Why discontinue operations? Interrelated elements of the corporate focus hypothesis

2019 ◽  
Vol 16 (2) ◽  
pp. 182-202
Author(s):  
Richard A. Lord ◽  
Yoshie Saito
Keyword(s):  
Risk Measures ◽  
Cross Product ◽  
Capital Expenditures ◽  
Capital Investments ◽  
Content Type ◽  
Logistic Regression Models ◽  
Wide Range ◽  
Corporate Focus ◽  
Exit Decisions ◽  
Discontinued Operations

Purpose The purpose of this paper is to reexamine the corporate focus hypothesis to establish the characteristics of firms that discontinue operations. The authors concentrate on four interrelated elements of the hypothesis, diversification, performance, financial constraint and market-based risk measures. The authors also examine whether firms reporting positive- or negative-valued discontinued operations have different characteristics. Design/methodology/approach Analyzing discontinued operations provides a broad sample of strategically important exit decisions using a variety of different disposal methods. The authors use logistic regression models to explore whether the elements of the corporate focus hypotheses, and interactions between them, explain decisions to discontinue operations, and also the differences between firms making negative- and positive-valued announcements. Findings Firms that discontinue operations are more diverse, with weak operating performance, higher financial constraints and perform poorly in financial markets. Interrelationships between these factors strongly affect exit decisions. Companies reporting negative-valued discontinued operations are smaller, make lower capital investments and face greater cash constraints and market risk. Those announcing positive-valued discontinuations are larger and make higher payouts and capital expenditures. Their overall performance is weaker than for control firms, but clearly superior to companies discontinuing negative-valued operations. Originality/value Discounted operations represent a wide range of exit decisions. They provide a much larger sample than most previous studies of divestitures. The authors include β, the Sharpe ratio, cash holdings, payouts to shareholders, capital expenditures and also cross-product terms between the elements of the corporate focus hypothesis, all of which have received little attention in prior research. There are significant differences between firms announcing positive and negative-valued discontinued operations.

The value relevance of capital expenditures and the business cycle

2018 ◽  
Vol 35 (3) ◽  
pp. 386-406 ◽  
Author(s):  
Sungsoo Kim ◽  
Brandon byunghwan Lee
Keyword(s):  
Business Cycles ◽  
Stock Returns ◽  
Value Relevance ◽  
Financial Data ◽  
Capital Expenditures ◽  
Capital Investments ◽  
Content Type ◽  
Market Participants ◽  
Business Conditions

Purpose This paper aims to clarify the relationship between corporate capital investments and business cycles. Specifically, a major purpose of this paper is to investigate whether there are inherent differences in corporate investment patterns and whether the stock market exhibits different reactions to the value relevance of capital expenditures across different business conditions. Design/methodology/approach The authors use pooled ordinary least square regressions with archival stock price data and financial data from CRSP and Compustat. The authors regress buy and hold returns on the main test variables and control variables that are identified to be related to the investment literature. Findings This paper provides empirical evidence that US firms’ capital expenditures are more value relevant to capital market participants during expansionary business cycles and, conversely, less value relevant during contractionary business cycles. This evidence validates previous literature that has found the information content of capital expenditures to be uncertain and cyclical in nature. Research limitations/implications The main limitation of this paper, as with other work dealing with stock returns and archived financial data, is that the authors try to match stock returns with contemporaneous financial data in an association study context. The precise mapping in this methodology is always challenging and has been questioned in the literature. Practical implications This paper has various implications for capital market participants. Capital expenditures are good news for investors, but they will make a better investment when firms make capital investments during an expansionary period. Creditors deciding whether to extend credit to firms would benefit from more accurate information on the viability of long-term investment. The results also suggest to creditors that an excessive number of loans during the contractionary period may be suboptimal because firms’ returns on capital investment are smaller in that period than in the expansionary period. Social implications Given the valuation of implications of long-term capital investments across different business conditions, this paper sheds light on asset allocations for mutual funds, institutional investors who are entrusted with investors’ investments including retirement funds. Originality/value This paper fulfils an identified need to study how capital investments are valued differently across different business conditions.

