Order Theory Research Articles

Hopf bifurcation for a class of predator-prey system with small immigration

<p>The subject of this paper concerns with the bifurcation of limit cycles for a predator-prey model with small immigration. Since, in general, the biological systems are not isolated, taking into account immigration in the model becomes more realistic. In this context, we deal with a model with a Holling type Ⅰ function response and study, using averaging theory of second order, the Hopf bifurcation that can emerge under small perturbation of the biological parameters.</p>

Partial orderings, Characterizations and Generalization of k-idempotent Neutrosophic fuzzy matrices

In this article, First, we study the different orderings for k-idempotent Neutrosophic fuzzy matrices (NFM). With this idea, we also discover some properties for the k- Neutrosophic fuzzy matrices and demonstrate the connection between the generalized inverse and different orderings. We also go through some properties for the T-ordering, T- reverse ordering, minus, and space ordering in k-idempotent Neutrosophic fuzzy matrices using the g-inverses with numerical examples is given. Minus ordering is a partial ordering in the set of all regular fuzzy matrices. We have introduced ordering on k− idempotent fuzzy matrices and developed the theory of fuzzy matrix partial ordering. The minus ordering and k−space ordering are identical for k− idempotent matrices. Next, we introduce and study the concept of k–Idempotent Neutrosophic fuzzy matrix as a generalization of idempotent NFM via permutations. It is shown that a kidempotent NFM reduces to an idempotent NFM if and only if PK = KP. The Conditions for power symmetric NFM to be k-idempotent are derived and some related results are given.

Corporate governance determinants of capital structure: Evidence from manufacturing firms on the Ghana Stock Exchange

This study examines the impact of corporate governance determinants on the capital structure of manufacturing firms listed on the Ghana Stock Exchange (GSE). Using a purposive sampling of 15 manufacturing firms, we collect secondary data for 14 years. We employ a system generalized method of moments (GMM) approach to address endogeneity issues. Apart from firms using more short-term debt financing than long-term debt, we report a significant positive relationship between managerial and institutional ownership and capital structure. There is a statistically significant and positive relationship between ownership concentration on both the short- and long-term debt ratios. Regarding company financial management, the study offers several recommendations and practical implications. Our findings have implications for improved management performance and corporate governance policies that lead to value-relevant capital structure decisions. The study also provides empirical support for the idea that firms might benefit from reduced agency costs and lower cost of capital if they implement appropriate corporate governance mechanisms. We provide support for the agency and pecking order theories. Future research could consider broader corporate governance variables and optimal capital structure.

Chief executive officer duality and the relationship between firm performance and dividend payouts

Using a panel of data on manufacturing firms listed on the Chinese stock exchange over the period 2017 to 2022, this research paper empirically investigates the relationship between firm performance and dividend payouts. Unique features of Chinese financial markets allow us to contribute to the literature on how corporate governance, in particular concentrated managerial power and state ownership, affects agency costs and therefore the relationship between firm performance and dividend payouts (Burdeos, 2021; Debnath et al., 2022; Vicente, 2020). The main findings of this study are as follows. Firms follow the pecking order theory when funding their capital needs: firms wait for dividends, preferring to take advantage of profitable investment opportunities when firm performance is good. This negative relationship between firm performance and dividend payout is even stronger at firms with highly concentrated managerial power as indicated by chief executive officer (CEO) duality. However, state-owned enterprises, which face a double principal–agent problem that cannot be fully addressed by CEO duality, demonstrate a weaker negative relationship between firm performance and dividend payouts. We find evidence that the negative relationship between firm performance and dividend payouts strengthened during the COVID-19 pandemic: firms were even more likely during to prefer internal financing during the pandemic years.

Birth Order and Academic Motivation of Secondary School Students in Lagos, Nigeria.

