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Copyright of Revista Criterio Libre is the property of Revista Criterio Libre and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Purpose: The purpose of the present study is to examine the failure factors for the construction firms in a developing nation. Furthermore, the comparison of failure factors for private and government firms are evaluated. Design/methodology/approach: In the present study, comparison between private and government construction firms is done in the context of a construction firm failure. About 60 construction firms were selected in and around the Nashik region for the investigation, where a simple multi-attribute rating technique (SMART) is used for analysis purpose. Findings: It is found that for private firms (private contractors and builders) lack of experience is the major factor for failure of the business as against lack of managerial experience is a critical factor in case of a government contractor. Practical implications: The outcome of the present study will be used to guide the policymakers during the implementation of governmental and private projects in order to lessen the construction project failures. Originality/value: Construction company failure is an important aspect in developing countries like India. The limited studies were available in literature which shows failure factors for government and private firms and distinguished them. Hence, the present study extends the construction company failure literature by focusing on government and private firms. Also, the study provides some theoretical guidelines for management to avoid construction company failure in India. [ABSTRACT FROM AUTHOR]

This study examines the potential effect of COVID‐19 on agricultural financing by drawing lessons from past global crises and their link to agricultural financing. With significant impact in multiple sectors, COVID‐19 has caused significant liquidity shortage in the banking and financial institutions sectors that led to widespread business failure. Analysis at the macro, sectoral, and farmer levels confirms the decline in the financing allotted to the agricultural sector in Africa, which could exacerbate the existing structural gap in agricultural financing. Many policy responses and stimulus packages designed to address the negative effects of the crisis are found not to be enough. At the farmer level, findings indicate that many farmers are finding it more difficult to access credit than before the COVID‐19 crisis. For individual governments, a better understanding of the magnitude of the agricultural sector financing and investment needs to propose appropriate complementary responses is lacking. We suggest that, in the face of such a crisis, while in the short term the agricultural sector needs emergency funding, in the medium and long term, greater financial support is required, including long‐term resources at concessional rates, guarantee funds, and more suitable insurance products combined with social safety nets. [ABSTRACT FROM AUTHOR]

Copyright of Gümüshane University Journal of Social Sciences (GUSBID) / Gümüshane Üniversitesi Sosyal Bilimler Dergisi (GUSBID) is the property of Gumushane University Electronic Journal of the Institute of Social Science and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

The COVID-19 pandemic has affected various aspects of human life and forced many businesses to close. In attempt to manage the outbreak, many countries have executed series of Movement Control Orders (MCOs) and non-pharmaceutical intervention (NPI). Small food operators in Malaysia endeavor to keep operating their businesses, with strict policies imposed by the government. This study reviews the literature pertaining to the impacts of COVID-19 on business, specifically small food businesses in Malaysia and identify their survival strategies during the crisis. Major shift from traditional towards online approach, using modern technology such as food apps was an eye-opening strategy. The online platform provides great opportunities for food businesses during the current emergency, adding the financial aid from Malaysian Government. The current pandemic offers a unique opportunity for food business operators to identify another dimension expanding the business model and begin to adapt into modern technology. [ABSTRACT FROM AUTHOR]

The article discusses that the world will continue to innovate, and those who do not will be left behind, and the global economy is evolving and developing at exponential rates with the ongoing search for efficiencies, increased productivity and new ways to increase competition.

Using MSA-level data over 1994–2014, we study the effect of bank failures on local business dynamics, in the form of net business formation and net job creation. We find that at least one bank failure in the metropolitan statistical area (MSA) with the mean population prevents approximately 475 net businesses from forming in that area, compared with MSAs that experience no bank failures, ceteris paribus. The equivalent effect on net job creation is 16,433 net job losses. Our results are even stronger for small businesses, which are usually more dependent on bank-firm relationships. These effects point to significant welfare losses stemming from bank failures, highlighting an important role for government intervention. We show that the Troubled Asset Relief Program (TARP) is effective in reducing the negative effects of bank failures on local business dynamics. This positive effect of TARP is quite uniform across small and large firms. [ABSTRACT FROM AUTHOR]

Despite its rapid growth during the last three decades, salmon farming is risky because of production risk and dynamic market conditions, resulting in volatile salmon price over time. Price variability raises revenue uncertainty, affecting financial performance, capital structure, and survival probability. This study evaluates how price variability and financial ratios affect business failure in the Norwegian salmon farming industry. An initial statistical analysis indicates a positive correlation between price variability and firm exit cases. The estimation results of the nonproportional hazard model show a positive impact of price variability on the hazard rate. Among financial ratios, retained earnings/total assets and equity/total liabilities influence the hazard rate jointly with price variability. To this end, we discussed the implications regarding risk management and the sustainable growth of the aquaculture industry. [ABSTRACT FROM AUTHOR]

