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The primary objectives of the case study are to get the participants exposed to the issues of working capital which even profitable companies face on a day-to-day basis; give the participants an understanding of how to balance the, at times, conflicting objectives of increasing profits and sales through favorable credit terms; and expose them to the impact of increase in inventory levels and average collection period on margins in a period of slow growth. They will also learn about the concept of factoring and its uses.

The case study is about a group of companies engaged in education, steel fabrication and oil businesses owned by a single proprietor. The company was based in Fatehnagar which was part of Hyderabad district in the state of Telangana, India, and the case study traces the origins of the group from 1960s to 2021. The group was invested the surplus cash flows from the oil business to initiate and expand other businesses during this period. The economic downturn due to the COVID-19 pandemic had hit the company, particularly its oldest business – Noble Chemical Agency. The oil business was facing issues related to its growth and profitability, and the uncertainty around COVID-19-related restrictions had only augmented the fears of the management. The case study looks at issues and the dilemma which the owner of the company faced. The case study highlights various issues related to working capital management, especially related to receivables management and inventory levels faced by businesses during the slow-growth phase. It demonstrates how working capital management issues, if not resolved in time, can lead to insolvency of even a successful company with a sound business model.

The case study is meant for teaching in postgraduate management programs (Master of Business Administration and Postgraduate Diploma in Management) in the following courses: corporate finance/financial management course in the first year (the case study should be taught towards the end of the course); and management accounting courses in first year (the case study should be positioned in the middle of these courses). The case study can also be used to highlight issues related to working capital and small business management in a Management Development Programme (MDP) course for “Finance fundamentals for non-finance executives”.

Teaching notes are available for educators only.

CSS 1: Accounting and finance.

Electric motor heating during biomass recovery and its handling on conveyor is a serious concern for the motor performance. Thus, the purpose of this paper is to design and develop a hardware prototype of master–slave electric motors based biomass conveyor system to use the motors under normal operating conditions without overheating.

The hardware prototype of the system used master–slave electric motors for embedded controller operated robotic arm to automatically replace conveyor motors by one another. A mixed signal based embedded controller (C8051F226DK), fully compliant with IEEE 1149.1 specifications, was used to operate the entire system. A precise temperature measurement of motor with the help of negative temperature coefficient sensor was possible due to the utilization of industry standard temperature controller (N76E003AT20). Also, a pulse width modulation based speed control was achieved for master–slave motors of biomass conveyor.

As compared to conventional energy based mains supply, the system is self-sufficient to extract more energy from solar supply with an energy increase of 11.38%. With respect to conventional energy based \ of 47.31%, solar energy based higher energy saving of 52.69% was reported. Also, the work achieved higher temperature reduction of 34.26% of the motor as compared to previous cooling options.

The proposed technique is free from air, liquid and phase-changing material based cooling materials. As a consequence, the work prevents the wastage of these materials and does not cause the risk of health hazards. Also, the motors are used with their original dimensions without facing any leakage problems.

The purpose of this paper is to investigate the performance of bio-based lubricants (BBL), namely, palm mid-olein (PMO) enriched with an antioxidant agent, tertiary-butylhydroquinone (TBHQ) and a viscosity improver, ethylene-vinyl acetate (EVA), in journal bearing (JB) applications.

Samples of the BBL were prepared by blending it with TBHQ and EVA at various blending ratios. The oxidative stability (OS) and viscosity of the BBL samples were examined using differential scanning calorimetry and a viscometer, respectively. Meanwhile, their performance in JB applications was evaluated through the use of a JB test rig with a 0.5 length-to-diameter ratio at various operating conditions.

It was found that the combination of PMO + TBHQ + EVA demonstrated a superior oil film pressure and load-carrying capacity, resulting in a reduced friction coefficient and a smaller attitude angle compared to the use of only PMO or VG68. However, it was observed that the addition of TBHQ and EVA to the PMO did not have a significant impact on the minimum oil film thickness.

The results would be quite useful for researchers generally and designers of bearings in particular.

This study used PMO as the base stock, and its compatibility with TBHQ and EVA was investigated in terms of its OS and viscosity. The performance of this treated BBL was evaluated in a hydrodynamic JB.