The study examined birth order in relation to academic motivation among secondary school students in Lagos. Utilizing a cross-sectional survey design, data was collected from 430 students (mean=15.46, SD=1.53) across public and private schools. The Academic Motivation Scale (AMS-HS 28) was employed to measure motivation levels. Descriptive statistics revealed that nearly half of the students (45.6%) exhibited low levels of academic motivation. One-way ANOVA results indicated significant differences in academic motivation across birth order categories (F(3,426) = 4.66, p < .01). Post hoc analyses showed that lastborn children reported higher academic motivation than middle children, and firstborn children displayed higher motivation compared to middle and only children. These findings challenge traditional birth order theories, suggesting that lastborn children’s motivation may be influenced by their older siblings’ achievements. Additionally, firstborn children showed higher motivation, likely due to greater parental expectations, while only children exhibited the lowest motivation levels, potentially due to a lack of sibling competition. This research contributes to the understanding of academic motivation determinants and offers insights for educational and parental strategies to enhance student motivation.

Impact of Regulatory Influence on Financial Performance of National Microfinance Banks in Nigeria

While existing literature has acknowledged the pivotal role of regulatory measures in shaping the operational landscape of financial institutions, there remains a notable gap in understanding the direct consequences of such regulations on the financial performance of NMBs in Nigeria. This study explores the impact of regulatory measures, specifically sanctions, penalties, and Minimum Capital Requirement (MCR), imposed by the Central Bank of Nigeria (CBN) on the financial performance of NMBs. This research adopts an ex-post facto research design, using data from the past six years of seven operational NMBs. The Agency Theory and Pecking Order Theory provide theoretical frameworks to interpret these relationships. The study reveals that regulatory measures significantly influence the allocation of micro loans within NMBs, reflecting the alignment of managers’ interests with those of stakeholders. However, regulatory factors alone do not adequately explain variations in ROA, indicating the presence of complex and unexamined factors affecting financial performance. Individual regulatory variables, such as sanctions, penalties, and MCR, also do not have a significant multivariate impact on RMLT or ROA. The study recommends that Nigerian National Microfinance Banks (NMBs) should closely monitor and adapt to Central Bank regulations, particularly regarding sanctions, penalties, and Minimum Capital Requirement, despite the absence of a direct multivariate link to financial performance indicators; it also advises diversifying strategies to enhance Returns on Assets (ROA) and suggests further research for a deeper understanding of NMB sustainability dynamics.

Financial derivatives and the commercial banks performance in UAE

The introduction of derivatives at the financial market of the United Arab Emirate (UAE) is to enhance liquidity and broadens the range of securities. This is because it brings exciting opportunities for investors to diversify their investment in an efficient and cost-effective way. Evidence from previous studies has shown that financial market derivatives help to reduce risk. Even though trading losses produced by unsuitable derivative activity are frequently big enough to create financial problems and even bankruptcy, there is minimal research on how bank profitability and performance are affected. The study examines the determinants of financial derivatives on the performance of commercial banks in UAE and the financial risk exposure between derivatives financial assets and derivatives financial liabilities. The research employs Pecking order theory, panel ARDL and data from 30 commercial banks’ financial statements in 2020 in UAE. The study found that an increase in the level of return on assets will create an increase in traded financial derivatives that will enhance bank performance by a high level of percentage. Stability of the banking sector in UAE is recommended to enhance better performances of commercial banks on financial derivatives in UAE.

Istraživanje prakse hrvatskih poduzeća u donošenju odluka o financiranju

The aim of this paper is to identify the main practices of Croatian companies in financing decision-making. Following the best-known field study by Graham & Harvey (2001), this paperpresents the main findings on capital structure decisions of Croatian companies. Primarydata collected using a highly structured survey questionnaire through an extensive one-timecross-sectional survey conducted in 2018, was analysed primarily by descriptive analysis, afterwhich a univariate analysis on the responses conditional on the selected companies’ characteristicswas performed. According to the survey responses, practitioners report the perception ofcreditworthiness, financial flexibility and financial independence as the most important factorswhen deciding on debt financing. However, the importance of these factors is not driven by theinformation asymmetry problem, as the pecking order theory assumes. Furthermore, there is alsoa moderate support for the trade-off theory in terms of medium high proportion of companiesthat target their debt ratios. Yet, it should be emphasized that in the process of debt financingpractitioners are concerned about the arising risks, but not the benefits of debt financing, andthus show risk-averse behaviour. As the results of empirical research deviate from the theoreticalassumptions, both in this study and in similar studies conducted in the USA and Europe, it raisesthe questions about applicability of the existing theories and the need for their revision.

