Suchergebnisse

A firm's policy of distribution over current and future time periods influences the capital structure of the firm and its profitability. Managers decide on the amount of effort input in such a context of financial structure to maximize their utility. Nevertheless, shareholders' preferred distribution of income is determined by the goal of corporate value maximization. The study aims to reach an optimal level of income distribution and reinvestment over current and future periods in which both the manager's utility and shareholders' corporate value have been maximized. The study adopts Lagrange's multipliers method and the discounted cash flow valuation model of corporate value maximization. By processing a method of mathematical deduction and optimization, the study aims to reach an optimal equilibrium level of the dividend distribution model and explore key factors in the model for the determination of the distribution of income. As a result, the study concluded an optimal dividend distribution model, in which six factors jointly determine a theoretical equilibrium of optimization. These factors consist of the capital structure of the firm, the tax shield from debt financing, the growth rate of the dividend, dividend tax, the investment strategy of the principal, and the cost of capital.

AbstractIn the present work, we studied the NH3 and H2S odor fluxes between the exposed working area and the HDPE covering film holes of the daily overlay in an actual landfill site with a daily operating area of 1600 m2 in Hangzhou, China. We showed that the odors were released from the membrane pores and the average concentrations of NH3 and H2S release reached 109.6 ± 56.6 and 86.0 ± 31.1 mg/m2/s, respectively. These concentrations are 43.8 and 57.3 times the exposed working surface. Furthermore, mathematical modeling based on the total amount of odor release revealed that there was a linear positive correlation between the total odor amount and the landfill operation area. However, the maximum number of film holes allowed on the covering layer has nothing to do with the working area and exposed working time, which is mainly determined by the HDPE film width in terms of ensuring the deodorizing effect of the covering operation. If the HDPE film with a width of more than 4 m is used, the number of film holes allowed within 100 m is more than 8. Therefore, in order to reduce the odor, the appropriate film width should be selected according to the actual operating conditions such as the mechanical operation level at the time of welding, the design of the landfill site, and the operational norms. This study explores the effect of film hole quantity of the daily cover in the landfill on the odor release from the landfill, which can provide an important reference for the design, operation, and decision-making of the daily cover operation of the sanitary landfill.

PurposeThis paper aims to investigate the role that institutional shareholders play in acquisition decisions using micro data in the Chinese stock market during 2003‐2008.Design/methodology/approachAcquisition decision is the selection and coordination process of shareholders as strategic alliances, which is determined by corporate acquisition ability, composition of institutional shareholders and concentration of tradable share (TS) in China. The paper uses the Heckman selection model to surmount the selection biases in acquisition decision.FindingsThe paper finds that institutional shareholders, including qualified foreign institutional investors (QFII), social security funds (SSF), security firms (SF) and security investment funds (SIF), as well as TS concentration, affect acquisition probability rather than annual acquisition scale. SSF, SIF and TS concentration can increase acquisition probability while QFII decreases it.Research limitations/implicationsThis paper suggests a strategic alliance model in which institutional shareholders choose whether to collaborate with controlling shareholders and management. However, detailed information of the selection and coordination process is unavailable in the authors' data. Future research need provide more evidence of this postulate.Originality/valueThe paper contributes to the published literature in three ways. First, it offers a model to understand the selection and coordination process of acquisition decision. Second, it investigates whether institutional shareholders could effectively monitor annual acquisition scale. Third, it identifies the Heckman selection problem that institutional shareholders could affect PLCs' acquisition decision on whether to acquire rather than how much to acquire.

Cover -- Half Title -- Title Page -- Copyright Page -- Authors -- Preface -- Table of Contents -- Chapter 1. General Information -- 1.1. Geography -- 1.2. Population and Ethnic Groups -- 1.2.1. Population Profiles -- 1.2.2. Ethnic Groups -- 1.2.3. The Issue of Population Size -- 1.3. Language -- 1.3.1. Languages of China -- 1.3.2. Language Reform -- 1.4. Religion -- 1.4.1. Chinese Religions -- 1.4.2. Foreign Religions -- 1.4.3. Official Policies Towards Religion in China -- 1.5. Education -- 1.5.1. Literacy -- 1.5.2. The Formal Education System -- 1.5.3. Education Expenditures -- 1.5.4. Prognosis -- 1.6. Political Structure -- 1.6.1. The Chinese Communist Party -- 1.6.2. Administration -- 1.6.3. Political Reform -- 1.7. Brief Overview of Modern Chinese History -- 1.7.1. A Culture in Crisis -- 1.7.2. China Under Mao Zedong -- 1.7.3. Economic Reform After Mao -- 1.7.4. The Issue of Stability -- 1.7.5. Hong Kong, Macao, and Taiwan -- 1.7.6. Other International Relations Issues -- Chapter 2. China's Economy in the Post Reform Period -- 2.1. General Economic Conditions -- 2.2. Foreign Economic Relations and Trade -- 2.2.1. Current Trading Status -- 2.2.2. Trade Policy and Administration -- 2.2.3. Major Trade Regulations -- 2.2.4. Policy Instruments to Promote International Trade -- 2.3. Special Economic Zones -- 2.3.1. Special Economic Zones -- 2.3.2. Open Coastal Cities -- 2.3.3. Economic and Technological Development Zones -- 2.3.4. High Technology Development Zones/Torch Zones/Other Zones -- 2.4. Foreign Direct Investment -- 2.4.1. Foreign Investment Status -- 2.4.2. General Investment Climate -- 2.4.3. Forms of Foreign Direct Investment -- 2.4.4. Foreign Investment Policy in the Electronics lndustry -- 2.5. Financial System and Foreign Exchange Market -- 2.5.1. Monetary Policy -- 2.5.2. Monetary Management -- 2.5.3. Banking System