This study aims to analyze the influence of leverage,firm size,firm value,and managerial ownership on tax aggressiveness in technology sector companies listed on the Indonesia Stock Exchange.Tax aggressiveness has bec...This study aims to analyze the influence of leverage,firm size,firm value,and managerial ownership on tax aggressiveness in technology sector companies listed on the Indonesia Stock Exchange.Tax aggressiveness has become a critical issue in corporate financial management practices,particularly in the context of optimizing tax burdens through strategies that remain within legal boundaries.The study adopts a quantitative approach using panel data regression methods.Data processing and analysis were conducted using EViews version 12.The research sample consists of 13 technology sector companies selected through purposive sampling,with an observation period spanning five years(2019-2023),resulting in a total of 65 observations.The analysis results indicate that leverage and firm value have a negative effect on tax aggressiveness.Conversely,managerial ownership is found to have a positive effect on tax aggressiveness.Meanwhile,firm size does not show a significant influence on tax aggressiveness.展开更多
As revealed by some competition of commodities supplied foreign experts,the financial leverage has an impact on the market by different listed companies,and low financial leverage implies a competitive edge but high f...As revealed by some competition of commodities supplied foreign experts,the financial leverage has an impact on the market by different listed companies,and low financial leverage implies a competitive edge but high financial leverage is liable to fail in business operation.Viewing from such an angle,the low financial leverage is in fact a conservative financial behavior,which means a reasonable selection.Generally,Chinese listed companies prefer financing from offering equity shares,which is regarded as a reasonable selection weighing both gains and risks.However,based on an analysis of the pressure of market competition to the listed companies of various industries and how they select their own fit/ancial leverage,it is found that there is an extremely unmatched phenomenon in China's capital market,i.e.,the keener the commodity market competition is,the higher the financial leverage of listed companies will be.Therefore,the over-financing from offering equity shares is coexisting with under-financing from offering equity shares in China's capital market at present,and both lead listed companies to low efficiency.展开更多
Receiver autonomous integrity monitoring（RAIM） provides integrity monitoring of global positioning system（GPS） for safety-of-life applications.In the process of RAIM, fault identification（FI） enables navigation ...Receiver autonomous integrity monitoring（RAIM） provides integrity monitoring of global positioning system（GPS） for safety-of-life applications.In the process of RAIM, fault identification（FI） enables navigation to continue in the presence of fault measurement.Affected by satellite geometry, the leverage of each measurement in position solution may differ greatly.However, the conventional RAIM FI methods are generally based on maximum likelihood of ranging error for different measurements, thereby causing a major decrease in the probability of correct identification for the fault measurement with high leverage.In this paper, the impact of leverage on the fault identification is analyzed.The leveraged RAIM fault identification（L-RAIM FI） method is proposed with consideration of the difference in leverage for each satellite in view.Furthermore,the theoretical probability of correct identification is derived to evaluate the performance of L-RAIM FI method.The experiments in various typical scenarios demonstrate the effectiveness of L-RAIM FI method over conventional FI methods in the probability of correct identification for the fault with high leverage.展开更多
This study addresses the role of R&D leverage in SMEs’performance creation.The authors do so by considering SMEs’high resource dependence due to isomorphism.We propose that R&D leverage,with a presence of dy...This study addresses the role of R&D leverage in SMEs’performance creation.The authors do so by considering SMEs’high resource dependence due to isomorphism.We propose that R&D leverage,with a presence of dynamic capabilities,plays a moderating role in the relation between resource investments and performance.This study,which focused on Taiwan’s SMEs,conducts a questionnaire survey using the hierarchical sampling technique,across various industries and geographic areas in Taiwan.The empirical findings reveal that R&D leverage as an essential leveler in resource management enhances resource advantages.展开更多
Population ageing and high financial leverage are two common problems .faced by the worM＇s major economies. The recent financial crisis proved that the two issues could lead to systemic risk if not handled properly. ...Population ageing and high financial leverage are two common problems .faced by the worM＇s major economies. The recent financial crisis proved that the two issues could lead to systemic risk if not handled properly. Based on dynamic panel data from 1980 to 2012 in 119 countries, this paper examines the impact of population ageing on financial leverage J？om an empirical point of view and finds that there is a signOqcant inverted U-shape relationship between the two. In addition, empirical studies show that after passing the ＂turning point＂ of ageing, there will be a marked increase in the probability of financial crisis during the ＂deleveraging＂ process. It can be projected from the empirical conclusions of this paper that China will likely enter the range of a turning point between 2019 and 2028. After that, population ageing, deleveraging and asset price collapse may have a ＂resonance＂ effect to severely impact the stability of the financial system. Therefore, China should shift to more proactive macro financial regulations as quickly as possible, as dynamic and robust management of financial leverage and forward-looking control of bubbles could ensure that the financial system remain flexible enough to avoid systemic risk to the greatest extent.展开更多
