Economic activities results and problems of the farm engaged in production of stick tomatoes in Erdemli (Mersin) Province

Science.gov (United States)

Direk, M.; Topkara, S.

2018-03-01

This study was carried out to investigate the socio-economic status of the stick-grown tomatoes located in Erdemli district of Mersin province and to examine the annual activity results and to reveal the problems. The data used in the research were obtained from questionnaires conducted with 44 selected farms by stratified random sampling method. The data obtained is for the 2016 production period. In the farmer surveyed, the operating area per farm was 7.01 da. In the enterprises, the average active capital per farm (69,916 ), 89.62% of the land capital and 2,40% of the operating capital. The ratio of own capital in the passive capital is 85.22%. In the examined farm, the average net yield was 3,150 , the agricultural income was 5,483 , the financial profitability was 4.29% and the economic profitability was 4.39%. As a result of the pie tomato cost analysis, the cost of tomato was determined to be below the tomato sales price. In the study, the cost of 1 kg product was calculated as 0,23 . The surplus supply in the time of the intensive production of tomatoes in the region of the study causes the prices to decrease. For this reason, it is necessary to try to ensure price stability by ensuring balanced distribution of the accrual during the season.

Comparing technical efficiency of farms with an automatic milking system and a conventional milking system.

Science.gov (United States)

Steeneveld, W; Tauer, L W; Hogeveen, H; Oude Lansink, A G J M

2012-12-01

Changing from a conventional milking system (CMS) to an automatic milking system (AMS) necessitates a new management approach and a corresponding change in labor tasks. Together with labor savings, AMS farms have been found to have higher capital costs, primarily because of higher maintenance costs and depreciation. Therefore, it is hypothesized that AMS farms differ from CMS farms in capital:labor ratio and possibly their technical efficiency, at least during a transition learning period. The current study used actual farm accounting data from dairy farms in the Netherlands with an AMS and a CMS to investigate the empirical substitution of capital for labor in the AMS farms and to determine if the technical efficiency of the AMS farms differed from the CMS farms. The technical efficiency estimates were obtained with data envelopment analysis. The 63 AMS farms and the 337 CMS farms in the data set did not differ in general farm characteristics such as the number of cows, number of hectares, and the amount of milk quota. Farms with AMS have significantly higher capital costs (€12.71 per 100 kg of milk) than CMS farms (€10.10 per 100 kg of milk). Total labor costs and net outputs were not significantly different between AMS and CMS farms. A clear substitution of capital for labor with the adoption of an AMS could not be observed. Although the AMS farms have a slightly lower technical efficiency (0.76) than the CMS farms (0.78), a significant difference in these estimates was not observed. This indicates that the farms were not different in their ability to use inputs (capital, labor, cows, and land) to produce outputs (total farm revenues). The technical efficiency of farms invested in an AMS in 2008 or earlier was not different from the farms invested in 2009 or 2010, indicating that a learning effect during the transition period was not observed. The results indicate that the economic performance of AMS and CMS farms are similar. What these results show is that

THE MARKET VALUE OF HUMAN CAPITAL: AN EMPIRICAL ANALYSIS

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NEAGU OLIMPIA

2012-12-01

Full Text Available There is a general consensus that human capital is a major determinant of economic growth. Reflections on how human capital is related to growth can be extended by viewing on the market value of the human capital. The concept of the market value of human capital reflects the efficiency of allocation and utilisation of the human capital in the economy. To measure this efficiency the concept of the market value of human capital is explained and developed in the present paper. The aim of the paper is to introduce the concept of market value of human capital and the specific objectives are targeted to define his content, to propose a method for estimating it and to provide calculations of it for OECD countries. The concept of human capital is complex and multifaceted one, consisting of: native human capital (biological, educational capital, health capital and social skills (Neagu, 2010. Clearly, human capital is intangible, a stock that is not directly observable as physical capital. Therefore, the estimation of human capital must be constructed indirectly. The stock of human capital in economy creates economic value, expressed through the economic output per capita. In order to estimate this economic value we have to find an appropriate proxy for the human capital stock producing that value. In the purpose of our paper, we consider that the economic value of human capital can be estimated by calculating the aggregate value created by the active human capital in the economy. In this view, GDP per person employed is a relevant estimation of value created by the employed labour force. The aggregate value is created by the employed persons with different educational level. The market value of human capital is calculated by dividing the GDP per person employed to the human capital stocks active in the economy. The human capital stock depends on educational costs ( on primary, seconadry, tertiary education as a the share of GDP per capita weighted by the

Cost of Capital Estimation for Highway Concessionaires in Chile

Directory of Open Access Journals (Sweden)

Cristian Vergara-Novoa

2018-01-01

Full Text Available In this paper, we present the cost of capital estimation for highway concessionaires in Chile. We estimated the cost of equity and the cost of debt and determined the capital structure for each one of twenty-four concessionaires that operate highways. We based our estimations on the developments of Sharpe (1964, Modigliani and Miller (1958, and Maquieira (2009, which were also compared with the Brusov et al. (2015 developments. We collected stock prices for different highway concessionaires around the world from Google Finance and Reuters’ websites in order to determine the Beta of equity using a representative company. After that, we estimated the cost of equity considering Hamada (1969 and a Capital Asset Pricing Model. Then, we estimated the cost of capital using the cost of debt and the capital structure of Chile’s highway concessionaires. With all above, we were able to determine the Weighted Average Cost of Capital (WACC for highway concessions which ranges from 5.49 to 6.62%.

Carbon Emission Disclosure and the Cost of Capital: An Analysis of Malaysian Capital Market

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Binti Abd Rahman Noor Raida

2017-01-01

Full Text Available The main purpose of this study is to examine the relationship between voluntary disclosure and cost of capital by exploring the impact of voluntary carbon emission disclosure (VCED on the firm’s weighted-average cost of capital. A carbon disclosure index is used to evaluate the quality of carbon emission disclosure in 2013 and 2014 annual reports of 247 Malaysian public listed companies. By using content analysis, the result highlights a significant increase in the level and quality of carbon emission disclosure practice from 2013 to 2014. In addition, the finding from regression analysis indicates insignificant relationship between VCED quality and weighted-average cost of capital. Overall, our findings suggest that the carbon emission disclosure is still low, as such, the quality of VCED do not have an impact on firm’s cost of capital. The results of the study allow the government to measure progress toward achieving its target to reduce carbon emission and will add weight to the call by accounting regulation body such as Malaysian Accounting Standard Board for a specific standard on carbon reporting.

Social Capital, Economic Growth and Transition Economies

DEFF Research Database (Denmark)

Svendsen, Gert Tinggaard

1998-01-01

transactions to take place without third-party enforcement. Theory and lessons from empirical evidence lead to three general recommendations for building social capital in the future: First, the state must withdraw and minimize its role in the economy so to leave room for voluntary organization and free......Summary: What does social capital mean and how can it be built? Social capital is considered as a new production factor which must be added to the conventional concepts of human and physical capital. Social capital is productive because it increases the level of trust in a society and allows more......-trade. Second, state withdrawal should be combined with efforts to increase economic growth and gain popular support for the implementation of reforms. Third, voluntary groups, beneficial to the economy, should not be institutionalized to prevent them from turning into harmful rent-seeking groups....

FACTORS AFFECTING THE ENTERPRISE’S COST OF CAPITAL IN UKRAINE

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Tetiana KONIEVA,

2017-02-01

Full Text Available Reducing the cost of capital is one of the main tasks of financial management of any enterprise.Because of dynamism of market conditions, the economic situation in the country, the existingrequirements of the legislation, the volume, structure, cost of financial resources of the enterprise fallunder the influence of various factors. The goal of this article is to analyze the specific features of theinfluence of different factors on the weighted average cost of capital in Ukraine as a basis fordevelopment of methods for its reducing. Investigation of factors that influence on the company's financialresources was carried out in the directions determined by the classical formula of the weighted averagecost of capital (WACC, estimation of the cost of net assets’ attracting (CAPM model. Special attentionwas paid to the analysis of the domestic legislative base concerning the permitted forms of businessorganization in Ukraine, requirements for the emission and dividend policy of the enterprise, size of itsregistered, reserve capital, share of net assets in financial resources. Based on the statistical data ofdomestic business entities, their ownership structure, sources of financing, specific features of theeconomic sector’s influence were analyzed. As a result, the prevalence of corporate enterprises in Ukrainewas revealed, which is connected with relatively low costs and favorable conditions for establishment andregistration. As part of the analysis of the financial resources’ structure high level of dependence fromdebts, the popularity of commercial credit, negative effect of financial leverage were found at theUkrainian enterprises. The features of the economic sector of enterprise were analyzed, that determine thevolume of capital investments for creation and development, duration of the operational cycle,seasonality, operating and investment activities, the level of profitability, which affect the volume,structure, cost of the capital of

EFFECT OF INTELLECTUAL CAPITAL, CAPITAL STRUCTURE AND MANAGERIAL OWNERSHIP TOWARD FIRM VALUE OF MANUFACTURING SECTOR COMPANIES LISTED IN INDONESIA STOCK EXCHANGE (IDX PERIOD 2010-2014

Directory of Open Access Journals (Sweden)

Hamidah Hamidah

2015-09-01

Full Text Available The purpose of this study is to know the effect of Intellectual Capital, Capital Structure and Managerial Ownership on Firm Value in Manufacturing Company Listed on Indonesia Stock Exchange in 2010-2014. In this research, intellectual capital can be seen from VACA (Value Added Capital Employed, VAHU (Value Added Human Capital, and STVA (Structural Capital Value Added. The research model in this study employs panel data analysis. The samples are manufacturing companies listed in Indonesian Stock Exchange in 2010-2014 selected by purposive sampling. The result show that VACA and STVA has negative and not significant effect on firm value (Tobins’Q. Whereas, VAHU have positive and not significant effect on firm value. Capital structure (DAR have positive and significant effect on firm value. Managerial ownership (MGRL have negative and significant effect on firm value.

The Technical Efficiency of Specialised Milk Farms: A Regional View

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Jindřich Špička

2014-01-01

Full Text Available The aim of the article is to evaluate production efficiency and its determinants of specialised dairy farming among the EU regions. In the most of European regions, there is a relatively high significance of small specialised farms including dairy farms. The DEAVRS method (data envelopment analysis with variable returns to scale reveals efficient and inefficient regions including the scale efficiency. In the next step, the two-sample t-test determines differences of economic and structural indicators between efficient and inefficient regions. The research reveals that substitution of labour by capital/contract work explains the variability of the farm net value added per AWU (annual work unit income indicator by more than 30%. The significant economic determinants of production efficiency in specialised dairy farming are farm size, herd size, crop output per hectare, productivity of energy, and capital (at α=0.01. Specialised dairy farms in efficient regions have significantly higher farm net value added per AWU than inefficient regions. Agricultural enterprises in inefficient regions have a more extensive structure and produce more noncommodity output (public goods. Specialised dairy farms in efficient regions have a slightly higher milk yield, specific livestock costs of feed, bedding, and veterinary services per livestock unit.

Impacts of Alternative Implementations of the Single Farm Payment on Organi-cally and Conventionally Producing Farms in Austria

OpenAIRE

Schmid, Erwin; Sinabell, Franz

2007-01-01

In 2003, the Common Agricultural Policy underwent a substantial reform. Direct pay-ments that were linked to the production of certain crops and livestock were abolished. Alternatively, the Single Farm Payment was introduced in EU-15 Member States. We investigate the distributional consequences of alternative implementation choices for organic farms in Austria. Results show that net-returns of farms and the distribution of farm revenues depend on the particular implementation of the reform.

Differences in the Financial Management of Conventional, Organic, and Biodynamic Farms

Directory of Open Access Journals (Sweden)

Vlašicová Eliška

2015-09-01

Full Text Available The financial management of conventional, organic, and biodynamic farms was evaluated and compared. It is a highly specific issue filling in the gap namely in the area of economic research of biodynamic agriculture. Biodynamic agriculture is a less widespread concept of agriculture, the management of which meets the requirements of organic agriculture. Organic agriculture has still been gaining in importance in the Czech Republic, the number of organic farms has been growing, and availability of organic products has increased, too. Of the Czech farms receiving subsidies from the EU or state subsidies in 2007-2012, a total of 389 were selected for analysis (273 of which were conventional farms, 112 organic farms, and 4 farms were engaged in biodynamic agriculture. Subsidies, Total Costs, Operating Revenue, Profit and Gross Value Added indicators were selected for evaluation. The individual indicators within groups of companies were compared by means of a t-test. The analysis revealed significant differences in the economic indicators of individual types of farms. It was observed that organic enterprises have better economic results than conventional and biodynamic businesses. Subsidies help all types of farms achieve better results. We may hence assume dependence of these farms on subsidies.

Return on Capital and Cost of Capital: How does their Relation Affect Firm Value?

OpenAIRE

Halil D. Kaya; Julia S. Kwok; Elizabeth C. Rabe

2015-01-01

The Great Recession of 2008-2009 hurt almost all of the companies’ stock values in the United States. Interestingly, for Starbucks, the deterioration started a few years before the recession. From 2005 to 2007, the company’s stock price declined by approximately 40%. This case encourages students to examine the company’s return on capital, compare it to its cost of capital, and then relate this to the decline in the company’s stock price. First, they will establish a single formula for return...

ECONOMICS OF DAIRY FARMING IN TURKEY

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Özgür Bor

2014-10-01

Full Text Available In this study dairy farming activities in Turkey are employed to prove that small-scale agricultural production is disappearing rapidly due to costly investment and mechanization needs. For that purpose the cost structure and the investment needs in starting a dairy farm are analyzed. The results show that the capital requirements of building a dairy farm with optimal capacity are hard to reach for small farmers unless a system of marketing and production agricultural cooperatives and/or institutions are organized.

Rethinking the economics of capital mobility and capital controls

Directory of Open Access Journals (Sweden)

Thomas I. Palley

2009-09-01

Full Text Available This paper reexamines the issue of international financial capital mobility, which is today's economic orthodoxy. Discussion is often framed in terms of the impossible trinity. That framing distorts discussion by representing capital mobility as having equal significance with sovereign monetary policy and control over exchange rates. It also distorts discussion by ignoring possibilities for coordinated monetary policy and exchange rates, and for managed capital flows. The case for capital mobility rests on neo-classical economic efficiency arguments and neo-liberal political arguments. The case against capital mobility is based on Keynesian macroeconomic inefficiency arguments, neo-Walrasian market failure arguments, and neo-Marxian arguments regarding distortion of the social structure of accumulation. Close examination shows the case for capital mobility to be extremely flimsy, pointing to the ideological dimension behind today's policy orthodoxy.

The importance of capital cost reduction in improving nuclear economics

International Nuclear Information System (INIS)

Langmo, A.; Braun, C.

1996-01-01

In the developed countries having existing nuclear programs, the situation necessitates lower total power generation cost. The restructuring of utility industry due to the deregulation causes to reorganize the ownership of some nuclear plants, and the overall economics of nuclear plants in relation to their local competition is reexamined. The reluctance to make any new long term capital cost commitment arises, and it makes new plant construction less likely in near future, and plant upgrading and improvement to be put to intense scrutiny. The capital cost recovery in existing nuclear plants in USA is discussed. It is important to recognize that there is very little that can be done to affect already expended capital, and only that can be done is to improve plant capacity factors, besides write-off. The roles of architects and engineers in improved plant economics are now evaluated by the various organizations which are interested in the participation in new nuclear industry reorganization and restructuring. The reduction of operation and maintenance costs and capital investment, and the improvement of capacity factor are reported. In new ALWR construction program, architects and engineers can significantly support the control of plant capital costs by the selection of the plant design and the sites, and the strategies of procurement and contract, construction schedule and others. (K.I.)

MODEL PENENTUAN HARGA SAHAM: PENGUJIAN CAPITAL ASSET PRICING MODEL MELALUI PENGUJIAN ECONOMIC VALUE ADDED

Directory of Open Access Journals (Sweden)

Suripto Suripto

2017-03-01

Full Text Available This research tested the influence of characteristics of the firms and of EVA (Eco-nomic Value Added to stock of returns. This Research sample was company Self-100 ValueCreator of year 2001 until 2006. Result of research indicated that company size measure,profitability, capital structure (characteristics of the firms and EVA by stimulant had aneffect on significant to stock of returns, but by partial only characteristics company. Condi-tion of company fundamentals had an effect on significance to stock of returns. This indica-tion that investor still considered factors of fundamentals was having investment. EVA didnot have an effect on significant to stock of returns. This finding indicated that Model deter-mination of stock of returns (CAPM Irrelevant determined the level of EVA and also indicatedthat CAPM (Capital Assets Pricing Model was not relevant in determining stock of returns inIndonesian Stock Exchange.

Capital structure in the global shipping industry

Directory of Open Access Journals (Sweden)

Paun Cristian

2016-01-01

Full Text Available The current economic crisis emerged from a particular financial crisis that started in the United States and being rapidly propagated all over the world. It did not affect a limited region or a limited economic sector. This crisis induced significant changes in all management areas, including financial management. This study is focused on financing strategies adopted by shipping companies during the crisis, analyzing relevant factors for a specific issue - the capital structure. The research methodology proposed for this analysis on relevant factors that could explain the capital structure of shipping is OLS regression applied on selected variables derived from the financial statements of the major shipping companies. The dependent variables reflecting capital structure are book value to total liabilities ratio and book value to total debt ratio. The explanatory variables are derived from the theory of capital structure. This study empirically illustrates the relevance of the capital structure theory for the studied economic sector and is a useful tool for the shipping companies, providing relevant information about the optimal capital structure adopted by shipping companies and about factors that influence this decision during a crisis period.

Quarterly Aggregate Capital Input and the Cost of Capital for the

OpenAIRE

Subhash C. Sharma; Yijian He

1995-01-01

It is the flow of capital services, instead of the capital stock, along with the flows of other inputs which is related to the flows of outputs in economic theory of cost and production. In applied research, quite often to capture the dynamic phenomena which occurs within a year, there is a need to use quarterly data which may not be captured by annual data. However, quarterly data on capital input and the cost of capital are not readily available. Thus, in this paper the quarterly real and n...

Social Capital in Rural Denmark

DEFF Research Database (Denmark)

Svendsen, G.L.; Svendsen, Gert Tinggaard

1999-01-01

What are the roots of social capital and how can it be measured and built? Social capital is considered as a new production factor which must be added to the conventional concepts of human and physical capital. Social capital is productive because it increases the level of trust in a society...... and allows more transactions to take place without third-party enforcement. Theory and lessons from empirical evidence lead to the general recommendation that any loss in social capital must be deducted from the economic gain following market forces. For example, the voluntary organization of small......-sized groups in the Danish Cooperative Dairy Movement was eliminated due to economies of scale. It may be so that an alternative way of production, taking social capital into account, could have increased economic growth further....

THE CAPITAL STRUCTURE OF VENTURE CAPITAL FIRMS IN INDONESIA

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Andi Buchari

2016-10-01

Full Text Available Venture capital (VC is an important fund source for small and medium enterprises (SMEs and start up, particularly to deliver its main product of equity participation. Therefore, capital structure and factors that affect it are very crucial. This study aims to analyze the capital structure of VC firms in Indonesia using econometric model of panel data regression. This study utilizes secondary data of six years period (2009-2014 monthly financial statements of 27 samples out of 58 VC firms to form 1,944 observations. The study reveals that capital structure of VC firms in Indonesia is dominated by debt/loan rather than capital with DER on average is 136.95%. In addition, the research confirms that VC firms’ capital structure is affected simultaneously by financial aspects which are asset size, profitability, liquidity, asset/investment quality, and earning asset structure. The attentions to financial aspects that affect the VC firms’ capital structure as well as other initiatives related to capital increases are necessary so that the VC firms could carry out its role effectively.

Economic agglomerations and spatio-temporal cycles in a spatial growth model with capital transport cost

Science.gov (United States)

Juchem Neto, J. P.; Claeyssen, J. C. R.; Pôrto Júnior, S. S.

2018-03-01

In this paper we introduce capital transport cost in a unidimensional spatial Solow-Swan model of economic growth with capital-induced labor migration, considered in an unbounded domain. Proceeding with a stability analysis, we show that there is a critical value for the capital transport cost where the dynamic behavior of the economy changes, provided that the intensity of capital-induced labor migration is strong enough. On the one hand, if the capital transport cost is higher than this critical value, the spatially homogeneous equilibrium of coexistence of the model is stable, and the economy converges to this spatially homogeneous state in the long run; on the other hand, if transport cost is lower than this critical value, the equilibrium is unstable, and the economy may develop different spatio-temporal dynamics, including the formation of stable economic agglomerations and spatio-temporal economic cycles, depending on the other parameters in the model. Finally, numerical simulations support the results of the stability analysis, and illustrate the spatio-temporal dynamics generated by the model, suggesting that the economy as a whole benefits from the formation of economic agglomerations and cycles, with a higher capital transport cost reducing this gain.

The role of capital costs in decarbonizing the electricity sector

Science.gov (United States)

Hirth, Lion; Steckel, Jan Christoph

2016-11-01

Low-carbon electricity generation, i.e. renewable energy, nuclear power and carbon capture and storage, is more capital intensive than electricity generation through carbon emitting fossil fuel power stations. High capital costs, expressed as high weighted average cost of capital (WACC), thus tend to encourage the use of fossil fuels. To achieve the same degree of decarbonization, countries with high capital costs therefore need to impose a higher price on carbon emissions than countries with low capital costs. This is particularly relevant for developing and emerging economies, where capital costs tend to be higher than in rich countries. In this paper we quantitatively evaluate how high capital costs impact the transformation of the energy system under climate policy, applying a numerical techno-economic model of the power system. We find that high capital costs can significantly reduce the effectiveness of carbon prices: if carbon emissions are priced at USD 50 per ton and the WACC is 3%, the cost-optimal electricity mix comprises 40% renewable energy. At the same carbon price and a WACC of 15%, the cost-optimal mix comprises almost no renewable energy. At 15% WACC, there is no significant emission mitigation with carbon pricing up to USD 50 per ton, but at 3% WACC and the same carbon price, emissions are reduced by almost half. These results have implications for climate policy; carbon pricing might need to be combined with policies to reduce capital costs of low-carbon options in order to decarbonize power systems.

Payment mechanism and GP self-selection: capitation versus fee for service.

Science.gov (United States)

Allard, Marie; Jelovac, Izabela; Léger, Pierre-Thomas

2014-06-01

This paper analyzes the consequences of allowing gatekeeping general practitioners (GPs) to select their payment mechanism. We model GPs' behavior under the most common payment schemes (capitation and fee for service) and when GPs can select one among them. Our analysis considers GP heterogeneity in terms of both ability and concern for their patients' health. We show that when the costs of wasteful referrals to costly specialized care are relatively high, fee for service payments are optimal to maximize the expected patients' health net of treatment costs. Conversely, when the losses associated with failed referrals of severely ill patients are relatively high, we show that either GPs' self-selection of a payment form or capitation is optimal. Last, we extend our analysis to endogenous effort and to competition among GPs. In both cases, we show that self-selection is never optimal.

ACCOUNT INSTRUMENT CAPITAL BORROWED

Directory of Open Access Journals (Sweden)

Holt Gheorghe

2012-03-01

Full Text Available Setting up business capital is made from different sources and their use coordinates its policy aims, issues that affect the overall efficiency and thus differentiate companies with the same profile of activity and a similar level of capital advanced in the economic cycle. Thus financial structure, the average cost of capital used in the mechanism how the financial management of the company, of particular importance for this.

The Economic Value of Human Capital

OpenAIRE

Gulie Alexandra Emanuela

2012-01-01

The human factor created by physical work and/or intellectual property of all existing material, is unequivocally active value of any work, ie human capital translates into different activities, specialized or not, it creates these individuals. History of the term human capital has experienced over time a series of ups and downs, as agreed or rejected by academia and the political class. Although known affirmation and its conceptual structure only after the seventh decade of the twentieth cen...

