Corporate performance and diversification from a resource-based view: A comparison between small and medium-sized Austrian firms

The effect of diversification on corporate performance has shown controversial results in prior research, ranging from the potential to improve performance to the risk of performance reduction. The aim of this study is to explain separately the effect of diversification and some selected variables on the profitability of small- and medium-sized Austrian firms and to test some research hypotheses based on prior research. For this study 1,095 observations were analyzed for small- and medium-sized firms over a three-year period. The resource-based-view (RBV) has been chosen as the theoretical framework of this study. The results provide no clear evidence as to whether related or unrelated diversification leads to higher profitability, because it depends on how profitability is measured. This result holds for small- and medium-sized firms (SMEs). Additionally, there is no significant reduction in risk for diversified companies. Only related diversification exhibited a significantly lower risk when compared to non-diversified medium-sized firms. Finally, the RBV can only partially explain and predict diversification strategy and its outcome on profitability and risk

Inability of Gearing-Ratio as Predictor for Early Warning Systems

Background: Research in business failure and insolvency prediction provides numerous potential variables, which are in the position to differentiate between solvent and insolvent firms. Nevertheless, not all of them have the same discriminatory power, and therefore their general applicability as crisis indicators within early warning systems seems questionable. Objectives: The paper aims to demonstrate that gearing-ratio is not an appropriate predictor for firm failures/bankruptcies. Methods/Approach: The first and the second order derivatives for the gearing-ratio formula were computed and mathematically analysed. Based on these results an interpretation was given and the suitability of gearing-ratio as a discriminator within business failure prediction models was discussed. These theoretical findings were then empirically tested using financial figures from financial statements of Austrian companies for the observation period between 2008 and 2010. Results: The theoretical assumptions showed that gearing-ratio is not a suitable predictor for early warning systems. This finding was confirmed with empirical data. Conclusions: The inclusion of gearing-ratio within business failure prediction models is not able to provide early warning signals and should therefore be ignored in future model building attempts

THE ROLE OF ORGANIC MATTER IN THE SURFACE CHEMISTRY OF ARSENIC COMPOUNDS ON IRON−(OXYHYDR)OXIDES STUDIED BY ATR-FTIR

The interaction of organic matter with the interfaces of active soil components such as iron oxides is ubiquitous within soil environments. The presence of organics at these interfaces may have implications for other soil constituents whose mobility is controlled by their ability to bind to active soil components. Most of the studies performed to date which look at these interactions are bulk/batch studies performed ex-situ. Attenuated total internal reflectance Fourier transform infrared spectroscopy (ATR-FTIR) was utilized within this work to study interactions between select model organics (citrate, oxalate and pyrocatechol) and iron−(oxyhydr)oxides, as well as their effect on the surface chemistry of organic and inorganic arsenicals. Using baseline-corrected peak height measurements, model organics were reacted with iron−(oxyhydr)oxide nanoparticles as a function of pH and concentration to generate pH envelope and adsorption isotherm curves. The Langmuir adsorption model was applied to adsorption isotherm curves to obtain Keq constants for model organics on the surface of hematite nanoparticles. Kinetic adsorption experiments were performed for model organics on hematite nanoparticles over a range of ionic strength conditions, with results showing a positive correlation between ionic strength and observed initial adsorption rates (robs1), obtained from the Langmuir adsorption model, of citrate and oxalate. Experiments on the kinetic desorption of model organics from the surface of hematite nanoparticles were also carried out to obtain initial rates of model organic desorption (k’des1) using the Langmuir desorption model; 1 mM of arsenate, 1 mM of dimethylarsinic acid (DMA), and a range of chlorine concentrations were utilized as the desorbing agents. These results show that arsenate is an effective desorbing agent for all three of the model organics. Conversely, the effect of DMA and chloride as desorbing agents varied, with citrate being moderately sensitive, oxalate being very sensitive, and pyrocatechol being insensitive. 7 Arsenate and DMA adsorption kinetic experiments on hematite nanoparticles, which were either reacted or unreacted with model organics, were performed to obtain robs1. These experiments were plotted as a function of aqueous arsenic concentration, analyzed using the Langmuir adsorption model to obtain pseudo- first order adsorption rates (kads1). The results of these experiments show that the presence of surface oxalate on hematite nanoparticles has an enhancing effect on the initial rates of arsenate and DMA adsorption, when compared to unreacted hematite. Conversely, the presence of surface pyrocatechol was shown to have an inhibiting effect on the initial rate of adsorption of arsenate to hematite nanoparticles. Results shown herein, along with aqueous phase comparisons of iron organic standards, provided information that has culminated in proposed surface complexes of the studied model organics on the surface of hematite nanoparticles under environmentally-relevant conditions. It is proposed that: oxalate forms a combination of outer-sphere and inner-sphere binuclear monodentate complexes, citrate forms an inner-sphere monodentate complex with either singly- or doubly-deprotonated carboxylic groups, and pyrocatechol forms a mixture of inner-sphere binuclear bidentate and monodentate surface complexes. The significance of this work is in providing a better fundamental understanding of the effect that different organic functional groups have on the binding of arsenicals to geosorbents, and thus the mobility of arsenicals within environments where organics are prevalent

