•Illuminating insights for crisis-driven MNCs behaviors.•Financial disclosure and deconsolidation of subsidiaries.•Leveraging options theory to understand MNCs choices.•Deconsolidation as a ...discretionary and strategic pivot in crisis management.•Exploring implications for political risk and deglobalization.
This study explored the deconsolidation of Venezuelan subsidiaries by 15 U.S. Multinational Corporations (MNCs) during the severe economic and political crisis of 2015. We used a probit model and decision tree classifier to examine how foreign exchange losses and the industry sector influenced this decision. We found that consumer goods MNCs and those with large losses were more likely to be deconsolidated. Deconsolidation may be a common response in other troubled emerging markets, especially in a deglobalized world. We contend that deconsolidation improves stakeholder quality and the transparency of financial reporting. In addition, an MNC’s subsidiary deconsolidation is the middle ground between doing nothing and divesting. This study fills a gap in the academic literature on deconsolidation that has been largely overlooked in the past. This raises new questions and challenges for scholars seeking to promote financial reporting transparency in a changing global environment.
The synthesis of C/C-SiC via liquid silicon infiltration (LSI) with thermoplastic carbon precursors can lead to the formation of macropores in the C/C state. The macro-pore pattern formation can be ...controlled and used as a new level in microstructure for ceramic matrix composites. The pore formation occurs in the CFRP state with the remelting of the thermoplastic matrix and can be fixed to the C/C state after liquid phase pyrolysis. The macro-pores are primarily induced by a non-linear elastic recovery of the fiber preform and not via gas formation and release during pyrolysis. The formation of the macroporosity is described and explained. These pores can be tailored by process control in size and shape. The pore shapes can vary from isolated spherical pores to an interconnected tube like macro-pore network. The relationship between starting setting variables of the fiber preform, the process conditions, and the resulting structure are discussed.
Surface finish deficiencies and thermal deconsolidation are common problems in thermoplastic composites pultrusion (TPC pultrusion). These problems occur in general as a result of the improper ...execution of the cooling process. We have developed an efficient cooling system that is able to precisely control the pultrudate's cooling temperature profile. The aim of this study is to investigate the impact that changing the cooling die temperature profile will have on the thermal deconsolidation behavior and pulling forces in a TPC pultrusion process. C/PEI (Amorphous) and C/PEEK (Semi-crystalline) pultruded rods were pultruded and reprocessed to quantify the adhesion forces during the cooling process. The selected cooling temperatures were in relation to the glass transition and melting temperature, (Tg) and (Tm) respectively. The cooling profiles were characterized by inserting a follow-on thermocouple. Deconsolidation and surface finish quality were assessed through the use of microscopy and by measuring the surface roughness. Lower pulling forces were experienced, and deconsolidation was avoided when the pultrudates were quickly cooled below Tg. For the amorphous PEI polymer, a surface finish (Ra) of 0.72 μm was achieved when cooling at 100 °C below Tg. The best surface finish (Ra = 0.56 μm) for C/PEEK was achieved at a cooling temperature of 243 °C. It is suspected that this cooling temperature promoted fast crystallization. The cooling system was then used during steady-state pultrusion experiments producing 10 m of C/PEI and C/PEEK fully consolidated rods having surface finish Ra value lower than 0.8 μm. The developed cooling system will create significant new opportunities for the usage of pultruded thermoplastic composites in many fields, including additive manufacturing and composite joining.
Deconsolidation of fibre reinforced thermoplastic composite occurs above the glass transition temperature of the polymer and has been associated with the relaxation of stresses in the fibrous ...reinforcement created during consolidation. This study proposes a deconsolidation model based on the composite’s microstructure which is then used to predict its deconsolidation behaviour in cyclic compaction manufacturing. Two thermoplastic commingled yarn architectures are used to highlight the influence of their mechanical compaction behaviour. An analytical model based on the damped decompaction of dry fibres is proposed to explain the evolution of the microstructure and to predict the macroscopic behaviour observed. The deconsolidated micro architecture predicted correlates well with the observations from image analysis during deconsolidation. Moreover, the model accurately predicts the macroscopic behaviour observed during deconsolidation. This new model opens possibilities for simulating multi-stepped compaction processes. Experimental results hint that only the continuous fibre commingled yarn could benefit from cyclic compaction moulding.
•The concentration of HNO3 electrolyte determined the oxidation of matrix graphite.•Chemical composition of matrix graphite deconsolidation products was analyzed.•Carbonyl group of deconsolidation ...product plays a dominant role in Sr2+ adsorption.
With the development of high-temperature gas-cooled reactor (HTGR), the disposal of its spent fuel elements will become an important factor that affects its industrialization. As one of alternative routes for head-end process of HTGR spent fuels’ reprocessing, electrochemical deconsolidation method separates TRISO fuel particles from matrix graphite (MG) and produces electrochemical deconsolidation product (EDP) with larger surface area than MG and abundant functional groups. In this paper, the chemical composition and structure of EDPs obtained in HNO3 with concentrations of 4%, 34% and 68% were studied, and the application of EDPs on strontium ions (Sr2+) adsorption was investigated. The results showed that EDP-4% with more carbonyl groups on the surface possessed the largest Sr2+ capacity of 44.8 mg/g at pH 5, while EDP-34% containing more hydroxyl and epoxy groups had the smallest capacity of 9.6 mg/g. The capacity for EDP-68% lay in the mid value of 19.5 mg/g. Density functional theory (DFT) calculations and adsorption experiments jointly evidenced that the type and amount of functional groups both significantly impacted the Sr2+ adsorption. The proposed adsorption mechanism provides theoretical foundation to evaluate the distribution of 90Sr during HTGR spent fuels’ electrochemical deconsolidating.