A novel high order theory for static bending of functionally graded (FG) beams subjected to various mechanical loads

This study develops a new higher-order shear deformation theory (HSDT) to analyze the static behavior of functionally graded (FG) beams under various mechanical loading conditions. The new theory is meticulously designed to effectively represent complexities in stress, strain, and deformation analysis, with a focus on maintaining or enhancing accuracy while reducing the computational burden for practical applications. The material properties of the FG beams are assumed to vary continuously across the thickness as per a power law distribution (P-FGM). The governing equilibrium equations are derived using the principle of virtual work. Navier’s solution method is then utilized to obtain the analytical solutions. Extensive numerical studies are conducted to study the influences of key geometric and material parameters on the static response. The deflection, axial stress and tangential stress distributions are computed for different combinations of length-to- thickness ratio, material grading index, and applied loads. The results are validated by comparison with existing literature where good agreement is observed, demonstrating the accuracy of the proposed HSDT formulation. Parametric analyses provide useful insights into the individual and coupled effects of beam slenderness, material inhomogeneity and transverse loading on the static performance of P-FGM beams. This study enhances understanding of the structural behavior of FG beams through an efficient and accurate analytical approach.

Analysis of transverse constraint force mechanics of anchor rods based on higher order theory

Abstract Research on the mechanical properties of transverse constraint force of anchor support under different loads can help to improve work safety. In this paper, based on the higher-order shear deformation theory, the higher-order whole-local theory of anchor rods is established with full consideration of the transverse normal strain. The geometric and physical equations in the intrinsic relationship are given for the wet thermodynamic behavior of anchor rods’ transverse restraining force. The equilibrium equations of the whole-local are constructed by combining them with the principle of virtual displacement. The analytical solution of the anchor core material was calculated by applying Navier’s method. The boundary displacement conditions of the anchor core material were solved. The anchor core material was modeled by combining it with ABAQUS finite element software. The mechanical analysis was carried out from the two perspectives of the buckling problem under thermal load and the parameter change of the transverse restraining force, respectively. It was found that when the thickness of the anchor bar increased from 20 mm to 50 mm, the radial displacement of the upper layer decreased by 52.95%, and there was no significant change in the positive stress at the upper and lower interfaces. The peak value of the upper interface shear stress decreases significantly from 0.55MPa to −1.41MPa when the anchor laying method is changed from a single layer to four layers. The combination of higher-order theory with ABAQUS software can effectively analyze the change of transverse constraint force of the anchor support, which can help improve its safety.

Analiza izazvanog dinamičkog ponašanja funkcionalno stepenovanih greda pod harmoničnim pokretnim opterećenjem na elastičnoj osnovi pomoću metode konačnih elemenata

Introduction/purpose: This paper presents a numerical study of the forced dynamic behavior of a functionally graded beam subjected to a harmonically varying transversely concentrated moving force using a higher-order shear deformation theory. Methods: The governing equations are derived using Hamilton's principle. These equations are then transformed into the weak form using the Galerkin method. The problem is solved using the finite element method by developing a three-node finite element with four degrees of freedom per node. The Newmark beta method is chosen for the time integration and the Gauss method for the spatial integration. Results: The effects of several parameters were investigated, including the slenderness ratio, the material index, foundation stiffness, velocity and the frequency of the moving load. Good agreement was observed with the results obtained from the literature. Conclusion: This study illustrates the importance of using a higher order theory in the case of short beams and clearly shows the change in the behavior of the FGM beam as a function of different parameters.

The Impact of Financial Performance on Capital Structure Decisions of Selected Consumer Goods Companies Listed on the Nigerian Stock Exchange (2001-2019)

The study examines the impact of financial performance on capital structure decisions of selected consumer goods companies listed on the Nigerian Stock Exchange (2000-2019), using panel data for both dependent and independent variables which were analyzed through fixed effect model and random effect model, pooled regression model, Hausman test and descriptive analysis. Pecking order theory was adopted as the bedrock of this study and the population of the study included ten consumer companies listed on the Nigeria stock exchange for nineteen years. Findings showed that financial performance has significant positive and negative effect on retaining earnings financing, but the possibility of greater ploughed back profit is higher when company’s financial performance increases. Similarly, financial performance has both significant positive and negative effect on equity finance decision of companies. The study recommended that decision on capital structure should be taken optimally by considering the cost of each capital structure since financial performance has significant effect on all the capital structure.

