Conversion Period Research Articles

Organic conversion tea farms can have comparable economic benefits and less environmental impacts than conventional ones—A case study in China

Lack of experience concerning the organic conversion period and its associated challenges have made it difficult for conventional farmers to convert to organic farming. In this study, using a combined life cycle assessment (LCA) with data envelopment analysis (DEA) approach, we investigated farming management strategies, and environmental, economic, and efficiency impacts of organic conversion tea farms (OCTF, N = 15) compared to conventional (CTF, N = 13) and organic (OTF, N = 14) tea farms in Wuyi County, China for a year-round (2019). We found that the OCTF reduced agricultural inputs (environmental impacts) and applied more manual harvesting (increased added value) to pull through the conversion period. According to the LCA results, OCTF showed a similar integrated environmental impact index compared with OTF but significantly (P < 0.05) lower than CTF at both midpoint and endpoint levels. In terms of economic assessment, OTF showed the significantly highest total revenue (18.7 thousand $ ha−1 yr−1) and profit (13.7 thousand $ ha−1 yr−1) (P < 0.05) among the farm types. In contrast, OCTF and CTF did not show significant differences in relation to these economic indicators (P > 0.05). The total cost and cost-profit ratio did not show significant differences among the three farm types. Considering the DEA analysis, there were no significant differences in the technical efficiency of all farm types. However, the eco-efficiency of OCTF and OTF was significantly higher than that of CTF. Therefore, conventional tea farms can survive the conversion period with competitive economic and environmental benefits. In this regard, policies should promote organic tea cultivation and agroecological practices to enhance the sustainable transformation of tea production systems.

Increased N2O emission due to paddy soil drainage is regulated by carbon and nitrogen availability

Conversion from paddy field to upland cultivation, driven by economic benefits, generally increases N2O emission. However, the underlying mechanisms regarding the changes in N2O emission during the transition period of paddy soil drainage and conversion into upland remain unclear. To address this knowledge gap, a microcosm experiment was conducted to mechanistically elucidate the N2O emissions in response to paddy soil drainage and its interaction with carbon (C, glucose) and nitrogen (N, NH4Cl) availability. Results showed that N2O emissions were significantly lower in the submerged paddy soil (0.51 ± 0.03 mg N kg−1) compared to drained paddy soil (3.63 ± 0.66 mg N kg−1). The increased N2O emission was positively associated with soil NH4+ depletion and NO3− accumulation, indicating increased nitrification and NO3− supply for denitrification following paddy soil drainage. Substrate C and N availability had little effect on N2O emission from submerged paddy soil, but strongly mediated the response of N2O emission to paddy soil drainage. High C availability largely mitigated the increased N2O emission by drainage, mainly resulting from increased N2O-reductase gene (nosZ) abundance. The increased N availability interacting with drainage strongly increased N2O emissions by 1.99–16.34 folds, primarily due to increased NO3− content and gene abundances of ammonia-oxidizing bacteria (AOB) and nitrite reductase (nirKandnirS). The N2O emissions were positively correlated with the abundances of ammonia-oxidizing archaea (AOA), AOB, nirK and nirS genes, and (nirK + nirS)/nosZ ratio across treatments. Collectively, our findings suggested that the increased N2O emission due to paddy soil drainage is regulated by C and N availability, attributed to changes in NO3− content and abundances of nitrifying and denitrifying genes.

SYNTHESIS AND PROPERTIES OF POLYMER SUSPENSIONS OBTAINED BY HETEROPHASE POLYMERIZATION IN THE PRESENCE OF α,ω BIS[3 GLYCIDOXYPROPYL]POLYDIMETHYLSILOXANE

