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Article
Publication date: 26 June 2009

Z. Ahmad and M. Ahsan

The purpose of this paper is to report the resistance of plasma‐sprayed titanium dioxide (TiO2) nanostructured coatings in a corrosive environment.

Abstract

Purpose

The purpose of this paper is to report the resistance of plasma‐sprayed titanium dioxide (TiO2) nanostructured coatings in a corrosive environment.

Design/methodology/approach

Weight loss studies are performed according to ASTM G31 specifications in 3.5 wt% NaCl. Electrochemical polarization resistance measurements are made according to ASTM G59‐91 specifications. Corrosion resistance in a humid and corrosive environment is determined by exposing the samples in a salt spray chamber for 100 h. Microstructural studies are carried out using an atomic force microscope and scanning electron microscope.

Findings

The nanostructured TiO2 coatings offer good resistance to corrosion, as shown by the results of immersion, electrochemical and salt spray studies. The corrosion resistance of the coating is dictated primarily by the geometry of splat lamellae, density of unmelted nanoparticles, magnitude of porosity and surface homogeneity.

Practical implications

The TiO2 nanostructured coatings show promising potential for use as abrasion, wear‐resistant and thermal barrier coatings for service in harsh environments.

Originality/value

The paper relates the corrosion resistance of nanostructured TiO2 coatings to their structure and surface morphology.

Details

Anti-Corrosion Methods and Materials, vol. 56 no. 4
Type: Research Article
ISSN: 0003-5599

Keywords

Article
Publication date: 1 January 1995

Marilyn E. Barnes

Libraries need to develop information processing systems for evaluation, budgeting, planning, and operations. Electronic spreadsheets lend themselves to a variety of…

Abstract

Libraries need to develop information processing systems for evaluation, budgeting, planning, and operations. Electronic spreadsheets lend themselves to a variety of applications, but are time‐consuming to create. A model template and macros that can be used in many different types of library data analysis have been developed here. The procedures demonstrated here can build an essential set of tools for meeting fundamental goals of administrative efficiency, effective use of library resources, staff motivation, and rational policy making.

Details

The Bottom Line, vol. 8 no. 1
Type: Research Article
ISSN: 0888-045X

Article
Publication date: 4 August 2022

Shih-Chu Chou

This study explores whether exposure to macroeconomic information provides bellwether firms with information advantages at the macroeconomic level and facilitates managers…

Abstract

Purpose

This study explores whether exposure to macroeconomic information provides bellwether firms with information advantages at the macroeconomic level and facilitates managers to utilize such informational advantage for investment decision-making. The author tests whether firms' macroeconomic exposure is associated with sensitivity of their segment-level investments to growth opportunities and how internal and external frictions affect this association cross-sectionally.

Design/methodology/approach

This study follows prior research to identify high-macroinformation firms and measures the level of macroexposure based on how closely the firms' underlying business varies with macroeconomic conditions. The main specification is a segment-level regression of investment on growth opportunities and an interaction between growth opportunities and the level of macroeconomic exposure.

Findings

The results indicate a significantly positive association between firms' macroeconomic exposure and sensitivity of segment-level investments to growth opportunities, suggesting that bellwether firms can leverage their greater exposure to macroeconomic and external information to improve the quality of their investment decisions. Further evidence shows that this positive association is decreasing in firms' corporate diversification level and is also decreasing in their foreign operation level, implying that internal and external frictions could limit the information benefits ultimately gained by firms from their macroeconomic exposure.

Originality/value

Accounting researchers have recently documented evidence that bellwether firms' management earnings forecasts convey timely information about macroeconomic states, suggesting that managers of certain types of firms are likely to have private macroeconomic information. The main research question in this paper is motivated by incorporating insights derived from recent accounting research findings to shed further light on the impact of firms' macroexposure on their investment decision process.

