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Gallegos-Vázquez, Clemente, Leia Scheinvar, Héctor Silos-Espino, Alma Delia Fuentes-Hernandez, Carlos A. Núñez-Colín, and Gabriel Olalde-Parra. "‘Invierno’, cultivar de xoconostle para la región central de México." Revista Mexicana de Ciencias Agrícolas, no. 7 (April 20, 2018): 1349–54. http://dx.doi.org/10.29312/remexca.v0i7.1122.
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Se describe una nueva forma hortícola del género Opuntia Miller, (Cactaceae), que se encuentra en el Municipio Villa de Tezontepec, Estado de Hidalgo, México, conocida como xononostle ‘Invierno’. Se evaluó de 2008 a 2010 y se encontró que sus cladodios maduros son anchamente elípticos, con 8 a 9 series de aréolas, con 3 a 4 espinas por areola; f lorece una vez por año y su madurez comercial la alcanza en el mes de abril del año siguiente del que ocurre la f loración. El fruto de ‘Invierno’ es de tamaño mediano (76.2 cm) y forma oboval, con la cicatriz floral ligeramente hundida, con epidermis brillante, verde clara con manchas rojo-anaranjadas, paredes color salmón, anchas (10.3 mm, característico de los xoconostles), ácidas (pH 4.3), funículos secos a semisecos e insípidos de color anaranjado, de consistencia firme, jugosidad media y bajo contenido de azúcares (4.4 °Brix) y con pocas semillas completamente desarrolladas (137). El rendimiento promedio en tres años de evaluación fue de 8 727 kg ha-1 y sus frutos permanecen por más de 15 meses en la planta, después de iniciada la maduración, lo que le confiere una ventaja comparativa con relación a las variedades de xoconostle Cuaresmeño y Manzano cultivadas en la región central de México. Ésta variedad está en proceso de validación bajo las condiciones de Villa Tezontepec, Hidalgo y Calera, Zacatecas a fin de establecer su adaptabilidad y potencial para incrementar el padrón varietal para la producción comercial de nopal en el Altiplano Semiárido de México.
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Zhdanov, Alexei. "Competitive Equilibrium with Debt." Journal of Financial and Quantitative Analysis 42, no. 3 (September 2007): 709–34. http://dx.doi.org/10.1017/s0022109000004154.
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AbstractThis paper studies the interaction among financing, entry, and exit decisions of firms in a competitive industry subject to aggregate uncertainty. In contrast to Fries, Miller, and Perraudin (1997), I do not assume that a firm in default leaves the industry immediately. The implications on the optimal leverage ratios and equilibrium credit spreads are discussed. By incorporating the effect of competition, I show that the model results in significantly higher credit spreads than those predicted by traditional single firm models. Dynamic capital structure strategies in a competitive industry are also examined. The model renders a number of empirical predictions regarding leverage ratios and credit spreads of firms in a competitive industry.
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Mahmud, Muhammad. "The Relationship between Economic Growth and Capital Structure of Listed Companies: Evidence of Japan, Malaysia, and Pakistan." Pakistan Development Review 42, no. 4II (December 1, 2003): 727–50. http://dx.doi.org/10.30541/v42i4iipp.727-750.
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Corporate enterprise is a natural outcome of capitalism in the course of economic development. The underwriter firms and banks etc. initially meet the capital requirements of such enterprise. Later on it is the stock exchange that carries out redistribution of shares of the enterprise. Corporate decisions on capital structure policy have long been a subject of debate and still remain an unresolved issue. The traditional view of capital structure was that it results in the weighted average cost of capital being U-shaped, which means that there exists as an optimal mix between debt and equity, at which point a firm’s value is maximised. However, Modigliani-Miller (1958), in a world of no tax and no financial distress, proved that capital structure is irrelevant to explaining firm values. When company taxes are considered, the benefits from tax shield leads Modigliani-Miller (1963) to conclude that the value maximising capital structure is extreme leverage. In a subsequent paper Miller (1977), by introducing both corporate tax and personal taxes into the model, points towards irrelevance of capital structure for any particular firm.
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Shemetov, Valery. "On Relation between No-Arbitrage Pricing Principle and Modigliani-Miller Propositions." ACRN Journal of Finance and Risk Perspectives 9, no. 1 (2020): 148–74. http://dx.doi.org/10.35944/jofrp.2020.9.1.012.
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An extension of Merton’s (1974) model (EMM) taking account of the firm’s payments and generating a new statistical distribution for the firm value is suggested. In an open log-value space, this distribution evolves from the initially normal to negatively skewed one. When payments are zero or proportional to the firm value, EMM turns into the Geometric Brownian model (GBM). We show that Modigliani-Miller Propositions (MMPs) and the no-arbitraging principle (NAP) result from the use of GBM with no payments. For a firm with payments, MMPs hold for short times and are false for time intervals exceeding a year. In contradiction with MMPs, the asset structure affects the firm value at the perfect market, and at the market with taxes, debt decreases the firm value even when there are no bankruptcy costs. NAP always holds for the entire market for short time deals. For long-term investments, the firm’s mean year returns decline in time intervals whose length depends on the firm’s initial conditions and its business environment. In these conditions, NAP does not hold for the whole market, but it temporarily holds for individual stocks as far as the mean year returns of the firms issuing them remain constant and fails when the mean year returns begin to decline.
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Rossato, Chiara, and Paola Castellani. "The contribution of digitalisation to business longevity from a competitiveness perspective." TQM Journal 32, no. 4 (May 12, 2020): 617–45. http://dx.doi.org/10.1108/tqm-02-2020-0032.
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PurposeThis paper aims to examine how long-lived firms can further develop through digitalisation in terms of actions, conditions and effects from a competitiveness perspective.Design/methodology/approachThis exploratory study follows an inductive approach based on a survey conducted via interviews undertaken with nine long-lived Italian firms. The dimensions of the model (command, continuity, community, connection), elaborated by Miller and Le Breton-Miller (2005) in relation to longevity factors, were chosen to analyse digitalisation’s contribution to these long-lived firms’ development.FindingsThe digitalisation implemented by the analysed firms contributed in a variety of ways: (1) improved the efficiency and effectiveness of their business processes, (2) enhanced the understanding of customer experience, (3) supported their craftsmanship and the transmission of the knowledge included in the entrepreneurial path, (4) increased the awareness of the cultural value of the firms’ heritage and (5) allowed for the development of cutting-edge design skills by experimenting with content on different digital platforms and devices.Practical implicationsThis study suggests managers of long-lived firms develop digital skills that allow them to interact with the rapid evolution of this context and understand how to effectively implement digitalisation in their specific firm. From this perspective, it is strategic to establish or strengthen collaborative network relationships to acquire such necessary skills.Originality/valueThis study provides novel empirical evidence on how long-lived firms are facing the challenge of digitalisation in terms of actions, conditions and effects to improve their competitiveness and ensure their survival.
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Gallegos-Vázquez, Clemente, Leia Scheinvar, Héctor Silos-Espino, Alma Delia Fuentes-Hernandez, César Ramiro Martínez- González, Gabriel Olalde-Parra, and Nicolás Alejandro Gallegos-Luevano. "‘Sainero’: nueva variedad de xoconostle para la región centro norte de México." Revista Mexicana de Ciencias Agrícolas 5, no. 6 (February 13, 2018): 1125. http://dx.doi.org/10.29312/remexca.v5i6.895.
