THE EFFECT OF TAX AVOIDANCE ON FIRM VALUE: THE MEDIATING ROLE OF AGENCY COST AND MODERATING ROLE OF FAMILY OWNERSHIP

This study aims to investigate the effect of tax avoidance on firm value with the mediating role of agency cost and moderating role of family ownership. Firm value is measured with Tobin’s Q, tax avoidance was measured with effective tax rate and agency cost was measured with asset turnover or sales to total ssset ratio. This research adopted F-PEC index developed by Astrachan, Klein, & Smyrnios (2002) to measure family ownership. Population of this research were non financial firms listed on IDX. Samples were taken for the year 2012-2016 and was collected by purposive sampling method where researcher established some criteria to be the research data. Panel data analysis on Eviews 10 was used to test the research data. This research find that tax avoidance significantly have positive effect on firm value. The results of this research prove that investor in Indonesia react positively to tax avoidance or do not consider tax avoidance practice as long as their interests are met. Furthermore, tax avoidance significantly have negative effect on agency cost, and agency cost significantly have negative effect on firm value. Tax avoidance negatively affects the agency costs because in doing tax avoidance, the agent strives to fulfill the principal's interests by providing higher after-tax profits, so that the interests of both parties are met and the conflicts and agency costs are likely to decrease. The path analysis result do not proven that tax avoidance have indirect effect on firm value through agency cost. Another finding is family ownership does not moderate the effect of tax avoidance on firm value. There are no different effect related to tax avoidance and firm value between low family ownership and high family ownership

Optimal Interdiction of Unreactive Markovian Evaders

The interdiction problem arises in a variety of areas including military logistics, infectious disease control, and counter-terrorism. In the typical formulation of network interdiction, the task of the interdictor is to find a set of edges in a weighted network such that the removal of those edges would maximally increase the cost to an evader of traveling on a path through the network. Our work is motivated by cases in which the evader has incomplete information about the network or lacks planning time or computational power, e.g. when authorities set up roadblocks to catch bank robbers, the criminals do not know all the roadblock locations or the best path to use for their escape. We introduce a model of network interdiction in which the motion of one or more evaders is described by Markov processes and the evaders are assumed not to react to interdiction decisions. The interdiction objective is to find an edge set of size B, that maximizes the probability of capturing the evaders. We prove that similar to the standard least-cost formulation for deterministic motion this interdiction problem is also NP-hard. But unlike that problem our interdiction problem is submodular and the optimal solution can be approximated within 1-1/e using a greedy algorithm. Additionally, we exploit submodularity through a priority evaluation strategy that eliminates the linear complexity scaling in the number of network edges and speeds up the solution by orders of magnitude. Taken together the results bring closer the goal of finding realistic solutions to the interdiction problem on global-scale networks.Comment: Accepted at the Sixth International Conference on integration of AI and OR Techniques in Constraint Programming for Combinatorial Optimization Problems (CPAIOR 2009

How Does the First Job Matter for an Individual’s Career Life in Japan?

Exploiting annual career records of female workers constructed from the Japanese Panel Survey of Consumers (JPSC), this paper examines how the first job matters for an individual’s future job career. Using the regional unemployment rate in the year of graduation as an instrument for the first job status (i.e., regular job or not), we confirm that an individual’s first job status matters significantly for the future job status even for female workers in Japan, although the effect gradually declines over the years and effectively disappears within around ten years from graduation. However, the observed first job effect appears to depend on the post-graduation career path taken by an individual, in the sense that someone who was unsuccessful during the first job hunt at the time of graduation can make up for the negative effect if she is lucky enough to secure a job as a regular employee within a reasonable time period.youth labor market, initial labor market conditions, cost of recessions, Japan

Advanced Path Planning and Collision Avoidance Algorithms for UAVs

The thesis aims to investigate and develop innovative tools to provide autonomous flight capability to a fixed-wing unmanned aircraft. Particularly it contributes to research on path optimization, tra jectory tracking and collision avoidance with two algorithms designed respectively for path planning and navigation. The complete system generates the shortest path from start to target avoiding known obstacles represented on a map, then drives the aircraft to track the optimum path avoiding unpredicted ob jects sensed in flight. The path planning algorithm, named Kinematic A*, is developed on the basis of graph search algorithms like A* or Theta* and is meant to bridge the gap between path-search logics of these methods and aircraft kinematic constraints. On the other hand the navigation algorithm faces concurring tasks of tra jectory tracking and collision avoidance with Nonlinear Model Predictive Control. When A* is applied to path planning of unmanned aircrafts any aircraft kinematics is taken into account, then practicability of the path is not guaranteed. Kinematic A* (KA*) generates feasible paths through graph-search logics and basic vehicle characteristics. It includes a simple aircraft kinematic-model to evaluate moving cost between nodes of tridimensional graphs. Movements are constrained with minimum turning radius and maximum rate of climb. Furtermore, separation from obstacles is imposed, defining a volume around the path free from obstacles (tube-type boundaries). Navigation is safe when the tracking error does not exceed this volume. The path-tracking task aims to link kinematic information related to desired aircraft positions with dynamic behaviors to generate commands that minimize the error between reference and real tra jectory. On the other hand avoid obstacles in flight is one of the most challenging tasks for autonomous aircrafts and many elements must be taken into account in order to implement an effective collision avoidance maneuver. Second part of the thesis describes a Nonlinear Model Predictive Control (NMPC) application to cope with collision avoidance and path tracking tasks. First contribution is the development of a navigation system able to match concurring problems: track the optimal path provided with KA* and avoid unpredicted obstacles detected with sensors. Second Contribution is the Sense & Avoid (S&A) technique exploiting spherical camera and visual servoing control logics

