The determinant of performance of cross-border M＆As in China： A comparative study between overseas Sino and Anglo firms

This study examines the factors that affect the performance of foreign acquiring firms in Chinese M＆As （mergers and acquisitions） market. Comparing between overseas Sino-Group and Anglo-Group, this study found that familiarity and location were the most important factors influencing performance of M＆A transactions in China. It also found that unrelated M＆A deals should be merged with familiarity for gaining positive acquisition performance. The total sample used in this study was 3,442 cases from October 1980 to March 2005. Because this period included all deals of M＆As after the opening of Chinese market in China. The authors＇ finding provided a more universal explanation in the cross-border M＆As in China.

Effects of thinning on the understory light environment of different stands and the photosynthetic performance and growth of the reforestation species Phoebe bournei

Light levels determine regeneration in stands and a key concern is how to regulate the light environment of different stand types to the requirements of the understory.In this study,we selected three stands typical in south China(a Cryptomeria japonica plantation,a Quercus acutissima plantation,and a mixed stand of both)and three thinning intensities to determine the best understory light environ-ment for 3-year-old Phoebe bournei seedlings.The canopy structure,understory light environment,and photosynthe-sis and growth indicators were assessed following thin-ning.Thinning improved canopy structure and understory light availability of each stand;species composition was the reason for differences in the understory light environ-ment.Under the same thinning intensity,the mixed stand had the greatest light radiation and most balanced spectral composition.P.bournei photosynthesis and growth were closely related to the light environment;all three stands required heavy thinning to create an effective and sustained understory light environment.In a suitable understory light environment,the efficiency of light interception,absorption,and use by seedlings was enhanced,resulting in a higher carbon assimilation the main limiting factor was stomatal conductance.As a shade-avoidance signal,red/far-red radia-tion is a critical factor driving changes in photosynthesis and growth of P.bournei seedlings,and a reduction increased light absorption and use capacity and height:diameter ratios.The growth advantage transformed from diameter to height,enabling seedlings to access more light.Our findings suggest that the regeneration of shade-tolerant species such as P.bournei could be enhanced if a targeted approach to thinning based on stand type was adopted.

Management Performance Evaluation Model of Korean Construction Firms

Corporate management performance evaluation currently focuses on financial aspects;however, it is necessary to identify and manage elements that contribute to increased economic values in the long run. When it comes to construction firms, most previous research did not cover weighting and estimation approaches for non-financial elements that ultimately influence financial status. In this research, the objective is to develop a management performance evaluation model for Korean construction firms. The model includes financial factors and non-financial factors. This research investigated actual data from Korean construction firmsandclassifiedtheir characteristics. This study is performed in two steps. First, this study derives KPIs for performance measurement techniques and weights the KPIs. And then, it applies the performance data of construction firms to the technique. The findings of this study show that Korean construction firms consider customers to be the foremost priority, converse to previous research which argued that the internal business process was the top priority. The performance measurement results can be fed back into strategies and plans to shed light on issues, reflect on management plans for subsequent years and modify mid to long-term strategies. Therefore, the developed model can help decision-makers effectively revise their management plans.

Factors Affecting Financial Performance of Tourism Destination Firms Listed on Stock Exchanges in China

Purpose:the aim of this research is to test the effect of financial ratio on the financial performance of tourism destination firms listed on stock exchange in China.The research selected ratios:current ratio(CR)as a dimension of liquidity,total asset turnover ratio(TATR)as a dimension of asset utilization,debt ratio(DE)as a dimension of leverage,natural logarithm of total asset(LNTA)as a dimension of firm size,GDP growth rate as a dimension of economic prosperity,and effective tax rate as a dimension of effective tax.This research will use return on asset(ROA),return on sales(ROS),return on equity(ROE)and sales growth(SG)to determine the financial performance.Since stock exchange founded in China,tourism destination firm developed very fast.However tourism destination listed firms have weakness financial performance.Design/methodology/approach:the research data collected from quarterly financial report,from 2012 Q1 to 2018 Q4.The secondary data has been analyzed by multiple regression.Finding:the result indicate that CR,TATR,GDP growth rate have positive impact on financial performance.While DE has negative impact on financial performance.And LNTA has a mix result with financial performance.Originality/value:This study led to the effect of financial ratios on tourism's financial performance since past researches with this aim were difficult to identify and certain references were not specifically linked to the topic.

