List Of Firms Research Articles

Impact of marketing capabilities on competitive advantage: A case of thai sme durian exporters

Purposes of this study were to highlight the role of durian exporters’ marketing capabilities in achieving competitive advantage among Thai SMEs, and to describe the significance of a competitive advantage in achieving marketing goals by examining marketing capabilities. One hundred SME exporters were randomly selected from the list of firms listed on the Association of the Durian Exporters. Ninety-six questionnaires were included in this study. The PLS-SEM Program was used to analyze the collected data which was collected by using a mail questionnaire distributed to SME exporters. Results from data analysis were: 1) it indicated that all marketing capabilities, including product, price, distribution, and promotional capabilities, impacted competitive advantage; and 2) five competitive advantage forces were found to have statistically significant impacts. Moreover, the analysis confirmed that marketing capabilities and competitive advantages were related. Implications from this study were: 1) exporters find their endeavors to develop marketing strategies to achieve competitiveness in the global market; and 2) exporters could focus on distribution capabilities to survive and to expand their product to gain a competitive advantage in the marketplace. The limitation of this study was that this study did not involve quality assurance and variety of the durian, which would affect price capacity.

Why do firms list their shares in the US? The role of political uncertainty

PurposeThis paper investigates the effect of political uncertainty on the decision to cross-list in the United States (US).Design/methodology/approachTo reach our paper aim, we use a sample of 589 non-US firms cross-listed in the US for the period from 2000 to 2019. We perform logit regression and use several political uncertainty proxies, including US election presidential years, political voting margin and the political uncertainty index from Baker et al. (2002), as a continuous measure of general political condition (Francis et al., 2021).FindingsWe find the following results. Non-US firms are less likely to cross-list their shares when US political uncertainty is high. We also find that the decision to cross-list is driven by price informativeness as a channel that can explain the role of political uncertainty. Our results are robust to the endogeneity concern. In addition, we find that political administration (Democrats vs Republicans) significantly affects the decision to cross-list. More particularly, we show that firms are more likely to cross-list their shares in the US when Democrats win the elections. Moreover, we find that cross-listed firms exhibit lower valuation compared to their non-cross-listed peers when US political uncertainty is high.Originality/valueUsing a unified framework of non-US firms cross-listed in the US, this paper contributes to different strands of the literature. Our first main contribution adds to the literature on cross-listing by providing, in our knowledge, the first evidence regarding the relation between cross-listing and political uncertainty. We add to the existing literature by showing that US political uncertainty significantly determines the decision to cross-list and value creation for cross-listed firms. Whether and how managers alter their strategic decision behavior in such settings is less clear. Hence, our paper contributes to the literature by documenting how political uncertainty impacts cross-listing decision and shapes management guidance decisions. Second, this study joins a growing body of literature that examines the real impact of economic policy uncertainty (EPU) on economic outcomes. We provide empirical evidence suggesting that cross-listed firms exhibit lower valuation during period of high political uncertainty due to decreased price informativeness.

