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Investment is an important instrument of growth and competitiveness for non financial firms. However, these firms have limited financial resources (or liquidity) at their disposal. The financial constraint is defined as a conditionality to be met in order to have access to liquidity by assuming that the information held by shareholders is perfect, and that financial markets are efficient. We have attempted in this study to analyze empirically the impact of these financial constraint on the investments of Sub-Saharan manufacturing firms. We carried out an empirical analysis of a sample of 73 firms belonging to the different manufacturing sectors listed on the stock market during the period 1998-2009, and by taking inspiration from panel data methodology. The empirical tests emphasize the fact that the manufacturing firms of Sub-Saharan countries, including the smallest ones and those with which financial institutions have no close relations, witness an environment with a strong information asymmetry between borrowers and lenders. These firms are constrained in their access to external indebtedness due to the levelling-off of indebtedness. However, taking account of uncertainty could enrich the extension of this study.
The aim of this paper is an analysis of the different standpoints of Parsons and Schutz concerning Weber’s suggestion that sociological explanations have to include the subjective point of view of the actors, the Cartesian Dilemma that the actor’s consciousness is not accessible to the researcher, and the Kantian Problem that theories are necessary in order to interpret sensory data, but that there is no guarantee that these theories are true. The comparison of Schutz’s and Parsons’s positions shows that Parsons’s methodology is na?ve and unsuitable for a sociological analysis. But although Schutz’s methodological standpoint is much more reasonable, it is also problematic, because it excludes highly abstract social “facts” such as social systems from the research agenda. Parsons can deal with such highly abstract facts, despite the drawback that with his methodology the truth content of theories cannot be judged.
The emphasis of Positive Psychotherapy on culture is a specific contribution to psychodynamic psycho- therapy and to contemporary psychological reasoning and intervention in general. In this article, it is argued that a consistent psycho-cultural perspective as introduced by the founder of Positive Psychotherapy, the Persian-German psychiatrist and psychotherapist Nossrat Peseschkian (1933-2010), is beneficial for humanity’s psychological needs in the time of globalization. Also elementary concepts and the style of intervention in Positive Psychotherapy are described.
Viewing gravitational energy momentum as equal by observation, but different in essence from inertial energy-momentum requires two different symmetries to account for their independent conservations—spacetime and inner translation invariance. Gauging the latter a generalization of non-Abelian gauge theories of compact Lie groups is developed resulting in the gauge theory of the non-compact group of volume-preserving diffeomorphisms of an inner Minkowski space M4. As usual the gauging requires the introduction of a covariant derivative, a gauge field and a field strength operator. An invariant and minimal gauge field Lagrangian is derived. The classical field dynamics and the conservation laws for the new gauge theory are developed. Finally, the theory’s Hamiltonian in the axial gauge is expressed by two times six unconstrained independent canonical variables obeying the usual Poisson brackets and the positivity of the Hamiltonian is related to a condition on the support of the gauge fields.