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Agency Theory and the Market Timing Theory: Distinction and Resemblance
Full text linkThis study examines the preference for debt over equity issuance among companies, finding both positive and negative implications, and examining the financial and structural implications of financing decisions. Equity is defined as the company’s book value or the amount owed to owners upon asset liquidation, while debt refers to funds borrowed from external parties, which can be short-term (operational expenses) or long-term (growth investments). Results show that companies tend to issue debt as it reduces tax liabilities and increases post-tax cash flow available for dividends. However, a negative relationship is observed between liquidity, measured by the current ratio (CR), and the debt ratio, suggesting that higher liquidity levels lead companies to limited debt, possibly to manage agency costs arising from conflicts between creditors and owners, and between management and owners. Additionally, the negative relationship between company size and debt ratio indicates that larger companies, with higher profitability, tend to maintain lower debt levels. The findings also emphasize the importance of aligning management incentives with shareholder interests through compensation tied to profitability and stock price performance. Nonetheless, agency costs associated with debt management persist. This approach ensures that management is incentivized to act in the owners' best interest while minimizing agency costs. These findings highlight the complex dynamics of capital structure decisions and suggest that management strategies should focus on optimizing liquidity levels and aligning incentives to balance growth opportunities with shareholder value maximization. The study provides a comprehensive evaluation of how equity and debt financing preferences impact corporate financial strategies and behaviors
Modeling Site Suitability and Capacity for Small Hydropower Generation in Edo State, Southern Nigeria
Full text linkThe study evaluates the suitability of sites for small hydropower (SHP) development in Edo State, Nigeria, as a renewable energy source. The assessment integrates Geographic Information System (GIS) techniques with hydrogeological and remote sensing data, including precipitation, stream order, geology, slope, land use/land cover, and soil texture. A Multi-Criteria Decision Making (MCDM) approach, specifically the Analytical Hierarchy Process (AHP), was used to rank potential SHP sites based on their suitability for hydropower generation. The analysis identified three highly suitable locations for SHP development. The estimated gross annual energy outputs for these sites were 5.8 MW, 5.65 MW, and 6.1 MW, respectively. These findings indicate significant potential for SHP as a sustainable energy solution in the region. However, further considerations-such as the specific hydropower yield, the river course location, environmental sustainability, socio-cultural factors, and compliance with government policies-are crucial for successful development. The study underscores the importance of SHP in enhancing electrification efforts while promoting environmentally friendly and sustainable energy generation
Bioinsecticide effect of Metarhizium anisopliae on termite pests Microtermes lepidus and Psammotermes hybostoma in the laboratory
Full text linkIn Senegal, several studies have shown the economic importance of termite damage to crops. Farmers use chemical methods that are dangerous for humans, animals, crops, soil, and environmental health. Thus, the use of entomopathogenic fungi would be an effective and environmentally eco-friendly alternative to chemical pesticide use. The objectives of this study are to i) carry out infestations in the laboratory, ii) determine the lethal time (TL50) and iii) observe the germination of spores on the corpses of these species. The methodology is based on i) the infestation of 10 workers of Microtermes lepidus and Psammotermes hybostoma with Metarhizium solutions, ii) the monitoring of mortalities, iii) the determination of the lethal time 50 (LT50) and iv) germination of spores on corpses.
