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This article rests on a comparative study between Turkish firms that form international corporate alliances and domestic firms in the same industry. The findings indicate that firms with foreign partners are not significantly different from domestic firms with respect to the degree of competition and turbulence in the environment, type of technology used, diversification policy, risk taking propensity and goals of top management. Resting on this finding, which allows for the control of several variables affecting the financing decision, the impact of international diversification on capital structure is investigated. The results indicate that firms which join in foreign alliances are similar to domestic firms with respect to capital structure. The research reveals that firms with foreign partners have lower performance and are younger than domestic firms. This finding is supported with the evidence for the negative relation between performance and tendency to perceive international diversification as a new source of finance. Consequently, foreign alliances seem to constitute a means for capital provision and rapid growth for the recently established and low performing firms which have limited access to external sources of financing.

To identify predictors of corporate financial distress, using the discriminant and logit models, in an emerging market over a period of economic turbulence and to reveal the comparative predictive and classification accuracies of the models in this different environmental setting.

The research relies on a sample of 27 failed and 27 non‐failed manufacturing firms listed in the Istanbul Stock Exchange over the 1996‐2003 period, which includes a period of high economic growth (1996‐1999) followed by an economic crisis period (2000‐2002). The two well‐known methods, discriminant analysis and logit, are compared on the basis of a better overall fit and a higher percentage of correct classification under changing economic conditions. Furthermore, this research attempts to reveal the changes, if any, in the bankruptcy predictors, from those found in the earlier studies that rested on the data from the developed markets.

The logistic regression model is found to have higher classification power and predictive accuracy, over the four years prior to bankruptcy, than the discriminant model. In this research, the discriminant and logit models identify the same number of significant predictors out of the total variables analyzed, and six of these are common in both. EBITDA/total assets is the most important predictor of financial distress in both models. The logit model identifies operating profit margin and the proportion of trade credit within total claims ratios as the second and third most important predictors, respectively.

This paper reveals the accuracy with which the discriminant and logit models work in an emerging market over a period when firms face high uncertainty and turbulence. This study may be extended to other emerging markets to eliminate the limitation of the small sample size in this study and to further validate the use of these models in the developing countries. This can serve to make the methods important decision tools for managers and investors in these volatile markets.

Documents evidence on the interdependence between the mechanisms used to control the agency costs in Turkish manufacturing firms where the external control devices are restricted and most of the firms have concentrated ownership. The ownership concentration, board size and composition, managerial shareholdings, institutional shareholdings, and family shareholdings are the selected devices. Evidence reveals that the proportion of insiders on the board is positively related to the percentage of family shareholdings and negatively related to the percentage of foreign institutional shareholdings and ownership concentration. Board size shows a significant negative relation with all the control mechanisms except the debt ratio. The finding that the managerially controlled firms have lower debt ratio than the institutionally controlled firms and the family controlled firms supports the entrenchment hypothesis. The capital market seems to complement the institutional shareholdings, family shareholdings, and ownership concentration in monitoring the CEOs.

During drilling in coal mines, sticking of drill rod (referred to as SDR in this work) is a potential threat to underground safety. However, no practical measures to deter SDR have been developed yet. The purpose of this study is to develop an anti-SDR strategy using proportional-integral-derivative (PID) and compliance control (PIDC). The proposed strategy is compatible with the drilling process currently used in underground coal mines using drill rigs. Therefore, this study aims to contribute to the PIDC strategy for solving SDR.

A hydraulic circuit to reduce SDR was built based on a load-independent flow distribution system, a PID controller was designed to control the inlet hydraulic pressure of the rotation motor and a typical compliance control approach was adopted to control the feed force and displacement. Moreover, the weight and optimal combination of the alternative admittance control parameters for the feed cylinder were obtained by adopting the orthogonal experiment approach. Furthermore, a fuzzy admittance control approach was proposed to control the feed displacement. Experiments were conducted to test the effectiveness of the proposed method.