VENDOR MANAGEMENT IN FACTORIES

PROCEDURE FOR SUPPLIER DEVELOPMENT The Vendor Development Process is carried out by the Purchase Department in close consultation with User Three Department 1) R&D 2) Material Testing 3) QA Department. First Step: - VENDOR REGISTRATION • Any vendor i.e., manufacturer/ authorized agents/distributors of the manufacturer /service providers and firms undertaking job works can be registered the Vendor Development Protocol. To register, the vendor should have GST registration (if applicable). The vendor must maintain an office/ shop/ show room registered in its own name, and should have a bank account wherein payments can be sent directly. • Vendors interested in registration shall submit an application furnishing details of their business and product line. On receipt of the application, they will be issued a vendor development questionnaire. The vendor should submit the duly filled questionnaire, along with their credentials, and details of manufacturing capacity, quality control facilities, past performance, after-sales service, financial background etc. • The duly filled development document received is submitted to the VENDOR DEVELOPMENT COMMITTEE. The Committee consists of Head of User Dept., Head of Material Testing/R & D Dept. & Head of Purchase and has the following powers: ○ after examining the documents and based on the Protocol for Vendor Development of that material, it, can advise the Purchase Department to call for samples for evaluation / plant trial of the material, or call for additional details / clarifications, if required. ○ In case the sample confirms to the specification, the Committee can advise Purchase Department to include the vendor in the list of approved vendors/recommend to issue plant trial order. ○ The Committee can also depute an officer for facility audit, if necessary. ○ Based on the facility audit, and plant trial reports, the Committee can advise the Purchase Department to include the vendor in the list of approved vendors. • Registered firms can be removed from the list of approved firms if they continuously fail to abide by the terms and conditions of the tender / contract or fail to supply goods on time or supply sub-standard items /goods or any false declaration made to company. Suppliers not taking part in the Tender / not supplying to HLL for a continuous period of 5 years will be removed from the list of approved suppliers Second Step: - VENDOR RATING PROCEDURE FOR SUPPLIER RATING Supplier rating is done based on the following criteria. 1) Quality of the product/service 2) Cost rating 3) Adherence to delivery schedule QUALITY RATING (QR) Quality rating comprises of two factors. 1) Inspection rating: Based on value of parameters of materials inspected. 2) Performance rating: Based on value of parameters of materials inspected during performance inspection. PRICE RATING This criterion compares the relationship of the price of vendors with the effective price of those materials. PRICE RATING = (Vendor’s effective price- Effective price of material)/ Effective price of material*100 DELIVERY RATING (DR) Delivery Rating of raw materials is calculated by Purchase Department on the basis of contracts entered into by concerned User Departments as mentioned below: • delivery in time as per schedule: Full credit 2 deliveries after the scheduled date: a grace period of 10 days is given if the material has been dispatched within the delivery date, and the party would get full credit for delivery. • if the material is received within 15 days from the date of delivery mentioned in the Order, a score of 25 % will be deducted. • if the material is delivered between the 16th day and 30th day stipulated in the Order, the score will go down by another 25 % i.e. a total deduction of 50 % • this will continue for every fortnight for the next two fortnights. • the total score thus obtained forms the basis for the grading. Frequency of supplier rating: The vendor rating shall be done on annual basis, or as detailed in Quality Management System (QMS) manual.

Market Structure Analysis of Revenue of International Construction Professional Service (I-CPS): A Country-Level Analysis

Market Structure Analysis of Revenue of International Construction Professional Service (I-CPS): A Country-Level Analysis

Assessing the Use of Artificial Intelligence in Digital Marketing. Evidence from Romanian Companies

Abstract In recent years, artificial intelligence has started to play an important role in digital marketing. Companies are increasingly using this technology to personalize content, improve the performance of marketing campaigns and user experience. According to a Google report published in 2021, Romania is one of the leading countries in Central and Eastern Europe in terms of significant growth in digital advertising expenditure. As a result, the current research aims to assess the importance and impact of AI usage in Romanian companies that activate in digital marketing. To conduct this study, an online survey was developed consisting of 11 questions to establish the utilization of AI in digital marketing and the perception of employees in companies towards this technology. The sample group was selected from a contact list of digital marketing firms, social media, and professional groups. Out of the total of 30 responses collected, valid data was analyzed to identify emerging trends and patterns in the use of AI in digital marketing. The survey findings indicate that AI is perceived as a valuable tool for enhancing user experience and increasing the effectiveness of digital marketing campaigns. It is important to consider the ethical and confidentiality implications when utilizing customer data, and to refrain from employing AI in a harmful or intrusive manner.

