bluuebunny/crossref_metadata_2025 huggingface dataset:
Microstructure and corrosion behaviour of precipitation hardened and thermo-mechanical treated high strength Al-12Zn-3Mg-2.5Cu alloy
Authors: Ravikumar V.V. , Kumaran S.
Published: November 2017

Purpose

The purpose of this paper is to study the corrosion behaviour of Al-12Zn-3Mg-2.5Cu alloy by cast, precipitation hardening and non-isothermal step rolling cum cold/cryo rolling (−80 and −196°C) in 3.5 per cent NaCl solution.

Design/methodology/approach

Aluminium alloy with high alloying concentration (Zn: 12 per cent, Mg: 3 per cent, Cu: 2.5 per cent) was prepared by squeeze casting method with controlled process parameters. The cast alloy was solution treated at 450°C for 24 h and aged at 120°C with varying time intervals. Initially, the alloy also underwent non-isothermal step rolling from 6 mm to 3 mm at 400-100°C at the step of 100ºC with 15% reduction in thickness. Non-isothermal rolled alloy (3 mm thickness) was the starting material for further rolling at three different temperatures, such as room temperature, −80 and −190°C with 85 per cent reduction. Microstructural evolution during precipitation and thermo-mechanical processing was studied with the help of optical microscopy and electron microscopy. A potentio-dynamic polarization study was performed to evaluate the corrosion behaviour of Al-12Zn-3Mg-2.5Cu alloy processed in different conditions in 3.5 per cent NaCl solution.

Findings

There is a distinct evidence that the alloy exhibits varying corrosion resistance by changing its structural features. In fact, the alloy with ultra-fine grained structure exhibits good corrosion resistance than that of alloy in cast. This is attributed to a greater grain boundary region with high dislocation density, and plastic strain adversely affects the corrosion resistance.

Originality/value

The results obtained by this investigation help in understanding the effect of precipitation hardening and non-isothermal step rolling cum cold/cryo rolling (−80 and −196°C) on corrosion behaviour.
Investigation on the effect of nano-ceria on the epoxy coatings for corrosion protection of mild steel in natural seawater
Authors: Xavier Joseph Raj
Published: November 2017

Purpose

This paper aims to investigate the effect of introducing nano-ceria (CeO2) particles to the epoxy coatings on mild steel in natural seawater.

Design/methodology/approach

The epoxy–ceria nanoparticles were coated with mild steel using a wire-wound draw-down bar method. The effects of ceria nanoparticles on the corrosion resistance of epoxy-coated samples were analyzed using scanning electrochemical microscopy (SECM) and electrochemical impedance spectroscopy (EIS).

Findings

Localized measurements such as oxygen consumption and iron dissolution were observed using SECM in natural seawater in the epoxy-coated sample. The increase in film resistance (Rf) and charge transfer resistance (Rct) values by the addition of nano-ceria particles in the epoxy coating was measured from EIS measurements after wet and dry cyclic corrosion test. Scanning electron microscope (SEM)/energy dispersive X-ray spectroscope (EDX) analysis showed that complex oxides of nano-ceria were enriched in corrosion products at a scratched area of the coated mild steel after corrosion testing. Focused ion beam-transmission electron microscope (FIB-TEM) analysis confirmed the presence of the nanoscale oxide layers of ceria in the rust of the steel.

Research limitations/implications

The tip current at −0.70 V for the epoxy–CeO2-coated sample decreased rapidly because of cathodic reduction of the dissolved oxygen. The increase in film resistance (Rf) and charge transfer resistance (Rct) values by the addition of nano-ceria particles in the epoxy coating were measured from EIS measurements after wet and dry cyclic corrosion test.

Practical implications

The presence of complex oxide layers of nano-ceria layers protects the coated steel from rusting.

Social implications

The use of this nano-ceria for corrosion protection is environment-friendly.

Originality/value

The results of this study indicated the significant effect of nano-ceria particles on the protective performance and corrosion resistance of the epoxy coating on mild steel. The dissolution of Fe2+ was lower in the epoxy–ceria nanoparticle-coated mild steel than that of the epoxy-coated mild steel resulting in a lower anodic current of steel. The increase in film resistance and the charge transfer resistance showed that the nano-ceria particles and the formation of complex oxides provide better barrier protection to the coating metal surfaces.
Experimental and DFT studies of 1-methylimidazolium trinitrophenoxide as modifier for corrosion inhibition of SDS for mild steel in hydrochloric acid
Authors: Yousefi Ali , Aslanzadeh Saeed Amir , Akbari Jafar
Published: November 2017

Purpose

The purpose of this paper is to investigate the surface properties, particle sizes and corrosion inhibition performance of sodium dodecyl sulfate (SDS) in the presence of imidazolium-based ionic liquid as an additive. Up to now, different properties of alone surfactants and ionic liquids have been studied. However, few studies have been devoted to mixed ionic liquid and surfactant. The significance and novelty of this research is the investigation of 1-methylimidazolium trinitrophenoxide ([MIm][TNP]) as ionic liquid effects on SDS corrosion behavior.

