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This paper models the deterioration process of a multi-component system. Each deterioration process is modelled by the Wiener process. The purposes of this paper are to address these issues and consider the cost process based on the multi-component system.

Condition-based Maintenance is a method for reducing the probability of system failures as well as the operating cost. Nowadays, a system is composed of multiple components. If the deteriorating process of each component can be monitored and then modelled by a stochastic process, the deteriorating process of the system is a stochastic process. The cost of repairing failures of the components in the system forms a stochastic process as well and is known as a cost process.

When a linear combination of the processes, which can be the deterioration processes and the cost processes, exceeds a pre-specified threshold, a replacement policy will be carried out to preventively maintain the system.

Under this setting, this paper investigates maintenance policies based on the deterioration process and the cost process. Numerical examples are given to illustrate the optimisation process.

The author examines the impact these efficient factors have on factor model comparison tests in US returns using the Bayesian model scan approach of Chib et al. (2020), and Chib et al.(2022).

Ehsani and Linnainmaa (2022) show that time-series efficient investment factors in US stock returns span and earn 40% higher Sharpe ratios than the original factors.

The author shows that the optimal asset pricing model is an eight-factor model which contains efficient versions of the market factor, value factor (HML) and long-horizon behavioral factor (FIN). The findings show that efficient factors enhance the performance of US factor model performance. The top performing asset pricing model does not change in recent data.

The author is the only one to examine if the efficient factors developed by Ehsani and Linnainmaa (2022) have an impact on model comparison tests in US stock returns.

The fiscal outlay efficiency matters when the performance-based allocation of funds is made to state governments by the central government in a federal structure of an economy like India. Also the efficiency cannon of public expenditure is a key aspect in the field of public economics. Thus, a study to evaluate the efficiency in fiscal outlay of Indian states has been conducted.

The paper offers a three divisions–based paradigm under Network Data Envelopment Analysis framework to compare the performance of fiscal entities (say Indian state governments) in converting available fiscal resources into desired short-run and long-run growth and development objectives. The network efficiency score has been taken as a measure of the quality of fiscal outlay management that is trifurcated into divisional efficiencies representing budgeting process, fiscal outlay efficiency process and fiscal outlay effectiveness process.

It has been noticed that the states are under performing in achieving short-run growth targets and so the efficiency process division has been identified a major source of fiscal under performance. Suboptimum allocation of fiscal expenditure under various heads within the fiscal resources, as explained under budgeting process, is another major cause of fiscal under performance.

The study purposes a three divisions–based paradigm that takes into account efficiency of a state in (1) planning budget, (2) achieving short-run growth targets and (3) achieving long-run development targets. These three stages are named as budgeting process efficiency, fiscal outlay efficiency and fiscal outlay effectiveness, respectively. Therefore, a new paradigm called BEE paradigm is proposed to evaluate performance of fiscal entities in terms of fiscal outlay efficiency.

In existing literature on measuring efficiency of public expenditure, the public sector outputs have been made as function of fiscal expenditure as input treating the said outlay as an exogenous variable. In present context, the fiscal expenditure has been treated endogenous to the budgeting process. A high inefficiency on account of budgeting process supports this treatment too.

The purpose of this paper is to assess the validity and utility of two theoretical approaches to understanding the relationship between strategic orientations, innovation and firm performance and to examine the role of innovation in the relationship while avoiding circular arguments. The universalistic approach suggests that strategic orientations have independent and parallel effects on firms’ performance, and that innovation does not influence this relationship. The holistic approach proposes that strategic orientations in a complementary and interrelated view have both direct and indirect effects on firms’ performance through innovation.

A meta-analytic path analysis applying two-stage structural equation modeling (TSSEM) was conducted on data from 132 primary studies and 33,063 observations.

The holistic approach was demonstrated to be superior due to its more explanatory power in linking more complex relationships through simultaneous direct and indirect effects and its capacity for including the interrelatedness and complementarity of strategic orientations. It was found that innovation has a full mediating role in the relationship between entrepreneurial orientation (EO) and firm performance, and a partial mediating role in the relationship between market orientation (MO) and learning orientation (LO) and firm performance.

