The Relationship Between Financing Restrictions and Financing Strategies: An Emphasis on the Mediating Role of Corporate Governance

The purpose of this study is to investigate whether the increase in financing restrictions of companies has an effect on their financing strategies. Based on this, the strategies of company managers for financing were formulated in the form of their desire to finance internally instead of externally and through transactions with related parties and financing from debt instead of issuing shares in the capital market. In addition, this research, emphasizing the role of corporate governance and its effect on defined relationships, seeks to provide a reasonable answer in relation to the effect of corporate governance on reducing the adverse effect of financing restrictions on the financing strategies of companies. In this regard, the data of 150 companies listed in the Tehran Stock Exchange during 2015-2019 were selected, and according to the Kaplan/Zengales indices as a measure of supplier criteria governing the companies, research hypotheses were examined. The results of this study showed that financing restrictions have a negative and significant relationship with transactions with related parties and a positive and significant relationship with capital structure. In addition, corporate governance only has a moderating effect on the relationship between financing constraints and capital structure.Keywords: Financing Restrictions, Financial Strategies, Related-party Transactions, Capital Structure, Corporate Governance. IntroductionFirms need financial resources to realize their activities and maximize the wealth of shareholders. Deciding on the choice between internal and external sources, the combination of capital structure and generally their strategies for financing is one of the most important decisions related to the growth and survival of the company. The concept of financing is explained by cash flows entering the firm, and any change and fluctuation is an indication of potential risk in financing activities, investment, and future operations of firms. In lack of proper financing and fewer cash flows, the firm faces financial restrictions and this problem affects the reduction of their investments and consequently the incoming cash flows to the firm. On the other hand, the existence of asymmetric information and agency problems can lead firms to not invest due to financial restrictions. Uninformed investors have less information about the net present value of their investment, while increasing the levels of information transparency and increasing the cash flow in firms lead to decreasing the lack of investment.According to this, in this research, we examined the relationship between financial restrictions and financing strategies. We also answered the question of whether corporate governance can lead to reducing the adverse effects of financial restrictions in adopting financing strategies. In this research, financing strategies will be discussed in the form of two categories of strategies, including transactions with related parties and capital structure. Methods and DataTo test the hypotheses, we used simple regression and multivariate regression models. For financial data and information, we collected the financial statements of firms listed on the Tehran Stock Exchange and databases such as Rahvard Navin. We examined the firm’s data for 5 years from 2015 to 2019. Based on this, 150 companies listed on the Tehran Stock Exchange were selected as a sample to investigate the research hypotheses. FindingsThe results of the estimation of the first model of the research indicated that at a significance level of 99%, financial constraints based on the Kaplan and Zangales’ (1997) index have a negative and significant relationship with transactions with related parties. Therefore, the first hypothesis of the study regarding the relationship between financial constraints and transactions with related parties is confirmed. The results of the estimation of the second research model indicated that financial constraints have a positive and significant relationship with capital structure. Therefore, the second hypothesis of the research about the relationship between financial constraints and capital structure is confirmed. The results of the estimation of the third model of the research indicated that there was a negative relationship between corporate governance and financial constraints. Therefore, the third hypothesis of the research is confirmed. The results of the estimation of the fourth research model indicated that the moderator variable (corporate governance) did not have a significant effect on the relationship between financial restrictions and transactions with related parties. Therefore, the fourth hypothesis of the research was rejected. The results of the estimation of the fifth research model indicated that the the moderator variable (corporate governance) has a significant effect on the relationship between financial constraints and capital structure. Discussion and ConclusionsThis research was done with two main goals and several sub-goals. One of the main goals of this study was to investigate the effects of financial restrictions on financing strategies. Another main goal of this study was to provide a solution to reduce the negative effect of financial constraints on the mentioned strategies. For this purpose, corporate governance was used. According to the theory of hierarchy, it was predicted that firms facing financial constraints are likely to have a much greater desire for debt than issuing shares in external financing, and also to use intragroup transactions tend to occur. Also, the results of this research in the Iranian capital market showed that the financial constraints of firms have a significant effect on the financing strategies, and it is necessary to consider them in the examination of the situation of firms. For this reason, investors estimate the risk of their investments higher. In addition, the results of this research confirmed the effect of corporate governance in controlling the negative effects of financial restrictions on firms. In other words, by establishing the principles of corporate governance, firms can reduce the problems of information asymmetry and representation caused by financial constraitns. Therefore, the present study can be effective in better understanding the effect of financial constraints on the selected strategies of firms in the capital market of Iran and lead to the development and enrichment of research literature in this field

The Moderating Effect of Management Entrenchment on the Relationship between Dividend and Debt Policy with Investor Sentiment