Anti-Disturbance Speed Control of Permanent Magnet Synchronous Motor Based on Fractional Order Sliding Mode Load Observer

Based on the fractional order sliding mode load observer, this paper presents an anti-disturbance speed control method of permanent magnet semi-direct drive transmission system for overhead manned equipment. According to the Lagrange equation, the dynamic model of semi-direct drive transmission system is established. Furthermore, the mathematical model of the permanent magnet synchronous motor (PMSM) is established based on the coordinate transformation theory. Subsequently, the fractional order sliding mode observer (FOSMO), which combines nonsingular terminal sliding mode control and fractional order theory is designed to observe the load disturbance changes in the permanent magnet semi-direct drive transmission system. Then, the concept of “active damping” is used to design the speed loop PI controller, and combined with the designed FOSMO to construct the composite speed controller. The designed composite speed controller is further improved by the anti-saturation design and parameter optimization. The results demonstrate that the designed FOSMO can precisely estimate the load disturbance on the PMSM output shaft. Additionally, the designed composite speed controller can realize stable speed control in the case of complex load disturbance, which meets the anti-disturbance speed control requirements of permanent magnet semi-direct drive transmission system, and the robustness of the control system is further improved by adding the anti-saturation link.

Higher order theory based analysis of laminated composite plates using functions trigonometric and trigonometric-hyperbolic

Higher order theory based analysis of laminated composite plates using functions trigonometric and trigonometric-hyperbolic

Analytical solutions for the thermo-mechanical bending of FG beams using a higher order shear deformation theory (HSDT)

The aim of this paper is to analyze a thermo-mechanical behavior of functionally graded beam in thermal environment. Therefore, this research work investigates a thermal, mechanical and thermo-mechanical bending of functionally graded beam resting on simple supports and using a higher order shear deformation theory. the proposed kinematic uses only three variables, which is even less than the first order shear deformation theory (FSDT) and the conventional higher order shear deformation theories (HSDTs). The present model adopts a new displacement field, The material properties of the FG beam are varied along the thickness direction according to the power law distribution (P-FGM). The governing equations for the thermo-mechanical bending investigation are obtained through the principal of virtual work and solved via Navier-type solution method was used to obtain results. All the results are presented in non-dimensional form and validated it by developing the classical beam theory (CBT), and other higher order theories. Parametric studies are thus elaborated to see the influence of the characteristic’s geometries and mechanical in particular: thickness of the FG beam, material index and ratio (width, length).

THREE-DIMENSIONAL THERMO-HYDRO-MECHANICAL DYNAMIC ANALYSIS OF A HALF-SPACE UNDER FRACTIONAL ORDER THEORY OF THERMOELASTICITY

To permit understanding and improvement of subgrade load bearing performance, this paper presents the analysis of a three-dimensional (3D), half-space, elastic subgrade coupling of multi-fields using normal mode analysis (NMA) under Ezzat's fractional order generalized theory of thermoelasticity. Using this method, the analytical equation can be divided into two parts, and the analysis is done with neither integral transformation nor inverse transformation, thereby increasing the speed of decoupling and eliminating the limitation of numerical inverse transformation. The influence of fractional order parameter, load frequency, and permeability coefficient on the thermo-hydro-mechanical dynamic (THMD) coupling media is analyzed for two loading protocols, including thermal impact and normal load. The distributions of the dimensionless vertical displacement, temperature, stress, excess pore water pressure, and strain in the porous structure are analyzed and discussed in detail. The results of the analysis show that the load frequency plays an important role in determining the result values of all dimensionless physical variables. The fractional order parameter only has a significant effect on the calculations of physical variables of the upper surface subjected to thermal impact, and the permeability coefficient mainly affects the stress, strain, and excess pore water pressure. The developed computational method can improve the decoupling speed without any transformation, and it eliminates the limitation of numerical inverse transformation. The method has wide potential application in many engineering fields.

