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This study intends to explore the relationship between digital finance and the vertical specialization of firms. The following questions are discussed: (1) As a representative new financial development model, what is the role of digital finance in the vertical specialization of firms? (2) If digital finance improves the level of vertical specialization of firms, what is the mechanism behind such improvement? (3) How does digital finance impact the vertical specialization of firms in different regions, industries, and firms?

A two-way fixed-effect model of panel data is proposed to verify the relationship between digital finance and the vertical specialization of firms. This model is constructed by matching the city-level data of digital finance with the data of China's A-share listed companies from 2011 to 2018. Meanwhile, the instrumental variable (IV) method and difference-in-difference (DID) method are adopted to deal with the endogeneity problem of the model.

The authors' study finds that digital finance has significantly improved the level of vertical specialization of firms. The result is robust under the endogeneity consideration and a series of robustness tests. After the dimensionality of the index is reduced, the depth of digital finance usage is more conducive to the improvement of the vertical specialization of firms compared with the width of digital finance coverage and the level of financial digitization. Digital finance mainly improves the level of vertical specialization of firms by reducing transaction costs and increasing the market thickness of the intermediate products. Moreover, digital finance has certain heterogeneity in promoting the vertical specialization of firms, an effect that is more significant in the eastern region, manufacturing industry and state-owned enterprises (SOEs).

The first limitation is the mechanism test. This research only analyzes the mechanism from transaction cost and the market thickness of the intermediate products. With the rapid development of information technology, digital finance will be further integrated into people's production and life. There will then be more mechanisms that should be explored between digital finance and the vertical specialization of firms. Another limitation is the data sample of this paper. The conclusions of this research are based only on the data of listed companies. However, in the authors' opinion, the specialization level of small and medium-sized enterprise (SMEs) should be higher. Therefore, the conclusions of this work are underestimated, which can be considered as the lower limit of digital finance for enterprise specialization.

As a favorable financing channel to supplement traditional financial service functions, digital finance plays a critical role in the operating efficiency of enterprises and the effective allocation of macro resources. The authors' research shows that digital finance has significantly improved the vertical specialization of firms. This conclusion provides guides to improve the production efficiency of enterprises and the quality of economic development.

This paper has three main contributions. (1) The relationship between financial development and the vertical specialization of firms is innovatively discussed from the perspective of digital finance, which implies that digital finance can effectively promote the level of vertical specialization of firms. (2) This paper provides new perspectives and ideas to reveal the impact mechanism of digital finance on the real economy by systematically analyzing the mechanism of digital finance on the vertical specialization of firms from the perspectives of transaction costs and financing constraints. (3) The regional differences in the development of digital finance, industry differences in the vertical specialization of firms and differences in the nature of enterprise property rights are all under consideration, which improves the effectiveness and pertinence of digital finance in promoting the vertical specialization of firms.

The purpose of this study was conducted at an enterprise that produces fasteners and is one of the leading companies in the sector in terms of market share. Possible defects in the coating of bolts and nuts either lead to products being scrapped or all of the coating process being repeated from beginning to end. In both cases, the enterprise faces a waste of time and excessive costs. Through this project, the six sigma theory and its means were effectively used to improve the efficiency and quality management of the company. The selection of the six sigma project has also contributed to the creation of various documents to be used for project screening and evaluation of financial results.

Six sigma is an optimization strategy that is used to improve the profitability of businesses, avoid waste, scrap and losses, reduce costs and improve the effectiveness of all activities to meet or exceed customers’ needs and expectations. Six sigma’s process improvement model, known as Definition-Measurement-Analysis-Improvement-Control, contributes to the economic and technical achievements of businesses. The normal distribution of a process should be within ±3 sigma of the mean. This represents a scale of 99.7% certainty. However, improving the process through the utilization of the six sigma rule, which accepts normal variabilities of processes twice as strict, will result in an error rate of 3.4 per million instead of 2,700 per million for each product or service.

Using six sigma practices to reduce the costs associated with low quality and to increase economic added value became a cultural practice. With this, the continuation of six sigma practices throughout the Company was intended. The annual cost reduction achieved with the utilization of six sigma practices can be up to $21,780. When time savings are also considered, a loss reduction of about $30,000 each year can be achieved. The coating thickness efficiency increased from 85% to 95% after the improvements made through the six sigma project. There is a significant increase in the efficiency of coating thickness. In addition, the coating thickness efficiency is also close to the target value of 95%–97%.

