Free Flow Research Articles

Nexus between ESG Practice and Firm Performance: Are there any Stylised Facts?

This study examines the relationship between firm performance and ESG (environmental, social and governance) practice for Malaysian public-listed companies. It evaluates whether the relationship varies with firms’ market capitalisation, total liabilities, and free cash flow. Using firm-level data from 72 companies covered in the FTSE4Good Bursa Malaysia (F4GBM) index from 2014 to 2022, our results show the following. First, ESG practice is positively and significantly associated with firm performance. However, the positive impact is conditional on the firm-specific variables. In particular, the positive impact of ESG is significant for firms with high market capitalisation. Second, the positive impact of ESG diminishes as firms accumulate higher liabilities. Third, the positive impact of ESG prevails if firms attain a high level of free cash flow. Our results suggest that firms must increase their market capitalisation, reduce total liabilities, and improve their free cash flow to benefit from ESG practices.

Free-surface flow due to a line source near a vertical barrier

The unsteady flow generated by a line source that is located at an arbitrary location beneath the free surface of a fluid of finite depth is considered when there is vertical barrier located nearby. The surface may have surface tension. The barrier is shown to have a significant effect on the wave height generated at the barrier and the outward travelling bore generated by the initiation of the flow. Simulations of free surface flows are very difficult due to the formation of curvature singularities on the surface. The method employed in this work does not appear to have these difficulties and the solutions can be computed almost up until the moment the wave breaks, including in some cases a significant spill at the front. A linearized solution and a fully nonlinear solution are presented and the results compared and discussed.

Performance evaluation of irrigation outlets with physical model study in Indus basin irrigation system of Pakistan.

The efficiency of water distribution at primary, secondary, and tertiary levels in the Indus Basin Irrigation System (IBIS) has historically suffered due to poor design, suboptimal operation, and water scarcity. To address these issues, the system has been designed with ungated irrigation outlets to ensure equitable water allocation at secondary and tertiary levels. This research evaluates the hydraulic performance of three irrigation outlets: adjustable proportional module (APM), adjustable orifice semi-module (AOSM), and open flume (OF) using a physical model study. A distributary channel model with these outlets was constructed at the Centre of Excellence in Water Resources Engineering, where discharge coefficients (Cd) were calibrated and measured under various hydraulic and geometric conditions, including free and submerged flow conditions, and with adjustments to flow depths and outlet settings. The results showed variability in Cd values under free flow and submerged flow conditions with APM and AOSM ranging from 6.07 to 8.20 and 0.56 to 0.74, respectively, and OF between 2.46 and 4.31. Additionally, the behavior of outlet tampering on Cd values was also assessed under three scenarios: tampering with the half wing wall (1st), tampering with the full wing wall (2nd), and lowering the bed level downstream of the outlet (3rd). The increase in Cd values for APM and AOSM was + 10.84% and + 14.49% under 1st scenario, + 17.12% and + 22.36% under 2nd scenario, and + 24.25% and + 26.30% under 3rd scenario, respectively. The results reveal that even minor tampering with outlet structures can lead to significant deviations in performance, highlighting the importance of maintaining stringent control over outlet configurations to ensure equitable and efficient water distribution. There is a critical need for rigorous, site-specific calibration of irrigation outlets to optimize their performance under local conditions and redesigning outlet structures to minimize the impacts of tampering, thereby enhancing the overall sustainability of water use in large-scale irrigation systems. The findings from this study provide essential insights for irrigation engineers and policymakers tasked with upgrading and maintaining irrigation infrastructure. By adopting a more customized approach to outlet design and management, it is possible to significantly improve water use efficiency and achieve more sustainable irrigation practices.

