Availability Of Internal Resources Research Articles

Capital structure of small and medium enterprises: the Italian case

How do firms finance themselves? How do they finance their investment? What are the factors that influence the firm's financing decisions? The aim of this paper is to test the application of the different financing theories for explaining the capital structure choice of small and medium enterprises (SMEs). The paper presents an empirical analysis on 764 non-financial Italian SMEs. This sample presents high heterogeneity, but it represents an important starting point. The results show that the financing decisions in these firms could be explained by the main capital structure theories: pecking order theory (POT), trade-off theory and fiscal theory. In accord with the POT, the results confirm an approach comprising an initial check on the availability of internal resources, followed by the use of external capital (particularly bank debt). This is an exploratory study. The results represent a base for further research and analysis. For this reason, the empirical results should be interpreted with some limitations: the sample of firms is random and does not fully conform to the criteria of statistical representation; the sample of companies could be expanded numerically.

Specialty pharmacy: Enhancing quality through accreditation

Quality in specialty pharmacy goes beyond the right patient, drug, time, dose, and route. Specialty pharmacies are held to higher standards to ensure that they take a more active role in a patient’s care by offering a comprehensive support system. Although a major undertaking, obtaining accreditation can help ensure that superior standards and requirements are met. Accreditation is a process by which an impartial organization thoroughly reviews a company to validate that it is conducting business in a manner consistent with national standards. Of the different specialty pharmacy accrediting bodies, the majority focus on patient safety and continuous quality improvement. The accreditation process can be both time-consuming and challenging; however, its potential benefits include the following:■Accreditation illustrates the specialty pharmacy’s focus on patient safety and continuous quality improvement.■The process of accreditation helps the company and creates a return on investment. ■Accreditation illustrates the specialty pharmacy’s focus on patient safety and continuous quality improvement.■The process of accreditation helps the company and creates a return on investment. ■Identifying areas for improvement■Ensuring compliance with internal policies■Requiring evaluation of current processes to improve effectiveness■Creating a forward-thinking company culture■Assisting in prioritizing quality improvement initiatives■Providing a competitive advantage for business opportunities A specialty pharmacy that is accredited attracts potential customers, clients, and partners. Being accredited quickly lets all three know the specialty pharmacy meets the strict guidelines required by that organization. Accreditation also illustrates the specialty pharmacy’s high priority on both ensuring patient safety and improving processes. The benefits are not all external; many are recognized internally as well. The process of accreditation ultimately assists the company in running more efficiently, effectively, and safely. It creates a return on investment. If an organization is considering attaining accreditation, the first decision is to determine which accreditation to pursue. This decision should take into account multiple factors including, but not limited to, the area of pharmacy practice, the requirements of the accreditation, the availability of internal resources, and the value proposition for the organization. Many health care providers may be familiar with The Joint Commission hospital accreditation programs. A number of other accrediting bodies have specific programs related to specialty pharmacy. These include URAC, Accreditation Commission for Health Care, and Community Health Accreditation Program, as well as The Joint Commission. As the bar for quality and accountability in compounding continues to rise, specialty pharmacies that engage in significant compounding activities may also consider pursuing accreditation specific to this area. Organizations such as the Pharmacy Compounding Accreditation Board can provide an external validation that the pharmacy is performing in accordance with all national compounding standards. When deciding to pursue accreditation, strong leadership support is essential from the start. The company will also need to complete a thorough gap analysis to determine what resources and process improvements will be required to meet the standards. An important factor in the accreditation process is selecting the right cross-departmental team and creating a strong sense of teamwork. Additional key points to help ensure a successful accreditation visit include the following:■Start early! Allowing sufficient time for work on submissions is vital. A lead-in time of 6 months to 1 year may be reasonable, depending on the complexity of the accreditation.■Establish and communicate a clear and detailed project plan, including assignments, personnel responsible, and timelines.■Set regular status update meetings and adjust timelines and responsibilities as needed.■Ensure all policies and procedures are current.■Complete regular quality audits to compare submitted documents to the standards.■Use feedback from the accreditation organization to prepare for the onsite visit.■Educate staff on the importance of the accreditation and the details of the accreditation visit.

