Adjustable Speed Research Articles

Analyzing robust dividend payout policy with dynamic panel regression: Application of speed of adjustment to half-life.

This study aims to observe the effects of financial metrics, free float shareholders, GDP growth and firm age on dividend payout policy in both the short- and long-term scenarios. The study introduces the dynamic panel regression models, i.e. Autoregressive Integrated Moving Average (ARIMA) for time series data and Weighted Least Squares (WLS) to account for autocorrelation and heteroscedasticity limitation. The dataset includes all companies listed on the Stock Exchange of Thailand during the years 2013-2023. The study finds that in the long-term, GDP growth negatively relates to dividend payout policy in all industrial sectors. Financial metrics, free float shareholders, GDP growth and firm age affect a mixed picture of industrial sectors on dividend payout policy. In the short-term, previous dividend payments significantly influence dividend payment policy. Furthermore, a higher debt-to-equity ratio, firm age, and free cashflows influence dividend payout policy in various industrial sectors. Also shown by the analysis is that factors influence short-run adjustment to half-life analysis.

CEO characteristics and capital structure dynamics: Evidence from a transitional economy

We investigate the relationship between CEO characteristics and the speed of adjustment (SOA) of capital structure for listed firms in Vietnam over the period 2000–2023. Our findings demonstrate that CEO gender, age, and education increase the SOA, but CEO tenure decreases the SOA. State ownership and firm size are closely associated with adjustment costs of capital structure. Our findings reveal that in State-Owned Enterprises (SOEs), long-tenured CEOs have a positive effect on the SOA, while the impact of CEO qualifications on the SOA is negative. The role of CEO characteristics is more pronounced during the COVID-19 pandemic.

Solvency constraint implications for tax liability targeting of banks in Ghana

This paper examines the implications of solvency constraints on the tax liability targeting in the Ghanaian banking sector. The analyses are based on 15-year annual data spanning 2008 to 2022 interpolated into monthly data frequency using the Denton procedure. The Dynamic OLS (DOLS) estimator, residual-based stationarity test, delay, and half-life techniques were employed in the estimations. The solvency constraint scenario exhibits a cointegration relationship with the tax liability target. The study finds evidence of a high speed of adjustment or convergence to tax liability targets in response to solvency constraints, with a high degree of persistence across the various solvency constraint proxies. The solvency constraint has deleterious tax revenue implications for the government and risk-adjusted tax savings for banks in Ghana. It is recommended that the government reorients its general policy to ensure stability in the Ghanaian banking sector to achieve favourable tax revenue from the sector, as uncertainties may trigger a deleterious tax-targeting scheme. Investors and financial analysts could use tax liability trends as a baseline to identify stressing scenarios, including solvency constraints.

Research on dynamic well control in riserless mud recovery system

In order to promote the development of RMR (Riserless Mud Recovery) system well control technology and ensure the safe operation of deep water drilling operations, the overflow control equation of RMR system considering the lifting force of subsea pump is established and verified, the conventional overflow monitoring method and the overflow monitoring method based on subsea pump parameter variation are compared and analyzed. the dynamic well control process of the RMR system after overflow under the two modes of constant subsea pump displacement and constant inlet pressure of subsea pump is simulated, and the influencing factors of inlet pressure of subsea pump are further analyzed. The results show that although the temperature effect is taken into account in the model established in this paper, the time error of the mud pool increment, the inlet pressure and the displacement of subsea pump after reaching the overflow criterion is less than 22.5% compared with Froyen's model. The conventional overflow monitoring method has fast response and small change, while the overflow monitoring method based on subsea pump parameter change is on the contrary, and the two should be used together. Both the constant inlet pressure of subsea pump mode and the constant subsea pump displacement mode can control overflow, but from the stability of subsea pump, service life and well control safety, the constant displacement mode is better. In the case of large formation pressure, low drilling fluid density, overflow criteria and circulating displacement, the pressure response adjustment speed of the subsea pump inlet is faster, and the back pressure load of the subsea pump inlet can be effectively alleviated by appropriately increasing the circulating displacement and drilling fluid density. This study has enriched the theoretical system of RMR system in overflow control, and has certain guiding significance for the development of deepwater and ultra-deepwater drilling safety technology.