Design/methodology/approach

The inhibition effect of [MIm][TNP], SDS and their mixtures on mild steel surface in 2 M hydrochloric acid (HCl) solution was examined by electrochemical impedance spectroscopy, potentiodynamic polarization (PDP), scanning electron microscopy (SEM), atomic force microscopy and quantum chemical calculations as well as dynamic light scattering (DLS) and surface tension measurements to discuss surface properties of studied solutions.

Findings

Based on the results, ionic liquid/SDS mixtures significantly indicated better inhibition properties than pure surfactant solution. PDP curves indicated that the studied compounds act as mixed-type of inhibitors. The critical micelle concentration, surface properties and particle sizes were investigated from the surface tension measurements and DLS results.

Originality/value

Adsorption of the inhibitors on the steel surface obeyed the Villamil adsorption model. SEM was used for surface analysis and verified the inhibition efficiency of mixed IL/SDS system. Quantum chemical calculations were performed using density functional theory, and a good relationship between experimental and theoretical data has been obtained.
A brief history of food retail
Authors: Stanton John L.
Published: November 2017

Purpose

The purpose of this paper is to provide a historic perspective on the supermarket industry that has changed from the small Mom and Pop stores to major supermarket chains.

Design/methodology/approach

This study is a review of secondary information from trade literature, popular new media and academic publications.

Findings

The changes in supermarkets and food stores followed the trends in how consumers have changed and developed. As consumers around the world continue to change, so will food retailers.

Research limitations/implications

The author could have included more on the development in underdeveloped countries.

Practical implications

This paper has practical implication in that to understand that food retailers must continue to follow consumer and technology changes if they want to grow and prosper. To quote Winston Churchill, “The farther backward you can look, the farther forward you are likely to see.”

Social implications

Supermarkets must be responsive to consumer changes and as consumer become more demanding for convenience so must supermarkets must continue to provide it or disappear.

Originality/value

This study is original to the extent that it brought together the different eras in supermarket. The actual changes have been well known.
Changes in the shelf life of frozen pork patties containing 10 and 15 percent fat according to different storage temperatures
Authors: Lee Hyeoung-Su , Bae Dong-Ho
Published: November 2017

Purpose

The purpose of this paper is to determine the influences of fat content and storage temperature on the quality of frozen pork patties during storage to evaluate the shelf life set by the manufacturer.

Design/methodology/approach

Changes in moisture content, acid value, peroxide value, thiobarbituric acid value, total volatile basic nitrogen content, and the sensory score of frozen pork patties with 10 and 15 percent fat contents during storage at −5, −15, and −23°C for six months.

Findings

Although microbiological quality remained unchanged, moisture content decreased, and lipid rancidity and protein putrefaction increased significantly during storage. More rapid deterioration in quality was observed in patties stored at −5°C than those stored at lower temperatures. Lipid rancidity and protein putrefaction increased more rapidly (but not significantly) in patties with 15 percent fat than those with 10 percent fat. Overall acceptance of the sensory properties was closely correlated with the above quality indicators, except thiobarbituric acid value. Acceptable qualities of the samples were maintained for the first two, four, and six months under storage at −5, −15, and −23°C, respectively.

Practical implications

The current shelf life of frozen pork patties set by manufacturers, assuming a storage temperature of −18°C, needs to be readjusted considering practical storage temperatures.

Originality/value

No studies have comprehensively explored the effects of fat content and storage temperatures on the quality of ground meat products during frozen storage. These approaches to determine quality changes may be useful for manufacturers to predict and control the quality of their products.
Hybrid modelling of the consumption of organic foods in Iran using exploratory factor analysis and an artificial neural network
Authors: Sobhanifard Yaser
Published: November 2017

Purpose

The purpose of this paper is to explore a hybrid model of the consumption of organic foods, combining the use of exploratory factor analysis (EFA) and an artificial neural network (ANN).

Design/methodology/approach

The study has three phases. In the first phase, the Delphi method is employed, and 15 motives for the consumption of organic food are identified; these motives are used to develop the model in the second phase. Finally, in the last phase, an ANN is used to rank the motives to determine their priority.

Findings

The EFA model explored includes four factors that have a positive effect on the level of organic food consumption. These are naturalness, trust, sanitariness and marketing. Results from the use of an ANN indicate that the main variables in organic food consumption are claims, psychological variables and doubt. From the results of the EFA model it is clear these three variables are components of the factor of trust.

