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Innovation diffusion points toward how innovations spread into the market after launch. This paper investigates diffusion dynamics at market entry time and proposes a new evolution pattern at the intersection between inventions and innovations. With this in mind, we initially prove that patent filings correlate with new product introductions in the U.S. spine market. Then we test our new theory supposing that certain patent filing threshold numbers accelerate strong economic returns in terms of innovations. We find that firms hitting certain patent filing thresholds significantly increase their product launches in the mentioned market. Moreover, the results seem to indicate that economic returns of inventions may be measured substantially. Thus, this paper suggests a new research area by utilizing our proposed concept about an Innovation Outcome Trigger Value (IOTV). Furthermore, the implications may also be interesting for practitioners, since we empirically prove that inventive activities turn out to be worthwhile, indeed.

This study addresses aspects of governmental influence on innovation by analyzing the impact of the ObamaCare excise tax on the medical device industry. We initially give an overview of common approaches to measuring innovativeness and entrepreneurship, empirically assess whether existing metrics are suitable for investigating the innovation performance of the U.S. medical device industry, and define a new measure (firm innovation activity) for entrepreneurship. Then we perform a quantitative analysis to explore the impact of the tax. We analyze more than 60,000 product clearances from 1996 to 2013, using the FDA database. We find a significant relationship between product counts and revenues for one segment. Contrary to the present criticism of the excise tax, we find hardly any noteworthy response in either firm innovation activity or number of products launched in the year after the tax was introduced. The 2013 reduction of new product submissions is well within the limits of typical annual fluctuations observed in previous years. This provides a first indication that the excise tax act did not have a strong impact on innovative activities through the present.

The purpose of this paper is to investigate experimentally the effect of several input process factors, namely, feed rate, spindle speed, ultrasonic power and coolant pressure, on hole quality measures (penetration rate [PR] and chipping diameter [CD]) in rotary mode ultrasonic drilling of macor bioceramic material.

The main experiments were planned using the response surface methodology (RSM). Scanning electron microscopy was also used to examine and study the microstructure of machined samples. This study revealed the existence of dominant brittle fracture and little plastic flow that resulted in a material loss from the base work surface. Experiment findings have shown the dependability and adequacy of the proposed mathematical model.

The percentage of brittle mode deformation rises as the penetration depth of abrasives increases (at increasing levels of feed rate). This was due to the fact that at greater depths of indentation, material loss begins in the form of bigger chunks and develops inter-granular fractures. These stated causes have provided an additional advantage to increasing the CD over the machined rod of bioceramic. The desirability method was also used to optimize multi-response measured responses (PR and CD). The mathematical model created using the RSM method will be very useful in industrial revelation. Furthermore, the investigated answers’ particle swarm optimization (PSO) and teacher-learner-based optimization (TLBO) make the parametric analysis more relevant and productive for real-life industrial practices.

Macor bioceramic has been widely recognized as one of the most highly demanded innovative dental ceramics, receiving expanded industry approval because of its outstanding and superior characteristics. However, effective and efficient processing remains a problem. Among the available contemporary machining methods introduced for processing typical and advanced materials, rotary mode ultrasonic machining has been identified as one of the best suitable candidates for precise processing of macor bioceramics, as this process produces thermal damage-free profiles, as well as high accuracy and an increased material removal rate. The optimized combined setting obtained using PSO is feed rate = 0.16 mm/s, spindle speed = 4,500 rpm, ultrasonic power = 60% and coolant pressure = 280 kPa with the value of fitness function is 0.0508. The optimized combined setting obtained using TLBO is feed rate = 0.06 mm/s, spindle speed = 2,500 rpm, ultrasonic power = 60% and coolant pressure = 280 kPa with the value of fitness function is 0.1703.

Because many cutting fluids contain hazardous chemical constituents, industries and researchers are looking for alternative methods to reduce the consumption of cutting fluids in machining operations due to growing awareness of ecological and health issues, government strict environmental regulations and economic pressures. Therefore, the purpose of this study is to raise awareness of the minimum quantity lubrication (MQL) technique as a potential substitute for environmental restricted wet (flooded) machining situations.

The methodology adopted for conducting a review in this study includes four sections: establishment of MQL technique and review of MQL machining performance comparison with dry and wet (flooded) environments; analysis of the past literature to examine MQL turning performance under mono nanofluids (M-NF); MQL turning performance evaluation under hybrid nanofluids (H-NF); and MQL milling, drilling and grinding performance assessment under M-NF and H-NF.

From the extensive review, it has been found that MQL results in lower cutting zone temperature, reduction in cutting forces, enhanced tool life and better machined surface quality compared to dry and wet cutting conditions. Also, MQL under H-NF discloses notably improved tribo-performance due to the synergistic effect caused by the physical encapsulation of spherical nanoparticles between the nanosheets of lamellar structured nanoparticles when compared with M-NF. The findings of this study recommend that MQL with nanofluids can replace dry and flood lubrication conditions for superior machining performance.

