Does board independence influence asset redeployability? Evidence from a quasi-natural experiment

Purpose Exploiting an exogenous regulatory shock and a novel measure of asset redeployability, this paper aims to explore the effect of independent directors on asset redeployability. In particular, the authors use an innovative measure of asset redeployability recently developed by Kim and Kung (2016). This novel index has been rapidly adopted in recent literature. Design/methodology/approach Relying on a quasi-natural experiment, the authors execute a difference-in-difference analysis based on an exogenous regulatory shock to board independence. To mitigate endogeneity and demonstrate causation, the authors also perform propensity score matching, instrumental-variable analysis and Oster’s (2019) approach for testing coefficient stability. Findings The difference-in-difference estimates show that firms forced to raise board independence have significantly fewer redeployable assets after the shock than those not required to change board composition. This is consistent with the managerial myopia hypothesis. Subject to more intense monitoring, managers behave more myopically, focusing more on assets that are currently useful to the firm and less on redeployability in the future. Originality/value The study makes key contributions to the literature. First, the study is the first to examine the effect of board governance on asset redeployability. Second, the authors exploit an innovative index of asset redeployability that has been recently constructed in the literature. Third, by using a natural experiment, the results are much more likely to reflect causality than merely an association.

Influence of acid environment on Collapsibility of Loess

Cemented connection of loess is an important internal factor of loess collapsibility, which has a direct impact on its collapsibility. In this study, different concentrations of nitric acid were added to the immersion solution of loess collapsibility test, and the collapsibility sensitivity indexes of loess, such as collapsibility coefficient, stability time and collapsibility rate, were tested under acidic environment and different pressures. At the same time, scanning electron microscope was used to observe the changes of pore and structure of soil samples before and after the test. The test results show that in acid solution, the collapsibility coefficient of collapsible loess increases more under low pressure, and the collapsibility stability time of collapsible loess increases under different pressures. Loess has different collapsibility sensitive pressure range in aqueous solution and acidic solution. The structural strength of collapsible loess has an important influence on the depth of collapsible loess.

The effects of β-Si3N4 whiskers and Fe–Cr–C alloy on the tribological properties of bronze matrix composites

In order to improve the wear resistance, Fe–Cr–C alloy and β-Si3N4 whiskers were chosen as the hard phases in bronze-graphite to prepare self-lubricating composite. Friction behaviors were tested with counter material 45# steel to evaluate the tribological properties of composites. The results indicated that Fe–Cr–C alloy and β-Si3N4 whiskers played different roles in composites. β-Si3N4 whiskers can obviously decrease the wear rate by excellent wear resistance. While the Fe–Cr–C alloy had better wettability with matrix, which improved the interfacial bonding and provided a continuous wear resistance. Moreover, Fe–Cr–C alloy also played a role in maintaining the friction coefficient stability, and this effect was more significant in the conditions of high rotational speeds. The composite containing 12.5 vol.% β-Si3N4 whiskers and 2.5 vol.% Fe–Cr–C alloy in this research showed good friction performance.

Baking-free Bricks Prepared from the Muck and Slag Cement

Background: Baking-free bricks take the advantages of saving energy and soil, environmentally friendly and sustainable development. It is interesting to prepare baking-free muck bricks using the muck as the main raw materials by the curing process under the atmosphere environment. Methods: The muck baking-free bricks were analysed by X-ray diffraction (XRD) and scanning electron microscopy (SEM). The roles of the ratio of the slag cement to muck on the compressive strength, water absorption, softening coefficient, stability of the freeze-thaw cycles and stability of the drying and watering cycles of the muck bricks have been investigated. Results: The compressive strength and softening coefficient of the muck bricks are the highest with the value of 15.81 MPa and 0.80, respectively, the water absorption and mass loss ratio are the lowest with the value of 8.12% and 0.61%, respectively when the ratio of the slag cement to muck is 1: 4. Hydration products are formed by the hydration reaction resulting in the increase of the density and compressive strength of the muck baking-free bricks. Conclusion: Muck baking-free bricks with good physical performance have been prepared using slag cement as the cementing materials for the consolidation of muck. The obtained baking-free bricks exhibit high mechanical performance.

Evaluation of Genetic behavior of Sunflower (Helianthus annuus L.) As Effect by Planting Dates

Afield experiment was carried out during the spring and autumn seasons of 2016 and 2017 in AL- Musaib city / 40 km north of Babylon Provence. Two hybrids of sunflower( shamus, French hybrid (Euroflor) were used to evaluate the performance of the two cultivars at both growing seasons as well as knowledge of genetic behavior by studying the genetic and phenotypic variations, heritability percent, genetic and phenotypic coefficient, stability and persistence of the two cultivars .The results showed significant differences of the studied traits, as the genetic genotype (Shamus) most of the characteristics, especially in yield for two seasons.The genetic variance was higher than the environmental variance for the two seasons indicating that the two cultivars followed the same behavior. The heritability percent the dominant sense was high for most of the traits. The genetic and phenotypic variations between the mean and the high were different for the two seasons, the correlation coefficient was significant, for both cultivars, indicating the appropriateness of the two genotypes for the country's environmental conditions.