Sustainable Growth Rate Research Articles

A revision and histological investigation of Saltoposuchus connectens (Archosauria: Crocodylomorpha) from the Norian (Late Triassic) of south-western Germany

Abstract Crocodylomorpha is the stem-lineage of modern crocodylians and the only pseudosuchian (i.e. crocodylian-line archosaurs) clade that survived the Triassic–Jurassic mass extinction event. Its earliest members, the non-crocodyliform crocodylomorphs, also known as ‘sphenosuchians’, were terrestrial and mostly small-bodied (<2 m long), although some large-bodied forms are known. Saltoposuchus connectens is one of the first described crocodylomorph species but it remains poorly studied, in part due to its contentious taxonomy. Here, all referred Saltoposuchus specimens are described in detail for the first time and its taxonomy is revised, with additional taxonomic implications for the British crocodylomorph Terrestrisuchus gracilis and the coelophysoid theropod Procompsognathus triassicus. Saltoposuchus connectens is clearly distinguished from Terrestrisuchus gracilis based on both cranial and postcranial features. The phylogenetic analysis finds that Saltoposuchus connectens, Terrestrisuchus gracilis, and Litargosuchus leptorhynchus form a clade of gracile, long-legged crocodylomorphs, identified as Saltoposuchidae Crush 1984. A histological section of a femur reveals highly vascularized fibrolamellar tissue in the second-largest specimen of Saltoposuchus connectens (SMNS 12596), indicating sustained high growth rates. A similar pattern was previously observed in Terrestrisuchus sp., contrasting with slower growth rates in the crocodylomorph Hesperosuchus agilis. These findings suggest that saltoposuchids had a high resting metabolic rate and active lifestyle.

Sharia External Financing Alternatives for Business Expansion Study Case: PT. XYZ

This study investigates sharia compliance external sources of financing for SME’s business expansion. The object of this study is PT. XYZ that operates in the security service business entity of outsourcing industry. In the last five years until 2022 XYZ has declined in number of clients growth. Fortunately, in 2023 XYZ received an offer to supply 500 security personnel that will increase its sales growth to 134%. This growth is a lot higher than the internal and sustainable growth rate of the company, and hence it needs external financing of IDR 5.2 Billion to support the business expansion. The data collected in this research is through primary and secondary data from a semi-structured interview, five years of financial reports and desk research method. This study examines three alternatives of external Sharia financing namely Islamic Bank financing, Sukuk Issuance and Stock Issuance. XYZ needs to choose one alternative that makes the financial performance of the company healthy and also provides the most worthy risk-return to the equity holders. According to the financial ratios, DCF company valuation and risk-return analysis, this study finds that Sukuk is the best alternative external source of financing for XYZ because it makes the financial performance of the company healthy and also provides a desirable returns for the shareholders with lower risks. XYZ and others SMEs could use this alternative source of external financing to support business expansion. Sukuk can be issued through a funding campaign within a specified period in an authorized and credible Islamic Securities Crowdfunding (I-SCF) platforms.

Which sustainable growth rate is best at forecasting actual growth?

PurposeUsing various proxies for the firms' return on equity (ROE) and retention ratios (b) the authors calculate 36 sustainable growth rates, on a rolling basis, for a comprehensive set of firms over a 52-year period. The authors then assess the ability of these different sustainable growth rates to predict the actual, out-of-sample, five-year growth rates of the firms' earnings.Design/methodology/approachThe authors compare the forecast to determine which method of estimating ROE and b produce the lowest mean-squared-errors and then determine the estimation method that works best for firms with different characteristics and for firms in different industries.FindingsOverall, using the median ROE of all firms in the market and the 5-year average of the specific firm's retention ratio produces the lowest, statistically significant, forecast errors. Variations are documented based on firm characteristics, including dividend payout, level of ROE and industry.Practical implicationsThe findings can guide practitioners in using the best earnings forecasting method.Originality/valueFinancial textbooks seem universally to suggest that one method of estimating the growth rate of a firm's earnings is to calculate the “sustainable growth rate” by multiplying the firm's ROE by the firm's b. At the same time, multiple methods of proxying for both ROE and b have been suggested; therefore, it is an interesting and useful empirical question, which, heretofore, has not been addressed in the literature, as to which estimation of the sustainable growth rate best approximates the actual future growth of the firm's earnings. The findings can guide practitioners in using the best earnings forecasting method.

