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The purpose of this paper is to report the resistance of plasma‐sprayed titanium dioxide (TiO2) nanostructured coatings in a corrosive environment.
Abstract
Purpose
The purpose of this paper is to report the resistance of plasma‐sprayed titanium dioxide (TiO2) nanostructured coatings in a corrosive environment.
Design/methodology/approach
Weight loss studies are performed according to ASTM G31 specifications in 3.5 wt% NaCl. Electrochemical polarization resistance measurements are made according to ASTM G59‐91 specifications. Corrosion resistance in a humid and corrosive environment is determined by exposing the samples in a salt spray chamber for 100 h. Microstructural studies are carried out using an atomic force microscope and scanning electron microscope.
Findings
The nanostructured TiO2 coatings offer good resistance to corrosion, as shown by the results of immersion, electrochemical and salt spray studies. The corrosion resistance of the coating is dictated primarily by the geometry of splat lamellae, density of unmelted nanoparticles, magnitude of porosity and surface homogeneity.
Practical implications
The TiO2 nanostructured coatings show promising potential for use as abrasion, wear‐resistant and thermal barrier coatings for service in harsh environments.
Originality/value
The paper relates the corrosion resistance of nanostructured TiO2 coatings to their structure and surface morphology.
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Keywords
Libraries need to develop information processing systems for evaluation, budgeting, planning, and operations. Electronic spreadsheets lend themselves to a variety of applications…
Abstract
Libraries need to develop information processing systems for evaluation, budgeting, planning, and operations. Electronic spreadsheets lend themselves to a variety of applications, but are time‐consuming to create. A model template and macros that can be used in many different types of library data analysis have been developed here. The procedures demonstrated here can build an essential set of tools for meeting fundamental goals of administrative efficiency, effective use of library resources, staff motivation, and rational policy making.
Emmanuel C. Mamatzakis, Lorenzo Neri and Antonella Russo
Since February 2022, the conflict between Ukraine and Russia has significantly influenced global financial markets, altering investor behavior and increasing market volatility…
Abstract
Purpose
Since February 2022, the conflict between Ukraine and Russia has significantly influenced global financial markets, altering investor behavior and increasing market volatility. Western countries’ sanctions on Russia have influenced market uncertainty. Academic literature has deeply investigated the market’s reaction to the conflict and demonstrated a diverse range of impacts. Our study delves into how corporate decisions to remain in or exit Russia during the conflict influence analyst sentiment.
Design/methodology/approach
Leveraging data on analysts' revision scores (ARS) from Eikon, Refinitiv, our analysis underscores the importance of analysts during periods of uncertainty (Kacperczyk and Seru, 2007; Loh and Stulz, 2018). Using static and dynamic panel analysis, we examine the impact of Russia exposure on ARS while controlling for key variables.
Findings
Companies that retain a presence in Russia tend to enhance the overall ARS score, contributing to increased optimism among analysts regarding forecasts for the firms in question. Controlling for endogeneity and underlying dynamics in ARS does not alter the main findings. All in all, the results confirm the absence of an impact on the companies' returns post-announcement to continue or leave Russia after the start of the conflict (Balyuk and Fedyk, 2023).
Originality/value
This research sheds light on the complex relationship between geopolitical events, corporate decisions and investor sentiment, offering valuable insights for stakeholders, policymakers and regulators.
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Jiandong Yang, Zhiqiang Li, Hongbo Hao and Jinxu Li
This paper aims to investigate the corrosion kinetics and corrosion behavior of NdFeB magnets with the addition of heavy rare earth dysprosium (Dy) for its inhibitory activity on…
Abstract
Purpose
This paper aims to investigate the corrosion kinetics and corrosion behavior of NdFeB magnets with the addition of heavy rare earth dysprosium (Dy) for its inhibitory activity on poor corrosion resistance of NdFeB magnets.
Design/methodology/approach
To study the effect of dysprosium addition on corrosion behavior of NdFeB magnets and investigate its mechanism, potentiodynamic polarization, scanning electron microscopy (SEM), electrochemical impedance, energy dispersion spectrum (EDS) and scanning Kelvin probe force microscopy (SKPFM) were applied in the research. Besides, microstructures were observed by SEM equipped with EDS. Atomic force microscopy was introduced to analyze the morphology, potential image as well as the contact potential difference. The SKPFM mapping scan was applied to obtain the contact potential around Nd-rich phase at 0.1 Hz. The magnets were detected via X-ray diffraction.