The peer review history for this article is available at: https://publons.com/publon/10.1108/ILT-11-2023-0363/

The increasing globalization and technological advancements have increased the information spillover on stock markets from various variables. However, there is a dearth of a comprehensive review of how stock market volatility is influenced by macro and firm-level factors. Therefore, this study aims to fill this gap by systematically reviewing the major factors impacting stock market volatility.

This study uses a combination of bibliometric and systematic literature review techniques. A data set of 54 articles published in quality journals from the Australian Business Deans Council (ABDC) list is gathered from the Scopus database. This data set is used to determine the leading contributors and contributions. The content analysis of these articles sheds light on the factors influencing market volatility and the potential research directions in this subject area.

The findings show that researchers in this sector are becoming more interested in studying the association of stock markets with “cryptocurrencies” and “bitcoin” during “COVID-19.” The outcomes of this study indicate that most studies found oil prices, policy uncertainty and investor sentiments have a significant impact on market volatility. However, there were mixed results on the impact of institutional flows and algorithmic trading on stock volatility, and a consensus cannot be established. This study also identifies the gaps and paves the way for future research in this subject area.

This paper fills the gap in the existing literature by comprehensively reviewing the articles on major factors impacting stock market volatility highlighting the theoretical relationship and empirical results.

This study investigates the impact of US dollar volatility and oil rents on the performance of small and medium-sized enterprises (SMEs) in the Gulf Cooperation Council (GCC) region, with an emphasis on understanding how these factors influence SME financing constraints in economies with fixed currency regimes.

Employing a random effects panel regression analysis, this research considers US dollar volatility and oil rents as independent variables, with SME performance, measured through the financing gap, as the dependent variable. Controls such as trade balance, inflation deltas and gross domestic product (GDP) growth are included to isolate their effects on SME financing constraints.

The study reveals a significant positive relationship between dollar volatility and the financing gap, suggesting that increased volatility can exacerbate SME financing constraints. Conversely, oil rents did not show a significant direct influence on SME performance. The trade balance and inflation deltas were found to have significant effects, highlighting the multifaceted nature of economic variables affecting SMEs.

The study acknowledges potential biases due to omitted variables and the limitations inherent in the use of secondary data.

Findings offer pertinent guidance for SMEs and policymakers in the GCC region seeking to develop strategies that mitigate the impact of currency volatility and support SME financing.

The research provides new insights into the dynamics of SME performance within fixed currency regimes, which significantly contributes to the limited literature in this area. The paper further underscores the complex connections between global economic factors and SME financial health.

Political Corporate Social Responsibility (CSR), based on ideas about deliberative democracy, have been criticised for increasing corporate power and democratic deficits. Yet, deliberative ideals are flourishing in the corporate world in the form of dialogues with a broad set of stakeholders and engagement in wider societal issues. Extractive industry areas, with extensive corporate interventions in weak regulatory environments, are particularly vulnerable to asymmetrical power relations when businesses engage with society. This paper aims to illustrate in what way deliberative CSR practices in such contexts risk enhancing corporate power at the expense of community interests.

This paper is based on a retrospective qualitative study of a Canadian oil company, operating in an Albanian oilfield between 2009 and 2016. Through a study of three different deliberative CSR practices – market-based land acquisition, a grievance redress mechanism and dialogue groups – it highlights how these practices in various ways enforced corporate interests and prevented further community mobilisation.

By applying Laclau and Mouffe’s theory of hegemony, the analysis highlights how deliberative CSR activities isolated and silenced community demands, moved some community members into the corporate alliance and prevented alternative visions of the area to be articulated. In particular, the close connection between deliberative practices and monetary compensation flows is underlined in this dynamic.

The paper contributes to critical scholarship on political CSR by highlighting in what way deliberative practices, linked to monetary compensation schemes, enforce corporate hegemony by moving community members over to the corporate alliance.

To guide the stable radius clearance choice of water-lubricated bearings for single screw compressors, this paper aims to analyze the effects of turbulence and cavitation on bearing performance under two conditions of specified external load and radius clearance.

