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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

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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

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Article
Publication date: 15 October 2021

Chaiyuth Padungsaksawasdi, Sirimon Treepongkaruna, Pornsit Jiraporn and Ali Uyar

Exploiting an exogenous regulatory shock and a novel measure of asset redeployability, this paper aims to explore the effect of independent directors on asset…

Abstract

Purpose

Exploiting an exogenous regulatory shock and a novel measure of asset redeployability, this paper aims to explore the effect of independent directors on asset redeployability. In particular, the authors use an innovative measure of asset redeployability recently developed by Kim and Kung (2016). This novel index has been rapidly adopted in recent literature.

Design/methodology/approach

Relying on a quasi-natural experiment, the authors execute a difference-in-difference analysis based on an exogenous regulatory shock to board independence. To mitigate endogeneity and demonstrate causation, the authors also perform propensity score matching, instrumental-variable analysis and Oster’s (2019) approach for testing coefficient stability.

Findings

The difference-in-difference estimates show that firms forced to raise board independence have significantly fewer redeployable assets after the shock than those not required to change board composition. This is consistent with the managerial myopia hypothesis. Subject to more intense monitoring, managers behave more myopically, focusing more on assets that are currently useful to the firm and less on redeployability in the future.

Originality/value

The study makes key contributions to the literature. First, the study is the first to examine the effect of board governance on asset redeployability. Second, the authors exploit an innovative index of asset redeployability that has been recently constructed in the literature. Third, by using a natural experiment, the results are much more likely to reflect causality than merely an association.

Details

Corporate Governance: The International Journal of Business in Society, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1472-0701

Keywords

Content available
Article
Publication date: 7 September 2021

Wenwen Jiang and Hwa-Sung Kim

The authors show that there is a negative relationship between economic policy uncertainty (EPU) and firm overinvestment using Korean data from 2007 to 2016. Since Jensen…

Abstract

The authors show that there is a negative relationship between economic policy uncertainty (EPU) and firm overinvestment using Korean data from 2007 to 2016. Since Jensen (1986) shows that a firm's free cash flow is an important factor of overinvestment, the authors examine how free cash flow influences the sensitivity of overinvestment to EPU. The authors find that a high level of free cash flow attenuates the negative effect of EPU on overinvestment. The authors find that there is no significant difference in the effect of EPU on overinvestment between Chaebol (Korean family-run conglomerates) and non-Chaebol firms, which is consistent with the literature that the features of Chaebol are weakening.

Details

Journal of Derivatives and Quantitative Studies: 선물연구, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1229-988X

Keywords

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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

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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

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Article
Publication date: 13 May 2021

Tonmoy Choudhury and Kevin Daly

This study aims to examine the systemic risk contagion in banks from 15 US states using extreme shocks in their distance to risk.

Abstract

Purpose

This study aims to examine the systemic risk contagion in banks from 15 US states using extreme shocks in their distance to risk.

Design/methodology/approach

The authors contemplate a model that inputs co-exceedances in the base US states’ banking sector as the dependent variable and the co-exceedances in other states’ banking sector (along with other underlying variables of a banking system) as the explanatory variables.

Findings

The authors find smaller states transmit and receive more systemic shocks than their larger counterparts and larger states exhibit a better shock-resisting capacity than their smaller counterparts. The authors also find that bigger shocks are more contagious than the smaller shocks.

Originality/value

This will be the first paper that will investigate the inner linkage of US states’ banking network using three different distance to risk methods, thus providing timely guidance for regulators.

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Article
Publication date: 29 April 2021

Sarah Taylor Hartsema, Chris Harris, Zhe Li and Thibaut G. Morillon

The purpose of this paper is to identify whether the rise in intangible asset investment is related to trade credit investment and whether this relationship is driven by…

Abstract

Purpose

The purpose of this paper is to identify whether the rise in intangible asset investment is related to trade credit investment and whether this relationship is driven by financial constraint and other firm factors.

