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This study aims at investigating the impact of the disclosure and the Shariah governance on the financial performance in MENASA (Middle East, North Africa and Southeast Asia) Islamic banks.

We use the Generalized Least Squares (GLS) regression models to check the interdependence relationship between the disclosure, the Shariah governance and the financial performance of 47 Islamic banks (IBs) from ten countries operating in MENASA region. The sample period is from 2012 to 2019. In these regressions models, Return on Assets (ROA) and Return on Equity (ROE) are the dependent variables. The disclosure and the Shariah governance indicators are the independent factors. To measure the Shariah governance, we use the three sub-indices, which are the Board of Directors (BOD), the Audit Committee (AC) and the Shariah Supervisory Board (SSB). Size, Leverage and Age of the bank are used as control variables. We also used The Generalized Method of Moments (GMM) and the three-stage least squares (3SLS) estimations for robustness check.

Result shows a negative relationship between the disclosure and the two performance measures in IBs. Furthermore, as far as the governance indicators are concerned, we found that the BOD and AC, as well as the BOD and SSB, have a positive and significant impact on the ROA and ROE, respectively. This reveals that good governance had a significant association with higher performance in MENASA IBs.

The paper considers both IBs that adopt mandatory as well as voluntary AAOIFI standards and the GLS method to investigate the impact of the AAOIFI disclosure and the Shariah governance on ROA and ROE. Also, it uses the GMM and the 3SLS estimations for robustness check. It is relevant for researchers, policymakers and stakeholders concerned with IBs' performance.

The paper describes the use of a microcomputer to determine the behaviour of continuous beams. Three procedures are described: the analysis of continuous beams subject to generalized loadings using Macauley's method, the extension to include the production of influence lines, and the analysis of these influence lines to comply with a loading code. Results are presented to show how different assumptions about partial factors applied to dead loads can produce ranges of moments for which the structure must be designed. The implications for the designer of the complexities of a modern highway design code are considered in some detail, and the methods used to produce bending moment and shear force envelopes for structures designed to these rules are discussed.

To help investors find an investment policy with strong competitiveness, the purpose of this paper is to construct a multi-period investment decision model with practicality and superior performance.

The paper uses a suitable multi-period risk measure to construct a multi-period portfolio selection model, where target returns at intermediate periods and market frictions are taken into account simultaneously. An efficient scenario tree generation approach is proposed in order to transform the complex multi-period portfolio selection problem into a tractable one.

Numerical results show the new scenario tree generation algorithms are stable and can further reduce the tree size. With the scenario tree generated by the new scenario tree generation approach, the optimal investment strategy obtained under the multi-period investment decision model has more superior performance and robustness than the corresponding optimal investment strategy obtained under the single period investment model or the multi-period investment model only paying attention to the terminal cash flow.

The new risk measure and multi-period investment decision models can stimulate readers to find even better models and to efficiently solve realistic multi-period portfolio selection problems.

The empirical results show the superior performance and robustness of optimal investment strategy obtained with the new models. What's more important, the empirical analyses tell readers how different market frictions affect the performance of optimal portfolios, which can guide them to efficiently solve real multi-period investment decision problems in practice.

The paper first derives the concrete structure of the time consistent generalized convex multi-period risk measure, then constructs a multi-period portfolio selection model based on the new multi-period risk measure, and proposes a new extremum scenario tree generation algorithm. The authors construct a realistic multi-period investment decision model. Furthermore, using the proposed scenario tree generation algorithm, the authors transform the established stochastic investment decision model into a deterministic optimization problem, which can provide optimal investment decisions with robustness and superior performance.

The purpose of this paper is to define the process of analog circuit optimization on the basis of the control theory application. This approach produces many different strategies of optimization and determines the problem of searching of the best strategy in sense of minimal computer time. The determining of the best strategy of optimization and a searching of possible structure of this strategy with a minimal computer time is a principal aim of this work.

