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1 – 10 of 18Gaurav Gupta, Jitendra Mahakud and Vishal Kumar Singh
This study examines the impact of economic policy uncertainty (EPU) on the investment-cash flow sensitivity (ICFS) of Indian manufacturing firms.
Abstract
Purpose
This study examines the impact of economic policy uncertainty (EPU) on the investment-cash flow sensitivity (ICFS) of Indian manufacturing firms.
Design/methodology/approach
This study uses the fixed-effect method to investigate the effect of EPU on ICFS from 2004 to 2019.
Findings
This study finds that EPU increases ICFS, which is more (less) during the crisis (before and post-crisis) period. The authors also find that the effect of EPU on ICFS is more for smaller, younger and standalone (SA) firms than the larger, matured and business group affiliated (BGA) firms. This study also reveals that EPU reduces corporate investment (CI). Further, the authors find that cash flow is more significant for the investment of financially constrained firms and the negative effect of EPU is more for these firms.
Research limitations/implications
This study considers the Indian manufacturing sector. Therefore, this study can be extended by analyzing the relationship between EPU and ICFS for the service sector.
Practical implications
First, this study can be useful for corporates, academicians and government bodies to understand the effect of EPU on ICFS and CI. Second, this study will help corporates to focus on internal funds to finance corporates' investment during the crisis period because EPU increases the cost of external finance which may increase ICFS and reduce CI. Third, lending agencies, investors and stakeholders should also focus on the firm's nature, ownership, size and age because these factors play a crucial role to reduce or increase the negative effect of EPU on ICFS. Fourth, the Government should make appropriate policy measures in terms of concessional interest rates to increase the easy availability of external finance for SA, small size, and young firms to reduce the negative effect of EPU on CI because these firms are considered as more financially constrained firms.
Originality/value
This study adds new inputs to the current literature of EPU in several ways. First, this study is one of the main studies focused on the relationship between EPU and ICFS (CI). Especially in emerging countries like India, examining this relationship extends previous research. Second, this study also examines the impact of EPU on ICFS for BGA, SA, small, large, matured and young firms as well as crisis and non-crisis periods. Third, this study uses the sample of the Indian manufacturing sector which has emerged the qualities to become a global manufacturing hub and attracting global investors. Therefore, examining the effect of EPU on ICFS for these firms will be more interesting.
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This chapter provides an introduction to the world of family companies and family constitutions from a legal perspective. It first studies the legal types of business…
Abstract
This chapter provides an introduction to the world of family companies and family constitutions from a legal perspective. It first studies the legal types of business organizations that family firms have chosen across time and jurisdictions. It then illustrates how early predecessors of family constitutions evolved in the late Middle Ages and what modern family constitutions look like in different countries today. Further considerations are devoted to the governance framework of family firms. The chapter concludes by exploring the potential legal effects of family constitutions under German company and contract law.
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Tiffany & Company was the leading U.S. luxury jewelry brand, generating more than $2.6 billion in revenue through 167 retail outlets globally and from catalogue and Internet…
Abstract
Tiffany & Company was the leading U.S. luxury jewelry brand, generating more than $2.6 billion in revenue through 167 retail outlets globally and from catalogue and Internet sales. For nearly 170 years, Tiffany had managed its brand. In February 2007, a hedge fund, Trian Fund Management LP, announced that it had bought a 5.5% stake in Tiffany, and became its largest shareholder. Trian believed that Tiffany was undervalued and stated that it wanted to help the company “improve its earnings per share by addressing various operational and strategic issues.” In response, Tiffany began to consider different actions to increase shareholder value.
Wagner De Souza Tavares and Rani Uli Silitonga
Phonecards were largely used in African countries for telephone services. They have been collected by people around the world as a hobby. Images from several themes were printed…
Abstract
Purpose
Phonecards were largely used in African countries for telephone services. They have been collected by people around the world as a hobby. Images from several themes were printed in phonecards, including insects (beetles, butterflies, dragonflies, etc.). We hypothesized that the display of butterfly images in phonecards aimed to arise issues associated with butterfly endangerment and conservation status by protecting their natural habitat and/or butterfly beautifulness, and that they present “extinct” or “threatened” conservation status classification. The purpose of this study is to describe how butterfly images were used in African phonecards; to identify the butterfly species name through their images and information available in all African phonecards; and to record the most recent known geographical distribution and conservation status of butterflies.
Design/methodology/approach
Colnect database was assessed to identify all butterfly-themed African phonecards. International Union for Conservation of Nature database was also assessed to obtain information on the most recent known geographical distribution and conservation status of butterflies.
Findings
The species name of butterflies was identified from 6 out of 18 African phonecards. The most recent known geographical distribution of butterflies was wide across Africa and conservation status of most genera is classified as “least concern”.
Originality/value
The display of butterfly images in African phonecards is mostly associated with their beautifulness and least related with butterfly conservation, protection and endangerment status.
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Benna Hu, Laifu Wen and Xuemei Zhou
Vertical electrical sounding (VES) and Rayleigh wave exploration are widely used in the exploration of near-surface structure, but both have limitations. This study aims to make…
Abstract
Purpose
Vertical electrical sounding (VES) and Rayleigh wave exploration are widely used in the exploration of near-surface structure, but both have limitations. This study aims to make full use of the advantages of the two methods, reduce the multiple solutions of single inversion and improve the accuracy of the inversion. Thus, a nonlinear joint inversion method of VES and Rayleigh wave exploration based on improved differential evolution (DE) algorithm was proposed.
Design/methodology/approach
Based on the DE algorithm, a new initialization strategy was proposed. Then, taking AK-type with high-velocity interlayer model and HA-type with low-velocity interlayer model near the surface as examples, the inversion results of different methods were compared and analyzed. Then, the proposed method was applied to the field data in Chengde, Hebei Province, China. The stratum structure was accurately depicted and verified by drilling.
Findings
The synthetic data and field data results showed that the joint inversion of VES and Rayleigh wave data based on the improved DE algorithm can effectively improve the interpretation accuracy of the single-method inversion and had strong stability and large generalizable ability in near-surface engineering problems.
Originality/value
A joint inversion method of VES and Rayleigh wave data based on improved DE algorithm is proposed, which can improve the accuracy of single-method inversion.
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EGYPT: Cabinet will focus on investments, IMF reforms
Details
DOI: 10.1108/OXAN-ES288093
ISSN: 2633-304X
Keywords
Geographic
Topical
VENEZUELA: Oil companies' return may aid Caracas
Details
DOI: 10.1108/OXAN-ES283630
ISSN: 2633-304X
Keywords
Geographic
Topical
This followed a series of social media posts calling for protests and a 'Friday of Dignity' on July 12. No demonstrations took place, but the arrests are a reminder that the…
Earlier, on January 7, NOC was forced to declare force majeure at Sharara oil field, the country’s largest, after protests shut it down. Oil and gas usually account for more than…