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Determinants of Corporate Cash Holdings Among Asia’s Emerging and Frontier Markets
Tanveer BAGH,Muhammad Asif KHAN,Natanya MEYER,Rashid SADIQ,Sebastian KOT 한국유통과학회 2021 The Journal of Asian Finance, Economics and Busine Vol.8 No.6
The determinants of Corporate Cash Holdings (CCH) have been a deep-seated debate among institutions and scholars over the last couple of years. Therefore, this paper aims to investigate the determinants of CCH among emerging and frontier markets (Bangladesh, China, India, Pakistan). Due to endogeneity, the generalized methods of moments (GMM) methodology was applied to capture the impacts of different variables, including profitability, firm size, financial leverage growth opportunity, dividend payout, and the business cycle on CCH. The result shows that the firm’s size positively enhances CCH in emerging and frontier markets. Growth opportunity is negatively influenced by CCH in the case of Bangladeshi firms while a positive driver in emerging markets. The business cycle has a negative bearing on CCH across Pakistan, India, and Bangladeshi firms while positive and significant in Chinese firms. Financial leverage and dividend payout were positive determinants of CCH in Chinese firms, while they appear negative for Pakistan, India and Bangladeshi firms. Finally, profitability has a positive and significant impact on CCH in frontier and emerging markets. The study contributes to the incumbent determinants of CCH literature by introducing a fresh outlook and offering policy insights helpful in emerging and frontier markets perspectives.
Muhammad Kashif Iqbal Khan,Abid Aslam Maan,Rana Muhammad Aadil,Akmal Nazir,Masood Sadiq Butt,Muhammad Imtiaz Rashid,Muhammad Inam Afzal 한국식품과학회 2020 Food Science and Biotechnology Vol.29 No.4
Onion and ginger are rich sources of bioactive compounds which are lost during conventional drying process. The present study was designed to optimize the novel Microwave Assisted Drying and Extraction technique (MADE) for simultaneous drying and extraction/recovery of bioactive compounds from model food products. The time required for drying of samples was 11 (onion) and 16 (ginger) minutes with recovery yield of 87% (onion) and 85% (ginger). The drying time was reduced to 100 times compared to hot air drying and moisture ratio of dried samples was best described by Midilli model. The diffusivities of onion and ginger slices were 1.27 e-11 and 1.43 e-11 m2/s, respectively. Moreover, microwave-based extraction was compared with conventional one. The results of antioxidant activity and total phenolic contents of condensates obtained through MADE were higher compared to conventional method. In short, MADE exhibited better yield of extraction and drying properties compared to conventional methods.