Search results

This paper aims to provide designers/engineers, in engineering structural design and analysis, approaches to freely and accurately modify structures (geometric and/or material), and then quickly provide real-time capability to obtain the numerical solutions of the modified structures (designs).

The authors propose an isogeometric independent coefficients (IGA-IC) method for a fast reanalysis of structures with geometric and material modifications. Firstly, the authors seamlessly integrate computer-aided design (CAD) and computer-aided engineering (CAE) by capitalizing upon isogeometric analysis (IGA). Hence, the authors can easily modify the structural geometry only by changing the control point positions without tedious transformations between CAE and CAD models; and modify material characters simply based on knots vectors. Besides, more accurate solutions can be obtained because of the high order degree of the spline functions that are used as interpolation functions. Secondly, the authors advance the proposed independent coefficients method within IGA for fast numerical simulation of the modified designs, thereby significantly reducing the enormous time spent in repeatedly numerical evaluations.

This proposed scheme is efficient and accurate for modifying the structural geometry by simply changing the control point positions, and material characters by knots vectors. The enormous time spent in repeated full numerical simulations for reanalysis is significantly reduced. Hence, enabling quickly modifying structural geometry and material, and analyzing the modified model for practicality in design stages.

The authors herein advance and propose the IGA-IC scheme. Where, it provides designers to fasten and simple designs and modify structures (both geometric and material). It then can quickly in real-time obtain numerical solutions of the modified structures. It is a powerful tool in practical engineering design and analysis process for local modification. While this method is an approximation method designed for local modifications, it generally cannot provide an exact numerical solution and its effectiveness for large modification deserves further study.

This paper aims to propose a gradient-based shape optimization framework in which traditional time-consuming conversions between computer-aided design and computer-aided engineering and the mesh update procedure are avoided/eliminated. The scheme is general so that it can be used in all cases as a black box, no matter what the objective and/or design variables are, whilst the efficiency and accuracy are guaranteed.

The authors integrated CAD and CAE by using isogeometric analysis (IGA), enabling the present methodology to be robust and accurate. To overcome the difficulty in evaluating the sensitivities of objective and/or constraint functions by analytic method in some cases, the authors adopt the finite difference method to calculate these sensitivities, thereby providing a universal approach. Moreover, to further eliminate the inefficiency caused by the finite difference method, the authors advance the exact reanalysis method, the indirect factorization updating (IFU), to exactly and efficiently calculate functions and their sensitivities, which guarantees its generality and efficiency at the same time.

The proposed isogeometric gradient-based shape optimization using our IFU approach is reliable and accurate, as well as general and efficient.

The authors proposed a gradient-based shape optimization framework in which they first integrate IGA and the proposed exact reanalysis method for applicability to structural response and sensitivity analysis.

The purpose of this paper is to establish and implement a direct topological reanalysis algorithm for general successive structural modifications, based on the updating matrix triangular factorization (UMTF) method for non-topological modification proposed by Song et al. [Computers and Structures, 143(2014):60-72].

In this method, topological modifications are viewed as a union of symbolic and numerical change of structural matrices. The numerical part is dealt with UMTF by directly updating the matrix triangular factors. For symbolic change, an integral structure which consists of all potential nodes/elements is introduced to avoid side effects on the efficiency during successive modifications. Necessary pre- and post processing are also developed for memory-economic matrix manipulation.

The new reanalysis algorithm is applicable to successive general structural modifications for arbitrary modification amplitudes and locations. It explicitly updates the factor matrices of the modified structure and thus guarantees the accuracy as full direct analysis while greatly enhancing the efficiency.

Examples including evolutionary structural optimization and sequential construction analysis show the capability and efficiency of the algorithm.

This innovative paper makes direct topological reanalysis be applicable for successive structural modifications in many different areas.

The purpose of this paper is to investigate the significance of board gender diversity (BGD) on the firm's intellectual capital (IC) performance of 272 Indian firms listed on the National Stock Exchange during 2007–2019. Considering the recent regulatory amendment by the Indian regulatory system (Security Exchange Board of India, 2018) which mandates at least one female independent directors on boards of all listed companies.

