Tangibility

The essay deals with Hannah Arendt's political philosophy and its relevance for current challenges of liberal democracy. It discusses Arendt‘s unique political philosophy of judgment and attempts to translate it into a political philosophy of "tangibility" that combines, among other things, Kant's critique of judgment and Augustine's idea of
„beginning new“ and could contribute to the current western political understanding of itself and others to improve. He shows that a reassessment of Western political self-understanding, which is dominated by Popper and Hegel, is necessary. The author pleads for a strengthening of emotional and creative abilities within the framework of a newly gained political reason of being touchable. Arendt's political philosophy is realistically recontextualized using Gabriel's neo-realist findings and Benoist's context realism. It also discusses ideas from the post- Neokantian philosopher Richard Hönigswald, who anticipated Arendt's concept of judgment. Together, these approaches, combined into a political philosophy of tangibility, offer a realistic alternative to an American neo-realism of the Dreyfusian and Taylorian variety, which aims to overcome Descartes and Kant with Heidegger.

The selection of financing is a top priority for businesses, particularly in short- and long-term investment decisions. Mixing debt and equity leads to decisions on the financial structure for businesses. This research analyzes the moderate position of company size and the interest rate in the capital structure over six years (2013–2018) for 29 listed Pakistani enterprises operating in the sugar market. This research employed static panel analysis and dynamic panel analysis on linear and nonlinear regression methods. The capital structure included debt to capital ratio, non-current liabilities, plus current liabilities to capital as a dependent variable. Independent variables were profitability, firm size, tangibility, Non-Debt Tax Shield, liquidity, and macroeconomic variables were exchange rates and interest rates. The investigation reported that profitability, firm size, and Non-Debt Tax Shield were significant and negative, while tangibility and interest rates significantly and ...

This study aims to examine the influence of bank-specific factors namely taxation, asset tangibility, profitability, and bank size on listed banks capital structure in Tanzania from 2016 to 2020. The study used an explanatory research design to determine the cause and effect relationship between the response variable and the four explanatory variables of Tanzanian listed banks. The study's population included all of the DSE's listed banks, with the researcher sampling seven of them. The test of multiple linear regression was carried out and findings revealed the capital structure of listed banks in Tanzania are affected by asset tangibility and tax as these two explanatory variables were significant at 5% level. However, the study reveals that profitability and bank size has no statistically significant impact on the capital structure of listed banks in Tanzania. This study is limited to seven listed banks at the Dar es Salaam Stock of Exchange (DSE) over a five-year period ...

In this paper we examined the factors that are important for the determinants of the corporate debts structure. For that purpose we have chosen two most important sectors from an emerging economy like Pakistan (Oil and gas and textile sector) from KSE-100 index. We have applied the panel data analysis such as the common effect model as well as fixed-random effect models. The Hausman test recommends the random effect model. The results suggests that age of the corporations does not have any impact on its borrowing while the economic resources measured as total assets and fixed assets ratio revealed the positive significant relation with the debt. On the basis of the analysis it might be possible to conclude that the size of the firm does matter in the decision of capital structure specifically in borrowing decisions.

The core objective of  current  study is to  investigate  the costs of financial distress of ongoing manufacturing sector of Pakistan. A panel of 146 manufacturing firms Pakistan are selected  for  this  study  for  the  period  of  2001-2011.  Two  most  applicable  panel  data techniques  (fixed effects and random effects models) are utilized to investigate  the costs of financial distress  and Hausman’s specification test recommended that fixed effects model is most appropriated model in this study. The results of fixed effects model suggest that financial  distress  of  on-going  firms  of  Pakistan  has  significant  direct  impact  on opportunity losses in case of Pakistan after control average collection period, total  assets growth,  fixed  to  total assets  ratio,  tangibility  of  assets  and  sector  distressed.  The upcoming studies must  explore direct costs of financial distress and bankruptcy in case of manufacturing as well as service sector of Pakistan.

Penelitian ini bertujuan untuk mengetahui pengaruh variabel profitability, tangibility, size, growth, dan liquidity sebagai variabel independen terhadap leverage badan usaha sebagai variabel dependen pada semua sektor yang terdaftar di Bursa Efek Indonesia (BEI) periode 2011-2015. Penelitian ini menggunakan pendekatan linier dengan model analisis regresi linear berganda dalam bentuk data panel untuk keseluruhan data observasi yang digunakan. Jumlah observasi pada penelitian ini sebanyak 1640 yang terdiri dari 328 perusahaan yang terdaftar di BEI periode 2011 – 2015. Hasil penelitian menunjukkan bahwa variabel tangibility dan size berpengaruh signifikan dengan arah hubungan positif terhadap leverage, sedangkan variabel profitability, growth, dan liquidity memiliki pengaruh tidak signifikan dengan arah hubungan negatif terhadap leverage badan usaha pada semua sektor yang terdaftar di BEI periode 2011 – 2015.