Unveiling the complexities of economic, development and governance factors in belt and road countries: A leap forward towards environmental management.

Ecological footprint (EF) is a useful tool for benchmarking environmental performance and monitoring progress toward a sustainable future. The influence of economic, developmental, and governance factors on EF poses a significant threat to ecological balance. However, existing studies have largely overlooked the interactive relationships among these factors and their impacts on the EF across different regions. The primary aim of this study is to analyze the impacts of tourism, trade, energy use, urbanization, administrative effectiveness, and regulatory quality on the EF in BRI countries. BRI has been recognized as a key initiative for the regional integration of countries. An ARDL model is applied to estimate both long-run and short-run cointegration, while the Toda-Yamamoto model ensures causality on the data source from different international organizations for 1996-2021, covering 69 countries. The empirical results confirmed long-term cointegration among the variables. There is a diverse relationship among the variables across different income groups. For example, tourism negatively impacts the EF in high-income countries, while it positively affects other income groups. Additionally, in the short run, the models demonstrate high efficiency in adjusting to equilibrium post-disturbance, with adjustment speeds ranging from 0.831% to 1.55% across the studied countries. The causality test confirmed the unidirectional and bidirectional link, and diagnostic tests confirm the model's robustness. These findings suggest that BRI policymakers should align economic, developmental, and governance activities with ecological considerations, a vital step toward achieving the SDGs.

OIL PRICE FLUCTUATIONS AND MACROECONOMIC INDICATORS: AN ARDL AND NARDL APPROACH

This study investigates the effects of oil price fluctuations on Nigeria’s macroeconomic indicators from 2015 to 2023, focusing on inflation and economic growth. Utilizing Autoregressive Distributed Lag (ARDL) and Nonlinear ARDL (NARDL) models, we analyze the short-term and long-term impacts of variables such as Premium Motor Spirit (PMS) prices, exchange rates, money supply, interest rates, and economic uncertainties. Results reveal significant short-term effects of oil price increases on inflation and GDP, with asymmetric influences observed in exchange rate movements. The long-term analysis confirms cointegration relationships but underscores slow adjustment speeds for inflation and GDP equilibrium. Recommendations include strengthening monetary policy, stabilizing the exchange rate, and adopting strategies to mitigate oil price volatility’s adverse effects.

A new planetary ball mill device with adjustable speed ratio for enhanced mechanochemical processes

A new planetary ball mill device capable of adjusting the speed ratio between the sun and planet disks is introduced, and its effect on the oxidative degradation of β-pinene is investigated.

Remittance and Inflation Dynamics in Nepal: An Econometric Analysis

This empirical study investigates the remittance and inflation dynamics in the present context of Nepal. Major objective of the study is to find out the impact of remittance on inflation in Nepal. It also aims to find out the relationship between CPI and the independent variables- remittance, exchange rate, money supply and population. Data were obtained from the published source of world bank from 1993 to 2022. Augmented Dickey-Fuller unit root test was implied to test the stationary situation of the variables to remove the problem of spurious regression. After confirming some variables were integrated in I (0) and some are in I (1) order, ARDL model was applied to find out co-integration of the variables for long run relationship. Error corrections model was used after ARDL model that helps to show the speed of adjustment towards long-run equilibrium. Results show remittance and inflation are co-integrated and the coefficient of error correction term was negative and significant which indicates the long-run relationship. So remittance from foreign sectors should be used not only in consumption sectors that promotes inflation but it should be used in productive sectors too. This study will be helpful to policymakers whether remittance is causing inflation in the country.

