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Article

Ajaya Kumar Panda and Swagatika Nanda

The purpose of this paper is to empirically analyze the determinants of capital structure and their long-run equilibrium relationships with firm-specific and macroeconomic…

Abstract

Purpose

The purpose of this paper is to empirically analyze the determinants of capital structure and their long-run equilibrium relationships with firm-specific and macroeconomic indicators for Indian manufacturing firms.

Design/methodology/approach

The study is conducted using the panel semi-parametric and non-parametric regression models to identify the key determinants of capital structure. Panel cointegration models are also employed for analyzing the long-run equilibrium association of capital structure with its determinants.

Findings

The study finds that each manufacturing sector has unique determinants of capital structure. The debt level is significantly affected by asset tangibility, growth opportunity, effective tax rate, non-debt tax shield, cash flow, profitability, firm size, foreign investment, government borrowing, economic growth, and interest rate. All these firm-specific and macroeconomic variables have strong long-run equilibrium relationship with capital structure as a whole.

Practical Implication of the Study

The study analyzes the determinants of capital structure for eight manufacturing sectors of India, which helps firm managers and policy-makers to identify appropriate factors that maximize firm value. The sector-specific features of firms may lead to a new path with regard to corporate governance and ownership structure to enhance stakeholder's satisfaction.

Originality/value

The use of semi-parametric and non-parametric panel regression models to analyze the determinants of capital structure, and the use of panel cointegration approach to explore the long-run equilibrium relationship between the determinants and its factors are the unique contributions of the present research.

Details

International Journal of Productivity and Performance Management, vol. 69 no. 5
Type: Research Article
ISSN: 1741-0401

Keywords

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Article

Çetin Tünger and Şule Taşlı Pektaş

This paper aims to compare designers’ cognitive behaviors in geometry-based modeling environments (GMEs) and parametric design environments (PDEs).

Abstract

Purpose

This paper aims to compare designers’ cognitive behaviors in geometry-based modeling environments (GMEs) and parametric design environments (PDEs).

Design/methodology/approach

This study used Rhinoceros as the geometric and Grasshopper as the parametric design tool in an experimental setting. Designers’ cognitive behaviors were investigated by using the retrospective protocol analysis method with a content-oriented approach.

Findings

The results indicated that the participants performed more cognitive actions per minute in the PDE because of the extra algorithmic space that such environments include. On the other hand, the students viewed their designs more and focused more on product–user relation in the geometric modeling environment. While the students followed a top-down process and produced less number of topologically different design alternatives with the parametric design tool, they had more goal setting activities and higher number of alternative designs in the geometric modeling environment.

Originality/value

This study indicates that cognitive behaviors of designers in GMEs and PDEs differ significantly and these differences entail further attention from researchers and educators.

Details

Open House International, vol. 45 no. 1/2
Type: Research Article
ISSN: 0168-2601

Keywords

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Article

Taciana Mareth, Antonio Marcio Tavares Thomé, Fernando Luiz Cyrino Oliveira and Luiz Felipe Scavarda

The purpose of this paper is to complement and extend previous literature reviews on Technical Efficiency (TE) in dairy farms, analysing the effects of different…

Abstract

Purpose

The purpose of this paper is to complement and extend previous literature reviews on Technical Efficiency (TE) in dairy farms, analysing the effects of different methodologies and study-specific characteristics on Mean TE (MTE).

Design/methodology/approach

The researchers independently conducted a systematic review of more than 400 abstracts and 85 full-text papers. Original keywords were applied to seven key electronic databases. Results from a meta-regression analysis of 85 published papers totalling 443 TE distributions in dairy farms worldwide are discussed.

Findings

The variation in the MTE indexes reported in the literature can be explained by the methodology of estimations (method of estimation, functional form of frontier models, model dimensionality), the farms geographical location and farm size. Additionally, the results suggest that, given the state of technology prevailing in each country at the time that the studies on TE were conducted, dairy farmers in the sample could increase milk output by 20.9 per cent (level of inefficiency), on average, if they produce on their frontiers.

Originality/value

This study makes two important contributions: first, it updates and compares previous works on frontier estimation of TE in dairy farms; and second, it adds two dimensions of dairy farms, size (herd and land area) and economic development, to the known differentials of TE measurement.

Details

International Journal of Productivity and Performance Management, vol. 65 no. 3
Type: Research Article
ISSN: 1741-0401

Keywords

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Article

Aditya R. Khanal and Madhav Regmi

The purpose of this paper is to study the production and efficiency of rice growers in drought prone areas with special attention given to economic and financial factors.

Abstract

Purpose

The purpose of this paper is to study the production and efficiency of rice growers in drought prone areas with special attention given to economic and financial factors.

Design/methodology/approach

The authors use a parametric stochastic frontier approach and a non-parametric data envelopment analysis.