The chemical composition of the electrochemical deconsolidation products of matrix graphite and optimal adsorption sites for Sr. Display omitted
Separation of complete TRISO-coated fuel particles from matrix graphite is challenging but important for the post-irradiation examination (PIE) of high-temperature gas-cooled reactor (HTGR) fuel ...elements. Electrochemical technology is considered one of the most promising and effective approaches in this regard. Herein, to explore the influence of HNO3 concentration on galvanostatic deconsolidation, 4%–68% HNO3 were taken as examples. The matrix graphite anodes gradually exfoliated to fragments in 34% HNO3, while expanding in other concentrations. The characterization results of deconsolidated fragments and galvanostatic curves identified the highest oxygen content was reached in 34% HNO3 due to the combined effect of intercalation, hydrolysis and oxygen evolution. In higher HNO3 concentrations like 68%, the intercalating agent predominates and therefore the intercalation and following hydrolysis reactions are the main causes of matrix graphite deconsolidation, with no oxygen evolution occurring. In contrast, in lower HNO3 concentrations like 4%, the violent oxygen evolution reaction hinders the intercalation and hydrolysis reactions. In short, only the combined interaction of intercalation, hydrolysis and oxygen evolution can deconsolidate the bulk matrix graphite into a more homogeneous powder. This work will provide more insights into the electrochemical deconsolidation mechanism and process of both HTGR fuel elements and other graphite materials.
Electrochemical deconsolidation of the matrix graphite in three concentrations of nitric acid and its corresponding reaction mechanism. Display omitted
•Deconsolidation of matrix graphite depended on the concentration of HNO3 electrolyte.•Hydrolysis of co-intercalated H2O are the main cause of exfoliation of matrix graphite.•Water electrolysis and intercalation of NO3− resulted in the expansion of matrix graphite.
Post-irradiation examination of irradiated spherical fuel elements in high-temperature gas-cooled reactors (HTGRs) requires the separation of integrated tri-structural isotropic (TRISO) particles ...from matrix graphite (MG). The electrochemical method is a promising approach for separating intact TRISO particles and exploring the fission product source terms in MG. In this work, the electrochemical behavior of MG and its three compositions, i.e., artificial graphite (AG), natural graphite (NG), and binder carbon (BC) were investigated experimentally by cyclic voltammetry using nitric acid as an electrolyte, and these three compositions showed very different electrochemical properties. Compared with BC, AG and NG exhibited relatively higher electrochemical reactivity controlled by diffusion, while BC performed almost identical adsorbing-controlled electrochemical behavior with MG composites, which probably resulted from encased AG and NG flakes by bulk BC. According to cyclic voltammetric and characterizing results of functional groups on the surface of the specimens, the deconsolidation reacting procedures of MG could be further interpreted into a two-step process. The first step was the electrochemical oxidation of BC by unsaturated , defective, and sp2 carbon atoms. In the second step, the NG and AG flakes were intercalated, oxidized and exfoliated by combined reactions of hydrolysis, intercalation, and oxygen evolution. The proposed electrochemical procedures obtained in this study provide the theoretical foundation to PIE investigations of HTGR spent fuels.
Given Asia-Pacific's diversity and the large variance of potentially relevant causal factors, the region presents social scientists with a natural laboratory to test competing theories of democratic ...erosion, decay and revival and to identify new patterns and relationships. This introductory article offers a brief review of the relevant literature and introduces the different categories of analysis that build the analytical framework considered in various forms in the special issue. The article discusses the reasons for the renewed pessimism in democratization and democracy studies and provides a survey of different conceptualizations intended to capture forms of democratic regression and the autocratization concept to which the contributors to this special issue adhere. We discuss how Asia-Pacific experiences fit into the debate about democracy's deepening global recession and examine assumptions about the causes, catalysts and consequences of democratic regression and resilience in the comparative politics literature. Finally, the remaining twelve articles of this special issue will be introduced.
The combination of rapid automated lay-up and stamp forming has great potential for rapid manufacturing of lightweight load carrying components of thermoplastic composites. However, deconsolidation ...during blank heating is currently limiting the applicability of rapid lay-up blanks. This experimental work investigates the origin of deconsolidation in blanks produced by advanced fiber placement (AFP) versus traditional press consolidation. The influence of moisture on deconsolidation is investigated through deconsolidation experiments in a convection oven, as well as thermo-mechanical and residual gas analyses. The experiments revealed that thermal expansion of dissolved moisture is the main deconsolidation mechanism for press-consolidated blanks, but not for AFP blanks, which are suggested to deconsolidate mainly due to the release of frozen-in fiber stresses present in the used prepreg.
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