Comparison of Bank Soundness Levels Using the Risk-Based Bank Rating Method Before and During the Covid-19 Pandemic

The financial system plays a very important role in achieving sustainable growth rates. Banks with their financial performance are the main role in a country's financial system. This study aims to determine differences in bank soundness level using the Risk-Based Bank Rating method in the aspects of Risk Profile, Good Corporate Governance, Earnings, and Capital before and during the Covid-19 pandemic. This research is conducted at commercial banks in Indonesia with a total sample of 84 banks registered at OJK. The data analysis technique used is the Wilcoxon Signed Rank Test. The results show that the aspects of Risk Profile which are measured using LDR, Earnings which are measured using ROA and NIM, and Capital which is proxied by CAR there are significant differences during the Covid-19 pandemic. The results also show that there was no significant difference in the Risk Profile aspect as measured using the NPL and Good Corporate Governance aspects during the Covid-19 pandemic. From a bank's soundness level point of view, commercial banks are still in a safe position even though their ROA and NIM have experienced downgrades due to the ineffective performance of banks during the pandemic. Credit restructuring and the ineffectiveness of bank lending were the main reasons for the ineffectiveness of bank performance during the pandemic.

Institutional quality, financial development and sustainable economic growth among lower income countries

AbstractThis article postulates strong endogenous relationships in lower income countries between institutional quality, financial development and sustained economic growth. These associations were investigated using the vector‐error correction model (VECM) and Granger causality method for a sample of 79 countries from 2005 to 2022. The findings show that (1) these variables reinforce each other in the short run. (2) In the long run, both institutional quality and financial development can fuel economic growth. (3) The positive effect of institutional quality on economic growth is greater than that of financial development. Policy implications of these findings are that careful attention should be paid to co‐development policies to enhance the institutional quality and the financial system in these economies. Policies should also consider economic growth strategies to enable sustainable economic growth rates.

Intellectual Capital, Firm Performance, and Sustainable Growth: A Study on DSE-Listed Nonfinancial Companies in Bangladesh

Intellectual Capital (IC) stimulates corporate competitive advantages that can enhance firm performance and sustainable growth (SG). This study investigates IC’s affinity with and impact on accounting and market performance and SG of listed nonfinancial companies in Bangladesh. Data were collected from 69 nonfinancial companies for five years during 2017–2021, forming 345 observations. Modified Value Added Intellectual Coefficient (MVAIC) and steady-state models consecutively measured IC efficiency and Sustainable Growth Rate (SGR). The Robust fixed effect model was applied to confirm the highest reliable results. Results of MVAIC, Intellectual Capital Efficiency (ICE), and Human Capital Efficiency (HCE) showed a positive affinity with and impact on firm performance and SGR. Structural Capital Efficiency (SCE) showed an insignificant association with and impact on explained variables, whereas Relational Capital Efficiency (RCE) showed a significant negative relationship with and impact on the same. Tangible capital employed efficiency (CEE) enhanced firm performance but failed to confirm sustainable growth. The findings help business executives, government, and policymakers formulate strategic plans for sustainable resource utilization and can create value, competitive edges, and survival for firms. The study recommends that corporate entities should strive to enhance their efficiency in internal structural resources and relational activities to achieve better firm performance and sustainable growth.

