Oerlikon Group Growth momentum continued in all businesses–guidance raised for full-year

"We are pleased to announce another quarter of profitable growth,"said Dr.Roland Fischer,CEO of Oerlikon Group."Our positive performance confirms that our strategy addresses attractive markets,our initiatives and activities are delivering positive results,and we are able to take advantage of the growth momentum and opportunities in our end markets.Consequently,we are in a position to increase our full-year expectations for the second time this year."

Alternative measure of financial development and investment-cash flow sensitivity:evidence from an emerging economy

This study examines the impact of financial development on corporate investment in terms of their influence on financing constraints.This study also tries to find the effect of financial development on the investment-cash flow sensitivity across the size,degree of financial constraints and group affiliation of the firm.This study employs dynamic panel data model or more specifically system generalized method of moments(GMM)estimation technique.The estimation results reveal that cash flow affects the investment decision of the company positively,which implies that Indian firms are financially constrained.Also,we observe that financial development reduces the investment-cash flow sensitivity and the effect of financial development is more prominent for small size and standalone firms.The results are robust across the period and,for both financially constrained and unconstrained firms.This study contributes to the existing literature by analyzing the impact of financial development on the role of cash flow in determining investments undertaken by the Indian firms,which is an unexplored issue from an emerging market perspective.

Living Inheritance of Temple Market Space of Traditional Market Town in Wu'an from the Perspective of Settlement Heritage:A Case Study of Hecun Town

With the development of urbanization,the decline of religious and business group culture and constructive destruction have caused the loss of temple market space of traditional settlement.In view of this,this paper focuses on the three spatial levels of temple buildings,temple front street and temple market street of Jiaying Linghui Temple in Hecun Town from the perspective of settlement heritage,and analyzes the historical development of spatial vitality of its temple market.Taking history as a mirror,the living relationship of temple market space in the traditional market town of Wu’an business group is established.Through the establishment of living system of temple market space,this paper puts forward three levels of living strategies:the inheritance of living unit authenticity,the construction of living mode diversity and the construction of living environment,in order to provide power for the activation,protection and value continuation of heritage of temple market space in Wu’an traditional market town.

Do companies compare employees'salaries?Evidence from stated-owned enterprise group

The mechanism by which enterprises set salaries is vitally important to employees and is especially relevant to the reform of state-owned enterprises(SOEs).This paper investigates the effect of comparing employee compensation based on a sample of A-share SOE groups from 2008 to 2018.We find that when employee compensation at one company sharply increases,the employee compensation of other companies controlled by the same group will increase sharply in the following year.Further analysis shows that when employees’sense of unfair compensation is stronger,when employees are less replaceable and when enterprises’ability to pay is stronger,the effect of employee pay comparison is stronger.Increased employee salary does not improve enterprise performance,however,suggesting that such salary adjustment is ineffective.This paper expands the research on employee compensation and provides useful insights for optimizing the design of compensation contracts and promoting compensation reform in SOEs.

Promoting Economic Recovery Through Taxation

The role of taxation in promoting economic recovery has attracted great-er attention in recent years,with economic dislocation following the Global Financial Crisis and the COVID-19 pandemic.While taxation is only one of the factors impacting economic recovery,both economic literature and practical experience show that tax policy can contribute to enhanced growth and therefore greater economic activity.Tax instruments used as a means for promoting economic recovery include tax holidays,preferential tax rates,investment allowances,tax credits and special economic zones.However,there are a range of constraints over tax incentive design imposed by bodies such as the OECD/G20 Inclusive Framework on Base Erosion and Profit Shifting,the Forum on Harmful Tax Practices of the OECD and the Code of Conduct on Business Taxation of the European Union.Given the above,this paper sets out practical issues to inform governments seeking to promote economic activity through taxation.