Factors in an end user security expertise instrument

2017 ◽  
Vol 25 (2) ◽  
pp. 190-205 ◽  
Author(s):  
Prashanth Rajivan ◽  
Pablo Moriano ◽  
Timothy Kelley ◽  
L. Jean Camp
Keyword(s):  
Computer Security ◽  
Computer Skills ◽  
End Users ◽  
Security And Privacy ◽  
End User ◽  
Content Type ◽  
Logistic Regression Models ◽  
Wide Range ◽  
User Comprehension ◽  
User Security

Purpose The purpose of this study is to identify factors that determine computer and security expertise in end users. They can be significant determinants of human behaviour and interactions in the security and privacy context. Standardized, externally valid instruments for measuring end-user security expertise are non-existent. Design/methodology/approach A questionnaire encompassing skills and knowledge-based questions was developed to identify critical factors that constitute expertise in end users. Exploratory factor analysis was applied on the results from 898 participants from a wide range of populations. Cluster analysis was applied to characterize the relationship between computer and security expertise. Ordered logistic regression models were applied to measure efficacy of the proposed security and computing factors in predicting user comprehension of security concepts: phishing and certificates. Findings There are levels to peoples’ computer and security expertise that could be reasonably measured and operationalized. Four factors that constitute computer security-related skills and knowledge are, namely, basic computer skills, advanced computer skills, security knowledge and advanced security skills, and these are identified as determinants of computer expertise. Practical implications Findings from this work can be used to guide the design of security interfaces such that it caters to people with different expertise levels and does not force users to exercise more cognitive processes than required. Originality/value This work identified four factors that constitute security expertise in end users. Findings from this work were integrated to propose a framework called Security SRK for guiding further research on security expertise. This work posits that security expertise instrument for end user should measure three cognitive dimensions: security skills, rules and knowledge.

Influence of administrative and financial decentralization on investment processes in the Central region of Ukraine

2019 ◽  
pp. 134-144
Author(s):  
Iryna Leshchukh
Keyword(s):  
Central Region ◽  
Capital Investment ◽  
System Analysis ◽  
Capital Expenditures ◽  
Foreign Direct Investments ◽  
Capital Investments ◽  
Health Care Education ◽  
Economic Problems ◽  
Wide Range ◽  
Operational Information

The article examines the tendencies of the investment sector of the Central region of Ukraine, which are formed under the influence of implementation of administrative and financial decentralization in Ukraine. The method of estimation of influence of administrative-financial decentralization on investment processes in the region is proposed on the basis of calculation of indicators of the ratio: a) growth rates of capital investments and foreign direct investments against own incomes; b) the rate of growth of expenditures on socio-economic development (in particular, public administration, health care, education, housing and communal services, repair and maintenance of roads, etc.) against own revenues of local budgets. The author’s method is tested on the example of cities of regional importance and districts of the Central region of Ukraine. It was found that: 1) in 2016-2018 the most effective was the policy of capital investment in Cherkasy region, the least effective – in the Kirovograd region; 2) the increase of the financial potential of the cities of regional importance and districts of the studied region did not cause a significant stimulating influence on attracting foreign investments; 3) the reorientation of local authorities’ own resources on capital expenditures on the development of social, transport and communal infrastructure is extremely slow. Systemic and dialectical methods were used in the study; logical generalization, system analysis, comparison and synthesis; strategic analysis, graphic. The works of leading scientists and specialists on a wide range of socio-economic problems, the operational information of the Main Directorates of Statistics in Vinnitsa, Kirovograd, Cherkasy and Poltava regions of Ukraine as well as information on the implementation of relevant local budgets of the Departments of Finance of Vinnitsa, Kirovograd and Cherkasy regional state administrations constitute the information base of the research.

scholarly journals Transfer of Plasmid DNA to Clinical Coagulase-Negative Staphylococcal Pathogens by Using a Unique Bacteriophage

2015 ◽  
Vol 81 (7) ◽  
pp. 2481-2488 ◽  
Author(s):  
Volker Winstel ◽  
Petra Kühner ◽  
Bernhard Krismer ◽  
Andreas Peschel ◽  
Holger Rohde
Keyword(s):  
Plasmid Dna ◽  
Genetic Manipulation ◽  
Current Knowledge ◽  
Virulence Determinants ◽  
Coagulase Negative Staphylococci ◽  
Reliable Technique ◽  
Content Type ◽  
Research Activities ◽  
Wide Range ◽  
Genetic Barriers

