Entering a Golden Age of Sustained Superiority: Entrepreneurial Creation or Discovery?

2020 ◽  
Vol 31 (6) ◽  
pp. 1432-1451 ◽  
Author(s):  
Andrew D. Henderson ◽  
Melissa E. Graebner
Keyword(s):  
Firm Performance ◽  
Simulation Modeling ◽  
The Other ◽  
High Point ◽  
Strategic Renewal ◽  
Entrepreneurial Discovery ◽  
Entrepreneurial Opportunities ◽  
Bimodal Pattern ◽  
The U.S

To better understand the origins of sustained superior firm performance, we consider processes of entrepreneurial creation and discovery. Discovering new opportunities requires speed and flexibility, and although many discoveries are easy to implement, this makes them easy to imitate. By comparison, creation is more complex, iterative, and cumulative, making these opportunities slower to implement yet harder to copy. In formal simulation modeling and analyses of the U.S. Compustat population from 1966 to 2015, we found a bimodal pattern of entry into golden eras of sustained superiority. One peak consisted of an initial spike as firms went public, and evidence suggests this was driven by entrepreneurial discovery. The other peak involved a long-term inverted U-shaped trajectory that reached its high point about 17 years later. Evidence suggests this was driven by entrepreneurial creation, which first enabled then later constrained durable superiority. Our results have implications for research on sustained superiority, entrepreneurial opportunities, and strategic renewal.

scholarly journals Capital Structure and Firm Performance in Nigerian-Listed Companies

2016 ◽  
Vol 8 (3(J)) ◽  
pp. 54-74 ◽  
Author(s):  
Matthew Adeolu Abata ◽  
Stephen Oseko Migiro
Keyword(s):  
Firm Performance ◽  
Capital Structure ◽  
Negative Relationship ◽  
Debt Financing ◽  
Descriptive Statistics ◽  
The Other ◽  
Listed Firms ◽  
Business Failures ◽  
The Relationship

a number of business failures have not been reported in Nigeria arising from inability to payback nor does service debts .This paper empirically investigate the relationship between capital structure and firm performance in the Nigerian listed firms. A sample of 30listed firms out of a population of 173 were examined from 2005 to 2014 using multiple regression tools. Two hypotheses were formulated and tested using descriptive statistics and an econometric panel data technique to analyze the gathered data. An insignificantly negative correlation was found between financial leverage and ROA on one hand and a significantly negative relationship between debt/equity mix and ROE on the other hand. It is therefore recommended that firms should use long term liabilities to finance firm’s activities and mix debt/equity appropriately by ensuring that debt financing ratio is lower to enhance corporate performance and survival.

scholarly journals The Partisan Sorting of `America': How Nationalist Cleavages Shaped the 2016 U.S. Presidential Election

2019 ◽  
Author(s):  
Bart Bonikowski ◽  
Yuval Feinstein ◽  
Sean Bock
Keyword(s):  
Presidential Election ◽  
The Other ◽  
Radical Right ◽  
The Past ◽  
Liberal Democratic ◽  
Institutional Politics ◽  
Long Term Changes ◽  
The Stability ◽  
The U.S

Political scientists have acknowledged the importance of nationalism as a constitutive element of radical-right politics, but have typically empirically reduced the phenomenon to its downstream attitudinal correlates. Sociologists, on the other hand, have extensively studied nationalism, but have only sporadically engaged in debates about institutional politics. In this study, we bring these literatures together by considering how nationalist beliefs shaped respondents' voting preferences in the 2016 U.S. presidential election and how the election outcome built on long-term changes in the distribution of nationalism in the U.S. population. The results suggest that competing understandings of American nationhood were effectively mobilized by candidates from the two parties, both in the 2016 primaries and the general election. Furthermore, over the past twenty years, nationalism has become sorted by party, as Republican identifiers have come to define America in more exclusionary and critical terms and Democrats have increasingly endorsed inclusive and positive conceptions of nationhood. These trends point to the rising demand for radical candidates among Republicans and suggests a potentially bleak future for U.S. politics, as nationalism becomes yet another among multiple overlapping social and cultural cleavages that serve to reinforce partisan divisions and undermine the stability of liberal democratic institutions.