Practical implications

Marketers can use the model developed in this paper to satisfy the needs of their customers and hence enhance their market share and profitability. This study shows that improvements in truth in the claims made for organic products, perceived security from using these products and doubts about the safety of other foods can lead marketers to their goal. Informative advertisements can inculcate trust and naturalness among consumers as main factors.

Originality/value

The main contribution of this study is the light it sheds on how consumers think about organic foods. It develops a model incorporating motives for consuming organic food and determining the priorities held by consumers of organic foods.
A review of high performance work practices (HPWPs) literature and recommendations for future research in the hospitality industry
Authors: Murphy Kevin , Torres Edwin , Ingram William , Hutchinson Joe
Published: November 2017

Purpose

The present research aims to examine the scholarly literature on high-performance work practices (HPWPs). Relevant comparisons were made between the hospitality industry, service industry and various other contextual environments in general business that might impact the choice and implementation of HPWPs, and a set of work practices was proposed for the hospitality industry.

Design/methodology/approach

A comprehensive review was conducted of scholarly literature related to HPWPs that was published in the past 25 years (1991-2015). A total of 89 scholarly articles were considered in this summary. Based on this review, HPWPs in the hospitality industry were compared and contrasted with other industry sectors.

Findings

There is little consensus among researchers concerning specific HPWPs that should be used by every company to improve their organizational- or individual-level performance. Thus, a specific set of 13 HPWPs that take into consideration the unique characteristics of the industry, based on a review of empirical research, was identified for the hospitality industry as a starting point for future research in the hospitality industry.

Originality/value

Following a comparison of HPWPs in the hospitality, services literature and manufacturing-based industry context, the authors extend the body of knowledge and propose a set of HPWPs for future research in the hospitality industry. HPWPs can have positive impacts on both organizational- and individual-level performance. Thirteen specific hospitality HPWPs were identified that are most beneficial, and the circumstances under which they might yield optimal results enhance the scholar’s understanding of HPWPs and provide guidance to human resource professionals to make evidence-based decisions. A better understanding of HPWPs can assist human resource professionals in making policy decisions that optimize the use of human capital in their organizations.
What matters most in the service-profit chain? An empirical test in a restaurant company
Authors: Solnet David , Ford Robert , McLennan Char-Lee
Published: November 2017

Purpose

The purpose of this paper is to empirically test the validity of the service-profit chain (SPC) in a restaurant company context to comprehensively explicate the relationship between organizational practices, employee attitudes with customer and financial outcomes.

Design/methodology/approach

The method used both questionnaire and company proprietary data to measure the predicted SPC outcomes through structural equation modeling. The research data were obtained from employees, customers and management at five restaurants in one casual theme restaurant chain in Australia.

Findings

The findings indicate that revenue may be a more appropriate outcome than profit in the SPC, that context and individual unit circumstances matter and that there may be a time lag between organizational actions, employee behavior, customer satisfaction and financial outcomes.

Research limitations/implications

Because of the nature of field research, there are limitations. As restaurants were added during the study, data per unit were impacted. Moreover, budgetary constraints limited the number of customer surveys. Nonetheless, the data set includes management, customer, employee and proprietary financial measures which are rarely available in the research literature. These data allow a thorough study of the SPC that provides both important findings and a model for future investigations into the SPC.

Practical implications

As the SPC is a widely cited model used to explain the linkages between managerial and organizational actions and financial outcomes as they work through employee interactions with customers, the findings suggest that the chain may have a more direct impact on revenue than profit. Moreover, the data strongly suggest that context matters as the unique context of the restaurants had important influences on financial outcomes. The findings also indicate that a time lag exists between managerial and organizational actions and financial outcomes, suggesting that it can take time for such actions to ripple through the SPC.

Originality/value

Structural equation modeling and standardized measures allowed the authors to overcome prior limitations in SPC research. Moreover, SPC researchers seldom have access to the proprietary data that enabled a test of the entire SPC. Consequently, this study contributes new insights into this classic model’s value in predicting and explaining financial outcomes resulting from the actions of an organization’s leadership influencing employee behavior toward customers in the restaurant industry.
The influence of corporate social responsibility on travel company employees
Authors: Park Sun-Young , Lee Choong-Ki , Kim Hyesun
Published: November 2017

Purpose

The purpose of this paper is to examine how employees’ perceptions of corporate social responsibility (CSR) influence their work engagement (WE), innovative behavior (IB) and intention to stay (IS) with their company, to illuminate the role of CSR at the individual employee level.

