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Technology acquisitions and investor expectations: Reputation and expectancy violation perspectives
Get PDFData Availability Statement: The data that support the findings of this study are available from the corresponding author upon reasonable request.Supporting Information is available online at: https://onlinelibrary.wiley.com/doi/10.1111/emre.12687#support-information-section .Employing the organizational reputation lens and expectancy violation theory (EVT), I examine how financial market investors (investors) affect the technology acquisition activity and the likelihood of survival of firms facing technological change. I theorize that when a firm has a growth reputation, that is, investors expect revenue growth in future periods, the likelihood of making an acquisition will increase in anticipation of a positive expectancy violation on the part of investors. In contrast, for a firm that has an income reputation, that is, investors expect shareholder returns in future periods, the likelihood of making an acquisition will decrease in avoidance of a negative expectancy violation on the part of investors. I predict a novel moderating effect of investor expectations—a firm's acquisition activity will exert a stronger positive effect on its likelihood of surviving technological change when investor expectations are growth-oriented, that is, when there is a positive expectancy violation. Using a multi-industry sample of industry convergence, a salient form of technological change, I find support for my theoretical predictions. I advance research that examines the reactions of investors to firm strategies during technological change to the domain of technology acquisitions, a salient strategic decision. I also expand the predictive utility of the reputation lens and EVT to the context of firm survival during technological change
Losing a War of Attrition: Realities and Perceptions of Axis Defeat in the Mediterranean War (1940-1943)
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Thirty years on from its first paying passengers, Eurostar now has a fresh chance to hit its potential
Get PDFThis article is republished from The Conversation under a Creative Commons license. Image rights: Sergii Figurnyi/Shutterstock [main photograph of Eurostar train at St. Pancras Stattion, London]; The late Queen Elizabeth and Duke of Edinburgh take a Eurostar train to Paris in 1994. Martin Keene/PA Images/Alamy Stock Photo. Read the original at https://theconversation.com/thirty-years-on-from-its-first-paying-passengers-eurostar-now-has-a-fresh-chance-to-hit-its-potential-243115 .Three decades ago, the first Eurostar train carrying paying passengers set off from London’s Waterloo station for Paris. While many of the headlines on November 14 1994 focused on the historic journey, others speculated about what the tunnel would mean for business and trade. Eurostar was “set to steal the airline show”, with ferry companies “bracing for the fight”. And there were hopes of a trade boost for the UK.Gerda Henkel Foundation and the British Academy; Brunel University of London
Empowerment or Ornament? Gender Diversity's Impact on Cash Holdings Amid Quota Enforcement in an Emerging Market
Get PDFData availability statement: Data available on request from the authors.Purpose:
This study examines the impact of female directors on cash holdings in Egyptian listed firms, particularly in light of Decree 123/2019, which mandates female board representation. This study aims to determine if female directors mitigate agency conflicts related to cash holdings and how these dynamics shift post-quota implementation.
Design/methodology/approach:
Using a panel fixed-effects model, the research analyzes 1,563 firm-year observations from 223 non-financial Egyptian firms listed on the EGX between 2014 and 2022. The robustness of the findings is tested through additional analyses using alternative proxies for cash holdings, different sample periods and a two-stage least squares approach to address endogeneity concerns.
Findings:
This study finds a significant negative association between female directors and cash holdings, suggesting that female board members may promote more conservative cash management practices. However, this relationship weakens post-quota implementation, becoming statistically insignificant. This implies that while quotas increase female representation, they do not necessarily enhance corporate governance effectiveness regarding cash management. The pre-quota positive link between female directors and excess cash holdings also becomes insignificant post-quota.
Research limitations/implications:
The study focuses on female directors’ impact on cash holdings, excluding potential effects on other board subcommittees or functions. It does not capture long-term benefits of increased female representation, which may emerge as the pool of qualified female directors grows. Future research should explore broader implications of gender diversity guidelines and other diversity dimensions across various corporate governance aspects and institutional contexts.