For the determination of LT50, the concentrations of 1 g/L and 1.5 g/L gave an LT50 of less than one day in workers of Microtermes lepidus and Psammotermes hybostoma. For the concentration of 0.5 g/l, the LT50 is 2.5 days for workers of Psammotermes hybostoma and less than one day for those of Microtermes lepidus. Incubation revealed the appearance of spores on the cadavers, which were given a concentration of 0.5 g/l. This study shows that mortality is related to the concentration of the solution. The higher the concentration, the shorter the LT50 time. The bioinsecticidal effect of Metarhizium anisopliae is not immediate, resulting in an LT50 of 1 to 2 days depending on the species
Sectoral Interconnectedness: insight from five sectors in ‘smart’ urban planning (Energy, Transport, Waste Management, Buildings, and Cities)
Full text link‘Smart’ urban planning has become integral to addressing contemporary urban challenges, with sectoral interconnectedness at the core of achieving sustainable, efficient, and resilient cities. This paper explores the level of interconnectedness across smart energy, Smart Transport, Smart Waste Management, Smart Buildings, and Smart Cities. This scope encompasses the complexities from site to city-wide scale. A mixed-method approach of qualitative thematic coding and quantitative correlation analysis, within NVivo’s suit of cluster analysis, was employed. Strong interconnectedness was found between Energy and Transport, driven by digital transformation and data-driven decision-making. Weak interconnectedness was found between transformative cross-sectoral (CS) goals, e.g., climate adaptation and sustainability, and Waste Management and Building sectors, indicating that these critical components are not yet fully integrated into smart urban frameworks. Smart Cities were the most interconnected, acting as a central platform where CS goals like sustainability, digital transformation, and real-time data utilization are most connected to. While digital tools foster intersectoral connection, sectoral silos or inconsistent interoperability may hinder the realization of holistic smart urban outcomes. The results underscore the need for cohesive frameworks that methodologically align CS goals in the sectors, ensuring that technological innovations relate to long-term environmental and social goals. This paper offers actionable insights for policymakers and urban planners to enhance cross-sector collaboration, optimize urban systems, and achieve integrated, adaptive and sustainable smart urban planning
Les hernies étranglées de la paroi abdominale chez l’enfant au service de chirurgie pédiatrique du Centre Hospitalier et Universitaire Sylvanus Olympio de Lomé (Togo)
Full text linkIntroduction : les hernies de la paroi abdominale regroupent la hernie ombilicale, la hernie inguinale, la hernie inguino-scrotale et la hernie de la ligne blanche chez l’enfant. Méthodes : Il s’agissait d’une étude rétro et prospective sur une période de 07 ans. Ont été inclus tous les patients admis et opérées pour une hernie étranglée de la paroi abdominale. Les paramètres étudiés étaient épidémiologiques, cliniques et thérapeutiques. Résultats : les hernies étranglées de la paroi abdominale représentaient 8,5% de toute les urgences chirurgicales abdominales. L’âge moyen etait de 6,18 + ou – 4 ans. La notion d’engouement à était retrouvé dans 92,9% de nos patients. Le délai de consultation dépassait 6h dans 85,7%. Le signe physique le plus retrouvé était la tuméfaction ombilicale dans 57,1%. La hernie ombilicale était le plus retrouvé dans 57,1%, suivie de la hernie inguino-scrotale dans 25%. L’abord ombilical inférieur était le plus pratiqué dans 46,4% suivi de l’abord inguinal dans 42,8%. Le collet de la hernie ombilicale était inférieur à 1 cm dans 28,6%. Le grêle était l’organe le plus retrouvé dans le sac herniaire dans 50%. L’aspect du contenu du sac était nécrosé dans 21,4%. La cure de la hernie sans plastie était le geste chirurgical le plus réalisé dans 53,6% et la fermeture du canal peritonéo-vaginal dans 21,64%. La réductibilité de la hernie était la difficulté la plus rencontrée dans 57,1%. Conclusion : les hernies étranglées de la paroi abdominale constituent un motif de consultation fréquent. Leur prise en charge est bien codifiée.
Introduction: Abdominal wall hernias include umbilical hernia, inguinal hernia, inguino-scrotal hernia and linea alba hernia in children. Methods: This was a retrospective, prospective study covering a period of 07 years. All patients admitted and operated on for a strangulated abdominal wall hernia were included. Epidemiological, clinical and therapeutic parameters were studied. Results: Strangulated abdominal wall hernias accounted for 8.5% of all abdominal surgical emergencies. The mean age was 6.18 + or - 4 years. The notion of infatuation was found in 92.9% of our patients. Consultation time exceeded 6 hours in 85.7% of cases. The most common physical sign was umbilical swelling in 57.1% of cases. Umbilical hernia was found in 57.1% of cases, followed by inguino-scrotal hernia in 25%. The inferior umbilical approach was used in 46.4% of cases, followed by the inguinal approach in 42.8%. The neck of the umbilical hernia was less than 1 cm in 28.6%. The small intestine was the organ most frequently found in the hernia sac in 50% of cases. The contents of the sac were necrotic in 21.4%. Cure of the hernia without plasty was the most common surgical procedure in 53.6%, and closure of the peritoneo-vaginal canal in 21.64%. Hernia reducibility was the difficulty encountered in 57.1% of cases. Conclusion: Strangulated hernias of the abdominal wall are a frequent reason for consultation. Their management is well codified
Discovering the best practices of Total Quality Management influencing performance in the Moroccan hospitality industry
