This research investigates the factors influencing the capital structure of 271 non-financial firms listed on the Korean Stock Exchange (KSE) over a broad period from 1995 to 2021, encompassing both stable and crisis conditions. Employing a dynamic panel data model and the generalized method of moments (GMM) estimation, we address the endogeneity issue introduced by the inclusion of lagged dependent variables. Our research integrates firm-specific internal factors with macroeconomic external variables to provide a comprehensive understanding of the influence of varying economic environments on capital structure. Our study suggests that in times of economic stability, the capital structure decisions of a firm are more influenced by internal factors such as profitability. However, in periods of economic downturns, it is the external macroeconomic market conditions that tend to have a greater impact on these decisions. It is also noteworthy that both book leverage (BL) and market leverage (ML) exhibit quicker adjustments during stable periods as opposed to periods of crisis. This indicates a higher agility of firms in adapting their capital structures in stable, normal conditions. Our findings contribute to the existing literature by offering a holistic view of capital structure determinants in Korean firms. They underscore the necessity of adaptable financial strategies that account for both internal dynamics and external economic conditions. This study fills a gap in current research, presenting new insights into the dynamics of capital structure in Korean firms and suggesting a multifaceted approach to understanding capital structure in diverse economic contexts.
De zogenoemde “21th century skills” worden, aldus het Ministerie van Onderwijs, steeds belangrijker. Het zijn eigenschappen die we terugvinden in de eindtermen van vrijwel alle hbo-opleidingen en die – in de woorden van Donald Schön – de kern zijn van een “reflective practitioner” : een vakvrouw of –man, die zichzelf in complexe situaties kan sturen en daardoor productief blijft. Eerder onderzoek van het lectoraat Pedagogiek van de Beroepsvorming heeft aangetoond dat een leeromgeving gericht op zelfsturing aan drie condities moet voldoen: er moet sprake zijn van praktijkgestuurd onderwijs, studenten moeten de kans krijgen een dialoog aan te gaan over de zin en betekenis van hun ervaringen in het praktijkgestuurde onderwijs en studenten moeten medezeggenschap hebben over hun eigen leerproces. Met name het realiseren van een dialoog blijkt echter heel moeilijk te zijn. Zowel docenten als studenten (en ook de onderwijsmanagers) zijn gewend aan onderwijs waarin zin en betekenis nauwelijks ter discussie staat. Het gevolg is dat ze vooral gericht zijn op reproductief en niet op betekenis-gericht leren. Zelfsturing vereist evenwel deze laatste vorm van leren. Zelfsturing vereist een dialoog over de zin en betekenis van ervaringen die de student “raken”. Dergelijke ervaringen roepen veelal emoties op die in eerste instantie niet begrepen worden. Zin en betekenis zijn “geen dingen in een doosje”; ze worden gaandeweg duidelijk in een gesprek waarin de docent verklaart noch verheldert, maar samen met de student op zoek gaat naar de juiste woorden. Dat zijn woorden waarvan de student voelt dat ze haar in staat stellen iets uit te drukken dat voorheen nog niet onder woorden gebracht kon worden. In dit boek wordt vanuit verschillende perspectieven en op basis van empirisch onderzoek ingegaan op de vraag in hoeverre het hbo er in slaagt een dergelijke dialoog met haar studenten te realiseren. Tevens wordt stilgestaan bij methoden om zo’n dialoog te realiseren.
The viability of novel network-level circular business models (CBMs) is debated heavily. Many companies are hesitant to implement CBMs in their daily practice, because of the various roles, stakes and opinions and the resulting uncertainties. Testing novel CBMs prior to implementation is needed. Some scholars have used digital simulation models to test elements of business models, but this this has not yet been done systematically for CBMs. To address this knowledge gap, this paper presents a systematic iterative method to explore and improve CBMs prior to actual implementation by means of agent-based modelling and simulation. An agent-based model (ABM) was co-created with case study participants in three Industrial Symbiosis networks. The ABM was used to simulate and explore the viability effects of two CBMs in different scenarios. The simulation results show which CBM in combination with which scenario led to the highest network survival rate and highest value captured. In addition, we were able to explore the influence of design options and establish a design that is correlated to the highest CBM viability. Based on these findings, concrete proposals were made to further improve the CBM design, from company level to network level. This study thus contributes to the development of systematic CBM experimentation methods. The novel approach provided in this work shows that agent-based modelling and simulation is a powerful method to study and improve circular business models prior to implementation.
The COVID19 pandemic highlighted the vulnerability in supply chain networks in the healthcare sector and the tremendous waste problem of disposable healthcare products, such as isolation gowns. Single-use disposable isolation gowns cause great ecological impact. Reusable gowns can potentially reduce climate impacts and improve the resilience of healthcare systems by ensuring a steady supply in times of high demand. However, scaling reusable, circular isolation gowns in healthcare organizations is not straightforward. It is impeded by economic barriers – such as servicing costs for each use – and logistic and hygiene barriers, as processes for transport, storage and safety need to be (re)designed. Healthcare professionals (e.g. purchasing managers) lack complete information about social, economic and ecological costs, the true cost of products, to make informed circular purchasing decisions. Additionally, the residual value of materials recovered from circular products is overlooked and should be factored into purchasing decisions. To facilitate the transition to circular procurement in healthcare, purchasing managers need more fine-grained, dynamic information on true costs. Our RAAK Publiek proposal (MODLI) addresses a problem that purchasing managers face – making purchasing decisions that factor in social, economic and ecological costs and future benefits from recovered materials. Building on an existing consortium that developed a reusable and recyclable isolation gown, we design and develop an open-source decision-support tool to inform circular procurement in healthcare organizations and simulate various purchasing options of non-circular and circular products, including products from circular cascades. Circular procurement is considered a key driver in the transition to a circular economy as it contributes to closing energy and material loops and minimizes negative impacts and waste throughout entire product lifecycles. MODLI aims to support circular procurement policies in healthcare organizations by providing dynamic information for circular procurement decision making.
The Ph.D. candidate will investigate the seismic response of connection details frequently used in traditional Dutch construction practice, specifically in the Groningen area. The research will focus on the experimental and numerical definition of the complete load-deflection behaviour of each considered connection; specifically, the tests will aim at identifying stiffness, strength, ductility, and dissipative behaviour of the connections. The experiments will be conducted on scaled or full-scale components that properly resemble the as-built and retrofitted as well connection details. The tests will involve monotonic and cyclic loading protocols to be able to define the load and displacement response of the connection to reversal loads, such as earthquakes, as well as the development of failure mechanisms under such loading cases. Possibly, also dynamic tests will be performed. Numerical models will be created and calibrated versus the experimental findings. Characteristic hysteretic behaviours of the examined connection types will be provided for the use of engineers and researchers.