Investor Sentiment often stem from held-up beliefs or information unrelated to stock value and can lead to extreme reactions or low reactions to good or bad news in stock valuation. In this study, the effect of two important policies of Earning sharing and debt policy in the company that can be investigated on the behavior and inclinations of investors and then the Moderating effect of management Entrenchment on the relationship. To achieve the purpose of the research, four hypotheses were developed and data collected from 163 companies listed on the Tehran Stock Exchange during the years 2011 to 2021 were tested through regression models. The findings of this study showed that dividend policy increases investors' Sentiment but debt policy decreases investors' Sentiment. Management Entrenchment strengthens the positive relationship between dividend policy and investor sentiment. Therefore, during the dividend policy, the managers are of the shareholders' goals and want a higher dividend payment ratio. Management Entrenchment also reinforces the negative relationship between debt policy and investor sentiment. Therefore, risk-averse managers tend to use less debt, which is also a favorite of investors; because they invest in companies that have the least debt and their capital structure shows the importance of equity

In Vitro Comparison of Antibacterial Efficacy of a New Irrigation Solution Containing Nanosilver with Sodium Hypochlorite and Chlorhexidine

Objective: Antibacterial properties of silver nanoparticles have recently come into the spotlight in endodontic therapy. This study was conducted aiming at comparing the antimicrobial activity of a new irrigation solution containing nanosilver particles with that of sodium hypochlorite and chlorhexidine against Escherichia coli, Enterococcus faecalis, Pseudomonas aeruginosa and Candida albicans with direct culture technique.Methods: In this in vitro experimental study, Mueller Hinton agarmedium was prepared for cultivation of E. coli, C. albicans and P. aeruginosa species and Bile-Esculin agar culture medium was used for E. faecalis. Understudy irrigation solutions were chlorhexidine 2%, chlorhexidine  0.2%,  sodium hypochlorite  5.25%,  sodium hypochlorite  2.5%,  sodium hypochlorite  1.125%  andnanosilver solutions of 25, 50, 100, 150, 200, 400 and 4000 ppm. After preparation, the bacteria  were exposed to these solutions and the culture media were stored in an incubator at 37°C for 24 hours.The diameter of growth inhibition zone was determined for different microbial species and data were analyzed using Kruskal-Wallis and Dunnett’s tests.Results: Significant differences were found between various irrigation solutions based on the diameter of growth inhibition zones for E. faecalis, E. coli, C. albicans and P. aeruginosa (P<0.0001). The greatest antimicrobial activity against microbial species belonged to sodium hypochlorite 5.25% and 2.5%. Silver nanoparticle solution had an acceptable antimicrobial activity  in comparison to other solutions and its antimicrobial property constantly improved by increased concentration of Ag ions. The nanosilver containing irrigation solution at different concentrations up to 100 ppm did not show a significant difference with sodium hypochlorite 1.25% in terms of antimicrobial efficacy. Furthermore, the greatest antibacterial activity against P.aeruginosa was observed at different concentrations of nanosilver up to 100 ppm; whereas, chlorhexidine showed no antimicrobial activity against this microorganism.Conclusion: Based on the obtained results, nanosilver canal irrigation solution had a lower but acceptable antimicrobial activity against various bacterial species compared to conventional irrigation solutions. Therefore, once other characteristics of nanosilver are approved, further studies can be performed to improve its properties and use it as an alternative to conventional root canal irrigation solutions

Effect of self-modeling and self-controlled feedback on the performance of professional swimmers and waterpolo players

Self-modeling (SM) and self-control (SC) feedback can be presented as two solutions for learning improvement. Therefore, the aim of the present study was to investigate the effects of SM and SC feedback on 100-m freestyle performance of professional swimmers and waterpolo players. 25 elite male swimmers and waterpolo players, were randomly assigned to four groups: swimmer group with SM, swimmer group with SM and SC feedback, waterpolo players group with SM, and waterpolo players group with SM and SC feedback. 100-m freestyle times and performance were recorded. SM and SC feedback for the participants were utilized at the acquisition stage. The device used included a Lenovo B570 laptop and an Exilim ZR200 canon camcorder. SM and SC feedback presented to the swimmers and waterpolo players led to improved speed and results, and the effect of presenting SM with SC feedback to swimmers had better results. In conclusion, the present study indicates that SC modeling of watching video is a suitable method for professional swimmers. Water polo trainers can also use SM and SC feedback to enhance their players' swimming technique

Global, regional, and national burden of colorectal cancer and its risk factors, 1990–2019: a systematic analysis for the Global Burden of Disease Study 2019

Funding: F Carvalho and E Fernandes acknowledge support from Fundação para a Ciência e a Tecnologia, I.P. (FCT), in the scope of the project UIDP/04378/2020 and UIDB/04378/2020 of the Research Unit on Applied Molecular Biosciences UCIBIO and the project LA/P/0140/2020 of the Associate Laboratory Institute for Health and Bioeconomy i4HB; FCT/MCTES through the project UIDB/50006/2020. J Conde acknowledges the European Research Council Starting Grant (ERC-StG-2019-848325). V M Costa acknowledges the grant SFRH/BHD/110001/2015, received by Portuguese national funds through Fundação para a Ciência e Tecnologia (FCT), IP, under the Norma Transitória DL57/2016/CP1334/CT0006.proofepub_ahead_of_prin