Financing Strategy to Support Required Business Growth (Case Study: XYZ)

Company XYZ targets an annual revenue of IDR 7.5 billion by 2025. The required growth rate at 70.17% annually is pretty high to achieve the target. However, the company’s actual growth in 2022 at 81.19% outperforms its sustainable growth rate at 29.28% and it seems achievable but requires aggressive expansion across operating systems, inventory, and marketing. A Company with zero debt has a positive leverage to decide the financing strategy. The company observes to other comparable companies to decide the metrics and the value to select the financing strategy. In this research, we compare three commonly used financing strategies: equity financing, debt financing, and mixed financing. The metrics and requirements are the debt-to-equity ratio at a maximum of 17%, the current ratio at a minimum of 2.25, and the maximal Return on Equity. The selected option is the mixed financing strategy due to being able to meet all of the requirements even though the option did not have the cheapest option or the highest return on equity. The mixed financing strategy consists of full debt financing in the year 2023 and 2024 with a low-interest rate, while in the year 2025, the financing strategy is a combination between equity and debt. XYZ shall sell a maximum of 5.72% of its shares that brings capital at least equal to IDR 329 million and the remaining capital of IDR 329 million shall be raised through a bank loan with low-interest rates.

EARTHWORM MEAL: A NOVEL NON-CONVENTIONAL FEED INGREDIENT FOR SUSTAINABLE POULTRY PRODUCTION

The poultry industry is one of the most important/vibrant sectors in the livestock industry. Feed economics is highly important in the production of poultry, especially in intensive farming. Protein intake is the key factor for the sustainable production process and growth rates. Mainly soybean and fish meal is used to fulfill the protein requirements in poultry feed, however, currently, soybean meal and other conventional protein ingredients are facing the problem of shortage supply resultantly increasing in prices. So, there is an urgent need to explore other alternatives and cheaper protein sources. In the past 20 years, amongst different alternative protein sources, private companies and research institutes have focused on the use of algae, insects, and other invertebrates in poultry diets whereas particular attention needs to be paid to the dietary use of earthworms as it is agood and palatable source of protein. Earthworms can be successfully used as an alternative protein source for poultry and aquaculture as an environmentally friendly protein feed ingredient. In this review, we summarize the suitability, productivity, and effectiveness of earthworm meals as an alternative protein ingredient in poultry diets The research has investigated the use of earthworm meal in fish and poultry feed and exhibited an increase in body weight, feed conversion ratio, feed intake, and growth rates in broilers as well as an increase in egg production in layers. The research has shown dietary inclusion level of earthworm meal in the fish diet is successfully up to 25-30% whilst its inclusion level in the broiler diet should not go beyond 15%. Supplementation of earthworm meals in broiler and aquaculture diets may trigger production performances without affecting the quality of the final product. The goal of this review is to deliver the recent scenario of research on earthworm meal; to offer a better understanding of its use as a novel feed ingredient for sustainable poultry production.

A wage-led or profit-ledge demand regime: the case of Jordan (1990-20220)

Purpose- For too long, the performance of the Jordanian economy has been dissapointing. During the period 2010-2020, the mean annual growth rate in real Gross Domestic product (GDP) was equal to 2.0 percent. In addition, the overall unemployment rate increased from 12.5 percent in 2010 to 23.2 percent in 2020. To decrease the doublie-digit unemployment, any growth strategy requires a good understanding of the characteristics of the Jordanian economy. In other words, increasing the profit share in a wage-led economy, and increasing the wage share in a profit-led economy will both have negative consequences to economic growth. Therefore, it important to identify whether the Jordanian economic regime is wage-led or profit-led. Methodology- This paper investigates the effect of changes in the functional income distribution on economic growth in Jordan during the period 1990-2020. An autoregressive distributed lag (ARDL) approach is used to assess the presence of the long-run relationship between changes in income distribution and aggregate demand. Findings- Based on the estimated results, it is argued that the the demand regime in the Jordanian economy Jordan is wage-led. In other words, an increase in the wage-share leads to higher economic growth. Conclusion- Given the challenge of unemployment, the Jordanian government and the leaders of the private sector should not allow the supply and demand sides of the labor market determine wages. The economy needs pro-labor institutional reforms to realize strong and sustainable economic growth rates. Keywords: Jordan, growth, unemployment, wage-led, profit-led, net exports, ARDL, cointegration. JEL Codes: B50, E11, E12

Nexus Between Intellectual Capital, Financial Performance and Sustainable Growth: Evidence from the Turkish ICT Industry

