Nowadays, trade mark is one ofthe most important components ofthe products in both consumers and producers’ perspectives. In this study, two separate but related mechanism through which the trademark is supposed to create value for customers, were investigated. Likeness/ description and functional-aesthetic benefits were taken into consideration. This research shows the positive effects oflogoon customer commitment regarding theperformance. Commitment reflects customers’ desire for cooperation by considering the effects of a logo. Logo will help customers easily identify and select a brand. This research proves that, fromthe customer's perspective, trademarks contain meaning, and thus include brief information onthe struggle for marketing. In case ofthe purpose, this study is an applied research and in terms of data-gathering it is a descriptive – survey one. Since the population ofthe survey was unlimited, initial investigations indicated that 384 questionnaires should be distributed based on Morgan table. Using structural equation modeling, the survey results showed that descriptive-cognitive, functional benefits and aesthetic tendencies had significant influences on customer commitment in regards ofperformance.
A common way of competition between firms in an industry is price competition. In more mature industries when products tend to be perceived as a commodity by consumers, many companies compete onthe basis of prices. Firms increase market share by cutting prices thereby also reducing their markup. Particularly, in times of crisis a firm’s capital structure can restrict the extent to which a firm can reduce its markup. During economic downturns tighter covenants and the related cost of debt can restrict a company’s ability to compete. This paper investigates theeffectof capital structure on competitive behaviour of Portuguese companies. This is analysed at two levels. First, by looking at theeffectof leverage on markups during demand shocks at theindustry level and, second, by analysing competitive performance over the business cycle at thefirm level. 1
Knight et al. (1999) and Hambrick et al. (1996) found contrasting results to Maznevski (1994). Knight et al. (1999) concluded that demographic diversity and consensus were negatively related. They found that heterogenous teams led to a reduction in team performance because they took more time and needed to make more efforts to make decisions as a group. This led to communication problems and higher rate of group conflicts. Hambrick et al. (1996) studied diversity and its effects on decision making at 32 US airline companies. They compared decision making at the top management levels between homogenous and heterogenous teams and found that the former performed better than the latter. Their rationale for these results was that groups made of distinct individuals were less likely to agree with each other and hence led to lower consensus within the teams whilst the opposite happened within homogenous groups and let to quicker decision making, which led to better response to competitor’s actions within theindustry. These researchers highlighted the disadvantages of more diverse groups, which were mainly lack of integration and increased friction leading to slower decision making among the teams.
for this factor. Klepper (2007) reviews several stylized facts related to theperformanceof spinoffs, where theevidence points to a better performanceof spinoffs from better performing firms. In particular, studies onthe population of Brazilian (Muendler et al. (2012)), Danish (Eriksson and Kuhn (2007) and Dahl and Reichstein (2007)) and Swedish firms (Andersson and Klepper (2013)) suggest that, fromthe three groups, pulled spinoffs survive longer. With the exception of Dahl and Reicshtein (2007), pushed spinoffs also tend to perform better than other start-ups. Given both the theoretical arguments and the empirical evidence, we expect that pulled spinoffs have the lowest exit risks across all entrant types. Regarding pushed spinoffs, the predictions are not so clear. To the extent that spinoff performance is correlated with theperformanceofthe mother firm, as hypothesized above, we expect pushed spinoffs to perform worse than the pulled spinoffs. However, we do not have a clear prediction on how they compare with other entrants. In fact, it is possible that factors such as the experience ofits founders, both in an industry and as a group, prevail over the fact that they came from a dying firm.
(www.helplinelaw.com). Surely the company would have gained awareness of way of doing things that are atypical to national culture. Post-acquisition process followed by the company should also be researched to see the consequences of cultural diversity onthe firm’s performance. That is how the acquirer brings in its corporate culture into the acquired company. Morosini (1998) postulates that the execution mode followed by the acquirer underscores the influence cultural distance exhibits ontheperformanceofthe acquirer. Three different execution modes that a company could follow in the post acquisition phase are ‘integration’, ‘restructuring’ and ‘independence’. While in the first two cases there is interference by the acquiring company in the management of acquired company, hence calling for issues related to cultural diversity, in the case of independence the acquired company operates at an arm’s length fromthe parent company. It could, therefore, be postulated that a firm could negate the impact of cultural diversity by adopting eventual changes, whereby it allows the acquired firm to operate autonomously initially and later restructures or integrates the operations.