42 CFR 412.304 - Implementation of the capital prospective payment system.

Science.gov (United States)

2010-10-01

... HEALTH AND HUMAN SERVICES MEDICARE PROGRAM PROSPECTIVE PAYMENT SYSTEMS FOR INPATIENT HOSPITAL SERVICES Prospective Payment System for Inpatient Hospital Capital Costs General Provisions § 412.304 Implementation of the capital prospective payment system. (a) General rule. As described in §§ 412.312 through 412.370...

The rise of agrarian capitalism and the decline of family farming in England.

Science.gov (United States)

Shaw-Taylor, Leigh

2012-01-01

Historians have documented rising farm sizes throughout the period 1450–1850. Existing studies have revealed much about the mechanisms underlying the development of agrarian capitalism. However, we currently lack any consensus as to when the critical developments occurred. This is largely due to the absence of sufficiently large and geographically wide-ranging datasets but is also attributable to conceptual weaknesses in much of the literature. This article develops a new approach to the problem and argues that agrarian capitalism was dominant in southern and eastern England by 1700 but that in northern England the critical developments came later.

Values beyond value? Is anything beyond the logic of capital?

Science.gov (United States)

Skeggs, Bev

2014-03-01

We are living in a time when it is frequently assumed that the logic of capital has subsumed every single aspect of our lives, intervening in the organization of our intimate relations as well as the control of our time, including investments in the future (e.g. via debt). The theories that document the incursion of this logic (often through the terms of neoliberalism and/or governmentality) assume that this logic is internalized, works and organizes everything including our subjectivity. These theories performatively reproduce the very conditions they describe, shrinking the domain of values and making it subject to capital's logic. All values are reduced to value. Yet values and value are always dialogic, dependent and co-constituting. In this paper I chart the history by which value eclipses values and how this shrinks our sociological imagination. By outlining the historical processes that institutionalized different organizations of the population through political economy and the social contract, producing ideas of proper personhood premised on propriety, I detail how forms of raced, gendered and classed personhood was formed. The gaps between the proper and improper generate significant contradictions that offer both opportunities to and limits on capitals' lines of flight. It is the lacks, the residues, and the excess that cannot be captured by capital's mechanisms of valuation that will be explored in order to think beyond the logic of capital and show how values will always haunt value. © London School of Economics and Political Science 2014.

Fully Capitated Payment Breakeven Rate for a Mid-Size Pediatric Practice.

Science.gov (United States)

Farmer, Steven A; Shalowitz, Joel; George, Meaghan; McStay, Frank; Patel, Kavita; Perrin, James; Moghtaderi, Ali; McClellan, Mark

2016-08-01

Payers are implementing alternative payment models that attempt to align payment with high-value care. This study calculates the breakeven capitated payment rate for a midsize pediatric practice and explores how several different staffing scenarios affect the rate. We supplemented a literature review and data from >200 practices with interviews of practice administrators, physicians, and payers to construct an income statement for a hypothetical, independent, midsize pediatric practice in fee-for-service. The practice was transitioned to full capitation to calculate the breakeven capitated rate, holding all practice parameters constant. Panel size, overhead, physician salary, and staffing ratios were varied to assess their impact on the breakeven per-member per-month (PMPM) rate. Finally, payment rates from an existing health plan were applied to the practice. The calculated breakeven PMPM was $24.10. When an economic simulation allowed core practice parameters to vary across a broad range, 80% of practices broke even with a PMPM of $35.00. The breakeven PMPM increased by 12% ($3.00) when the staffing ratio increased by 25% and increased by 23% ($5.50) when the staffing ratio increased by 38%. The practice was viable, even with primary care medical home staffing ratios, when rates from a real-world payer were applied. Practices are more likely to succeed in capitated models if pediatricians understand how these models alter practice finances. Staffing changes that are common in patient-centered medical home models increased the breakeven capitated rate. The degree to which team-based care will increase panel size and offset increased cost is unknown. Copyright © 2016 by the American Academy of Pediatrics.

Capital Equipment Replacement Decisions

OpenAIRE

Batterham, Robert L.; Fraser, K.I.

1995-01-01

This paper reviews the literature on the optimal replacement of capital equipment, especially farm machinery. It also considers the influence of taxation and capital rationing on replacement decisions. It concludes that special taxation provisions such as accelerated depreciation and investment allowances are unlikely to greatly influence farmers' capital equipment replacement decisions in Australia.

Optimal Capital Structure: Reflections on Economic and Other Values

NARCIS (Netherlands)

M.B.J. Schauten (Marc); J. Spronk (Jaap)

2006-01-01

textabstractDespite a vast literature on the capital structure of the firm there still is a big gap between theory and practice. Starting with the seminal work by Modigliani & Miller, much attention has been paid to the optimality of capital structure from the shareholders’ point of view. Over the

Capital Market Development: A Spur to Economic Growth in Nigeria

Directory of Open Access Journals (Sweden)

Ismail O. Fasanya

2013-10-01

Full Text Available This paper examines the relationship between capital market development and Nigeria’s economic growth using data covering the range of 1981 to 2010 using a Johansen Cointegration technique to test for long run relationship among the variables under study. The empirical findings from the research work suggest that the capital market is an essential catalyst for economic growth and is on the average and beneficial to the economy. However, the high costs of raising capital and structural imbalances in the market as well as inconsistent government policies may distorts the speedy growth of the market and thus, limit its positive impact on the economy.

Influences of the Capital Structure and the Cost of Capital on Financial Performance. Case Study on ENGIE Group

OpenAIRE

Elena Valentina IVASCU; Nicoleta BARBUTA-MISU

2017-01-01

The main objectives of the company's financial management are to ensure financial performances and to choose the capital structure that corresponds to the lowest total cost of capital. The purpose of this paper is to analyse the relationship between the capital structure and cost, and the financial performance of Engie Transnational Group, one of the most important global electricity producers. The data used were extracted from the Amadeus and Bloomberg databases for the period 2010-2015. Fin...

Organizational Capital of the Enterprise

Directory of Open Access Journals (Sweden)

Vladimir Nikiforovich Belkin

2016-09-01

Full Text Available In the article, the main theoretical questions of the organizational capital of the enterprise are considered. The concept of «organizational capital of the enterprise» as a system consisting of three subsystems (organization of production, labour organization and management is introduced. It is shown that the organizational capital forms the labour relations system at the enterprise consisting of the cooperation, technological, economic, moral labour relations and the relations of workers’ responsibility. The model of cyclic evolution of crisis at the enterprise caused by shortcomings of the organizational capital is revealed. It is shown that the organizational capital is a basis for the realization of the human capital, which creates value added. A considerable attention is paid to the experience of the creation and functioning of the organizational capital at the enterprises of the Japanese corporation «Toyota». The Russian economic literature on crisis management quite often considers only the financial aspects of diagnostics, proposing the optimization of cash flows, elimination of excess stocks, transition to the medium-term budgeting and others. However, the deep reasons of crisis need to be found not only in financial streams, but also in the system of the work relationships. The shortcomings in the development of technological, cooperation, economic, moral labour relations and the relations of responsibility directly reflects the shortcomings in the development of the elements of the organizational capital as they «are adjusted» by these elements. In turn, organizational problems affect the product quality leading to the customer attrition and decrease in the enterprise’s financial performance. The lack of financial resources cause the need to save costs (first of all, on personnel, that was brightly shown by the economic crisis of 2009 that even more weakens the enterprise and system of labour relations. Finally, the

Social capital calculations in economic systems: Experimental study

Science.gov (United States)

Chepurov, E. G.; Berg, D. B.; Zvereva, O. M.; Nazarova, Yu. Yu.; Chekmarev, I. V.

2017-11-01

The paper describes the social capital study for a system where actors are engaged in an economic activity. The focus is on the analysis of communications structural parameters (transactions) between the actors. Comparison between transaction network graph structure and the structure of a random Bernoulli graph of the same dimension and density allows revealing specific structural features of the economic system under study. Structural analysis is based on SNA-methodology (SNA - Social Network Analysis). It is shown that structural parameter values of the graph formed by agent relationship links may well characterize different aspects of the social capital structure. The research advocates that it is useful to distinguish the difference between each agent social capital and the whole system social capital.

47 CFR 65.304 - Capital structure.

Science.gov (United States)

2010-10-01

... 47 Telecommunication 3 2010-10-01 2010-10-01 false Capital structure. 65.304 Section 65.304... OF RETURN PRESCRIPTION PROCEDURES AND METHODOLOGIES Exchange Carriers § 65.304 Capital structure. The proportion of each cost of capital component in the capital structure is equal to: Proportion in the capital...

Social Capital in Organizations - Beyond Structure and Metaphor

DEFF Research Database (Denmark)

Waldstrøm, Christian

2003-01-01

a consistent, bridging theory. Finally, there is a lack of understanding on how social capital develops over time and the potential benefits of taking a life-cycle view of social capital. In conclusion, the field of social capital in organizations still needs a consistent and coordinated research effort......The importance and usefulness of social capital as a concept in the study of organizations have been established by a large body of research. The aim of this paper is to review the concept of social capital in an organizational context, and it identifies five main issues that need to be addressed...... in future research before social capital can move definitively beyond being merely a metaphor for advantage. First, the unresolved issue of causality is a barrier in the study of social structure and social capital alike, and hampers both measuring scales and implications drawn from empirical research...

The Effect of Payments for Ecosystem Services Programs on the Relationship of Livelihood Capital and Livelihood Strategy among Rural Communities in Northwestern China

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Fei Wang

2015-07-01

Full Text Available The security and quality of livelihoods for peasant households is the core issue for rural areas in China. A stable livelihood contributes to the harmonious development of related polices, poverty eradication and sustainable use of resources. In Qinghe County, located in the extremely arid zone of Northwest China, 238 validated surveys were conducted. The analysis focuses on the importance of livelihood capitals for the selection of on- or off-farm livelihood strategies among beneficiaries of different kinds of ecological compensation packages. The goal is to see if different groups of beneficiaries are better able to pursue off-farm livelihoods activity, which reduces pressure on the resource base, and whether specific capitals are especially effective in helping households pursue off-farm livelihoods, which benefits their well-being. The findings show that proportionally more herdsmen (who participated in a pastureland rehabilitation program were able to pursue off-farm livelihoods than farmers (who participated in the cultivated land reforestation program, and especially agro-pastoralists (who participated in both programs. Further, models of livelihood strategy show that human and financial capitals facilitate off-farm livelihoods, while productive capital tends to lead to on-farm livelihoods. These findings indicate that there is no single determinant of livelihood strategy, and future policies must consciously differentiate among beneficiaries to reach the desired result.

Capital Flight and Economic Performance

OpenAIRE

Beja, Edsel Jr.

2007-01-01

Capital flight aggravates resource constraints and contributes to undermine long-term economic growth. Counterfactual calculations on the Philippines suggest that capital flight contributed to lower the quality of long-term economic growth. Sustained capital flight over three decades means that capital flight had a role for the Philippines to lose the opportunities to achieve economic takeoff. Unless decisive policy actions are taken up to address enduring capital flight and manage the macroe...

Considering capital goods in life cycle assessments by input-output analysis. Offshore wind farm as an application example

International Nuclear Information System (INIS)

Eickelkamp, Timo

2013-01-01

Capital goods are not normally taken into consideration in assessing the sustainability of products on the basis of life cycle assessments. Capital goods are machines and buildings that are used for production purposes over the course of a product's life cycle. Using an offshore wind farm as an example the present study shows how capital goods can be taken into account via a methodologically expanded input-output analysis and thus factored into the life cycle assessment. Besides comparing different calculation methods the author performs a detailed analysis of those parameters with the greatest influence on the outcome. The results show that capital goods have a substantial impact on sustainability in both energy-related and environmental terms. Capital goods should therefore be taken into consideration in life cycle assessments.

Net Farm Income Analysis of Maize Production in Gwagwalada Area ...

African Journals Online (AJOL)

Net Farm Income Analysis of Maize Production in Gwagwalada Area Council of Federal Capital Territory, Nigeria. OO Alabi, AAA Coker, ME Idegbesor. Abstract. This study examined net farm income of maize production in Gwagwalada Area Council of Federal Capital Territory. The specific objectives are to: identify the ...

Knowledge Dynamics Impact on Intellectual Capital in Organizations

Directory of Open Access Journals (Sweden)

Ruxandra BEJINARU

2016-12-01

Full Text Available The purpose of this paper is to show the influence of knowledge dynamics processes upon the intellectual capital in organizations. In the literature, the authors focus on knowledge dynamics and knowledge management or intellectual capital but very few papers discuss the influence of knowledge dynamics upon the structure and functionality of intellectual capital in organizations. We use a conceptual approach based on the theory of multifield organizational knowledge and the theory of organizational integrators to demonstrate that intellectual capital structure results from the organizational knowledge dynamics. The well-known model of intellectual capital based on human capital, structural capital and relational capital appears as a meta-model that can be decomposed into rational capital, emotional capital and spiritual capital in organizations.

THE MARKET VALUE OF HUMAN CAPITAL: AN EMPIRICAL ANALYSIS

OpenAIRE

NEAGU OLIMPIA

2012-01-01

There is a general consensus that human capital is a major determinant of economic growth. Reflections on how human capital is related to growth can be extended by viewing on the market value of the human capital. The concept of the market value of human capital reflects the efficiency of allocation and utilisation of the human capital in the economy. To measure this efficiency the concept of the market value of human capital is explained and developed in the present paper. The aim of the pap...

Human capital demand in Brazil: The effects of adjustment cost, economic growth, exports and imports

Directory of Open Access Journals (Sweden)

Joilson Dias

2015-01-01

Full Text Available The objective of this paper is to learn about the effects of the adjustment costs, economic growth, imports and exports on human capital labor demand. The dynamic model proposed by Sargent (1978 was adjusted to consider three types of human capital: (a one with fundamental education (1–8 years of schooling; (b one with secondary education level (9–11 years of education; (c and one with tertiary education level (12 years or more of schooling. Using state level panel data, the dynamic econometrics estimates showed the following results: (i the labor market adjustment costs are very higher; (ii the adjustment cost for the human capital with intermediary education level is the highest one compared to the others; (iii the states’ economic growth favor those with superior education; (iv the imports seems to favor the demand for those with intermediate education levels; (v the degree of openness does show some weak effect on the demand for human capitals with intermediate education. In sum, the growing demand for human capital with some superior education seems to be more associated to its lower adjustment cost and economic growth; the non-significance of real wage elasticity and high adjustment cost seems to indicate that the human capital with intermediate knowledge is in short supply; hence, economic education policy that increases supply of such human capital are in need.

A study on effects of cost-of-equity models on cost-of-capital and capital structure

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Meysam Arabzadeh

2012-10-01

Full Text Available Most financial managers believe that there are different factors hindering decision-making about the capital structure of a company. This hindrance is so that, in some financial management literatures capital structure is called the mystery of capital. Financial managers widely believe that financial leverage enjoys a noticeable status in managerial decision making as well as management of the framework of balance sheet. The primary purpose of this research is to present applications of equity modules and to study effective factors on such models on Tehran stock exchange. The study covers data over a period of five years from 2001 to 2005. The study analyzes and tests relevant data to firm’s debt ratio and corporate size as effective factors on cost-of-equity. The preliminary findings indicate that contrary to the commonly held belief in financial management theorems, debts ratio has the least effect on cost-of-equity. Nevertheless, the study suggests that the variant of company’s size has a meaningful relationship with cost-of-equity. To calculate cost-of-equity, CAPM, Gordon and return ratio methods are used. Findings show that CAPM has more validity compared with other varieties. On the other hand, the results indicate that there is a 95-percent probability proving that liquidity has a significant negative effect on financial leverage.

Capital budgeting practices in Indian companies

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Roopali Batra

2017-03-01

Full Text Available The volatility of the global economy, changing business practices, and academic developments have created a need to re-examine Indian corporate capital budgeting practices. Our research is based on a sample of 77 Indian companies listed on the Bombay Stock Exchange. Results reveal that corporate practitioners largely follow the capital budgeting practices proposed by academic theory. Discounted cash flow techniques of net present value and internal rate of return and risk adjusted sensitivity analysis are most popular. Weighted average cost of capital as cost of capital is most favoured. Nevertheless, the theory-practice gap remains in adoption of specialised techniques of real options, modified internal rate of return (MIRR, and simulation. Non-financial criteria are also given due consideration in project selection.

The optimization of structure of capital firm «Ukrtelecom»

Directory of Open Access Journals (Sweden)

M.I. Yaremenko

2015-03-01

Full Text Available In the paper the optimization of capital enterprises in the economic crisis, namely the method of Modigliani–Miller. This is especially true because Ukraine is in an economic and financial crisis whose impact on businesses need to level through internal resources and companies with state tax support. Established that the values of financial leverage marginal tax benefits equal marginal cost of bankruptcy, in a model of Modigliani–Miller, taking into account taxes and compromise approach to the capital levels of financial leverage, which costs bankruptcy materialize in cash. Bankruptcy costs depend on the probability of bankruptcy and ruin the company and the value of the costs associated with it. With small loans and low probability of ruin and bankruptcy costs are low. Advantages of taxation lead to higher market price of the capital of the enterprise. Using the tools of financial and operational management, the owners of the firm's capital can allocate losses so that most of them will be in the creditors.

THE ANALYSIS OF FINANCIAL EQUILIBRIUM THROUGH THE COST OF THE INVESTED CAPITAL

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MELANIA ELENA MICULEAC

2016-10-01

Full Text Available The financial equilibrium of a company can be analyzed through the cost of the invested capital. It is the most pragmatic approach of the financial equilibrium analysis because it takes into account the cost of invested resources, their capacity to account return. I suggest a model to approach the analysis of the balanced average cost of the invested capital using the method of chain substitutions. I reached the conclusion that the main consequence of changes in the balanced average cost of the capital is on the company’s value.

Economic Analysis of Social Common Capital

Science.gov (United States)

Uzawa, Hirofumi

2005-06-01

Social common capital provides members of society with those services and institutional arrangements that are crucial in maintaining human and cultural life. The term æsocial common capital' is comprised of three categories: natural capital, social infrastructure, and institutional capital. Natural capital consists of all natural environment and natural resources including the earth's atmosphere. Social infrastructure consists of roads, bridges, public transportation systems, electricity, and other public utilities. Institutional capital includes hospitals, educational institutions, judicial and police systems, public administrative services, financial and monetary institutions, and cultural capital. This book attempts to modify and extend the theoretical premises of orthodox economic theory to make them broad enough to analyze the economic implications of social common capital. It further aims to find the institutional arrangements and policy measures that will bring about the optimal state of affairs.

Cooperation, social capital and economic performance

Directory of Open Access Journals (Sweden)

Marcos Fernandes Gonçalves da Silva

2006-09-01

Full Text Available The objective of this paper is to define social capital as social infrastructure and to try to include this variable in an economic growth model. Considering social capital in such a way could have an impact on the productivity of production factors. Firstly, I will discuss how institutional variables can affect growth. Secondly, after analyzing several definitions of social capital, I will point out the benefits and problems of each one and will define social capital as social infrastructure, aiming to introduce this variable into an economic growth model. Finally, I will try to open the way for subsequent empirical studies, both in the area of measuring the stock of social infrastructure as well as those comparing economies, with the idea of showing the impact of social infrastructure on economic growth.

Pengaruh Struktur Kepemilikan Terhadap Kinerja Dengan Value Added Intellectual Capital Coefficient (VAIC Sebagai Variabel Intervening [The Influence of Ownership Structure on Performance with Value Added Intellectual Capital Coefficient (VAIC as an Intervening Variable

Directory of Open Access Journals (Sweden)

Fitri Ismiyanti

2017-06-01

Full Text Available Development of science, innovation, and economics shifts the view of how to run a labor-based business into a knowledge-based business. Intellectual capital (IC, which is based on the competitive advantage of companies, is considered as one of the hidden assets that contributes to the measurement of companies’ value. Value Added Intellectual Capital Coefficient (VAICTM is a method developed by Pulic, which became the standard to gauge IC on research in various countries. Ownership structure has indicated effects on VAICTM, because shareholder’s governance reflects the control and supervision of company's assets and performance. VAICTM also has indicated impacts on ROE and company’s market performance, which is proxied by Q  Ratio Modification. The purpose of this study is to measure the effect of ownership structure, such as managerial, domestic institutional, foreign institutional, and government ownership on VAICTM, as well as the influence of VAICTM to the ROE and Q  Ratio Modification on 218 observations of listed companies on the Indonesia Stock Exchange in the period of 2009-2011 using the recursive regression analysis method. The results showed a significantly negative effect of government ownership on VAICTM, and VAICTM had a significantly positive effect on ROE and Q  Ratio Modification. BAHASA INDONESIA ABSTRAK: Perkembangan ilmu pengetahuan, inovasi, dan ekonomi menggeser pandangan cara menjalankan bisnis yang berbasis tenaga kerja (labor-based business menjadi bisnis yang berkarakter ilmu pengetahuan (knowledge-based business. Intellectual capital (IC yang bertumpu pada keunggulan bersaing perusahaan dianggap menjadi salah satu hidden assets yang berkontribusi terhadap pengukuran nilai perusahaan. Value Added Intellectual Capital Coefficient (VAICTM adalah metode yang dikembangkan oleh Pulic, yang menjadi standar pengukur IC pada banyak penelitian di berbagai negara. Struktur kepemilikan diindikasikan memiliki efek terhadap

THE IMPORTANCE OF HUMAN CAPITAL IN THE STRATEGIC DEVELOPMENT OF AN ORGANIZATION

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Adriana Grigorescu

2016-06-01

Full Text Available In this new world where the level of information has reached overwhelming thanks to new technologies , the human capital embodied in a stock value, skill and knowledge, becomes the main factor of production in the new economy. In this paper I have tried to emphasize that, this relatively new concept such as human capital has become the main motor of organizational development, representing one of the most important advantages of firms to work properly in their environments. The economic growth is conditioned by human capital development; current trends are changing and organizations change their outward form of thought and action and they enhance their human capital (this intangible asset too little highlighted and measured from the desire of being more flexible and easily assimilated by the market in the future. For modern companies, human capital has become a “golden coin” with 2 sides called: 1 capability (the ability to provide solutions to customers through knowledge, skills, know-how, and talent; 2 attitude (the ability to profitably use these values of the organization. In conclusion, human capital is measured using IQ and the productivity of modern economies depend largely on investment in knowledge and skills, although statistics in Romania do not include costs and expenses of human capital.

Uma análise da correlação entre o EVA® e o MVA® no contexto das empresas brasileiras de capital aberto Correlation between Economic Value Added and Market Value Added for publicly owned Brazilian companies

Directory of Open Access Journals (Sweden)

José Odálio dos Santos

2005-03-01

Full Text Available Este artigo trata do tema da criação de valor, da forma como é medida pelo EVA® (Valor Econômico Adicionado e pelo MVA® (Valor de Mercado Agregado, duas metodologias desenvolvidas no final dos anos 80 pela empresa americana de consultoria Stern Stewart & Co. O EVA® é definido como a diferença entre o lucro operacional líquido depois de impostos e o custo do capital investido na empresa, enquanto o MVA® é determinado pela diferença entre o valor de mercado da empresa e o capital total nela investido. Um estudo realizado por G. Bennett Stewart III, que idealizou essas metodologias juntamente com o seu sócio Joel M. Stern, encontrou uma forte correlação entre o EVA® e o MVA®. Visando averiguar se tal resultado se aplica também ao caso das empresas brasileiras, os autores deste artigo realizaram uma pesquisa semelhante, baseada numa amostra formada por empresas de capital aberto cujas ações foram negociadas na Bovespa (Bolsa de Valores de São Paulo durante o período de 1996 a 2001.This article deals with value creation as measured by Economic Value Added (EVA® and Market Value (MVA® which are methods developed by an American consultant, Stern Stewart & Co, in the late l980's. Economic Value Added is defined as the difference between net operating profit after taxes and the cost of capital invested in a company, while Market Value Added is the difference between market value and the total capital invested in a company. G. Bennett Stewart III, who conceived this approach together with his partner Joel M. Stern, found a strong correlation between Economic Value Added and Market Value Added. Our research investigated whether this also applies to a sample of publicly owned Brazilian companies traded on the São Paulo Stock Exchange between 1996 and 2001.

