Partial Adjustment Research Articles

The impact of major occupational injuries on professional reintegration. A Portuguese medico-legal contribution

Occupational injuries represent an enormous economic impact for victims, respective families, involved institutions and all the community due to professional outcomes. Thus, it is of the utmost importance that medico-legal personal injury assessment and the posterior follow-up of these victims, may allow their concrete damage repair, considering the victims' needs fulfilment and professional reintegration, whenever possible. The main objective of this study is to reflect on the role that legal medicine can play in promoting the professional reintegration of victims of major occupational accidents through the analysis of occupational injuries cases considering the medico-legal examinations performed. A retrospective study was conducted using medico-legal major occupational injuries cases (Partial Permanent Disability ≥40%). Data were collected from two medico-legal assessment moments: (a) personal injury assessment homologated by a labour court 4.8 years on average after occupational injury; (b) medico-legal follow-up for needs and/or Partial Permanent Disability adjustments performed 18.9 years on average after occupational injury. The final sample includes 103 cases. The results showed that in major occupational accidents, permanent long-term outcomes were principally associated with neurological (62.1%) and orthopaedic (52.4%) sequelae. Permanent professional damage parameters assigned by the labour court included Partial Permanent Disability (23.3%), Permanent Absolute Disability for Regular Work (41.7%) and Permanent Absolute Disability for Any Work (35%). Three-dimensional methodology is helpful in predicting Partial Permanent Disability and Permanent Absolute Disability for Any Work. However, three-dimensional methodology did not reveal correlations with Permanent Absolute Disability for Regular Work, and currently 65% of the victims who were considered able to work by the labour court are not professionally active. Thus, these major cases deserve a more detailed medico-legal approach based on concrete information about the professional reality of each victim, especially cases with an eventual Permanent Absolute Disability for Regular Work. Medico-legal Injury Assessment must be based on concrete aspects of the victim's professional reality and not only on permanent disability tables. This calls for an articulation between all institutions working with the victim of occupational injuries and legal medicine to promote recovery and the necessary measures to assure professional rehabilitation.

A bank's optimal capital ratio: A time-varying parameter model to the partial adjustment framework

We extend the existing literature on bank capital structure by applying a time-varying parameter model to the partial adjustment framework. This model allows one to obtain a more timely and on-going assessment of bank behavior in adjusting the capital ratio to its optimal or target level. The estimated time-varying rate of capital adjustment indicates that banks slowly adjusted their capital ratios to their optima or targets before the 2007–2009 global financial crisis, while they more rapidly adjusted their capital ratios upwards after the crisis. This finding suggests that banks make faster capital structure adjustments under more stringent post-crisis regulatory reforms of capital requirements. Moreover, we find convincing evidence on a structural change in bank behavior in adjusting its capital ratio around the global financial crisis.

Optimal Cash Ratio and Adjustment Speed Across Different Firm Characteristics

This paper seeks to use fixed effect and dynamic panel models to examine role of firm characteristics, macroeconomic variables, control of corruption and political uncertainty in explaining cash holdings of Egyptian firms over the period 2011 – 2020. We find that firm characteristics strongly explain variations in corporate cash ratios and deviations from the target ratios. However, we document no considerable role of macro variables. Egyptian firms tend to hold liquid assets as cash substitutes in managing their working capital and use debt as cash substitute in financing their operations. The findings support the prediction of main corporate finance theory and support both the precautionary and transactionary motives to hold cash. As expected, Egyptian firms tend to hold more cash during periods of high political uncertainty. After sorting according to the most influential independent variables which are tangibility and dividend yield (high and low). We find that cash holdings of the firms respond differently to both the firm specific variables and macro variables. Specifically, the high tangibility firms adjust their cash holding to the optimal level faster than the low tangibility firms while the low dividend yield firms adjust faster than the high dividend yield firms. The results of dynamic panel models indicate that Egyptian firms follow a partial adjustment policy towards the optimal cash levels, which corresponds with trade off theory.