Global Value Chain Embeddedness,Knowledge Spillovers,and Clustered Firms' Innovation Performance

Empirical evidence of the effects of global value chain( GVC) embeddedness on clustered firms' innovation is presented in this paper. The intermediary roles of the two types of knowledge spillover( explicit and implicit) in GVC embeddedness and clustered firms' innovation are considered, and the effects of structure embeddedness,relationship embeddedness,and acknowledgement embeddedness on clustered firms' innovation are examined. Analysis is based on the sample of 134 export-oriented firms from the Shaoxing industrial cluster in Zhejiang province of China. Results show that although GVC embeddedness is associated with high use of external knowledge sources,clustered firms' innovation is promoted indirectly through explicit knowledge spillover. Intrinsic connections exist among the different dimensions of GVC embeddedness,that is,structure embeddedness not only directly improves relationship embeddedness but also indirectly improves acknowledgement embeddedness through relationship embeddedness.

Prescribed Performance Tracking Control of Time-Delay Nonlinear Systems With Output Constraints

The problem of prescribed performance tracking control for unknown time-delay nonlinear systems subject to output constraints is dealt with in this paper. In contrast with related works, only the most fundamental requirements, i.e., boundedness and the local Lipschitz condition, are assumed for the allowable time delays. Moreover, we focus on the case where the reference is unknown beforehand, which renders the standard prescribed performance control designs under output constraints infeasible. To conquer these challenges, a novel robust prescribed performance control approach is put forward in this paper.Herein, a reverse tuning function is skillfully constructed and automatically generates a performance envelop for the tracking error. In addition, a unified performance analysis framework based on proof by contradiction and the barrier function is established to reveal the inherent robustness of the control system against the time delays. It turns out that the system output tracks the reference with a preassigned settling time and good accuracy,without constraint violations. A comparative simulation on a two-stage chemical reactor is carried out to illustrate the above theoretical findings.

Design of low-alloying and high-performance solid solution-strengthened copper alloys with element substitution for sustainable development

Solid solution-strengthened copper alloys have the advantages of a simple composition and manufacturing process,high mechanical and electrical comprehensive performances,and low cost;thus,they are widely used in high-speed rail contact wires,electronic component connectors,and other devices.Overcoming the contradiction between low alloying and high performance is an important challenge in the development of solid solution-strengthened copper alloys.Taking the typical solid solution-strengthened alloy Cu-4Zn-1Sn as the research object,we proposed using the element In to replace Zn and Sn to achieve low alloying in this work.Two new alloys,Cu-1.5Zn-1Sn-0.4In and Cu-1.5Zn-0.9Sn-0.6In,were designed and prepared.The total weight percentage content of alloying elements decreased by 43%and 41%,respectively,while the product of ultimate tensile strength(UTS)and electrical conductivity(EC)of the annealed state increased by 14%and 15%.After cold rolling with a 90%reduction,the UTS of the two new alloys reached 576 and 627MPa,respectively,the EC was 44.9%IACS and 42.0%IACS,and the product of UTS and EC(UTS×EC)was 97%and 99%higher than that of the annealed state alloy.The dislocations proliferated greatly in cold-rolled alloys,and the strengthening effects of dislocations reached 332 and 356 MPa,respectively,which is the main reason for the considerable improvement in mechanical properties.

