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Sample records for capital budgeting theory

  1. Does National Culture Impact Capital Budgeting Systems?

    Directory of Open Access Journals (Sweden)

    Peter J. Graham

    2017-06-01

    Full Text Available We examine how national culture impacts organisational selection of capital budgeting systems to develop our understanding of what influence a holistic formulation of national culture has on capital budgeting systems. Such an understanding is important as it would not only provide a clearer link between national culture and capital budgeting systems and advance extant literature but would also help multinational firms that have business relationships with Indonesian firms in suitably designing strategies. We conducted semi-structured interviews of selected finance managers of listed firms in Indonesia and Australia. Consistent with the contingency theory, we found that economic, political, legal and social uncertainty impact on the use of capital budgeting systems. The levels of uncertainty were higher in Indonesia than Australia and need to be reckoned in the selection of capital budgeting systems used by firms. We also found that firms are influenced by project size and complexity, when selecting capital budgeting systems.

  2. Capital budgeting practices in Indian companies

    Directory of Open Access Journals (Sweden)

    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.

  3. Corporate capital structure and how soft budget constraints may affect it

    NARCIS (Netherlands)

    Rizov, M.I.

    2008-01-01

    This survey paper examines existing theories of capital structure and related empirical tests with the aim to derive theoretical as well empirically testable predictions about the implications of the soft budget constraint for corporate capital structure. We show that the soft budget constraint

  4. Capital Budgeting: Do Private Sector Methods of Budgeting for Capital Assets Have Applicability to the Department of Defense

    Science.gov (United States)

    2005-12-01

    asset pricing model ( CAPM ). “According to the CAPM theory, investors determine their required return by adding a risk premium to the interest rate...NUMBER OF PAGES 77 14. SUBJECT TERMS Capital Budgeting; GAO; DOD; Capital Assets ; Risk, OMB; NPV, IRR 16. PRICE CODE 17. SECURITY...needs of the mission, as defined by the strategic plan, and limit the number of “nice to haves” (OMB, 1997). d. Alternatives to Capital Assets

  5. Capital budgeting practices in Spain

    Directory of Open Access Journals (Sweden)

    Pablo de Andrés

    2015-01-01

    Full Text Available This paper seeks to shed further light on the capital budgeting techniques used by Spanish companies. Our paper posits that the gap between theory and practice might be related to the nature of sources of value and to the efficiency of mechanisms aligning managerial and shareholder incentives, rather than to resource restrictions or model misinterpretation. We analyze data from a survey conducted in 2011, the final sample comprising 140 non-financial Spanish firms. Our findings show a behaviour pattern similar to that reported in prior research for firms in other countries. Particularly noteworthy is that payback appears to be the most widely used tool, while real options are used relatively little. Our results confirm that size and industry are related to the frequency of use of certain capital budgeting techniques. Further, we find that the relevance of growth opportunities and flexibility is an important factor explaining the use of real options.

  6. Topics in Finance Part VI--Capital Budgeting

    Science.gov (United States)

    Laux, Judy

    2011-01-01

    This series on the theory of financial management offers insight into the roles of stockholder wealth maximization, the risk-return tradeoff, and agency conflicts as they apply to major topics in finance. The current article investigates capital budgeting. Much literature addresses this topic, with a number of articles challenging mainstream…

  7. Does National Culture Impact Capital Budgeting Systems?

    OpenAIRE

    Peter J. Graham; Milind Sathye

    2017-01-01

    We examine how national culture impacts organisational selection of capital budgeting systems to develop our understanding of what influence a holistic formulation of national culture has on capital budgeting systems. Such an understanding is important as it would not only provide a clearer link between national culture and capital budgeting systems and advance extant literature but would also help multinational firms that have business relationships with Indonesian firms in suita...

  8. THE REAL OPTIONS OF CAPITAL BUDGET

    Directory of Open Access Journals (Sweden)

    Antonio Lopo Martins

    2008-07-01

    Full Text Available The traditional techniques of capital budget, as the deducted cash flow and the net value present, do not incorporate existing flexibilities in an investment project, they tend to distort the value of certain investments, mainly those that are considered in scenes of uncertainty and risk. Therefore, this study intends to demonstrate that the Real Options Theory (TOR is a useful methodology to evaluate and to indicate the best option for project of expansion investment. To reach the considered objective the procedure method was used a case study, having as unit of case the Resort Praia Hotel do Litoral Norte of Salvador. This study was developed of the following form: first it identified the traditional net value present and later it was incorporated the volatileness of each analyzed uncertainty. Second, as the real options are analogous to the financial options, it was necessary to identify elements that composed the terminologies of the financial options with intention to get the value of the real option. For this model of options pricing of Black & Scholes jointly with a computational simulator was used (SLS to get the expanded net value present. As a result of this study it was possible to evidence that using the traditional tool of capital budget Net Value Present (VPL is negative, therefore the project of expansion of the Hotel would be rejected. While for the application of methodology TOR the project presents positive Expanded Present Value which would represent an excellent chance of investment. Key-word: Capital budget, Real options, Analysis of investments.

  9. Laboratory administration--capital budgeting.

    Science.gov (United States)

    Butros, F

    1997-01-01

    The process of capital budgeting varies among different health-care institutions. Understanding the concept of present value of money, incremental cash flow statements, and the basic budgeting techniques will enable the laboratory manager to make the rational and logical decisions that are needed in today's competitive health-care environment.

  10. Do organizations adopt sophisticated capital budgeting practices to deal with uncertainty in the investment decision? : A research note

    NARCIS (Netherlands)

    Verbeeten, Frank H M

    This study examines the impact of uncertainty on the sophistication of capital budgeting practices. While the theoretical applications of sophisticated capital budgeting practices (defined as the use of real option reasoning and/or game theory decision rules) have been well documented, empirical

  11. The manager and equipment decisions: the capital budget.

    Science.gov (United States)

    McConnell, Charles R

    2011-01-01

    As part of his or her role in preparing a departmental budget, a manager must often become involved in budgeting for capital expenditures, those purchases that are of a type and sufficient dollar value to be capitalized and depreciated. Depending on the value of a proposed purchase, the department manager may have only a partial voice in the process; some significant purchases will require administrative approval, whereas some major acquisitions will require approval by the board of directors. Planning for possible capital purchases should begin well before the start of the annual budget exercise. Listing a capital item in the department's budget request does not imply approval; often, there are many more "needs" than there are capital funds available. Therefore, there must be a consistent process for identifying the proposed purchases that will be funded, such process necessarily including detailed specification of the need for a particular capital purchase, identification of all reasonable alternatives, consideration of any constraints, detailed financial comparison of alternatives, assessment of intangible factors, and a recommended choice.