Design/methodology/approach

The data for this study are responses of 455 employees to an online survey at the largest travel company in South Korea. Confirmatory factor analysis and structural equation modeling in Mplus 7.3 are used to analyze the data.

Findings

Results show that employee perceptions of CSR regarding customers and employees significantly and positively influence their WE, which in turn positively influence their IB and IS. Moreover, WE mediates these relationships.

Research limitations/implications

Results of this study may not represent the entire travel industry or the country. This study’s model should be tested in other companies and countries. Additionally, longitudinal studies will help understand how employees’ perceptions of CSR and their effects on work attitudes and behavior change over time.

Practical implications

CSR can be an important tool for developing social capital within an organization by increasing employees’ engagement at work. Higher WE can help employees exert more efforts toward their company’s innovation and stay longer with their company, which can contribute to the company’s performance and competitiveness.

Originality/value

This study develops and empirically tests a theoretical model based on various disciplines. It extends existing CSR studies by examining the effects of CSR on WE and the mediation effects of WE, which have been rarely explored. This further explains how CSR influences employees’ attitudes and behavior that benefit a company’s competitive advantage to shed light on the resource-based view about employees being an important resource.
A retrospective view of electronic word-of-mouth in hospitality and tourism management
Authors: Litvin Stephen W. , Goldsmith Ronald E. , Pan Bing
Published: November 2017

Purpose

The purpose of this paper is to review the impact electronic word-of-mouth (eWOM) has had on the hospitality and tourism industry and discuss the changes that will affect its future. The paper’s touchpoint is the authors’ earlier paper (Litvin et al., 2008), which proposed that eWOM was to become a major influence as a conduit of travelers’ views and opinions.

Design/methodology/approach

The paper summarizes the arguments of the authors’ earlier paper, describing ways in which eWOM has evolved into the influential system it has become, with special emphasis on the growth of mobile media as a platform for eWOM dissemination.

Findings

The authors conclude that eWOM has fulfilled its promise to become a major influence on the hospitality and tourism industry and will continue to play an essential role in hospitality marketing for the foreseeable future.

Practical implications

The authors provide examples of successful media campaigns and propose strategies for hospitality and tourism businesses.

Originality/value

eWOM has emerged to become a highly influential element of modern marketing strategy. This look back at an early eWOM paper, with reflection on changes that have occurred and a view to the future, is of value as validation of an often cited article that set the stage for much subsequent hospitality research.
The evolution of wine research
Authors: Bonn Mark A. , Cho Meehee , Um Hyemi
Published: November 2017

Purpose

Wine as a research topic continues to address a plethora of diverse contexts. In consideration of this scope and abundance of wine literature, this study aims to provide guidance for future meaningful contributions to this existing body of wine knowledge through a comprehensive scholarly review.

Design/methodology/approach

A total of 22 wine business, hospitality and tourism journals were selected and used to identify 739 refereed articles addressing wine-related topics over a 26-year period from 1990 to 2015. This was segmented using five wine research time frames, which were then separately investigated using content analysis and keyword network analysis.

Findings

Results support the importance for continued refinement of certain research areas to add understanding to wine research. In particular, the topics of marketing and tourism pertaining to wine research have fragmented into much more specialized sub-segments over this 26-year period.

Research limitations/implications

Limitations include generalizability of findings because of the study’s use of 22 journals, along with the selected 26-year period. Future research should examine other time periods using other publications in peripheral and in non-related areas to seek topics potentially and inadvertently overlooked by this process. Significant topics and trends regarding wine research were identified and classified according to time periods. Information has been provided for future directions and new research agendas.

Originality/value

Based upon an examination of time periods segmented by half-decades, keyword network analysis was used to explore wine research trends. Using keyword network analytics, this method for identifying networks between key words produced findings that have brought the literature regarding wine research to a current status allowing academics to gain insights into potential direction for future research needs.
Achieving engagement among hospitality employees: a serial mediation model
Authors: Huertas-Valdivia Irene , Llorens-Montes F. Javier , Ruiz-Moreno Antonia
Published: November 2017

Purpose

This paper aims to disclose some mechanisms whereby job engagement can be created in a hospitality context. A study was conducted to examine the relationships among high-performance work practices (HPWPs), empowering leadership behaviors, psychological empowerment and engagement.

Design/methodology/approach

A theoretical serial mediation model was developed to examine the proposed relationship. The hypotheses were tested using regression analysis with bootstrapping. In total, 340 hotel workers participated in this study.

Findings

Both empowering leadership and psychological empowerment were found to be independent mediators of the HPWPs–engagement relationship; in addition, empowering leadership and psychological empowerment mediated this relationship serially.