TAX PLANNING, INFORMATION ASYMMETRY AND FREE CASH FLOW TO EARNINGS MANAGEMENT WITH GOOD CORPORATE GOVERNANCE AS A MODERATING VARIABLE

This research was conducted with the aim of examining the effect of tax planning, information asymmetry and free cash flow on earnings management, as well as good corporate governance as a moderator of the relationship between tax planning, information asymmetry and free cash flow on earnings management. The data used is in the form of annual reports of companies in the goods & consumer industry sector listed on the Indonesia Stock Exchange (IDX) for the 2018-2021 period. The method used is quantitative with an analytical tool in the form of multiple linear regression. The results show that tax planning and information asymmetry have an effect on earnings management, while free cash flow has no effect on earnings management. Good corporate governance is able to moderate the relationship between tax planning, information asymmetry and free cash flow on earnings management. The implications of this research are expected to make a positive contribution to investors and creditors to be more careful in assessing management performance, company conditions and understanding reported earnings, because these profits are not necessarily true profits. This research is expected to provide input for companies to observe earnings management activities carried out by management for the benefit of management itself.

Investing in Tomorrow: How Indonesian Firms Allocate Free Cash Flow for Sustainability Development Strategy

Objective: This study is to investigates and prove the role of management ownership in the use of free cash flow to fund the social environment financing (Sustainability Accounting), and as the company's sustainability development strategic objectives. Theoretical Framework: Sustainability accounting has long been disputed in developing nations and certain industrial settings, and it remains among its most crucial issues in the business sector. Sustainability accounting is also used to assess or evaluate firm performance, provide accounting information, and make economic assessments relating to investment and managerial decisions, total asset expenditures, capital costs, or other strategic decisions for companies related to social responsibility, meaning that companies do not only prioritize profit but also deserves attention to the social-environmental factors of the communities in which they operate. This policy is aimed at preventing conflicts of interest between internal and external stakeholders of the organization, and can protect the company's reputation Method: The method utilizes pure-moderated regression model and using the purposive sampling method, data pooling is based on the company's ISX-listed financial statements on 2016-2020 period, and has an Environmental Performance Management index on Green-Gold PROPER. Results and Discussion: The results of the t-test showed a significance value of pure-moderating effect of managerial ownership to intervene free cash flow in sustainability accounting. This means that in order to overcome the socio-ecological accounting crisis, in addition to profit orientation, companies make sustainability responsibility one of the most important factors in their business operations. Research Implications: Management ownership plays a positive role and has a significant impact on sustainability accounting. Even if they hold a relatively small number of shares, they can influence the use of free cash flow for the benefit of sustainability accounting. Free cash flow is not only used to return profits to shareholders, but also to benefit social and environmental programs when companies make strategic decisions. This result in line with the legitimacy theory, which states that the existence and sustainability of corporate operations is confirmed by their conformity with the interests and expectations of the community. Originality/Value: This study contributes to clarifying why a company's sustainability can be verified through sustainable accounting. This research suggests that one essential aspect in resolving the socio-environmental accounting crisis was sustainability responsibility.

Combining practical blood flow restriction with elastic band resistance training neither affects strength nor muscle thickness in young males

The purpose of this study was to determine the effect of eight weeks of elastic band resistance training (EBRT) program associated with practical blood flow restriction (BFR) on muscle strength and hypertrophy. Fourteen physically active male participated in an eight-week upper limbs EBRT program, with one limb under BFR and the other with free blood flow (EBRT+BFR). Bilateral and unilateral elbow flexion exercises were performed three times a week, with three sets of 15 repetitions in each upper limb. Blood flow restriction was produced by an extensive band, implementing the pressure stipulated at 25% of the resting upper arm circumference. Significant main effect for time was found in elbow flexors muscle thickness measured with ultrasound to both training conditions, but no significant interactions in the time x group were identified. Relative strength gains measure with a dynamometer were -0.5 ± 10.2 % and 0.5 ± 12.1 % in the arms trained with EBRT and EBRT+BFR, respectively. The relative gains in elbow flexor muscle thickness were 1.8 ± 6.2 % with EBRT training and 5.5 ± 6.7 % in EBRT+BFR (both p > .05). In conclusion, applying BFR to an EBRT was not superior at increasing upper limb muscular strength or hypertrophy in young adults compared to EBRT alone.

