Capital Structure of Innovative Companies in BRICS Countries

This article aims to identify the main business and economic determinants of capital structure in a sample of innovative companies from BRICS countries. We achieve this by presenting a comparative analysis of 1,437 high-tech and 1,485 non-innovative companies in the pharmaceuticals, electronics, IT, and telecommunications sectors between 2008 and 2015. We conduct a regression analysis using a significant number of variables, such as profitability, size, proportion of tangible assets, and growth potential. The highlighted parameters are then examined in order to identify the characteristic features displayed in the capital structure of innovative firms. Our results indicate that the following company characteristics are relevant in determining capital structure: information asymmetry costs (those which are associated with the unique activities of innovative companies), high growth potential generated by the availability of network effects, a high innovative applicability, low marginal and transport costs, and a high proportion of intangible assets. Moreover, we found that there is a distinct difference in the capital structure of companies as they vary in levels of innovation. An innovative company\u2019s proportion of intangible assets has a multidirectional effect on the debt amount. The potential for growth is also a significant factor which has a predominantly negative effect on the level of an innovative company\u2019s financial leverage. Levels of borrowing are overall lower for innovative firms. Our major conclusion, drawing from the results above, is that innovative companies in BRICS countries use relatively little debt in the case of high growth potential. This indicates a general need to overcome the information asymmetry challenge in order to increase the growth rates of individual companies. The scientific novelty of this analysis relates most strongly to the broadness of scope of our investigation, the focus on BRICS countries specifically, and the applicability of its conclusions in wider business and economic contexts. The breadth of data from a wide range of companies and sectors (both innovative and non-innovative), and the high number of companies utilized in the study, lend our evaluation an undeniable credibility within its scope, especially where it upholds similar conclusions in related literature of narrower focus. As a corollary to this, it may be conceivably asserted that these results are not merely applicable to individual companies, or even sectors of the economy, but due to their wide field of origin, they can have economy-wide implications on business and financial strategies

Temperature-induced reversal of magnetic interlayer exchange coupling

For epitaxial trilayers of the magnetic rare-earth metals Gd and Tb, exchange coupled through a non-magnetic Y spacer layer, element-specific hysteresis loops were recorded by the x-ray magneto-optical Kerr effect at the rare-earth $M_5$ thresholds. This allowed us to quantitatively determine the strength of interlayer exchange coupling (IEC). In addition to the expected oscillatory behavior as a function of spacer-layer thickness $d_Y$, a temperature-induced sign reversal of IEC was observed for constant $d_Y$, arising from magnetization-dependent electron reflectivities at the magnetic interfaces.Comment: 4 pages, 4 figures; accepted version; minor changes and new Figs. 2 and 4 containing more dat

Fermi Surface of Metallic V2_2O3_3 from Angle-Resolved Photoemission: Mid-level Filling of egπe_g^{\pi} Bands

Using angle resolved photoemission spectroscopy (ARPES) we report the first band dispersions and distinct features of the bulk Fermi surface (FS) in the paramagnetic metallic phase of the prototypical metal-insulator transition material V$_2$O$_3$. Along the $c$-axis we observe both an electron pocket and a triangular hole-like FS topology, showing that both V 3$d$ $a_{1g}$ and $e_g^{\pi}$ states contribute to the FS. These results challenge the existing correlation-enhanced crystal field splitting theoretical explanation for the transition mechanism and pave the way for the solution of this mystery.Comment: 5 pages, 4 figures plus supplement 12 pages, 3 figures, 1 tabl

Rashba Effect at Magnetic Metal Surfaces

We give experimental and theoretical evidence of the Rashba effect at the magnetic rare-earth metal surface Gd(0001). The Rashba effect is substantially enhanced and the Rashba parameter changes its sign when a metal-oxide surface layer is formed. The experimental observations are quantitatively described by ab initio calculations that give a detailed account of the near-surface charge density gradients causing the Rashba effect. Since the sign of the Rashba splitting depends on the magnetization direction, the findings open up new opportunities for the study of surface and interface magnetism.Comment: 4 Fig

Quantitative basin morphology and channel stability with reference to nonpoint sources of pollution in Evans Creek, Oregon

A Stream Reach Inventory and Channel Stability Evaluation procedure has been used to assess the nature and extent of erosional nonpoint sources of pollution in the Evans Creek basin, a tributary to the Rogue River, in southwestern Oregon. The study is based upon the results of the Oregon Department of Environmental Quality Section 208 Nonpoint Source Assessment Project. A terrain analysis of Evans Creek has been performed using quantitative basin morphologic techniques. Regressions analysis techniques were used to relate the channel stability conditions of the streams of Evans Creek to the morphologic characteristics of the basins. The Channel Stability Rating procedure is demonstrated to distinguish differences in the stability of channels under varying conditions of land use and lithology. The inventory procedure identifies and represents in-stream erosional and depositional processes differentially. Quantitative basin morphologic investigations indicate that streams in the. Evans Creek basin generally conform to hydrophysical laws of drainage composition. Channel stability has been significantly related to 20 morphologic variables describing areal, linear, textural, relief and shape aspects of the Evans Creek basin in streams logged six to ten years ago, in second growth and in old growth. Channel stability ratings appear to be related to watershed characteristics which reflect the development of potential energy in a drainage basin and influence the way potential energy is expended in the channel system