Search results for: firm size effect

Authors: A. Jameel, G. A. Harmain, Y. Anand, J. H. Masoodi, F. A. Najar

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The present study investigates the effect of inclusions on the shape and size of crack tip plastic zones in engineering materials subjected to static loads by employing the element free Galerkin method (EFGM). The modeling of the discontinuities produced by cracks and inclusions becomes independent of the grid chosen for analysis. The standard displacement approximation is modified by adding additional enrichment functions, which introduce the effects of different discontinuities into the formulation. The level set method has been used to represent different discontinuities present in the domain. The effect of inclusions on the extent of crack tip plastic zones is investigated by solving some numerical problems by the EFGM.

Keywords: EFGM, stress intensity factors, crack tip plastic zones, inclusions

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Authors: Ben Kwame Agyei-Mensah

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This study investigated the influence of firm-specific characteristics which include proportion of Non-Executive Directors, ownership concentration, firm size, profitability, debt equity ratio, liquidity and leverage on the extent and quality of financial ratios disclosed by firms listed on the Ghana Stock Exchange. The research was conducted through detailed analysis of the 2012 financial statements of the listed firms. Descriptive analysis was performed to provide the background statistics of the variables examined. This was followed by regression analysis which forms the main data analysis. The results of the extent of financial ratio disclosure level, mean of 62.78%, indicate that most of the firms listed on the Ghana Stock Exchange did not overwhelmingly disclose such ratios in their annual reports. The results of the low quality of financial ratio disclosure mean of 6.64% indicate that the disclosures failed woefully to meet the International Accounting Standards Board's qualitative characteristics of relevance, reliability, comparability and understandability. The results of the multiple regression analysis show that leverage (gearing ratio) and return on investment (dividend per share) are associated on a statistically significant level as far as the extent of financial ratio disclosure is concerned. Board ownership concentration and proportion of (independent) non-executive directors, on the other hand were found to be statistically associated with the quality of financial ratio disclosed. There is a significant negative relationship between ownership concentration and the quality of financial ratio disclosure. This means that under a higher level of ownership concentration less quality financial ratios are disclosed. The findings also show that there is a significant positive relationship between board composition (proportion of non-executive directors) and the quality of financial ratio disclosure.

Keywords: voluntary disclosure, firm-specific characteristics, financial reporting, financial ratio disclosure, Ghana stock exchange

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Authors: Lovorka Galetić, Ivana Načinović Braje, Nevenka Čavlek

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The purpose of this paper is to analyze the relationship between corporate culture and firm performance. Extensive theoretical and empirical evidence on this issue is provided. A quantitative methodology was used to explore relationship between corporate culture and performance among large Croatian companies. Corporate culture was explored by using Denison framework. The research revealed a positive, statistically significant relationship between mission and performance. Other dimensions of corporate culture (involvement, consistency and adaptability) show only partial relationship with performance.

Keywords: corporate culture, Croatia, Denison culture model, performance

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Authors: Raymond Treacy, Paul Humphreys, Ronan McIvor, Trevor Cadden, Alan McKittrick

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This study employed event study methodology to examine the role of institutions, resources and dynamic capabilities in the relationship between the Environmental Management System ISO 14001 adoption and firm performance. Utilising financial data from 140 ISO 14001 certified firms and 320 non-certified firms, the results of the study suggested that the UK and Irish manufacturers were not implementing ISO 14001 solely to gain legitimacy. In contrast, the results demonstrated that firms were fully integrating the ISO 14001 standard within their operations as certified firms were able to improve both financial and operating performance when compared to non-certified firms. However, while there were significant and long lasting improvements for employee productivity, manufacturing cost efficiency, return on assets and sales turnover, the sample firms operating cycle and fixed asset efficiency displayed evidence of diminishing returns in the long-run, underlying the observation that no operating advantage based on incremental improvements can be everlasting. Hence, there is an argument for investing in dynamic capabilities which help renew and refresh the resource base and help the firm adapt to changing environments. Indeed, the results of the regression analysis suggest that dynamic capabilities for innovation acted as a moderator in the relationship between ISO 14001 certification and firm performance. This, in turn, will have a significant and symbiotic influence on sustainability practices within the participating organisations. The study not only provides new and original insights, but demonstrates pragmatically how firms can take advantage of environmental management systems as a moderator to significantly enhance firm performance. However, while it was shown that firm innovation aided both short term and long term ROA performance, adaptive market capabilities only aided firms in the short-term at the marketing strategy deployment stage. Finally, the results have important implications for firms operating in an economic recession as the results suggest that firms should scale back investment in R&D while operating in an economic downturn. Conversely, under normal trading conditions, consistent and long term investments in R&D was found to moderate the relationship between ISO 14001 certification and firm performance. Hence, the results of the study have important implications for academics and management alike.