A modified Reynolds equation considering turbulence and cavitation is adopted, based on the Jakobsson–Floberg–Olsson boundary condition, Ng–Pan model and turbulent factors. The equation is solved using the finite difference method and successive over-relaxation method to investigate the bearing performance.

The turbulent effect can increase the hydrodynamic pressure and cavitation. In addition, the turbulent effect can lead to an increase in the equilibrium radius clearance. The turbulent region exhibits a higher load capacity and cavitation rate. However, the increased cavitation negatively impacts the frictional coefficient and end flow rate. The impact of turbulence increases as the radius clearance decreases. As the rotating speed increases, the turbulence effect has a greater impact on the bearing characteristics.

The research can provide theoretical support for the design of water-lubricated journal bearings used in high-speed water-lubricated single screw compressors.

The peer review history for this article is available at: https://publons.com/publon/10.1108/ILT-01-2024-0029/

The discussion on international migration has become a significant part of globalization and a topical issue in international relations, especially in developing economies which mostly relies on migrant remittances. The purpose of the study is to examine whether financial market development (equity market development and banking sector development) really drives migrant remittance flow in Sub-Saharan Africa (SSA).

The study employs the dynamic heterogeneous panel data approach-the pool mean group (PMG) and the mean group (MG) techniques in analyzing the model based on data obtained from 27 SSA countries covering the period 2000–2020.

The findings of the study revealed that financial market development (equity market development and banking sector development) is a key driver of migrant remittances flows in the SSA region. In addition, the study revealed that the following macroeconomic variables such as real interest rate, unemployment rate, global growth, emigration, and economic growth are also determinants of migrant remittances flows in the SSA region.

The reviewed empirical literature revealed that several studies documents that the macroeconomic determinants of migrant remittances include inflation, GDP, interest rate, exchange rate, population growth, financial sector development and unemployment rate. Most of these studies fail to capture both equity market development and robust banking sector development (financial market development) as critical drivers of migrant remittances flow in SSA. Also, this study uses a robust measure of equity market development and banking sector development, unlike previous studies.

The peer review history for this article is available at: https://publons.com/publon/10.1108/IJSE-05-2023-0361

The purpose of this paper is to critically examine the multinational oil companies’ (MOCs) corporate social responsibility (CSR) initiatives in Nigeria. Its special focus is to investigate the impact of the global memorandum of understanding (GMoU) on mainstreaming gender sensitivity in cash crop market supply chains in the Niger Delta region of Nigeria.

This paper adopts an explanatory research design with a mixed method to answer the research questions and test the hypotheses. A total of 1,200 rural women respondents were sampled across the Niger Delta region.

Results from the use of a combined logit model and propensity score matching indicate a significant relationship between the GMoU model and mainstreaming gender sensitivity in cash crop market supply chains in the Niger Delta.

This study implies that MOCs’ CSR interventions that improve women’s access to land and encourage better integration of food markets through improved roads and increased mobile networks would enable women to engage in cash crop production.

This implies that improving access to credit through GMoU cluster farming targeted at female farmers would improve access to finance and extension services for women in cash crop production in the Niger Delta.

This research contributes to the gender debate in the agricultural value chain from a CSR perspective in developing countries and is rational for demands for social projects by host communities. It concludes that businesses have an obligation to help solve problems of public concern.

While most West European nations were formed around pre-existing entities that could be called “countries” before the modern age, this was not the case in the Middle East. Some entities, like Egypt, did have a clear political and cultural identity before colonialism, others, like Algeria, did not. This chapter discusses the four states of the Maghreb: Morocco, Algeria, Tunisia and Libya, through the perspective of “country creation” going into and coming out of colonial rule. We can see here two “models” of fairly similar types of historical development, one showing a gradual process through a protectorate period to relatively stable modern nations, another through violent conquest and direct colonization ending in violent liberation and military and wealthy but fragile states. The article asks whether these models for the history of country creation and the presence or absence of pre-colonial identities can help explain the modern history and nature of these states in the Arab Spring and the years thereafter. Then, a more tentative attempt is made to apply these models to two countries of the Arab east, Syria and Iraq. While local variations ensure that no model can be transferred directly, it can show the importance of studying the historical factors that go into the transition from geographical region to a country with people that can form the basis of a nation.