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In acquisitions of technology-based firms the focus is typically on the technology and the target firm's engineers and scientists. But a firm is a social entity with a range of important internal and external relationships that are essential to the exploitation of existing capabilities, and the development of new ones. These relationships need to be maintained, subsequent to acquisition, to preserve the target firm's ability to innovate and compete. I argue for the importance of the target firm's relationships with its customers, and show that the degree to which the acquisition creates or destroys value for the target firm's customers is a significant predictor of acquisition success.

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.

The purpose of this paper is to propose a whole set of methods for underwater target detection, because most underwater objects have small samples, low quality underwater images problems such as detail loss, low contrast and color distortion, and verify the feasibility of the proposed methods through experiments.

The improved RGHS algorithm to enhance the original underwater target image is proposed, and then the YOLOv4 deep learning network for underwater small sample targets detection is improved based on the combination of traditional data expansion method and Mosaic algorithm, expanding the feature extraction capability with SPP (Spatial Pyramid Pooling) module after each feature extraction layer to extract richer feature information.

The experimental results, using the official dataset, reveal a 3.5% increase in average detection accuracy for three types of underwater biological targets compared to the traditional YOLOv4 algorithm. In underwater robot application testing, the proposed method achieves an impressive 94.73% average detection accuracy for the three types of underwater biological targets.

Underwater target detection is an important task for underwater robot application. However, most underwater targets have the characteristics of small samples, and the detection of small sample targets is a comprehensive problem because it is affected by the quality of underwater images. This paper provides a whole set of methods to solve the problems, which is of great significance to the application of underwater robot.

The purpose of this paper is to evaluate the extent to which a sample of US-based higher education institution’s (HEI’s) climate targets and associated climate action planning efforts align with the definitions of and practices associated with science-based targets (SBTs) that are typically used to organize corporate climate efforts. This analysis will be used to explore similarities and tease out differences between how US-based HEIs and corporations approach sustainable target setting and organize sustainable action.

The degree of intersection between a sample of HEI climate action plans from Ivy Plus (Ivy+) schools and the current SBT initiative (SBTi) general corporate protocol was assessed by using an objective-oriented evaluative approach.

While there were some areas of overlap between HEI’s climate action planning and SBTi’s general corporate protocol – for instance, the setting of both short- and long-term targets and large-scale investments in renewable energy – significant areas of difference in sampled HEIs included scant quantitative Scope 3 targets, the use offsets to meet short-term targets and a low absolute annual reduction of Scope 1 and 2 emissions.

This paper unites diverse areas of literature on SBTs, corporate sustainability target setting and sustainability in higher education. It provides an overview of the potential benefits and disadvantages of HEIs adopting SBTs and provides recommendations for the development of sector-specific SBTi guidelines.

Technology acquisition is a common phenomenon of acquiring external knowledge, but we have a limited understanding of conditions in which the acquirer integrates the target or not. On one hand, the acquirer may have a policy to integrate the target to benefit from its prior knowledge. On the other hand, the target may face challenges in continuing its knowledge creation and the acquirer may want to provide it autonomy to not disrupt it. This paper aims to identify conditions in which targets tend to be less integrated after acquisitions, allowing them to maintain more autonomy and contribute more to knowledge creation.

We test our arguments in the empirical setting of the global biopharmaceutical industry using a difference-in-difference approach on a longitudinal dataset of matched patents. We examine self-cites received by patents belonging to acquirers and the targets before and after the acquisitions.

We find that, on average, the targets’ prior patents do not receive more self-cites after the acquisition. We conclude that this is because their R&D activities are disrupted, suggesting a higher level of post-acquisition integration. However, more nuanced findings reveal that it may not be the case all the time. When the target has more research experience, is international or is specialized in complementary technologies, prior patents of targets continue to receive more self-cites after the acquisition. It indicates that the targets in such conditions continue knowledge creation, suggesting a lower level of post-acquisition integration.

Our findings contribute to post-acquisition integration research. While post-acquisition integration downside is common, we present conditions in which such a downside may be less likely. We highlight that the context of an acquisition may be an important determinant of the extent of integration of the target. Moreover, we supplement the integration research (cultural, structural and human resource and leadership perspectives of integration) by adding a knowledge-based perspective to it. Such dynamics have important implications for acquirers and targets in deriving value from the acquisition.

