scholarly journals Role of Business Age, Scale & Risk in Debt Financing Choices for the Pakistani Textile & Apparel Industry

e-Finanse ◽  
2020 ◽  
Vol 16 (3) ◽  
pp. 119-136
Author(s):  
Zahid Bashir ◽  
Muhammad Usman Arshad ◽  
Muhammad Asif ◽  
Muhammad Abbas ◽  
Hasnain Ali
Keyword(s):  
Debt Financing ◽  
Future Research ◽  
Debt Ratio ◽  
Equity Financing ◽  
Tax Shield ◽  
Total Debt ◽  
Textile And Apparel ◽  
Financing Choice

Abstract The motivation for this research enquiry is to identify the role of the business age, size and risk for the choice of debt financing in the textile and apparel sector of Pakistan along with other controlled factors. The textile and apparel sector of Pakistan comprises 464 listed entities as the targeted population while the study randomly finalized 60 firms as the sample after carefully analyzing the required information from the financial statements during the annual revenue streams of 2013-2019. The predicted variable for this research enquiry is measured by short, long and total-debt ratios while the predictor variables include the business age, firm’s scale and risk. In addition, the research includes tax shield, tangibility, liquidity, profitability, and growth as the controlling factors. The study estimated that the choice of total-debt ratio is strongly affected by business age, size and risk along-with tax shield, tangibility, liquidity and profitability while the choice of short-term debt ratio mainly depends upon the firm’s scale and age along with the tax shield. In addition, the choice of long-term debt ratio is strongly explained by the firm’s scale and age along with the tax shield, liquidity and profitability. The estimated evidence provides management with the implications for the textile and apparel sector of Pakistan to consider as significant factors in deciding the debt financing choice of this sector. The estimated evidence of this research enquiry applies to the non-financial textile sector only and cannot be generalized to the financial sector. Future research may enhance the financing choice towards the inclusion of equity financing with the same set of variables.

scholarly journals Determinant of Capital structure of Nepalese hydropower companies

Pravaha ◽  
2020 ◽  
Vol 25 (1) ◽  
pp. 149-158
Author(s):  
Prem Lal Rajbanshi
Keyword(s):  
Capital Structure ◽  
Regression Coefficients ◽  
Regression Equations ◽  
Debt Ratio ◽  
Tax Shield ◽  
Total Debt ◽  
Independent Variable ◽  
Debt Tax Shield ◽  
Size Variable

This study examines the effect of profitability, liquidity, size, tangibility and tax shield on capital structure of Nepalese Hydropower Companies. Debt ratio and long term debt to total assets ratio are taken as dependent variable and Profitability, liquidity, size, tangibility and tax shield are as independent variable. The study reveals that tangibility and non debt tax shield are positively influence the total debt where as profitability and liquidity are negatively influence on the total debt decision of the Nepalese Hydropower Companies. The regression coefficients for size are neither consistent nor statistically insignificant in all regression equations indicating that size variable is not the major factor of determinant of total debt as well as long term debt.

“Understanding restaurant firms” debt-equity financing

2017 ◽  
Vol 29 (12) ◽  
pp. 3006-3022 ◽  
Author(s):  
Sung Gyun Mun ◽  
SooCheong (Shawn) Jang
Keyword(s):  
Fixed Effects ◽  
Financial Constraints ◽  
Debt Financing ◽  
Debt Ratio ◽  
Financial Leverage ◽  
Equity Financing ◽  
Important Indicator ◽  
Content Type ◽  
Restaurant Firms

Purpose The purpose of this study was to extend the understanding of restaurant firms’ overall debt and equity financing practices by considering what drives equity financing. More importantly, this study attempted to identify whether an optimal financial leverage point exists in the relationship between debt financing and equity financing for restaurant firms. Design/methodology/approach This study used fixed-effects regression models with a sample of 1,549 unbalanced firm-year panel data to identify restaurant firms’ financial practices and the impacts of financial constraints. Findings First, restaurant firms tend to issue long-term debt to pay back existing debt. However, the amount of debt does not exactly match the debt’s maturity. Second, small restaurant firms’ net debt financing, as well as net equity financing, has an inverted-U-shaped relationship with financial leverage. Finally, the effect of financial leverage on external financing significantly differs between small and large restaurant firms. Practical implications Restaurant firms routinely use both debt and equity financing interchangeably to manage their financial constraints and target debt ratio. Further, firm size is an important indicator of financial constraints, while equity financing plays an important role in managing an optimal target debt ratio. Originality/value This study is unique in that it considers determinants of restaurant firms’ long-term debt financing as well as equity financing. This study also examines differences in long-term debt and equity financing practices between financially constrained and unconstrained firms.