Life Beyond 1MeV

1980 ◽  
Vol 38 ◽  
pp. 30-33
Author(s):  
K.H. Westmacott
Keyword(s):  
Electron Microscopy ◽  
Past Experience ◽  
The Other ◽  
Good Case ◽  
Other Hand ◽  
The U.S

Life beyond 1MeV – like life after 40 – is not too different unless one takes advantage of past experience and is receptive to new opportunities. At first glance, the returns on performing electron microscopy at voltages greater than 1MeV diminish rather rapidly as the curves which describe the well-known advantages of HVEM often tend towards saturation. However, in a country with a significant HVEM capability, a good case can be made for investing in instruments with a range of maximum accelerating voltages. In this regard, the 1.5MeV KRATOS HVEM being installed in Berkeley will complement the other 650KeV, 1MeV, and 1.2MeV instruments currently operating in the U.S. One other consideration suggests that 1.5MeV is an optimum voltage machine – Its additional advantages may be purchased for not much more than a 1MeV instrument. On the other hand, the 3MeV HVEM's which seem to be operated at 2MeV maximum, are much more expensive.

Radioimmunotherapy for treatment of acute myeloid leukaemia and myelodysplastic syndrome

2005 ◽  
Vol 44 (03) ◽  
pp. 107-117
Author(s):  
R. G. Meyer ◽  
W. Herr ◽  
A. Helisch ◽  
P. Bartenstein ◽  
I. Buchmann
Keyword(s):  
Acute Myeloid Leukaemia ◽  
Myeloid Leukaemia ◽  
Primary Tumour ◽  
The Other ◽  
Haematopoietic Stem Cell ◽  
Other Hand ◽  
Primary Reduction ◽  
The One ◽  
Acute Myeloid

SummaryThe prognosis of patients with acute myeloid leukaemia (AML) has improved considerably by introduction of aggressive consolidation chemotherapy and haematopoietic stem cell transplantation (SCT). Nevertheless, only 20-30% of patients with AML achieve long-term diseasefree survival after SCT. The most common cause of treatment failure is relapse. Additionally, mortality rates are significantly increased by therapy-related causes such as toxicity of chemotherapy and complications of SCT. Including radioimmunotherapies in the treatment of AML and myelodyplastic syndrome (MDS) allows for the achievement of a pronounced antileukaemic effect for the reduction of relapse rates on the one hand. On the other hand, no increase of acute toxicity and later complications should be induced. These effects are important for the primary reduction of tumour cells as well as for the myeloablative conditioning before SCT.This paper provides a systematic and critical review of the currently used radionuclides and immunoconjugates for the treatment of AML and MDS and summarizes the literature on primary tumour cell reductive radioimmunotherapies on the one hand and conditioning radioimmunotherapies before SCT on the other hand.

Hidden “holes” in the capital of banks and the supply of credit to the real sector of economy

2018 ◽  
pp. 49-68 ◽  
Author(s):  
M. E. Mamonov
Keyword(s):  
Credit Risk ◽  
The Other ◽  
Real Sector ◽  
Capital Management ◽  
Loan Loss ◽  
Short Term ◽  
The Real ◽  
Ex Post ◽  
The One

Our analysis documents that the existence of hidden “holes” in the capital of not yet failed banks - while creating intertemporal pressure on the actual level of capital - leads to changing of maturity of loans supplied rather than to contracting of their volume. Long-term loans decrease, whereas short-term loans rise - and, what is most remarkably, by approximately the same amounts. Standardly, the higher the maturity of loans the higher the credit risk and, thus, the more loan loss reserves (LLP) banks are forced to create, increasing the pressure on capital. Banks that already hide “holes” in the capital, but have not yet faced with license withdrawal, must possess strong incentives to shorten the maturity of supplied loans. On the one hand, it raises the turnovers of LLP and facilitates the flexibility of capital management; on the other hand, it allows increasing the speed of shifting of attracted deposits to loans to related parties in domestic or foreign jurisdictions. This enlarges the potential size of ex post revealed “hole” in the capital and, therefore, allows us to assume that not every loan might be viewed as a good for the economy: excessive short-term and insufficient long-term loans can produce the source for future losses.

Interrelationships between municipal spatial policy strategy and airport operation and development. Lodz Airport case study

2018 ◽  
Vol 59 (1) ◽  
pp. 65-79
Author(s):  
Katarzyna Nikorowicz-Zatorska
Keyword(s):  
Land Use ◽  
Urban Planning ◽  
Cultural Development ◽  
The Other ◽  
Local Authorities ◽  
Spatial Management ◽  
The One ◽  
Surrounding Areas