Deformational behavior of self-compacting concrete containing recycled aggregate, slag cement and green powders under compression and bending: Description and prediction adjustment

The high fine-aggregate content of Self-Compacting Concrete (SCC) means that its deformational behavior differs from that of vibrated concrete. SCC performance is further altered when industrial by-products are used as raw materials in those fractions. In this paper, the aim is to analyze and to model the deformational behavior under compression and bending of SCC containing 100% coarse and 0%, 50%, and 100% fine Recycled Aggregate (RA), limestone and RA green aggregate powders sized 0/0.5 mm, and Ground Granulated Blast-furnace Slag (GGBS) cement. After the fresh and mechanical characterization of the 18 SCC mixes that were produced, their compressive stress-strain and bending load-deflection curves were determined by continuously recording the applied load and the strain/deflection values of the SCC test specimens. 100% coarse RA yielded deformability levels in accordance with international standards, while higher fine RA contents increased deformation under compression and reduced it under flexural stress. SCC stiffness increased when GGBS was added, due to the adjustment of the proportion of cementitious matrix, while the use of limestone powder and, especially, RA powder had the opposite effect. Both compressive strain and flexural deflection were underestimated with existing theoretical models. However, the incorporation in the models of both exponential correction coefficients, dependent on the fine RA content, and partial adjustment coefficients, dependent on the types of cement and aggregate powder, produced optimal fits with the experimental stress-strain and load-deflection curves. In view of the deformational behavior, which was successfully modelled with maximum deviations of ±10%, fine RA may be used in combination with GGBS and limestone powder, although it is recommended that fine RA should not exceed proportions of 50%.

Asymmetries in the capital structure speed of adjustment: The idiosyncratic case of the maritime industry

This study investigates asymmetries in the capital structure speed of adjustment in the case of a capital-intensive industry. Employing a sample of globally listed maritime, manufacturing and services firms between 1995 and 2020, we estimate a regime-switching partial adjustment model, to test whether the capital structure speed of adjustment depends on a firm’s positioning relative to the target. After accounting for the fractional, bounded nature of leverage ratios using a DPF estimator we document that maritime firms exhibit a higher (lower) speed of adjustment when they lie below (above) their target. Our empirical findings suggest that this asymmetric behavior holds across industries but is more profound in maritime firms emphasizing this industry’s particularity.

Multiple large shareholders and leverage adjustment: New evidence from Chinese listed firms

ABSTRACT In this paper, we use a dataset of Chinese-listed firms to explore the potential value-enhancing or value-destroying role of multiple large shareholders in determining dynamics of capital structure decisions of firms. We estimate a modified partial adjustment model of leverage and find that firms with multiple large shareholders present a lower speed of leverage adjustment. The relatively more convincing explanation is that the high coordination costs among large shareholders can weaken the efficiency of monitoring managers who have incentives to deviate capital structure dynamics from the optimal strategy. In further analysis, we show that the negative impact of multiple large shareholders on speed of leverage adjustment is much weaker when managerial compensation is more tied to firm performance. Overall, this study provides new empirical evidence to underline the potential value-destroying role of multiple large shareholders and emphasizes the importance of firms improving their corporate governance mechanisms to mitigate the potential negative impact of ownership dispersion.

Research on transient dynamic behavior and stress of reciprocating compressor valve under air volume regulation

By establishing the motion equation of the air valve under the condition of air volume adjustment, the motion law of the air valve in the process of expansion, compression, suction and exhaust of the reciprocating compressor under different loads is calculated, and the reciprocating compressor with stepless air volume adjustment is used. The compressor unit verifies the calculation results. The maximum stress of the valve plate under different loads is analyzed, and the results show that in the ideal state where the fork pressure disappears instantaneously, the adjustment method of the partial stroke pressure opening suction valve has a greater influence on the stress concentration of the valve plate than the normal condition; in the partial stroke pressure opening suction valve adjustment method, the free retraction speed and stress of the valve plate will increase as the compressor load decreases.