Numerical simulation of the effect of downstream material on scouring-sediment profile of combined spillway-gate

ABSTRACT Overflow structures are among the most important hydraulic structures used for measuring flow, controlling floods in reservoirs, and regulating water levels in open channels. Alternative options, such as combined structures like spillway-gates, are preferred due to their compatibility with natural and ecological needs. This study investigates the impact of different soil gradations downstream on the scouring profile of combined spillway-gate structures. Scouring and sedimentation downstream of the spillway-gate were examined under various particle sizes of 0.0008, 0.001, and 0.0014 m, with a constant density in both free and submerged flow conditions using the FLOW-3D software. In this study, the k-ε, k-ω, LES, and RNG turbulence models were evaluated, and the RNG turbulence model was selected among that group. In free flow conditions, the highest sediment deposition occurred with the smallest particle diameter. For larger particle diameters, the void spaces between the particles reduce friction and increase the movement threshold, leading to increased scouring and decreased sediment height. In submerged flow conditions, the changes in scouring for different particle sizes were minor, with results being closely aligned. In submerged flow conditions, increasing the particle diameter resulted in a decrease in sediment deposition in the post-scouring area.

Energy Dissipation Assessment in Flow Downstream of Rectangular Sharp-Crested Weirs

Sharp-crested weirs are commonly used in hydraulic engineering for flow measurement and control. Despite extensive research on sharp-crested weirs, particularly regarding their discharge coefficients, more information is needed via research on their energy dissipation downstream. This study conducted experimental tests to assess the influence of contraction ratio (b/B) of rectangular sharp-crested weirs (RSCWs) on energy dissipation downstream under free flow conditions. Five RSCWs with different b/B equals 6/24, 7/24, 8/24, 9/24, and 10/24 were used. The results showed a consistent decrease in relative energy dissipation (Δ𝐸𝑟) with an increase in the head over the weir. Furthermore, as the discharge per unit width (q) increased, the relative energy dissipation (Δ𝐸𝑟) decreased, indicating more efficient discharge over the weir. A higher b/B further reduces Δ𝐸𝑟, suggesting that wider weirs are more effective in minimizing energy losses. The maximum relative residual energy (E1/E0) and relative energy dissipation (Δ𝐸𝑟) occurred at b/B = 10/24 and 6/24, with values of 0.825 and 0.613, respectively. Additionally, the maximum discharge coefficient (Cd) of RSCWs is found at b/B = 6/24, with an average value of 0.623. The results support the accuracy of the proposed equation with R2 = 0.988, RMSE = 0.0083, and MAPE = 1.43%.

Eocene to Early Miocene dinoflagellate cysts from the southern Gulf of Mexico

This paper documents the Eocene to Miocene dinoflagellate cyst assemblages found at Site 94 in the southern part of the Gulf of Mexico. Four unique dinoflagellate cyst assemblages representing depositional periods from the Early Eocene to the Early Miocene are defined in this study. The Early to Middle Eocene assemblage presents the highest average concentrations of dinoflagellate cysts, is dominated by Operculodinium, and contains few heterotrophic taxa. The Early Oligocene assemblage has medium concentration and is dominated by Deflandrea. The Late Oligocene also has high average concentrations of dinoflagellate cysts, is dominated by Homotryblium, and contains few heterotrophic taxa. The Early Miocene assemblage has lower average concentrations of dinoflagellate cysts, is dominated by Pyxidinopsis, and lacks heterotrophic taxa. Our palynological data is related to significant regional paleogeographic and paleoceanographic changes. Namely, the Early to Middle Eocene free flow of tropical water masses from the south and the Late Eocene restriction of this flow by a land bridge connecting northern South America to Cuba in the north. The Oligocene gradual return of the tropical water masses and finally, the Early Miocene emergence of the Florida Platform when the Gulf of Mexico reached modern oceanographic conditions. The stratigraphic ranges of selected dinoflagellate cysts fit in age with previous microfossil data from the site and allowed us to define the Early Oligocene - Late Oligocene transition. The presence of well-preserved dinoflagellate cysts allowed the identification of 60 species and the discovery of three new species: Achomosphaera psilata sp. nov., Carpatella reticulata sp. nov., and Hystrichosphaeropsis gulficum sp. nov.

