Subsidiary Structures Research Articles

Influence of Macroeconomic Factors in the Capital Structure of Foreign Subsidiarie

This article examines the influence of macroeconomic factors in the capital structure of subsidiaries of foreign multinational companies (SFM) in Brazil by comparing them with local Brazilian companies (LBC) during the period from 1998–2008. Panel data econometrics was used to analyze the data and test the hypotheses. During this period, exchange rate variation was positively associated with local leverage, which supported the hypothesis of income hedging in the context of foreign currency exposure of the head office. We also found less local leverage for foreign multinational companies when the macroeconomics scenario became more stable. Finally, contrary to the initial hypothesis, differences in financing rates between Brazil and the SFMs’ head office country were positively related to local leverage.

Solvent-free synthesis and anticancer activity evaluation of benzimidazole and perimidine derivatives.

Benzimidazoles and perimidines are subsidiary structures for research and development of new biologically active molecules and have established prominence because of their promising biological activities. Two series of diversified heterocyclic molecules, tetracyclic benzimidazole derivatives, tetracyclic and pentacyclic perimidine derivatives have been synthesized in good yields by condensation of acid anhydrides and diacids with various diamines using microwave irradiation. All synthesized derivatives were fully characterized and evaluated for in vitro antiproliferative activity against five human cancer cell lines. Compounds 3a (breast T47D, lung NCl H-522), 3b (colon HCT-15), 3d (lung NCl H-522, ovary PA-1), 3f (breast T47D, liver HepG2) and 5a (breast T47D) exhibited good anticancer activity with [Formula: see text] values ranging from [Formula: see text] to [Formula: see text].

Investigation and Control of VIVs with Multi-Lock-in Regions on Wide Flat Box Girders

On the preliminary designing of a wide flat box girder with the slenderness ratio 12, vertical and torsional vortex-induced vibrations (VIV) are observed in wind tunnel tests. More than one lock-in region, which are defined as“multi-lock-in regions,”are recorded. Therefore, suspicions should be aroused regarding the viewpoint that wide box girders are aerodynamic friendly. As the three nascent vortexes originating at the pedestrian guardrails and inspection rails shed to near-wake through different pathways with different frequencies, the mechanisms of VIVs and multi-lock-in regions are analyzed to be determined by the inappropriate subsidiary structures. A hybrid method combiningLarge Eddy Simulation(LES) with experimental results is introduced to study the flow-structure interactions (FSI) when undergoing VIVs; the vortex mode of torsional VIV on wide flat box girders is defined as “4/2S,” which is different from any other known ones. Based on the mechanism of VIV, a new approach by increasing ventilation rate of the pedestrian guardrails is proved to be effective in suppressing vertical and torsional VIVs, and it is more feasible than other control schemes. Then, the control mechanisms are deeper investigated by analyzing the evolution of vortex mode and FSI using Hybrid-LES method.

The use of an active controlled enclosure to attenuate sound radiation from a heavy radiator

Active structural acoustical control usually experiences difficulty in the control of heavy sources or sources where direct applications of control forces are not practical. To overcome this difficulty, an active controlled enclosure, which forms a cavity with both flexible and open boundary, is employed. This configuration permits indirect implementation of active control in which the control inputs can be applied to subsidiary structures other than the sources. To determine the control effectiveness of the configuration, the vibro-acoustic behavior of the system, which consists of a top plate with an open, a sound cavity and a source panel, is investigated in this paper. A complete mathematical model of the system is formulated involving modified Fourier series formulations and the governing equations are solved using the Rayleigh-Ritz method. The coupling mechanisms of a partly opened cavity and a plate are analysed in terms of modal responses and directivity patterns. Furthermore, to attenuate sound power radiated from both the top panel and the open, two strategies are studied: minimizing the total radiated power and the cancellation of volume velocity. Moreover, three control configurations are compared, using a point force on the control panel (structural control), using a sound source in the cavity (acoustical control) and applying hybrid structural-acoustical control. In addition, the effects of boundary condition of the control panel on the sound radiation and control performance are discussed.

