Search Results (40)

This study investigates the effects of liquidity regulation, specifically the liquidity coverage ratio (LCR), on the capital structure of South African banks, with a focus on debt maturity composition. Using panel data covering the period 2015–2024, the analysis applies the Generalized Method of Moments (GMM) estimator to address potential endogeneity concerns. The findings reveal a significant positive relationship between LCR and banks’ total and long-term debt ratios, indicating a shift towards more stable funding structures. In contrast, the LCR is negatively associated with short-term debt. These results suggest that stricter liquidity requirements encourage banks to rely less on short-term funding and more on long-term debt instruments. Although the analysis is limited to a small sample of leading South African banks, the findings provide important insights into the structural implications of liquidity regulation. The study highlights the need for regulators to consider how liquidity requirements shape banks’ financing decisions within broader macroprudential frameworks. By promoting stable funding structures, liquidity regulations enhance banking sector resilience, protect depositors, and support sustainable credit provision. This study contributes novel evidence from an emerging market and addresses a gap in the post-crisis financial regulation literature by linking liquidity regulation to debt maturity profiles. Full article

This study examines the relationship between firms’ financial adaptability and performance during periods of macroeconomic stress. Using panel data on companies listed on the Mongolian Stock Exchange from 2015 to 2024, the analysis measures financial adaptability through a Firm Adaptability Index (FAI) constructed from observable indicators of liquidity, coverage capacity, and asset-use efficiency. The index is constructed using principal component analysis (PCA) to avoid arbitrary equal-weighting assumptions, and the debt ratio is deliberately excluded to prevent multicollinearity with the leverage control variable used in the regression models. The empirical framework primarily relies on panel regression models with interaction terms, supplemented by a DID-style comparison and an event-study-based diagnostic. The validity of the quasi-experimental design is confirmed by a formal parallel-trend test and placebo checks using artificial shock dates. The findings do not support the view that financial adaptability exerts a uniformly strong and stable direct effect on firm performance across all conditions. Instead, its empirical relevance becomes more visible when macroeconomic conditions worsen. In particular, the interaction result related to interest rates suggests that firms with higher levels of financial adaptability tend to exhibit less pronounced profitability sensitivity to financing cost pressure. Additional analyses point to short-term liquidity buffers as a plausible channel and show that the strength of this relationship varies by firm size and sectoral characteristics. This study contributes to the literature by bringing together the related concepts of financial flexibility, organizational resilience, dynamic capabilities, and strategic adaptability within a firm-level empirical setting. It also proposes a practical way to measure financial adaptability not through a single proxy, but through a composite index that integrates several observable financial dimensions. Overall, the evidence suggests that financial adaptability is better understood not as a constant determinant of profitability, but as an internal capability whose relevance becomes more apparent under conditions of heightened uncertainty. Full article

The liquid spreading on structured packings plays an essential role in affecting gas–liquid mass transfer in separation columns, yet the synergistic mechanism of surface wettability and textured geometries remains insufficiently understood. This study integrates experimental and computational methods to systematically investigate the liquid spreading characteristics on textured surfaces. The synergistic combination of hydrophilic modification and surface textures markedly enhances liquid spreading performance. Compared with the hydrophilic plane surface, the spherical cap texture increases the interface area and wetted area by 25.2% and 49.6%, respectively, while the pyramid-shaped texture leads to improvements of 24.5% and 48.9%, respectively. Based on Weber number analysis, it is identified that the competition between inertial force and surface tension governs the evolution of liquid spreading regimes. In addition, the results suggest that variations in liquid viscosity and density may further influence spreading behavior by modifying the balance among inertial, viscous, and surface tension forces. The geometric parameters of spherical cap textures are systematically examined, and it is revealed that a spherical cap with a non-uniform staggered configuration (Mode III) enables the efficient liquid spreading. A new non-uniform spherical cap texture is designed to enhance liquid spreading, which enhances spreading performance compared with the original plate, increasing the interface area by 27.3% and the wetted area by 47.4%. Although the liquid film thickness increases slightly, the wetted area ratio is significantly improved, indicating enhanced effective surface coverage. Both simulations and experiments confirm that the new textured structure further enhances liquid spreading performance on the textured surface. This research unveils a strategy to improve liquid spreading through tailored surface textures, opening up new possibilities for the design of efficient packings. Full article