Does China's regional emission trading scheme lead to carbon leakage? Evidence from conglomerates

This study uses the list of ETS pilot firms and China's Administrative Registration Database to build the conglomerate of pilot firms and then uses China's National Tax Survey Data from 2009 to 2016 to analyze whether ETS leads to carbon leakage in conglomerates. The results show that ETS promotes carbon transfer from pilot firms to their production-connected firms, carbon emissions and emission intensity of production-connected firms have been significantly improved. After controlling cofounding policies, conducting placebo test and other robustness analysis, the results are still valid. The ways of carbon leakage include output, investment, labor, and energy consumption. Investment transfer occurs at the policy issue stage, and pilot firms tend to transfer production activities with higher energy intensity. Heterogeneity analyses find that the carbon leakage caused by ETS is transferred to regions with low environmental regulations and low labor costs. In further analysis, we verify no negative carbon leakage and compare the carbon emission reduction of EST to pilot firms with the carbon leakage of EST to production-connected firms, though ETS can reduce carbon emissions, its effect is far overestimated.

Corporate governance in Chinese manufacturing sector: Ownership structure, monitoring and firms' earning quality

<abstract> <p>In this study, we explore the impact of ownership structure on a firm's earnings quality in emerging markets. Using the Chinese manufacturing industry sample set, we demonstrate that higher profitability performance could increase earnings quality. Higher concentrated shareholding and institutional shareholding reduce information asymmetry and improve external monitoring, improving earnings quality. Well-studied independent board members do not improve but contribute negatively to earnings quality. Such a result may be due to the lack of variation in the number of independent board members in each list of firms. Almost all firms choose to have three independent board members. Finally, bond debt increases asset size and agency costs; the impact of bond debt on earnings quality is negative. When considering the interaction between bond covenants and external monitoring, including independent board members and institutional shareholdings, the interactive effects reduce the negative effect of the bond debt on earnings quality. This study contributes to discovering that both direct and indirect monitoring of ownership structure contributes to the firm's management and provides some useful insight to reduce agency costs.</p> </abstract>

The decline in stock exchange listed firms

The number of exchange-listed firms has declined dramatically in the U.S. We argue that increases in payroll cost decrease the firm’s output and consequently, the need for capital. Thus, fewer new firms list on exchanges. Similarly, more firms delist as payroll costs reduce profits. We find empirical results that support our hypotheses. The results are stronger when firms are located in areas with greater regulatory restrictions on residential use of land - suggesting that increases in payroll costs is one of the factors driving this phenomenon.

Price Discrimination in the Information Age: Prices, Poaching, and Privacy with Personalized Targeted Discounts

Abstract We study list price competition when firms can individually target consumer discounts (at a cost) afterwards, and we address recent privacy regulation (like the GDPR) allowing consumers to choose whether to opt-in to targeting. Targeted consumers receive poaching and retention discount offers. Equilibrium discount offers are in mixed strategies, but only two firms vie for each contested consumer and final profits on them are Bertrand-like. When targeting is unrestricted, firm list pricing resembles monopoly. For plausible demand conditions and if targeting costs are not too low, firms and consumers are worse off with unrestricted targeting than banning it. However, targeting induces higher (lower) list prices if demand is convex (concave), and either side of the market can benefit if list prices shift enough in its favour. Given the choice, consumers opt in only when expected discounts exceed privacy costs. Under empirically plausible conditions, opt-in choice makes all consumers better off.

Factors Affecting Listing of Small and Medium Enterprises on LuSE Alternative Investment Market in Zambia: A Case of Lusaka Business District

