scholarly journals Corporate deleveraging. Lessons from the Polish experience (2006-2017)

2019 ◽  
Vol 31 (3) ◽  
pp. 35-49
Author(s):  
Christophe Cathala
Keyword(s):  
Capital Structure ◽  
Small Firms ◽  
Focal Point ◽  
Structure Theory ◽  
Financial Flexibility ◽  
Debt Level ◽  
Polish Experience ◽  
To Come ◽  
Near Future ◽  
Medium Firms

How long do firms need time to reduce their debt level? We know from literature that the process is not rapid and mainly justified by the need to ensure financial flexibility in case of opportunities in the near future. Our purpose is to observe the behaviour of Polish firms in such process and the time needed (if any) to come back to their bottom border in terms of debt level. Our focal point is to appreciate if we have differences between firms in terms of size and sectors which could influence capital structure theories. The debt level defined is the debt net ratio, observed over 12 years (from 2006 to 2017) with a trough level estimated at the median of the ratio over such period. In line with previous studies, we find that the process to come back to the trough is not so rapid. However, and it is the originality of our article, we find significant differences between firms in terms of size (3.27 years for small firms against 5.13 years for medium firms and 4.53 years for large firms) and in terms of sectors. Our findings are consistent with a capital structure theory which focuses on differences between firms in terms of size and sectors to generalize some consistent and recurrent behaviors towards debt.

Capital Structure Theory and Retention Policy

2011 ◽  
Author(s):  
Tsung-Kang Chen ◽  
Mao-Wei Hung ◽  
Hsien-Hsing Liao ◽  
Ju-Fang Yen
Keyword(s):  
Capital Structure ◽  
Structure Theory ◽  
Retention Policy ◽  
Capital Structure Theory

scholarly journals Experts’ opinion on the detection and management of prediabetes in Lebanon

2021 ◽  
Vol 104 (3) ◽  
pp. 003685042110294
Author(s):  
Emile Andari ◽  
Paola Atallah ◽  
Sami Azar ◽  
Akram Echtay ◽  
Selim Jambart ◽  
...  
Keyword(s):  
Risk Factors ◽  
Preliminary Report ◽  
Early Stage ◽  
National Guidelines ◽  
Lifestyle Modifications ◽  
Multiple Tests ◽  
Lebanese Population ◽  
To Come ◽  
Near Future

Given that the complications of type 2 diabetes can start at an early stage, early detection and appropriate management of prediabetes are essential. We aimed to develop an expert opinion on prediabetes in Lebanon to pave the way for national guidelines tailored for the Lebanese population in the near future. A panel of seven diabetes experts conducted a thorough literature review and discussed their opinions and experiences before coming up with a set of preliminary recommendations for the detection and management of prediabetes in Lebanon. Lebanese physicians employ multiple tests for the diagnosis of prediabetes and no national cut-off values exist. The panel agreed that prediabetes screening should be focused on patients exceeding 45 years of age with otherwise no risk factors and on adults with risk factors. The panel reached that fasting plasma glucose (FPG) and HbA1c should be used for prediabetes diagnosis in Lebanon. FPG values of 100–125 mg/dL or HbA1c values of 5.7%–6.4% were agreed upon as indicative of prediabetes. For the management of prediabetes, a three-step approach constituting lifestyle modifications, pharmacological treatment and bariatric surgery is recommended. There should be more focus on research on prediabetes in Lebanon. This preliminary report will be further discussed with the Lebanese Society of Endocrinology, Diabetes and Lipids in 2021 in order to come up with the first Lebanese national guidelines for the detection and management of prediabetes in Lebanon.

scholarly journals The present significance of commodity exchange trading in the conditions of the current world economy 

2012 ◽  
Vol 52 (No. 11) ◽  
pp. 497-502
Author(s):  
O. Rejnuš
Keyword(s):  
Capital Market ◽  
World Economy ◽  
Commodity Markets ◽  
Financial Resources ◽  
Real Economy ◽  
Financial Instruments ◽  
Commodity Exchange ◽  
Financial Investment ◽  
To Come ◽  
Near Future

The paper discusses the importance of commodity exchange trading while placing a special emphasis on the increasingly close interconnection between commodity markets and financial instruments markets. The aim of the paper is to prove that at present, commodity markets cannot be seen as strictly separate from markets trading in financial instruments, as there are increasingly close links between the two, which effectively lead to the transfer of financial resources invested in the financial market into the real economy. The paper analyses the most significant ties that already exist between the commodities and financial investment instruments in the financial and capital market, as well as the links that are very likely to come into existence in the near future. In the concluding part, there is a summary of the reasons that will necessarily lead to a further world-wide development of commodity exchange trading and a prediction of the lines along which this development is likely to take place.

scholarly journals Corporate parents, initial legitimacy, and resource acquisition in small and medium firms: An empirical examination

2011 ◽  
Vol 14 (1) ◽  
pp. 23-34 ◽  
Author(s):  
Gregory Murphy ◽  
Neil Tocher
Keyword(s):  
Firm Size ◽  
Small Firms ◽  
Small And Medium Enterprises ◽  
Empirical Test ◽  
Resource Acquisition ◽  
The Internet ◽  
Empirical Examination ◽  
Credit Scores ◽  
Medium Enterprises ◽  
Medium Firms

Small and medium enterprises (SMEs) commonly struggle to acquire needed financial, human, and technological resources. The above being stated, recent scholarly research argues that SMEs that are able to successfully navigate the legitimacy threshold are better able to gather the resources they need to survive and grow. This article provides an empirical test of that claim by examining whether the presence of a corporate parent positively influences SME resource acquisition. Results of the study show that SMEs with corporate parents, when compared to like-sized independent SMEs, have higher credit scores, have more complete management teams, use more computers, and are more likely to be on the Internet. These differences are most pronounced for very small firms and diminish in significance as firm size increases. Study implications include the notion that presence of a corporate parent likely represents a successful navigation of the legitimacy threshold, positively increasing SME resource acquisition.

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