Examining the theory of capital structure: signal factor hypothesis

The aim of this study was to explore how various levels of information asymmetry affect the capital structure of listed companies in Taiwan and China. Regression results over the past few decades have indicated that the trade-off theory lacks explanatory power, bringing into question the accuracy of the static trade-off theory and the existence of an optimal capital structure. On the other hand, the financial decisions of companies do not always appear consistent with the pecking order theory. Building on the research of Chou et al. (2011), this study sought to verify the signal factor hypothesis, which combines the trade-off theory with the pecking order theory.

This study was the first one to employ the panel KPSS test with sharp drifts, developed by Chang and Ranjbar (2012), as well as the Fourier function to verify that an optimal capital structure does exist for companies with more symmetric information, thereby establishing the trade-off theory. Firms with information asymmetry show adverse selection costs, which supports the pecking order theory and rejects the existence of an optimal capital structure.     

Turning values concrete: the role and ways of business selection in local currency schemes

Alternative consumption schemes require the selection of producers and traders according to criteria and through processes that should make alternative values concrete. The way values turn concrete is crucial for the effectiveness of such projects. This paper investigates the ways criteria and processes are defined and their real meanings and uses through the case of associative local currencies. Drawing on the framework of proximities, it analyses local currency schemes as combining proximities (geographical and non-geographical) and selection processes set up for providers wishing to join. Selection processes may be based on a charter, an approval committee and screening criteria. The objectives of the selection, its measures in principle, the way in which it is applied as well as the practical consequences are discussed. Even when charters and formal participatory schemes for selecting providers are established, proximities appear as the keystone of selection and trust.     

Strategic planning in public R&D organizations for agribusiness: Brazil and the United States of America

There is increasing evidence that public organizations dedicated exclusively to research and development (R&D) in agribusiness need systematic management tools to incorporate the uncertainties and complexities of technological and nontechnological factors of external environments in its long-term strategic plans. The major issues are: “What will be the agribusiness science and technology (S&T) needs be in the future?” “How to prepare in order to meet these needs?” Both Empresa Brasileira de Pesquisa Agropecuária (Brazilian Agricultural Research Corporation, Embrapa), attached to the Brazilian Ministry of Agriculture and the Agricultural Research Service (ARS) of the US Department of Agriculture (USDA) have developed a comprehensive strategic and operational planning process in order to answer these key questions in the 1990s. The main objective of this article is to present a comparative and preliminary analysis of concepts, methodologies, and processes utilized, and some results obtained by these public organizations.     

Commercial use of GM crop technology: Identifying the drivers using life cycle methodology in a technology foresight framework

The complexity and advanced nature of modern biotechnology, and its extensive implications for society regarding prosperity, risk and ethics, make a view of the future that is comprehensible and transparent to society desirable. The objective of this feasibility study was to investigate methodologies for strategic planning and regulatory decision-making in technologies involving genetically modified (GM) crops. The planning and regulatory decisions of both the biotechnology industry and public authorities are considered. In the study, knowledge and opinion about a well-defined problem complex are systematically brought together in the consultation of a larger number of stakeholders and experts representing as many major perspectives as possible. On the basis of a test case on the development of a GM-ryegrass, this paper suggests a methodological approach to the uncertainties faced by the biotech industry and public authorities when GM crops are commercialized. The method used was a technology foresight (TF) framework, using a life cycle inventory (LCI) to define the problem complex, a stakeholder panel to identify drivers (of change) that influence the direction of future developments, and weighted stakeholder questionnaires to prioritize these drivers. Once quantified, the weighted stakeholder opinion generated a clear criterion for prioritizing drivers that were judged to be important in the future development of a GM-ryegrass but whose precise impact was uncertain. The four drivers prioritized were: being the first to market the GM-ryegrass, an efficient network on biomolecular know-how, public dialogue and participation in regulation procedures and utility value.     

Dealing with the dynamics of technology roadmapping implementation: A case study

Nowadays, companies are facing many challenges. The product life cycle is getting shorter while the complexity and the demand for product customization are increasing. Technology Roadmapping (TRM) has been widely used as a strategic management tool to help organizations in effectively identifying potential products or services for the future, determining proper technology alternatives, and mapping them with resource allocation plans. With the completion of TRM implementation, any organization can be assured that its required technologies and infrastructures will be ready when needed. Implementing TRM as a part of the ongoing strategic/business planning process is challenging because it may affect the organizational work process, structure, and culture. Therefore, an organization needs to understand how the changing roles and responsibilities of key players involved in the TRM process match with the dynamics of TRM implementation in each stage. This paper illustrates the dynamics of TRM implementation and presents a case study to demonstrate how one of the leading building product manufacturers in the ASEAN region went through the process.     

中国面向高质量发展的基础设施空间布局研究

随着科学技术的迅速发展,基础设施的内涵已经发生巨大的变化,有以交通、水、能源等为主体的"传统"基础设施,也有以"5G网"、人工智能为特色智慧城市"新基础设施"。文章围绕"十四五"期间美丽中国建设的现代化战略部署,按照高质量发展要求,结合国情和地方发展需要,注重面向高质量发展的传统基础设施如交通、能源、水利、物流、市政等传统基础设施,也涉及信息通讯的人工智能、工业互联网、物联网等新型基础设施,为面向国家现代化和国家中长期的基础设施空间布局提出了空间布局设想。文章认为:为了适应新时代高质量发展需求,未来国家基础设施的内涵发生了改变,除了传统的物质基础设施外,数字、人力资本、自然资本和国防基础设施也成为重要组成部分。中国高质量发展的基础设施布局,一方面是原有基础设施的延续和效率提升,另一方面也是新基础设施布局和落实,同时也包括了社会服务基础设施的完善和质量提升。"十四五"期间,高质量发展基础设施的空间布局主要包括:完善大交通为主的基础设施建设,加快国家级物流和新能源基础设施发展,重视水基础设施重大项目布局,超前布局5G网等数字基础设施,补齐基本公共服务设施短板,推进城市社区基础设施和社会设施...