No abstract

The objective of this paper is to examine the relationship between intellectual capital (IC) and firms’ financial leverage by exploring whether firm profitability mediates this relationship, using a dataset of Chinese agricultural listed companies during the period of 2014–2020. Financial leverage is measured by the debt-to-asset ratio, and IC is measured via the modified value-added intellectual coefficient (MVAIC) model. The results reveal that financial leverage is lower in firms with higher levels of IC, and IC positively affects firm profitability. In addition, firm profitability partially mediates the relationship between IC and financial leverage. When MVAIC is disaggregated into its four components, firm profitability has a partially mediating effect on the relationship between physical and human capitals and financial leverage. This paper might provide corporate managers with a clear understanding of IC’s impact on firm indebtedness.

Abstract-Cretaceous, in Kuqa River-Kelasu River region of the northern Tarim Basin, is composed of, in ascender order, Shushanhe Formation, Baxigai Formation and Bashijiqike Formation. Based on field observations in the respectives of sedimentology, an alluvial depositional system consisted of fandelta, braided delta and lacustrine facies or subfaceis was recognized. Braided delta and lacustrine facies are mainly presented in Baxigai Formation while Bashijiqike Formation attributes to a fan-delta facies. By field measurement of sedimentary facies and detail descriptions of reservoir sandbodies in a scale of 1:50, the sedimentary evolution and distribution of sandbody of channel bars were discussed in this study.