Keywords: supply chain management, environmental management systems, quality management, sustainability, firm performance

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Authors: Amani M. Al-Hussan

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The current study aimed to explore the effects of science teaching strategies course (CURR422) on developing academic self efficacy and motivation towards teaching it in female primary classroom teachers in College of Education in Princess Nora Bint AbdulRahman University. The study sample consisted (48) female student teachers. To achieve the study aims, the researcher designed two instruments: Academic Self Efficacy Scale & Motivation towards Teaching Science Scale while maintaining the validity and reliability of these instruments.. Several statistical procedures were conducted i.e. Independent Sample T-test, Eta Square, Cohen D effect size. The results reveal that there were statistically significant differences between means of pre and post test for the sample in favor of post test. For academic self efficacy scale, Eta square was 0.99 and the effect size was 27.26. While for the motivation towards teaching science scale, Eta was 0.99 and the effect size was 51.72. These results indicated high effects of independent variable on the dependent variable.

Keywords: academic self efficiency, achievement, motivation, primary classroom teacher, science teaching strategies course, evaluation

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Authors: Photjanat Phimnom, Haruetai Lohasiriwat

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In today’s world, the LED display has been used for presenting visual information under various circumstances. Such information is an important intermediary in the human information processing. Researchers have been investigated diverse factors that influence this process effectiveness. The letter size is undoubtedly one major factor that has been tested and recommended by many standards and guidelines. However, viewing information on the display from direct perpendicular position is a typical assumption whereas many actual events are required viewing from the angles. This current research aims to study the effect of oblique viewing angle and viewing distance on ability to recognize alphabet, number, and English word. The total of ten participants was volunteered to our 3 x 4 x 4 within subject study. Independent variables include three distance levels (2, 6, and 12 m), four oblique angle (0, 45, 60, 75 degree), and four target types (alphabet, number, short words, and long words). Following the method of constant stimuli we found that the larger oblique angle, ranging from 0 to 75 degree from the line of sight, results in significant higher legibility threshold or larger font size required (p-value < 0.05). Viewing distance factor also shows to have significant effect on the threshold (p-value < 0.05). However, the effect from distance factor is expected to be confounded by the quality of the screen we used in our experiment. Lastly, our results show that single alphabet as well as single number are recognized at significant lower threshold (smaller font size) as compared to both short and long words (p-value < 0.05). Therefore, it is recommended that when designs information to be presented on LED display, understanding of all possible ranges of oblique angle should be taken into account in order to specify the preferred letter size. Additionally, the recommendation of letter size for 100 % readability in our tested conditions is provided in the paper.

Keywords: letter size, oblique angle, viewing distance, legibility threshold

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Authors: Elsa Reethu, S. Karthik Babu, N. Syed

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Background: Studies in the past focused on the additional benefits of action observation in improving upper and lower limb functions and improving activities of daily living when administered along with conventional therapy. Nevertheless, there is a paucity of literature proving the effects of motor imagery of truncal exercise in improving trunk control in patients with stroke. Aims/purpose: To study the effect of motor imagery of truncal exercises on trunk function and balance in early stroke. Methods: A total of 24 patients were included in the study. 12 were included in the experimental group and 12 were included in control group Trunk function was measured using Trunk Control Test (TCT), Trunk Impairment Scale Verheyden (TIS Verheyden) and Trunk Impairment Scale Fujiwara (TIS Fujiwara). The balance was assessed using Brunel Balance Assessment (BBA) and Tinetti POMA. For the experimental group, each session was for 30 minutes of physical exercises and 15 minutes of motor imagery, once a day, six times a week for 3 weeks and prior to the exercise session, patients viewed a video tape of all the trunk exercises to be performed for 15minutes. The control group practiced the trunk exercises alone for the same duration. Measurements were taken before, after and 4 weeks after intervention. Results: The effect of treatment in motor imagery group showed better improvement when compared with control group when measured after 3 weeks on values of static sitting balance, dynamic balance, total TIS (Verheyden) score, BBA, Tinetti balance and gait with a large effect size of 0.86, 1.99, 1.69, 1.06, 1.63 and 0.97 respectively. The moderate effect size was seen in values of TIS Fujiwara (0.58) and small effect size was seen on TCT (0.12) and TIS coordination component (0.13).at the end of 4 weeks after intervention, the large effect size was identified on values of dynamic balance (2.06), total TIS score (1.59) and Tinetti balance (1.24). The moderate effect size was observed on BBA (0.62) and Tinetti gait (0.72). Conclusion: Trunk motor imagery is effective in improving trunk function and balance in patients with stroke and has a carryover effect in the aspects of mobility. The therapy gain that was observed during the time of discharge was seen to be maintained at the follow-up levels.

