An Instrument Variable Model of the Impact of Financing Decisions on Performance of Small Businesses in Australia＇s Pre-global Financial Crisis

Firm level empirical research on the impact of financing decisions on small business performance is scarce in the Australian context. This study adopts an instrument variable （IV） approach to analyze the impact of financing decisions, in particular, equity or debt are obtained, on the performance of small businesses by using the panel data from Australian Bureau of Statistics （ABS） Business Longitudinal Database （BLD） 2004-2005, 2005-2006, and 2006-2007. Performance variables, i.e., sales and expenditure, are used as dependent variables. Equity and debt obtained are used as independent variables （or known as treatments）. IV includes size of the business, age of the business, number of locations, and industry division etc.. The results from IV modeling outperformed those obtained from OLS （Ordinary Least Squares）. Findings include： （1） financing has significantly positive impacts on the performance of small businesses in Australia; （2） equity and debt financing are used as alternatives, comparatively, equity financing is preferred; （3） capital purchases are largely funded by debt financing, while non-capital purchases and salary expenses are funded by equity financing; and （4） equity financing is more often used by firms with increasing capital purchases and declining non-capital purchases, while debt financing is used by firms with the opposite trends. The paper concludes with a discussion of the limitations of this research and future research＇s directions.

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.

Effect of School-Based Income Generating Activities on the Financial Performance of Public Secondary Schools in Kenya

This study was conducted to determine the value added by Income-Generating Activities （IGAs） on the financial performance of public secondary schools, in terms of assets, liability portfolio, and net worth. Secondary school managers have the gigantic task of balancing meager resources between subsistence and development needs as well as good performance in national examinations. However, macro-economic shocks such as inflation, fuel shortage, and crop failure, among others, often militate against the success of public schools. School-based IGAs enable public schools to cope with external economic shocks, without necessarily passing down budgetary adjustments to parents. However, the country lacks a clear policy guideline to facilitate the initiation, management, accounting, reviewing, and financial reporting of IGA projects. Besides, there is no documented information regarding the value added by IGA initiatives to the financial performance of public secondary schools. The study found that IGA and non-IGA schools were significantly different in terms of category, student population, age, annual income, and number of paid workers. Schools having IGAs were 1.9 times more likely to own as many assets as schools not having IGAs. Besides, IGA schools were about 2.2 times less likely to have their liability in excess of the median threshold. Regarding net worth, the study found that schools having IGAs were about 2.1 times more likely to be operating above the median threshold; suggesting that schools having IGAs were wealthier than non-IGA schools. Based on the findings, this study concludes that IGA projects were beneficial to schools by improving the ability of schools to accumulate assets and manage their liabilities. The study recommends the need to： formulate an appropriate policy framework to guide and standardize IGA activities; initiate suitable training programs for school IGA managers; as well as engage business development managers to advice schools on IGA matters.

Microstructure and Wear Performance of High Volume Fraction Carbide M_7C_3 Reinforced Fe-based Composite Coating Fabricated by Plasma Transferred Arc Welding

The fabrication of high volume fraction （HVF） M7C3 （M=Cr, Fe） reinforced Fe-based composite coating on ASTM A36 steel plate using plasma transferred arc （PTA） welding was studied. The results showed that the volume fraction of carbide M7C3 was more than sixty percent, and the relative wear resistance of the coating tested on a block-on-ring dry sliding tester at constant load （100 N） and variable loads （from 100 to 300 N） respectively was about 9 and 14 times higher than that of non-reinforced a-Fe coating. In addition, under constant load condition the friction coefficients （FCs） of two coatings increased first and then decreased with increasing sliding distance. However, under variable loads condition the FCs of non-reinforced a-Fe based coating increased gradually, while that of HVF MTC3 reinforced coating decreased as the load exceeded 220 N. The worn surface of non-reinforced a-Fe based coating was easily deformed and grooved, while that of the HVF M7C3 reinforced coating was difficult to be deformed and grooved.

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.