Social Capital and Economic Integration of Migrants in Urban China.

Science.gov (United States)

Lu, Yao; Ruan, Danching; Lai, Gina

2013-07-01

Based on data from a 2005 survey conducted in Shanghai, China, this research examines the role of social capital in income inequality between rural migrants and urbanites. We find strong income return on social capital, in particular on social capital from strong ties. We also observe a great disparity in social capital possession between rural migrants and urban local residents. Although social capital from strong ties seems to be more important for rural migrants than for urbanites, local ties and high-status ties do not seem to benefit rural migrants. Hence, migrants not only suffer severe social capital deficits but also capital return deficits. Given the strong income returns on social capital and the substantial differences in access to and return on social capital between migrants and urban residents, social capital is consequently found to explain a large part of the income inequality between the two groups. Overall, our findings reveal macro-structural effects on the role of social capital in labor market stratification. In China, the lack of formal labor market mechanisms continues to create both a strong need for and opportunities for economic actions to be organized around informal channels via social relations. Yet, the long-standing institutional exclusion of migrants caused by the household registration system has resulted in pervasive social exclusion and discrimination which have substantially limited rural migrants' accumulation and mobilization of social capital. Under these conditions, social capital reinforces the economic inequality between migrants and urban residents in China. Such empirical evidence adds to our understanding of the role of social capital in the economic integration of migrants and in shaping intergroup inequality in general.

The Opportunity Cost of Capital

Directory of Open Access Journals (Sweden)

Ayman Chit PhD

2015-04-01

Full Text Available The opportunity cost of the capital invested in pharmaceutical research and development (R&D to bring a new drug to market makes up as much as half the total cost. However, the literature on the cost of pharmaceutical R&D is mixed on how, exactly, one should calculate this “hidden” cost. Some authors attempt to adopt models from the field of finance, whereas other prominent authors dismiss this practice as biased, arguing that it artificially inflates the R&D cost to justify higher prices for pharmaceuticals. In this article, we examine the arguments made by both sides of the debate and then explain the cost of capital concept and describe in detail how this value is calculated. Given the significant contribution of the cost of capital to the overall cost of new drug R&D, a clear understanding of the concept is critical for policy makers, investors, and those involved directly in the R&D.

The Opportunity Cost of Capital

Science.gov (United States)

Chit, Ayman; Chit, Ahmad; Papadimitropoulos, Manny; Krahn, Murray; Parker, Jayson; Grootendorst, Paul

2015-01-01

The opportunity cost of the capital invested in pharmaceutical research and development (R&D) to bring a new drug to market makes up as much as half the total cost. However, the literature on the cost of pharmaceutical R&D is mixed on how, exactly, one should calculate this “hidden” cost. Some authors attempt to adopt models from the field of finance, whereas other prominent authors dismiss this practice as biased, arguing that it artificially inflates the R&D cost to justify higher prices for pharmaceuticals. In this article, we examine the arguments made by both sides of the debate and then explain the cost of capital concept and describe in detail how this value is calculated. Given the significant contribution of the cost of capital to the overall cost of new drug R&D, a clear understanding of the concept is critical for policy makers, investors, and those involved directly in the R&D. PMID:25933615

Cost of capital to the hospital sector.

Science.gov (United States)

Sloan, F A; Valvona, J; Hassan, M; Morrisey, M A

1988-03-01

This paper provides estimates of the cost of equity and debt capital to for-profit and non-profit hospitals in the U.S. for the years 1972-83. The cost of equity is estimated using, alternatively, the Capital Asset Pricing Model and Arbitrage Pricing Theory. We find that the cost of equity capital, using either model, substantially exceeded anticipated inflation. The cost of debt capital was much lower. Accounting for the corporate tax shield on debt and capital paybacks by cost-based insurers lowered the net cost of capital to hospitals.

Dollar$ & $en$e. Part IV: Measuring the value of people, structural, and customer capital.

Science.gov (United States)

Wilkinson, I

2001-01-01

In Part I of this series, I introduced the concept of memes (1). Memes are ideas or concepts, the information world equivalent of genes. The goal of this series of articles is to infect you with my memes, so that you will assimilate, translate, and express them. We discovered that no matter what our area of expertise or "-ology," we all are in the information business. Our goal is to be in the wisdom business. We saw that when we convert raw data into wisdom we are moving along a value chain. Each step in the chain adds a different amount of value to the final product: timely, relevant, accurate, and precise knowledge which can then be applied to create the ultimate product in the value chain: wisdom. In Part II of this series, I infected you with a set of memes for measuring the cost of adding value (2). In Part III of this series, I infected you with a new set of memes for measuring the added value of knowledge, i.e., intellectual capital (3). In Part IV of this series, I will infect you with memes for measuring the value of people, structural, and customer capital.

STUDY THE PROBLEMS OF OPTIMIZING THE CAPITAL STRUCTURE OF THE COMPANY

Directory of Open Access Journals (Sweden)

Olga Gaydarzhyyska

2016-11-01

Full Text Available The aim of this work is to study the problem of optimizing the capital structure of the company. Optimization of capital structure is a necessary condition of adaptation the enterprises regardless of the branch of economy to which a company belongs, to changes in the economy in its development. Methods and criteria of optimisation of the capital structure of the enterprise. The method of determining the optimal capital structure of the enterprise according to the criteria of maximizing financial profitability. Technique. The study is based on the theoretical analysis of scientific works and practical activity of enterprises. Results. It is proved that in the process of optimizing the capital structure necessary to take into account the predictable result of economic activity of the enterprise, that is, financial result from usual activity before taxation. The study of problems of optimization of capital structure aimed at opening opportunities for the effective organization of business enterprises, providing conditions for disclosure for businesses achieving the goals of any order, and the creation of opportunities for enterprise maximum level of profit. The principle of optimization is to select the solution that best would take into account internal possibilities and external terms of activity of the enterprise. Optimization is the choice of a certain economic indicator that would allow to compare the effectiveness of any solutions. Also it is advisable to pay attention to the use of different types of loan capital to business enterprises, to know that helps to speed up circulation of funds and increase returns on invested capital, increase the efficiency of financial activities of a business entity. Value. Today, the economic activities of enterprises has a significant impact on the development of trade and economy. The achievement of dynamic growth of the basic indicators of work of enterprises of any sector of the economy, is the basic

Capital structure and value firm: an empirical analysis of abnormal returns

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Faris Nasif AL-SHUBIRI

2010-12-01

Full Text Available This study investigates whether capital structure is value relevant for the equity investor. In this sense, the paper links empirical corporate finance issues with investment analysis. This study also integrates the Miller-Modigliani (MM framework (1958 into an investment approach by estimating abnormal returns on leverage portfolios in the time-series for different risk classes. For most risk classes, abnormal returns decline in firm leverage. Descriptive statistics, simple and multiple regressions are used to test the hold indicator significance. The results reflect that the designed measures are the negative relationship between returns and leverage could also be due to the market’s pricing of the firm’s ability to raise funds if need be. Further avenues for research in this area include examining the stock return performance of companies based on the changes in leverage of the firms relative to their risk classes. It would be particularly noteworthy to examine the rate at which the information content of said changes is incorporated in the share prices of companies as well as in their long run returns This study encompasses all non-financial firms across the five sectors that cover all the various classes of risk. This study investigates neither the determinants of multiple capital structure choices nor changes in capital structures over time. Our main goal is to explore the effect of capital structure on cumulative abnormal returns. This study also examine a firm’s cumulative average abnormal returns by measuring leverage at the firm level and at the average level for the firm’s industry. And also examine other factors, such as size, price earnings, market-to-book and betas.

A proposal for evaluation of the owner capital cost for the Brazilian electric power sector; Uma proposta de avaliacao do custo do capital proprio para o setor de energia eletrica brasileiro

Energy Technology Data Exchange (ETDEWEB)

Serrano, Ricardo Oliveira L.

2003-12-01

This work studies the owner capital cost of the brazilian electric sector, according to three methods: Comparable Accounting Earnings, that uses historical values in its measuring and Discounted Cash Flow (DCF) and the Capital Asset Pricing Model (CAPM), elaborated from the expected values. The obtained results by using the CAE method showed that the Brazilian electric sector has not been rewarded in its real necessity of maintenance and expansion. From this observation, it was considered appropriated not to take this method in the methodology presently proposed, which will be using only the single average of the CAPM and DCF models. The use of the results single average of this model presents the advantage of selecting specific characteristics of each one, and diluting the effects of occasional peak values. The owner capital cost obtained from this work was the average value of 19.73% for the studied period - 1995/2003 (17.12% for 2003), proximate to the obtained result by ANEEL - brazilian agency of electric power - for investments in energy distribution in Brazil, 17.47%, while Minardi and Sanvicente (2003) obtained 36.06% for the owner capital cost of CEMIG in 2002, specifically.

Thinking strategically about capitation.

Science.gov (United States)

Boland, P

1997-05-01

All managed care stakeholders--health plan members, employers, providers, community organizations, and government entitites--share a common interest in reducing healthcare costs while improving the quality of care health plan members receive. Although capitation is a usually thought of primarily as a payment mechanism, it can be a powerful tool providers and health plans can use to accomplish these strategic objectives and others, such as restoring and maintaining the health of plan members or improving a community's health status. For capitation to work effectively as a strategic tool, its use must be tied to a corporate agenda of partnering with stakeholders to achieve broader strategic goals. Health plans and providers must develop a partnership strategy in which each stakeholder has well-defined roles and responsibilities. The capitation structure must reinforce interdependence, shift focus from meeting organizational needs to meeting customer needs, and develop risk-driven care strategies.

Reduction of capital costs of nuclear power plants

International Nuclear Information System (INIS)

2000-01-01

The competitiveness of nuclear power plants depends largely on their capital costs represent some 60 per cent of their total generation costs. Reviewing and analysing ways and means to reduce capital costs of nuclear power plants are essential to enhance the economic viability of the nuclear option. The report is based upon cost information and data provided by experts from NEA Member countries. It investigates the efficiency of alternative methods for reducing capital costs of nuclear units. It will provide stakeholders from the industry and governmental agencies with relevant elements in support of policy making. (author)

Farm Target Capital Structure: Dynamics, Determinants and Speed of Adjustment

NARCIS (Netherlands)

Tamirat, A.S.; Trujillo Barrera, A.A.; Pennings, J.M.E.

2017-01-01

The corporate finance literature has focused on explaining the determinants of firms target capital structure and speed of adjustment using the well-established theories such as pecking order, signaling and trade-off theories. However, less attention has been paid to understanding the financing

12 CFR 652.70 - Risk-based capital level.

Science.gov (United States)

2010-01-01

... risk-based capital level is the sum of the following amounts: (a) Credit and interest rate risk. The... 12 Banks and Banking 6 2010-01-01 2010-01-01 false Risk-based capital level. 652.70 Section 652.70 Banks and Banking FARM CREDIT ADMINISTRATION FARM CREDIT SYSTEM FEDERAL AGRICULTURAL MORTGAGE...

REGIONAL DIFFERENCES IN THE AMOUNTS OF SINGLE AREA PAYMENT SCHEME IN AGRICULTURE

Directory of Open Access Journals (Sweden)

Hanna Teszbir

2014-09-01

Full Text Available The article discusses the causes of regional variation in the direct payments. The publication data has been used from ARiMR, publications which spans the time included the amount of subsidies paid throughout the post-accession period. Both at national and regional level, the total amount of payments increased from year to year, average 10%, which was connected to the principle phasing in. The amount of aid received by individual regions and individual farms varied widely, which had a direct relationship with the agrarian structure and the average total area of farms in these areas. The bigger number of small farms, as well as the smaller average total surface area of a single voivodeship, the lower sum of the payments.

NRCMS capitation reform and effect evaluation in Pudong New Area of Shanghai.

Science.gov (United States)

Jing, Limei; Bai, Jie; Sun, Xiaoming; Zakus, David; Lou, Jiquan; Li, Ming; Zhang, Qunfang; Zhuang, Yuehong

2016-07-01

The Rural Cooperative Medical Scheme (RCMS) had played an important role in guaranteeing the acquisition of basic medical healthcare of China's rural populations, being an innovative model of the medical insurance system for so many years here in China. Following the boom and bust of RCMS, the central government rebuilt the New Rural Cooperative Medical Scheme (NRCMS) in 2003 across the whole country. Shanghai, one of the developed cities in China, has developed its RCMS and NRCMS as an advanced and exemplary representative of Chinese rural health insurance. But in the past 10 years, its NRCMS has encountered such challenges as a spiral of medical expenditures and a decrease of insurance participants. Previous investigations showed that the capitation and general practitioner (GP) system had great effect on medical cost containment. Thus, the capitation reform combined with GP system reform of NRCMS, based on a system design, was implemented in Pudong New Area of Shanghai as of 1 August 2012. The aim of the current investigation was to present how the reform was designed and implemented, evaluating its effect by analyzing the data acquired from 12 months before and after the reform. This was an empirical study; we made a conceptual design of the reform to be implemented in Pudong New Area. Most data were derived from the institution-based surveys and supplemented by a questionnaire survey, qualitative interviews and policy document analysis. We found that most respondents held an optimistic attitude towards the reform. We employed a structure-process-outcome evaluation index system to evaluate the effect of the reform, finding that the growth rate of the insured population's total medical costs and NRCMS funds slowed down significantly after the reform; that the total medical expenditure of the insured rural population decreased by 3.60%; and that the total expenditure of NRCMS decreased by 3.99%. The capitation was found to help the medical staff build active

To what extent does organic farming rely on nutrient inflows from conventional farming?

International Nuclear Information System (INIS)

Nowak, Benjamin; Nesme, Thomas; Pellerin, Sylvain; David, Christophe

2013-01-01

Organic farming is increasingly recognized as a prototype for sustainable agriculture. Its guidelines ban the use of artificial fertilizers. However, organic farms may import nutrients from conventional farming through material exchanges. In this study, we aimed at estimating the magnitude of these flows through the quantification of nitrogen, phosphorus and potassium inflows from conventional farming to organic farming. Material inflows and outflows were collected for two cropping years on 63 farms. The farms were located in three French agricultural districts distributed over a gradient of farming activity defined by both the stocking rate and the ratio of the farm area under arable crops. Our results showed that on average, inflows from conventional farming were 23%, 73% and 53% for nitrogen, phosphorus and potassium, respectively. These inflows were strongly determined by the farm production systems. However, for farms similar in terms of production systems, the inflows also depended on the local context, such as the proximity of organic livestock farms: the reliance of organic farming on conventional farming was lower in mixed than in specialized districts. These results highlight the necessity to quantify the contribution of nutrient inflows from conventional farming when assessing organic farming and development scenarios. (letter)

Customer value disclosure and cost of equity capital

NARCIS (Netherlands)

Orens, R.; Aerts, W.A.A.; Lybaert, N.

2013-01-01

Purpose – This paper seeks to examine the association between a firm's extent and precision of customer value disclosure and its implied cost of equity capital. In addition, it aims to investigate whether industry competition intensity attenuates this association. Design/methodology/approach – The

Secondary tax and its effect on the cost of capital and shareholder value of South African JSE listed companies

Directory of Open Access Journals (Sweden)

J. H.v.H De Wet

2008-12-01

Full Text Available Background: The introduction of a secondary tax on companies (STC and the lowering of the normal income tax rate in 1993 constituted a dramatic change in the tax structure of South African organisations. The original intention of these changes was to encourage organisations to re-invest profits to make use of capital investment opportunities. It was also anticipated that these tax changes would lower the cost of capital of organisations. Problem investigated: Announcements during the 2007 budget again raised questions about how the proposed changes in STC would affect the value of organisations. The impact of these tax changes has been the topic of some speculation in the absence of concrete research results to date. Purpose: The purpose of this study was to investigate the effect of these tax changes and all subsequent changes since 1993 on the cost of capital and shareholder value. Approach: A model of a hypothetical company, representing the 'average' listed South African organisation was used to determine the effect of the introduction of STC and the changes to the STC and company tax rate on the cost of capital and the value of the organisation. Findings: The study found that, contrary to expectations, the tax changes actually caused the cost of capital to go up. Overall, the combined effect of the higher cost of capital and the lower company tax rate caused the theoretical value of organisations to increase, constituting an improvement of shareholder value. Value of research: It is the first local study that endeavoured to analyse and quantify the impact of the introduction of STC and the lowering of the company tax rate on the cost of capital and the value of organisations. Conclusion: The introduction of STC in and the lowering of the company tax rate in 1993, as well as changes to these two forms of taxes since then, seem to have been justified in terms of shareholder value creation.

Thin Capitalization Rules and Multinational Firm Capital Structure

NARCIS (Netherlands)

Blouin, J.; Huizinga, H.P.; Laeven, L.; Nicodeme, G.

2014-01-01

Abstract: This paper examines the impact of thin capitalization rules that limit the tax deductibility of interest on the capital structure of the foreign affiliates of US multinationals. We construct a new data set on thin capitalization rules in 54 countries for the period 1982-2004. Using

Capital cost reimbursement to community hospitals under Federal health insurance programs.

Science.gov (United States)

Kinney, E D; Lefkowitz, B

1982-01-01

Issues in current capital cost reimbursement to community hospitals by Medicare and Medicaid are described, and options for change analyzed. Major reforms in the way the federal government pays for capital costs--in particular substitution of other methods of payment for existing depreciation reimbursement--could have significant impact on the structure of the health care system and on government expenditures. While such reforms are likely to engender substantial political opposition, they may be facilitated by broader changes in the reimbursement system.

Human Capital as a Challenge for Economics Theory

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Barbara Wyrzykowska

2014-12-01

Full Text Available The issue of human capital is increasingly attracting the attention of both theorists and practitioners, because at present human resources play a decisive role in the creation of competitive economies and business entities. Human capital and knowledge are becoming key factors in the area of entity competitiveness. Consequently, human capital is currently being analysed in a multi-faceted way in the context of numerous economic theories. The aim of this study is to summarize, analyse, and synthesise the information published on the subject of the theory of human capital and to present new theories and scientific paradigms. The theories presented in this study show that employees constitute the basic capital of modern organizations. One of the contemporary paradigms of modern management is the concept of knowledge-based economy and the paradigm of information technology. This article is based on literature studies and theoretical reflections of the author.

Capitated payments to primary care providers and the delivery of patient education.

Science.gov (United States)

Pearson, William S; King, Dana E; Richards, Chesley

2013-01-01

Patient education is a critical component of the patient-centered medical home and is a powerful and effective tool in chronic disease management. However, little is known about the effect of practice payment on rates of patient education during office encounters. For this study we took data from the 2009 National Ambulatory Medical Care Survey. This was a cross-sectional analysis of patient visits to primary care providers to determine whether practice payment in the form of capitated payments is associated within patient education being included more frequently during office visits compared with other payment methods. In a sample size of 9863 visits in which capitation status was available and the provider was the patient's primary care provider, the weighted percentages of visits including patient education were measured as a percentages of education (95% confidence intervals): 75% capitation, 74.0% (52.2-88.1). In an adjusted logistic model controlling for new patients (yes/no), number of chronic conditions, number of medications managed, number of previous visits within the year, and age and sex of the patients, the odds of receiving education were reported as odds ratios (95% confidence intervals): 75% capitation, 3.38 (1.23-9.30). Patients are more likely to receive education if their primary care providers receive primarily capitated payment. This association is generally important for health policymakers constructing payment strategies for patient populations who would most benefit from interventions that incorporate or depend on patient education, such as populations requiring management of chronic diseases.

SMEs capital structure determinants during severe economic crisis: The case of Greece

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D. Balios

2016-12-01

Full Text Available The objective of this paper was to explore whether and how the main capital structure determinants of SMEs affected capital structure determination in different ways during the years of economic crisis. We used panel data of 8,052 SMEs operating in Greece during 2009–2012. We found that the effect of capital structure determinants on leverage does not change in an environment of economic crisis; larger SMEs continued to show higher debt ratios, the relationship between profitability and tangibility of assets with leverage continued to be negative, and growth was positively related to leverage.

Management of intellectual capital and its influence on personnel economic performance

Directory of Open Access Journals (Sweden)

mahmoud Gholami Karin

2016-02-01

Full Text Available Studies have shown that, knowledge is an effective source for increasing personnel economic performance. Basically, managers of companies by considering prevailing economic conditions are forced to correct and improve methods of production, marketing, and innovation and ultimately increase economic productivity. One of the main ways to improve economic growth and increase competitive advantage, for factories is the use of creative thinking that it without the recognition and management of intellectual capitals will not be possible. The main objective of present research is to study the influence of intellectual capital components on economic performance of companies working in Saipa Automotive Manufacturing Group. Also determine relation between components of intellectual capital together. Components of intellectual capital (human, structural, and relational capital are independent variables and personnel economic performance is considered as a dependent variable. Multiple regression analysis has used for study the influence of components of intellectual capital on personnel economic performance. For test of relation between components of intellectual capital together, have used Pearson correlation analysis and for test of model has used structural equation modeling. The collected data were analyzed with the SPSS and Lisrel software, and finally the relationship between intellectual capital components were confirmed and it has been determined that relational and structural capital directly and human capital, indirectly, impress personnel economic performance in Saipa Automotive Manufacturing Group.

The weighted average cost of capital over the lifecycle of the firm: Is the overinvestment problem of mature firms intensified by a higher WACC?

Directory of Open Access Journals (Sweden)

Carlos S. Garcia

2016-08-01

Full Text Available Firm lifecycle theory predicts that the Weighted Average Cost of Capital (WACC will tend to fall over the lifecycle of the firm (Mueller, 2003, p. 80-81. However, given that previous research finds that corporate governance deteriorates as firms get older (Mueller and Yun, 1998; Saravia, 2014 there is good reason to suspect that the opposite could be the case, that is, that the WACC is higher for older firms. Since our literature review indicates that no direct tests to clarify this question have been carried out up till now, this paper aims to fill the gap by testing this prediction empirically. Our findings support the proposition that the WACC of younger firms is higher than that of mature firms. Thus, we find that the mature firm overinvestment problem is not intensified by a higher cost of capital, on the contrary, our results suggest that mature firms manage to invest in negative net present value projects even though they have access to cheaper capital. This finding sheds new light on the magnitude of the corporate governance problems found in mature firms.

The Optimization of Capital Structure in Maximizing Profit and Corporate Value

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Kharisya Ayu Effendi

2017-05-01

Full Text Available The purpose of this research was to determine the optimal capital structure which could maximize profits and corporate value. The benefits of this research were companies knew clearly that optimal capital structure could maximize profits and corporate value. The method used was quantitative descriptive analysis. Moreover, the data used was secondary data in the Jakarta Islamic Index (JII from 2011 to 2015. The results of this research are companies which have optimal capital structure are in line with the trade-off theory models. The capital structure is optimal if the debt levels are to a certain extent so that the corporate value will increase . However, if the debt limit passes the certain degree, profit and corporate value will decrease. Meanwhile, pecking order theory in this research does not conform and cannot be said to be optimal, because of the low debt level describing the opposite result with the theory as low profits.

Cultural Capital Today

DEFF Research Database (Denmark)

Prieur, Annick; Skjøtt-Larsen, Jakob; Rosenlund, Lennart

2008-01-01

Based on Danish survey data subjected to correspondence analysis, this article aims at carrying out a critical assessment of Pierre Bourdieu's theory of social differentiation in advanced societies as a multi-dimensional phenomenon. As his theory goes, capital volume (economic + cultural capital......) and capital composition (the relative weight of the two) are the main dimensions of social differentiation, which structure the space of social positions as well as the space of lifestyles. The central discussion of the article concerns the character of cultural capital, and the role it plays in the formation......, as those adhering to the preferences that are most typical for the cultural elite tend to simultaneously avoid or mark distance to popular expressions of taste. Fourth, are there traces of new forms of cultural capital? The study uncovers a cleavage between a global orientation or a form of cosmopolitanism...

Capital optimization: linking investment with strategic intent.