Full text linkThe present study explores the link between Total Quality Management and hotel performance with a particular focus on identifying best practices from the European Foundation for Quality Management that can enhance business results in the hospitality sector. A quantitative confirmatory study was conducted using a five-point Likert scale questionnaire distributed to 93 Moroccan hotels, specifically targeting senior managers with expertise in quality management. The collected data were analyzed using the Partial Least Squares Structural Equation Modeling (PLS-SEM) technique. The results reveal that Total Quality Management (TQM) serves as a key driver of both financial and customer performance within hotels. Furthermore, strategy and processes emerged as the most influential enablers of enhanced hotel performance, as they guide decision-making and ensure that activities are aligned with organizational objectives. While leadership, people, and resources play a more supportive role, they remain essential for the successful implementation of strategic initiatives. Their contribution is realized through fostering employee motivation, promoting effective teamwork, and optimizing the use of financial and technological resources. This research offers a unique empirical contribution by examining how hotels embrace a key managerial approach to enhance their performance. Additionally, the study focuses on a widely recognized model for business excellence, offering a targeted and in-depth analysis of how specific practices within this framework can impact hotel performance
Multi-Level Governance and Industrial Engagement in Renewable Energy Communities. Pre-Regulatory Study from Lombardy
Full text linkThis study investigates the early-stage development of renewable energy communities in Italy, focusing on how small and medium-sized industries in the Lombardy region perceived and responded to communication efforts before the full implementation of new regulatory frameworks and economic incentives. The research is based on data collected through a targeted survey conducted among industrial firms. The analysis explores the roles played by national and regional institutions, as well as local public authorities such as municipalities, in shaping awareness and interest in renewable energy participation. A non-parametric statistical test was used to assess the influence of different governance levels on industrial engagement. Results indicate that local public authorities exert a significantly stronger influence on industrial perceptions and willingness to engage in renewable energy communities than higher-level institutions. This suggests that trust-based, locally driven communication strategies are more effective than top-down approaches. The findings highlight the need for coordinated, place-based governance strategies that reinforce the role of local actors in energy transition initiatives. Municipalities and similar authorities may serve as crucial intermediaries, translating national strategies into meaningful local action. By capturing perceptions before regulatory incentives were introduced, this study offers a unique and unbiased perspective on how industries naturally relate to different governance actors. It contributes to the broader understanding of how communication and trust shape participation in sustainable energy systems
Impact of Social Media on Senior Secondary School Students’ Involvement in Cybercrime in UDI Local Government Area of Enugu State, Nigeria
Full text linkThis study investigated the impact of social media on senior secondary school students’ involvement in cybercrime in Udi Local Government Area of Enugu State, Nigeria. Two research questions guided the study, and two null hypotheses were formulated for the study and tested at a 0.05 level of significance. The study employed a descriptive survey research design. The respondents used for the study consisted of 173 SS 2 students (73 males and 100 females) from the four schools sampled for the study using a simple random sampling technique (balloting). Data was collected using the Social Media and Cybercrime Questionnaire (SMCQ), which was validated by experts. An estimate of the stability of the instrument yielded a reliability coefficient of 0.85 using Cronbach’s Alpha statistic. Mean and standard deviation were used as descriptive statistics to answer the research questions, while the independent samples t-test was adopted as an inferential statistic. The findings indicated that male students have a higher level of addiction to social media than their female counterparts, and male students are more involved in cybercrime as a result of social media influence than their female counterparts. The results also revealed that there is no significant difference in the mean responses of male and female students on the influence of social media on their involvement in cybercrime in secondary school. It was recommended that the school authorities should monitor both the male and female students on the usage of social media in schools, as its usage has a positive relationship with their involvement in cybercrime
Le développement de la science en conflit avec la rationalité africaine
Full text linkDe toutes les formes de connaissance, la science constitue un type particulier à plusieurs points de vue. L’une de ses particularités rappelle qu’elle est une connaissance tardivement révélée à l’humanité, seulement au XVIIe siècle en Europe. Depuis lors, elle n’a cessé de manifester ses prouesses et étend ses jalons dans toutes les communautés humaines au point qu’elle est perçue comme la mesure de l’humaine condition. Mais elle semble ne pas connaître le même accueil d’une communauté à l’autre ou d’une région à l’autre car on ne remarque pas le même niveau de la connaissance scientifique au titre planétaire. Puisque la science est une connaissance tardive, il convient de porter les regards sur les savoirs qui l’ont précédée et qui s’inspiraient des sources divines en premier lieu et ensuite des expériences ordinaires des phénomènes naturels. Les limites de ces connaissances ordinaires ont plus tard conduit à explorer un nouveau type de savoir dit scientifique. Malgré l’avènement de la science, la persistance des savoirs traditionnels africains suscite chez les esprits curieux la nécessité d’examiner la rationalité ou la scientificité de ces savoirs ancestraux. La construction de ce travail est essentiellement fondée sur la méthode de l’analyse critique doublée d’une réflexion comparative des travaux de recherche. Il résulte de cette démarche d’étudier les savoirs préscientifiques qui tranchent avec les principes de rationalité qu’exige l’élaboration de la science. Curieusement, les savoirs africains qui se réclament de cette science n’entendent pas s’inscrire dans ses exigences de principes sous prétexte de la pluralité rationnelle ou de la relativité scientifique. Ainsi, le continent est resté en marge des avancées scientifiques.
