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The purpose of this study is to examine whether the level of voluntary disclosure affects firm value in the Chinese capital market. It also investigates whether voluntary…
The purpose of this study is to examine whether the level of voluntary disclosure affects firm value in the Chinese capital market. It also investigates whether voluntary disclosure and the values of Chinese firms are influenced by the global financial crisis (GFC).
The study used a sample of 714 firm‐year annual reports of listed companies on the Shanghai and Shenzhen Stock Exchanges over a period of five years from 2005 to 2009 and adopt a two‐stage OLS (2SLS) procedure.
It is found that the extent of voluntary disclosure has improved in China during the period studied. The multiple regression results indicate that more voluntary disclosure does not create value for Chinese firms. It is also observed that multinational ownership, non‐executive directors, and audit committee presence are positively and significantly associated with voluntary disclosure. Furthermore, the study reports that state and individual ownerships are negatively associated with firm value while multinational ownership and liquidity have a positive significant association with firm value. During the financial crisis, voluntary disclosure continues to increase, however, firm value has decreased.
Using data from the Chinese market, the study fills a research gap by examining the value relevance of voluntary disclosure and tests whether the Global Financial Crisis has influenced voluntary disclosure levels and Chinese firms' values.
This work describes the fabrication of composite nanogrease based on carbon nanotubes (CNTs) as an additive at different volume concentrations 0, 0.5, 1, 2 and 3 Wt.% and…
This work describes the fabrication of composite nanogrease based on carbon nanotubes (CNTs) as an additive at different volume concentrations 0, 0.5, 1, 2 and 3 Wt.% and investigates the correlation between CNTs and grease rheological behaviour. In addition, study the influence of shear thinning rate at various temperatures and investigates the thermal conductivity of nanogrease. The results demonstrated that grease behaves like a Newtonian viscoelastic material with a narrow linear domain. The thermal conductivity of nanogrease was enhanced by about 31.58 per cent, and the thermal and mechanical stabilities improved. Moreover, the apparent viscosity and dropping point increased by about 93 and 27 per cent, respectively.
Grease was dissolved in chloroform (10 Wt.%), at 25°C for 1 h. In parallel, functionalized CNTs with different volume concentrations (0.5, 1, 2 and 3 Wt.%) were dispersed in N,N-dimethylformamide; the dispersion was stirred for 15 min, and then sonicated (40 kHz, 150 W) for 30 min. Grease solution was then added to the CNTs. The nanofluid was magnetically stirred for 15 min and then sonicated for 2 h. This ensured uniform dispersion of nanoparticles in the base fluid.
Inexpensive and simple fabrication of nanogrease. Thermal conductivity of nanogrease was typically enhanced compared to other reported studies. Apparent viscosity and dropping point increases with the increase the volume concentration.
This work describes the inexpensive and simple fabrication of nanogrease for improving properties of lubricants, which improve power efficiency and extend lifetimes of mechanical equipment.