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Article
Publication date: 10 April 2009

Chunyuan Li, Xitao Wang and Wenxia Yuan

The increasing utilization of Al‐matrix composites in electronics packaging industry raises demands of solder materials with melting temperature at 400‐500°C. The purpose of this…

274

Abstract

Purpose

The increasing utilization of Al‐matrix composites in electronics packaging industry raises demands of solder materials with melting temperature at 400‐500°C. The purpose of this paper is to determine the thermal properties of two Ag‐Cu‐Sb alloys with the composition close to two eutectic points, and two Au‐Ag‐Ge alloys along the eutectic line, to observe the microstructures and to investigate the wettability of the alloys, and to evaluate the possibility for them to be used as medium temperature solders.

Design/methodology/approach

Four candidates of solder alloys in the Au‐Ag‐Ge (AAG1, AAG2) and Ag‐Cu‐Sb systems (ACS1, ACS2) were studied to reveal microstructures, melting points, wettabilities, and the interfaces between the solder and Al/SiC substrate coated with Au and Ni.

Findings

The paper finds that the ACS1 and ACS2 alloys possess small temperature gaps between solidus and liquidus: 422.9°C/429.2°C and 483.3°C/488.1°C, respectively. For two AAG alloys, the temperature ranges between solidus and liquidus are larger than 40°C. The wettability tests showed that two ACSs and AAG1 alloys have good wettability to the substrate. Similarly, except ACS2 alloy, the other alloys exhibit good adhesion with the substrate.

Originality/value

The paper shows that the ACS1 alloy and the AAG1 alloy could be used as the optimum solder materials for 400‐500°C owing to the good wettability and proper melting point.

Details

Soldering & Surface Mount Technology, vol. 21 no. 2
Type: Research Article
ISSN: 0954-0911

Keywords

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Article
Publication date: 18 November 2020

Mahdi Salehi, Samira Ahmadzadeh and Fahimeh Irvani Qale Sorkh

The present study aims to assess the potential effects of intellectual capital (IC) and disclosure of firms' affiliate transactions on contractual costs (CC).

313

Abstract

Purpose

The present study aims to assess the potential effects of intellectual capital (IC) and disclosure of firms' affiliate transactions on contractual costs (CC).

Design/methodology/approach

The statistical population of the study includes 768 firm-year observations listed on the Tehran Stock Exchange during 2012–2017. According to Pulic's model, the authors divide IC into three components, such as human capital (HC), relational capital and structural capital (SC). CC is also measured by utilising two variables of board cash compensation and unexpected reward of managers.

Findings

The results show that there is a negative and significant relationship between HC and CC. In contrast, the authors find that relational capital and SC have a positive impact on CC. The authors’ further analyses also demonstrate that disclosure of transactions with affiliates has a negative effect on unexpected rewards of managers.

Originality/value

Since there is no conducted study, which discusses the relationship between IC and contractual cost, this paper might be considered the primary studies conducted in this line of literature, specifically in emerging markets. Moreover, to the best of the authors' knowledge, this is the first study investigating the potential impact of disclosure of selling and purchasing transactions, separately, on the director's unexpected reward.

Details

International Journal of Productivity and Performance Management, vol. 71 no. 1
Type: Research Article
ISSN: 1741-0401

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Article
Publication date: 18 February 2021

Beibei Yan, Özgür Arslan-Ayaydin, James Thewissen and Wouter Torsin

Prior research shows that managers with lower ability release less accurate management earnings forecasts and have more earnings restatements, lower earnings persistence and lower…

823

Abstract

Purpose

Prior research shows that managers with lower ability release less accurate management earnings forecasts and have more earnings restatements, lower earnings persistence and lower quality accruals estimations. Yet, whether the impact of managerial ability (MA) on financial reporting can be extended to the narrative section of firms' financial disclosures needs to be theoretically and empirically examined. The authors theorize in this paper that managers with low ability opportunistically inflate the tone to increase outsiders' perceptions of their ability. The authors also examine the relation between MA and the informativeness of tone to predict future firm performance and explain investors' reaction at earnings announcement.

Design/methodology/approach

The authors collect 24,000 earnings press releases of 1,149 distinct firms between 2004 and 2013. Content analysis is used to proxy the tone of the disclosures. The authors use the score developed by Demerjian et al. (2012) to measure MA. The authors then employ panel data regressions to examine the impact of MA on disclosure tone.

Findings

The authors find that low-ability managers inflate the disclosure tone to positively influence labor market's perceptions about their ability. This effect is magnified for younger and shorter-tenured managers, for firms with more intense monitoring and during bear markets. The authors also find that the tone of earnings press releases of low-ability managers results in a lower stock price reaction. Supplementary analyses show that the results do not only hold for the tone, but also can be extended to other linguistic features such as the numerical intensity and the readability of earnings press releases. The results are robust to alternative library specifications and other corporate disclosures such as CEO letters to shareholders or 10-K filings.

Research limitations/implications

The paper shows that managers worry about how firm performance influences the labor market assessment of their ability. In particular, the authors find that managers of low ability are willing to opportunistically manipulate the content of corporate disclosures to improve this perception and build their reputation.

Originality/value

The authors contribute by providing theoretical and empirical evidence on how managers attempt to steer assessments of their ability by manipulating corporate disclosures. Consistent with prior business research suggesting that one's ability is a key feature that affects managers' propensity to engage in ethical practices, such as tax avoidance or manipulation of financial information, this study shows that less able managers tend to inflate the tone of the earnings announcements and that this ability-driven bias is likely to be magnified by career concerns.