scholarly journals Influence of Capital Structure on Corporate Performance of Listed Firm in PSX: Role of External Factors

2021 ◽  
Vol 7 (3) ◽  
Author(s):  
Abdul Hameed ◽  
Farheen Zahra Hussain ◽  
Khawar Naheed ◽  
Muhammad Sadiq Shahid
Keyword(s):  
Firm Performance ◽  
Capital Structure ◽  
Debt Financing ◽  
External Factors ◽  
Least Square ◽  
Total Debt ◽  
Integral Role ◽  
Equity Ratio ◽  
The Impact

Purpose: A company’s capital structure is a blend of its equity and debt financing and is considered a significant factor in the valuation of any firm. The decisions related to capital structure formation play an integral role for the firms, therefore; this research tends to explore the factors of capital structure and their impact on firm performance. For this purpose, financial data for different listed companies in PSX has been gathered, and dividends and taxes are used as firm external factors.  Design/Methodology/Approach: To examine the impact, the panel data has been used for the period 2016-2020 and panel least square has been applied. Findings: The findings suggest that among the variables current ratio, dividends, taxation, total debt to total equity ratio, and the firm size are statistically significant to profitability. The study also concludes that dividends and tax have a greater impact on capital structure and firm performance.   Implications/Originality/Value: Managers and owners of the firms must make sure that their profits are used for future investments rather than payment of debts to avoid bankruptcy.  

scholarly journals The Long-term Effects of Instruction on EFL Learners' Use of Complaining Formulas

10.29007/5xsb ◽  
2018 ◽  
Author(s):  
Alicia Martínez-Flor ◽  
Esther Usó-Juan
Keyword(s):  
Foreign Language ◽  
Language Learners ◽  
Future Research ◽  
Long Term Effects ◽  
Positive Role ◽  
Efl Learners ◽  
Foreign Language Learners ◽  
Over Time

Studies analysing the positive role of pragmatic instruction in formal settings have increased over the last decades. Within this area of interventional pragmatics, some studies have particularly examined whether the effectiveness of the instruction implemented is sustained over time. In order to shed more light on the long-term effects of instruction, this research investigates English as a Foreign Language learners’ use of complaining formulas not only after immediately receiving instruction, but also two months later. Results show that learners keep using a variety of appropriate complaining formulas two months after having participated in the instructional period. These findings are discussed and directions for future research suggested.

scholarly journals The Role of Interferons in Driving Susceptibility to Asthma Following Bronchiolitis: Controversies and Research Gaps

2021 ◽  
Vol 12 ◽  
Author(s):  
Heidi Makrinioti ◽  
Andrew Bush ◽  
James Gern ◽  
Sebastian Lennox Johnston ◽  
Nikolaos Papadopoulos ◽  
...  
Keyword(s):  
Immune Responses ◽  
Acute Infection ◽  
Respiratory Viruses ◽  
Future Research ◽  
Innate Immune Responses ◽  
Asthmatic Children ◽  
Recurrent Wheeze ◽  
The Relationship

Bronchiolitis is the most common cause of hospitalization in infancy and is associated with a higher risk for the development of childhood asthma. However, not all children hospitalized with bronchiolitis will develop asthma. The mechanisms underlying asthma development following bronchiolitis hospitalization are complex. Immune responses to respiratory viruses may underlie both bronchiolitis severity and long-term sequela (such as asthma). Interferons (IFNs) are important components of innate immune responses to respiratory viruses and could influence both asthma development and asthma exacerbations. However, the nature of the relationship between interferon production and wheezing illnesses is controversial. For example, low peripheral blood IFN responses at birth have been linked with recurrent wheeze and asthma development. In contrast, there is evidence that severe illnesses (e.g., hospitalization for bronchiolitis) are associated with increased IFN responses during acute infection (bronchiolitis hospitalization) and a higher risk for subsequent asthma diagnosis. Furthermore, mechanistic studies suggest that bronchial epithelial cells from asthmatic children have impaired IFN responses to respiratory viruses, which may enable increased viral replication followed by exaggerated secondary IFN responses. This review aims to discuss controversies around the role of IFNs as drivers of susceptibility to asthma development following bronchiolitis hospitalization. Past evidence from both mechanistic and cohort studies are discussed. We will highlight knowledge gaps that can inform future research study design.