  12. Capital budgeting practices used by selected listed South African firms

    Directory of Open Access Journals (Sweden)

    John Hall

    2011-05-01

    Full Text Available This article investigates the application of capital budgeting techniques and the incorporation of risk into the capital budgeting process among a sample of South African industrial firms listed on the JSE Securities Exchange for at least ten years. Previous international and local research on this topic indicated a preference for the internal rate of return (IRR as a capital budgeting method over the net present value (NPV, and that risk incorporation was relatively rarely incorporated into the capital budgeting process. The results of this study indicate that the NPV is just as popular as, and sometimes more so than, the IRR. Furthermore, compared to previous studies, risk is incorporated into evaluating capital budgeting projects more often. Sensitivity analysis is the most popular method, but adjustments to the cash flows and discount rate are becoming more popular. During the last decade the use of non-financial criteria to accept or reject a project has also increased in South Africa.

  13. Net Operating Working Capital, Capital Budgeting, and Cash Budgets: A Teaching Example

    Science.gov (United States)

    Tuner, James A.

    2016-01-01

    Many introductory finance texts present information on the capital budgeting process, including estimation of project cash flows. Typically, estimation of project cash flows begins with a calculation of net income. Getting from net income to cash flows requires accounting for non-cash items such as depreciation. Also important is the effect of…

  14. Capital Budgeting Evaluation Practices of Building Contractors in Hong Kong

    Directory of Open Access Journals (Sweden)

    K.C Lam

    2012-11-01

    Full Text Available This paper reports the results of an investigation into capital budgeting evaluation practicesin the construction industry of Hong Kong. The aim of this study was to identify thepopularity and extent of usage of various techniques for capital budget evaluation, investmentappraisal, risk analysis, and management science. The current study was comparedwith a similar survey conducted in 1994 to establish the changes in the capital budgetingevaluation practices of contracting firms over time. The results indicate that there was ageneral increase in the popularity and extent of usage in certain capital budget evaluationtechniques such as “best/worst estimate” and “formal financial evaluation”. In addition,the evaluation techniques examined were fitted into a discriminant function analysis (DFA,and a model has been developed which allows contracting firms to be classified accordingto their predominant characteristics in capital budget evaluation.

  15. Analysis of the Capital Budgeting Practices: Serbian Case

    Directory of Open Access Journals (Sweden)

    Lidija Barjaktarovic

    2016-09-01

    Full Text Available This paper addresses two major research questions: which techniques firms in Serbia use for project evaluation, and how the Serbian companies calculate their cost of capital. The authors have created the questionnaire and the sample consisting of 65 companies that responded to the enquiry (out of 392 during the year 2015. The results showed that payback criterion is the most dominant capital budgeting technique used by firms in Serbia. Further, the results revealed that large firms as well as multinational firms are more inclined to use discounted cash flow capital budgeting techniques and other sophisticated techniques. Finally, the authors have concluded that the CAPM is not the dominant method for calculating cost of capital by the companies from the sample analyzing the overall sample. Consequently, skilled human capital, the adequate knowledge and developed procedures may contribute to accepting capital budgeting techniques such as discounted cash flow analysis and other sophisticated techniques by larger portion of the companies in Serbia. Finally, existence of perfect financial market is a necessary precondition for implementing all these contemporary financial concepts and its development has to be posed as one of the priorities in the years to come.

  16. Statement of June E. O'Neill, Director Congressional Budget Office on Capital Budgeting Before the President's Commission to Study Capital Budgeting

    National Research Council Canada - National Science Library

    O'Neill, June

    1998-01-01

    .... The up-front, full-cost basis of accounting for capital acquisition at the governmentwide level is conceptually sound, consistent with common practice and economic efficiency, and necessary for budget discipline...

  17. The Role of Agency and Institutional Theory in the Planning and Realization for Capital Expenditures

    Directory of Open Access Journals (Sweden)

    Syaiful Hifni

    2017-03-01

    Full Text Available The capital expenditures are part of direct expenditure in the regional budget. The other elements of capital expenditures are: personnel expenditure, and spending on goods and services. Planning and realization for capital expenditure in the regional budget for each Government Regional Work Units is a part of policy regional financial management in fiscal decentralization policy which need be increased to achieve value significantly over time. Increasing in planning and realization of capital expenditures is directly related to the amount of capital expenditure element that strengthens physical infrastructure which would strengthen economic growth for social welfare, regional competitiveness for facilitation and liberalization a single market and production base in AEC era. This study examines the role of agency theory and institutional theory in relation with planning and realization of capital expenditures of 82 (Eighty Two Government Work Units of 3 (Three regional government, namely Banjarmasin City, Banjar District, and Tanah Laut District in South Kalimantan Province. This study contributes to the accounting literature to assess role of conceptual framework with agency theory and institutional theory. The result of study showed: there are differences in the implementation of capital expenditure to meet AEC pillars and social welfare purposes by increasing capital expenditure through the role of the agency theory, and institutional theory. Relationship of agency theory and institutional theory with social welfare and AEC with the amount of C Contingency coefficient 0,313 and Cramer Coefficient of Association 0.191 indicates there are Moderate correlation: substantial relationship and Small correlation; Lower relationship association.

  18. Dependent-Chance Programming Models for Capital Budgeting in Fuzzy Environments

    Institute of Scientific and Technical Information of China (English)

    LIANG Rui; GAO Jinwu

    2008-01-01

    Capital budgeting is concerned with maximizing the total net profit subject to budget constraints by selecting an appropriate combination of projects. This paper presents chance maximizing models for capital budgeting with fuzzy input data and multiple conflicting objectives. When the decision maker sets a prospec-tive profit level and wants to maximize the chances of the total profit achieving the prospective profit level, a fuzzy dependent-chance programming model, a fuzzy multi-objective dependent-chance programming model, and a fuzzy goal dependent-chance programming model are used to formulate the fuzzy capital budgeting problem. A fuzzy simulation based genetic algorithm is used to solve these models. Numerical examples are provided to illustrate the effectiveness of the simulation-based genetic algorithm and the po-tential applications of these models.

  19. STOCK EXCHANGE LISTING INDUCES SOPHISTICATION OF CAPITAL BUDGETING

    Directory of Open Access Journals (Sweden)

    Wesley Mendes-da-Silva

    2014-08-01

    Full Text Available This article compares capital budgeting techniques employed in listed and unlisted companies in Brazil. We surveyed the Chief Financial Officers (CFOs of 398 listed companies and 300 large unlisted companies, and based on 91 respondents, the results suggest that the CFOs of listed companies tend to use less simplistic methods more often, for example: NPV and CAPM, and that CFOs of unlisted companies are less likely to estimate the cost of equity, despite being large companies. These findings indicate that stock exchange listing may require greater sophistication of the capital budgeting process.

  20. Capital budgeting practices : A comparative study of the Netherlands and China

    NARCIS (Netherlands)

    Hermes, Niels; Smid, Peter; Yao, Lu

    2007-01-01

    This paper compares the use of capital budgeting techniques of Dutch and Chinese firms, using data obtained from a survey among 250 Dutch and 300 Chinese companies. Our main aim is to analyse the use of capital budgeting techniques by companies in both countries from a comparative perspective to see

  1. Brazil's Petrobras chops 1992 capital budget

    International Nuclear Information System (INIS)

    Anon.