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Desde el punto de vista cultural, los xoconostles han sido un factor importante de sustento económico del campesino de las zonas semiáridas de México, que los utiliza en la alimentación y la medicina tradicional. Lamentablemente, las nopaleras silvestres se encuentran sometidas a un proceso de destrucción acelerada e irreversible como consecuencia de la apertura de tierras destinadas al cultivo y al sobrepastoreo, entre otras causas. Se describe una nueva forma hortícola del género Opuntia Miller (Cactaceae), considerada como variedad de uso común, que se encuentra en el Municipio Saín alto, Zacatecas, México, conocida como xoconostle ‘Sainero’. Se evaluó de 2008 a 2010 y se encontró que sus cladodios maduros son de forma oboval ancha, con 11 a 13 series de aréolas, con 4 a 6 espinas por areola; florece una vez por año y su madurez comercial la alcanza en el mes de febrero del año siguiente del que ocurre la floración. El fruto de ‘Sainero’ es de tamaño pequeño a mediano (56 cm) y forma oboval ancha, con la cicatriz floral ligeramente hundida, con una coloración externa de coloración uniforme rojo medio, brillante, paredes rojizas a blancuzcas, anchas (11.4 mm, característico de los xoconostles), ácidas (pH 3.1), funículos secos a semisecos e insípidos de color rosa, de consistencia firme, bajo contenido de azúcares (6.3 °Brix) y con pocas semillas completamente desarrolladas (137). El rendimiento promedio en tres años de evaluación fue de 19.16 kg ha-1 y sus frutos permanecen por más de 12 meses en la planta, después de iniciada la maduración, lo que le confiere una ventaja comparativa con relación a otras variedades integradas a la producción comercial, como el Xoconostle Manzano (O. joconostle F. A. C. Weber) cultivado en la región central de México. Ésta variedad cuenta con el registro def initivo Número XOC-023-031111 del CNVV-SNICS y está en proceso de validación bajo las condiciones de Calera, Zacatecas, a fin de establecer su adaptabilidad y potencial para incrementar el padrón varietal para la producción comercial de nopal en la región semiárida del centro norte de México.
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Ghafoor Awan, Prof Dr Abdul, Prof Dr ZahirFaridi, and Abdullahi ShahbazAnwer Ghaz. "DETERMINENTS OF CAPITAL STRUCTURE: EVIDENCE FROM PAKISTAN SUGAR INDUSTRY." INTERNATIONAL JOURNAL OF MANAGEMENT & INFORMATION TECHNOLOGY 11, no. 2 (June 30, 2016): 2694–701. http://dx.doi.org/10.24297/ijmit.v11i2.4861.
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Capital structure is one of the most complex areas of financial decision making because of its inter-relationship with other financial decision variables. Poor capital structure decisions can result in a high cost of capital which decreases the value of a firm. Effective capital structure decisions decrease the cost of capital and hence the value of a firm increases. The objective of this empirical study is to analyze the factors affecting capital structure of sugar industry in Pakistan and to check whether the results confirm or not pecking order theory and trade-off theory. Different theories of capital structure have been reviewed like Modigliani and miller theory, trade-off theory, pecking order theory and market timing theory to make assumptions regarding capital structure of sugar firms. The findings are based on empirical results using panel data techniques for a sample of 30 firms listed on Karachi Stock Exchange from 2008-2011. The results show that tangibility is positively associated with leverage whereas size of the firm and liquidity are negatively associated with leverage. The results of profitability and growth opportunities are insignificant.
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Ramalingegowda, Santhosh, Chuan-San Wang, and Yong Yu. "The Role of Financial Reporting Quality in Mitigating the Constraining Effect of Dividend Policy on Investment Decisions." Accounting Review 88, no. 3 (January 1, 2013): 1007–39. http://dx.doi.org/10.2308/accr-50387.
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ABSTRACT Miller and Modigliani's (1961) dividend irrelevance theorem predicts that in perfect capital markets dividend policy should not affect investment decisions. Yet in imperfect markets, external funding constraints that stem from information asymmetry can force firms to forgo valuable investment projects in order to pay dividends. We find that high-quality financial reporting significantly mitigates the negative effect of dividends on investments, especially on R&D investments. Further, this mitigating role of financial reporting quality is particularly important among firms with a larger portion of firm value attributable to growth options. In addition, we show that the mitigating role of high-quality financial reporting is more pronounced among firms that have decreased dividends than among firms that have increased dividends. These results highlight the important role of financial reporting quality in mitigating the conflict between firms' investment and dividend decisions and thereby reducing the likelihood that firms forgo valuable investment projects in order to pay dividends. Data Availability: Data are available from public sources identified in the paper.
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Lahiri, Poulomi. "Dividend and Investment Decisions of Indian Corporate Firms Under Cash Flow Uncertainty." Jindal Journal of Business Research 8, no. 2 (June 9, 2019): 128–41. http://dx.doi.org/10.1177/2278682119846036.
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The Miller–Modigliani theory proposed that in perfect capital market, dividend and investment decisions are mutually separable, which is commonly known as the “separation principle.” On the basis of this theory, this article tries to investigate the dividend–investment relationship from a new perspective by introducing the cash flow uncertainty. This cash flow uncertainty is measured by cash flow shortfall and cash flow volatility. Using firm-specific data on relevant variables of the BSE-listed firms from 2001 to 2015, this article tries to explore the instruments which help to resolve cash flow uncertainty of the firm. Classifying firms into quintiles and dividing them into positive and negative shortfalls on the basis of both the measures of cash flow uncertainty, our main results show that firms mainly use external financing to resolve cash flow uncertainty. However, cash drawdown plays a trivial role in mitigating shortfalls. Moreover, applying the linear panel data estimation, the relationship between dividend and investment is explored for firms having a positive cash flow shortfall, using both measures of cash flow uncertainty. Our results reported that firm’s investment decision has no impact on dividend decision and vice versa. Hence, dividend and investment choices are made independently under cash flow uncertainty. Thus, our results support the “separation principle” under cash flow uncertainty.
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Stiglitz, Joseph E. "Why Financial Structure Matters." Journal of Economic Perspectives 2, no. 4 (November 1, 1988): 121–26. http://dx.doi.org/10.1257/jep.2.4.121.
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[This is a comment on “The Modigliani-Miller Propositions after Thirty Years” by Merton H. Miller in this same issue.] The 1958 paper by Franco Modigliani and Merton Miller has been justly hailed as a landmark in the modern theory of finance. What has not been sufficiently emphasized is the importance of the paper to the development of economic theory and practice. Indeed, it is ironic that a paper which purportedly established that one need not pay any attention to financial structure -- that financial structure was irrelevant -- should have focused economists' attention on finance. Again ironically, some of the most productive responses to the MM results have come from those who did not feel able to accept the conclusion that financial policy is irrelevant. The MM results forced these skeptics to identify which of the assumptions underlying the MM theorem should be modified or rejected. The attention of economists during the past 30 years has focused on four assumptions underlying the model: first, that firms can be identified by “risk class”; second, that individual borrowing can substitute for firm borrowing; third, that investors have full information about the returns of the firm; and fourth -- the importance of which MM themselves recognized -- is that there are no taxes, or at least tax policy does not treat debt and equity differentially. The question has been not so much whether these assumptions are “realistic,” but whether, or under what circumstances, altering these assumptions leads to situations where financial structure does indeed matter.
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Fitim, Deari, Matsuk Zoriana, and Lakshina Valeriya. "Leverage and Macroeconomic Determinants: Evidence from Ukraine." Studies in Business and Economics 14, no. 2 (August 1, 2019): 5–19. http://dx.doi.org/10.2478/sbe-2019-0021.