Science.gov (United States)

Fine, Allan; Bacchetti, J Alex

2004-01-01

With operating margins showing some improvement in 2003, Y2K being a distant memory, and many critical capital investment decisions delayed as long as possible, hospitals have been on a relative spending spree, building new facilities, renovating operating rooms and inpatient units, and investing in new medical and information technologies. However, with pressure on both cost and revenue expected to continue, if not increase, this spending spree may be short-lived, and hospitals must improve their capital planning efforts; align them with their mission, vision, and strategies; and ensure that capital is available when unplanned or even expected needs arise. This article explores some of the challenges that hospitals face in their capital planning efforts and, more importantly, suggests the necessity for hospitals to integrate capital and strategic planning. Capital planning must be driven by an organization's strategies; however, we also argue that an organization's ability to execute its strategies is highly dependent on the existence of a cohesive capital prioritization and planning process. In this article, we explore a number of issues critical to developing a comprehensive capital plan, including estimating capital costs, evaluating and designing strategies to contend with risk, saving for the proverbial "rainy day," and recognizing the role and value of philanthropy, while challenging some conventional thinking of hospital executives with respect to investment, growth, and planning.

Corporate taxation and capital accumulation

OpenAIRE

Stephen Bond; Jing Xing

2010-01-01

We present new empirical evidence that aggregate capital accumulation is strongly influenced by the user cost of capital and, in particular, by corporate tax incentives summarised in the tax-adjusted user cost. We use sectoral panel data for the USA, Japan, Australia and ten EU countries over the period 1982-2007. Our panel combines data on capital stocks, value-added and relative prices from the EU KLEMS database with measures of effective corporate tax rates from the Oxford University Centr...

Human Capital in the Entrepreneurship Ecosystem

DEFF Research Database (Denmark)

Østergaard, Annemarie; Marinova, Svetla Trifonova

2018-01-01

Since Adam Smith (1776) took consideration to human capital as an asset of economic value, academic interest has focused on the economic effects of human capital. In 1931, Schumpeter called for a focus on the individual entrepreneur or the creative destructor with his/her motives, wishes, aspirat......Since Adam Smith (1776) took consideration to human capital as an asset of economic value, academic interest has focused on the economic effects of human capital. In 1931, Schumpeter called for a focus on the individual entrepreneur or the creative destructor with his/her motives, wishes......, aspirations and activities when dealing with entrepreneurship and entrepreneurs. Along these lines, this paper focuses on an in-depth investigation of the domain of human capital in Isenbergs Entrepreneurship Ecosystem. It captures the entrepreneurial mindset of the highly complex individual as a requisite...... for entrepreneurial success and ultimately, for business growth and development. The increasing literature debating human capital confirms the relevance of locating and refining the factors for entrepreneurial success. Consequently, this paper improves the roadmap of Entrepreneurship Ecosystems by adding the innate...

The impact of certification on the natural and financial capitals of Ghanaian cocoa farmers

DEFF Research Database (Denmark)

Fenger, Nina Astrid; Bosselmann, Aske Skovmand; Richard, Asare

2017-01-01

the financial and the natural capitals of the farmers. Across two villages, certified farmers were compared to conventional farmers, using both qualitative and quantitative data collected through farmer and key informant interviews and participatory rural appraisals. A combination of the Sustainable Livelihood...... Framework and the Input-Output-Outcome-Impact Framework was used for the analysis. Results indicate that the RA certification scheme has a positive influence on the certified farmers in terms of cocoa production, yield, income and farmers’ perception of changes in their natural and financial capitals....... The positive influence is a result of inputs from the RA certification, including financial support, information and knowledge, technical assistance, and increased access to farm inputs and credit. However, these positive impacts are conditioned by the presence of active farmer organizations and access...

Social capital of organizations : from social structure to the management of corporate social capital

NARCIS (Netherlands)

Gabbay, Shaul M.; Leenders, Roger Th.A.J.

2002-01-01

Social capital in general and the study of social capital in the context of organizations has gained considerable attention in recent years. Despite the promise in the potency of the concept, its useful application suffers from the plethora of different definitions and approaches—both theoretical

The Effect of Cognitive and Relational Social Capital on Structural Social Capital and Micro-Enterprise Performance

Directory of Open Access Journals (Sweden)

Rajennd A/L Muniady

2015-10-01

Full Text Available Social capital and its dimensions are highly interrelated, and the outcome of social capital provides entrepreneurs with resources and knowledge that are not available in the first place. The objective of this study is to examine the effect of relational and cognitive social capital on structural social capital and the effect of structural social capital on the performance of micro-enterprises owned and managed by women in Peninsular Malaysia. This study uses a cross-sectional approach, and quantitative data are collected through structured interviews. It was found that cognitive social capital has a significant positive effect on structural social capital, and structural social capital has a significant positive effect on micro-enterprise performance. It was found that relational social capital has a positive but insignificant effect on structural social capital. Therefore, women entrepreneurs should emphasize on making the communication process easier and on ensuring that their business values, norms, interpretation, and meaning are shared and communicated to relevant parties to improve network ties and to build a dense network, which is essential in providing access to resources and knowledge. This, in return, is expected to improve the micro-enterprise performance in Malaysia.

RELATIONSHIP BETWEEN ECONOMIC GROWTH AND HUMAN CAPITAL

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Mihaela Tania SANDU

2010-02-01

Full Text Available Recognizing the importance of infl uence exerted by human capital oneconomic growth of a country, to base decisions regarding the need to invest in such type of capital there are conducted studies and used different models for analysis related to a series of macroeconomic and demographic indicators.We present the main indicators and dynamics of human capital, placedin the economic context of Romania, with reference, in bringing out statistics data, to an average period of time (between 1994-2008 characterized at macroeconomic level, both by recession and economic growth periods. There were also highlighted indicators and dynamics, both at national and individual level.

CLASSIFICATION OF PROCESSES OF REPRODUCTION OF FIXED CAPITAL OF THE AGRICULTURAL ORGANIZATIONS

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Anatoly Shamin

2018-04-01

Full Text Available It is described that questions of economic growth, the advancing investments, preservations of food security of the country demand from economy of the Russian Federation of an exit to the new level of functioning that is impossible without effective management of process of reproduction of fixed capital in the agricultural organizations. Materials and methods. In work the analysis of the treatments of the concepts "reproduction type", "type of reproduction", "reproduction method", "reproduction form" existing in the Russian scientific community was carried out, the conclusion is drawn on considerable confusion in terminology, need of identification of these concepts is noted. Authors analyzed essence of these concepts, author's treatments of the studied definitions are given. It is separately emphasized that from the point of view of authors ascertaining of existence of certain types, forms and types of reproduction can be made only after carrying out the corresponding analysis of real processes. Results. In the article the problem of a typologization of processes of reproduction of fixed capital on the basis of change of indicators of the general and average power of elements of fixed capital on the basis of these forms 17-APK annual accounting reports of the agrarian and industrial complexes organizations of the Nizhny Novgorod Region for 2010-2013 were solved. On the basis of the cluster analysis of their values the main 9 types of the organizations for these indicators were allocated. Discussion. On the basis of the analysis of change of types of the organizations 8 types of reproduction of fixed capital on change of indicators of power were allocated, their prevalence is analyzed. It is noted that the agricultural organizations of the Nizhny Novgorod Region generally increase as average, and the specific power of the fixed capital. Conclusion. In the conclusion authors noted the further perspective areas of work on this subject.

Alternatives to traditional capitation in managed care agreements.

Science.gov (United States)

Kennedy, K M; Merlino, D J

1998-04-01

Risk arrangements typically fall into one of three categories: primary care capitation, professional services capitation, and global, or full-risk, capitation. Yet, in light of various disadvantages associated with these three methods, such as high administrative costs and inappropriate levels of risk assumed by providers, many healthcare payers and providers are experimenting with alternative payment plans. These alternatives include contact capitation arrangements, under which specialists receive a capitation payment on a per referral basis; open-access arrangements, under which patients do not need a gatekeeper referral to see specialists; and capitation arrangements with quality and hospital utilization bonuses, under which specialists and primary care physicians receive a capitation payment plus the potential for bonuses based on quality and utilization criteria.

Computer programs for capital cost estimation, lifetime economic performance simulation, and computation of cost indexes for laser fusion and other advanced technology facilities

International Nuclear Information System (INIS)

Pendergrass, J.H.

1978-01-01

Three FORTRAN programs, CAPITAL, VENTURE, and INDEXER, have been developed to automate computations used in assessing the economic viability of proposed or conceptual laser fusion and other advanced-technology facilities, as well as conventional projects. The types of calculations performed by these programs are, respectively, capital cost estimation, lifetime economic performance simulation, and computation of cost indexes. The codes permit these three topics to be addressed with considerable sophistication commensurate with user requirements and available data

Capital costs of light water reactors: the USA

International Nuclear Information System (INIS)

MacKerron, G.

1979-10-01

The cost of building a modern nuclear power plant is greater than that of almost any other single civilian project - costs of individual plants are reckoned in hundreds of millions of pounds in the UK, and up to a billion dollars or more in the USA. Hence, depending on the size of nuclear programmes and their funding, escalation of nuclear capital costs may have important economic and social consequences through its effects on overall resource allocation. It is therefore important to analyse the extent and, as far as possible, the sources of cost increases and escalation, in order to see if the experience yields implications for technology policy. The USA has much the greatest experience in nuclear construction: it also has by far the largest amount of published information on the subject of capital costs. As all other countries lack either sufficient experience and/or adequate published cost information, it is impossible to conduct a genuine international comparison, and this paper is confined to an examination of US experience. This paper therefore assembles and evaluates currently available data on light water reactor (PWR and BWR) capital costs in the USA. (author)

LIFE Cost of Electricity, Capital and Operating Costs

International Nuclear Information System (INIS)

Anklam, T.

2011-01-01

Successful commercialization of fusion energy requires economic viability as well as technical and scientific feasibility. To assess economic viability, we have conducted a pre-conceptual level evaluation of LIFE economics. Unit costs are estimated from a combination of bottom-up costs estimates, working with representative vendors, and scaled results from previous studies of fission and fusion plants. An integrated process model of a LIFE power plant was developed to integrate and optimize unit costs and calculate top level metrics such as cost of electricity and power plant capital cost. The scope of this activity was the entire power plant site. Separately, a development program to deliver the required specialized equipment has been assembled. Results show that LIFE power plant cost of electricity and plant capital cost compare favorably to estimates for new-build LWR's, coal and gas - particularly if indicative costs of carbon capture and sequestration are accounted for.

Capital Structure: Target Adjustment Model and a Mediation Moderation Model with Capital Structure as Mediator

OpenAIRE

Abedmajid, Mohammed

2015-01-01

This study consists of two models. Model one is conducted to check if there is a target adjustment toward optimal capital structure, in the context of Turkish firm listed on the stock market, over the period 2003-2014. Model 2 captures the interaction between firm size, profitability, market value and capital structure using the moderation mediation model. The results of model 1 have shown that there is a partial adjustment of the capital structure to reach target levels. The results of...

FAIR VALUE IMPLICATIONS ON ROMANIAN CAPITAL MARKET

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Ciprian-Dan COSTEA

2014-12-01

Full Text Available Fair value generated intense debate during the last years, as the financial turmoil influenced many economies and capital markets, including the Romanian ones, too. Some researchers and professionals consider fair value in charge with the financial crisis and they ask for historical cost accounting basis for financial reporting. Fair value has its supporters, too. They consider that fair value reflects the effects of changes in market conditions when they take place, and accounting information is more reliable in this framework. Following recent regulations, Romanian entities activating on capital market as investors in capital market instruments, or whose shares are traded on a regulated market, must prepare their individual financial statements in accordance with the International Financial Reporting Standards. The study provides some conclusions that could enlarge the utility of fair value related to entities that activate on Romanian capital market.

An equilibrium-conserving taxation scheme for income from capital

Science.gov (United States)

Tempere, Jacques

2018-02-01

Under conditions of market equilibrium, the distribution of capital income follows a Pareto power law, with an exponent that characterizes the given equilibrium. Here, a simple taxation scheme is proposed such that the post-tax capital income distribution remains an equilibrium distribution, albeit with a different exponent. This taxation scheme is shown to be progressive, and its parameters can be simply derived from (i) the total amount of tax that will be levied, (ii) the threshold selected above which capital income will be taxed and (iii) the total amount of capital income. The latter can be obtained either by using Piketty's estimates of the capital/labor income ratio or by fitting the initial Pareto exponent. Both ways moreover provide a check on the amount of declared income from capital.

Client capital as a source of enterprise cost

Directory of Open Access Journals (Sweden)

Verba Veronika A.

2014-01-01

Full Text Available The article presents the authors’ vision of the essence of the client capital and its influence upon the enterprise cost. The goal of the article is explanation of the role of the client capital in the process of enterprise capitalisation with the help of the business cost capitalisation model: investments into assets – cash flow generation – enterprise capitalisation. The result of the study is the authors’ position regarding the essence and structuring the client capital, which gives a possibility to detect financial and managerial instruments of capitalisation of the client capital. The conducted analysis of dynamics of financial parameters of the world leaders of IT industry, car building, clothes manufacture and beverages production allows detection of interconnection of the enterprise cost with the volume of assets and profit and identification of influence of the client capital upon capitalisation of enterprises of various spheres of activity. The article develops a model of capitalisation of the client capital on the basis of detection of cash flows, caused by formation of enterprises of B2C and B2B types.

Social capital and transaction costs in millet markets.

Science.gov (United States)

Jacques, Damien Christophe; Marinho, Eduardo; d'Andrimont, Raphaël; Waldner, François; Radoux, Julien; Gaspart, Frédéric; Defourny, Pierre

2018-01-01

In sub-Saharan Africa, transaction costs are believed to be the most significant barrier that prevents smallholders and farmers from gaining access to markets and productive assets. In this study, we explore the impact of social capital on millet prices for three contrasted years in Senegal. Social capital is approximated using a unique data set on mobile phone communications between 9 million people allowing to simulate the business network between economic agents. Our approach is a spatial equilibrium model that integrates a diversified set of data. Local supply and demand were respectively derived from remotely sensed imagery and population density maps. The road network was used to establish market catchment areas, and transportation costs were derived from distances between markets. Results demonstrate that accounting for the social capital in the transaction costs explained 1-9% of the price variance depending on the year. The year-specific effect remains challenging to assess but could be related to a strengthening of risk aversion following a poor harvest.

The Context and Values Inherent in Human Capital as Core Principles for New Economic Theory

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Winston P. Nagan

2018-05-01

Full Text Available This paper has a specific focus on the core foundation of New Economic Theory. That is, the focus on human capital and its implications for the theory and method of the new form of political economy. The central issue that is underlined is the importance of scientific and technological innovation and its necessary interdependence on global values and value analysis. The paper discusses the issue of scientific consciousness as a generator of technological value, and places scientific process at the heart of human consciousness. It discusses the complex interdependence of human relational subjectivity, scientific consciousness, and modern science. The paper draws attention to the problems of observation and participation, and the influence of modern quantum physics in drawing attention to aspects of human consciousness that go beyond the points of conventional science, and open up concern for the principle of non-locality. It explores human subjectivity in terms of the way in which “emotionalized behaviors” have effects on scientific objectivity. It also briefly touches on consciousness and its observable scientific role in the possible reconstruction of some aspects of reality. Mention is made of the Copenhagen perspective, the Many Worlds perspective, and the Penrose interpretation. These insights challenge us to explore human consciousness and innovation in economic organization. The discussion also brings in the principle of relational inter-subjectivity, emotion, and consciousness as a potential driver of human capital and value. In short, positive emotions can influence economic decision-making, as can negative emotions. These challenges stress the problem of human relational subjectivity, values, and technology as the tools to better understand the conflicts and potentials of human capital for New Economic Theory. The issue of value-analysis has both a descriptive and normative dimension. Both of these aspects raise important challenges

Client capital as a source of enterprise cost

OpenAIRE

Verba Veronika A.; Tyshchenko Oleksandr O.

2014-01-01

The article presents the authors’ vision of the essence of the client capital and its influence upon the enterprise cost. The goal of the article is explanation of the role of the client capital in the process of enterprise capitalisation with the help of the business cost capitalisation model: investments into assets – cash flow generation – enterprise capitalisation. The result of the study is the authors’ position regarding the essence and structuring the client capital, which gives a poss...

Economic efficiency of legume-cereal intercrops in conditions of organic farming

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Jaroslav Jánský

2010-01-01

Full Text Available The paper presents economic analysis of growing of legume-cereal intercropping in conditions of organic farming. Results of the analysis are based on data monitoring in chosen organic farms that grow LCI. In the paper there is also compared economic efficiency of LCI grown in organic and conventional farming system. Methodological solution results from costingness and earnings monitoring of LCI production in five chosen organic farms in the period 2007–2008.When evaluating costs existing in individual variants of LCI growing it is necessary to say that the selection of individual machines and machine aggregations represents the most important factor of influencing direct costs, namely with regard to the size of organic farms and to the area of individual field blocks. Under conditions of organic farms, the LCI production is also significantly influenced also by agrotechnical (tillage operations. As compared with conventional farms, the final yield of both green fodder and grain is lower by 14–38%. Total direct costs per hectare of harvested LCI acreage ranged in case of fodder production from 9.249 CZK to 11.620 CZK per hectare. In case of grain production, the corresponding costs ranged from 8.848 to 9.970 CZK per hectare. In case of LCI, the direct costs of organic farms per unit of production of both fodder and grain consist mainly of material costs, which represent 63–76% and 61–68% of total expenses associated with production of fodder and grain, respectively. These direct costs are influenced also by higher prices of inputs.

42 CFR 412.302 - Introduction to capital costs.

Science.gov (United States)

2010-10-01

... 42 Public Health 2 2010-10-01 2010-10-01 false Introduction to capital costs. 412.302 Section 412... Inpatient Hospital Capital Costs General Provisions § 412.302 Introduction to capital costs. (a) New capital... revision of the debt instrument. (iii) If short-term financing was used to acquire old capital assets and...

Review of capital investment in economic growth cycle

Science.gov (United States)

Shaffie, Siti Salihah; Jaaman, Saiful Hafizah; Mohamad, Daud

2016-11-01

The study of linkages of macroeconomics factors is prominent in order to understand how the economic cycle affects one another. These factors include interest rate, growth rate, saving and capital investment which are mutually correlated to stabilize the GDP. Part of this study, it will look upon the impact of investment which emphasize the efficiency of capital investment to the economic growth. Capital investment is one investment appraisal that gives impact to the economic growth. It is a long term investment and involve with large amount of capital to incorporate the development of private and public capital investment.

Adjustment costs in a two-capital growth model

Czech Academy of Sciences Publication Activity Database

Duczynski, Petr

2002-01-01

Roč. 26, č. 5 (2002), s. 837-850 ISSN 0165-1889 R&D Projects: GA AV ČR KSK9058117 Institutional research plan: CEZ:AV0Z7085904 Keywords : adjustment costs * capital mobility * convergence * human capital Subject RIV: AH - Economics Impact factor: 0.738, year: 2002

Analysis of Risks and Factors of Formation of the Structure of Financial Capital of Subject of Entrepreneurship

Directory of Open Access Journals (Sweden)

Rubaha Mariya V.

2013-11-01

Full Text Available The article is devoted to analysis of the structure of sources of financing economic subjects, study of commercial and financial risks of formation of the structure of financial capital of subjects of entrepreneurship. The article pays significant attention to calculation of the weighted average cost of capital, degrees of financial and operational leverages and also to assessment of their mutual influence upon results of financial and economic activity of an enterprise. It studies impact of factors of external environment on the structure of sources of financing subjects of entrepreneurship, these factors include specific features of operational activity, quality and liquidity of assets, concentration of own capital, stages of the life cycle, level of profitability of operational activity, credit history of a borrower and a necessity to ensure the prospective repayment capacity, and financial mentality of owners and managers of an enterprise. The article also analyses factors of external environment of an enterprise (cost of attraction of financing from different sources, commodity and financial markets situations, state regulation and control over business processes, level of taxation of profit of enterprises and also income of physical persons and legal entities – investors from owning securities that influence the possibilities to attract financial capital and, consequently, prospects of efficient functioning of a subject of entrepreneurship in a long-term prospect.

Аccounting and analytical support of social capital in modern economic conditions

Directory of Open Access Journals (Sweden)

О.O. Osadcha

2016-03-01

Full Text Available Social capital plays an important role in the profit formation of business entity in the context of the implementation of integrated reporting. The purpose of the research is to examine the problematic aspects of accounting and analytical support of social capital in the context of sustainable development which involves the study of «social capital» and «social networks» concepts, the definition of the functions of social capital in the structure of company’s capital, the disclosure of social capital assessment peculiarities. To achieve the goal of article the author uses the methods of induction, deduction, analogy, comparison, the systematic approach to the assessment of economic phenomena, the historical method, the data grouping method, and the process approach. The accounting tasks in the context of sustainable socio-economic and environmental development are identified. The essence of «social capital» concept, its importance in the formation of an integrated enterprise reporting, and its elements are characterized. The problematic issues of social capital assessment are analyzed and the possible solutions are discussed. The necessity of introduction of new facilities and new accounting approaches to the organization of accounting are proved.

To the calculation of reduced cost capital component for power objects

International Nuclear Information System (INIS)

Andryushchenko, A.I.; Larin, E.A.

1990-01-01

The method for calculating capitalized cost component enabling comparison of alternative arrangement variants of power plant, is suggested. It is shown that in order to realize the technical-economical estimates in power industry for determination of capitalized cost component it is necessary to take into account capital construction expenditures as well as deductions for the plant dismountling and elimination of potential accidents

The Effect of Intellectual Capital on Cost of Finance and Firm Value

OpenAIRE

Mohsen Iranmahd; Mahmoud Moeinaddin; Nasim Shahmoradi; Forough Heyrani

2014-01-01

In today's knowledge-based industry, the role of intellectual capitals in creating value for the business units is more effective than financial capitals. The accounting system plays a crucial role in finding appropriate strategies for achieving suitable methods of evaluating intellectual capitals. One of the most significant shortcomings of traditional accounting systems is that it doesn't reflect the intellectual capital value in financial reports of business units. Collecting the data from...

Intellectual Capital Management in Transport Sector

Directory of Open Access Journals (Sweden)

Asta Znakovaitė

2011-03-01

Full Text Available This article presents an analysis of intellectual capital; its management, features and processes by which intellectual capital of a company can be evaluated. The main elements of intellectual capital (human, structural and relationship capital are presented and used in research. After surveying bibliography, intellectual capital evaluation model, which applies to Lithuanian and Latvian companies operating in the transport sector, is created. The research is based on the value-added intellectual capital factor model, the relationship between indicators, multi-asset return correlation and regression analysis and generation of alternatives to intellectual capital performance-enhancing. Following an assessment of intellectual capital of Lithuanian and Latvian transport sectors, on the basis of the results, it was found that the intellectual capital is a key factor in corporation management to increase revenue. Article in Lithuanian

Economics of small-scale on-farm use of canola and soybean for biodiesel and straight vegetable oil biofuels

International Nuclear Information System (INIS)

Fore, Seth R.; Porter, Paul; Jordan, Nicholas; Lazarus, William

2011-01-01

While the cost competitiveness of vegetable oil-based biofuels (VOBB) has impeded extensive commercialization on a large-scale, the economic viability of small-scale on-farm production of VOBB is unclear. This study assessed the cost competitiveness of small-scale on-farm production of canola- [Brassica napus (L.)] and soybean-based [Glycine max (L.)] biodiesel and straight vegetable oil (SVO) biofuels in the upper Midwest at 2007 price levels. The effects of feedstock type, feedstock valuation (cost of production or market price), biofuel type, and capitalization level on the cost L -1 of biofuel were examined. Valuing feedstock at the cost of production, the cost of canola-based biodiesel ranged from 0.94 to 1.13 L -1 and SVO from 0.64 to 0.83 L -1 depending on capitalization level. Comparatively, the cost of soybean-based biodiesel and SVO ranged from 0.40 to 0.60 L -1 and from 0.14 to 0.33 L -1 , respectively, depending on capitalization level. Valuing feedstock at the cost of production, soybean biofuels were cost competitive whereas canola biofuels were not. Valuing feedstock at its market price, canola biofuels were more cost competitive than soybean-based biofuels, though neither were cost competitive with petroleum diesel. Feedstock type proved important in terms of the meal co-product credit, which decreased the cost of biodiesel by 1.39 L -1 for soybean and 0.44 L -1 for canola. SVO was less costly to produce than biodiesel due to reduced input costs. At a small scale, capital expenditures have a substantial impact on the cost of biofuel, ranging from 0.03 to 0.25 L -1 . (author)

Alternative measures of the Federal Reserve Banks' cost of equity capital

OpenAIRE

Barnes, Michelle L.; Lopez, Jose A.