    1992-01-01

    This paper reports that Brazil's state owned Petroleos Brasileiro SA has slashed its 1992 capital budget by more than half for lack of adequate cash flow. Petrobras Pres. Benedicto Moreira last week disclosed the cut, to $1.4 billion from $2.9 billion earmarked earlier, citing cash flow problems stemming from heavy subsidies for domestic products. Petrobras Association of Engineers (Aepet) disputes the latest amount, claiming without elaboration the state company actually is cutting the current budget to $1 billion. At either level, the severe budget cut bodes ill for Petrobras plans to boost domestic production by a net 300,000 b/d to 1 million b/d by 1995, an ambitious program that calls for outlays of $18 billion

  2. Centralization versus Delegation in an Experimental Capital Budgeting Setting

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    Markus C. Arnold

    2011-04-01

    Full Text Available In an experiment, we model two stylized facts about capital budgeting practice, budgetary slack creation and delegation of decision-making authority. In our setting, under centralization, headquarters announces a budget, the division manager gives a cost report, and headquarters decides on the project. Under delegation, headquarters allocates a budget to the manager, and the manager is authorized to make the investment decision. We argue that the ability of headquarters to commit to a budget moderates the effect of delegation, and we find evidence in favor of our argument as there is an interaction effect of delegation and commitment to budgets. The effects of delegation are particularly strong when budgets are non-binding as delegation serves as a substitute for commitment in this case. This leads to smaller expenditures and to a higher headquarters’ payoff under delegation than under centralization. In contrast, when headquarters can commit to the budget, the descriptive data are consistent with our conjectures about the effects of honesty preferences, but the effects are too small to be significant.

  3. The manager and equipment decisions: is that in the capital budget?

    Science.gov (United States)

    McConnell, C R

    2001-06-01

    Although any decision to purchase a piece of capital equipment involves a number of the organization's functions, the department manager has some significant responsibilities in the selection and acquisition of capital equipment. Except for unavoidable replacement of essential equipment that fails unexpectedly, capital purchases must ordinarily be planned in advance through the annual budgeting process. The department manager is ordinarily the organization's primary source of information in major capital expenditure projects; therefore, it is essential that the manager follow a logical process for identifying and evaluating alternative equipment choices and perform a consistent economic analysis of the alternatives.

  4. Chance-constrained programming models for capital budgeting with NPV as fuzzy parameters

    Science.gov (United States)

    Huang, Xiaoxia

    2007-01-01

    In an uncertain economic environment, experts' knowledge about outlays and cash inflows of available projects consists of much vagueness instead of randomness. Investment outlays and annual net cash flows of a project are usually predicted by using experts' knowledge. Fuzzy variables can overcome the difficulties in predicting these parameters. In this paper, capital budgeting problem with fuzzy investment outlays and fuzzy annual net cash flows is studied based on credibility measure. Net present value (NPV) method is employed, and two fuzzy chance-constrained programming models for capital budgeting problem are provided. A fuzzy simulation-based genetic algorithm is provided for solving the proposed model problems. Two numerical examples are also presented to illustrate the modelling idea and the effectiveness of the proposed algorithm.

  5. Capital Budgeting: a Tax Shields’ “Mirage”?

    Directory of Open Access Journals (Sweden)

    Victor DRAGOTĂ

    2011-03-01

    Full Text Available The mainstream in Finance studies recognizes the impact of tax shields on capital budgeting. This study offers some evidences regarding a bias in direct investment projects valuation in the case of taking into account of the allowance of recovery of the losses recorded in the past financial exercises from future profits as long as the classical indicators (e.g., Net Present Value are used. Also, this tax regime seems to favour the adoption of less-performer projects by lessperformer companies, as long as these projects should be otherwise rejected by a performer company.

  6. Capital budgeting and cost reimbursement in investor-owned and not-for-profit hospitals.

    Science.gov (United States)

    Hubbard, C M

    1983-01-01

    Net present value estimates cannot be made in health care finance without the appropriate cost reimbursement adjustments. The results of new regulations could radically alter the effects of reimbursement on capital budgeting. Debates on the effects of cost reimbursement on decision making in hospitals will continue as long as reimbursement exists in a manner that affects operating cash flows or the cost of capital.

  7. Nursing intellectual capital theory: testing selected propositions.

    Science.gov (United States)

    Covell, Christine L; Sidani, Souraya

    2013-11-01

    To test the selected propositions of the middle-range theory of nursing intellectual capital. The nursing intellectual capital theory conceptualizes nursing knowledge's influence on patient and organizational outcomes. The theory proposes nursing human capital, nurses' knowledge, skills and experience, is related to the quality of patient care and nurse recruitment and retention of an inpatient care unit. Two factors in the work environment, nurse staffing and employer support for nurse continuing professional development, are proposed to influence nursing human capital's association with patient and organizational outcomes. A cross-sectional survey design. The study took place in 2008 in six Canadian acute care hospitals. Financial, human resource and risk data were collected from hospital departments and unit managers. Clearly specified empirical indicators quantified the study variables. The propositions of the theory were tested with data from 91 inpatient care units using structural equation modelling. The propositions associated with the nursing human capital concept were supported. The propositions associated with the employer support for nurse continuing professional development concept were not. The proposition that nurse staffing's influences on patient outcomes was mediated by the nursing human capital of an inpatient unit, was partially supported. Some of the theory's propositions were empirically validated. Additional theoretical work is needed to refine the operationalization and measurement of some of the theory's concepts. Further research with larger samples of data from different geographical settings and types of hospitals is required to determine if the theory can withstand empirical scrutiny. © 2013 Blackwell Publishing Ltd.

  8. Social Capital Theory: Implications for Women's Networking and Learning

    Science.gov (United States)

    Alfred, Mary V.

    2009-01-01

    This chapter describes social capital theory as a framework for exploring women's networking and social capital resources. It presents the foundational assumptions of the theory, the benefits and risks of social capital engagement, a feminist critique of social capital, and the role of social capital in adult learning.

  9. Capital Market Theories: Market Efficiency Versus Investor Prospects

    OpenAIRE

    Kathleen Hodnett; Heng-Hsing Hsieh

    2012-01-01

    This paper reviews the development of capital market theories based on the assumption of capital market efficiency, which includes the efficient market hypothesis (EMH), modern portfolio theory (MPT), the capital asset pricing model (CAPM), the implications of MPT in asset allocation decisions, criticisms regarding the market portfolio and the development of the arbitrage pricing theory (APT). An alternative school of thought proposes that investors are irrational and that their trading behav...

  10. Human Capital as a Challenge for Economics Theory

    Directory of Open Access Journals (Sweden)

    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.

  11. Austrian Capital Theory and the Link Between Entrepreneurship and the Theory of the Firm

    DEFF Research Database (Denmark)

    Foss, Kirsten; Foss, Nicolai Juul; Klein, Peter G.

    2005-01-01

    tangible and intangible,are heterogeneous; arranging these assets to minimize contractual hazards, toprovide efficient investment incentives, or to exploit competitive advantage isconceived as the prime task of economic organization. None of these approaches,however, is based on a systematic theory......Several writers link entrepreneurship to asset ownership, trying to incorporatethe theory of entrepreneurship into the theory of the firm. The critical link, weargue, is capital heterogeneity. Transaction cost, property rights, and resourcebasedapproaches to the firm assume that assets, both...... of capital heterogeneity. Inthis paper we outline the approach to capital developed by the Austrian schoolof economics and integrate it into an entrepreneurial theory of the firm. We refineAustrian capital theory by defining capital heterogeneity in terms of subjectivelyperceived attributes, that is...