The study examines the moderating effects of financial performance on the relationship between financial leverage （FL） and shareholders return （SR）. Panel data of pharmaceutical companies listed in the National St...The study examines the moderating effects of financial performance on the relationship between financial leverage （FL） and shareholders return （SR）. Panel data of pharmaceutical companies listed in the National Stock Exchange （NSE） were used for 13 years for the period from 2002-03 to 2014-15. Findings indicated that FL is significantly related with SR. However, financial performance has an insignificant relationship with SR and did not moderate the relationship between FL and SR.展开更多
By applying the theory of the relationship between microeconomic leverages and corporate risks,this paper discusses methods that the IPOs should choose to dispose the trademark with their parent companies so as to go ...By applying the theory of the relationship between microeconomic leverages and corporate risks,this paper discusses methods that the IPOs should choose to dispose the trademark with their parent companies so as to go public with a high issue price.By analyzing their microeconomic leverage effects,this paper points out that each method has its specific effect on risks and the IPOs should choose the method according to its risk factors,existing assets and financial structure to gain risk income and decrease risk losses.展开更多
Leverage of modem enterprise＇s financial management includes operating leverage and financial leverage. Both of them exist objectively, are not changeable with human＇s minds. They enlarge enterprise＇s benefit and r...Leverage of modem enterprise＇s financial management includes operating leverage and financial leverage. Both of them exist objectively, are not changeable with human＇s minds. They enlarge enterprise＇s benefit and risk, so they have both positive and negative effects. The degrees of them are measured as DOL and DFL. In financial management, the relationship between DOL and operating risk has regularity in quantity, and so does the relationship between DFL and financial risk.展开更多
The study is on a linear model of the relationship between the systematic risk and the micro-economic leverage and analyzed the data from the steel, energy source and chemical fibre industry listed companies in the Ch...The study is on a linear model of the relationship between the systematic risk and the micro-economic leverage and analyzed the data from the steel, energy source and chemical fibre industry listed companies in the Chinese stock market in 2002 and 2001. Using the linear regression method, empirical equations were found. The portfolio effect was shown so that some empirical evidence had been found to support the micro-economic leverage portfolio effect theory, which was that the listed companies balanced the operating and financial leverage to minimize the systematic risk.展开更多
This study aims at providing explanations for how MNCs(multinational companies)proceed with their manipulation of resources and competencies in the entry process to a foreign market.To an increasing extent,such proces...This study aims at providing explanations for how MNCs(multinational companies)proceed with their manipulation of resources and competencies in the entry process to a foreign market.To an increasing extent,such processes perform as a staging process of resource leverage.This study identifies three stages,using the multiple case study incorporating grounded theory:the initial stage,the adaptive intensification stage,and the advantage persistence stage.In the initial stage,an MNC’s entry decision tends to be based on the resource replication mode of resource leverage;the resource exploitation mode of resource leverage is used mainly in the adaptive intensification stage,and the resource exploration mode is used in the advantage persistence stage.This study suggests that these resource leverage modes incorporating their microfoundations can be viewed as a set of potential measurements for examining MNCs'dynamic capabilities in the entry process to a new host market.展开更多
Hydrates always are considered as a threat to petroleum industry due to the operational problems it can cause.These problems could result in reducing production performance or even production stoppage for a long time....Hydrates always are considered as a threat to petroleum industry due to the operational problems it can cause.These problems could result in reducing production performance or even production stoppage for a long time.In this paper, we were intended to develop a LSSVM algorithm for prognosticating hydrate formation temperature(HFT) in a wide range of natural gas mixtures. A total number of 279 experimental data points were extracted from open literature to develop the LSSVM. The input parameters were chosen based on the hydrate structure that each gas species form. The modeling resulted in a robust algorithm with the squared correlation coefficients(R^2) of 0.9918. Aside from the excellent statistical parameters of the model, comparing proposed LSSVM with some of conventional correlations showed its supremacy, particularly in the case of sour gases with high H_2S concentrations, where the model surpasses all correlations and existing thermodynamic models. For detection of the probable doubtful experimental data, and applicability of the model, the Leverage statistical approach was performed on the data sets. This algorithm showed that the proposed LSSVM model is statistically valid for HFT prediction and almost all the data points are in the applicability domain of the model.展开更多
This article discusses the problem of the detection of influential cases in nonlinear reproductive dispersion models (NRDM). A diagnostic based on case\|deletion approach in estimating equations is proposed. The relat...This article discusses the problem of the detection of influential cases in nonlinear reproductive dispersion models (NRDM). A diagnostic based on case\|deletion approach in estimating equations is proposed. The relationships between the generalized leverage defined by Wei et al. in 1998, statistical curvature, and the local influence of the response vector perturbations are investigated in NRDM. Two numerical examples are given to illustrate the results.展开更多