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Abstract Viewed retrospectively since the work of Modigliani and Miller (M&M, 1958), the capital structure still remains a matter of study. The capital structure issue then is examined from different perspectives, and thus intertwining firms and macroeconomic determinants. Studies were focused to examine the relationship between leverage ratios and macroeconomic environment. Motivated from what was done earlier, we try to bring in this study evidence as well. Thus, totally 49 Ukrainian firms are selected and data are examined from 2012 to 2016. The paper is aimed at studying the process of leverage adjusting by examining five firm’s characteristics and three macroeconomic determinants. We found that leverage is influenced significantly from both, firm characteristics and macroeconomic determinants. The study provides evidence those firms with higher tax shield, tangibility, net trade credit, and profitability used more leverage than counterparties. Firm’s size and inflation are confirmed as insignificant determinants. On the other hand, GDP growth rate and default spread are confirmed to play a role on leverage policies.
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Vuran, Bengü, Nihat Tas, and Burcu Adiloglu. "Determining the Factors Affecting Capital Structure Decisions of Real Sector Companies Operating in ISE." International Journal of Economics and Finance 9, no. 8 (July 5, 2017): 25. http://dx.doi.org/10.5539/ijef.v9n8p25.
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Corporate capital structure remains a controversial issue in modern corporate finance. Since the seminal work by Modigliani and Miller (1958), a plethora of research has been undertaken in attempting to identify the determinants of capital structure. This paper analyzes the capital structure determinants of manufacturing, merchandising and service firms operating in Istanbul Stock Exchange (ISE) during the period from 2010 to 2013 comprising of 218 companies. This study addresses the following questions: Are the capital structure determinants of three types of firms in ISE driven by different factors? To answer this question, panel data methodology is applied to the sample of firms for the period from 2010 to 2013. The results show that the manufacturing and merchandising firms exhibit similarities in their capital structure choices. For those firms, size and firm growth are positively related to leverage, whereas profitability have a negative relationship with their debt to assets ratio. For service firms, size and non-debt tax shield have significant positive impact on leverage but profitability negatively related to leverage. These findings provide evidence in favour of trade off theory and pecking order theory.
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A. DeFusco, Richard, Lee M. Dunham, and John Geppert. "An empirical analysis of the dynamic relation among investment, earnings and dividends." Managerial Finance 40, no. 2 (January 7, 2014): 118–36. http://dx.doi.org/10.1108/mf-04-2013-0090.
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Purpose – The purpose of this paper is to examine the dynamic relationships among investment, earnings and dividends for US firms. The sample period is 1950-2006. Design/methodology/approach – The authors use a firm-level vector auto-regression (VAR) framework to examine the firm-level dynamics among investment, earnings and dividends. The firm-level VAR yields Granger causality results, impulse response functions, and variance decompositions characterizing the dynamics of these three variables at the firm level. Findings – For the average firm in the sample, Miller and Modigliani dividend policy irrelevance is not supported, even in the long run; the shocks to dividends do have long-run consequences for investment and vice versa. Dividend changes are an ineffective signal of future earnings in both the short and long-term. The cost of an increased dividend is on average an immediate decrease of $3 in investment for every dollar increase in dividends and the effect is persistent up to six years after the increase in dividends. Research limitations/implications – The firm-level VAR used in the study requires that sample firms have long histories of investment, earnings and dividend data. The study addresses the interaction between dividends and investment and therefore necessitates examining dividend-paying firms. By the nature of the research question, the sample firms will not be representative in all respects to the universe of firms. The most striking difference between the sample and the universe of firms is firm size. As such, the study's conclusions are most applicable to larger, stable, dividend-paying firms. The study is also limited to dividend payout. Alternative payout policies, such as share repurchases, are not considered in this work. Practical implications – In theory, increases in dividends can signal higher future earnings; however, the evidence does not support this hypothesis. When capital markets are constrained or incomplete, increases in dividends come at a cost to investment. Firms should consider alternative methods of signaling future earnings that have less of an impact on investment. Investors should carefully evaluate the possible impact of an increase in dividends on investment and future earnings growth. Originality/value – This study is the first to examine the dynamics of earnings, dividends and investment at a firm level and over such a long sample period. By including the dynamics of earnings, the authors emphasize the potential opportunity costs that increasing dividends has on investment when capital markets are imperfect. The dynamic system also allows the authors to consider long-run effects as well as immediate responses to system shocks.
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Ferdous, Lutfa T. "Capital Structure Theories in Finance Research: A Historical Review." Australian Finance & Banking Review 3, no. 1 (April 1, 2019): 11–19. http://dx.doi.org/10.46281/afbr.v3i1.244.
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Capital structure in one of the most converse and vital issues in the finance literature. This theoretical review of capital structure provides a synthesis of the theory utilised in capital structure literature. This theoretical review explains two categories of theories that examine the optimum capital structure of a firm. Functional market theories, which propose firms conduct share transaction without being used transaction costs and ii) costly transaction theories. The first group consists of the original capital structure theories of Modigliani and Miller (1958, 1963), Miller (1977), and De Angelo and Masulis (1980). The second range of theories captures the various effects of costly capital market transactions: Pecking Order Theory" accredited to Donaldson (1961); the debt capacity theories that depend on bankruptcy to limit a firm's use of debt financing (Robicheck and Myers, 1966) the agency models developed by Jensen and Meckling (1976), Myers (1977), Smith and Warner (1979); and signalling model by Ross (1977). Recent capital structure literature explored into an analytical structure building up the major contributions starting with the development of agency and bankruptcy theory. These theories are connected with the outcome from financing choices to real debt-equity decisions. Finally, we finish our review with established studies that explore the significances of leverage- equity relationship, as well as its determinants.
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Kandare, E., S. Feih, B. Y. Lattimer, and A. P. Mouritz. "Larson–Miller Failure Modeling of Aluminum in Fire." Metallurgical and Materials Transactions A 41, no. 12 (July 17, 2010): 3091–99. http://dx.doi.org/10.1007/s11661-010-0369-1.
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Miller, Steven, Nancy Stanton, and Stephen Williams. "Hypogeous Fungi Occurrence, Distribution and Mycorrhizal Hosts in Grand Teton National Park and John D. Rockefeller, Jr. Memorial Parkway." UW National Parks Service Research Station Annual Reports 13 (January 1, 1989): 111–22. http://dx.doi.org/10.13001/uwnpsrc.1989.2801.
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The persistence of mycorrhizal fungi in undisturbed coniferous forest ecosystems is assumed by the renewed appearance of their sporocarps each year. Sporocarps, however, are not produced in areas severely disturbed by fire or clearcutting; yet spores and other propagules of some species of hypogeous fungi are present in the soil in the absence of suitable mycorrhizal hosts, and are capable of forming mycorrhizae several years after clear-cutting or fire (Miller et al. 1989). In fact, hypogeous fungi such as Rhizopogon spp. are typically the first to recolonize root systems of new seedlings after large scale disturbance such as fire, insect attack, or clearcutting (Miller et al. 1989). Are these fungi residual in the soil from previously existing spore banks, or are they continuously being restocked into the area? Information on strategies for persistence, propagation and survival of ectomycorrhizal fungi is required before responses of forest ecosystems to fire and other disturbance can be understood.
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Abeywardhana, D. K. Y. "Capital Structure Theory: An Overview." Accounting and Finance Research 6, no. 1 (January 28, 2017): 133. http://dx.doi.org/10.5430/afr.v6n1p133.