The well-known stakeholder theory proposed by Freeman  was propagated in 1984. Stakeholder theory suggests that managers need to focus onthe groups who influence and are influenced by an enterprise’s business activities. Managing relationships with stakeholders, such as stockholders, employees, customers, and community, etc., is imperative for a firm to reach success. CSR relates to the way a company treats stakeholders in terms of moral obligation. Carroll  stated that stakeholder theory can explain the motivation of CSR practices, and this is a promising theory to “match” the CSR concept. Not surprisingly, stakeholder theory has been one ofthe most commonly used notions in CSR literature. In 1990, the focus of CSR shifted to more pragmatic issues . Specifically, scholars tried to link CSR benefits to practical business cases and attempted to address the tangible gains an enterprise may collect from CSR engagement . During the late 1990s, researchers were inclined to incorporate CSR into strategic management so as to establish a connection between the concept and the market outcome . Scholars attempted to associate the CSR strategy with the business strategy level and figure out how a firm could achieve both financial and social benefits for its stakeholders to ensure competitiveness . Since the 20th century, the development of value creation took place in the CSR field. In particular, CSR practices enable companies to add value, such as attracting valuable human resources, cultivating firm image, and so on . Another movement of CSR in the new millennium was the concern for sustainability. CSR was treated as an enterprise’s commitment to maximize long-term positive effects and minimize negative impacts on society . Consequently, CSR practices can be embraced as a key component in organizational objectives in order to achieve sustainability . The evolution of CSR is presented in Figure 1.
Business performance can be defined as “the achievement of organizational goals related to profitability and growth in sales and markets share, as well as the accomplishment of general firm strategic objectives” (Hult et al., 2004; p. 431). Companies carry out innovations in order to contribute to their performance (Damanpour, 1991), either in order to survive in rapidly changing market environments or to improve their effectiveness and results. Innovativeness and capacity to innovate are important determinants of business performance regardless ofits market turbulence (Hult et al., 2004). However, empirical research onthe relationship between innovation and company performance has also led to some controversial results (e.g Pikkemaat and Peters, 2005; Campo, Dias and Yagüe, 2014). Rosenbusch, Brinckmann, and Bausch (2011) concluded based on their extensive literature review that in case of small and medium sized enterprises, the relationship between innovation and performance depends to large extent onthe context, whilst highlighting such factors as the company age, the type of innovation and cultural context. Pikkemaat and Peters (2005) found no relation between the innovation degree and entrepreneurs’ satisfaction with the hotel’s revenue in small and midsize Alpine hotels and Campo et al. (2014) found hotel´s tendency to innovate not contributing directly and positively to hotel´s short term performance.
Our work is closely related to the bulk ofthe literature that focuses on how industry specificities affect asset pricing. A series of papers indicate theindustry features that might impact asset pricing (see, for example, Asness et al 2000; Cohen et al 2003; Hou 2003; Moskowitz and Grinblatt 1999). Hou and Robinson (2006) focus onindustry features such as industry concentration and posit that the structure of product markets may affect stock returns. Those researchers argue that operating decisions arise from an equilibrium in the product market that potentially reflects strategic interactions among market participants. Therefore, the structure of product markets may affect the risk of a firm’s cashflows and, hence, a firm’s equilibrium rate of return. If the structure of product markets affects asset prices, then either the market structure affects risk directly or it is somehow correlated with investor perceptions in a way that links it to behavioral phenomenons. The results of those studies reveal that firms in concentrated industries earn lower returns. Lewellen et al (2010) show that several risk-based asset pricing models are rejected because they fail to explain the cross- section of returns onindustry portfolios, while Chou et al (2012) show that industry portfolio returns cannot be fully explained by well-known asset pricing models.
However, if we look back to the recent history we will see that women were widely promoted in management during the Soviet Union times due to the Communist ideal of equality of opportunity. The consequence was that females were not only represented in those traditional industries such as healthcare and hospitality but they were well accepted in other service industries such as financial services and technology. 3 Onthe other hand, after the collapse ofthe Soviet Union, the process of transition from planned economy to the market economy was really painful for the country. The process of privatization created a big gap between the rich and poor layers in the society. Moreover, political instability ofthe new government led to huge unemployment in the early 1990s. Notably women were significantly affected due to the collapse of all the traditional women’s fields such as food industry, textile, chemical production, etc. Even though they tried to adapt to the new market standards most of them were unable to find employment according to their
competitive supremacy, value making, and guaranteeing long-term growth, increasingly depend onthe human capital role ofthe organization, which means the collection of knowledge, attitude, conduct, capabilities and experience ofthe personnel (Allen & Wright, 2006). Therefore, it can be said that human force could be considered as the most important competitive advantage for any firm and managers should know how to deal with this strategic factor and learn how to use this competitive advantage, more efficiently. The concept of human resources management was introduced in the mid 80’s with the goal of providing ways to manage employee and to help improve theperformanceof organizations (Samei, 2009). Human resources management includes managing the most valuable assets of any company, which include the employees who work there and individually or together help the company reach its objectives. To reach this goal, one ofthe fundamental methods is to enter the strategic management into the human resources area and to create or to select suitable strategies for the work force occupied at the organization (Akhavan & Pezashkan, 2012).
