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We explore the impact of equity liquidity on a firm’s dynamic leverage adjustments and the moderating impacts of leverage deviation and target instability on the link between equity liquidity and dynamic leverage in the UK market.

In applying the two-step system GMM, we estimate our model by exploring suitable instruments for the dynamic variable(s), i.e. lagged values of the dynamic term(s).

Our analyses document that a firm’s equity liquidity has a positive impact on the speed of adjustment (SOA) of its leverage ratio back to the target ratio in the UK market. We also demonstrate that the positive relationship between liquidity and SOA is more pronounced for firms whose current position is relatively close to their target leverage ratio and whose target ratio is relatively stable.

This study provides important implications for both firms’ managers and investors. Particularly, firms’ managers who wish to increase the leverage SOA to enhance firms’ value need to give great attention to their equity liquidity. Investors who want to evaluate firms’ performance could also consider their equity liquidity and leverage SOA.

We are the first to enrich the literature on leverage adjustments by identifying equity liquidity as a new determinant of SOA in a single developed country with many differences in the structure and development of capital markets, ownership concentration and institutional characteristics. We also provide new empirical evidence of the joint effect of equity liquidity, leverage deviation and target instability on leverage SOA.

Railways are a well-known example of complex critical infrastructure, incorporating socio-technical systems with humans such as drivers, signallers, maintainers and passengers at the core. The technological evolution including interconnectedness and new ways of interaction lead to new security and safety risks that can be realised, both in terms of human error, and malicious and non-malicious behaviour. This study aims to identify the human factors (HF) and cyber-security risks relating to the role of signallers on the railways and explores strategies for the improvement of “Digital Resilience” – for the concept of a resilient railway.

Overall, 26 interviews were conducted with 21 participants from industry and academia.

The results showed that due to increased automation, both cyber-related threats and human error can impact signallers’ day-to-day operations – directly or indirectly (e.g. workload and safety-critical communications) – which could disrupt the railway services and potentially lead to safety-related catastrophic consequences. This study identifies cyber-related problems, including external threats; engineers not considering the human element in designs when specifying security controls; lack of security awareness among the rail industry; training gaps; organisational issues; and many unknown “unknowns”.

The authors discuss socio-technical principles through a hexagonal socio-technical framework and training needs analysis to mitigate against cyber-security issues and identify the predictive training needs of the signallers. This is supported by a systematic approach which considers both, safety and security factors, rather than waiting to learn from a cyber-attack retrospectively.

This study aims to identify the interfaces between Industry 4.0 (I4.0) technologies and circular supply chains (CSC) in Brazilian foodtechs, focusing on key stakeholders’ perspectives to understand the efficiency and sustainability impacts of these integrations.

Using a qualitative exploratory research design, the study analyzes eight Brazilian foodtechs through interviews and content analysis. It identifies CSC practices and examines the adherence of I4.0 technologies within these enterprises, assessing stakeholder engagement and the implications for CSC optimization.

Fifteen CSC practices were identified across the foodtechs, with notable integration of three distinct I4.0 technologies. The findings suggest that while I4.0 technologies enhance efficiency in CSC, their adoption is in early stages. Stakeholder engagement emerges as a crucial element for optimizing CSC in the context of Brazilian foodtechs.

This study contributes to the academic discussion on the synergy between I4.0 and circular economy (CE) models, providing empirical evidence of their application in the foodtech sector and highlighting the role of stakeholders in facilitating these integrations.

The findings suggest that stakeholder engagement in circular practices is vital for both supply chain and organizational levels, with potential benefits including improved efficiency and sustainability outcomes. The research also underscores the need for public sector support, including regulatory frameworks and incentives for adopting I4.0 technologies.

By demonstrating how I4.0 technologies can support CE practices in foodtechs, the study highlights the potential for these integrations to contribute to more sustainable and efficient food systems, addressing environmental concerns and promoting social well-being.

This study addresses a gap in the literature by exploring the interface between I4.0 technologies and CSC in the emerging context of Brazilian foodtechs, offering insights into the practical and societal benefits of these integrations.

This study empirically investigates the relationship between goodwill assets and capital structure (i.e. debt ratio) of firms and the moderating effect of financial market development on the relationship between goodwill assets and capital structure.

This research applied a quantitative method. The article collects large samples of listed firms from 23 developing and nine developed countries and applied the panel data techniques. This research used firm-level data from the DataStream database for both developed and developing countries. The study uses 4,912 firm-level data from 23 developing countries and 4,303 firm-level data from nine developed countries.

