bluuebunny/crossref_metadata_2025_split huggingface dataset:
Impact of shareholder yield on financial distress: using competition and firm size as moderators
Authors: Purohit Sonal , Agarwal Bhakti , Kanoujiya Jagjeevan , Rastogi Shailesh 
Published: February 2025

PurposeFinancial distress (FD) is an unfavorable situation that can have severe negative consequences on a firm. Within the range of multiple micro and macro factors, firm’s dividend policy can impact FD. However, this relationship is yet to be explored. Since shareholder yield (SHY) is a major component of the dividend policy, this study aims to explore the effect of SHY on a firm’s FD. Taking insights from stakeholder theory and dividend signaling theory, we also examined if this relationship is moderated by competition and firm size.Design/methodology/approachThe data from Fortune 500 companies over thirteen years (2010–2022) was subjected to panel data analysis (PDA). The analysis particularly takes the quantile panel data model to have a deeper understanding of variable’s association in different scenarios of FD.FindingsThe findings revealed that the SHY does not directly influence a firm’s FD. However, it is negatively moderated by competition at a lower quantile of financial stability and positively moderated by firm size at all quantiles of financial stability (reverse of FD). It means when competition increases, the shareholder’s yield reduces the financial stability. However, it improves financial stability when firm size increases.Practical implicationsThe findings deliver significant implications for all the stakeholders to consider dividend policy in form of SHY as a crucial element for a firm’s financial soundness. It is very situational to improve or detriment the financial health of the firm when it combines with other factors particularly competition or firm size. Hence, it is important to understand its sensitivity for FD.Originality/valueIn this study, we evidenced competition and firm size as moderators to SHY and FD relationship thus presenting novel insights. The findings are integrated to stakeholder theory and dividend signaling theory, and thus offer theoretical advancements.
Navigating financial interconnectivity: analyzing oil, exchange rates and US market influences on Asia-Pacific equities using the time-varying parameter vector autoregressive connectedness approach
Authors: Sarathkumara S. M. N. N. , Samarakoon S. M. R. K. , Pradhan Rudra P. 
Published: February 2025

PurposeThe study analyzes return spillovers among key financial markets, including equity indices (NIFTY50, NIKKEI225, KOSPI, ASX200, Shanghai-Composite and Hang-Seng), exchange rates (USD-INR, USD-YEN, USD-WON, USD-AUD and USD-RNMB) and Brent crude oil prices (Brent) in the Asia-Pacific region as well as the NASDAQ index from the US market.Design/methodology/approachThis study utilizes the time-varying parameter vector autoregressive (TVP-VAR) connectedness approach to analyze the return spillovers in the Asia-Pacific region covering the period from March 2, 2005 to February 29, 2024.FindingsThe findings reveal that NASDAQ and NIFTY50R are significant transmitters of financial shocks, exerting a strong influence on other markets. In contrast, the Shanghai Composite Index and the South Korean Won act as net receivers, indicating their vulnerability to external influences. The interconnectedness between Brent crude oil prices and regional financial markets underscores the impact of global commodity price fluctuations on the financial stability of energy-dependent economies.Practical implicationsThe study shows heightened interconnectedness during global financial crises, suggesting that market shocks can propagate more intensely across interconnected systems during such periods. These insights contribute to a better understanding of financial spillovers and highlight the need for effective risk management and policy coordination in the Asia-Pacific region.Originality/valueThe TVP-VAR connectedness approach is deployed to analyze return spillovers among key financial markets, including equity indices, exchange rates and Brent crude oil prices in the Asia-Pacific region as well as the NASDAQ index from the US market.Research highlights(1)We analyze return spillovers among key financial markets indicators in the Asia-Pacific region.(2)The analysis covers the period from March 2, 2005, to February 29, 2024.(3)The findings reveal that NASDAQ and NIFTY50R are significant transmitters of financial shocks, exerting a strong influence on other markets.(4)The study shows heightened interconnectedness during global financial crises, suggesting that market shocks can propagate more intensely across interconnected systems during the study periods.(5)We find a better understanding of financial spillovers and highlight the need for effective risk management and policy coordination in the Asia-Pacific region.
Financial and non-financial performance measurement at the municipal group level – Evidence from municipal budgets in Sweden
Authors: Haraldsson Mattias 
Published: February 2025

