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I examine patterns of making or deferring strategic repatriations that firms can use to either meet analysts' forecasts or defer to maintain future reported earnings flexibility. First, I examine the extent to which firms repatriate earnings from high foreign tax subsidiaries to decrease US tax expense, resulting in increased net income and lower cash taxes. Using federal tax return information, I find evidence that firms strategically repatriate these earnings to meet or beat current analysts' forecasts. Next, I find evidence that firms that are able to obtain current year tax reductions defer these repatriations in an attempt to build cookie-jar reserves. Lastly, I find that firms do not disclose high foreign tax repatriations (HTRs), even when required by SEC rules. This study contributes to the earnings management, tax avoidance, and disclosure literature by examining a discretionary tax planning strategy.

The authors analyze the association between the functional background of the compensation committee chair and CEO compensation. The analysis is motivated by the continuing debate about the reasonableness of executive pay patterns and the growing emphasis on the role of compensation committees.

The authors define three expert categories—accounting, finance, and generalist—and collect data on the compensation committee (CC) chairs of the S&P 500 firms from 2008 to 2018. The authors run an ordinary least square model and regress CEO total and cash compensation on the three expert categories.

The authors find that firms in which the CC chair has expertise in accounting, finance, and general business favor performance measures that are more aligned with accounting, finance, and general business, respectively. There is little evidence that CC chairs who are CEOs of other firms endorse more generous pay for the host CEO; the authors find some evidence that CC chairs tenure relative to the host CEO's is negatively associated with the level of the CEO's pay.

This study suggests that firms and regulators should consider the background of the compensation committee chair to understand the variations in top executive.

Companies desiring to link executive compensation to particular areas of strategy must also consider matching the functional background of the compensation committee chair with the target strategy areas. From regulatory standpoint, requiring compensation committees to operate independent of inside directors can reduce attempts by inside directors to skim the process, but a failure to also consider the impact of compensation committees' discretion over the pay-setting process can distort the executives' pay-performance relation.

This is the first study to examine the effects of the functional background of the compensation committee chair on CEO compensation.

This numerical study aims to investigate the modification of the hexagonal pin fin geometry to enhance both the thermal and hydraulic performance of the copper micropin fin heat sink with single-phase water coolant in a laminar regime. The heat sink performance evaluation criteria have been investigated for the parametric effects of vertex angle θ (10–120) and relative length (RL) (0.25–9) of hexagonal pin fins.

To carry out research and reduce the computational cost, only one heat sink unit is simulated and analyzed using periodic boundary conditions on the side walls and includes a hexagonal pin fin and half channel on both sides to reflect the structural characteristics completely. The governing equations are also solved using finite volume method.

The results reveal that θ = 60 and RL = 1 yield the optimum thermal performance and heat sink performance is significantly influenced by the vertex angle and RL. The modified hexagon geometry improves fluid flow behavior by reducing the volume of the recirculation region behind the pin fin, preventing its effects on the downstream pin fins and restricting the thermal boundary layer development on its straight side. At Re = 1,000, the modified geometry enhances the average Nusselt number by 24.46% and the thermal performance factor by 23.89%, demonstrating the potential of modified hexagonal pin fins to enhance micropin fin heat sink performance.

Prior studies suggest using the pin fins with a regular hexagonal cross-section to obtain better thermal performance. However, this comes with a higher pressure drop penalty. The modification of the hexagonal pin fin geometry has been investigated in this numerical study to enhance both the thermal and hydraulic performance of the micropin fin heat sink. Because little attention has been paid to the modification of the regular hexagonal pin fins, as a geometry inspired by natural honeycomb structures, its design optimization is relatively scarce, and a gap was felt in this field.

When the temperature of an air conditioning unit’s fin surface goes below its dew point temperature, condensation forms on the unit’s surface. As a result, the cooling coil’s performance is compromised. By altering the cross-section and heat conductivity of the fins, the performance of such systems can be improved. This study aims to analyze the thermal performance of longitudinal fins made up of a variable thickness (assuming constant weight) and functionally graded material.

Different grading parameters are considered for an exponential variation of thermal conductivity. The humidity ratio and the corresponding fin temperatures are assumed to follow a cubic relationship. The Bvp4c solver in MATLAB^® is used to solve the differential heat transfer equation resulting from balancing heat transfer in a small segment.

Validation of the methodology is provided by previous research presented in this area. For different combinations of grading parameters, geometry parameters and relative humidity, the normalized temperature distribution along the fin length and fin efficiency contours are plotted, and the results are very promising.

When compared to the efficiency of an isotropic homogenous rectangular longitudinal fin with optimal geometry and grading parameters, a 17% increase in efficiency under fully wet conditions is measured. When it comes to fin design, these efficiency contour plots are extremely useful.

