Business life cycle and capital structure: evidence from Chinese manufacturing firms

This paper uses a panel data-fixed effect approach and data collected from Chinese public manufacturing firms between 1999 and 2011 to investigate the impacts of business life cycle stages on capital structure. We find that cash flow patterns capture more information on business life cycle stages than firm age and have a stronger impact on capital structure decision-making. We also find that the adjustment speed of capital structure varies significantly across life cycle stages and that non-sequential transitions over life cycle stages play an important role in the determination of capital structure. Our study indicates that it is important for policy-makers to ensure that products and financial markets are well-balanced.

Increasing thermal plant flexibility in a high renewables power system

Thermal generation is a vital component of mature and reliable electricity markets. As the share of renewable electricity in such markets grows, so too do the challenges associated with its variability. Proposed solutions to these challenges typically focus on alternatives to primary generation, such as energy storage, demand side management, or increased interconnection. Less attention is given to the demands placed on conventional thermal generation or its potential for increased flexibility. However, for the foreseeable future, conventional plants will have to operate alongside new renewables and have an essential role in accommodating increasing supply-side variability. This paper explores the role that conventional generation has to play in managing variability through the sub-system case study of Northern Ireland, identifying the significance of specific plant characteristics for reliable system operation. Particular attention is given to the challenges of wind ramping and the need to avoid excessive wind curtailment. Potential for conflict is identified with the role for conventional plant in addressing these two challenges. Market specific strategies for using the existing fleet of generation to reduce the impact of renewable resource variability are proposed, and wider lessons from the approach taken are identified.

Estrogen and thyroid hormone receptor interactions: physiological flexibility by molecular specificity

The influence of thyroid hormone on estrogen actions has been demonstrated both in vivo and in vitro. In transient transfection assays, the effects of liganded thyroid hormone receptors (TR) on transcriptional facilitation by estrogens bound to estrogen receptors (ER) display specificity according to the following: 1) ER isoform, 2) TR isoform, 3) the promoter through which transcriptional facilitation occurs, and 4) cell type. Some of these molecular phenomena may be related to thyroid hormone signaling of seasonal limitations upon reproduction. The various combinations of these molecular interactions provide multiple and flexible opportunities for relations between two major hormonal systems important for neuroendocrine feedbacks and reproductive behaviors.

Adding Value to the Meat of Spent Laying Hens Manufacturing Sausages with a Healthy Appeal

The aim of this study was to evaluate the viability of the use of spent laying hens` meat in the manufacturing of mortadella-type sausages with healthy appeal by using vegetable oil instead of animal fat. 120 Hy-line (R) layer hens were distributed in a completely randomized design into two treatments of six replicates with ten birds each. The treatments were birds from light Hy-line (R) W36 and semi-heavy Hy-line (R) Brown lines. Cold carcass, wing, breast and leg fillets yields were determined. Dry matter, protein, and lipid contents were determined in breast and leg fillets. The breast and legg fillets of three replicates per treatment were used to manufacture mortadella. After processing, sausages were evaluated for proximal composition, objective color, microbiological parameters, fatty acid profile and sensory acceptance. The meat of light and semi-heavy spent hens presented good yield and composition, allowing it to be used as raw material for the manufacture of processed products. Mortadellas were safe from microbiological point of view, and those made with semi-heavy hens fillets were redder and better accepted by consumers. Values for all sensory attributes were evaluated over score 5 (neither liked nor disliked). Both products presented high polyunsaturated fatty acid contents and good polyunsaturated to saturated fatty acid ratio. The excellent potential for the use of meat from spent layer hens of both varieties in the manufacturing of healthier mortadella-type sausage was demonstrated.

Incidence of Listeria monocytogenes in Cheese Manufacturing Plants from the Northeast Region of Sao Paulo, Brazil

The incidence of Listeria monocytogenes in three cheese manufacturing plants from the northeastern region of Sao Paulo, Brazil, was evaluated from October 2008 to September 2009. L. monocytogenes was found in samples from two plants, at percentages of 13.3% (n = 128) and 9.6% (n = 114). Samples of raw and pasteurized milk, water, and Minas Frescal cheese were negative for L. monocyto genes, although the pathogen was isolated from the surface of Prato cheese and in brine from one of the plants evaluated. L. monocytogenes was also isolated from different sites of the facilities, mainly in non food contact surfaces such as drains, floors, and platforms. Serotype 4b was the most predominant in the plants studied. The results of this study indicate the need for control strategies to prevent the dispersion of L. monocytogenes in the environment of cheese manufacturing plants.

