Rm Size Research Articles

Freezing of Water Solvation Dynamics in Nanoconfinement by Reverse Micelles at Room Temperature.

Much attention has recently been paid to anomalously low dielectric constants of nanoconfined water between two slabs at room temperature (Fumagalli et al. Science, 2018, 360, 1339). These low values imply that the dipole rotation of the interfacial water on the slab is completely suppressed. Such freezing has so far been observed for water confined between solids. In contrast, it remains unclear whether this holds for water in soft confinement, which is omnipresent naturally and artificially. Here, we address this question using encapsulated reverse micelles with a dye molecule, allowing us to study water sandwiched between the surfactant and dye molecules in solution. Moreover, we examine the solvation related to the dielectric property of water, which is reorientational motion in the hydration layer of the dye molecule, by persistent hole-burning spectroscopy. We first show that the dye molecule is surrounded by water without contact with the surfactant and that the dye molecule has two or three hydration layers on average. We next demonstrate that the solvation dynamics is frozen below the water droplet size of ∼4 nm, whereas they become liquid-like when the RM size is further increased. The average gap distance (∼1.5 nm) for freezing the solvation agrees with the gap distance with no rotational water motions between slabs. Our findings may have biological relevance, providing a new aspect for understanding biological function in cells.

Exploring the evidence for a large local void with supernovae Ia data

Abstract In the present work we utilise the most recent publicly available SN Ia compilations and implement a well formulated cosmological model based on LTB metric in presence of cosmological constant Λ (ΛLTB) to test for signatures of large local inhomogeneities at z ≤ 0.15. Local underdensities in this redshift range have been previously found based on luminosity density data and galaxy number counts. Our main constraints on the possible local void using the Pantheon SN Ia dataset are: redshift size of $z_{\rm size}=0.068^{+0.021}_{-0.030}$; density contrast of $\delta \Omega _0/\Omega _0 = -10.5_{-7.4}^{+9.3}\%$ between 16th and 84th percentiles. Investigating the possibility to alleviate the ∼ $9\%$ disagreement between measurements of present expansion rate H0 coming from calibrated local SN Ia and high-z CMB data, we find large local void to be a very unlikely explanation alone, consistently with previous studies. However, the level of matter inhomogeneity at a scale of ∼100Mpc that is allowed by SN Ia data, although not expected from ΛCDM cosmic variance calculations, could be the origin of additonal systematic error in distance ladder measurements based on SN Ia. Fitting low-redshift Pantheon data with a cut 0.023 < z < 0.15 to the ΛLTB model and to the Taylor expanded luminosity distance formula we estimate that this systematic error amounts to $1.1\%$ towards the lower H0 value. A test for local anisotropy in Pantheon SN Ia data yields null evidence. Analysis of luminosity density data provides a constraint on contrast of large isotropic void $\delta \Omega _0/\Omega _0 = -51.9\%\pm 6.3\%$, which is in ∼ 4σ tension with SN Ia results. More data is necessary to better constrain the local matter density profile and understand the disagreement between SN Ia and luminosity density samples.

Net Neutrality and Its' Repeal: Small Firms' Shareholders Shrug While Large Firms' Shareholders Turn

The FCCs decision to repeal Net Neutrality governance of Internet traffic has not ended the debate over whether such protections are needed. This paper investigates the effects of changes in Net Neutrality regulation through an event study that unlike previous studies, employs as a baseline model, the Fama/French Three-Factor model to capture differences in rm size. The results are striking: for the most part, investors in both small and large firms are indifferent to changes in Net Neutrality rules. However, the selection of Chairman Pai is a signifi cant negative event for the group of largest rms. One explanation consistent with this finding is that the appointment of Pai gave a green light not only for Net Neutrality's repeal but also signalled that the FCC would take a favorable stance towards merger activity. Large firms in a given industry are more likely to operate as acquirers and therefore, more likely to realize losses in shareholder value.

The Effect of Environmental Performance, Firm Size, and Profi tability on Environmental Disclosure

These studies aims to examine and analyze the effect of environmental performance, fi rm size, and profi tability on environmental disclosure in mining companies, participating in PROPER Program and are listed on the Indonesia Stock Exchange (IDX) period 2012-2015. This study is an explanatory study using quantitative approach. The sample consists of 52 respondents from 13 companies x 4 (period 2012-2015). There were 4 outlier data obtained, therefore the final sample used is 48 selected using a purposive sampling technique. The data were analyzed using a classical assumption test and multiple linear regression analysis. The results show that environmental performance and fi rm size have positive effect on environmental disclosure, while profi tability has no effect on environmental disclosure. This study has limitations on the number of samples, because there are still many companies that have not participated in the PROPER program. It can be implied that this study illustrates that the companies to be more concerned about the environment. Therefore, it is recommended that further research use more research samples.