2005-01-01

The Monetary Control Act of 1980 requires the Federal Reserve System to provide payment services to depository institutions through the twelve Federal Reserve Banks at prices that fully reflect the costs a private-sector provider would incur, including a cost of equity capital (COE). Although Fama and French (1997) conclude that COE estimates are “woefully” and “unavoidably” imprecise, the Reserve Banks require such an estimate every year. We examine several COE estimates based on the Capital...

The Determinants of Capital Structure: Some Evidence from Banks

OpenAIRE

Heider, Florian; Gropp, Reint

2008-01-01

This paper documents that standard cross-sectional determinants of firm leverage also apply to the capital structure of large banks in the United States and Europe. We find a remarkable consistency in sign, significance and economic magnitude. Like non-financial firms, banks appear to have stable capital structures at levels that are specific to each individual bank. The results suggest that capital requirements may only be of second-order importance for banks’ capital structures and confirm ...

Social capital dimensions and its implications on poverty status of ...

African Journals Online (AJOL)

The study examined the influence of social capital dimensions on poverty status of rural farm households in Abia state, Nigeria. Multistage random sampling technique was employed in collecting data from two hundred and four (204) rural farm households in local institutions using structured interview schedule. The data ...

Empirical Analysis of Farm Credit Risk under the Structure Model

Science.gov (United States)

Yan, Yan

2009-01-01

The study measures farm credit risk by using farm records collected by Farm Business Farm Management (FBFM) during the period 1995-2004. The study addresses the following questions: (1) whether farm's financial position is fully described by the structure model, (2) what are the determinants of farm capital structure under the structure model, (3)…

SOCIAL CAPITAL AS THE BASIS FOR THE FORMATION OF SOCIO-ECONOMIC SECURITY IN RURAL AREAS

Directory of Open Access Journals (Sweden)

Andrii Sukhostavets

2017-09-01

, material and technical base, natural conditions, etc. A market-oriented regional economy does not always ensure the growth of the well-being of all segments of the population in conditions of social and economic stability. Inevitably generated unemployment, social problems and other consequences of the competition can cause social fallout. Social threats are closely related to each other, while one generates another, forming a vicious circle. But at the same time, the socio-economic security of the society should be considered as the primary one. On the basis of the foregoing, we believe that the social capital of rural areas provides the basic social norms of citizens, which results in the provision of rights to communicate, found organizations, unions, cooperatives; and its high level leads directly to the increase in the socio-economic security of rural areas. Directions of our further research will be focused on the development of proposals concerning state support for activities related to the formation of social capital.

Аccounting and methodological aspects of capital expenditure for land improvement

Directory of Open Access Journals (Sweden)

J.P. Melnychuk

2016-07-01

Full Text Available The article highlights the process of reflection in accounting the capital costs for land improvement. The main legislation governing this issue is covered. Also the article has agreed the key issues that ensure in accounting for capital expenditures for farmland improving. The survey has benefited such general scientific methods as: induction and deduction, dialectic, historical and systematic methods and specific methods of accounting. Due to the land reform the ownership of the land was changed. Lands which were owned by farms have been privatized and have received a particular owner. Now privatized lands constitute a significant part of farmland. The land managers require quality accounting information about composition and state of the land and improvements that occur to make an effective management. The numerous changes in legislation generate controversies in their interpretation and, consequently, it results in appearance of the discrepancies in the conduct of cost accounting for capital land improvement which will effect on the amount of net profit in future. The article reflects the economic substance of the process and fundamentally describes the implementation method of accounting for capital expenditure for land in accordance with the applicable law.

World wide spatial capital.

Science.gov (United States)

Sen, Rijurekha; Quercia, Daniele

2018-01-01

In its most basic form, the spatial capital of a neighborhood entails that most aspects of daily life are located close at hand. Urban planning researchers have widely recognized its importance, not least because it can be transformed in other forms of capital such as economical capital (e.g., house prices, retail sales) and social capital (e.g., neighborhood cohesion). Researchers have already studied spatial capital from official city data. Their work led to important planning decisions, yet it also relied on data that is costly to create and update, and produced metrics that are difficult to compare across cities. By contrast, we propose to measure spatial capital in cheap and standardized ways around the world. Hence the name of our project "World Wide Spatial Capital". Our measures are cheap as they rely on the most basic information about a city that is currently available on the Web (i.e., which amenities are available and where). They are also standardized because they can be applied in any city in the five continents (as opposed to previous metrics that were mainly applied in USA and UK). We show that, upon these metrics, one could produce insights at the core of the urban planning discipline: which areas would benefit the most from urban interventions; how to inform planning depending on whether a city's activity is mono- or poly-centric; how different cities fare against each other; and how spatial capital correlates with other urban characteristics such as mobility patterns and road network structure.

World wide spatial capital.

Directory of Open Access Journals (Sweden)

Rijurekha Sen

Full Text Available In its most basic form, the spatial capital of a neighborhood entails that most aspects of daily life are located close at hand. Urban planning researchers have widely recognized its importance, not least because it can be transformed in other forms of capital such as economical capital (e.g., house prices, retail sales and social capital (e.g., neighborhood cohesion. Researchers have already studied spatial capital from official city data. Their work led to important planning decisions, yet it also relied on data that is costly to create and update, and produced metrics that are difficult to compare across cities. By contrast, we propose to measure spatial capital in cheap and standardized ways around the world. Hence the name of our project "World Wide Spatial Capital". Our measures are cheap as they rely on the most basic information about a city that is currently available on the Web (i.e., which amenities are available and where. They are also standardized because they can be applied in any city in the five continents (as opposed to previous metrics that were mainly applied in USA and UK. We show that, upon these metrics, one could produce insights at the core of the urban planning discipline: which areas would benefit the most from urban interventions; how to inform planning depending on whether a city's activity is mono- or poly-centric; how different cities fare against each other; and how spatial capital correlates with other urban characteristics such as mobility patterns and road network structure.

Assessment of Intellectual Capital in Joint-Stock Companies

Directory of Open Access Journals (Sweden)

Rima Tamošiūnienė

2015-12-01

Full Text Available The evaluation of intellectual capital factors is an essential part for the management of joint-stock companies. Many authors indicate that successful intellectual capital management increases value added in joint-stock companies. Nevertheless, intellectual capital is a complex and challenging concept as there is still no clear guidance, what the intellectual capital features and its structural parts are. Theoretical research revealed that scientists accentuate various intellectual capital parts depending basically on the type of their research, on the level of the research (micro, mezzo, macro, variables they selected to investigate and similar. This research paper gives an insight what drivers can be increasing value added in joint-stock companies.

MANAGEMENT OF FORMATION AND DEVELOPMENT OF INTELLECTUAL CAPITAL OF THE ENTERPRISE

Directory of Open Access Journals (Sweden)

Ganna Zhytchenko

2017-09-01

possibilities for obtaining value added and rising income. In the structure of the enterprise intellectual capital, human, social, structural, and market capital are distinguished. On the understanding of the essence of these groups of capital – productive, generating human, uniting, mobilizing social, providing with information structural and linking, stimulating market capital, it is proposed to form a corporate system for managing the intellectual capital of an enterprise. To achieve the tasks of managing intellectual capital, it is suggested to adhere to the principles of strategic partnership of enterprise owners, management, and hired professionals, workers; partnership relations between all participants in the production process; formation and application of criteria for assessing the individual contribution of employees, formal and informal groups in the final results of the enterprise; organization of an all-encompassing network of forms of mass participation of workers in the identification and implementation of reserves to improve the efficiency of production and the quality of products, goods, and services.

The Role of Corporate Zakat on Optimal Capital Structure Policy: Evidence from Malaysian Firms

Directory of Open Access Journals (Sweden)

Abrapuspa Ghani Talattov

2016-02-01

Full Text Available In the finance literature, the relationship between capital structure and firm value has been extensively investigated, both theoretically and empirically. The main issue on corporate finance is how firms dealing with the important decision of capital structure. In this study, a model of capital structure is formulated in which corporate tax and zakat payment exist by firms into the consideration of combination of debt and equity. The theoretical model as shown by comparative statics prove the implication which is negatively relationship between leverage of the firm and the corporate zakat payment. Meanwhile, the empirical evidence reveals several implication as follows, (1 tax deduction reduces the current liability item relative to the firms that prefer equity financing, (2 the significant of zakat is consistent with the theoretical model that zakat would encourage firm to issue more equity than debt, (3 the strong significant relationship between return on assets with the leverage are the leading indicator of capital structure in all models.

The Post-Privatization Role of Out-growers' Associations in Rural Capital Accumulation

DEFF Research Database (Denmark)

Isager, Lotte; Fold, Niels; Nsindagi, Thobias

2018-01-01

Contract farming is widely promoted by multilateral agencies as an engine of economic growth in developing countries. The agencies often stress the need for governments to create strong farmers' organizations that can shoulder the risks associated with contractual relationships with large...... a crucial position with regard to classic agrarian questions of land, labour and capital accumulation....

Bridges in social capital: a review of the definitions and the social capital of social capital researchers

OpenAIRE

Akcomak, S.

2009-01-01

There has been a recent surge of interest in social economics and social capital. Articles on social capital that are published in the last five years constitute more than 60 percent of all articles on social capital. Research on social capital is now massive and spans sociology, economics, management, political science and health sciences. Despite this interest there is still not a consensus on the definition and the measurement of social capital. This paper argues that this is due to lack o...

The Experience of Risk-Adjusted Capitation Payment for Family Physicians in Iran: A Qualitative Study.

Science.gov (United States)

Esmaeili, Reza; Hadian, Mohammad; Rashidian, Arash; Shariati, Mohammad; Ghaderi, Hossien

2016-04-01

When a country's health system is faced with fundamental flaws that require the redesign of financing and service delivery, primary healthcare payment systems are often reformed. This study was conducted with the purpose of exploring the experiences of risk-adjusted capitation payment of urban family physicians in Iran when it comes to providing primary health care (PHC). This is a qualitative study using the framework method. Data were collected via digitally audio-recorded semi-structured interviews with 24 family physicians and 5 executive directors in two provinces of Iran running the urban family physician pilot program. The participants were selected using purposive and snowball sampling. The codes were extracted using inductive and deductive methods. Regarding the effects of risk-adjusted capitation on the primary healthcare setting, five themes with 11 subthemes emerged, including service delivery, institutional structure, financing, people's behavior, and the challenges ahead. Our findings indicated that the health system is enjoying some major changes in the primary healthcare setting through the implementation of risk-adjusted capitation payment. With regard to the current challenges in Iran's health system, using risk-adjusted capitation as a primary healthcare payment system can lead to useful changes in the health system's features. However, future research should focus on the development of the risk-adjusted capitation model.

78 FR 62417 - Regulatory Capital Rules: Regulatory Capital, Implementation of Basel III, Capital Adequacy...

Science.gov (United States)

2013-10-22

..., Standardized Approach for Risk-Weighted Assets, Market Discipline and Disclosure Requirements, Advanced Approaches Risk-Based Capital Rule, and Market Risk Capital Rule AGENCY: Federal Deposit Insurance... Assets, Market Discipline and Disclosure Requirements, Advanced Approaches Risk-Based Capital Rule, and...

Approaches of Russian oil companies to optimal capital structure

Science.gov (United States)

Ishuk, T.; Ulyanova, O.; Savchitz, V.

2015-11-01

Oil companies play a vital role in Russian economy. Demand for hydrocarbon products will be increasing for the nearest decades simultaneously with the population growth and social needs. Change of raw-material orientation of Russian economy and the transition to the innovative way of the development do not exclude the development of oil industry in future. Moreover, society believes that this sector must bring the Russian economy on to the road of innovative development due to neo-industrialization. To achieve this, the government power as well as capital management of companies are required. To make their optimal capital structure, it is necessary to minimize the capital cost, decrease definite risks under existing limits, and maximize profitability. The capital structure analysis of Russian and foreign oil companies shows different approaches, reasons, as well as conditions and, consequently, equity capital and debt capital relationship and their cost, which demands the effective capital management strategy.

Social capital and transaction costs in millet markets

Directory of Open Access Journals (Sweden)

Damien Christophe Jacques

2018-01-01

Full Text Available In sub-Saharan Africa, transaction costs are believed to be the most significant barrier that prevents smallholders and farmers from gaining access to markets and productive assets. In this study, we explore the impact of social capital on millet prices for three contrasted years in Senegal. Social capital is approximated using a unique data set on mobile phone communications between 9 million people allowing to simulate the business network between economic agents. Our approach is a spatial equilibrium model that integrates a diversified set of data. Local supply and demand were respectively derived from remotely sensed imagery and population density maps. The road network was used to establish market catchment areas, and transportation costs were derived from distances between markets. Results demonstrate that accounting for the social capital in the transaction costs explained 1–9% of the price variance depending on the year. The year-specific effect remains challenging to assess but could be related to a strengthening of risk aversion following a poor harvest.

Social Capital and Economic Development: A Neighborhood Perspective

Directory of Open Access Journals (Sweden)

Matthew J. Hanka

2017-12-01

Full Text Available Sean Safford’s 2009 book Why the Garden Club Couldn’t Save Youngstown introduces a revolutionary idea that much of a community’s economic resilience is tied to the social capital that exists within it. Recent research suggests that social capital not only benefits those who develop it, but it can serve as a source of economic development in the communities in which it arises. Past quantitative research on the economic benefit of social capital has only examined the city or higher levels of aggregation. This study measures social capital in three diverse socioeconomic neighborhoods to better understand how social capital can serve as a tool for economic development. An ordered probit regression model was developed to examine how individual and neighborhood levels of social capital benefit households within these communities. Moreover, this study addresses how differences in social capital across neighborhoods are explained by both individual and neighborhood characteristics.

Renewable Resources, Capital Accumulation, and Economic Growth

Directory of Open Access Journals (Sweden)

Wei-Bin Zhang

2011-01-01

Full Text Available This paper proposes a dynamic economic model with physical capital and renewable resources. Different from most of the neoclassical growth models with renewable resources which are based on microeconomic foundation and neglect physical capital accumulation, this study proposes a growth model with dynamics of renewable resources and physical capital accumulation. The model is a synthesis of the neoclassical growth theory and the traditional dynamic models of renewable resources with an alternative approach to household behavior. The model describes a dynamic interdependence among physical accumulation, resource change, and division of labor under perfect competition. Because of its refined economic structure, our study enables some interactions among economic variables which are not found in the existing literature on economic growth with renewable resources. We simulate the model to demonstrate the existence of equilibrium points and motion of the dynamic system. Our comparative dynamic analysis shows, for instance, that a rise in the propensity to consume the renewable resource increases the interest rate and reduces the national and production sector’s capital stocks, wage rate and level of the consumption good. Moreover, it initially reduces and then increases the capital stocks of the resource sector and the consumption and price of the renewable resource. The stock of the renewable resource is initially increased and then reduced. Finally, labor is redistributed from the production to the resource sector.

Information and the Cost of Capital: An Ex Ante Perspective

DEFF Research Database (Denmark)

Christensen, Peter Ove; de la Rosa, Leonidas Enrique; Feltham, Gerald A.

2010-01-01

Recent articles have demonstrated that increased public disclosure can decrease firms' cost of capital. The focus has been on the impact of information on the cost of capital subsequent to the release of the information (the ex post cost of capital). We show that the reduction in the ex post cost...... investors may actually benefit from a higher ex post cost of capital....... of capital is offset by an equal increase in the cost of capital for the period leading up to the release of the information (the preposterior cost of capital). Thus, within the class of models framing the recent discussion, there is no impact on the ex ante cost of capital covering the full time span...

From political capitalism to clientelist capitalism? The case of Croatia

Directory of Open Access Journals (Sweden)

Denis Redžepagić

2011-12-01

Full Text Available The paper analyses the typology of capitalism in Croatia. The Croatian form of capitalism is specific, in form and origin, with links between the pre-independence and post-independence periods, implying that capitalism has gradually evolved – from the political during the eighties towards current clientelistic capitalism. The manufacturing focus aims to facilitate the analysis of institutional, political and economic changes over the past forty years, emphasising the implications of institutional changes which have to a great extent, apart from the war of course, influenced the evolution of capitalism. The paper finds that the transition generated a number of costs, mainly generated by the state (fall in employment, manufacturing and social capital. The claim that the manufacturing industry has inherited low competitiveness neglects the necessary discussion on the role of the state in the formation of industrial policy and market actions. It is also an ex post argument for the claim that restructuring should have been implemented prior to privatisation as this would reduce negative impacts. Institutional changes led to a drastic reduction of the role of the manufacturing sector in the economy. The main finding in this paper is that the change in the interaction between the financial and the real sectors of the economy, the educational system and industrial relations system exposed the vulnerability of the current institutional environment. Despite similarities, institutional advantages of political capitalism are lost in the new type of Croatian capitalism, due to the complexity of the double transition process and the institutional or socio-economic particularities.

Off-Farm Employment and Economic Crisis: Evidence from Cyprus

Directory of Open Access Journals (Sweden)

Elias Giannakis

2018-03-01

Full Text Available Off-farm employment is an important strategy for complementing farm household income and maintaining rural livelihoods. A multilevel logistic regression model was applied to investigate the effect of farm-level and regional-level factors on off-farm employment in Cyprus during the recent economic crisis period. The performance of nonfarm sectors positively affects off-farm employment; a one-percent increase in the share of the secondary and tertiary sector employment increases the likelihood of off-farm work by 9.5 times. The importance of location was also identified. Farm households located in rural areas are 70% less likely to engage in off-farm work than households located in urban areas. The positive effect of educational attainment and the negative effect of farm training confirmed the importance of human capital characteristics on off-farm labour participation. Farm structural factors are also significant determinants of off-farm employment. A one-hectare increase in the farm size decreases the odds of off-farm labour participation by 50%. Operators of crop farming holdings are 4.2 times more likely to work off the farm than operators of livestock and mixed-farming holdings. The results reveal the importance of adopting a multilevel and integrated approach for the analysis of off-farm employment.

78 FR 76973 - Regulatory Capital Rules: Regulatory Capital, Implementation of Basel III, Capital Adequacy...

Science.gov (United States)

2013-12-20

... Discipline and Disclosure Requirements, Advanced Approaches Risk-Based Capital Rule, and Market Risk Capital..., 2013, a document adopting a final rule that revises its risk-based and leverage capital requirements... risk-based and leverage capital requirements for banking organizations. An allowance for additional...

Natural Capital - putting a value on geological sites

Science.gov (United States)

Dunlop, Lesley

2017-04-01

Natural Capital is a mechanism through which a value can be placed on nature allowing it to be considered alongside other assets. When the Government of the United Kingdom produced a Natural Environment White Paper (The Natural Choice: securing the value of nature) in 2012 there was no direct mention of geosites, geoheritage or geodiversity. One ambition of the Natural Environment White Paper was to stop environmental degradation and to rebuild natural capital and to value it. Whilst landscapes are mentioned in the paper geodiversity is not directly and this has been problematic for funding and recognition within the UK. Natural Capital is being used as the basis for many of the environmental reviews therefore it is essential that geodiversity can be included within this. The Natural Capital Committee defines natural capital as 'those elements of the natural environment which provide valuable goods and services to people'. In the main, these goods and services are related to ecology/biodiversity rather than to the full range of natural capital. Specifically, the values associated with abiotic nature (geodiversity) are frequently undervalued or ignored. The English Geodiversity Forum have been producing case studies as to how this might be done for different locations and this paper will present the work of this and how a value can be attributed to geodiversity. For example links to tourism and recreation within areas such as the Jurassic Coast World Heritage Site and the Black Country proposed Geopark are easy to place a value on but it is more difficult with educational, scientific sites. Using an ecosystems services and biodiversity analogies this paper presents a framework that can be adopted for evaluation of geological sites. Defra (2015) The state of natural capital: protecting and improving natural capital for prosperity and wellbeing. Department for Environment, Food & Rural Affairs, 73 pages https

Does Social Capital Explain Community-Level Differences in Organ Donor Designation?

Science.gov (United States)

Ladin, Keren; Wang, Rui; Fleishman, Aaron; Boger, Matthew; Rodrigue, James R

2015-09-01

The growing shortage of life-saving organs has reached unprecedented levels, with more than 120,000 Americans waiting for them. Despite national attempts to increase organ donation and federal laws mandating the equitable allocation of organs, geographic disparities remain. A better understanding of the contextual determinants of organ donor designation, including social capital, may enhance efforts to increase organ donation by raising the probability of collective action and fostering norms of reciprocity and cooperation while increasing costs to defectors. Because community-level factors, including social capital, predict more than half the variation in donor designation, future interventions should tailor strategies to specific communities as the unit of intervention. The growing shortage of organs has reached unprecedented levels. Despite national attempts to increase donation and federal laws mandating the equitable allocation of organs, their availability and waiting times vary significantly nationwide. Organ donor designation is a collective action problem in public health, in which the regional organ supply and average waiting times are determined by the willingness of individuals to be listed as organ donors. Social capital increases the probability of collective action by fostering norms of reciprocity and cooperation while increasing costs to defectors. We examine whether social capital and other community-level factors explain geographic variation in organ donor designation rates in Massachusetts. We obtained a sample of 3,281,532 registered drivers in 2010 from the Massachusetts Department of Transportation Registry of Motor Vehicles (MassDOT RMV). We then geocoded the registry data, matched them to 4,466 census blocks, and linked them to the 2010 US Census, the American Community Survey (ACS), and other sources to obtain community-level sociodemographic, social capital (residential segregation, voter registration and participation, residential

Applications of Open Source 3-D Printing on Small Farms

Directory of Open Access Journals (Sweden)

Joshua M. Pearce

2013-12-01

Full Text Available There is growing evidence that low-cost open-source 3-D printers can reduce costs by enabling distributed manufacturing of substitutes for both specialty equipment and conventional mass-manufactured products. The rate of 3-D printable designs under open licenses is growing exponentially and there arealready hundreds of designs applicable to small-scale organic farming. It has also been hypothesized that this technology could assist sustainable development in rural communities that rely on small-scale organic agriculture. To gauge the present utility of open-source 3-D printers in this organic farm context both in the developed and developing world, this paper reviews the current open-source designs available and evaluates the ability of low-cost 3-D printers to be effective at reducing the economic costs of farming.This study limits the evaluation of open-source 3-D printers to only the most-developed fused filament fabrication of the bioplastic polylactic acid (PLA. PLA is a strong biodegradable and recyclable thermoplastic appropriate for a range of representative products, which are grouped into five categories of prints: handtools, food processing, animal management, water management and hydroponics. The advantages and shortcomings of applying 3-D printing to each technology are evaluated. The results show a general izabletechnical viability and economic benefit to adopting open-source 3-D printing for any of the technologies, although the individual economic impact is highly dependent on needs and frequency of use on a specific farm. Capital costs of a 3-D printer may be saved from on-farm printing of a single advanced analytical instrument in a day or replacing hundreds of inexpensive products over a year. In order for the full potential of open-source 3-D printing to be realized to assist organic farm economic resiliency and self-sufficiency, future work is outlined in five core areas: designs of 3-D printable objects, 3-D printing

Intellectual Capital.