Building the Capacity of California's Safety Net: Lessons From the Strengthening Community Dental Practices Demonstration

· Community dental practices provide “safety net” services to populations who would otherwise have limited access to care. The financial crisis of recent years has made it increasingly difficult for safetynet dental practices to serve people most in need while still balancing their books. · The California HealthCare Foundation (CHCF) and the California Pipeline Program (CPP) funded a demonstration project to test the effectiveness of practice-management consulting as a strategy for helping California’s community clinics survive and thrive. This model emphasizes customized technical assistance to enhance the business infrastructure behind the delivery of care. · The evaluation of this demonstration revealed that most clinics made measurable improvements in increasing net revenue, reducing expenses, enhancing payer mix, and increasing patient visits. · The experiences of participating clinics pointed to several factors that create an environment for success, including buy-in at the executive and clinic levels, a clear project champion, a culture that supports change, clear and compelling project goals, and the availability of internal resources. CHCF is now implementing a second phase of the project that builds on lessons learned from the demonstration.

Research performance of centers of expertise for rare diseases—The influence of network integration, internal resource access and operational experience

ObjectivesCenters of expertise (CoE) are vital to the care and treatment of patients with rare diseases and play a central role in generating medical and scientific knowledge. This study explores the relationship between a CoEs internal resource availability, operational experience and functional network integration and its research performance. MethodHypotheses were tested based on a sample of 64 CoEs in Europe and North America that specialize in 6 rare diseases. We collected questionnaire data related to strategic and structural antecedents and subsequently examined bibliometric data in the ISI Web of Science database to determine (1) research output by publication counts and (2) research impact by the number of citations. ResultsA CoEs research performance is greatly determined by available experiences and internal resources as well as by the nature of networks. While research output increases with the number of treated patients, the amount of resources and access to R&D networks, the impact of the identified publications is not related to a CoEs availability of internal resources or to the size of its R&D network. Nevertheless, a CoEs focus on care-oriented networks increases its research impact. ConclusionUnder the guidance of different national efforts, this study aims to support a nationwide establishment of specialized CoEs for rare diseases. It emphasizes the relevance of CoEs for the generation of medical knowledge for rare diseases as well as their need for essential support through internal and external resources. The findings further show the necessity for CoEs not only to concentrate on R&D collaborations to generate completely new knowledge and opportunities but also to establish networks with operational care partners such as general practitioners, local therapists, rehabilitation centers or other hospitals.

Collaborating for Knowledge Creation and Application: The Case of Nanotechnology Research Programs

We study how collaboration and internal resources drive knowledge creation and application in university research programs. Academic collaboration with fellow university scientists drives knowledge creation, whereas collaboration with industry partners drives knowledge application. Nevertheless, contrary to prior research that has underscored the merits of collaboration, we identify an optimal level of collaboration beyond which collaboration undermines both processes. Furthermore, the availability of internal resources can either complement or substitute for collaboration depending on the level of collaboration. In particular, we find that availability of internal resources mitigates the effect of academic collaboration on knowledge creation when collaboration is moderate and complements it as collaboration becomes excessive. Thus, our study reveals the contingent value of collaboration and the interplay between internal and network resources. It enhances understanding of collaboration in nascent science-driven industries and advances the resource-based view and knowledge management research.

Evidence on Funding Decisions by Italian SMEs: A Self-Selection Model?

This paper sets out to analyse the determinants of Italian SMEs' choices of sources of finance, with specific reference to the role of informed (internal) capital compared to other forms of finance. In this work, we aim to identify the determinants of the mix of sources of finance using data from the Survey of Italian Firms conducted by Capitalia, bearing in mind the structural characteristics of the firms and the banking market, and the problems of the information asymmetry between the bank and the firm. Although the financial hierarchy theory suggests that firms prefer self-financing, because it is less expensive in economic terms, relationships with local banks may offer advantages which encourage firms to enter into debt contracts even in the absence of binding internal constraints. The empirical study focused in particular on the role of self-financing as an alternative to external sources. In order to measure the decision to use self-financing and the subsequent composition of the financing mix, we used different techniques, first independent models and then a self-selection model. The first results, in line with the pecking order theory, confirm an approach comprising an initial check on the availability of internal resources, followed if by the use of external capital, including bank debt.

