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Maintenance represents an indispensable role in the productive sector of the steel industry. The increasing use of operating with a high level of precision makes hydraulic systems one of the issues that require a high level of attention. This study aims to explore an empirical investigation for decreasing the occurrences of corrective maintenance of hydraulic systems in the context of Lean 4.0.

The maintenance model is developed based on action-research methodology through an empirical investigation, with nine stages. This approach aims to build a scenario to analyze and interpret the occurrences, seeking to implement and evaluate the actions to be performed. The undertaken initiatives demonstrate that this approach can be applied to optimize the maintenance of an organization.

The main contribution of this paper is to demonstrate that the applied method allows the overviewing results, with a qualitative approach concerning the maintenance actions and management processes to be considered, allowing a holistic understanding and contributing to the current literature. The results also indicated that Lean 4.0 has direct and mediating effects on maintenance performance.

This research intends to propose an evaluation framework with an interdimensional linkage between action research methodology and Lean 4.0, to explore an empirical investigation and contributing to understanding the actions to reduce the occurrences of hydraulic systems corrective maintenance in a production line in the steel industry.

The present study aims to verify whether there is a positive (negative) role being played by the institutional investors on the loss-making companies' performance.

The authors employ panel data regression and two-step system generalised method of moments (SYS-GMM) to test the above objective.

The empirical results clearly show that no positive relation is found between institutional investors and loss-making companies' performance.

The findings of the study might have significant implications for firms to improve the firms' operational performance [return on assets (ROA)]. Also, the firm's financial performance [return on equity (ROE)] could be improved by increasing profitability which will reflect in the share prices of the firms whereby the performance can build the investors' confidence over the firm. Market performance (Tobin's Q) could be increased by providing more attractive offers and discounts to customers to capture the business opportunities available in the market.

The overall findings might have for reaching implications in the manufacturing sector with regard to allowing (disallowing) institutional investors.

The results of the study may help both companies and institutional investors.

This is the maiden attempt to study whether loss-making companies could be positively (negatively) impacted by the arrival of sophisticated institutional investors [foreign institutional investors (FIIs) and domestic institutional investors (DIIs)]. Further, this study is largely different from previous studies in terms of using new variables which are related to firm characteristics and valuation multiples. Further, seeing if the institutional investors tend to enhance the firm performance is curious.