An Empirical Analysis of the Forecast of Corporate Financial Distress in the European Energy Sector

openExploring the causes of corporate financial distress has been a topic of extensive discussion and research in the field of finance. Over the years, scholars and experts have dedicated their efforts to unraveling the intricacies behind financial struggles faced by businesses. The enduring interest in this subject can be attributed to the profound consequences that corporate financial distress can bring. When a company finds itself in a state of financial distress, it often marks a critical turning point that could lead to insolvency or even bankruptcy. This represents the ultimate failure of the company and has wide-ranging impacts that go beyond its immediate boundaries. Employees are affected by potential job losses, stakeholders face financial losses, connected companies may experience disruptions in their operations, and the overall economy can suffer. The costs associated with corporate financial distress are substantial and can take different forms. Direct costs include expenses related to legal proceedings, asset liquidation, and settling outstanding debts. Indirect costs can arise from the erosion of the company's reputation, diminished investor confidence, restricted access to credit, and the ripple effect felt throughout the supply chain. Given the prevalence and far-reaching consequences of corporate financial distress, researchers and experts have delved into the topic with great fervor. Their aim is to develop models, methodologies, and strategies that can help identify early warning signs of financial distress and enable proactive measures to be taken. By doing so, they seek to protect companies from the brink of failure and promote stability and growth in the broader economy. The study of corporate financial distress has yielded valuable insights into the various factors that contribute to these challenges. Researchers have examined aspects such as poor financial management practices, ineffective governance structures, unfavorable economic conditions, industry-specific challenges, and vulnerabilities unique to individual companies. Ultimately, the research conducted in this field not only sheds light on the causes and consequences of corporate financial distress but also strives to provide guidance for companies, investors, and policymakers. By understanding the dynamics of financial distress, stakeholders can make informed decisions, implement preventive measures, and contribute to the resilience and success of businesses in the face of adversity.Exploring the causes of corporate financial distress has been a topic of extensive discussion and research in the field of finance. Over the years, scholars and experts have dedicated their efforts to unraveling the intricacies behind financial struggles faced by businesses. The enduring interest in this subject can be attributed to the profound consequences that corporate financial distress can bring. When a company finds itself in a state of financial distress, it often marks a critical turning point that could lead to insolvency or even bankruptcy. This represents the ultimate failure of the company and has wide-ranging impacts that go beyond its immediate boundaries. Employees are affected by potential job losses, stakeholders face financial losses, connected companies may experience disruptions in their operations, and the overall economy can suffer. The costs associated with corporate financial distress are substantial and can take different forms. Direct costs include expenses related to legal proceedings, asset liquidation, and settling outstanding debts. Indirect costs can arise from the erosion of the company's reputation, diminished investor confidence, restricted access to credit, and the ripple effect felt throughout the supply chain. Given the prevalence and far-reaching consequences of corporate financial distress, researchers and experts have delved into the topic with great fervor. Their aim is to develop models, methodologies, and strategies that can help identify early warning signs of financial distress and enable proactive measures to be taken. By doing so, they seek to protect companies from the brink of failure and promote stability and growth in the broader economy. The study of corporate financial distress has yielded valuable insights into the various factors that contribute to these challenges. Researchers have examined aspects such as poor financial management practices, ineffective governance structures, unfavorable economic conditions, industry-specific challenges, and vulnerabilities unique to individual companies. Ultimately, the research conducted in this field not only sheds light on the causes and consequences of corporate financial distress but also strives to provide guidance for companies, investors, and policymakers. By understanding the dynamics of financial distress, stakeholders can make informed decisions, implement preventive measures, and contribute to the resilience and success of businesses in the face of adversity