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Capital structure is still a puzzle among finance scholars. Purpose of this study is to review various capital structure theories that have been proposed in the finance literature to provide clarification for the firms’ capital structure decision. Starting from the capital structure irrelevance theory of Modigliani and Miller (1958) this review examine the several theories that have been put forward to explain the capital structure.Three major theories emerged over the years following the assumption of the perfect capital market of capital structure irrelevance model. Trade off theory assumes that firms have one optimal debt ratio and firm trade off the benefit and cost of debt and equity financing. Pecking order theory (Myers, 1984, Myers and Majluf, 1984) assumes that firms follow a financing hierarchy whereby minimize the problem of information asymmetry. But neither of these two theories provide a complete description why some firms prefer debt and others prefer equity finance under different circumstances.Another theory of capital structure has introduced recently by, Baker and Wurgler (2002), market timing theory, which explains the current capital structure as the cumulative outcome of past attempts to time the equity market. Market timing issuing behaviour has been well established empirically by others already, but Baker and Wurgler (2002) show that the influence of market timing on capital structure is regular and continuous. So the predictions of these theories sometimes acted in a contradictory manner and Myers (1984) 32 years old question “How do firms choose their capital structure?” still remains.
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Razak Abdul Hadi, Abdul, Nur Farah Nadiah Md Lazim, and Tahir Iqbal. "Capital Structure Theories and Firm’s Value-Evidence from Bursa Malaysia Construction Sector." International Journal of Business and Management 12, no. 9 (August 15, 2017): 163. http://dx.doi.org/10.5539/ijbm.v12n9p163.
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This paper examines the relevance of Capital Structure theories to the performance of construction firms listed at Bursa Malaysia. Within the framework of Modigliani-Miller and Trade-Off theories, this paper uses Generalized Method of Moments as an estimation model employing yearly panel data over the observed period from 2010 through 2015. The test results from GMM indicate that earnings per share (EPS), dividend per share (DPS) and debt-equity ratio (D/E) have no significant relationship with firm’s value as represented by market price per share (MPPS). Even though the findings are rather shocking, one must admit there is an absence of Modigliani-Miller and Trade-Off theories in those construction firms at Bursa Malaysia. Obviously, this is an indication that the efficient market hypothesis prevails to a certain level at Bursa Malaysia.
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Sejdiu, Muharrem, Pandeli Marku, and Rrahim Sejdiu. "The Use of Sawn Timber for Barrel Production from Oak Wood (Quercus Petraea L.)." European Journal of Engineering and Formal Sciences 2, no. 2 (June 12, 2018): 101. http://dx.doi.org/10.26417/ejef.v2i2.p101-107.
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The number of firms involved in the production of barrels from white oak (quercus petraea L,) is small. The production of wood barrels is quite complex and with a low exploitation coefficient. We think it is in the interests of firms to know how much the coefficient of use of sawn material for these types of products is. For the study we have chosen the firm "Beha-N" in Rahovec, which mainly deals with the production of oak wood barrels. The sawn material taken in the study was of a good quality. To do the tests we used weighing methods, as its volume was difficult to measure since it was half milled. Tests were conducted for the production of barrel details with a volume of 50, 30 and 20 litters, which are most widely used by the costumers. For the realization used by the firm were taken into account the dimensions and technology. From the measurement data it turned out that the weight of the sawn timber was about 250kg. The results of these weights were exchanged in volume and percentage and they are shown in final results.
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Villamil, Anne P. "The Modigliani-Miller theorem and entrepreneurial firms: an overview." Strategic Change 19, no. 1-2 (February 2010): 3–7. http://dx.doi.org/10.1002/jsc.854.
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Eyitayo Oguntade, Adegboyega, Temitope Enitan Fatunmbi, and Joshua Adio Folayan. "Productivity of Timber Processing in Ondo State, Nigeria." Sustainable Agriculture Research 2, no. 1 (August 5, 2012): 1. http://dx.doi.org/10.5539/sar.v2n1p1.
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<p>This study is aimed at evaluating the efficiency of timber processors in Ondo State, Nigeria, using Data Envelopment Analysis. Multi stage sampling technique was used to select two Local Government Areas with the highest number of sawmills, from each of which twenty saw millers were randomly selected, given a total of forty saw millers. Based on Constant Return to Scale Technical Efficiency, 35% of the saw millers were technically efficient while on the basis of Variable Return to Scale TE, 60% of the saw millers were technically efficient. About 35% of the saw millers were scale efficient. The Data Envelopment Analysis output revealed that 35% of the sampled saw millers were both technically and scale efficient and were hence operating at the most productive scale size. About 65% of the saw millers were operating at sub-optimal condition. Excesses in input utilization were observed in respect of total fixed cost, costs of electricity, servicing of mill, timber from forest reserve and operation of truck; and remuneration of labour. The inefficient firms should be encouraged to emulate the operating practices of the most productive firms so as to improve their performance.</p>
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Azura B.T. Sanusi, Nur. "The dynamics of capital structure in the presence of zakat and corporate tax." International Journal of Islamic and Middle Eastern Finance and Management 7, no. 1 (April 14, 2014): 89–111. http://dx.doi.org/10.1108/imefm-11-2011-0083.
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Purpose – The purpose of this paper is to determine the impact of wealth tax (zakat) and corporate tax (CT) on the firm's capital structure. The pioneering works of capital structure were introduced by Modgliani and Miller (1958). Subsequently, these studies were extended by other authors such as Elton and Gruber (1970), Miller (1977), DeAngelo and Masulis (1980), Mackie-Mason (1990), Harris and Raviv (1991), Rajan and Zingales (1995) and Booth et al. (2001). The diversity of the study covers from the advantage of CT to the cost of debt financing. The empirical evidence has also been applied to different countries with a good data access and different legal and accounting environments. However, this study is still relevant especially on the advantages of wealth tax, and the utilization of Islamic debt and equity financing to the firm's capital structure. Design/methodology/approach – The study uses the sample of Malaysian firms that are listed in the Kuala Lumpur Stock Exchange. The cross-sectional and time-series data covering 422 companies from 1996 to 2000 are compiled from the database published by the Kuala Lumpur Stock Exchange. All the sample firms are listed as a syariah company that normally pays the wealth tax. These data, then, are used to examine the effects of several explanatory variables, i.e. wealth tax and CT, and several controlled variables on firm capital structure decisions. Findings – The results showed that, first, the significance of wealth tax is consistent with the argument that firms that pay high wealth tax should be financed with relatively more debt. Second, as the CT rate is raised, firms are subjected to lower CT rates which would lead them to utilize more debt in their capital structures. Third, a significant relationship exists between age, size, return on assets, volatility, industry classification, tangible assets and bankruptcy with the capital structure. Originality/value – This paper viewed the tax benefits and the zakat payments in isolation. However, the tax deductions and the zakat payments are both expected to influence the capital structure decisions. The paper will study this decision and reveal the determinants that influence the capital structure decisions in general and the specific choice of payments, i.e. tax and zakat payments.
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Sultan Obeidat, Mohammed Ibrahim. "The Validity of Modigliani-Miller Theorem at the Commercial Banking Industry of Jordan." WSEAS TRANSACTIONS ON BUSINESS AND ECONOMICS 18 (June 1, 2021): 929–40. http://dx.doi.org/10.37394/23207.2021.18.88.
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The study objects for investigating whether the findings of Modigliani-Miller Theorem (1958-1963), are valid in the environment of listed commercial banks at Amman Stock Exchange. To achieve the objective of the study, data of 13 out of a total of 15 listed commercial banks, covering the period (2010-019), had been collected and tested, using descriptive statistics and the ordinary least square method. The analysis of the data and hypothesis testing leads to an existence of a significant positive impact of debt on the firm market value. Opposite to Modigliani-Miller theorem, the study finds that debt is relevant to the bank market value, and it has a positive significant on bank market value. The conclusion is not in conflict with the finding of Modigliani-Miller 1958, where the authors assumed free tax, while the commercial banks of Jordan are subject to tax. Therefore, the finding of the current study are consistent with the adjusted Modigliani-Miller 1963 theory. More studies taking into consideration different industries and different business environments are strongly recommended.