Skull Modularity in Neotropical Marsupials and Monkeys: Size Variation and Evolutionary Constraint and Flexibility

An organism is built through a series of contingent factors, yet it is determined by historical, physical, and developmental constraints. A constraint should not be understood as an absolute obstacle to evolution, as it may also generate new possibilities for evolutionary change. Modularity is, in this context, an important way of organizing biological information and has been recognized as a central concept in evolutionary biology bridging on developmental, genetics, morphological, biochemical, and physiological studies. In this article, we explore how modularity affects the evolution of a complex system in two mammalian lineages by analyzing correlation, variance/covariance, and residual matrices (without size variation). We use the multivariate response to selection equation to simulate the behavior of Eutheria and Metharia skulls in terms of their evolutionary flexibility and constraints. We relate these results to classical approaches based on morphological integration tests based on functional/developmental hypotheses. Eutherians (Neotropical primates) showed smaller magnitudes of integration compared with Metatheria (didelphids) and also skull modules more clearly delimited. Didelphids showed higher magnitudes of integration and their modularity is strongly influenced by within-groups size variation to a degree that evolutionary responses are basically aligned with size variation. Primates still have a good portion of the total variation based on size; however, their enhanced modularization allows a broader spectrum of responses, more similar to the selection gradients applied (enhanced flexibility). Without size variation, both groups become much more similar in terms of modularity patterns and magnitudes and, consequently, in their evolutionary flexibility. J. Exp. Zool. (Mol. Dev. Evol.) 314B:663-683, 2010. (C) 2010 Wiley-Liss, Inc.

Flexibility and inhibitor binding in Cdc25 phosphatases

Cdc25 phosphatases involved in cell cycle checkpoints are now active targets for the development of anti-cancer therapies. Rational drug design would certainly benefit from detailed structural information for Cdc25s. However, only apo- or sulfate-bound crystal structures of the Cdc25 catalytic domain have been described so far. Together with previously available crystalographic data, results from molecular dynamics simulations, bioinformatic analysis, and computer-generated conformational ensembles shown here indicate that the last 30-40 residues in the C-terminus of Cdc25B are partially unfolded or disordered in solution. The effect of C-terminal flexibility upon binding of two potent small molecule inhibitors to Cdc25B is then analyzed by using three structural models with variable levels of flexibility, including an equilibrium distributed ensemble of Cdc25B backbone conformations. The three Cdc25B structural models are used in combination with flexible docking, clustering, and calculation of binding free energies by the linear interaction energy approximation to construct and validate Cdc25B-inhibitor complexes. Two binding sites are identified on top and beside the Cdc25B active site. The diversity of interaction modes found increases with receptor flexibility. Backbone flexibility allows the formation of transient cavities or compact hydrophobic units on the surface of the stable, folded protein core that are unexposed or unavailable for ligand binding in rigid and densely packed crystal structures. The present results may help to speculate on the mechanisms of small molecule complexation to partially unfolded or locally disordered proteins.

Identity and image – the story of expertise in a manufacturing company

This thesis is an investigation on the corporate identity of the firm SSAB from a managerial viewpoint (1), the company communication through press releases (2), and the image of the company as portrayed in news press articles (3). The managerial view of the corporate identity is researched through interviews with a communication manager of SSAB (1), the corporate communication is researched through press releases from the company (2) and the image is researched in news press articles (3). The results have been deducted using content analysis. The three dimensions are compared in order to see if the topics are coherent. This work builds on earlier research in corporate identity and image research, stakeholder theory, corporate communication and media reputation theory. This is interesting to research as the image of the company framed by the media affects, among other things, the possibility for the company to attract new talent and employees. If there are different stories, or topics, told in the three dimensions then the future employees may not share the view of the company with the managers in it. The analysis show that there is a discrepancy between the topics on the three dimensions, both between the corporate identity and the communication through press releases, as well as between the communication through press releases and the image in news press articles.