Keywords: stroke, trunk rehabilitation, trunk function, balance, motor imagery

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Authors: Daniela N. Correa-Llantén, Sebastián A. Muñoz-Ibacache, Mathilde Maire, Jenny M. Blamey

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The biosynthesis of nanoparticles by microorganisms, on the contrary to chemical synthesis, is an environmentally-friendly process which has low energy requirements. In this investigation, we used the microorganism Geobacillus wiegelii, strain GWE1, an aerobic thermophile belonging to genus Geobacillus, isolated from a drying oven. This microorganism has the ability to reduce selenite evidenced by the change of color from colorless to red in the culture. Elemental analysis and composition of the particles were verified using transmission electron microscopy and energy-dispersive X-ray analysis. The nanoparticles have a defined spherical shape and a selenium elemental state. Previous experiments showed that the presence of the whole microorganism for the reduction of selenite was not necessary. The results strongly suggested that an intracellular NADPH/NADH-dependent reductase mediates selenium nanoparticles synthesis under aerobic conditions. The enzyme was purified and identified by mass spectroscopy MALDI-TOF TOF technique. The enzyme is a 1-pyrroline-5-carboxylate dehydrogenase. Histograms of nanoparticles sizes were obtained. Size distribution ranged from 40-160 nm, where 70% of nanoparticles have less than 100 nm in size. Spectroscopic analysis showed that the nanoparticles are composed of elemental selenium. To analyse the effect of pH in size and morphology of nanoparticles, the synthesis of them was carried out at different pHs (4.0, 5.0, 6.0, 7.0, 8.0). For thermostability studies samples were incubated at different temperatures (60, 80 and 100 ºC) for 1 h and 3 h. The size of all nanoparticles was less than 100 nm at pH 4.0; over 50% of nanoparticles have less than 100 nm at pH 5.0; at pH 6.0 and 8.0 over 90% of nanoparticles have less than 100 nm in size. At neutral pH (7.0) nanoparticles reach a size around 120 nm and only 20% of them were less than 100 nm. When looking at temperature effect, nanoparticles did not show a significant difference in size when they were incubated between 0 and 3 h at 60 ºC. Meanwhile at 80 °C the nanoparticles suspension lost its homogeneity. A change in size was observed from 0 h of incubation at 80ºC, observing a size range between 40-160 nm, with 20% of them over 100 nm. Meanwhile after 3 h of incubation at size range changed to 60-180 nm with 50% of them over 100 nm. At 100 °C the nanoparticles aggregate forming nanorod structures. In conclusion, these results indicate that is possible to modulate size and shape of biologically synthesized nanoparticles by modulating pH and temperature.

Keywords: genus Geobacillus, NADPH/NADH-dependent reductase, selenium nanoparticles, biosynthesis

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Authors: Clement Yeboah

Abstract:

Prior research concludes that environmental commitment positively drives organisational performance. Nonetheless, the nexus and conditions under which environmental commitment capabilities contribute to a firm’s performance are less understood. The purpose of this quantitative relational study was to examine the relationship between environmental commitment and 500 firms’ performances in Ghana. The researchers further seek to draw insights from the resource-based view to conceptualize environmental commitment and green procurement practices as resource capabilities to enhance firm performance. The researchers used insights from the contingent resource-based view to examine green leadership orientation conditions under which environmental commitment capability contributes to firm performance through green procurement practices. The study’s conceptual framework was tested on primary data from some firms in the Ghanaian market. PROCESS Macro was used to test the study’s hypotheses. Beyond that, green procurement practices mediated the association between environmental commitment capabilities and the firm’s performance. The study further seeks to find out whether green leadership orientation positively moderates the indirect relationship between environmental commitment capabilities and firm performance through green procurement practices. While conventional wisdom suggests that improved environmental commitment capabilities help improve a firm’s performance, this study tested this presumed relationship between environmental commitment capabilities and firm performance and provides theoretical arguments and empirical evidence to justify how green procurement practices uniquely and in synergy with green leadership orientation transform this relationship. The study results indicated a positive correlation between environmental commitment and firm performance. This result suggests that firms that prioritize environmental sustainability and demonstrate a strong commitment to environmentally responsible practices tend to experience better overall performance. This includes financial gains, operational efficiency, enhanced reputation, and improved relationships with stakeholders. The study's findings inform policy formulation in Ghana related to environmental regulations, incentives, and support mechanisms. Policymakers can use the insights to design policies that encourage and reward firms for their environmental commitments, thereby fostering a more sustainable and environmentally responsible business environment. The findings from such research can influence the design and development of educational programs in Ghana, specifically in fields related to sustainability, environmental management, and corporate social responsibility (CSR). Institutions may consider integrating environmental and sustainability topics into their business and management courses to create awareness and promote responsible practices among future business professionals. Also the study results can also promote the adoption of environmental accounting practices in Ghana. By recognizing and measuring the environmental impacts and costs associated with business activities, firms can better understand the financial implications of their environmental commitments and develop strategies for improved performance.