The findings reveal a significant positive relationship between goodwill assets and capital structure in developing countries, but goodwill assets have a significant negative relationship with capital structure in developed countries. Moreover, financial market development positively moderates the relationship between goodwill assets and the capital structure of firms in developing countries. The results inform firm managers that goodwill assets serve as additional collateral to secure debt financing. Moreover, policymakers should formulate a debt market policy that recognizes goodwill assets as additional collateral for the purpose of obtaining debt capital.

The study has several implications. First, goodwill assets are identified as a factor of capital structure in this study. Fixed assets have been identified as one of the drivers of capital structure in previous research, although goodwill assets are seldom included. Second, this article shows that along with demand-side determinants, supply-side determinants also play an important role in terms of the firms' choice about the capital structure. Therefore, firms should take both the demand-side and supply-side factors into consideration when sourcing for external financing (i.e. debt capital).

The study considered goodwill as a component of capital structure. The study analysis includes a large sample of enterprises, including 4,912 big firms from 23 developing countries and 4,303 large firms from nine industrialized or developed countries, which adds to the current capital structure information. Furthermore, a large sample size increases the results' robustness and generalizability.

Recently emerged Packaging-as-a-Service (PaaS) systems adopt aspects of access-based services and triadic frameworks, which have typically been treated as conceptually separate. The purpose of this paper is to investigate the implications of blending the two in what we call “access-based triadic systems,” by empirically evaluating intentions to adopt PaaS systems for takeaway food among restaurants and consumers.

We derived relevant attributes of PaaS systems from a qualitative pre-study with restaurants and consumers. Next, we conducted two factorial survey experiments with restaurants (N = 176) and consumers (N = 245) in Germany to quantitatively test the effects of those system attributes on their adoption intentions.

This paper highlights that the role of access-based triadic system providers as both the owners of shared assets and the operators of a triadic system is associated with a novel set of challenges and opportunities: System providers need to attract a critical mass of business and end customers while balancing asset protection and system complexity. At the same time, asset ownership introduces opportunities for improved quality control and differentiation from competition.

Conceptually, this paper extends research on access-based services and triadic frameworks by describing an unexplored hybrid form of non-ownership consumption we call “access-based triadic systems.” Empirically, this paper addresses the need to account for the demands of two distinct target groups in triadic systems and demonstrates how factorial survey experiments can be leveraged in this field.

This paper aims to address the question: What is the distribution of value (in pounds) created in a sample of domestic takeovers in the United Kingdom from 2013 to 2020 among acquirer and target stockholders?

The author employs a traditional event study methodology to calculate the percentage excess returns of companies on the announcement date. These returns are then converted into pound-denominated excess returns using the companies' market capitalizations. This allows the author to estimate the synergies of the mergers and acquisitions (M&As) and how they are allocated between acquirers and targets. This innovative transformation from percentage to pound excess returns establishes a new ratio methodology for addressing the paper's objective.

This paper reveals that in UK takeovers, 40 percent of the synergies in pounds are allocated to the stockholders of acquiring companies, while 60 percent go to the stockholders of target companies. In other words, acquirers retain a significant portion—more than half—of the synergies generated in these domestic deals. This original finding is statistically significant at the one percent level and strongly contradicts the hypothesis that acquirers, at best, merely break even.

The evidence that UK takeovers distribute value gains nearly equally between domestic deal parties challenges the enduring conventional insight in the M&A literature. This conventional wisdom suggests that the value created by business combinations is entirely distributed to target company stockholders. Consequently, this reexamination may have broader implications, offering an alternative perspective on the motives behind business combinations. This perspective differs from the “managerial hubris hypothesis,” which aligns with the prevailing conventional insight but receives limited support in the original finding reported here.

This study aims to, firstly, develop a red flag checklist for cryptocurrency Ponzi schemes and, secondly, to test this red flag checklist against publicly available marketing material for Mirror Trading International (MTI). The red flag checklist test seeks to establish if MTI’s marketing material posted on YouTube^® (in the form of a live video presentation) exhibits any of the red flags from the checklist.

The study uses a structured literature review and qualitative analysis of red flags for Ponzi and cryptocurrency Ponzi schemes.

A research lacuna was discovered with regard to cryptocurrency Ponzi scheme red flags. By means of a structured literature review, journal papers were identified that listed and discussed Ponzi scheme red flags. The red flags from the identified journal papers were subsequently used in a qualitative analysis. The analyses and syntheses resulted in the development of a red flag checklist for cryptocurrency Ponzi schemes, with five red flag categories, containing 18 associated red flags. The red flag checklist was then tested against MTI’s marketing material (a transcription of a live YouTube presentation). The test resulted in MTI’s marketing material exhibiting 88% of the red flags contained within the checklist.

