Significant Increase In Firmness Research Articles

Impact of China’s environmental protection tax on green total factor productivity: based on the perspective of digital transformation

Greening and digital transformation have become the new driving forces of China’s economic development. The environmental protection tax (EPT) represents a significant economic measure for environmental protection in China, with the primary objective of safeguarding the environment. Using a 2012–2021 sample of Shanghai and Shenzhen A-share listed companies and the difference-in-differences (DID) method, we empirically investigate the effect of the implementation of China’s EPT on green total factor productivity (GTFP) of heavily polluting enterprises. The results show a significant increase in firms’ GTFP after the implementation of the tax. A mechanism test reveals that firms’ digital transformation has a masking effect, which inhibits the growth of firms’ GTFP. Further analyses investigate the variations in effects based on ownership type, firm size, and market concentration. The positive effect is more pronounced for state-owned enterprises, large enterprises, and those operating in highly concentrated markets. This paper provides theoretical support and empirical evidence for the digital transformation and green development of heavily polluting enterprises, the rational optimization of EPT policies, and the promotion of sustainable economic development.

The effects of heterogeneous sanctions on exporting firms: Evidence from Denmark

AbstractSanctions encompass a wide set of policy instruments restricting cross‐border economic activities. In this paper, we study how different types of sanctions affect the export behavior of firms to the targeted countries. We combine Danish register data, including information on firm‐destination‐specific exports, with information on sanctions imposed by Denmark from the Global Sanctions Database. Our data allow us to study firms' export behavior in 62 sanctioned countries, amounting to a total of 453 country‐years with sanctions over the period 2000–2015. Methodologically, we apply a two‐stage estimation strategy to properly account for multilateral resistance terms. We find that, on average, sanctions lead to a significant reduction in firms' destination‐specific exports and a significant increase in firms' probability to exit the destination. Next, we study heterogeneity in the effects of sanctions across (i) sanction types and sanction packages, (ii) the objectives of sanctions, and (iii) countries subject to sanctions. Results confirm that the effects of sanctions on firms' export behavior vary considerably across these three dimensions.

Did COVID-19 pandemic affect firms’ operating cycle?

ABSTRACT This paper investigates the impact of COVID-19-related disruptions on firms’ operating cycles. Demand shocks and supply chain disruptions can have unexpected outcomes on operating cycles, especially on receivables and inventories. We find that the COVID-19 pandemic caused a significant increase in firms’ operating cycle lengths. Further, we separate the operating cycle into its components and find that firms experienced an increase in both receivables and inventories; this implies longer times to collect receivables and slower-moving inventories. Furthermore, we find that firms with more resources – larger firms and higher cash flows – experienced smaller increases in operating cycles. Moreover, while firms experienced a sharp drop in profitability after COVID-19, an increase in operating cycle exacerbated the drop in profitability even more. We contribute to the literature by showing how the aftermath of COVID-19 impacted firms’ operating cycles.

Does the Antimonopoly Law improve companies’ cash-holding management efficiency? Empirical evidence from Chinese listed companies

Using listed firms’ data between 2004 and 2011, we find that China's Antimonopoly Law provokes a significant increase in firms’ cash-holding management efficiency; that is, cash holdings are more aligned with firms’ investment opportunities. We show that the increase in cash-holding management efficiency is more pronounced in less competitive industries and these increases are mainly driven by unrestricted industries. Financial constraint is an important channel through which competitive pressure would impact the cash-holding management efficiency. Our results are robust to different sample period selections and proxies for cash holding and investment opportunity.

Cookies and muffins containing biosurfactant: textural, physicochemical and sensory analyses.