Design/methodology/approach

The study conducts fixed effect regressions testing the relationship between trade credit investment and intangible asset levels. The relationship is further examined for all firms based on product type, financial constraint and sales growth.

Findings

There is a negative relationship between investment in trade credit and the level of intangible assets as a proportion of total assets. This negative relationship is largely explained by firms in industries that traditionally utilize more trade credit, firms with financial constraints and firms with low sales growth.

Practical implications

The level of investment in intangible assets continues to rise, while investment in trade credit is declining. This paper is the first to identify whether these trends could be related and to provide some explanation why.

Originality/value

This study is the first to link investment in trade credit with investment in intangible assets. There is a negative relationship that is most pronounced for firms that typically offer more trade credit, that are experiencing financial constraint and that are experiencing low growth.

Details

Managerial Finance, vol. 47 no. 9
Type: Research Article
ISSN: 0307-4358

Keywords

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Article
Publication date: 10 December 2020

Pedro Piccoli, Nilton Bianchini Junior, Jeferson Coser and Vilmar R. Moreira

From 2006 to 2016, Brazilian agricultural cooperatives exhibited a sharp increase in sales. Since the operational cycle of these organizations demands a positive net…

Abstract

Purpose

From 2006 to 2016, Brazilian agricultural cooperatives exhibited a sharp increase in sales. Since the operational cycle of these organizations demands a positive net working capital that is usually funded by debt, the authors examine whether this rise in sales was obtained at the cost of the short-term financial sustainability. As a matter of comparison, the authors conduct the same analysis for Brazilian agricultural public traded companies.

Design/methodology/approach

The authors employ the dynamic analysis of working capital method to measure the short-term financial sustainability of these organizations.

Findings

The authors find that the expansion of net working capital caused by the growth of the revenues of the sampled cooperatives was mostly funded by short-term debt, which rose by 31% in annualized terms. The authors also document that around 60% of these firms displayed a current capital structure that can be considered risky in terms of indebtedness, and that the majority of firms exhibited a non-sustainable growth in the period, what contrasts with the performance presented by Brazilian agricultural publicly traded companies, since only 16% of the firms from this group have shown a non-sustainable growth. This distinction seems to be explained by the lower capacity of agricultural cooperatives to provide resources from their operations.

Originality/value

The authors investigate the short-term financial sustainability of a unique dataset of 65 Brazilian agricultural cooperatives and provide insight for researchers analyzing the dual nature of these firms.

Details

Agricultural Finance Review, vol. 81 no. 3
Type: Research Article
ISSN: 0002-1466

Keywords

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Article
Publication date: 26 September 2020

Taeyeon Kim, Hongbok Lee, Kwangwoo Park and Doug Waggle

The authors present the results of a survey on how Korean firms evaluate new projects and estimate their capital costs. The authors report how Korean firms’ capital…

Abstract

Purpose

The authors present the results of a survey on how Korean firms evaluate new projects and estimate their capital costs. The authors report how Korean firms’ capital budgeting practices compare to other developed countries and to best practices in the field of finance.

Design/methodology/approach

The authors survey CFOs of major Korean firms on their capital budgeting practices. The authors then compare the results against the US and European firms and best practices of leading firms and financial advisors.

Findings

The authors find that the capital budgeting practices of Korean firms are as strong as or stronger than firms in developed markets. A majority of Korean firms use best practices techniques such as NPV, IRR and the CAPM for project evaluation and cost of equity estimation. Chaebol affiliation results in somewhat stronger capital budgeting practices. The authors also find that other factors, such as company size, leverage, CEO age and CEO education, impact capital budgeting practices.

Originality/value

This paper is the first article that comprehensively examines Korean firms' capital budgeting practices.

Details

Managerial Finance, vol. 47 no. 2
Type: Research Article
ISSN: 0307-4358

Keywords

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