Supportive tactics for innovative and sustainability performance in emerging SMEs

For this research,we examined the influence of access to domestic and international financing on sustainability performance with a mediating role of innovative performance and a moderating role of access to government support.Data were collected from 317 small and medium-sized enterprises(SMEs)through structured questionnaires.The results indicated that access to domestic and international financing significantly contributes to sustainability and innovative performances.Accordingly,we found a partial mediating role of innovative performance between access to domestic financing and sustainability performance as well as between access to international financing and sustainability performance.Access to government support significantly moderates the relationship between access to domestic finances and innovative performance as well as between access to international finances and innovative performance.Practitioners and policymakers should encourage national and international financial institutions and banks to facilitate SMEs by lending them funds for innovative activities and sustainability performance.Moreover,the government should support SMEs,so that they can contribute to economic growth and the gross domestic product.The implications from these matters will be further discussed in this paper.

Dividend Changes and Future Earnings Performance： Evidence from UK Market

This paper investigates the dividend signaling hypothesis, described here as the relationship between dividend changes and future earnings performance. We find that managers pursue different patterns in UK from that in US when making dividend policy. A positive and significant association between dividend changes and the growth of future earnings is observed in the immediately following year after dividend announced There isn＇t significant link in the longer future. These phenomena are caused by managers＇ near-eyesight in UK market. In addition, an interesting finding is that dividend decreases have larger negative influence on earnings growth than positive impact on earnings prospects of dividend increases. This is consistent with the infrequent occurrence of dividend reduction.

Evaluating the Performance of Investment Funds in Turkey

It is important to determine the most appropriate levels of risk and return for small investors. For that purpose, the investment funds are very important tools to create a portfolio for small investors, to deploy the potential risks in optimal proportions, and to direct investors. In this study, the performance of 83 pieces of investment funds will be evaluated which are treated in Turkey dates from January 1, 2010 to December 31, 2012 with performance evaluation methods such as Sharpe, Modigliani （M2） that is based on the standard deviation, and Treynor, T2, Jensen that is based on systematic risk （beta）, and the highest and lowest performance investment funds will be presented. The aim of the study is to examine the success of the investment fund managers whether they could estimate the course of the market well or not regarding time period. The empirical results show that the investors who invest on the funds that have negative risk premium by investing in the investment funds getting under the risk cannot get more excess return than getting the return from the risk-free interest rate as treasury bills. The result implies that it could be said that the systematic and total risks of all investment funds are low and they are not sensitive to the developments in the market, and thus, regarding funds could be called as conservative funds.

Effect of Cross-Border Acquisitions on Businesses Performance of Slovak Acquiring Companies

Currently, businesses or companies apply various tools of financial engineering on improvement of their performance. One of such tools refers to acquisitions through which companies can profit from synergic effects, reduce operating cost and tax expenses, and improve their market position. This paper is aimed at examining the effect of cross-border acquisitions made by Slovak companies in order to improve their performance. Authors applied the method of simultaneous equation model to examine this relation. The result confirmed the hypothesis that cross-border acquisitions positively influence a company performance.

Political Connection, the Nature of Property Rights, and Enterprise M＆A Performance——Empirical Study based on the Panel Data of Listed Companies

Mergers and acquisitions （M＆A） are the important methods to quickly acquire external resources, achieve the economies of scale and the economies of scope, improve market share, and expand the scale of enterprise, while M＆A performance is an important index to measure if enterprise M＆A is successful. In this paper, the influence of entrepreneurs＇ political connection on the M＆A driving factors and M＆A efficiency of the enterprises with different property rights are analyzed using 357 mergers and acquisitions of China＇ s 189 listed companies in 2005-2011 as samples based on the distinction between political connection and the nature of enterprise property rights. The results show that the political connection plays a very significant positive influence on the M＆A performances of the central state-owned enterprises and private enterprises, but exerts a very significant negative influence on the local state-owned enterprises; the intensity of entrepreneurs＇ political connection also plays a certain influence on enterprise merger and acquisition, and the central political connection and the local political connection are significantly different in the influence on the enterprise M＆A performance.