Polymeric microspheres with glycidoxy groups on the surface can be used as bioligand carriers in diagnostic test systems. However, the possibility of synthesizing aggregatively stable functional polymeric microspheres in a wide range of diameters is an urgent problem of modern polymer chemistry. This article is devoted to a systematic study of the kinetics of styrene and methyl methacrylate polymerization in the presence of an organosiloxane surfactant with terminal glycidoxy groups – α,ω-bis[3-glycidoxyproopyl]-polydimethylsiloxane, PDMS(CHOCH2). The article shows the influence of phases volume ratio, initiator and surfactant concentration, synthesis temperature and pH of initial medium on the properties of polymer suspensions (their aggregative stability, monodispersity, particle diameter). The formation of polymer-monomer particles during polymerization has been studied and it has been shown that polymer suspensions retain high aggregation stability from early period of monomer conversion, and the particle diameter changes untill 30% of the monomer conversion. Due to the high surface activity of the organosiloxane surfactant used and its incompatibility with the resulting polymer, aggregatively stable functional polymer suspensions with diameters from 0.09 to 1.1 μm were obtained by a single-stage synthesis. Studies of the hydration degree of polymer microspheres have shown that the presence of functional glycidoxy groups on their surface ensures the formation of a hydration shell, which increases the stability of polymer particles, and also makes it possible to use the resulting microspheres as carriers of bioligands. Thus, the use of water-insoluble organosiloxane surfactants as stabilizers for the heterophase polymerization of vinyl monomers makes it possible to synthesize aggregatively stable functional polymer suspensions in a wide range of diameters. The use of organosiloxane surfactants with various functional groups expands the range of functional polymer microspheres used in various fields of application.

‘Everything you need to embrace the change’: The ‘menopausal turn’ in contemporary UK culture

In recent years, the UK has witnessed an unprecedented period of pronounced public cultural conversation and promotion around a newly inflected era of menopause awareness. Importantly, this ‘menopausal turn’, as I term it, can be identified in operation throughout multiple and intertwined cultural spaces, including education, politics, medicine, retail, publishing, journalism, and more. While this invigorated conversation might be welcomed at many levels, this article examines how it would be both naive and indeed hazardous to conflate the amplification of cultural attention to menopause and demand for greater provision of menopause support currently seen in the menopausal turn, with greater inclusivity. This shift in UK media discourse has been nowhere more apparent than in the preparedness of a significant number of high-profile women celebrities and public figures ready and willing to share their stories and lend their names to confessional menopausal disclosures of one kind or another. Adopting an intersectional feminist media studies approach, I particularly examine how understanding of menopause is being envisioned and bolstered through this celebrity prism as primarily the terrain of White, cisgendered, middle-class affluence - even aspiration at times - and insist this movement be identified and acted on by all those engaged in studying or shaping menopause in the media as a pressing matter of consequence, in order to advocate for more intersectionally-conscious accounts of menopause.

Integrated Transcriptome and Metabolome Analyses Provide Insights into the Coloring Mechanism of Dark-red and Yellow Fruits in Chinese Cherry [Cerasus pseudocerasus (Lindl.) G. Don

Chinese cherry [Cerasus pseudocerasus (Lindl.) G. Don] is an important fruit tree from China that has excellent ornamental, economic, and nutritional values with various colors. The dark-red or red coloration of fruit, an attractive trait for consumers, is determined by anthocyanin pigmentation. In this study, the coloring patterns during fruit development in dark-red and yellow Chinese cherry fruits were firstly illustrated by integrated transcriptome and widely-targeted metabolome analyses. Anthocyanin accumulation in dark-red fruits was significantly higher compared with yellow fruits from the color conversion period, being positively correlated to the color ratio. Based on transcriptome analysis, eight structural genes (CpCHS, CpCHI, CpF3H, CpF3'H, CpDFR, CpANS, CpUFGT, and CpGST) were significantly upregulated in dark-red fruits from the color conversion period, especially CpANS, CpUFGT, and CpGST. On contrary, the expression level of CpLAR were considerably higher in yellow fruits than in dark-red fruits, especially at the early stage. Eight regulatory genes (CpMYB4, CpMYB10, CpMYB20, CpMYB306, bHLH1, CpNAC10, CpERF106, and CpbZIP4) were also identified as determinants of fruit color in Chinese cherry. Liquid chromatography-tandem mass spectrometry identified 33 and 3 differential expressed metabolites related to anthocyanins and procyanidins between mature dark-red and yellow fruits. Cyanidin-3-O-rutinoside was the predominant anthocyanin compound in both fruits, while it was 6.23-fold higher in dark-red than in yellow fruits. More accumulated flavanol and procyanidin contents resulted in less anthocyanin content in flavonoid pathway in yellow fruits due to the higher expression level of CpLAR. These findings can help understand the coloring mechanism of dark-red and yellow fruits in Chinese cherry, and provide genetic basis for breeding new cultivars.

