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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.

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.

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.

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

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.

On the basis of principal-agent and financing constraints theories, the purpose of this paper is to construct a unified research framework via mathematical models and to provide a logical and consistent explanation of the contradictory discovery of the relationship between dividend payment and I-CFO in the previous literature.

Establishing the economic mathematical models, this paper uses the comparative static analysis to figure out the equilibrium results, to further testify the conclusions, the authors initiate the empirical tests to make the discussion more realistic.

The authors observe that overinvestment caused by agency problems is the primary reason for I-C sensitivity when the investment expenditure is less than the internal capital; dividend payout suppresses the overinvestment caused by the agency problem, thus alleviating the investment’s dependence on the internal capital. However, underinvestment caused by the financing constraints is the primary cause of I-C sensitivity when the investment expenditure is greater than the internal capital. The payment of cash dividends increases the investment shortage caused by the financing constraints, thus increasing the sensitivity. Further, the authors explore the impact of dividend payments on I-CFO sensitivity. They argue that dividend payment is not an appropriate measure of financing constraints. Both I-CFO sensitivity and I-C sensitivity are functions of agency cost and information cost.

This study provides a logical and consistent explanation of the contradictory discovery of the relationship between dividend payment and I-CFO in the previous literature and provides a clear framework and reference for future studies on the impact of financial constraints, agency cost on the investment’s dependence on the internal capital.

The theoretical model of this paper supports this differentiated mandatory dividend policy and provides reference and evidence for China's financing policies and dividend distribution policies.

This study theoretically and empirically analyzes and verifies the roles of agency cost and financial constraints on the determinants of I-C sensitivity for the first time. First, different from earlier literature, this paper puts forward I-C sensitivity as a new measure of investment’s dependence on internal capital, making the measurement more accurate. In the case of a firm with positive liquidity reserves, using the I-CFO sensitivity as a measure of external financing constraints could overestimate the firm’s financial constraints. Second, by constructing an economic static analysis framework, this study analyzes how I-C and I-CFO sensitivities change with the agency cost, the financing constraints and the dividend payment ratio. The research provides a basic framework and explanation on the contradictions of the earlier literature. The results are supposed to serve as a foundation for estimations of investment’s dependence on internal capital and should be embedded in general empirical tests in future research.

The purpose of this study is to examine the impact of financial distress (FD) on investment-cash flow sensitivity (ICFS) of Indian firms.

The study uses the system generalized method of moments (GMM) technique to investigate the effect of FD on ICFS of Indian firms during the period from 2001 to 2019.

Using FD measures like Ohlson's bankruptcy method, Altman's Z-score model and financial-distress ratio, the researchers find that FD increases ICFS and negatively affects corporate investment. The researchers’ findings explain that FD increases restrictions on external financing, which makes cash flow more important for corporate investment. Additionally, the researchers find that the effects of FD on ICFS are weak (strong) for bigger and group affiliated (smaller and standalone) firms. The study’s findings are robust to several measures of FD, group affiliation and firm size.

First, the researchers find that FD affects the ICFS, therefore, financially distressed firms should have sufficient internal funds or external funds for investment. Second, lending agencies should also consider the firms' FD condition before providing funds to secure their money. Third, investors should be very careful while investing in a financially distressed firm as we find that financially distressed firms face a decline in their investment which might reduce firm profitability.

This study contributes to the existing literature by providing empirical evidence by analyzing the impact of FD on ICFS in the context of India. As per the authors’ knowledge, this is the first-ever attempt to examine the effect of FD on ICFS.

AN interesting feature of modern aeroplane design is the growing use of duct systems. The low drag and heat regeneration obtainable from a cooling duct is now an accomplished fact. Ventilation systems for cabin aircraft have been introduced. In the future we may see duct systems used in connexion with the control of the boundary layer. As aeroplane design is improved, new applications of duct systems continue to appear.

The purpose of this paper is to analyze and examine the role of accounting conservatism on firm investment behavior in China.

By combining a developed theoretical framework and empirical study, this paper examines the impacts of accounting conservatism on firm investment. The sample and data are all collected from Wind and CAMAR databases.

The paper finds that the association between accounting conservatism and capital expenditure is significantly positive when inside capital is not enough to use for investment, suggesting that conservatism can expend the level of investment by decreasing information asymmetry and cost of capital; however, the association between accounting conservatism and capital expenditure is significantly negative when inside capital is enough to use for investment, suggesting that conservatism can curtail the level of investment by mitigating the interest conflicts between management and outside shareholders and decreasing agency costs. Additionally, the paper finds that the severity of information asymmetry and agency problem affects the role of accounting conservatism on firm investment behaviour, and the association between accounting conservatism and capital expenditure is weaker for firms with ultimate ownership controller as local government or individuals.

This is the first paper to analyze and examine the impacts of accounting conservatism on firm investment in China directly. The findings are also useful to explain the awkward predicament found by prior literature.