The Relevance of Trend Variables for the Prediction of Corporate Crises and Insolvencies

This study investigated the potential of a specific trend, defined as the relative change of accounting ratios for two consecutive years, to improve the classification accuracy and model performance of insolvency prediction models based on multivariate linear discriminant analysis. The results show that the respective trend can include information from both consecutive years, but this informational content could not be exploited to improve early detection of corporate crises and insolvencies

PAINFUL AND ITCHY DERMATOSES CARRY THE HIGHEST PSYCHOLOGICAL BURDEN FOR DERMATOVENEREOLOGICAL PATIENTS

Background: Most dermatovenereological diseases are not life-threatening but nevertheless are highly prevalent disorders. Psychosocial aspects of skin diseases and physical symptoms strongly influence patient\u27s quality of life (QoL) which results in the development of different coping mechanisms in patient\u27s behaviour. Development of psychiatric comorbidity in patients with skin diseases is well known. On the other hand, little is known about psychological comorbidity associated with dermatovenereological diseases. Aims of this study were to investigate QoL and psychological burden among dermatovenereological patients. Subjects and methods: Two hundred and ninety patients suffering from different dermatological and venereological diseases participated in the study, divided into three study groups: itchy/painful dermatoses, non-itchy/non-painful dermatoses and venereological diseases. Participants completed standardized psychological questionnaires: Dermatology Specific Quality of Life (DSQL), Beck Depression Inventory (BDI) and State and Trait Anxiety Inventory (STAI). Intensity of the disease and localisation of the lesions were also assessed. Results: Physical aspect of QoL was mostly influenced by itchy/painful dermatoses but psychological aspect and everyday activities and choices were mostly affected by patients with non-itchy/non-painful dermatoses and venereological diseases. 4.1% of participants had serious depressive symptoms, 11.5% had high and very high anxiety symptoms as state and 15.6% as trait. However, participants with severe skin conditions were more depressed, while participants with always and sometimes exposed lesions were more anxious. Conclusion: It is essential to recognise subgroups of dermatovenereological patients whose treatment approach should be interdisciplinary. Further studies are needed to detect psychosocial needs of patients with venereological diseases

Meta-analysis of the literature related to SDG 3 and its investment

2020 revealed the vulnerability of the healthcare systems in most countries. It also highlighted their failure to generate serious progress in the fulfillment of Sustainable Development Goal 3 (SDG 3): Ensure healthy lives and promote welfare for all at all ages. One of the key problems inhibiting its progress is the lack of financial resources. Based on a comprehensive meta-analysis of the literature related to SDG 3 and its investment, it aims to demonstrate that lack of appropriate academic support is a part of the failure to generate serious progress in the fulfillment of SDG 3. To do this academic literature published in the period 2010–2019 is analyzed. SciVal Elsevier, VosViewer, and Google Trends tools are applied for analysis. The results show that there is a significant interest in the academic circles on SDG 3 alone. However, this interest is concentrated toward its medical aspects while economic aspects, including investment, are poorly represented. This study shows that the reason for the current investment gap in SDG 3 is the lack of academic support to provide a theoretical, methodological, and analytical framework for tackling the financing problem for SDG 3

Micro - Focused Phototherapy Associated To Janus Kinase Inhibitor: A Promising Valid Therapeutic Option for Patients with Localized Vitiligo

BACKGROUND: Vitiligo is an acquired pigmentary cutaneous disease, characterised by the progressive loss of melanocytes, resulting in hypopigmented skin areas which progressively become amelanotic. Classically, vitiligo treatments are unsatisfactory and challenging. Despite the continuous introduction of new therapies, phototherapy is still the mainstay for vitiligo repigmentation.AIM: The aim of this multicenter observational retrospective study was to evaluate the efficacy and safety of the nb - UVB micro - phototherapy (BIOSKIN EVOLUTION®), used alone or in associations with an oral Janus kinase inhibitor (Tofacitinib citrate), in the treatment of stable or active forms of localised vitiligo.MATERIAL AND METHODS: Fifty eight patients had been treated with n-UVB micro-photootherapy (Group A); 9 patients had been treated with phototherapy plus Tofacitinb citrate (Group B).RESULTS: Among Group A, 42 patients (72%) obtained a re-pigmentation rate higher than 75%, with a medium value of 77%. 11 patients (19%) achieved a marked improvement of the clinical findings with a repigmentation rate between 50-75%; 4 patients (8%) showed a moderate response with a lesional repigmentation of 25-50%. Only one patient (1%) had a poor response to the phototherapeutic treatmentCONCLUSION: Nb - UVB micro-focused phototherapy is one of the most effective therapeutic options for vitiligo treatment. The association of micro-focused phototherapy to Tofacitinib citrate seems to provide better clinical results in term of repigmentation rate