Traditionally, land, labor and capital used to be considered the most valuable assets in economics. For years, physical assets were considered the main determinants oftheperformanceof any economic activity. However, the fast expansion of science, technology and finally the globalization altered the pattern and structure ofthe production system. The new production system is mainly driven by technology, knowledge, expertise and relationships with stakeholders, which may collectively be described as Intellectual Capital (IC). In the new economic system known as the knowledge economy, intangible or intellectual assets have eventually recognized as the prominent resources. Companies like software, finance, pharmaceutical; banking, hotel etc. depend entirely on a considerable extent onthe IC for earning revenues. Production or manufacturing firms use IC with its physical assets to sharpen their competitive edge. Goh (2005) studied intellectual capital performanceof commercial banks in Malaysia. Makki and Lodhi (2009) investigated the impact of intellectual capital on return on investment in Pakistani corporate sector.
Table 6 reports the structural parameters estimates. Structural parameters are estimated in units ofthe scale factor in the EV distribution and do not have a level interpretation. Only relative magnitudes matter. To facilitate the interpretation ofthe coefficients, in the second column ofthe table we show the coefficient divided by the absolute value ofthe entry costs estimate. Standard errors ofthe parameters are calculated by block bootstraping CCPs, logits for the activity decisions of public players and state transitions 50 times. We estimate the structural model 50 times, one for each block bootstrap draw of beliefs and state transitions. We estimate the standard errors for our parameters fromthe bootstrap sample. A similar procedure has been applied in Ryan (2012) and Collard-Wexler (2013).
Biofragmentation involves the cleavage ofthe long polymer chains due to the mixed action of abiotic factors and microbial communities, which secretes enzimes or generates free radicals. A polymer is considered as fragmented, when low molecular weight molecules are found within the media. After being transported into the cytoplasm, the small molecules integrate the metabolism pathways. This step is called assimilation and is essential to produce microbial energy, biomass and metabolites. As mineralization takes place, CO 2 , N 2 , CH 4 , H 2 O and different salts from completely oxidized metabolites are released in the extracellular environment. Assimilation allows microorganisms to growth and to reproduce while consuming substrate fromthe environment 2,3 .
in this graph (as shown by the changes in the numbers of observations below the line chart). If our hypothesis onthe persistence of conditions at the first job holds true, we would expect very similar shapes for all full lines in the two figures. For example, individuals who started their career at smaller (worse quality/less successful) firms, would also work on average for smaller firms 10, 20 or 30 years later. However, such pattern does not emerge in any ofthe figures. The lines for average firm sizes take on very diverging shapes; more often than not they exhibit very weak similarity in shape. More frequently in Figure 3.2 than in Figure 3.1, they intersect on several instances which means that CEOs who started out at a larger firm may later end up either in a smaller firm, or in a larger firm - there is no pattern identifiable or easily perceptible fromthe plots. Furthermore, the full lines for average firm size at the start of career correspond to the shape ofthe dotted lines representing the macro conditions at the start of career only to a very small extent. Although the number of observations for each depicted entry year is fairly equally distributed, we need to keep in mind the selection bias in our data. All the individuals we consider become CEOs at some point. Some of them become CEOs faster than others (on average, they take around 20 years), so the period for which we can follow each of them in their CEO position in our data is also quite different (on average, 7.5 years).
Our main hypothesis is that countries with more competitive mutual fund industries would present lower performance during recession periods. In more competitive countries, investors are more sophisticated and react more to poor performance (see Ferreira et al, 2013) by selling more heavily their positions. As a consequence, mutual fund managers are forced to rebalance their portfolios by selling assets, particularly those with higher risk-taking positions, at distressed or “fire sale” prices and therefore experience severe losses. Coval and Stafford (2007) and Wu (2017) show that “fire sales” in mutual funds that experience large outflows lead to a negative stock price pressure. Also, Massa and Zhang (2012: 1) show that during the 2007-2009 financial crisis there was a “…significant jump for both stock illiquidity and fire-sale pressure of foreign stocks”. They argue that if a fund holds domestic stocks (e.g. U.S. stocks) and stocks from foreign companies (e.g. Japanese companies), and if there is turbulence in the U.S. market, it is likely to result in“… constrained U.S. funds facing withdrawals at home, also liquidation of their holdings of Japanese stocks, leading to a deterioration of liquidity in the Japanese market” (Massa and Zhang, 2012: 1).