The objective of this study is to investigate which of the two competing theoretic frameworks; pecking order theory (POT) or trade-off theory (TOT); better explains the corporate leverage behaviour in Pakistan. For this purpose, we use fixed effects model on a large unbalanced panel data comprising of 13,026 firm-year observations of non-financial firms listed on Karachi Stock Exchange Pakistan during 1972-2010 Our results indicate that leverage has two pervasive and significant relationships. First, leverage is negatively related to current and past profitability. Second, leverage is positively related to past dividends. In addition, empirical results present a reasonable support to POT regarding growth. However, POT gets nominal empirical support in Pakistan regarding firm size. The results of this study will help the corporate managers to better formulate the leverage policy.

Capital structure decision plays an important role in shareholder’s wealth maximisation. Poor capital structure decision will result to high overall cost of capital and consequently low capital projects net present values. Based on the need to have firm’s optimal capital structure the currents study sought to find the determinants of capital structure among quoted firms in East Africa securities exchange. Specifically, the study aimed; to find out the relationship between profitability and capital structure, to establish the relationship between growth and capital structure, to find out the relationship between firm growth and capital structure, to establish the relationship between firm size and capital structure, to find out the relationship between asset structure and optimal capital structure and to determine the relationship between cost of capital and capital structure. A panel data set of 65 companies which were listed and actively trading over the 2009-2013 period of analysi...

The purpose of this study is to assess how the PAKSERV paradigm affects brand loyalty, customer satisfaction, and trust in Somalia's banking industry. With an emphasis on the mediating function of trust in the Somali scenario, these comprehensive assessments stress the cultural component of quality of service. This study adopts a quantitative method by assessing 370 Islamic bank customers in Somalia for two main cities, Mogadishu and Hargeisa. Our respondents are existing and potential users of Islamic bank products and the sample was selected using the convenience sample technique. The data were examined with the quantitative method of structural equation modeling using SmartPLS 3.3.7. The study found a connection between client satisfaction, loyalty, and the PAKSERV quality of service attributes through the intermediary role of trust. In the cultural context of Islamic finance in Somalia, this study offers fresh information on how trust may function as a partial mediator in th...

The dynamic role played by services marketing in the growth and development of any country is tremendous and inevitable, since emphasis is on to delivery of quality services in all the sectors. This paper examines the discriminatory power of service quality dimensions regarding 'Tangibility', 'Reliability', 'Responsiveness', 'Assurance', and 'Empathy' with respect to Public bank, Private Bank and Foreign Bank. The standardized questionnaire is used to collect the data and SPSS package is used to carry out percentage and Multiple Discriminant Analysis.

Capital structure (CS) is defined as combination of various sources of funds employed in business. Appropriate source of financing is inevitable for any company to exist. Present paper analyses the determinants affecting the choice of debt or equity of selected power and energy sector companies of India. For the purpose of empirical testing, panel data of 25 listed companies has been collected for 10 years (2010-2019). Based on panel regression model, the study concludes that profitability, tangibility, liquidity, non-debt tax shield, and interest coverage ratio are major determinants of CS choice of selected companies. In addition to this, study also validate the applicability of CS theories in Indian set up and concludes that power & energy companies follow the propositions of pecking order and trade-off theory. The findings of the paper will be useful to managers as it portrays critical factors affecting the CS and analysing their impact on financing decision. It will also enrich...

This research aims to analyze the factors affecting capital structure of property and real estate companies in Indonesia. The dependent variable used was DER, while the independent variable included profitability, growth opportunity, tangibility, size, dividend, liquidity, and business risk. The samples taken were the companies listed on the property and real estate sector of Indonesia Stock Exchange which were selected using purposive sampling. Among 47 companies listed on the property and real estate sector in the population, 8 companies were listed after January 2010, 1 company was delisting, and 1 company shifted to other sector. Hence, the samples used in this research were only 37 companies. The method used was linear regression. The result showed that profitability negatively influences capital structure; size and business risk have significant positive influence to the capital structure. On the other hand, growth opportunity, dividend, and liquidity do not have any significa...