Different kinds of strategies for circuit optimization have been evaluated from the point of view of operations’ number. The generalized methodology for the optimization of analog circuit was formulated by means of the optimum control theory. The main equations for this methodology were elaborated. These equations include the special control functions that are introduced artificially. This approach generalizes the problem and generates an infinite number of different strategies of optimization. A problem of construction of the best algorithm of optimization is defined as a typical problem of the control theory. Numerical results show the possibility of application of this approach for optimization of electronic circuits and demonstrate the efficiency and perspective of the proposed methodology.

Examples show that the better optimization strategies that are appeared in limits of developed approach have a significant time gain with respect to the traditional strategy. The time gain increases when the size and the complexity of the optimized circuit are increasing. An additional acceleration effect was used to improve the properties of presented optimization process.

The obtained results show the perspectives of new approach for circuit optimization. A large set of various strategies of circuit optimization serves as a basis for searching the better strategies with a minimum computer time. The gain in processor time for the best strategy reaches till several thousands in comparison with traditional approach.

This paper aims to analyze the effects of crop specialization on agricultural productivity and commercialization for farmers who produce high-value crops in the Northern Savannah Ecological Zone of Ghana.

The study used the USAID/Ghana Feed the Future (FTF) survey, which collected data on high-value crops (i.e. maize, rice and soya). Data for the analysis consists of 2,903 farm households. The study utilized the three-stage generalized method of moment estimation technique to deal with the potential endogeneity of crop specialization within the context of productivity and commercialization and heteroscedasticity issues in the data.

The study found that crop specialization positively relates to agricultural productivity and commercialization, suggesting that increased crop specialization in the production of high-value stimulates productivity and opens market opportunities for farm households. These findings imply that crop specialization seems more beneficial to farmers as it significantly improves productivity and commercialization.

The study was conducted in the Northern Savannah Ecological Zone of Ghana and not the entire country.

To the best of the authors' knowledge, this study is the first to have jointly modeled crop specialization, agricultural productivity and commercialization. The main advantage of using this system approach is that it uses more information, thereby providing more precise parameter estimates.

Prior studies on corporate social responsibility (CSR) and performance have frequently used unidirectional, single-equation regression although the literature recommends the reciprocal association of CSR with firm performance. This paper aims to elucidate the interactive relationship of CSR spending with financial inclusion (FI) and firm performance. The study also explores the moderating impact of the level of FI on the CSR-firm performance relationship.

This study uses a simultaneous equations model to capture the FI, CSR and firm performance relationships and apply a three-stage regression approach and generalised method of moments approach to address possible endogeneity.

The results confirm a positive association of CSR spending with performance but a negative relationship of FI with performance. This paper also finds that FI negatively moderates the CSR spending-performance relationship.

The positive impact of CSR spending and the negative impact of FI on performance in mandatory CSR regimes provides valuable input in policy formulation. The results of the study will also be useful to national and international organisations, such as the International Monetary Fund and the World Bank.

This study uses a simultaneous equations model to capture the reciprocal association of CSR spending with firm performance, whereas prior studies on CSR and performance have frequently used unidirectional, single-equation regression. This paper also finds that FI negatively moderates the CSR spending- performance relationship. Including FI and exploring the moderating impact of the level of FI on the CSR-firm performance relationship is novel.

The objective of this paper is to investigate the direction of the causal relationship between dividend policy (DP) and earnings management (EM).

This research utilizes the panel data analysis to investigate the causal relationship between EM and DP. It provides empirical insights based on a sample of 280 French nonfinancial companies listed on the CAC All-Tradable index during the period of 2008–2015. The study initiates with a Granger causality examination on the unbalanced panel data and employs a dynamic panel approach with the generalized method of moments (GMM). It further estimates the empirical models simultaneously using the three-stage least squares (3SLS) method and the iterative triple least squares (iterative 3SLS) method.

The estimation of our various empirical models confirms the presence of a bidirectional causal relationship between DP and EM.

Our study highlights the prevalence of EM in the French context, particularly within DP. It underscores the need for regulatory bodies, the Ministry of Finance, external auditors and stock exchange organizers to prioritize governance mechanisms for improving the quality of financial information disclosed by companies.