Liability for Damage Caused by Domestic and Wild Animals in Turkish Law

Abstract.The Turkish Code of Obligations holds pet owners objectively liable for any damage caused by their pets regardless of fault on the grounds that they failed to carry out their supervisory duty. There is, however, no regulation on compensation for damages caused by wild or stray animals. The legal gap in this field is filled by case laws. The aim of this study is to compare pet owner liability regulated by private law as strict liability and state liability for damage caused by wild animals protected by national legislation and international conventions. The research material consists of current legislation, and judicial and administrative decisions on property damage and bodily injury caused by animals. Tort claims for damages caused by pets and wild animals differ by statute of limitations, judicial remedy, the law on which the case is based, and strict liability principles. Pet owner liability for damage caused by the pet is based on strict liability in private law while administrative court decisions hold the administration liable based sometimes on strict liability and sometimes on negligence.Keywords: Pet owner liability; Pets; Wild animals; Strict liability; Compensation Abstrak.Kode Kewajiban Turki meminta pemilik hewan peliharaan bertanggung jawab secara obyektif atas kerusakan yang disebabkan oleh hewan peliharaan mereka, terlepas dari kesalahan yang dilakukan. Adapun alasan yang diajukan karena pemilik hewan gagal menjalankan tugas pengawasan. Namun, tidak ada peraturan tentang kompensasi atas kerusakan yang disebabkan oleh hewan liar atau tersesat tersebut. Tujuan dari penelitian ini adalah untuk membandingkan kewajiban pemilik hewan peliharaan yang diatur oleh hukum privat sebagai kewajiban yang ketat dan kewajiban negara atas kerusakan yang disebabkan oleh hewan liar yang dilindungi oleh undang-undang nasional dan konvensi internasional. Materi penelitian terdiri dari undang-undang saat ini, dan keputusan yudisial dan administratif tentang kerusakan properti dan cidera tubuh yang disebabkan oleh hewan. Klaim kerugian atas kerusakan yang disebabkan oleh hewan peliharaan dan hewan liar berbeda menurut undang-undang pembatasan, upaya hukum, hukum yang menjadi dasar kasus, dan prinsip tanggung jawab yang ketat. Tanggung jawab pemilik hewan peliharaan atas kerusakan yang disebabkan oleh hewan peliharaan didasarkan pada tanggung jawab yang ketat dalam hukum privat, sementara keputusan pengadilan administratif memegang tanggung jawab administrasi terkadang berdasarkan tanggung jawab yang ketat dan terkadang pada kelalaian.Kata kunci: Kewajiban pemilik hewan peliharaan; Hewan peliharaan; Hewan liar; Tanggung jawab yang ketat; Kompensasi Аннотация.Обязательственный кодекс Турции возлагает на владельцев домашних животных объективную ответственность за ущерб, причиненный их домашними животными, независимо от причиненного им вреда. Выдвинутые причины заключались в том, что владелец животного не выполнил свои обязанности по надзору за ним. Однако нет никаких правил относительно компенсации ущерба, причиненного дикими или бродячими животными. Целью этого исследования было сравнить обязанности владельцев домашних животных, регулируемые частным правом как строгое обязательство, и обязанности государства за ущерб, причиненный дикими животными, охраняемыми национальными законами и международными конвенциями. Материалы исследования состоят из действующего законодательства, судебных и административных решений в отношении имущественного ущерба и телесных повреждений, причиненных животными. Иски о возмещении ущерба, причиненного домашними и дикими животными, различаются в зависимости от закона об исковой давности, установленного закона, закона, на котором основано дело, и строгих принципов ответственности. Ответственность владельца домашнего животного за ущерб, причиненный домашним животным, основана на строгой ответственности по частному праву, в то время как решения административных судов предусматривают административную ответственность, иногда основанную на строгой ответственности, а иногда на небрежности.Ключевые слова: Обязанности владельцев домашних животных; Домашнее животное; Дикое животное; Строгая ответственность; Компенсаци

Pro-inflammatory cytokines in Turkish children with protein-energy malnutrition.

BACKGROUND: Protein-energy malnutrition (PEM) results from food insufficiency as well as from poor social and economic conditions. Development of PEM is due to insufficient nutrition. Children with PEM lose their resistance to infections because of a disordered immune system. It has been reported that the changes occurring in mediators referred to as cytokines in the immune system may be indicators of the disorders associated with PEM. AIMS: To determine the concentrations of pro-inflammatory cytokines in children with PEM, and to find out whether there was an association with the clinical presentation of PEM. METHODS: The levels of serum total protein, albumin, tumour necrosis factor-alpha, and interleukin-6 were measured in 25 patients with PEM and in 18 healthy children as a control group. PEM was divided into two groups as kwashiorkor and marasmus. The kwashiorkor group consisted of 15 children and the marasmus group consisted of 10 children. RESULTS: Levels of serum total protein and albumin of the kwashiorkor group were significantly lower than both the marasmus group and controls (p < 0.05). In view of tumour necrosis factor-alpha levels, there was no difference between groups (p > 0.05). While levels of interleukin-6 in both the marasmus group and the kwashiorkor group were significantly higher compared with controls (p < 0.05), there was no significant difference between the groups of marasmus and kwashiorkor (p > 0.05). CONCLUSIONS: It was observed that the inflammatory response had increased in children with malnutrition

3D Propolis-Sodium Alginate Scaffolds: Influence on Structural Parameters, Release Mechanisms, Cell Cytotoxicity and Antibacterial Activity

FEN-C-YLP-130319-0065 BAPKO Project. UID/CTM/50025/2019In this study, the main aim was to fabricate propolis (Ps)-containing wound dressing patches using 3D printing technology. Different combinations and structures of propolis (Ps)-incorporated sodium alginate (SA) scaffolds were developed. The morphological studies showed that the porosity of developed scaffolds was optimized when 20% (v/v) of Ps was added to the solution. The pore sizes decreased by increasing Ps concentration up to a certain level due to its adhesive properties. The mechanical, swelling-degradation (weight loss) behaviors, and Ps release kinetics were highlighted for the scaffold stability. An antimicrobial assay was employed to test and screen antimicrobial behavior of Ps against Escherichia coli and Staphylococcus aureus strains. The results show that the Ps-added scaffolds have an excellent antibacterial activity because of Ps compounds. An in vitro cytotoxicity test was also applied on the scaffold by using the extract method on the human dermal fibroblasts (HFFF2) cell line. The 3D-printed SA-Ps scaffolds are very useful structures for wound dressing applications.publishersversionpublishe

