Firms' operational restructuring involves information relevant to strategic choices as well as future demand and cost conditions. This study examines the relationship between peer firms' restructuring and a company's responsiveness to its growth opportunities. Peer firm restructuring can increase uncertainty with respect to a company's payoffs regarding its investment projects, leading to decreased responsiveness to growth opportunities. Using a large sample of public companies during 2006–2020, I find that peer firms' restructuring is negatively associated with the responsiveness of capital expenditures (Capex) to growth opportunities. The results suggest that peer firms' restructuring activities provide information about a company's investment projects above and beyond industry shocks reflected in changes in industry sales. Furthermore, these associations are moderated by industry competition. The negative effects of peer firms' restructuring on Capex sensitivity are the strongest in high-competition industries.

This study explores the relationship between human development and military expenditure across a broad spectrum of developing countries. The United Nations Development Programme releases an annual report on the state of human development in the world. The report includes four composite measurements of different aspects of human development: Human Development Index, Human Poverty Index, Gender-related Development Index and Gender Empowerment Measure. This study uses multiple regression to determine the existence and strength of causal relationships between the independent variables and different measurements of military expenditure. Special attention is provided to the role of gender empowerment in shaping the behavior of countries. Attention is also paid to the unique human development and military issues of the Middle East, although countries on every continent are included in the analysis. The study concludes that Military Expenditure as a proportion of central government spending is moderately influenced by human development in general and strongly influenced by gender empowerment in particular. On the other hand, human development has a more limited impact on Military Expenditure as a proportion of Gross Domestic Product.

Yes / This paper draws on resource dependency theory to examine the impact of interfirm collaboration on CSR expenditure. In addition, we examine entrepreneurial orientation (EO) as a moderator of the relationship between interfirm collaboration and CSR expenditure. We test our research model using survey data from 230 small and medium-sized enterprises (SMEs) in Ghana. Results from our empirical analyses reveal that interfirm collaboration positively impacts CSR expenditure and this relationship is strengthened when entrepreneurial orientation is greater in turbulent environments. Implications for theory and practice are discussed. / University of Economics Ho Chi Minh City, Vietnam

Yes / While previous research has emphasized the role of stakeholder pressures, firm‐specific factors, as well as CEO characteristics as important drivers of corporate social responsibility (CSR) implementation, our understanding of how political connections impact small and medium‐sized enterprises' (SMEs') CSR implementation expenditure is quite limited. In this study, we contribute to filling this gap by investigating the effects of political connections and CSR expenditure and explain the conditions that impact this relationship. Using data from 473 SMEs in Ghana, we find that political connections negatively influence CSR implementation expenditure. However, the negative effect is weakened when a firms' reputation and competitive CSR implementation pressures are high. Implications for theory and practice are discussed. / University of Economics Ho Chi Minh City, Vietnam

