulayan tek ülke Malezya'dır. Ancak burada da gönüllülük temeline dayanmaktadır ve örneklemdeki şirketlerin hiçbiri mali tablolarında zekat miktarını göstermemektedir. Bu çalışmada, firmanın kurumsal performansını temsil eden ikinci bağımlı değişken, özkaynak karlılığı (ÖKK) oranıdır (Return Of Equity-ROE). Önceki çalışmalara dayanarak, çalışmalarında ÖKK'nı ölçmek için vergi sonrası toplam özsermaye üzerinden net kar kullanılmıştır. Bu nedenle, bu çalışma daha önceki çalışmalarla aynı ölçümü kullanmaya karar verilmiştir. Bu oran, faiz, vergi ve imtiyazlı temettü sonrası net karın kullanılması suretiyle şirketin kârlılığına göre hesaplanır. ÖKK oranı, firmanın olağan hissedarlarına odaklanan ve kazanılan kar ile sermayelerini karşılaştıran ana karlılık oranlarından biridir. Bazı yatırımcılar bu oranı firmanın adi hisse senedinin cazibesini ölçmek için kullanmaktadır. Borç / Varl k Ora Bazı İslami Finans Endeksleri, örneğin Dow Jones Küresel İslam Endeksi (DJIM) tarafından yapılan nicel gözetimde, finansal kriterlerden biri özkaynak oranıdır. Toplam borç, toplam özkaynağa göre % 33'ten az olmalıdır. Bununla birlikte, bu çalışmanda kullanılan 'FTSE Global Equity Shariah Index' serisi bu oranın gözetim sürecine dahil etmemektedir. Bundan dolayı, bu çalışmada, ŞUŞ'ler ve ŞUOŞ'ler arasında önemli farklılıklar olup olmadığını genel olarak görmek için, bu oranın kullanılmasına karar verilmiştir. Toplam borcun toplam özkaynağa bölünmesiyle bulunan özkaynak oranını, bağımsız bir değişken olarak çalışmada yer xix almıştır. Margaritis ve Psillaki (2010) ve Memon ve diğerleri, (2012) gibi diğer bazı çalışmalar özkaynak oranı için, aynı ölçümü kullanmışlardır. Bu oran, borç / özkaynak veya tamamen sahip olunan fonlara dayalı şirket finansman derecesini ölçerek, bir şirketin finansal kaldıracını değerlendirmektir. Bu gösterge, şirketin bir finansal sorun yaşaması halinde, özkaynakların şirketteki tüm borçları karşılama kabiliyetini ölçer. Borç Fi a s a FTSE Global Equity Shariah Index nicel gözetimi kapsamında borç oranı, toplam varlıkların yüzde 33'ünden az olmalıdır. Bu çalışmanın amacı nedeniyle, finansal kriz sırasında etkisini daha ayrıntılı görmek amacıyla, borç oranı ikiye ayrılmıştır. Nitekim Fosberg (2013), ABD'de borsada işlem gören şirketler üzerinde bir çalışma yürütmüş ve kısa vadeli borç finansmanının 2006'da yüzde 1,3'ten 2008'de yüzde 2,2'ye yükseldiğini ve bunun 2008'de meydana gelen finansal kriz nedeniyle 34 milyon dolarlık bir artışı temsil ettiğini bulmuştur. 