The Relationship Between Intellectual Capital and Performance of Social Enterprises: A Literature Review

There is a need for competition and having a competitive advantage for every enterprise. Moreover, a social enterprise is expected to maintain itself and expand exponentially through innovation and the application of technology. The need to survive implies the need for social innovation within the organizations. When the organization's goal is established, which is the prerequisite for starting a social enterprise, innovation aims to solve the problem. Innovation is a learning outcome that manifests itself into new product features, new products, or production methods. Social innovation is an incremental form of innovation because it emerges from the social needs of a community. The kind of innovation produced is oriented towards the community to provide a solution to their problem. Social enterprises have worked tirelessly to create solutions to the social issues that specific communities are facing. The findings in this research highlight intellectual capital as one of the most fundamental assets in a social enterprise. When discussed in terms of its three branches, intellectual capital's performance of social enterprises is significantly improved. Received: 8 July 2021 / Accepted: 19 August 2021 / Published: 5 September 2021

Investment Timing and Incentive Costs*

We analyze how the costs of smoothly adjusting capital, such as incentive costs, affect investment timing. In our model, the owner of a firm holds a real option to increase a lumpy form of capital and can also smoothly adjust an incremental form of capital. Increasing the cost of incremental capital can delay or accelerate investment in lumpy capital. Incentive costs due to moral hazard are a natural source of costs for the accumulation of incremental capital. When moral hazard is severe, delaying investment in lumpy capital is costly, and overinvesting relative to the first-best case is optimal. Received January 24, 2017; editorial decision March 15, 2019 by Editor Itay Goldstein.

Comprehensive Design and Analysis of a State-Feedback Controller for a Dynamic Voltage Restorer

Voltage sags result in unwanted operation stops and large economical losses in industrial applications. A dynamic voltage restorer (DVR) is a power-electronics-based device conceived to protect high-power installations against these events. However, the design of a DVR control system is not straightforward and it has some peculiarities. First of all, a DVR includes a resonant (LC) connection filter with a lightly damped resonance. Secondly, the control system of a DVR should work properly regardless of the type of load, which can be linear or non-linear, to be protected. In this paper, a digital state-feedback (SF) controller for a DVR is proposed to address these issues. The design and features of the SF controller are studied in detail. Two pole-placement alternatives are discussed and the system robustness is tested under variations in the system parameters. Furthermore, implementation aspects such as discretization not commonly addressed in the literature are described. The controller is implemented in its incremental form. A decoupling system for the dq-axis dynamics that takes into account system delays and the load current is proposed and analytically studied. The proposed controller is compared with two other alternatives found in the literature: a Proportional-Integral-Differential (PID) controller and a cascade controller. The effect of the load connected downstream a DVR is also studied, revealing the potential of the SF controller to damp the resonance under light load conditions. All control system developments were tested in a 5 kVA prototype of a DVR connected to a configurable grid.

Application of the Bipotential Theory to a Nonassociated Drucker–Prager Model

The bipotential theory allows us to describe nonassociated material laws. In this paper, we propose its application to the Drucker–Prager model. With a new description of the implicit flow rules, we propose dual constitutive cones as well as five forms of the bipotential function: the elastic stage in rate form, the plastic stage in rate form, the elastic stage in incremental form, the plastic stage in incremental form, and the elastoplastic stage in incremental form. By combining these with the finite element method, a numerical strategy that deals with the nonassociated Drucker–Prager model is obtained. Two examples are simulated to verify the accuracy, the stability, and the practicability of the algorithm in civil engineering.

SOLUTION OF NON-LINEAR PROBLEMS OF STRUCTURAL MECHANICS BY METHOD OF STEEPEST DESCENT

The algorithm of application of the method of steepest descent to the solution of problems of structural mechanics and solid mechanics, described by nonlinear differential equations. For application of this method to nonlinear operators are described by a sequence of linear operators in incremental form, unlimited and complex linear operator, in line with the idea of L. V. Kantorovich is limited to a simple linear unbounded operator.

Incremental Inverse Kinematics of Wire-Suspended Parallel Mechanical System Taking into Account Many-Worlds Situation

Wire-suspended platform is a parallel mechanical system consisting of a rigid platform and a number of length-adjustable wires. In order to deal with the kinematics of this type of mechanical system, we have to take into account the conspicuous characteristic of a wire that it can take only a tensile force. It has been demonstrated in the previous studies that this leads to plural possible kinematic states corresponding to a given set of wire lengths. In this study, we formulate an inverse kinematics problem in an incremental form based on the linearization of the kinematic relation of the system. Displacement of the mass center position of the platform is also taken into account for the articulation variables, in addition to the wire member lengths. A solution procedure that deals with the many-worlds situation is developed under the assumption of some adequate sensing devices. Numerical experiments based on computer simulation are carried out and the feasibility of the proposed approach is demonstrated with the attained kinematic motions of the simulated platform system.

Analysis of Steady-State Rolling Contact Problems in Nonlinear Viscoelastic Materials

A comprehensive numerical model is developed using Lagrangian finite element (FE) formulation for investigating the steady-state viscoelastic (VE) rolling contact response. Schapery's nonlinear viscoelastic (NVE) model is adopted to simulate the VE behavior. The model accounts for large displacements and rotations. A spatially dependent incremental form of the VE constitutive equations is derived. The dependence on the history of the strain rate is expressed in terms of the spatial variation of the strain. The Lagrange multiplier approach is employed. The classical Coulomb's friction law is used. The developed model is verified and its applicability is demonstrated.

ADR Accounting Principles Choice And The Market Reaction To Form 20-F

In this study, we conjecture that non-U.S. firms, choosing to be listed on the major U.S. exchanges, will incur the added costs associated with the supplemental disclosure requirements in order to get that information impounded in the home country equity share price via the ADR share price in the manner described by Fishman and Hagerty (1989). More specifically, we evaluate the equity share response to U.S.-listed ADR Form 20-F filing in a manner similar to Chen and Sami (2009, 2008) anticipating that the incremental disclosures will prompt ADR and equity security share responses. Unlike prior studies, we investigate whether the Form 20-F filings prompt U.S. dominant cross-market information flows from the ADR share market back to the home country equity share market proportional to the incremental Form 20-F information. We employ bivariate and single equation models of the cross-market ADR and equity security share response to the filing, controlling for the firm-specific Form 20-F accounting principles choice. Preliminary results indicate that both ADR and equity security share markets respond to the Form 20-F filing. There is a strong indication that the U.S. ADR share market response dominates the cross-market information flow driving the home country equity share market response. Furthermore, we find that the cross-market response to ADR Form 20-F filing is not equal across the three available accounting principle choices in either the ADR share market or the home country equity share market. Our results are consistent with U.S. GAAP conveying the most of new price relevant information, IFRS, and local accounting standards being informative but not to the same extent.