Originality/value:
This research provides empirical evidence from an emerging market context on the understudied impact of gender diversity on cash holdings. It critically evaluates the unintended consequences of mandatory gender quotas, highlighting the complexity of regulatory interventions in corporate governance. The study stresses the need for policymakers to address factors limiting the effectiveness of such quotas and to consider potential suboptimal outcomes when increasing female board representation without a corresponding increase in the supply of qualified female directors.The authors received no financial support for the research, authorship and/or publication of this article
Personal Data Management in Smart Product-Service Systems: Preliminary Design Strategies to Avoid User Manipulation in Democratic Processes
Get PDFData Availability Statement: The raw data supporting the conclusions of this article will be made available by the authors upon request.The use of digital technologies in Product Service Systems (PSSs) has increased in recent years. More and more smart devices are used in these models, collecting significant amounts of data to provide personalized and responsive products and services. However, data extraction has been causing disruptions in the social sphere, manipulating users, threatening democratic processes, and harming the social dimension of sustainability. To mitigate these problems associated with user data, some solutions on the market claim to take a more ethical approach. This article presents the preliminary results of a study aiming to understand what features in these solutions may favour the resilience of democratic processes and reduction in user manipulation due to personal data extraction and personalized activity. It also examines how designers can use them to develop smart PSSs that incorporate these elements and features in their process. Based on a literature review, three key elements relevant to personal data and democracy were assessed and applied to analyze 30 cases. The results provided a preliminary list of 46 features and 15 strategies for designers to embed these elements in the design of smart PSSs, as well as a conceptual framework. The study concludes with recommendations for future research.Politecnico di Milano Scholarship of doctorate of the PNRR code 38-411-16-DOT1316795-154
Statistical modeling and optimization of heavy metals (Pb and Cd) adsorption from aqueous solution by synthesis of Fe3O4/SiO2/PAM: isotherm, kinetics, and thermodynamic
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The experimental findings, results or content presented in the article have not been used in any other study or publication. Should any raw data files be needed in another format they are available from the corresponding author upon reasonable request. Source data are provided with this paper.In this study, magnetic material was synthesized using iron salts, then silicon-specific material was used to gain porosity, straight-chain polyacrylamide (PAM) was modified to give the surface functional properties, and the final product synthesized Fe3O4/SiO2/PAM nanocomposite material. Heavy metal (Pb and Cd) removal studies were carried out with the synthesized composite material, considering the central composite design and response surface methodology (CCD-RSM) optimization model. The effects of various parameters, for example, the initial concentration, pH, adsorbent dose, temperature and contact time, were investigated as a part of this study. To optimize these parameters, the CCD-RSM model was applied to design the experiments. Analysis of variance (ANOVA) was applied to evaluate statistical parameters and investigate interactions of variables. In the designed experimental set, the amount of adsorbent (30 mg), pH 7.0 value, temperature (40 °C), initial concentration of Pb (80 mg/L) and Cd (20 mg/L) and 90 min contact time were determined as the optimum conditions. The high coefficient of determination of both metals showed good agreement between experimental results and predicted values (R2 0.99; 0.95). TEM, SEM, XRD, FTIR, BET and Zeta potential analyses were performed to characterize the structure and morphology of the adsorbent. In Pb2+ and Cd2+ heavy metal removal studies, maximum adsorption capacities were determined as 66.54 and 13.22 mg/g, respectively. Additionally, adsorption isotherms, adsorption kinetics and thermodynamic modeling studies were conducted. Features such as large surface area and high adsorption capacity of the synthesized nanoparticles were observed. In this study, Fe3O4/SiO2/PAM demonstrated its potential as an effective adsorbent for the removal of heavy metal ions present in simulated wastewater samples. In particular, we can say that the material has a strong selectivity, as well as a high affinity for Pb(II) ions.In this study, magnetic material was synthesized using iron salts, then silicon-specific