Otoliths, bones, teeth, and more: Development of a new polishing wheel for calcified structures

AbstractBiochronological information stored in the calcified structures of organisms provide fundamental organismal, environmental, and ecological data. Bones, teeth, statoliths, corals, and otoliths are widely used to answer a myriad of questions related to trophic position, migration, age and growth, environmental variation, and historical climate. Many calcified structures, particularly the ear stones of fishes (otoliths), are small (50 μm to 5 mm) and require precise preparation methods, which vary depending on the structure and research question but commonly include embedding, sectioning, and polishing prior to structural or chemical analysis. Globally, management agencies rely on the precise polishing of millions of otoliths each year to obtain vital demographic data, such as age and growth. However, this process is time consuming, labor intensive, and ergonomically strenuous. Since the early 1970s, there has been limited advancement in preparation methods with many still using manual approaches or costly, and at times inefficient, equipment. Therefore, we designed and fabricated an affordable, adjustable speed, multi‐wheel polisher, which can be powered with alternating or direct current. Sample preparation time is reduced, and sample consistency is notably improved compared to manual approaches. While specifically designed for consistent and relatively rapid preparation of otolith thin sections, the polisher is readily adaptable to a variety of applications. Designs and manufacturing for these wheels are publicly available through the iLab at Oregon State University.

A closed-box kernel function for numerical simulation of transient heat conduction

A new kernel function, termed the closed-box kernel function, has been developed to address numerical simulation of transient heat conduction in the same medium. Firstly, this method is versatile and not limited to specific industrial scenarios or designated materials. Secondly, the method solves the spatial temperature at each time point only once, eliminating the need for multiple iterations. Thirdly, the method allows for controlled and adjustable simulation speed of heat conduction while maintaining high accuracy. After 24,700 iterations in the transient process, the relative error in temperature values is merely 0.000072. Fourthly, this numerical technique can break data dependency between spatial nodes, making it suitable for parallel computing with Graphics Processing Units (GPUs). The average speedup achieved is 94.0712 times faster compared to Central Processing Unit (CPU) computations. Finally, we provide mathematical examples to verify the correctness and accuracy of this numerical approach and present a computational framework for parallel computing in the Visual Studio (VS) programming environment to demonstrate its practicality in engineering applications.

Innovation-led Governance for Economic Development of Bangladesh

A strategic approach to public sector governance, innovation-led governance entails incorporating innovation into larger governance frameworks. Governments can boost innovation in a number of ways, such as investing in new technology or talents, using innovative approaches to governing, and modifying current procedures. Because it enables the conversion of scientific and technological advancements into profitable economic activity, innovation is a critical component of economic progress. This study is developed to examine the relationship between innovation and the economic development of Bangladesh. Financial Innovation, Trade Openness, Human Development Capital, Gross Capital Formation, and Domestic Credit to Private have been taken as an indicator of innovation measure where GDP measures the country’s economic development. Financial Innovation, Trade Openness, Human Development Capital, Gross Capital Formation, and Domestic Credit to Private have been considered independent variables, and GDP as a dependent variable. This study used secondary data for analysis purposes. Secondary data has been collected from different websites (World Bank, World Bank Development Indicators, Bangladesh Bank, Bangladesh Bureau of Statistics). Several tests (Unit root test, Johansen Co-integrating test, Vector Error Correction Model, Impulse Response Function, ARDL, Bound test) are employed for secondary data analysis. All the variables are non-stationary at the level and stationary at the first difference. i.e., I (1). Johansen co-integrating test found that there is a long-term significant relationship between the dependent variable and independent variable. Further, the VECM and impulse response function (innovation accounting) calculate the Speed of Adjustment and find a short-term shock related to GDP. ARDL test and bound test showed that Trade Openness (TO), Human Development Capital (HD), and Gross Capital Formation (GCF) are positively correlated with GDP and negatively correlated with Financial Innovation and Domestic Credit to the Private Sector in the long run. To encourage technical innovation in domestic small enterprises, the Government- led Innovation initiatives (GIPs) are extremely competitive initiatives that give small businesses the chance to participate in Federal Research/Research and Development (R/R&D) with the possibility of commercialization. So, the Government should pay more attention to fostering economic development.