Introdução: A síndrome do intestino curto (SIC) representa um estado clínico de má absorção grave, e a gestão dietética de pacientes com SIC é extremamente desafiadora. Uma vez que o grau de desnutrição é frequentemente considerável, a intervenção dietética bem sucedida depende da estimativa mais exata possível das necessidades energéticas para prever as metas da terapia nutricional. Objetivo: Quantificar o gasto energético total (GET) em pacientes com SIC pelo método da água duplamente marcada (ADM). Materiais e Métodos: Neste estudo observacional, o GET foi mensurado pelo método da água duplamente marcada em 22 voluntários, 11 com SIC e 11 controles pareados por sexo, idade e IMC (grupo Controle). O GET foi estimado pela equação de Escott-Stump e a partir de acelerômetro, e foi comparado com o GET determinado pela ADM. O gasto energético em repouso (GER) foi mensurado por calorimetria indireta (CI) e comparado com o GER estimado pela equação de Harris e Benedict. O acelerômetro também foi utilizado para estabelecer o nível de atividade física. Resultados: Os participantes tinham idade (média ± DP) de 53 ± 8 anos. O GET medido por ADM foi significativamente menor no grupo SIC comparado ao grupo Controle (p < 0,01); no entanto, o GET estimado não diferiu significativamente entre os grupos. O GET medido foi significativamente maior do que o GET estimado por fórmula no grupo SIC, (respectivamente 1875 ± 276 e 1517 ± 175 kcal/dia, p < 0,01), assim como para o grupo Controle (2393 ± 445 e 1532 ± 178 kcal/dia, p < 0,01). No entanto, o GET medido foi significativamente menor do que o GET predito a partir do acelerômetro no grupo SIC (2075 ± 298 kcal/dia, p = 0,02), e não diferiu significativamente no grupo Controle (2207 ± 355 kcal/dia, p = 0,21). Não foram verificadas diferenças significantes entre o GER medido e predito para ambos, e entre os grupos. Conclusão: O GET medido em pacientes com SIC foi significativamente maior do que o GET estimado por fórmula, e foi menor quando comparado com os valores dos sujeitos controles. No entanto, o GET estimado a partir do acelerômetro, superestima o GET medido por ADM. As fórmulas atualmente utilizadas na prática clínica parecem subestimar as necessidades de energia de pacientes com SIC. Desta forma, adaptações da estimativa atual, aumentando as prescrições de ingestão energética nestes pacientes parecem ser adequadas para apoiar as necessidades diárias de energia e evitar a subnutrição. / Background: Short bowel syndrome (SBS) is a serious malabsorption disorder, and dietetic management of SBS patients is extremely challenging. Once the degree of undernutrition has been assessed, successful dietary intervention depends on the most accurate estimation and provision of energy needs to provide nutritional therapy goals. Objective: To quantify total energy expenditure (TEE) in SBS patients using the doubly labeled water (DLW) method. Design: In this observational study, TEE was measured by the DLW method in 22 participants, 11 with SBS and 11 gender-age-and BMI-matched controls (Control group). Predicted energy requirements were determined using the Escott-Stump equation and by using and accelerometer, and they were compared with TEE determined with DLW. Resting energy expenditure (REE) was measured using indirect calorimetry and compared with predict REE using the Harris and Benedict equation. The accelerometer was also used to determine physical activity level. Results: Participants were aged (mean ± SD) 53 ± 8 years. Measured TEE was significantly lower in the SBS group compared to the Control group (p < 0.01); however, predicted TEE did not differ significantly between the groups. Measured TEE was significantly higher than predicted TEE for the SBS group, (1875 ± 276 and 1517 ± 175 kcal/d, p < 0.01) and also for the Control group (2393 ± 445 and 1532 ± 178 kcal/d, p < 0.01) when determined by formula. However, measured TEE was significantly lower than predicted TEE (2075 ± 298 kcal/d, p = 0.02) for the SBS group, and did not differ for the Control group (2207 ± 355 kcal/d, p = 0.21) when determined by accelerometer. No significant differences were seen between measured and predicted REE both within and between groups. Conclusion: Measured TEE in SBS patients was significantly higher than predicted using standard equations, but also lower than values for age, BMI and gender-matched non-SBS controls. However, predicted TEE using accelerometer overestimated the measured TEE. Currently-used formulas in clinical practice appear to underestimate energy requirements of SBS patients. Therefore, adjustments to the current estimation, increasing the energy intake requirements in these patients appear to be adequate to support the daily energy requirements and avoid undernutrition.