This study compares the ability of different robust regression estimators to detect and classify outliers. Well-known estimators with high breakdown points were compared using simulated data. Mean success rates (MSR) ...This study compares the ability of different robust regression estimators to detect and classify outliers. Well-known estimators with high breakdown points were compared using simulated data. Mean success rates (MSR) were computed and used as comparison criteria. The results showed that the least median of squares (LMS) and least trimmed squares (LTS) were the most successful methods for data that included leverage points, masking and swamping effects or critical and concentrated outliers. We recommend using LMS and LTS as diagnostic tools to classify outliers, because they remain robust even when applied to models that are heavily contaminated or that have a complicated structure of outliers.展开更多
文摘This study aims to analyze the influence of leverage,firm size,firm value,and managerial ownership on tax aggressiveness in technology sector companies listed on the Indonesia Stock Exchange.Tax aggressiveness has become a critical issue in corporate financial management practices,particularly in the context of optimizing tax burdens through strategies that remain within legal boundaries.The study adopts a quantitative approach using panel data regression methods.Data processing and analysis were conducted using EViews version 12.The research sample consists of 13 technology sector companies selected through purposive sampling,with an observation period spanning five years(2019-2023),resulting in a total of 65 observations.The analysis results indicate that leverage and firm value have a negative effect on tax aggressiveness.Conversely,managerial ownership is found to have a positive effect on tax aggressiveness.Meanwhile,firm size does not show a significant influence on tax aggressiveness.
文摘As revealed by some competition of commodities supplied foreign experts,the financial leverage has an impact on the market by different listed companies,and low financial leverage implies a competitive edge but high financial leverage is liable to fail in business operation.Viewing from such an angle,the low financial leverage is in fact a conservative financial behavior,which means a reasonable selection.Generally,Chinese listed companies prefer financing from offering equity shares,which is regarded as a reasonable selection weighing both gains and risks.However,based on an analysis of the pressure of market competition to the listed companies of various industries and how they select their own fit/ancial leverage,it is found that there is an extremely unmatched phenomenon in China's capital market,i.e.,the keener the commodity market competition is,the higher the financial leverage of listed companies will be.Therefore,the over-financing from offering equity shares is coexisting with under-financing from offering equity shares in China's capital market at present,and both lead listed companies to low efficiency.
基金supported by the National Basic Research Program of China (No.2011CB707004)the National Natural Science Foundation of China (No.61179054)
文摘Receiver autonomous integrity monitoring（RAIM） provides integrity monitoring of global positioning system（GPS） for safety-of-life applications.In the process of RAIM, fault identification（FI） enables navigation to continue in the presence of fault measurement.Affected by satellite geometry, the leverage of each measurement in position solution may differ greatly.However, the conventional RAIM FI methods are generally based on maximum likelihood of ranging error for different measurements, thereby causing a major decrease in the probability of correct identification for the fault measurement with high leverage.In this paper, the impact of leverage on the fault identification is analyzed.The leveraged RAIM fault identification（L-RAIM FI） method is proposed with consideration of the difference in leverage for each satellite in view.Furthermore,the theoretical probability of correct identification is derived to evaluate the performance of L-RAIM FI method.The experiments in various typical scenarios demonstrate the effectiveness of L-RAIM FI method over conventional FI methods in the probability of correct identification for the fault with high leverage.
文摘This study addresses the role of R&D leverage in SMEs’performance creation.The authors do so by considering SMEs’high resource dependence due to isomorphism.We propose that R&D leverage,with a presence of dynamic capabilities,plays a moderating role in the relation between resource investments and performance.This study,which focused on Taiwan’s SMEs,conducts a questionnaire survey using the hierarchical sampling technique,across various industries and geographic areas in Taiwan.The empirical findings reveal that R&D leverage as an essential leveler in resource management enhances resource advantages.
基金sponsored by the National Social Science Foundation of China(Grant No.12&ZD089)the National Natural Science Foundation of China(Grant No.71403277)
文摘Population ageing and high financial leverage are two common problems .faced by the worM＇s major economies. The recent financial crisis proved that the two issues could lead to systemic risk if not handled properly. Based on dynamic panel data from 1980 to 2012 in 119 countries, this paper examines the impact of population ageing on financial leverage J？om an empirical point of view and finds that there is a signOqcant inverted U-shape relationship between the two. In addition, empirical studies show that after passing the ＂turning point＂ of ageing, there will be a marked increase in the probability of financial crisis during the ＂deleveraging＂ process. It can be projected from the empirical conclusions of this paper that China will likely enter the range of a turning point between 2019 and 2028. After that, population ageing, deleveraging and asset price collapse may have a ＂resonance＂ effect to severely impact the stability of the financial system. Therefore, China should shift to more proactive macro financial regulations as quickly as possible, as dynamic and robust management of financial leverage and forward-looking control of bubbles could ensure that the financial system remain flexible enough to avoid systemic risk to the greatest extent.