Analysis of Factors Affecting the Supply of Onion in Brebes Regency

This analysis of the supply of onion in Brebes Regency is done using the methods of descriptive and analytic, and secondary data time series for 21 years (1998-2018). This study also utilizes the analysis of multiple linear by entering the model analysis of the distributed lag model with adjustment Nerlove (Partial Adjustment Model). The supply function is estimated with the approach of total production. The results of the multiple linear regression analysis obtained the factors that affect positively to the offer of onion in Brebes Regency is a vast harvest of onion in year t, the number of onion production in year t-1, the price of onions in year t-1, the price of garlic in year t-1, the average rainfall in year t, and interest rate in year t. The factor that negatively affects the offer is the price of urea fertilizer in year t. The most influential factor to the offer of onion in Brebes Regency is a vast harvest of onion in year t with the standardized regression coefficient of 0,889. The elasticity of supply for the area variable harvesting onions in year t is positive and is elastic with E>1, namely 1,328 for the short-term and 1,832 for the long term. Elasticity is inelastic with E value<1 is a variable amount of production in the previous year i.e. 0,275 short-term and 0,379 long-term prices of garlic in the previous year with a value of 0,105 short-term and of 0.145 long-term, the price of onions in the previous year with a value of -0,143 short-term and -0,197 the long term, the interest rate in year t, namely 0,136 and 0,188, and the average rainfall in year t with the value of -0,218 short-term and -0,301 the long term.

THE IMPACT OF FINANCIAL TECHNOLOGY ON CONSUMPTION FUNCTION OF THE THEORY OF ABSOLUTE INCOME HYPOTHESIS: A PARTIAL ADJUSTMENT MODEL APPROACH (THE INDONESIAN EVIDENCE)

Households are economic actors that play a significant role in the economic condition. Thus, households’ consumption expenditures are a variable that deserves a through analysis in an economy. This study aims to identify the impact of financial technology on household consumption by using the theory of the absolute income hypothesis. We use the partial adjustment model (PAM) approach and the Chow test to detect the structural change on households’ consumption function in Indonesia with the observation period of 1990–2017. The results demonstrate that Indonesian households’consumption function exhibits structural change because of the development of financial technology 3.0 era that started in 2000. Besides, the partial adjustment model also suggests that financial technology positively affects Indonesian households’consumption in both short-run and long-run. The findings imply that on the one hand, the findings are a positive signal to rely on finteh as the factor that encourages economic growth in Indonesia. On the other hand, the results indicate that fintech motivates the public to be more consumptive that will potentially lead to higher inflation rates.

Leverage strategies of Indian telecom sector: a dynamic panel data approach

PurposeThe purpose of this paper is to examine the optimal leverage ratio, speed of adjustment, and which factors contribute to achieving the target of selected telecom companies in a partial adjustment framework from 2008 to 2017. Further is to analyze the likelihood of bankruptcy of sample companies by Altman Z-Score model and to suggest which theory of capitals structure is better in explaining leverage strategies and judicious mix of debt and equity structure of the selected telecom companies.Design/methodology/approachThis paper chooses a partial adjustment model and uses the generalized method of moments technique to identify the variables that influence the target leverage ratio and the factors that influence the speed at which the target leverage is adjusted. Second, the Altman Z-score model is used in this paper to research the financial status of telecom companies using financial instruments and techniques.FindingsFor Indian telecom firms, firm-specific variables such as profitability, NDTS and Z-score lead to greater debt adjustment towards optimal level target leverage. The paper also highlights new paradigms in the Indian telecom sector, stating that top market leaders such as Bharti Airtel, BSNL, Idea, Vodafone and R.com, among others, should focus on debt reduction and interest payments, as well as implement new strategies to solve the crisis and change financial policies.Research limitations/implicationsIt mainly focuses on firm-specific variables because the firm-specific variables affect the leverage framework. The country-specific variables are not taken into the study. These results may be unique to telecom companies due to some peculiarities existing in the telecom sector in India. Although other sectors, both national and international level, can be taken into consideration.Practical implicationsThis paper has ramifications for corporate executives, investors and policymakers in India, for example, in terms of considering different transition costs while changing a telecom company’s financing decisions.Originality/valueTo the best of the authors’ knowledge, this is the first paper of its kind to look at both financial and econometric tools to assess financial performance using the Altman Z-Score model, as well as decide leverage strategies and the pace with which they can be adjusted to target leverage in the context of Indian telecom companies.