Based on theories and literature reviews, hypotheses were developed. This paper uses the proportion of female director on board and proportion of female independent directors to measure BGD and modified value-added intellectual coefficient (MVAIC) methodology to measure firms' IC performance. Two-step system-generalised method of moment panel data regression analysis has been employed to identify the variables that significantly affect IC performance.

This paper finds female representation on boards has a significant impact on MVAIC; capital employed efficiency shows the strongest association with female directors on board, followed by structural capital efficiency and human capital efficiency, while relational capital efficiency shows no significant effect. The results further demonstrate that female independent director has a significant but negative impact on IC.

As the study is limited to the listed firms of an emerging economy with a mandatory female quota for boards. Thus to increase the generalizability of findings, future research can be extended to include all listed and non-listed firms from another emerging economy with a mandatory female quota.

From the practical perspective, this study bridges the gap between theory and practice in terms of providing a deeper understanding to the policymakers and Indian regulatory bodies like the Ministry of Corporate Affairs and Securities Exchange Board on the importance of including female members on board as a vital contributing factor for leveraging firm's intangible performance.

Using resource dependency theory and agency, this study extends the literature on IC efficiency and female representation on boards by presenting the research outcome for Indian listed firms. This paper, addressing the recent changes introduced by Indian regulators and using the female independent directors on board, is amongst the first attempts to assess the relevance of BGD and IC performance. This issue has still not been discussed and analysed by researchers in India.

First, this study assesses firms’ efficiency of transforming intellectual capital (IC) components into firm performance. Second, this study examines (1) cubic S-curve relationship between board independence and IC efficiency and (2) how firm size moderates the cubic S-curve relationship.

This study employs a stochastic nonparametric envelopment of data (StoNED) framework to estimate IC efficiency, which is derived from the estimation process of transforming structural, relational and human capitals into accounting- and market-based performance indicators. This study conducts regression analyses on 1,104 firm-year observations of Taiwanese semiconductor firms over the period of 2011–2018.

StoNED results suggest that sample firms' IC efficiency can be relatively improved by approximately 80%. Regression results indicate that a cubic S-curve relationship between board independence and IC efficiency exists, and firm size moderates the nonlinear effects.

Overall, this study highlights the importance of examining the nonlinear effect of board independence on IC efficiency from the perspective of agency theory, and the moderating effect from firm size, which may suggest availability of resources from the resource-based view of the firm.

This study contributes to the literature through the innovative application of an efficiency-based tool for evaluating IC efficiency. The cubic S-curve relationship between board independence and IC efficiency also points to the policy concerning the appropriate number of independent directors on board.

The purpose of this paper is to analyse the role of value added (VA) as an indicator of intellectual capital (IC), and its impact on the firm's economic, financial and stock market performance.

The value added intellectual coefficient (VAIC™) method is used on 300 UK companies divided into three groups of industries: high‐tech, traditional and services. Data require to calculate VAIC™ method are obtained from the “Value Added Scoreboard” provided by the UK Department of Trade and Industry (DTI). Empirical analysis is conducted using correlation and linear multiple regression analysis.

The results show that companies' IC has a positive impact on economic and financial performance. However, the association between IC and stock market performance is only significant for high‐tech industries. The results also indicate that capital employed remains a major determinant of financial and stock market performance although it has a negative impact on economic performance.

The VAIC™ method could be an important tool for many decision makers to integrate IC in their decision process.

This is the first research which has used the data on VA recently calculated and published by the UK DTI in the “Value Added Scoreboard”. This paper constitutes therefore a kind of validation of the ministry data.

The purpose of this study is to determine whether intellectual capital (IC) creates value in the Serbian hotel industry. Specifically, this paper examines to what degree IC and its key components affect the financial performance of hotels compared to physical and financial capital.

The sample included all of the hotels that operated as independent entities in Serbia during 2009–2012. value-added intellectual coefficient was used to measure the level of IC contribution to value creation, which was linked to various measures of financial performance, including operating profit, return on equity, return on assets, profitability and employee productivity.

Results indicate that after controlling for firm size and leverage, employee productivity and, to some extent, profitability were affected by human and structural capital. The research confirms that the financial performance of hotels in Serbia remains predominantly influenced by efficient use of physical capital.

The study’s generalizability is limited to the hotel sector within Serbia.