Background: Airlines industries have great share in economic growth, tourism, world trade and international investment in today's globalized business world. Due to this purpose the attraction towards airlines companies seems to be increasing which have forced them to maintain certain quality level in order to compete and sustain in long run. Objective: This paper aims to analyze the affect of service quality on customer satisfaction of domestic airlines in Nepal along with identification of customer perceived service quality in the aviation business and to examine factors influencing passenger's satisfaction in the aviation business. Methods: Regression is used for generating effective output of the study. Likewise, ANOVA test, reliability test are also performed with the help of statistical tools. Results: Customers are satisfied if employees behave well with them and airlines value them with proper services and information. Also, the study reveals that there is significant...

In a financial market with information, agency and contract enforcement problem, partially informed firms have difficulty to access in capital markets and they face some restrictions to get adequate external capital at similar cost of their internal funds. Hence, these firms display the preferential order of financing choices, for example; first they invest internal funds, second debt capital and equity as last resort. However, such preferences of financing order commonly known as Pecking Order are not similar in all cases due to the nature of firms, their financial health, borrowing capacity, and functioning of capital markets. Under this backdrop, this study attempted to test this Pecking Order Hypothesis (POH) in financing decisions of Nepalese firms. Moreover, it tried to examine the effect of firm's borrowing capacity, informational efficiency, financial risk, operating growth, taxes and internal profitability on pecking order financing preferences of firms. It used quantit...

Firm size and age influence firm-level leverage. The extent of such influence on the oil and gas industry is not known in Nigeria. There are very few empirical studies that interrogate the effects of firm size and listing age on leverage in Nigeria. This study examines the impacts of firm size and listing age on firm-level financial leverage of listed oil and gas companies in Nigeria. It was non-experimental research and correlational in nature. Data were extracted from annuals and accounts of 8 firms over a period of 13 years (2007-2019) and subjected to descriptive statistics (number of observations, mean, standard deviations, mean, minimum and maximum means) and inferential statistics (multiple regression analysis). The findings show that firm size has a negative and significant impact on firm-level financial leverage. Firm age has a positive and significant effect on firm-level leverage. In this paper, we contribute to the literature by examining the presence and direction of fi...

The core objective of  current  study is to  investigate  the costs of financial distress of ongoing manufacturing sector of Pakistan. A panel of 146 manufacturing firms Pakistan are selected  for  this  study  for  the  period  of  2001-2011.  Two  most  applicable  panel  data techniques  (fixed effects and random effects models) are utilized to investigate  the costs of financial distress  and Hausman’s specification test recommended that fixed effects model is most appropriated model in this study. The results of fixed effects model suggest that financial  distress  of  on-going  firms  of  Pakistan  has  significant  direct  impact  on opportunity losses in case of Pakistan after control average collection period, total  assets growth,  fixed  to  total assets  ratio,  tangibility  of  assets  and  sector  distressed.  The upcoming studies must  explore direct costs of financial distress and bankruptcy in case of manufacturing as well as service sector of Pakistan.

Capital structure is expressed as the mixture of long-term debt and equity that a company uses in its financing composition. The importance of long-term financing in any business cannot be misjudged because it identifies the choice of optimal financing mix for the long-run survival of the business. The basic purpose of this study is to identify the behavior of financing composition through main corporate financial decisions in the non-financial sector of Pakistan. Data has been taken for 52 non-financial companies for 2015-2020. Outcomes of the study have been retrieved through OLS, Fixed Effect, Random Effect Model and Housman Test by using Views software. The main corporate financial policies regarding leverage decisions include a firm’s profitability, earning volatility, firm size, non-debt tax shield, and liquidity. Results identified that earning volatility, liquidity and profitability of the firm have a negative but significantly related to leverage; on the other hand,the stud...

In this paper we examined the factors that are important for the determinants of the corporate debts structure. For that purpose we have chosen two most important sectors from an emerging economy like Pakistan (Oil and gas and textile sector) from KSE-100 index. We have applied the panel data analysis such as the common effect model as well as fixed-random effect models. The Hausman test recommends the random effect model. The results suggests that age of the corporations does not have any impact on its borrowing while the economic resources measured as total assets and fixed assets ratio revealed the positive significant relation with the debt. On the basis of the analysis it might be possible to conclude that the size of the firm does matter in the decision of capital structure specifically in borrowing decisions.

Purpose - The purpose of this paper is to examine the macro-economic indicators and firm characteristics that impact the financing decision of the Nepalese enterprises. Methodology - To evaluate the fundamental issues related to firm-specific variables on financing decision of Nepalese enterprises, the study used descriptive, and causal comparative research designs. The study used secondary data from 19 enterprises from 2001 to 2019 listed in NEPSE. Findings - The findings show that liquidity, inflation, profitability, growth opportunity, and gross domestic product are the major indicators for leverage measures. More specifically, it is found that firm size is more statistically significant for total debt financing, suggesting that firms with greater assets or turnover likely to have easier access to borrowing more fund from the capital market. Implication: As the linkage between growth opportunity and short-term debt is significant and negative implies that growth upsurges cost of ...

