Future Growth Potential Research Articles

Long-term behavior of the vascularized fibular free flap for reconstruction of bony defects in children

Bony resection in children presents a unique reconstructive challenge because of future growth potential. To achieve limb salvage and provide the patient with a functional extremity, vascularized free fibula transfer has become the workhorse for bony reconstruction. The authors present their reconstructive experience using vascularized fibula flaps in a group of pediatric patients. This is a monocentric, retrospective study of 25 pediatric patients who underwent reconstruction of bony defects with a vascularized fibula flap from 2004 to 2017. Perioperative and long-term complications were noted. Functional outcomes were analyzed. Twenty-five patients with a mean age of 10 years were included. The etiology was tumor for 21 of them and 4 had neurofibromatosis. Median follow-up was 86 months. Overall, survival was 92 percent and flap survival was 100 percent. Perioperative surgical complication rate was 32 percent. The overall union rate was 87 percent following supplemental bone grafting. 67 percent of the lower limb fibula presented hypertrophy, with a mean hypertrophy of 154 percent. Median time to union was 15 months. Leg-length discrepancy was present in 5 patients. Mean Musculoskeletal Tumor Score was 23. Vascularized fibula free flap is the ideal material for long bone reconstruction with a definitive result. It allows children with early ambulation, provides good functional outcomes and improve their quality of life.

Environmental Systems In Airports

Airports, with the facilities and services they provide, are one of the most important parts of the infrastructure necessary for regular operation of aircraft. Airports contribute to the local economy and employment significantly. However, in addition to the social and economic benefits it provides, costs and environmental impacts are the inseparable results of airport operation. Following the growing demand for passenger and cargo air travel, the aviation industry is expected to grow further, meaning more incentives and incentives to build new airports or expand existing airports, increasing the complexity and complexity of environmental and sustainability problems. The importance of the research study in applying the criteria of sustainability and technological development to achieve all means of efficiency while preserving the environment at airports.Some of the major problems of environmental and sustainable development raised in relation to airport operation are emissions, water quality, air quality, noise issues, waste management and energy consumption.The challenge for airports authorities is to find a balanced approach to maximize the capacity of airports and future growth potential, and to reduce the negative impacts associated with growth, which are detrimental to the environment. The study aims to apply the criteria and requirements of sustainability to reach the highest efficiency of the airports without harming the surrounding environment.Here comes the role of the Environmental Management System (EMS), a set of management principles that aim to identify, assess, control and reduce the negative environmental impacts of any organization's activities and benefit them by providing a structured approach to assess and monitor ongoing activities, increase environmental awareness and comply with relevant regulations.The EMS provides many different and useful tools to discover, understand and manage those elements involved in its activities, products and services that have the potential to influence the environment.

An analysis of the demand for business aircraft among the corporate sector in South Africa

Background: Business aircraft fulfil a major need in providing access and mobility solutions not generally offered by scheduled commercial aircraft. These aircraft often make use of secondary airports in outlying areas thus encouraging economic development. Business aviation is, in general, growing throughout the world and also in some African countries, but appears to be subdued in South Africa. The purpose of this research project was to determine the demand characteristics for business aviation aircraft in South Africa.Objectives: The primary research objective was to determine the demand for business aircraft in South Africa, as well as the nature and characteristics of the users and non-users of business aircraft among the top 100 companies listed on the Johannesburg Stock Exchange (JSE).Method: A pragmatic research philosophy guided an exploratory sequential mixed methods research design. Findings from face-to-face interviews with aviation experts were utilised to develop the research questionnaire distributed to the top 100 JSE-listed companies.Results: The potential future growth for the business aircraft market is most likely to come from existing users, with marginal growth from new entrants in the market. Perceived costs are major deterrents to the utilisation of business aircraft.Conclusion: The research provides market intelligence necessary to guide business aviation companies to efficiently service or expand the market for business aircraft in South Africa, contributing to the existing knowledge in air transport.