Supplementation with Enterococcus faecium enhances growth performance, intestinal health and immunity of big-belly seahorses (Hippocampus abdominalis) during diet conversion

Diet conversion is a key stage of seahorse aquaculture. Herein, we set up five groups to evaluate the probiotic effects of Enterococcus faecium supplementation on the growth, development, intestinal health, and immunity of big-belly seahorses (Hippocampus abdominalis) during this stage, including control (C) (no E. faecium), H2 (1 ×107 CFU mL−1, every 2 d), H4 (1 ×107 CFU mL−1, every 4 d), L2 (1 ×105 CFU mL−1, every 2 d), and L4 (1 × 105 CFU mL−1, every 4 d) groups. After 48 d culture, concentration and frequency of E. faecium supplementation, as well as their interaction, were confirmed to have significant effects on growth performance of seahorses (P < 0.05). Body weight, specific growth rate, body weight increase, standard length and standard length increase of H4 and L4 groups were significantly higher (P < 0.05); Ovary weight but not testis weight and brood pouch length significantly increased in H4 group (P < 0.05); Feed intake increased (P < 0.05), while feed conversion ratio significantly reduced in H4 group (P < 0.05); Together with the increase of intestinal absorption area (P < 0.05) and digestive enzymes in H4 group, it suggests that the increased growth performance of big-belly seahorses may be attributed to the integrated improvements in food intake, digestion, and absorption capacity. Additionally, significant increase of expression of intestinal immune-related genes, and remodeling of both intestinal microbiota and their functions endowed seahorses with healthier intestinal environment, which resulted in the increase of survival rate by 50% against pathogenic Edwardsiella tarda challenge. Constructing comprehensive evaluation systems of both growth performance and probiotic effects for the first time could help us determine the best application strategy of E. faecium during the diet conversion period of big-belly seahorse aquaculture. This finding may provide a novel reference for the application of E. faecium in seahorse aquaculture.

The implications of IFRS on the credit market: Evidence from the emerging market

Banks are usually assessed credit risk based on borrowers’ financial statements to monitor credit risk over the life of the lending contract (Beatty, 2008; Golubeva, 2020). Thus, this research examines the implications of mandatory International Financial Reporting Standards (IFRS) implementation on the rational investment decisions of lenders and borrowers in the emerging market (e.g., the Iraqi credit market). Quantitative data were collected, nearly 137000 credit/loan contracts and 500 debenture contracts of almost 750 individual companies. We separate the dataset into two periods, earlier and later IFRS implementation using interaction variables to extract other economic factors’ impact on loan contract stipulation. Even though enhancing the quality of financial statements is the most rational objective of IFRS adoption and implementation, the results show insignificant improvement. IFRS implementation has a limited effect in enhancing financial statements’ quality during the conversion period. This finding supports the view that economic advantages do not essentially contribute to the application of IFRS but depend on other considerations and the level of disclosure practices

Determinants and Constraints for Adoption of Zero Budget Natural Farming (ZBNF) Practices

Zero Budget Natural Farming (ZBNF) follows agroecological principles and promotes chemical-free farming. It has emerged as cost-effective farming improving soil fertility and providing chemical-free food. For determining factors for the adoption of ZBNF practices in the purposively selected Wardha district of Maharashtra, conducted during 2022-23, Logit regression and for analyzing the constraints, factor analysis was used. The study revealed significant factors like integrated soil fertility management practices, adoption of ZBNF practices and IPM practices. The scarce raw materials for input preparation, management of weeds and pests were identified as input related whereas, lack of knowledge about liquid fertilizers, insect pest and weed management practices were reported as technology constraints, in case of the constraints related to labour and machinery, non availability of the bullock, high demand of skilled labour and high labour wages were reported. In case of institutional constraints, higher conversion period, high demand of skilled labour, and high certification fee were found. The assurance of better prices, purchase agencies at distant places, and lack of proper market structure were reported as the marketing constraints. In the case of political and legal constraints, a lesser number of FPOs, the synergy of the ZBNF practices with mainstream agriculture, lack of globalized market, and the need for convergence were found significant.