Machining under the MQL regime provides a dry, clean, healthy and pollution-free working area, thereby resulting the machining of materials green and environmentally friendly.

This paper describes the suitability of MQL for different machining operations using M-NF and H-NF.

The peer review history for this article is available at: https://publons.com/publon/10.1108/ILT-05-2023-0131/

The paper models the financial interconnectedness and systemic risk of shadow banks using Granger-causal network-based measures and takes the Indian shadow bank crisis of 2018–2019 as a systemic event.

The paper employs pairwise linear Granger-causality tests adjusted for heteroskedasticity and return autocorrelation on a rolling window of weekly returns data of 52 financial institutions from 2016 to 2019 to construct network-based measures and calculate network centrality. The Granger-causal network-based measure ranking of financial institutions in the pre-crisis period (explanatory variable) is rank-regressed with the ranking of financial institutions based on maximum percentage loss suffered by them during the crises period (dependent variable).

The empirical result demonstrated that the shadow bank complex network during the crisis is denser, more interconnected and more correlated than the tranquil period. The closeness, eigenvector, and PageRank centrality established the systemic risk transmitter and receiver roles of institutions. The financial institutions that are more central and hold prestigious positions due to their incoming links suffered maximum loss. The shadow bank network also showed small-world phenomena similar to social networks. Granger-causal network-based measures have out-of-sample predictive properties and can predict the systemic risk of financial institutions.

The study considers only the publicly listed financial institutions. Also, the proposed measures are susceptible to the size of the rolling window, frequency of return and significance level of Granger-causality tests.

Supervisors and financial regulators can use the proposed measures to monitor the development of systemic risk and swiftly identify and isolate contagious financial institutions in the event of a crisis. Also, it is helpful to policymakers and researchers of an emerging economy where bilateral exposures' data between financial institutions are often not present in the public domain, plus there is a gap or delay in financial reporting.

The paper is one of the first to study systemic risk of shadow banks using a financial network comprising of commercial banks and mutual funds. It is also the first one to study systemic risk of Indian shadow banks.

The main objective of this paper is to justify the implementation of blockchain (BC) over the traditional method deployed in the supply chain (SC) after using the fuzzy–analytic network process (fuzzy-ANP) application. Over the past two decades, the overall product cost is affected by the SC at a global level. Organizations are working on their existing SC for improving their performance. BC technology is a newly emerging technology and magnetizes the attention of researchers and industrialists. This technology is still at the initial stage, and only little investigation is available in the literature and it has not been much investigated by researchers.

Literature and expert opinion interpretation in BC characteristics are further analyzed and modeled using fuzzy–interpretive structural modeling (fuzzy-ISM), fuzzy-MICMAC and fuzzy-ANP. The combined approach of both fuzzy-ISM and fuzzy-MICMAC is applied to identify the common drivers to integrate the BC technology in the light of efficient supply chain management (SCM).

Comparative analysis between traditional and BC-based supply chain (BCSC) using fuzzy-ANP is carried out, considering the common driving characteristics. The proposed integrated (combined) approach of fuzzy-ISM, fuzzy-MICMAC and Fuzzy-ANP found that integration of BC with SCM is better prioritized than traditional supply chain management (TSCM). The findings in the article endorse that the TSCM can be made efficient by integrating the BC technology considering five most driving characteristics, namely, data safety and decentralization, accessibility, documentation, data management and quality.

The current proposed research work identifies 12 characteristics after studying numerous literature reviews and having a discussion with SC experts with knowledge of BC. The integrated approach of fuzzy-ISM and fuzzy-MICMAC is implemented here. After that, fuzzy-ANP is used to give ranking among BCSCM and TSCM. The study carried out in this article motivates industries to implement BC in their SC system. It will reduce the transaction cost, documentation work, save time and eliminate human error at the national and international levels. The common characteristics identified in this proposed work would help in managerial decisions for the adoption of BC to ensure that the system becomes more transparent, easily traceable and finally improve the performance.

This study aims to develop an artifact to measure the level of manufacturing competitiveness of a country in the global context and provide a suitable interpretation mechanism for the measured values, and to provide prescriptive solution where necessary so that the country can develop an actionable plan of program to move from the current level of global competitiveness to another such that they could provide more economic opportunities for their citizenry.

A manufacturing competitive index (MCI) was developed which includes relevant variables to capture a country’s manufacturing activity level in an economy with a balanced perspective. Reliable international sources were used. Ward algorithm was used to identify clear clusters of performance upon which competitive gaps were measured and improvement projects were identified and prioritized to obtain the best value for cluster transitional plan.