Findings
Substitution of Nd with Dy led to improvement of corrosion resistance and reduced the potential difference between matrix and Nd-rich phase. Corrosion resistance is Nd-rich phase < the void < metal matrix; maximum potential difference between matrix and Nd-rich phase of Dy = 0, Dy = 3 and Dy = 6 Wt.% is 411.3, 279.4 and 255.8 mV, respectively. The corrosion rate of NdFeB magnet with 6 Wt.% Dy is about 67% of that without Dy at steady corrosion stage. The addition of Dy markedly enhanced the corrosion resistance of NdFeB magnets.
Originality/value
This research innovatively investigates the effect of adding heavy rare earth Dy to NdFeB permanent magnets on magnetic properties, as well as their effects on microstructure, phase structure and most importantly on corrosion resistance. Most scholars are studying the effect of element addition on magnetic properties but not on corrosion resistance. This paper creatively fills this research gap. NdFeB magnets are applied in smart cars, robotics, AI intelligence, etc. The in-depth research on corrosion resistance by adding heavy rare earths has made significant and outstanding contributions to promoting the rapid development of the rare earth industry.
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Neetu Kumar and Jacqueline Symss
The purpose of the study is to examine factors influencing cash holding of firms during periods of crisis. In recent times, the level of cash holdings in firms has seen a steady…
Abstract
Purpose
The purpose of the study is to examine factors influencing cash holding of firms during periods of crisis. In recent times, the level of cash holdings in firms has seen a steady rise across industries for diverse reasons. However, the need to study cash holding becomes even more compelling during geopolitical instability as it causes firms to hold greater cash reserves for precautionary reasons.
Design/methodology/approach
This paper systematically reviews literature from 1984 to 2024 by organising the findings thematically based on the relationship between corporate cash holdings (CCH) and firm performance in times of war. The paper used 47 research articles from the Scopus database and Google Scholar. Literature connected to CCH, firm performance and war times was explored. The title and abstract analysis were conducted using VOSviewer software. As a result, the predetermined body of literature was visualised, and six theme-based clusters were identified.
Findings
This paper systematically reviews empirical studies, categorising them into six theme-based groups. These clusters encompass CCH and Determinants, Optimal Cash Holding Levels, Cash Holding Adjustment Speed and Theory, Cash Holding and Firm Value, Cash Holding and Firm Performance, Cash Holding in the Context of the Ukraine War and the adaptive financial strategies of firms in response to economic conditions by using cash holding as a hedging instrument. Inflation prompts adjustments in cash-holding strategies at a macro level. During crises, lower interest rates lead to increased cash holdings. Various motives influence firms’ cash-to-assets ratios. According to the pecking order theory, geopolitical risk negatively affects cash holdings. Exposure to pandemics prompts an increase in cash reserves. War shocks have a profound impact on economies, markets and stability; hence, geographic diversification can reduce the need for precautionary cash. In times of uncertainty, the financial stress of firms can get elevated, and therefore, having a well-diversified geographical portfolio of a firm’s investments can aid in meeting any financially distressing situation.
Originality/value
The literature on CCH has been phenomenal. This paper attempts to structure the issues surrounding cash holding and firm performance in wartime, like the Ukraine war, using the VOSviewer software. This study endeavours to highlight the reasons for cash holding during crises and understand how cash holding affects firm performance. Finally, this paper also tries to comprehend whether cash holding helps as a hedging instrument in times of war.
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Dany Adi Saputra and Doddy Setiawan
This study examines the role of industry competition, market capitalization, and debt levels in the relationship between profitability and firm value (FV). The sample included…
Abstract
This study examines the role of industry competition, market capitalization, and debt levels in the relationship between profitability and firm value (FV). The sample included companies listed on the Indonesia Stock Exchange (IDX) in the manufacturing sector in 2017–2019. This study provides empirical evidence that the high level of industrial competition (IC), low level of market capitalization (market value of equity, MVE), and high levels of debt (debt-to-assets ratio, DAR) weaken the effect of profitability as measured by return on assets (ROA) on FV as measured by Tobin’s Q. Profitability is not even related to FV for firms facing high industry competition. In addition, profitability only has a marginal positive relationship with FV for firms with relatively small market capitalizations. These findings suggest that the relationship between profitability and FV is not monotonous but is influenced by the level of industry competence, market capitalization, and debt.
