Problem statement:The objective of this study was to obtain the dying characteristics of the Jinda chili, a commonly grown variety in the Northeatern of Thailand, using the continuous fluidizedbed dryer in reducing moisture content of dried chili up to 13% wet basis as comparable to the dried chili in the market and to investigate the effect of drying temperature and drying air velocity. Approach: Drying characteristics was to study under varying conditions of drying temperature (50, 60, 70, 80, 90 and 100°C) and drying air velocity (4, 5 and 6 m sec −1 ). Results: The drying time decreased within the increasing of drying temperature and drying air velocity. Drying air velocity affected the drift and continuously moves of chili particle outward from dryer chamber under continuous fluidized-bed technique. The decreasing of moisture content effected with increasing of a compound capsaicin of dried chili compare to fresh chili. The diffusion coefficient of moisture content increased with increasing all drying temperature and drying air velocity. Conclusion: Drying temperature was the significant factor of the chili moisture content reduction. Drying air velocity affected the move of chili outward from chamber under the continuous fluidized bed drying process.
This article first investigates the determinants of "capital structure" and the extent to which financial structure policy contributes to the creation of shareholder value in Italian companies through a survey of 76 CFOs of Italian listed non-financial companies, and revealed that the key driver is the quest for financial flexibility, necessary to combine effectively capital structure policy with the other two levers of value creation, investment policy and payout policy. These three value creation drivers are autonomous, but this empirical study reveals a clear hierarchy that links liability policy (capital structure and payout) to asset policy (investments) leading companies to make sub-optimal financial structure decisions that may not minimize the weighted average cost of capital, though ensuring the financial flexibility necessary to activate their principal lever of value creation, investment policy, effectively and without excessive constraints. A major finding in a subsequent benchmarking exercise is that Italian "family capitalism" affects corporate governance and therefore capital structure decisions. This finding may not be restricted to the Italian market, but could apply to all countries in which ownership structures are centered on very few shareholders with weak financial market control and where banks often play a crucial role in the governance of companies.
This paper attempts to investigate how the Maastricht criteria and the Stability and Growth Pact (SGP) have impaired the capacity of Euro Zone (EZ) national authorities to conduct discretionary fiscal policy. We estimate fiscal determinants for the structural (discretionary) public deficit over the period of 1981-2010, estimating panel data equations in order to increase the strength of the test by enhancing the time series dimension of the data by the cross section. We find that the degree of the countrecyclicality of discretionary fiscal policy has been reduced significantly after the Maastricht Treaty. Also, there is empirical evidence that national fiscal rules have a significant positive impact in budgetary outcomes. Regarding the recent reform of the European governance framework, we consider that the context of the reform seems incapable of dealing with the factors which are responsible for the sovereign debt crisis. We stress the need for reforms in the financial sector which seem necessary to ensure in association with sound fiscal policies the stability in euro area.
This paper investigates potential business cycles determinants for the EMU countries among financial sector indicators examining at the same time the link between financial sector variables and business cycles volatility. We find that the total value of stocks traded, the private sector debt and the net inflows of FDI constitute significant determinants of business cycles fluctuations. Financial openness has an increasing effect on business cycles volatility while there is an unsettled relationship between financial depth and volatility. Another important finding of the paper is that the analysis provides evidence in favor of the occurrence of opportunistic political business cycles among EMU counterparts. The robustness of the above findings is verified via the use of relevant econometric methods such as EGLS, GLM and fixed-effect models.
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