The inherent limitations in the design of using a structured literature review and the lack of research regarding the cryptocurrency Ponzi scheme red flags.

The study provides a red flag checklist for cryptocurrency Ponzi schemes. The red flag checklist can be applied to a cryptocurrency investment scheme’s marketing material to establish if it exhibits any of these red flags.

The red flag checklist can be applied to a cryptocurrency investment scheme’s marketing material to establish if it exhibits any of these red flags.

The study provides a red flag checklist for cryptocurrency Ponzi schemes.

Recent developments in the EU’s anti-corruption strategy have brought the EU closer to meeting the UNCAC’s objectives, i.e. the Proposal for a Directive on combating corruption (2023) and the Proposal for a Directive on Asset Recovery and Confiscation (2022). This paper aims to discuss these developments from the perspective of the UNCAC, to identify missing elements in the EU’s asset recovery mechanisms.

Critical approach towards EU anti-corruption policy (discussing the problems and solutions). Review of EU developments in asset recovery law.

There is a political will on the part of the EU to fight corruption through the rules enshrined in the UNCAC. However, improving EU law by introducing a new type of confiscation of unexplained wealth and criminalising illicit enrichment, without establishing convergent rules for the return of corrupt assets from EU territory to the countries of origin, cannot be seen as sufficient action to achieve the UNCAC’s objectives. In modelling mechanisms of the return of assets, the EU should search for solutions to overcome the difficulties resulting from the ordre public clause remaining a significant factor conditioning mutual legal assistance.

This paper discusses the possible input of the EU, as a non-State Party to the UNCAC, to advance implementing the UNCAC solutions on asset recovery by establishing convergent rules for the return of corrupt assets from EU territory to countries of origin.

To date, research on migration and entrepreneurship has rarely focused expat-preneurs. Based on recent developments in both fields, this paper aims to investigate the under-researched phenomenon of Chinese self-initiated expatriates who choose to temporarily live and do business abroad on their own volition.

To address this research gap, 15 in-depth semi-structured interviews with Chinese expat-preneurs living in Portugal were conducted, exposing their narratives about their multiple challenges.

The findings corroborate the theoretical need to look beyond narrow economic explanations for why individuals engage in transnational entrepreneurship and entrepreneurial itinerancy. A collective identity and ethnic community are important because they influence how opportunities are identified and pursued.

This is a qualitative and interpretative study in a limited geographical area, which does not intent to ensure generalizability. More research is needed to further understand the phenomenon of entrepreneurial itinerancy in Europe and among other ethnic communities.

The findings provide insightful inputs to Portuguese policymakers and locals on how to support ethnic entrepreneurship. Chinese expat-preneurs also benefit from understanding how to strength their ethnic social ties in connection with local communities.

This study contributes to the entrepreneurship and international mobility literatures by providing new insights into the nature and dynamics of Chinese “expat-preneurs”, including their entrepreneurial itinerancy, necessary to properly understand entrepreneurs’ diversity and assist in extending transnational entrepreneurial theory.

The primary objective of this paper is to show a systematic and methodological approach for the digitalization of critical clinical pathways (CPs) within the healthcare domain.

The methodology entails the integration of service design (SD) and action research (AR) methodologies, characterized by iterative phases that systematically alternate between action and reflective processes, fostering cycles of change and learning. Within this framework, stakeholders are engaged through semi-structured interviews, while the existing and envisioned processes are delineated and represented using BPMN 2.0. These methodological steps emphasize the development of an autonomous, patient-centric web application alongside the implementation of an adaptable and patient-oriented scheduling system. Also, business processes simulation is employed to measure key performance indicators of processes and test for potential improvements. This method is implemented in the context of the CP addressing transient loss of consciousness (TLOC), within a publicly funded hospital setting.

The methodology integrating SD and AR enables the detection of pivotal bottlenecks within diagnostic CPs and proposes optimal corrective measures to ensure uninterrupted patient care, all the while advancing the digitalization of diagnostic CP management. This study contributes to theoretical discussions by emphasizing the criticality of process optimization, the transformative potential of digitalization in healthcare and the paramount importance of user-centric design principles, and offers valuable insights into healthcare management implications.

The study’s relevance lies in its ability to enhance healthcare practices without necessitating disruptive and resource-intensive process overhauls. This pragmatic approach aligns with the imperative for healthcare organizations to improve their operations efficiently and cost-effectively, making the study’s findings relevant.