Search results

The surface characteristics of thermally and chemically modified wood, such as surface roughness, surface free energy (SFE) and wettability, are important properties that influence further manufacturing processes such as gluing and coating. The aim of this paper was to determine the influence of the surface roughness of thermally and chemically modified teak wood on their SFE, wettability and bonding quality for water-based acrylic and solvent-based alkyd varnishes. In addition, durability against subterranean termites in the field of these modified teak woods was also investigated to give a valuable information for their further application.

The woods tested in this study were fast-growing teak woods that were prepared in untreated and treated with furfuryl alcohol (FA), glycerol maleic anhydride (GMA) and thermal. SFE values were calculated using the Rabel method. The wettability values were measured based on the contact angle between varnish liquids and wood surfaces using the sessile drop method, and the Shi and Gardner model model was used to evaluate the wettability of the varnishes on the wood surface. The bonding quality of the varnishes was measured using a cross-cut test based on ASTM 3359-17 standard. In addition, durability against subterranean termites in the field of these modified teak woods was also investigated according to ASTM D 1758-06.

The results showed that furfurylated and GMA-thermal 220°C improved the durability of teak wood against termites. The furfurylated teak wood had the roughest surface with an arithmetic average roughness (Ra) value of 15.65 µm before aging and 27.11 µm after aging. The GMA-thermal 220°C treated teak wood was the smoothest surface with Ra value of 6.44 µm before aging and 13.75 µm after aging. Untreated teak wood had the highest SFE value of 46.90 and 57.37 mJ/m² before and after aging, respectively. The K values of untreated and treated teak wood increased owing to the aging treatment. The K values for the water-based acrylic varnish were lower than that of the solvent-based alkyd varnish. The untreated teak wood with the highest SFE produced the highest bonding quality (grades 4–5) for both acrylic and alkyd varnishes. The solvent-based alkyd varnish was more wettable and generated better bonding quality than the water-based acrylic varnish.

The originality of this research work is that it provides evaluation values of the durability and SFE. The SFE value can be used to quantitatively determine the wettability of paint liquids on the surface of wood and its varnish bonding quality.

The study aims to investigate market reactions associated with the JUST 100 rankings published by JUST Capital, a non-profit organization, as well as differences in financial reporting quality and performance between selected firms and their industry peers.

This study uses a sample of 431 firms selected as the 100 America’s Most Just Companies between 2016 and 2020 by JUST Capital. This study performs both an event study to determine whether the rankings are useful to investors and cross-sectional regression analyses on the characteristics of selected firms compared to their peers.

This study finds that investors react positively to selected firms around the time of the release of the JUST 100 rankings, suggesting that the rankings are decision-useful. This study also finds that selected firms exhibit higher accounting quality and financial performance than their peers.

Rankings may not be free from bias because of JUST Capital’s ownership of an exchange-traded fund.

The findings validate the rankings as well as the methodology used by JUST Capital, as they show market participants value firms that engage in socially responsible actions through their commitment to positively impact five key stakeholder groups: employees, customers, communities, environment and shareholders.

To the best of the authors’ knowledge, this is the first study that shows the importance of the JUST 100 rankings for investment decisions. Considering the growing push for companies to disclose environmental, social and governance (ESG) activities, this study provides evidence to support ESG disclosure regulations.