The objective of this paper is to empirically determine the investment determinants at the firm level. Many empirical papers studied the investment determinants from a macroeconomic point of view but the analysis of the main investment determinants from an internal point of view has been less studied. This paper fills that gap, particularly for the case of Portugal, focusing on industrial SMEs. Using a panel data methodology and considering an unbalanced sample of 2456 Portuguese manufacturing SMEs for the period 2011-2015 our results indicate that SMEs with higher profitability, debt and liquidity and of smaller size tend to present higher levels of investment. This exploratory paper gives a contribution to clarify which are the main internal determinants of firms’ investment, which is an important issue not only for managers but for all the stakeholders, particularly the policymakers.

The hermeneutics of “overt and covert” has a long history in the study of S.Y. Agnon. It is a history of reading in “layers”, with a preference for the covert, usually conceived as the key for the overall interpretation. The article seeks to sketch a different kind of relation between the overt and the covert in Agnon’s work. The case study is the beautiful short story, “At the Outset of the Day” (1952). This reading proposes to look at Agnon’s story from a horizontal perspective, constructed by “plains” of comparable value, rather than the usual hierarchy of overt and covert. I suggest doing so by taking the overt into the foreground to look at the plot of the tangible and the corporeal.
The many interpretations of Agnon’s story all stressed its allegorical dimensions and hidden, concealed, message: a wish to merge with the textual and spiritual origins. However, such common interpretations prove to rush towards the fable’s moral lesson, while crudely ignoring the disturbing bodily presence at its centre: the naked body of a little girl, with her father, at a sacred place, on the most sacred day. I argue that Agnon challenges the hermeneutic method that seeks to "translate" the textual image into lucid meanings. The material dimensions of the story refuse the repression of transgressive meanings and call for a multiplicity of interpretations. In my reading, Agnon’s story challenges the distinctions between body and soul, between language and materiality, and between transcendence and immanence.

espanolEsta investigacion tiene como objetivo probar la influencia de la estructura del capital en el rendimiento de las acciones y analizar los factores que afectan la estructura del capital y el rendimiento de las acciones. La muestra incluye firmas incluidas en el indice Kompas 100. Al usar una tecnica de muestreo intencional, se seleccionaron 64 empresas. Este estudio muestra que la estructura de capital y todas las variables exogenas no tienen una influencia significativa en el rendimiento de las acciones. La rentabilidad y la oportunidad de crecimiento tienen una influencia significativamente negativa en la estructura del capital, mientras que la tangibilidad y la liquidez tienen una influencia positiva en la estructura del capital. Ademas, el tamano de la empresa y la volatilidad no tienen una influencia significativa en la estructura de capital EnglishThis research aims to test the influence of capital structure on stock returns and to analyse the factors that affect capital...

This research aims to analyze the factors affecting capital structure of property and real estate companies in Indonesia. The dependent variable used was DER, while the independent variable included profitability, growth opportunity, tangibility, size, dividend, liquidity, and business risk. The samples taken were the companies listed on the property and real estate sector of Indonesia Stock Exchange which were selected using purposive sampling. Among 47 companies listed on the property and real estate sector in the population, 8 companies were listed after January 2010, 1 company was delisting, and 1 company shifted to other sector. Hence, the samples used in this research were only 37 companies. The method used was linear regression. The result showed that profitability negatively influences capital structure; size and business risk have significant positive influence to the capital structure. On the other hand, growth opportunity, dividend, and liquidity do not have any significa...

This paper seeks to investigate the relationship between equity and factors affecting them in Indian medium-sized food industry. The analysis has been done on medium-sized firms of food industry taken from prowess software. The data of 5 years has been taken from 2013-2017 so as to get a clear view of analysis over the period of time. Regression analysis is used in the estimation of functions related to equity with a measure of capital structure. The results reveal a significant positive relationship of tangible fixed assets and growth opportunities with equity, significant negative relationship of age, profitability, tax provision and total assets with equity. The research suggests that medium-sized food firms of food industry rely more on debt than equity.

The main aim of this study was to investigate customer relationship management and customers’ loyalty in Hawassa city selected hotels by applying CRM dimensions of bonding, communication, conflict handling, empathy, responsiveness and trust. Convenience sampling technique was used to collect data from customers of the selected hotels. In line with the objective, descriptive research methods were used to examine the customers’ perceptions of CRM practices and future behavioral intentions. Inferential statistics were used to see the relationship between dependent and independent variables as well as to investigate cause and effect relationships. The key finding showed that there was a positive and significant effect of CRM dimensions of communication, conflict handling, empathy and trust on customer loyalty and selected hotel guests loyalty status shows that they were slightly intended to be loyal customer to the selected hotels. Bonding and responsiveness did not significantly affect...