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Balagopal Gopalakrishnan, Aravind Sampath and Jagriti Srivastava
In this study, we examine whether work from home (WFH) had an impact on firm productivity during the COVID-19 period.
Abstract
Purpose
In this study, we examine whether work from home (WFH) had an impact on firm productivity during the COVID-19 period.
Design/methodology/approach
We employ a panel fixed-effect model using 79,201 firm-quarter observations in a cross-country setting of 68 countries.
Findings
First, we find that firms that employed WFH contributed to real sector growth during the pandemic due to greater capital expenditure compared to otherwise. Second, we find that WFH amenable firms turned over assets better than less WFH amenable firms.
Originality/value
To the best of our knowledge, this is the first study to examine the impact of WFH on firms’ investment and efficiency using a cross-country setting.
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Harmono Harmono, Sugeng Haryanto, Grahita Chandrarin and Prihat Assih
This chapter focuses on testing optimal capital structure theory: The role of intervening variable debt to equity ratio (DER) on the influence of the financial performance…
Abstract
This chapter focuses on testing optimal capital structure theory: The role of intervening variable debt to equity ratio (DER) on the influence of the financial performance, Ownership Structure of Independent Board of Commissioners (IBCO), Audit Committee (ACO), and Institutional Ownership on Firm Value. The research design was explanatory research using path analysis. Using purposive sampling, 61 manufacturing companies, observation period from 2014 to 2018 with 286 N samples. The research novelty empirically can prove the role of intervening variable DER on the effect of return on assets (ROA) on firm value and shows the market response to the ROA is fully reflected by DER, indicating the existence of an optimal capital structure. The role of DER on the effect of ROE and IBCO on firm value is a partial mediation with the inverse direction. This phenomenon shows that the mechanism of forming a balance between the responses of investors and creditors relates to debt financing.
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The research is devoted to the theoretical foundations of capital management efficiency based on the existing management problems in joint-stock companies. The author develops…
Abstract
The research is devoted to the theoretical foundations of capital management efficiency based on the existing management problems in joint-stock companies. The author develops conclusions and recommendations for improving the efficiency of capital management. The research analyzes the capital management status of a joint-stock company using indicators that show the enterprise's capital efficiency, the seasonality of the chemical industry, low profitability, high turnover of working capital, and other peculiarities. The methodology presented in this research allows chemical enterprises to assess capital efficiency. In this research, the author created a regression model based on the financial data of enterprises, approaching the existing methodology in the world, and analyzed the specific situation that affects the growth of enterprise assets. According to the six-year financial data for “Farg'onaazot” Joint Stock Company (JSC) and “Bekabadcement” JSC, the author concludes that the ratio for the last three years shows a satisfactory level in the remaining indicators despite recording a good result, indicating that capital management is not reasonable. The practical significance of this research is that the results obtained will serve to improve the financial management of enterprises in the chemical industry.
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Julia V. Ragulina, Victoria N. Ostrovskaya, Irina V. Marakulina and Elena S. Akopova
To determine the influence of the development of clustering of the national business environment on the level of digital competitiveness.
Abstract
Purpose
To determine the influence of the development of clustering of the national business environment on the level of digital competitiveness.
Design/Methodology/Approach
The research was performed using the following methods: statistical analysis, correlation analysis and comparative analysis.
Findings
We study the influence of the development of clustering of the national business environment on the level of digital competitiveness. It is revealed that the studied developed countries (Singapore, Denmark and Switzerland) demonstrate a high level of clustering of business, which is assessed through the use of the indicator ‘State of сluster development’, and a high level of digital competitiveness. The considered developing countries (Peru, Mexico and the Philippines) have medium values of the above variables. Only Peru was able to use a highly effective mechanism of clustering, which influenced the digitalisation of sectors of the economy, which have business clusters. We also describe the competitive advantages of the development of cluster entrepreneurial structures, which ensure their economic and market success.
Originality/Value
The scientific novelty of the results obtained is due to the elaboration on the specifics of the influence of the cluster strategy of business integration on the level of national digital competitiveness.
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