Debt and Corporate Governance in Emerging Economies - Evidence from India

We analyze the role of debt in corporate governance with respect to a large emerging economy, India, where debt has been an important source of external finance. First, we examine the extent to which debt acts as a disciplining device in those corporations where potential for over investment is present. We undertake a comparative evaluation of group-affiliated and non-affiliated companies to see if the governance role of debt is sensitive to ownership and control structures. Second, we examine the role of institutional change in strengthening the disciplining effect or mitigating the expropriating effect of debt. In doing so, we estimate, simultaneously, the relation between Tobins Q and leverage using a large cross-section of listed manufacturing firms in India for three years, 1996, 2000, and 2003. Our analyses indicate that while in the early years of institutional change, debt did not have any disciplinary effect on either standalone or group affiliated firms, the disciplinary effect appeared in the later years as institutions become more market oriented. We also find limited evidence of debt being used as an expropriation mechanism in group firms that are more vulnerable to such expropriation. However, the disciplining effect of debt is found to persist even after controlling for such expropriation possibilities. In general, our results highlight the role of ownership structures and institutions in debt governance.Debt, ownership structure, Corporate governance, institutional change.

Simulating Contact Instability in Soft Thin Films through Finite Element Techniques

When a thin film of soft elastic material comes in contact with an external surface, contact instability triggered by interaction forces, such as van der Waals, engenders topologically functionalized surfaces. Innumerable technological applications such as adhesives; microelecromechanical systems (MEMS), and nanoelectromechanical systems (NEMS) demand understanding of the physics behind the mechanical contact, relationship between the morphologies, and detachment forces in such films. Indentation tests are important experimental approach toward this; there also exist many simulation procedures to model the mechanical contact. Both atomistic level and analytical continuum simulations are computationally expensive and are restricted by the domain geometries that can be handled by them. Polymeric films also particularly demonstrate a rich variety of nonlinear behavior that cannot be adequately captured by the aforementioned methods. In this chapter we show how finite element techniques can be utilized in crack opening and in contact-instability problems

Contact Instability in Adhesion and Debonding of Thin Elastic Films

Based on experiments and 3-D simulations, we show that a soft elastic film during adhesion and debonding from a rigid flat surface undergoes morphological transitions to pillars, labyrinths and cavities, all of which have the same lateral pattern length scale, close to \lambda/H ~ 3 for thick films, H > 1 micrometer. The linear stability analysis and experiments show a new thin film regime where \lambda/H \approx 3+ 2 (\gamma/3 \mu H)^(1/4) (\gamma is surface tension, \mu is shear modulus) because of significant surface energy penalty (for example, \lambda/H = 6 for H = 200 nm; \mu = 1MPa).Comment: Accepted for publication in Phys. Rev. Let

Fabrication of micropatterned thin films through controlled phase separation of polystyrene/polydimethylsiloxane blends by spin coating

In this study, we blended two readily available polymers, polydimethylsiloxane (PDMS), a semi-crystalline polymer, and polystyrene (PS), an amorphous polymer, both having widely varying physical properties. The blend is then spin coated to form a thin film. We investigated the effects of relative polymer concentration, spin coating speed, and environmental factors, such as temperature, on the ultimate morphologies of the phase-separated thin films. It was found that it is possible to regulate the morphologies of the thin films to achieve desirable microstructures such as spherical droplets, holes, bi-continuous lamellar structures, and tubules by controlling the fabrication conditions. The polymer blend films with higher PS concentrations were shown to form a bilayer system with an upper PS-rich layer due to the thermodynamic instability of the film caused by the rapid evaporation of solvent, while films with higher PDMS concentrations exhibited cohesive forces that engendered microtubule formation and led to high surface roughness

Exploring transformative and multifunctional potential of MXenes in 2D materials for next-generation technology

MXenes, a rapidly growing family of two-dimensional (2D) transition metal carbides, nitrides, or carbonitrides (Mn+1XnTx, where M is a transition metal, X is carbon, nitrogen, or both, and T represents surface functional groups), have captured the scientific community's interest due to their exceptional physicochemical properties and diverse technological applications. This comprehensive review explores the latest breakthroughs in MXene synthesis and characterisation, emphasising their multifaceted applications in energy storage, catalysis, sensing, and other cutting-edge domains. This review examines the most widely used MXene synthesis strategies, including selective etching and delamination, and highlight recent advancements in controlling surface terminations, composition, and morphology. The influence of these synthetic parameters on MXene properties is discussed in detail. Characterisation techniques, ranging from spectroscopic methods to electron microscopy, are essential for elucidating MXenes' structure-property relationships. Research into energy storage leverages MXenes' high electrical conductivity, large surface area, and chemical tunability. This has led to significant progress in the field. This paper presents research efforts focused on optimising MXenes for both battery and supercapacitor applications. Additionally, the catalytic prowess of MXenes, particularly in electrocatalysis and photocatalysis, is explored, emphasising their role in green energy technologies and environmental remediation. MXenes' remarkable sensitivity and selectivity make them promising candidates for sensing various gases, biomolecules, and ions, offering exciting possibilities in healthcare and environmental monitoring. Importantly, this review underscores the need for continued optimisation of MXene synthesis protocols to achieve large-scale production, enhanced stability, and precise control over properties across various fields.Engineering & Physical Sciences Research Council (EPSRC) under grant numbers EP/R016828/1 (Self-tuning Fibre-Reinforced Polymer Adaptive Nanocomposite, STRAIN comp) and EP/R513027/1 (Study of Microstructure of Dielectric Polymer Nanocomposites subjected to Electromagnetic Field for Development of Self-toughening Lightweight Composites)