This research is, to the best of our knowledge, the first is to extensively investigate the reciprocal causal relationship between DP and EM in France. Previous studies have not placed a significant emphasis on exploring this bidirectional link between these two variables.

“It should also be noted that the objective of convergence and equal distribution, including across under-performing areas, can hinder efforts to generate growth. Contrariwise, the objective of competitiveness can exacerbate regional and social inequalities, by targeting efforts on zones of excellence where projects achieve greater returns (dynamic major cities, higher levels of general education, the most advanced projects, infrastructures with the heaviest traffic, and so on). If cohesion policy and the Lisbon Strategy come into conflict, it must be borne in mind that the former, for the moment, is founded on a rather more solid legal foundation than the latter” European Commission (2005, p. 9)Adaptation of Cohesion Policy to the Enlarged Europe and the Lisbon and Gothenburg Objectives.

The purpose of this paper is to provide an accurate dynamic model for the flexible cable capture mechanism and to analyze the dynamic characteristics in the capturing process.

The absolute nodal coordinate formulation (ANCF) that based on the continuum mechanics approach is applied in the capture task using flexible cables. An ANCF cable element in which axial and bending strain energy are taken into account is presented to model the flexible cables. The generalized coordinates of ANCF are absolute displacements and slopes and make no small deformation assumptions; therefore, this element has a remarkable superiority in the large rotation and deformation analysis of flexible cables compared to the conventional floating frame of reference formulation (FFRF). The mass matrix of the cable element is constant, which will reduce the degree of non-linearity of the dynamic equations. The contact force between the steel cables and capture rod is calculated by the non-linear contact dynamic model, in which material and geometry properties of contact bodies are considered.

The stress distribution of steel cables is investigated in the numerical studies which show that the closer to the ends of the cable, the larger axial forces and smaller bending moments they will be. The reduction of grasping velocity will lead to a decrease in the contact force and the oversize peak value of contact force is more likely to be avoided when reducing the elastic modulus of steel cables to obtain a greater soft capture capability.

The work shows a practical possibility to improve modeling accuracy of the capture mechanism. Results of the analyses can provide references for the design and analysis of the capture task.

The ANCF is first used in the analysis of the capture task with flexible cables, and some useful results which have not been published before are obtained.

This study elucidates the interactive relationship of sustainability assurance (SA) quality with corporate environmental sustainability performance (CESP) and firm value and explores the moderating impact of CESP on the SA quality–firm value relationship.

The sample comprises 320 firm-year observations of 40 companies listed on the Cotation Assistée en Continu (CAC 40) from 2010 to 2019. The authors use the simultaneous equations model to capture the CESP and SA quality–firm value relationship and apply the three-stage regression and generalised method of moments approaches to address possible endogeneity.

The results show that CESP, as assessed by International Organisation for Standardisation (ISO) 14001 certification, has a significant positive effect on firm value, the relevance of which implies that in the case of good environmental performance, society's perception of a firm is much more favourable; consequently, the firm is likely to be rewarded with a premium value in capital markets. In addition, environmental performance has a stronger interaction with SA quality, acting as a moderator variable; thus, greater SA quality signals credibility owing to increased eco-efficiency. The authors interpret their findings within a multi-theoretical framework that draws insights from legitimacy, stakeholders and signalling theoretical perspectives.

This study contributes to the literature by re-examining the relationship between SA quality and firm value. It also provides new evidence of the moderating effect of CESP on the SA quality–firm value nexus. Specifically, this study explores the joint effects of credibility and eco-efficiency on market confidence in sustainability information. The authors use a simultaneous equation model to capture the reciprocal association between SA quality and firm value, whereas prior studies on SA quality and market performance have frequently used single-equation regression. The authors also find that CESP positively moderates the relationship between SA quality and firm value. Including CESP and exploring the moderating impact of eco-efficiency on the SA quality–firm value relationship is a novel approach.