The results of the study were optimized with the help of deep learning. The performance of the model created in deep learning was quite close to the actual performance. This result implicates the validity of the improvement work. The results may act as a guide for the use of deep learning in new projects.

This research study aims to illustrate the mapping of each consumer’s mental processes in a market-relevant context. This paper shows how such maps deliver operational insights that cannot be gained by physical methods such as brain imaging.

A marketed conceptual attribute and a sensed material characteristic of a popular product were varied across presentations in a common use. The relative acceptability of each proposition was rated together with analytical descriptors. The mental interaction that determined each consumer’s preferences was calculated from the individual’s performance at discriminating each viewed sample from a personal norm. These personal cognitive characteristics were aggregated into maps of demand in the market for subpanels who bought these for the senses or for the attribute.

Each of 18 hypothesized mental processes dominated acceptance in at least a few individuals among both sensory and conceptual purchasers. Consumers using their own descriptive vocabulary processed the factors in appeal of the product more centrally. The sensory and conceptual factors tested were most often processed separately, but a minority of consumers treated them as identical. The personal ideal points used in the integration of information showed that consumers wished for extremes of the marketed concept that are technologically challenging or even impossible. None of this evidence could be obtained from brain imaging, casting in question its usefulness in marketing.

Panel mapping of multiple discriminations from a personal norm fills three major gaps in consumer marketing research. First, preference scores are related to major influences on choices and their cognitive interactions in the mind. Second, the calculations are completed on the individual’s data and the cognitive parameters of each consumer’s behavior are aggregated – never the raw scores. Third, discrimination scaling puts marketed symbolic attributes and sensed material characteristics on the same footing, hence measuring their causal interactions for the first time.

Neuromarketing is an unworkable proposition because brain imaging does not distinguish qualitative differences in behavior. Preference tests are operationally effective when designed and analyzed to relate behavioral scores to major influences from market concepts and sensory qualities in interaction. The particular interactions measured in the reported study relate to the major market for healthy eating.

This is the first study to measure mental interactions among determinants of preference, as well as including both a marketed concept and a sensed characteristic. Such an approach could be of great value to consumer marketing, both defensively and creatively.

Steel heavy plates, grade S355, micro‐alloyed with Vanadium‐V and/or Niobium‐Nb plus Titanium‐Ti in thicknesses from 5 to 60 mm, 200.000‐350.000 t/y, are produced according to EN 10025 at STOMANA S.A., a company of the SIDENOR Group in Pernik Bulgaria, and are exported to the European Market. These plates fulfil high quality standards as they are used for constructions and engineering applications (e.g. high‐building constructions, bridges, shipping applications, cranes, etc.). Often intermediate and/or final products (slabs and plates, respectively) suffer from surface and/or internal defects, which deteriorate the final product's quality. The purpose of this paper is to look at the challenging task of eliminating the external and especially the internal defects.

ELKEME performs root‐cause analysis and proposes improvement actions. For these purposes light optical metallography (LOM) and scanning electron microscopy (SEM) with EDS were applied. For the analysis a NIKON SMZ 1500 stereoscope (up to 100x), a NIKON epiphot 300 inverted metallographic microscope (up to 1000x) and a Philips XL‐40 SEM were used.

Most surface defects are attributed to copper (having its origin mainly from scrap or from mould's wear due to bad lubrication), or casting powder entrapping, cracks at deep oscillation mark points or transverse cracking, with the majority occurring during continuous casting. High‐copper amounts in the steel cause hot shortness issues. Hot tears in the surface of “as‐cast” material lead to flakes and tears in the plates after hot rolling. The torn surfaces are heavily oxidized and decarburized if oxidizing‐conditions exist in the reheating‐furnace. Internal defects are related with large‐concentrated MnS stringers and entrapped in the steel desoxidation products. Additionally, based on carbon amount of the cast steel, macro‐segregation can lead to crack initiation and propagation along the centreline.

This work refers to industrial research widely applied and focused. Sampling and root cause analysis is never easy in an industrial environment. The most difficult part is to identify the critical process conditions that reflect to negative quality issues in the final product.

