• Asian Journal of Business Environment
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• v.10 no.2
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• pp.23-31
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• 2020

Purpose: The purpose of this paper is to find out the impact of financial leverage on firm's profitability in the listed textile sector of Bangladesh. Research design, data and methodology: A sample of 22 DSE listed textile firms has been used to conduct the study. In this study, firm profitability is measured by Return on Equity (ROE) and both short term debt and long term debt are used as the as proxies of financial leverage. Pooled Ordinary Least Squares (OLS), Fixed Effect (FE), and Generalized Method of Moments (GMM) models have been used to test the relationship between financial leverage and profitability of firms. Result: This study finds a significant negative relationship between leverage and firm's profitability using the Pooled OLS method. The result is also consistent with the fixed effect and GMM method. This result implies that firm's profitability is negatively affected by the firm's capital structure. Conclusion: The study concludes that maximum textile firms use external debt as a source of finance as they don't have sufficient internally generated funds. This study recommends that firm should give more emphasize on generating fund internally to meet up their financing needs.

• STI Policy Review
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• v.6 no.1
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• pp.1-23
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• 2015

Based on the work of Anand et al. (2013) we measure inclusive income growth, which combines growth in gross domestic product (GDP) per capita and growth in the equity of the income distribution. Extending the work of Causa et al. (2014), we estimate a dynamic simultaneous structural equations model of GDP per capita and inclusive income on panel data for 63 countries over the 1990-2013 period. We estimate both equations in error correction form by difference GMM (generalized method of moments). Among the explanatory variables of the level and the distribution of GDP per capita we include R&D (research and development) expenditure per capita. In OECD countries we obtain a large positive effect of R&D on GDP. R&D is found to have a positive effect on the social mobility index but its impact on the income equity index at first decreases, then switches around to become slightly positive in the long run. In non- OECD countries, R&D is found to decrease inclusive income, mostly through a negative growth effect but also because of a slightly increasing income inequity effect.

• Structural Engineering and Mechanics
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• v.49 no.3
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• pp.373-393
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• 2014

A finite element model for predicting the entire nonlinear behavior of reinforced high-strength concrete continuous beams is described. The model is based on the moment-curvature relations pre-generated through section analysis, and is formulated utilizing the Timoshenko beam theory. The validity of the model is verified with experimental results of a series of continuous high-strength concrete beam specimens. Some important aspects of behavior of the beams having different tensile reinforcement ratios are evaluated. In addition, a parametric study is carried out on continuous high-strength concrete beams with practical dimensions to examine the effect of tensile reinforcement on the degree of moment redistribution. The analysis shows that the tensile reinforcement in continuous high-strength concrete beams affects significantly the member behavior, namely, the flexural cracking stiffness, flexural ductility, neutral axis depth and redistribution of moments. It is also found that the relation between the tensile reinforcement ratios at critical negative and positive moment regions has great influence on the moment redistribution, while the importance of this factor is neglected in various codes.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.9
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• pp.105-115
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• 2020

The study empirically examines the effects of loan portfolio diversification on bank risk and return in the nascent banking market of Vietnam. Loan portfolio diversification is captured through the Hirschman-Herfindahl index and the Shannon Entropy with sectoral exposures. We access each bank's financial reports to collect the required data, especially the breakdown of sectoral loan portfolios, thus constituting a unique dataset. To compute bank return, we use the traditional accounting indicators, including return-on-assets, return-on-equity, and net-interest margin. For bank risk, we utilize the loan-loss provisions and non-performing loans relative to gross customer loans. Using a sample of 30 commercial banks over the period from 2008 to 2019 and the system generalized method of moments estimator for the dynamic panel, we indicate the downsides of portfolio diversification. Concretely, we observe that all diversification measures exhibit significantly negative signs in all regressions across different bank return proxies. At the same time, the estimates display the significant and positive impact of diversification on the non-performing loan ratio. Hence, sectoral loan portfolio diversification significantly hampers bank performance in both aspects of lower return and higher credit risk. The results are robust across a rich set of bank performance and portfolio diversification measures.

• Korean Institute of Interior Design Journal
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• v.22 no.1
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• pp.85-96
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• 2013

This study relates to meta-phenomena in architectural design. Among others, this study aims to interpret and demonstrate the cognitive thoughts and methodological systems in 'autonomy and instrumentality' presented in works of art by positivist architects focusing on diagrams after the second modernity in addition to earlier formal experiments by John Hejduk, Peter Eisenman, Bernard Tschumi, and Daniel Libeskind. In order to achieve these aims, this study approached the mimetic concepts developed by Walter Benjamin and Theodor Adorno. Especially, meta-phenomena in the methods of architectural design were connected to productivity in Adorno's mimetic concepts. Also, in terms of formation and creation of works of art, the mimetic backgrounds of Adorno's theories on aesthetics were identified from features of concepts on the part of formal experiments. The results were systemized methodologically based on meta-phenomena appearing in pure arts and overall architectural design. These were presented as a framework to interpret 'autonomy and instrumentality' that exist in the working of negativity and mimesis. In this way, logics and intuition in architectural design as well as methodological systemization of convergent creativity were proved valid. In conclusion, Adorno's mimetic concepts systemized based on negativity and critical awareness may lead to new concepts. It has been proved that it is valid for security of meta-phenomena of architectural design as a production of autonomous spaces for differences and creation.