material was used to gain porosity, straight-chain polyacrylamide (PAM) was modified to give the surface functional properties, and the final product synthesized Fe3O4/SiO2/PAM nanocomposite material. Heavy metal (Pb and Cd) removal studies were carried out with the synthesized composite material, considering the central composite design and response surface methodology (CCD-RSM) optimization model. The effects of various parameters, for example, the initial concentration, pH, adsorbent dose, temperature and contact time, were investigated as a part of this study. To optimize these parameters, the CCD-RSM model was applied to design the experiments. Analysis of variance (ANOVA) was applied to evaluate statistical parameters and investigate interactions of variables. In the designed experimental set, the amount of adsorbent (30 mg), pH 7.0 value, temperature (40 °C), initial concentration of Pb (80 mg/L) and Cd (20 mg/L) and 90 min contact time were determined as the optimum conditions. The high coefficient of determination of both metals showed good agreement between experimental results and predicted values (R2 0.99; 0.95). TEM, SEM, XRD, FTIR, BET and Zeta potential analyses were performed to characterize the structure and morphology of the adsorbent. In Pb2+ and Cd2+ heavy metal removal studies, maximum adsorption capacities were determined as 66.54 and 13.22 mg/g, respectively. Additionally, adsorption isotherms, adsorption kinetics and thermodynamic modeling studies were conducted. Features such as large surface area and high adsorption capacity of the synthesized nanoparticles were observed. In this study, Fe3O4/SiO2/PAM demonstrated its potential as an effective adsorbent for the removal of heavy metal ions present in simulated wastewater samples. In particular, we can say that the material has a strong selectivity, as well as a high affinity for Pb(II) ions.Scientific Research Projects Coordination Unit (BAP) (23/158/01/1), Muğla Sıtkı Koçman University
Remotely Sensed Comparative Spatiotemporal Analysis of Drought and Wet Periods in Distinct Mediterranean Agroecosystems
Get PDFData Availability Statement:
The data presented in this study are available on request from the corresponding author. The data are not publicly available due to privacy restrictions.Acknowledgments:
The authors acknowledge the Climate Hazards Center and USGS Climate for the provided data.Drought is a widespread natural hazard resulting from an extended period of reduced rainfall, with significant socioeconomic and ecological consequences. Drought severity can impact food security globally due to its high spatial and temporal coverage. The primary objective of this paper consists of a comparative spatiotemporal analysis of environmental extremes (drought/wetness) through the estimation of a twelve-month Standardized Precipitation Index (SPI12) between three distinct vulnerable agricultural regions in the Mediterranean basin (i.e., Spain, Lebanon and Tunisia), under a climate change environment in the last 38 years (1982–2020). The added value of this paper lies in the simultaneous estimation of temporal and spatial variability of drought and wetness periodic events, paying special attention to the geographical patterns of these extremes both in annual and interannual (seasonal) time scales. The results indicated that Spain and Tunisia (western Mediterranean) exhibit similar patterns over the studied period, while Lebanon demonstrates contrasting trends. Comparing the two extreme dry hydrological years, the Spanish study area faced the highest drought intensity, areal extent and duration (SPI12 = −1.18; −1.84; 28–78%; 9–12 months), followed by the Lebanese (SPI12 = −1.28; −1.39; 37–50%; 7–12 months) and the Tunisian ones (SPI12 = −1.05; −1.08; 10–34%; 8 months). Concerning the wettest hydrological years, the Lebanese study domain has recorded the highest SPI12 values, areal extent and duration (SPI12 = 1.58; 2.28; 66–83%; 8–11 months), followed by the Tunisian (SPI12 = 1.55; 1.79; 49–73%; 7–10 months) and Spanish one (SPI12 = 1.07; 1.99; 21–73%; 4–11 months). The periodicity of drought/wetness episodes is about 20 years in Spanish area and 10 years in the Lebanese area (for drought events), whereas there seems no periodicity in the Tunisian one. Understanding the spatial distribution of drought is crucial for targeted mitigation strategies in high-risk areas, potentially avoiding broad, resource-intensive measures across entire regions.SUPROMED project, Call 2018, under the PRIMA program of the European Commission. Grant Agreement No 1813
Privacy-Preserving Control for 2-D Systems With Guaranteed Probability
