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1 – 10 of 30Tara L. Cavalline and David C. Weggel
Reuse of construction and demolition (C&D) waste as aggregates is becoming increasingly popular for a number of environmental and economic reasons. The purpose of this paper is to…
Abstract
Purpose
Reuse of construction and demolition (C&D) waste as aggregates is becoming increasingly popular for a number of environmental and economic reasons. The purpose of this paper is to explore this topic.
Design/methodology/approach
In this study, structural‐ and pavement‐grade portland cement concrete (PCC) mixtures were developed using crushed recycled brick masonry from a demolition site as a replacement for conventional coarse aggregate. Prior to developing concrete mixtures, testing was performed to determine properties of whole clay brick and tile, as well as the crushed recycled brick masonry aggregate (RBMA), and a database of material properties was developed.
Findings
Concrete mixtures exhibiting acceptable workability and other fresh concrete properties were obtained, and tests were performed to assess mechanical properties and durability performance of the hardened concrete. Results indicated that recycled brick masonry aggregate concrete (RBMAC) mixtures can exhibit mechanical properties comparable to that of structural‐ and pavement‐grade PCC containing conventional coarse aggregates.
Research limitations/implications
Results for durability performance were mixed, but additional testing to evaluate durability performance is recommended.
Practical implications
Although RBMAC has been untested in field applications, results of laboratory studies performed to date indicate that this material shows promise for use in pavement and structural applications. Future testing of RBMAC in both laboratory and field settings will allow stakeholders to gain a comfort level with its properties, identify specific potential uses, and establish guidelines that will assist in ensuring acceptable service life performance.
Originality/value
From the standpoint of sustainability, use of recycled materials as aggregates provides several advantages. Landfill space used for disposal is decreased, and existing natural aggregate sources are not as quickly depleted. Use of recycled aggregates in lieu of virgin quarried aggregates can potentially result in a lower embodied energy of the concrete, although this is often dependent on hauling costs. This particularly holds true if the methodology used to compute the embodied energy of a structure accounts for the “recovery” of energy at the end of its service life.
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Akmalia Mohamad Ariff, Norakma Abd Majid, Khairul Anuar Kamarudin, Ahmad Firdhauz Zainul Abidin and Siti Nurain Muhmad
This study aims to examine the association between environmental, social and governance (ESG) performance and cash holdings, as well as whether this association is moderated by…
Abstract
Purpose
This study aims to examine the association between environmental, social and governance (ESG) performance and cash holdings, as well as whether this association is moderated by Shariah-compliant status. The aim was to test the joint effect of two ethical precepts, namely, the ESG and Shariah-compliant status, in explaining variations in cash holdings.
Design/methodology/approach
A sample set that consisted of 9,244 firm-year observations from 25 countries from 2016 to 2020 was analysed using regression analysis. Firm-level data were sourced from Thomson Reuters and Refinitiv databases, while country-level data were derived from the World Bank and Hofstede Insights websites.
Findings
Firms with greater ESG performances were found to have higher cash holdings. The positive association between ESG performance and cash holdings was greater for Shariah-compliant firms compared to non-Shariah-compliant firms. In support of the stakeholder theory, the evidence indicated that Shariah-compliant firms with higher ESG commitments also have higher cash holdings as part of their corporate strategy.
Practical implications
These findings provided further comprehension to investors that ESG practices among Shariah-compliant firms are essential information during investment decision-making processes.
Social implications
These findings highlighted ethical corporate practices through two frameworks, namely, ESG commitment and Shariah compliance; hence, contributing towards strategies to reach the Sustainable Development Goal 16 of promoting just, peaceful and inclusive societies.
Originality/value
This study has focused on the motives for cash holdings by considering the ethical precepts embodying ESG and Shariah compliance to uphold the positive impact of high cash reserves.
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This study aims to investigate whether firms engage in earnings management behavior that attempts to manipulate Credit Rating Agency (CRA) perceptions during the Watchlist process…
Abstract
Purpose
This study aims to investigate whether firms engage in earnings management behavior that attempts to manipulate Credit Rating Agency (CRA) perceptions during the Watchlist process and, if so, whether earnings management behavior appears to influence CRAs’ decisions.
Design/methodology/approach
To measure earnings management activities, this paper computes accrual-based and real earnings management measures in the year or in the quarter immediately before the Watchlist resolutions for all negative and positive Watchlist firms. To examine the association between the levels of earnings management and Watchlist resolutions, a logit model is applied to the data obtained from a sample of Watchlist firms.
