The effect of ownership structure, country governance, and financial development on the capital structure of unlisted eastern European firms

This paper investigates the determinants of capital structure for a sample of 20,713 unlisted firms from 11 eastern European countries over the period 1994-2004. We employ usual firm-specific financial variables as well as country-specific variables that describe the degrees of governance structure and financial development of each country. Using regression analysis, our results indicate that firm ownership concentration and country governance structure are insignificant explanatory variables to the degree of leverage of the firms in our sample. On the other hand, indicators of country financial development are robust determinants of capital structure. However, the marginal explanatory power of country-specific variables is small. We conclude that firm-specific characteristics are decisive in capital structure.

An industrial implementation of a methodology for the optimisation of product design tolerances

Today, the key to commercial success in manufacturing is the timely development of new products that are not only functionally fit for purpose but offer high performance and quality throughout their entire lifecycle. In principle, this demands the introduction of a fully developed and optimised product from the outset. To accomplish this, manufacturing companies must leverage existing knowledge in their current technical, manufacturing and service capabilities. This is especially true in the field of tolerance selection and application, the subject area of this research. Tolerance knowledge must be readily available and deployed as an integral part of the product development process. This paper describes a methodology and framework,currently under development in a UK manufacturer, to achieve this objective.