Why hedge? Rationales for corporate hedging and value implications

PurposeIn the presence of capital market imperfections, risk management at the enterprise level is apt to increase the firm's value to shareholders by reducing costs associated with agency conflicts, external financing, financial distress, and taxes. The purpose of this paper is to provide an accessible and comprehensive account of these rationales for corporate risk management and to give a short overview of the empirical support found in the literature.Design/methodology/approachThe paper outlines the main theories suggesting that corporate risk management can enhance shareholder value and briefly reviews the empirical evidence on these theories.FindingsWhen there are imperfections in capital markets, corporate hedging can enhance shareholder value through its impact on agency costs, costly external financing, direct and indirect costs of bankruptcy, as well as taxes. More specifically, corporate hedging can alleviate underinvestment and asset substitution problems by reducing the volatility of cash flows, and it can accommodate the risk aversion of undiversified managers and increase the effectiveness of managerial incentive structures through eliminating unsystematic risk. Lower volatility of cash flows also leads to lower bankruptcy costs. Moreover, corporate hedging can also align the availability of internal resources with the need for investment funds, helping firms to avoid costly external financing. Finally, corporate risk management can reduce the corporate tax burden in the presence of convex tax schedules. While there is empirical support for these rationales of hedging at the firm level, the evidence is only modestly supportive, suggesting alternative explanations.Originality/valueThe discussed theories and the empirical evidence are described in an accessible way, in part by using numerical examples.

Deciding to upgrade packaged software: a comparative case study of motives, contingencies and dependencies

Packaged software is widely adopted and has become an integral part of most organizations’ IT portfolios. Once packaged software is adopted, upgrades to subsequent versions appear to be inevitable. To date, research on packaged software has not paid attention to the upgrade decision process. To explore this area, we studied cases of upgrades to two widely used packaged software products (SAP and Windows) in a multi-billion dollar division of a Fortune 500 company. From an analysis of the cases, we induced a theoretical model explaining the influences affecting the decisions to upgrade. Our model suggests that upgrade decisions are the outcome of interaction between motivating forces that can originate from internal and external environments, and contingency forces. Business need was found to be one of the key internal requirements, along with organizational risk mitigation policies. Organizational reliance on packaged software also creates dependence on vendors that gives them influence over the organization's upgrade decision. The decision to upgrade is also contingent on the availability of internal resources. Although scarcity of internal resources can postpone an upgrade when the need to upgrade is deferrable, organizations will prioritize internal resources when the upgrade is deemed necessary.

Evidence on Funding Decisions by Italian SMEs: A Self-Selection Model?

This paper sets out to analyse the determinants of Italian SMEs' choices of sources of finance, with specific reference to the role of informed (internal) capital compared to other forms of finance. In this work, we aim to identify the determinants of the mix of sources of finance using data from the Survey of Italian Firms conducted by Capitalia, bearing in mind the structural characteristics of the firms and the banking market, and the problems of the information asymmetry between the bank and the firm. Although the financial hierarchy theory suggests that firms prefer self-financing, because it is less expensive in economic terms, relationships with local banks may offer advantages which encourage firms to enter into debt contracts even in the absence of binding internal constraints. The empirical study focused in particular on the role of self-financing as an alternative to external sources. In order to measure the decision to use self-financing and the subsequent composition of the financing mix, we used different techniques, first independent models and then a self-selection model. The first results, in line with the pecking order theory, confirm an approach comprising an initial check on the availability of internal resources, followed by the use of external capital, including bank debt. JEL classification : D21; G21; L15