Factors That Infl uence the Revaluation of Fixed Assets in Manufacturing Sector Companies Listed on the Indonesia Stock Exchange Period 2014-2017

This study aims to determine the effect of leverage, liquidity, fi xed assets intensity, and fi rm size on the revaluation of fi xed assets. The population of this study is manufacturing sector companies in Indonesia. The research samples are manufacturing companies listed on the Indonesia Stock Exchange in 2014 - 2017. Sampling technique is conducted using purposive sampling method. The data used are secondary data. The research data include fi nancial statements of manufacturing companies listed on the Indonesia Stock Exchange (IDX) obtained from ww.idx.co.id in 2014-2017. The data collection strategy in this study is the archive strategy, that is, the data collection derived from existing records or databases. Data analysis is done using logistic regression analysis. The results of this study show that the variables of leverage, liquidity, and fi xed assets intensity have no effect on the company’s decision to carry out fi xed assets revaluation, while the variable of fi rm size has an effect on the company’s decision to carry out fixed assets revaluation.

The Effect of Non-Financial and Financial Factors on the Timeliness of the Submission of Company Annual Financial Statements

Timeliness is the availability of information for decision makers at the right time so that it can infl uence the stakeholders’ decisions. The aim of this study is to examine the effect of fi nancial and non-financial factors on the timeliness of the submission of company annual fi nancial statements. The population consists of manufacturing companies listed on the Indonesia Stock Exchange 2012-2016. A sample of 243 companies were obtained using a Purposive sampling method. The data processed by suing SPSS version 23 with descriptive analysis and multiple linear regression analysis. Based on the results of this study, the variables of independent board of commissioners and profi tability have a signifi cant effect on the timeliness of the submission of company annual fi nancial statements, while the variables of public ownership, institutional ownership, audit tenure, leverage, and fi rm size have no signifi cant effect on the timeliness of the submission of company annual fi nancial statements.

The Effect of Financial Ratio and Firm Size on Stock Return in Property and Real Estate Companies Listed on the Indonesia Stock Exchange

This research aims to fi nd out the effect of fi nancial ratios and fi rm size on stock return. The object of this research is property and real estate companies listed on the Indonesia Stock Exchange 2012-2016. The independent variables used in this study are fi nancial ratios, consisting of liquidity, profi tability, activity and leverage, and fi rm size, while the dependent variable is stock return. The sampling technique is conducted using purposive sampling method. Data analysis method used is multiple linear regression analysis. The results of this study show that leverage has a signifi cant effect on stock return, but liquidity, profi tability, activity but fi rm size has no effect on stock return.

Analysis of Variables that Affect Tax Avoidance in Banking Sector Companies in Southeast Asia

Tax is one of the largest revenues the state has and it is compulsory for both citizens and companies to pay to the state. The collected funds are used by the state to build state infrastructure and others. However, not all individuals or companies are willing to pay tax voluntarily. Some taxpayers even carry out tax avoidance. There are many factors that may affect tax avoidance practices, such as institutional ownership, gender diversity on board of directors, audit committee, and fi rm size. This study aims to determine the effect of institutional ownership, gender diversity on board of directors, audit committee and fi rm size on tax avoidance by using current effective tax rate approach and SPSS test tool version 22. The sample consists of 568 banking sector companies in Southeast Asia and they are listed on Orbis that publish fi nancial statements in English, gain profi t, and pay taxes in the research period. Based on the research results, it is found that institutional ownership has a signifi cant effect on tax avoidance. Likewise, audit committee and fi rm size also have a signifi cant effect on tax avoidance. However, gender diversity on board of directors has no signifi cant effect on tax avoidance.