Temperature Effects Explain Continental Scale Distribution of Cyanobacterial Toxins

Insight into how environmental change determines the production and distribution of cyanobacterial toxins is necessary for risk assessment. Management guidelines currently focus on hepatotoxins (microcystins). Increasing attention is given to other classes, such as neurotoxins (e.g., anatoxin-a) and cytotoxins (e.g., cylindrospermopsin) due to their potency. Most studies examine the relationship between individual toxin variants and environmental factors, such as nutrients, temperature and light. In summer 2015, we collected samples across Europe to investigate the effect of nutrient and temperature gradients on the variability of toxin production at a continental scale. Direct and indirect effects of temperature were the main drivers of the spatial distribution in the toxins produced by the cyanobacterial community, the toxin concentrations and toxin quota. Generalized linear models showed that a Toxin Diversity Index (TDI) increased with latitude, while it decreased with water stability. Increases in TDI were explained through a significant increase in toxin variants such as MC-YR, anatoxin and cylindrospermopsin, accompanied by a decreasing presence of MC-LR. While global warming continues, the direct and indirect effects of increased lake temperatures will drive changes in the distribution of cyanobacterial toxins in Europe, potentially promoting selection of a few highly toxic species or strains.Peer reviewe

Mortality from gastrointestinal congenital anomalies at 264 hospitals in 74 low-income, middle-income, and high-income countries: a multicentre, international, prospective cohort study

Summary Background Congenital anomalies are the fifth leading cause of mortality in children younger than 5 years globally. Many gastrointestinal congenital anomalies are fatal without timely access to neonatal surgical care, but few studies have been done on these conditions in low-income and middle-income countries (LMICs). We compared outcomes of the seven most common gastrointestinal congenital anomalies in low-income, middle-income, and high-income countries globally, and identified factors associated with mortality. Methods We did a multicentre, international prospective cohort study of patients younger than 16 years, presenting to hospital for the first time with oesophageal atresia, congenital diaphragmatic hernia, intestinal atresia, gastroschisis, exomphalos, anorectal malformation, and Hirschsprung’s disease. Recruitment was of consecutive patients for a minimum of 1 month between October, 2018, and April, 2019. We collected data on patient demographics, clinical status, interventions, and outcomes using the REDCap platform. Patients were followed up for 30 days after primary intervention, or 30 days after admission if they did not receive an intervention. The primary outcome was all-cause, in-hospital mortality for all conditions combined and each condition individually, stratified by country income status. We did a complete case analysis. Findings We included 3849 patients with 3975 study conditions (560 with oesophageal atresia, 448 with congenital diaphragmatic hernia, 681 with intestinal atresia, 453 with gastroschisis, 325 with exomphalos, 991 with anorectal malformation, and 517 with Hirschsprung’s disease) from 264 hospitals (89 in high-income countries, 166 in middleincome countries, and nine in low-income countries) in 74 countries. Of the 3849 patients, 2231 (58·0%) were male. Median gestational age at birth was 38 weeks (IQR 36–39) and median bodyweight at presentation was 2·8 kg (2·3–3·3). Mortality among all patients was 37 (39·8%) of 93 in low-income countries, 583 (20·4%) of 2860 in middle-income countries, and 50 (5·6%) of 896 in high-income countries (p<0·0001 between all country income groups). Gastroschisis had the greatest difference in mortality between country income strata (nine [90·0%] of ten in lowincome countries, 97 [31·9%] of 304 in middle-income countries, and two [1·4%] of 139 in high-income countries; p≤0·0001 between all country income groups). Factors significantly associated with higher mortality for all patients combined included country income status (low-income vs high-income countries, risk ratio 2·78 [95% CI 1·88–4·11], p<0·0001; middle-income vs high-income countries, 2·11 [1·59–2·79], p<0·0001), sepsis at presentation (1·20 [1·04–1·40], p=0·016), higher American Society of Anesthesiologists (ASA) score at primary intervention (ASA 4–5 vs ASA 1–2, 1·82 [1·40–2·35], p<0·0001; ASA 3 vs ASA 1–2, 1·58, [1·30–1·92], p<0·0001]), surgical safety checklist not used (1·39 [1·02–1·90], p=0·035), and ventilation or parenteral nutrition unavailable when needed (ventilation 1·96, [1·41–2·71], p=0·0001; parenteral nutrition 1·35, [1·05–1·74], p=0·018). Administration of parenteral nutrition (0·61, [0·47–0·79], p=0·0002) and use of a peripherally inserted central catheter (0·65 [0·50–0·86], p=0·0024) or percutaneous central line (0·69 [0·48–1·00], p=0·049) were associated with lower mortality. Interpretation Unacceptable differences in mortality exist for gastrointestinal congenital anomalies between lowincome, middle-income, and high-income countries. Improving access to quality neonatal surgical care in LMICs will be vital to achieve Sustainable Development Goal 3.2 of ending preventable deaths in neonates and children younger than 5 years by 2030