Secure Navigation System for Visually Impaired

A cane is commonly used to help blind people navigate on a path. A stick is used to inform them about any pits, obstacles or elevation. This paper presents a secure system which detects any obstacles using an Ultrasonic sensor. GPS-GSM module is used that gives us the location of the person and sends a message alert on the phone of their families on regular intervals. Also, obstacle detection warning is given through a voice command using speaker or headphones. This system is designed to help visually impaired navigate a path safely and without much difficulties. In the present ongoing systems the security and safety of the visually impaired person is not adequately taken care of. So we will be preparing an Electronic Travelling Aid (ETA) with ultrasonic sensor and GPS for increasing the security and safety of the visually impaired person. This system will be more efficient and cost effective as compared to its former systems

Evaluation of preparation times of WaveOne Gold reciprocating instruments compared to two analogous counterparts

Manufacturers are constantly developing new products to optimise endodontic treatment. These newer file systems are often associated with increasing expenditure of instrumentation and can affect the cost effectiveness of root canal treatment. Recently, companies have emerged that claim to have successfully reproduced many of the more established endodontic file systems manufactured by Dentsply Sirona (Ballaigues, Switzerland). EdgeEndo (Albuquerque, New Mexico, USA) and PacDent (Brea, CA, USA), which manufacture files similar in design to that of Dentsply Sirona, claim that they are similar and sell them at a lower price. A performance comparison of the replica file systems to their original is of clinical importance. The aim of this ex vivo study was to compare the total glide path and canal preparation times of WaveOne Gold Glider (Dentsply Sirona) combined with the Primary WaveOne Gold (Dentsply Sirona), Edge GlidePath (Edge Endo, Albuquerque, New Mexico, USA) followed by the Primary EdgeOne Fire (EdgeEndo); and One File G Glide Path (Pac-Dent, Brea, CA, USA) file combined with the Primary One File G (Pac-Dent) Shaping file. Sixty curved untreated canals of extracted, human, mandibular molars were randomly divided into three groups of 20 canals each for mechanical glide path enlargement and root canal shaping. Group 1 (WaveOne Gold Glider + Primary WaveOne Gold); Group 2 (Edge GlidePath + Primary EdgeOne Fire); and Group 3 (One File G Reciprocating Glide Path File + Primary One File G Reciprocating shaping file). The total time taken to prepare a glide path and to complete the root canal preparation of each canal was recorded (in seconds) by means of an iPhone stopwatch (Apple Inc., Cupertino, California). The time taken to change files was not recorded. Throughout the instrumentation process, RC Prep was used as a lubricant, and5 mL 3% sodium hypochlorite was used as irrigation solution. Mean and standard deviations were determined for each group, and analysis of variance was used to statistically compare the mean glide path preparation times for the three groups. The fastest final canal preparation time was achieved by WOGG/PWOG (41.78 ± 10.58 s), followed by OFGP/ POFS (42.02 ± 12.16 s) and then EGP/PEOF (42.49 ± 10.44 s). There were no statistically significant differences between the canal preparation times of the three combination groups (p>0.05)

Avoidance of multicast incapable branching nodes for multicast routing in WDM networks

In this articlewestudy themulticast routing problem in all-opticalWDMnetworks under the spare light splitting constraint. To implement a multicast session, several light-trees may have to be used due to the limited fanouts of network nodes. Although many multicast routing algorithms have been proposed in order to reduce the total number of wavelength channels used (total cost) for a multicast session, the maximum number of wavelengths required in one fiber link (link stress) and the end-to-end delay are two parameters which are not always taken into consideration. It is known that the shortest path tree (SPT) results in the optimal end-to-end delay, but it can not be employed directly for multicast routing in sparse light splitting WDM networks. Hence, we propose a novel wavelength routing algorithm which tries to avoid the multicast incapable branching nodes (MIBs, branching nodes without splitting capability) in the shortest-path-based multicast tree to diminish the link stress. Good parts of the shortest-path-tree are retained by the algorithm to reduce the end-to-end delay. The algorithm consists of tree steps: (1) aDijkstraPro algorithmwith priority assignment and node adoption is introduced to produce a SPT with up to 38% fewer MIB nodes in the NSF topology and 46% fewerMIB nodes in the USA Longhaul topology, (2) critical articulation and deepest branch heuristics are used to process the MIB nodes, (3) a distance-based light-tree reconnection algorithm is proposed to create the multicast light-trees. Extensive simulations demonstrate the algorithm's efficiency in terms of link stress and end-to-end delay

A Collaborative Web Application Framework for Least Cost Caloric Paths with Constraints on High Resolution Data

Historically, humans traveling on foot do not travel as the crow flies in a constant direction; rather, they follow the path of least resistance. The path of least resistance could mean avoiding mountain ranges, or following a stretch of terrain or avoiding large bodies of water. These paths are taken because they are easier to traverse and allow the traveler to expend the least amount of energy, or calories. Least cost caloric paths are a more realistic model of how humans travel on foot across terrain. Previous work has been done in computing and visualizing least cost caloric paths. This thesis presents a framework and implementation for a web application spatial data visualization tool, built in conjunction with expert input from an anthropologist, that strives to serve as an interactive tool for analyzing human travel across terrain. In addition to using least cost caloric paths across high resolution Digital Elevation Model (DEM) data, the system supports user-specified constraints on the travel. The collaborative web-based tool allows multiple users to view the same DEM model while specifying, computing, and visualizing multiple paths. In addition, the tool includes the ability for a user to specify constraint origin and distribution on the terrain to support specific study constraints such as no-travel zones (to account for hostile communities or commonly known latrine areas) and other sociopolitical boundaries affecting human travel across terrain. As the tool is intended for use via the web, usability and interactivity are key factors when considering the application design and implementation. To this end, we also present an error analysis of data resolution trade offs in computation time versus accuracy