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The paper aims to provide an assessment of a tool for the macro‐level measurement of intellectual capital developed by Corrado, Hulten and Sichel (CHS model).

The aim paper assesses the validity and accuracy of the CHS model in measuring intellectual capital in general and to see whether it has application at the national economy level.

The model's new accounting ideas have great potential, but some serious question marks remain. The key advantage of the model is that it accumulates capitalized intangibles over time. On the other hand, the elements of intellectual capital, i.e. spending on innovative property and economic competencies, software and other computerized information, are too vague and problematic.

CHS model is a rather frequently used method for measuring intellectual capital. However, its validity has not been under critical analysis or examination earlier. Therefore, the results of this paper bring important and valuable information into reliable measurement of intellectual capital and are a step forward to develop more valid methodologies within intellectual capital research.

Recent work on the econometric specification of the consumption function by London Business School (LBS) forecasters has argued that the inclusion of a variable capturing movements in demographic structure is essential to the explanation of the recent sharp drop in the UK personal savings ratio. It is shown that the inclusion of demographic factors does not provide a model that is robust to alternative data formulations. On the contrary, an adequate explanation for recent movements in aggregate consumers′ expenditure can be found using the LBS data by specifying a consumption function that incorporates adjustment of income to control for the maintenance of the real value of asset holdings, following Hendry and Von Ungern‐Sternberg (1981).

This paper aims to examine the empirical relationship between firm-level characteristics and the variability of the average portfolio returns of distressed firms. The cross-sectional role of momentum in the market mispricing of distressed firms is evaluated. Distress risk associated with size and book-to-market ratio is also disentangled.

All of NYSE, AMEX and NASDAQ stocks between January 1972 and December 2008 are used, and the individual and joint role of firm characteristics are studied in detail. Using a measure of distressed stocks based on Campbell, Hilscher and Szilagyi (CHS, 2008), new findings on how stock return anomalies are related to the interactions between firm characteristics and financial distress risk are provided.

The findings show that the size and value effects are not due to distress risk. Also, contrary to the existing empirical evidence, momentum does not proxy for distress risk. Furthermore, in the cross-sectional analysis, momentum subsumes the effect of size risk, and book-to-market acts as an independent state variable.

The exposition of the paper is limited in many directions. To measure the extent of financial distress, only the model of CHS (2008) is used. As the level of distress is the key input in the paper, it would be interesting to use some other measure of distress, such as Z-score and O-score in the sample.

Collectively, the pricing results in this paper help to foster a better understanding of the nature of distressed stocks, and the identification of distress risk premium. It will help scholars and investment professionals to make robust portfolio management decisions.

Overall, this paper investigates an important research direction that can potentially shed new light on our understanding of the risk–return relationship of financially distressed stocks. The individual effect of momentum on the variability of the distressed firm’s average returns is highlighted. A formal cross-sectional test of the relationship between distress risk and firm characteristics that include momentum is presented. None of them is quite known in the existing literature.

The purpose of this paper is to examine to what extent national intangible capital (NIC) explains GDP growth and to assess its impact on GDP formation in different countries. The paper brings a new perspective to explaining hidden economic drivers.

The paper introduces a new theoretically and computationally justified method, so-called ELSS model that is based on expansion and augmentation of the Cobb-Douglas production function with a wide range of NIC indicators. The method is applied by using the database that contains NIC indices for 48 countries covering the period from 2001 to 2011.

The results show that intangible capital accounts for 45 per cent of world GDP. The figure for the USA is 70.3 per cent and for the European Union 51.6 per cent. The Nordic countries stand out with a higher figure at 64.7 per cent, with NIC contributing to 72.5 per cent of GDP in Sweden, 69.7 per cent in Finland and 67.6 per cent in Denmark.

The expanded Cobb-Douglas production function is sensitive to valuations of capital inputs and sensitive to estimates of production shares for various augmenting and expanding inputs. Therefore further work is needed to develop and test methodologies for the assessment of all of these.

ELSS production function helps to give a realistic picture of the value and impact of NIC and accordingly gives evidence for accurate investment decisions for the future.

The method will help policy makers figure out what steps are needed to reduce the cross-country NIC differences.

The authors have uncovered the value of NIC beyond monetary inputs, and at the same time taken account of country specifics. The ELSS formula is comprehensive yet not too complicated to replicate. The approach significantly contributes to the development of the current research tradition into intangibles.

The purpose of this study is to examine the effect of companies’ Shariah compliance (SC) debt financing decisions, financing with retained earnings (REs), cash holdings, capital expenditures and dividend pay-out policies.

The sample consisted of 1,648 firm-year observations of GCC non-financial firms from various industries. The authors scrutinised the firms over a period of eight financial years from 2012 to 2019. To analyse the research hypotheses, the authors used a panel data model using ordinary least squares and generalised method of moments, depending on historical data.

The results of this study show a negative effect of SC on debt financing decision and dividend pay-out policies but a positive effect on financing decision with REs, cash holdings and the decision on capital expenditures.

This study's findings provide a better understanding of the role of restrictions of financing options in SC companies on financing decisions in the GCC. Whether religious or simply interested in investing in SC companies, investors can benefit from knowing that these companies make financial decisions that may affect their short- and long-term profits for policymakers and regulators. This study may be valuable in evaluating the effect of restrictions imposed by Islamic Shariah on how firms make different financial decisions. Policymakers should encourage the issuance of Islamic financial products and prepare two financial indicators to classify SC firms.