Persistent fiscal stress in South African municipalities undermines service delivery, yet practical tools for early detection remain limited. This study predicts one-year-ahead municipal financial distress to support risk-based prioritisation. We develop machine learning models using a 2018/19–2022/23 municipality panel, combining 13 financial health indicators from State of Local Government (SoLG) reports with selected socio-economic variables. Penalised logistic regression is benchmarked against random forest and XGBoost under a leakage-aware, time-ordered split into training, validation, and an out-of-time test year; class imbalance is handled through class weighting. Performance is evaluated using PR-AUC, ROC-AUC, calibration, and a capacity-constrained Top-30 rule. All models outperform a naïve last-year baseline on the out-of-time test (PR-AUC 0.934–0.954; ROC-AUC 0.886–0.923), with bootstrap intervals supporting robustness. Random forest performs best overall, while penalised logistic regression remains competitive. Under the Top-30 rule (12.3% workload), precision is high (precision@30 0.967–1.000) while recall is modest (recall@30 0.186–0.192). SHAP values and logistic odds ratios identify liquidity, solvency, cash coverage, and employment deprivation as key drivers. The Top-30 rule corresponds to an annual intensive monitoring portfolio that is reasonable under constrained staffing and budget capacity in national and provincial oversight units, while probability thresholds are reported as conventional benchmarks rather than as policy triggers. Full article

This paper theoretically and experimentally investigates the effect of condenser location and geometry on the thermal performance of a vapor chamber, as thermal management systems for electronic devices with multiple heat sources under non-uniform heat flux conditions. A weighting factor approach was applied to represent the non-uniform heat input imposed on individual heat sources. The proposed theoretical model was validated through comparison with Lefèvre’s analytical results under the same conditions and experimental data obtained under different condenser locations. It was shown that the wall temperature distribution for the separated condenser configuration was lower than for the concentrated configuration. Using the validated model, the effects of condenser geometry on the temperature uniformity and maximum heat transfer rate of the vapor chamber were analyzed under the capillary limit condition by varying the condenser aspect ratio. The results show that higher aspect ratios improve temperature uniformity due to wider condenser coverage, whereas lower aspect ratios enhance the maximum heat transfer rate by reducing the liquid pressure drop between the evaporator and condenser. Specifically, the maximum heat transfer rate reaches 72.6 W at an aspect ratio of 2.5, which corresponds to a 13.3% increase compared to 64.1 W at an aspect ratio of 8.3. Full article

Digital services companies help in the digitalization and transformation of the industry in driving Malaysia by advancing the economy of the country. However, digital services companies often face financial risks in terms of liquidity, solvency, efficiency, profitability, and operational risks. These risks increase the chances of failure and financial volatility, which put the companies at a serious disadvantage. This paper proposes an integrated Entropy-Weight TOPSIS model to analyze the financial risks of the listed digital services companies within Malaysia. The entropy method helps to prevent subjective weights by reflecting on information obtained from the financial reports of the companies. This study also provides an analysis to show possible improvements for the companies. The interest coverage ratio (ICR), which measures the capability to settle interest on debt, shows the highest weight followed by the basic indicator approach (BIA) and return on asset (ROA) based on the entropy weighting method. In addition, CLOUDPT, ITMAX, and MSNIAGA are ranked as the top three digital services companies that give the highest relative closeness to the ideal solution. The results help the risk managers to identify the criteria that caused the greatest financial risk in digital services companies to formulate targeted strategies to improve the companies’ financial health. Full article