Global Analysis of a Duopoly Game with Privatization of State-Owned Enterprises

This paper constructs a nonlinear dynamical model of a mixed ownership market duopoly game for environmental tax collection within the framework of bounded rationality expectations. A stability analysis of the proposed model is conducted, and a Nash equilibrium stability region is estimated using the Jury criterion. The effects of the degree of privatization and environmental tax rate on the stability are investigated through numerical simulations. Subsequently, the comprehensive global analysis is carried out using the composite cell coordinate system method. Two types of crisis phenomena, namely, interior and boundary crises, have been identified. The former is caused by the collision between chaotic or periodic attractors and interior chaotic saddle within the basin of attraction, and the latter is caused by the collision between chaotic attractor and periodic saddle on the basin boundary. Meanwhile, the global dynamic behavior of two private enterprises engaged in synchronized output adjustment is investigated. When the output adjustment speed varies, the structure of the basin of attraction undergoes a transformation as changes are made to the number of coexisting attractors. The sudden disappearance of one attractor is due to the collision of the chaotic attractor with the saddle, on the basin boundary, merging into a larger saddle and resulting in a boundary crisis. The emergence of numerous “holes” can also be observed. It is found that the presence of periodic or chaotic saddles enriches the dynamical phenomena. Finally, the chaotic phenomenon occurring in the mixed ownership market is controlled using the time-delay feedback control method, stabilizing the system in a stable state, which implies a steady-state of total market output. The study of this model can provide theoretical guidance for the decision-making process of enterprises, helping minimize profit losses while stabilizing the market.

Features of Terrestrial Laser 3D Scanning Technology for Pavement Condition Assessment

Abstract. Problem. Traditional methods of road condition monitoring have limitations in terms of data accuracy and completeness, particularly in the detection of surface defects. There is a need for methods that provide accurate, rapid data collection to support effective maintenance and repair planning. Goal. The goal of this study is to develop and optimise a methodology for terrestrial 3D laser scanning and to provide practical recommendations for its application in road surface monitoring. Methodology. The proposed methodology examines the effectiveness of terrestrial laser scanning on road segments, addressing parameters such as optimal station count, placement and scanning mode to ensure accurate and comprehensive data collection. The Trimble TX6 scanner is used as an example, with specifications including a range of up to 120 metres, 2 mm accuracy and an adjustable scanning speed of up to 500,000 points per second. Results. The research identifies optimal setups for different road segments, covering short (~100–150 m) and long (up to 1000 m) sections, as well as complex road infrastructure such as multi-level interchanges. The results demonstrate the ability of the 3D scanning method to detect various linear and areal pavement defects. Originality. This study advances the field by developing specific recommendations for station positioning and scanning protocols, addressing blind spots, and ensuring data integrity for 3D modelling. Practical value. The application of this technology supports detailed analysis of pavement condition, significantly increasing the efficiency of data processing and improving repair planning and material estimation. The results are beneficial for transport infrastructure management, enabling more reliable monitoring and maintenance practices

Dynamics of Dividend Payout in Korean Corporations: A Comprehensive Panel Analysis Across Economic Cycles

This research conducts a meticulous examination of the determinants influencing dividend payout dynamics among firms listed on the Korean Stock Exchange (KSE) from 1995 to 2021, a period characterized by profound economic fluctuations. By leveraging a dynamic panel data model and the Generalized Method of Moments (GMM) for estimation, the study addresses endogeneity concerns while exploring the effects of firm-specific and macroeconomic variables on dividend yields. The investigation delineates three distinct economic phases: normal conditions, financial crises, and the aggregate study period, facilitating a granular understanding of firms’ dividend payout adaptability under varying economic landscapes. Empirical findings underscore the persistence of dividend payments, revealing a variable adjustment speed toward target dividend yields contingent upon the economic context, with an expedited adjustment observed during crises. Crucially, firm profitability emerges as a consistent determinant of dividend yields across all examined periods, whereas the influence of macroeconomic variables is notably more pronounced during periods of economic normalcy. This research elucidates the complex interplay between internal corporate strategies and external economic pressures in shaping dividend policies, thereby enriching the discourse on dividend payout behavior in the context of Korea’s economic evolution from an emerging to a developed market.