Economic growth in both developed and developing nations is strongly linked to the growth of alternative investment markets. Alternative markets for the listing of start-up companies have been established and launched by many exchanges in order to assist small and medium businesses in raising finance through initial public offers and listing their shares for trade. The rise of these alternative markets has been slow, particularly in poorer countries. The study’s major goal was to discover the characteristics that influence SMEs’ ability to list on the Lusaka Stock Exchange Alternative Investment Market (LuSE AIM). Examine whether information accessibility is a critical factor in determining SMEs listing on the Alt-M; determine if regulatory requirements are a factor to consider when SMEs decide to register on the AIM; determine if corporate governance is an important factor in determining SMEs listing on the AIM; and determine if SMEs support platforms are important factors in determining SMEs listing on the AIM. The study used a quantitative cross-sectional design using a survey as the research approach to attain this goal. The approach was deemed appropriate and useful towards assessing of the elements influencing listing of SME firms on the securities exchange. The population of the study included all 1663 SMEs registered under Zambia Chamber of Small and Medium Businesses Association in Lusaka. Stratified sampling technique was used for the study where random sampled quotas were selected from each industry. The sample size of SMEs derived 322 companies and only 161 SMEs successfully participated in the study as respondents. Primary data were used to obtain information in this study using closed-ended questionnaires. To identify the characteristics that influence the listing of SMEs on the stock market, the study used quantitative analysis and factor analyses. The parameters that determine the listing of SMEs on the Alternative Securities Market were identified using factor analysis. Factor I (information accessibility), Factor II (regulatory needs), Factor III (business governance), and Factor IV (corporate governance) identified as the four elements (SMEs support platforms). Information accessibility, enabling legislative requirements, sound corporate governance, and SMEs support platforms were identified as the barriers to small and medium firms receiving finance through the LuSE Alternative Investment Market, according to the conclusions of the research study. The findings of the study suggest that availability to information is critical to listing, and that a regulatory environment that is friendly to small and medium firms will encourage them to list. Furthermore, while corporate governance is not a prerequisite for SMEs to list, good corporate governance practices have been proven to promote SMEs to list. According to the survey, relevant authorities should educate SMEs on the critical information required for securities market listing so that they may make educated judgments. Policymakers should make it easier for SMEs to expand by enacting favorable policies and making it easier for them to list on the AIM. Corporate governance regulations should be tailored to the structure and environment of SMEs by policymakers. The government should develop an atmosphere that includes support systems tailored to SMEs. Putting support platforms in place increases SMEs’ desire to list.

Discussion of Dhaliwal, Goodman, Hoffman, and Schwab (2019): Revisiting Tax-Related Reputational Costs

Discussion of Dhaliwal, Goodman, Hoffman, and Schwab (2019): Revisiting Tax-Related Reputational Costs

Determinants of Reluctance to Initial Public Offering in Cameroonian Financial Market

The main objective of this study was to identify the specific characteristics of companies in Cameroon and to highlight the factors that explain their reluctance to be listed on the stock market. Thus, in order to build the state of the art appropriate to this objective, we had to follow three lines of investigation: the theories related to the listing of firms on the stock market, their specific characteristics, and the cross-fertilization of these two fields. On the basis of the literature, four explanatory hypotheses were deduced: they are related to the shareholding structure of firms, to the financial characteristics, to the size of the firm and to the socio-demographic characteristics of the managers. To test these hypotheses, a survey was conducted among 40 SAs in the city of Douala. The data was processed with the SPSS 20 software and we used flat sorting, cross-sorting, pearson correlation test as well as linear regression. This methodology allowed us to obtain the results according to which the family and filial character and the size of the company are mainly the factors of reluctance of the listing on the stock exchange on the one hand, and the behavioral factors of the company managers, in particular the level of education and the experience on the other hand.