The study used observed variables instead of latent variables for meta-analytic path analysis, which may reduce some sources of endogeneity. However, causal inference is not possible due to the nature of meta-analysis. The scope of the final sample was limited by some studies not reporting the estimates of correlations between constructs.

Managers can improve an organization's chances of success in the marketplace by adopting a holistic view of strategic orientations focusing on customer satisfaction, learning from the external environment and pursuing new market opportunities. Furthermore, an organization can gain a competitive advantage through innovation by creating products and services that are different from what is currently available in the market. To be successful, an organization must not only create innovative products and services but also market them effectively to consumers.

This study is the first to meta-analytically assess the explanatory value of two theorized models linking strategic orientations, innovation and firm performance. It also clarifies the role of innovation in the relationship between strategic orientations and firm performance.

This study’s goal was to identify how several markets have developed over time and what determinants have influenced this process, based on adaptive markets hypothesis (AMH). In this regard, the authors consider that agents are driven by the seeking for abnormal returns to stay “alive” and their environment could somehow modify their decision-making processes, as well as influence the degree of efficiency of the market.

The authors collected the daily closing-of-the-market index from 50 countries, between 1990 and 2022. The sample includes emerging countries, developed countries and frontier markets. Then, the authors ran multilevel modeling using Hurst exponent as an informational efficiency metric estimated by two different moving windows: 500 and 1,250 observations (approximately 2 and 5 years).

The results indicate that the efficiency of the markets is not constant over time. The authors also have identified that markets follow a cyclical pattern of efficiency/inefficiency, and they are currently in a period of convergence to efficiency, possibly explained by the increase in computational capacity and speed of the available information to agents. In addition, this study identified that country characteristics are associated with market efficiency, considering institutional factors.

Studies of this nature contribute to the literature, considering the importance of better comprehension of market efficiency dynamics and their determinants, specially observing other theories on the relationship between information and markets (like AMH), which work with other investor assumptions than those used by efficient market hypothesis.

This study aims to examine the influence of the talent management (TM) process on employee ambidexterity (EA) and the moderating role of learning organizations in Indian IT and ITes organizations.

The study is descriptive and based on empirical data from 390 IT and ITES employees from India. Data were collected using three valid and reliable questionnaires. Data were analysed using partial least squares structural equation modelling.

The findings show that the TM process significantly impacted EA. The moderating effects of the four dimensions of learning organization (LO) on the relationship between the TM process and EA were also noteworthy, even though no direct association was found to be significant. Regarding demographic variables, male and female employees do not vary considerably in their perception of TM process and EA in LO.

The study’s novelty lies in creating and discussing a synthesis of exploration and exploitation stemming from EA in learning organization.

Fabrics, which are one of the raw materials of the clothing industry, constitute approximately 40–45% of the total cost of an apparel product. Due to the labor-intensive nature of this industry and failure to apply scientific methods along with the manufacturing processes, the wastes in the raw materials, including fabrics, become higher. Besides, quality deficiencies are encountered due to the same reasons. This study aims to determine the optimum total fabric layer height based on the fabric type during the cutting process with a straight knife cutting machine, which provided a decrease in the cutting errors.

Frequently used fabric types in an enterprise operating in organic cotton knitwear were listed. During the cutting tests, the straight knife cutting machine was used as the cutting device. The weight and thickness values of the fabrics were obtained to provide a comparison basis. Two different algorithms were created to evaluate the defective pieces according to fabric type, cutting height and error placement. Cutting resistances of these fabrics were also determined to evaluate the defect reasons. In the end, optimum total fabric layer count and total cutting height suggestions were proposed for each fabric type for a minimum cutting error.

At the end of this study, the error-free layers were identified per fabric type. At the same time, the optimum cutting height was suggested for each fabric basis. For 40/1 single jersey fabrics, the cutting height should be between 2.10 cm and 10.40 cm; for 30/1 single jersey fabrics, between 1.65 cm and 5.70 cm; for 20/1 single jersey fabrics, between 1.83 cm and 6.70 cm; for two-thread fleece fabrics, between 2.13 cm and 4.70 cm; and for three-thread fleece fabrics, between 0 cm and 4.90 cm.