Research limitations/implications

Results suggest that hospitality organizations should implement HPWPs and encourage empowering leadership behavior in their managers to create a work context that fosters psychological empowerment. These strategies will, in turn, generate employee job engagement. A richer, deeper understanding of various antecedents of engagement is the main theoretical contribution of this work.

Practical implications

This research stresses the importance of specific organizational conditions and managerial strategies in achieving psychological fulfillment of hospitality employees. In sum, the present study provides important insights for managers and human resource managers in the hospitality industry who seek to foster empowered, engaged employees.

Originality/value

The findings suggest that HPWPs are associated with employee engagement through a serial mediation model with two mediators. No research to date has used this nascent methodology to explore the association between HPWPs and engagement.
Developing a sustainable service innovation framework for the hospitality industry
Authors: Horng Jeou-Shyan , Liu Chih-Hsing Sam , Chou Sheng-Fang , Tsai Chang-Yen , Hu Da-Chian
Published: November 2017

Purpose

This study aims to determine essential attributes of sustainable service innovation (SSI) in the Taiwan hospitality industry.

Design/methodology/approach

By combining qualitative and quantitative methodologies while considering perspectives on sustainable management and service innovation, the present study extends the related literature on SSI and presents a new framework. The decision-making trail and evaluation laboratory (DEMATEL) analytical approaches are used to identify relations between dimensions and their causality attributes.

Findings

The findings of the DEMATEL result indicate that innovation diffusion has direct and indirect effects on dimensions of sustainable innovation and on organizational factors. Furthermore, sustainable innovation emerged as the most important attribute while the analytic network process analysis was used.

Practical implications

The critical dimensions identified in this study may serve as guidelines that hospitality practitioners or hotel managers may use when engaging in SSI.

Social implications

Sustainability management is ranked the most important criterion of sustainable practice, which indicates that considerations of sustainability are necessary when hospitality managers wish to carry out a sustainability project in an organization. Furthermore, organizational capabilities were ranked the most important criteria among all organizational factors. This finding implies that the first step involves establishing a shared vision.

Originality/value

The current study integrates and applies Rogers’ (2003) diffusion of innovations theory (DIT) to identify how to facilitate sustainability through service innovation. In so doing, this study can add to our knowledge in the hotel industry by using the DIT.
Tourism distribution channels in European island destinations
Authors: Tom Dieck M. Claudia , Fountoulaki Paraskevi , Jung Timothy Hyungsoo
Published: November 2017

Purpose

Advances in information communication technologies (ICTs) have changed the tourism distribution channels model, as traditional players continue to disappear or change their business model, while new players and channels emerge because of technological developments. Therefore, this study aims to propose a tourism distribution channels model for European island destinations.

Design/methodology/approach

Using an exploratory approach, interviews with 34 tourism stakeholders were conducted at ITB Berlin and WTM London in March 2014 and March/November 2016, and analyzed using thematic analysis.

Findings

The findings revealed that a number of changes have taken place within the distribution channels market over the past six years. The disappearance of incoming travel agents has increased, while new forms of online communication and distribution have appeared. In particular, social media, online review sites and mobile channels play an increasingly important role for hoteliers.

Practical implications

ICTs change the online landscape for tourist distribution in island destinations, and practitioners should make use of new online channels and be aware of disappearing tourism players to remain competitive.

Originality/value

First, this paper provides indications for the increased disintermediation in regard to incoming travel agents within the Cretan hospitality and tourism industry. Second, it investigates the issue of tourism distribution channels using a broad range of key tourism and hospitality players to provide a tourism distribution channels model for future reference. Finally, this study offers implications for the development of distribution strategies for tourism businesses and hoteliers in Crete.
Performance implications of SA8000 certification
Authors: Orzes Guido , Jia Fu , Sartor Marco , Nassimbeni Guido
Published: November 2017

Purpose

The purpose of this paper is to shed light on the relationship between the adoption of Social Accountability 8000 (SA8000) – which is considered the most important ethical certification standard – and firm performance, building on agency and contingency theories.

Design/methodology/approach

The authors analyse secondary longitudinal balance sheet data of listed firms employing a rigorous event-study approach and compare SA8000-certified companies to different control groups based on three matching criteria, i.e., industry, size, and pre-certification performance. The authors then study the moderating effects of the cultural features, the country’s development level, and the labour intensity on the causal relationship through multiple regression methods.

Findings

The authors find that SA8000 certification positively affects labour productivity and sales performance but has no effect on profitability. Furthermore, the study supports that the relationship between SA8000 and profitability is moderated by two cultural features of the home country of the firms (i.e. power distance and uncertainty avoidance).