The experimental results indicated that the PIDC strategy was appropriate and effective for controlling the rotation motor and feed cylinder; thus, the proposed method significantly reduces the SDR during drilling operations in underground coal mines.

As the PIDC strategy solves the SDR problem in underground coal mines, it greatly improves the safety of coal mine operation and decreases the power cost. Consequently, it brings the considerable benefits of coal mine production and vast application prospects in other corresponding fields. Actual drilling conditions are difficult to accurately simulate in a laboratory; thus, for future work, drilling experiments can be conducted in actual underground coal mines.

The PIDC-based anti-SDR strategy proposed in this study satisfactorily controls the rotation motor and feed cylinder and facilitates the feed and rotation movements. Furthermore, the tangible novelty of this study results is that it improves the frequency response of the entire drilling system. The drilling process with PIDC decreased the occurrence of SDR by 50%; therefore, the anti-SDR strategy can significantly improve the safety and efficiency of underground coal mining.

The purpose of this paper is to contribute to the services management literature by identifying a sequence of the different processes of knowledge management (KM) to create customer service value.

The context for the research hypotheses is the Spanish banking industry. The authors conducted a study including 76 banks and 1,832 customers of these banks. This paper uses the partial least squares method to conduct the data analysis.

The authors find support for all the hypotheses proposed in the model. The results show that service firms that are able to apply more knowledge or apply knowledge more effectively are likely to generate more benefits for their customers, and/or reduce their sacrifices, contributing significantly to a higher perception of service value.

The study focusses on one particular industry in a single point in time. A longitudinal analysis of a variety of service industries would enrich the study.

It is argued that KM constitutes a key capability for service firms for the delivery of service value. According to the research, if service firms want to improve the application of knowledge, it is important to focus on knowledge retention while they create new knowledge.

Although a considerable amount of research has been carried out in the fields of KM and customer value, there has been less research that has taken both into consideration simultaneously. This paper addresses this gap in the literature.

This paper aims to understand the determinants of board structure of listed firms at institutional, industry and firm levels within an emerging economy. At the institutional level, the paper explores laws, managerial culture and the role of state in instituting and endorsing corporate governance practices. At the firm level, ownership patterns (family and non-family), experience in the capital markets, age and size of the firms are studied to find out the relation between these variables and the board structure.

The research domain of the study is listed firms operating on the Istanbul Stock Exchange. The data for the study are collected at two phases; at the first phase, compliance reports, annual reports, articles of association and annual shareholders’ meeting reports of each firm in the sample are analyzed. At the second stage, secondary data are used for understanding the dynamics of Turkish institutional context.

The results of this study reveal that boards of directors of listed Turkish firms comply with the governance practices instituted by state agencies, except on issues as independent members and committees that will influence the majority owners’ control domain and private benefits.

This paper draws attention on institutional context and argues that “good governance” instruments developed for Anglo-Saxon stock market-controlled business systems provide limited explanation for an emerging economy that is characterized by close cooperation between the state, family-owned businesses and financial markets. The study offers insight to policy makers at a national level, interested in developing corporate governance principles regarding boards of directors of listed firms.

Literature on vice‐principals that aims to get a better understanding of their roles, role perceptions in school management, and their attitudes towards school management have revealed that the vice‐principalship is one of the least researched and least discussed. The purpose of this paper is to explore the facets of job satisfaction among Turkish vice‐principals.

Data were collected via a survey administered to 159 vice‐principals working for elementary schools in a city in the eastern part of Turkey and results were gathered by May 2010. A two‐part survey questionnaire was used to elicit responses from vice‐principals. The instrument consists of 31 items and asks respondents to indicate the extent of their agreement with each of the items on a four‐point Likert scale. In this study items were designed as a five‐point scale. There is a section to collect personal information. It was included together with an item asking for their career orientation.

The results confirmed that the job satisfaction of vice‐principals had four job facets: “professional commitment”, “sense of synchrony”, “sense of efficacy”, and “level of personal challenge”. The results showed that the facets of “sense of efficacy” and “sense of synchrony” were major sources of job satisfaction, and that the vice‐principals who had any educational administration degree felt themselves more effective and more synchronic. The vice‐principals who did not plan to be a principal felt themselves less effective when coping with work stress and balancing their work and personal lives.