How do Postdoctoral Workstations Affect Human Capital Upgrading in Firms

Human resources are an essential foundation for long-term economic growth and social progress in developing economies. The question of how to deepen the reform of the talent cultivating system and stimulate the strategic value of human resources has always been one of the heated issues that the government and entrepreneurs pay attention to. However, previous literature focuses on investigating the direct role of individual education investment or macro-policy guidance but overlooks the indirect spillover effect caused by talent accumulation inside the organization. Therefore, there is a literature gap on talent accumulation at the micro-organizational level, leading it difficult to reveal the mechanism of human capital in enhancing the core competitiveness of firms. Given this, this study takes the endogenous growth theory as the core clue, integrating the perspectives of human capital externality and capital-skill complementary, and systematically analyzing the impact of postdoctoral workstations on the human capital in firms.The research data are compiled from two sources. On the one hand, we start our sample construction with a comprehensive list of Chinese A-share listed firms from 2011 to 2019. Firm-level labor employment structure data are retrieved from the WIND Stock database. On the other hand, to form a list of firms that are allowed for setting up a postdoctoral workstation, we manually collect information on the postdoctoral program from the website of the Ministry of Human Resources and Social Security. After merging with the above databases, our initial sample consists of an unbalanced panel of 12,134 firm-year observations. Then, we construct a PSM sample with 8,292 observations from 1,438 listed firms for the DID estimation.There are four main findings in this study. First, the postdoctoral workstation significantly promotes the upgrading of human capital in firms, which boosts the relative employment of skilled labor to rise by about 5.7% on average. Second, the channel test shows that the establishment of postdoctoral workstations has a direct impact on both the increment and stock of human capital and accomplishes the optimization level of human resources by promoting the “structural aggregation” and “learning-by-doing” effects on human capital. In addition to these direct effects, postdoctoral workstations also improve the quality of independent research and development in firms, and thus indirectly activate the skilled labor to play the role of “innovation carrier” to meet the needs of industrial upgrading. Third, further analysis indicates that employee stock ownership plans, urban vocational education, and industry competition will make the main findings more pronounced. Fourth, the postdoctoral workstation has a spillover effect, and its human capital upgrading effect can significantly promote production efficiency, financial profitability, and firm value in capital markets.This study contributes to the existing literature in several ways. First, it provides an integrated insight into the increment and stock of human capital to investigate the underlying mechanism of how postdoctoral workstations affect human capital in firms. Hence, it expands the research perspective of the driving factors of human capital upgrading at the micro-organizational level. Second, it links highly-educated talents with highly-skilled talents together, revealing the unique role of postdoctoral workstations in promoting the value spillover of skilled labor, which is a response to the academic community’s call for research on the synergistic aggregation effect of human capital at the organizational level and its strategic value. Third, as this study also examines the moderating effect of heterogeneity among different firms, cities, and industries, the conclusion can help entrepreneurs understand how to develop human resources efficiently and shed additional light on policy-making.

Firm listing status and the investment home bias

Are public firm investment rates more sensitive than private firm rates to new investment opportunities? We offer a new explanation for differences in public and private firm investment sensitivities: investment sensitivities differ because the type of investments favored by firms varies with their listing status. Specifically, we consider the geography of investment opportunities and find that private firms have a much stronger investment home-bias than similar public firms which makes their investment decisions more sensitive to local investment opportunities than public firms. Controlling for local investment opportunities explains four-fifths of the differential sensitivity between public and private firms not explained by more traditional measures of investment opportunities.