Details

Asian Review of Accounting, vol. 29 no. 2
Type: Research Article
ISSN: 1321-7348

Keywords

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Article
Publication date: 7 November 2019

Xingqiang Du and Quan Zeng

The purpose of this paper is to investigate the influence of religious entrepreneurs on bank loans and further examine the moderating effect of entrepreneurial gender.

480

Abstract

Purpose

The purpose of this paper is to investigate the influence of religious entrepreneurs on bank loans and further examine the moderating effect of entrepreneurial gender.

Design/methodology/approach

In 2010, the Chinese national survey reported the different religious beliefs of private entrepreneurs. Using this set of survey data, the authors obtain a sample of 4,330 Chinese family firms and employ the Tobit regression approach to examine the relationship between the amount of bank loans and the religious background of entrepreneurs. In addition, the authors use the propensity score matching approach to address the endogeneity issue.

Findings

Based on the data from the 2010 national survey, the authors document that the amount of bank loans is significantly higher for Chinese family firms with religious entrepreneurs than for their counterparts. This finding suggests that religious individuals are inclined to be more ethical and honest and Chinese family firms with religious entrepreneurs transfer soft information to banks, and eventually lenders favor religious entrepreneurs with more bank loans. Moreover, the authors reveal that the amount of bank loans is significantly larger for firms with female entrepreneurs than for those without female entrepreneurs. In addition, entrepreneurial gender attenuates the positive relationship between religious entrepreneurs and bank loans.

Originality/value

This study is one of few studies to examine the influence of an entrepreneur’s religious belief on bank credit decisions and adds to previous studies about religious influence on corporate behavior by revealing a positive association between religious entrepreneurs and bank loans. Moreover, this study validates that female entrepreneurs exert positive effects on the amount of bank loans and attenuate the positive influence of religious entrepreneurs on bank loans.

Details

Asian Review of Accounting, vol. 27 no. 4
Type: Research Article
ISSN: 1321-7348

Keywords

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Article
Publication date: 10 January 2023

Bijoy Rakshit and Samaresh Bardhan

The primary purpose of this study is to investigate the effects of bank competition on SMEs' access to finance in selected Indian states. Using 9,281 firm-level observations from…

740

Abstract

Purpose

The primary purpose of this study is to investigate the effects of bank competition on SMEs' access to finance in selected Indian states. Using 9,281 firm-level observations from World Bank Enterprises Survey (WBES), this study tests the market power hypothesis versus the information hypothesis to determine whether bank competition promotes access to finance for financially constrained firms.

Design/methodology/approach

The authors measure state-level bank competition using two structural indicators: the Herfindahl Hirschman Index (HHI) and three bank concentration ratios (CR3). The authors apply simple probit regression, probit model with sample selection (PSS) and two-stage least squares (2SLS) to examine the effects of bank competition on firms' financing constraints.

Findings

The results obtained through PSS and 2SLS indicate that bank competition alleviates firm's financing constraints and positively impacts its need for a bank loan and the decision to apply for bank credit. However, the prevalence of bank competition in promoting access to finance is more pronounced for small and medium-sized firms than for large firms. Higher bank competition also alleviates the credit constraints faced by female entrepreneurs.

Practical implications

Reserve Bank of India (RBI) and other government stakeholders should ensure bank competition without hampering the agenda of bank consolidation to facilitate access to credit for SMEs. Regulators should also identify and monitor the financial institutions that make an insignificant contribution to promoting competitiveness in the financial system.

Originality/value

Previous studies primarily investigate the effect of bank competition on a firm's access to finance from advanced and cross-country perspectives. This study contributes to the literature on bank competition by examining its role in promoting access to finance from an emerging economy standpoint. Measurement of bank competition indicators at the state level is an additional contribution.

Details

Asian Review of Accounting, vol. 31 no. 2
Type: Research Article
ISSN: 1321-7348

Keywords

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Article
Publication date: 14 July 2021

Aref M. Eissa and Yasser Eliwa

This paper examines the effect of political connections (PCs) on firms' profitability and market value in the Egyptian market after the uprising of 2013.

712

Abstract

Purpose

This paper examines the effect of political connections (PCs) on firms' profitability and market value in the Egyptian market after the uprising of 2013.

Design/methodology/approach

An empirical study is conducted based on 284 firm-year observations for non-financial listed firms on the EGX100 during the period of 2014–2017. To test the study’s hypothesis, two independent sample t-test, Pearson correlation analysis and ordinary least square (OLS) regressions are conducted.

Findings

The results suggest that PCs are common across all industries in Egypt, the PCs through top officers do not improve firm's profitability; however, it has a positive effect on firms' market value. Further, PCs through business owners improve neither profitability nor the market value. Finally, the results suggest that PCs through government ownership have a positive effect on both firms' profitability and market value.

Practical implications

The study’s finding encourages policymakers and regulators in emerging markets, e.g. Egypt, to develop stricter laws, policies and regulatory initiatives to restrain the potential conflict of interest in the politically connected firms.

Originality/value

To the best of the authors' knowledge, this study is one of the first to examine the relationship between PCs and both firms’ profitability and market value in Egypt.

Details

Asian Review of Accounting, vol. 29 no. 3
Type: Research Article
ISSN: 1321-7348

Keywords

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