In case of failure, entrepreneurs could endure various financial, psychological, and social costs. These intertwined costs could affect their learning from failure. All individuals do not react in the same way when dealing with adversity. Rather than focusing on (negative) consequences of business failure, we took a more positive approach by using the Conservation of Resources (COR) model theory to build our conceptual model. Psychological capital, which refers to "an individual's positive psychological state of development characterized by high levels of self-efficacy, optimism, hope , and resilience," could be considered as a resource to recover from entrepreneurial setbacks. We suggest that a high level of psychological capital plays a mediating role in the relationship between the negative consequences of failure and learning from failure. By learning from this experience, failed entrepreneurs will increase their intention to re-create a venture and pursue their entrepreneurial career. This theoretical research, by building a conceptual model based on resources, offers a more positive approach of entrepreneurial failure and investigates key psychological assets, such as psychological capital, that support the development of entrepreneurial resilience rather than the prevention of business failure. [ABSTRACT FROM AUTHOR]

Innovation is often seen as essential for ventures to succeed. High business failure rates in entrepreneurship, however, suggest that innovations are frequently driven by entrepreneurs blinded by overconfidence. Thus, anticipating when and why entrepreneurs will be motivated to innovate is fundamental for entrepreneurial success. Using a large sample obtained from population surveys conducted in 77 countries, this study analyzes the variables that are significantly associated with innovative behaviors. The research tests a model proposing that the joint effects of hubris, growth aspirations, and an entrepreneur's level of entrepreneurial experience have a crucial impact on innovative endeavors. It finds that hubris is significantly related to entrepreneurs' growth aspirations and that ambition, in turn, is positively related to innovative behaviors. In addition, the study finds that both relationships are moderated by the level of entrepreneurial experience. These findings highlight the need to wise up amateur entrepreneurs before they embark on innovative endeavors. [ABSTRACT FROM AUTHOR]

COVID-19 placed a special role on fiscal policy in rescuing companies short of liquidity from insolvency. In the first months of the crisis, SMEs as the backbone of Germany's economy benefited from large and mainly indiscriminate aid measures. Avoiding business failures in a whatever-it-takes fashion contrasts, however, with the cleansing mechanism of economic crises: a mechanism which forces unviable firms out of the market, thereby reallocating resources efficiently. By focusing on firms' pre-crisis financial standing, we estimate the extent to which the policy response induced an insolvency gap and analyze whether the gap is characterized by firms which were already struggling before the pandemic. With the policy measures being focused on smaller firms, we also examine whether this insolvency gap differs with respect to firm size. Our results show that the COVID-19 policy response in Germany has triggered a backlog of insolvencies that is particularly pronounced among financially weak, small firms, having potential long-term implications on entrepreneurship and economic recovery. Plain English Summary This study analyzes the extent to which the strong policy support to companies in the early phase of the COVID-19 crisis has prevented a large wave of corporate insolvencies. Using data of about 1.5 million German companies, it is shown that it was mainly smaller firms that experienced strong financial distress and would have gone bankrupt without policy assistance. In times of crises, insolvencies usually allow for a reallocation of employees and capital to more efficient firms. However, the analysis reveals that this 'cleansing effect' is hampered in the current crisis as the largely indiscriminate granting of liquidity subsidies and the temporary suspension of the duty to file for insolvency have caused an insolvency gap that is driven by firms which were already in a weak financial position before the crisis. Overall, the insolvency gap is estimated to affect around 25,000 companies, a substantial number compared to the around 16,300 actual insolvencies in 2020. In the ongoing crisis, policy makers should prefer instruments favoring entrepreneurs who respond innovatively to the pandemic instead of prolonging the survival of near-insolvent firms. [ABSTRACT FROM AUTHOR]

The fact that personal data is de facto owned by internet companies and that the corresponding legal codifications of raw data have been willingly implemented by courts in the US and elsewhere, is compared by Pistor with the English feudal lords' violent seizure of land through "enclosures" ("We are now in danger of losing access to our own data"). Other authors, such as North and Thomas' "The Rise of the Western World", emphasise that this development triggered a surge in land and labour productivity through increased arable farming, which enabled the generation of a large agricultural surplus beyond levels of self-consumption within the agricultural sector itself and hence could feed a rapidly growing urban population.[10] These authors point out that countries such as Spain, in which the Crown was heavily dependent on the revenues of a "slaughter tax" and in which peasants' traditional rights to the land (commons) were protected and the land was prohibited from being converted into agricultural farm land, became relatively impoverished and that such countries were faced with an economic decline. However, as Pistor explains, it was accompanied by the activity of lawyers who carried out a recoding of land ownership rights and gradually shifted them towards the landed aristocracy, via court decisions, largely in the form of individual property as an absolute right. When Pistor writes about wealth via the recoding of legal norms, she does not distinguish clearly enough between (1) wealth in a patronage economy, which can only be established via redistribution and by making society as a whole stagnant or poorer, (2) increased wealth from institutions, that advance a country economically but can be detrimental by not compensating the losers from institutional changes, and (3) increased wealth without losers, which is beneficial to society at large, but at the same time increases inequality. [Extracted from the article]