Evidence on result-based financing in maternal and child health in low-and middle-income countries:a systematic review

Introduction:Result-Based Financing(RBF)is an umbrella term for financial mechanisms that link incentives to outputs or outcomes.International development agencies are promoting RBF as a viable financing approach for the realization of universal health coverage,with numerous pilot trials,particularly in low-and middle-income countries(LMICs).There is limited synthesized evidence on the performance of these mechanisms and the reasons for the lack of RBF institutionalization.This study aims to review the evidence of RBF schemes that have been scaled or institutionalized at a national level,focusing on maternal,newborn,and child health(MNCH)programming in LMICs.Methods:A systematic literature review was conducted following the Preferred Reporting Items for Systematic Reviews and Meta-Analyses(PRISMA)guidelines.The authors identified and reviewed country-level RBF evaluation reports for the period between January 2000 and June 2019.Data were extracted from both published and gray literature on RBF application in MNCH using a predesigned matrix.The matrix headers included country of application;program setting;coverage and duration;evaluation design and methods;outcome measures;and key findings.A content thematic analysis approach was used to synthesize the evidence and emerging issues.Results:The review identified 13 reports from 11 countries,predominantly from Sub-Saharan Africa.Performancebased financing was the most common form of RBF initiatives.The majority of evaluation designs were randomized trials.The evaluations focused on outputs,such as coverage and service utilization,rather than outcomes.RBF schemes in all 11 countries expanded their scope,either geographically or accordingly in terms of performance indicators.Furthermore,only three studies conducted a cost-effectiveness analysis,and only two included a discussion on RBF’s sustainability.Only three countries have institutionalized RBF into their national policy.On the basis of the experience of these three countries,the common enabling factors for institutionalization seem to be political will,domestic fund mobilization,and the incorporation of demand-side RBF tools.Conclusion:RBF evidence is still growing,partial,and inconclusive.This limited evidence may be one of the reasons why many countries are reluctant to institutionalize RBF.Additional research is needed,particularly regarding costeffectiveness,affordability,and sustainability of RBF programs.

数据资产要素如何赋能企业新质生产力?——基于超效率SBM法的实证分析

随着中国数字经济的发展,数据资产已成为企业重要的生产要素之一。本文基于我国2011年—2022年上市公司数据,探讨企业数据资产对企业新质生产力的影响与作用机制。实证研究发现,数据资产能够有效提升企业新质生产力。作用机制显示,数据资产要素通过缓解企业融资约束与促进ESG表现进而提升企业的新质生产力。企业地区属性异质性检验发现,样本企业显著性无明显差异,促进效果在中西部企业中较为明显。同时,非高科技企业和重污染企业的促进效果更为突出。因此,政府应当鼓励企业规模应用数据资产要素,实现创新高质量发展新格局;企业也应该发挥数据资产要素功能优势,提升企业资源获取与信息治理能力;同时,中西部、非高科技与重污染企业更应当合理利用数据资产要素特点,实现生产力从“旧质”向“新质”的突破。

宝马 安装M Performance字样贴纸

加装车型：宝马1系5门/3门（F20/F21）、2系Coupe/Cabrio （F22/F23）、3系Limousine/Touring/Gran Turismo （F30/F31/F34）、4系Coupe/Cabrio（F32/F33）、4系Gran Coupe（F36）、5系Limousine/Touring（F10/F11）、X3（F25）、X4（F26）、X5（F15）、X6（F16）。

The Performance Analysis of Multi-Layer Split-Protocol

The growing need for high-performance networking is achieved with parallel processing;several networking functions are processed concurrently in order to accomplish a performance Networking Architecture. Open systems interconnection (OSI) model is an example of multi-layering structure, and each layer performs definite function unique to that layer. OSI model works on pass it on principle, and it is divided in two stacks lower stack and upper stack. Layers 4 - 7 represent upper stack and responsible for data applications. The remaining 1 - 3 layers represent the lower stack and mostly involve in data movement. There are many techniques are available for server optimization enhancing the availability by distributing the load among peer servers. According to our knowledge, nobody has implemented such splitting architecture across the entire OSI model. In this paper, we present multilayer Split-protocol (MLSP) a high performance, reliable and secure technique for spiting an application or network protocol across OSI model, and we present the design, implementation, and empirical performance evaluation of MLSP. It is the ideal choice for Cloud services where each functional component is considered an independent of each other.

How Does ESG Performance Impact Corporate Financing Costs?An Empirical Study in China

In the background of the green transformation of the economy and society,the ESG performance of enterprises has been paid more and more attention in the investment decision-making.However,previous studies have inadequately explored how the ESG performance affects corporate financing costs.Based on the information asymmetry theory,this paper analyzes the impact mechanism of ESG performance on corporate financing costs.Then,taking 1044 A-share listed companies in2016–2020 as a sample,through the sorting and analysis of ESG report disclosure and rating data,the company’s ESG performance indicators are obtained,and an empirical model is built to test the relationship between ESG performance and corporate financing costs.This paper constructs a panel regression model using ESG rating data and corporate financial data and finds that in the overall sample,the higher the ESG performance,the lower the equity financing cost;The higher the ESG performance,the lower the debt financing cost.In addition,it also discussed the moderating effect of enterprise scale and media attention on the impact of ESG performance on enterprise financing costs.The empirical results show that the influence of company size on ESG performance on financing costs has a moderating effect and a positive moderating effect.