Details

Managerial Finance, vol. 48 no. 12
Type: Research Article
ISSN: 0307-4358

Keywords

Article
Publication date: 8 March 2022

Nga Thu Trinh, Thanh Pham Thien Nguyen and Son Hong Nghiem

This study aims to investigate a new determinant of corporate cash holdings of Australian energy firms: economic policy uncertainty (EPU). Based on two motives for holding…

Abstract

Purpose

This study aims to investigate a new determinant of corporate cash holdings of Australian energy firms: economic policy uncertainty (EPU). Based on two motives for holding cash: precautionary and speculative motives, the authors argue that EPU increases financing constraints or induces firms to postpone investment projects, thereby increasing their cash holdings. The authors examine whether the Australian policy-related economic uncertainty affects cash holdings of Australian energy companies.

Design/methodology/approach

This research uses a data set of Australian energy firms from 2010 to 2020 and the Australian EPU index, which measures the uncertainty in economic policy, using news coverage of eight major Australian newspapers. To address the potential endogeneity bias and ensure the robustness of the results, three models are used: ordinary least squares, fixed-effects and dynamic generalized method of moments.

Findings

The authors find that the EPU index has a significant and positive effect on cash holdings, after controlling for firm-specific factors. While firm size and dividend payments have mixed and insignificant effects, other determinants are significant, such as growth opportunities, net working capital, cash flow, cash flow risk, leverage and capital expenditure. The authors also find that the positive effect of EPU on cash holdings is not the manifestation of EPU affecting corporate investments but rather explained by financing constraints.

Practical implications

The findings have implications for policymakers and regulators in Australia as the uncertainty of their economic policies plays an important role when Australian energy companies determine their cash holding level to manage liquidity risks.

Originality/value

This study is the first to document EPU index as the new determinant of corporate cash holdings of Australian energy companies. Firms in this sector have a great need of funding and liquidity for their operations and capital-intensive projects. High EPU index induces them to hold more cash to avoid liquidity shocks.

Details

International Journal of Energy Sector Management, vol. 16 no. 6
Type: Research Article
ISSN: 1750-6220

Keywords

Article
Publication date: 4 February 2022

Lin Yang, Jiaming Lou, Junuo Zhou, Xianbo Zhao and Zhou Jiang

With multiple-related organizations, worldwide infections, deep economic recession and public disorder, and large consumption amount of anti-epidemic resources, the…

Abstract

Purpose

With multiple-related organizations, worldwide infections, deep economic recession and public disorder, and large consumption amount of anti-epidemic resources, the coronavirus disease 2019 (COVID-19) has been defined as a public health emergency of international concern (PHEIC). Nowadays, Wuhan has recovered from the pandemic disaster and reentered normalization. The purposes of this study are to (1) summarize organization collaboration patterns, successful experience and latent defects under across-stage evolution of Wuhan's cooperation governance mode against the pandemic, and on the basis, (2) reveal how the COVID-19 development trends and organizations' collaborative behaviors affected each other.

Design/methodology/approach

Detailed content analysis of online news reports covering COVID-19 prevention and control measures on the website of Wuhan Municipal Government was adopted to identify organizations and their mutual collaborative interrelationships. Four complex network (CN) models of organization collaboration representing the outbreak, preliminary control, recession and normalization stages, respectively, were established then. Time-span-based dynamic parameter analyses of the proposed networks, comprising network cohesiveness analysis and node centrality analysis, were undertaken to indicate changes of global and local characteristics in networks.

Findings

First, the definite collaborative status of Wuhan Headquarters for Pandemic Prevention and Control (WHPPC) has persisted throughout the period. Medical institutions and some other administrations were the most crucial participants collaborating with the WHPPC. Construction-industry organizations altered pandemic development trends twice to make the situation controllable. Media, large-scale enterprises, etc. set about underscoring themselves contributions since the third stage. Grassroots cadres and healthcare force, small and medium-sized enterprises (SMEs), financial institutions, etc. were essential collaborated objects. Second, four evolution mechanisms of organization collaboration responding to the COVID-19 in Wuhan has been proposed.

Research limitations/implications

First, universality of Wuhan-style governance experience may be affected. Second, the stage-dividing process may not be the most appropriate. Then, data source was single and link characteristics were not considered when modeling.

Practical implications

This study may offer beneficial action guidelines to governmental agencies, the society force, media, construction-industry organizations and the market in other countries or regions suffering from COVID-19. Other organizations involved could also learn from the concluded organizations' contributions and four evolution mechanisms to find improvement directions.