• Structural Engineering and Mechanics
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• v.55 no.2
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• pp.379-398
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• 2015

Confinement is known to have important influence on ductility of high-strength concrete (HSC) members and it may therefore be anticipated that this parameter would also affect notably the moment redistribution in these members. The correctness of this "common-sense knowledge" is examined in the present study. A numerical test is performed on two-span continuous reinforced HSC beams with and without confinement using an experimentally validated nonlinear model. The results show that the effect of confinement on moment redistribution is totally different from that on flexural ductility. The moment redistribution at ultimate limit state is found to be almost independent of the confinement, provided that both the negative and positive plastic hinges have formed at failure. The numerical findings are consistent with tests performed on prototype HSC beams. Several design codes are evaluated. It is demonstrated that the code equations by Eurocode 2 (EC2), British Standards Institution (BSI) and Canadian Standards Association (CSA) can well reflect the effect of confinement on moment redistribution in reinforced HSC beams but the American Concrete Institute (ACI) code cannot.

• Journal of the Computational Structural Engineering Institute of Korea
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• v.20 no.4
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• pp.485-492
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• 2007

In this study, based on the temperature distribution and the spalling histories those obtained in the companion paper, the thermal stress and moments of underground box structure were estimated. Additionally, the ultimate sectional moment considering with the thermal nonlinearities of material were estimated and the load carrying capacity of underground box structure was also obtained. As results, the load carrying capacity of negative moment part was dominated by thermal moment that come from thermal gradient of the section. However, the load carrying capacity of the positive moment part was rules by the yield stress of rebar that exposed to the high temperature induced spalling phenomena.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.11
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• pp.835-842
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• 2020

The study aims to investigate the impact of debt on corporate profitability in the context of Vietnam. The paper investigates the impact of debt on corporate profitability in non-finance listed companies on the Vietnam stock market. The panel data of the research sample includes 118 non-financial listed companies on the Vietnam stock market for a period of nine years, from 2009 to 2017. The Generalized Method of Moments (GMM) is employed to address econometric issues and to improve the accuracy of the regression coefficients. In this research, corporate profitability is measured as the return of EBIT on total assets. The debt ratio is a ratio that indicates the proportion of a company's debt to its total assets. Firm sizes, tangible assets, growth rate, and taxes are control variables in the study. The empirical results show that debt has a statistically significant negative effect on corporate profitability. The result also shows this effect is stronger in a non-linear (concave) way, we show that the debt ratio has nonlinear effects on corporate profitability. From this, experimental evidence shows that the optimal debt ratio is 38.87%. This evidence provides a new insight to managers of the non-finance companies on how to improve the firm's profitability with debt.

• Computers and Concrete
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• v.19 no.2
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• pp.191-201
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• 2017

External pre-stressing is often used in strengthening or retrofitting of steel-concrete composite beams. In this way, a proper numerical model should be able to trace the completely nonlinear response of these structures at service and ultimate loads. A three dimensional finite element model based on shell elements for representing the concrete slab and the steel beam are used in this work. Partial interaction at the slab-beam interface can be taken into account by using special beam-column elements as shear connectors. External pre-stressed tendons are modeled by using one-dimensional catenary elements. Contact elements are included in the analysis to represent the slipping at the tendon-deviator locations. Validation of the numerical model is established by simulating seven pre-stressed steel-concrete composite beams with experimental results. The model predictions agree well with the experimental results in terms of collapse loads, path failures and cracking lengths at negative moment regions due to service loads. Finally, the accuracy of some simplified formulas found in the specialized literature to predict cracking lengths at interior supports at service loading and for the evaluation of ultimate bending moments is also examined in this work.

• Coupled systems mechanics
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• v.3 no.4
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• pp.367-384
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• 2014

The study deals with the physical modeling of a typical single storeyed building frame resting on pile foundation and embedded in cohesive soil mass using the finite element based software SAP-IV. Two groups of piles comprising two and three piles, with series and parallel arrangement thereof, are considered. The slab provided at top and bottom of the frame along with the pile cap is idealized as four noded and two dimensional thin shell elements. The beams and columns of the frame, and piles are modeled using two noded one dimensional beam-column element. The soil is modeled using closely spaced discrete linear springs. A parametric study is carried out to investigate the effect of various parameters of the pile foundation, such as spacing in a group and number of piles in a group, on the response of superstructure. The response considered includes the displacement at the top of the frame and bending moment in columns. The soil-structure interaction effect is found to increase the displacement in the range of 38 -133% and to increase the absolute maximum positive and negative moments in the column in the range of 2-12% and 2-11%. The effect of the soil- structure interaction is observed to be significant for the type of foundation and soil considered in this study. The results obtained are compared further with those of Chore et al. (2010), wherein different idealizations were used for modeling the superstructure frame and sub-structure elements (foundation). While fair agreement is observed in the results in either study, the trend of the results obtained in both studies is also same.