The Effect of Applying Human Resources Information System in Corporate Performance in the Banking Sector in Jordanian Firms

This paper aimed to demonstrate the impact of the effectiveness of the Application of human Resources Management System in Corporate Performance which perspective of workers in the Banking Sector in Jordanian Firm, and to achieve the purpose of the study questionnaire was developed to measure the impact of the effectiveness of the Applica-tion of human Resources Management System in Corporate Performance, and the sample consists of the study (500) employees in the banking sector, and used statistical methods appropriate to answer the study questions and test hy-potheses. The study found asset of results, including: 1) There is a significant effect between the quality of the output of human resources information system and institutional performance in banking sector in the Jordanian firm. 2) There is a statistically significant effect between motives and corporate performance in the banking sector in the Jordanian firm. 3) There is a significant effect between training and organizational performance in the banking sector in the Jordanian firm. The study was presented a set of recommendations, including: activating the role of human resources information system, where still the information system performs the function of traditional supply the decision maker authorized one to read the outputs historical information when they want, either directly or after completing a series of routine procedures that enable it, without that, this applies to access information system to avoid problems that many occur later. Must go beyond human resources information system (HRIS) traditional role in the process of selection and appointment of the new human resource to work in the organization, which is merely providing information to decision makers about the people who stepped forward to fill a job order that differentiation among those application. That the ambitious goal of that system to provide a base for data (data bank) includes all of the details of the employment available in the market.

Optimizing support performances of bolt reaming and anchoring in a coal drift

In current practice of bolt reaming and anchoring of roadways in soft coal and rock mass,resin cartridges bend easily under the strong pushing and stirring of bolts,and the resin accumulates in the bolt-reamed area and does not participate in the stirring.As a result,bolts encounter high drilling resistance and cannot reach the bottom of drillholes.The effective anchorage length is far less than the actual anchorage length.Bolts are not centered,and the shear is misaligned at the joint surface in the reaming area,which leads to cracking of the whole anchoring solid and large shear deformation of bolts.This study systematically analyzes the characteristics of roadway bolt reaming and anchoring.The influences of resin stirring force,bolt pull-out force,and reamingeanchoring solid strength on reamingeanchoring performance were analyzed theoretically.The main purpose is to develop a device that enhances reaming and anchoring.The mechanism through which the device strengthens the reamingeanchoring solid was analyzed theoretically.Numerical simulation and experiments were carried out to verify the improved performance of the small-pore reaming and anchoring using the proposed technology.The results showed that the stirring migration rate of the resin cartridge is greatly improved by adding the device to bolts.The reaction rate of the anchoring mixture,stirring pressure,pull-out force of the reaming and anchoring system,bolt concentricity,and shear and compressive strengths of the anchoring solid are also enhanced in the reaming area.This ensures that the resin cartridge in the reaming area is completely stirred,which greatly improves the shear resistance of the reamingeanchoring solid.Meanwhile,the drilling performance,torsional force,and stirring efficiency of bolts are maximized and prevail over those of conventional bolts.

Relationships Between Corporate Governance and Perceived Financial Performance of Firms： A Study

Corporations should have strong capital to sustain their operations. Investors should feel safe and be able to have access to accurate information about firms to invest their capital in those firms. These two factors are vital issues for the sustainability of corporations in the 21st century business. With the proper establishment of corporate governance practices, investors will be protected and feel safe and then a trust will develop, capital inflow will be facilitated and ultimately corporations with stronger financial foundations will emerge. A questionnaire was applied in this study to investigate the relationships between the corporate governance and perceived financial performance of the top 100 manufacturing firms operating in the Kayseri Organized Industrial Region. The results revealed that the number of employees had significant effects on the corporate governance and perceived financial performance scores of the firms and institutionalization level also affected perceived financial performance. The other independent variables （sectoral distribution, finn age, and export/revenue ratio） did not have any significant effects on corporate governance and perceived financial performance scores of the firms.