The paper aims to measure, using the VAIC model, the impact of intellectual capital and its elements on the financial performance and sustainable growth of Turkish ICT companies listed on the Istanbul Stock Exchange (ISE). Panel data regression was used to analyse 31 Turkish ICT companies’ activity for 2019-2022. To measure the relationships between financial performance, sustainable growth and its determinants, sixteen functional models were developed, the formation of which was based on the following types of used dependent variables – Return on Assets, Return on Equity, Return on Sales, Sustainable Growth Rate. Ten independent variables were used, such as VAIC, Modified VAIC, Capital Employed Efficiency, Human Capital Efficiency, Structural Capital Efficiency, Research and Development Capital Efficiency, Relational Capital Efficiency, Leverage, Size, and Dummy Variable for Subbranch. The findings expand the understanding of the importance of intellectual capital management in generating enterprise value and providing sustainable advantages by high-tech companies in the context of forming a knowledge-based economy. The regression analysis of the impact of VAIC and its structural components on Turkish ICT companies’ financial performance and sustainable growth showed rather contradictory results. The most significant effects on the financial performance of Turkish ICT companies and sustainable development are Return on Assets – VAIC, Modified VAIC, Human Capital Efficiency, Research and Development Capital Efficiency, Leverage, Dummy Variable for Subbranch; Return on Equity – Human Capital Efficiency, Leverage; Return on Sales – Human Capital Efficiency, Leverage, Structural Capital Efficiency, Size; and Sustainable Growth Rate – Research and Development Capital Efficiency, Capital Employed Efficiency, Leverage. The expediency of increasing investments in the development of experience and professional skills of employees of Turkish ICT companies, as well as strengthening their innovative activities, which will ensure the growth of their profitability in the short term, have been substantiated.

Intangible Asset Investment and Business Sustainability of Deposit Money Banks in Nigeria

In recent years, research has shown that companies have steadily increased their investment in intangible assets relative to tangible assets, and many scholars have studied the impact of these investments on firm’s profit and performance. However, there have been very few studies examining the impact of these investments on the sustainable growth of firms in Nigeria. This study investigated the impact of intangible asset investment on the business viability of Nigerian deposit money institutions. The investigation employed an ex-post facto design with a sample size of twelve deposit money institutions. The analysis utilised secondary data obtained from the Nigerian Exchange Group. The random effect regression analysis technique was used to analyse the data, and the results indicated that goodwill intensity has a significant positive effect on sustainable growth rate, whereas asset intangibility intensity has a significant negative effect on the sustainable growth rate of deposit money banks in Nigeria. Therefore, the study concludes that investment in intangible assets has a significant impact on the business sustainability of Nigerian deposit money banks. For sustained business growth, the study recommends that deposit money institutions invest more in intangible assets.

ECONOMIC NATURE OF THE “BUBBLE” IN THE INTERNATIONAL REAL ESTATE MARKET

The article is aimed at studying the economic nature and origin of the real estate bubble, its financial and economic impact, and the relevant consequences and risks for international real estate markets. The article also notes that during the boom period, theincrease in supply is driven by the growth of demand for real estate from end users (the real sector of the economy), and during the bust period -by the growth of demand from investors. The oversupply in the market during the period of market saturation is largely due to the investment in real estate that preceded it during the boom. During this period, real estate is no longer seen as a real asset, but rather as a financial asset that generates income without regard to its connection to the real economy.This, together with rising household in-comes and increased mortgage lending, led to the emergence of real estate bubbles.A real estate bubble is defined as a sharp increase in prices and market turnover in the real estate market caused by a significant increase in demand (including speculative demand for the purpose of further sale). The factors contributing to the emergence of the real estate bubble have been identified as follows: sustained high rates of economic growth; high rates of growth of household incomes; increased availability of mortgage lending (lower requirements for borrowers); increased availability of construc-tion lending; and increased investment in real estate.