文摘The study examines the moderating effects of financial performance on the relationship between financial leverage （FL） and shareholders return （SR）. Panel data of pharmaceutical companies listed in the National Stock Exchange （NSE） were used for 13 years for the period from 2002-03 to 2014-15. Findings indicated that FL is significantly related with SR. However, financial performance has an insignificant relationship with SR and did not moderate the relationship between FL and SR.
基金sponsored by National Natural Science Foundation of China(No.7007206).
文摘By applying the theory of the relationship between microeconomic leverages and corporate risks,this paper discusses methods that the IPOs should choose to dispose the trademark with their parent companies so as to go public with a high issue price.By analyzing their microeconomic leverage effects,this paper points out that each method has its specific effect on risks and the IPOs should choose the method according to its risk factors,existing assets and financial structure to gain risk income and decrease risk losses.
文摘Leverage of modem enterprise＇s financial management includes operating leverage and financial leverage. Both of them exist objectively, are not changeable with human＇s minds. They enlarge enterprise＇s benefit and risk, so they have both positive and negative effects. The degrees of them are measured as DOL and DFL. In financial management, the relationship between DOL and operating risk has regularity in quantity, and so does the relationship between DFL and financial risk.
文摘The study is on a linear model of the relationship between the systematic risk and the micro-economic leverage and analyzed the data from the steel, energy source and chemical fibre industry listed companies in the Chinese stock market in 2002 and 2001. Using the linear regression method, empirical equations were found. The portfolio effect was shown so that some empirical evidence had been found to support the micro-economic leverage portfolio effect theory, which was that the listed companies balanced the operating and financial leverage to minimize the systematic risk.
文摘This study aims at providing explanations for how MNCs(multinational companies)proceed with their manipulation of resources and competencies in the entry process to a foreign market.To an increasing extent,such processes perform as a staging process of resource leverage.This study identifies three stages,using the multiple case study incorporating grounded theory:the initial stage,the adaptive intensification stage,and the advantage persistence stage.In the initial stage,an MNC’s entry decision tends to be based on the resource replication mode of resource leverage;the resource exploitation mode of resource leverage is used mainly in the adaptive intensification stage,and the resource exploration mode is used in the advantage persistence stage.This study suggests that these resource leverage modes incorporating their microfoundations can be viewed as a set of potential measurements for examining MNCs'dynamic capabilities in the entry process to a new host market.
文摘Hydrates always are considered as a threat to petroleum industry due to the operational problems it can cause.These problems could result in reducing production performance or even production stoppage for a long time.In this paper, we were intended to develop a LSSVM algorithm for prognosticating hydrate formation temperature(HFT) in a wide range of natural gas mixtures. A total number of 279 experimental data points were extracted from open literature to develop the LSSVM. The input parameters were chosen based on the hydrate structure that each gas species form. The modeling resulted in a robust algorithm with the squared correlation coefficients(R^2) of 0.9918. Aside from the excellent statistical parameters of the model, comparing proposed LSSVM with some of conventional correlations showed its supremacy, particularly in the case of sour gases with high H_2S concentrations, where the model surpasses all correlations and existing thermodynamic models. For detection of the probable doubtful experimental data, and applicability of the model, the Leverage statistical approach was performed on the data sets. This algorithm showed that the proposed LSSVM model is statistically valid for HFT prediction and almost all the data points are in the applicability domain of the model.
文摘This article discusses the problem of the detection of influential cases in nonlinear reproductive dispersion models (NRDM). A diagnostic based on case\|deletion approach in estimating equations is proposed. The relationships between the generalized leverage defined by Wei et al. in 1998, statistical curvature, and the local influence of the response vector perturbations are investigated in NRDM. Two numerical examples are given to illustrate the results.
基金Project (No. 28-05-03-03) supported by the Yildiz Technical University Research Fund, Turkey
文摘This study compares the ability of different robust regression estimators to detect and classify outliers. Well-known estimators with high breakdown points were compared using simulated data. Mean success rates (MSR) were computed and used as comparison criteria. The results showed that the least median of squares (LMS) and least trimmed squares (LTS) were the most successful methods for data that included leverage points, masking and swamping effects or critical and concentrated outliers. We recommend using LMS and LTS as diagnostic tools to classify outliers, because they remain robust even when applied to models that are heavily contaminated or that have a complicated structure of outliers.