Exploring the Effects of Renewable Energy, Energy Consumption, and Industrial Growth on Saudi Arabia’s Environmental Footprint: An Autoregressive Distributed Lag Analysis

This study explores the long-run relationship among the environmental footprint (EnF), renewable energy consumption, energy use, industrial growth, and urbanization in Saudi Arabia from 1990 to 2023, employing the Autoregressive Distributed Lag (ARDL) model, alongside Fully Modified Ordinary Least Squares (FMOLS), Dynamic Ordinary Least Squares (DOLS), and Canonical Cointegrating Regression (CCR) for robustness checks. Results indicate a significant long-term relationship among the variables, with renewable energy adoption emerging as a crucial factor in reducing carbon emissions. The ARDL bounds test confirms the existence of cointegration, revealing the dynamic interplay among renewable energy, economic growth, and environmental sustainability. The findings show that renewable energy consumption significantly reduces the environmental footprint (CO2 emissions), supporting Saudi Arabia’s Vision 2030 goals for economic diversification and sustainable development. However, industrial expansion, while critical for economic growth, still contributes to increased emissions, underscoring the need for further investment in clean technologies. The study also highlights the role of urbanization, which, while essential for development, poses challenges for environmental sustainability. Short-term dynamics, represented by the Error Correction Model, indicate a fast adjustment speed toward equilibrium, with deviations corrected by approximately 52% each period. The study offers valuable insights for policymakers aiming to balance industrial growth with environmental protection, emphasizing the need for strategic investments in renewable energy and energy efficiency. This research contributes to the understanding of energy–economy–environment interactions in oil-rich economies, providing a foundation for future studies to explore the impact of advanced technologies and policy interventions on sustainable development

Causality Relationship Between Producer and Consumer Price Indexes of Selected Meat Commodities in South Africa from 1991 to 2023

The South African meat industry plays an important role in food provision, income generation, and economic stability. However, inflation-driven volatility in commodity markets has intensified the focus on the nexus between producer and consumer price indexes, as significant meat price changes affect both producers and consumers. Therefore, this study explored the association and the causality between consumer price index (CPI) meat and producer price index (PPI) beef, mutton, pork, and chicken from 1991 to 2023 using the Vector Error Correction Model (VECM) and Granger causality test. The findings of the study revealed a short- and a long-run relationship among the variables with an adjustment speed (ECT) of 67.67%. No causal relationship was found between PPI beef and CPI meat, while unidirectional relationships were identified between CPI meat and PPI chicken, pork, and mutton. These results suggest that consumer meat prices impact production prices for chicken, pork, and mutton, but not for beef, indicating that beef price changes are influenced by factors other than general meat price fluctuations. Thus, while price controls or subsidies may manage price changes in chicken, pork, and mutton, further research or targeted strategies are needed to address the unique factors influencing beef prices. Ultimately, understanding these dynamics will enhance price stability in the meat market, benefiting consumers, producers, and the overall stability of the South African economy.

Can wage changes solve the labour crisis in the National Health Service?

This study aimed to examine the healthcare labour demand and supply elasticity regarding wage in the National Health Service (NHS) in England amid a labour crisis. A simultaneous error-correction regression analysis was conducted using secondary data from the NHS and Office for National Statistics from 2009 Q3 to 2022 Q1. Findings indicate both labour demand and supply of HCHS doctors in the NHS are highly inelastic with respect to real wages, with only a 0.1% decrease in NHS staff hiring and a 0.8% rise in NHS staff's willingness to work as full-time equivalents per 10% wage increase. Approximately 22% of the wage disequilibrium adjusts quarterly, indicating moderate speed of wage adjustment. Our results suggest that wage setting is not a sufficient solution to the labour crisis. Innovative and sustainable solutions are needed to reduce the demand for skilled health labour and increase the supply of health labour.

Complexity Analysis and Control of Output Competition in a Closed-Loop Supply Chain of Cross-Border E-Commerce Under Different Logistics Modes Considering Chain-to-Chain Information Asymmetry.