Keywords: firm’s performance, green procurement practice, environmental commitment, environmental management, sustainability

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Authors: Saqib Mehmood, Naveed Iqbal Chaudhry, Asif Mehmood

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This study intends to investigate the information asymmetry theories of IPO and under-pricing in Pakistan. The purpose of the study is to validate the information asymmetry about firm value which leads to under-pricing. A total of 55 IPOs listed from 2000-2011 were included in this study. OLS multiple regression was applied to achieve the objectives of this study. The findings of the study confirm the significance of information asymmetry on under-pricing in Pakistan. The findings have implications for issuing firms and prospective investors.

Keywords: information asymmetry, initial public offerings, under-pricing, firm value

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Authors: Muhammad Atif, M. Samsul Alam

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The purpose of this study is to investigate the effects of board room gender diversity on firm sustainable investment. We test the extent to which sustainable investment is affected by the presence of female directors on U.S. corporate boards. Using data of S&P 1500 indexed firms collected from Bloomberg covering the period 2004-2016, we estimate the baseline model to investigate the effects of board room gender diversity on firm sustainable investment. We find a positive relationship between board gender diversity and sustainable investment. We also find that boards with two or more women have a pronounced impact on sustainable investment, consistent with the critical mass theory. Female independent directors have a stronger impact on sustainable investment than female executive directors. Our findings are robust to different identification and estimation techniques. The study offers another perspective of the ongoing debate in the social responsibility literature about the accountability relationships between business and society.

Keywords: sustainable investment, gender diversity, environmental proctection, social responsibility

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Authors: Farheen Akram

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Research and Development (R&D) is the most crucial element of the firm’s survival in a competitive business environment. R&D is a long-term investment; therefore, executives having the power to make the investment decisions may be pessimistic when their compensation is closely linked with short-term firm performance. Thus, the current study investigates the impact of board composition and executives’ compensation (cash or short-term benefits and LTIs) on R&D spending using a sample of 85 S&P/100 firms listed on the Australian Stock Exchange (ASX) in 2017. SmartPLS (v.3.2.7) was used to evaluate the proposed model of current research. The empirical findings of this study indicate that board composition has a significant and positive effect on R&D spending. While, as expected, executive cash compensation has negative and Long-Term-Incentives (LTIs) has a positive impact on R&D spending. Based on current findings, the study suggested that myopic behavior of CEOs and top management towards long-term value creation investment like R&D can be controlled by using long-term compensation rewards.

Keywords: cash compensation, LTIs, board composition, R&D spending

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Authors: Hye-Won Lim, Tom Cassidy, Tracy Cassidy

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Infant and children’s body shapes are changing constantly while they are growing up into adults and are also distinctive physically between countries. For this reason, optimum size charts which can represent body sizes and shapes of infants and children are required. In this study, investigations of current size charts in South Korea and UK (n=50 each) were conducted for understanding and figuring out the sizing perspectives of the clothing manufacturers. The size charts of the two countries were collected randomly from online shopping websites and those size charts’ average measurements were compared with both national sizing surveys (SizeKorea and Shape GB). The size charts were also classified by age, gender, clothing type, fitting, and other factors. In addition, the key measurement body parts of size charts of each country were determined and those will be suggested for new size charts and sizing system development.

Keywords: infant clothing, children’s clothing, body shapes, size charts

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Authors: Kaewmart Pongakkasira

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This study investigated how different levels of pixelation affect face detection in natural scenes. Eye movements and reaction times, while observers searched for faces in natural scenes rendered in different ranges of pixels, were recorded. Detection performance for coarse visual detail at lower pixel size (3 x 3) was better than with very blurred detail carried by higher pixel size (9 x 9). The result is consistent with the notion that face detection relies on gross detail information of face-shape template, containing crude shape structure and features. In contrast, detection was impaired when face shape and features are obscured. However, it was considered that the degradation of scenic information might also contribute to the effect. In the next experiment, a more direct measurement of the effect of pixelation on face detection, only the embedded face photographs, but not the scene background, will be filtered.

Keywords: eye movements, face detection, face-shape information, pixelation

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Authors: Nosheen Fatima Warraich

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One of the most often used models in information system (IS) research is the technology acceptance model (TAM). This meta-analysis aims to measure the relationship between TAM variables, Perceived Ease of Use (PEOU), and Perceived Usefulness (PU) with users’ attitudes and behavioral intention (BI) in mobile and digital libraries context. It also examines the relationship of external variables (information quality and system quality) with TAM variables (PEOU and PU) in digital libraries settings. This meta-analysis was performed through PRISMA-P guidelines. Four databases (Google Scholar, Web of Science, Scopus, and LISTA) were utilized for searching, and the search was conducted according to defined criteria. The findings of this study revealed a large effect size of PU and PEOU with BI. There was also a large effect size of PU and PEOU with attitude. A medium effect size was found between SysQ -> PU, InfoQ-> PU, and SysQ -> PEOU. However, there was a small effect size between InfoQ and PEOU. It fills the literature gap and also confirms that TAM is a valid model for the acceptance and use of technology in mobile and digital libraries context. Thus, its findings would be helpful for developers and designers in designing and developing mobile library apps. It will also be beneficial for library authorities and system librarians in designing and developing digital libraries in academic settings.