Understanding the dynamic characteristics of droplets in the orientated flow channels of Proton Exchange Membrane Fuel Cells (PEMFCs) is crucial for their effective heat and water management and bipolar plate design. Therefore, the transient transport dynamics of liquid water within orientated gas flow channels (OGFCs) of PEMFCs are investigated, and a two-phase model based on the volume of fluid (VOF) method is established in the current study. Moreover, the impacts of the size of droplets and the geometrical parameters of baffles on the removal dynamics of liquid water are examined. The results show that baffles effectively promote droplet breakup and accelerate their detachment from the Gas Diffusion Layer (GDL) surface by increasing flow instability and local shear forces. The morphology of water is altered by the high velocity of gaseous flow, which can break up into several smaller droplets and distribute them on the surface of GDL by the gas flow. The shape of the liquid water film changes from a regular cuboid to a big droplet due to the surface tension of the liquid water droplets and the hydrophobicity of the GDL surfaces. Increasing the baffle height can reduce the time needed for the removal of droplets. With the increase in L1* from 0.25 to 0.75, the drainage time decreases slightly; however, for L1* increasing from 0.75 to 1.25, the drainage time remains almost the same. The impacts of different leeward lengths, L2*, on the water coverage ratio and pressure drop are minor. Full article

Our study examines the relationship between fintech adoption and liquidity management in European banking, investigating how digital transformation influences Basel III liquidity compliance and default risk. Using a sample of 45 European banks from the STOXX 600 index over 2019–2024, we employ textual analysis of annual reports to construct a fintech adoption index and examine its effects on liquidity coverage ratio (LCR) and net stable funding ratio (NSFR). Our findings demonstrate that fintech adoption significantly enhances banks’ liquidity management capabilities. However, ESG performance moderates this relationship, with higher ESG commitments weakening the positive fintech-liquidity association, suggesting resource allocation conflicts between sustainability and technological investments. Through mediation analysis, we find that liquidity management partially mediates the fintech-default risk relationship, revealing complex trade-offs where fintech-driven liquidity improvements may increase default risk through alternative channels. Robustness tests using lagged variables, propensity score matching, alterative proxies, and size-based subsamples confirm our findings. Notably, smaller banks derive substantially greater liquidity benefits from fintech adoption compared to larger institutions. Our results provide the first comprehensive analysis of how digital transformation affects regulatory liquidity compliance in European markets, offering important implications for bank management and regulatory oversight in the post-Basel III era. Full article

Metal anodes promise improvements in energy density and cost; however, their performance is determined within the first several nanometers at the interface. This review reports on how polymer-based artificial solid electrolyte interphases (SEIs) are engineered to stabilize Li and aqueous-Zn anodes, and how these designs are now evaluated against operando readouts rather than post-mortem snapshots. We group the related molecular strategies into three classes: (i) side-chain/ionomer chemistry (salt-philic, fluorinated, zwitterionic) to increase cation selectivity and manage local solvation; (ii) dynamic or covalently cross-linked networks to absorb microcracks and maintain coverage during plating/stripping; and (iii) polymer–ceramic hybrids that balance modulus, wetting, and ionic transport characteristics. We then benchmark these choices against metal-specific constraints—high reductive potential and inactive Li accumulation for Li, and pH, water activity, corrosion, and hydrogen evolution reaction (HER) for Zn—showing why a universal preparation method is unlikely. A central element is a system of design parameters and operando metrics that links material parameters to readouts collected under bias, including the nucleation overpotential (η_nuc), interfacial impedance (charge transfer resistance (R_ct)/SEI resistance (R_SEI)), morphology/roughness statistics from liquid-cell or cryogenic electron microscopy (Cryo-EM), stack swelling, and (for Li) inactive-Li inventory. By contrast, planar plating/stripping and HER suppression are primary success metrics for Zn. Finally, we outline parameters affecting these systems, including the use of lean electrolytes, the N/P ratio, high areal capacity/current density, and pouch-cell pressure uniformity, and discuss closed-loop workflows that couple molecular design with multimodal operando diagnostics. In this view, polymer artificial SEIs evolve from curated “recipes” into predictive, transferable interfaces, paving a path from coin-cell to prototype-level Li- and Zn-metal batteries. Full article