No full textThis article addresses the privacy-preserving control issue for two-dimensional systems with probabilistic constraints. According to the exclusive or logical operation and the dynamic coding–decoding rule, a privacy-preserving mechanism (PPM) is developed, under which the transmitted data is efficiently compressed and encrypted into a ciphertext with finite bits. A PPM-based controller is designed that simultaneously guarantees a prescribed probabilistic constraint, mean-square boundedness, and privacy performance. Mathematical techniques, including mathematical induction, Chebyshev inequality, and matrix analysis, are employed to establish sufficient conditions for the presence of the desired controller gains. Additionally, the privacy and secrecy performance of the PPM is analyzed and simulation examples are presented to showcase the efficacy of the proposed controller design method.10.13039/501100001809-National Natural Science Foundation of China (Grant Number: 61933007 and U21A2019);
Shanghai Pujiang Program (Grant Number: 22PJ1411700);
10.13039/501100002858-China Postdoctoral Science Foundation (Grant Number: 2023M732322);
Hainan Province Science and Technology Special Fund of China (Grant Number: ZDYF2022SHFZ105);
Anhui Engineering Laboratory of Human Robot Integration System Equipment Foundation (Grant Number: RJGR202204);
Royal Society of the U.K;
Alexander von Humboldt Foundation of Germany
From leprosy to ground zero: Imagining futures in a world of elimination
Get PDFAcknowledgements: An early version was presented at a symposium on Disability Futures at the annual South Asia Studies Conference at Madison in 2024, and I am grateful in to Michele Friedner, who organized the panel and gave feedback on the presentation that developed into this article, and all my fellow panelists, for their valuable comments. Thanks also to Rebecca Marsland for commenting on an earlier draft, and to my colleagues at Brunel—especially Devanshi Chanchani, Peggy Froerer, Eric Hirsch, Luke Heslop, Maria Kastrinou, Will Rollason, and Anna Tuckett—for their constructive feedback when I presented the paper at our departmental research seminar.Achieving a target of zero—zero disease, zero disability, and zero discrimination—has become the dominant focus of campaigns to control or eliminate diseases, from HIV/AIDS to malaria to leprosy. Given the historical failure of most eradication programs over the last century, such teleological imaginings of disease-free futures might seem overly utopian. But even if it were possible to eradicate such diseases in their entirety, would this be universally welcomed, even by those most affected by them? In this article, I compare the narratives of national and international bodies concerned with eliminating leprosy, in particular, with the more ambivalent narratives of those affected by the disease in India, the country where the disease is most prevalent. For the latter, the promise of elimination not only seems unrealistic, but represents a potential loss of identity. Imagining disease trajectories in less linear terms, I argue, might also nuance understanding of them.The longitudinal ethnographic research on which this article draws was funded variously the UK’s Economic and Social Research Council (ESRC), British Academy, and small research grants from Brunel University London
A survey of end user and health care professionals experience of discomfort as related to intermittent catheterisation
Get PDFBackground and Methods:
Clinical evidence around discomfort experienced at the various stages of the intermittent catheterisation (IC) journey is limited. This research aimed to gain insights into discomforts encountered at initiation of IC and when products were changed/swapped during their lifetime of use. To gather a range of viewpoints, digital questionnaires were distributed to End Users and to Health Care Professionals (HCP’s) to consider how discomfort has/may be experienced and managed.
Results:
The surveys were completed by ninety nine End Users and 113 HCP’s. The results highlighted the variety of different ways in which discomfort may be described. For those End Users with urethral sensation, 89% stated the discomfort experienced acclimated i.e. they no longer felt the discomfort after a couple of days catheterising. Elements associated with improved experienced included End user education and how expectations were managed.
Conclusions:
The findings highlight the need to ensure that all End Users receive adequate education and counselling to manage all aspects of IC not only when they start their journey of IC, but also on product switching and during their lifetime of use and that this should be tailored to their individual needs. By having a better understanding in relation to discomfort it may help HCP’s to understand challenges faced, prepare End Users and set their expectations, and aid the development of more evidence-based education and training for IC users.This research did not receive any specific grant from funding agencies in the public, commercial, or not-for-profit sectors. The survey was developed by and distributed via a database of Hollister ULC
Data sources:
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