Keywords: technology acceptance model (tam), perceived ease of use, perceived usefulness, information quality, system quality, meta-analysis, systematic review, digital libraries, and mobile library apps.

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Authors: Alexander Otchere Fianko, Clement Yeboah, Evans Oteng

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Prior research concludes that Green Procurement Practices positively drive Organisational Performance. Nonetheless, the nexus and conditions under which Green Procurement Practices contribute to a Firm’s Performance are less understood. The purpose of this quantitative relational study was to examine the relationship between Green Procurement Practices and 500 Firms’ Performances in Ghana. The researchers further seek to draw insights from the resource-based view to conceptualize Green Procurement Practices and Environmental Commitment as resource capabilities to enhance Firm Performance. The researchers used insights from the contingent resource-based view to examine Green Leadership Orientation conditions under which Green Procurement Practices contribute to Firm Performance through Environmental Commitment Capabilities. The study’s conceptual framework was tested on primary data from some firms in the Ghanaian market. PROCESS Macro was used to test the study’s hypotheses. Beyond that, Environmental Commitment Capabilities mediated the association between Green Procurement Practices and the Firm’s Performance. The study further seeks to find out whether Green Leadership Orientation positively moderates the indirect relationship between Green Procurement Practices and Firm Performance through Environmental Commitment Capabilities. While conventional wisdom suggests that improved Green Procurement Practices help improve a Firm’s Performance, this study tested this presumed relationship between Green Procurement Practices and Firm Performance and provides theoretical arguments and empirical evidence to justify how Environmental Commitment Capabilities uniquely and in synergy with Green Leadership Orientation transform this relationship. The study results indicated a positive correlation between Green Procurement Practices and Firm Performance. This result suggests that firms that prioritize environmental sustainability and demonstrate a strong commitment to environmentally responsible practices tend to experience better overall performance. This includes financial gains, operational efficiency, enhanced reputation, and improved relationships with stakeholders. The study's findings inform policy formulation in Ghana related to environmental regulations, incentives, and support mechanisms. Policymakers can use the insights to design policies that encourage and reward firms for their Green Procurement Practices, thereby fostering a more sustainable and environmentally responsible business environment. The findings from such research can influence the design and development of educational programs in Ghana, specifically in fields related to sustainability, environmental management, and corporate social responsibility (CSR). Institutions may consider integrating environmental and sustainability topics into their business and management courses to create awareness and promote responsible practices among future business professionals. Also, the study results can also promote the adoption of environmental accounting practices in Ghana. By recognizing and measuring the environmental impacts and costs associated with business activities, firms can better understand the financial implications of their Green Procurement Practices and develop strategies for improved performance.

Keywords: environmental commitment, firm’s performance, green procurement practice, green leadership orientation

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Authors: Farzaneh Badinlou, Reza Kormi-Nouri, Monika Knopf

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Enacted tasks are typically remembered better than when the same task materials are only verbally encoded, a robust finding referred to as the enactment effect. It has been assumed that enactment effect is independent of object presence but the size of enactment effect can be increased by providing objects at study phase in adults. To clarify the issues in children, free recall and cued recall performance of action phrases with or without using real objects were compared in 410 school-aged children from four age groups (8, 10, 12 and 14 years old). In this study, subjects were instructed to learn a series of action phrases under three encoding conditions, participants listened to verbal action phrases (VTs), performed the phrases (SPTs: subject-performed tasks), and observed the experimenter perform the phrases (EPTs: experimenter-performed tasks). Then, free recall and cued recall memory tests were administrated. The results revealed that the real object compared with imaginary objects improved recall performance in SPTs and EPTs, but more so in VTs. It was also found that the object presence was not necessary for the occurrence of the enactment effect but it was changed the size of enactment effect in all age groups. The size of enactment effect was more pronounced for imaginary objects than the real object in both free recall and cued recall memory tests in children. It was discussed that SPTs and EPTs deferentially facilitate item-specific and relation information processing and providing the objects can moderate the processing underlying the encoding conditions.

Keywords: action memory, enactment effect, item-specific processing, object, relational processing, school-aged children

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Authors: Maryam Goodarzi, Mahdieh Sheikhi, Mehdi Goodarzi

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This study intends to offer an appropriate strategy development framework for a telecommunication firm (as a case study) which works on Information and Communication Technology (ICT) projects, development of telecommunication networks, and maintenance of local networks, according to its dominant condition. In this approach, first, the objectives were set and the mission was defined. Then, the capability was assessed by SWOT matrix. Using SPACE matrix, the strategy of the company was determined. The strategic direction is set and an appropriate and superior strategy was developed and offered employing QSPM matrix. The theoretical framework or conceptual model of the present study first involves 4 stages of framework development and then from stage 3 (assessing capability) onward, a strategic management model by Fred R. David. In this respect, the tools and methods offered in the framework are appropriate for all kinds of organizations, particularly small firms, and help strategists identify, evaluate, and select strategies.

