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The purpose of this paper is to examine the factors associated with three modes of firms’ exit (voluntary liquidation, involuntary liquidation and acquisition) in a mutually exclusive environment. In particular, three modes of exit are treated as independent events given that different causes and consequences exist for each exit mode. The data set is a panel of 4,408 US manufacturing firms spanning over the period 1976–1995.

The discrete choice model is used to establish a relationship between modes of exit and a set of explanatory variables, which are specific to the firm, industry and macroeconomic conditions. Use of panel data encourages us to estimate a random effects multinomial logistic regression model, which allows exit modes as mutually exclusive events and at the same time controls the firm-specific unobserved heterogeneity in the sample.

The analysis suggests that the determinants of voluntary liquidation are age, size, profitability, technology intensity and inflation level. The determinants of involuntary liquidation are size, leverage, profitability and inflation level. For acquisition, determinants are age, size, advertising intensity, Tobin’s q, GDP growth, inflation level and interest rate. The findings suggest that exit modes have a different set of determinants and the scale of effects of some common determinants such as age, size and profitability differs between exit modes.

The analysis presented in this study relies on data from US manufacturing firms only. Thus, there is a need to explore the determinants of exit modes in other countries as well using the proposed econometric model.

The findings presented in this paper are useful for managers and policymakers to design strategies/actions for avoiding particular mode of exit.

This study provides empirical evidence on the differences in factors associated with exit modes and confirms the existence of mutually exclusive nature of exit modes. Findings suggest that for future empirical studies on firm exit, the exit modes must be treated as a heterogeneous event.

The purpose of this study is to examine the firms’ determinants of being acquired in Indian manufacturing sector. There is evidence of relationship between likelihood of being acquired and several firm specific characteristics such as age, size, research and development (R&D), advertising intensity, productivity, leverage, profitability, intangible assets and financial constraints. However, little is known about the association between these characteristics and likelihood of acquisition in Indian manufacturing sector.

The sample is a panel of 2,189 Indian manufacturing firms spanning almost 10 years (1998-2007). Random effects logistic (REL) regression model is adopted to control the firm specific unobserved heterogeneity in the sample. This is an essential requirement for providing accurate and effective determinants of being acquired.

Empirical results reveal that the determinants of being acquired in Indian manufacturing sector are age, size, R&D intensity, advertising intensity, productivity and leverage. The findings indicate that increase in firms’ age, size, R&D intensity and advertising intensity increases the likelihood of being acquired. However, increase in productivity and leverage decreases the likelihood of being acquired.

Findings of this study may be useful for potential targets to arrive at more thoughtful assessment of their attractiveness and, accordingly, promote their acquisition as a more efficient mode of exit.

The paper contributes some empirical evidence on the determinants of being acquired in Indian manufacturing sector by using panel data and REL regression model.

This paper aims to propose a novel simple and efficient structure for line-start axial-flux permanent magnet (LSAFPM) synchronous motor, especially regarding the permanent magnets (PMs) demagnetization reduction.

At first, a primitive raw scheme of the new structure for the LSAFPM motor is introduced. Considering this raw scheme, the levels of irreversible demagnetization in various regions throughout the entire volume of each PM are evaluated using 3 dimensional (3D) finite elements analysis (3D FEA) in full loading condition during startup until reaching steady state. Based on the results of these analyses, the primitive structural scheme is then modified through segmenting (cutting into four pieces) each PM from where the worst irreversible demagnetization levels occurred.

As will be demonstrated by the results of 3D FEA, the proposed modified structure is not only capable of successful startup and synchronization of the motor but also it considerably reduces the PM demagnetization level. Thus, the performance of the motor is significantly improved.

The demagnetization of PMs is an important effect in PM synchronous motors, which can greatly affect motor performance. Therefore, it is necessary to be considered in the motor design processes. This effect becomes much more significant in the line-start PM motors because the usual high-magnitude startup induction current produces a strong armature-reaction magnetic field, which may cause the PMs to be irreversibly demagnetized. The approach proposed in this paper provides a structural solution to mitigate the PM demagnetization effect and thereby improve the performance of an LSAFPM motor through modifying the structure of the LSAFPM motor according to an FEA-based PM demagnetization analysis. As a considerable contribution, in this analysis, the variation of demagnetization level between different areas inside each PM is computed and is considered as a basis for proposing an appropriate structural modification to mitigate the PM demagnetization effect as much as possible.