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Rossi Júnior, José Luiz. "A utilização de derivativos agrega valor à firma? Um estudo do caso brasileiro." Revista de Administração de Empresas 48, no. 4 (December 2008): 94–106. http://dx.doi.org/10.1590/s0034-75902008000400009.
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Este trabalho examina o uso de derivativos e seu impacto sobre o valor da firma para uma amostra de empresas brasileiras não-financeiras listadas na bolsa de valores de São Paulo, no período de 1996 a 2006. Utilizando métodos paramétricos e não-paramétricos, os resultados confirmam que a utilização de derivativos agrega valor à firma e indicam que, contrário ao previsto por Modigliani e Miller (1958), a política financeira das empresas exerce um impacto sobre o seu valor.
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Mahérault, Loïc. "The Influence of Going Public on Investment Policy: An Empirical Study of French Family-Owned Businesses." Family Business Review 13, no. 1 (March 2000): 71–79. http://dx.doi.org/10.1111/j.1741-6248.2000.00071.x.
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This article focuses on the lack of capital available to small, private, family-owned businesses or businesses in which the manager and his or her family hold more than 51% of the total number of shares. It claims that being listed might be the best way to overcome this lack of capital. The article starts from the established view that access to financial resources is not easy for small family-owned businesses (Coleman & Carsky, 1999; De Visscher, Aronoff, & Ward 1995; Harvey & Evans 1995). In questioning the generally admitted frontier between investment and financing policies (Modigliani & Miller, 1958, 1963), this empirical work is on the fringe of standard financial theory. The study is carried out on two samples of small French family firms. The first is composed of 46 private companies, the second of 49 listed companies. All companies are SMEs (small and medium-size enterprises) and are nearly the same size. Empirical results are based on two cross-sectional analyses (1992, 1993). Linear regressions between investment and financial constraints are presented for the two samples separately. Results are very different, depending on whether the firm is listed. The description of private firms' investment is consistent with the pecking order theory (Myers & Majluf, 1984) and financial constraints clearly appear. The description of listed family firms is more classical: investment and financing policies seem to be independent. Finally, quoted family-owned businesses do not seem to suffer from lack of capital.
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Elkhal, Khaled. "Business uncertainty and financial leverage: should the firm double up on risk?" Managerial Finance 45, no. 4 (April 8, 2019): 536–44. http://dx.doi.org/10.1108/mf-10-2018-0491.
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Purpose The purpose of this paper is to examine the nature of the relationship between business risk and financial leverage. While past theoretical and empirical studies on this topic use similar variables, overall, their findings are inconclusive. In this paper, the author contends this is partially due to inappropriate proxies for business risk that are commonly used in these research papers. To correct for this misspecification, this paper proposes an alternative proxy for business risk that is isolated from the effects of financial leverage. Design/methodology/approach Past research on the relationship between business risk and financial leverage uses some variations in a firm’s operating cash flow as a proxy for business risk. This proxy cannot solely reflect business risk and may very well be affected by the level of financial leverage, especially for financially distressed firms. This paper proposes an alternative proxy for business risk that is isolated from the effects of financial leverage. This proxy is the cost of capital of an all-equity firm. The theoretical model developed in this paper is based on deriving the optimum level of debt as a function of business risk in the context of the Modigliani and Miller Proposition II model. Findings The findings show a positive linkage between business risk and financial leverage. This relationship is robust to the various forms the cost of financial distress function may take. Originality/value The mixed findings in past research papers regarding the relationship between business risk and financial leverage are mainly due to “inappropriate” measures of business risk that do not only reflect one firm attribute and are contaminated with other factors mainly financial leverage. As such, since the variable of interest is misspecified, the outcome of these studies cannot be credible. This paper attempts to correct for such misspecification by proposing a proxy that only reflects business risk. In addition, the proposed model is based on the widely acceptable Modigliani and Miller static theory of capital structure.
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Lucky, Lucky Anyike, and Uzokwe Grace Onyinyechi. "Dividend Policy and Value of Quoted Firms in Nigeria: A Test of Miller and Modigliani Irrelevant Hypothesis." Australian Finance & Banking Review 3, no. 2 (October 5, 2019): 16–29. http://dx.doi.org/10.46281/afbr.v3i2.404.
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This study tested Miller and Modigliani dividend policy irrelevant hypothesis in Nigeria. The objective was to examine the validity of the irrelevant hypothesis. Tobins Q measure of market value was modeled as the function of dividend payout ratio, retention ratio, dividend per share and dividend yield. 20 firms were selected on the basis of availability of information necessary for conducting the study and the readiness of annual financial reports for the period of 10 years from 2008-2017. Cross sectional data was sourced from financial statement and annual reports of the firms. Based on the analysis of fixed and random effect results, random effect was used. The study revealed that 75 percent variation on the market value can be predicted by variation on independent variables in the regression model. The beta coefficient of the variables found that all the independent variables have positive and significant relationship with market value of the selected quoted firms. The study concludes that dividend policy is relevant as oppose to the irrelevant hypothesis of Miller and Modigliani. Its therefore recommend that managers should manage their dividend policies effectively since it is relevant and has significant effect on market value and optimal dividend policy which implies policy of trade-off between dividend payout and retain earnings should be well managed and investors should have adequate knowledge of dividend policy of quoted firms that will correspond with their investment objectives of avoid conflict in dividend policy.
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Green, Timonie, and Diane Miller. "The Library in an Agile World: Case Studies from Gowling WLG and Withers LLP." Legal Information Management 18, no. 4 (December 2018): 209–14. http://dx.doi.org/10.1017/s1472669618000440.
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AbstractThis article developed from a talk delivered by the authors, Timonie Green and Diane Miller, at the BIALL Annual Conference in June 2018, whereby they looked at how the Library and Information Services in both of their firms have managed a move to agile working. Withers, at the time, were deep in preparations for the move, whilst Gowling WLG had been working agilely for some time. The hope is that by telling these stories, and talking about the issues encountered, some pointers and ideas can be given to other firms facing the challenge.
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Hamad, Salah Ben. "Financial manager decisions in small and medium Tunisian firms." Corporate Ownership and Control 6, no. 3 (2009): 450–64. http://dx.doi.org/10.22495/cocv6i3c4p4.
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The agency framework has shifted research in the theory of finance from the traditional quantitative analysis towards a richer analysis that incorporates the behavioural aspects. In this paper we implement an exploratory analysis in order to pick up the behaviour of the managers of small and medium firms (SMF) in financial decisions making. An Important finding in our research is that the traditional Modigliani and Miller framework cannot be merely translated to analyse the financing decision in a context of asymmetric information and agency conflicts among the different corporate actors. Empirical evidence is performed on a sample of Tunisian SMF
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Yee, Kenton K. "Opportunities Knocking: Residual Income Valuation of an Adaptive Firm." Journal of Accounting, Auditing & Finance 15, no. 3 (July 2000): 225–66. http://dx.doi.org/10.1177/0148558x0001500303.
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Maintaining a competitive edge requires a firm to replace deteriorating business lines with new projects. Accordingly, part of a firm's value resides in its ability to exploit new opportunities. This paper incorporates adaptation into Ohlson's residual income valuation framework and obtains an adaptation-adjusted valuation formula. Although parsimoniously cast, the model makes two predictions that are consistent with phenomena reported in the empirical literature: earnings convexity and complementarity. Moreover, the Appendix introduces an Equivalence Theorem relating Modigliani-Miller dividend invariance, complementarity, and convexity.