A possible genetic relationship between orogenic gold mineralization and post-collisional magmatism in the eastern Kunlun Orogen, western China

Controversies in orogenic gold deposits remain, especially regarding the relative contribution of magmatic fluids to the mineralization. The Shuizhadonggou-Huanglonggou gold deposit in the Wulonggou gold field of the eastern Kunlun Orogen, western China consists mainly of sulfide disseminations in hydrothermally altered rocks with minor amounts of quartz-sulfide veins coeval to or overprinting the disseminated ores. Gold mineralization is hosted in diverse lithologies (i.e., Early Palaeozoic metamorphic rocks, Late Silurian syenogranite and Late Triassic porphyritic granodiorite and quartz diorite) and is structurally controlled by a second-order NW-trending sinistral-normal ductile shear zone and its subsidiary structures along the first-order Central Kunlun Fault. Gold-related hydrothermal alteration formed chlorite, sericite, quartz and calcite, with associated sulfide minerals dominated by pyrite, arsenopyrite, löllingite and pyrrhotite. Two types of hydrothermal sericite separates from a gold mineralized syenogranite yielded two 40Ar/39Ar ages of 237.0±2.0Ma and 230.8±1.7Ma, respectively, which postdated the Early Triassic regional metamorphism and ductile deformation by ~13m.y. Field relationships suggest that gold mineralization also overprinted ~220Ma porphyritic granodiorites and quartz diorites. These data indicate three gold mineralization events in the Late Triassic overlapped with post-collisional magmatism in the orogen. Gold-bearing sulfides have δ34S values mostly in the range of 2.0–5.5‰, consistent with a magmatic source of sulfur. Quartz from quartz-pyrite-sericite veins has calculated δ18OH2O values of 1.8–6.1‰ and δDH2O of −63 to −107‰. The stable isotopic and geochronological data suggest a magmatic origin for the ore-forming fluids. Therefore, the Shuizhadonggou-Huanglonggou and other gold deposits in the eastern Kunlun Orogen share many features of orogenic gold deposits (e.g., multiple-order ore-controlling structures, hydrothermal alteration, mineralization styles, close association between mineralization and magmatism, and H-O-S stable isotope compositions) and are genetically related to Late Triassic post-collisional magmatism.

Investment motive as a moderator of cultural-distance and relative knowledge relationships with foreign subsidiary ownership structure

In this analysis, we seek to contribute to the growing body of literature exploring moderators of cross-national differences and foreign subsidiary ownership structure relationships, by developing the argument that cultural distance and majority-owned foreign subsidiary relationships will be positively moderated if a subsidiary serves a manufacturing motive, as opposed to a market-seeking motive. Additionally, we argue that relationships between increasingly greater levels of host country technical knowledge, relative to a firm's home country, and the use of majority-owned foreign subsidiary structures will be negatively moderated by manufacturing motives. These ideas are tested, and supported, in the empirical context of subsidiaries of Japanese automotive firms from 1993 through 2009.

Foreign Market Corruption and the Structure of Subsidiaries in Emerging Markets

We examine the relationship between host market corruption and the structure of equity-based foreign subsidiary investments. New constructs are introduced that categorize corruption into two dimens...

The spatial structure of foreign subsidiaries and MNE expansion strategy

Drawing on internalization theory and economic geography research, we examine how the spatial structure of MNE subsidiaries in supranational regions affects subsidiary location choices. Our analysis of foreign production investments by Japanese manufacturing firms from 1971 to 2006 supports our theoretical predictions: firms were more likely to establish new production subsidiaries in countries geographically more proximate to existing production subsidiaries, but not to trading subsidiaries, in the same region. The proximity effect diminished for production subsidiaries engaged in accessing natural resources or R&D. Performance of production subsidiaries was also stronger for those closer to other production subsidiaries in the same region.

Restricted interest deductibility and multinationals’ use of internal debt finance

This paper reconsiders the role of interest deductibility for internal debt financing of multinational corporations (MNCs). We provide quasi-experimental evidence using restrictions on interest deductibility through thin-capitalization rules. Explicitly distinguishing between firms subject to a binding restriction and unrestricted firms, a panel data sample selection model is used to explore the tax sensitivity of the capital structure of foreign subsidiaries of MNCs. Our results confirm that the tax incentive for using internal loans is effectively removed for restricted subsidiaries. While internal debt financing of unrestricted subsidiaries positively responds to taxes, the effects are relatively small.