Recent Books

Buchwesen in Böhmen, 1749‐1848. Kommentiertes Verzeichnis der Drucker, Buchhändler, Buchbinder, Kupfer‐ und Steindrucker. By Claire Madl, Petr Pisa, and Michael Wögerbauer. (Buchforschung. Beiträge zum Buchwesen in Österreich, 11.) Wiesbaden: Harrassowitz. 2019. xxiv + 508 pp. €98. isbn 978 3 447 11297 0. Hard on the heels of Der Buchdrucker Maria Theresias. Johann Thomas Trattner (1719‐1798) und sein Mediumimperium, edited by Christoph Augustynowicz and Johannes Frimmel (reviewed in The Library, VII, 21 (2020), 398‐400), comes another valuable publication relating to the book trade in central Europe in the eighteenth and nineteenth centuries: a directory of printers and other members of the book trade in Bohemia. As such it usefully augments works such as Helmut W. Lang’s Die Buchdrucker des 15. bis 17. Jahrhunderts in Österreich (Baden‐Baden, 1972), the second revised and enlarged edition of Christoph Reske’s Die Buchdrucker des 16. und 17. Jahrhunderts im deutschen Sprachgebiet (Wiesbaden, 2015), and David Paisey’s Deutsche Buchdrucker, Buchhändler und Verleger, 1701‐1750 (Wiesbaden, 1988). However, it goes much further than these in as much as it does not restrict itself to just printers or even to printers, booksellers, and publishers. Rather it attempts much wider coverage of the book trade, including bookbinders, engravers, lithographers, apprentices, even labourers and errand‐boys, indeed everyone in any way connected with the trade. Whereas the listings by Lang, Reske, and Paisey are arranged alphabetically by place, Buchwesen in Böhmen comprises three lists. The first records the separate firms, from Achtsnit, Johann to Zýma, Anton Joseph (pp. 1‐241), with a brief history of each. Next comes an alphabetical list of ‘Akteure’, that is, individual operatives, very many of whom were itinerent and thus often not long associated with a particular firm, in a single sequence, no matter what their specific specialism was (pp. 243‐469), and finally there is a list of places, from Adlerfluss to Zbraslawitz with lists of the firms and the individuals associated with each (pp. 472488). The largest number of individuals are linked with Brüx (Most), Budweis (Ceské Budéjovice), Eger (Cheb), Jungbunzlau (Mladá Boleslav), Karlsbad (Karlovy Vary), Klattau (Klatovy), Königgrätz (Hradec Králové), Kuttenberg (Kutná Hora), Leitmeritz (Leitméřice), Neuhaus (Jindřův Hradec), Pribram, Reichenberg (Liberec)—and of course Prague, though the individuals here are simply too numerous to list. Whereas the list of firms gives references to the individuals associated with each and cross‐references to the bibliography, the list of individuals restricts itself largely to dates and their major employers, so that a fair amount of further searching in the often rather inaccessible items listed in the bibliography (pp. 489‐508) is still required. Nevertheless, the book sheds a great deal of light on the interaction of Bohemian bookmen with their counterparts in the German‐speaking world.

GIPS and Hedge Funds: Is Compliance a Certification Agent?

This study examines a sample of global hedge funds and focuses on analyzing characteristics consistently predictive of being GIPS compliant. Hedge fund data are merged with the CFA Institute’s list of GIPS-compliant firms. The authors find that smaller funds, with less experienced managers and those not denominated in US currency, are more likely to be compliant. They also find that firms with a strong internal control mechanism, defined as having one of the big four accounting firms as an auditor, are more likely to claim compliance. Turning to some core elements of the investor–fund relationship, they find performance fees are lower in firms claiming compliance, but past performance is insignificantly different. Collectively, the results suggest that GIPS compliance is useful to smaller and riskier firms that want to display confidence and transparency in their performance, thus supporting the notion that compliance is an additional certification agent. There is also some evidence to suggest a benefit to the investor in lower fees. <b>Key Findings</b> ▪ The minority number of hedge funds that chose to be compliant prior to the revised GIPS standards of 2020 are typically relatively smaller, have less-experienced managers, and are based in non-US currency. ▪ Compliant firms have smaller performance fees, resulting in a lower overall fee structure, compared to their noncompliant counterparts. ▪ Results are consistent with the notion that funds that chose compliance are those that could benefit from the additional certification it could provide.

How Venture Capital Influences High-tech Enterprises’ IPO: External Factors versus Internal Growth

There is huge potential for China to transform and upgrade its traditional manufacturing sector, and high-tech enterprises in manufacturing industries stand out. This study contributes to the literature on how venture capital affects technology-based Enterprises’ IPO by evaluating the characters between the two parties. According to the symmetric information theory, certification theory and enterprise property rights theory, the first round of risk financing enterprises from 2010 to 2019 is taken as a research sample to empirically analyze the impact of venture capital and corporate growth on firm listing events. The results show that the investment experience of venture capital institutions, when matched appropriately to firms’ specific growth, will facilitate and accelerate the IPO process. Thus the matching degree between the two are significantly positively related to the company's IPO. Under the premise of low growth of the company, venture capital has a significant impact on the listing of the company. As the growth of the company increases, the impact of venture capital on the listing of the company is gradually reduced. Venture capital institutions with overseas backgrounds are more inclined to promote the IPO of invested international companies. Finally, we discuss the implications based on the results of the empirical analysis, and make suggestions for venture capital institutions and companies.