Sustainability of Leverage Levels in Response to Shocks in Equity Prices: Islamic Finance as a Socially Responsible Investment

This study looks at how firms react to shocks in equity prices based on a classification which arises from social pressures rather than the financial objective of maximizing shareholders’ wealth. In order to meet the objective of the study, a sample of Malaysian firms from the period of 2003 to 2018 was utilized to evaluate the relationship between market and book debt ratios based on a social distinction. The study is based on the theoretical expectation that managers are inclined to adjust book debt ratios to converge with market debt values which arise from changes in equity values over time. We introduce a unique institutional setting into the relationship which is readily observable in the Malaysian capital market given the existence of Shari’ah and non-Shari’ah compliant company classifications on the stock exchange (Bursa Malaysia), as screened by the Securities Commission. The classification forms the basis for distinguishing Socially Responsible Investment options for investors. The findings reveal the existence of asymmetries in how both categories of firms adjust towards shocks in equity prices. The findings document that both compliant and non-compliant firms decrease book debt ratios in line with increases in firms’ equity values. Compliant firms, on the other hand, are more likely to increase book debt ratios during periods of decreases in equity values. Non-compliant firms do not significantly alter book debt ratios during periods of declining equity prices. The findings indicate that whilst firms tend to decrease debt levels in the presence of future growth potential, the response is asymmetric during periods of suppression of share prices. Thus, the screening of compliant versus non-compliant firms allows investors to distinguish sustainable firms in the long run, which further allows diversification when holding socially responsible investment portfolios. Our conclusions have wide reaching implications on a global scale for the development of sustainable capital markets.

The Effect of Firm Life Cycle on the Relationship between R&D Expenditures and Future Performance, Earnings Uncertainty, and Sustainable Growth

R&D investment can reduce costs through efficient production technology, which has a positive (+) impact on future performance. On the other hand, R&D investment has uncertainty due to characteristics such as time lag, high cost and non-appropriability. We examine whether the effects of R&D expenditures on future performance and earnings uncertainty are different according to firm life cycle, which reflects the differences in the environment, circumstances, and strategy of the firm. Investors assess sustainable growth potential of the enterprise in the capital market, reflecting the future performance and the uncertainty of the firm. This implies that R&D investment can affect the capital market through investors’ future expectations for sustainable growth of the company. We also examine the differential effects of R&D expenditures on market response by the firm life cycle. The test results show that firm life cycle differentially affects the relation between R&D expenditures and future performance and uncertainty. Further, the market response varies over the firm life cycle. Our results provide suggestions that R&D investments should be made properly considering the environment and circumstances of the firm. The finding that R&D expenditures differently affect future performance, uncertainty, and sustainable growth potential according to the firm life cycle is expected to help managers make decisions about R&D investment.

Forecasting Trade Potential Between China and the Five Central Asian Countries: Under the Background of Belt and Road Initiative

Under the background of the Belt and Road Initiative, this paper constructs a measurement equation for China’s exports to the five Central Asian countries based on the gravity model of international trade for the purpose of forecasting China’s future export growth potential. This paper selects China’s GDP, trading partners’ GDP, geographical distance, borders, railway freight volume, population growth rate and WTO as explanatory variables, based on what we construct multiple measurement equations. We use panel data from 2010 to 2017 to perform multiple regression analysis under the random effects model. We find that the model using China’s GDP, trading partners’ GDP, geographical distance, and borders as explanatory variables has a higher degree of fitness and each key explanatory variable is significant. Basing on the obtained measurement equation and the World Bank’s forecast of the economic growth of various countries, we forecast that China’s exports to the five Central Asian countries can maintain stable growth in the short term. By 2022, China’s total exports to the five Central Asian countries will reach 2,353,510.82 million USD which will be 1.09 times that of 2017.

