The impact of an innovative human resource function on firm performance: the moderating role of financing strategy

The current study examined the impact of the human resource function and financing strategy on the financial performance of 104 UK manufacturing firms. Hypotheses are drawn from a resource-based perspective on human resource management and a financial theory perspective on capital structure. Results show that an innovative HR function is significantly related to economic performance. However, the relationship between an innovative HR function and economic performance was moderated by the firm¿s financing strategy. Firms obtained higher returns from an innovative HR function when pursuing a low leveraging (debt) financing strategy, a finding consistent with modern finance theory notions that firmspecific strategic assets provide greatest value when financed primarily through equity as opposed to debt

An Empirical Examination of the Relationship Between Real Options Values and the Rate of Investment

This paper examines the relationship between uncertainty and investment decisions by food and non-food firms. Using hysteresis and the real options paradigm, we review why uncertainty might cause firms to delay investment. In particular, our model looks for a negative relationship between capital invested and uncertainty. In the alternative, if the relationship is positive, this may be consistent with the exercise of growth options or competitive markets. Empirical results are mixed. In one of the four models we present there is clear evidence of hysteresis, that is a negative relationship between year over year investment and uncertainty. The remaining 3 models indicate the opposite, a positive relationship between investment and risk. Although the models differ, the first model is the stronger of the three. Nonetheless, the results are ambiguous. Although we use a large cross sectional, time series panel set of data, we find nothing remarkable about the food industry per se, except that across industries, their level of investment is about in the middle.Financial Economics,

Using local ecological knowledge to assess the status of the Critically Endangered Chinese giant salamander Andrias davidianus in Guizhou Province, China

The Critically Endangered Chinese giant salamander Andrias davidianus, the world's largest amphibian, is severely threatened by unsustainable exploitation of wild individuals. However, field data with which to assess the salamander's status, population trends, or exploitation across its geographical range are limited, and recent field surveys using standard ecological field techniques have typically failed to detect wild individuals. We conducted community-based fieldwork in three national nature reserves (Fanjingshan, Leigongshan and Mayanghe) in Guizhou Province, China, to assess whether local ecological knowledge constitutes a useful tool for salamander conservation. We collected a sample of dated salamander sighting records and associated data from these reserves for comparative assessment of the relative status of salamander populations across the region. Although Fanjingshan and Leigongshan are still priority sites for salamander conservation, few recent sightings were recorded in either reserve, and respondents considered that salamanders had declined locally at both reserves. The species may already be functionally extinct at Mayanghe. Although respondent data on threats to salamanders in Guizhou are more difficult to interpret, overharvesting was the most commonly suggested explanation for salamander declines, and it is likely that the growing salamander farming industry is the primary driver of salamander extraction from Guizhou's reserves. Questionnaire-based surveys can collect novel quantitative data that provide unique insights into the local status of salamander populations, and we advocate wide-scale incorporation of this research approach into future salamander field programmes

Biodiversity conservation and the earth system – mind the gap

One of the most striking human impacts on global biodiversity is the ongoing depletion of large vertebrates from terrestrial and aquatic ecosystems. Recent work suggests this loss of megafauna can affect processes at biome or Earth system scales with potentially serious impacts on ecosystem structure and function, ecosystem services, and biogeochemical cycles. We argue that our contemporary approach to biodiversity conservation focuses on spatial scales that are too small to adequately address these impacts. We advocate a new global approach to address this conservation gap, which must enable megafaunal populations to recover to functionally relevant densities. We conclude that re-establishing biome and Earth system functions needs to become an urgent global priority for conservation science and policy

The hierarchy of stability and predictability in orthognathic surgery with rigid fixation: an update and extension

A hierarchy of stability exists among the types of surgical movements that are possible with orthognathic surgery. This report updates the hierarchy, focusing on comparison of the stability of procedures when rigid fixation is used. Two procedures not previously placed in the hierarchy now are included: correction of asymmetry is stable with rigid fixation and repositioning of the chin also is very stable. During the first post-surgical year, surgical movements in patients treated for Class II/long face problems tend to be more stable than those treated for Class III problems. Clinically relevant changes (more than 2 mm) occur in a surprisingly large percentage of orthognathic surgery patients from one to five years post-treatment, after surgical healing is complete. During the first post-surgical year, patients treated for Class II/long face problems are more stable than those treated for Class III problems; from one to five years post-treatment, some patients in both groups experience skeletal change, but the Class III patients then are more stable than the Class II/long face patients. Fewer patients exhibit long-term changes in the dental occlusion than skeletal changes, because the dentition usually adapts to the skeletal change

The past and future human impact on mammalian diversity

To understand the current biodiversity crisis, it is crucial to determine how humans have affected biodiversity in the past. However, the extent of human involvement in species extinctions from the Late Pleistocene onward remains contentious. Here, we apply Bayesian models to the fossil record to estimate how mammalian extinction rates have changed over the past 126,000 years, inferring specific times of rate increases. We specifically test the hypothesis of human-caused extinctions by using posterior predictive methods. We find that human population size is able to predict past extinctions with 96% accuracy. Predictors based on past climate, in contrast, perform no better than expected by chance, suggesting that climate had a negligible impact on global mammal extinctions. Based on current trends, we predict for the near future a rate escalation of unprecedented magnitude. Our results provide a comprehensive assessment of the human impact on past and predicted future extinctions of mammals

Pultruded GFRP double-lap single-bolt tension joints - temperature effects on mean and characteristic failure stresses and knock-down factors

Details are presented of the fabrication and testing of five groups of twenty-four nominally identical double-lap single-bolt tension joints in pultruded glass fibre reinforced polymer (GFRP) composite plate. All of the joints had the same nominal width (W) to hole to diameter (D) ratio, but each of the five groups had a different end distance (E) to diameter ratio. Each group of twenty-four joints was divided into four sub-groups of six joints, which were tested at four temperatures. Tensile loads and overall extensions at failure and failure modes were recorded for each joint test. The test data was used to produce graphs of mean and characteristic failure stresses, as well as approximate mean and characteristic failure strains. The former data were used in conjunction with mean and characteristic failure stresses of the virgin GFRP plate to provide tensile knock-down factors for the bolted joints for five joint geometries and four test temperatures. The knock-down factors are potentially useful for preliminary joint design

Orbital Anatomy for the Surgeon

An anatomic description of the orbit and its contents and the eyelids directed toward surgeons is the focus of this article. The bone and soft tissue anatomic nuances for surgery are highlighted, including a section on osteology, muscles, and the orbital suspensory system. Innervation and vascular anatomy are also addressed