The paper provides a better understanding of vice‐principals’ roles, role perceptions in school management, and their attitudes towards school management, and extends knowledge about the facets of job satisfaction among Turkish vice‐principals.

This paper aims to develop a corporate financial distress model for Indian listed companies using financial and non-financial parameters by using a conditional logit regression technique.

This study used a sample of 96 companies, of which 48 were declared sick between 2014 and 2016. The sample was divided into a training sample and a testing sample. The variables for the study included nine financial variables and four non-financial variables. The models were developed using financial variables alone as well as combining financial and non-financial variables. The performance of the test sample was measured with confusion matrix, sensitivity, specificity, precision, F-measure, Types 1 and 2 error.

The results show that models with financial variables had a prediction accuracy of 85.19 and 86.11 per cent, whereas models with a combination of financial and non-financial variables predict with comparatively better accuracy of 89.81 and 91.67 per cent. Net asset value, long-term debt–equity ratio, return on investment, retention ratio, age, promoters holdings pledged and institutional holdings are the critical financial and non-financial predictors of financial distress.

This study contributes to the financial distress prediction literature in different ways. First, there have been, until now, few studies in the area of financial distress prediction in the Indian context. Second, business failure studies in the past have used only financial variables. The authors have combined financial and non-financial variables in their model to increase predictive ability. Thirdly, in most earlier studies, variable institutional holdings were found to affect financial distress negatively. In contrast, the authors found this parameter to be positively significant to the financial distress of the company. Finally, there have hitherto been few studies that have used promoter holdings pledged (PHP) or pledge ratio. The authors found this variable to influence business failure positively.

Trading on electricity markets occurs such that the price settlement takes place before delivery, often day-ahead. In practice, these prices are highly volatile as they largely depend upon a range of variables such as electricity demand and the feed-in from renewable energy sources. Hence, the purpose of this paper is to provide accurate forecasts..

This paper aims at comparing different predictors stemming from supply-side (solar and wind power generation), demand-side, fuel-related and economic influences. For this reason, this paper implements a broad range of non-linear models from machine learning and draw upon the information-fusion-based sensitivity analysis.

This study disentangles the respective relevance of each predictor. This study shows that external predictors altogether decrease root mean squared errors by up to 21.96%. A Diebold-Mariano test statistically proves that the forecasting accuracy of the proposed machine learning models is superior.

The performance gain from including more predictors might be larger than from a better model. Future research should place attention on expanding the data basis in electricity price forecasting.

When developing pricing models, practitioners can achieve reasonable performance with a simple model (e.g. seasonal-autoregressive moving-average) that is built upon a wide range of predictors.

The benefit of adding further predictors has only recently received traction; however, little is known about how the individual variables contribute to improving forecasts in machine learning.

The purpose of this paper is to describe the variations in the ways that principals conceptualize their basis of power in schools.

Phenomenography was used as the research method of this study. The interviewees consisted of 16 principals, eight from public schools and eight from private schools.

The analysis of the interviews revealed eight ways of understanding a principal’s power basis. These potential power bases were: teachers’ sense of reciprocity; teachers’ sense of responsibility; organizational rules and regulations; principals’ deep knowledge and experience; in-service training; principals’ reputation for being fair and impartial; teachers’ sense of identification with their principal; and principals’ control over teachers’ employment. Participants from public and private schools held generally similar conceptions. The conception of in-service training remained limited to private school principals. The power basis of principals’ control over teachers’ employment was not emphasized but could still be perceived as a conception in certain statements by participants.

Coercive power and legitimate power of reciprocity need to be investigated more thoroughly in the field of educational administration.

There is an urgent need for training for principals to raise their awareness of the adverse effect that coercive power has on teachers.

This study is the first known to explore variations in the ways that principals conceptualize their power basis.