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Saee, John. "SOCIETAL ETHICS AND LEGAL SYSTEM FACING CONTEMPORARY MARKETING STRATEGIES: AN AUSTRALIAN INSIGHT." Journal of Business Economics and Management 6, no. 4 (December 31, 2005): 189–97. http://dx.doi.org/10.3846/16111699.2005.9636108.
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An integral function of Australian market economy is the process of matching products/services with customers’ needs, desires and preferences. This process is greatly facilitated by advertising. Advertising not only provides information for the consumers but may also be used by the advertiser to bring subconscious consumer preferences or inchoate desires to the surface and to stimulate the demand for consumption. In carrying out these tasks, the advertiser must decide the pitch of the advertisement, the appropriate media to be used, the budget, the degree of exposure of the advertisement, market segmentation and claims to be made for the product (Goldring et al, 1987). Australian firms, irrespective of their size, rely heavily on advertising to market their products and services. The degree to which firms see the crucial role of advertising in their overall marketing mix, is clearly reflected in their annual allocation of advertising expenditure. “In 1997, total Australian advertising expenditures were $ 7.5 billion on advertising” (Miller and Layton, 2000, p. 590) All creative and imaginative forms of enticements and inducements being considered in the development of advertising strategies by these firms in an attempt to evoke favourable consumers’ responses for their offerings. Over time, some firms have come under increasing criticism by some sections of the community for their inappropriate promotional strategies which are seen as out of step with general community values and standards. Further in some instances, it is alleged that these firms have not only miscarried their social responsibility, but they have also breached the law covering Trade Practices operative in Australia and New Zealand. Such misguided corporate behaviour has also sparked negative consumerism concern, which if no corrective measure is adopted, will strategically harm the firm profit and viability. This research paper attempts to explore in some detail, aspects of advertising strategies within contemporary management paradigm. The paper will also shed light on corporate ethics /social responsibility. Finally, this paper will address legal obligations and consumerism concerns surrounding firms operating within the Australian society.
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Blankenship, Beth A., and Mary A. Arthur. "Prescribed Fire Affects Eastern White Pine Recruitment and Survival on Eastern Kentucky Ridgetops." Southern Journal of Applied Forestry 23, no. 3 (August 1, 1999): 144–50. http://dx.doi.org/10.1093/sjaf/23.3.144.
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Abstract Successful fire prevention and suppression efforts during the past 50 yr have resulted in the proliferation of eastern white pine (Pinus strobus L.) in the understory of oak-pine forests on the Cumberland Plateau. Along with red maple (Acer rubrum L.), increasing density of eastern white pine in these forests signals a change in plant species composition from species adapted to periodic surface fires, such as oaks (Quercus spp.) and yellow pines (P. echinata Miller and P. rigida Miller), to species adapted to longer fire-free intervals. In the Daniel Boone National Forest (DBNF) in eastern Kentucky, the USDA Forest Service has reintroduced fire to these ridgetop ecosystems. In March 1995 and March 1996, single prescribed fires were conducted on three different ridgetops in the Red River Gorge of the DBNF. Diameter and age of white pine stems were recorded prior to burning, two growing seasons post-burn (for 1995 and 1996 fires), and three growing seasons post-burn (for 1995 fires only). Nearly all white pine less than 2.0 cm dbh were killed after a single prescribed fire, and significant mortality (P < 0.05) was measured in size classes up to 6 cm dbh. Post-burn regeneration of white pine, however, was abundant at each site. Therefore, a single prescribed burn affected the age structure of white pine but will not have an important influence on long-term species composition of these stands. A fire return interval of at least 10 to 20 yr will be required to control white pine competition with fire-adapted species on the ridgetop ecosystems of the DBNF. South. J. Appl. For. 23(3): 144-150.
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Ne'eman, Gidi, and Amots Dafni. "FIRE, BEES, AND SEED PRODUCTION IN A MEDITERRANEAN KEY SPECIES SALVIA FRUTICOSA MILLER (LAMIACEAE)." Israel Journal of Plant Sciences 47, no. 3 (May 13, 1999): 157–63. http://dx.doi.org/10.1080/07929978.1999.10676768.
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The typical Mediterranean phrygana has a very rich biodiversity of plants and of solitary bees. Fire may kill the brood of soil-nesting and other solitary bees and may affect pollen and nectar sources. Such changes would be expected to influence seed production in populations of post-fire obligate seeder species and thus also their population dynamics. We compared nectar standing crop, flower visitation rate of bumble bees and solitary bees, and consequent seed production in a typical Mediterranean shrub (Salvia fruticosa Miller) growing in unburned east Mediterranean phrygana vegetation and in an adjacent burned area. The volume of nectar standing crop in the burned area was higher than in the unburned area, while the nectar concentration showed the opposite trend. The mean frequency of Bombus' visits was higher in the burned area, while solitary bees visited flowers only in the unburned habitats. The seed production of S. fruticosa was significantly lower in the burned area. This reduction might have a long-term effect on post-fire species composition and abundance due to the fact that this species is an obligate post-fire seeder. The present evidence indicates that the bee-dependent pollination environment was not re-balanced even six years after fire. This situation has important implications concerning plant species and their bee pollinator diversity.
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Sarwar, Bushra, Ali Kutan, Xiao Ming, and Muhammad Husnain. "How do talented managers view dividend policy? Further evidence from Chinese equity market." International Journal of Emerging Markets 15, no. 3 (October 24, 2019): 559–86. http://dx.doi.org/10.1108/ijoem-03-2019-0179.
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Purpose The purpose of this paper is to examine the importance of market imperfection, namely, variation in managerial ability (MA), on dividend policy in China. The authors focus on the Chinese market as it is dominated by state-owned enterprises and test whether the association between MA and dividend policy varies systematically with the degree of state ownership. Design/methodology/approach To measure MA, this study exploits a novel measure developed by Demerjian et al. (2012) to estimate how efficiently manager utilizes firm’s resources. Manager efficiency is defined in terms of output a manager produces based on inputs available within firm. Findings The authors find that relationship between MA and dividend policy is primarily driven by non-state own enterprises compare to state own enterprises, more prevalent for financially unconstrained firms with strong balance sheet and more pronounced under high marketized groups as compare to low marketized groups. These finding are robust under battery of robustness checks. This research adds new insight for the policy makers and investors to pay more attention on MA. Practical implications This research adds new insight for the policy makers and investors to pay more attention on MA. Originality/value This study augments the dividend policy literature by relaxing perfect capital market assumption of Miller and Modigliani, and neo-classic view of firms by incorporating a new novel factor – variation in MA – and applies it to the emerging market of China.
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Çerkezi, Mr Sc Anila. "A literature review of the trade−off theory of capital structure." ILIRIA International Review 3, no. 1 (June 30, 2013): 125. http://dx.doi.org/10.21113/iir.v3i1.103.
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Starting with Modigliani and Miller theory of 1958, capital structure has attracted a lot of attention from different scholars. The main question that they raised where: How do firms choose their capital structure or leverage? Does firm have a target capital structure? What are the main firm’s specific factors or determinants that influence the choice of capital structure? Does the economic conditions of the country (GDP growth rate, inflation rate, base lending rate etc.) influence on the determination of the firm’s level of debt? This paper provides a survey of the literature on trade off theory of capital structure. The aim of this paper is to give useful information in understanding corporate finance and in a particular way the trade-off theory of capital structure. This study represents a theoretical approach which has in focus the literature review of same earlier studies which have proved the existence or not of this theory in different contents. We can conclude that economists have not yet reached a consensus on how to determine the optimal capital structure, the one that would bring the maximization of firm’s value.