To investigate the dynamic complexity of chain-to-chain output decisions in a closed-loop supply chain system of cross-border e-commerce (CBEC), this study decomposes the system into four product-market (PM) chains, based on the e-commerce platform's information-sharing strategy and the manufacturer's selected logistics mode (direct mail or bonded warehouse). By combining game theory with complex systems theory, discrete dynamic models for output competition among PM chains under four scenarios are constructed. The Nash equilibrium solution and stability conditions of the models are derived according to the principles of nonlinear dynamics. The stability of the model under the four scenarios, as well as the impacts of the initial output level and comprehensive tax rates on the stability and stability control of the system, are analyzed using numerical simulation methods. Our findings suggest that maintaining system stability requires controlling the initial output levels, the output adjustment speeds, and tariff rates to remain within specific thresholds. When these thresholds are exceeded, the entropy value of the model increases, and the system outputs decisions to enter a chaotic or uncontrollable state via period-doubling bifurcations. When the output adjustment speed of the four PM chains is high, the direct-mail logistics mode exhibits greater stability. Furthermore, under increased tariff rates for CBEC, the bonded warehouse mode has a stronger ability to maintain stability in system output decisions. Conversely, when the general import tax rate increases, the direct-mail mode demonstrates better stability. Regardless of the logistics mode, the information-sharing strategy can enhance the stability of system output decisions, while increased e-commerce platform commission rates tend to reduce stability. Interestingly, the use of a non-information-sharing strategy and the direct-mail logistics mode may be more conducive to increasing the profit levels of overseas manufacturers. Finally, the delayed feedback control method can effectively reduce the entropy value, suppress chaotic phenomena in the system, and restore stability to output decisions from a fluctuating state.

DEVELOPMENT AND APPLICATION OF STEER-BY-WIRE (SBW) WITH LINEAR SENSORS TO A SMALL ELECTRIC VEHICLE

A steer-by-wire (SBW) system with linear sensors has been developed and implemented on a small electric vehicle (EV). This system comprises a steering wheel, an angle and torque sensor, a wheel angle feedback sensor, an electric motor actuator, linkages, and a controller. It is specifically designed to electrically control the wheel angles without utilizing a conventional steering gearbox. The electric actuator motor is mounted on the steering mechanism and directly connected to the left and right wheel knuckles via linkages. Two linear sensors are employed: one located on the steering wheel to generate steering wheel angle signal , and the other installed on the wheel knuckle mechanism to produce front wheel angle feedback signal . When the driver rotates the steering wheel, the controller calculates the pitch error based on inputs from the two linear sensors and subsequently adjusts the wheel angles by powering the electric motor actuator. Experimental testing revealed a response time of 0.3 seconds, with the pitch error maintained within an angle of less than 3° during straight-motion tests. During cornering motion tests, the measured backlash was approximately 0.06 rad, demonstrating the system's responsive performance. This SBW technology with linear sensors is anticipated to reduce system complexity while enhancing precision, accuracy, and response speed of wheel angle adjustments to steering inputs, effectively meeting driving requirements.

Assessing the Environmental Sustainability Corridor for BRICS Nations by Integrating Three SDGs, ‘Biocapacity’ and ‘Ecological Footprint’

The present study makes an attempt to analyse the co-integrating relation between ‘ecological footprint’ on one hand and GDP, trade openness, forest area and biocapacity on the other for the period 1992–2015 for five BRICS economies with the objective of ascertaining whether the rapid growth achieved by the BRICS is along a ‘sustainable’ path. Further, the study also tries to lookout for signs of ‘convergence’ of ‘ecological footprint’ amongst all BRICS economies. The methodology employed includes ARDL Co-integration Model, TY Causality and Beta Convergence Models. The results showed existence of long run co-integration amongst four BRICS nations (except for India where no co-integration was proved) with fast speed of adjustment towards long run equilibrium. Further, short-run causality was seen moving from ‘GDP’ and ‘forest area’ towards ‘ecological footprint’ in three of the five BRICS nations, while variable ‘trade’ was not seen causing ‘ecological footprint’. ‘Beta convergence’ was also proved for ‘ecological footprint’ amongst all BRICS nations. These results thus provide a clear indication as to which variables need to be targeted to achieve a ‘sustainable’ growth. The results also reveal the pace of long-term adjustment as shown by ECM(1) term, which would enable policymakers to plan their action for fulfilment of the objective of tackling ‘environmental degradation’ in BRICS economies. Also, convergence of ‘ecological footprint’ across BRICS indicates that similar policies to tackle environmental degradation could be framed for BRICS at their group meetings.