Does deal size moderate the effects of board faultlines? Evidence from acquisitions

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Daniel Tidbury ◽  
Steven F. Cahan ◽  
Li Chen
Keyword(s):  
Fixed Effects ◽  
Quantitative Research ◽  
Future Research ◽  
Research Approach ◽  
Strategic Decisions ◽  
Negative Effects ◽  
Content Type ◽  
Instrumental Variable Analysis

Purpose Board faultlines, which reflect intrinsic divisions of board members into relatively homogeneous subgroups, are associated with poor firm performance. This paper aims to extend the existing board faultline research by examining how acquisition deal size moderates the negative implications of board faultlines. Design/methodology/approach This paper uses a sample of acquisitions and a quantitative research approach to conduct statistical analysis. Findings Using a sample of acquisitions announced between 2007 and 2016, this paper finds evidence suggesting that strong faultlines are associated with poorer acquisition outcomes in the long-term, but not in the short term. Further, this paper finds that the effect of faultline strength on long-term acquisition outcomes is weaker for larger acquisition deals than smaller acquisition deals. The findings are consistent with deal size moderating the relation between faultlines and acquisition outcomes. Research limitations/implications This paper addresses possible endogeneity through firm fixed effects and instrumental variable analysis. Although this paper provides evidence on the moderating role of deal size in the context of faultlines, future research could examine the role of additional moderators, such as pro-diversity, trust, board leadership and board and task characteristics. Practical implications The findings suggest that boards need to be aware of situations where the negative effects of faultlines are more likely to come to the fore. For example, faultlines are more likely to play a role in more routine, obscure monitoring than for high-profile strategic decisions. Originality/value The study is multidisciplinary as it draws on the management, organizational behaviour and psychology and finance literature. It contributes to the developing literature on faultlines in several important ways. First, this paper supports their view that faultlines have adverse effects on board performance by showing that faultlines negatively impact discrete strategic investment decisions. Second, this paper provides evidence that deals size moderates the faultline-acquisition performance relation, indicating that the role of faultlines is contextual. Third, this paper finds evidence that suggests investors do not factor in board faultlines when responding to acquisition announcements.

Physiological and morphological effects of climate change

2019 ◽  
pp. 120-133 ◽  
Author(s):  
Andrew E. McKechnie
Keyword(s):  
Climate Change ◽  
Body Mass ◽  
High Temperatures ◽  
Arid Zone ◽  
Future Research ◽  
Long Term Effects ◽  
Adaptation To Climate Change ◽  
Heat Events

The direct impacts of higher temperatures on birds are manifested over timescales ranging from minutes and hours to years and decades. Over short timescales, acute exposure to high temperatures can lead to hyperthermia or dehydration, which among arid-zone species occasionally causes catastrophic mortality events. Over intermediate timescales of days to weeks, high temperatures can have chronic sub-lethal effects via body mass loss or reduced nestling growth rates, negatively affecting sev eral fitness components. Long-term effects of warming manifested over years to decades involve declining body mass or changes in appendage size. Key directions for future research include elucidating the role of phenotypic plasticity and epigenetic processes in avian adaptation to climate change, examining the role of stress pathways in mediating responses to heat events, and understanding the consequences of higher temperatures for species that traverse hot regions while migrating.

scholarly journals Psychedelics and potential benefits in “healthy normals”: A review of the literature

2019 ◽  
Vol 3 (3) ◽  
pp. 280-287 ◽  
Author(s):  
Sam Gandy
Keyword(s):  
Psychological Functioning ◽  
Well Being ◽  
Future Research ◽  
Life Meaning ◽  
Potential Development ◽  
Potential Benefits ◽  
High Doses ◽  
And Behavior