Considering mechanism of modification of these precipitations one should take into account that effectof modification of hypereutectic silumins depends on earlier transition to liquid phase of sparingly soluble crystals of primary silicon [1-3]. Tests performed by authors ofthe studies [4-10] enable utilization of modification treatments together with making use of a various micro additives in order to improve properties of hypereutectoid alloys.
Advocates of internal ownership emphasize the posiive eﬀects of employee paricipaion in deci‐ sion‐making and profit sharing (Jones & Svejnar, 1982), especially concerning employee moivaion, conflict resoluion and the employees' idenificaion with firm's goals (Nui, 1988). Employee paricipa‐ ion also helps to increase producivity, decrease ab‐ senteeism and create beter condiions for learning, and all these aspects together have a posiive im‐ pact on a firm's compeiiveness (Estrin, Jones & Svejnar, 1987). Nonetheless, internal ownership has its weaknesses. They are mainly linked with the free‐rider eﬀect, which is a paricular problem in large firms with a low level of control over decision‐ making (Jensen & Meckling, 1979). In addiion, stud‐ ies have found a low level of investment orientaion and flexibility of such firms; both aspects having a negaive influence on potenial external investors (Aghion & Blanchard, 1998; Hrovain & Uršič, 2002). The weaknesses of firms with an internal own‐ ership structure simultaneously consitute the strengths of firms with external ownership. While many studies (e.g. Barrell & Holland, 2000) show posiive eﬀects of external ownership onfirm per‐ formance, a few studies in this field (Earle, Estrin & Leshchenko, 1994; Anderson, Young & Murrel, 1999) have not found a posiive correlaion be‐ tween the two. One ofthe possible reasons for this, menioned by some authors, is the phenomenon of ownership dispersion, which oten has a negaive impact onfirmperformance (Anderson et al., 1999). Researchers share the view that internal ownership
In which: PNI is partial net income per pig per experimental group, PNC is partial net income per pig carcasses by experimental group, Py is price of kg of live swine, Y is body weight of pigs at the end ofthe experiment, Px is price cumulative weighted kg food, X is amount of food consumed before the sacrifice, n is number of pigs for slaughter/replica, i is experimental treatment, L is lean yield (%), and Pz is price of pork (kg). The prices of raw materials used for economic analysis were set according to the local market in the savannah of Bogotá, and the purchase prices of raw materials were used for testing in Colombian pesos. The price of pork was 4458 $/kg to market Bogotá in April 2011 (14) .
, while t table 1.987 (df = n-2, p-value = 0.05). Because t count> t table, and obtained a significance value 0.000 <p value (0.05) it means that the positive effects are statistically significant (HA accepted). These means ROA (Y4) has positive and significant impact onfirm value (Z). These indicates that ROA can be used to predict the value ofthe company. The results of this study are consistent with theories and opinions Modligiani and Miller that the enterprise value is determined by the earning power of assets. The results of this study also supports research conducted by Vishnani and Shah (2008), Ulupui (2007), Yuniasih and Wirakusuma (2007), who found that the ROA has positive and significant impact on corporate value. But it’s not supported by Pranata Suranta (2004), Kaaro (2002) who found that ROA has negative effectonthefirm value. The influence of asset turnover ratio (Y5) onfirm value (Z) indicated by the path coefficients (P 11) - 0.026, it’s means asset turnover ratio negatively affect firm value, then the HA rejected. The calculation result obtained t count -0.382, while t table 1.987 (df = n-2, p-value = 0.05). Since t count <t table, and obtained a significance value 0.704> p value (0.05) it means that negative effects are statistically insignificant. These means asset turnover ratio (Y4) have negative effectonfirm value (Z) but not significant. The results of this study support Ulupui (2007) that the asset turnover is affect negative but not significan on stock returns. But not in line with the results of Kennedy (2003) which showed a variable asset turnover significantly influence stock returns.
Abstract: Earthquake is a very important aspect to be considered while designing structures. Lot of work has been reported by many researchers who worked to study theeffectof structures with irregular plan and shape. Being inspired fromthe work contributed in the study on effects of earthquake on irregular shaped building in plan, this paper presents effects of plan and shape configuration on irregular shaped structures. Buildings with irregular geometry respond differently against seismic action. Plan geometry is the parameter which decides itsperformance against different loading conditions. Theeffectof irregularity (plan and shape) on structure have been carried out by using structural analysis software STAAD Pro. V8i. There are several factors which affect the behavior of building from which storey drift and lateral displacement play an important role in understanding the behaviour of structure. Results are expressed in form of graphs and bar charts. It has been observed fromthe research that simple plan and configuration must be adopted at the planning stage to minimize theeffectof earthquake.