Purpose: In Ghana, even though scholars and experts in the field of economics and finance have expressed their opinions and perceptions on the effect of the pandemic on the Ghana Stock Exchange, there has been no study conducted to that effect. This study, therefore, aimed at examining the impact of COVID-19 on the stock returns on the Ghana stock exchange. This would help policy makers and investors in making efficient decisions. Design/methodology/approach: The outbreak of the novel COVID-19 has been a thorn in the flesh of the world in its entirety, affecting many aspects of life including the stock market. This study, therefore, examined the impact of the outbreak on the stock returns of the Ghana Stock Exchange. The study utilized data from the All Share Prices of the Ghana stock exchange, commonly known as the Ghana stoke exchange composite index (GSECI) for analysis. The data covered the period before the outbreak of COVID-19 and during the outbreak. It was revealed that the Ghana stock exchange experienced better returns on the market before the outbreak of the virus. The outbreak of COVID-19 has led to wide variations in the market increasing the risk of investments. The exponential General Autoregressive Conditional Heteroscedasticity (EGARCH) (1, 1) model also reveals that the outbreak of COVID-19 has a significant negative effect on the returns in the market. The market in these periods of COVID-19 is highly volatile. It is recommended that investors should carefully consider risk mitigation strategies to enable them diversify their investments effectively and efficiently against the high risk associated with the market in this COVID-19 era. Findings: It was revealed that the Ghana stock exchange experienced better returns on the market before the outbreak of the virus. The outbreak of COVID-19 has led to wide variations in the market increasing the risk of investments. The EGARCH (1, 1) model also revealed that the outbreak of COVID-19 had a significant negative effect on stock returns in the market. The market during these periods of COVID-19 was viewed as highly volatile. Research limitations/implications: The outbreak of COVID-19 is hence deduced to have a negative impact on the Ghana stock exchange. However, the knowledge of how the market has been affected by the disease, it is important that financial risk mitigation studies be undertaken. This goes beyond what this study has done. The study can further be expanded to include other important economic variables such as GDP, inflation, exchange rates and the likes in to the model. Practical implications: Investors should carefully consider risk mitigation strategies to enable them diversify their investments effectively and efficiently against the high risk associated with the market in this COVID-19 era. Social implications: It is also important that investors consider diversification of their investments in order to reduce the risk in their investments. It will be more appropriate for most investors to invest with companies such as banks and the telecommunications companies listed on the on the market. This is because most of the telecommunication companies in these times have taken advantage and are making good profit on their businesses. Likewise, some of the financial institutions are considered essential institution in these times. Investing in industries such as manufacturing and the oil and gas sector may be more risky. Originality/value: The decline in economic and financial market indicators could be credited to the failure of most business entities, organizations and firms which are struggling to sustain their operations in these times of COVID-19. These also include firms listed on the Ghana stock exchange with whom investors transact their daily businesses. However, about 70% of the Ghanaian economy heavily depends on these business and firms found in the private and informal sector. According to the Ghana Statistics Service COVID-19 Business Tracker Survey, about 131,000 businesses expressed their uncertainties with the business environment and also faced the challenge of financial accessibility. The study is appropriate to unearth the true effect and offer policy interventions. [ABSTRACT FROM AUTHOR]

Performance measurement is an integral part of the Management Control System and plays a role in preventing financial losses, reputational damage or even organizational failure The purpose of this study is to provide a mapping of articles discussing performance measurement from 2000 to October 2022. Researchers use publish or perish software to get articles from Scopus with subject areas business, management, and accounting, and subject category accounting. The keyword used is performance measurement. The search found 370 articles. Data is processed using Mendeley Desktop and VOSviewer software. The results showed that the most cites was 851 obtained by Robert S Kaplan with a cite score per year of 40.52. [ABSTRACT FROM AUTHOR]