Is money really left on the table? The role of regular investors in IPO pricing

AbstractWe study how ongoing relationships between lead underwriters and institutional investors affect initial public offering (IPO) pricing. By introducing a new approach, we find that stronger relationships reduce the partial adjustment of the offer price, leaving ‘excess underpricing’ that favors regular investors, especially in hot IPOs, while generating an agency cost for issuers. At the same time, stronger relationships lead to higher offer prices, since they reduce information asymmetries and uncertainty in the primary market. This ‘excess price adjustment’ creates value for issuers. Taken together, these two apparently contradictory results reveal a win‐win outcome for issuers and regular investors.

Relationship Between Player Value and Competitive Balance Under the Assumption of Oligopoly

Abstract: The evolution of competitive balance and its impact on demand is the focus in the field of sports economics. The results of previous studies examining the relationship between competitive balance (CB) and attendance, as well as the direction of the relationship between financial inequality and CB, are not clear. Through panel data of the top five European football leagues, we examine whether there is a causal relationship between the concentration of club wealth and CB. Using different CB measures and the player value concentration as a proxy for wealth concentration, we found that wealth concentration has an impact on competitive imbalance. A partial adjustment model was able to detect the causal relationship even though CB refers to a moment while the wealth concentration refers to a period. This study helps to understand why previous research has found conflicting results on the relationship between financial inequality and competitive balance.

天坑森林植物群落叶功能性状、物种多样性和功能多样性特征

PDF HTML阅读 XML下载 导出引用 引用提醒 天坑森林植物群落叶功能性状、物种多样性和功能多样性特征 DOI: 10.5846/stxb202110273025 作者: 作者单位: 作者简介: 通讯作者: 中图分类号: 基金项目: 国家自然科学基金（31960047）；珍稀濒危动植物生态与环境保护教育部重点实验室研究基金（ERESEP2019Z04）；广西重点研发计划项目（桂科AB21220057）；广西漓江流域景观资源保育与可持续利用重点实验室研究基金（LRCSU21Z0101） Leaf functional traits, species diversity and functional diversity of plant community in Tiankeng forests Author: Affiliation: Fund Project: 摘要 | 图/表 | 访问统计 | 参考文献 | 相似文献 | 引证文献 | 资源附件 | 文章评论 摘要:以天坑内部-边缘-外部森林植物群落为研究对象，通过调查植物的群落结构、叶功能性状，探究天坑内外森林植物群落叶功能性状、物种多样性和功能多样性变化特征及其内在关联，为深入了解负地形森林生态系统的功能和恢复退化喀斯特地区的植被提供一定参考。研究结果如下：（1）比叶面积（198.75 cm2/g））、叶面积（42.70 cm2）、叶磷含量（1.70 g/kg）和叶钾含量（10.27 g/kg）在天坑内部最高，叶组织密度（0.32 g/cm3）和叶干物质含量（0.41 g/g）在天坑外部最高，天坑内外森林均易受到磷限制，表明随天坑内部-边缘-外部生境变化，植物对环境的适应机制和生存策略发生了部分调整，物种的防御策略增强，生长投入策略减弱。（2） Shannon-Wiener指数（2.82）、Simpson指数（0.92）和Pielou's均匀度指数（0.87）均以天坑外部最高，功能丰富度（1.05）、功能离散度（1.88）和Rao's二次熵（4.52）以天坑内部最高，表明随天坑内部-边缘-外部生境的变化，植物功能性状的差异减少，物种分布及其功能性状分布总体上更为均匀、物种数量增多。（3）物种多样性指数之间、功能多样性指数之间存在较强的相关性，表明物种多样性指数之间、功能多样性指数之间存在不同的制约关系。（4）叶功能性状与物种多样性、功能多样性的相关性强，物种多样性和功能多样性之间相关性较弱，表明叶性状对生态学过程的变化较为敏感，叶功能性状与物种多样性之间存在较强的耦合关系。 Abstract:To explore leaf functional traits, species diversity, and functional diversity characteristics and correlation of plant community in Tiankeng forests will help to build the context of leaf traits, species diversity, and functional diversity research context, and further understand the process and functions of the ecological system in the negative terrain forest, and provide a scientific basis for restoration and reconstruction of the vegetation in degraded karst areas. This paper takes the woody plant community in three habitats (the inside of Tiankeng, the fringe of Tiankeng, and the outside of Tiankeng) of Dashiwei Tiankeng Group as the object, to study the leaf functional traits, species diversity, functional diversity characteristics and their interactions, through community investigation and leaf functional traits measurement. The results are as follows:(1) woody plant grown in the inside of Tiankeng shows the highest specific leaf area (SLA:198.75 cm2/g), leaf area (LA:42.70 cm2), leaf phosphorus content (LPC:1.70 g/kg) and leaf potassium content (LKC:10.27 g/kg), in the outer of Tiankeng presents the highest leaf tissue density (LTD:0.32 g/cm3) and leaf dry matter content (LDMC:0.41 g/g), and the growth of woody plant is limited by P in Tiankeng forests and nearby karst forests. With the variation of habitats from the inner to the outer of Tiankeng, partial adjustments are made in the adaption mechanism and survival strategy of the woody plant. A quick defense strategy on investment for the species increases, while a slow growth strategy on investment of species is weak. (2) Shannon-Wiener index (2.82), Simpson index (0.92) and Pielou's evenness index (0.87) in the outside of Tiankeng are the highest, and the functional richness index (1.05), function dispersion index (1.88) and Rao's quadratic entropy index (4.52) in the inside of Tiankeng are the highest. With the variation in the inner-edge-outer habitats of Tiankeng community, the differences in plant functional traits reduce, the range of species distribution and functional traits are steady, and the individual of species increases. (3) There is significantly correlated to each species diversity and functional diversity, indicating that there are different restrictive relationships between species diversity and functional diversity. (4) The leaf functional traits are significantly correlated with species diversity and functional diversity, and the correlation between species diversity and functional diversity is weak, indicating that leaf traits are more sensitive to variation of ecological processes and there is a strong coupling relationship between leaf functional traits and species diversity. 参考文献 相似文献 引证文献