This study shows that the case country is not doing as well as it wants to believe, even when the relevant technology import measures were included in the expanded metric, but also, the next level of competitiveness is achievable within the national budget if proper prioritization is done.

The paper presents a cocktail of indexes that is more exhaustive of MCI, including both research capacity and technology import variables. It also uses clustering mechanism to provide a proper context to interpret the MCI scores in the context of peer nations. It presents a gap determination methodology and shows how priority projects could be logically selected to close measured gaps based on anticipated value from budget expenses

Additive manufacturing (AM), a rapidly evolving paradigm, has shown significant advantages over traditional subtractive processing routines by allowing for the custom creation of structural components with enhanced performance. Numerous studies have shown that the technical qualities of AM components are profoundly affected by the discovery of novel metastable substructures in diverse alloys. Therefore, the purpose of this study is to determine the effect of cell structure parameters on its mechanical response.

Initially, a methodology was suggested for testing porous materials, focusing on static tensile testing. For a qualitative evaluation of the cellular structures produced, computed tomography (CT) was used. Then, the CT scanner was used to analyze a sample and determine its actual relative density, as well as perform a detailed geometric analysis.

The experimental research demonstrates that the mechanical properties of a cell’s structure are significantly influenced by its shape during formation. It was also determined that using selective laser melting to produce cell structures with a minimum single-cell size of approximately 2 mm would be the most appropriate method.

Further studies of cellular structures for testing their static tensile strength are planned for the future. The study will be carried out for a larger number of samples, taking into account a wider range of cellular structure parameters. An important step will also be the verification of the results of the static tensile test using numerical analysis for the model obtained by CT scanning.

The fabrication of metallic parts with different cellular structures is very important with a selective laser melted machine. However, the determination of cell size and structure with mechanical properties is quiet novel in this current investigation.

The purpose of this paper is to optimise the process parameters, namely, fibre orientation angle, helix angle, spindle speed, and feed rate in milling of glass fibre-reinforced plastic (GFRP) composites using grey relational analysis (GRA) and desirability function analysis (DFA).

In this work, experiments were carried out as per the Taguchi experimental design and an L27 orthogonal array was used to study the influence of various combinations of process parameters on surface roughness and delamination factor. As a dynamic approach, the multiple response optimisation was carried out using GRA and DFA for simultaneous evaluation. These two methods are best suited for multiple criteria evaluation and are also not much complicated.

The process parameters were found optimum at a fibre orientation angle of 15°, helix angle of 25°, spindle speed of 6,000 rpm, and a feed rate of 0.04 mm/rev. Analysis of variance was employed to classify the significant parameters affecting the responses. The results indicate that the fibre orientation angle is the most significant parameter preceded by helix angle, feed rate, and spindle speed for GFRP composites.

An attempt to optimise surface roughness and delamination factor together by combined approach of GRA and DFA has not been previously done.

The objective of this study is threefold–first, to develop a Regional Competitiveness Index (RCI) for measuring competitiveness of sub-national regions for India; second, to test this index for its ability to explain regional growth, which validates usage and applicability of this index; and third, to further investigate if the competitiveness of states is in turn caused by economic growth, i.e. it is tested if there is a bidirectional causality between competitiveness and regional growth.

The data of indicators used in the index are from sources available freely in public domain. The competitiveness index is constructed using equal weightage supported by principal component analysis (PCA) technique. The causal relationship analysis is done using panel data of 10 years from 2008 to 2017 for 32 Indian states/union territories. The generalized method of moments (GMMs) is used for this dynamic regression estimation.

Based on RCI score, states have been ranked and through rank analysis, the authors observe the performance status of these sub-national regions and are able to categorize them as improving, no change or deteriorating in regional competitiveness. Using the GMM estimation, the association between RCI and economic growth is found to be significant at 10% level. This shows that regional competitiveness as captured through the RCI score is able to explain regional economic growth and economic disparity among the sub-national units. Further, that RCI score is found to Granger-cause growth, while growth does not lead to better RCI scores. This establishes the usefulness of RCI as an important policy variable to compare states and provide direction for sectoral reforms.

The limitations of the study include (1) broad assumption that these sub-national regions belong to a uniform macro-economic and technology environment, and (2) data constraints as it is a longitudinal study. The study implies that the composite index could capture differences in regional competitiveness explaining regional economic disparity and that competitiveness causes higher economic growth and not vice versa.

The RCI score can prove to be a useful indicator of economic performance of different states and can be used by national and state policymakers to compare and assess regional disparity among different states. The pillar-wise scores will be useful for in-depth study of weakness and strength of the sub-national territories.

Construction of an RCI for sub-national territories and analysis of panel data for longitudinal study of ten years is unique in the regional competitiveness literature.