  12. A study of the logical model of capital market complexity theories

    Institute of Scientific and Technical Information of China (English)

    2006-01-01

    Analyzes the shortcomings of the classic capital market theories based on EMH and discloses the complexity essence of the capital market. Considering the capital market a complicated, interactive and adaptable dynamic system, with complexity science as the method for researching the operation law of the capital market, this paper constructs a nonlinear logical model to analyze the applied realm, focal point and interrelationship of such theories as dissipative structure theory, chaos theory, fractal theory, synergetics theory, catastrophe theory and scale theory, and summarizes and discusses the achievements and problems of each theory.Based on the research, the paper foretells the developing direction of complexity science in a capital market.

  13. Theory for the Public Good? Social Capital Theory in Social Work Education

    Directory of Open Access Journals (Sweden)

    MaryAnn Overcamp-Martini

    2007-05-01

    Full Text Available As a concept, social capital is both relatively recent and highly controversial. This analysis overviews the history of social capital theory and the three main theoretical frameworks related to the concept. The components of social capital are discussed, as well as the controversy over its conceptualization. A review of recent studies is provided, particularly in the relationship between social capital and mental health. The article concludes with a discussion regarding the heuristic usefulness of social capital theory in the human behavior and social environment sequence in social work education, opening discourse in civic engagement and participation, collectivity, and the value of social networking.

  14. Aspects of capital budgeting decision-making process of emerging markets transnational corporations

    OpenAIRE

    Alieva, D.

    2012-01-01

    Considers present-day aspects of capital budgeting decision-making in investment projects by transnational corporations (TNCs) in emerging markets. Discusses peculiarities of cash flows of TNC mother and project companies which influence the decision-making in project investment. A number of effective valuation techniques for multicurrency projects has been proposed, taking into account adjustments for various factors.

  15. CAPITAL BUDGETING PRACTICES IN VIETNAM: A SURVEY OF CONSTRUCTION INVESTMENT FIRMS

    OpenAIRE

    Tran Tung, Linh

    2009-01-01

    The main intention of this research is to investigate how the Vietnamese firms evaluate the construction investment projects. The research is conducted by qualitative method by sending questionnaires to Vietnamese firms who specialize in construction investment field. Several questions are raised in the questionnaires which are categorized into four parts: evaluation techniques, risk analysis, discount rate and free cash flow forecasting. The distinction between Vietnamese capital budgeting w...

  16. ORGANIZATIONAL CAPITAL THEORY EXPRESSION OF ELECTRONIC HEALTH

    Directory of Open Access Journals (Sweden)

    Tomas Vedlūga

    2017-03-01

    Full Text Available Implementation of e-health is a very difficult and complex process in terms of health policy that requires both organizational ability to meet market requirements and well-managed internal communication, which is carried out through organizational capital and high organizational culture and philosophy. This process requires a change in the organizational processes of health care institutions, ensuring the management and use of health information in order to improve the functioning of health care institutions. Scientists emphasize that health care institutions, with a high organizational capital can effectively promote the development of e-health, by consistently improving the quality of health care services and increasing the confidence and sense of security by enhancing the individual‘s ability to become more involved in the health care system. Nevertheless, in Lithuania, the progress of health care institutions in the field of e-health varies significantly, therefore, different tendencies of e-health care indicators tend to be related to organizational capital. Organizational capital covering the various dimensions of social context analysis, and organizational capital theory is a paradigm that attempts to explain the e-health inequalities at the level of organizations. This paper has evaluated the organizational capital theory expression of the e-health level, to identify and analyze organizational capital assessment indices in the field of e-health and modeled organizational capital assessment scheme.

  17. Capital budgeting practices: Empirical evaluation of company practices in the construction sector in Colombia

    Directory of Open Access Journals (Sweden)

    Julián Ochoa Yepes

    2014-12-01

    Full Text Available The empirical analysis of capital budgeting or investment appraisal is a topic that has been widely studied in developed countries, such as the United States, the United Kingdom, and Canada. The documentation of these practices in emerging countries is scarce. This paper provides some information about current capital budgeting techniques through an empirical study of practices in a group of Colombian companies in the construction industry. In the companies surveyed it was found that 86% of professionals use the most recommended methods in the literature, such as the Internal Rate of Return (IRR and Net Present Value (NPV, with a preference for the IRR (50% always use it over the NPV (36% always use it. It was also found that 95% lack knowledge of more sophisticated methods, such as Real Options (OR. Most of the respondents subjectively determine the discount rate that is used for evaluation, indicating the lack of any theoretical justification to determine an appropriate rate.

  18. SUMMARY OF THEORIES IN CAPITAL STRUCTURE DECISIONS

    Directory of Open Access Journals (Sweden)

    Herczeg Adrienn

    2014-07-01

    In Hungary the capital structure of enterprises changed significantly since 1990, but it is true, that their decisions about the capital can not fit with neither theoretical appeal totally. There is no universal theory of the debt-equity choice, and no reason to expect one.

  19. Real Options in Capital Budgeting. Pricing the Option to Delay and the Option to Abandon a Project

    Directory of Open Access Journals (Sweden)

    Nicoleta Vintila

    2007-07-01

    Full Text Available Traditional discounted cash-flows method for assessing projects assumes that investment decision is an irreversible one, which is not correct. Managers can and must reconsider their initial decision as the new information arises during the project life. This is managerial flexibility and it creates strategic value for a project, only if management takes advantage of the opportunities associated with an analyzed project. Real options represent a new approach in capital budgeting, using the theory of pricing financial options for investments in real assets. In this paper, we emphasize the characteristics and valuation methodologies of real options. The objective in the last section is pricing the option to delay and the option to abandon a project in construction materials field.

  20. Nursing intellectual capital theory: operationalization and empirical validation of concepts.

    Science.gov (United States)

    Covell, Christine L; Sidani, Souraya

    2013-08-01

    To present the operationalization of concepts in the nursing intellectual capital theory and the results of a methodological study aimed at empirically validating the concepts. The nursing intellectual capital theory proposes that the stocks of nursing knowledge in an organization are embedded in two concepts, nursing human capital and nursing structural capital. The theory also proposes that two concepts in the work environment, nurse staffing and employer support for nursing continuing professional development, influence nursing human capital. A cross-sectional design. A systematic three-step process was used to operationalize the concepts of the theory. In 2008, data were collected for 147 inpatient units from administrative departments and unit managers in 6 Canadian hospitals. Exploratory factor analyses were conducted to determine if the indicator variables accurately reflect their respective concepts. The proposed indicator variables collectively measured the nurse staffing concept. Three indicators were retained to construct nursing human capital: clinical expertise and experience concept. The nursing structural capital and employer support for nursing continuing professional development concepts were not validated empirically. The nurse staffing and the nursing human capital: clinical expertise and experience concepts will be brought forward for further model testing. Refinement for some of the indicator variables of the concepts is indicated. Additional research is required with different sources of data to confirm the findings. © 2012 Blackwell Publishing Ltd.