Findings

The study found that financial and liquidity constraints negatively influence production efficiency while off-farm work positively influences efficiency in drought prone areas.

Originality/value

Many biotic and abiotic factors affect the production efficiency of rice growers. Among abiotic stress, drought is the strongest constraint affecting nearly one third of the total rice area in Asia and causing significant economic losses. Farmers’ economic conditions and financial constraints further exacerbate the situation. However, very few studies have analyzed the efficiency in drought prone areas and the influence of economic and financial factors. This study contributes to in this regard by augmenting economic and financial factors in the efficiency estimation of drought prone areas using parametric and non-parametric approach.

Details

Agricultural Finance Review, vol. 78 no. 1
Type: Research Article
ISSN: 0002-1466

Keywords

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Article

Jean-Christophe Mindeguia, Guillaume Cueff, Virginie Dréan and Gildas Auguin

The fire resistance of wooden structures is commonly based on the calculation or measurement of the char layer. Designers usually estimate the char layer at the surface of…

Abstract

Purpose

The fire resistance of wooden structures is commonly based on the calculation or measurement of the char layer. Designers usually estimate the char layer at the surface of a structural element by using analytical models. Some of these charring models can be found in regulations, as Eurocode 5. These analytical models, quite simple to use, are only reliable for the standard fire curve. In that case, the design of the structure is qualified as “prescriptive-based design” and can lead to oversizing the structure. Optimization of a structure can be achieved by using a “Performance-based design”, where realistic fire scenarios are taken into account by means of more or less complex models [parametric fires, two-zones models, computational fluid dynamics (CFD)]. For these so-called “natural fires”, no model for charring is available. The purpose of this paper is to present a novel methodology for applying a performance-based design to a simple timber structure.

Design/methodology/approach

This paper presents the development of a numerical model aiming to simulate the thermal transfer and charring in wood, under any type of thermal exposure, including non-standard fire curves. After presenting the physical background, the model is calibrated and compared to existing experimental studies on wood samples exposed to different fire curves. The model is then used as a tool for assessing the fire resistance of a common wooden structure exposed to standard and non-standard fire curves.

Findings

The results show that the fire resistance is obviously dependent on the choice of the thermal exposure. The reliability of the model is also discussed and the importance of taking into account particular reactions in wood during heating is underlined.

Originality/value

One aim of this paper is to show the opportunity to apply a performance-based approach when designing a wooden structure. It shows that more knowledge of the material behaviour under non-standard fires is still needed, especially during the decay phase.

Details

Journal of Structural Fire Engineering, vol. 9 no. 1
Type: Research Article
ISSN: 2040-2317

Keywords

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Article

Mustesin Ali Khan, Liming Jiang, Katherine Ann Cashell and Asif Usmani

Perforated composite beams are an increasingly popular choice in the construction of buildings because they can provide a structurally and materially efficient design…

Abstract

Purpose

Perforated composite beams are an increasingly popular choice in the construction of buildings because they can provide a structurally and materially efficient design solution while also facilitating the passage of services. The purpose of this paper is to examine the behaviour of restrained perforated beams, which act compositely with a profiled slab and are exposed to fire. The effect of surrounding structure on the composite perforated beam is incorporated in this study using a virtual hybrid simulation framework. The developed framework could also be used to analyse other structural components in fire.

Design/methodology/approach

A finite element model is developed using OpenSees and OpenFresco using a virtual hybrid simulation technique, and the accuracy of the model is validated using available fire test data. The validated model is used to investigate some of the most salient parameters such as the degree of axial and rotational restraint, arrangement of the openings and different types of fire on the overall fire behaviour of composite perforated beams.

Findings

It is shown that both axial and rotational restraint have a considerable effect on time-displacement behaviour and the fire performance of the composite perforated beam. It is observed that the rate of heating and the consequent development of elevated temperature in the section have a significant effect on the fire behaviour of composite perforated beams.

Originality/value

The paper will improve the knowledge of readers about modelling the whole system behaviour in structural fire engineering and the presented approach could also be used for analysing different types of structural components in fire conditions.

Details

Journal of Structural Fire Engineering, vol. 11 no. 1
Type: Research Article
ISSN: 2040-2317

Keywords

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Abstract

Details

The Efficiency of Mutual Fund Families
Type: Book
ISBN: 978-1-78743-799-9

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Article

Mithun Kanchan and Ranjith Maniyeri

The purpose of this paper is to perform two-dimensional numerical simulation involving fluid-structure interaction of flexible filament. The filament is tethered to the…

Abstract

Purpose

The purpose of this paper is to perform two-dimensional numerical simulation involving fluid-structure interaction of flexible filament. The filament is tethered to the bottom of a rectangular channel with oscillating fluid flow inlet conditions at low Reynolds number. The simulations are performed using a temporal second-order finite volume-based immersed boundary method (IBM). Further, to understand the relation between different aspect ratios i.e. ratio of filament length to channel height (Len/H) and fixed channel geometry ratio, i.e. ratio of channel height to channel length (H/Lc) on mixing and pumping capabilities.