Keywords: strategy formulation, firm mission, strategic direction, space diagram, quantitative strategic planning matrix, SWOT matrix

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Authors: T. Nishimura, K. Doi, H. Fujimoto, T. Wada

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We conducted perception experiments on tactile symbols to elucidate the impact of the size of these letters on the level of perceptibility. This study was based on the accessible design perspective and aimed at expanding the availability of tactile symbols for the visually impaired who are unable to read Braille characters. In particular, this study targeted people with acquired visual impairments as users of the tactile symbols. The subjects (young and elderly individuals) in this study had normal vision. They were asked to participate in the experiments to identify tactile symbols while unable to see their hand during the experiments. This study investigated the relation between the size and perceptibility of tactile symbols based on an examination using test pieces of these letters in different sizes. The results revealed that the error rates for both young and elderly subjects converged to almost 0% when 12 mm size tactile symbols were used. The findings also showed that the error rate was low and subjects could identify the symbols in 5 s when 16 mm size tactile symbols were introduced.

Keywords: accessible design, tactile sense, tactile symbols, bioinformatic

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Authors: Yosra Ben Mhamed

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Most previous research that investigates the importance of earnings volatility for a firm’s value has focused on the effects of earnings volatility on the cost of capital. Many study illustrate that earnings volatility can reduce the firm’s value by enhancing the cost of capital. However, a few recent studies directly examine the relation between earnings volatility and subsequent earnings levels. In our study, we further explore the role of volatility in forecasting. Our study makes two primary contributions to the literature. First, taking into account the level of current firm’s performance, we provide causal theory to the link between volatility and earnings predictability. Nevertheless, previous studies testing the linearity of this relationship have not mentioned any underlying theory. Secondly, our study contributes to the vast body of fundamental analysis research that identifies a set of variables that improve valuation, by showing that earnings volatility affects the estimation of future earnings. Projections of earnings are used by valuation research and practice to derive estimates of firm value. Since we want to examine the impact of volatility on earnings predictability, we sort the sample into three portfolios according to the level of their earnings volatility in ascending order. For each quintile, we present the predictability coefficient. In a second test, each of these portfolios is, then, sorted into three further quintiles based on their level of current earnings. These yield nine quintiles. So we can observe whether volatility strongly predicts decreases on earnings predictability only for highest quintile of earnings. In general, we find that earnings volatility has an inverse relationship with earnings predictability. Our results also show that the sensibility of earnings predictability to ex-ante volatility is more pronounced among profitability firms. The findings are most consistent with overinvestment and persistence explanations.

Keywords: earnings volatility, earnings predictability, earnings persistence, current profitability

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Authors: M. Deyab, A. Al-Sabagh, S. Keera

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The effects of flow velocity, sand concentration, sand size and temperature on erosion-corrosion of carbon steel in oil sands slurry were studied by electrochemical polarization measurements. It was found that the anodic excursion spans of carbon steel in oil sands slurry are characterized by the occurrence of a well-defined anodic peak, followed by a passive region. The data reveal that increasing flow velocity, sand concentration and temperature enhances the anodic peak current density (jAP) and shifts pitting potential (Epit) towards more negative values. The variation of sand particle size does not have apparent effect on polarization behavior of carbon steel. The ratios of the erosion rate to corrosion rate (E/C) were calculated and discussed. The ratio of erosion to corrosion rates E/C increased with increasing the flow velocity, sand concentration, sand size and temperature indicating that an increasing slurry flow velocity, sand concentration, sand size and temperature resulted in an enhancement of the erosion effect.

Keywords: erosion-corrosion, steel, oil sands slurry, polarization

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Authors: Adnan I. O. Zaid

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As aluminum solidifies in columnar structure with large grain size which reduces its surface quality and mechanical strength; therefore it is normally grain refined either by titanium or titanium + boron (Ti or Ti + B). In this paper, the effect of addition of either Ti or Ti + B to commercially pure aluminum on its grain size, Vickers hardness, mechanical strength and fatigue strength and life is presented and discussed. Similarly, the effect of vanadium addition to Al grain refined by Ti or Ti+ B is presented and discussed. Two binary master alloys Al-Ti and Al-Vi were laboratory prepared from which five different micro-alloys in addition to the commercially pure aluminum namely Al-Ti, Al-Ti-B, Al-V, Al-Ti-V and Al-Ti-B-V were prepared for the investigation. Finally, the effect of their addition on the fatigue cracks initiation and propagation, using scanning electron microscope, SEM, is also presented and discussed. Photomirographs and photoscans are included in the paper.