  1. A Behavioral Theory of Human Capital Integration

    DEFF Research Database (Denmark)

    Christensen, Jesper

    design in fostering the integration and use of human capital is bounded by individual cognitive limitations that may lead employees to deviate from expected behavior, both individually and in collaboration. The thesis consists of three research papers relying on comprehensive longitudinal project data...... with one another. The overarching contribution of the thesis is to demonstrate, through the combination of psychological and organizational theory, how the ability of firms to properly activate and apply the knowledge held by their employees is fundamentally contingent on the interplay of cognitive...... of a behavioral theory of human capital integration....

  2. Mobile dental operations: capital budgeting and long-term viability.

    Science.gov (United States)

    Arevalo, Oscar; Chattopadhyay, Amit; Lester, Harold; Skelton, Judy

    2010-01-01

    The University of Kentucky College of Dentistry (UKCD) runs a large mobile dental operation. Economic conditions dictate that as the mobile units age it will be harder to find donors willing or able to provide the financial resources for asset replacement. In order to maintain current levels of access for the underserved, consideration of replacement is paramount. A financial analysis for a new mobile unit was conducted to determine self-sustainability, return on investment (ROI), and feasibility of generating a cash reserve for its replacement in 12 years. Information on clinical income, operational and replacement costs, and capital costs was collected. A capital budgeting analysis (CBA) was conducted using the Net Present Value (NPV) methodology in four different scenarios. Depreciation funding was calculated by transferring funds from cash inflows and reinvested to offset depreciation at fixed compound interest. A positive ROI was obtained for two scenarios. He depreciation fund did not generate a cash reserve sufficient to replace the mobile unit. Mobile dental programs can play a vital role in providing access to care to underserved populations and ensuring their mission requires long-term planning. Careful financial viability and CBA based on sound assumptions are excellent decision-making tools.

  3. Human Capital Theory: A Holistic Criticism

    Science.gov (United States)

    Tan, Emrullah

    2014-01-01

    Human capital theory has had a profound impact on a range of disciplines from economics to education and sociology. The theory has always been the subject of bitter criticisms from the very beginning, but it has comfortably survived and expanded its influence over other research disciplines. Not surprisingly, a considerable number of criticisms…

  4. Towards an integrated theory of value, capital and money

    OpenAIRE

    Cavalieri, Duccio

    2014-01-01

    This is an analysis of the present state of the theory of capital. The paper contains a proposal to reformulate this theory in an ‘late-Marxian’ up-to-dated perspective. The central problem discussed is the integration of the theories of value and capital with those of money and finance. An augmented cost-of-production theory of value is advocated. Special attention is focused on the role of Marx’s ‘monetary expression of labour value’ (MEV), rediscovered and unduly modified by neo-Marxist...

  5. Capital budget practices: a study in hospitality companies of São Paulo, Rio de Janeiro and Salvador

    OpenAIRE

    Manoela Quint dos Santos Zanini; Paula de Souza; Rogério João Lunkes

    2013-01-01

    Budget is considered an essential process to management and communication to the company, to assist in the identification of potentials bottlenecks, to define specific goals and objectives and evaluate future performances. Therefore, this study aims is to analyze the capital budgeting practices adopted by the hotel companies in the cities of Sao Paulo, Rio de Janeiro and Salvador. Data were collected applying questionnaires in the three cities, constituting a population of 12 hotels associate...

  6. Intellectual capital in the theory of the firm

    OpenAIRE

    Rađenović, Tamara; Krstić, Bojan

    2017-01-01

    Intellectual capital has an inevitable role in the value creation process and represents significant determinant of the firms' market success. In the contemporary circumstances, firms achieve and sustain their competitive advantages by mobilising and profitably exploiting intellectual resources. Therefore, the aim of this paper is to overview the evolutionary process of intellectual capital through theoretical examinations of different theories. The first notion of intellectual capital is con...

  7. Andragology and social capital theory: the implications for human resource development

    NARCIS (Netherlands)

    Kessels, Joseph; Poell, Rob F.

    2004-01-01

    The problem and the solution. This article portrays a perspective from andragogy, individual learning, and social capital theory as a contribution to the discussion on the relationship between adult learning theory and human resource development (HRD). Andragogy and social capital theory may offer a

  8. Nursing intellectual capital theory: implications for research and practice.

    Science.gov (United States)

    Covell, Christine L; Sidani, Souraya

    2013-05-31

    Due to rising costs of healthcare, determining how registered nurses and knowledge resources influence the quality of patient care is critical. Studies that have investigated the relationship between nursing knowledge and outcomes have been plagued with conceptual and methodological issues. This has resulted in limited empirical evidence of the impact of nursing knowledge on patient or organizational outcomes. The nursing intellectual capital theory was developed to assist with this area of inquiry. Nursing intellectual capital theory conceptualizes the sources of nursing knowledge available within an organization and delineates its relationship to patient and organizational outcomes. In this article, we review the nursing intellectual capital theory and discuss its implications for research and practice. We explain why the theory shows promise for guiding research on quality work environments and how it may assist with administrative decision-making related to nursing human resource management and continuing professional development.

  9. The Continuing Relevance of Austrian Capital Theory

    DEFF Research Database (Denmark)

    Foss, Nicolai Juul

    2012-01-01

    The article presents a speech by Professor Nicolai J. Foss of Copenhagen Business School, delivered at the Austrian Scholars Conference held on March 8, 2012 in Auburn, Alabama, in which he discussed the knowledge essays by economist Friedrich A. von Hayek, the concept of capital theory and the w......The article presents a speech by Professor Nicolai J. Foss of Copenhagen Business School, delivered at the Austrian Scholars Conference held on March 8, 2012 in Auburn, Alabama, in which he discussed the knowledge essays by economist Friedrich A. von Hayek, the concept of capital theory...... and the works of Hayek on political philosophy and cultural evolution....

  10. Neoliberalism and global capital mobility: a necessary reconsideration of textbook trade theory

    Directory of Open Access Journals (Sweden)

    KUNIBERT RAFFER

    2015-06-01

    Full Text Available Textbook theory ignores capital flows: trade determines exchange rates and specialisation. Approaches taking the effects of capital movements adequately into account are needed, and a new theory of economic policy including measures to protect the real economy from external volatility. Equilibrating textbook mechanisms cannot work unless trade-caused surpluses and deficits set exchange rates. To allow orthodox trade theory to work one must hinder capital flows from destroying its very basis, which the IMF and wrong regulatory decisions have done, penalising production and trade. A new, real economy based theory is proposed, a Neoclassical agenda of controlling capital flows and speculation.

  11. Budgeting for School Media Centers.

    Science.gov (United States)

    Drott, M. Carl

    1978-01-01

    Describes various forms of budgets and discusses concepts in budgeting useful to supervisors of school media centers: line item budgets, capital budgets, creating budgets, the budget calendar, innovations, PPBS (Planning, Programing, Budgeting System), zero-based budgeting, cost-benefit analysis, benefits, benefit guidelines, and budgeting for the…

  12. Applying Social Capital Theory and the Technology Acceptance ...

    African Journals Online (AJOL)

    Applying Social Capital Theory and the Technology Acceptance Model in information and knowledge sharing research. ... Inkanyiso: Journal of Humanities and Social Sciences ... The paper explains the components, relevance and practical applicability of the two theories to information and knowledge sharing research.