Findings
Some evidence suggests that managers in Watchlist firms manage earnings in attempts to gain favorable Watchlist treatment. The findings are consistent with the Graham et al.’s (2005) survey evidence, which shows that one of the primary reasons for earnings management is to gain (or preserve) a desirable rating. In addition, CRAs appear to be misled by these attempts during the negative Watchlist process period.
Research limitations/implications
The findings support SEC’s (2011, 2013a, 2013b) rules to reduce its reliance on credit ratings and the recent regulation reforms concerning the competition in the rating industry [the Credit Rating Agency Reform Act (2006)], and concerning conflicts of interest of CRAs among others [Dodd–Frank Wall Street Reform and Consumer Protection Act (2010)].
Originality/value
While many studies examine whether managers use discretionary accruals as a tool to manage earnings to obtain favorable ratings, those studies do not consider manipulation of real operating activities to manage earnings and CRA perceptions.
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Cathy Daborn, Louise Dibsall and Nigel Lambert
“Male” and “low‐income” are both risk factors for eating a nutritionally sub‐standard diet. The aim of the study was to explore the attitudes and experiences of typical low‐income…
Abstract
Purpose
“Male” and “low‐income” are both risk factors for eating a nutritionally sub‐standard diet. The aim of the study was to explore the attitudes and experiences of typical low‐income males towards food and health. Information would build upon that previously obtained from a matched group of women, providing the opportunity to explore possible gender issues.
Design/methodology/approach
A qualitative approach was used to meet the study aims. Face‐to‐face, in‐depth interviews were conducted in 2001 with eleven middle‐aged men who were typical of a substantial low‐income sub‐group. Interviews focussed upon the issues of cancer prevention and fruits and vegetables. Transcripts were analysed using an established interpretative phenomenological approach.
Findings
Previous life‐experiences and control beliefs concerning personal health were key themes influencing dietary attitudes and behaviours. Lack of food/health information and access to healthy foods were not significant factors. Although money was limiting, this in itself, did not prevent the men from eating appropriately. Core findings were similar (with certain exceptions) to those reported previously for a comparable group of women.
Research limitations/implications
Further studies are needed to test the transferability of these findings to low‐income men of different age, region and ethnicity, as well as to more affluent men.
Practical implications
Greater emphasis on sociological frameworks is needed in both the setting of public health nutrition policies and in how food and nutrition is taught in schools. The potential dangers of stigmatising “the poor” as consumers of “bad” diets should be considered.
Originality/value
Simplistic statistical correlations do not adequately explain the complex causes of unhealthy diets and a greater emphasis upon social and cultural dynamics is required.
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Hui Li and Bruce Grundy
This paper aims to investigate the relations amongst investor sentiment, the structure of shareholder ownership and corporate investment.
Abstract
Purpose
This paper aims to investigate the relations amongst investor sentiment, the structure of shareholder ownership and corporate investment.
Design/methodology/approach
This paper develops a theoretical model, proposes hypotheses based on the predictions of the model and conducts empirical tests. The primary method is panel regression with fixed effects. The sample covers the US data for the period between 1980 and 2018.
Findings
This paper finds that firms with a higher proportion of retail investors invest more than otherwise similar firms. In the low-sentiment periods, the financially constrained firms invest less than the non-financially constraint firms. The positive effect of residual retail ownership on the investment level is higher for firms with a higher idiosyncratic risk.
Practical implications
The results suggest that larger share ownership of the relatively informed institutional investors may serve as a mechanism that could reduce the degree of overinvestment caused by higher investor sentiment and the over-optimistic of the relatively uninformed investors.
Originality/value
This paper provides an incremental theoretical and empirical contribution to the relations amongst investor sentiment, corporate investment and the structure of shareholder ownership.
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The transformation of Manders plc from a paints, property and printing inks company to a leading world player in printing inks began in January 1994 when it sold its decorative…
Abstract
The transformation of Manders plc from a paints, property and printing inks company to a leading world player in printing inks began in January 1994 when it sold its decorative paints business to Johnstone's Paints plc (part of the Total group) for £52 million. It then acquired the inks and coatings business from Croda for £27 million and sold Croda its industrial coatings business. This deal included the new state‐of‐the‐art water‐based liquid ink plant in Winschoten, The Netherlands. In June 1994 this was followed by the £38 million purchase of Premier Inks in 's‐Gravenzande and Deurne, The Netherlands. The result has been to make Manders plc the fastest growing ‘ink company in the world, according to chief executive Roger Akers, and Manders Premier the European market leader in the technology, of heatset inks. Pigment & Resin Technology's technical editor, John Bean, recently visited the 's‐Gravenzande factory and R&D centre to bring back this report.