Senior managers in the hotel industry must recognize the importance of managing both the physical aspects of their hotels and the intangible resources embedded in their employees and processes.

The findings will aid recognition of the importance of investing in IC in hotel industry as a crucial element of achieving competitive advantage in the information age. Moreover, the findings suggest that long-term growth should not rely solely on physical and financial assets.

The purpose of this study is to empirically examine how the voluntary formation of a specialised investment committee (IC) and IC characteristics affect financial distress risk (FDR) and whether such impact is influenced by the level of investment inefficiency.

The authors use a large sample of Gulf Cooperation Council (GCC) non-financial companies during 2006–2016. A principal component analysis is done to aggregate and derive a factor score for IC characteristics (i.e. independence, size and meeting) as a proxy for the effectiveness of IC. This study also uses three measurements of FDR to corroborate the findings and partitions sample firms into overinvesting and underinvesting companies to examine the potential impact of investment inefficiency on the IC–FDR nexus.

Using feasible generalised least square estimation method, the authors document that the likelihood of financial distress occurrence decreases for firms with separate ICs. The authors also find that firms with effective ICs enjoy lower FDR. In other words, the probability of financial distress minimises if the IC is large, meets frequently and has a high number of independent directors. However, the authors find neither any moderation nor any mediation effect of investment inefficiency for the impact of IC and IC attributes on FDR. The additional analysis indicates the expected benefits of an actively performing IC are amplified for firms with risk of both over- and underinvestment. These findings are robust to alternative measures of FDR and investment inefficiency, sub-sample analysis and endogeneity concerns.

This study, to the best of researchers’ knowledge, is the first to provide evidence in GCC firms’ perspective, suggesting that the existence of an effective IC is associated with a lower risk of financial distress, and to some extent, the economic benefits of IC are aggrandised for companies with a high probability of over- and underinvestment problems. These results are unique and contribute to a small but growing body of literature documenting the need for effective ICs and their economic consequences on investment efficiency in the FDR environment. The findings of this study carry valuable practical implications for regulatory bodies, policymakers, investors and other interested parties in the GCC region.

The purpose of this paper is to empirically investigate if intellectual capital (IC) has an impact on organizational performance as well as to identify the IC components that may be the drivers of the traditional indicators of business success. The study sought evidence from the multinational companies which conduct their business in Serbia.

By using data from 37 multinational companies which established their business in Serbia from 2006 to 2008 and applying the VAIC methodology for generating independent variables which reflect IC, regression models were constructed to examine the relationships between the efficient use of MNCs' human and structural capital and corporate performance measures: return on assets, return on equity and productivity.

The results of this study reveal that human capital is positively associated with all three corporate performance measures. The hypothesis regarding a positive association between structural capital and MNCs' profitability and productivity has been confirmed only partially since the results indicate that the structural capital variable shows a statistically significant and positive relationship only with the performance measure ‐ return on equity.

This is the first empirical study conducted in Serbia testing the relationship between IC and organizational performance. It contributes to the existing IC literature by giving new insights into the IC of MNCs' subsidiaries established in Serbia and its relationship with their business performance.

This paper aims to examine empirically the behaviour of the impact of intellectual capital (IC) on firm performance during financial crises, having observed that there was no prior research carried out to examine whether the theoretically expected sustainable firm performance created by IC holds during a financially unstable situation in the economy.

The Pulic’s value-added intellectual coefficient method is used to measure IC. Firm performance is measured through productivity, profitability and revenue growth. Structural stability tests and dynamic regression models for panel data are used for the data of 191 banking firms listed on the New York Stock Exchange during 2000-2011.

The paper reveals, contrary to theoretical expectations, that the impact of IC on firm performance is inconsistent during financial crises. This behaviour emerges mainly because of the incapability of human capital, the main component of IC, to create value for the sample firms during financial crises.

The findings of the study are confined to financial crises that existed in the US economy during the period 2000-2011. The findings provide evidence that heterogeneity in the resource base of a firm plays a very minor role in the value creation process during turbulent economic situations. The findings also question the practicality of investing in intangible assets, including IC, during periods of financial crises.

This paper could be the first attempt to evident empirically that the heterogeneity in the resource base of the firm has a very minor role to play in the value creation process when instability exists in the macroeconomic environment.