ENTREPRENEURIAL OPTIMISM, THE NATURE OF ENTREPRENEURIAL EXPERIENCE AND DEBT DECISION FOR BUSINESS START-UP

2018 ◽  
Vol 22 (03) ◽  
pp. 1850024 ◽  
Author(s):  
HÉDIA FOURATI ◽  
RIHAB BEN ATTITALAH
Keyword(s):  
Earnings Forecasts ◽  
Adjustment Cost ◽  
Debt Ratio ◽  
Entrepreneurial Experience ◽  
Panel Data Estimation ◽  
Quality Of Control ◽  
Start Up ◽  
Serial Entrepreneurs ◽  
Data Estimation

This paper studies the entrepreneurial optimism and debt decisions for business start-up. By analysing a sample of 160 business start-up and by using the panel data estimation, we study entrepreneurs’ optimism and its impact on debt decision of business start-up. The measure of entrepreneurial optimism is based on the entrepreneur earnings forecasts initiated by Lin et al. (2005). Meanwhile, the nature of entrepreneurial experience (serial and portfolio entrepreneur) has an effect on entrepreneurial optimism and leads to more or less optimistic entrepreneur. The results reveal that optimistic entrepreneur prefers equity in funding the financial deficit. Serial entrepreneurs tend to use more debt funding. In the dynamic model, the entrepreneur acquiring business concurrently adjusts slowly to debt ratio. Nevertheless, the sequential entrepreneurial experience leads to more optimism and so on more debt use. Given the governance role played by banks, the high adjustment cost for start-up is a consequence of the efficiency of the quality of control exercised by banks that in spite of entrepreneurial optimism, the entrepreneur does not convince the financiers to be so confident on the prospect of the business.

scholarly journals Factors affecting the student evaluation of teaching scores: evidence from panel data estimation

2012 ◽  
Vol 42 (1) ◽  
pp. 129-150 ◽  
Author(s):  
Eduardo de Carvalho Andrade ◽  
Bruno de Paula Rocha
Keyword(s):  
Training Programs ◽  
Student Evaluation ◽  
Random Effects Model ◽  
Student Evaluation Of Teaching ◽  
Factors Affecting ◽  
Panel Data Estimation ◽  
Quality Of Teaching ◽  
Evaluation Of Teaching ◽  
Data Estimation

We use a random-effects model to find the factors that affect the student evaluation of teaching (SET) scores. Dataset covers 6 semesters, 496 undergraduate courses related to 101 instructors and 89 disciplines. Our empirical findings are: (i) the class size affects negatively the SET score; (ii) instructors with more experience are better evaluated, but these gains reduce over time; (iii) participating in training programs, designed to improve the quality of teaching, did not increase the SET scores; (iv) instructors seem to be able to marginally 'buy' a better evaluation by inflating students' grade. Finally, there are significant changes in the rankings when we adjust the SET score to eliminate the effects of variables beyond instructors' control. Despite these changes, they are not statistically significant.

scholarly journals Value-relevance of disclosure: risk factors and risk management in Brazilian firms

2018 ◽  
Vol 29 (78) ◽  
pp. 390-404
Author(s):  
José Glauber Cavalcante dos Santos ◽  
Antonio Carlos Coelho
Keyword(s):  
Risk Factors ◽  
Risk Management ◽  
Capital Market ◽  
Value Relevance ◽  
Panel Data Estimation ◽  
Residual Income Valuation ◽  
Existence Of Value ◽  
Accounting Reports ◽  
Data Estimation

ABSTRACT This study investigated whether the disclosure in accounting reports of information on risk and its management affects, at the margin, firm valuations in the Brazilian capital market. It questioned the existence of value relevance in the disclosure of information related to risk factors and risk management structures. The importance of the topic arises from the documentation that disclosure on risk factors plays a statistically significant role in valuing firms in a context marked by economic and political uncertainty, as is the case of the Brazilian market. The findings confirmed that information about risk shows informational relevance for firm valuations. Information on risk management in a firm, in turn, was not shown to be significant in terms of affecting company share valuations. The investigation of detailed reports with different risk factors indicated that individualized information shows different degrees of relevance for company valuations. It is inferred that the disclosure of risk factors affects the perception of investors, who also base their estimates of return on the availability and detail of such information. It is also observed that information on risk management structure was not shown to be value relevant; moreover, few firms published information on the establishment of this type of entity in their management structures. The residual income valuation (RIV) model (Ohlson, 1995) was applied using regressions with panel data estimation related to the three years covering 2012 to 2014. The sample, which was randomly delimited, was formed of 100 companies. The data on disclosure of risk and disclosure of risk management were collected from the companies’ Reference Forms, available from the website of the São Paulo Stock, Commodities, and Futures Exchange (BM&FBOVESPA). As an impact on the area of knowledge, broader discussions are expected regarding the utility of disclosure on the topic related to risk factors and the existence of a specific body responsible for risk management in firms, according to investors’ perceptions. It also contributes by providing evidence about the quality of disclosure related to risk (factors and management) and the perception of the capital market regarding the informativeness and relevance of such elements.