Investigating Challenges in Financing Contractors for Public Sector Projects in Ghana

Contractors working with the Public sector encounter numerous challenges in financing projects in Ghana. The challenges which have persisted over the years are both financial and managerial. This paper seeks to ascertain the extent to which contractors’ challenges in acquiring funds to execute public sector projects have been solved. The study involved both qualitative and quantitative methods to ascertain the various strategies the contractors go through to obtain public sector projects focusing on the challenges associated with the project execution. The study revealed that delayed payments and inadequate cash flow on the part of government, lack of credit worthiness and inadequate collateral security from contractors are key determinants to challenges associated with financing public sector projects in Ghana. This paper recommends the establishment of a Construction Development Authority (CDA), within the Ministry of Works and Housing to develop financial plans, policies and laws for this important sector of the economy.

Financial Effectiveness and Areas of Improvement in Greek Municipalities

The aim of this research is to separate the entire sample of Municipalities in Greece into categories, based on the effectiveness of financial management and financial performance into effective and ineffective ones. In this study, it investigated the existence of differences between the characteristics of these two categories. The main objective is to investigate the influence of financial effectiveness regarding those areas falling under state jurisdiction with the greatest room for improvement. Specifically, in Municipalities with ineffective financial management, local employment was notably considered to be the area with the greatest margin for improvement. Additionally, 21% of mayors of Municipalities with effective fmancial management consider that the state area of responsibility with the greatest capacity for improvement is that of attracting private investment. Moreover, the influence of financial effectiveness regarding the areas of competence of Greek Municipalities with the greatest room for improvement has a similar pattern. According to responses from mayors in Municipalities with ineffective fmancial administration, the areas of competence with the greatest room for improvement are provision and maintenance of infrastructure （23% of responses） and attraction of private investment （19% of responses）. Accordingly, responses from mayors in Municipalities with the highest financial performance indicate that the areas of competence with the greatest room for improvement are provision and maintenance of infrastructure （21% of responses） and attraction of private investment （20% of responses）.

Financial Effectiveness of Greek Municipalities： An Empirical Investigation

Municipalities are autonomous economic and administrative entities, with common actions and responsibilities. Moreover, all Municipalities are quite different considering specific characteristics, such as geographic, demographic, and economic. The aim of this research is to separate the entire sample of Municipalities in Greece into categories, based on the effectiveness of financial management and financial performance into effective and ineffective ones. For the separation of the sample into groups, cluster analysis was preferred. For this reason, three variables were used： the lending capacity of the Municipality, flexibility in making non-investment costs, and flexibility in investment spending. These three variables were considered to be the key dimensions of effectiveness in financial management and therefore their use, representatively describes the effectiveness of Greek Municipalities. Thus, this paper presents the literature review of the financial effectiveness of Municipalities and the methodology of an empirical research through structured questionnaire that was sent to the entire population of Greek Municipalities, characterized in this way with considerable heterogeneity. In this way, it investigates the views of Mayors in the two categories of Municipalities （effective and non effective financial management and financial performance） as regards： （a） the biggest problems faced by the citizens in their Municipality, and （b） the biggest personnel problems faced by their Municipality. Concluding, the prioritization of both problems seems to be the same for both groups of Municipalities. The frequency of responses differs slightly and differences are not so large that financial performance can be considered to affect respondents＇ opinions.

M型超高速两栖车辆静水航行数值计算分析

两栖车辆的水动力构型研究正逐步由中低航速构型转向高航速构型设计。为解决两栖车高航速阻力大、兴波强烈等问题,提出M型超高速两栖车辆构型,并基于计算流体力学方法对该车型不同直航工况进行了数值分析。分析结果表明,该构型能够通过吸收首兴波提升车体整体水动升力并显著降低两栖车辆水上航行阻力,且通过合理的重心位置设计能达成较好的纵向稳定性。