Health diagnosis of ultrahigh arch dam performance using heterogeneous spatial panel vector model

Currently,more than ten ultrahigh arch dams have been constructed or are being constructed in China.Safety control is essential to long-term operation of these dams.This study employed the flexibility coefficient and plastic complementary energy norm to assess the structural safety of arch dams.A comprehensive analysis was conducted,focusing on differences among conventional methods in characterizing the structural behavior of the Xiaowan arch dam in China.Subsequently,the spatiotemporal characteristics of the measured performance of the Xiaowan dam were explored,including periodicity,convergence,and time-effect characteristics.These findings revealed the governing mechanism of main factors.Furthermore,a heterogeneous spatial panel vector model was developed,considering both common factors and specific factors affecting the safety and performance of arch dams.This model aims to comprehensively illustrate spatial heterogeneity between the entire structure and local regions,introducing a specific effect quantity to characterize local deformation differences.Ultimately,the proposed model was applied to the Xiaowan arch dam,accurately quantifying the spatiotemporal heterogeneity of dam performance.Additionally,the spatiotemporal distri-bution characteristics of environmental load effects on different parts of the dam were reasonably interpreted.Validation of the model prediction enhances its credibility,leading to the formulation of health diagnosis criteria for future long-term operation of the Xiaowan dam.The findings not only enhance the predictive ability and timely control of ultrahigh arch dams'performance but also provide a crucial basis for assessing the effectiveness of engineering treatment measures.

Finite-time Prescribed Performance Time-Varying Formation Control for Second-Order Multi-Agent Systems With Non-Strict Feedback Based on a Neural Network Observer

This paper studies the problem of time-varying formation control with finite-time prescribed performance for nonstrict feedback second-order multi-agent systems with unmeasured states and unknown nonlinearities.To eliminate nonlinearities,neural networks are applied to approximate the inherent dynamics of the system.In addition,due to the limitations of the actual working conditions,each follower agent can only obtain the locally measurable partial state information of the leader agent.To address this problem,a neural network state observer based on the leader state information is designed.Then,a finite-time prescribed performance adaptive output feedback control strategy is proposed by restricting the sliding mode surface to a prescribed region,which ensures that the closed-loop system has practical finite-time stability and that formation errors of the multi-agent systems converge to the prescribed performance bound in finite time.Finally,a numerical simulation is provided to demonstrate the practicality and effectiveness of the developed algorithm.

Role of End-ring Configuration in Shaping IE4 Induction Motor Performance

The performance characteristics,particularly the starting performance of direct line-fed induction motors,which are mainly influenced by the design of the rotor,are crucial considerations for end-users.It is quite a challenging issue for motor manufacturers to enhance the starting performance of existing mass-produced motors with minimal modifications and expenses.In this paper,a simple and cost-effective method to improve the starting performance of a commercial squirrel-cage induction motor(SCIM)is proposed.The influence of geometric parameters of the end-ring on the performance characteristics,including starting(locked rotor)torque,pull-up and break down torque,starting current,rotor electric parameters,current density,power losses,and efficiency have been comprehensively investigated.It has been revealed that among the other end-ring design parameters,the ring thickness has a significant effect on the performance characteristics.An optimal end-ring thickness is determined,and its performance characteristics have been compared to those of its initial counterpart.Numeric and parametric analyses have been conducted using a 2D time-stepping finite element method(FEM).The FEM results were validated using experimental measurements obtained from an 11 kW SCIM prototype.

Unveiling Organic Electrode Materials in Aqueous Zinc-Ion Batteries:From Structural Design to Electrochemical Performance

Aqueous zinc-ion batteries(AZIBs)are one of the most compelling alternatives of lithium-ion batteries due to their inherent safety and economics viability.In response to the growing demand for green and sustainable energy storage solutions,organic electrodes with the scalability from inexpensive starting materials and potential for biodegradation after use have become a prominent choice for AZIBs.Despite gratifying progresses of organic molecules with electrochemical performance in AZIBs,the research is still in infancy and hampered by certain issues due to the underlying complex electrochemistry.Strategies for designing organic electrode materials for AZIBs with high specific capacity and long cycling life are discussed in detail in this review.Specifically,we put emphasis on the unique electrochemistry of different redox-active structures to provide in-depth understanding of their working mechanisms.In addition,we highlight the importance of molecular size/dimension regarding their profound impact on electrochemical performances.Finally,challenges and perspectives are discussed from the developing point of view for future AZIBs.We hope to provide a valuable evaluation on organic electrode materials for AZIBs in our context and give inspiration for the rational design of high-performance AZIBs.