We are in the midst of a psychedelic research renaissance. With research examining the efficacy of psychedelics as a treatment for a range of mental health indications still in its early stages, there is an increasing body of research to show that careful use of psychedelics can yield a variety of benefits in “healthy normals” and so lead to “the betterment of well people.” Psychedelics have been found to modulate neuroplasticity, and usage in a supportive setting can result in enduring increases in traits such as well-being, life satisfaction, life meaning, mindfulness, and a variety of measures associated with prosocial behaviors and healthy psychological functioning. The effect of psychedelic experience on measures of personality trait openness and is potential implications is examined, and the potential role of awe as a mediator of the benefits of the psychedelic experience is discussed. Special attention is given to the capacity of psychedelics to increase measures of nature relatedness in an enduring sense, which is being correlated with a broad range of measures of psychological well-being as well as a key predictor of pro-environmental awareness and behavior. The effects of particular classical psychedelic compounds on healthy people are discussed, with special attention given to the mystical-type experiences occasioned by high doses of psychedelics, which appear to be an important mediator of long-term benefits and psychotherapeutic gains. Research looking at the potential benefits of psychedelic microdosing is discussed. Potential future research avenues are explored, focusing on the potential development of psychedelics as agents of ecotherapy.

scholarly journals Endocrine treatment of transsexual persons: an Endocrine Society Clinical Practice Guideline: commentary from a European perspective

2010 ◽  
Vol 162 (5) ◽  
pp. 831-833 ◽  
Author(s):  
M C Meriggiola ◽  
E A Jannini ◽  
A Lenzi ◽  
M Maggi ◽  
C Manieri
Keyword(s):  
Hormonal Treatment ◽  
Diagnostic Procedures ◽  
Endocrine Treatment ◽  
Future Research ◽  
Sex Reassignment Surgery ◽  
Term Care ◽  
Endocrine Society ◽  
Diagnostic Role

The treatment of transsexual subjects is a challenging task for the endocrinologist who, in collaboration with the mental health professional and the surgeon, is called upon to confirm the diagnosis and adjust hormonal treatment aimed at suppressing endogenous sex hormones and to develop hormone characteristics of the desired gender. These guidelines are structured to provide evidence-based suggestions or, where evidence is lacking, expert recommendations on diagnostic procedures and hormonal treatment in adolescent and adult transsexuals, including long-term care and eligibility for surgery. The multidisciplinary approach to treatment, the additional diagnostic role of hormone administration and the need to maintain hormone levels within the physiological range are key suggestions stressed in the guidelines which are particularly important for an endocrinologist unfamiliar with this field. The need for psychological assessment before surgery is not common in many countries and should be stressed further in the guidelines. Some important issues such as time and method of hormone withdrawal before surgery together with when and which hormones should be administered after sex reassignment surgery has been completed also remain unclear.These guidelines represent a pivotal document for endocrinologists setting a standard for the care of transsexuals and providing directions for future research.

scholarly journals Malnutrition in healthcare settings and the role of gastrostomy feeding

2016 ◽  
Vol 76 (3) ◽  
pp. 352-360 ◽  
Author(s):  
Matthew Kurien ◽  
Jake Williams ◽  
David S. Sanders
Keyword(s):  
Nutritional Support ◽  
Feeding Tube ◽  
Morbidity And Mortality ◽  
Future Research ◽  
Economic Costs ◽  
Psychological Function ◽  
Feeding Tubes ◽  
Healthcare Settings

Malnutrition can adversely affect physical and psychological function, influencing both morbidity and mortality. Despite the prevalence of malnutrition and its associated health and economic costs, malnutrition remains under-detected and under-treated in differing healthcare settings. For a subgroup of malnourished individuals, a gastrostomy (a feeding tube placed directly into the stomach) may be required to provide long-term nutritional support. In this review we explore the spectrum and consequences of malnutrition in differing healthcare settings. We then specifically review gastrostomies as a method of providing nutritional support. The review highlights the origins of gastrostomies, and discusses how endoscopic and radiological advances have culminated in an increased demand and placement of gastrostomy feeding tubes. Several studies have raised concerns about the benefits derived following this intervention and also about the patients selected to undergo this procedure. These studies are discussed in detail in this review, alongside suggestions for future research to help better delineate those who will benefit most from this intervention, and improve understanding about how gastrostomies influence nutritional outcomes.

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