By adding the LTD variable in the model, the variable “dividend yield” became statistically insignificant. This confirms that Saudi industrial firms are not financially constrained but they substitute the distribution of dividends by debts. So in the presence of debts, the distribution of dividends has no effect on investment. We notice that the LTD have a positive and significant effect on the cash flow Investment sensitivity.
The Russian manufacturing started to revive from transitional shock after 1998 crisis using the advantages of devaluated national currency, relatively cheap labour and excessive production capacities. For several years this development was mostly extensive – based on growing internal demand and import substitution with little new investments and few technology innovations. By the mid 2000s the most important sources for extensive development originating from the crisis of 1998 were largely depleted. It seemed imminent that Russian manufacturing firms would have to look for a different – intensive - development strategy, involving new market entry, technological upgrade and product innovation. Several studies (Desai, Goldberg eds. 2008, Golikova et al 2008, Simachev et al, 2008) based on the surveys of industrial firms conducted in 2005-2006 demonstrated that obsolete technologies and low investment in introducing new products were the major factors of low competitiveness of industrial enterprises, in particular in manufacturing sector. So, increase in innovations, should be the major source of further development. The Russian government also declared the transition for “knowledge based” economy as a main priority of economic policy (MoED, 2008).
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large. As such, they are more likely to be found in deep green advertisements, which are characterized by a more extensive discussion of green issues and practices (Banerjee, et al. 1995). The use of focal points is particularly important in the case of industrial goods, because of their greater technological complexity, more harmful effects on the environment, and stronger interactions between buying and selling organizations. In fact, the technical background of industrial buyers makes them more demanding, requiring adequate, detailed, and comprehensive information about suppliers’ environmental practices that will help them to make more eco-sensitive purchasing decisions (Hoejmose, et al. 2012). Importantly, ecological issues are becoming increasingly relevant in international markets not only for the buyers of multinational industrial firms, but also for other stakeholder groups, such as host governments, pressure groups, and regulatory bodies. Hence, for these firms to make their legitimacy more convincing, deep green advertisements are expected to incorporate more extensive information on eco-friendly claims pertaining to product, process, image, and factual elements, as opposed to shallow green advertisements. Based on the above, we can hypothesize that:
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The business sector to which a firm belongs facilitates or inhibits the export activity. For instance, the companies that produce unsustainable consumption goods can henceforth have exporting difficulties the fact that renders them reluctant to commit to export activities due to the requirements of sophisticated marketing systems and adaptations to foreign customers (Christensen et al., 1987). Additionally, companies that operate in seasonal industries, such as beverages and leisure items, are more likely to export to compensate the fluctuations of their production cycle and ensure a continuous growth of the firm’s profitability (Wiedersheim-Paul et al. 1978; Cavusgil, 1980). Fernández et al. (2005), Ruigrok et al. (2003) as well as Hsu et al. (2003) used the business sector as a control variable in order to analyze the degree of internationalization of export companies. Belso-Martinez (2006) shed the light on the determining role of the global orientation of the sector on the decision and export intensity. Additionally, and as highlighted by Barrios et al. (2003), companies that belong to a sector in which there is a significant presence of national exporting firms are more likely to become exporters. We therefore suggest the following hypothesis: H2: The perception of export stimuli varies according to the firm’s business sector.
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This table presents the results from DIDID regression (6) in our main paper, where the dependent vari- able is FirmRisk in columns (1) to (3) and InvestmentRisk in columns (4) to (6). Treated is a dummy variable equal to one for firm-year observations associated with firms located in a hurricane-struck county over the five year-period surrounding a hurricane strike and zero for matched control firm-year observa- tions. After is a dummy variable equal to one for treated and matched firm-year observations after a hurricane strike and else zero. We sort firms into distress risk portfolios using DistressRisk at the end of the fiscal year before a hurricane strike: Healthy firms have a distress risk value below the fifth, sixth, seventh, and eighth decile in Panels A, B+E, C, and D, respectively. Ailing firms have a distress risk value above the fifth, sixth, seventh, and eighth deciles in Panels A, B+E, C, and D, respectively, and below the eighth and ninth deciles in Panels E and A-D, respectively. Distressed firms have a distress risk value above the eighth and ninth deciles in Panels E and A-D, respectively. Ailing is a dummy vari- able equal to one for ailing firms and else zero, while Distressed is a dummy variable equal to one for distressed firms and else zero. The control variables include Assets, PP&E, and PP&E-squared. The regression includes firm-distress portfolio- and year-distress portfolio-fixed effects. More details about the analysis variables are in Table A.1 in the Appendix of our main paper. The table shows parameter estimates and standard errors (in parentheses) for the treated-after interaction and the two triple inter- actions; other estimates are suppressed. Standard errors are calculated from White's (1980) formula. “***”, “**”, and “*” indicate statistical significance at the 99%, 95%, and 90% levels, respectively.
