The Effect of Corporate Governance on Firm Performance in Jordan

Due to widespread corporate scandals and failures around the world, there has been a renewed interest in the effect of corporate governance on firm performance. The majority of research concerning corporate governance and its effect on firm performance has been undertaken in developed countries and markets, particularly the UK and the US, but relatively little evidence is provided in the Middle East, specifically Jordan. This study investigates the effect of the corporate governance on firm performance of the Jordanian industrial and services companies during the period 2000 to 2010. This study primarily employs the agency theory to investigate the relationship between corporate governance and firm performance. The agency theory is concerned with the agency problem between principals and agents (i.e. shareholders and managers, respectively), which undermines value maximization. It has been argued that the board of directors, ownership concentration and managerial ownership are efficient corporate governance mechanisms to solve the agency problem between shareholders and management. Multiple regression panel data analysis is the main tool of analysis in this study. The statistical method used to test this impact is Generalised Least Square (GLS) Random Effects models. The study is based on the three sets of data: (1) a sample of 115 firms listed in the Amman Stock Exchange; (2) corporate governance data collected from Osiris database; and (3) data generated through the annual reports of the firms. Empirical investigation reveals a mixed set of results. Our findings fail to reveal any significant impact for the board size on firm performance. However, CEO duality tends to have a positive effect on the firm performance, which indicates that the Jordanian firms perform better if the chairman and the CEO roles are combined in a single individual. It was also found that NEDs have a negative impact on firm performance, which is inconsistent with the monitoring hypothesis of agency theory, which holds that the NEDs play an important role in the board as a source of experience, monitoring services, reputation and expert knowledge with the likelihood to improve firm performance. Furthermore, our findings report positive and negative impacts of managerial ownership and ownership concentration on firm performance (respectively). Finally, our findings reveal a positive relationship between foreign ownership and firm performance

Hybrid feature selection method based on particle swarm optimization and adaptive local search method

Machine learning has been expansively examined with data classification as the most popularly researched subject. The accurateness of prediction is impacted by the data provided to the classification algorithm. Meanwhile, utilizing a large amount of data may incur costs especially in data collection and preprocessing. Studies on feature selection were mainly to establish techniques that can decrease the number of utilized features (attributes) in classification, also using data that generate accurate prediction is important. Hence, a particle swarm optimization (PSO) algorithm is suggested in the current article for selecting the ideal set of features. PSO algorithm showed to be superior in different domains in exploring the search space and local search algorithms are good in exploiting the search regions. Thus, we propose the hybridized PSO algorithm with an adaptive local search technique which works based on the current PSO search state and used for accepting the candidate solution. Having this combination balances the local intensification as well as the global diversification of the searching process. Hence, the suggested algorithm surpasses the original PSO algorithm and other comparable approaches, in terms of performance

Characterization and Construction of a Robust and Elastic Wall-Less Flow Phantom for High Pressure Flow Rate Using Doppler Ultrasound Applications

A Doppler ultrasound is a noninvasive test that can be used to estimate the blood flow through the vessels. Presently, few flow phantoms are being used to be qualified for long-term utilize and storage with high physiological flow rate Doppler ultrasound. The main drawback of the two hydrogel materials items (Konjac (K) and carrageenan (C) (KC)) that it is not fit for long-term storage and easy to deteriorate. Thus, this research study focuses on the characterization and construction of a robust and elastic wall-less flow phantom with suitable acoustical properties of TMM. The mechanisms for the fabrication of a wall-less flow phantom utilizing a physically strong material such as K, C, and gelatin (bovine skin)-based TMM were explained. In addition, the clinical ultrasound (Hitachi Avius (HI)) system was used as the main instrument for data acquisition. Vessel mimicking material (VMM) with dimensions of 15.0 mm depth equal to those of human common carotid arteries (CCA) were obtained with pulsatile flow. The acoustical properties (speed of sound and attenuation were 1533±2 m/s and 0.2 dB/cm. MHz, respectively) of a new TMM were agreed with the IEC 61685 standards. Furthermore, the velocity percentages error were decreased with increase in the Doppler angle (the lowest % error (3%) it was at 53◦). The gelatin from bovine skin was a proper material to be added to KC to enhance the strength of TMM during for long-term utilize and storage of high-flow of blood mimicking Fluid (BMF). This wall-less flow phantom will be a suitable instrument for examining in-vitro research studies

Evaluation of Gamma Radiation Properties of Four Types of Surgical Stainless Steel in the Energy Range of 17.50–25.29 keV