Originality/value

This study adds to the current theoretical knowledge body by verifying the feasibility and effectiveness of investigating cooperation governance in public emergencies from the perspectives of analyzing the across-stage organization collaboration CNs.

Details

Engineering, Construction and Architectural Management, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 0969-9988

Keywords

Article
Publication date: 24 January 2022

Mona Yaghoubi and Michael O’Connor Keefe

The purpose of this study is to investigate the effects of two important financing sources, debt and cash, on a firm’s investment decisions and explores the intertemporal…

Abstract

Purpose

The purpose of this study is to investigate the effects of two important financing sources, debt and cash, on a firm’s investment decisions and explores the intertemporal impact of this financing on future investment volatility.

Design/methodology/approach

This paper first reports our results using ordinary least squares (OLS) estimation and then employ an instrumental variable (IV) strategy which addresses potential endogeneity that arises from future investment volatility on current capital structure and cash levels.

Findings

This paper finds firms with low levels of debt or high levels of cash experience higher future investment volatility, and the probability of large future investment increases with high cash levels. This study’s findings are economically important; for example, a one-standard-deviation increase from the mean of debt ratio implies an approximate 7.8% decrease in future investment volatility; and a one-standard-deviation increase from the mean of a firm’s cash level leads to a 47% increase in the probability of a large investment in the next year.

Originality/value

The findings of this study help firms understand the impact of their present financing decisions on the plausibility of their future investments. This paper contributes to the literature by making both novel and confirmatory findings. This paper was structured to include confirmatory findings for two reasons. First, this paper uses different methods to construct investment volatility and the related investment spike. Second, and more importantly, the hypotheses are interrelated and communicate how firms plan for and execute against uncertain future investments. Growth options are ephemeral, and the hypotheses structure provides a guideline for how a firm finances future growth options.

Details

Studies in Economics and Finance, vol. 39 no. 5
Type: Research Article
ISSN: 1086-7376

Keywords

Article
Publication date: 1 February 2022

Ammar Nawaz Khan, Farzan Yahya and Muhammad Waqas

This study investigates the mediating role of working capital management (WCM) efficiency between board diversity (based on gender and financial knowledge) and firm…

Abstract

Purpose

This study investigates the mediating role of working capital management (WCM) efficiency between board diversity (based on gender and financial knowledge) and firm performance. The study further examines which WCM approach (conservative, moderate, and aggressive) they employ to increase (decrease) firm performance.

Design/methodology/approach

The study employs listed energy firms of Pakistan over the period 2010 to 2019. The system generalized method of moments estimator and logit model are utilized to estimate the underlying relationships.

Findings

The results show that WCM efficiency partially mediates the relationship between board financial expertise (BFE) and firm performance. Nonetheless, the presence of female directors is merely symbolic until they reach a certain level as only the quadratic term of board gender diversity (BGD) has a significant effect on firm performance. Female directors do not influence WCM efficiency. The results also demonstrate that BGD encourages a conservative WCM approach, while BFE encourages a moderate WCM approach. Furthermore, both conservative and moderate WCM approaches are significantly associated with firm performance.

Practical implications

The findings hold implications for increasing the representation of women and financial experts on board to improve the capital structure decisions of the energy firms in Pakistan.

Originality/value

This study is the first attempt to explore the mediating role of WCM efficiency between board diversity and firm performance. To the best of the authors' knowledge, no previous study has investigated the effect of BGD and BFE on different WCM approaches distinctly.

Details

Journal of Economic and Administrative Sciences, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1026-4116

Keywords

Article
Publication date: 18 February 2022

Emmanuel Adu-Ameyaw, Albert Danso, Linda Hickson and Theophilus Lartey

This study provides a large sample comparison of research and development (R&D) spending intensity in private and public firms and the extent to which these firms' unique…

Abstract

Purpose

This study provides a large sample comparison of research and development (R&D) spending intensity in private and public firms and the extent to which these firms' unique characteristics affect their R&D spending rate.

Design/methodology/approach

The study compares both private and public data from UK firms for the period 2006–2016, generating a total matched 232,029 firm-year observations, and applies a probability model technique to our large panel datasets.