Within the scope of the study, since the products made of knitted fabric were produced more frequently and in large quantities, the study was carried out with 15 different types of knitted fabrics at 10 different layers. The same methods should be applied for woven, denim and nonwoven fabric types, which would shed light on the following studies.

Due to scarce research carried out on the cutting procedure of the clothing industry in regards to sustainability, this study aims to contribute to this area. The main difference between this study and the studies that mostly make mathematical predictions about the cutting procedure is that it is practice-oriented.

This paper examines the time-varying efficiency of nine major Middle East and North Africa (MENA) stock markets namely Egypt, Bahrain, UAE, Jordan, Saudi Arabia, Oman, Qatar, Morocco and Tunisia during times of COVID-19 pandemic outbreak and vaccines.

The authors use two econometric approaches: (1) autocorrelation tests including the wild bootstrap automatic variance ratio test, the automatic portmanteau test and the Generalized spectral test, and (2) a non-Bayesian generalized least squares-based time-varying model with statistical inferences.

The results show that the degree of stock market efficiency of Egyptian, Bahraini, Saudi, Moroccan and Tunisian stock markets is influenced by the COVID-19 pandemic crisis. Furthermore, the authors find a tendency toward efficiency in most of the MENA markets after the announcement of the COVID-19's vaccine approval. Finally, the Jordanian, Omani, Qatari and UAE stock markets remain globally efficient during the three sub-periods of the COVID-19 pandemic outbreak.

The results have important implications for asset allocations and financial risk management. Portfolio managers may maximize the benefit of arbitrage opportunities by taking strategic long and short positions in these markets during downward trend periods. Policymakers should implement the action plans and reforms to protect the stock markets from global shocks and ensure the stability of the stock markets.

The study aims to investigate the characteristics of the current situation of library programs and explore the possible reasons behind the low participation in Hong Kong. It focuses on the development of library programs in the era of digital technology, which can lead to discussion and reflections on the further development of library programs with innovative technology services.

This study applied a mixed-method research approach to investigate the current situation of library programming and the reasons for low participation in Hong Kong. The first part analyzes the characteristics of library programs offered by the Hong Kong Public Libraries (HKPL) through data collection from the HKPL website. The second part of this study investigated the reasons behind the low participation in library programs through quantitative research through an online survey.

The findings show that current library programs were dominated by reading activities and children's programs to a great extent, which both users and non-users are not very interested in. Further, most respondents expressed more interest in cultural and leisure events and hands-on activities (especially new technologies related) than traditional library programming. Many lapsed and non-users chose not to attend the library programs for boredom and uselessness. As a result, there is a need for HKPL to adjust its services to stay relevant to the needs and interests of local communities.

Scant studies explored the reasons behind non-users of public library programs, especially in Asia. This research contributes to the literature by analyzing and proposing the characteristics of the current situation of library programs and exploring the possible reasons behind the low participation in Hong Kong.

The authors analyzed the relationship between learning orientation (LO) and performance in micro, small and medium-sized enterprises (MSMEs) by investigating the moderating role of environmental dynamism to answer the need for systematic research of models between LO and firm performance (FP).

The authors investigated the (in)direct relationship between LO and FP. The authors collected data from 182 MSMEs operating in technology parks (TPs) in Poland. The authors used two methods in the quantitative empirical research. The authors used linear regression models to test the hypotheses, which allowed for a global assessment of relationships among all analyzed variables. Dynamic capabilities (DCs) framework guided the study.

The study results show that FP benefits from LO-related behaviors. LO is an important stimulant of FP. Meanwhile, the authors did not classify market dynamism (MD) as a moderator of the LO-FP relationship.

By design, the authors surveyed only MSMEs open to participate in the survey, which potentially limits generalizability. Furthermore, future researchers may consider other types of strategic orientations (SOs) to further explain the impact of multiple SOs on FP in specific industries.

This article presents arguments that allow for recognizing LO as a strategic organizational factor shaping FP.