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Accounting scandals and earnings management problems at large firms such as Global Crossing and Enron have resulted in lots of wealth loss not only to corporate investors but also led tremendous damage to societies. Hence, policymakers and academic researchers have started to explore mechanisms to prevent improprieties in financial reporting and further enhance firm value. Using data from United States (US)-listed companies between 2000 and 2018, this article explores the effect of ex-military executives on earnings quality, the role of financial analysts in their interplay and the firm value implication of earnings quality driven by ex-military executives.

This study employs a firm fixed-effects model to validate the main conjecture and adopts the weighted least squares, Granger causality analysis, instrumental variable approach, propensity score matching, entropy balancing approach and dynamic system Generalized Method of Moments (GMM) estimator to address robustness and endogeneity issues.

Authors reveal that companies run by ex-military senior executives exhibit lower levels of accruals-based and real earnings management than those without. The effect of management military leadership on constraining earnings management is more prominent for companies with low analyst coverage, suggesting that the military experience of executives could be a substitute for external monitoring. Authors also find that these ethical managers alleviate the negative impact of earnings management on firm value and that companies managed by these managers exhibit higher firm performance.

This study highlights the importance of the intrinsic motivation behind the effect of military experience on senior managers' personalities and offers essential stakeholder-related implications regarding the effect of military experience. The military experience of senior managers helps facilitate the attainment of broader corporate governance and economic objectives.

This article adds new insights to the literature on the role of managerial military experience in decision-making processes, financial reporting outcomes and firm performance by employing the upper echelons and imprinting theoretical perspectives.

The purpose of this paper is to identify whether negative operating cash flows are related to investment inefficiency, and specifically whether they are related to subsequent overinvestment and if this relationship is driven by agency problems within the firm.

The study conducts fixed effect regressions, testing the relationship between negative operating cash flows and the firm’s subsequent investment inefficiency. The relationship is further examined for all firms based on size, corporate governance and cash holdings – all of which are related to agency problems.

The proportion of firms reporting negative operating cash flows has been increasing over time and is positively related to subsequent investment inefficiency. This increase is explained not only by the rise in investment of intangible assets. The positive relationship is not explained by the firm size or corporate governance, but is related to cash holdings. These results are consistent across four different measures of firm investment.

The percentage of publicly traded firms with negative operating cash flows has never been higher. This paper is one of the first to identify factors that may be contributing to this rise.

This study extends prior findings by identifying previously unexplored factors related to the rise in firms with negative operating cash flows. The rise in investment of intangible assets does not explain the increase alone. High cash holdings also influence the rise in negative operating cash flows.

The purpose of this study is to examine the relationship between independent director military service and monitoring effectiveness, focusing on chief executive officer (CEO) compensation.

The authors identify independent directors with military experience using BoardEx data. The authors focus on the level of CEO compensation. The methods used include panel data estimation, propensity score matching analysis and instrumental variable analysis.

The authors find more powerful CEOs are more likely to appoint independent directors with past military service to the board. Boards with a larger proportion of independent directors with military experience tend to award higher levels of CEO compensation. Moreover, the positive relationship between independent directors with military experience and executive compensation is stronger when the CEO is more powerful.

This paper examines a relatively unexplored director background, directors with military experience, and finds this type of independent director is associated with weak monitoring. The authors contribute to the literature examining the effect of executive and board member military experience on corporations. The authors identify weak monitoring of powerful CEOs as a potential weakness of directors with military experience. This drawback should be considered before appointing a director with military experience to the board.

The purpose of this paper is to identify the relation between cash flow volatility and trade credit offered by firms in developing Asian economies.

The study conducts country fixed effect regressions testing the relationship between cash flow volatility and firm investment in trade credit. The relationship is then examined with all firms separated into two groups based on firm size, and then again comparing the relation before and after the 2008 finasncial crisis.

Higher levels of cash flow volatility are negatively related to the amount of trade credit offered. The negative relationship with cash flow volatility is greater amongst smaller firms that may have less access to external sources of capital. Additionally, the negative relationship is greater following the 2008 financial crisis.

Trade credit plays an important role in the business process, particularly in developing economies. However, these firms may not be able to maintain their investment in trade credit when experiencing greater levels of cash flow volatility. These results are especially pronounced after the 2008 financial crisis and for small firms.

This study identifies an important connection between cash flow volatility and firm investment in trade credit among firms in developing Asian economies.

The purpose of this paper is to identify whether the rise in intangible asset investment is related to trade credit investment and whether this relationship is driven by financial constraint and other firm factors.

The study conducts fixed effect regressions testing the relationship between trade credit investment and intangible asset levels. The relationship is further examined for all firms based on product type, financial constraint and sales growth.

There is a negative relationship between investment in trade credit and the level of intangible assets as a proportion of total assets. This negative relationship is largely explained by firms in industries that traditionally utilize more trade credit, firms with financial constraints and firms with low sales growth.

The level of investment in intangible assets continues to rise, while investment in trade credit is declining. This paper is the first to identify whether these trends could be related and to provide some explanation why.

This study is the first to link investment in trade credit with investment in intangible assets. There is a negative relationship that is most pronounced for firms that typically offer more trade credit, that are experiencing financial constraint and that are experiencing low growth.

This study aims to provide supplements to the research on digital human avatar (DHA) and suggestions for brands to use DHA appropriately to build brand fans effect.