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Small industrial firms have proper innovation abilities due to potential changes. In this paper, the innovation capacity of 107 active small enterprises located in industry towns and vicinal of Kerman city has been investigated and analyzed. The results of research indicate that the innovation capacity in small enterprises in statistical viewpoint has reverse relation with the debit to sell ratio and has no meaningful relation with annual expenditure in research and development (R&D) activities and employee’s education level. In other hand, the relationship between the manager's education level and firm's innovation capacity are examined. Finally, based on the findings, have proposed some approaches to enhance the ability of SMEs to successfully design the innovation processes.
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Depending on specific situation, the analysis of “outcome competitiveness” can focus on income, social and ecological indicators, but also on financial sustainability (budget balances, debt), external balance sustainability (trade balance, current account), political stability, even leisure. The processes of creating competitive advantage for firms, regions and nations depend on factors which can change over time. In the early stages of economic development, natural resources and population were the sources of growth and welfare. At an intermediate stage of development the key factor for income growth is investment in physical capital. In the highest stage of development innovation, knowledge creation and diffusion, intangible infrastructure defines the competitive edge. Definition of competitiveness as capacity to create welfare is related to productivity: income will in general be higher if the productivity is higher (Paul K, 1994).
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Similarly, these companies do not have an export culture, so variable No. 18 was not accepted either. Only 20% of the 191 companies subject to this evaluation participate in the direct export process since, being of a metal-mechanical turn in an eminently industrial region, this type of companies participate in the supply chain generally as tier 3 or tier 2. However, it was explained to them that in the process of elaborating an export strategy, it is necessary to take into consideration the fundamental steps prior to the launching of their products abroad, to help them achieve international competitiveness and free access to markets. Also recommending that they take into account that in each country and according to the economic sector, a company must meet certain regulatory requirements required by government agencies to be able to market its product or service in the local market.
This paper employs plant-level data from the Annual Survey of Industrial Firms (ASIF) cross-sectional data collected by the National Bureau of Statistics of China between 1998 and 2007. The data set contains detailed information (including more than 100 financial variables listed in the main accounting sheets of these firms) for all state-owned and non-state firms above a designated scale (above 5 million RMB) in (1) mining, (2) manufacturing, and (3) production and distribu- tion of electricity, gas and water, with 40 industries indexed from 6 to 46, with industry 38 vacant (see Table 1 for the industry codes, industry names and their abbreviations). The number of firms covered by this data set is 161,000 in 1998 and 336,768 in 2007, respectively. The industry section of the China Statistical Yearbook and reports in the China Markets Yearbook are compiled and based on this data set (Lin et al. 2009; Lu and Tao 2009; Brandt et al. 2011). The duration of this data set includes the WTO entry year 2001 and a new industrial informa- tion calculation in year 2004, which is sensitive to the impact and fluctuations of structural change. The data set explored in this paper covers every firm’s output value, value added, capital stock, labor hired, intermediate input, domestic sale value, exporting sale, scale type, exporting status, operational status, ownership, age, etc., between 1998 and 2007, in each industry.