Abstract The present paper focuses on spatial management regulations in order to carry out investment in the field of airport facilities. The construction, upgrades, and maintenance of airports falls within the area of responsibility of local authorities. This task poses a great challenge in terms of organisation and finances. On the one hand, an active airport is a municipal landmark and drives local economic, social and cultural development, and on the other, the scale of investment often exceeds the capabilities of local authorities. The immediate environment of the airport determines its final use and prosperity. The objective of the paper is to review legislation that affects airports and the surrounding communities. The process of urban planning in Lodz and surrounding areas will be presented as a background to the problem of land use management in the vicinity of the airport. This paper seeks to address the following questions: if and how airports have affected urban planning in Lodz, does the land use around the airport prevent the development of Lodz Airport, and how has the situation changed over the time? It can be assumed that as a result of lack of experience, land resources and size of investments on one hand and legislative dissonance and peculiar practices on the other, aviation infrastructure in Lodz is designed to meet temporary needs and is characterised by achieving short-term goals. Cyclical problems are solved in an intermittent manner and involve all the municipal resources, so there’s little left to secure long-term investments.

Pengaruh Financial Leverage terhadap Financial Performance pada Sektor Industri Manufaktur yang Terdaftar di Bursa Efek Indonesia (BEI) Periode 2015

2018 ◽  
Vol 9 (2) ◽  
pp. 33-48
Author(s):  
Rivaldy Februansyah ◽  
Ika Yanuarti
Keyword(s):  
Financial Performance ◽  
Manufacturing Sector ◽  
Linear Regression Analysis ◽  
The Other ◽  
Debt Ratio ◽  
Financial Leverage ◽  
Coverage Ratio ◽  
Equity Ratio ◽  
Internal Fund

The manufacturing sector is one of the most dominant economic sectors in in achieving growth and development in Indonesia. It needs adequate fund to develop its business. The sources of fund are from internal and external. The firm usually optimized the usage of internal fund prior to external fund. The internal fund comes from equity while the external funds are from debt and stock. Debt is also known as financial leverage. There is a phenomenon that the usage of debt increased the firm’s financial performance, since interest on debt could lower the payment of tax (tax shield). On the other side, the higher the financial leverage the higher the risk of bankruptcy. This research aims to analyze whether financial leverage has an influence on financial performance in the manufacturing sector listed on the Indonesia Stock Exchange (IDX) period 2015. The method of analysis used in this research is multiple linear regression analysis. This research uses quantitative approach with a sample of 140 listed companies in the manufacturing industry. The firm’s financial performance could be measured by the financial ratios. Financial Leverage ratios are ratios that measure the ability of firm’s to meet its financial obligation and the level of usage debt as compared to equity. There are several financial leverage ratios that used in this research, such as Debt Ratio (DR), Debt to Equity Ratio (DER), Interest Coverage Ratio (ICR), and Long Term Debt Ratio (LTDR). Financial performance indicates the ability of firm to generate profit and measured by Profitability Ratio. Return on Asset (ROA) is one of the Profitability Ratio. The statistical result shows that Debt Ratio (DR) negatively affect Return on Asset (ROA) and Interest Coverage Ratio (ICR) positively affect Return on Asset (ROA). Meanwhile, Debt to Equity Ratio (DER) and Long Term Debt Ratio (LTDR) did not affect Return on Asset (ROA). On the other hand, result shows that Debt Ratio (DR), Debt to Equity Ratio (DER), Interest Coverage Ratio (ICR), and Long Term Debt Ratio (LTDR) affect Return on Asset (ROA) simultaneously. Keywords: Financial Leverage, Debt Ratio (DR), Debt to Equity Ratio (DER), Interest Coverage Ratio (ICR), Long Term Debt Ratio (LTDR), Financial Performance, Return on Assets (ROA)

The effects of long-term vigorous endurance exercise on the coronary arteries

2019 ◽  
Vol 67 (2) ◽  
Keyword(s):  
Endurance Training ◽  
Coronary Atherosclerosis ◽  
Calcium Score ◽  
The Other ◽  
Disease Phenotype ◽  
Male Athletes ◽  
Artery Disease ◽  
Future Work ◽  
Summary Data

Moderate endurance training is known to improve cardiovascular risk factors, and prolongs life expectancy. On the other hand, there has been some discussion whether “too much” exercise might have a contrarious effect by accelerating coronary atherosclerosis. The goal of this review was to evaluate the current literature on the effects of long-term vigorous endurance training on the coronary vasculature. In summary, data point to an increased calcium score, and a higher burden of atherosclerotic plaque in male athletes compared to sedentary controls. However, the plaques found in athletes were more prone to be calcified. The pathogenesis and clinical relevance of this athlete coronary artery disease phenotype remains incompletely understood and represents an area of important future work.

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