Originality/value

This is the first study, which empirically tests the effects of the ethical certification SA8000 on firm performance using a cross-country sample. In addition, the authors contribute to the wider debate on the effects of corporate social responsibility practices on firm performance.
Identification of guidelines for Hoshin Kanri initiatives
Authors: Giordani da Silveira William , Pinheiro de Lima Edson , Deschamps Fernando , Gouvea da Costa Sergio E.
Published: November 2017

Purpose

The purpose of this paper is to propose a set of guidelines to be used for diagnosing and (re)designing organizational systems based on Hoshin Kanri – a management framework that is recognized for building the link between strategy and business execution.

Design/methodology/approach

A two-step approach was used in this research work. A systematic literature review (SLR) was used to find relevant references related to Hoshin Kanri that could serve as sources for recommendations. After completing the SLR, content analysis was used to define the recommendations and analyze them, deriving a set of guidelines.

Findings

A collection of recurring topics was identified through content analysis. These topics can be interpreted as central aspects for Hoshin Kanri application. Topics were eventually categorized and one guideline was developed for each one of the categories, which resulted in a total of 23 guidelines. Guidelines were grouped in two dimensions (context and process) and also according to their central aspect (organizational culture, capabilities, focus, alignment, integration and review).

Originality/value

Although Hoshin Kanri has been widely applied in Japan and also in large companies over the past 50 years, it is not as widely explored in research papers as other frameworks. Literature often focuses on Hoshin Kanri only as a process and not as an organization-wide holistic system. There are few empirical studies about its conceptual assumptions and practical implications and no systematization of the main aspects that ensure the effective application of Hoshin Kanri in a universal manner.
An analysis of stock market impact from supply chain disruptions in Japan
Authors: Liu Jiangxia , Sarkar Sourish , Kumar Sanjay , Jin Zhenhu
Published: November 2017

Purpose

The purpose of this paper is to explore the stock market impact of supply chain disruptions for public companies in Japan. The impact in the USA and Japan are also compared.

Design/methodology/approach

Using event study on a data set comprising of disruptions announced by Japanese and US companies during year 2000-2013, the authors measure the stock price reaction to supply chain disruptions.

Findings

The study finds that the Japanese companies, in an 11-day window around disruption announcement, witness an average abnormal return of −0.61 percent, which is statistically significant. In comparison to the USA, this stock decline is qualitatively smaller, yet statistically indifferent. The abnormal return is found significant in the two days before disruption announcement. However, a follow-up study with a refined data set (where the event date is the earlier of the announcement or disruption date) does not find any significant abnormal return prior to the event date. This difference from US market suggests the possibility of insider trading. Factors such as book-to-market ratio, industry type, and market capitalization did not affect the stock decline.

Research limitations/implications

The research is limited to a data set from Japan and the USA. Further generalization of findings may need studies focused on other countries.

Practical implications

The results are of interest for supply chain managers. The results should also help global investors in making investment decisions.

Originality/value

Most supply chain disruptions management research is focused on companies in western countries. The paper is the first to test the impact of supply chain disruptions in Japan.
Combining lean tools application in kaizen: a field study on the printing industry
Authors: Chan Chi On , Tay Huay Ling
Published: November 2017

Purpose

The purpose of this paper is to highlight the lessons learned from two kaizen events for productivity improvement in a printing company. The paper suggests how to organize lean tools to improve productivity through the use of organized kaizen events in the printing industry to meet defined targets.

Design/methodology/approach

This paper is based on a field study involving participant observations. The relationships among the three specific tools, line balancing, standardized work and standardized layout that are used in a kaizen event of a printing factory, are examined.

Findings

Application of a mix of lean tools resulted in significant productivity improvements of 10-30 percent in the assembly area of the printing company. Based on the outcomes of the lean tools that are applied in various work areas, the best combinations of lean tools are identified and several key considerations are discussed.

Practical implications

This paper shows that a combined set of lean tools such as line balancing, standardized work and standardized layout can be applied to improve productivity in the printing operations, which is identifiable with a mix of processes that are both labor intensive and equipment flexible.

Originality/value

The paper fills the literature gap on the use of specific lean tools: line balancing, standardized work and standardized layout in the printing industry. The findings from this research can be applied to other assembly systems that are similar to the printing industry.
Income inequality and shadow economy: a nonparametric and semiparametric analysis
Authors: Yap Wai Weng , Sarmidi Tamat , Shaari Abu Hassan , Said Fathin Faizah
Published: November 2017

Purpose

The purpose of this paper is to investigate the nonlinear relationship between shadow economy and income inequality and determine whether the size of shadow economy can influence the level of income inequality.

Design/methodology/approach

Both parametric (panel OLS) and nonparametric/semiparametric regression suggested by Robinson (1988) will be used to capture the dynamic nonlinear relationship between these variables using unbalanced panel data of 154 countries from 2000 to 2007. Additionally, the relationship between income inequality and shadow economy on both developed and developing countries will be analyzed and compared.