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In accordance with Cooper and Schindler  and Hair et al. , collecting quantifiable information in order to establish the causal association between the dependent variable and independent variables is the concern of this research and its adopted study methods. In this regard quantitative methods and a deductive approach were applied in this research, based on the substantial explicatory and descriptive material drawn on. Ultimately, in order to establish how the degree of CSR reporting is influenced by financial report developers ’ moral intelligence, a survey data collection method was adopted to obtain quantitative data.The study ’s investigatory character required pertinent information to be obtained relating to the dependent and independent variables via a questionnaire. Lennick and Kiel  and Mahdavikhou et al. ’ s  research were drawn on to formulate the independent variable, namely moral intelligence, with CSR reporting as the dependent variable being formulated according to Gray et al.  and Hussainey et al.’ s  studies. Each question comprising the questionnaire was answered by participants according to a five-point Likert scale, with substantial agreement indicated by ‘ 5 ’ and substantial disagreement indicated by ‘ 1 ’ . Collection of demographic information was also pursued.Having devised the questionnaire content, the thematic arrangement of the questionnaire was verified by providing the document to a number of accounting experts, thus providing an assessment of validity. Hair et al.  advocated this process as a means of finalizing the study queries, prior to the questionnaire ’s release to sample participants. As table 1 indicates, the scale ’s general dependability was confirmed in relation to the present research ’ s data, with the 46 components of CSR ’ s general scale achieving 95.3.7%, the 10 components of the moral intelligence scale comprising of four aspects achieving 80.4% and 83.1%, while the 40 components of the moral intelligence scale generally achieving 91.2%. The Amman Stock Exchange official internet site was drawn on as a means of establishing the study population and an appropriate sample. Financial managers, editors, accountants and every other staff member participating in Jordanian industrial firms ’ financial disclosure processes were deemed as comprising the statistical
‘Environmental forces’ (Political-Legal, Physical, Economic, Demographic, Socio-Cultural). These forces can restrict a firm’s operations in the foreign market through actions such as trade barriers or political bureaucracy (Eckles, 1990). The demand for industrial goods is merely influenced by technical factors, but cultural factors also play a strong role (Reeder et al, 1991). It has an impact on product specifications and features and usage patterns (Bradley, 1995). ‘Technical-State-of-the-Art Engineering’ shows that there is a large concern for product quality, technology and engineering. Product quality includes both the physical product and it’s services. Due to diﬀerences in use patterns and standards per country, superior quality is often perceived diﬀerently (Bradley, 1995). Technology refers to the technical complexity of the product/service. There is greater concern with the technical aspects of products, and purchases are often controlled by the use of customer generated specifications (Reeder et al, 1991). This results into the need for business marketing people with great personal skills and in-depth technical knowledge of the products they are selling (Möller and Rajala, 1999; Reeder et al, 1991). Here experience with technology and technical training are preconditions for success. Often companies make the mistake of putting engineering trained personnel in marketing positions, without having the knowledge of marketing, which often causes “lost sales, customer complaints and the end of a customer’s relationship with the company” (Eckles, 1990). Industrial firms often have separate units for customer service and maintenance purposes. These do not only serve a post-sales purpose, but also act as pre-sale support helping customers in their purchasing decision (Möller and Rajala, 1999) . The ‘Customer’ is an important part of business marketing. A close and stable relationship exists between the buying and selling organization, especially between those that make face-to-face contact. It is important for the whole firm to be market oriented, which is why personnel in finance, operations and engineering is largely involved (Eckles, 1990; Arinze and Burton, 1991). It is a long term relationship, suppliers are barely switched, because costs of products that do not meet demands or satisfy
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There are several barriers like search and group action prices, information, and infrastructure that hinder the spontaneous development of industries and thence the market alone cannot produce EICs. Governments will address market failures by strengthening the micro-foundations of EICs through a coordinated system of approaches. The Interaction between the native entrepreneurial attitudes and activities, and their characteristics, is a crucial place to begin for the promotion of eco-industrial clusters in any region. These interactions would result in a spatial concentration of corporations that will successively contribute to regional development. Native industrial clusters also can be classified into existing and rising clusters. In some cases, existing clusters are simply known, however in alternative instances they're less evident. Policy manufacturers might have to figure with alternative stakeholders to properly use cluster identification techniques. If a district doesn't have a cluster, however will have resources, a certain alternative should be created relating to support to develop a brand new cluster samples of such programs embrace biotechnology cluster in United Kingdom, food process in land or Japan’s Industrial clusters. In doing therefore, it's vital to focus on those corporations that are isolated as a result of variations in markets, resources, manpower, technology, and merchandise.