ABSTRACTGenetic manipulation of emerging bacterial pathogens, such as coagulase-negative staphylococci (CoNS), is a major hurdle in clinical and basic microbiological research. Strong genetic barriers, such as restriction modification systems or clustered regularly interspaced short palindromic repeats (CRISPR), usually interfere with available techniques for DNA transformation and therefore complicate manipulation of CoNS or render it impossible. Thus, current knowledge of pathogenicity and virulence determinants of CoNS is very limited. Here, a rapid, efficient, and highly reliable technique is presented to transfer plasmid DNA essential for genetic engineering to important CoNS pathogens from a uniqueStaphylococcus aureusstrain via a specificS. aureusbacteriophage, Φ187. Even strains refractory to electroporation can be transduced by this technique once donor and recipient strains share similar Φ187 receptor properties. As a proof of principle, this technique was used to delete the alternative transcription factor sigma B (SigB) via allelic replacement in nasal and clinicalStaphylococcus epidermidisisolates at high efficiencies. The described approach will allow the genetic manipulation of a wide range of CoNS pathogens and might inspire research activities to manipulate other important pathogens in a similar fashion.

scholarly journals Use of Proteins Identified through a Functional Genomic Screen To Develop a Protein Subunit Vaccine That Provides Significant Protection against Virulent Streptococcus suis in Pigs

2017 ◽  
Vol 86 (3) ◽  
Author(s):  
Susan L. Brockmeier ◽  
Crystal L. Loving ◽  
Tracy L. Nicholson ◽  
Jinhong Wang ◽  
Sarah E. Peters ◽  
...  
Keyword(s):  
Immune Response ◽  
Vaccine Trial ◽  
Streptococcus Suis ◽  
Protein Subunit ◽  
Content Type ◽  
Degree Of Protection ◽  
Wide Range ◽  
Associated Proteins ◽  
Clinical Protection ◽  
Cellular Immune

ABSTRACT Streptococcus suis is a bacterium that is commonly carried in the respiratory tract and that is also one of the most important invasive pathogens of swine, commonly causing meningitis, arthritis, and septicemia. Due to the existence of many serotypes and a wide range of immune evasion capabilities, efficacious vaccines are not readily available. The selection of S. suis protein candidates for inclusion in a vaccine was accomplished by identifying fitness genes through a functional genomics screen and selecting conserved predicted surface-associated proteins. Five candidate proteins were selected for evaluation in a vaccine trial and administered both intranasally and intramuscularly with one of two different adjuvant formulations. Clinical protection was evaluated by subsequent intranasal challenge with virulent S. suis . While subunit vaccination with the S. suis proteins induced IgG antibodies to each individual protein and a cellular immune response to the pool of proteins and provided substantial protection from challenge with virulent S. suis , the immune response elicited and the degree of protection were dependent on the parenteral adjuvant given. Subunit vaccination induced IgG reactive against different S. suis serotypes, indicating a potential for cross protection.

The role of organizational culture in the knowledge management process

2015 ◽  
Vol 19 (3) ◽  
pp. 433-455 ◽  
Author(s):  
Christina Ling-hsing Chang ◽  
Tung-Ching Lin
Keyword(s):  
Organizational Culture ◽  
Knowledge Management ◽  
Customer Service ◽  
Survey Methodology ◽  
Cultural Dimensions ◽  
Content Type ◽  
Knowledge Resources ◽  
Positive Effects ◽  
Wide Range ◽  
The Individual