On the basis of integrating Avatar theory and Stimulus-organism-response theory, this study obtains data from 733 Chinese respondents aged 18–25 and uses regression analysis and bootstrap analysis to verify the relationships among the variables: DHA characteristics (form realism, behavioral realism and brand alignment) as the independent variables, brand fans effect as the dependent variable, consumer positive emotion as the mediating variable and product type (experience vs search) as the moderating variable.

The results show that DHA characteristics positively influence brand fans effect and consumer positive emotion, consumer positive emotion positively influences brand fans effect and consumer positive emotion plays a mediating role. Meanwhile, for experience products, the impact of DHA’s form realism and behavioral realism on consumer positive emotion is higher than that of brand alignment; for search products, the impact of DHA’s brand alignment on consumer positive emotion is higher than that of form realism and behavioral realism.

This study enriches and expands the empirical research perspectives and conclusions in the DHA field, improves its research framework and provides suggestions for brands to appropriately use DHA to build brand fans effect.

The purpose of this paper is to investigate the effect of urea–formaldehyde (UF) nanoparticles on the barrier property and delamination resistance for epoxy coating in a 3.5% NaCl aqueous solution.

The UF resin was synthesized via sol–gel method, and UF/epoxy composite coating was prepared through ball-milling process; the microstructure and chemical composition of UF resin were observed using the Fourier transform infrared spectroscopy, scanning electron microscopy and transmission electron microscopy; the bonding strength of coating/metal interface was investigated through adhesion test; the mechanical properties of the coatings were studied by tensile tests; and the barrier and corrosion resistance properties were verified using salt spray test, cathodic delamination test and electrochemical impedance spectroscopy measurements.

The experimental results indicated that the UF resin presented uniformly dispersed nanoparticles in the epoxy matrix and enhanced the bonding strength of coating/metal interface and then improved the delamination resistance for composite coating, which resulted in the enhancement of the barrier property and corrosion resistance for UF/epoxy composite coating.

In this paper, an easily prepared blending compounding coating with excellent corrosion resistance property was synthesized via sol–gel method and ball-milling process. The effects of UF nanoparticles on the barrier property and delamination resistance were investigated in detail.

The goal of this research is to develop a dynamic step path planning algorithm based on the rapidly exploring random tree (RRT) algorithm that combines Q-learning with the Gaussian distribution of obstacles. A route for autonomous vehicles may be swiftly created using this algorithm.

The path planning issue is divided into three key steps by the authors. First, the tree expansion is sped up by the dynamic step size using a combination of Q-learning and the Gaussian distribution of obstacles. The invalid nodes are then removed from the initially created pathways using bidirectional pruning. B-splines are then employed to smooth the predicted pathways.

The algorithm is validated using simulations on straight and curved highways, respectively. The results show that the approach can provide a smooth, safe route that complies with vehicle motion laws.

An improved RRT algorithm based on Q-learning and obstacle Gaussian distribution (QGD-RRT) is proposed for the path planning of self-driving vehicles. Unlike previous methods, the authors use Q-learning to steer the tree's development direction. After that, the step size is dynamically altered following the density of the obstacle distribution to produce the initial path rapidly and cut down on planning time even further. In the aim to provide a smooth and secure path that complies with the vehicle kinematic and dynamical restrictions, the path is lastly optimized using an enhanced bidirectional pruning technique.

Proposing a new type of water-lubricated thrust bearing meets the load-bearing requirements of high-power shaft-less rim driven thrusters.

The designs were tested by establishing a bearing thermal-fluid-magnetic comprehensive simulation model and developing bearing fluid film force and magnetic simulation. Lubrication performance tests were carried out on the bearing test rig.

The Halbach array of magnet blocks is able to reach the maximum magnetic force. The material of sheath can help increase the magnetism. The magnetism is able to reduce wear during low-speed and the start-stop phase, while the eddy current loss at high speeds will lead to a decrease in magnetic force. The experiment found that the bearing was more stable at low speeds and would not demagnetize due to the temperature rise, but it is necessary to pay attention to the running stability at high speeds to prevent rubbing and impact.

An innovative combination of hydrodynamic pressure and permanent magnetic repulsion was observed to form a magnetic-liquid double suspension bearing with large bearing capacity.

The peer review history for this article is available at: https://publons.com/publon/10.1108/ILT-08-2020-0295

This research aims to present a novel cooperative control architecture designed specifically for roads with variations in height and curvature. The primary objective is to enhance the longitudinal and lateral tracking accuracy of the vehicle.

In addressing the challenges posed by time-varying road information and vehicle dynamics parameters, a combination of model predictive control (MPC) and active disturbance rejection control (ADRC) is employed in this study. A coupled controller based on the authors’ model was developed by utilizing the capabilities of MPC and ADRC. Emphasis is placed on the ramifications of road undulations and changes in curvature concerning control effectiveness. Recognizing these factors as disturbances, measures are taken to offset their influences within the system. Load transfer due to variations in road parameters has been considered and integrated into the design of the authors’ synergistic architecture.

The framework's efficacy is validated through hardware-in-the-loop simulation. Experimental results show that the integrated controller is more robust than conventional MPC and PID controllers. Consequently, the integrated controller improves the vehicle's driving stability and safety.

The proposed coupled control strategy notably enhances vehicle stability and reduces slip concerns. A tailored model is introduced integrating a control strategy based on MPC and ADRC which takes into account vertical and longitudinal force variations and allowing it to effectively cope with complex scenarios and multifaceted constraints problems.