Findings

The authors uncover that private firms show lower R&D spending intensity compared to their public counterparts. The authors evidence also shows that privately owned firms in the technological (non-technological) sector display higher (lower) probability of R&D spending intensity. Compared with public firms, the authors further observe that the intensity of private firms' R&D spending increases with higher internal cash flow, leverage and industry information quality. The authors results remain robust to alternative econometric models.

Research limitations/implications

Despite the findings of this study, the authors would like to point out that the use of a single country's data limits the generalisability of our findings. Thus, future studies may also consider extending this study across multiple countries.

Practical implications

A key implication of our study is that private firms are more likely to finance R&D intensity from the internally generated cash flow compared to the public ones. This stems from the fact that private firms are more likely to experience higher costs in raising external finance for innovative activities than public firms. Thus, easy access to funding for private firms is vital for enhancing R&D activities of the private firms.

Originality/value

By combining both private and public firms' datasets, the authors are able to provide new evidence to suggest that the intensity of private firms' R&D spending is dependent on internal cash flow, leverage and the industry information level. In fact, to the best of the authors’ knowledge, this is the first study that explores these relationships.

Details

Journal of Applied Accounting Research, vol. 23 no. 4
Type: Research Article
ISSN: 0967-5426

Keywords

Article
Publication date: 19 May 2021

Chris Harris and Zhe Li

The purpose of this paper is to identify whether negative operating cash flows are related to investment inefficiency, and specifically whether they are related to…

Abstract

Purpose

The purpose of this paper is to identify whether negative operating cash flows are related to investment inefficiency, and specifically whether they are related to subsequent overinvestment and if this relationship is driven by agency problems within the firm.

Design/methodology/approach

The study conducts fixed effect regressions, testing the relationship between negative operating cash flows and the firm’s subsequent investment inefficiency. The relationship is further examined for all firms based on size, corporate governance and cash holdings – all of which are related to agency problems.

Findings

The proportion of firms reporting negative operating cash flows has been increasing over time and is positively related to subsequent investment inefficiency. This increase is explained not only by the rise in investment of intangible assets. The positive relationship is not explained by the firm size or corporate governance, but is related to cash holdings. These results are consistent across four different measures of firm investment.

Practical implications

The percentage of publicly traded firms with negative operating cash flows has never been higher. This paper is one of the first to identify factors that may be contributing to this rise.

Originality/value

This study extends prior findings by identifying previously unexplored factors related to the rise in firms with negative operating cash flows. The rise in investment of intangible assets does not explain the increase alone. High cash holdings also influence the rise in negative operating cash flows.

Details

Managerial Finance, vol. 47 no. 10
Type: Research Article
ISSN: 0307-4358

Keywords

Article
Publication date: 20 May 2021

Xin Xiang

The purpose of this study is to examine whether and how internal capital markets mitigate financial constraints and enhance firms' willingness to engage in R&D projects.

Abstract

Purpose

The purpose of this study is to examine whether and how internal capital markets mitigate financial constraints and enhance firms' willingness to engage in R&D projects.

Design/methodology/approach

The study uses panel data relating to 2,095 publicly traded firms in the Chinese A-share market for the period 2007–2019. The tobit regression method is applied to explore R&D investment–cash flow sensitivity of group affiliates, while the systematic generalised method of moments and dynamic ordinary least squares models are adopted to address the endogeneity problem in the robustness test.

Findings

This study finds that firms affiliated with business groups demonstrate lower R&D investment–cash flow sensitivity than non-affiliated firms do and that R&D investments are significantly influenced by the cash reserves of other group members. In terms of financing channels, this study demonstrates that group firms use internal cash and equity financing to support other members' R&D investments, while debt financing does not influence member firms' R&D investments. In addition, this study discovers that R&D spending harms the stock and operating performance of some group members.

Practical implications

The findings of this study enable business groups to focus on resource allocation and investment efficiency.

Originality/value

Although prior studies indicate that internal capital markets can enhance R&D spending, few studies reveal the mechanisms through which internal capital markets benefit R&D. This study uses a unique methodology to test the ability of the internal capital market to enhance R&D spending. In addition, group firms use internal cash flow and equity financing to support partners' R&D projects.

Details

International Journal of Emerging Markets, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1746-8809

Keywords

1 – 10 of 120