2008 yılında borsada çöktüğünde, kredi arzının sınırlı olmasından dolayı, şirketlerin borçlanma gücünün daha önce olduğundan daha zayıf hale geldiği sayısız çalışma ile desteklenmiştir (bakınız Brealey ve ark., 2008; Almeida ve ark., 2011; Federal Rezerv, 2012; Fosberg, 2013). Bu nedenle, firmalar finansal zorluklar sırasında KVYK finansmanını daha çok kullandılar. Hassan ve Samour (2016) sermaye yapısı finansman kararının finansal kriz sırasında etkili olduğunu açıkça belirtmişlerdir. Cheema ve arkadaşları (2017) ve Shahar ve Shahar (2015), ŞUŞ'lerin uzun vadeli borç finansmanını kısa vadeli borç finansmanından daha fazla kullandığını bulmuşlardır. Bunun nedeni, Şeriat yönergelerine göre sınırlı ilgi ve risk paylaşımının kısıtlanması olabilir. Bununla birlikte, ŞUOŞ'ler, işletme sermayesi ihtiyacını karşılamak için daha fazla KVYK kullanmaktadır. Ancak Sahudin, Ismail, Sulaiman, Rahman ve Jaafar (2019) tarafından yapılan çalışma, ŞUŞ'lerin UVYK'a kıyasla daha fazla KVYK kullandığını buldurmuştur. Malezya'daki ŞUŞ'ler uzun vadeli borcuna kıyasla daha yaygın olarak kısa vadeli borç kullanılmaktadır, çünkü İslami borçlanma araçlarının çoğu uzun xx vadeli borçtan ziyade kısa vadelidir (Aggarwal ve Yousef, 2000). Bu aynı zamanda, kısa vadeli borç fonksiyonunun, borcu kontrol etme ve acente sorununu azaltma mekanizması olarak haklı kıldığı kurum teorisini de destekler. Bu nedenle, bu çalışma özellikle finansal kriz öncesinde, sırasında ve sonrasında finansman modellerindeki önemli farklılıkları incelemeyi de amaçlamaktadır. Maddi Varl k Ora Maddi duran varlıklar, bankaların finansal krizden sonra işletmelerin yaşayabilirliğini ölçtükleri için daha popüler hale gelmektedir. Bunun nedeni maddi duran varlıkların maddi olmayan duran varlıklara göre daha fazla likidit olmasıdır. Charalambakis ve Garrett (2012) maddi duran varlıkların firma içindeki sermaye yapısını açıklamada ana nokta olduğunu belirtmiştir. Sonuç olarak, maddi duran varlıklar piyasada daha yüksek değere sahiptir ve firmalar finansal problemleri olsa veya iflas ederse bile, firmalar maddi varlıklarını kolayca ve hızlı bir şekilde satabilmektedirler. Scott (1977) ve Titman ve Wessels (1988), daha az kârlı firmanın maddi duran varlıkların yüksek değerine sahip olma eğiliminde olduğunu ve firmaların maddi duran varlıklarını daha fazla borç almak veya daha fazla borç almak için teminat olarak kullandıklarını belirtmiştir. Bu nedenle, daha yüksek somutluğu olan herhangi bir firma daha fazla borç alacaktır. Bu işletmenin daha fazla borç finansmanı sağlayarak verginin avantajından faydalanması gerektiğini vurgulayan değiş tokuş teorisine uygun şekilde, işletmenin daha fazla kâr elde etmesini sağlar. Ahmad ve Azhar (2015) bunun borcunda temerrüde düşüren işletmelere, iflastan kaçınmak için bu maddi varlığı kullanmaları için bir seçenek oluturduğunu eklediler. Naki e Alacak Topla Ora Önceki çalışmaların çoğu, işletmelerin kısa vadeli finansal yükümlülüğünü yerine getirme kabiliyetini ölçmek için likidite oranını kullanmıştır. Thabet ve Hanefah (2014) da çalışmalarında likiditenin işletmelerin kurumsal performansı üzerinde etkili olan faktörlerden biri olduğunu bulmuşlardır. xxi Bu oran, işletmenin aşırı nakit veya nakit eksikliğinden kaçınmak için, nakit ve alacakları için bir limit belirlemek açısından önemlidir. Buna ek olarak, temsil maliyetini de düşürmektedir. Bildiğimiz