  13. Toward a social capital theory of competitive advantage in medical groups.

    Science.gov (United States)

    Hoelscher, Mark L; Hoffman, James J; Dawley, David

    2005-01-01

    Social capital can have a positive impact on medical group performance. We forward our theory based on the integration of theories in social capital, resource advantage, and the resource-based view of the firm. Further, we suggest specific ways in which medical groups can increase their levels of social capital. First, medical groups should design or redesign the workplace so that there is ample interaction among employees. Second, employee participation within the community should be encouraged. Third, medical groups should recognize that social capital becomes ingrained in organizational culture. Therefore, medical groups should take steps to ensure a culture that supports its social capital. Fourth, hiring procedures should be designed (or redesigned) to ensure that new employees add social capital to the organization. Finally, trust must be fostered at the employee level.

  14. Capital investment strategies in health care systems.

    Science.gov (United States)

    Reiter, K L; Smith, D G; Wheeler, J R; Rivenson, H L

    2000-01-01

    Capital investment decisions are among the most important decisions made by firms. They determine the firm's capacity for providing services and commit the firm's cash for an extended period of time. Interviews with chief financial officers of leading health care systems reveal capital investment strategies that generally follow the recommendations of modern finance theory. Still, there is substantial variation in capital budgeting techniques, methods of risk adjustment, and the importance of qualitative considerations in investment decision making. There is also variation in delegation of investment decision making to operating units and methods of performance evaluation. Health care systems face the same challenges as other organizations in developing and implementing capital investment strategies that use consistent methods for evaluation of projects that have inconsistent aims and outcomes.

  15. Theorizing Translanguaging and Multilingual Literacies through Human Capital Theory

    Science.gov (United States)

    Smith, Patrick H.; Murillo, Luz A.

    2015-01-01

    In this conceptual article we invite multilingual researchers to consider the concept of translanguaging through the lens of human capital theory. Our thinking about the interconnections among human capital, multilingualism, and translanguaging is motivated by our research in border "colonias" and other minoritized communities in South…

  16. Capital Budgeting Guidelines: How to Decide Whether to Fund a New Dorm or an Upgraded Computer Lab.

    Science.gov (United States)

    Swiger, John; Klaus, Allen

    1996-01-01

    A process for college and university decision making and budgeting for capital outlays that focuses on evaluating the qualitative and quantitative benefits of each proposed project is described and illustrated. The process provides a means to solicit suggestions from those involved and provide detailed information for cost-benefit analysis. (MSE)

  17. FORMATION OF ENTERPRISE INTELLECTUAL CAPITAL IN CONTEXT OF RESOURCE THEORY

    Directory of Open Access Journals (Sweden)

    N. Revutska

    2013-08-01

    Full Text Available The main content of the resource theory and description of it evolution in three stages were considered in this article. The first stage was the formation of the classical concept of the resource, the second – the origin and development of the concept of core competencies and dynamic organizational capabilities, and the third is associated with the formation of the theory of resource advantages. The nature and the necessity to identify new resource elements (core competencies, dynamic capabilities and organizational routines were characterized in the context of the selected stages. The signs of sustainable competitive advantage and types of economic rents that arise on the resource base were generalized. There is a connection between resource theory and concept of knowledge management based on identification of intellectual component in the economic nature of the core competencies and organizational abilities. The basic approach to the classification of resources and their elements, which form the intellectual capital of the company was described. New elements of economic resources such as competencies, organizational abilities, rutin and elements of intellectual capital are in close connection. It is concluded that the core competencies are best developed in human client and networking elements of intellectual capital, dynamic organizational capability in innovative capital and routines in process capital of an enterprise.

  18. Consumption as investment: The theory of human capital and human capital as ethos

    Directory of Open Access Journals (Sweden)

    Osvaldo Javier López-Ruiz

    2009-12-01

    Full Text Available This paper discusses the dilution of the conceptual border between “consumption” and “investment.” We argue that it is a key element for the understanding of capitalism in its current stage and the values guiding contemporary society. Some concepts created by Human Capital Theory – an economic theory from the 1960s – are widely viewed today as values that guide the behavior of individuals. This yields to a conceptual–axiological shift from consumption to investment that allows unusual forms of “delaying satisfaction by consuming now.” The diffuse area that is created between “consumption” and “investment” helps to understand how the Protestant work ethic is recreated as an “ethic of entrepreneurial work,” that is, of work understood in terms of “individual enterprise”.

  19. The human capital theory. Encouragement and criticism

    Czech Academy of Sciences Publication Activity Database

    Kolomiiets, Uliana; Petrushenko, Y.

    2017-01-01

    Roč. 1, č. 1 (2017), s. 77-80 ISSN 2520-6621 Institutional support: RVO:67985998 Keywords : human capital * Mincerian theory * labor economics Subject RIV: AH - Economics http://armgpublishing.sumdu.edu.ua/journals/sec/issue-1/article-9/

  20. The human capital theory. Encouragement and criticism

    Czech Academy of Sciences Publication Activity Database

    Kolomiiets, Uliana; Petrushenko, Y.

    2017-01-01

    Roč. 1, č. 1 (2017), s. 77-80 ISSN 2520-6621 Institutional support: Progres-Q24 Keywords : human capital * Mincerian theory * labor economics Subject RIV: AH - Economics http://armgpublishing.sumdu.edu.ua/journals/sec/issue-1/article-9/

  1. An Energy Model for Viewing Embodied Human Capital Theory

    Science.gov (United States)

    Kaufman, Neil A.; Geroy, Gary D.

    2007-01-01

    Human capital development is one of the emerging areas of study with regard to social science theory, practice, and research. A relatively new concept, human capital is described in terms of individual knowledge skills and experience. It is currently expressed as a function of education as well as a measure of economic activity. Little theory…

  2. A Theory of the Perturbed Consumer with General Budgets

    DEFF Research Database (Denmark)

    McFadden, Daniel L; Fosgerau, Mogens

    We consider demand systems for utility-maximizing consumers facing general budget constraints whose utilities are perturbed by additive linear shifts in marginal utilities. Budgets are required to be compact but are not required to be convex. We define demand generating functions (DGF) whose...... subgradients with respect to these perturbations are convex hulls of the utility-maximizing demands. We give necessary as well as sufficient conditions for DGF to be consistent with utility maximization, and establish under quite general conditions that utility-maximizing demands are almost everywhere single......-valued and smooth in their arguments. We also give sufficient conditions for integrability of perturbed demand. Our analysis provides a foundation for applications of consumer theory to problems with nonlinear budget constraints....

  3. Sabotage in Capital Budgeting

    DEFF Research Database (Denmark)

    Brunner, Markus; Ostermaier, Andreas

    2018-01-01

    for honesty inhibits sabotage. Moreover, honesty suppresses negative reciprocity and thus reduces sabotage not only directly but also indirectly. Our findings warn firms to consider the sabotage of investments as a hidden cost of control in budgeting. They show that honesty has a spill-over effect...