Science.gov (United States)

Snyder, Herbert W.; Pierce, Jennifer Burek

2002-01-01

This review focuses on intellectual capital and its relationship to information professionals. Discusses asset recognition; national practices and the acceptance of intellectual capital; definitions of intellectual capital; measuring intellectual capital, including multiple and single variable measures; managing intellectual capital; and knowledge…

Intellectual Capital Approach to Modern Management through the Perspective of a Company’s Value Added

Directory of Open Access Journals (Sweden)

Simona Survilaitė

2015-03-01

Full Text Available The importance of value creation in small and medium-sized business companies has always been in focus. The changing environment makes a strong impact on all companies all over the world. Nowadays, the value added, which is created by the company, not only depends on tangible but also on intangible assets. It is not enough just to manage internal resources to be efficient or generate high value added. Knowledge and information as an important tool for the management of the external environment have become a new factor of a company. Since elements of the intellectual capital system are intangible and hardly measurable in company’s value added, this paper aims to create a model for the analysis of the creation of a company’s value added through intellectual capital. Subsequent to the review of literature on value creation and management, the authors proposed a model for value creation through intermediate, which presented three main elements of value added creation.

An evaluation of airline beta values and their application in calculating the cost of equity capital.

OpenAIRE

Turner, Sheelah; Morrell, Peter

2003-01-01

This paper focuses on the calculation of the cost of equity capital in a sample of airlines, in comparison to industry-calculated values. The approach usually taken is to apply the Capital Asset Pricing Model to airline stock prices and market indices. The research shows that the calculated b values are sensitive to the precise methodology and calculations used. Further, the low regression model fits indicate the Capital Asset Pricing Model may not be the most suitable model for b value calcul...

The Contribution of Intellectual Capital to Value Creation

Directory of Open Access Journals (Sweden)

Elena Shakina

2013-12-01

Full Text Available This paper studies the marginal contribution of intellectual capital (IC components to company value using a hedonic pricing framework. The ANOVA is used to identify group differences among different national markets and industries. Two models have been developed to reflect the time effect: one related to the immediate creation of value and another for the long term. As could be expected, the contribution of IC to companies’ value creation differs significantly between countries and industries. Both models, short- and long-term, are significant and with a normal explanatory power. We have found both positive and negative coefficients. Human capital plays a critical positive role in value creation in the short term. Structural and relational capital becomes more relevant in the long term. However, in the long term, the results obtained regarding the effect of human capital are unclear.

Economics of small-scale on-farm use of canola and soybean for biodiesel and straight vegetable oil biofuels

Energy Technology Data Exchange (ETDEWEB)

Fore, Seth R.; Porter, Paul; Jordan, Nicholas [Department of Agronomy and Plant Genetics, 1991 Upper Buford Circle, Borlaug 411, The University of Minnesota, Saint Paul, Minnesota 55108 (United States); Lazarus, William [Department of Applied Economics, 231 Classroom Office Building, 1994 Buford Avenue, The University of Minnesota, Saint Paul, Minnesota 55108 (United States)

2011-01-15

While the cost competitiveness of vegetable oil-based biofuels (VOBB) has impeded extensive commercialization on a large-scale, the economic viability of small-scale on-farm production of VOBB is unclear. This study assessed the cost competitiveness of small-scale on-farm production of canola- [Brassica napus (L.)] and soybean-based [Glycine max (L.)] biodiesel and straight vegetable oil (SVO) biofuels in the upper Midwest at 2007 price levels. The effects of feedstock type, feedstock valuation (cost of production or market price), biofuel type, and capitalization level on the cost L{sup -1} of biofuel were examined. Valuing feedstock at the cost of production, the cost of canola-based biodiesel ranged from 0.94 to 1.13 L{sup -1} and SVO from 0.64 to 0.83 L{sup -1} depending on capitalization level. Comparatively, the cost of soybean-based biodiesel and SVO ranged from 0.40 to 0.60 L{sup -1} and from 0.14 to 0.33 L{sup -1}, respectively, depending on capitalization level. Valuing feedstock at the cost of production, soybean biofuels were cost competitive whereas canola biofuels were not. Valuing feedstock at its market price, canola biofuels were more cost competitive than soybean-based biofuels, though neither were cost competitive with petroleum diesel. Feedstock type proved important in terms of the meal co-product credit, which decreased the cost of biodiesel by 1.39 L{sup -1} for soybean and 0.44 L{sup -1} for canola. SVO was less costly to produce than biodiesel due to reduced input costs. At a small scale, capital expenditures have a substantial impact on the cost of biofuel, ranging from 0.03 to 0.25 L{sup -1}. (author)

Assessing the potential for the uptake of on-farm anaerobic digestion for energy production in England

International Nuclear Information System (INIS)

Tranter, R.B.; Swinbank, A.; Jones, P.J.; Banks, C.J.; Salter, A.M.

2011-01-01

We report on an assessment of the potential for energy production from on-farm anaerobic digestion (AD) in England based on findings from a survey of farmers where it was found that around 40% of 381 respondents might install AD on their farms. These 'possible adopters' tended to have large farms and might together utilise some 6560 ha of land for feedstock production along with the wastes from some 12,000 beef and dairy cattle and 9000 pigs. When raised to the national level, such a level of AD activity would produce around 3.5 GWh of electricity. This approximates to just 0.001% of national electricity generation. Further, there are considerable perceived barriers to the widespread adoption of AD on farms in England; these include the high capital costs of installing AD and doubts about the economic returns being high enough. - Research highlights: → Biogas from anaerobic digestion has good potential for the UK. → Some 40% of English farmers surveyed might install anaerobic digesters. → Crops as well as animal manure would be used as feedstock for the digesters. → High capital costs of digesters are a barrier to up-take by farmers.

Assessing the potential for the uptake of on-farm anaerobic digestion for energy production in England

Energy Technology Data Exchange (ETDEWEB)

Tranter, R.B., E-mail: r.b.tranter@reading.ac.u [Centre for Agricultural Strategy, School of Agriculture, Policy and Development, University of Reading, PO Box 237, Earley Gate, Whiteknights Road, Reading RG6 6AR (United Kingdom); Swinbank, A.; Jones, P.J. [Centre for Agricultural Strategy, School of Agriculture, Policy and Development, University of Reading, PO Box 237, Earley Gate, Whiteknights Road, Reading RG6 6AR (United Kingdom); Banks, C.J.; Salter, A.M. [School of Civil Engineering and the Environment, University of Southampton, Highfield, Southampton SO17 1BJ (United Kingdom)

2011-05-15

We report on an assessment of the potential for energy production from on-farm anaerobic digestion (AD) in England based on findings from a survey of farmers where it was found that around 40% of 381 respondents might install AD on their farms. These 'possible adopters' tended to have large farms and might together utilise some 6560 ha of land for feedstock production along with the wastes from some 12,000 beef and dairy cattle and 9000 pigs. When raised to the national level, such a level of AD activity would produce around 3.5 GWh of electricity. This approximates to just 0.001% of national electricity generation. Further, there are considerable perceived barriers to the widespread adoption of AD on farms in England; these include the high capital costs of installing AD and doubts about the economic returns being high enough. - Research highlights: {yields} Biogas from anaerobic digestion has good potential for the UK. {yields} Some 40% of English farmers surveyed might install anaerobic digesters. {yields} Crops as well as animal manure would be used as feedstock for the digesters. {yields} High capital costs of digesters are a barrier to up-take by farmers.

Social capital and active membership in the Ghana National Health Insurance Scheme - a mixed method study.

Science.gov (United States)

Fenenga, Christine J; Nketiah-Amponsah, Edward; Ogink, Alice; Arhinful, Daniel K; Poortinga, Wouter; Hutter, Inge

2015-11-02

People's decision to enroll in a health insurance scheme is determined by socio-cultural and socio-economic factors. On request of the National health Insurance Authority (NHIA) in Ghana, our study explores the influence of social relationships on people's perceptions, behavior and decision making to enroll in the National Health Insurance Scheme. This social scheme, initiated in 2003, aims to realize accessible quality healthcare services for the entire population of Ghana. We look at relationships of trust and reciprocity between individuals in the communities (so called horizontal social capital) and between individuals and formal health institutions (called vertical social capital) in order to determine whether these two forms of social capital inhibit or facilitate enrolment of clients in the scheme. Results can support the NHIA in exploiting social capital to reach their objective and strengthen their policy and practice. We conducted 20 individual- and seven key-informant interviews, 22 focus group discussions, two stakeholder meetings and a household survey, using a random sample of 1903 households from the catchment area of 64 primary healthcare facilities. The study took place in Greater Accra Region and Western Regions in Ghana between June 2011 and March 2012. While social developments and increased heterogeneity seem to reduce community solidarity in Ghana, social networks remain common in Ghana and are valued for their multiple benefits (i.e. reciprocal trust and support, information sharing, motivation, risk sharing). Trusting relations with healthcare and insurance providers are, according healthcare clients, based on providers' clear communication, attitude, devotion, encouragement and reliability of services. Active membership of the NHIS is positive associated with community trust, trust in healthcare providers and trust in the NHIS (p-values are .009, .000 and .000 respectively). Social capital can motivate clients to enroll in health insurance

Approaches to evaluation of changes in capital structure in industrial branches

Directory of Open Access Journals (Sweden)

Martin Landa

2010-01-01

Full Text Available Capital structure is described as a relation between equity and debts while the mutual consequences among items of company’s assets and resources employed as well as the cost of capital are also taken into account. Both, the theory and practice, at evaluation of approaches to capital structure are focu­sed on creation and optimization of capital structure. Relatively less frequent approach is the analy­sis of a state and of changes in capital structure on the level of whole business branch. But on this basis, it is possible to investigate some “average” approaches to selection of financial resources. At ca­pi­tal structure optimization (the proportion between equity and debts, a wide range of criteria plays a substantial role, e.g. cost of capital, risk, expected profitability, liquidity, dividend policy. These criteria have joint effect. This way, a logic question which criteria are preferred more and which criteria are preferred less appears. The article deals with the analysis of capital structure of three branches of manufacturing industry (the branch of production of plastics, the branch of production of electric equipments, the branch of production of textile in the years 2007–2009 with the special focus on development of financial structure, capital structure and on cost of capital.

Initial capital structure of portuguese innovative firms : the role of nascent entrepreneurs' human capital

OpenAIRE

Couto, Eduardo; Bilau, José

2011-01-01

The aim of this study is to analyse whether the human capital of the nascent entrepreneur influences the initial capital structure of Portuguese innovative firms. The research model used includes a dependent binary variable devised to check the initial capital structure, two groups of independent variables referring to the human capital and a group of control variables. The results obtained through logistic regression show that "heterogeneity of professional experience" positively influences ...

Measuring the value of groundwater and other forms of natural capital.

Science.gov (United States)

Fenichel, Eli P; Abbott, Joshua K; Bayham, Jude; Boone, Whitney; Haacker, Erin M K; Pfeiffer, Lisa

2016-03-01

Valuing natural capital is fundamental to measuring sustainability. The United Nations Environment Programme, World Bank, and other agencies have called for inclusion of the value of natural capital in sustainability metrics, such as inclusive wealth. Much has been written about the importance of natural capital, but consistent, rigorous valuation approaches compatible with the pricing of traditional forms of capital have remained elusive. We present a guiding quantitative framework enabling natural capital valuation that is fully consistent with capital theory, accounts for biophysical and economic feedbacks, and can guide interdisciplinary efforts to measure sustainability. We illustrate this framework with an application to groundwater in the Kansas High Plains Aquifer, a rapidly depleting asset supporting significant food production. We develop a 10-y time series (1996-2005) of natural capital asset prices that accounts for technological, institutional, and physical changes. Kansas lost approximately $110 million per year (2005 US dollars) of capital value through groundwater withdrawal and changes in aquifer management during the decade spanning 1996-2005. This annual loss in wealth is approximately equal to the state's 2005 budget surplus, and is substantially more than investments in schools over this period. Furthermore, real investment in agricultural capital also declined over this period. Although Kansas' depletion of water wealth is substantial, it may be tractably managed through careful groundwater management and compensating investments in other natural and traditional assets. Measurement of natural capital value is required to inform management and ongoing investments in natural assets.

Pengaruh Pengungkapan Intellectual Capital (IC dan Economic Value Added (EVA terhadap Harga Saham Perusahaan Manufaktur yang terdaftar di BEI

Directory of Open Access Journals (Sweden)

Achmad Fauzi

2015-07-01

Full Text Available This study aims at finding out if The Influence of Intellectual Capital (ICand Economic Value Added (EVA on Stock Price of Manufacturing Companies listed on the Indonesia Stock Exchange (BEI in 2012. The hypothesis of this study is : There is Influence of Intellectual Capital (IC and Economic Value Added (EVA on Stock Price of Manufacturing Company listed on the Indonesia Stock Exchange (BEI in 2012. The method used is the author of the survey method with a quantitative approach . This study population is the entire manufacturing companies listed on the Stock Exchange in 2012 his sampling technique is random sampling as many as 36 samples .. Correlation Coefficient significance test ( Test A of 0.512 , indicating that there is a middle relationship between IC and EVA on Stock Price. The results of the coefficient of determination ( R2 Test stated that R2 is 0.262 or 26.2% . This shows that the percentage contribution of the effect of independent variables ( IC and EVA on the dependent variable ( stock price of 26.2 % . Or variations of the independent variables used in the model ( IC and EVA are able to explain 26.2% of variation in the dependent variable ( stock price . While the remaining 73.8 % are influenced or explained by other variables not included in this research model .

Equity financing constraints and corporate capital structure:a model

Institute of Scientific and Technical Information of China (English)

Zhengwei Wang; Wuxiang Zhu

2013-01-01

Purpose-The "supply-side effect" brought about by the imperfection of the capital market has increasingly been concerned.The purpose of this paper is to study how will the uncertainty of equity financing brought about by the equity financing regulations in emerging capital market affect company's capital structure decisions.Design/methodology/approach-This paper establishes a theoretical model and tries to introduce equity financing uncertainty into the company's capital structure decision-making.The paper uses mathematical derivation method to get some basic conclusions.Next,in order to characterize the quantitative impact of specific factor on capital structure,numerical solution methods are used.Findings-The model shows that firm's value would decrease with the uncertainty of equity financing,because of the relationship between firm's future cash and their financing policies.The numerical solution of the model suggests that the uncertainty of equity financing is one of the important factors affecting the choice of optimal capital structure,the greater the uncertainty is,the lower optimal capital structure is.Originality/value-The research of this paper has certain academic value for further understanding of the issues.

Relationship between information asymmetry and cost of capital

Directory of Open Access Journals (Sweden)

Fateme Rahmani

2013-01-01

Full Text Available Shareholders expected return is normally impacted by informational risk and informational asymmetry, on the other hand, creates informational risk. Thus, investors demand greater risk premium in the case of informational asymmetry and in turn corporate expenditures increase. In this study, we determine the relationship between informational asymmetry and capital cost. The study uses information of 109 companies listed in Tehran Securities Exchange over the period of 2005-2010 and the results suggest a positive and significant relationship between informational asymmetry and capital cost. In addition, the results from present research indicate that when capital markets are competitive, there is not a significant relationship between informational asymmetry and capital cost. But when markets are partially competitive there is a significant relationship between informational asymmetry and capital cost.

Intellectual capital and relational capital: The role of sustainability in developing corporate reputation Intellectual capital and relational capital: The role of sustainability in developing corporate reputation Intellectual capital and relational capital: The role of sustainability in developing corporate reputation

Directory of Open Access Journals (Sweden)

Ignacio Rodríguez del Bosque

2013-01-01

about the stakeholders that assess these initiatives.Originality/value: To our knowledge, in any case it has been studied simultaneously the influence of sustainability dimensions on corporate reputation, which is a knowledge gap in the academic literature.Purpose: Intellectual capital offers a potential source of sustainable competitive advantage and is believed to be the source from which economic growth may sprout. However, not many papers analyze the effect of sustainability in the elements involving intellectual capital. This paper seeks to highlight the key role played by corporate sustainability on corporate reputation as one of the key components of relational capital based on the knowledge-based theory. Design/methodology/approach: Authors develop a structural equation model to test the hypothesis. The study was tested using data collected from a sample of 400 Spanish consumers. Findings: The structural equation model shows that sustainability plays a vital role as antecedent of corporate reputation and relational capital. Findings suggest that economic, social and environmental domains of sustainability have a positive direct effect on corporate reputation. Additionally, this study shows that economic sustainability is considered to be the most important dimension to enhance corporate reputation. Research limitations/implications: The complicated economic environment currently experienced worldwide may affect the perceptions of Spanish consumers and their ratings. The crosscutting nature of this research inhibits an understanding of the variations in the perceptions of the customers surveyed over time, suggesting that this research could be expanded by a longitudinal study. Finally, the current study has been conducted with consumers of hotel companies in Spain and it is not clear in how far the findings can be generalized to other industries, stakeholders or countries. Practical implications: This research allows managers to identify the activities in which

Economic Feasibility of Recirculating Aquaculture Systems in Pangasius Farming

NARCIS (Netherlands)

Pham, T.A.N.; Gielen-Meuwissen, M.P.M.; Le, T.C.; Verreth, J.A.J.; Bosma, R.H.; Oude Lansink, A.G.J.M.

2016-01-01

This study aims to analyze the economic feasibility of recirculating aquaculture systems (RAS) in pangasius farming in Vietnam. The study uses a capital budgeting approach and accounts for uncertainty in key parameters. Stochastic simulation is used to simulate the economic performance of medium and

Platform capitalism: The intermediation and capitalization of digital economic circulation

Directory of Open Access Journals (Sweden)

Paul Langley

2017-10-01

Full Text Available A new form of digital economic circulation has emerged, wherein ideas, knowledge, labour and use rights for otherwise idle assets move between geographically distributed but connected and interactive online communities. Such circulation is apparent across a number of digital economic ecologies, including social media, online marketplaces, crowdsourcing, crowdfunding and other manifestations of the so-called ‘sharing economy’. Prevailing accounts deploy concepts such as ‘co-production’, ‘prosumption’ and ‘peer-to-peer’ to explain digital economic circulation as networked exchange relations characterised by their disintermediated, collaborative and democratising qualities. Building from the neologism of platform capitalism, we place ‘the platform’ – understood as a distinct mode of socio-technical intermediary and business arrangement that is incorporated into wider processes of capitalisation – at the centre of the critical analysis of digital economic circulation. To create multi-sided markets and coordinate network effects, platforms enrol users through a participatory economic culture and mobilise code and data analytics to compose immanent infrastructures. Platform intermediation is also nested in the ex-post construction of a replicable business model. Prioritising rapid up-scaling and extracting revenues from circulations and associated data trails, the model performs the structure of venture capital investment which capitalises on the potential of platforms to realise monopoly rents.

Entrepreneurs’ human and social capital

DEFF Research Database (Denmark)

Shayegheh Ashourizadeh, Shayegheh; Rezaei, Shahamak; Schøtt, Thomas

2014-01-01

Abstract: It is widely acknowledged that entrepreneurs’ human capital in form of education and social capital in form of networking are mutually beneficial and also that both human and social capital benefit their performance. Here, the hypothesis is that human and social capital, in combination......, provide added value and jointly add a further boost to performance, specifically if the form of exporting. Global Entrepreneurship Monitor provides data on 52,946 entrepreneurs, who reported on exporting and networking for advice. Hierarchical linear modelling shows that human capital promotes social...... capital, that human capital and social capital (specifically networking in the international environment, work-place, professions and market, but not in the private sphere) both benefit export directly and that human capital amplifies the benefit of social capital, especially through international...

The Dependence of the Cost of Capital on Degree of Diversification

Directory of Open Access Journals (Sweden)

Zoran Popovic

2018-03-01

Full Text Available The subject of this paper are theoretical and methodological aspects of determining the cost of capital on the example of two companies from the Energoprojekt system. The goal is to point out the most significant problems of determining the cost of capital in general, as well as to identify the most significant determinants of those costs. In addition, the paper has a goal to point out to the degree of impact of diversification of those two companies on the cost of their capital. Using the CAPM, the total cost of capital is calculated for Energoprojekt Holding and Energoprojekt Industrija. In accordance with that, the following hypotheses are formulated: (H0 The value of the beta coefficient of both enterprises is equal to zero, (H1 Volatility of the yield of shares of both companies is higher than the entire market, (H2 The total cost of the Holding's capital is lower than the total cost of the capital of Industrija and (H3 The largest component of the equity cost in both companies is the country risk premium. The first, second and third research hypotheses are confirmed in the paper, while the null hypothesis is rejected. The total cost of capital for Holding is equal to 14,80% and the total cost of capital for Industrija is 17,10%. The main component of the cost of equity is the risk premium of investing in Serbia, which is exceptionally high and is equal to 6,40%.

Yield and economic performance of organic and conventional cotton-based farming systems--results from a field trial in India.

Science.gov (United States)

Forster, Dionys; Andres, Christian; Verma, Rajeev; Zundel, Christine; Messmer, Monika M; Mäder, Paul

2013-01-01

The debate on the relative benefits of conventional and organic farming systems has in recent time gained significant interest. So far, global agricultural development has focused on increased productivity rather than on a holistic natural resource management for food security. Thus, developing more sustainable farming practices on a large scale is of utmost importance. However, information concerning the performance of farming systems under organic and conventional management in tropical and subtropical regions is scarce. This study presents agronomic and economic data from the conversion phase (2007-2010) of a farming systems comparison trial on a Vertisol soil in Madhya Pradesh, central India. A cotton-soybean-wheat crop rotation under biodynamic, organic and conventional (with and without Bt cotton) management was investigated. We observed a significant yield gap between organic and conventional farming systems in the 1(st) crop cycle (cycle 1: 2007-2008) for cotton (-29%) and wheat (-27%), whereas in the 2(nd) crop cycle (cycle 2: 2009-2010) cotton and wheat yields were similar in all farming systems due to lower yields in the conventional systems. In contrast, organic soybean (a nitrogen fixing leguminous plant) yields were marginally lower than conventional yields (-1% in cycle 1, -11% in cycle 2). Averaged across all crops, conventional farming systems achieved significantly higher gross margins in cycle 1 (+29%), whereas in cycle 2 gross margins in organic farming systems were significantly higher (+25%) due to lower variable production costs but similar yields. Soybean gross margin was significantly higher in the organic system (+11%) across the four harvest years compared to the conventional systems. Our results suggest that organic soybean production is a viable option for smallholder farmers under the prevailing semi-arid conditions in India. Future research needs to elucidate the long-term productivity and profitability, particularly of cotton and

Risk-adjusted capitation funding models for chronic disease in Australia: alternatives to casemix funding.

Science.gov (United States)

Antioch, K M; Walsh, M K

2002-01-01

Under Australian casemix funding arrangements that use Diagnosis-Related Groups (DRGs) the average price is policy based, not benchmarked. Cost weights are too low for State-wide chronic disease services. Risk-adjusted Capitation Funding Models (RACFM) are feasible alternatives. A RACFM was developed for public patients with cystic fibrosis treated by an Australian Health Maintenance Organization (AHMO). Adverse selection is of limited concern since patients pay solidarity contributions via Medicare levy with no premium contributions to the AHMO. Sponsors paying premium subsidies are the State of Victoria and the Federal Government. Cost per patient is the dependent variable in the multiple regression. Data on DRG 173 (cystic fibrosis) patients were assessed for heteroskedasticity, multicollinearity, structural stability and functional form. Stepwise linear regression excluded non-significant variables. Significant variables were 'emergency' (1276.9), 'outlier' (6377.1), 'complexity' (3043.5), 'procedures' (317.4) and the constant (4492.7) (R(2)=0.21, SE=3598.3, F=14.39, Probpayment (constant). The model explained 21% of the variance in cost per patient. The payment rate is adjusted by a best practice annual admission rate per patient. The model is a blended RACFM for in-patient, out-patient, Hospital In The Home, Fee-For-Service Federal payments for drugs and medical services; lump sum lung transplant payments and risk sharing through cost (loss) outlier payments. State and Federally funded home and palliative services are 'carved out'. The model, which has national application via Coordinated Care Trials and by Australian States for RACFMs may be instructive for Germany, which plans to use Australian DRGs for casemix funding. The capitation alternative for chronic disease can improve equity, allocative efficiency and distributional justice. The use of Diagnostic Cost Groups (DCGs) is a promising alternative classification system for capitation arrangements.