Keywords: aluminum, fatigue, grain refinement, titanium, titanium+boron, vanadium

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Authors: M. A. Deyab, A. Al-Sabagh, S. Keera

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The effects of flow velocity, sand concentration, sand size and temperature on erosion-corrosion of petroleum pipelines (carbon steel) in the oil sands slurry were studied by electrochemical polarization measurements. It was found that the anodic excursion spans of carbon steel in the oil sands slurry are characterized by the occurrence of a well-defined anodic peak, followed by a passive region. The data reveal that increasing flow velocity, sand concentration and temperature enhances the anodic peak current density (jAP) and shifts pitting potential (Epit) towards more negative values. The variation of sand particle size does not have apparent effect on polarization behavior of carbon steel. The ratios of the erosion rate to corrosion rate (E/C) were calculated and discussed. The ratio of erosion to corrosion rates E/C increased with increasing the flow velocity, sand concentration, sand size, and temperature indicating that an increasing slurry flow velocity, sand concentration, sand size and temperature resulted in an enhancement of the erosion effect.

Keywords: erosion-corrosion, oil sands slurry, polarization, steel

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Authors: Deeksha Arora

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The study aims to explore the applicability of the widely used asset pricing models, namely, Capital Asset Pricing Model (CAPM) and the Fama-French Four Factor Model in the Indian equity market. The study will be based on the companies that form part of the Nifty Fifty Index for a period of five years: 2011 to 2016. The asset pricing model is examined by forming portfolios on the basis of three variables – market capitalization (size effect), book-to-market equity ratio (value effect) and profitability. The study provides a basis to test the presence of the Fama-French Four factor model in Indian stock market. This study may provide a basis for future research in the generalized asset pricing model comprising of multiple risk factors.

Keywords: book to market equity, Fama French four factor model, market capitalization, profitability, size effect, value effect

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Authors: Ting Shen, Spyros Konstantopoulos

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During the past three decades, class size effects have been a focal debate in education. The idea of having smaller class is enormously popular among parents, teachers and policy makers. The rationale of its popularity is that small classroom could provide a better learning environment in which there would be more teacher-pupil interaction and more individualized instruction. This early stage benefits would also have a long-term positive effect. It is a common belief that reducing class size may result in increases in student achievement. However, the empirical evidence about class-size effects from experimental or quasi-experimental studies has been mixed overall. This study sheds more light on whether class size reduction impacts reading achievement in eight European countries: Bulgaria, Germany, Hungary, Italy, Lithuania, Romania, Slovakia, and Slovenia. We examine class size effects on reading achievement using national probability samples of fourth graders. All eight European countries had participated in the Progress in International Reading Literacy Study (PIRLS) in 2001, 2006 and 2011. Methodologically, the quasi-experimental method of instrumental variables (IV) has been utilized to facilitate causal inference of class size effects. Overall, the results indicate that class size effects on reading achievement are not significant across countries and years. However, class size effects are evident in Romania where reducing class size increases reading achievement. In contrast, in Germany, increasing class size seems to increase reading achievement. In future work, it would be valuable to evaluate differential class size effects for minority or economically disadvantaged student groups or low- and high-achievers. Replication studies with different samples and in various settings would also be informative. Future research should continue examining class size effects in different age groups and countries using rich international databases.

Keywords: class size, reading achievement, instrumental variables, PIRLS

Procedia PDF Downloads 291

Authors: P. B. Sob, A. A. Alugongo, T. B. Tengen

Abstract:

The activation volume of 6082T6 aluminum is investigated at different temperatures on grain size variants. The deformation activation volume was computed on the basis of the relationship between the Boltzmann’s constant k, the testing temperatures, the material strain rate sensitivity and the material yield stress of grain size variants. The material strain rate sensitivity is computed as a function of yield stress and strain rate of grain size variants. The effect of the material strain rate sensitivity and the deformation activation volume of 6082T6 aluminum at different temperatures of 3-D grain are discussed. It is shown that the strain rate sensitivities and activation volume are negative for the grain size variants during the deformation of nanostructured materials. It is also observed that the activation volume vary in different ways with the equivalent radius, semi minor axis radius, semi major axis radius and major axis radius. From the obtained results it is shown that the variation of activation volume increased and decreased with the testing temperature. It was revealed that, increased in strain rate sensitivity led to decrease in activation volume whereas increased in activation volume led to decrease in strain rate sensitivity.

Keywords: nanostructured materials, grain size variants, temperature, yield stress, strain rate sensitivity, activation volume

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Authors: Min Fang, Jiaxi Yang

Abstract:

Monetary policy could be less effective at stimulating investment during periods of elevated volatility than during normal times. In this paper, we argue that elevated volatility leads to a decrease in extensive margin investment incentive so that nominal stimulus generates less aggregate investment. To do this, we first empirically document that high volatility weakens firms’ investment responses to monetary stimulus. Such effects depend on the lumpiness nature of the firm-level investment. The findings are that the channel exists for all of the physical investment, innovation investment, and organization investment.