Purpose – The purpose of the study is to focus on the enhancement of knowledge management (KM) performance and the relationship between organizational culture and KM process intention of individuals because of the diversity of organizational cultures (which include results-oriented, tightly controlled, job-oriented, closed system and professional-oriented cultures). Knowledge is a primary resource in organizations. If firms are able to effectively manage their knowledge resources, then a wide range of benefits can be reaped such as improved corporate efficiency, effectiveness, innovation and customer service. Design/methodology/approach – The survey methodology, which has the ability to enhance generalization of results (Dooley, 2001), was used to collect the data utilized in the testing of the research hypotheses. Findings – Results- and job-oriented cultures have positive effects on employee intention in the KM process (creation, storage, transfer and application), whereas a tightly controlled culture has negative effects. Research limitations/implications – However, it would have been better to use a longitudinal study to collect useful long-term data to understand how the KM process would be influenced when organizational culture dimensions are changed through/by management. This is the first limitation of this study. According to Mason and Pauleen (2003), KM culture is a powerful predictor of individual knowledge-sharing behavior, which is not included in this study. Thus, this is the second limitation of this paper. Moreover, national culture could be an important issue in the KM process (Jacks et al., 2012), which is the third limitation of this paper for not comprising it. Practical implications – In researchers’ point of view, results- and job-oriented cultures have positive effects, whereas a tightly controlled culture has a negative effect on the KM process intention of the individual. These findings provide evidences that challenge the perspective of Kayworth and Leidner (2003) on this issue. As for practitioners, management has a direction to modify their organizational culture to improve the performance of KM process. Social implications – Both behavioral and value perspectives of the organizational cultural dimensions (results-oriented, tightly control, job-oriented, sociability, solidarity, need for achievement and democracy) should be examined to ascertain their effects firstly on KM culture and then on the KM process intention of the individual. It is hoped that the current study will spawn future investigations that lead to the development of an integrated model which includes organizational culture, KM culture and the KM process intention of the individual. Originality/value – The results-oriented, loosely controlled and job-oriented cultures will improve the effectiveness of the KM process and will also increase employees’ satisfaction and willingness to stay with the organization.

From digital citizen to digital professional

Kybernetes ◽  
2019 ◽  
Vol 48 (7) ◽  
pp. 1463-1477
Author(s):  
Olga Marino ◽  
Jaime Andres Gutierrez ◽  
Sandra Aguirre
Keyword(s):  
Information And Communication Technologies ◽  
Communication Technologies ◽  
Cutting Edge ◽  
Case Study Methodology ◽  
Content Type ◽  
Innovative Strategy ◽  
Global Issues ◽  
Wide Range ◽  
Information And Communication ◽  
Teaching Learning

Purpose This paper aims to propose and evaluate a pedagogically sound and innovative strategy to teach a higher education course that prepares future professionals to intelligently use information and communication technologies (ICTs) in their personal and professional lives. Design/methodology/approach The conceptual framework used for the design of the course was the socio-constructivism and activity theories. The implementation of the course was evaluated using the intrinsic case study methodology by including several instruments. Findings The pedagogical strategy proposed proved to be sound, as the evaluation showed that students were able to describe, use and propose innovative uses of a wide range of cutting-edge technologies in their both everyday lives and professional settings; they also had the skills to analyse the opportunities and challenges that these presented. Moreover, students liked this innovative way of learning and ended with a positive attitude towards ICT. Originality/value Although several courses prepare students to be digital citizens or use ICT to enhance the teaching-learning process, millennials are ill prepared to use cutting-edge technologies in an innovative, responsible and critical way in their future professions. The course that was designed is original in that it goes beyond preparing digital citizens to prepare professionals in any domain to use ICT in an informed and responsible way. Moreover, it is a documented, successful example of an undergraduate universal course in a highly important current society dimension. The authors believe that its pedagogical proposal could be transferred to courses dealing with other global issues such as the environment, economy and peace.

Incompressible smoothed particle hydrodynamics for MHD double-diffusive natural convection of a nanofluid in a cavity containing an oscillating pipe

2019 ◽  
Vol 30 (2) ◽  
pp. 882-917 ◽  
Author(s):  
Abdelraheem M. Aly
Keyword(s):  
Natural Convection ◽  
Smoothed Particle Hydrodynamics ◽  
Cavity Wall ◽  
Lagrangian Description ◽  
Content Type ◽  
Wide Range ◽  
Particle Hydrodynamics ◽  
Smoothed Particle ◽  
Incompressible Smoothed Particle Hydrodynamics ◽  
Double Diffusive

Purpose This paper aims to adopt incompressible smoothed particle hydrodynamics (ISPH) method to simulate MHD double-diffusive natural convection in a cavity containing an oscillating pipe and filled with nanofluid. Design/methodology/approach The Lagrangian description of the governing partial differential equations are solved numerically using improved ISPH method. The inner oscillating pipe is divided into two different pipes as an open and a closed pipe. The sidewalls of the cavity are cooled with a lower concentration C_c and the horizontal walls are adiabatic. The inner pipe is heated with higher concentration C_h. The analysis has been conducted for the two different cases of inner oscillating pipes under the effects of wide range of governing parameters. Findings It is found that a suitable oscillating pipe makes a well convective transport inside a cavity. Presence of the oscillating pipe has effects on the heat and mass transfer and fluid intensity inside a cavity. Hartman parameter suppresses the velocity and weakens the maximum values of the stream function. An increase on Hartman, Lewis and solid volume fraction parameters leads to an increase on average Nusselt number on an oscillating pipe and left cavity wall. Average Sherwood number on an oscillating pipe and left cavity wall decreases as Hartman parameter increases. Originality/value The main objective of this work is to study the MHD double-diffusive natural convection of a nanofluid in a square cavity containing an oscillating pipe using improved ISPH method.