L’objectif de ce travail était de valider une méthode simple permettant de déterminer la sollicitation des métabolismes aérobie et anaérobie en cours d’activité en prenant l’exemple du tennis. Son principe général est de séquencer l’activité globale composite en sous-activités appelées activités fondamentales AF et de déterminer pour chacune d’entre elles la consigne énergétique DEc(i) afin de modéliser l’adaptation des filières énergétiques grâce au modèle bioénergétique Astrabio©. Des étalonnages permettent d’obtenir les fonctions d’astreinte qui relient DEc(i) à un paramètre mécanique M pertinent, vitesse de déplacement ou cadence de coups, pour les 6 AF sélectionnées au tennis. Une méthode d’analyse vidéo simple utilisant une seule caméra est appliquée lors des matchs de tennis pour déterminer les AF et estimer M. Ces paramètres sont introduits dans le modèle Astrabio© qui détermine la DEc(i) de chaque AF, DE aérobie et DE anaérobie par différence. Les quantités d’énergie aérobie prédites à chaque jeu des matchs ne présentent pas de différence statistique avec celles réellement mesurées par la méthode d’analyse directe de DE (K4b2). Elle met en évidence qu’en dépit d’une DE aérobie moyenne assez faible comprise entre 40% et 60% VO2max, le tennis se caractérise en réalité par des efforts supra-maximaux pouvant atteindre 300% VO2max lors des frappes de balle et le métabolisme anaérobie représente environ 30% de l’énergie totale dépensée sur un match. Cette méthode présente l’intérêt majeur d’être facilement applicable et de décrire l’astreinte réelle d’une activité en fournissant une estimation des DE aérobie et anaérobie à partir de l’analyse vidéo de l’activité / The aim of this study was to present a simple method to access the aerobic and anaerobic components of energy expenditure during activities as tennis. The principle consists in dividing the exercise into several fundamental activities (FA) based on a video recording and to estimate the metabolic power (MP) of each FA, the aerobic energy expenditure (EEO2mod) and the anaerobic energy expenditure thanks to the Astrabio© model. Six FA are selected and each FA is described by a “strain function” connecting MP to the selected pertinent mechanical variable M (speed running V and events frequency ω). The video analysis is used to determine FA, V and ω during tennis match. The parameters V and ω are introduced in the Astrabio© model to calculate MP of each FA. Then, this model calculated the aerobic energy expenditure (EEO2mod) in terms of MP and the anaerobic energy expenditures was calculated by substracting this (EEO2mod). There was no significant difference between calculated and measured oxygen consumptions (p<0.05). This method shows that even when the aerobic EE average is quite low and nearing 50% of VO2max, the total energy expenditure of a point can reach up 2 or 3 times the VO2max of the subjects during points and strokes. In tennis anaerobic metabolism can account for around 30% of the total energy expenditure per game, and almost 70% during points. The interest of this method is to provide a good estimation of aerobic and anaerobic energy expenditures thanks to a simple video analysis. This method presents the advantage that it is easy to apply and requires only simple and inexpensive equipment: a camera, a computer, and a tracking software

2011年，美國政府在經歷次級房貸和高軍事支出的雙重壓力下，爆發高度財政赤字的問題，造成歐巴馬政府面臨調高債務比例與債務上限的壓力。然而，在眾多的輿論聲中，美國民主黨與共和黨在八月底達成下列協議，減少政府支出、提高債務比例以及增加債務上限等；但是，是否這些方式將改善美國經濟？本篇文章在動態隨機一般均衡(DSGE)架構下，建立一個封閉經濟體系，並將政府支出加入私人廠商部門，透過公共投資，幫助私人廠商增加產出；並且在政府僅採行公債和徵稅融通下，找出一個最適的債務持有比例，使國內福利為最高。而本文發現政府進入生產部門時，將影響最適債務持有比例。即是，隨著政府支出生產彈性越大，最適債務持有比例也會上升，而在基準參數下，我們將會得到最適債務持有比例為百分之十的結論。 / In 2011, under the pressure of subprime mortgage and high military expenditure, the U.S. government accumulated high fiscal deficit, and the Obama government faced the pressure of raising debt ratio and raising debt ceiling. However, among the huge debates, the Republican Party and Democratic Party reached the deal in August which included cut-down government expenditure, raise debt ratio, raise debt ceiling, and so on. But, will these ways improve the U.S. economy? This paper follows the dynamic stochastic general equilibrium (DSGE) framework to construct a closed economy, which the government helps private firm to production through public investment. Besides, given that government only undertakes debt financing and tax financing, we try to find an optimal debt ratio which makes the highest domestic welfare. In our finding, if the government enters private production sector, the optimal debt ratio will be influenced. That is, the optimal debt ratio will increase with the production elasticity of government expenditure. Under the benchmark parameter, the optimal debt ratio is 10 percent.