Modelo de otimização da gestão de risco em empresas não financeiras

Esta pesquisa apresenta o desenvolvimento de um modelo de otimização da gestão de riscos, através da identificação de uma estratégia de hedge que maximiza a esperança dos lucros. O modelo fundamenta-se na premissa de que fatores de riscos, além de afetar os resultados das empresas, podem, também, estar correlacionados com as oportunidades futuras de investimento. O modelo proposto incorpora os custos advindos de um endividamento adicional bem como os benefícios da disponibilidade de recursos internos. O trabalho está desenvolvido da seguinte forma: (1) discussão dos aspectos teóricos relacionados ao tema de gestão de riscos no contexto da teoria de finanças; (2) apresentação da metodologia adotada para o desenvolvimento do modelo; (3) derivação dos passos fundamentais que orientaram o modelo matemático, destacando as especificações das variáveis relevantes e os mecanismos de simulação e (4) apresentação dos principais resultados do modelo de hedge ótimo, dentre os quais se destacam: aumento da esperança dos lucros, redução da incerteza em relação aos investimentos, maior estabilidade do nível ótimo de investimento e de endividamento e menor flutuação dos resultados da empresa, decorrente da redução do nível de risco financeiro.

STRETCHING THE LIMITS OF PLASTICITY: CAN A PLANT DEFEND AGAINST BOTH COMPETITORS AND HERBIVORES?

Plants exhibit numerous adaptive responses to competitors and herbivores mediated by hormones, including induction of the shade avoidance syndrome in response to neighbor shade, and induction of chemical defenses in response to herbivore damage. Although largely studied in isolation, interactions between plastic responses to competitors and herbivores can occur and may be mediated by external and internal resource availability, direct interactions between hormones controlling plastic responses, or other pleiotropic effects. Such interactions may have positive or negative consequences for plant fitness and could serve as an important ecological and evolutionary constraint on the expression of these responses. In this article, I illustrate the potential for plastic responses in plants to physiologically interact, with particular reference to Arabidopsis thaliana. I also suggest avenues for future study utilizing characterized plant material, tools to manipulate the expression of plastic responses, and ways to monitor physiological and ecological consequences that are available using this and other plant species.

Temporal Dynamics and Biomass Partitioning in Three Adriatic Seagrass Species: Posidonia oceanica, Cymodocea nodosa, Zostera marina

Abstract. The temporal dynamics of three seagrasses, Posidonia oceanica, Cymodocea nodosa and Zostera marina, was studied in different areas of the Adriatic Sea by analysing phenological parameters and biomass trends in different compartments of seagrass systems. For this purpose, samplings were conducted in 1997 once per season at each station, Otranto (southern Adriatic Sea) and Grado (northern Adriatic Sea). Structural parameters and biomass of plant compartments differed among seagrasses both in absolute values and in seasonal variability. P. oceanica was the largest plant, showing the highest number of leaves per shoot, highest leaf surface, Leaf Area Index and shoot weight. Z. marina was intermediate in size and had the longest leaves, whereas C. nodosa was the smallest seagrass. P. oceanica accounted for the highest total biomass (mean ± SE: 1895.9 ± 180.2 g DW · m–2; CV = coefficient of variation: 19.0 %), considerably more than C. nodosa (mean ± SE: 410.4 ± 88.4 g DW·m–2; CV: 43.1 %) and Z. marina (mean ± SE: 312.1 ± 75.1 g DW · m–2; CV: 48.1 %), although the two latter species displayed a higher seasonal variability. Similarly, other features, such as shoot density, leaf surface, LAI, shoot weight and relative contributions of above‐ and below‐ground compartments, were less variable across seasons in P. oceanica than in the two other seagrasses, while leaf length showed the highest seasonal fluctuation in P. oceanica. As for biomass partitioning, C. nodosa showed a higher proportion of the below‐ground relative to above‐ground biomass (up to 90 %), with a distinct seasonality, whereas in P. oceanica the proportion of below‐ground biomass (around 80 %) was fairly constant during the year. We infer that in P. oceanica the seasonal forcing is probably buffered by the availability of internal resources stored permanently during the year in the below‐ground. In C. nodosa and Z. marina, instead, growth processes seem to be amplified by a greater influence of environmental factors.

Constraints on Reproductive Potential at the Level of the Shoot Module in Three Ericaceous Shrubs

Constraints on Reproductive Potential at the Level of the Shoot Module in Three Ericaceous Shrubs