Dynamic Reallocation Model of Multiple Unmanned Aerial Vehicle Tasks in Emergent Adjustment Scenarios

Due to their strong risk tolerance, low manufacturing cost and good maneuverability, unmanned aerial vehicles (UAVs) have been widely used in various fields. Among related challenges, coordinated task assignment is a key scientific issue for autonomous control of UAVs. In this paper, based on the idea of fuzzy C-means (FCM) clustering and the ant colony optimization (ACO) algorithm, a cooperative multiple task reallocation problem with target precedence constraints for heterogeneous UAVs is proposed. The contributions of this research are the performance evaluation of the original algorithms in a dynamic context, consideration of changes in some attributes of the environment, and the extension of these algorithms to properly address more realistic dynamic emergent adjustment scenarios. According to the corresponding task reallocation strategy, the scenarios are divided into three categories: the complete redistribution strategy can effectively cope with scenarios where tasks have changed significantly, the partial adjustment strategy can induce partial responses to the changes of individual tasks, and group redistribution can effectively solve the problem of task target threat rating changes. The simulation results show that the dynamic reallocation model of multi-UAV tasks in dynamic emergent adjustment scenarios can achieve better performance to complete the corresponding tasks based on the proposed scheme. In addition, we deployed the developed graphical modeling and analysis software (GMAS) platform to implement the dynamic reallocation model of multi-UAV tasks in dynamic emergent scenarios, and the validity and reliability of the proposed task reallocation model were verified.

