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The purpose of this paper is to present a model to value leveraged firms in the presence of default risk and bankruptcy costs under a flexible firm’s debt structure.

The authors assume that the total debt of the firm is a combination of two debt components. The first component is an active debt component which is assumed to be proportional to the firm’s value. The second one is a passive predetermined risk-free debt component. The combination of the two debt categories makes the firm’s capital structure more realistic and allows us to include flexibility into the firm’s debt structure management. The firm’s valuation is performed using the discounted cash flow technique based on the weighted average cost of capital (WACC) method.

The model can be used to define active debt management strategies that can induce the firm to deviate from its capital structure target in order to preserve debt capacity for future funding needs. The firm’s valuation is performed by using the WACC method and a closed form valuation formula is provided. Such a formula can be used to value costs and benefits of financial flexibility.

The proposed approach provides a good compromise between mathematical complexity and model capability of interpreting the various economic and financial aspects involved in the firm’s debt structure puzzle.

This model offers a realistic approach to practical applications where real financing decisions are characterized by a simultaneous use of these two debt categories. By comparing costs and benefits deriving from using unused debt capacity for future funding needs, the model provides a quantitative support to investigate if financial flexibility can add value to firms.

To the authors knowledge, the approach the authors propose is the first attempt to build a valuation scheme that accounts for firm’s financial flexibility under default risky debt and bankruptcy costs. Including financial flexibility, this model fills an important gap in the literature on this topic.

Gamma-aminobutyric acid (GABA) is a four-carbon and nonprotein amino acid, made by various microorganisms, especially lactic acid bacteria (LAB) and probiotics. GABA has various physiological roles, for instance, insomnia, depression, hypotensive activity as well as diuretic effects. The production of GABA-based foods is a favorable result from GABA’s biological and functional properties. The purpose of this study is to investigate different methods of improving GABA production in probiotics and LAB to select the superlative method and bacterial strain.

In this review paper, all articles from five electronic databases containing Google Scholar, Web of Science, PubMed, Scopus and Science Direct were considered from 2000 to January 11, 2023, with keywords “Optimization” OR “Enhance” OR “Increase” AND “Gamma-aminobutyric acid” OR “GABA” AND “Probiotics” OR “Lactic acid bacteria” and selected according to the purpose of the study.

It seems that among all the investigated methods, an effective fermentation procedure with optimal conditions including fermentation medium, 5 L; glutamic acid, 295 g/L; incubation temperature, 32°C; inoculum, 10% (v/v); and agitation, 100 rpm, after 48 h of fermentation led to producing 205,800 mg/L of GABA from the effective bacterial strain Lactobacillus brevis NCL912.

With a simple but optimized fermentation, L. brevis NCL912 can be used for the efficient GABA production in the pharmacy and food factories.

Autonomous obstacle avoidance is important in unmanned surface vehicle (USV) navigation. Although the result of obstacle detection is often inaccurate because of the inherent errors of LIDAR, conventional methods typically emphasize on a single obstacle-avoidance algorithm and neglect the limitation of sensors and safety in a local region. Conventional methods also fail in seamlessly integrating local and global obstacle avoidance algorithms. This paper aims to present a cooperative manoeuvring approach including both local and global obstacle avoidance.

The global algorithm used in our USV is the Artificial Potential Field-Ant Colony Optimization (APF-ACO) obstacle-avoidance algorithm, which plans a relative optimal path on the specified electronic map before the cruise of USV. The local algorithm is a multi-layer obstacle-avoidance framework based on a single LIDAR to present an efficient solution to USV path planning in the case of sensor errors and collision risks. When obstacles are within a layer, the USV uses a corresponding obstacle-avoidance algorithm. Then the USV moves towards the global direction according to fuzzy rules in the fuzzy layer.

The presented method offers a solution for obstacle avoidance in a complex environment. The USV follows the global trajectory planed by the APF-ACO algorithm. While, the USV can bypass current obstacle in the local region based on the multi-layer method effectively. This fact was validated by simulations and field trials.