Low mode interactions in water wave model in triangular domain

We study gravity water waves in a domain with inclined lateral boundaries that make a 45°angle with the horizontal axis. We consider free surface potential flow and a simplified model that contains quadratic nonlinear interactions among the normal modes. The particular geometry leads to classical semi-explicit expressions for the normal modes and frequencies, and we use this information to compute the mode interaction coefficients. We further use a partial normal form to compute the amplitude dependence of nonlinear frequency correction of the lowest frequency mode. We indicate the general computation and present numerical results for a truncations to a system for the two lowest modes.

Agricultural and Non-Agricultural College Students' Attitudes Towards Undocumented Migration

An estimated 4,350,000 immigrants reside in Texas, comprising 20% of the workforce and wielding a spending power of up to $112.8 billion. Negative sentiment towards migrants has created a hostile environment, despite their substantial socio-economic contributions. Efforts to mitigate this sentiment involve youth education, targeting younger generations to reshape perceptions about immigrants and emphasize diversity's significance. This research assesses undergraduates' attitudes toward undocumented migration and compares agricultural (AGNR) and non-agricultural (non-AGNR) students' stances. In this quantitative study, 452 participants completed the 20-item Attitude Toward Illegal Immigration survey, assessing constructs like cost-benefit, free flow, and human rights. Descriptive statistics, Mann-Whitney U tests, and multiple regressions were employed to analyze and compare Free flow (Model 1), Cost-Benefits (Model 2), Human Rights (Model 3), and the average attitude towards undocumented migration (Model 4). Results revealed a significant difference in undocumented migration scores. AGNR students slightly leaned against undocumented migration versus non-AGNR peers. Multiple regressions showed gender, ethnicity, and political inclination as significant predictors in both AGNR and non-AGNR models (cost-benefit, free flow, human rights, and undocumented migration). Further research should delve into these predictors' underlying reasons and replicate analyses in other US universities US using different approaches, such as a qualitative design.

Explaining the diversity in findings on derivatives uses and firm value: Insights from firms' commodity futures use

Empirical studies show mixed and inconclusive findings on the relationship between derivatives uses and firm value, with reasons remaining unclear. This paper addresses this issue by applying the enterprise discounted cash flow (DCF) model. Based on commodity futures uses in China's non-financial publicly listed companies, this paper shows that the use of commodity futures, either for the purpose of hedging or speculation, diminishes the firm value. Specifically, the hedging ones damage the operational portion of firm value through a modest decline in free cash flow—primarily attributable to a substantial increase in capital expenditure—and a relatively stable cost of capital. Conversely, the speculation ones harm the non-operating portion of firm value via a steep rise in the cost of capital and the investment gains. Our findings show that hedging and speculation derivatives impact different aspects of firm value through cash flow and cost of capital channels. These findings help to explain the diverse empirical findings on the relationship between derivatives and firm value.

SPH simulations of non-isothermal viscoplastic free-surface flows incorporating Herschel-Bulkley-Papanastasiou model

In this paper, an improved smoothed particle hydrodynamics (SPH) method is employed to accurately simulate non-isothermal viscoplastic free surface flows, wherein the viscoplastic behavior of the fluid is precisely captured through the incorporation of the Herschel-Bulkley-Papanastasiou constitutive model. To suppress the non-physical oscillation arising from the weakly compressible hypothesis within the pressure field, the density dissipation term is incorporated into the mass conservation equation. To address the tensile instability arising from the uneven distribution of particles, the particle shifting technique is incorporated as a solution. To enhance the precision and ensure numerical stability of the gradient operator, a kernel gradient correction algorithm is implemented. The improved SPH method is employed for numerically simulating the non-isothermal viscoplastic mixed convection, dam-break flow and droplet impacting the solid wall. The effectiveness of the improved SPH method in tackling the complexities of non-isothermal viscoplastic fluid is validated through a rigorous comparison of its outcomes with those derived from alternative numerical methodologies. The assessment of the numerical convergence of the improved SPH method is undertaken through the utilization of varying initial particle spacings. The numerical outcomes demonstrate that the improved SPH method adeptly and precisely delineates the heat transfer mechanisms, intricate rheological properties, as well as the dynamic variation characteristics of the free surface in non-isothermal viscoplastic free surface flows.