Determinants of Trade Credit Supply and Shareholders’ Return in Developed and Developing Countries

This study analyzed the relationship between firm-specific determinants and trade credit supply. Unlike past studies, average collection period is used as a proxy of trade credit supply. Further, impact of trade credit supply on shareholder return is examined in the study. This study compared the results among different income groups consisting of developing and developed countries (lower-middle income, upper-middle income, and high income). Data of six countries is collected from DataStream for the period 2002-2018. Kruskal Wallis test revealed that firms of lower-middle income developing countries collected receivables early as compared to other countries. Generalized method of moments (GMM) is applied to test the relationship between determinants and trade credit supply. The findings of the study showed that for all firms, average payment period, inventory conversion period and net profit margin of supplier significantly increase while cash flow volatility and leverage significantly decrease the trade credit supply. The relationships are similar across different group of countries except net profit margin. However, the impact of determinants on trade credit supply is different in different groups. In addition, an optimal period of trade credit supply is found. Longer average collection period beyond optimal period decreases shareholder returns. In each income group, optimal period of trade credit supply is different. These results have implications for managers across developed and developing countries to optimize trade credit supply policies.

Impact of Working Capital Management Components on Profitability: A Case Study of Shivam Cement Limited

The paper shows the impact of working capital management on the profitability position of the only listed cement industry of Nepal, i.e., Shivam Cement Limited (SHIVM). The paper has applied correlation coefficient and regression analysis to interpret the data defines as dependent and independent variables. The paper used net profit margin (NPM) as a dependent variable, while the receivable conversion period (RCP), payable deferral period (PDP), inventory conversion period (ICP), cash conversion cycle (CCC), current assets to total sales ratio (CASR), and current liabilities to total sales ratio (CLSR) are taken as independent variables to see an impact of working capital on profitability of the SHIVM. The paper found that SHIVM is efficient in generating revenue by utilising current assets and current liabilities. The paper also found that neither RCP nor ICP or CCC was seen as related to the profitability of the SHIVM. Nevertheless, only the PDP has a negative impact on the NPM of the SHIVM. This shows that an increase in the PDP for the SHIVM would not lead to an increase in its profitability. ICP of SHIVM is only highly correlated with the CCC, as the nature of the industry maintaining a bulk inventory also determined the relation.

Impact of Working Capital Management on Profitability of Non-Financial Firms

The managers of today's non-financial enterprises are more concerned with working capital management. This study used a descriptive and comparative causal research approach to examine working capital management's effect on profitability. Regression and correlation test was performed for 15 observations from three non-financial institutions based on a purposive sample design. The result shows a strong positive correlation between the current ratio (CR) and returns on assets (ROA), cash conversion cycle (CCC), receivable conversion period (RCP), and payable deferral period (PDP) have no significant correlation. Regression results show that CR, PDP, and CCC are significant predictors of ROA, and RCP has no significant effect. It is recommended that non-financial managers focus on maintaining a favorable current ratio while reducing the cash conversion cycle and optimizing payment periods. By doing so, they can improve their firm's liquidity position, effectively manage cash flow, and ultimately enhance profitability.

Economic and Ecological Impacts of Adjusting the Age-Class Structure in Korean Forests: Application of Constraint on the Period-to-Period Variation in Timber Production for Long-Term Forest Management

South Korea’s successful reforestation efforts over the past 50 years have led to abundant forest resources. However, intensive reforestation during the 1970s and 1980s skewed the forests’ age distribution towards forest stands aged 30 years or older, which results in an unbalanced distribution of age-class, requiring redistribution with harvest and effective regeneration plans to produce a sustained yield of timber as well as long term ecological benefits. During this conversion process, variations in timber production can occur, causing economic and ecological risks if excessive. To prevent these likely risks, permissible levels of increase and decrease in timber production can be restricted in the planning phase. In determining the appropriate variation rate in timber production, it is necessary to understand the impacts of variation in timber production on forest management. This study performed a sensitivity analysis to evaluate the economic and ecological impacts of constraining the period-to-period variation in timber production. A multi-objective linear programming (MOLP) forest management planning model was utilized to study forests in Mt. Gari, South Korea. Nine management alternatives were set with different levels of variation rate in timber production and further constraints. The total volume and net present value (NPV) of timber production, carbon storage, and water storage were analyzed for each alternative. As timber production variation rates decreased, the amount of timber production increased and forest carbon storage decreased; furthermore, NPV diminished as variation constraints strengthened. These differences were mainly caused by selection of regeneration species according to the constraint on variation in timber production. If the variation rate was strictly restricted, the area of timber species with short rotation age increased during conversion period, in order to reduce the gap of timber production between periods. At the latter part of planning horizon, the area of broad-leaved trees was enlarged as the burden of adjusting age-class structure reduced. The appropriate variation rate in timber production was determined to be 30%, based on considerations regarding the economic and ecological impact of the variation on the forest.