This study examines the role of supervisory frameworks in shaping the risk management behavior of Greece’s four systemic banks during the period of 2015–2024. It explores how regulatory reforms under Capital Requirements Regulation II, Basel III, and European Central Bank oversight influenced capital adequacy, asset quality, and liquidity metrics. Employing a quantitative methodology, this study analyzes secondary data from Pillar III disclosures, annual financial reports, and supervisory statements. Key risk indicators (capital adequacy ratio, non-performing exposure ratio, liquidity coverage ratio, and risk-weighted assets) are evaluated in conjunction with regulatory interventions, such as International Financial Reporting Standards 9 transitional relief, the Hercules Asset Protection Scheme, and European Central Bank liquidity measures. The findings reveal that enhanced supervision contributed to improved resilience and regulatory compliance. International Financial Reporting Standards 9 transitional arrangements were pivotal in maintaining capital thresholds during stress periods. Supervisory flexibility and extraordinary European Central Bank support measures helped banks absorb shocks and improve risk governance. Differences across banks highlight the impact of institutional strategy on regulatory performance. This study offers a rare longitudinal assessment of supervisory influence on bank risk behavior in a high-volatility Eurozone context. Covering an entire decade (2015–2024), it uniquely links institutional strategies with evolving regulatory frameworks, including crisis-specific interventions such as International Financial Reporting Standards 9 relief and asset protection schemes. The results provide insights for policymakers and regulators on how targeted supervisory interventions and transitional mechanisms can enhance banking sector resilience during protracted crises. Full article

For crop protection, electrostatic spraying technology significantly improves deposition uniformity and pesticide utilization through the “wraparound-adsorption” effect of charged droplets. However, existing electrostatic nozzles using hydraulic atomization suffer from low charge-to-mass ratios due to unclear principles for optimizing electrode parameters. To this end, this study designs and evaluates a novel air-assisted hydraulic-atomization hollow-cone electrostatic nozzle. First, the air-assisted hollow-cone nozzle was designed. High-speed imaging was then employed to obtain morphological parameters of the liquid film (length: 2.14 mm; width: 1.96 mm; and spray angle: 49.25°). Based on these parameters, an electric field simulation model of the electrostatic nozzle was established to analyze the influence of electrode parameters on the charging performance and identify the optimal parameter combination. Finally, feasibility and efficiency evaluation experiments were conducted on the designed electrostatic nozzle. The experimental results demonstrate that cross-sectional dimensions of the electrode exhibit a positive correlation with the surface charge density of the pesticide liquid film. In addition, optimal charging performance is obtained when the electrode plane coincides with the tangent plane of the liquid film leading edge. Based on these charging laws, the optimal electrode parameters were determined as follows: 2.0 × 2.0 mm cross-section with an electrode-to-nozzle tip distance of 3.8 mm. With these parameters, the nozzle achieved a droplet charge-to-mass ratio of 4.9 mC/kg at a charging voltage of 3.0 kV. These charged droplets achieved deposition coverages of 12.19%, 5.72%, and 5.91% on abaxial leaf surfaces in the upper, middle, and lower soybean canopies, respectively, which is a significant improvement in deposition uniformity. This study designed a novel air-assisted hollow-cone electrostatic nozzle, elucidated the optimization principles for annular induction electrodes, and achieved improved spraying performance. The findings contribute to enhanced pesticide application efficiency in crops, providing valuable theoretical guidance and technical references for electrostatic nozzle design and application. Full article

This study aims to rate the impact of the three major risks (credit, capital adequacy, and liquidity) on three financial performance measures (return on equity (ROE), earnings per share (EPS), and price-earnings ratio (PER)). This study stands out as one of the few in its field, and the only one focusing on banks in the Middle East and Africa, to employ the adaptive neural network-based fuzzy inference system (ANFIS) that combines neural networks and fuzzy logic systems. The significance of this study lies in its comprehensive coverage of major risks and performance variables and its application of highly technical, sophisticated, and precise AI techniques (ANFIS). The main findings indicate that credit risk, as measured by the non-performing loans (NPL) has significant impact on both ROE and EPS. Liquidity risk comes second in importance for ROE and EPS, with the loan-deposit ratio (LDR) being the dominant component. In contrast, liquidity risk is the most significant determinant of PER, followed by capital adequacy. Our results also show that CAR, LDR, and NPL are the most significant risk components of capital adequacy, liquidity, and credit risks, respectively. The study contributes to business knowledge by applying the ANFIS technique as an accurate predictor of risk rating. Future research will explore the relationship between risks and macroeconomic indicators and differences among countries. Full article