Unifying the roll waves.

Free surface flows down a slope occur in various real-life scenarios, such as civil engineering, industry, and natural hazards. Unstable waves can develop at the free surface when inertia is sufficiently strong, indicated by the Reynolds number exceeding a critical value. Although this instability has been investigated for specific fluids with different rheologies, a common framework is still lacking to facilitate comparison among the various models. In this study, we investigate the linear stability of a generalized Newtonian fluid, where the viscosity [Formula: see text] remains unspecified. We meticulously construct new dimensionless quantities to minimize dependence on the rheology, and subsequently derive the Orr-Sommerfeld equation of stability for any generalized Newtonian fluid, which has never been done before. We conduct a long-wave expansion and generate a novel analytical expression for the wave celerity, along with the critical Reynolds number. The originality in this study is that the analytical expressions obtained are valid for any rheology, and are easy to compute from a rheological measurement or from a base flow profile measurement. These results are subsequently scrutinized using various shear-thinning, shear-thickening, and viscoplastic rheology models. They exhibit excellent agreement with experimental or numerical data as well as theoretical findings from existing literature. Furthermore, the novel analytical expressions enable a much more comprehensive investigation into the impact of rheology on stability. While our approach does not encompass singular or non-monotonous rheology, the analytical expressions derived from the long-wave expansion exhibit remarkable resilience and they continue to accurately predict both the wave speed and the instability threshold in such cases.

Numerical investigation of free surface flow impact using an accelerated three-dimensional smoothed particle hydrodynamics

Water impact problems are inevitable in the realm of ocean engineering. The smoothed particle hydrodynamics method (SPH), as a meshless particle approach, can effectively reproduce the slamming process which involves large deformation of the free surface. In this study, an accelerated three-dimensional SPH model is constructed based on the graphic processing unit (GPU) with the speedup of up to 40. The six-degree-of-freedom motion equation is introduced to realize the responses of the solid. The fluid-solid interaction system is achieved by regarding the rigid body as the moving boundary of the fluid. The computational accuracy and efficiency of the developed model are respectively verified by the wedge water entry, dam breaking and inclined cylinder water entry. Finally, the developed model is applied to a complex flight vehicle landing problem, and the effect of the initial horizontal velocity, vertical velocity and pitch angle on the impact process are qualitatively and quantitively studied.

Experimental Measurements of Wind Flow Characteristics on an Ellipsoidal Vertical Farm

The rise of high-rise vertical farms in cities is helping to mitigate urban constraints on crop production, including land, transportation, and yield requirements. However, separate issues arise regarding energy consumption. The utilisation of wind energy resources in high-rise vertical farms is therefore on the agenda. In this study, we investigate the aerodynamic performance of an ellipsoidal tall building with large openings to determine, on the one hand, the threshold income wind that could impact human comfort, and on the other, the turbulence intensity at specific locations on the roof and façade where micro-wind turbines could operate. To this end, we calculate the wind pressure coefficient and turbulence intensity of two scale models tested within a wind tunnel facility and compare the results with a separate CFD simulation completed in the past. The results confirm that the wind turbines installed on the building façade at a height of at least z/h = 0.725 can operate properly when the inlet wind speed is greater than 7 m/s. Meanwhile, the wind regime on the roof is more stable, which could yield higher energy harvesting via wind turbines. Furthermore, we observe that the overall aerodynamic performance of the models tested best under wind flowing at angles of 45° and 60° with respect to their centreline, whereas the turbulence at the wind envelope compares to that of the free wind flow at roof height.

