Stochastic frontier modelling of working capital efficiency across Europe

This paper adopts the stochastic frontier analysis (SFA) to model working capital efficiency (WCE) on a sample of 6,170 European firms from 2009 to 2018. We find: (i) larger firms are more efficient with their working capital management (WCM) than smaller firms, (ii) higher cash holding contributes to WCE, (iii) high competition is less conducive to WCE than low competition, (iv) export and sales growth potential decrease WCE and (v) WCE increases with access to bank credit. In the analysis, a distinction is made between the "old" EU countries and the "new" EU countries. The results are sensitive to the year of admission into the EU. The results are robust to omitted variable bias, using a more novel approach

Abnormal inventory and performance in manufacturing companies: evidence from the trade credit channel

This paper examines the value of abnormal inventory and the channels through which firms decrease abnormally high inventory or increase abnormally low inventory for a sample of 976 United Kingdom (UK) manufacturing firms over the period from 2006 to 2015. Using GMM regressions, the results show that (i) an optimal inventory policy exists; and (ii) firms that are able to converge at this optimal inventory level byeither decreasing abnormally high inventory or increasing abnormally low inventory to improve operational and stock performance. Importantly, the results show that trade receivables and trade payables are the channels through which firms achieve efficient inventory management

The association of physical activity, body mass index and the blood pressure levels among urban poor youth in Accra, Ghana

BACKGROUND: Globally, there is an increasing prevalence of high blood pressure (HBP) among adults and youth. However, the mechanisms of how the risk factors (physical inactivity and obesity) relate with blood pressure (BP) are not well known especially among the urban poor youth in low and middle income countries. Meanwhile childhood and adolescent physical inactivity and obesity, particularly in conditions of poverty, predispose individuals to cardiovascular diseases (CVDs) in later life. The aim of this study was to assess the BP levels and to examine its associations with physical activity (PA) and body mass index (BMI) amongst urban poor youth in Accra, Ghana. METHODS: We studied 201 youth aged 15-24 years in three urban poor communities in Accra, Ghana. Height, weight and BP were measured in all subjects. PA levels were assessed using the Edulink Urban Health and Poverty project questionnaire. Multiple linear regression analysis was used to determine the factors influencing BP levels. RESULTS: The proportion of pre-hypertension and hypertension among the youth was 32.3% and 4%, respectively. The rates of pre-hypertension (42.0 vs. 24.8) and hypertension (6.8 vs. 1.8) were higher in males than in females. More than three-quarters (84.1%) of the youth were not physically active. Females were more physically inactive compared to the males (94.7% vs. 70.5%). The average BMI was 22.8 kg/m(2). For overweight (17.7 vs. 6.8) and obesity (13.3 vs. 2.3), females had higher rates than males. BMI was positively related to systolic BP, and significantly associated with systolic BP (β = 1.4, p < 0.000 and β = 0.8, p < 0.000; respectively for male and female youth) compared to diastolic BP. Youth with low PA had raised BP. CONCLUSION: The positive association of BMI and BP in the study communities suggests the need for health measures to tackle their increase and related public health consequences. Further studies on BP and other risk factors among the youth of rural populations and other developing countries will be important to stall the rising prevalence and implications for adult morbidity and mortality

Cooperative management and its effects on shade tree diversity, soil properties and ecosystem services of coffee plantations in western El Salvador

We compared how management approaches affected shade tree diversity, soil properties, and provisioning and carbon sequestration ecosystem services in three shade coffee cooperatives. Collectively managed cooperatives utilized less diverse shade, and pruned coffee and shade trees more intensively, than individual farms. Soil properties showed significant differences among the cooperatives, with the following properties contributing to differentiation: N, pH, P, K, and Ca. Higher tree richness was associated with higher soil pH, CEC, Ca, and Mg, and lower K. Higher tree densities were associated with lower N, K, and organic matter. Although we found differences in the incidence of provisioning services (e.g., fruit), all plantations generated products other than coffee. No differences were observed between C-stocks. The history and institutional arrangements of cooperatives can influence management approaches, which affect ecosystem properties and services. Our study corroborates that interdisciplinary investigations are essential to understand the socio-ecological context of tropical shade coffee landscapes

The impact of international diversification on credit scores: Evidence from the UK

This study investigates the impact of international diversification on credit scores using a large sample of 6,557 UK firms. Our findings suggest that international diversification has an inverted U-shaped relationship with credit scores, and R&D intensity positively moderates this relationship. The results also show the international diversification-credit score relationship is only significant for firms operating in competitive industries. Further, we find the impact of international diversification on a firm’s credit score is not only dependent on innovation and competition, but also on its age of maturity, size, the industry to which it belongs, and its geographical location

Ghanaian clients' perception of fitness instructors' adherence to exercise delivery services codes of conduct: An exploratory study

Abstract Background and Aims Patronage for fitness and wellness activities has increased in Ghana, but the perception of primary consumers regarding exercise delivery service codes of conduct (EDCC) remains undocumented. This study reported the perception of clients about fitness instructors' adherence to EDCC. Methods Three hundred and seventy‐nine (mean age = 26.12 ± 8.83 years) clients registered with National Sports for ALL Association, Ghana (NASFAAG) were recruited. The participants were not living with any diagnosed disability, using psychiatric medication, and had consistently participated in fitness training, at least three times a week for a year, and not below the age of 18 years. The participants were recruited from fitness and wellness centers, gyms, and fitness clubs in three regions (Greater Accra—GA, Upper East—UE, and Ashanti—A) of Ghana. A closed‐ended, self‐structured and validated awareness and adherence exercise delivery codes of conduct questionnaires was administered. The questionnaire focused on data protection and responsibility, informed consent, competence, and professional and personal conduct adapted from the British Association of Sports and Exercise Science codes of conduct was administered. Statistical Package for Social Sciences (SPSS) version 23.0 was used to run factor analysis which determined factorial distribution of clients' perception of instructors on codes of conduct. Results In total, 50.99% (UE), 47.68% (A), and 46.02% (GA) clients indicated that identities were unprotected when trainers displayed information. In all, 31.05% (UE), 40.34% (A), and 36.48% (GA) showed they were introduced to substances without consent. In total, 38.89% (UE), 32.70% (A), and 53.55% (GA) clients participated in training to realize that the expertise expected was not provided. In all, 38.10% (UE) and 36.23% (A) agreed that instructors put safety at risk, while 23.02% (GA) exploited clients for personal gain. Conclusion Fitness instructors need enlightenment to adhere ethically to EDCC activities in Ghana. Activities related to wellness and fitness in Ghana require regulations