The integrated supplier: key to cost management and multi-franchise capitation contracting.

Science.gov (United States)

Schuweiler, R C

1996-05-01

Capitation...most healthcare providers do not work under it, comprehend it, or even want it, yet supply capitation contracting seminars are popping up everywhere creating the feeling that the bandwagon is leaving, and it might be time to get on board. Not true. Supply capitation is not for all organizations. Capitation contracting is not easy and there are not many successful models to help the uninitiated. If a panacea is sought for reducing supply costs, capitation is only one component of a systematic strategy to reduce materiel costs. This article suggests a direction using the Group Health Materiel Management (Group Health Cooperative of Puget Sound, WA) experience as a point of reference. It advocates a systematic approach that focuses on expense reduction in: cost of goods, holding cost of inventory, labor cost associated with all materiel processes, distribution cost (transportation and par stock pick, pack, and replenishment), product utilization, variation in product standards, and waste stream byproducts. At Group Health (GH) these issues are primarily addressed through the use of: information systems, supplier certification/selection processes, group purchasing compliance, supply channel management, supply capitation contracting programs, standardization, and utilization management. Because of managed care organizational structure, Group Health Cooperative supply capitation contracting, as performed at GH, is discussed not as a quick fix solution but in the spirit of sharing our experience with others who may be considering it as a cost savings tactic in the context of a broad-based materiel management strategy. This article highlights the experiences of GH beginning with materiel management's business process assumptions toward multiple-franchise supply capitation.

Triads of capital

DEFF Research Database (Denmark)

Svendsen, Gunnar Lind Haase

of capital means a coherent stock of capital, including social, cultural and physical capital, which belongs to a local community. The case of civic organization in rural Denmark 1800-1900 shows how the three capitals successively acted as driving forces: physical capital about year 1800, social capital...... about year 1880, and cultural capital about year 1900. In each case, one form of capital changed the two others in a chain reaction process, which ultimately led to a major reorganization of the triads of capital in the local rural communities....

Sowing the seeds of social relations: social capital and agricultural diversity in Hararghe Ethiopia

NARCIS (Netherlands)

Cavatassi, R.; Lipper, L.; Winters, P.

2012-01-01

The paper presents an analysis of the role of two forms of social capital – linking and bonding – on two key farm outcomes: on-farm crop diversity and household wellbeing. Where market transactions are limited, social capital is an important household asset for accessing seed and channelling

Intellectual Capital

DEFF Research Database (Denmark)

Bukh, Per Nikolaj; Christensen, Karina Skovvang

2015-01-01

Intellectual capital (IC) consists of human capital, organizational capital, and relational capital, and their relationships. It has been said to be important to explain the difference between market value and book value of a firm, but measurement of IC is more likely to be important because...

Cost-based industrial enterprise human capital management

Directory of Open Access Journals (Sweden)

Glukhov Sergei

2017-01-01

Full Text Available The paper focuses on importance of human capital in development of industrial enterprises, issues of their management and methods of achieving balance between interests of owners and employees. Difference between such concepts as human and labor potential as well as human and working capital is clarified. The special attention is paid to the fact that an effective system of motivation and incentivation of labor is to serve as means of rapprochement of human and labor capital. The authors point out the limited scope of the traditional forms of labor motivation and incentivation mechanisms and highlight the complexity of their encouragement for collective work results. The authors suggest using the cost-based approach to workforce management, which is based on assessment of market and intrinsic value of human capital in view of investment and quality characteristics. The proposed approach is attended by methodological support and operational calculations. The study states that the suggested human capital management model can be introduced into practice, as well as substantiates the necessity for boosting the performance of industrial enterprises and their cost by increasing production, stimulating the staff for selfrealization and self-improvement by bringing the owners’ corporate interests closer to the interests of the employees.

Measuring the value of groundwater and other forms of natural capital

Science.gov (United States)

Fenichel, Eli P.; Abbott, Joshua K.; Bayham, Jude; Boone, Whitney; Haacker, Erin M. K.; Pfeiffer, Lisa

2016-01-01

Valuing natural capital is fundamental to measuring sustainability. The United Nations Environment Programme, World Bank, and other agencies have called for inclusion of the value of natural capital in sustainability metrics, such as inclusive wealth. Much has been written about the importance of natural capital, but consistent, rigorous valuation approaches compatible with the pricing of traditional forms of capital have remained elusive. We present a guiding quantitative framework enabling natural capital valuation that is fully consistent with capital theory, accounts for biophysical and economic feedbacks, and can guide interdisciplinary efforts to measure sustainability. We illustrate this framework with an application to groundwater in the Kansas High Plains Aquifer, a rapidly depleting asset supporting significant food production. We develop a 10-y time series (1996−2005) of natural capital asset prices that accounts for technological, institutional, and physical changes. Kansas lost approximately $110 million per year (2005 US dollars) of capital value through groundwater withdrawal and changes in aquifer management during the decade spanning 1996–2005. This annual loss in wealth is approximately equal to the state’s 2005 budget surplus, and is substantially more than investments in schools over this period. Furthermore, real investment in agricultural capital also declined over this period. Although Kansas’ depletion of water wealth is substantial, it may be tractably managed through careful groundwater management and compensating investments in other natural and traditional assets. Measurement of natural capital value is required to inform management and ongoing investments in natural assets. PMID:26858431

Capital and operating cost estimates for high temperature superconducting magnetic energy storage

International Nuclear Information System (INIS)

Schoenung, S.M.; Meier, W.R.; Fagaly, R.L.; Heiberger, M.; Stephens, R.B.; Leuer, J.A.; Guzman, R.A.

1992-01-01

Capital and operating costs have been estimated for mid-scale (2 to 200 Mwh) superconducting magnetic energy storage (SMES) designed to use high temperature superconductors (HTS). Capital costs are dominated by the cost of superconducting materials. Operating costs, primarily for regeneration, are significantly reduced for HTS-SMES in comparison to low temperature, conventional systems. This cost component is small compared to other O and M and capital components, when levelized annual costs are projected. In this paper, the developments required for HTS-SMES feasibility are discussed

Energy balance in olive oil farms: comparison of organic and conventional farming systems.

Science.gov (United States)

Moreno, Marta M.; Meco, Ramón; Moreno, Carmen

2013-04-01

The viability of an agricultural production system not only depends on the crop yields, but especially on the efficient use of available resources. However, the current agricultural systems depend heavily on non-renewable energy consumption in the form of fertilizers, fossil fuels, pesticides and machinery. In developed countries, the economic profitability of different productive systems is dependent on the granting of subsidies of diverse origin that affect both production factors (or inputs) and the final product (or output). Leaving such external aids, energy balance analysis reveals the real and most efficient form of management for each agroclimatic region, and is also directly related to the economic activity and the environmental state. In this work we compare the energy balance resulting from organic and conventional olive oil farms under the semi-arid conditions of Central Spain. The results indicate that the mean energy supplied to the organic farms was sensitively lower (about 30%) in comparison with the conventional management, and these differences were more pronounced for the biggest farms (> 15 ha). Mean energy outputs were about 20% lower in the organic system, although organic small farms (ratio scarcely reached 25%. Human labor item only represented a very small amount of the total energy input in both cases (less than 1%). As conclusions, both management systems were efficient from an energy point of view. The value of the organic production should be focused on the environmental benefits it provides, which are not usually considered in the conventional management on not valuing the damage it produces to the environment. Organic farming would improve the energy efficiency in these environmental conditions, offering a sustainable production with minimal inputs.

Social Capital in Organizations.

NARCIS (Netherlands)

M. Oteman

2008-01-01

In my belief the effectiveness of organizations has more to do with managing people in a more ethical, sustainable and effective way than what is common these days. For example employees values like trust, respect and commitment are rarely considered as values that can contribute to social capital

Reduction of capital costs of nuclear power plants. NEA-report

International Nuclear Information System (INIS)

2000-01-01

Since the the mid-1980s, the declining real prices of fossil fuels and the significant improvements in thermal efficiencies of combined cycle power plants have eroded the economic competitiveness of nuclear power plants in most OECD countries. In order for nuclear power to remain a viable option for the next millennium, the cost of electricity from nuclear power plant must be greatly reduced to be competitive with alternative sources. Of the three major components of nuclear generation cost - capital, O and M and fuel - the capital cost component makes up approximately 60 per cent of the total. Therefore, identification of the means to reduce the capital costs of nuclear power plants is a high priority activity toward keeping nuclear power competitive. Among a number of capital cost reduction measures, the principal ones were agreed by the expert group as follows: Increased plant size, improved construction methods, reduced construction schedule, design improvement, improved procurement, organisation and contractual aspects, standardisation and construction in series, multiple unit construction, regulatory and policy reform. (orig.)

Access to capital and capital structure of the firm

Czech Academy of Sciences Publication Activity Database

Shamshur, Anastasiya

-, č. 429 (2010), s. 1-36 ISSN 1211-3298 R&D Projects: GA ČR GA402/09/1595; GA MŠk LC542 Grant - others:MŠk(CZ) SVV-2010-261801 Institutional research plan: CEZ:MSM0021620846 Keywords : capital structure * financing decisions * credit constraints * Eastern Europe Subject RIV: AH - Economics http://www.cerge-ei.cz/pdf/wp/Wp429.pdf

THE SUCCESS OF EMERGING CAPITAL MARKETS IN DETERMINING ECONOMIC GROWTH

Directory of Open Access Journals (Sweden)

Ion POHOAŢĂ

2014-06-01

Full Text Available Capital markets are regarded as “the barometer” of economic activity at the national level, but among emerging markets, the position of this segment in the economy is far from ideal. The answers that we try to offer are concerning the contribution of capital markets to the economic welfare of nations in transition from Central and Eastern Europe, using Granger causality tests. Our findings highlight that in this geographical area, the relation between capital markets and economic growth is a bidirectional one. However, although both the establishment of stock exchanges and their liberalization represented governments’ strategy of economic development, their objective was not fully achieved. Institutional transformations are required in order to attract foreign investors.

Sustaining Small Scale Farming: Evidence of Poverty and income Disparity among Rural Farming Households in South-South Region of Nigeria

Directory of Open Access Journals (Sweden)

Sunday B. Akpan

2016-09-01

Full Text Available The incidence of poverty is evidenced among rural farm households in developing societies. As a result of persistence poverty among rural farm households, there is a sudden upsurge in agricultural livelihood diversification and rural-urban migration resulting in high rate of urban unemployment. To help generate suitable policy variables to help tackle this rampaging issue in the South- south region of Nigeria, this study specifically analyses poverty and income inequality as well as identified determinants of poverty among rural farm households in Akwa Ibom State, Nigeria. Data were collected from 390 rural farm household heads spread across the rural areas of the State. Combination of sampling methods was employed to sample cross-sectional data from respondents. The study used descriptive tools and regression analysis (Tobit regressions to analyse information collected. The socio-economic analysis reveals that most farming household heads were male; an average of 12.3 years of formal was discovered; social capital formation was poor, while average age stood at 42.5 years. About 33.08 % of male headed households and 22.05 % of female-headed households live below poverty line in the study area. Income inequality index revealed 0.4210 for male headed households and 0.4531 for the female counterpart. The Tobit model estimates revealed that, household head farming experience, years in the social organisation, a level of formal education, farm and non-farm income were negative drivers of rural poverty in the region. Household’s age, household size, structure of land ownership and gender were positive drivers of poverty among rural farming households. It is recommended that sound family welfare packages should be implemented in the rural communities. Also, the social capital formation should be promoted among rural farming households, while adult education policies should be re-visited. The government of the region should also improve educational

Measuring social capital: The Danish Cooperative Dairy Movement

DEFF Research Database (Denmark)

Svendsen, G.L.H.; Svendsen, Gert Tinggaard

2000-01-01

What are the roots of social capital and how can it be measured and built? Social capital is considered as a new production factor which must be added to the conventional concepts of human and physical capital. Social capital is productive because it increases the level of trust in a society and ...

Importance of bee pollination for cotton production in conventional and organic farms in Brazil

Directory of Open Access Journals (Sweden)

Viviane C. Pires

2014-08-01

Full Text Available This study aimed to evaluate the importance of wild bee and feral honeybee visits for cotton production on conventional and organic farms. Experiments were conducted in Brazil, on a conventional cotton farm in Mato Grosso state in the Amazon biome and on an organic farm in Paraíba state in the Caatinga biome. On the conventional farm, bee assemblage and cotton production were measured near to and far from natural vegetation. Bee richness, fibre fraction, seed number and yield (Kg/ha were higher by 57.14, 1.95, 17.77 and 18.44% respectively in plots near natural vegetation, but bee abundance did not vary with distance to natural vegetation. On the organic farm, because the cropping area is surrounded by natural vegetation, pollination deficit was evaluated using an exclusion experiment where cotton production of flowers bagged to prevent bee visitation (spontaneous self-pollination was compared to production of flowers open to bee visitation (open pollination. Open pollinated flowers had higher average boll weight, fibre weight and seed number. Although cotton is not directly dependent on bee pollination, bees increased cotton production on the organic farm by more than 12% for fibre weight and over 17% for seed number. Our data confirm the importance of maintaining communities of pollinators on cotton farms, especially for organic production.

Capital Humano y Generación de Valor en la Empresa (Human Capital and Generation of Value in the Company

Directory of Open Access Journals (Sweden)

Jorge Merzthal

2017-10-01

Full Text Available Resumen Parece indudable que el capital humano es actualmente el eje central de las empresas. Pero la evolución del conocimiento, la tecnología, la capacitación y la colaboración entre empresas constituye una generación de valor dentro de la empresa y con proyección en los consumidores / clientes. Esta generación de valor se extiende a la competitividad en las empresas y diversos contextos culturales. La capacitación es pieza clave en toda la estructura de las organizaciones y la conexión con otras empresas compartiendo capacitación se constituirán redes que generen valor para otras empresas en su conjunto para competir mejor y alcanzar cotas más altas de productividad en los mercados locales e internacionales, enlazando capital humano y generación de valor entre empresas a través de la capacitación. Se aborda la interacción entre capital humano y capacitación por medio del aprendizaje y como consecuencia este como referente de productividad y competitividad. Se pone de relieve la generación de valor desde a través del cliente, el valor económico y especialmente el valor desde las alianzas estratégicas y la capacitación. English abstract It seems undoubted that human capital is currently the key idea of companies. But the evolution of knowledge, technology, training and collaboration between companies constitute a generation of value within the company and with great potential for consumers / clients. This generation of value extends to competitiveness in companies and diverse cultural contexts. Training is a key element in the entire structure of organizations and the connection with other companies sharing training will form networks which generate value for other companies as a whole to compete better and achieve higher levels of productivity in local and international markets, linking human capital and generation of value between companies through training. The interaction between human capital and training is addressed

INTELLECTUAL CAPITAL: A CRITICAL APPROACH ON DEFINITIONS AND CATEGORIZATION

Directory of Open Access Journals (Sweden)

Diana GIOACASI

2014-12-01

Full Text Available Intellectual capital has become the leading resource for creating economic value and there are an important number of publications focused on this area of research. In spite of the interest for this area of research, the existence of different terms regarding intellectual capital makes the process of definition and classification difficult. The purpose of this study is to analyze the concepts related to intellectual capital by establishing the connections and correlations between the terms in order to make the term of intellectual capital fully understandable and also to explain how the components of intellectual capital can be structured. The analysis of intellectual capital definitions is significant because it is a first step in intangible factors understanding, having implications on the company pattern of knowledge evaluation. Of all the terms analyzed, intangible assets allows a clear definition of its meaning, its components and thus provides insight into ways of assessing the knowledge of an entity.

Human Capital and Economic Growth - How Strong is the Nexus?

Directory of Open Access Journals (Sweden)

Marinko Škare

2016-08-01

Full Text Available The link between human capital and economic growth still remains unexplained because of the measurement issues connected to the human capital stock. This study investigates the link between human capital stock and economic growth using inclusive wealth index and ratio of engaged to actively disengaged employees as proxy for human capital stock. Data from the global workplace and inclusive wealth reports are used in order to provide an international comparison of the link between human capital and inclusive wealth. Cross country comparison show human capital largerly contribute to the inclusive wealth formation. Formal education is important but also motivating working environment is needed to achieve sustainable economic growth. The finding further indicates that standard human capital growth model should be revised taking into the account variables addressing sustainable growth (not just growth and environmental variables (work conditions affecting human capital stock. Countries encouraging investments in the development of individuals both through formal education and inspiring work environments achieve higher sustainable economic growth

ANALYSIS OF THE CAPITAL MARKET IN CROATIA

Directory of Open Access Journals (Sweden)

Maja Buljat

2015-12-01

Full Text Available The financial crisis that began in 2008 in the USA turned into a global economic crisis in a short time. As such, it had a big impact on the financial stability of Croatia, primarily on capital market. Capital market includes securities trading, primarily stocks and bonds, whose market value is influenced by the market capitalization of capital market and vice versa. Macro economically, market capitalization had an influence on the fall in the value of the entire capital market, and micro economically, it had an influence on the fall of the prices of stocks, bonds and other financial instruments of companies. The volume of trade decreased, but there was an increase in the number of transactions. In other words, people traded more and in smaller quantities. Therefore, the risk increased, and investors became more cautious.

Determinants of capital structure.

Science.gov (United States)

McCue, M J; Ozcan, Y A

1992-01-01

This study analyzes the determinants of hospital capital structure in a new market setting that are created by the financial pressures of prospective payment and the intense price competition among hospitals. Using California data, the study found hospital system affiliation, bed size, growth rate in revenues, operating risk, and asset structure affected both short- and long-term debt borrowings. In addition, percentage of uncompensated care, profitability, and payer mix influenced short-term borrowings while market conditions and ownership affected long-term borrowings. Most significant of all is the finding that smaller hospitals tend to borrow more, possibly because they cannot generate funds internally.

12 CFR 567.6 - Risk-based capital credit risk-weight categories.

Science.gov (United States)

2010-01-01

... 12 Banks and Banking 5 2010-01-01 2010-01-01 false Risk-based capital credit risk-weight... CAPITAL Regulatory Capital Requirements § 567.6 Risk-based capital credit risk-weight categories. (a) Risk...)(2) of this section), plus risk-weighted recourse obligations, direct credit substitutes, and certain...

Capital investment costs of nuclear power plants

International Nuclear Information System (INIS)

Woite, G.

1978-01-01

The purpose of the article is to summarize capital cost experience and estimates in industrialized and developing Member States of the IAEA, and to provide some guidance for cost extrapolation. The relative merits of different types and sizes of nuclear and conventional power plants for an expanding electricity generation system are compared over an adequate planning period

Level of voluntary disclosure and the cost of capital of Brazilian companies: 2008 to 2012

Directory of Open Access Journals (Sweden)

Ariana Ballestero

2016-12-01

Full Text Available This study analyzed whether the level of voluntary disclosure in the Brazilian market affects the cost of capital of companies listed on Bovespa during the period covering 2008 through 2012.  The sample was composed of 46 Brazilian non-financial institutions, building on and complementing previous research such as that carried out by Lima, Lima, Favero and Galdi (2007, Murcia and Santos (2009a, and Li and Yang (2013. The panel data regression model is employed to relate the independent variables with the following dependent variables: Cost of Equity, Cost of Debt and Weighted Average Cost of Capital. Findings permit the conclusion that some voluntary disclosure practices influence the cost of capital, i.e., when a company chooses to voluntarily disclose information in its annual reports, this information can affect its cost of equity and cost of debt.

Measuring Social Capital Investment: Scale Development and Examination of Links to Social Capital and Perceived Stress

Science.gov (United States)

Wegner, Rhiana; Gong, Jie; Fang, Xiaoyi; Kaljee, Linda

2014-01-01

Individuals with greater social capital have better health outcomes. Investment in social capital likely increases one’s own social capital, bearing great implications for disease prevention and health promotion. In this study, the authors developed and validated the Social Capital Investment Inventory (SCII). Direct effects of social capital investment on perceived stress, and indirect effects through social capital were examined. 397 Participants from Beijing and Wuhan, China completed surveys. Analyses demonstrated that the SCII has a single factor structure and strong internal consistency. Structural equation modeling showed that individuals who invested more in social capital had greater bonding social capital, and subsequently less perceived stress. Results suggest that disease prevention and health promotion programs should consider approaches to encourage social capital investment; individuals may be able to reduce stress by increasing their investment in social capital. Future research is needed to provide additional empirical support for the SCII and observed structural relationships. PMID:25648725

From political capitalism to clientelist capitalism? The case of Croatia

OpenAIRE

Vladimir Cvijanovic; Denis Redzepagic

2011-01-01

The paper analyses the typology of capitalism in Croatia. The Croatian form of capitalism is specific, in form and origin, with links between the pre-independence and post-independence periods, implying that capitalism has gradually evolved – from the political during the eighties towards current clientelistic capitalism. The manufacturing focus aims to facilitate the analysis of institutional, political and economic changes over the past forty years, emphasising the implications of instituti...

Social Capital in Organizations - Perspectives and Unresolved Issues

DEFF Research Database (Denmark)

Waldstrøm, Christian

a consistent, bridging theory. Finally, there is a lack of understanding on how social capital develops over time and the potential benefits of taking a life-cycle view of social capital. In conclusion, the field of social capital in organizations still needs a consistent and coordinated research effort......The importance and usefulness of social capital as a concept in the study of organizations have been established by a large body of research. The aim of this paper is to review the concept of social capital in an organizational context, and identifying five main issues that need to be addressed....... Secondly, it is necessary to determine whether social capital can or should be measured. Thirdly, the negative aspects of social capital should be explored and integrated into the existing research. Fourthly, the field between social capital of the individual and organizational social capital lacks...

Development cost capitalization during R&D races

NARCIS (Netherlands)

Waegenaere, Anja M.B.; Sansing, R.C.; Wielhouwer, J.L.

We investigate the economic effects of capitalizing development costs during a race between two firms to discover and develop a new technology. Winning the race requires success in the research stage and success in the development stage. Development costs are expensed in some settings, but

Development Cost Capitalization During R&D Races

NARCIS (Netherlands)

De Waegenaere, A.; Sansing, R.C.; Wielhouwer, J.L.

2017-01-01

We investigate the economic effects of capitalizing development costs during a race between two firms to discover and develop a new technology. Winning the race requires success in the research stage and success in the development stage. Development costs are expensed in some settings, but

Capital Structure of Internet Companies: Case Study

OpenAIRE

Miglo, Anton; Liang, Shuting; Lee, Zhenting

2014-01-01

We analyze the financing decisions and capital structure of internet companies and relate observed findings to the common capital structure theories. Large internet companies usually have low debt and small internet companies have high debt. We find that the trade-off theory of capital structure, pecking order theory, market timing theory and other theories cannot individually explain a firm’s capital structure. However, they can compliment each other in describing some patterns of observed b...

How do private entrepreneurs transform local social capital into economic capital? Four case studies from rural Denmark

DEFF Research Database (Denmark)

Svendsen, Gunnar Lind Haase; Kjeldsen, Chris; Noe, Egon

2010-01-01

In economic sociology, Bourdieu’s neo-capital theory (Bourdieu, 1986) has regularly been applied by sociologists, who reject the rational action theory (Anheier et al., 1995). However, we claim that Bourdieu’s key finding that forms of tangible and intangible capital (e.g. physical, economic......, social, symbolic) are being perpetually accumulated and converted by individuals can best be explained within a rational action framework. This framework should be seen as modified by specific social structures (Coleman, 1988) and, hence, characterized by uncertainty and risky investments....... Methodologically, we think that the ‘laws of conversion’ (Bourdieu, 1986:252-255) can best be observed at the micro level, by analyzing specific strings of capital conversion in time and space. Therefore, drawing on in-depth interviews with four private entrepreneurs in rural Denmark we try to analyze rational...

An empirical study of Malaysian firms' capital structure

OpenAIRE

Zain, Sharifah Raihan Syed Mohd

2003-01-01

Merged with duplicate record 10026.1/821 on 27.03.2017 by CS (TIS) It is sometimes purported that one of the factors affecting a firm's value is its capital structure. The event of the 1997 Asian financial crisis was expected to affect the firms' gearing level as the firms' earnings deteriorated and the capital market collapsed. The main objective of this research is to examine empirically the determinants of the capital structure of Malaysian firms. The main additional aim is ...

