This study examines the effect of corporate governance on working capital policy; Aggressive and Conservative of 103 firms listed on Nigeria and Ghana Stock Exchange from 2012 to 2016. This study used a panel data of nonfinancial companies listed on Nigeria and Ghana stock exchange for the period 2012–2016. Data extracted from the annual financial report. Companies with missing data were dropped given a total of 103 companies from both countries (Nigeria and Ghana) with total observation of 510. We discovered that corporate governance on implemented aggressive/conservative working capital policy by firms produced a mixed result. Aggressive working capital policy implementation calls for strict control mechanism to ensure less investment in current assets. Therefore, there is strong corporate governance influence on working capital management of firms that operate aggressive working policy than firms which have implemented conservative working capital policy.
The evaluation of fluid flow through fractured media is essential for many applications. In hard rocks, fluid flow depends on fracture aperture and connectivity, as fractures are the preferential flow paths within the rock mass. Previous research studied fluid flow, using Discrete Fracture Networks (DFN) and numerical modelling methods, with fewer lab-scale experiments. Advancements in 3D printing technology allows for generating valuable lab-scale physical models representing fractured media. In this work, a DFN model is built using the DFN software MoFrac and a 3D physical model is generated with a 3D printer. The 3D printed DFN model is fixed in an experimental set-up, which functions as a differential pressure meter by restricting airflow through a transition duct. The objectives of the experiment are to establish the behavior of the changing pressure to fluid flow through fractures. This laboratory experiment is part of an ongoing research project investigating the constructability of a Natural Heat Exchange Engineering Technology system. This system uses natural means to provide economically significant thermal regeneration capacity through a volume of rocks for ventilating mine workings. The major contribution of the lab-scale experiment is to verify whether the secondary permeability of a rockmass can admit sufficient flow.
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