Summary: Web services (or Web APIs) on the Internet tends to encounter various unexpected runtime failures because of their dynamicity and distribution. Self‐adaptation technologies for the service‐based business process can effectively repair runtime failures and improve its success rate. However, the same failures may occur on subsequent invocations because relevant processes do not evolve after failures. This makes the response time of the business processes too long. We proposed a self‐adaptation and distributed knowledge‐based evolution model (SDKEM) to guarantee business processes' stabilities, that is, low failure rates and stable response time. SDKEM adopts a service knowledge base (SKB) to organize services from a provider and uses bridge rules to eliminate semantic conflicts among multiple distributed SKBs. It can automatically trigger the evolution of a service ecosystem through the designed self‐adaptation mechanism. We adopt the "survival of the fittest" principle for crucial elements in the ecosystem during evolution so that ultimately, service‐based processes and services with high stability remain. Experiments show that, with the developed evolution mechanism, runtime failures of business processes significantly reduce. In most cases, their response time and success rates are comparable to those under the running situation where no runtime failure occurs, meaning the runtime failures within a service‐based process are automatically repaired. [ABSTRACT FROM AUTHOR]

We explore how involuntary and voluntary exits from self-employment affect life and health satisfaction. To that end, we use rich longitudinal data from the German Socio-Economic Panel from 1985 to 2017 and a difference-in-differences estimator. We find that while transitioning from self-employment to salaried employment brings small improvements in health and life satisfaction, the negative psychological costs of business failure (i.e., switching from self-employment to unemployment) are substantial and exceed the costs of involuntarily losing a salaried job. Meanwhile, leaving self-employment has no consequences for self-reported physical health and behaviors such as smoking and drinking, implying that the costs of losing self-employment are mainly psychological. Moreover, former business owners fail to adapt to an involuntary self-employment exit even 2 or more years after this traumatic event. Our findings imply that policies encouraging entrepreneurship should also carefully consider the nonmonetary implications of business failure. [ABSTRACT FROM AUTHOR]

Business failure and poor business results over a long period of time represent a sure path to crisis. In such conditions, the postulates of the so-called crisis management (Crisis management) are accepted as a necessity and the need for strategic restructuring imposes in the long run. Managers are often not able to recognize the symptoms and causes of the company’s crisis in time. This leads to a weakening of the business performance and business results of the company and eventually to the company’s entry into the business crisis. The strategic approach to restructuring encompasses a broader aspect of the activities that need to be carried out in order for a company to emerge from the crisis, survive and thrive. Which restructuring strategies to apply in times of corporate crisis largely depends on the current position of the company, goals, needs and ways out of the crisis. Also, we tested the statistical impact and comparison, types of restructuring of large enterprises in Bosnia and Herzegovina in relation to European Union enterprises. The results showed that our managers understand the importance of a strategic approach to corporate restructuring. In this respect, we do not statistically diff er signifi cantly from the countries of Western Europe, Central Europe, Eastern Europe, and Serbia. [ABSTRACT FROM AUTHOR]

The aim of this study is to provide new insights into French small and medium-sized enterprises (SME) failure prediction using a unique database of French SMEs over the 2012–2018 period including both financial and nonfinancial variables. We also include text variables related to the type of activity. We compare the predictive performance of three estimation methods: a dynamic Probit model, logistic Lasso regression, and XGBoost algorithm. The results show that the XGBoost algorithm has the highest performance in predicting business failure from a broad dataset. We use SHAP values to interpret the results and identify the main factors of failure. Our analysis shows that both financial and nonfinancial variables are failure factors. Our results confirm the role of financial variables in predicting business failure, while self-employment is the factor that most strongly increases the probability of failure. The size of the SME is also a business failure factor. Our results show that a number of nonfinancial variables, such as localization and economic conditions, are drivers of SME failure. The results also show that certain activities are associated with a prediction of lower failure probability while some activities are associated with a prediction of higher failure. [ABSTRACT FROM AUTHOR]

In this article, we present results on research performed in the TEMPEST domain, which studies the electromagnetic disturbances generated unintentionally by electronic equipment as well as the methods to protect the information processed by this equipment against these electromagnetic phenomena. The highest vulnerability of information leakage is attributed to the display video signal from the TEMPEST domain perspective. Examples of far-range propagation on a power line of this type of disturbance will be illustrated for the first time. Thus, the examples will highlight the possibility of recovering processed information at distances of 1, 10 and 50 m. There are published articles studying electromagnetic disturbances generated by electronic equipment propagating on power cables of such equipment but no studies on their long-distance propagation. Our research aims to raise awareness in the scientific community and the general public of the existence of such vulnerabilities that can compromise confidential or sensitive information that can make the difference between success or failure in the business sector, for example, or can harm personal privacy, which is also important for us all. Countermeasures to reduce or even eliminate these threats will also be presented based on the analysis of the signal-to noise-ratio recorded during our research. [ABSTRACT FROM AUTHOR]