Of all forms of knowledge, science is a special type in many respects. One of its peculiarities is that it is a form of knowledge that was belatedly revealed to mankind, only in 17th-century Europe. Since then, it has not ceased to demonstrate its prowess, and has spread its milestones throughout all human communities to the point where it is perceived as the measure of the human condition. But it doesn't seem to have the same reception from one community to the next, or from one region to the next, because the level of scientific knowledge is not the same across the globe. Since science is a late development, we need to look at the knowledge that preceded it, which was inspired first and foremost by divine sources and then by the ordinary experience of natural phenomena. The limits of this ordinary knowledge later led to the exploration of a new type of knowledge, known as science. Despite the advent of science, the persistence of traditional African knowledge has prompted curious minds to examine the rationality or scientificity of this ancestral knowledge. The construction of this work is essentially based on the method of critical analysis coupled with a comparative reflection of research works. The result of this approach is the study of pre-scientific knowledge that stands in stark contrast to the principles of rationality required for the development of science. Curiously, African knowledge claiming to be part of this science does not intend to adhere to its principled demands, under the pretext of rational plurality or scientific relativity. As a result, the continent has remained on the sidelines of scientific progress
Résistances sociales autour de la césarienne à Dimbokro (Côte-d’Ivoire) : Le poids des déterminants socioculturels
Full text linkAlors que la césarienne connaît un taux élevé en Afrique subsaharienne, le défi de la mortalité maternelle et périnatale demeure. Même si la césarienne est de plus en plus acceptée par les femmes enceintes dans certains pays, de nombreuses formes de résistances persistent et ne sont pas sans conséquences. En Côte d’Ivoire, l’insuffisance de documentation sur les facteurs de résistances sociales autour de la césarienne limite des actions adaptées et salvatrices. Cette étude a donc pour objectif de comprendre les résistances sociales autour de la césarienne à Dimbokro, à partir de parcours de femmes césarisées, afin d’en saisir les principaux déterminants. À partir d’entretiens approfondis réalisés avec des femmes césarisées et non césarisées, des proches aides, des prestataires de soins des matrones guérisseuses sur la réfraction sociale à la césarienne, trois facteurs clés ont émergé de notre analyse : l’attachement aux pratiques médicales traditionnelles liées à la grossesse et l’accouchement, les pesanteurs des interdits, totems et dogmes religieux et les normes de genre et des considérations sexospécifiques liées à la reproduction. Une meilleure compréhension de cet acte médical chez les communautés pourrait limiter les décès maternels et périnatals évitables.
While cesarean section rates are high in sub-Saharan Africa, the maternal and perinatal mortality challenge remains. Although C-section is increasingly accepted by pregnant women in some countries, many forms of resistance persist and are not without consequences. In Côte-d'Ivoire, the lack of documentation on social resistance factors around caesarean section limits adapted and saving actions. This study, therefore, aims to understand the social resistance around the caesarean section in Dimbokro, based on the courses of women who have undergone cesarean sections and to grasp the main determinants. Based on in-depth interviews with Cesarean and non-cesarean women, close helpers, care providers of the healing matrons on social refraction at caesarean section, three key factors emerged from our analysis: Attachment to traditional medical practices related to pregnancy and childbirth, the weight of prohibitions, totems and religious dogmas, and gender norms and reproductive gender considerations. A better understanding of this medical act in communities could limit preventable maternal and perinatal deaths