Keywords: investment, irreversibility, volatility, uncertainty, firm heterogeneity, monetary policy

Procedia PDF Downloads 106

Authors: Jasna Prester, Ivana Rašić Bakarić, Božidar Matijević

Abstract:

Various prominent scholars and substantial practitioner-oriented literature on innovation orientation have shown positive effects on firm performance. There is a myriad of factors that influence and enhance innovation but it has been found in the literature that new product innovations accounted for an average of 14 percent of sales revenues for all firms. If there is one thing that has changed in innovation management during the last decade, it is the growing reliance on external partners. As a consequence, a new task for purchasing arises, as firms need to understand which suppliers actually do have high potential contributing to the innovativeness of the firm and which do not. Purchasing function in an organization is extremely important as it deals on an average of 50% or more of a firm's expenditures. In the nineties the purchasing department was largely seen as a transaction-oriented, clerical function but today purchasing integration provides a formal interface mechanism between purchasing and other firm functions that services other functions within the company. Purchasing function has to be organized differently to enable firm innovation potential. However, innovations are inherently risky. There are behavioral risk (that some partner will take advantage of the other party), technological risk in terms of complexity of products and processes of manufacturing and incoming materials and finally market risks, which in fact judge the value of the innovation. These risks are investigated in this work since it has been found in the literature that the higher the technological risk, higher will be the centralization of the purchasing function as an interface with other supply chain members. Most researches on organization of purchasing function were done by case study analysis of innovative firms. This work actually tends to prove or discard results found in the literature based on case study method. A large data set of 1493 companies, from 25 countries collected in the GMRG 4 survey served as a basis for analysis.

Keywords: purchasing function organization, innovation, technological risk, GMRG 4 survey

Procedia PDF Downloads 482

Authors: Jae-Hyuk Hyun, Dong-Sung Bae, Jea-Sun Lee

Abstract:

The COVID-19 pandemic emphasized the benefits of natural green space on mental health in pandemic situations. The effects of greenspace on reducing mental health disorder are detected, but limitations impede highlighting the overall effectiveness of greenspace on mental health to be valid and significant. Therefore, this study aims to comprehensively and quantitatively analyze the effectiveness and significance of greenspace in reducing mental disorders after the COVID-19 outbreak. This study adopted a systematic review to select adequate, necessary studies with significant associations between greenspace and mental health after COVID-19. Meta-analysis is performed using the selected studies for calculating and analyzing the combined effect size of greenspace on reducing mental disorder, difference of effect size in various factors of greenspace or mental health, and variables’ effects on greenspace or mental health. Also, a correlation test using MQRS and effect size is performed to determine significant correlations of factors in greenspace and mental health. The analysis confirmed the combined effect size of the association between greenspace and mental health to be interpreted as large enough (medium effect size, 0.565). Various factors consisting of greenspace or mental health had considerable effect sizes, with heterogeneity existing between studies of different greenspace and mental health aspects (subgroups). A significant correlation between factors in greenspace and mental health was identified, with correlations satisfying both reliability and effectiveness used for suggesting necessary greenspace policies with mental health benefits during the pandemic situation. Different variables of the study period, female proportion, and mean age significantly affected certain factors of greenspace or mental health, while the increase in effects of greenspace on mental health was detected as the COVID-19 period continued. Also, the regional heterogeneity of effects on the association between greenspace and mental health is recognized in all factors consisting of greenspace and mental health except for the visitation of greenspace. In conclusion, valid and significant effects were detected in various associations between greenspace and mental health. Based on the results of this study, conducting elaborate research and establishing adequate and necessary greenspace policies and strategies are recommended to effectively benefit the mental health of citizens in future pandemic situations.

Keywords: greenspace, natural environment, mental health, mental disorder, COVID-19, pandemic, systematic review, meta-analysis

Procedia PDF Downloads 68

Authors: Tao Youjun, Zhao Younan

Abstract:

The separation effect of fine coal can be improved by the process of pre-desliming. It was significantly enhanced when the fine coal was processed using Falcon concentrator with the removal of -45um coal slime. Ultrafine classification tests using Krebs classification cyclone with annular rinse water showed that increasing feeding pressure can effectively avoid the phenomena of heavy particles passing into overflow and light particles slipping into underflow. The increase of rinse water pressure could reduce the content of fine-grained particles while increasing the classification size. The increase in feeding concentration had a negative effect on the efficiency of classification, meanwhile increased the classification size due to the enhanced hindered settling caused by high underflow concentration. As a result of optimization experiments with response indicator of classification efficiency which based on orthogonal design using Design-Expert software indicated that the optimal classification efficiency reached 91.32% with the feeding pressure of 0.03MPa, the rinse water pressure of 0.02MPa and the feeding concentration of 12.5%. Meanwhile, the classification size was 49.99 μm which had a good agreement with the predicted value.

Keywords: hydrocyclone, ultrafine classification, slime, classification efficiency, classification size

Procedia PDF Downloads 167