According to Liao et al. (2017), industry 4.0 is mostly researched in a manufacturing setting. Besides, the US and Germany have set up national-level initiatives involving billions of dollars to develop cutting-edge industry 4.0 technologies and secure competitive position of manufacturing (Kagermann et al., 2013; Rafael, Shirley, & Liveri, 2014). Together, these observations imply that understanding of industry 4.0 is highly valuable in manufacturing settings. Due to recent environmental, societal and technological developments like increasing customization requirements or pressures to reduce resource waste and CO2 emission, manufacturing firms face substantial challenges. To overcome these challenges, firms need to gain capabilities to increasingly manage their value-chain in an agile and responsive way (Schumacher et al., 2016). More so, these challenges require firms to simultaneously increase efficiency, flexibility and quality which can be delivered by industry 4.0 (Kagermann et al., 2013). Schumacher et al. (2016) contributed to the understanding of industry 4.0 by presenting a maturity assessment model including multiple organizational dimensions. However, they hardly consider the end-to-end digital integration which includes collaboration and integration of processes and machines across firm boundaries. Only one of their nine dimensions mentions cross-company collaboration but only considers it from a cultural point of view. They do not consider inter-organizational collaboration from a strategic, operational or governance perspective, meaning that cross-company collaboration only plays a limited role within their maturity assessment. Underrepresentation of the end-to-end digital integration and the closely linked inter-organizational collaboration is widely recognized in the literature (Liao et al., 2017). Still, the firm boundary-crossing integration of processes within systems and how manufacturing firms should cope with them on a micro-level are essential features of industry 4.0 (Kagermann et al., 2013; Porter & Heppelmann, 2014). Firm level processes, to deal with increasing requirements to integrate processes and resources across firm boundaries, might differ from previous production settings (i.e., industry 2.0 and 3.0). All in all, literature on industry 4.0 mainly focuses on manufacturing settings. However, it only provides limited understanding about firm boundary-crossing integration and collaboration even though it appears a crucial part of industry 4.0. Literature on business networks and ecosystems may decrease this knowledge gap.
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Alkhatib and Marji (2012) focused on studying the factors that affect the timeliness of the audit reports of 137 companies listed in the Jordanian stock market in 2010. The study concluded that the rate of profits, the kind of audit company and company size in service companies are not related to the timeliness of audit while financial leverage has relationships with important implications for the timeliness of audit. In addition, the results also showed that in companies in the industrial sector, the ratio of profitability, types of audit firms, firm size and financial leverage will not affect the timeliness of audit reports. Khasharmeh and Aljifri (2010) could perform on a sample of 83 companies listed in 2004. The analysis results showed profitability, debt ratios, business type and ratio of dividend payments have a strong influence on the timeliness of the disclosure while the relationship between the type of audit firm, company size, ratio of price earning section and the disclosure of financial information is more promptly weak or has no relationship to each other. Model study AL-Shwiyat (2013) was performed on the sample included 120 companies listed on the stock market Jordan in 2012. The authors concluded that the time limit for financial reports publication is 111 days after the end of the financial year; the business activities in the industrial sector takes more time to publish financial reports while the enterprises activities in the banking sector are the fastest disclosure compared with other sectors. In addition, regression analysis results also show that company size, the longevity of enterprise debt rate and timeliness of financial reports disclosure statistically correlated with each other. Meanwhile, factors earnings per share (EPS) and timeliness of financial information has no relationship with each other.
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To estimate the panel regression model, the Ordinary Least Squares (OLS) was used to examine the determinants of the capital structure (leverage) and Market to book ratio (MBV) of the industrial companies in Amman Stock Exchange (ASE) over the period (2009- 2011).Descriptive stats are used for describing the central tendency of data and standard deviation of values of data. Panel data set is used for broader set of data, It must be noted that the advantage of using panel data (combining inter-individual differences with intra individual dynamics) over cross-sectional or time series data lies in the fact that it usually gives a large number of observations, which increases the degrees of freedom and hence, improving the efficiency of the econometric estimates. And collinearity diagnostics are used for confirming that there is no multi-collinearity in the variables. Following model is specified on the basis of financial theories and previous empirical studies.