Design/methodology/approach

The discretization of governing continuity and Navier–Stokes equation is done by finite-volume method on a staggered Cartesian grid. SIMPLE algorithm is used to solve fluid velocity and pressure terms. Two cases of oscillatory flow conditions are used with the flexible filament tethered at the center of bottom channel wall. The first case is sinusoidal oscillatory flow with phase shift (SOFPS) and second case is sinusoidal oscillatory flow without phase shift (SOF). The simulation results are validated with filament dynamics studies of previous researchers. Further, parametric analysis is carried to study the effect of filament length (aspect ratio), filament bending rigidity and Reynolds number on the complex deformation and behavior of flexible filament interacting with nearby oscillating fluid motion.

Findings

It is found that selection of right filament length and bending rigidity is crucial for fluid mixing scenarios. The phase shift in fluid motion is also found to critically effect filament displacement dynamics, especially for rigid filaments. Aspect ratio, suitable for mixing applications is dependent on channel geometry ratio. Symmetric deformation is observed for filaments subjected to SOFPS condition irrespective of bending rigidity, whereas medium and low rigidity filaments placed in SOF condition show severe asymmetric behavior. Two key findings of this study are: symmetric filament conformity without appreciable bending produces sweeping motion in fluid flow, which is highly suited for mixing application; and asymmetric behavior shown by the filament depicts antiplectic metachronism commonly found in beating cilia. As a result, it is possible to pin point the type of fluid motion governing fluid mixing and fluid pumping. The developed computational model can, thus, successfully demonstrate filament-fluid interaction for a wide variety of similar problems.

Originality/value

The present study uses a temporal second-order finite volume-based IBM to examine flexible filament dynamics for various applications such as fluid mixing. Also, it highlights the relationship between channel geometry ratio and filament aspect ratio and its effect on filament sweep patterns. The study further reports the effect of filament displacement dynamics with or without phase shift for inlet oscillating fluid flow condition.

Details

International Journal of Numerical Methods for Heat & Fluid Flow, vol. 30 no. 3
Type: Research Article
ISSN: 0961-5539

Keywords

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Article

Victor Rizov

The purpose of this paper is to perform an analytical study of non-linear elastic delamination fracture in the multilayered functionally graded split cantilever beam (SCB…

Abstract

Purpose

The purpose of this paper is to perform an analytical study of non-linear elastic delamination fracture in the multilayered functionally graded split cantilever beam (SCB) configuration. The SCB studied may have an arbitrary number of vertical layers. The material in each layer is functionally graded along the layer thickness. Also, the material properties may be different in each layer. The analytical solution derived was applied for parametric investigations in order to evaluate the effects of material properties and delamination crack location on the non-linear fracture behaviour.

Design/methodology/approach

The delamination fracture was studied in terms of the strain energy release rate. The SCB mechanical response was described by using a power-law stress-strain relation. A non-linear analytical solution for the strain energy release rate was derived by considering the SCB complementary strain energy. In order to verify the solution, an additional analysis of the strain energy release rate was developed by considering the complementary strain energy in the beam cross-sections ahead and behind the crack front.

Findings

The effects of material gradient, crack location along the beam width and non-linear material behaviour on the delamination fracture were evaluated. The analytical solution derived is useful for parametric studies of non-linear fracture in multilayered functionally graded beams.

Originality/value

Delamination fracture in the multilayered functionally graded SCB configuration was analysed with considering the non-linear material behaviour.

Details

Multidiscipline Modeling in Materials and Structures, vol. 13 no. 3
Type: Research Article
ISSN: 1573-6105

Keywords

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Book part

Tsvetana Spasova

This chapter studies trends in income distributions and inequality in the European Union using data from the European Union Statistics on Income and Living Conditions. The…

Abstract

This chapter studies trends in income distributions and inequality in the European Union using data from the European Union Statistics on Income and Living Conditions. The author models the income distribution for each country under a Dagum distribution assumption and using maximum likelihood techniques. The author uses parameter estimates to form distributions for regions defined as finite mixtures of the country distributions. Specifically, the author studies the groups of ‘new’ and ‘old’ countries depending on the year they joined the European Union. The author provides formulae and estimates for the regional Gini coefficients and Lorenz curves and their decomposition for all the survey years from 2007 through 2011. The estimates of this study show that the ‘new’ European Union countries have become richer and less unequal over the observed years, while the ‘old’ ones have undergone a slight increase in inequality which is however not significant at conventional levels.

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