Findings

First, semiparametric analysis and nonparametric analysis are significantly different than parametric analysis and better in nonlinear analysis between income inequality and shadow economy. Second, income inequality and shadow economy resemble an inverted-N relationship. Third, the relationship between income inequality and shadow economy is different in developed countries (OECD countries) and developing countries, where OECD countries have similar inverted-N relationship as before. However, for developing countries, income inequality and shadow economy show an inverted-U relationship, similar to the original Kuznets hypothesis.

Practical implications

This study suggests that there is a possible trade-off between income inequality and shadow economy and helps policy makers in solving both problems effectively.

Originality/value

Despite the growing importance of income inequality and shadow economy, literature linking the two variables is scarce. To the best of the authors’ knowledge, there is no literature that nonlinearly links these two variables. Furthermore, the dynamics of the relationship between these two variables in developed countries and developing countries will be explored as well.
Racial and low-income quotas in Brazilian universities: impact on academic performance
Authors: Vidigal Claudia Bueno Rocha
Published: November 2017

Purpose

The purpose of this paper is to estimate the impact of racial and low-income quotas on academic performance of students from public and private universities in Brazil.

Design/methodology/approach

Using propensity score matching applied to student-level data from the National Examination of Student Performance conducted in 2012; this paper identifies the impact of the quota policy on academic performance considering all Brazilian universities.

Findings

The results indicate that there is no statistically significant difference in academic performance between students admitted under the racial quota and those who had the regular admission (non-quota students). The impact is positive, however, for students from the North region of Brazil and among those with very low family income, whereas a negative impact is observed for those from the Central-West region. In regard to the low-income quota, quota students perform worse than eligible non-quota students as their scores are, on average, 14 percent lower. Similar findings are observed when different subsamples are considered.

Originality/value

This paper’s main contribution is to provide a broader and more rigorous empirical approach than that presented by the existing literature in order to evaluate the impact of quota policies on academic achievement. Moreover, this study considers all Brazilian institutions whereas previous studies are limited to only one or a few universities.
Corruption, institutions and capital flight: evidence from Sub-Saharan Africa
Authors: Osei-Assibey Eric , Domfeh Kingsley Osei , Danquah Michael
Published: November 2017

Purpose

The purpose of this paper is to investigate the effect of corruption and institutional governance indicators on capital flight in Sub-Saharan Africa.

Design/methodology/approach

Using a Portfolio Choice Framework, the study employs two different estimation techniques as Generalized Method of Moment and Fixed Effect Regression on panel data sets of 32 countries in Sub-Saharan Africa over the period 2000-2012.

Findings

The variable of interest, corruption, retains its expected positive sign and statistically significant across all the estimations. The relationship remains very strong even when other equally important institutional variables such as regime durability, rule of law and independence of the executive are taken into account. This suggests that a higher perception of corruption among public authorities as in bribery, kickbacks in public procurement, embezzlement of public funds, among others facilitates an increase in capital outflow from SSA. The findings further indicate that regime durability and rule of law are important institutional variables that also significantly influence capital flights in SSA.

Practical implications

The findings imply that institutional reforms should be encouraged if SSA is to win the war against corruption and by extension against capital flight. There should be a creation of democratic environment and good governance practices that foster stronger governance institutions, decline in corruption and better domestic investment climate to help reverse the high spate of capital flight in the region.

Originality/value

The main value of this paper is using the portfolio choice framework to analyze the relationship between capital flight and corruption in the Sub-Saharan African context.
Estimating shadow economy in Tanzania: an analysis with the MIMIC approach
Authors: Dell’Anno Roberto , Davidescu Adriana AnaMaria , Balele Nguling’wa Philip
Published: November 2017

Purpose

The purpose of this paper is to estimate the Tanzanian shadow economy (SE) from 2003 to 2015 and test the statistical relationships between the SE and its potential causes and indicators.

Design/methodology/approach

The econometric analysis is based on a multiple indicators multiple causes (MIMIC) model. To calibrate the SE from the estimates, the authors adopt the value of 55.4 percentage of the SE to official GDP from the literature for the base year 2005.

Findings

The SE ranges from 52 to 61 per cent of official GDP and slightly decreases from 2013 to 2015. Increase in inflation, unemployment and government spending were the main drivers of the SE dynamics.

Research limitations/implications

Given the challenges facing estimation of the SE (e.g. small sample size, exogenous estimate to calibrate the model, meaning of the latent variable), quantification of SE should be considered to be rough measures.

Practical implications

To lower the size of the SE, the government needs to keep inflation and unemployment stable over time, to reduce government spending because it creates pressure on tax collection due to the limited tax base.