Internal defects, especially centreline segregation and inclusion clustering, are important imperfections that deteriorate material properties and jeopardize the products’ structural integrity. The paper discusses possible root‐causes in relation to the overall production processes, concluding in improvement actions for in‐plant operation given the equipment limitations of the very specific production site.

Reducing Level of Alcohol in Inks ‐ A medium‐sized US ink manufacturer recently needed to reduce the level of alcohol in its bases for water‐based inks. Ciba Geigy Pigments Division's Inks Technical Centre developed an improved formulation, containing half the alcohol of the previous one and 40 per cent more pigment to allow the ink producer to meet VOC limits and increase production efficiency, at no additional cost.

This paper deals with the organizing of interactive product development. Developing products in interaction between firms may provide benefits in terms of specialization, increased innovation, and possibilities to perform development activities in parallel. However, the differentiation of product development among a number of firms also implies that various dependencies need to be dealt with across firm boundaries. How dependencies may be dealt with across firms is related to how product development is organized. The purpose of the paper is to explore dependencies and how interactive product development may be organized with regard to these dependencies.

The analytical framework is based on the industrial network approach, and deals with the development of products in terms of adaptation and combination of heterogeneous resources. There are dependencies between resources, that is, they are embedded, implying that no resource can be developed in isolation. The characteristics of and dependencies related to four main categories of resources (products, production facilities, business units and business relationships) provide a basis for analyzing the organizing of interactive product development.

Three in-depth case studies are used to explore the organizing of interactive product development with regard to dependencies. The first two cases are based on the development of the electrical system and the seats for Volvo’s large car platform (P2), performed in interaction with Delphi and Lear respectively. The third case is based on the interaction between Scania and Dayco/DFC Tech for the development of various pipes and hoses for a new truck model.

The analysis is focused on what different dependencies the firms considered and dealt with, and how product development was organized with regard to these dependencies. It is concluded that there is a complex and dynamic pattern of dependencies that reaches far beyond the developed product as well as beyond individual business units. To deal with these dependencies, development may be organized in teams where several business units are represented. This enables interaction between different business units’ resource collections, which is important for resource adaptation as well as for innovation. The delimiting and relating functions of the team boundary are elaborated upon and it is argued that also teams may be regarded as actors. It is also concluded that a modular product structure may entail a modular organization with regard to the teams, though, interaction between business units and teams is needed. A strong connection between the technical structure and the organizational structure is identified and it is concluded that policies regarding the technical structure (e.g. concerning “carry-over”) cannot be separated from the management of the organizational structure (e.g. the supplier structure). The organizing of product development is in itself a complex and dynamic task that needs to be subject to interaction between business units.

This paper aims to examine the changing backdrop of the consumer market in relation to three-dimensional (3D) printing, especially in the context of Web infrastructure that connects consumers and producers with unprecedented diversity and scale and Web 2.0 user-created content in the material domain.

The paper presents a conceptual architecture and software platform that facilitates do-it-yourself reconfiguration of existing products incorporating 3D printing, mobile 3D sensor, augmented reality (AR) and Web technologies.

This work shows that prosumer reconfiguration of consumer products is the major paradigm in the era of democratized production. The results suggest that this approach may be used in the consumer market to meet consumer preferences for adopting innovations without redundant consumption.

Verification of the proposed conceptual approach is limited to the use of household consumer products. A critical mass of participants and product information are both necessary to achieve a sustainable ecosystem from the proposed platform. Intellectual property issues rely on the fair use of end-user production in this paper.

The proposed approach allows users to swap out consumer product parts or upgrade individual modules as innovations emerge, extending the lifecycles of consumer products and potentially reducing consumer waste.

There is a lack of work on facilitating the proliferation of practical 3D printing through prosumption in relation to existing consumer products. This paper’s scientific contribution involves how 3D printing affords social manufacturing and consumer-oriented presumption in conjunction with mobile 3D sensor, AR, and Web technologies.

Examines the tenth published year of the ITCRR. Runs the whole gamut of textile innovation, research and testing, some of which investigates hitherto untouched aspects. Subjects discussed include cotton fabric processing, asbestos substitutes, textile adjuncts to cardiovascular surgery, wet textile processes, hand evaluation, nanotechnology, thermoplastic composites, robotic ironing, protective clothing (agricultural and industrial), ecological aspects of fibre properties – to name but a few! There would appear to be no limit to the future potential for textile applications.