Agronomic Traits in Durum Wheat Germplasm Possessing Puroindoline Genes

Core Ideas Durum wheat is an underutilized crop due to it hard kernel texture; soft kernel durum removes this limitation. Initial soft kernel durum lines show favorable agronomic performance, including grain yield and pest resistance. Soft durum lines show strong potential for future growth in the Pacific Northwest. ABSTRACTDurum wheat (Triticum turgidum subsp. durum) represents only 5% of global wheat production. Durum production is limited by its very hard kernel texture, which requires specialized milling and limits end‐product utilization. However, soft kernel durum wheat was recently developed to remove these constraints, but it has not until now been examined for its agronomic potential and pest resistance, which were the focus of this study. The soft durum lines were compared with two commercial hard red spring wheat varieties, Buck Pronto and Alum. Soft durum lines were relatively competitive for grain yield (i.e., >90%) with Buck Pronto at 16 of 34 locations. Increasing seeding rate did not increase grain yield of soft durum. The soft durum lines showed no tolerance of acid soils/Al, but exhibited moderate‐to‐strong resistance to stripe rust (caused by Puccinia striiformis f. sp. tritici). Good resistance to stem rust (caused by Puccinia graminis f. sp. tritici) and near complete resistance to dwarf bunt (caused by Tilletia controversa) were observed. Resistance to Hessian fly (Mayetiola destructor) was observed in some of the plants, with three of the durum lines showing a larger proportion of resistant plants. Varying levels of resistance to cereal cyst nematode (Heteroderma filipjevi) were recorded, with some lines highly resistant. These studies show that there is good agronomic potential in the current soft durum lines for moderate yield and good pest resistance. Further breeding efforts and germplasm introgression will likely improve the competitiveness of soft durum wheat with currently grown hard red spring wheat.

Digital platforms as the basis of a new ecological system of socio-economic development

Development of information and communication technologies gave people an opportunity to exchange information, services, content and ideas leading to occurrence of new business-models, formation of new trends of socio-economic development of society. Innovations do not determine future, but they offer choices and formulate questions to be responded by the new generation. Challenges associated with labour productivity, economic growth and reduction of expenses correlate with unemployment, total control and deep penetration of digital technologies into everyday life of a human being. The article describes development features of digital platforms, the method of value creation of digital interaction by means of integration of clients and service providers, manufacturers and buyers of goods and also partners on ecological system by formation of network effect. Digital platforms have more reliable sources of competitive advantage that provides higher potential for future growth not of individual companies only, but of national economies as a whole.

Net reserves evaluation and sensitivity analysis of shale gas project under royalty & tax system in British Columbia, Canada

With the declination of production and increasing of fossil-fuel demand, petroleum companies strive to maximize production by conducting more advanced drilling operations, such as extended reach, horizontal and high-pressure/high-temperature (HP-HT) drilling and multi-stage hydraulic fracturing, which are expanding globally into unconventional resources drilling. Shale gas, which constitutes for a significant percentage of the natural gas resource base and offers tremendous potential for future reserve and production growth, was becoming the increasingly important asset for petroleum companies. This paper took a shale gas project in British Columbia (Canada) as an example, combining the characteristics of the shale gas reservoirs with royalty & tax policy of this region. The research on shale gas reserve evaluation and the principles of net reserve calculation under royalty & tax contract was carried out. The four main aspects such as technique, economy, commerce and engineering, were studied to analyze the influence on net reserves from the following factors: production, declining rate, development plan, oil price, Opex(operating costs), Capex(investment) and taxes, etc. Sensibility analysis was conducted by adopting the most weighted factors, such as oil prices, production, Opex and Capex. All the effort was to put forward the corresponding suggestions on optimizing development strategy, solve the current reserves evaluation problems of shale gas, and provide reference for the shale gas assets transaction, development and perfection of reserves value evaluation.

China-Germany Industrial Cooperation in the Context of the Belt and Road Initiative—An Analysis Focusing on Shandong Province

At present, economic decision-makers and theorists predict that the robust alliance of “German technology” and “made in China” will reach new global heights through the development of intelligent manufacturing. However, the path to the realization of this prediction is still being explored. Shandong is a microcosm of China’s economic development and China-Germany cooperation, so the province can be analyzed as a representative example of the industrial choices and implementation strategies of this cooperation. In practice, China-Germany industrial cooperation should take into account industries where Germany has an advantage and the industrial development priorities and future growth potential of China and Shandong. We should thus focus on raising the quality of German investment and attending to its spill-over effects. The findings of a quantitative analysis of Shandong’s industrial gradient coefficient and industrial correlation show that the future alignment of German and Shandong industry should adhere to the principle of “emphasizing key points and storing up resources for the future.” For this reason, we should not only strengthen the key fields of Shandong’s industrial alignment with Germany, but also actively cultivate areas with potential. Research on the pattern of German investment in China indicates that German companies’ choice of investment location has certain distinctive features. The factors that matter most in attracting German investment are the concentration of German first-comer enterprises in the host country, the shape of the business environment and the level of human capital and regional science and technology. For this reason, against the background of the Belt and Road Initiative, Shandong’s alignment with German industry should focus on building industry chains, constructing investment platforms and shaping the external environment.