Assessment of Dependent Performance Shaping Factors in SPAR-H Based on Pearson Correlation Coefficient

With the improvement of equipment reliability,human factors have become the most uncertain part in the system.The standardized Plant Analysis of Risk-Human Reliability Analysis(SPAR-H)method is a reliable method in the field of human reliability analysis(HRA)to evaluate human reliability and assess risk in large complex systems.However,the classical SPAR-H method does not consider the dependencies among performance shaping factors(PSFs),whichmay cause overestimation or underestimation of the risk of the actual situation.To address this issue,this paper proposes a new method to deal with the dependencies among PSFs in SPAR-H based on the Pearson correlation coefficient.First,the dependence between every two PSFs is measured by the Pearson correlation coefficient.Second,the weights of the PSFs are obtained by considering the total dependence degree.Finally,PSFs’multipliers are modified based on the weights of corresponding PSFs,and then used in the calculating of human error probability(HEP).A case study is used to illustrate the procedure and effectiveness of the proposed method.

Projecting Wintertime Newly Formed Arctic Sea Ice through Weighting CMIP6 Model Performance and Independence

Precipitous Arctic sea-ice decline and the corresponding increase in Arctic open-water areas in summer months give more space for sea-ice growth in the subsequent cold seasons. Compared to the decline of the entire Arctic multiyear sea ice,changes in newly formed sea ice indicate more thermodynamic and dynamic information on Arctic atmosphere–ocean–ice interaction and northern mid–high latitude atmospheric teleconnections. Here, we use a large multimodel ensemble from phase 6 of the Coupled Model Intercomparison Project(CMIP6) to investigate future changes in wintertime newly formed Arctic sea ice. The commonly used model-democracy approach that gives equal weight to each model essentially assumes that all models are independent and equally plausible, which contradicts with the fact that there are large interdependencies in the ensemble and discrepancies in models' performances in reproducing observations. Therefore, instead of using the arithmetic mean of well-performing models or all available models for projections like in previous studies, we employ a newly developed model weighting scheme that weights all models in the ensemble with consideration of their performance and independence to provide more reliable projections. Model democracy leads to evident bias and large intermodel spread in CMIP6 projections of newly formed Arctic sea ice. However, we show that both the bias and the intermodel spread can be effectively reduced by the weighting scheme. Projections from the weighted models indicate that wintertime newly formed Arctic sea ice is likely to increase dramatically until the middle of this century regardless of the emissions scenario.Thereafter, it may decrease(or remain stable) if the Arctic warming crosses a threshold(or is extensively constrained).

Innovation Capability and Export Performance of Turkish Export Firms

In today＇s competitive environment the key element is the differentiation of business which will lead to success. Especially in international markets where there＇s much more intense competition, it is more important for businesses to enter with innovations that make a difference to their consumers. Innovation is also important for competitive export-oriented production in globalization. In global competition, innovation is the key factor for sustainable success. Increases in the efficiency, profitability of firms make it possible to enter new markets and extend present markets by obtaining advantage of competition. In order to determine accurate strategies, the connection between innovation and exports must be understood better. The aim of this study is to determine the innovation capability and export performance of Turkish export firms. Another aim is to examine the relationship between firm characteristics and innovation capability. Innovation capability of export firms is measured by INNOVSCALE which was developed by Vicente, Abrantes, and Teixeira （2015）. Export performance is measured by APEV scale which was developed by Lages, Lages, and Lages （2005）. The study uses data collected from 83 firms located in Kayseri. Results obtained by using SPSS indicate that there is a positive relationship between innovation capability and export performance. The results of the ANOVA analysis, innovation capability differ in terms of firm size and export earnings. Innovation capability does not differ in terms of sector, operating years, share of export earnings in the whole revenues, exporting periods, or internationalization levels.