Purpose This paper aims to explore Swedish municipalities’ adoption of politically decided goals and targets, within the budget document, that are formulated for the accounting unit of the municipal group.Design/methodology/approach A regression analysis of the adoption of financial and non-financial performance measurement by 289 Swedish municipalities was performed, including eight independent variables and several control variables.Findings Of the municipalities, 26% adopted financial and 13% non-financial goals and targets in their 2021 budgets. The former choice appears to be driven by functional rationality, while the latter is driven by institutional and political incentives. The low adoption level of performance measurement implies that political group-level management has not yet adapted to new organisational conditions.Practical implications To enhance political governance and accountability, controllers should assist politicians in incorporating municipal group goals into the budget. Not least, more attention should be given to non-financial perspectives, as they better support strategy implementation and better promote comprehensive accountability to citizens and stakeholders. A further implication for policymakers is that when designing future legal financial and non-financial requirements for municipalities, it is important to define those at the municipal group level.Originality/valueThis study empirically and theoretically contributes to previous research on the adoption of performance measurement as it is the first study to explore the adoption pattern of financial and non-financial performance measurement at the municipal group level. This study further contributes theoretically by highlighting the importance of distinguishing between the adoption of financial and non-financial goals and targets, as the analysis reveals that financial and non-financial performance measures are adopted due to different rationales.
Determinants of discount rates, capitalisation rates and growth rates
Authors: Hoesli Martin , Shmygel Alona 
Published: February 2025

PurposeThis paper analyses the determinants of key inputs for the explicit discounted cash flow (DCF) or the implicit capitalisation models, namely the discount rates and the capitalisation rates. We also study the factors affecting the implied growth rate of the net operating income (NOI).Design/methodology/approachWe make use of a rich database for the commercial real estate market in the US that covers a long time period (2002–2024) and over 60 metropolitan markets. Given that the figures are appraisal-based, we use a common desmoothing approach and analyse the determinants of discount rates, capitalisation rates and growth rates using regression analysis.FindingsOn average, the discount rate in gateway markets is 89 basis points lower than in non-gateway markets. A similar difference is observed for capitalisation rates (93 basis points). Inflation has an immediate negative impact on capitalisation and discount rates due to the delayed adjustment of the rental income, but the effect turns positive over time. With a lag, real GDP growth reduces both rates, as expectations of economic growth reduce risk premia. Real interest rates consistently increase capitalisation, discount and growth rates through higher borrowing costs and portfolio reallocations.Practical implicationsThe investment method to valuation is widely used in practice. By shedding additional light on the determinants of key inputs when using the explicit DCF of implicit capitalisation models, namely the discount and capitalisation rates, the results of this study should provide important information to appraisers and policymakers.Originality/valueThis paper provides a comprehensive analysis of the determinants of key inputs needed when appraising a commercial real estate property with an income approach. In particular, it not only explores the impacts of macroeconomic variables on discount and capitalisation rates but also those of various types of properties. As such, the results of this study should have important implications in practice.
Research on the construction of techno-ethical order under the paradigm of risk society theory – an empirical study based on scientometrics and qualitative comparative analysis
Authors: Feng Xin , Zhao Yimeng , Zhang Linan , Zhang Xueli 
Published: February 2025

PurposeThe rapid development of information technology, epitomized by AIGC and the metaverse, presents unprecedented challenges to techno-ethics, exposing society to significant risks and uncertainties. A systematic investigation and discussion of the construction of techno-ethical order become crucial under the paradigm of risk society theory. The selection of conditions and pathways for constructing a techno-ethical order under the risk society theory paradigm becomes an unavoidable and vital issue.Design/methodology/approachDrawing on risk society theory, this study employs scientometrics and qualitative comparative analysis (QCA) to empirically analyze the key factors and conditional pathways in the construction of techno-ethical order. Initially, a quantitative analysis is conducted on 1,490 thematic literature retrieved from CNKI and WoS to identify the hot topics and core concepts in techno-ethical research. Subsequently, QCA configuration analysis is applied to calculate eight evaluation indicators and their weights from the perspectives of government, society and individuals. Finally, the study explores the mechanisms of the impact of these indicators’ weights on the construction of techno-ethical order.FindingsThe analysis of factor weights and pathways indicates that the selection of pathways for constructing techno-ethical order is influenced both by the inherent development patterns of technology and societal systems and cultural values. Literature metrics analysis reveals an overall trend of sustained growth in techno-ethical research, indicating an unprecedented prosperity in this field. Alongside technological advancements, keywords related to “artificial intelligence” play a crucial role in current techno-ethical research. Configuration analysis demonstrates that conditional variables from the dimensions of government, society and individuals form a configuration pathway, influencing and synergistically impacting the overall level of techno-ethical order construction. Attention should be given to the mutual constraints and synergistic effects of factors related to technological development, societal systems and cultural values.Originality/valueThis study, grounded in the risk society theory paradigm, quantitatively explores the key factors and pathways of techno-ethical order construction in academic texts, expanding new perspectives, providing novel insights, establishing innovative methodologies and extending new boundaries in the field. Further enrichment of the dataset and in-depth discussions are warranted for continued advancement.
Green innovation in human-centric smart manufacturing
Authors: Wang Jing , Dong Ting-Ting , Peng Ding-Hong 
Published: February 2025