kadarıyla bu çalışmamızda, nakit ve alacaklar toplamı, toplam varlıklar içindeki yerinin (CashAR) kurumsal performansa etkisini inceleyen ilk çalışmadır. Bu değişken, ŞUŞ için İslami endekste listelenmesi için yerine getirmesi gereken bir ölçüt olduğu için, bu çalışmada bağımsız bir değişken olarak seçilmiştir. Farooq ve Alahkam (2016), İslami esaslara dayanan ekonomi nedeniyle, İslami finansal sistemin daha istikrarlı ve dayanıklı olduğunu çalışmalarıyla desteklemişlerdir. Büyüme Ora Bu çalışmada, cari yılki satış eksi geçmiş yılki satışların cari yılki satışlara bölünmesi, işletme büyüme oranının bir göstergesi olarak kullanılmıştır. Çalışmalarında büyüme oranı için aynı ölçümü kullanan önceki çalışmalar (Salim ve Yadav, 2012; Bundala, 2012; Proença ve diğerleri, 2014; Cheema ve diğerleri, 2017) bulunmaktadır. Titman & Wessel'e (1988) ve Rajan & Zingales'e (1995) göre, gelecekteki büyümesi yüksek olan firmaların finansman kararlarında daha az kaldıraç kullanıldığını göstermektedir. Çünkü firma borç finansman yerine özkaynakla finansmanı tercih edecektir. Ayrıca, büyüme firmanın karlılığını etkileyecektir. Bu çalışma Güneydoğu Asya'dan Malezya, Endonezya, Vietnam, Singapur ve Tayland gibi seçilmiş ülkelere odaklanacaktır. Örneklem seçimi, Güneydoğu Asya bölgesindeki İslami sermaye piyasasının en ilerici bölgelerini içermektedir (Yakcop, 2002). Bu çalışmanın başlangıcında, Güneydoğu Asya'da sanayi sektörü altındaki Halka Açık Şirketlerden 595 örnek tespit edilmiştir. Bununla birlikte, tamamlanmamış finansal tablolar ve hesap dönemi boyunca muhasebe yılı değişikliği gibi çeşitli nedenlerden dolayı 114 şirket, örneklemden çıkarılmıştır. Bu nedenle, seçilen son örnekler ŞUŞ'lerden 197 ve ŞUOŞ'lerden 284 halka açık şirketten meydana gelmektedir. Tüm örnekler, Thomson Reuter Eikon tarafından yayınlanan DataStream aracılığıyla toplanmıştır. Bu çalışma, amacına ulaşmak için bilanço, gelir tablosu ve nakit akım tablosu gibi tüm finansal tabloları bir araya getirmektedir. Bu çalışmada veriler, Python Pandas yazılımı kullanılarak analiz edilmiştir. Bu, sermaye yapısının xxii finansal kriz sırasında kurumsal performans üzerindeki etkisini analiz etmek için Python Pandas'ın kullanıldığı ilk çalışmadır. Pandas veri işleme ve analiz için Python programlama dili için yazılan yazılım kütüphanesidir. Pandas sayısal tabloları ve zaman serilerini değiştirmek için veri yapıları ve işlemler sunar. Bu nedenle, bu çalışma için gerekli olan kodlama sistemini oluşturmak, verileri analiz etmek için ilk adım olarak gerçekleştirilmiştir. Bu çalışmada amacına ulaşmak için regresyon denklemleri aşağıdaki gibi geliştirilmiştir: 1. Y (Pretax ROA) = β0 + β1D/Eit + β2Tangit + β3STDit + β4LTDit + β5CASH/ARit + β6GRWit + β7BOYUTit + β8(X) + ε 2. Y (ROE) = β0 + β1D/Eit + β2Tangit + β3STDit + β4LTDit + β5CASH/ARit + β6GRWit + β7BOYUTit + β8(X) + ε Vasıtasıyla: Pre-tax ROA = Vergi oranından önce varlığın getirisi ROE = Özkaynak