Does Board Gender Diversity Matter for Sustainable Growth Rate? Evidence from Banking Industry in Vietnam

Does Board Gender Diversity Matter for Sustainable Growth Rate? Evidence from Banking Industry in Vietnam

"ECONOMIC AND ORGANIZATIONAL APPROACHES TO TOURISM DEVELOPMENT BASED ON THE CLUSTER APPROACH"

"The article considers the cluster approach to the development of tourism, presents the key elements that form the cluster structure. Factors of cluster structures are investigated. The stages for designing a tourist cluster are considered. The world development and the practice of foreign countries convincingly prove the inevitability of the regularity of the emergence of a diverse type of integration structures, where clusters have a dominant place. Recently, the formation of cluster structures has increasingly become the most important direction of state policy in the socio-economic development of many countries of the world. The intensification of competition in the tourism sector actualizes the problem of the formation of integrated structures that would contribute to the maintenance of sustainable growth rates of the regional economy, contribute to the fuller use of the accumulated potential and its further development. Currently, the main feature of the cluster is its innovative orientation. A cluster can be created in almost any area of the economy. Within the cluster, it is not just the efficiency of individual enterprises and organizations that comes to the fore, but their «collective efficiency». The success of one cluster member stimulates the development of the next, as a result of which working in a cluster turns out to be economically more profitable for everyone than the disjointed activities of companies. Keywords: cluster approach, tourism, economy, organization, tourist cluster "

Banking Industry Sustainable Growth Rate under Risk: Empirical Study of the Banking Industry in ASEAN Countries

This research examines how the banking industry maintains its sustainable growth rate. The sample consists of 328 commercial banks in the ASEAN area. A fixed effect model is employed to analyze the data. The study reveals several findings: (1) The countries with the most risk in the banking industry are Indonesia, Thailand, Philippines, Malaysia, and Singapore. (2) Operational risk has a negative effect on sustainable growth and a positive effect on actual growth. Asset utilization positively affects sustainable growth and positively affects actual growth. (3) Business risk has a positive effect on sustainable growth but a negative on actual growth. (4) Liquidity risk positively affects both sustainable growth and actual growth. (5) Financial risk has a negative effect on sustainable growth but not on actual growth. These findings contribute to the body of knowledge of financial management specifically in terms of determining dividend and financing policy, operational activities and bridging conflicting objectives of managers and shareholders. Furthermore, these findings have implications for the practice, especially for shareholders, in how to maintain and set sustainable growth targets in conditions of various risks in banking. For banks within the framework of ASEAN integration, it is important to place SGR as a measure of sustainable finance.

Arginine as the sole nitrogen source for Ostreococcus tauri growth: Insights on nitric oxide synthase enzyme

IntroductionPhotosynthetic organisms respond to nitrogen (N) deprivation with the slowdown of photosynthesis and electron transport resulting in the balance the carbon (C)/N ratio. Under this extreme condition, organisms trigger complex mechanisms to keep growing using different N sources and recycling N containing molecules. In particular, phytoplankton are able to uptake L-arginine (L-Arg) as an organic N source. L-Arg can be assimilated mainly by the arginase, arginine deimidase, arginine decarboxylase or L-amino oxidase pathways.ResultsWe analyzed the effect of different N sources on the growth of the green algae Ostreococcus tauri. N starvation caused an inhibition of culture growth and a decrease in chlorophyll content. The addition of L-Arg to an N-deprived medium promotes a sustained growth rate of O. tauri culture and the increase of chlorophyll levels. The transcript level of genes involved in N uptake and metabolism were increased in N-starved condition while the addition of L-Arg as the sole N source reduced their induction. Since the O. tauri genome lacks the classical pathways to metabolize L-Arg, another enzyme/s may be responsible for L-Arg catabolism. Previously, we characterized the nitric oxide synthase (NOS) enzyme from O. tauri (OtNOS) which oxidizes L-Arg producing nitric oxide (NO) and citrulline. The NOS inhibitor L-NAME blocks the effect promoted by L-Arg on N-deprived O. tauri growth. Besides, NO level increased in O. tauri cells growing in L-Arg containing medium, suggesting the participation of OtNOS enzyme in L-Arg metabolism during N starvation.DiscussionOur hypothesis suggests that, after NOS-dependent Arg degradation, non-enzymatic oxidation of NO produces N oxides (mainly NO2-) that are re-incorporated to the N primary metabolism. As expected, N deprivation increases the lipid content in Ostreococcus. The addition of L-Arg or NO2- as the sole N sources showed a similar increase in lipid content to N deprivation. In summary, our results demonstrate that L-Arg is able to function as N source in Ostreococcus. The evidences on an alternative pathway of N supply and metabolism in a photosynthetic microorganism are discussed. These results could also allow the development of biotechnological tools for increasing lipid production for industry.