PurposeGreen innovation in human-centric smart manufacturing (HSM-GI) has emerged as a new paradigm in innovation management for Industry 5.0. The evaluation analysis method is crucial for measuring the development progress and guiding continual improvements of HSM-GI. Since this process of HSM-GI can be regarded as complex and interactive, a holistic picture is often required to describe the interrelations of its antecedents and consequences. In this respect, this study aims to construct a causality network indicator system and proposes a synergy evaluation method for HSM-GI.Design/methodology/approachFirstly, based on the Driver force-State-Response (DSR) causal-effect framework, this study constructs a holistic indicator system to analyze the interactions between environmental and human concerns of HSM-GI. Secondly, owing to the imprecision of human cognition and synergy interaction in the evaluation process, a flexible hesitant fuzzy (HF) superiority-inferiority synergetic evaluation method is presented. This method quantifies the strengths of causal relationships and expresses the incentives and constraints attitudes of humans. Finally, the proposed framework is applied to six HSMs in the electronic technology industry.FindingsThe driving force and state of the HSM-GI system exhibit an upward trend, while the response continues to decline due to changing market demands. The order and synergy degree have shown an increasing trend during 2021–2023, particularly significant for BOE and Haier Smart Home. HSM-GI systems with higher scores mostly have functional coordination and a coherent synergy structure.Originality/valueThis study demonstrates the proposed approach’s applicability and assists policymakers in formulating targeted strategies for green innovation systems.
Practical and theoretical optimization of plasma cutting parameters for enhanced quality and efficiency in steel alloy processing
Authors: Kombayev Kuat , Sypainova Gulden , Khoshnaw Fuad , Kozhakhmetov Yernat , Kurbanbekov Sherzod , Tabiyeva Yerkezhan 
Published: February 2025

PurposeThis research aimed to identify the optimal plasma cutting parameters for enhancing the quality and efficiency of steel alloy processing. Systematic experiments, supported by microstructure analyses and the Taguchi method, were conducted to determine the ideal settings for minimizing defects and resource consumption while ensuring high-quality cuts.Design/methodology/approachThe study employed a systematic approach to determine optimal plasma cutting parameters for enhancing steel alloy processing. Experiments were conducted using a Kawasaki RS-010L robotic manipulator, powered by a DS 120P.33 inverter power supply. A range of plasma cutting parameters, including current, voltage, cutting speed and airflow, were carefully examined to achieve high-quality cuts while minimizing resource consumption. The Taguchi method was applied to optimize key responses – cutting angle, cutting width and burr formation – providing deeper insights into the influence of each parameter and identifying conditions for further refinement.FindingsThe study successfully identified the optimal plasma cutting parameters for steel alloy processing. Practical experimentation determined that a current of 50 A, voltage of 118 V, cutting speed of 3,200 mm/min and airflow of 1.9 × 10–3 m³/s produced a smooth cutting surface, minimal burr formation and a cutting angle within ±4° relative to the surface. The Taguchi method determined optimal settings to minimize angle and cutting width: 126 V, 4,400 mm/min and airflow of 2.3 × 10–3m3/s for angle and 118 V, 4,400 mm/min and 1.9 × 10–3m3/s for cutting width. Microstructure analysis confirmed uniformity and conformed to International Organization for Standardization 9013:2002 standards for cut quality.Originality/valueThis research advances steel alloy processing by combining experimental methods and the Taguchi method to determine optimal plasma cutting parameters for 6 mm thick steel 09G2S, addressing a gap in studies focused on specific materials. Unlike general studies, these results are tailored to low-carbon, low-alloy steels, providing actionable guidance for achieving efficient, high-quality cuts while minimizing waste and improving weldability and ductility. This work contributes to cost-effective and sustainable practices in the metal fabrication industry.
Robotic FDM for free-form fabrication: evaluating adaptive non-planar slicing with different contour methods
Authors: Furlan Valentina , Insero Federico , Giberti Hermes 
Published: February 2025

Purpose
This study aims to investigate and compare three nonplanar (NP) slicing algorithms. The algorithms aim to control the layer thickness variation (LTV), which is a common issue in supportless fabrication of free-form parts. The comparison underlines the differences between theoretical and real scenarios, resulting in guidelines for toolpath generation of complex objects.

Design/methodology/approach
The algorithm comparison uses a representative complex geometry, i.e. the quarter of torus. It presents an increasing overhang and constant curvature. It is represented using a parametric definition in the first two algorithms and by triangular meshes as the real scenario. The algorithms work on the contouring stage, whereas a B-spline approach is used to build the inner side of layers. Constant layer thickness (LT) is imposed, and an adaptive approach is adopted to avoid over-extrusion. Three algorithms are validated with a robotized fused deposition modeling system. LTs are measured on cross-sectioned samples and compared with the theoretical cases.