karlılığı D/E = Borç / Özkaynak oranı STD = Kısa vadeli borç oranı LTD = Uzun vadeli borç oranı TANG = Maddi varlık oranı CASHAR = Nakit artı alacak oranı GRW = Büyüme oranı BOYUT = Boyut oranı ε = Hata terimi X = kukla değişken 0: Şeriat Uyumlu Olmayan Şirketler (ŞUOŞ) 1: Şeriat Uyumlu Şirketler (ŞUŞ) xxiii Analiz, çoklu doğrusallık testi ile başlar ve bu testin amacı, değişkenler arasında çoklu doğrusallık sorunu bulunmadığından emin olmaktır. Sonuçlara göre, tolerans değerlerinin hiçbiri 0,2'den az ve hiçbir Varyans Enflasyon Faktörü (VIF) 10'dan büyük değildir. Bu nedenle, bu çalışma için çoklu bağlantı sorunu yoktur denilebilir. Analizlere, tanımlayıcı istatistik analizleri ile devam edilmiştir. Şeriat uyumlu şirketlerin (ŞUŞ) kurumsal performansının mali kriz sırasında ve her iki bağımlı değişken için de, vergi öncesi varlık karlılığı (vergi öncesi AK) ve özkaynak kârlılığı (ÖKK), finansal krizden sonra şeriat uyumlu olmayan şirketlerde (ŞUOŞ) daha yüksek olduğu tespit edilmiştir. Ancak bağımsız değişkenler, borç / özkaynak oranı için kısa vadeli borç oranı, uzun vadeli borç oranı, nakit artı hesap alacakları hesap oranı, SCC'nin finansal öncesi, sırasında ve sonrasındaki tüm dönemler için daha düşük bir orana sahip olduğunu göstermektedir. Bu sonuçlar, niceliksel tarama işlemi sırasında endeks sağlayıcı tarafından belirlenen koşullar nedeniyle beklenen bir durumdur. Ayrıca Şeriat endeksinde yer almak ve Şeriat statüsü kazanmak için bir ŞUŞ'in, her zaman söz konusu koşulların yerine getirildiği takip etmesi gerekir. Bu nedenle, ŞUŞ'lerin ŞUOŞ'lere kıyasla her zaman daha düşük kaldıraç oranına sahip olduğunu gözlemleyebiliriz. Bu oranların düşük olması daha iyidir, çünkü yüksek kaldıraç oranı veya borç finansman oranı, şirketin ödeme gücü ve istikrarsızlık riskini arttırabilir. ŞUŞ için maddi varlık oranı finansal kriz öncesinde, sırasında ve sonrasında ŞUOŞ'lerden daha yüksektir. Bu oran mali kriz döneminden sonra, daha da önem kazanmaktadır. Çünkü, bankalar şirketin yaşama yeteneği için bu oranı dikkate alırlar ve şirketin teminat seviyesinin göstergesidir. Bu nedenle, daha yüksek maddi varlık oranına sahip ŞUŞ'e daha fazla borç verebilir. İflas durumunda daha güvenli hale gelir, şirketler, borçlarını ödemek için maddi duran varlıklarını satabilir. Toplam nakit ve alacak oranı, finansal kriz öncesinde, sırasında ve sonrasında ŞUOŞ'den daha düşüktür. Her ne kadar yüksek likidite ile daha fazla kredi hacmine ulaşmayı ve yöneticilerin yatırım yapmasını kolaylaşsa da, bu durum yüksek bir iflas riskini ve yüksek ödeme yapmama riskini beraberinde getirir. Ek olarak, düşük likidite temsil sorununun artmaması açısından bir avantaj sağlar. xxiv Öncesinde ve mali kriz döneminde ŞUOŞ'lerin ŞUŞ'lerden daha yüksek bir büyüme oranına sahip olduğunu göstermektedir. Ancak, mali kriz döneminden sonra ŞUŞ'ler, ŞUOŞ'lerden daha yüksek bir büyüme oranına sahiptir. Finansal kriz döneminden sonra