Geology, geodynamics and orogenic gold prospectivity modelling of the Paleoproterozoic Kumasi Basin, Ghana, West Africa

This paper describes the geology and tectonics of the Paleoproterozoic Kumasi Basin, Ghana, West Africa, as applied to predictive mapping of prospectivity for orogenic gold mineral systems within the basin. The main objective of the study was to identify the most prospective ground for orogenic gold deposits within the Paleoproterozoic Kumasi Basin. A knowledge-driven, two-stage fuzzy inference system (FIS) was used for prospectivity modelling. The spatial proxies that served as input to the FIS were derived based on a conceptual model of gold mineral systems in the Kumasi Basin. As a first step, key components of the mineral system were predictively modelled using a Mamdani-type FIS. The second step involved combining the individual FIS outputs using a conjunction (product) operator to produce a continuous-scale prospectivity map. Using a cumulative area fuzzy favourability (CAFF) curve approach, this map was reclassified into a ternary prospectivity map divided into high-prospectivity, moderate-prospectivity and low-prospectivity areas, respectively. The spatial distribution of the known gold deposits within the study area relative to that of the prospective and non-prospective areas served as a means for evaluating the capture efficiency of our model. Approximately 99% of the known gold deposits and occurrences fall within high- and moderate-prospectivity areas that occupy 31% of the total study area. The high- and moderate-prospectivity areas illustrated by the prospectivity map are elongate features that are spatially coincident with areas of structural complexity along and reactivation during D4 of NE–SW-striking D2 thrust faults and subsidiary structures, implying a strong structural control on gold mineralization in the Kumasi Basin. In conclusion, our FIS approach to mapping gold prospectivity, which was based entirely on the conceptual reasoning of expert geologists and ignored the spatial distribution of known gold deposits for prospectivity estimation, effectively captured the main mineralized trends. As such, this study also demonstrates the effectiveness of FIS in capturing the linguistic reasoning of expert knowledge by exploration geologists. In spite of using a large number of variables, the curse of dimensionality was precluded because no training data are required for parameter estimation.

Prediction of reinjection effects in fault-related subsidiary structures by using fractional derivative-based mathematical models for sustainable design of geothermal reservoirs

This study provides a method to evaluate the effects of cold-water injection into an advection-dominated geothermal reservoir. A fractional advection-dispersion equation (fADE) and a fractional heat transfer equation (fHTE) are applied to fault-related structures in geothermal areas where the fracture density is described by a power-law model. Synthetic production data generated by a numerical reservoir simulator reveal that the fADE and the fHTE are in reasonable agreement with the tracer responses and temperature change in a fault zone. Tracer analysis based on the fADE has potential to elucidate fault-related structures and to predict premature thermal breakthroughs quickly and efficiently.

Structure and lithology of the Japan Trench subduction plate boundary fault

The 2011 Mw9.0 Tohoku-oki earthquake ruptured to the trench with maximum coseismic slip located on the shallow portion of the plate boundary fault. To investigate the conditions and physical processes that promoted slip to the trench, Integrated Ocean Drilling Program Expedition 343/343T sailed 1 year after the earthquake and drilled into the plate boundary ∼7 km landward of the trench, in the region of maximum slip. Core analyses show that the plate boundary décollement is localized onto an interval of smectite-rich, pelagic clay. Subsidiary structures are present in both the upper and lower plates, which define a fault zone ∼5–15m thick. Fault rocks recovered from within the clay-rich interval contain a pervasive scaly fabric defined by anastomosing, polished, and lineated surfaces with two predominant orientations. The scaly fabric is crosscut in several places by discrete contacts across which the scaly fabric is truncated and rotated, or different rocks are juxtaposed. These contacts are inferred to be faults. The plate boundary décollement therefore contains structures resulting from both distributed and localized deformation. We infer that the formation of both of these types of structures is controlled by the frictional properties of the clay: the distributed scaly fabric formed at low strain rates associated with velocity-strengthening frictional behavior, and the localized faults formed at high strain rates characterized by velocity-weakening behavior. The presence of multiple discrete faults resulting from seismic slip within the décollement suggests that rupture to the trench may be characteristic of this margin.