Interest in products with more natural ingredients increases the potential for application of Biosurfactants in foods. The aim of the present study was to assess the toxicity of biosurfactant produced by Saccharomyces cerevisiae URM6670 and the effect of the incorporation of this biosurfactant on the physicochemical and textural characteristics of cookies and muffins, performing unprecedented assessment of the sensorial effects of this application. The toxicity analysis revealed that the biosurfactant is classified as a mild irritant, with irritation indices lower than 4.9. The physical analysis of the incorporation of the biosurfactant in the formulation revealed that the addition of 1% to cookies significantly increased the diameter and spread factor. In muffins, significant changes in these properties were found beginning at 0.25% biosurfactant. The moisture content in cookies was reduced by a maximum of 74%, while in muffins this reduction was approximately 6%. The lipid content increased significantly with the addition of 1% of the biosurfactant (11% in cookies and 25% in muffins). The textural analysis revealed that the biosurfactant at 1% led to a significant increase in firmness as a consequence of the reduction in the moisture content. In muffins, the same concentration increased the firmness and variables related to chewability. The sensory analysis revealed that the muffins with biosurfactant had greater acceptance compared to the cookies. Thus, the biosurfactant demonstrated potential application in bakery products due to low toxicity and positive evaluation in important sensorial parameters for its commercialisation.

Environmental tax reform and environmental investment: A quasi-natural experiment based on China's Environmental Protection Tax Law

Using a 2015–2019 sample of Shanghai and Shenzhen A-share listed companies and the difference-in-differences method, this paper analyzes the effect of the implementation of China's environmental tax in 2018 on firms' environmental investments. The results show a significant increase in firms' environmental investments after the implementation of the tax. Further analyses examine variations in the effect according to ownership type, regional economic development level, and media attention. The positive effect is more significant for state-owned companies and companies subject to high media attention, but there is no obvious difference between companies in regions with different levels of economic development. Additional analysis reveals that government subsidies negatively affect firms' environmental investments, but the environmental tax reduces such subsidies and thus their inhibitory effect, increasing firms' environmental investments. Additionally, the results show that the environmental tax promotes firms' performance by increasing their environmental investments. This paper provides theoretical support and empirical evidence for the implementation and improvement of the environmental tax policy.

Product market threats and leverage adjustments

This research examines the effect of product market threats on firms’ leverage adjustments. We find that competitive pressures from the product market accelerate the leverage speed of adjustment (SOA) toward the target capital structure. To establish the causal effect of competitive threats on SOA, we exploit a quasi-natural experiment provided by large import tariff reductions in the U.S. manufacturing sector and show a significant increase in firms’ leverage adjustments after large tariff cuts. The impact of product market threats on leverage adjustments is more pronounced for firms with poor governance quality and exposed to product market threats. Finally, to the extent that reaching the target capital structure enhances firm value, we note that the faster SOA following competition translates into higher firm value. Overall, our study highlights the “bright side” of product market competition and suggests that agency conflicts between managers and shareholders are attenuated by intensified competition.

Should Profit Margins Play a More Decisive Role in Merger Control? – A Rejoinder to Jorge Padilla

According to empirical research, recent times have seen a significant increase in firms' profit margins. Higher profit margins are a reflection of increased pricing power. Prospective mergers are more likely to cause competition concerns the higher firms' pricing power is to begin with.

Jumping into the Spotlight: Accelerated Growth towards 100 Million in Revenue

We document a significant increase in firms’ revenue growth rate as they approach $100 million annual revenue. We identify substantial capital markets and other visibility benefits to firms achieving this goal, including discontinuous increases in analyst and media coverage and in transient and growth-focused institutional investment. We find no evidence of decreased investment efficiency or overall profitability. We find that firm CEOs benefit through higher bonuses, pay-for-performance sensitivity, and stock and stock option awards in the year after reaching the goal. We find that firms make acquisitions, expand their labor forces, and increase leasing of assets to reach $100 million revenue. Collectively, our results suggest that achieving $100 million revenue is a critical event in the trajectory of firm growth that enhances firms’ capital market receptions and information environments and sharpens CEOs’ incentives. These results constitute rare systematic firm-level evidence of upward-striving, and they suggest conditions under which setting challenging goals enables firms to achieve positive performance effects.