Originality/value

This is the first study specifically focused on Tanzanian SE based on the MIMIC approach. Existing estimates of Tanzanian SE are calculated by monetary models or apply a common MIMIC specification to the worldwide context.
Musharakah Mutanaqisah home financing: issues in practice
Authors: Asadov Alam , Muhamad Sori Zulkarnain Bin , Mohamad Ramadilli Shamsher , Anwer Zaheer , Shamsudheen Shinaj Valangattil
Published: November 2017

Purpose

This paper aims to examine the practical issues in the Musharakah Mutanaqisah (MM) financing and subsequently, recommends possible solutions to mitigate these issues and improve the current practice.

Design/methodology/approach

This paper analyses the theory and current practices of MM offered by Islamic banks.

Findings

It is suggested that Islamic financial institutions consider revaluation of property’s value to its fair value, especially during termination of MM contract and annual or agreed periodic review of the market value of the assets to determine the “rental” payments by the customer. It is also recommended that Islamic financial institutions should share all associated costs in performing the contract.

Research limitations/implications

Research findings reported in this paper contribute to the body of knowledge on MM in general and to the Islamic finance practices in Malaysia and abroad. Indeed, the Malaysia Central Bank (i.e. Bank Negara Malaysia) should form a special committee to look into the issues highlighted in this paper and recommend strict guidelines for Islamic financial institutions to improve their practices.

Practical implications

Islamic banks should extend the use of MM contract in automobile and trade financing where rent or profit could be easily identified and value of the asset is more certain. The regulators and Islamic financial standard setting authorities need to oversee the Shari’ah board decisions on MM contracts and keep the gates in the interest of ensuring a more viable and authentic Islamic finance industry.

Originality/value

This paper briefly views the current mode of MM contracts, specifically for home financing, and highlights the incompliance to Shari’ah requirements in exercising these contracts in practice.
A note on the long-term performance of Korean ADRs
Authors: Schaub Mark
Published: November 2017

Purpose

The purpose of this paper is to examine how Korean firm American Depository Receipts (ADRs) performed vs a US index and an Asia Pacific regional index. ADRs have been known to help cause-emerging economies become more developed and foreign exchange markets become more stable.

Design/methodology/approach

The study utilizes standard ADR/IPO excess return methodology and presents returns on a month-by-month and cumulative basis for a three-year holding period beginning with the day of listing. Excess holding period returns are also provided.

Findings

The Korean firm ADRs trading on the NASDAQ underperformed both the US index and the regional Asia Pacific index for the first three years of trading. However, the Korean ADRs listed on the NYSE outperformed both the US index and the Asia Pacific index for the three-year holding period.

Originality/value

This paper shows how including equities of Korean firms traded in US markets in a stock portfolio helps to provide international diversification benefits. Solid performance vs market indexes may make subsequent and new issues from Korea more attractive in US equity markets.
Controlling shareholders and financial constraints around the world
Authors: Park Jin Ho , Park Kwangwoo , Ratti Ronald Andrew
Published: November 2017

Purpose

The purpose of this paper is to examine the effect of controlling shareholders’ ownership of firms on the firms’ financial constraints in 22 economies for the 1982-2009 period.

Design/methodology/approach

The authors employ a generalized method of moments-based instrumental variables estimator to estimate empirical models.

Findings

It found that the overinvestment propensity of controlling shareholders becomes less severe with an increase in cash-flow rights. It further indicates that a higher deviation between the control rights and cash-flow rights of controlling shareholders lower their overinvestment propensity, thereby lowering the firm’s financial constraints.

Originality/value

The results suggest that a higher protective legal environment for minority shareholders blocks the entrenchment of controlling shareholders and thus benefitting the firm with slackened financing constraints in the given legal origin.
Advances in the corporate finance literature: a survey of recent studies on Korea
Authors: Lee Hongbok , Park Kwangwoo
Published: November 2017

Purpose

The purpose of this paper is to provide a survey of recent studies on Korean firms’ financial policies and their interactions with financial markets, and suggest directions for future research.

Design/methodology/approach

The authors review the finance research on Korean firms and markets, focusing on the articles published in the last 20 years.

Findings

This survey of the recent Korean finance literature covers the research on the capital structure and the distinct financing behaviors of chaebol-affiliated firms and independent firms; the factors affecting the costs of capital and firms’ preferences for capital budgeting methods; raising capital through public and private equity issuance; corporate governance and the market for corporate control; payout policies; and bank-firm relationship. The authors suggest a number of future research directions that may lead to significant contributions to the literature.

Originality/value

This paper provides the first comprehensive review of the post-crisis corporate finance literature in Korea.