Development of a novel fluorescent sensor for detection of 4-hydroxynonenal

[EMBARGOED UNTIL 12/1/2023] 4-Hydroxynonenal (4-HNE) is one of the secondary products of lipid peroxidation and has been studied in the greatest detail, due to its high reactivity and consequently, its role in a wide range of biological processes. During oxidative stress, reactive oxygen species involved in a free radical chain mechanism can induce the production of lipid peroxyl radicals, hydroperoxides and a few toxic secondary byproducts such as malondialdehyde (MDA) and 4-hydroxynonenal (4-HNE). the latter byproduct is the target analyte for our proposed sensor. In this project, the goal is to design a turn on fluorescent sensor that could quantitate 4-HNE levels with high selectivity in serum. Toward this aim, we plan to develop a thiol-based sensor that enables us to take advantage of thiol- Michael addition reaction with our target analyte, 4-HNE. dansyl was selected as the fluorophore for this sensor.Includes bibliographical references

Investigating the Effect of Speech Rate on the Start Time of the Voicing of Persian Plosives of Persian Standard in Continuous Speech

This study investigated the effect of speaking rate on the voice onset time (vot) stop consonant production in standard contemporary Persian. For this purpose, a production experiment was performed. Eight sentences were produced by twenty- four participants (seven male- seventeen female) at different speaking rates (slow- normal & fast) three times each. Voice onset time (VOT) distributions and mean VOT values were examined for initial and intervocalic labial, alveolar, palatal and velar stop consonants in context at slow, normal and fast rates of speech. At last, 1152 data were elicited. Results revealed that the short lag and pre-voiced category didn't change as a function of speaking rate, although VOT values for long lag category were affected by changes in speaking rate. Implication of the results suggest that in standard contemporary Persian, "aspiration" is affected by changes in speaking rate

Effect of Low-Dose (Single-Dose) Magnesium Sulfate on Postoperative Analgesia in Hysterectomy Patients Receiving Balanced General Anesthesia

Background and Aim. Aparallel, randomized, double blinded, placebo-controlled trial study was designed to assess the efficacy of single low dose of intravenous magnesium sulfate on post-total abdominal hysterectomy (TAH) pain relief under balanced general anesthesia. Subject and Methods. Forty women undergoing TAH surgery were assigned to two magnesium sulfate (N=20) and normal saline (N=20) groups randomly. The magnesium group received magnesium sulfate 50 mg·kg−1 in 100 mL of normal saline solution i.v as single-dose, just 15 minutes before induction of anesthesia whereas patients in control group received 100 mL of 0.9% sodium chloride solution at the same time. The same balanced general anesthesia was induced for two groups. Pethidine consumption was recorded over 24 hours precisely as postoperative analgesic. Pain score was evaluated with Numeric Rating Scale (NRS) at 0, 6, 12, and 24 hours after the surgeries. Results. Postoperative pain score was lower in magnesium group at 6, 12, and 24 hours after the operations significantly (P<0.05). Pethidine requirement was significantly lower in magnesium group throughout 24 hours after the surgeries (P=0.0001). Conclusion. Single dose of magnesium sulfate during balanced general anesthesia could be considered as effective and safe method to reduce postoperative pain and opioid consumption after TAH

Coronavirus Disease-2019 Infection in Neonates of an Infected Pregnant Mother with Triplets

Background: Coronavirus disease 2019 (COVID-19) infection is continuing its spread across the world with nearly 13 million people involvement by 11 July 2020. It mainly causes respiratory infection and affects different people in different ways. The COVID-19 infection involves many pregnant women worldwide, and maternal-fetal transmission of viral diseases is a major concern about this virus. However, its vertical transmission has to be proven in further studies.Case report: This study presents a COVID-19-infected woman pregnant with triplets that underwent urgent cesarean section in a tertiary center of gynecology and neonatology. Subsequently, neonatal outcomes will be investigated in this study. All neonates were born with low Apgar scores and transferred to the neonatal intensive care unit (NICU) immediately after birth. Polymerase chain reaction (PCR) test of the second male neonate was positive on days 3 and 6; however, he was finally discharged from the hospital in a good condition. It is worth mentioning that the other two newborns died. All three neonates had white lung with an unfavorable response to treatment.Conclusion: In this case study, we explain and discuss the probable COVID-19 infection in another two offsprings, elaborate on the mother's risk factors predisposing her to get involved with COVID-19 infection, and recommend some suggestions to avoid such complications