  4. Improving the Pedagogy of Capital Structure Theory: An Excel Application

    Science.gov (United States)

    Baltazar, Ramon; Maybee, Bryan; Santos, Michael R.

    2012-01-01

    This paper uses Excel to enhance the pedagogy of capital structure theory for corporate finance instructors and students. We provide a lesson plan that utilizes Excel spreadsheets and graphs to develop understanding of the theory. The theory is introduced in three scenarios that utilize Modigliani & Miller's Propositions and…

  5. Budgeting in Nonprofit Organizations.

    Science.gov (United States)

    Kelly, Lauren

    1985-01-01

    This description of the role of budgets in nonprofit organizations uses libraries as an example. Four types of budgets--legislative, management, cash, and capital--are critiqued in terms of cost effectiveness, implementation, and facilitation of organizational control and objectives. (CLB)

  6. State Education as High-Yield Investment: Human Capital Theory in European Policy Discourse

    Science.gov (United States)

    Gillies, Donald

    2011-01-01

    Human Capital Theory has been an increasingly important phenomenon in economic thought over the last 50 years. The central role it affords to education has become even more marked in recent years as the concept of the "knowledge economy" has become a global concern. In this paper, the prevalence of Human Capital Theory within European…

  7. Toward a neighborhood resource-based theory of social capital for health: can Bourdieu and sociology help?

    Science.gov (United States)

    Carpiano, Richard M

    2006-01-01

    Within the past several years, a considerable body of research on social capital has emerged in public health. Although offering the potential for new insights into how community factors impact health and well being, this research has received criticism for being undertheorized and methodologically flawed. In an effort to address some of these limitations, this paper applies Pierre Bourdieu's (1986) [Bourdieu, P. (1986). Handbook of theory and research for the sociology of education (pp. 241-258). New York: Greenwood] social capital theory to create a conceptual model of neighborhood socioeconomic processes, social capital (resources inhered within social networks), and health. After briefly reviewing the social capital conceptualizations of Bourdieu and Putnam, I attempt to integrate these authors' theories to better understand how social capital might operate within neighborhoods or local areas. Next, I describe a conceptual model that incorporates this theoretical integration of social capital into a framework of neighborhood social processes as health determinants. Discussion focuses on the utility of this Bourdieu-based neighborhood social capital theory and model for examining several under-addressed issues of social capital in the neighborhood effects literature and generating specific, empirically testable hypotheses for future research.

  8. Modeling of Zakat in the capital structure theory | Sanusi | Journal of ...

    African Journals Online (AJOL)

    Islamic financial instruments are subject to taxes and zakat for Muslim shareholders and debt holders. Therefore, it is important to investigate the implementation of corporate taxes and corporate zakat in capital structure compositions. In order to model corporate zakat in terms of conventional capital structure theories, this ...

  9. The Boundary Between Planning and Incremental Budgeting: Empirical Examination in a Publicly-Owned Corporation

    OpenAIRE

    S. K. Lioukas; D. J. Chambers

    1981-01-01

    This paper is a study within the field of public budgeting. It focuses on the capital budget, and it attempts to model and analyze the capital budgeting process using a framework previously developed in the literature of incremental budgeting. Within this framework the paper seeks to determine empirically whether the movement of capital expenditure budgets can be represented as the routine application of incremental adjustments over an existing base of allocations and whether further, forward...

  10. Capital Construction Fund Program :: Office of Management and Budget

    Science.gov (United States)

    Leaders Budget Policy Work for NOAA Fisheries Contact Us Programs Sustainable Fisheries Protected Regional Fishery Management Councils Congress Activities Budget Testimony Educators and Students Education Budget Home Appeals Division Budget FOIA Financial Services Saltonstall-Kennedy Grant Program Fisheries

  11. Donald Trump: A Critical Theory-Perspective on Authoritarian Capitalism

    OpenAIRE

    Christian Fuchs

    2017-01-01

    This paper analyses economic power, state power and ideological power in the age of Donald Trump with the help of critical theory. It applies the critical theory approaches of thinkers such as Franz Neumann, Theodor W. Adorno and Erich Fromm. It analyses changes of US capitalism that have together with political anxiety and demagoguery brought about the rise of Donald Trump. This article draws attention to the importance of state theory for understanding Trump and the changes of politics that...

  12. Balancing the books - a statistical theory of prospective budgets in Earth System science

    Science.gov (United States)

    O'Kane, J. Philip

    An honest declaration of the error in a mass, momentum or energy balance, ɛ, simply raises the question of its acceptability: "At what value of ɛ is the attempted balance to be rejected?" Answering this question requires a reference quantity against which to compare ɛ. This quantity must be a mathematical function of all the data used in making the balance. To deliver this function, a theory grounded in a workable definition of acceptability is essential. A distinction must be drawn between a retrospective balance and a prospective budget in relation to any natural space-filling body. Balances look to the past; budgets look to the future. The theory is built on the application of classical sampling theory to the measurement and closure of a prospective budget. It satisfies R.A. Fisher's "vital requirement that the actual and physical conduct of experiments should govern the statistical procedure of their interpretation". It provides a test, which rejects, or fails to reject, the hypothesis that the closing error on the budget, when realised, was due to sampling error only. By increasing the number of measurements, the discrimination of the test can be improved, controlling both the precision and accuracy of the budget and its components. The cost-effective design of such measurement campaigns is discussed briefly. This analysis may also show when campaigns to close a budget on a particular space-filling body are not worth the effort for either scientific or economic reasons. Other approaches, such as those based on stochastic processes, lack this finality, because they fail to distinguish between different types of error in the mismatch between a set of realisations of the process and the measured data.

  13. Austrian Capital Theory and the Link Between Entrepreneurship and the Theory of the Firm

    OpenAIRE

    Foss, Kirsten; Foss, Nicolai J.; Klein, Peter G.; Klein, Sandra K.

    2005-01-01

    Several writers link entrepreneurship to asset ownership, trying to incorporate the theory of entrepreneurship into the theory of the firm. The critical link, we argue, is capital heterogeneity. Transaction cost, property rights, and resourcebased approaches to the firm assume that assets, both tangible and intangible, are heterogeneous; arranging these assets to minimize contractual hazards, to provide efficient investment incentives, or to exploit competitive advantage is ...

  14. Does Human Capital Theory Explain the Value of Higher Education? A South African Case Study

    Science.gov (United States)

    van der Merwe, Alex

    2010-01-01

    A perennial debate in the economics of education is whether human capital or screening/signalling theories best explain the value of schooling and hence the private demand for, in particular, higher education. Human capital theory proposes that formal training such as that offered by higher education institutions improves the productive capacity…

  15. Theory of Financial Lease Contracts - Why all capital goods are not leased

    OpenAIRE

    Penttinen, Jussi

    2013-01-01

    The economic theory states that the capital structure of a firm is irrelevant in a perfect frictionless world. Hence when the assumptions of the Modigliani–Miller theorem and the CAPM hold, the question about the optimal source of funding of capital investments is also irrelevant. In practice though, capital leasing is widely used and the decision to lease or own assets is hardly a matter of indifference to firms or individuals. The motivation of this thesis is to identify when and why leasin...