Caracterización poscosecha de frutos de tacaco (Sechium tacaco (Pittier)) en Cartago, Costa Rica.

El objetivo del presente trabajo fue realizar una caracterización poscosecha de frutos de tacaco de diferente edad cronológica. Durante julio y agosto de 2014 y, enero y febrero de 2015 se evaluaron frutos recién cuajados, con y sin espinas, procedentes de Cartago, Costa Rica. A partir de los siete días después del cuaje del fruto en tacacos sin espinas (TSE) y ocho días en tacacos con espinas (TCE), se evaluó el peso, y el largo y ancho del fruto, presencia y endurecimiento de las espinas, y aparición de bra. El largo y grosor de la semilla, la rmeza, y el color externo de la cáscara, fueron evaluados a partir de los catorce días. En ambos materiales, el peso, el largo y ancho del fruto se estabi- lizaron a partir del día veintiuno, momento en el cual ocurrió la aparición de bra y espinas, y se registró un incremento signi- cativo en la rmeza, la cual alcanzó a los treinta días, valores de 80 N a 100 N en tacaco con espinas y hasta 129 N en frutos sin espinas. El color de la cáscara pasó de un verde amarillento en el estado inmaduro a verde grisáceo en el estado sazón a los treinta días, momento cercano a la abscisión del fruto. Antes del día veintiuno TSE o TCE, se pueden utilizar como frutos inmaduros, ya que no hay presencia de bra; y la cáscara y las espinas aún no se han endurecido.

Empirical Evidence on Corporate Risk‐Shifting

AbstractWe study empirically whether nonfinancial firms’ behavior is consistent with systematic risk‐shifting. We compare firms’ operating risk before and after a debt issue, under the assumption that if there is any risk‐shifting it is most likely to occur right after a debt issue. We document a significant increase in firms’ operating risk, even after adjusting for industry influences. The risk‐shifting is higher for firms with no subsequent debt issues, and for firms with lower credit ratings. Other determinants are earnings volatility, size of debt issue, and whether the bond is callable.

Alterações físicas e químicas em cebolas armazenadas sob refrigeração

Bulbos de cebolas armazenados sob refrigeração sofrem alterações físicas e químicas. Entretanto a intensidade das alterações depende das condições de armazenamento e cultivar. Este trabalho objetivou avaliar alterações em cebolas das cultivares 'Beta Cristal' e 'Óptima' armazenadas sob refrigeração. Bulbos colhidos no campo experimental da Embrapa Hortaliças - Brasília DF, após cura, foram transportados para o laboratório onde foram selecionados e armazenados a 5±1°C e umidade relativa de 85±5%, durante 60 dias. A cada 10 dias, foram feitas análises de perda de massa, cor (L*), firmeza (N), pungência, acidez titulável e sólidos solúveis. Observou-se, durante o armazenamento, nas duas cultivares estudadas, incremento na perda de massa, redução nos teores de sólidos solúveis e na acidez titulável. Houve grande variação na luminosidade dos bulbos durante o armazenamento. Entretanto, após 60 dias, o brilho das cebolas das duas cultivares foi significativamente maior, quando comparado ao início dos experimentos. Houve aumento significativo da firmeza dos bulbos da cultivar 'Óptima'. Ao final do experimento, a pungência foi 6 e 5 vezes maior nas cultivares 'Beta Cristal' e 'Óptima', respectivamente, em relação ao início do período de armazenamento.