Machine Learning Algorithms in Heavy Process Manufacturing

In a global economy, manufacturers mainly compete with cost efficiency of production, as the price of raw materials are similar worldwide. Heavy industry has two big issues to deal with. On the one hand there is lots of data which needs to be analyzed in an effective manner, and on the other hand making big improvements via investments in cooperate structure or new machinery is neither economically nor physically viable. Machine learning offers a promising way for manufacturers to address both these problems as they are in an excellent position to employ learning techniques with their massive resource of historical production data. However, choosing modelling a strategy in this setting is far from trivial and this is the objective of this article. The article investigates characteristics of the most popular classifiers used in industry today. Support Vector Machines, Multilayer Perceptron, Decision Trees, Random Forests, and the meta-algorithms Bagging and Boosting are mainly investigated in this work. Lessons from real-world implementations of these learners are also provided together with future directions when different learners are expected to perform well. The importance of feature selection and relevant selection methods in an industrial setting are further investigated. Performance metrics have also been discussed for the sake of completion.

Bringing Japanese manufacturing systems to America: the feasibility of implementing just-in-time production in the United States

This paper addresses the feasibility of implementing Japanese manufacturing systems in the United States. The recent success of Japanese transplant companies suggests that Just-In-Time (JIT) production is possible within America's industrial environment. Once American workers receive proper training, they have little difficulty participating in rapid setup procedures and utilizing the kanban system. Japanese transplants are gradually developing Japanese-style relationships with their American supplier companies by initiating long-term, mutually beneficial agreements. They are also finding ways to cope with America's problem of distance, which is steadily decreasing as an obstacle to JIT delivery. American companies, however, encounter Significant problems in trying to convert traditionally organized, factories to the JIT system. This paper demonstrates that it is both feasible and beneficial for American manufacturers to implement JIT production techniques. Many of the difficulties manufacturers experience center around a general lack of information about JIT. Once a company realizes its potential for setup-time reduction, a prerequisite for the JIT system, workers and managers can work together to create a new process for handling equipment changeover. Significant results are possible with minimal investment. Also, supervisors often do not realize that the JIT method of ordering goods from suppliers is compatible with current systems. This "kanban system" not only enhances current systems but also reduces the amount of paperwork and scheduling involved. When arranging JlT delivery of supplier goods, American manufacturers tend to overlook important aspects of JIT supplier management. However, by making long-tenn commitments, initiating the open exchange of information, assisting suppliers in reaching new standards of performance, increasing the level of conununication, and relying more on suppliers' engineering capabilities, even American manufacturers can develop Japanese-style supplier relationships that enhance the effectiveness of the system.

Collective bargaining in Brazilian manufacturing, 1978-95

Collective bargaining, it is widely claimed, has been on the increase in Brazil since the late 1970s. This is seen as part of a broader change in Brazilian industrial relations towards a hybrid system of interest representation, in which elements of both the old state corporatism and pluralism now coexist. However, there is little or no systematic empirical evidence available to support this conclusion. This thesis addresses the question of the strengthening of collective bargaining as a method of job regulation in Brazil by providing a detailed empirical study. The questions of this study are: (a) how important has collective bargaining become in establishing provisions on the terms and conditions of the employment relationship which are not simply reproducing rules established via state regulation?; and (b) what factors accounted for changes in the content of these provisions? An analysis of 10,734 provisions in 287 collective agreements in manufacturing industries in the Metropolitan Area of Porto Alegre, the capital of the southernmost state of Rio Grande do Sul, was carried out for the period of 1978-95. This analysis offers support for the thesis that the significance of collective bargaining has increased. It shows that: (a) most substantive provisions created rules that were not established in other forms of regulation; (b) provisions that replicate the contents of regulatory legislation accounted for one out of seven substantive provisions, but in spite of being a copy of the law, these provisions are not entirely neutral for job regulation; (c) collective agreements also laid down substantive provisions benefiting employers, and not simply employees; and (d) the pace of change in bargaining outcomes oscillated with changes in the economic, legal and judicial contexts. This pace of change was mostly affected by (i) the rate of unemployment, (ii) the degree of openness of the economy to foreign competition, (iii) the capacity of employers to pass on costs to costumers, (iv) stabilisation policies aimed at curbing inflation, (v) the Federal Constitution made in 1988, (vi) the official rate of minimum wages, and (vii) the conduct of the labour judicial system in settling collective disputes.