The method presented in this paper takes advantage of algorithm integration that remedies errors of obstacle detection. Simulation and experiments were also conducted for performance evaluation.

Despite increased emphasis on diversity marketing, much remains unknown about how brands should approach diversity. This paper aims to understand what constitutes a brand’s approach to diversity (BATD), establish a categorisation of such approaches, outline the effects on audience connectedness and establish a future research agenda.

This conceptual paper draws on critical theory and practical exemplars to present a conceptualisation of BATD.

Using two determinants, depth of diversity integration and order of entry, it is possible to categorise BATD into four types: transformative, adaptive, passive and performative. Early adoption and greater depth of diversity approaches (i.e. multidimensional to an intersectional representation of identities) provide optimal opportunities for evoking connectedness.

The conceptual typological framework for BATD helps delineate how varying levels of diversity depth and order of entry influence audience connectedness. A detailed agenda for further research can guide ongoing diversity research.

Creating a typology reduces complexity and helps marketers recognise the differing components, manifestations and effects of their diversity approach. To increase connectedness and reduce audience scepticism, marketers must seek deeper-level diversity integrations and adopt approaches earlier.

This study offers a novel conceptualisation of BATD by defining it, distinguishing it from related research themes and moving beyond single diversity dimensions and marketing mix elements. Further, audience connectedness is positioned as a critical consequence as it can instigate desirable brand outcomes, benefit those identities represented and promote a more inclusive society.

Looks at the practice of stipulating in international contracts which country’s law should govern any disputes that arise, using a governing‐law clause. Considers the regulations relating to contractual matters of conflict of laws laid down by the 1980 Convention on the Law Applicable to Contractual Obligations, which exclude bills of lading unless they are regarded as non‐negotiable instruments. Outlines the treatment of conflict of laws relating to bills of lading under Greek, US and English law, citing legal cases as examples, and reveals that in all three legal systems the choice of the applicable law, set out in the contract itself, is included in the bill of lading. Uncovers contradictions in the Greek and English approaches to the contractual role of bills of lading, and suggests that a uniform approach must be adopted, following the lead of US legislation, which clearly specifies that the bill of lading is the contract of carriage in which the choice of law is explicitly stated.

This paper aims to investigate the relationships among supply chain management (SCM) implementation, human resource management (HRM) practices and small- and medium-sized enterprises (SMEs) firm performance in Thailand. It further examines whether HRM practices have a mediating effect on such relationship.

A survey instrument was developed based on the literature review which then was verified by SCM expert opinions. Cross-sectional surveys of sample employees of SMEs in Thailand were undertaken by both direct and mail surveys. Of about 779 questionnaires distributed, 203 usable questionnaires were returned. Structural equation modeling (SEM) was performed to analyze the obtained data.

The statistical results reveal that SCM indirectly improves firm performance of small- and medium-sized firms through HRM practices. The latter, HRM practices, is found to fully mediate the impact of SCM implementation on SME firm performance. These results suggest that SCM cannot enhance SME firm performance if its implementation is undertaken without effective HRM practices.

This study identified the research gap in SCM areas by recognizing the scarcity of research on SCM in SMEs and by identifying and integrating HRM practices as a significant behavioral support system to SCM implementation in SMEs. Its results reveal that HRM practices fully mediates the impact of SCM on SMEs’ firm performance.

This paper aims to go a step further in the analysis of double fit in the human resource management (HRM) strategy context, exploring how its effect on performance is influenced by employees’ perceptions about the HRM strategy. Traditionally, the literature has considered the need for a double fit (horizontal and vertical) in the design of HRM strategies. However, as recent critical reviews have argued, a deeper theoretical analysis seems to be needed to understand fully how they affect organisational performance, and why firms with similar levels of alignment have different human resource outcomes.

Based on the literature review, the paper proposes a new theoretical model combining two fields of the strategic HRM literature which had been traditionally disconnected: the double fit approach and the literature on employee satisfaction and involvement. The design of the HRM strategy is reviewed considering the classical distinction between universalistic, contingent, contextual and configurational perspectives.