The effect of Ca2+ and cellular structure on apple firmness and acoustic emission

This study presents the influence of calcium lactate treatment (0–6 %) and cellular composition on two mechanical attributes: firmness and total acoustic emission (AE) events registered in the puncture test of apple tissue. The experiment was performed on five apple cultivars stored for nine months in a normal or controlled atmosphere. The microstructure was characterized quantitatively on control samples by confocal scanning laser microscope followed by image analysis. The mean area and perimeter of detected objects, which were either cells or spaces, and estimated cell wall fraction were used for the characterization of the tissue microstructure. Treatment with increased Ca2+ concentration caused a significant increase in firmness and total AE events. The increase was more pronounced in the case of total AE events which better reflected an increase in brittleness of apple tissue than firmness parameter. The effect was particularly positive in the case of very soft apples (stored in a normal atmosphere) due to greater extent of de-esterification of homogalacturonan. Analysis of the results, together with a review of the literature, suggests that calcium importantly changes the cracking mode of tissue, from intercellular debonding to cell wall rupturing. Firmness and the total AE events significantly relate negatively to the object’s size and positively to estimated cell wall fraction. A rough accordance of the number of split cells open across cell walls by puncture probe and the total AE events registered in the test, which was saturated in high Ca2+ concentrations, was noticed.

Innovativeness and Performance in Women-Owned Small Firms: The Role of Knowledge Acquisition

The phenomenon of women’s entrepreneurship has been growing in importance over the last decade due to the significant increase in firms founded by women. The current study seeks to analyze the results achieved in small women-owned firms by explaining the extent to which they acquire and exploit the capabilities needed to obtain sustainable competitive advantages. Based on a sample of women entrepreneurs, this study analyzes the innovativeness of women-owned businesses, its relationship to performance and the role of knowledge acquisition from relationships with customers and collaborators. The results obtained show that innovativeness is positively related to different types of operational and financial performance, and that knowledge acquisition from customers improves innovativeness. This improvement does not occur, however, in the case of knowledge acquisition from collaborators.

Has the Propensity to Pay Out Declined?

AbstractRecent studies document both a significant decline in firms’ propensity to pay dividends and a significant increase in firms’ propensity to repurchase shares and issue equity over the past 30 years. In this paper we test whether firms’ net cash disbursements to equity holders have declined in a pattern similar to firms’ propensity to pay dividends. Contrary to the evidence using dividends, we find no evidence that the conditional propensity to distribute net cash to equity holders has declined over the past 3 decades. Surprisingly, we find that, conditional on firm characteristics, net payout yields have been increasing over time.

Investigation on the development of sturdy bioactive hydrogel beads

AbstractBiocatalytic hydrogel beads, which retain higher activity, expand, and contract with changes in pH, having biocompatibility, are developed. Composite spherical beads of chitosan having a diameter of 1–2 mm were prepared by ionic gelation using sodium tripolyphosphate (TPP). Above 3% TPP, the activity of the enzyme decreases. The mechanical strength of the chitosan–TPP beads was further improved by the addition of clay or cassava starch granules. The immobilization of protease (fungal, Aspergillus) was done with glutaraldehyde crosslinking. The chitosan–starch hydrogel beads showed significant increase in firmness and stiffness when compared with chitosan–clay beads. The swelling studies show that the particles expand at pH 1.2 and contract at pH 7.4. The activity retention of the immobilized protease was as high as 70% and exhibited a high pH and lower temperature optima than the free enzyme. Chitosan–starch hydrogel beads exhibited degradation peaks at about 90–110°C in TGA analysis. The biocatalyst beads retained 85% of the original catalytic activity even after eight cycles of repeat use. The freeze‐dried beads has good storage stability and can be used either as artificial bioreactor systems in detergent or in therapeutic formulations © 2007 Wiley Periodicals, Inc. J Appl Polym Sci, 2008

Effect of ovenproof plastic films on the quality of spotted rose snapper (lutjanus guttatus) fillets during frozen storage