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Qoshen, Zohar. "Optimal Dividend Policy and Tax Distortions." Israel Law Review 28, no. 1 (1994): 23–42. http://dx.doi.org/10.1017/s0021223700017039.
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A logical starting point for any discussion about dividends is the Irrelevance Theorem developed by Modigliani & Miller. According to this theorem, dividend policy does not affect the firm's value if its investment policy is predetermined. In practice, however, the market does not behave in this manner. Firms do distribute dividends, and increases in dividends usually lead to increases in share prices. Given the inferior tax treatment of cash dividends as opposed to capital gains and the high costs involved in raising new funds in the market, this suggests, contrary to the irrelevance theorem, that investors and managers do care about dividend policy. This phenomenon is known as the “Dividend Puzzle”.The literature on dividend policy revolves around this “puzzle”. Why do managers distribute dividends at all? Why do investors care about dividends? Various explanations have been offered suggesting some benefits to compensate for the extra costs associated with dividend distribution: information or signaling effects (managers use dividends to credibly signal their forecast of the firm's future performance through changes in the level of distribution); reduction of agency costs (by both driving the firm into the capital market and diminishing the internal cash flow available to management).
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Streeter, Robert E. "American Apocalypse: The Great Fire and the Myth of Chicago. Ross Miller." Modern Philology 90, no. 1 (August 1992): 133–36. http://dx.doi.org/10.1086/392047.
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Wamugi, John K., and Jean McBride. "THE MODIGLIANI-MILLER LEVERAGE EQUATION AND OPTIMAL CAPITAL STRUCTURE IN LEVERED ESOP FIRMS." Financial Review 20, no. 3 (August 1985): 120. http://dx.doi.org/10.1111/j.1540-6288.1985.tb00298.x.
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Shive, K. L., P. Z. Fulé, C. H. Sieg, B. A. Strom, and M. E. Hunter. "Managing burned landscapes: evaluating future management strategies for resilient forests under a warming climate." International Journal of Wildland Fire 23, no. 7 (2014): 915. http://dx.doi.org/10.1071/wf13184.
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Climate change effects on forested ecosystems worldwide include increases in drought-related mortality, changes to disturbance regimes and shifts in species distributions. Such climate-induced changes will alter the outcomes of current management strategies, complicating the selection of appropriate strategies to promote forest resilience. We modelled forest growth in ponderosa pine forests that burned in Arizona’s 2002 Rodeo–Chediski Fire using the Forest Vegetation Simulator Climate Extension, where initial stand structures were defined by pre-fire treatment and fire severity. Under extreme climate change, existing forests persisted for several decades, but shifted towards pinyon–juniper woodlands by 2104. Under milder scenarios, pine persisted with reduced growth. Prescribed burning at 10- and 20-year intervals resulted in basal areas within the historical range of variability (HRV) in low-severity sites that were initially dominated by smaller diameter trees; but in sites initially dominated by larger trees, the range was consistently exceeded. For high-severity sites, prescribed fire was too frequent to reach the HRV’s minimum basal area. Alternatively, for all stands under milder scenarios, uneven-aged management resulted in basal areas within the HRV because of its inherent flexibility to manipulate forest structures. These results emphasise the importance of flexible approaches to management in a changing climate.
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SCHULTZE, WOLFGANG. "VALUATION, TAX SHIELDS AND THE COST-OF-CAPITAL WITH PERSONAL TAXES: A FRAMEWORK FOR INCORPORATING TAXES." International Journal of Theoretical and Applied Finance 07, no. 06 (September 2004): 769–804. http://dx.doi.org/10.1142/s0219024904002621.
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This paper presents a general approach to deriving valuation models and the relevant cost of capital formulas independent of a particular tax environment. The value of a levered firm depends to a large extent upon the amount and value of the tax shields. The latter in turn differs from country to country and even from firm to firm, depending on its particular situation. It is subject to change with every change in the tax system of the country where the firm is located. Therefore, in an international environment a general approach is needed, which can be altered for any given situation. At the same time personal taxes play an increasing role in the valuation of companies. Therefore, their consideration is integrated into the models derived. Finally, the resulting generalized versions of the Modigliani/Miller- and Miles–Ezzell-Formulas for adjusting the cost of capital to changes in leverage are applied to the situation of a corporation located in Germany after the Tax Reform Act of 2000.
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Lin, Yi-Hung, and Hua-Wei (Solomon) Huang. "Eliminating the Form 20-F Reconciliation and Audit Pricing." Journal of International Accounting Research 16, no. 1 (November 1, 2016): 1–19. http://dx.doi.org/10.2308/jiar-51637.
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ABSTRACT This study examines the impact of the Securities and Exchange Commission's (SEC) policy in 2007 to eliminate the Form 20-F reconciliation requirements for foreign cross-listed firms following the International Financial Reporting Standards (IFRS) on audit pricing. We find that the elimination of this requirement decreases audit fees, and this fee decrease is less prominent when foreign cross-listed firms engage industry-specialist auditors. Our findings reinforce prior studies that found that managers of foreign cross-listed firms have a greater tendency to manage earnings when there is a need to reconcile earnings (Bradshaw, Bushee, and Miller 2004; Lang, Raedy, and Wilson 2006; Kang, Krishnan, Wolfe, and Yi 2012), and thus eliminating the Form 20-F reconciliation impedes managerial manipulation of earnings, decrease financial reporting risk, and audit fees. The results also provide direct evidence to support the SEC's (2007) claim that eliminating the Form 20-F reconciliation would reduce the preparation costs and regulatory burdens for foreign issuers.
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Schneider, Adérito. "Sin City:." História, histórias 4, no. 7 (December 20, 2016): 167–84. http://dx.doi.org/10.26512/hh.v4i7.10933.
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Este artigo parte do filme Sin City: A cidade do pecado (Robert Rodriguez e Frank Miller, 2005) para analisar o conceito de noir. A hipótese aqui é de que o noir é um (sub)gênero cinematográfico/literário construído a posteriori, fruto de múltiplas e complexas influências por meio de um dialogismo tautológico entre diversas linguagens (literatura, cinema, quadrinhos etc.), consolidando-se apenas no chamado neo-noir. Dessa forma, este artigo é um exercício que busca reconstruir brevemente a trajetória do noir, passando pela literatura policial do século XIX, o romance noir dos anos 1920 e 1930, o filme noir “clássico” dos anos 1940 e 1950 para, finalmente, deter-se na análise dos quadrinhos da série Sin City (anos 1990) e sua adaptação cinematográfica no início do século XXI.
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Gustafson, Eric J. "D. McKenzie, C. Miller and D.A. Falk (eds.): The Landscape Ecology of Fire." Landscape Ecology 27, no. 6 (March 24, 2012): 925–26. http://dx.doi.org/10.1007/s10980-012-9733-4.
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Kumar, Vijay, and Abdur Rahman Aleemi. "Financial Leverage And Firms’ Investment Decisions: Evidence from Banking Sector of Pakistan." Journal of Independent Studies and Research-Management, Social Sciences and Economics 18, no. 2 (December 31, 2020): 163–74. http://dx.doi.org/10.31384/jisrmsse/2020.18.2.10.