Experience with the Relay Procedure for Tuning Controllers in Automatic Control of Chlorination

1993 ◽  
Vol 28 (11-12) ◽  
pp. 257-261
Author(s):  
M. Truett Garrett ◽  
Zaki Ahmad ◽  
Shelly Young
Keyword(s):  
Wastewater Treatment ◽  
Automatic Control ◽  
Time Constant ◽  
Wastewater Treatment Plants ◽  
Relay Feedback ◽  
Quality Of Control ◽  
Incomplete Mixing ◽  
Long Time ◽  
Chlorine Demand

The recent requirements by U.S.E.P.A. for dechlorination and biomonitoring have increased the importance of automatic control of effluent chlorination in wastewater treatment plants. Difficulties with the Ziegler-Nichols controller tuning procedure were reported at the Kyoto Workshop, 1990. Problems are caused by the noise of incomplete mixing, a long time constant, and the disturbances of changing flow and chlorine demand. The Astrom-Hagglund relay feedback procedure provides acceptable control while data is logged to determine the controller constants. Experiences in using the procedure in existing facilities (not redesigning the mixing point) and the quality of control are presented.

scholarly journals Quality of Control in the Tavis–Cummings–Hubbard Model

2021 ◽  
Author(s):  
R. Düll ◽  
A. Kulagin ◽  
W. Lee ◽  
Yu. Ozhigov ◽  
H. Miao ◽  
...  
Keyword(s):  
Hubbard Model ◽  
Quality Of Control

scholarly journals Exchange Rate Volatility and Domestic Consumption: A Comparative Study of Developed, Developing and Emerging Economies

2019 ◽  
Vol 9 (3) ◽  
pp. 164
Author(s):  
Muhammad Zubair Chishti ◽  
Hafiz Syed Muhammad Azeem ◽  
Farrukh Mahmood ◽  
Adeel Ahmed Sheikh
Keyword(s):  
Exchange Rate ◽  
Panel Data ◽  
Developing Economies ◽  
Exchange Rate Volatility ◽  
Domestic Consumption ◽  
Aggregate Consumption ◽  
Developed Economies ◽  
Panel Data Estimation ◽  
The Exchange Rate ◽  
Data Estimation

The current study endeavors to explore the effects of oscillations in the exchange rate on the household aggregate consumption of developed, emerging, and developing economies, employing the panel data from 1995 to 2017. To select an appropriate panel data estimation technique, we apply Brush-Pagan & Hausman Tests for each set of chosen economies. Further, our study deduces that, in the case of developed economies, the oscillations in the exchange rate, significantly, affect the domestic consumption, supporting Alexander’s (1952) conjecture. However, in the case of emerging and developing economies, aggregate consumption does not respond to the exchange rate volatility.

scholarly journals Syngas Quality as a Key Factor in the Design of an Energy-Efficient Pyrolysis Plant for Scrap Tyres

Proceedings ◽  
2018 ◽  
Vol 2 (23) ◽  
pp. 1455 ◽  
Author(s):  
Dina Czajczyńska ◽  
Renata Krzyżyńska ◽  
Hussam Jouhara
Keyword(s):  
Energy Demand ◽  
Chemical Properties ◽  
Industrial Emissions ◽  
Whole Process ◽  
Start Up ◽  
Key Factor ◽  
Industrial Emissions Directive ◽  
Pyrolytic Oil ◽  
Quality Of Products

In 2016 4.94 million tonnes of tyres were produced. Each tyre eventually become waste and pyrolysis has been considered an effective way of utilizing scrap tyres for several decades. However, pyrolysis has failed many times because the process has a great energy demand and the quality of products is unstable or insufficient for commercial use. Usually plants are focused on the production of pyrolytic oil or char and the gaseous phase is only a by-product. In this paper the importance of composition and quality of pyrolytic gas is emphasized. The main chemical properties make this gas a valuable biofuel that may satisfy energy requirements of the whole process (except for the start-up phase). Available data from literature concerning composition and other features of the pyrolytic gas from scrap tyres obtained at temperatures up to 1000 °C are compared with experimental results. The quality of evolved gases is discussed in the context of the Industrial Emissions Directive (IED), too. Finally, an analysis of the mass balances obtained allows a decision about the business profile and profitability.

Shadow economy in Africa: how relevant is financial inclusion?

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Folorunsho M. Ajide
Keyword(s):  
Shadow Economy ◽  
Financial Inclusion ◽  
Sub Saharan Africa ◽  
African Countries ◽  
Content Type ◽  
Development Indicators ◽  
Panel Data Estimation ◽  
Sub Saharan ◽  
Data Estimation ◽  
Toda And Yamamoto

Purpose This study aims to investigate the possible relationship between financial inclusion and shadow economy in selected African countries. Design/methodology/approach The study uses panel data estimation technique and Toda and Yamamoto causality approach. The data of selected African counties over a period of 2005–2015 are sourced from World Bank Development Indicators, International Monetary Fund International Financial statistics database and International Country Risk Guide. Findings The results show that financial inclusion reduces the size of shadow economy. The causality results show that there is a unidirectional causality moving from financial inclusion to shadow economy. The results demonstrate that a country with lower level of corruption and higher level of growth can benefit more in reducing the size of shadow economy through financial inclusion. Originality/value This study provides the first evidence of the link between financial inclusion and shadow economy from the Sub-Saharan Africa perspective. The study suggests that financial inclusion may be useful in affecting the size of shadow economy in Africa.

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