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The main purpose of this study is to investigate the relationship between intangible investments (R&D, advertising, training, software acquisitions and quality) and the ability of firms to generate future OCF (hereafter cash‐flow from operations).

The authors developed dynamic panel models to estimate the relationship between intangible investments and three subsequent periods cash flows. These models are estimated using generalized method of moments (GMM), on a panel of 300 observations related to 50 Tunisian manufacturing firms and six years of data (2001‐2006).

The findings show a positive and significant effect of intangible investments on future operating cash flows. First, this result confirms the main hypothesis of resource based view (RBV). Second, it is found that investments in R&D, quality, and advertising have significant effects on future cash flows from operations. While the effect of R&D activities and quality persists until the third lagged period, the effect of advertising expenditures is rapid and temporary.

The investigation provides an empirical validation on the role of intangible investment in generating and sustaining competitive advantage. The significant effect of R&D and quality expenses indicates the role of these activities in adding value to the firm product, and hence in the creation of competitive advantage which allows the firm to manage the components of its operating cycle, especially cash received from customers, resulting in superior future cash flows from operations.

First, the use of cash‐flow basis, as an alternative approach to accrual basis, for intangibles valuation avoids the shortcomings of accrual‐based performance measures in forecasting future operating cash flows because of earnings management practices. Second, the majority of the research dealing with the valuation of intangibles has been conducted in the context of developed countries, therefore in terms of the relevance of intangible investments significantly less is known about emerging economies. The choice of Tunisia, in this regard, is a particularly important contribution to the research on emerging economies.

The aim of this paper is to describe “resource margin accounting” (RMA) as a valuation framework in strategic analysis.

The paper defines RMA as an improved framework for valuation in competitive strategy, relative to existing value‐added and cash flow methods. The framework was tested on a sample of 300 US manufacturing companies between 1983 and 1998.

The paper finds that the resource margin approach has greater explanatory power than traditional market‐to‐book valuation measures.

The resource margin approach is methodologically and empirically superior to economic value‐added (EVA) and cash flow models of valuation.

The paper presents and tests a new valuation method: RMA.

This study aims to investigate transition patterns originating from the confiscation of mafia-type firms, examining public administrations and nonprofit organizations' roles.

This study investigates the case of “Calcestruzzi Ericina Libera,” a firm located in Sicily and confiscated from the Mafia in 1996. The analysis covers an extended period (approximately 25 years).

The empirical analysis documents the pivotal role of informal networks, comprising public administrations and nonprofit organizations. Confiscation processes are successful if transition management strategies are governed through a network and a collaborative approach is followed after the confiscation to support the firm.

Mafia-type firms have been examined academically from different perspectives, but few studies have focused on the steps taken after their confiscation.

The purpose of this paper is to investigate the effect of operating cycle on the differential persistence of accruals and cash flow, and the market reaction to the different components of earnings across firms with various operating cycles.

By examining the US public firms' earnings and the capital market reaction to different components of earnings, from 1964 to 1993, it is found that the longer the operating cycle, the lesser will be the persistent of accruals.

This result is consistent with Sloan's theory that the differential persistence of accruals is attributable to estimation errors in accruals. Moreover, the market efficiency test shows that the mispricing of accruals is greater for firms with longer operating cycle, indicating that investors fixate on earnings, while ignoring the persistence of accruals among firms with different earnings quality.

This paper adds to the growing literature that has begun to examine the factors affecting accrual persistence and accrual mispricing by indicating that the length of operating cycle can play a role. In addition, it provides fresh evidence that the market fixates on earnings, thus emphasizing the importance of contextual analysis of financial statement. Finally, it corroborates Sloan and Xie that estimation errors in accruals drive the lower persistence of accruals.

Aim of the present monograph is the economic analysis of the role of MNEs regarding globalisation and digital economy and in parallel there is a reference and examination of some legal aspects concerning MNEs, cyberspace and e‐commerce as the means of expression of the digital economy. The whole effort of the author is focused on the examination of various aspects of MNEs and their impact upon globalisation and vice versa and how and if we are moving towards a global digital economy.

This study proposes targeted modernization of the Department of Defense (DoD's) Joint Forces Ammunition Logistics information system by implementing the optimized innovative information technology open architecture design and integrating Radio Frequency Identification Device data technologies and real-time optimization and control mechanisms as the critical technology components of the solution. The innovative information technology, which pursues the focused logistics, will be deployed in 36 months at the estimated cost of $568 million in constant dollars. We estimate that the Systems, Applications, Products (SAP)-based enterprise integration solution that the Army currently pursues will cost another $1.5 billion through the year 2014; however, it is unlikely to deliver the intended technical capabilities.