Digital transformation in the mining enterprise: The empirical study

Digital transformation (DT), as a result of digitalization process, rapidly and fundamentally changes the business entities and organizations, which involves a radical review of the use of technology to change the strategy, value streams, operations, and business models, with a significant impact on customers, business partners and employees. Enterprises are launching the DT initiatives examining the wishes and needs of customers and creating operational models that use the new opportunities to increase competitiveness. In this regard, the key responses to changes in the digital era are the reshaping customer value propositions and reconfiguration the operation model. In the basic industries, where the product is mainly a raw material, such as the mining industry, the companies launch the DT initiative to improve operations. The operating model is adjusted so that user preferences and expectations affect each activity in the value chain. This requires the integration of business activities and the optimization of the way to manage and track data related to each key activity in the value chain. However, although there is a great potential for future growth, the current state of digital transformation in mining is at a low level. Therefore, the question arises as to how to launch and effectively realize the DT initiative for improvement the operational model in the mining enterprise. This paper, in general, discusses the importance of the DT, with particular reference to the key aspects of the DT, challenges and success factors in the mining industry. As a result of research, the key aspects of realization the DT initiative for improving the operational model in the large, diversified mining enterprise are presented; challenges and success factors are identified and classified in a given context. The complete research efforts, as well as the obtained results, are dedicated to the role and significance of the DT phenomenon in the mining industry, with the goal of wider and more effective use the digital technologies in the mining enterprises.

Hierarchy of earnings thresholds based on discretionary accruals

Prior studies identify hierarchies of earnings thresholds based on distributions of earnings (e.g., Degeorge et al., 1999) and survey opinions of CFOs (Graham, Harvey, & Rajgopal, 2005). We complement extant literature by investigating a threshold hierarchy in the context of accounting discretion exercised by managers. We examine the relative extent of discretionary accruals used to achieve three earnings thresholds—avoiding losses, avoiding earnings declines, and avoiding negative earnings surprises. Our empirical findings suggest that managers are likely to use the largest amount of discretionary accruals to avoid earnings declines, and the least amount of discretionary accruals to avoid negative earnings surprises. Thus, this study identifies the hierarchy of the earnings thresholds based on accounting discretion used in financial reporting. We also find that the hierarchy remains stable over the last two decades during our sample period. Then, we provide several explanations for why managers are likely to exercise more accounting discretion to avoid earnings declines. These explanations include earnings smoothing, reduction of stock returns volatility, and signaling of future growth potential. Overall, this study provides new insights into accruals management behavior.

Recent Advances in Drug Development and Regulatory Science in China.

As the second largest pharmaceutical market with a great potential for future growth, China has drawn much attention from the global pharmaceutical community. With an increasing government investment in biomedical research, the domestic biopharmaceutical (biotechnological) companies in China are turning their attention to the development of innovative medicines and targeting the global market. To introduce innovative products to Chinese patients sooner, to improve the efficiency of its review and approval processes, and to harmonize its regulatory science with international standards, the China Food and Drug Administration (CFDA) has initiated a series of major changes to its policies and regulations. This paper presents a snapshot of China's pharmaceutical market, and research and development status, and introduces technical guidelines pertaining to clinical trials and new drug applications. The recent wave of ground-breaking reforms in CFDA's regulatory science is discussed. Examples of clinical trials and new drug applications are provided throughout the discussion.