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This paper aims to find out the effects of financial leverage on firms’ investment decisions in the Banking Sector of Pakistan. Utilizing panel data techniques along with common effects, fixed effects, and random effects for listed banks from 2006 to 2013, the results indicate that leverage is having no significant effect on the investment decision of banks in Pakistan and hence we support Modigliani and Miller (1958) proposition of Irrelevance theory. To current study is going to provide useful insights to banks and investors that investment decision is irrelevant to the way company is financed, rather banks must focus on other factors such as interest rates, available cash flow, profitability which are found to be relevant to the investment decision. It will also serve as basic literature for future research.
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Gerschewski, Stephan, Valerie J. Lindsay, and Elizabeth Rose. "Advancing the entrepreneurial orientation construct: the role of passion and perseverance." Review of International Business and Strategy 26, no. 4 (November 7, 2016): 446–71. http://dx.doi.org/10.1108/ribs-08-2016-0042.
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Purpose The purpose of this paper is to examine how entrepreneurial orientation (EO) is manifested in the context of born global firms. Specifically, the authors investigate the extent to which the EO dimensions of the influential Miller/Covin & Slevin scale are demonstrated in born globals. In addition, following calls in the literature, some as-yet unrecognised dimensions of EO in born globals are examined. Design/methodology/approach The authors use a qualitative research approach by conducting semi-structured, in-depth interviews with eight born global firms from New Zealand and Australia. Findings The authors find that the EO dimensions of proactiveness and innovativeness are strongly prevalent in these firms. In contrast to the extant literature, the results also indicate that these born global firms generally display a relatively low level of risk-taking. The authors find strong empirical support for two additional emerging dimensions of EO: passion and perseverance. Originality/value The study provides two key contributions to the area of international entrepreneurship by investigating how EO is prevalent in the context of born globals and by proposing the new dimensions of passion and perseverance.
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Riva, Patrizia, and Roberta Provasi. "Evidence of the Italian special purpose acquisition company." Corporate Ownership and Control 16, no. 4 (2019): 66–76. http://dx.doi.org/10.22495/cocv16i4art6.
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In 1992 David Nussbaum with the support of the law firm Graubard Miller devised the formula of the specified purpose acquisition companies (SPAC): a financial vehicle that has the flexibility and functionality typical of the blank-check companies, which could provide investors with the right protections and guarantees in order to be a reliable instrument. The first SPAC officially debuted in 2003 through the Initial Public Offering (IPO) of Millstream Acquisition Corporation which then completed the merger with Nations Health in September 2004. In 2005 the first SPAC got listed in European Market and in 2011 the first SPAC joined in the Italian market. The aim of this research is to investigate the features of the Italian SPACs System because it’s becoming a large phenomenon in Italy. This new type of investment is able to fit the needs of small-medium Italian companies, to solve crisis difficulties, to find new finance to grow, to be a good instrument for opening up venture capital and institutional investors respecting the past business history and the safeguard of corporate control. The study, then, performs an analysis on the Italian SPACs by examining their target firms, stock performance before and after the business combination and the impact of the SPACs on SME corporate governance models. These results will be compared with those of other research developed by academic literature.
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Miller, James E., and Scott E. Miller. "The Miller Ratio: Is It Really This Simple?" Journal of Business & Economics Research (JBER) 9, no. 12 (November 22, 2011): 45. http://dx.doi.org/10.19030/jber.v9i12.6605.
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<span style="font-family: Times New Roman; font-size: small;"> </span><p style="margin: 0in 0.5in 0pt; text-align: justify; mso-pagination: none;" class="MsoNormal"><span style="color: black; font-size: 10pt; mso-themecolor: text1;"><span style="font-family: Times New Roman;">The implication of the study of the Miller Ratio (MR), given the simplicity of its computation, is the possibility of the MR being both a beneficial and easy to use tool for practitioners and regulators to detect for the possibility of earnings management (EM).<span style="mso-spacerun: yes;"> </span>The previously studied models, particularly the Modified Jones Model (MJM), were not designed to be utilized on a case-by-case basis since they were studied using large samples of firms in an attempt to make generalized statements about the effectiveness of the models.<span style="mso-spacerun: yes;"> </span>The MR, designed to be utilized on a case-by-case basis, is easily computed.<span style="mso-spacerun: yes;"> </span>If corporate managers become aware of this simple, easy-to-use tool to detect EM, they may be more cautious about engaging in this activity.<span style="mso-spacerun: yes;"> </span>Essentially, the MR could assist practitioners and regulators in prioritizing their work load of companies to analyze.<span style="mso-spacerun: yes;"> </span>It can be another tool in their arsenal to assist them in their regulatory and auditing duties.<span style="mso-spacerun: yes;"> </span>The simplicity and benefit of the MR is discussed in this study.</span></span></p><span style="font-family: Times New Roman; font-size: small;"> </span>
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Qian, Guogang, Tieqiang Fu, and Long Sun. "Research on the fuel consumption conservation potential of ADAS on passenger cars." E3S Web of Conferences 268 (2021): 01035. http://dx.doi.org/10.1051/e3sconf/202126801035.
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Under the trend of automobile electrification, network connection, and intelligence, EU and USA have carried out fuel-saving research and initiatives on ADAS and CAV. The eCoMove project has aimed at economically optimal driving control and traffic management; MAVEN discusses the technical path of GLOSA (Green Light Optimal Speed Advisory) and ecological auto-driving EAD (Eco-Autonomous Driving) by smoothing the vehicle speed. The American NEXTCAR project contains multiple projects. When supplemented with DSF (Dynamic Skip Fire) and 48V technology, the road test led by Ohio State University resulted in a 15% fuel saving rate. Platoon and optimizing intersection signal lights can offer vehicles a more fuel-efficient condition; slope energy utilization, HEV SOC active management, cold storage evaporator, coasting, 48V and mDSF (miller cycle Dynamic Skip Fire) fuel-saving potential has been fully utilized.
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Bloomfield, Robert J., and Joan L. Luft. "Responsibility for Cost Management Hinders Learning to Avoid the Winner's Curse." Accounting Review 81, no. 1 (January 1, 2006): 29–47. http://dx.doi.org/10.2308/accr.2006.81.1.29.
Full textAbstract:
Errors in estimated product costs lead firms to win business that is unprofitable, because firms are more likely to win business when underestimated product costs lead them to bid below actual cost (Cooper et al. 1992; Hilton 2005). Feedback from repeated competitive bidding markets can teach people to bid well above estimated costs to avoid this winner's curse (Kagel 1995; Kagel and Levin 2002). We present experimental evidence that such learning is substantially hampered by sellers' sense of responsibility for the costs. This effect is consistent with psychological evidence that people tend to attribute bad outcomes to environmental factors out of their control, such as cost-estimation errors, and attribute good outcomes to their own skills, such as their ability to choose effective cost-management initiatives (Miller and Ross 1975; Zuckerman 1979). The results suggest that responsibility structures that combine pricing and production decisions may have unexpected drawbacks.
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Pérez, Ana Mª García. "Inter-firm resources and the role of partners as determinants in the configuration and performance of interorganisational relationships." Journal on Chain and Network Science 10, no. 3 (January 1, 2010): 173–83. http://dx.doi.org/10.3920/jcns2010.x180.
Full textAbstract:
In this work, we propose a theoretical approach based on the view of resources and capabilities, as well as the role of partners, as determinants in the configuration and performance of interorganisational relationships. The starting point is the resource typology provided by Miller and Shamsie (1996), who established two types of resources: property-based and knowledge-based. From this point of view, and depending on the role played by each of the firms in the interorganisational relationship, the contributions of resources will vary, as will the subsequent relational governance structure, information exchanged and joint actions undertaken. This will give rise to different interorganisational performances.