Firefighting foam is widely recognized for its excellent fire suppression performance. However, research on the effect of foam expansion ratio on the suppression efficiency of forest surface fires remains limited. In this study, the expansion ratio was adjusted by varying the air-to-liquid ratio in a compressed air foam system, and laboratory-scale foam suppression experiments were conducted. Key performance indicators, including extinguishing coverage time, internal cooling rate, and resistance to reignition, were systematically measured. The effects of expansion ratio on the diffusion and penetration behavior of foam on the fuel bed surface were then investigated to understand how these characteristics influence suppression performance. The results indicate that both excessively low and high expansion ratios can weaken fire suppression effectiveness. Low-expansion foam, characterized by low viscosity and high water content, exhibits strong local penetration and cooling capabilities. However, it struggles to rapidly cover the fuel bed surface and isolate oxygen, thereby reducing the overall suppression efficiency. In contrast, high-expansion foam has greater viscosity, allowing it to spread across the fuel bed surface under pressure gradient forces and form a stable coverage layer, effectively limiting the oxygen supply required for combustion. However, its limited depth penetration and lower water content reduce internal cooling efficiency, increasing the risk of reignition. The optimal expansion ratio was determined to be 15.1. Additionally, increasing the liquid supply flow rate significantly improved suppression performance; however, this improvement plateaued when the flow rate exceeded 10 L/min. Full article

Non-maturing deposits (NMDs) are a significant source of liquidity for banks, making research into their modelling and forecasting invaluable. However, NMDs have no explicit expiration date, posing liquidity risks and complicating management. This research develops models and a framework to explain, predict, and manage variations in non-maturing deposits. Aggregate savings and transaction deposit data from an African bank were analysed to test the methodologies. The Trend-Fourier model, leveraging historical trends and Fourier analysis, forecasted 90-day deposit volumes. The model revealed prominent cyclicalities and monthly trends in deposit account volumes. Benchmarking showed high accuracy for savings deposit volumes, while transaction deposit volumes were less accurate, suggesting simpler models might be suitable. Additionally, a risk metric called LVaR (Liquidity Value at Risk) was proposed. Two approaches for calculating the LVaR were tested. An exceedance test demonstrated notable accuracy for savings deposit volumes but struggled with transaction deposits. Results indicated savings deposit volumes were more predictable than transaction deposits. These findings could enhance banks’ balance sheet management by improving non-maturing deposit forecasting. The proposed methodologies could be utilized for internal and regulatory purposes, such as calculating the liquidity coverage ratio under Basel regulations. Full article

This study employed atomic layer deposition (ALD) to fabricate an Al₂O₃ passivation layer to optimize the performance of ultraviolet (UV) photodetectors with a TiO₂-nanorod-(NR)-containing active layer and a solid–liquid heterojunction (SLHJ). To reduce the processing time and enhance light absorption, a hydrothermal method was used to grow a relatively thick TiO₂-NR-containng working electrode. Subsequently, a 5-nm-thick Al₂O₃ passivation layer was deposited on the TiO₂ NRs through ALD, which has excellent step coverage, to reduce the surface defects in the TiO₂ NRs and improve the carrier transport efficiency. X-ray photoelectron spectroscopy revealed that the aforementioned layer reduced the defects in the TiO₂ NRs. Moreover, high-resolution transmission electron microscopy indicated that following the annealing treatment, Al, Ti, and O atoms diffused across the interface between the Al₂O₃ passivation layer and TiO₂ NRs, resulting in the binding of these atoms to form Al–Ti–O bonds. This process effectively filled the oxygen vacancies in TiO₂. Examination of the photodetector device revealed that the photocurrent-to-dark current ratio exhibited a difference of four orders of magnitude (10⁻⁴ to 10⁻⁸ A), with the switch-on and switch-off times being 0.46 and 3.84 s, respectively. These results indicate that the Al₂O₃ passivation layer deposited through ALD can enhance the photodetection performance of SLHJ UV photodetectors with a TiO₂ active layer. Full article