ŞUŞ'lerin daha iyi büyüdüğünü göstermektedir. Ayrıca, finansal kriz döneminden sonra ŞUŞ'lerin yatırımcıdan daha fazla ilgi gördüğü kanıtlanmıştır. Kurumsal performans için ilk bağımlı değişken olarak, vergi öncesi AK'na dayalı çoklu regresyon analizinden elde edilen ikinci önemli bulgu, finansal kriz döneminden önceki borç / özkaynak oranı hariç tüm bağımsız değişkenlerin istatistiksel olarak önemli olduğunu ortaya koymuştur. Ancak finansal kriz döneminde sadece uzun vadeli borç oranları anlamlı değildir ve finansal kriz döneminden sonra hem kısa vadeli borç hem de uzun vadeli borç değişkenleri istatistiksel olarak önemli değildir. Şeriat uyumlu şirketler ancak finansal kriz döneminden sonra önemli bir seviyeye sahiptir. Sermaye yapısının vergi öncesi AK için ŞUŞ üzerindeki etkisi, finansal kriz döneminden sonra ŞUOŞ'lerden 1,6617 kat daha yüksektir. Kurumsal performansın ikinci bağımlı değişkeni ÖKK'dır. Finansal kriz döneminden önce borç / özsermaye oranı ve nakit artı hesap alacak oranı hariç, finansal kriz dönemi içinde ve sonrasında uzun vadeli borç oranı hariç tüm bağımsız değişkenler ÖKK açısından istatistiksel olarak önemlidir. Finansal krizden önce ÖKK ile ŞUŞ önemli ölçüde artmakta ve sermaye yapısının ÖKK için ŞUŞ üzerindeki etkisinin finansal kriz döneminden önce ŞUOŞ'lerden -2.9264 kat daha düşük olduğunu göstermektedir. Ancak, finansal kriz döneminden sonra, sermaye yapısının ÖKK için ŞUŞ üzerindeki etkisi ŞUOŞ'lerden 4.3171 kat daha fazladır. Bu çalışmada elde edilen bulgular, akademisyenler, araştırmacılar, düzenleyici kurumlar ve özellikle ŞUŞ ve ŞUOŞ gibi şirketlerin yönetimi için daha fazla araştırma yapmalarının gerektiğini sonucunu doğurmuştur. Bu çalışma düzenleyici kurumlara ve ilgili devlet kurumlarına, şeriat uyumlu statüye ilişkin yönergeler ve çerçeve çıkarmaları rehber olabilir. Bu nedenle, yeni düzenleme ve kılavuz ilkeler oluşturmak için, bu kurumların daha fazla yatırımcı çekmek için yeni kılavuzlar geliştirmek amacıyla yatırımcıların ihtiyaçlarını ve ŞUŞ'lerin özelliklerini anlamaları gerekmektedir. Malezya'da hükümet beş yıl vergi muafiyeti ile yeni xxv ŞUŞ'lere teşvik vermektedir. Ayrıca, İngiltere ve Fransa'da ŞUŞ'ler de dahil olmak üzere İslami finans sektörü için vergi yapılarını değiştirdiler. Bu çalışmanın yürütülmesinde bazı sınırlamalar bulunmaktadır. Bu çalışmada, finansal piyasadaki farklı düzeylerde gelişme, hükümet politikaları ve o ülkenin dış olaylara duyarlılığı nedeniyle Asya'daki finansal krizin ülke genelinde farklı olduğu göz önünde bulundurulmamıştır. Buna ek olarak, ülkeler arası bu çapraz çalışma nedeniyle, farklı hukuk sistemleri ve düzenlemeleri, bürokrasi, şirketlerin her ülkede karşılaştığı farklı maliyetler ve faydalar nedeniyle farklılıklar beklenmektedir. Bu sınırlamalar gelecekteki araştırmaların yolunu açmaktadır. Dolayısıyla, gelecekte sermaye yapısı alanındaki araştırma boşluğunu doldurmak için bu sınırlamaları dikkate alınmalıdır