A implantação da metodologia TPM num equipamento piloto na Adria Alimentos do Brasil Ltda.

A melhoria nos sistemas de manutenção é cada dia mais importante para o aprimoramento das atividades de uma empresa, tanto na área de produção como em outros setores. Pode-se afirmar, então, que uma boa sistemática de manutenção colabora para que a empresa cumpra suas funções em relação à confiabilidade, flexibilidade, rapidez, qualidade, mantendo custos competitivos. O presente trabalho analisa, de acordo com um prisma teórico e prático, um esforço de implantação da Manutenção Produtiva Total (TPM-“Total Productive Maintenance”). Ele tem como principal objetivo descrever e discutir a implantação da TPM em uma empresa fabricante de massas e biscoitos. Em um primeiro momento, a implantação aconteceu em uma linha piloto. O ponto de partida foi a apresentação da TPM com seus passos para implantação e pilares que sustentam esta ferramenta. Na seqüência, descreve-se como aconteceu a implantação desta sistemática na linha piloto da empresa, discutindo as dificuldades, vantagens e desvantagens percebidas. As conclusões do trabalho apontam para resultados percebidos na linha piloto, onde a implantação ocorreu, possibilitando a percepção de melhorias para a empresa e para seus colaboradores. Foram observadas melhorias tanto no que concerne à manutenção dos equipamentos quanto ao envolvimento das pessoas em todo o processo.

Fábrica de software: até que ponto fordista?

Due to the crisis over rigid automation that occurred around 1960, management models essentially fordist, have gradually become more flexible. The software factories, however, that emerged in the nineties manufacturing the most advanced technological products, adopted eminently fordist controls and seem to be going contrary to the evolutionary cycle that organizations tend to follow. The alternation between rigid and flexible management models of these software factories, observed under continuum fordism (0) ______ (1) post-fordism, as well as the limitations of the metaphor that emerges given the nature of the software they manufacture, constitutes the object of the study.

Knowledge effect on firm performance in manufacturing and service firms

This thesis seeks to examine the difference between manufacturing and service firms with respect to the effects of knowledge on performance, and the influence of market turbulence in this relationship. Empirical data, resulting from a survey, was collected from more than 1,206 firms, involving several sectors. Two samples were analyzed, one with 334 manufacturing and other with 509 service firms. The findings indicate no significant difference in the importance of knowledge on performance between these sectors in the absence of market turbulence: knowledge development (KD) has a stronger effect than culture of competitiveness (CC) on firm performance. However, under market turbulence, manufacturers differ from service providers. The positive effect of KD is enhanced, while the positive effect of CC remains the same for manufacturing firms. On the other hand, the positive effect of KD is diminished, while the positive effect of CC is enhanced for service firms. This supports the argument concerning differences in the nature of manufacturing and service industries. From a managerial point of view, results confirm the importance of knowledge, irrespective of firm sector or market turbulence. However, while industrial firms should center efforts on KD, service firms must find a balance where knowledge development (e.g. norms, processes, routines) does not impair their culture of competitiveness (e.g. learning, innovation, action). The thesis contributes to existing literature by proposing that: (1) the positive effect of knowledge on performance is confirmed; (2) under turbulent markets manufacturing and service firms have different responses concerning the influence of knowledge on performance; (3) a multidimensional performance construct based on cost, profitability, and growth is an interesting way to evaluate firm sustained competitive advantage, rather than one-dimensional constructs; (4) the CC x KD interaction, found relevant for supply chains in previous studies, is not supported for firms; (5) differences in unit of analysis, e.g. from supply chains to firms, result in different effects of KD and CC on firm performance; (6) existing scales can be improved with the addition of more diverse indicators, capturing a wider range of concepts (e.g. information transfer measurement); and (7) results from previous studies are supported for Brazilian firms, contributing for theory generalization.