AbstractSpotted rose snapper (Lutjanus guttatus) fillets packed in two polymer films, polyamide 6,6 (PA66) and polyethylene terephthalate (PET), were stored at −20°C for a period of 120 days. Films were tested for melting temperature (PA66 253–257°C and PET 252–255°C), oxygen transmission rate [PA66 51.8 ± 12.9cm3/(m2·24h·atm) and PET 152.7 ± 0.2cm3/(m2·24h·atm)] and water vapor transmission rate [PA66 17.8 ± 1.7g/(m2·24h) and PET 6.5 ± 0.2g/(m2·24h)]. Sensory analyses (firmness, flavour and appearance) were performed at 0, 30, 60, 90 and 120 days of storage after baking the fillets in the same storage bags. For raw fillets, their water‐holding capacity (WHC), total aerobic counts (TAC), pH, trimethylamine (TMA) and shear‐force resistance were measured at the same periods. Sensory analyses after baking showed no differences between the fillets packaged in the two films. The WHC, TAC, pH and TMA values in both products were kept within accepted limits. The fillets packed in PET showed a significant increase in firmness (shear‐force resistance) during the first 60 days of storage and then a decrease at 90 days due to dehydration through the film seals. Over the same period, the fillets packed in PA66 showed no significant changes in firmness. In this study, it was demonstrated that it is possible to develop a ready‐to‐bake fish fillet product by using ovenproof films for packaging during storage. Copyright © 2006 John Wiley & Sons, Ltd.

Radiation Processing of Minimally Processed Carrot (Daucus carota) and Cucumber (Cucumis sativus) to Ensure Safety: Effect on Nutritional and Sensory Quality

ABSTRACT: In the present study, radiation processing of minimally processed carrot and cucumber at a dose of 2 kGy was carried out. The effect of this treatment on different quality parameters such as vitamin C content, total carotenoids content, sensory quality, texture, and color was determined over a storage period of 16 d at 8°C to 10° C. In the case of cucumber, treatment of irradiation as well as storage period showed no significant change in the total vitamin C content of either the control or the irradiated samples. In the case of carrots, a 2-kGy dose had no significant effect (P < 0.05) on total vitamin C content of the samples. However, during storage, both control as well as irradiated samples showed significant decrease (P < 0.05) in vitamin C content. Total carotenoids content in carrot remained almost unchanged after irradiation as well as during storage. Sensory evaluation results showed that irradiation had no significant (P < 0.05) effect on the ratings of any of the sensory attributes in carrot. Radiation processing of cucumber affected the flavor significantly. However, this change did not alter the overall acceptability of cucumber. Textural studies revealed that in both carrot and cucumber, there was no significant change (P < 0.05) in firmness of the central region after irradiation, whereas the peripheral region in carrot showed significant reduction in firmness. In the case of cucumber, there was no significant change (P < 0.05) in the texture of both peripheral regions. However, during storage, the peripheral regions of carrot and cucumber showed significant increase in firmness. Color measurement results indicated no drastic change in color coordinates of carrot samples. Thus, the nutritional as well as sensory quality of minimally processed foods did not alter significantly after gamma irradiation.

Labor market reputation and the value of the firm

AbstractThis study examines the stock market reaction to announcements that should contribute to the positive reputation of firms' human resource management practices. Announcements consist of the annual release of the list of 'best' employers by Working Mother magazine. We hypothesize that these announcements positively contribute to the firms' labor market reputation, thereby improving a firm's ability to attract, retain and motivate good employees. We find a small but statistically significant increase in firms' stock prices following the release of the list. The effect is larger, the first time a firm appears on the list relative to subsequent appearances.

FIRMNESS OF CANNED CARROTS AND RED BEETS DURING STORAGE

ABSTRACTFirmness of canned, diced carrots (‘Royal Chantenay’ and ‘Spartan Fancy’) and red beets (‘Ruby Queen’ and ‘Detroit Dark Red’) was measured by an extrusion method over a period of 600 days storage at 18°C and 38°C. There was a slight but significant increase in firmness of carrots during storage but no difference due to storage temperature. In contrast, there was a highly significant decrease in firmness of beets with storage time (860 Newtons to 660 Newtons) and the rate of loss in firmness was four times as rapid at 38°C as at 18°C. The rate of loss in firmness at 18°C was not sufficient to be detrimental to quality during normal holding periods. There were highly significant differences in firmness of cultivars of both crops.