Determinants Of Stock Option Use By Chinese Companies

<p>Using a sample of 225 stock option grants over the period January 2006 to June 2013, we examine the economic determinants of stock option use in Chinese firms from the optimal contract and managerial power approaches. We investigate whether the same economic factors can explain stock option awards to different types of target grantees (including directors and senior executives, technical and business personnel, and special talents introduced in the future). In consistent with the optimal contract theory, we find that the scope of stock option plans is negatively associated with ?rm size, dividend dummy, and three ownership measures (managerial ownership, blockholder ownership, and foreign ownership). Furthermore, we find that the scope of stock option plans is positively related to book-to-market ratio and prior stock returns, but the coefficients are significant only when the stock options awards cover senior managers. We also find that the impact of risk is different when options are targeted to different types of employees. In consistent with the managerial power theory, we ?nd that the scope of stock option plans is inversely related to state ownership. As for the other economic factors, their degree of impact is found to be different across a broad base of employees. In general, ownership variables are more relevant to key technical and business personnel, while firm characteristics variables are more relevant to top management.</p>

What Drives Executives to Make Socially Responsible Investments?

Corporate social responsibility (CSR) has been the focus of a signifi cant amount of research. Specifi cally, scholars have looked at whether certain types of top executives are more likely to invest in CSR, and if so, what their motivations are for doing so. For example, do CEOs who invest in CSR do so to further the interests of shareholders and the fi rm’s performance, or to enhance their own reputations? Or, are CEOs investing to further the interests of other corporate stakeholders at the expense of shareholders? What’s more, scholars have asked whether these motivations are always mutually exclusive, and whether corporate governance of their fi rms affect CEOs’ decisions regarding CSR. While scholars from a variety of disciplines have long debated these questions, the empirical evidence has been inconclusive. In particular, questions remain about the drivers of CSR and, more specifi cally, the role that top management plays in shaping a fi rm’s investment in CSR and its impact on fi rm performance. Fortunately, a recent study by Richard Borghesi (University of South Florida), Joel Houston (University of Florida), and Andy Naranjo (University of Florida) sheds new light on the subject by examining how the personal attributes of executives drive CSR investments. Borghesi and his colleagues suggest three reasons why top managers invest in CSR—for altruistic reasons, to further a fi rm’s fi nancial interests, and/or to enhance their professional reputations. In particular, this study looks at the political orientation of the CEOs—with the assumption that CEOs donating more to Democrats are more likely to invest in CSR. Borghesi and his colleagues also conjecture that CEOs facing more media exposure will be more responsive to shareholders or stakeholders. Finally, they consider whether CEOs’ gender and/or level of experience infl uence attitudes toward CSR-related investments. In addition to these individual-level motivations, Borghesi and his colleagues also look at organizational-level motivations. Specifi cally, they address whether corporate governance constrains CEOs’ actions with respect to CSR investments. They maintain that strong corporate governance implies that shareholders with more power (e.g., institutional investors) may try to dissuade CEOs from investing in CSR. Finally, the study also considers several different fi rm-level characteristics that may affect a fi rm’s CSR investments, such as fi rm size, age, profi tability, advertising expenditures, corporate diversifi cation, and the competitiveness of a fi rm’s industry. For instance, more visible (high profi le) fi rms may be more likely to invest in CSR. Likewise, fi rms with more organizational slack (higher profi ts and more cash, lower debt ratios) may invest more in CSR. And fi rms that are more diversifi ed and more global and in less competitive industries may be more likely to expand their CSR programs as well.

ANALISIS PENGARUH KONDISI KEUANGAN DAN UKURAN PERUSAHAAN TERHADAP BUSINESS RISK (STUDI KASUS PADA PERUSAHAAN PERBANKAN YANG TERDAFTAR DI BURSA EFEK INDONESIA)

Bank is a fi rm which collects funds from society in the deposit term and spread it in the credit term and or in the other tems to increase the standard living of society. Therefore, it is urgent to get people’s credibility, because the activities of the bank rely on that. The aim of this research is to analyse the fi nancial condition effect in proxcy with capital adequacy ratio (CAR), non performing loan (NPL), loan to deposit ratio (LDR), net interest margin (NIM), and fi rm size toward business risk measured by deviation standart from return on asset (ROA). The methods of this research are double regression analisys, proper model test, classic assumptions test, and hypothesis test. The source of data used in this research are the banks in Indonesia Stock Exchange registered in 2008-2012. The data are chosen by using purposive sampling method which bank reports the annual report and Indonesian Capital Market Directory (ICMD) . From those criteria, this research gets 111 banks. The result shows that capital adequacy ratio (CAR), non performing loan (NPL), and net interest margin (NIM) have the signifi cant infl uences toward business risk. While loan to deposit ratio (LDR) and fi rm size have no signifi cant infl uences to business risk.