Determining the main strand of the Eskişehir strike-slip fault zone using subsidiary structures and seismicity: a hypothesis tested by seismic reflection studies

The Eskisehir Fault Zone is one of the major neotectonic structures of Turkey, extending from Inegol (Bursa) to Cihanbeyli (Konya). The fault zone presents a considerable seismic risk for the city of Eskisehir but the exact locations of active segments and the source of the major seismic event, the 1956 earthquake (M = 6.5) that occurred in the instrumental period (from 1900 to 2013), have been debated in recent literature. The structural data obtained from field studies indicate an approximately N60W-trending main strand of the right lateral strike-slip Eskisehir Fault Zone. This trend corresponds to the en echelon bends on the course of the Sarisu River. Using this concurrence, the positions of Bahcehisar and the Cukurhisar-Sultandere segments are proposed and checked by seismic reflection studies. The seismic sections disclosing positive flower structures confirm the hypothesized position of the Cukurhisar-Sultandere segment. The relocation of epicenters and focal mechanism solutions of seismic events in 1956, 1990, 2010, and 2013 indicate that the Cukurhisar-Sultandere segment might be the rupture source of the 1956 event and is a possible potential seismic source for an earthquake that could seriously affect the Eskisehir settlement.

Interactions of subnational institutions: the effects on foreign subsidiary ownership structure

Based on the institution-based view, increasing number of research examine how institutions could shape firm behaviors and performance in various contexts. However, an implicit assumption of previous studies is that different institutional aspects exert impacts separately and independently. This study departs from prior research by arguing that distinct institutional dimensions are interrelated with each other in a way that the influence of one institutional dimension is contingent on the existence(or absence) of other institutional dimensions. Specifically, we focus on how different institutional dimensions in host country interactively shape multinational enterprises (MNE) subsidiary ownership structures.

Performance of Best and Worst Selected Foreign Banks of India: An Analytical Study

The banks which were in existence prior to the initiation of financial sector reforms in the early 1990s are known as old generation banks. The banks which came into being in the post-reforms period are known as new generation banks. Foreign banks can operate in India through their branches. Besides these five major groups, a new institution by the name Regional Rural Banks (RRBs) was created in 1975 in the rural areas of the country specifically to meet the credit needs of these areas. The Public Sector Banks (PSBs) are bigger in terms of the size of their total assets, deposits or credit and wider branch network spread across the rural and urban areas of the country. Thus, in terms of business per branch, they lag behind the private sector banks and the foreign banks considerably. As can be observed, foreign banks in India enjoy the highest spread as compared to private sector banks. In terms of noninterest income also foreign banks stand way ahead. Overall, the net profit of the foreign banks is higher as compared to those of the domestic banks. As bank licenses is concerned, regarding private sector banks: 11 were issued in the first round in 1993, and just two in 2003. From the first lot, only five survived, the rest fell by the wayside or reside in the belly of other. Two decades into banking reforms, the entry of new players has lead to a stiff fight for market share, but the numbers are skewed. In 2010, the RBI released a discussion paper for foreign banks to operate as wholly owned subsidiaries. Key changes envisaged are: (I) It is important that foreign banks are on share balance sheet and off balance sheet credit equivalent higher than 0.25 percent of the industry total. Further Foreign banks are need to convert to a subsidiary structure which emphasized priority sector lending targets, branch expansion opportunity (automatic approval in Tir IV to VI locations). These changes will have significant impact since large global banks operating in India have always sought an even playing field, specifically around branch expansion.

Experimental Research on Strength of GFRP Bars in Shield Engineering

Subway stations or shield wells are often built using steel reinforced concrete supporting structure materials. These concrete retaining structure materials must be destroyed before launching and receiving of shield, so, some security risks may arise during destroying, and time limit for project may be longer, and the structure strength may be weakened; there are the same problems in crossing the existing subsidiary structure. In the supporting structure, concrete supporting structure materials have been partially substituted by GFRP bars in shield engineering in the world. In order to study the mechanical properties of GFRP bars deeply, experimental research on strength of GFRP bars have been made, and some relation shapes between stress and shear strength have been discussed; all of these are expected to make some basis for the design of GFRP concrete in shield engineering.