An empirical investigation of the impact of firm characteristics on the smoothness of dividend

This paper empirically investigates the smoothness of dividends on non-financial companies in Jordan by applying the asymmetric partial adjustment model. In addition, this research investigated the data for 65 non-financial companies (37 industrial and 28 services) listed on the Amman Stock Exchange (ASE) covering the period 1997–2020. Fixed and random-effects techniques have been applied to check the smoothness of dividends. The results confirmed that the non-financial Jordanian companies smooth their dividends at a moderate rate, our results contradict the signaling theory; we find that large companies smooth their dividend faster than small ones. Furthermore, in line with the agency cost theory, low-leveraged firms smooth their dividends faster than high-leveraged firms. Also, our results confirmed that highly profitable companies smooth their dividend more and this comes in line with the signaling theory.

Estimation of the supply function of corn crop in Iraq for the period (1990-2019)

The corn crop is one of the main crops in Iraq and is of great importance in terms of food and industry, as it is used in the manufacture of corn flakes, starch, oil, etc., and is used as animal feed. The research aimed to estimate the supply function of the maize crop in Iraq for the period (1990 - 2019) and to determine the factors affecting the production of the crop, represented by the price and non-price factors. The Nerlov partial adjustment model was used for a set of explanatory variables, namely, corn production as a dependent factor, the price of the crop for the current and previous years, rains, corn production in the previous year, price risk, technology variable, and the qualitative variable represented by the economic blockade as independent factors. The method of least squares was used in the analysis of several functions including linear, double logarithmic, half logarithmic and inverse logarithmic. The results indicated that the double logarithmic function is the best in terms of its conformity with the logic of economic theory and statistical criteria. The value of the coefficient of determination R2 was (0.89), and this indicates that the independent factors affect by (89%) the dependent variable, and that (11%) are due to other factors outside the model whose impact is absorbed by the random variable. The results of all parameters appeared significant according to the t-test at a level of significance (1%) to express the relationship between the dependent variable and the independent variables, and that the calculated F value is greater than the tabular F value, which amounted to (76.69), which indicates the significance of the model as a whole. The results indicated that corn supply is elastic in the short-run and inelastic in the long-run, which indicates that corn growers are less sensitive to price changes. And it was found that the supply of corn increases by (0.14, 0.19, 0.27) when the cultivated areas and prices of the current and previous year increase by one unit in order, and the research concluded that the supply of corn depends on several factors, the most important of which are prices in the current and previous year and the areas planted with the crop and to a lesser extent on the amount of rain And the production of corn in the previous year and the technological factor and other factors despite their positive impact on the production of the crop. The study recommends adopting policies that focus on non-price factors as a means to stabilize and increase corn production.

Determinants of trade credit financing: a dynamic analysis comparing agri-food cooperatives and non-cooperatives

PurposeThe particular characteristics of agri-food cooperatives reduce their ability to access external financial resources. The purpose of this paper is to explore the factors influencing the agri-food cooperatives' trade credit operations by measuring their accounts receivable and comparing the results with agri-food investor-owned firms (IOFs).Design/methodology/approachThe authors apply a partial adjustment model (PAM) estimated using a dynamic panel model with a two-step general method of moments (GMM) estimator to a sample of 11,930 Spanish agri-food cooperatives and IOFs for the period 2011–2018.FindingsThe study concludes that cooperatives and IOFs have an accounts receivable target, which they attempt to achieve rapidly. Cooperatives tend to behave as IOFs do, but they present lower adjustment coefficients. This difference seems to be explained by the unique characteristics of cooperatives which set different economic and social goals, not just profit maximization as IOFs. The findings show differences between the financial and commercial purposes of the cooperatives and IOFs as a result of their internal management policies. Larger cooperatives with access to external financial sources, positive cash flows and operational necessities will grant trade credit.Originality/valueThis study gives interesting implications for cooperative managers and policymakers to help them to understand the strategies behind trade credit policies. Previous empirical studies on the agri-food sector are scarce and focus on IOFs without considering the role of trade credit in European cooperatives.