Idiosyncratic factors that shape shareholder reward policies in capital intensive companies

This study empirically explores multiple company-specific determinants of dividend distributions and stock buybacks, by utilizing a panel dataset of maritime shipping companies and a panel dataset of matched companies from various industries, as well as by employing Generalized Method of Moments instrumenting for endogeneity. The results provide evidence that idiosyncratic factors, such as the reputation of dividend distribution, firm market value, free cash flow, firm profitability, analyst’s coverage, free float, firm size, leverage, firm liquidity, stock liquidity, collateralizable firm assets, risk, investment opportunities, institutional ownership, and firm performance, are important antecedents of dividend distributions in both capital intensive and diverse industries. Moreover, the reputation of stock buybacks, firm market value, free cash flow, analyst’s coverage, free float, firm size, leverage, firm liquidity, stock liquidity, collateralizable firm assets, risk, institutional ownership, and firm performance, are important determinants of stock buybacks in capital intensive industries. Lastly, the reputation of stock buybacks, firm profitability, analyst’s coverage, free float, firm size, leverage, stock liquidity, collateralizable firm assets, risk, investment opportunities, institutional ownership, and firm performance are important factors of stock buybacks in diverse industries. These empirical findings enrich the literature and yield practical implications for principal officers and investors as discussed herein.

Can digital finance boost regional innovation? From the perspective of resource mismatch in China

ABSTRACT Digital finance provides new possible ways to promote innovation-driven development strategies. Using data of 257 prefecture-level cities in China from 2011 to 2019, this paper examines the impact of digital finance on regional innovation, as well as the mediating effect of resource mismatch underlies it. The empirical results are as follows. First, digital finance can significantly boost innovation, both in terms of the quantity and quality. Second, the incentive effects of innovation have been more obviously observed in the eastern cities and the cities with high financial levels or light digital divides in China. Third, the mechanism effect implies that digital finance works positively on innovation through improving the factor allocation efficiency by alleviating the misallocation of labour and capital. These conclusions indicate that to better promote regional innovation, it is crucial to encourage the digital transformation of the financial industry, enhance digital infrastructure development, and facilitate the free flow of resources among regions. The paper offers both theoretical and empirical evidence that digital finance influences regional innovation by alleviating resource mismatches. It also examines the role of the ‘digital divide’ in shaping innovation through digital finance. These two points constitute the key innovations of the paper.

Climate change, global population and the capitalist axiomatic: making sense of Malthus

ABSTRACT This paper critiques the neo-Malthusian proposition that drastic global population reduction is essential to counteract the current climate emergency. It applies a new materialist, rhizomatic and more-than-human ontology of capitalism based Deleuze and Guattari’s analysis of the ‘capitalist axiomatic’: the free flows of commodities, capital and labour characteristic of capitalist production. Three sections address these rhizomatic flows, considering ‘extractive capitalism’, economic growth, and population growth through this DeleuzoGuattarian lens. The paper concludes, contra Malthus, that while growth in the global human population is placing strain on the environmental capacity to support it, it is the complex, rhizomatic interactions within the capitalist axiomatic that are producing anthropogenic climate change. Remedies short of a wholesale global shift from a capitalist economy are proposed to address this global crisis.

Angiogenesis of Avascular Necrosis of the Femoral Head: A Classic Treatment Strategy.

Avascular necrosis of the femoral head (ANFH) is a type of osteonecrosis due to the cessation of blood supply, characterized by persistent local pain and collapse of the joint. The etiology of ANFH is multifaceted, and while its precise pathogenesis remains elusive, it is currently widely believed that the femoral head is highly dependent on the vascular system. A large number of studies have shown that vascular injury is the initial factor in the onset of ANFH. In this review, we briefly introduced the process of angiogenesis and the blood supply to the femoral head, with a focus on summarizing the existing research on promoting angiogenesis for the treatment of ANFH. We conclude that providing alternative pathways through angiogenesis to resolve the problem of the obstructed free flow of the blood is an important means of treating ANFH. Moreover, we also looked forward to the mechanism of endothelial metabolism, which has not yet been studied in femoral head necrosis models, providing potential strategies for more effective use of angiogenesis for the treatment of femoral head necrosis.