A software-based method for energy losses decreasing in cascaded buck + boost DC-DC converter

A MOSFETs switching times calculation method for the known modulation strategy for bidirectional buck + boost DC-DC converter is presented. A former low-loss, constant-frequency modulation strategy based on a negative inductor offset current takes place at the beginning of each conversion period which provides the ability to turn on converter’s MOSFET switches under zero-voltage and zero current switching (ZVS/ZCS) condition. Time interval between switching times of half-bridge MOSFETs is needed to provide the ability to turn on the MOSFET under ZVS/ZCS due to its antiparallel diode takes over an inductor current. Described method based on a switching delay time estimation for the worst case of converter’s circuit components spread which allows to calculate proper MOSFETs switching times by Digital Control Unit (DCU). The article describes in detail the switching of the input half-bridge MOSFETs at first switching time. The clarified offset current calculation method, based on an estimated switching delay and converter’s input voltage is presented.

DETERMINANTS OF CORPORATE GROWTH: EMPIRICAL INVESTIGATION OF THE SOUTHEAST EUROPEAN COMPANIES

The growth of companies is always a current and challenging topic for corporate managers who tend to maximize growth. In order for companies to grow they need to undertake investment projects with a positive NPV that will increase production capacity, output and sales. But, on the other hand, the financing of new assets should be in a way that will not deplete financial resources and will enable sustainable growth. In this paper, we investigate the internal company-specific determinants of corporate growth in Southeast Europe on a sample of 791 companies. We found that SEE companies achieved moderate annual growth of 6.73% per year. This is primarily and mostly due to the small volume of capital investments, which in turn is a result of poor operating performance and low profitability. Retained earnings are the primary internal source of investment financing along with additional borrowing for these companies that have no other financing opportunities available, operating in underdeveloped financial market. The growth of the companies in SEE is positively affected by capital investments, financial leverage, operating cash flow, ROA, ROE, firm’s size, net profit margin and assets turnover. The growth of the companies in SEE is negatively affected by non-debt tax shield, tangibility, account receivable collection period, inventory conversion period and cash conversion cycle. Companies in SEE need to improve working capital management practices, to increase its effectiveness and efficiency, in order to generate greater profitability and consequently greater company growth.

Reviu: Ayam petelur organik

Laying hens are one type of poultry that is widely cultivated by breeders for their eggs. Organic products are trending currently because of their better health effects. This research was conducted with a literature study approach and used descriptive analysis. Based on the study we obtained, it was known that the maintenance of organic laying hens must be carried out with organic requirements from all aspects like land, cages, breeds, sources of feed that must be 85% organic sources, was not use chemicals, plants must free from chemical, not use antibiotics or chemical drugs on the treatment (or perhaps with a conversion period) in sick hens. Constraints on the source of organic feed ingredients as well as marketing and consumers of organic products in several areas had made organic farming not widely applied in Indonesia. Organic laying hens have lower egg weight (58 g) and egg production (90%) compared to conventional laying hens (57.5-63 g, 92.31%). However, the mortality rate and the number of broken shell eggs in organic chickens (4%, 1.5%) were better than in conventional laying hens (8.8-9.7%, 3.9%). Based on this study, it can be concluded that the quality and advantage of organic livestock produced has the potential to increase the interest of Indonesian farmers to raise organic livestock.

Managing working capital for profitability; Experience in the Saudi SME sector

This study is an attempt to examine the relationship between Assertive investment, inventory conversion period, cash conversion period, firm performance, and market value. Moreover, this study also examined the mediating role of firm performance. The data for this research was collected from the employees working in the SME sector of KSA. A self-administrative survey was conducted to collect the data. After three reminders, 68.4% of questionnaires were returned, and 66.7% were found to be duly completed and used in this research. The data was gleaned from these questionnaires and was later analyzed using SPSS 25 and Smart PLS 3. The study’s results revealed that except for the inventory conversion period, all other chosen parameters affect the market value of the Saudi SME sector. At the same time, the rest of the direct effects are confirmed. On the other hand, the mediating role of firm performance is confirmed between CCP, ICP, and MV. The findings of this study are helpful for the policymakers of the SME sector in KSA.