Value Around the World

The value premium has proven to be a consistent asset-pricing anomaly, having been well documented for various time spans and countries. The present study, which examines how cross-country investor dierences aect the magnitude of value returns, is the largest international study yet conducted of portfolio returns based on book-tomarket ratios. First, we study a stochastic extension of dividend-growth model with two rms diering in correlations between rms’ cash ows and consumption to distinguish the value and growth rm. We rationalize the existence of value premium by calibrating the model and replicate CAPM value premium puzzle. By employing data from the International Test of Risk Attitudes (INTRA) and a large panel of stocks from countries around the world, we show that patience is negatively related, and that risk aversion is positively related, to the magnitude of value prots, conrming the implications of our model. Moreover, similar results hold for average stock volatility. Although patience is positively related to the level of economic development, its relationship to value returns does not disappear, controlling for general economic and nancial development measures. Furthermore, we nd that value premiums are positively associated with country price-earnings ratios and negatively associated with rm size.

Growth Factors of Small and Medium-sized Enterprises at State and Regional Level

The present research investigates the signifi cance of various forms of capital and factors of production for SME growth in Greece, in the period before joining the Eurozone (1995-2002). A mathematical model associates SME growth with changes of features from various forms of domestic, local and regional capital and fi rm-level dummies, including fi rm size. The model is estimated using a representative sample. The fi ndings on the limited signifi cance of economic and manufacturing capital at state and regional level -especially in Attiki- are attributed to indirect causes, such as the 1999-2000 Athens Stock Exchange crash, SME increasing internationalization and the regional social, political and cultural capital. Additional fi ndings indicate substantial failures in delivering growth-oriented local and regional policies focusing on SMEs and their problems. The signifi cant association of SME growth with few forms of capital at state, regional and industrial level and with fi rm size is highlighted. The operation of a long-run economic capital-intensive accumulation process is investigated.

FAKTOR-FAKTOR YANG MEMPENGARUHI KEBIJAKAN HUTANG DAN NILAI PERUSAHAAN: STUDI EMPIRIK PADA PERUSAHAAN SEKTOR NONJASA DI BURSA EFEK INDONESIA PERIODE 2007-2010

This study was conducted to examine the infl uence of factors of company size, business risk, liquidity(current ratio), and profi tability (return on assets / ROA) to the policy of debt (debt to asset / DTA) andenterprise value (price book value / PBV ) through empirical studies on non-service fi rms that go public onthe Stock Exchange Indonesia Year 2007-2010.The population in this study were 425 companies listed onthe Indonesia Stock Exchange in the period 2007-2010. Sampling technique used was purposive sampling,with the following criteria: (1) a company that is always present its fi nancial statements for 2007-2010, and(2) a company that is continuously distributed dividends every period 2007-2010. Data obtained from thepublication in the website Stock Exchange, namely www.idx.co.id. Thence obtained the sample of 108companies. Analytical technique used is the path analysis.The results showed that the size of the companyhave a positive and signifi cant impact on debt policy. Business risk has a negative but not signifi cant infl uenceon debt policy. Company’s liquidity (Current Ratio) has a negative and signifi cant impact on debt policy.Corporate profi tability has a negative and signifi cant impact on debt policy. Firm size has a signifi cant positiveeffect on fi rm value. Business risk has no signifi cant negative effect on fi rm value. Company’s liquidity (Currentratio) does not have a signifi cant infl uence on the value of the company. Corporate profi tability has a positiveand signifi cant impact on fi rm value. Debt policy does not signifi cantly infl uence the value of the company.Keywords: Current ratio, fi rm size, return on assets, Debt to Asset, Price Book Value.

Cross-Industry Heterogeneity in Export Participation: The Role of Scale Economies in R&D

This paper shows that the R&D intensity of an industry plays an important role in determining international trade patterns via its eect on scale economies. I …rst develop a model of trade with heterogeneous …rms where …rms compete with each other by spending on …xed product development costs such as R&D. The model predicts that a larger share of …rms are exporters in industries where R&D is a large component of total costs. The model also predicts that R&D- intense industries are less sensitive to trade costs. I …nd empirical support for these predictions using …rm-level data for Swedish manufacturing industries. The results also highlight the importance of controlling for …rm size when mea- suring the …rm extensive margin of exports.