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In Indonesia, industrial estate firms have an important role in national economic development. This is indicated by the Republic of Indonesian government regulation requiring industrial companies to operate within industrial zones administered by licensed industrial estate companies, except in limited circumstances . While in Indonesian republican law, the industry is declared as one of the pillars of national economic development . Thus, it is clear that the industrial estate firms have an important role to play in national economic development. Indonesian Ministry of Industrial and Trade at 1987 already stated that industrial estate firms have obligations to provide road network in industrial estate, drainage, installation of clean water supply along with distribution channels to each industrial plot, wastewater treatment plant which can accommodate all wastewater from factories in industrial estates, electricity supply installations and distribution networks, telecommunications networks, environmental impact control facilities, lighting, industrial estates corporate offices, fire-fighters, housing for industrial workers, social and public facilities in accordance with the relevant provisions of the relevant agencies . The Indonesian government already paid attention to the importance of industrial estate firms, as well as efforts to support the Indonesian industrial estate firms’ sustainability by issuing some regulations, such as that remark sustainability in term of economic [14–16] and competitiveness ; social ; community ; and environmental [15,17] which are deemed suitable with sustainable development concept , as well as formulating a roadmap for industrial estates and organizing industrial estate awards for high performer industrial estates .
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Overall, the results show that compared to the prices of machinery and equipment, which did not enjoy large real capital gains, the boom in property prices during the Celtic Tiger period significantly reduced the cost of investing in industrial buildings. Similarly, real capital losses post 2008 significantly increased the cost of investing in industrial buildings, bringing it above the cost of investing in machinery and equipment. Naturally, industrial buildings and machinery and equipment are complements in the production process, and therefore the decisions of firms about the allocation of their investments across capital assets are not determined solely by the relative price of capital assets. However, the results suggest that the large difference in the relative cost of machinery and equipment and industrial buildings during the Celtic Tiger period could have affected investment allocation decisions of firms at the margin, making industrial buildings a relatively more attractive investment opportunity. Figure 9: Market Cost of Machinery & Equipment and Industrial Buildings (q: 2010=100)
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might be more beneficial for firms and make them have a higher propensity to export than being located outside of the industrial estate. This self-selection into industrial estate might result in an upwardly biased estimate of the causal effects on firm’s export decision. To solve this problem, we use statistical analysis of cause and effect based on the framework of potential outcomes using the Rubin Causal Model (RCM). We need to estimate the potential outcome of treated firms (in the industrial estate) if they had located elsewhere. This counterfactual is inherently unobservable, but we can find the average treatment on the treated (ATT) value base on similar observable covariates under the unconfoundedness and overlap assumptions. Studies related to the comparison of export performance inside and outside economic zones indicate that special economic areas have a positive influence on the export of firms. Schminke and Bieselbroeck (2013) showed that firms in specialised areas such as economic and technological development zones (ETDZs) and science and technology industrial parks (STIPs) in China have a higher total value of exports than firms outside of the two regions. Yi and Wang (2012) stated that firms in an economic zone are more likely to export compared to firms outside the economic zone.
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Financial decision is a core aspect of financial re-engineering and is critical to the survival of any organization. Debt financing is however paramount in view of its advantage over equity financing in some cases in Nigeria, little research work had been undertaken on this aspect most especially that of industrial goods sector of the economy. The study was undertaken to answer the research question of what are the determinants of debt financing in the quoted industrial goods companies in Nigeria with the major objective to critically examine the determinants of debt financing of listed industrial goods companies in Nigeria. Five hypotheses was postulated to aid the study while the study is significant in providing empirical evidence on the determinants of corporate debt financing in the Nigeria listed industrial goods companies and add to the existing body of literature on debt or leverage financing in developing countries. The study is restricted to all companies classified by the Nigerian Stock Exchange (NSE) under the industrial goods sector who are in operation during the period of ten years (2005 and 2014).
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Our study is the first using a novel dataset of portfolio companies’ details of PE firms around the world to offer important insights into the determinants of buyout success in both developed and developing countries. We adopt a sample of 2,639 cross-border buyout investments in 38 countries between 1998 and 2007. To proxy for the country’s institution quality, we use the country risk index from the International Country Risk Guide (ICRG) database. ICRG has recorded the country composite risk index for more than 140 countries and regions since 1984 by taking the political, economic, and financial risks into account. A country is of low risk and of high institution quality if the country risk index is higher than 80 points. We measure the institutional distance between two countries based on the absolute country risk index differences between the portfolio company country and PE firm country. To proxy for cultural distance, we adopt the Hofstede’s cultural dimensions which include power distance, uncertainty avoidance, individualism, and masculinity. We create four learning variables: country-specific, multinational, and industrial experience, and reputation based on deal experience.
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