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.

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.

Environmental regulation and firms'performance:a quasi-natural experiment from China

This paper investigates whether environmental regulation affects firm's performance including productivity,wage and employment using firm-level data in 1996-2007.The identification uses Two Control Zones(TCZ)policy implemented by the Chinese government in 1998,in which tougher environmental regulations were imposed in TCZ cities but not others.By difference-indifferences estimation,we find that tougher environmental regulation leads to larger increase on both total factor productivity and wage,and firms tend to employ fewer workers under pressure of environmental protection.Heterogeneous tests show that the impacts are better for nonpollution intensive firms,non-exporters and SOEs.Finally,we find that R&D input and exiting firms among industry are the driving forces for enhancing TFP and increasing wage and unemployment.

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.

The impact of European firms＇ economic conditions and financial performance on accounting quality

In this study the authors analyse the possible effect of firms＇ economic conditions and financial performance on accounting quality. Bradshaw, et al. （2004）, Gelos ＆ WEI （2005） stated that financial reporting quality is fundamental for investors and it affects international capital movements. Following Schipper ＆ Vicent （2003）, the authors estimated accounting quality by abnormal accruals and earnings persistence. The authors＇ contribution consists of investigating a huge number of firms from 17 European countries using unbalanced panel data. The authors found evidence that economic conditions affect accounting quality： big firms and those with high current earnings exhibit better financial information. These results are robust because they do not depend on the accounting quality proxy, even when the authors estimated regression with economical and financial factors alone or together. Financial performance does not seem to affect accounting quality. However, this relation is not linear because in high leveraged firms, the capital structure becomes determinant.

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.

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.

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.

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.

Will Institutional Distance Affect Multinational Firms' CSR Performance in a Host Country?

Taking multinational firms operating in China as objects of research,this paper has discovered through empirical study that economic institutional distance and cultural institutional distance have negative effects on the corporate social responsibility(CSR) performance of multinational firms in a host country;when the legal system of home country is far better than that of host country,legal institutional distance has a positive effect on the CSR performance of multinational firms in the host country;entry mode has negative adjustment effect on the relationship of legal institutional distance and cultural institutional distance with the CSR performance of multinational firms in a host country;business experience of multinational firms in a host country has a negative adjustment effect on the relationship between legal institutional distance and their CSR performance in the host country.

Enhancing the Performance of Consumer Goods Firms through the Equity Capital in Nigeria(2011-2021)

This study examined whether or not equity capital enhances the performance of listed consumer goods firms in Nigeria.The study purposively sampled fourteen(14)out of twenty-one(21)consumer goods firms listed on the Nigerian Exchange Group Plc.The study used secondary sources to obtain panel data from the annual financial statements of the selected companies.Data sourced for were analyzed using random effects model and arithmetical means.Findings from the study revealed that the coefficient of share capital is positive(0.903050)and statistically significant(p=0.0099<0.05),but the beta value of retained earnings is negative(−0.683966)and significant(p=0.0023<0.05)for listed consumer goods firms in Nigeria.The average results found that 45%and 7%of total assets of the firms were financed by retained earnings and share capital respectively.The study confirmed that the appropriate mode of finance that could be considered for the effective performance of the firms in Nigeria is the share capital.The study concluded that share capital enhanced the performance of firms while the retained earnings did not in the country.The research recommended that the government of Nigeria should try to rebrand its dead local enterprises especially the affected consumer goods firms to enable them to attract more foreign investors into the country to enhance its economic growth.

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.

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.

Research on Performance Measurement System of Knowledge Strategy for Firms

Knowledge has become the most important strategic resource of firms, and the competition among firms is more based on knowledge than before. To deal with this challenge, some firms are trying to develop knowledge strategies to direct their knowledge management activities, but current strategic performance measurement systems can＇t evaluate the performance of knowledge strategies appropriately. This article develops a performance measurement system for knowledge strategies based on Balanced Scorecard, and simulates the system with an improved Data Envelopment Analysis （DEA） model.

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.

Leveraging core capabilities and environmental dynamism for food traceability and firm performance in a food supply chain: A moderated mediation model

This paper develops a moderated mediation model in which the interactive effects of food traceability and environmental dynamism on firm performance are mediated by the core capabilities(operating capabilities and marketing capabilities)in food supply chain context, by invoking the indirect view of organizational learning theory. Our hypotheses were tested using hierarchical regression and bootstrapping methods with a sample of 216 food manufacturing firms in China, and a survey-based, two-informant design was used to collect data. The results revealed that operating and marketing capabilities fully mediate the food traceability-performance link. In addition, environmental dynamism positively moderates the food traceability-core capabilities link. Moreover, it is found that operating and marketing capabilities transform the interactive impacts of environmental dynamism and food traceability into firm performance. Our study offers a fine-grained picture of the essential food traceability-performance link by revealing for the first time that there is an interactive impacts of food traceability and environmental dynamism on firm performance via core capabilities.

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.

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.

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.