This paper aims to examine the empirical relationship between firm-level characteristics and the variability of the average portfolio returns of distressed firms. The…
Abstract
Purpose
This paper aims to examine the empirical relationship between firm-level characteristics and the variability of the average portfolio returns of distressed firms. The cross-sectional role of momentum in the market mispricing of distressed firms is evaluated. Distress risk associated with size and book-to-market ratio is also disentangled.
Design/methodology/approach
All of NYSE, AMEX and NASDAQ stocks between January 1972 and December 2008 are used, and the individual and joint role of firm characteristics are studied in detail. Using a measure of distressed stocks based on Campbell, Hilscher and Szilagyi (CHS, 2008), new findings on how stock return anomalies are related to the interactions between firm characteristics and financial distress risk are provided.
Findings
The findings show that the size and value effects are not due to distress risk. Also, contrary to the existing empirical evidence, momentum does not proxy for distress risk. Furthermore, in the cross-sectional analysis, momentum subsumes the effect of size risk, and book-to-market acts as an independent state variable.
Research limitations/implications
The exposition of the paper is limited in many directions. To measure the extent of financial distress, only the model of CHS (2008) is used. As the level of distress is the key input in the paper, it would be interesting to use some other measure of distress, such as Z-score and O-score in the sample.
Practical implications
Collectively, the pricing results in this paper help to foster a better understanding of the nature of distressed stocks, and the identification of distress risk premium. It will help scholars and investment professionals to make robust portfolio management decisions.
Originality/value
Overall, this paper investigates an important research direction that can potentially shed new light on our understanding of the risk–return relationship of financially distressed stocks. The individual effect of momentum on the variability of the distressed firm’s average returns is highlighted. A formal cross-sectional test of the relationship between distress risk and firm characteristics that include momentum is presented. None of them is quite known in the existing literature.
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Khairul Anuar Kamarudin, Akmalia M. Ariff and Wan Adibah Wan Ismail
This study aims to investigate whether board gender diversity is associated with corporate sustainability performance and whether industry-level product market competition…
Abstract
Purpose
This study aims to investigate whether board gender diversity is associated with corporate sustainability performance and whether industry-level product market competition moderates the effect of board gender diversity on corporate sustainability performance.
Design/methodology/approach
This study uses international data extracted from global ESG data set from Thomson Reuters (Refinitiv) database. Using data of 23,137 firm-year observations from 37 countries, the authors perform regression analyses to examine the hypotheses.
Findings
The findings show that firms with high board gender diversity exhibit high corporate sustainability performance. The authors also find firms in highly competitive industries to have low corporate sustainability performance. In highly competitive industries, the positive relationship between board gender diversity and corporate sustainability performance is weakened. The results are robust to various specification tests such as alternative measures for corporate sustainability performance, board gender diversity, product market competition and also the use of propensity score matching to address endogeneity issue. Overall, the results support the prediction that board diversity and product market competition play a substitutive role in influencing corporate sustainability performance.
Research limitations/implications
This study offers empirical evidence that the appointment of female directors is a useful way to improve a firm’s corporate sustainability performance, hence, providing significant benefits in terms of stakeholders’ values and corporate reputation.
Practical implications
This study provides useful insights to investors and policymakers that intense industry competition might mitigate the role of board governance, particularly board gender diversity, in enhancing corporate sustainability performance.
Originality/value
Using an international data set, where the observations operate in various market and institutional differences, this study is able to extricate the positive impact of board gender diversity and product market competition on corporate sustainability performance. This study corroborates evidence that sustainability strategy and initiatives are reflections of integrated factors, including corporate governance as internal driver and market forces faced by firms as external driver.
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Reviews all the stages of a protective coating process applicable to structural steelworks. Illustrates the monitoring and testing equipment currently available and the progress…
Abstract
Reviews all the stages of a protective coating process applicable to structural steelworks. Illustrates the monitoring and testing equipment currently available and the progress being made in the field of coating inspection. Lists products applicable to coating thickness measurement problems, with informed comment from the managing director of a firm with nearly 50 years' experience of supplying the coatings industry with instrumentation for the quality control of coating processes.
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Heraeus Equipment has extended its range of HZ‐Vario walk‐in chambers to offer more choice in temperature and humidity ranges. The diversification of the range means Heraeus is…
Abstract
Heraeus Equipment has extended its range of HZ‐Vario walk‐in chambers to offer more choice in temperature and humidity ranges. The diversification of the range means Heraeus is now able to cover a wide application spectrum from commercial cooling and climatizing, to standardized environment simulation across vanous industries including the aerospace and automotive industries.