Firms’ legitimation through corporate governance and its association with risk and return in Brazil

Purpose This study aims to examine the listing of firms at the highest corporate governance level of the Brazilian stock exchange (B3) as a means of legitimation and its relationship with risk and return on investment. Design/methodology/approach This paper analyzes 205 companies from 2010 to 2019, in which firms listed at the Novo Mercado level were compared with groups composed of other firms traded on B3. Findings The main results demonstrate that a listing at the supposedly higher level of corporate governance in Brazil does not indicate lower risk, a higher return or even a better risk-return ratio. Research limitations/implications The findings are restricted to this sample, representing the association identified between the analyzed phenomena and not a cause-effect relationship. Practical implications The highest level of corporate governance in Brazil brings together firms that present a higher risk (at least systematic) and lower returns (at least financial) because they seek to legitimize themselves in the market as firms committed to better management practices. Social implications These findings are useful to investors, the stock exchange, regulatory agents and the companies themselves to reflect on the purpose and usefulness of different levels of corporate governance in Brazil. Originality/value This study differs from the others that relate corporate governance to risk or return because it does not deal individually with corporate governance practices, but rather the phenomenon that is listed in a special governance level, created by the stock exchange, serving as a kind of seal legitimation.

Active Pharmaceutical Ingredients (API) Regulations in India, USA &amp; Europe: A Comparative Study

ICH Q7 i.e., Good Manufacturing Practice guide for Active Pharmaceutical Ingredients was the late outcome of ICH. The ICH Q7 Guideline is originally based on a PIC/S draft guideline on API and was adopted by PIC/S in 2001, then integrated as part II of the PIC/S GMP Guide in 2007.Q7 is a firm list of what makes an operating Pharmaceutical Quality System. Active Pharmaceutical ingredient is the crucial part of any drug product that can directly influence the safety and efficacy of the medicinal product which may endanger the life of the patient. For this, we have assessed the knowledge on regulatory guidelines adopted by three different counties and to observe API has an appropriate manufacturing process that country should follow the stringent rules under the country’s respective regulatory barrier. We therefore looked onto the Main component of drug product i.e., ‘API’ taking into consideration the regulatory requirements associated with it in 3 different countries and the quality control parameters associated with same. This study is the Elucidation of Regulatory Requirements of GMP i.e., the part of Quality Assurance for API in different countries and guidance for drug industry whose intention is to harmonize actions or processes within a specific discipline. During this study we strictly followed three different regulatory guidelines followed by USA (USFDA), INDIA (SCHEDULE M), EUROPE (EUROPEAN UNION VOL 4). It is imperative to manufacture API abiding by the standard guidelines for subsequent processing and formulation of high-quality raw material.

Interest on Equity versus Dividends: the Role of Shareholder Identity on Corporate Tax Avoidance

Most Brazilian public corporations have controlling majority shareholders. Meanwhile, the Brazilian tax code regarding payout income treats differently different kinds of shareholders depending upon their legal nature. Therefore, depending upon the controlling shareholder’s identity, the payout policy of Brazilian firms may be suboptimal for minority shareholders. We investigate this agency conflict in a sample of 404 Brazilian firms over 12 years. Using a novel measure for how much firms are exploiting the tax advantages of Interest on Equity – IOE (IOE/IOE*), we find evidence that the identity of the controlling shareholder influence both the way firms distribute profits (cash dividends or IOE), the propensity, and the amount paid out as IOE. The presence of institutional investors and firm listing in the special corporate governance segment in the stock exchange Novo Mercado significantly increase cash payouts in the form of IOE vis-a-vis cash dividends, reducing overall taxation (firm-level plus investor level) for the average firm. These results are robust to several model specifications and endogeneity tests. Overall, our evidence suggests that shareholders’ identity influences payout policy through the taxation channel.