Listed firms inthe Nairobi Securities Exchange (NSE) are a major contributor of revenue to Gross Domestic Product (GDP), averagely contributing 18% annually during the period 2003 to 2014. However, value-added financial performance of listed firms generally remains poor evidenced by delisting and suspension of up to 16% of listed firms in the same period. Although empirical evidence links firm financial performance to financial leverage structures, results are unsystematic, indicating lack of effective frameworks for instituting optimal financial leverage decisions. Prior studies focus on either accounting-based or market-based performance measures indicating that the effect offinancial leverage on value-added financial performance has not been analysed. The study therefore purposed to analyse the effect of financial leverage on value-added financial performance of the listed firms. Correlational research design was employed with target population of 64 firms. Purposive sampling tec...

Background: Airlines industries have great share in economic growth, tourism, world trade and international investment in today's globalized business world. Due to this purpose the attraction towards airlines companies seems to be increasing which have forced them to maintain certain quality level in order to compete and sustain in long run. Objective: This paper aims to analyze the affect of service quality on customer satisfaction of domestic airlines in Nepal along with identification of customer perceived service quality in the aviation business and to examine factors influencing passenger's satisfaction in the aviation business. Methods: Regression is used for generating effective output of the study. Likewise, ANOVA test, reliability test are also performed with the help of statistical tools. Results: Customers are satisfied if employees behave well with them and airlines value them with proper services and information. Also, the study reveals that there is significant...

This research aims to analyze the factors affecting capital structure of property and real estate companies in Indonesia. The dependent variable used was DER, while the independent variable included profitability, growth opportunity, tangibility, size, dividend, liquidity, and business risk. The samples taken were the companies listed on the property and real estate sector of Indonesia Stock Exchange which were selected using purposive sampling. Among 47 companies listed on the property and real estate sector in the population, 8 companies were listed after January 2010, 1 company was delisting, and 1 company shifted to other sector. Hence, the samples used in this research were only 37 companies. The method used was linear regression. The result showed that profitability negatively influences capital structure; size and business risk have significant positive influence to the capital structure. On the other hand, growth opportunity, dividend, and liquidity do not have any significa...

Firm size and age influence firm-level leverage. The extent of such influence on the oil and gas industry is not known in Nigeria. There are very few empirical studies that interrogate the effects of firm size and listing age on leverage in Nigeria. This study examines the impacts of firm size and listing age on firm-level financial leverage of listed oil and gas companies in Nigeria. It was non-experimental research and correlational in nature. Data were extracted from annuals and accounts of 8 firms over a period of 13 years (2007-2019) and subjected to descriptive statistics (number of observations, mean, standard deviations, mean, minimum and maximum means) and inferential statistics (multiple regression analysis). The findings show that firm size has a negative and significant impact on firm-level financial leverage. Firm age has a positive and significant effect on firm-level leverage. In this paper, we contribute to the literature by examining the presence and direction of fi...

Purpose: The purpose of the study is to assess the customers’ perception regarding empathy exhibited by the bancassurance channel and factors affecting it. Design/Methodology/Approach: Using random sampling, the data was collected from customers of several branches of State bank of India in Guwahati city of Assam, who have availed life insurance services from these branches. Tool of structured questionnaire was used to collect primary data. Mean, standard deviation, regression analysis was used to analyze the data and draw logical conclusions. Findings: The study shows that customer perceives bancassurance channel to have a high level of empathy towards customers. It was also found that none of the demographic variables considered in the study have any impact on influencing perception. Therefore, policymaker can adopt one fits all approach in the case of demographic aspects to improve the empathetic nature showed by the bancassurance channel. Research Limitations: The study takes in...

The objective of this study is to investigate which of the two competing theoretic frameworks; pecking order theory (POT) or trade-off theory (TOT); better explains the corporate leverage behaviour in Pakistan. For this purpose, we use fixed effects model on a large unbalanced panel data comprising of 13,026 firm-year observations of non-financial firms listed on Karachi Stock Exchange Pakistan during 1972-2010 Our results indicate that leverage has two pervasive and significant relationships. First, leverage is negatively related to current and past profitability. Second, leverage is positively related to past dividends. In addition, empirical results present a reasonable support to POT regarding growth. However, POT gets nominal empirical support in Pakistan regarding firm size. The results of this study will help the corporate managers to better formulate the leverage policy.