This study examines the impact of financial inclusion on the corporate sustainability of banks in both Organization of Islamic Cooperation (OIC) and non-OIC emerging economies, considering the COVID-19 pandemic.

The research utilizes data from 3,159 bank-years from 2007 to 2021 across 33 emerging markets.

Empirical findings indicate that firms operating in higher financial inclusion developing countries tend to exhibit higher levels of sustainable development. This positive relationship has become even more pronounced during the COVID-19 pandemic, suggesting the importance of financial inclusion in fostering corporate sustainability, especially in times of economic challenges. Interestingly, while the positive correlation between financial inclusion and sustainable development remains consistent across both OIC and non-OIC countries, firms in OIC countries do not show significant changes during the pandemic.

This observation suggests that the pandemic’s impact on corporate sustainability may vary between the two groups of countries. This study highlights the significance of financial inclusion in promoting corporate sustainability in developing economies. In times of recessions when accessing finance becomes expensive, policymakers in OIC countries should identify firms that adhere to Islamic principles, such as those sensitive to interest rates, and provide them with targeted support. This assistance can enable these companies to compete effectively and achieve their financial sustainability objectives.

There has been no attempt to investigate the effect of financial inclusion and the pandemic on the sustainable development of banks in developing countries.

The purpose of this paper is to study the thermal behavior of radial porous fin surrounded by water-base copper nanoparticles under the influence of radiation.

In order to optimize the response variable, the authors perform sensitivity analysis with the aid of response surface methodology (RSM). Moreover, this study enlightens the applications of artificial neural networks (ANN) for predicting the temperature gradient. The governing modeled equations are firstly non-dimensionalized and then solved with the aid of Runge–Kutta fourth order together with the shooting method in order to guess the initial conditions.

Numerical results are analyzed and presented in the form of tables and graphs. This study reveals that the temperature of the fin is decreasing as the wet porous parameter increases (m₂) and the temperature for 10% concentration of nanoparticles are higher than 5 and 1%. Physical parameters involved in the study are analyzed and processed through RSM. It is come to know that sensitivity of temperature gradient to radiative parameter (Nr) and convective parameter (Nc) is positive and negative to dimensionless ambient temperature (θ_a). Furthermore, after ANN training it can be argued that the established model can efficiently be used to predict the temperature gradient over a radial porous fin for the copper-water nanofluid flow.

To the best of our knowledge, only a few attempts have been made to analyze the thermal behavior of radial porous fin surrounded by copper-based nanofluid under the influence of radiation and convection.

This study investigates the impact of three parameters such as: number of LED chips, pitch and LED power on the junction temperature of LEDs using a best heat sink configuration selected according to a lower temperature. This study provides valuable insights into how to design LED arrays with lower junction temperatures.

To determine the best configuration of a heat sink, a numerical study was conducted in Comsol Multiphysics on 10 different configurations. The configuration with the lowest junction temperature was selected for further analysis. The number of LED chips, pitch and LED power were then varied to determine the optimal configuration for this heat sink. A general equation for the average LED temperature as a function of these three factors was derived using Minitab software.

Among 10 configurations of the rectangular heat sink, we deduce that the best configuration corresponds to the first design having 1 mm of width, 0.5 mm of height and 45 mm of length. The average temperature for this design is 50.5 C. For the power of LED equal to 50 W–200 W, the average temperature of this LED drops when the number of LED chips reduces and the pitch size decreases. Indeed, the best array-LED corresponds to 64 LED chips and a pitch size of 0.5 mm. In addition, a generalization equation for average temperature is determined as a function of the number of LED chips, pitch and power of LED which are key factors for reducing the Junction temperature.

The study is original in its focus on three factors that have not been studied together in previous research. A numerical simulation method is used to investigate the impact of the three factors, which is more accurate and reliable than experimental methods. The study considers a wide range of values for the three factors, which allows for a more comprehensive understanding of their impact. It derives a general equation for the average temperature of the LED, which can be used to design LED arrays with desired junction temperatures.

The purpose of this paper is to examine the effects of financialisation on the changing structure of housing supply in Malaysia. The share of newly launched sub-MYR250,000 houses has been decreasing continuously in the past decade. This implies that housing developers are launching more expensive houses. The greater focus on higher cost housing could be attributed to inflation. But while input cost is rising, the housing sector has also become increasingly financialised. This claim can be supported by the rising share of mortgage and real estate loans in gross domestic product. Financialisation is a process in which the financial sector becomes more dominant relative to the real sector. The extent to which this process is responsible for the changing structure of housing supply in Malaysia is investigated.

A survey of the literature suggested that the decreasing the proportion of newly launched sub-MYR250,000 housing could be result of rising input cost, greater degree of financialisation and changing market concentration. Thus, long-run cointegrating equations were formulated and estimated. These equations linked housing share with financialisation, market structure and input cost. The quantitative and qualitative impact of financialisation on the structure of housing supply is of interest.