Three Dimensional Seismic Response Analysis of Complicated Metro Station with Shallow Depth

Focusing on a complicated metro station with shallow depth, its three-dimensional calculation model was established, which includes not only the main station structure, but also includes the subsidiary structure such as the entrances and detailed structures such as the holes in the floor. The Davidenkov model was employed to simulate the nonlinear characteristics of the soil. The three-dimensional nonlinear seismic responses were analyzed. it can be shown from the calculation that: (1) the metro station structure can satisfy the demand under given seismic motion; (2) it is more important for structural concept design and structural measures design than the strength and deformation design for complicated underground structures.

Tectonic evolution of an active tectonostratigraphic boundary in accretionary wedge: An example from the Tulungwan-Chaochou Fault system, southern Taiwan

The Tulungwan-Chaochou Fault system in southern Taiwan represents the boundary between a slate belt of moderate metamorphic grade and a relatively unmetamorphosed fold-and-thrust belt. The offset between hanging wall and footwall of this fault ranges from 7 to 11 km and is considered one of the major tectonostratigraphic faults in Taiwan. This 75-km-long fault system is also one of the most conspicuous topographic features in Taiwan. The geometry, kinematic history and associated subsidiary structures have not been resolved. Field mapping of fabrics and brittle faults show that a 45-km-long west-northwest-vergent antiform defined by folded slaty cleavage exists in the hanging wall of the fault. This antiform has not been previously described and apparently formed in a brittle environment. The flat crest and tight forelimb of the antiform suggests a two-stage deformation model composed of a fault-bend fold followed by a trishear fold. We infer that regional scale fold is associated with a thrust that splays upward from the main detachment.

Study on the Characters of Seismic Response Spectra Based on China Financial Information Mansion

Rare study is done on floor response spectrum of super-high rise building, but it is an important condition for the seismic response analysis of floor subsidiary structure. Therefore, based on the early calculation model of China Financial Information Mansion, the floor response spectrum is calculated under different input ground motion. The floor and ground response spectrum is compared with each other from the seismic coefficient, dynamic amplification coefficient, characteristic period and the form of response spectrum. The results shows that: the floor seismic coefficient and the magnification coefficient are greater or smaller than the ground ones, the biggest difference of which is nearly 1 times; all the floor character period are greater than the ground ones, the biggest difference of which is over 60%; there are obvious differences between the floor and ground dynamic magnification factor spectra form under some conditions, of which the second peak of the former one is probably very large, even near to the peak of the first one, while the latter has no such phenomenon. Therefore, during the process of calculating the seismic response of floor subsidiary structure, it is necessary to consider the change of floor seismic coefficient, dynamic magnification factor, characteristic period and spectra form based on the main structure.

Numerical simulation of dynamic surface deformation based on DInSAR monitoring

Differential interferometric synthetic aperture radar (DInSAR) technology is a new method to monitor the dynamic surface subsidence. It can monitor the large scope of dynamic deformation process of surface subsidence basin and better reflect the surface subsidence form in different stages. But under the influence of factors such as noise and other factors, the tilt and horizontal deformation curves regularity calculated by DInSAR data are poorer and the actual deviation is larger. The tilt and horizontal deformations are the important indices for the safety of surface objects protection. Numerical simulation method was used to study the dynamic deformation of LW32 of West Cliff colliery in Australia based on the DInSAR monitoring data. The result indicates that the subsidence curves of two methods fit well and the correlation coefficient is more than 95%. The other deformations calculated by numerical simulation results are close to the theory form. Therefore, considering the influence, the surface and its subsidiary structures and buildings due to mining, the numerical simulation method based on the DInSAR data can reveal the distribution rules of the surface dynamic deformation values and supply the shortcomings of DInSAR technology. The research shows that the method has good applicability and can provide reference for similar situation.