Nihal Sinnadurai, G. Kersuzan, B.S. Sonde, Boguslaw Herod, Brian C. Waterfield, J.B. Knowles and M.A. Stein
I was an invited speaker to the ISHM‐Benelux meeting. As I arrived early, I also sat in on the committee meeting as an observer. Jos B. Peeters was the outgoing president and the…
Abstract
I was an invited speaker to the ISHM‐Benelux meeting. As I arrived early, I also sat in on the committee meeting as an observer. Jos B. Peeters was the outgoing president and the incoming committee was widened to about 15 members compared with the previous 6. Following the unanimous election of all those nominated, the committee reconvened and elected Mr Kwikkers as the new president of ISHM‐Benelux. He is a professor at the Technische Hogeschole in Delft.
H. Binner, M.S. Setty, P. Collander and C.H. Garnett
A recent meeting involved co‐operation with the organisers of the Canadian High Technology Show and the local Chapter of the SMTA. The programme included an inspiring keynote…
Abstract
A recent meeting involved co‐operation with the organisers of the Canadian High Technology Show and the local Chapter of the SMTA. The programme included an inspiring keynote address by Mr Frank J. Pipp, Xerox Corporation. The topic of the address was ‘Malcolm Baldridge National Quality Control and the Evaluation of Total Quality Control in Xerox Corporation.’
J. Lantaires, G. Forster, M.S. Setty and Nihal Sinnadurai
The venue for this year's ISHM‐Benelux Autumn Conference and ‘table‐top’ display meeting on 12 October will be the Institut Supérieur Industriel de l'Etat, Mons, Belgium.
Eighty‐five participants attended the 4th ISHM Display meeting at the Jaarbeurs Congress Centre in Utrecht on 16 October, 1986. The programme of the day started with the annual…
Abstract
Eighty‐five participants attended the 4th ISHM Display meeting at the Jaarbeurs Congress Centre in Utrecht on 16 October, 1986. The programme of the day started with the annual general membership meeting of the Benelux Chapter. The chairman, Mr T. Kwikkers, gave a short review of the state of affairs of ISHM‐Benelux and of the activities of the last year. He mentioned the temporary enlargement of the executive committee to give a new generation a chance to gain experience in the ISHM organisation and to take up some new activities. In order to raise publicity for ISHM and Hybrid Circuits a new brochure has been designed and a set of material for demonstration purposes was collected. With the material every member of the chapter can easily set up a presentation for schools or customers. This year ISHM‐Benelux has grown from 85 to 100 members and enjoys a healthy financial situation. Next year again emphasis will be put on public relations. Professor R. Govaerts signified that he was no longer available for a position in the executive committee. As Prof. Govaerts has been very active and stimulating for the ISHM‐Benelux Chapter from its foundation in 1976 up to now, the general membership meeting decided to appoint him as (the first) honorary member of this chapter. Except for Professor Govaerts, the sitting executive committee, consisting of 15 members, was re‐elected for another year. After the European conferences in Bournemouth and Hamburg the ISHM‐Benelux chapter is asked to organise the 1991 Conference. The executive committee is already looking out for candidates for a function in the organising committee, which must be formed in the coming year.
As announced in the May issue of Hybrid Circuits, ISHM‐Benelux is organising a one‐day conference on applications of hybrid circuit technology.
The ISHM CAN‐AM Chapter recently organised a half‐day programme of paper presentations followed by a tour of a local hybrid facility. The event took place on 26 April at the…
Abstract
The ISHM CAN‐AM Chapter recently organised a half‐day programme of paper presentations followed by a tour of a local hybrid facility. The event took place on 26 April at the Holiday Inn, Montreal (Pointe Claire), Quebec, with the theme of the papers concentrating on advances in hybrid manufacturing processes and some coverage of SMT.
Robert Blancquaert, Miloš Somora, M.S. Vijayaraghavan and D.J. Lowrie
ISHM‐Benelux has recently set up a permanent secretariat at the following address:
Nirjhar Nigam, Sondes Mbarek and Afef Boughanmi
Financing investments in a knowledge-intensive sector may be more difficult as there is a greater degree of uncertainty and asymmetries of information. This paper aims to examine…
Abstract
Purpose
Financing investments in a knowledge-intensive sector may be more difficult as there is a greater degree of uncertainty and asymmetries of information. This paper aims to examine whether a company’s intellectual capital (human capital, relational capital and structural capital) can serve as a quality signal in the financing of health care startups with new business models.