The findings of this paper provide an alternative model to examine the double fit in the HRM strategy context.

Drawing on these approaches, the paper proposes the introduction of the “system strength” construct, which measures the perceived robustness of the HRM system, as a moderator of the effects of double fit on organisational performance.

Refers to the history of the maritime sale of goods which resulted in a bill of lading, representing goods at sea in a ship. Attempts to determine whether or not a bill of lading is a negotiable instrument if it is characterized by such words as to order or to bearer. Compares US, Greek and English law and finds that English law is not in line with US and Greek law. Refers to the English Carriage of Goods by Sea Act (COGSA) 1992. Claims that differences in law may cause some problems for international trade and mentions the European Commission’s project to examine the feasibility of electronic bills of lading.

This paper aims to categorize users of voice assistants and analyze decision-making conflicts to predict intention to adopt voice commerce (v-commerce).

This exploratory study used expert survey-based data collection founded on data saturation.

This study identifies three forms of voice systems based on senses aroused (screen first, voice only and voice first) and four profiles of voice users (passive resistant, hedonistic adopter, utilitarian adopter and active resistant), each with a different appraisal of the benefits and costs of v-commerce adoption and the experiences (positive or negative) felt during the shopping experience. This study proposes a conceptual model to predict intention to adopt v-commerce depending on voice-system and -user characteristics.

Learning from this study can help improve the marketing strategies and actions put in place by voice-assistant brands and advertisers by providing insights for adapting product recommendation algorithms to meet the needs of the identified profiles.

This paper provides an answer to the limits of classical approaches based on “one-size-fits-all” strategy by showing how voice-assistant users have different profiles that span a gradient of advance in technology adoption.

The main purpose of the present study was to improve and develop previously proposed models for Iran telecommunication networks. It should be noted that the six-dimensional (6D) sustainability model used in this study will be a useful and comprehensive model for industries. Since, the new dimension of IT along with the five well-known economic, social, environmental, technical and institutional aspects of organizations is considered to have great impacts on supply chain sustainability; the proposed framework can be practical.

According to the related literature review, there are two research streams in supply chain management. The first stream is exploratory research, seeking out conceptual discussions in this area. The second one is associated with mathematical models and techniques, aiming to set decision-making rules in this regard (Agrell et al., 2004). In this study, evaluation was performed using the FMEA method as an analytical technique based on the principle of pre-occurrence prevention to identify potential failure factors in sensitive systems (Mohammadfam and Kianfari, 2008).

After identifying the risks and causes of the incidence and effects and consequences of risks, preventive and risk control measures and advisory strategies were presented. Customers with 45.76% share in critical risks are threatening to maintain supply chain in these companies. During this study, it was found that 33.9% of the main source of supply chain critical risks was customers, constituting 45.76% of such risks, accompanied by organization, having a 38.88% share of critical risk generation. The study findings also revealed that 33.9% of critical risks were mainly (equally) related to economic and technical aspects of supply chain sustainability in telecommunication networks. Moreover, as a newly-introduced sixth dimension, IT represented 10.17% of critical risks threatening supply chain sustainability in such networks. Critical risks are mainly related to the economic and technical aspects (equally) with the sustainability of the telecommunication networks supply chain. Also, as a new finding and the sixth dimension, 10.17% of the critical risks that threaten the sustainability of the telecommunication networks supply chain have the information technology dimension.

The internet and fixed and mobile data services are provided by several private companies in Iran, which are relatively similar in terms of their supply chains. In order to manage the sustainability of Iran's telecommunication supply chain, telecommunication networks affiliated to Iran Telecommunication Company (ITC), operating in the field of data and internet services and fixed telephone were selected in 31 provinces. The intended networks were also providing an important part of the country's needs including Mobile Telecommunication Company of Iran, a subsidiary of Iran's telecommunication networks, as one of the top companies in this industry. Accordingly, all the networks studied in this study needed to be identified with regard to communication sustainability risks, since they provide management solutions to each other by segregating risks. In this study, 68 managers and 72 experts participated in different work teams of telecommunication networks.