Numerical investigation of anguilliform locomotion by the SPH method

2019 ◽  
Vol 30 (1) ◽  
pp. 328-346 ◽  
Author(s):  
Amin Rahmat ◽  
Hossein Nasiri ◽  
Marjan Goodarzi ◽  
Ehsan Heidaryan
Keyword(s):  
Drag Coefficient ◽  
Numerical Investigation ◽  
Sph Method ◽  
Content Type ◽  
Aquatic Locomotion ◽  
Wide Range ◽  
Particle Hydrodynamics ◽  
Dummy Particles ◽  
Smoothed Particle ◽  
Sph Algorithm

Purpose This paper aims to introduce a numerical investigation of aquatic locomotion using the smoothed particle hydrodynamics (SPH) method. Design/methodology/approach To model this problem, a simple improved SPH algorithm is presented that can handle complex geometries using updatable dummy particles. The computational code is validated by solving the flow over a two-dimensional cylinder and comparing its drag coefficient for two different Reynolds numbers with those in the literature. Findings Additionally, the drag coefficient and vortices created behind the aquatic swimmer are quantitatively and qualitatively compared with available credential data. Afterward, the flow over an aquatic swimmer is simulated for a wide range of Reynolds and Strouhal numbers, as well as for the amplitude envelope. Moreover, comprehensive discussions on drag coefficient and vorticity patterns behind the aquatic are made. Originality/value It is found that by increasing both Reynolds and Strouhal numbers separately, the anguilliform motion approaches the self-propulsion condition; however, the vortices show different pattern with these increments.

Encouraging millennials to collaborate and learn on the job

2015 ◽  
Vol 14 (4) ◽  
pp. 118-123 ◽  
Author(s):  
Lauren Trees
Keyword(s):  
Knowledge Management ◽  
Best Practices ◽  
Social Networking ◽  
Age Groups ◽  
Lessons Learned ◽  
Retention Rates ◽  
Direct Access ◽  
Content Type ◽  
Business Outcomes ◽  
Wide Range

Purpose – The purpose of this paper is to present enterprise social networking and gamification as two potential tools to help organizations engage Millennial employees in collaboration and learning. Design/methodology/approach – The research provides general descriptions of enterprise social networking and gamification approaches, shares data on adoption of these approaches from APQC’s “2015 Knowledge Management Priorities Data Report” (based on a January 2015 survey of 524 knowledge management professionals) and includes four company examples adapted from APQC’s Connecting People to Content and Transferring and Applying Critical Knowledge best practices studies. The methodology for APQC’s best practices studies involves screening 50 or more organizations with potential best practices in a given research scope area and identifying five or six with proven best practices. APQC then conducts detailed site visits with the selected organizations and publishes case studies based on those site visits. Findings – Enterprise social networking platforms are in place at 50 per cent of organizations, with another 25 per cent planning to implement them by the end of 2015. By providing near-immediate access to information and answers, enterprise social networking helps Millennials learn the ropes at their new workplaces, gives them direct access to more knowledgeable colleagues who can assist and mentor them, and helps them improve their business outcomes by reusing knowledge and lessons learned across projects. Younger workers can also harness the power of social networking to create a sense of belonging and build their reputations in large, dispersed firms, where it is particularly difficult for them to gain visibility. A recent APQC survey indicates that 54 per cent of organizations either currently employ gamification to encourage collaboration or expect to implement it within the next three years. The rush to gamify the enterprise is, at least in part, a reflection of employers’ desire to satisfy Millennials and make them feel connected to a community of co-workers. Although games appeal to a wide range of age groups, Millennials grew up with digital interaction and tend to prefer environments that emphasize teamwork, social learning and frequent feedback – all of which can be delivered through gamification. Originality/value – The value of this paper is to introduce the value of and relationship between enterprise social networking and gamification platforms to human resource (HR) professionals looking to increase engagement and retention rates for Millennial employees.

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