The analyses of secondary data suggested that financialisation and input cost did indeed contribute to the decrease in proportion of newly launched sub-MYR250,000 housing. However, the impact of market concentration on housing share was ambiguous. This conclusion survived several robustness checks.

The financialisation of the housing sector implies that developers are increasingly building for profits instead of accommodating the social objective of providing shelter. This result is unsettling because access to adequate housing is a human right. The transformation of housing from the concept of a shelter to a tradable, money-making asset could be a major contributor to the declining housing affordability in the country. Thus, efforts to improve affordability must take account of the effects of financialisation.

An empirical framework for assessing the changes in the structure of housing supply was developed. Existing studies tended to focus only on the volume of housing supply. It is a comprehensive study on changes in the structure of housing supply. Second, while existing studies on the financialisation of housing are mostly qualitative in methodology, this paper offers a quantitative assessment of the financialisation in the housing sector.

The purpose of this study is to adapt the incompressible smoothed particle hydrodynamics (ISPH) method with artificial intelligence to manage the physical problem of double diffusion inside a porous L-shaped cavity including two fins.

The ISPH method solves the nondimensional governing equations of a physical model. The ISPH simulations are attained at different Frank–Kamenetskii number, Darcy number, coupled Soret/Dufour numbers, coupled Cattaneo–Christov heat/mass fluxes, thermal radiation parameter and nanoparticle parameter. An artificial neural network (ANN) is developed using a total of 243 data sets. The data set is optimized as 171 of the data sets were used for training the model, 36 for validation and 36 for the testing phase. The network model was trained using the Levenberg–Marquardt training algorithm.

The resulting simulations show how thermal radiation declines the temperature distribution and changes the contour of a heat capacity ratio. The temperature distribution is improved, and the velocity field is decreased by 36.77% when the coupled heat Cattaneo–Christov heat/mass fluxes are increased from 0 to 0.8. The temperature distribution is supported, and the concentration distribution is declined by an increase in Soret–Dufour numbers. A rise in Soret–Dufour numbers corresponds to a decreasing velocity field. The Frank–Kamenetskii number is useful for enhancing the velocity field and temperature distribution. A reduction in Darcy number causes a high porous struggle, which reduces nanofluid velocity and improves temperature and concentration distribution. An increase in nanoparticle concentration causes a high fluid suspension viscosity, which reduces the suspension’s velocity. With the help of the ANN, the obtained model accurately predicts the values of the Nusselt and Sherwood numbers.

A novel integration between the ISPH method and the ANN is adapted to handle the heat and mass transfer within a new L-shaped geometry with fins in the presence of several physical effects.

Natural convection in finite enclosures is a common phenomenon in various thermal applications. To provide the thermal design guidelines, this study aims to numerically explore the potential of using internal baffles and nanofluids to either enhance or suppress heat transport in a vertical annulus. Furthermore, the annular-shaped enclosure is filled with aqueous-silver nanofluid and the effects of five distinct nanoparticle shapes are examined. In addition, the influence of baffle design parameters, including baffle position, thickness and length, is thoroughly analyzed.

The finite difference method is used in conjunction with the alternating direction implicit and successive line over relaxation techniques to solve nonlinear and coupled partial differential equations. The single phase model is used for nanofluid which is considered as a homogeneous fluid with improved thermal properties. The independence tests are carried out for assessing the sufficiency of grid size and time step for obtaining results accurately.

The baffle dimension parameters and nanoparticle shape exhibit significant impact on the convective flow and heat transfer characteristics, leading to the following results: sphere- and blade-shaped nanoparticles demonstrate around 30% enhancement in the heat transport capability compared with platelet-shaped nanoparticles, which exhibit the least. When considering the baffle design parameter, either a decrease in the baffle length and thickness or an increase in baffle height leads to an improvement in heat transport rate. Consequently, a threefold increase in baffle height yields a 40% improvement in thermal performance.

Understanding the impact of nanoparticle shapes and baffle design parameters on flow and thermal behavior will enable engineers to provide valuable insight on thermal management and overall system efficiency. Therefore, the current work focuses on exploring buoyant nanofluid flow and thermal mechanism in a baffled annular-shaped enclosure. Specifically, an internal baffle that exhibits conductive heat transfer through it is considered, and the impact of baffle dimensions (thickness, length and position) on the fluid flow behavior and thermal characteristics is investigated. In addition, the current study also addresses the influence of five distinct nanoparticle shapes (e.g. spherical, cylindrical, platelet, blade and brick) on the flow and thermal behavior in the baffled annular geometry. In addition to deepening the understanding of nanofluid behavior in a baffled vertical annulus, the current study contributes to the ongoing advancements in thermal applications by providing certain guidelines to design application-specific enclosures.