Large regional disparities lead, among other things, to significant internal migration flows. Internal migrations, on the other hand, reinforce existing regional disparities by causing a lack of human capital in underdeveloped regions. In this chapter, we apply the Multiple Criteria Decision Aiding (MCDA) sorting method, ELECTRE Tri-C, to determine the current internal migration potential for districts in Serbia. The method will provide four classes of migration potential, ranging from strong emigration to strong immigration potential, based on the main drivers of internal migration. The main determinants of internal migration flows fall into three groups: (1) economic and labour market indicators, (2) demographic indicators and (3) housing market and amenities indicators.

This research empirically analyzes gaps in performance among development stages of integration in supply chain management (SCM). The used variables are integration such as internal and external and performance such as cost and service. The population is international freight forwarders in the Republic of Korea and the sample frame is the membership list of the Korean International Freight Forwarders Association. The used methodology in this research is various: Cronbach’s alpha, factor analysis, cluster analysis, analysis of variance and post hoc analysis. It is important to ascertain the position in which they are included and the position is concerned with internal integration and external integration because the aim of this research is to ascertain where the forwarders are in development stages of integration. According to prior research, development stages of integration are regarded as the flow from internal to external. However, this research suggests that development stages of integration do not explain the flow of the stages but explain the strategic choice concerned with their current decision-making.

Traditional prediction of braking characteristics of vehicular hydrodynamic retarders is commonly conducted based on braking characteristics model of closed working chamber, namely, closed working chamber model (CWCM). In CWCM, inlet and outlet oil pressures and braking torque are considered to be independent of inlet and outlet flow rates. However, inlet and outlet flow rates can affect internal and external braking characteristics under actual working conditions. This study aims to establish a more accurate braking characteristics model of a hydrodynamic retarder under full oil-charging condition, and then the influence of varying inlet and outlet flow rates on oil pressures and braking torque is investigated in this paper.

A full flow passage of working chamber in a hydrodynamic retarder with inlet and outlets was established, and the reliability of numerical model was analyzed and validated. Pressure rise was introduced to describe the variation of inlet and outlet oil pressures. Then, on the basis of the validation, the CWCM was proposed at different rotor rotational speeds. The inlet and outlet oil pressures and braking torque were numerically computed at different inlet and outlet flow rates with Full Factorial Design experimental method. The results obtained were involved into establishing the braking characteristics model of open working chamber, namely, open working chamber model (OWCM), combined with Radial basis function approximation model. The OWCM with different inlet and outlet flow rates was analyzed and compared with CWCM.

The results show that inlet and outlet flow rates have obvious influence on the variation of inlet and outlet oil pressures in OWCM compared with CWCM. The outlet A pressure rise significantly changes with the inlet and outlet A flow rates, while the pressure rise of outlet B is mainly affected by the outlet B flow rate.

This paper presents an OWCM of hydrodynamic retarders under full oil-charging condition. The model takes into account the impact of oil inflowing and outflowing from the working chamber, which can provide a more accurate prediction of braking characteristics of hydrodynamic retarders.

Leadership can cultivate shared understandings of goals within organizations. Transformational leaders engage in vision-sharing, whereas transactional leaders apply contingent rewards and sanctions. To set the stage for better performing organizations, public managers could lead in ways to improve the communication that flows internally in public organizations, defined as the internal communication performance. Previous studies have linked transformational leadership with internal communication performance in public organizations, but no studies have considered the broader array of leadership strategies and their combination. The purpose of this study is to assess the strength of the relationship between different forms of leadership (transformational and transactional) and internal communication.

The study is based on a balanced panel dataset of 751 employees.

The analysis corroborates the existing findings of a relationship between transformational and internal communication, and it identifies a relationship between transactional leadership through verbal rewards and internal communication.

In so doing, the study brings new insights to our understanding of how leaders in public organizations can improve the internal communication in their organizations, which has been linked to, among others, how employees themselves perceive the red tape and performance within public organizations.

This study aims to numerically study the three-dimensional (3D) flow field characteristics in a conical convergent divergent (CD) nozzle with an internal strut system to describe the effect of struts on producing a side force for thrust vectoring applications.

Struts are solid bodies. When inserted into the supersonic region of the axisymmetric CD nozzle, it induces a shock wave that causes an asymmetric pressure distribution predominantly over the internal surface of the diverging wall of the C-D nozzle, creating a net side force similar to the secondary injection thrust vectoring control method. Numerical simulations were performed by solving Unsteady Reynolds Averaged Navier–Stokes equations with re-normalized group k–ϵ turbulence model. Cylindrical struts of various heights positioned at different locations in the divergent section of the nozzle were investigated at a nozzle pressure of 6.61.

Thrust vectoring angle of approximately 3.8 degrees was obtained using a single cylindrical strut with a dimensionless thrust (%) and total pressure loss of less than 2.36% and 2.67, respectively. It was shown that the thrust deflection direction could also be changed by changing the strut insertion location. A strut located at half of the diverging length produced a higher deflection per unit total pressure loss.

Using a lightweight and high-temperature resistant material, such as a strut, strut insertion-based thrust vectoring control might provide an alternative thrust vectoring method in applications where a longer period of control is needed with a reduced overall system weight.

This study describes the 3D flow field characteristics which result in side force generation by a supersonic nozzle with an internal strut.