Findings
The results show that two algorithms can provide an LTV of about 0% on the contour. Nevertheless, the theoretical results on the inner side are divergent from the previous evidence, moving on to higher LTV (approximately 90%). The need for an adaptive approach is demonstrated, resulting in an LTV reduction (approximately 30%). Printed parts present the same trends of theoretical results confirming the algorithms’ capabilities.

Originality/value
The work shows, for the first time, a comparison between NP slicing techniques. The LTV problem in hollow and filled components is analyzed through theoretical and experimental evidence. The results are promising for supportless fabrication of free-form parts.
The impact of retailers’ bankruptcy filing on consumer perceptions and behaviors
Authors: Tong Xiao , Su Jin 
Published: February 2025

Purpose
This study aims to examine the impact of retailers’ bankruptcy filings on consumers’ perception of risk, perceived quality, consumer trust and purchase intentions, as well as the moderating effect of brand reputation and brand price level on the impact of retailers’ bankruptcy filings.

Design/methodology/approach
This experiment used a 2 × 2 × 2 fractional factorial design. Of the 180 questionnaires collected through the Qualtrics survey platform, 165 responses were considered valid and used in the study.

Findings
The results of this study showed that bankruptcy filing can decrease consumers’ intent to purchase from the company. The results also revealed a significant positive relationship between brand reputation, trust and purchase intention.

Originality/value
To the best of the authors’ knowledge, this study is the first empirical investigation of the negative implications of corporate bankruptcy on consumer behavior in the retail sector. Therefore, this study can contribute to a better understanding of how bankruptcy filings by apparel retailers may affect consumer perception and purchase behavior.
Depression alleviation among survivors of traumatic events through travel and recreation participation
Authors: Hua Chenggang , Yao Xing , Piatt Jennifer A. 
Published: February 2025

Purpose
This study aims to examine the causal and reciprocal relationships between participation in travel and recreational activities and depression alleviation among survivors of traumatic events. It seeks to uncover the transformative potential of these activities as nonpharmacological interventions and to provide insights that inform the therapeutic design of travel in rehabilitation contexts.

Design/methodology/approach
Using a longitudinal dataset, this study employs the random intercept cross-lagged panel model – a robust technique for evaluating causal relationships in nonexperimental longitudinal research – to assess the reciprocal effects between travel and recreation participation and depression severity over time.

Findings
Individuals with more severe depression are more likely to engage in travel as a coping mechanism. However, travel does not inherently alleviate depressive symptoms, likely because its physical and emotional demands often outweigh its benefits. This highlights the need to transform travel into structured interventions to maximize therapeutic potential. In contrast, recreational activities exhibit a stronger therapeutic effect, with early participation reducing depressive symptoms and lower depression levels, subsequently encouraging continued engagement in recreation over time.

Originality/value
By highlighting the interplay between social causation and social withdrawal theories, this research proposes transforming travel experiences into structured therapeutic interventions, pioneering a new perspective on integrating health and tourism studies. The study encourages researchers to adopt a holistic approach to understanding the health benefits of travel, considering both the influence of external factors on health and how individuals respond to their psychological state.
Diasporic medical tourism and home-is-safer-than-abroad: how to recover in times of uncertainty?
Authors: Mathijsen Aneta 
Published: February 2025

PurposeThe home-is-safer-than-abroad bias is quite substantial in tourism. In times of uncertainty, home-like, domestic, and what is known is much more trusted. This paper explores how the diaspora population might be instrumental in rebuilding medical tourism for countries with migration-intense populations.Design/methodology/approachTheory-based adaptation leading to the shift of perspective in medical tourism. Scientific evidence, international organisation reports and media outlets’ publications were analysed. This work is a continuity of ongoing diasporic medical tourism (DMT) research.FindingsDiasporic medical tourism represents a group of “hidden consumers” that pioneered medical tourism in certain countries. They are non-negligent in volume, continue to travel to visit friends and relatives (VFR tourism category) despite economic and societal upheavals, and often follow a “home-is-safer-than-abroad” bias. Therefore, they represent a substantial group of potential consumers, especially in times of uncertainty.Practical implicationsMedical tourism has become very competitive. Countries and companies need to look for post-pandemic consumers’ new behaviours and new avenues to develop medical tourism.Originality/valueDespite the diaspora being even a majority of medical travellers in certain countries, this sub-segment has not been adequately addressed in academia. This paper highlights the importance of DMT in uncertain times (post-pandemics, fragile economic environment) and the opportunities and constraints it presents, thus addressing a critical gap in the literature.