Design/methodology/approach
The study constructed a manual database using several paid and unpaid databases. This paper collected random data from 204 startups that obtained funding during the 2014–2017 period and used signaling theory to examine the factors that impact access to external financing for Indian health care technology startups.
Findings
This paper found that venture capitalists partly base their financing decisions on the relational capital of the startup represented by startups’ age and the average number of website visits, the presence of a syndicate of investors. Human capital variables and structural variables do not show much significant impact. This paper also find some business models show a negative impact on financing implying that investors are reluctant to invest in new technologies that carry more uncertainty and take a longer time to become profitable.
Research limitations/implications
Before concluding this paper, it is important to acknowledge the limitations of the study and some implications for future research purposes. First, the study is conducted on only 204 startups from India, and as such, it suffers from a small sample size, like many other comparable survey-based studies in entrepreneurship. Second, the results are obtained with respect to data collected from Indian startups and represent the Indian context which limits the generalization on a global level.
Practical implications
The results suggest that years of experience and prior relevant experience, do not actually impact the financing of a new venture. These results are crucial as India has a unique demographic advantage over other countries in relation to age. If young minds are adequately nurtured, this can result in innovation, entrepreneurship and job creation (which still remains as a foremost challenge for India).
Social implications
From a policy perspective, a number of implications emerge from the current study. There is a need for ameliorating the capacity of the education system in providing top-quality support including a greater focus on entrepreneurship courses and to replicate the education delivery model from top foreign institutes. The government should take this opportunity to revive the system of education and follow the methodology of elite institutes and to develop entrepreneurship spirit in other colleges and schools.
Originality/value
Financing the investments of young startups with new business models in knowledge-based sectors may be more difficult. In this paper, this paper demonstrates that startups have to effectively use and manage their intellectual assets to achieve sustainable competitive advantage. The findings of the paper emphasize the role of intellectual capital in securing financing through venture capital.
Details
Keywords
First let me say how privileged I feel at being asked to address an Aslib Conference on the subject of technical information services. Some months ago, the Sondes Place Research…
Abstract
First let me say how privileged I feel at being asked to address an Aslib Conference on the subject of technical information services. Some months ago, the Sondes Place Research Institute prepared a report on this subject, and it was as a result of the publication of that report that I received your Chairman's invitation to give this paper.
Sondes Draief and Adel Chouaya
The aim of this study is to investigate whether debt maturity matters for the choice of earnings management strategy (i.e. accruals earnings management and real earnings…
Abstract
Purpose
The aim of this study is to investigate whether debt maturity matters for the choice of earnings management strategy (i.e. accruals earnings management and real earnings management).
Design/methodology/approach
The sample involves 486 American listed firms extracted from fortune 1,000 over the period 2006–2014. Panel data regression models are employed to empirically test the impact of short-term debt and long-term debt on manager's choice of earnings management form. The generalized least square technique is applied to estimate the parameters of the regression models.
Findings
The results show that managers are more likely to manage earnings through real activities and reduce their use of accruals earnings management once short debt is increasing because the latter induces heavy lender's scrutiny. The managers move hence to real earnings management due to a lower possibility of being discovered. Moreover, the results reveal a simultaneous use of accruals earnings management and real earnings management for firms with high long-term debt. This finding highlights that long-term debt does not produce regular lender's enforcement allowing managers to use both earnings management techniques to reach earnings targets.
Research limitations/implications
This research has two limitations. Like many other studies, the measure of discretionary accruals is subject to measurement errors. Moreover, the sample exclusively involves large firms extracted from Fortune 1,000. Therefore, the attained results may be not available for small and medium firms.
Practical implications
The findings have implications for both researchers and lenders. For researchers, the present work points out that the decision about the debt maturity structure is crucial for all managers because they establish their earnings management policy accordingly. For lenders, the findings imply that increasing scrutiny effectively constrains accounting manipulations but does not eliminate earnings management activities altogether. The managers move to another earnings management strategy (i.e. real earnings management). This evidence may support the lenders and the creditors in their decision-making processes.
Originality/value
This paper adds to the accounting literature by providing new and interesting evidence on the role of debt maturity on the trade-off between the earnings management tools. Prior studies provided mixed finding for the issue of earnings management in levered firms. The findings of this study should be viewed as a first step to understand the mixed results on this issue. While most papers focus on one earnings management form when they examine the earnings management in levered firms, the authors highlight the impact of debt on both accruals and real earnings management simultaneously.