Measuring the influences of supplier selection and supply chain tasks on firm performance among manufacturing firms in India

The primary objective of this research is to empirically probe the various aspects and variables that have been already addressed in the previous literature related to supplier selection criterion, supply effort management and firm performance. Further, this research aims to develop a measurement framework and pragmatically prove the framework through a measurement model. First, a factor structure for various constructs is made and the initial validity is determined from practicing managers and academicians. This research employs survey method and the data is collected from 358 supply chain professionals working in manufacturing firms in India. A measurement model is developed and proved with various tests of reliability and validity. Finally, three major latent constructs were formulated, namely, criterion of supplier selection, supply effort management and firm performance. The factor scores of these latent variables were used for further analysis. A six-stage approach was followed in the analysis of data. Firm performance was regressed against supplier selection criterion and supply effort management. The results indicate that the predictive variable has positive and significant effect on firm performance and they do not have any interaction and multicollinearity effects.

Intellectual Capital, Corporate Culture and Performance of Firms Listed on Nairobi Securities Exchange

The broad objective of this study was to establish the moderating effect of corporate culture on the relationship between intellectual capital and organizational performance of firms listed on Nairobi Securities Exchange. The review of literature provided conceptual and empirical gaps that formed the basis of the conceptual hypotheses. Two hypotheses were deduced from general objective： Intellectual capital has a significant influence on corporate performance; corporate culture moderates the relationship between intellectual capital and corporate performance. A cross-section research design was adopted. A survey questionnaire was the main tool of data collection and was distributed to the 50 heads of human resource departments in the different firms＇ period covering four financial years from 2009 to 2012. The study also utilized secondary data obtained from Capital Market Authority Statistical bulletins and Nairobi Securities Exchange Handbook 2012-2013 to collect data on financial performance （ROA, ROE, and Dividend Yield）. Data were tested for reliability results showing that study dimensions were reliable, apart from task-oriented culture that had a Cronbach alpha of 0.262, thus being not considered for further analysis; thus the study relied on employee-oriented culture as a measure of corporate culture. The hypotheses were tested using multiple regression analysis and hierarchical regression respectively. Multiple regression analysis showed that intellectual capital had a significant influence on non-financial performance and no significant influence on financial measures of performance （ROA, ROE, and Dividend Yield）. Test for moderation showed that the interaction term was not significant and thus, employee-oriented culture did not moderate the relationship between intellectual capital and corporate performance. The study demonstrates importance of the influence of intellectual capital on non-financial performance of firms listed on Nairobi Securities Exchange. The results show that interplay among human capital, social capital, and organization capital is important for firms listed on Nairobi Securities Exchange and that the firms should nurture the employees into sharing their knowledge by creating internal and external networks and also creating support system within the organization to retain the knowledge.

Optimum Profiles of Endwall Contouring for Enhanced Net Heat Flux Reduction and Aerodynamic Performance

Successfully utilized non-axisymmetric endwalls to enhance turbine efficiencies(aerodynamic and turbine inlet temperatures)by controlling the characteristics of the secondary flow in a blade passage.This is accomplished by steady-state numerical hydrodynamics and deep knowledge of the field of flow.Because of the interaction between mainstream and purge flow contributing supplementary losses in the stage,non-axisymmetric endwalls are highly susceptible to the inception of purge flow exit compared to the flat and any advantage rapidly vanishes.The conclusions reveal that the supreme endwall pattern could yield a lowering of the gross pressure loss at the design stage and is related to the size of the top-loss location being productively lowered.This has led to diminished global thermal exchange lowered in the passage of the vane alone.The reverse flow adjacent to the suction side corner of the endwall is migrated farther from the vane surface,as the deviated pressure spread on the endwall accelerates the flow and progresses the reverse flow core still downstream.The depleted association between the tornado-like vortex and the corner vortex adjacent to the suction side corner of the endwall is the dominant mechanism of control in the contoured end wall.In this publication,we show that the non-axisymmetric endwall contouring by selective numerical shape change method at most prominent locations is advantageous in lowering the thermal load in turbines to augment the net heat flux reduction as well as the aerodynamic performance using multi-objective optimization.