Cost of Capital and Bursa Malaysia Listed Company

OpenAIRE

Lim, Ru Po

2005-01-01

This study estimates the cost of capital of 226 securities listed in the Bursa Malaysia. The study's sample covers the period from January 1992 to August 2005. The cost of capital using Ordinary Least Squares Regression is first obtained. Next, the cost of capital using the 3 techniques which are the Scholes-Williams, the Dimson and Fowler-Rorke beta estimators for correction for nonsynchronous bias due to thin trading is applied. This study differs from the previous studies as this extends b...

Economic analysis vs. capital-recovery requirements of power reactor decommissioning

International Nuclear Information System (INIS)

Ferguson, J.S.

1980-01-01

As a consultant to electric utilities the author often becomes involved in the development of policy for capital recovery and in the determination of depreciation rates that will implement the policy. Utility capital recovery is controlled by generally accepted depreciation accounting practices and by regulatory commission accounting rules and, as a result, can differ significantly from engineering economics. Those involved with decommissioning of power reactors should be aware of the depreciation accounting and regulatory framework that dictates capital recovery requirements, whether their involvement is related to engineering economics or capital recovery. This presentation defines that framework, points out several significant implications (particularly tax), describes several conforming capital-recovery methods, describes several techniques that have been used with the decommissioning component in economic analysis of alternative energy sources, and discusses why those involved in economic analysis should learn the accounting and regulatory framework for capital recovery

Renewable Resources, Capital Accumulation, and Economic Growth

OpenAIRE

Wei-Bin Zhang

2011-01-01

This paper proposes a dynamic economic model with physical capital and renewable resources. Different from most of the neoclassical growth models with renewable resources which are based on microeconomic foundation and neglect physical capital accumulation, this study proposes a growth model with dynamics of renewable resources and physical capital accumulation. The model is a synthesis of the neoclassical growth theory and the traditional dynamic models of renewable resources with an alterna...

78 FR 62017 - Regulatory Capital Rules: Regulatory Capital, Implementation of Basel III, Capital Adequacy...

Science.gov (United States)

2013-10-11

... unlevel playing field between banking organizations and other financial services providers. For example, a... for banking organizations. The final rule consolidates three separate notices of proposed rulemaking... minimum capital requirement, a higher minimum tier 1 capital requirement, and, for banking organizations...

Yield and economic performance of organic and conventional cotton-based farming systems--results from a field trial in India.

Directory of Open Access Journals (Sweden)

Dionys Forster

Full Text Available The debate on the relative benefits of conventional and organic farming systems has in recent time gained significant interest. So far, global agricultural development has focused on increased productivity rather than on a holistic natural resource management for food security. Thus, developing more sustainable farming practices on a large scale is of utmost importance. However, information concerning the performance of farming systems under organic and conventional management in tropical and subtropical regions is scarce. This study presents agronomic and economic data from the conversion phase (2007-2010 of a farming systems comparison trial on a Vertisol soil in Madhya Pradesh, central India. A cotton-soybean-wheat crop rotation under biodynamic, organic and conventional (with and without Bt cotton management was investigated. We observed a significant yield gap between organic and conventional farming systems in the 1(st crop cycle (cycle 1: 2007-2008 for cotton (-29% and wheat (-27%, whereas in the 2(nd crop cycle (cycle 2: 2009-2010 cotton and wheat yields were similar in all farming systems due to lower yields in the conventional systems. In contrast, organic soybean (a nitrogen fixing leguminous plant yields were marginally lower than conventional yields (-1% in cycle 1, -11% in cycle 2. Averaged across all crops, conventional farming systems achieved significantly higher gross margins in cycle 1 (+29%, whereas in cycle 2 gross margins in organic farming systems were significantly higher (+25% due to lower variable production costs but similar yields. Soybean gross margin was significantly higher in the organic system (+11% across the four harvest years compared to the conventional systems. Our results suggest that organic soybean production is a viable option for smallholder farmers under the prevailing semi-arid conditions in India. Future research needs to elucidate the long-term productivity and profitability, particularly of cotton

[Capital accumulation patterns: capital and services in the current transformations of the health system].

Science.gov (United States)

de Andreazzi, Maria de Fátima Siliansky; Kornis, George Edward Machado

2008-01-01

The purpose of this article is to introduce elements of the capitalist society economic reproduction to the discussion around the current dynamics of health accumulation. It identifies the direction and significance of capital accumulation in the health area as well as the characteristics of the economic environment where the competition currently takes place. The hypothetic hypertrophy of the financial sphere is seen as a means for structuring the capitalist economy since the late twentieth century. The former delimitations between industrial production and service delivery are blurred and weakened; the competition process shows new features and the contradictions - internally between the different elements of the health industry and externally with other sectors - are changing. This article aggregates elements for a contemporary analysis of the "medical-industrial complex" on the basis of a theoretical-historical-conceptual approach. We identify changes in the capital dynamics of this complex at international and national level and stress the increasing role of the health services as a forefront of capital accumulation. The new approach is based on the economic thinking of Marx in addition to the current discussions about the theory of financial capital accumulation and the new productive configurations of the large corporations.

CNSS plant concept, capital cost, and multi-unit station economics

Energy Technology Data Exchange (ETDEWEB)

1984-07-01

United Engineers and Constructors (UE and C) and the Babcock and Wilcox Company (B and W) have performed several studies over the last eight years related to small integral pressurized water reactors. These reactors include the 365 MWt (100 MWe) Consolidated Nuclear Steam Generator (CNSG) and the 1200 MWt Consolidated Nuclear Steam System (CNSS). The studies, mostly performed under contract to the Oak Ridge National Laboratory, have led to a 1250 MWt (400 MWe) Consolidated Nuclear Steam System (CNSS) plant concept, with unique design and cost features. This report contains an update of earlier studies of the CNSS reactor and balance-of-plant concept design, capital costs, and multi-unit plant economics incorporating recent design developments, improvements, and post-TMI-2 upgrades. The economic evaluation compares the total system economic impact of a phased, three stage 400 MWe CNSS implementation program, i.e., a three-unit station, to the installation of a single 1200 MWe Pressurized Water Reactor (PWR) into a typical USA utility system.

CNSS plant concept, capital cost, and multi-unit station economics

International Nuclear Information System (INIS)

1984-07-01

United Engineers and Constructors (UE and C) and the Babcock and Wilcox Company (B and W) have performed several studies over the last eight years related to small integral pressurized water reactors. These reactors include the 365 MWt (100 MWe) Consolidated Nuclear Steam Generator (CNSG) and the 1200 MWt Consolidated Nuclear Steam System (CNSS). The studies, mostly performed under contract to the Oak Ridge National Laboratory, have led to a 1250 MWt (400 MWe) Consolidated Nuclear Steam System (CNSS) plant concept, with unique design and cost features. This report contains an update of earlier studies of the CNSS reactor and balance-of-plant concept design, capital costs, and multi-unit plant economics incorporating recent design developments, improvements, and post-TMI-2 upgrades. The economic evaluation compares the total system economic impact of a phased, three stage 400 MWe CNSS implementation program, i.e., a three-unit station, to the installation of a single 1200 MWe Pressurized Water Reactor (PWR) into a typical USA utility system

Cost of Capital when Dividends are Deductible

Directory of Open Access Journals (Sweden)

Ignacio Velez-Pareja

2011-09-01

Full Text Available Tax savings and the discount rate we use to calculate their value are involved in the calculation of cost of capital. Based on previous findings, we derive a general approach to cash flow valuation that take into account any kind of tax shields related to the financing decision of a firm and any date when they are earned. They can be used to introduce any type of externality that creates value through tax savings not captured by neither the cost of debt nor the cost of equity. This paper develops the formulations for the cost of capital when dividends, interest on equity or monetary correction of equity are deductible as it happens in Brazil. It shows that when properly done most known valuation methods are consistent and give identical results. Also, the paper argues that when dividends are tax deductible, optimal leverage is lower and equity value is higher.

Appreciation to Organic Agriculture Function: Case Study of Rice Farming

Directory of Open Access Journals (Sweden)

Tinjung Mary Prihtanti

2016-10-01

Full Text Available Agricultural activities are not only producing the visible (tangible output in the form of food but also the non-visible output (non-marketable goods/non-tangible services. Non-visible output refers to a multifunctionality to supply food to ensure the food sufficiency of farmer household and job opportunities at rural area. The article aims to compare the capability of organic rice farming to conventional, to ensure the food sufficiency of farmer household, the economic value of rice farming to produce food, and the economic estimation of rice farming to its function as an job opportunities. The data for the research is collected in Gentungan Village, Mojogedang District, Karanganyar Regency during the crop year of 2015. In order to study the differences of two rice farming systems, the total of 60 farmers, 30 farmers are dealing with organic farming and other 30 farmers from conventional farming, are subjected for the interview in this research. The results found that the food security of organic farming is higher than conventional farming. The organic rice farming gives the economic value as the food producing and the labor-absorbing function in the study area is higher than the  conventional farming.

Human Capital Composition and Economic Growth

Science.gov (United States)

Tsai, Chun-Li; Hung, Ming-Cheng; Harriott, Kevin

2010-01-01

The objective of this paper is to analyze the effect of various compositions of human capital on economic growth. We construct alternative measures of human capital composition using five fields of study. In each instance, the measure represents the number of graduates in the respective field as a percentage of all graduates. The measures are as…

Maximizing your wind farm development value in the eyes of the investor

International Nuclear Information System (INIS)

McGarrigle, P.

2010-01-01

While there are now a significant number of wind power projects on the market, few buyers have access to sufficient capital funds to build. This PowerPoint presentation discussed methods of maximizing the value of wind farm development projects in order to attract investors. The poor investment climate was attributed to low power and natural gas prices, as well as to the high cost of wind farms and a shortage of capital. Factors that influence the value of a wind power project included the quality of the asset, project risks, project size, and the stage of development. Developers must demonstrate to investors that transmission access is ensured, that there is sufficient stakeholder support and adequate wind resources. The ability to develop and expand on an initial project should also be demonstrated. Investors require documentation in relation to transmission information, stakeholder consultation work, and constraint maps with industry standard setbacks. Information must be consistent and credible. The use of qualified, experienced consultants was recommended. tabs., figs.

Maximizing your wind farm development value in the eyes of the investor

Energy Technology Data Exchange (ETDEWEB)

McGarrigle, P. [Solas Energy Consulting Inc., Calgary, AB (Canada)

2010-07-01

While there are now a significant number of wind power projects on the market, few buyers have access to sufficient capital funds to build. This PowerPoint presentation discussed methods of maximizing the value of wind farm development projects in order to attract investors. The poor investment climate was attributed to low power and natural gas prices, as well as to the high cost of wind farms and a shortage of capital. Factors that influence the value of a wind power project included the quality of the asset, project risks, project size, and the stage of development. Developers must demonstrate to investors that transmission access is ensured, that there is sufficient stakeholder support and adequate wind resources. The ability to develop and expand on an initial project should also be demonstrated. Investors require documentation in relation to transmission information, stakeholder consultation work, and constraint maps with industry standard setbacks. Information must be consistent and credible. The use of qualified, experienced consultants was recommended. tabs., figs.

Social capital, economics, and health: new evidence.

Science.gov (United States)

Scheffler, Richard M; Brown, Timothy T

2008-10-01

In introducing this Special Issue on Social Capital and Health, this article tracks the popularization of the term and sheds light on the controversy surrounding the term and its definitions. It sets out four mechanisms that link social capital with health: making information available to community members, impacting social norms, enhancing the health care services and their accessibility in a community, and offering psychosocial support networks. Approaches to the measurement of social capital include the Social Capital Community Benchmark Survey (SCCBS) developed by Robert Putnam, and the Petris Social Capital Index (PSCI), which looks at community voluntary organizations using public data available for the entire United States. The article defines community social capital (CSC) as the extent and density of trust, cooperation, and associational links and activity within a given population. Four articles on CSC are introduced in two categories: those that address behaviors -- particularly utilization of health services and use of tobacco, alcohol, and drugs; and those that look at links between social capital and physical or mental health. Policy implications include: funding and/or tax subsidies that would support the creation of social capital; laws and regulations; and generation of enthusiasm among communities and leaders to develop social capital. The next steps in the research programme are to continue testing the mechanisms; to look for natural experiments; and to find better public policies to foster social capital.

Immigrant Capital and Entrepreneurial Opportunities

Directory of Open Access Journals (Sweden)

Malavika Sundararajan

2016-01-01

Full Text Available Objective: The main objective of this study is to define and operationalize the concept of immigrant capital, a key factor that differentiates immigrant from host country entrepreneurs in how they recognize and start new ventures. Research Design & Methods: A detailed analysis of contemporary immigrant entrepreneurship and opportunity recognition literature was carried out. Using grounded theory, we synthesized the outcomes from the analysis of eight Canadian and U.S. case studies of successful immigrant entrepreneurs with the key findings from the literature to define and develop a model of immigrant capital. Findings: Based on our grounded theory development process we show that the concept of immigrant capital as a distillate of human, cultural, economic and social capital that goes beyond expected opportunity recognition (OR drivers like prior knowledge and prior experience to differentiate and enhance the immigrant entrepreneur’s ability to recognize business opportunities compared to host country entrepreneurs. We found immigrant capital to be a consequence of being boundary spanners in host and home country networks. Implications & Recommendations: Understanding a unique resource like immigrant capital, will help immigrant as well as host country entrepreneurs further develop their opportunity recognition ability by bridging gaps and fulfilling the needs for both, immigrant and host country consumers. Contribution & Value Added: The main contribution is the theoretical development, identification and definition of the immigrant capital model and propositions that will articulate the factors that lead to the conceptualization and operationalization of immigrant capital. Furthermore, the immigrant capital model can serve host country entrepreneurs to develop cross-cultural networks and jump-start entrepreneurial activities in their home countries as well as learn how to expand their operations into global markets.

WORLD ECONOMIC CRISIS, EXPRESSION OF THE GENERAL CRISIS CAPITALISM AND THE SITUATION WORKERS IN THE CLASS STRUGGLE AGAINST THE CAPITAL

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Vicente E. Escandell-Sosa

2016-01-01

Full Text Available This work, based on the method dialectical materialist of Marx, argues with scientific approaches, that the world economic crisis, for very sharp and severe she is, is not a crisis without exit of the capitalism neither it will cause the collapse of the capitalism, although she constitutes part of the general crisis of the capitalism and increase the same one, since no crisis of the capitalism will take it to its end in absence of a fight of classes, because the social force that must generate the revolutionary changes is very limited. «Without the products of the fight of classes, the economic crises, «per se» won’t be a threat for the capital. The essential question is if the proletariat will live the crisis like object or like decisive fellow». The immaturity of the proletariat and its subordination to the laws of the capital indicate that the specific nature of the capital remains hidden.» 

Mandatory International Financial Reporting Standards Adoption and Cost of Equity Capital in Nigeria

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Uwuigbe Uwalomwa

2016-05-01

Full Text Available This study examined the effect of mandatory International Financial Reporting Standards (IFRS adoption on the cost of equity capital on Nigerian firms and whether the cost of equity capital effect after adoption of IFRS can be moderated by Return on Equity. The study covered a sample of 11 listed companies in the industrial goods sector for the period 2011 and 2013. The data for the study was secondary data generated from the annual reports and stock market report websites. The cost of equity capital was shown as the expected return on the basic value of a share and computed based on pre and post-adoption data. Findings from the study revealed that there is a significant positive relationship between the cost of equity capital and IFRS adoption indicating that the cost of equity capital increased. The market-based performance measure failed to have significant effect on the cost of equity capital after mandatory adoption. The study recommends that policies that improve domestic savings, as a principal source of equity capital, be enacted as an increase should lead to a reduction in the cost of equity capital, interest rates and increase the appeal of equity and foreign investments.

Taxation, Corporate Financial Policy and the Cost of Capital

OpenAIRE

Alan J. Auerbach

1982-01-01

The cost of capital plays an important role in the allocation of resources among competing uses in a decentralized market system. The purpose of this paper is to organize and present what is known and what is hypothesized about the effects of taxation on the incentive to invest, via the cost of capital,taking full account of important issues that arise independently from the question of taxation. Included in the analysis is a discussion of empirical findings about the interaction of inflation...

Impact of Capital and Current Costs Changes of the Incineration Process of the Medical Waste on System Management Cost

Science.gov (United States)

Jolanta Walery, Maria

2017-12-01

The article describes optimization studies aimed at analysing the impact of capital and current costs changes of medical waste incineration on the cost of the system management and its structure. The study was conducted on the example of an analysis of the system of medical waste management in the Podlaskie Province, in north-eastern Poland. The scope of operational research carried out under the optimization study was divided into two stages of optimization calculations with assumed technical and economic parameters of the system. In the first stage, the lowest cost of functioning of the analysed system was generated, whereas in the second one the influence of the input parameter of the system, i.e. capital and current costs of medical waste incineration on economic efficiency index (E) and the spatial structure of the system was determined. Optimization studies were conducted for the following cases: with a 25% increase in capital and current costs of incineration process, followed by 50%, 75% and 100% increase. As a result of the calculations, the highest cost of system operation was achieved at the level of 3143.70 PLN/t with the assumption of 100% increase in capital and current costs of incineration process. There was an increase in the economic efficiency index (E) by about 97% in relation to run 1.

48 CFR 52.215-16 - Facilities Capital Cost of Money.

Science.gov (United States)

2010-10-01

... Money. 52.215-16 Section 52.215-16 Federal Acquisition Regulations System FEDERAL ACQUISITION REGULATION....215-16 Facilities Capital Cost of Money. As prescribed in 15.408(h), insert the following provision: Facilities Capital Cost of Money (JUN 2003) (a) Facilities capital cost of money will be an allowable cost...

Financial potential of migrants’ capital in Ukraine

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I.М. Krupka

2015-06-01

Full Text Available In today’s globalized world, labor migration is an important source of remittances and other transfers of migrants to their homeland, which expands the country’s capacity for the development of the national economy and financial markets in particular. Due to the transformational changes in the domestic economy in the 1990th many citizens became migrant workers and their remittances now exceed foreign direct investment in the country. Until 2013 remittances in Ukraine were mainly coming through the banking system, but recently the dominant role is being played by international payment systems, as well as quite a significant amount is incoming by informal channels. In order to increase the role of formal financial market infrastructure in providing capital inflows of migrants first of all the cost of transfer must be reduced.Unfortunately, the capital of Ukrainian migrant workers is directed primarily at the consumer market, real estate market, as well as the shadow economy. The investment focus has actually only investments in real estate and private business (own entrepreneurship. Migrant workers invest in those areas of the economy that are the least compliant to investment and bank lending standards. At the same time, migrants almost do not use capital to purchase shares and bonds, but use it actively to invest in such financial market tool as deposits. Regardless of significant efforts by the Government of Ukraine to attract funds in the state budget by selling different variations of bonds a notable success in modern conditions was not achieved. Nowadays remittances have enabled us to soften financial instability, balance of payments deficit; to strengthen the exchange rate of the national currency and they also have the positive impact on international credit ratings of Ukraine. However, the effectiveness of government policy to direct remittances into investment is very low, and it actualizes the search of effective tools to realize

Capital Cost Optimization for Prefabrication: A Factor Analysis Evaluation Model

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Hong Xue

2018-01-01

Full Text Available High capital cost is a significant hindrance to the promotion of prefabrication. In order to optimize cost management and reduce capital cost, this study aims to explore the latent factors and factor analysis evaluation model. Semi-structured interviews were conducted to explore potential variables and then questionnaire survey was employed to collect professionals’ views on their effects. After data collection, exploratory factor analysis was adopted to explore the latent factors. Seven latent factors were identified, including “Management Index”, “Construction Dissipation Index”, “Productivity Index”, “Design Efficiency Index”, “Transport Dissipation Index”, “Material increment Index” and “Depreciation amortization Index”. With these latent factors, a factor analysis evaluation model (FAEM, divided into factor analysis model (FAM and comprehensive evaluation model (CEM, was established. The FAM was used to explore the effect of observed variables on the high capital cost of prefabrication, while the CEM was used to evaluate comprehensive cost management level on prefabrication projects. Case studies were conducted to verify the models. The results revealed that collaborative management had a positive effect on capital cost of prefabrication. Material increment costs and labor costs had significant impacts on production cost. This study demonstrated the potential of on-site management and standardization design to reduce capital cost. Hence, collaborative management is necessary for cost management of prefabrication. Innovation and detailed design were needed to improve cost performance. The new form of precast component factories can be explored to reduce transportation cost. Meanwhile, targeted strategies can be adopted for different prefabrication projects. The findings optimized the capital cost and improved the cost performance through providing an evaluation and optimization model, which helps managers to

Disentangling the Effects of Corporate Disclosure on the Cost of Equity Capital: A Study of the Role of Intellectual Capital Disclosure

OpenAIRE

Mangena, M.; Li, J.; Tauringana, Venancio

2016-01-01

In this article, we investigate whether intellectual capital (IC) and financial disclosures jointly affect the firm’s cost of equity capital. In contrast to prior research, we disaggregate disclosures into IC and financial disclosures and examine whether the two disclosure types are jointly related to the cost of equity capital. We also investigate whether IC and financial disclosures have an interaction effect on the cost of equity capital. Using data for a sample of 125 U.K. firms, we find ...

The capitation payment unit: 17 years in the General Social Security System in Health

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Diego A. Restrepo

2012-02-01

Full Text Available Objective: to analyze the evolution of the Capitation Payment (UPC for its Spanish name “unidad de pago por capitación” as well as the methodologies and variables for defining it that have existed in the Colombian Social Security System in Health since its implementation between 1995 and 2011. Methodology: An observational, longitudinal descriptive study. The reference population was made up of all the papers reviewed, including books, journal articles, databases, and official presentations containing the key concepts. Results: It was found that the Capitation Payment (UPC is valued as an essential element to maintain the financial balance of the health system. From 1995 to 2011 there were a number of methodologies for defining this payment. They ranged from a definition based only on the financial balance and the availability of resources, to a technical study using statistical tools to annually adjust the value of the UPC. Conclusions: The origin of the UPC can be attributed to the system’s orientation toward a market scheme and to the convergence of three basic theories. The variations in the value of the UPC have always resulted in a similar value year after year; this is why even if the methodology for defining it changed, the proportions will be the same when compared to previous years

PENGARUH STRUKTUR KEPEMILIKAN DALAM MEKANISME CORPORATE GOVERNANCE TERHADAP COST OF EQUITY CAPITAL

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tarjo tarjo

2009-10-01

Full Text Available Corporate governance mechanisms believed to have strong impact to the companies’ performance. Corporate governance mechanisms examined in this study are managerial ownership and institutional ownership structure. The purposes of this study are to know the variables effect of managerial ownership and institutional ownership on cost of equity capital. The samples of the study are firms listed in Jakarta Stock Exchange in 2005. The F-test on the all variables at the level confidence 1% indicates the effect of all variables on cost of equity capital is significant. The result of this study showed that managerial ownership and institutional ownership have positive significant impact (at the level of confidence 1% and 5% on the cost of equity capital. However this result showed that corporate governance mechanisms fail to decrease the cost of equity capital.  Keywords: corporate governance, managerial ownership, institutional ownership, cost of equity capital.

Rolling capital: managing investments in a value-based care world.

Science.gov (United States)

Jasuta, Lynette

2016-06-01

The importance of capital planning is increasing as the healthcare industry moves toward value-based care. Replacing unwieldy and inflexible traditional capital planning processes with a rolling capital planning approach can result in: Greater standardization, facilitating better strategic planning across the whole system. Reduced labor intensity in the planning and budgeting process. Reduced costs through being able to plan better for replacement purchases and take advantage of group purchasing and bundling opportunities. Increased transparency in the decision-making process.

Higher bank capital requirements and mortgage pricing: evidence from the Counter-Cyclical Capital Buffer