PENGARUH INVESTASI DAN PENGEMBANGAN SEKTOR-SEKTOR EKONOMI SERTA UMKM TERHADAP KESEMPATAN KERJA DI SUMATERA BARAT

The problems studied are government and private investment as well as the development of economic sectors and MSMEs (Micro, Small and Medium Enterprises) and their effect on job opportunities in West Sumatra. The basic social problems faced in Indonesia are high levels of unemployment and poverty in the midst of government policies that have not met expectations. This study aims to analyze the effectiveness and ability to realize the targets of government policies in government and private investment, development of economic sectors, and MSMEs in order to increase job opportunities in West Sumatra Province. The factors studied are government investment, private investment, GRDP of the primary, secondary, tertiary, and MSME sectors. This study uses an explanatory method with a hypothesis testing study approach which explains the causal relationship in employment opportunities in West Sumatra through hypothesis testing. The data is compiled in time-series for the years 2000-2014 in a semi- annual period. The research model is formulated as a linear function based on Nerlove's Partial Adjustment Model approach and analyzed recursively using linear regression using the Ordinary Least Square (OLS) method. The research findings are: Government policies in public and private investment as well as the development of economic sectors and MSMEs are jointly effective in encouraging increased employment opportunities in West Sumatra. Individually, Employment Opportunities are more determined by government policies in government investment and the development of the primary and tertiary sectors. However, the government's ability to realize the target of job opportunities is still relatively low.

Corporate leverage and monetary policy transmission mechanism in India: A dynamic approach.

The macroeconomic policies of a nation have a major bearing on the financial performance of the companies and their potential sustainability and growth. This study investigates the impact of monetary policy on the corporate leverage adjustment through microscopic monetary policy transmission channels, mainly the interest rate and credit channels, using a sample of 422 manufacturing firms in India from 2011 to 2017 by employing partial adjustment model. The findings suggest that contractionary monetary policy cuts down overall corporate debt. The study further asserts that corporate debt in Indian firms demonstrates target behaviour and the speed at which firms adjust their actual debt ratios towards target debt ratios is a function of not only firm-specific characteristics but also macroeconomic conditions prevailing in the country, proxied by monetary policy indicators in our study. The study has critical policy implications as the balance sheet situation of corporates is a crucial factor in the financial stability of the economy.

Reasoning of additional diagnostic parameters for electric insulation diagnostics by absorption methods

The aim of this work is to analyze the inadequacies of the diagnostic parameters, in particular the absorption and polarization coefficients, which are manifested in their integral character and dependence on the ratio of values of several elements of the equivalent scheme of insulation replacement. This article contains the results of theoretical investigation of the extremе nature of the absorption diagnostic parameters, which leads to unambiguity of the diagnostics procedure. The ways of partial adjustment of this unambiguity have been proposed. Methodology. To determine the extremality of the absorption coefficients depending on the absorption time, absorption capacity and resistance, as well as the leakage resistance, the usual method of investigating the functions was used, detailed calculations have been obtained by using MATLAB software. Results. Has been shown that the ambiguity of diagnostic results is caused by the contradiction of the integral character of the diagnostic parameters and the local character of the isolation failures, in particular breakdown, by ambiguous dependence of the diagnostic parameters on the values of the elements of the insulation replacement scheme and the extremal nature of the diagnostic parameters. Based on the general expression describing all currently used absorption coefficients, it is shown that they all have an extremum, the value of which depends on the parameters of the insulation substitution scheme and the time interval between the measurements of the absorption current. The dependence of the extreme value of the absorption and polarization coefficients on the parameters of the insulation substitution scheme has been established. Has been shown that to eliminate the ambiguity caused by the extremity of the absorption coefficients, it is necessary to introduce additional diagnostic parameters, such as the ratio of leakage resistance to absorption resistance, as well as the critical value of the absorption time constant. Originality. The detailed analysis of the reasons of ambiguity of electric insulation technical diagnostics by absorption methods has been carried out. A method for eliminating the ambiguity caused by the extremity of the absorption coefficients has been proposed. Practical significance. To eliminate the ambiguity caused by the extremity of the absorption coefficients, additional diagnostic parameters are proposed – the ratio of leakage resistance to the absorption resistance and critical values of the absorption time constant. The applying of these parameters with the absorption coefficients will more adequately assess the technical condition of insulation.