An Empirical Study on the Evaluation of Technology Asset: For Non-listed SMEs

본 연구는 미래성장성이 높은 비상장 기술혁신형 중소기업이 보유한 기술자산의 경제적 가치를 비용자본화 모형을 통하여 실증적으로 추정한다. 기술자산의 가치를 고려하지 않은 기업가치 산정은 그만큼 기업의 미래성장성을 과소평가하게 되어 투자 및 대출 등의 자금공급과 M&A에서 상대적으로 불이익을 받을 수밖에 없다. 기술자산추정을 위한 분석방법론으로는 비용자본화 모형, 초과이익확장모형, 내재가치모형 중 비상장중소기업에 상대적으로 제한이 적은 비용자본화 모형을 선택하였다. 2009년∼2013년 사이의 중소기업진흥공단이 보유하고 있는 13,250개의 비상장 중소기업을 대상으로 추정한 기술자산의 가치는 외감기업의 경우 평균 18.83억 원이며, 비외감 기업의 경우 5.78억 원으로 각각 나타났으며, 총자산대비 기술자산가치의 비율은 각각 13.64%(외감)와 15.86%(비외감)으로 추정되어 기술자산의 경제적 가치는 결코 작지 않은 것으로 분석되었다. 기술자산가치를 반영한 최종기업가치는 DCF 모형을 이용한 경우 27.9억 원(중위수), EVA 모형을 이용한 경우 28억 원(중위수)로 거의 비슷한 것으로 나타났다. 다만 다소 보수적으로 기업가치를 산출한 DCF의 모형에 비해, EVA의 평균이 84억 원으로 DCF의 평균 47억 원보다 상당히 높은 값을 보인다.This study empirically estimates the economic value of technology assets of technology - innovative SMEs. It is important to incorporate technology asset value into the firm valuation in order to avoid underestimation of the future growth potential for the technology-innovative SMEs. As an analytical methodology for estimating technology assets, we select the cost capitalization model, which is relatively less limited to apply for unlisted SMEs. Using the sample of 13,250 private SMEs offered by the SME promotion corporation for the period of 2009-2013, we estimate the value of technology assets and the ratio of technology assets to total assets at 18.83 billion won and 13.64% for external audit companies and 578 million won and 15.86% for non-external audit companies. This result suggests that the economic value of technology assets takes a significant portion of the company value. The final SME median value incorporating the technology asset value is almost equivalently estimated at 27.9 billion won using DCF model and 28 billion won using EVA model. However, the average EVA value is estimated at 8.4 billion won, which is considerably higher than the conservatively estimated DCF average of 4.7 billion won.

THE RELEVANCE OF EXCESS CASH TO EXPLAIN FINANCIAL PERFORMANCE AND STOCK RETURNS IN BRAZILIAN LISTED FIRMS

This paper analyzes the determinants and consequences of excess cash (ECM) in relationship to financial performance and stock returns in the Brazilian market which is characterized by concentration in the stock market given that Brazil is an emerging country with high political, economic and institutional uncertainties. This analysis is based on 290 Brazilian non-financial companies listed in the B3 stock exchange from 2000 to 2017. The results suggest that firms with higher excess of cash are those with higher financial performance and higher stock returns which indicates that those firms have higher potential for future growth, therefore firms hold cash for speculative reasons. In pairwise analysis, ECM and firm systemic risk had a negative and significant association, suggesting that excess of cash can also be a potential instrument for risk reduction however overall the results of risk variable do not indicate a consistent role. Analysis of lag structure of ECM indicates a positive association between current ECM and short-term (one-year) returns with stock prices, suggesting that market agents use excess cash to take advantage of investment opportunities. Therefore all evidence suggests that firms retain cash based on the speculative motive.

Corporate social responsibility and stock split

This study examines whether socially responsible companies are likely to conduct a stock split. We argue that these companies, compared to their counterparts, could use their strong corporate social responsibility (CSR) performance to reduce information asymmetry with shareholders, and therefore, are less likely to rely on stock splits to signal their future growth potentials. We find empirical evidence to support our hypothesis and investigate the reasons for the lower frequency of stock splits among CSR oriented firms. We find that more socially responsible firms experience a smaller increase in trading volume and a greater increase in bid-ask spread following a stock split than less socially responsible firms. Furthermore, our study finds that, when more socially responsible firms decide to conduct a stock split, they attract a greater proportion of institutional investors with long-term investment horizons.

Application of chemical equilibrium calculations for the prediction of ash-induced agglomeration

Energy crops and biogeneous residues offer the highest potential for future growth in biomass utilization. Traditional forest-grown wood types, along with their consistent combustion characteristics, will thus be replaced by fuels with highly heterogeneous composition. Reliable prediction of their combustion characteristics and in particular of their ash behavior is essential for plant designers and operators trying to harvest this potential for energy conversion. In fluidized bed combustion, the fuel ash-induced agglomeration of the bed materials is one such behavior that needs to be described. This paper describes the application of chemical equilibrium calculations to determine the governing properties of the agglomeration process. Using FactSage 6.2, the thickness of ash coatings and their resulting compositions were evaluated. These were then used to deduce properties of the molten ash (viscosity, surface tension, and density), from adapted empirical models. The validation of the properties was performed on experimental data published in literature. Calculated coating thickness shows good agreement with microscopic measurements of agglomerated bed material. The adapted model for surface tension is within 10% of published results. The viscosity model published by Lakatos was chosen to give the best agreement for biomass ash-derived melts in the applicable temperature region. The results can thus be readily used for analytical modeling or numerical approaches aimed at determining agglomeration tendencies of novel biomass species.