The main contribution of this study is to obtain empirical evidence on the effect of SC on a set of financial decisions. To the best of the authors’ knowledge, this study is the first to focus on non-financial companies committed to Shariah. They do not depend on interest-bearing loans for their financing but are limited to financing by shares, financing with REs and financing using various Islamic financing formulas.

The purpose of this paper is to examine an organisation‐wide restructuring exercise by investigating the effectiveness of strategy development and deployment processes in a National Health Service (NHS) Community Health Services (CHS) organisation.

The authors used an embedded single‐case study approach to gather and analyse rich data in order to understand how an organisation can develop and deploy its strategy, and to appreciate the key tools, techniques and issues related to this process. A range of data collection methods, including archival records, interviews, observations and questionnaires, was employed to permit triangulation of the results.

The research led to an understanding of how the Balanced Scorecard (BSC) and the Closed‐Loop Management System (CLMS) can be adapted to support the local CHS. In total, 17 key areas for success are presented and used to assess the current capability within the case study organisation.

The authors’ investigation examined the potential for improved strategic development and deployment through the adaptation of the BSC and a CLMS within a NHS CHS organisation.

A six‐step conceptual model is presented which can be used to guide organisations. The model permits the assessment of capability in order to highlight current strengths and weaknesses.

As a suitably skilled workforce is required for the successful implementation of any management system, the research expanded the scope of the study by including an assessment of the organisation's readiness for adapting formal strategy deployment systems.

The aim of this study was to test whether the client homebound score (CHS), the case management intensity score (CMIS) and the client priority visit score (CPVS) could be used to predict in‐home time of professional caregivers in the Aspen community care program. A random sample of 34 community care clients from the different geographical areas of the Aspen Regional Health Authority was selected and the home visits for each client were tracked for three months. Information such as client demographics, the client diagnostic category, number and in‐home time of visits was collected. In addition, the CHS, the CMIS and the CPVS were measured for each client. Data were analyzed, using a robust variance estimator regression model. CMIS was found to be the best predictor of in‐home time (coefficient 9.521, p > 0.001), followed by the CHS and the CPVS.

This paper examines the relation between takeover likelihood and the documented underperformance of distressed company stocks while exploring two competing hypotheses. The failure risk explanation predicts lower returns to distressed firms with high probability of being acquired because the acquisition reduces risk and investors' required return. Conversely, the agency conflicts explanation predicts lower returns when acquisition is unlikely.

The likelihood of receiving a takeover bid is estimated, and portfolio tests explore the underperformance of distressed company stocks relative to non-distressed stocks across varying levels of takeover likelihood. Predictive regressions subsequently examine the relation between distress, takeover exposure and future firm operating performance including how the relation is affected by state anti-takeover laws.

Distressed stocks underperform non-distressed company stocks by economically and statistically significant margins when takeover likelihood is low, yet there is no evidence of underperformance among distressed stocks with moderate or high takeover exposure. Consistent with agency conflicts playing a key role, distressed firms that are disciplined by takeover threats invest more, use more leverage and experience higher future profitability. State-level anti-takeover legislation limits this disciplinary effect, however.

The results show that the well-documented distress anomaly is driven by a subset of distressed firms whose managers face limited pressure from the external takeover market. The evidence casts doubt on the failure risk explanation and suggests that agency conflicts play a key role.

This paper deals with the optimization of coal handling system performability for a thermal power plant.

Coal handling system comprises of five subsystems, namely Wagon Tippler, Crusher, Bunker, Feeder and Coal Mill. The partial differential equations are derived on the behalf of transition diagram by using the Markov approach. These partial differential equations are further solved to obtain the performance model with the help of normalization condition. Numerous performability levels are achieved by putting the appropriate combinations of failure and repair rates (FRRs) in performance model. Performability optimization for coal handling system is obtained by varying the population and generation size.

Highest performability level, that is, 93.33 at population size of 40 and 93.31 at generation size of 70, is observed.

The findings of this paper highlight the optimum value of performability level and FRRs for numerous subsystems. These findings are highly beneficial for plant administration to decide about the maintenance planning.

The purpose of this paper is to formulate and validate a measurement model to evaluate the service quality of cultural centers. This study aims to expand the domain of service quality measurement models by extending the SERVQUAL model to an alternative measurement tool called the ARTQUAL model based on three different preferences and scenarios including concert halls, theater halls and art galleries.

The data were collected from 15 cultural centers. Structural equation modeling (SEM) was utilized in the current research to study the association between aesthetic environments and service quality. An exploratory factor analysis took place to formulate the fundamentals of the measurement model. The validation process is based on a hybrid framework integrating the covariance-based SEM along with the partial least square technique to present a robust validity of the ARTQUAL model. Ultimately, an extensive managerial analysis has been established to show the practicality of the ARTQUAL model.

This study provides empirical evidence that the ARTQUAL instrument is proven to be valid, reliable and appropriate to evaluate the service quality of cultural centers. Based on the real-world managerial analysis, the ARTQUAL model showed a significant practicality in quality evaluation of aesthetic environments.

One of the most important limitations of quantitative studies, based on aesthetic features, is the cultural preferences. This limitation is due to the nature of cultural preferences and partialities applied in different countries based on the definition of quality involving aesthetic aspects such as age, sex and culture. Meanwhile, the findings of this study can guide the service management experts to better understand and improve customers’ perceptions and orientations of service quality in aesthetic environments.

This paper presents a novel service quality measurement model in order to evaluate the service quality of cultural centers. The originality of the current study is not merely limited to the suggestion of a new quality measurement model, a hybrid statistical validation framework has been provided as well. Therefore, this study provides valuable guidelines to both practitioners and academics to enhance the quality of service measurements in cultural centers.