The Predictability of Capital Structure Theories in the Current Global Economy: An Analysis of the Debt Maturity Structure of Hotel Operations in The World s Top 20 Tourism Destinations

Variables that affect capital structure decisions and their effect on firm value vary over time. They change by country, industry, time, firm tipe, etc. thats why the subject still being consider. In this context, we investigated the macroeconomic variables that affect the term structure of debt and capital structure decisions in lodging companies by employing the Generalized Moments Method over the period 2004-2017. It has been determined that the macroeconomic factors that affect the debt maturity and the capital structure of the lodging companies vary in the context of the development level. In addition, it can be said that capital structure decisions of accommodation enterprises in developed and developing countries act in line with the assumptions of Trade-off and Pecking Order theories on a variable basis.

ANALYSIS OF THE VALIDITY OF TRADE-OFF AND PECKING ORDER THEORIES IN CAPITAL STRUCTURE DECISIONS OF SUSTAINABLE COMPANIES

In the study, it is aimed to test the validity of the Pecking Order Theory and Trade-Off Theory, which are among the theories on which the capital structure decisions of companies, which are extremely important in terms of firm value, are based, on sustainable companies included in the BIST Sustainability Index, since they carry out activities to reduce the cost of capital. In the study, the total indebtedness ratios, long-term indebtedness ratios and short-term indebtedness ratios of 40 companies included in the BIST Sustainability Index between 2015-2021, as well as liquidity, asset structure, non-debt tax shield, tax, profitability ratio, change in assets, firm size and the relationship between firm risk is examined. In general, the capital structure preferences of sustainable firms support the Trade-Off Theory. In addition, it was revealed that the dummy variable created for the periods when companies entered the BIST Sustainability Index was statistically significantly and positively related to their borrowing behavior. This result is interpreted in the direction of an increase in the borrowing rates of the companies after they are included in the index.

The Impact of Stock Market Listing on the Financial Performance of Companies within the Rwanda Stock Exchange (RSE)

The study, titled Stock Market Listing and Company Performance in Rwanda aimed to explore the connection between a company's stock market listing and its performance. Examined within were firms listed in the Rwanda Stock Exchange, specifically Bralirwa, KCB, and BK. Utilizing a quantitative research design, the study relied solely on secondary data, primarily the financial statements of the three companies that operated in Rwanda between 2008 and 2015. The scope included BK, Bralirwa, and KCB. Data gathered from 2010 to 2012 was structured in tables, with financial ratios computed and subsequent analysis conducted using SPSS to ascertain the relationship between stock listing and financial performance. The results demonstrated a positive yet statistically insignificant relationship between stock listing and the financial performance of the listed firms. Notably, the correlation between financial leverage and financial performance lacked statistical significance (R = 0.303, P > 0.01) and showed a negative correlation with market ratio (0.582, P > 0.01). Recommendations included a call for improved liquidity management, especially in working capital for firms like BK, to address the impact on liquidity levels while maintaining financial stability. Stakeholders were encouraged to recognize the linkage between stock listing and financial performance and adopt suitable measures to assess and analyze the financial status of companies. Moreover, the study revealed that companies in Rwanda tend to rely more on short-term debt than long-term debt, potentially due to the underdeveloped bonds market in the country. Liquidity ratios exhibited a negative relationship with financial leverage, indicating that highly profitable and well-performing companies in Rwanda tend to have less debt and rely more on internal financing sources, aligning with the pecking order theory. Furthermore, the study emphasized considering the market value of capital structure in evaluating stock listing, given its stronger connection to financial performance compared to the book value. Keywords: Stock Market, Listing, Performance of Companies, Rwanda Stock Exchange, Liquidity.

DETERMINAN STRUKTUR MODAL: ANALISIS SEBELUM DAN PADA MASA COVID-19

Companies must be able to combine their capital structure through internal and external funding to maximize company value while minimizing costs. This research examines the factors of ownership structure, asset structure, and liquidity on capital structure and differences in influence before and during the Covid-19 pandemic. This research uses a quantitative design with multiple linear regression analysis. Testing was carried out on manufacturing companies listed on the Indonesia Stock Exchange for the 2018-2021 period with a sample of 447 data with a distribution of 228 data for 2018-2019 and 219 data for 2020-2021. The study's results proved that institutional ownership and managerial ownership did not affect capital structure, capital structure was negatively affected by asset structure, and liquidity was negatively affected. No differences in ownership, asset structure, or liquidity were found before and during the Covid-19 pandemic. The results of this research provide relevant theoretical contributions to agency theory, pecking order theory, and relevant trade-off theory.