Healing work: intersections for decoloniality

ABSTRACTOccupational therapy as a profession has an indisputable and impressive track record of enabling engagement and participation, for individuals and groups with impairments or disabilities, by addressing performance components or adapting environments. Theorists in occupational therapy and occupational science have however, in recent years, called for contextually situated practice. ‘Impact’ in occupational therapy, must be assessed with this call in mind. Context includes, but goes beyond the immediate physical environment, as well as socio-cultural conditions and practices at micro levels. Gross economic inequality, as an ongoing and dehumanising consequence of colonialism, racism and a global capitalist neo-liberal agenda, can therefore not be ignored as part of historicised and contextually situated occupational therapy practice. Introducing a critical conceptualisation of debility in ways that render this notion as distinct from disability, and drawing from the historical roots of the profession, this keynote address will argue that occupational therapy, as contextually situated practice, may be well placed to advance healing work or decoloniality, in ways that not only benefit individuals or groups, but impact society. The paper will showcase examples from South Africa, where occupational therapists have forged meaningful collaborations, or maximised on existing connections with other professions or disciplines, social movements and civil society, in order to advance decoloniality (healing work). These examples will help illuminate opportunities for the potential future growth of occupational therapy, while at the same time highlighting critical signposts, where potential traps for reinscribing coloniality, remain.

Matrix Models of Hierarchical Demography: Linking Group- and Population-Level Dynamics in Cooperative Breeders

For highly social species, population dynamics depend on hierarchical demography that links local processes, group dynamics, and population growth. Here, we describe a stage-structured matrix model of hierarchical demography, which provides a framework for understanding social influences on population change. Our approach accounts for dispersal and affords insight into population dynamics at multiple scales. The method has close parallels to integral projection models but focuses on a discrete characteristic (group size). Using detailed long-term records for meerkats (Suricata suricatta), we apply our model to explore patterns of local density dependence and implications of group size for group and population growth. Taking into account dispersers, the model predicts a per capita growth rate for social groups that declines with group size. It predicts that larger social groups should produce a greater number of new breeding groups; thus, dominant breeding females (responsible for most reproduction) are likely to be more productive in larger groups. Considering the potential for future population growth, larger groups have the highest reproductive value, but per capita reproductive value is maximized for individuals in smaller groups. Across a plausible range of dispersal conditions, meerkats' long-run population growth rate is maximized when individuals form groups of intermediate size.

Setting Up an ePathology Service at Cleveland Clinic Abu Dhabi: Joint Collaboration With Cleveland Clinic, United States.

The production of whole slide images is the most advanced form of digital pathology, in which a high-resolution digital scanner is used to rapidly scan glass microscope slides and produce a computer-generated whole slide image that can be saved, stored in a network-attached storage device, and accessed through slide management software within the hospital domain and remotely by authorized users. Digital transformation of glass slides has revolutionized the practice of anatomic pathology by facilitating and expediting consultative services, improving clinical workflow, and becoming an indispensable tool in education and research. To highlight the institutional need of Cleveland Clinic Abu Dhabi (Abu Dhabi, United Arab Emirates) and the cultural background for obtaining the United Arab Emirates' first comprehensive digital pathology program; to describe a multiphase road map for achieving full implementation of this platform; and to describe the system's clinical applications and its future potential growth. At Cleveland Clinic Abu Dhabi, we prioritized our efforts to initiate digital consultations (eConsultations) and digital immunohistochemistry services (eIHC) with Cleveland Clinic Laboratories (Cleveland, Ohio). After this, we established an internal archiving system together with a subspecialty-based, organ-specific digital library of pathologic diseases. We describe the strategic adoption and implementation of digital pathology into the clinical workflow of the pathology and laboratory medicine institute of Cleveland Clinic Abu Dhabi, and we highlight its impact on clinical operations, educational activities, and patient care.