Use Analysis of internal Growth Rate and Sustainable Growth Rate and its Relation to Performance

Use Analysis of internal Growth Rate and Sustainable Growth Rate and its Relation to Performance

Gender diversity in the board room and sustainable growth rate: the moderating role of family ownership

ABSTRACT This study examines the impact of gender diversity on sustainability growth, and moderating role of family ownership in an emerging economy, Pakistan. We employed 3730 firm-year observations, comprising of 307 non-financial firms listed on Pakistan Stock Exchange, over a period 2008–2020. Using framework of agency theory, resource dependence theory and social identity theory, we report that gender diversity results in higher sustainable growth in our sample firms. Further, our results indicate that due to strong identification of family owners with their firms, their presence positively moderates this relationship. Overall, we report that despite of a weak corporate governance mechanism, the presence of female directors and family owners results in higher firm growth and low agency conflicts, which serve as positive signals for the investors. Our study provides empirical support to mandatory appointment of female directors on boards and urge the policymakers to focus on capacity building of female workforce.

РОЛЬ УПРАВЛІННЯ КЛАСТЕРАМИ У РОЗВИТКУ ЕКОНОМІКИ КАЗАХСТАНУ

The priority task is to ensure a sustainable competitive national economy based on the introduction of advanced technologies, ecologically clean, safe production, product quality management systems, and resource conservation systems. The purpose of the article is to reveal the approach to the formation of regional industrial policy based on the creation of cluster schemes on the example of automobile manufacturing in the East Kazakhstan region. The methodological basis of the research was logical methods of information processing, methods of system analysis, abstract-logical method for formulating conclusions. The main research hypothesis is that clusters should unite geographically close groups of interdependent companies. The co-location of firms contributes to the formation and enhancement of value-creating advantages resulting from a network of interactions between firms. Presenting main material. The article reveals the prospects of the cluster organization of the national economy of Kazakhstan, the essence and structure of the cluster. Based on the results of the analysis of indicators of socio-economic development of the East Kazakhstan region, the prerequisites for the creation of an automotive cluster have been determined. Originality and practical significance of the research. Indicators of socio-economic development of the East Kazakhstan region allowed it to be used as a platform for the development of an automotive cluster. The supply of Kazakh cars to the countries of Central Asia and Transcaucasia can bring the country more than $1 billion in additional export revenue per year. Conclusions and prospects for further research. At this stage, the problem of ensuring sustainable growth of the economy of the Republic of Kazakhstan by increasing the competitiveness of its industrial products at the world, national and regional levels becomes paramount. Economic science faces the task of developing an industrial policy mechanism, the main goals of which are to ensure sustainable growth rates and increase competitiveness.

DESIGN OF BUBBLE IRRIGATION SYSTEM WITH EMITTERS AT GROUND LEVEL

In the Brazilian semi-arid, sustainable growth rates and higher standards of living in society may be attained by the use of irrigation aiming at obtaining the best economical function without disregarding several factors, such as labor, soil, and water supply. The objective of this work is presenting an alternative design procedure for low-head bubble irrigation systems so as to make the technology more accessible to users. An electronic spreadsheet was developed and made available for sizing laterals and delivery hoses at ground level based on the principles of mass conservation, energy conservation and friction head loss. 9 combinations of spacings between plants and between rows were used with different lateral lengths, resulting in 22 designs operating at 9.8 kPa (1 m.w.c). Designs were subjected to hydraulic and efficiency tests. Uniformities of water application were computed using Christiansen’s uniformity coefficient and distribution uniformity coefficients. Designs were ranked according to the proposed classification of Mantovani. Irrigation uniformities, above the recommended limits and with low variability across designs, allow us to conclude that the design procedure for the proposed irrigation system is feasible.