Allocative efficiency and QM factors covariate in Serbian industry

Trends of allocative effi ciency and covariate of fi rm size and effi ciency of quality management(QM) factors in the Serbian industry were tested on the unbalanced panel sample of 48 industrial fi rms from 12 industrial sectors in the period 2004-2009. The obtained results show that 10 of 12 sectors have a positive covariate of participation in the output market and multi-factor productivity. Covariates of fi rm size and effi ciency of all QM factors record the same direction in the chemicals sector (positive) and motor vehicles (negative), which means that in those two sectors larger companies had above-average and/or below-average effi cient TQM. The same (positive) trend of allocative effi ciency and covariates of all QM factors was recorded in manufacture of chemical industry.

Market-Wide Price Pressures, Excess Comovement, and a Transient Factor in Stock Returns

In our asymmetric-information asset pricing model, commonality in uninformed trading translates into a transient factor in returns. The factor is capable of simultaneously producing negative signs of return cross-autocorrelations, a feature that we document in data, and excess comovement in returns. We also estimate informational frictions in the cross-section of stock returns and show that the transient friction (time needed for temporary price pressures to disappear) increases in rm size. Further analysis shows that transient frictions are higher for stocks more heavily traded by passive-style institutional investors and that stocks of larger companies are more subject to such persistent trading.

Wheat Production and Economics

Problem statement: The crop in the irrigated scheme has faced by mani fold problems contributed to low level of productivity and high c ost of production of wheat. The crop is commonly produced under pump irrigation from the River Nile. In River Nile State (RNS), wheat is grown under the irrigated sector, the State is considered as a suitable environment for producing this crop. The s tudy was conducted at Elzeidab irrigated scheme of RNS which is regarded as the oldest and biggest scheme belonging to the Ministry of Agriculture of RNS. Approach: Primary data was collected by using structured questionnaire for (70) randomly se lected respondents. More than one technique used to assess economic aspects of the crop. Cobb-Dougla s production function, descriptive statistics and partial budgeting have been employed to analyze the primary data. The study detected that the major socioeconomic characteristics of Elzeidab farmers w ere educated, the scheme tenants have had a cumulative experience in agriculture and average fa rm size is found to be small and the majority 50% of surveyed tenants in Elzeidab scheme were rented. The farming system of Elzeidab scheme is dominated by wheat production which counts to 25% of the farm land. The yield gab with the potential yield obtained by Agricultural Research C orporation (ARC) in the State amounts 66%. The microfinance market in Elzeidab scheme is not well developed. Water charges in the scheme were high. About 53% of the annual running expenses were allocated for fuel that made irrigation costs to be the highest single component of production costs of the crop, while irrigation water cost was considered as the most agricultural constraint, thi s item was found to be as 19% of the total cost of production as the highest percentage overall the va riable cost items. Results: The regression analysis revealed that the most factors affecting w heat productivity under the study were: the average of tenants' age, family labor, distance fro m home to field, hired labor, distance of farm to source of irrigation, number of irrigation, term of irrigation. Furthermore, the weakness of wheat production normally regards as a cost issue and lac k of awareness wheat grower especially about wheat technical package. Conclusion: The study concluded that wheat production contribut e significantly to farm sustainability and contribute to alleviation of malnutrition in the State. The actual production constraints restrict the sustaina bility of this important crop. The cooperation between international organizations and governmental institutions should tackle the hindrances of wheat production and achieve stability of wheat. Th ere is a great potential for improvement the yield of the crop and an intervention of the State is nee ded to ease having the inputs of production especially irrigation water inputs.

Determinants of high and low IPO initial returns: Evidence from Taiwan's stock markets

This paper employs the quantile regression method to investigate the determinants of high and low initial public off ering (IPO) initial returns in Taiwan's stock markets. It is found that various diff erences arise between the ordinary least squares approach and the quantile regression method. In addition, fi ve independent variables, namely, the set-up of independent directors and supervisors, market momentum, market volatility, fi rm size and electronic stocks, are found to have diff erent signifi cant eff ects on market-adjusted initial returns between high and low initial returns.

Growth through Heterogeneous Innovations

We study how exploration versus exploitation innovations impact economic growth through a tractable endogenous growth framework that contains multiple innovation sizes, multi-product …rms, and entry/exit. Firms invest in exploration R&D to acquire new product lines and exploitation R&D to improve their existing product lines. We model and show empirically that exploration R&D does not scale as strongly with …rm size as exploitation R&D. The resulting framework conforms to many regularities regarding innovation and