An integrated of buck and half‐bridge high step‐down converter utilizing single‐stage driving design for high‐efficiency energy conversions

AbstractIn this paper, an integrated of buck and half‐bridge high step‐down converter utilizing single‐stage driving design for high‐efficiency energy conversion is proposed. The proposed converter has the ability to instantly and synchronously transfer energy from input to output within one conversion period. The proposed topology is capable of lowering the primary side voltage of the transformer, so the turns ratio could be reduced. The coupling rate is therefore better along with the leakage inductance. Furthermore, the duty cycle operated in an extreme situation is not necessary. As a combination of the advantages of high step‐down conversion, lower voltage stresses, and fewer amount of semiconductor elements, the feasibility of the proposed topology is verified by the implementation of a 300 W prototype. The proposed integrated topology utilizes the single‐stage energy transfer control algorithm to verify that the proposed experimental circuit has a full load efficiency of 92.4%, in the case of input voltage 380 V and output voltage 5 V, and the maximum efficiency, occurring at 100 W, is 94.55%.

Moderating Effect of Ownership Structure on the Relationship between Working Capital Management Decisions and Financial Performance of Tea Firms in Kenya

Purpose: The general objective of this research study was to examine the moderating effect of ownership structure on the relationship between working capital management decisions and financial performance of tea firms in Kenya. Expansive research studies are available on the strategies employed by tea firms to boost their financial performances. However, Very minimal of these research studies are geared towards the contribution of working capital management decisions employed by these companies within the tea sector in Kenya.&#x0D; Methodology: The study employed a correlational research design. The data was collected was collected from the audited financial statements of all the multinationals and KTDA managed tea firms in Kericho, Bomet and Nandi counties of Kenya. The data was analyzed by employing both descriptive and inferential statistics.&#x0D; Findings: This research study revealed that there exists a moderating effect of ownership structure on the relationship between working capital management decisions and financial performance of tea firms in Kenya.&#x0D; Unique contribution to theory, practice and policy: The research study recommended that the KTDA managed tea firms should be advised to adopt the strategies employed by multinational tea firms in order to boost and improve their financial performance. Tea firms are strongly cautioned against increasing accounts receivables period, accounts payables payment period and inventory conversion period because this would minimize their financial performance in the long-run.

Echoing Retorts in Hárbarðsljóð and Lokasenna

Echoing Retorts in <i>Hárbarðsljóð</i> and <i>Lokasenna</i>

DO INTERNAL AUDITORS IMPROVE FIRMS’ WORKING CAPITAL MANAGEMENT?

This paper investigates the relationship between internal audit and the working capital management (WCM) of Malaysian public-listed firms. Good WCM is vital as it drives profitability. Anecdotal evidence suggests that the inventory conversion period is the most challenging part of WCM for Malaysian firms. In 2017, around RM71 billion in cash was locked up in working capital and thus suggesting that Malaysian public-listed firms are struggling with WCM. Based on this issue, we are therefore motivated to examine the association between the role of internal audit and WCM in publicly listed firms in Malaysia. Specifically, we would like to examine whether internal audit cost relates to better firms’ WCM. We proxy WCM by the cash conversion cycle (CCC) ratio. With a sample of 309 firm-year observations, we observed a negative and significant relationship between internal audit cost and CCC. The findings suggest that an increase in internal audit cost improves firms’ operational efficiency and effectiveness, hence improving firms' CCC ratios. Furthermore, we find consistent results on the influence of the internal auditor on two of three components of CCC, namely the inventory conversion and the receivables collection periods. Finally, our additional analysis demonstrates that CCC and internal auditing are critical components of firms' performance. By adding the role of internal audit in WCM, this study contributes to a further understanding of the role of internal auditor in agency theory. This study contributes to senior management of publicly listed firms that the cost incurred internal auditing function is an investment that helps improve WCM efficiency. Keywords: Cash conversion cycle; internal audit investment; WCM, public-listed firms; Malaysia