In this study, the gamma radiation properties of four types of surgical-grade stainless steel (304, 304L, 316 and 316L) were investigated. The effective atomic number Zeff, effective electron density Neff and half-value layer (HVL) of four types of surgical-grade stainless steel were determined via the mass attenuation coefficient (μ/ρ). The μ/ρ coefficients were determined experimentally using an X-ray fluorescence (XRF) technique and theoretically via the WinXCOM program. The Kα1 of XRF photons in the energy range between 17.50 and 25.29 keV was used from pure metal plates of molybdenum (Mo), palladium (Pd), silver (Ag) and tin (Sn). A comparison between the experimental and theoretical values of μ/ρ revealed that the experimental values were lower than the theoretical calculations. The relative differences between the theoretical and experimental values were found to decrease with increasing photon energy. The lowest percentage difference between the experimental and theoretical values of μ/ρ was between −6.17% and −9.76% and was obtained at a photon energy of 25.29 keV. Sample 316L showed the highest value of μ/ρ at the energies 21.20, 22.19 and 25.29 keV. In addition, the measured results of Zeff and Neff for all samples behaved similarly in the given energy range and were found to be in good agreement with the calculations. The equivalent atomic number (Zeff) of the investigated stainless-steel samples was calculated using the interpolation method to compare the samples at the same source energy. The 316L stainless steel had higher values of μ/ρ, Zeff and Zeq and lower values of HVL compared with the other samples. Therefore, it is concluded that the 316L sample is more effective in absorbing gamma radiation

Effect of the LEGe detector collimators on K-series peaks and Compton scattering in XRF analysis using gamma rays

The effect of a low-energy germanium detector collimator with different diameters on the measurement of the X-ray fluorescence of palladium (Pd) was studied experimentally. Changes in the Pd K-series and Compton scattering peaks were measured and analysed with and without a detector collimator, where for the former, collimators with different diameters were used. The signal-to-noise ratio increased when a shielding collimator was used with a narrow detector collimator. The Compton dispersion and fraction dead time were reduced considerably using a detector collimator by increasing the distance from the source to the detector, and the collimator length-to-diameter ratio. The full width at half maximum (FWHM) of the Pd Kα1 and Pd Kβ1 peaks decreased almost linearly with the collimator length-to-diameter ratio. The FWHM illustrated that the spectral resolution was improved when a collimator with a smaller diameter but unchanged length was used. The uncertainties at the Pd Kα1, Pd Kβ1, and Compton dispersion peaks were approximately correlated linearly with the collimator length-to-diameter ratio

Cross-Sectional Relationship Between Beta and Realized Returns in Emerging Markets

Abstract This paper examines the conditional risk-return relationship caused by the impact of using realized returns as a proxy for expected returns, which requires a separation of negative and positive market premiums. Following the methodology of Pettengill et al. (1995), we test the cross sectional relationship between beta and realized returns on the Amman Stock Exchange (ASE) for ten beta sorted portfolio over the period of January 1993 to December 2016. The empirical results suggest that the traditional two-pass approach produces an insignificant relationship between beta and realized returns in most of the sample period. However, when adjusting for negative market premiums, the results show a significant and consistent relationship for all the testing periods and samples. However, a guaranteed reward for holding extra risk occurred only in the period 2001 –2008, which suggests an assurance of positive risk-return tradeoff during bull markets. JEL Classifications: G11, G12, G15, C21 Asset Pricing, Emerging Markets, Conditional Relationship, Beta, Market Premiu

Deep Insights into the Radiation Shielding Features of Heavy Minerals in Their Native Status: Implications for Their Physical, Mineralogical, Geochemical, and Morphological Properties

Barite and hematite are the most common heavy-weight minerals applied as aggregates in radiation shielding concrete (RSC). Therefore, to limit the cement consumption and reduce the CO2 emissions accompanying its production, the aim of this study is to use Egyptian barite and hematite minerals in their native status and evaluate their attenuation efficiency against fast neutrons and γ-rays. This was implemented through the measurement of their radiation attenuation against fast neutrons and γ-rays in the energy ranges of 0.80–11 and 0.40–8.30 MeV, respectively, employing a Pu-Be source and a stilbene scintillator. Theoretical calculations were prepared using the NXcom program to validate the fast neutron attenuation measurements. Furthermore, the implications of the physical, mineralogical, geochemical, and morphological characteristics of these heavy-weight minerals with respect to their attenuation efficiencies were considered. We found that barite has superior radiation attenuation efficiency for fast neutrons and γ-rays compared to hematite by 9.17 and 51% for fast neutrons and γ-rays, respectively. This was ascribed to the superior physical, mineralogical, geochemical, and morphological properties of the former relative to those of the latter. Furthermore, a satisfactory agreement between the experimental and theoretical results was achieved, with a deviation of 16 and 19.25% for the barite and hematite samples, respectively. Eventually, barite and hematite can be successful candidates for their use as sustainable alternatives to common RSC