This paper aims to investigate a novel impact time control guidance (ITCG) law based on the sliding mode control (SMC) for a nonmaneuvering target using the predicted interception point (PIP).

To intercept the target with the minimal miss distance and desired impact time, an estimation of time-to-go is introduced. This estimation results in a precise impact time for multimissiles salvo attack the target at the same time. Even for a large lead angle, the desired impact time is achieved by using the sliding mode and Lyapunov stability theory. The singularity issue of the proposed impact time guidance laws is also analyzed to achieve an arbitrary lead angle with the desired impact time.

Numerical scenarios with desired impact time are presented to illustrate the performance of the proposed ITCG law. Comparison with the state-of-art impact time guidance laws proves that the guidance law in this paper can enable the missile to intercept the target with minimal miss distance and final impact time error. This method enables multiple missiles to attack the target simultaneously with different distances and arbitrary lead angles.

An ITCG law based on sliding mode and Lyapunov stability theory is proposed, and the switching surface is designed based on a novel estimation time-to-go for the missile to intercept the target with minimal miss distance. To intercept the target with initial arbitrary lead angles and desired impact time, the authors analysis the singular issue in SMC to ensure that the missile can intercept the target with arbitrary lead angle. The proposed approach for a nonmaneuvering target using the PIP has simple forms, and therefore, they have the superiority of being implemented easily.

Throughout the world of the Less Developed Countries (LDC’s) there exists a complex maze of export promotion and incentive schemes which reflect the mental agility of economists, lawyers and legislators, in providing special favours and benefits for the export sector.

This paper features a study of the dividend policies of the larger listed British companies. It focusses on the sample companies' usage of target payout ratios. A company with a target payout is defined as one which has a policy of attempting to pay out a fixed proportion of available earnings as dividends. In particular, it examines the extent of the usage of explicit target payouts, the range of target payouts adopted and the frequency of changes in such targets. It also examines the factors which are perceived to have an influence on the company's choice of these targets. Finally, it extends and parallels previous work by Partington (1984) on the use of target payouts by Australian companies.

Globalization has provided excellent opportunities for the global manufacturing community together with a stringent barrier on cost control. Target costing has emerged as one of the main tools in aiding the manufacturers to be globally competitive. This paper analyses the effect of tools such as quality function deployment (QFD) and value engineering (VE) on target costing and explores the way in which these tools assist in achieving the target cost. The target costing model developed by Cooper and Slagmulder (Cooper, R. and Slagmulder, R., Target Costing and Value Engineering, Productivity Press, New York, NY, 1997) has been modified and tools such as QFD and VE have been incorporated in the model. Due to inherent uncertainties in the associated cost of various elements, the model has been further strengthened with the use of fuzzy logic. The theoretical model developed was implemented in an Indian auto component manufacturing company and the results were analysed. Target costing significantly relies upon QFD and VE for its effective implementation. Uncertainty in cost estimation plays a significant role in the target costing process since any variation in cost violates the cardinal rule of target costing, “the target cost should never be exceeded”. Fuzzy logic plays a vital role in accounting for uncertainty in the target costing process and gives a different perspective to arrive at the function cost. A functional approach (VE) combined with QFD backed by fuzzy approach appears to work effectively for a target costing process that is evidenced from the case study. It appears that the model developed will work satisfactorily for an industrial product and the validity of the model for fast moving consumer goods has to be ascertained.

Target cost contracts are growing in popularity but concerns remain about the interplay between fee, target, sharing ratios and the final price. This paper offers a fundamental analysis of the principles under‐pinning target contracts. It shows that there is scope for manipulation of tenders and that suboptimal methods of tender evaluation are in use. The paper analyses both fixed fee and percentage fee contracts. Methods of tender evaluation are proposed that will both reduce the scope for manipulation by tenderers and increase the likelihood of the contract being awarded to the tenderer whose final price will be the lowest. The analysis reveals a strong case for setting the contractor's share of cost overrun or underrun at a value that is not less than 50%. Finally, the paper proposes two simplifications that would reduce the number of variables in target cost contracts of the future. One is for the employer to set the fee and the other requires only that a target be tendered but with the fee built into it.