The modern helicopters are designed with maximum serviceability and long life expectancy to ensure minimum life cycle cost. The purpose of this paper is to present a framework to incorporate the customer requirements on reliability and maintainability (R&M) parameters into the design and development phase of a contemporary helicopter, and to discuss the way to capture operational data to establish and improve the R&M parameters to reduce life cycle cost.

From the analysis, it is established that the reliability and maintainability cost is the major contributor to the life cost. The significant reliability and maintainability parameters which influence R&M cost are identified from analysis. The operational and design data of a contemporary helicopter are collected, compiled and analyzed to establish and improve the reliability and maintainability parameters.

The process depicted in the paper is followed for a contemporary helicopter and substantial amount of life cycle cost reduction is observed with improvement of R&M parameters.

The benefits of this methodology not only reduce life cycle cost but also improve the availability/serviceability through less failure and less time for scheduled maintenance. The methodologies also provide the reliability trends indicating potential area for design improvement.

The proposed approach assists asset managers to reduce the life cycle costs through improvement of R&M parameters.

I seek to identify whether cash flow management can affect the performance and risk of the Greek listed companies.

This study examines the relationship of cash flow management with performance and risk, using a sample of 80 non-financial companies listed in the Athens Exchange. The study covers the period 2018–2022, and panel data analysis is applied. Both financial performance and stock return are taken into consideration, while risk concerns the volatility of the companies’ share prices. The various explanatory variables used include the net cash flow, free cash flow, cash conversion cycle days, cash flow from operating activities, cash flow from investing activities, cash flow from financing activities, inventory days, customer days and supplier days.

The empirical results provide evidence of a positive relationship between financial performance and net cash flow and free cash flow. In addition, operating cash flow is positively related to financial performance. The opposite is the case for investing and financing cash flow. Finally, some evidence of a negative relationship between financial performance and inventory and customer days is provided too. On the other hand, stock return and risk are not related to the cash flow management variables at all.

To the best of my knowledge, this is one of the few studies to examine the relationship of cash flow management with performance and risk, using data from the Greek stock market. The results can form an effective selection tool for investors seeking Greek companies with the highest financial performance potential, which may reward them with higher dividends.

To meet the state‐of‐the‐art requirements of BGA assemblies necessitates direct coupling of field conditions, simulation tools for life‐time study and advanced experiments for the assessment of physical degradation. For conventionally soldered SMD components, transformations between test and field conditions are still not completely known. For new types of array components, the answers critically depend upon ‘Component age’ and change in fatigue mechanisms. The increasing complexity of microelectronic assemblies and the hidden joints of BGAs lead to an increase in reliability problems in this field. Therefore, to describe failure‐free times for different applications, fatigue relevant parameters of the ball solder joints need to be studied. With regard to the thermal coefficient of expansion, BGAs are mainly asymmetrical, consequently residual strains and stresses are generated in the solder joint array. The level of strains and stresses depends upon the global and local mismatch, the applied operating conditions and the temperature distribution in the ball solder joint array (chip location, ambient and operating temperature). For thermo‐mechanical cycling procedures, hold and ramp times at upper and lower temperatures (e.g., −20°C/+100°C) are used to initiate strains in materials and interfaces. BGAs and PCBs show comparable thermal levels with regards to the test procedures mentioned before, and the resulting stress conditions in the ball solder joints are a function of package size, DNP, etc. The test results with regard to the generation of cracks are not directly comparable to the fatigue behaviour under operating conditions. Therefore, different types of degradation tests were developed: thermo‐mechanical, mechanical, electrical and/or corrosive procedures. Depending upon the chip location in the BGA package (symmetrically: PBGA, TBGA, CBGA; asymmetrically :MCM‐BGA) frequencies, lateral and vertical temperature distribution under simulated power dissipations, and the internally generated heat will be used to induce stresses in the ball solder joints. For different values of power dissipation and ambient conditions, thermal measurements were performed, screening the top to the bottom side of the BGA and the array field. The resulting information is a precondition in order to define power cycle parameters. For different test procedures, locations of defects, crack initiation and growth in ball solder joints were studied by metallographic analysis. The practical measurements serve as analytical input to compare thermal and power cycle tests and they are a necessary step to perform a lifetime prediction.