Darbe naudojamos šios pagrindinės sąvokos: Europos Sąjungos biudžeto išlaidų politika, BŽŪP, Sanglaudos politika, Konkurencingumo augimui ir užimtumui skatinimo išlaidų politika. Šiame darbe autorius aptaria Europos Sąjungos biudžeto išlaidų politikos sampratą, jos struktūrą, uždavinius, tikslus bei finansavimo kryptis. Aprašomos dvi pagrindinės, didžiausią dalį Europos Sąjungos biudžete užimančios politikos kryptis, tai gamtos išteklių valdymo ir apsaugos, bei tvaraus augimo politika. Struktūriškai išanalizuojamas bei aprašomas minėtų krypčių skirstymas į siauresnes išlaidų politikos sritis bei pateikiamas jų finansavimo dydis. Analizuodamas dabartines 2007-2013 m. finansinės perspektyvos kryptis, autorius pateikia tiriamų išlaidų privalumus bei trūkumus. Darbe yra analizuojama naujausia informacija apie pasirengimą reformuoti Europos Sąjungos biudžeto išlaidų politikos kryptis. Autorius pateikia reformos priežastys bei galimus reformų būdus, kurie leistų padidinti Europos Sąjungos biudžeto išlaidų sukuriamą pridėtinę vertę. / The key concepts used in the paper are: the European Union budget expenditure policy, common agriculture policy, cohesion policy, expenditure policy for competition and employment development. The present paper is devoted to the analysis of the European Union budget expenditure policy concept, its structure, aims and objectives as well as financing directions. The author considers two key European Union budget policy directions – natural resources management and protection policy and sustainable development policy – which cover the major part of the European Union budget expenditure. The paper sets down structural analysis of the mentioned European Union budget policy directions looking into more specified expenditure policy directions as well as the amount of their financing. While analyzing the directions of financial perspective for 2007-2013 the author speaks about advantages and disadvantages of the expenditure issues under discussion. The paper deals with the most updated information on reforming the European Union expenditure policy. The author analyzes the reasons for reforming it and the ways which could lead to the growth of surplus value generated from the European Union budget expenditure.

Insufficient sleep may be associated with obesity via increased energy intake and/or decreased energy expenditure. The present study therefore aimed to investigate effects of sleep restriction on energy balance in healthy young adults. Participants (14 men, 13 women) aged 35.3 ± 1.0 y with 23.6 ± 0.2 kg/m2 BMI completed a randomized, crossover study exposed to short and habitual sleep with 4 wk washout. Controlled diets were provided during the first 4 d, followed by 2 d of ad libitum eating. Ad libitum energy intake, energy expenditure and physical activity level were determined as well as energy balance and body weight. Results showed that ad libitum energy intake (p = 0.031), as well as total fat (p = 0.018) increased after short compared with habitual sleep, but physical activity level, energy expenditure, energy balance, and body weight remained unaffected by sleep duration. In conclusion, sleep deprivation elevates energy intake, which may lead to positive energy balance over time and increase the risk of weight gain and/or obesity.

Insufficient sleep may be associated with obesity via increased energy intake and/or decreased energy expenditure. The present study therefore aimed to investigate effects of sleep restriction on energy balance in healthy young adults. Participants (14 men, 13 women) aged 35.3 ± 1.0 y with 23.6 ± 0.2 kg/m2 BMI completed a randomized, crossover study exposed to short and habitual sleep with 4 wk washout. Controlled diets were provided during the first 4 d, followed by 2 d of ad libitum eating. Ad libitum energy intake, energy expenditure and physical activity level were determined as well as energy balance and body weight. Results showed that ad libitum energy intake (p = 0.031), as well as total fat (p = 0.018) increased after short compared with habitual sleep, but physical activity level, energy expenditure, energy balance, and body weight remained unaffected by sleep duration. In conclusion, sleep deprivation elevates energy intake, which may lead to positive energy balance over time and increase the risk of weight gain and/or obesity.