  16. Integrating social capital theory, social cognitive theory, and the technology acceptance model to explore a behavioral model of telehealth systems.

    Science.gov (United States)

    Tsai, Chung-Hung

    2014-05-07

    Telehealth has become an increasingly applied solution to delivering health care to rural and underserved areas by remote health care professionals. This study integrated social capital theory, social cognitive theory, and the technology acceptance model (TAM) to develop a comprehensive behavioral model for analyzing the relationships among social capital factors (social capital theory), technological factors (TAM), and system self-efficacy (social cognitive theory) in telehealth. The proposed framework was validated with 365 respondents from Nantou County, located in Central Taiwan. Structural equation modeling (SEM) was used to assess the causal relationships that were hypothesized in the proposed model. The finding indicates that elderly residents generally reported positive perceptions toward the telehealth system. Generally, the findings show that social capital factors (social trust, institutional trust, and social participation) significantly positively affect the technological factors (perceived ease of use and perceived usefulness respectively), which influenced usage intention. This study also confirmed that system self-efficacy was the salient antecedent of perceived ease of use. In addition, regarding the samples, the proposed model fitted considerably well. The proposed integrative psychosocial-technological model may serve as a theoretical basis for future research and can also offer empirical foresight to practitioners and researchers in the health departments of governments, hospitals, and rural communities.

  17. Integrating Social Capital Theory, Social Cognitive Theory, and the Technology Acceptance Model to Explore a Behavioral Model of Telehealth Systems

    Directory of Open Access Journals (Sweden)

    Chung-Hung Tsai

    2014-05-01

    Full Text Available Telehealth has become an increasingly applied solution to delivering health care to rural and underserved areas by remote health care professionals. This study integrated social capital theory, social cognitive theory, and the technology acceptance model (TAM to develop a comprehensive behavioral model for analyzing the relationships among social capital factors (social capital theory, technological factors (TAM, and system self-efficacy (social cognitive theory in telehealth. The proposed framework was validated with 365 respondents from Nantou County, located in Central Taiwan. Structural equation modeling (SEM was used to assess the causal relationships that were hypothesized in the proposed model. The finding indicates that elderly residents generally reported positive perceptions toward the telehealth system. Generally, the findings show that social capital factors (social trust, institutional trust, and social participation significantly positively affect the technological factors (perceived ease of use and perceived usefulness respectively, which influenced usage intention. This study also confirmed that system self-efficacy was the salient antecedent of perceived ease of use. In addition, regarding the samples, the proposed model fitted considerably well. The proposed integrative psychosocial-technological model may serve as a theoretical basis for future research and can also offer empirical foresight to practitioners and researchers in the health departments of governments, hospitals, and rural communities.

  18. Preparing the operating budget.

    Science.gov (United States)

    Williams, R B

    1983-12-01

    The process of preparing a hospital pharmacy budget is presented. The desired characteristics of a budget and the process by which it is developed and approved are described. Fixed, flexible, and zero-based budget types are explained, as are the major components of a well-developed budget: expense, workload, productivity, revenue, and capital equipment and other expenditures. Specific methods for projecting expenses and revenues, based on historical data, are presented along with a discussion of variables that must be considered in order to achieve an accurate and useful budget. The current shift in emphasis away from revenue capture toward critical analysis of pharmacy costs underscores the importance of budgetary analysis for hospital pharmacy managers.

  19. Real Option in Capital Budgeting for SMEs: Insight from Steel Company

    Science.gov (United States)

    Muharam, F. M.; Tarrazon, M. A.

    2017-06-01

    Complex components of investment projects can only be analysed accurately if flexibility and comprehensive consideration of uncertainty are incorporated into valuation. Discounted cash flow (DCF) analysis has failed to cope with strategic future alternatives that affect the right value of investment projects. Real option valuation (ROV) proves to be the right tool for this purpose since it enables to calculate the enlarged or strategic Net Present Value (ENPV). This study attempts to provide an insight of the usage of ROV in capital budgeting and investment decision-making processes of SMEs. Exploring into the first stage processing of steel industry, analysis of alternatives to cancel, to expand, to defer or to abandon is performed. Completed with multiple options interaction and a sensitivity analysis, our findings prove that the application of ROV is beneficial for complex investment projects independently from the size of the company and particularly suitable in scenarios with scarce resources. The application of Real Option Valuation (ROV) is plausible and beneficial for SMEs to be incorporated in the strategic decision making process.

  20. In search of the "lost capital". A theory for valuation, investment decisions, performance measurement

    OpenAIRE

    Magni, Carlo Alberto

    2007-01-01

    This paper presents a theoretical framework for valuation, investment decisions, and performance measurement based on a nonstandard theory of residual income. It is derived from the notion of "unrecovered" capital, which is here named "lost" capital because it represents the capital foregone by the investors. Its theoretical strength and meaningfulness is shown by deriving it from four main perspectives: financial, microeconomic, axiomatic, accounting. Implications for asset valuation, cap...

  1. Budget 2002: business taxation measures

    OpenAIRE

    Blow, L.; Hawkins, M.; Klemm, A.; McCrae, J.; Simpson, H.

    2002-01-01

    Following the 2002 Budget, this Briefing Note examines some of the Chancellor's changes to business taxation. A number of Budget measures, including the research and development tax credit for large companies and the exemption of capital gains on the sale of subsidiaries, are welcome and should improve the efficiency of the UK's tax system. All of these measures were subject to extensive prior consultation. A number of other measures were not foreshadowed in the Pre-Budget Report. Three of th...

  2. Debates sobre teoría del capital On some debates in capital theory

    Directory of Open Access Journals (Sweden)

    Sen Amartya

    1998-12-01

    Full Text Available En este articulo, Amartya Sen pone en escena una de las discusiones mas candentes en el debate económico de los años sesenta y setenta -la controversia de la teoría de capital entre las escuelas de Cambridge, la inglesa y la norteamericana- a traves de dos personajes: Euda y Subhuti, este ultimo un antiguo discípulo suyo que debido a algunos deslices debe reencarnar como economista en el siglo XX. La pieza esta llena de humor e ironía y, también, de agudas observaciones sobre este debate. Joan Robinson, (1954 abrio la discusión cuando pregunto como se media el capital en funcion de de producción agregada neoclásica. Sraffa (1960 mostro que la medida de capital no es independiente de la distribución y de los precios, y Garegnani (1970, que una funcion neoclasica bien comportada descansa en supuestos y restricciones demasiado exigentes e irreales. Sen , a traves de Buda, recomienda a su discípulo: "oh, Subhuti, no gastes tu vida en un problema que qiza sea trivial".In this article, Amartya Sen dramatizes one of the most heated discussions in the economic debates of the sixties and seventies the controversy over the theory of capital between the Cambridge schools of England and America- by means of two characters: Buddha and Subhuti, the latter an old disciple who, owing to some slips, must reincarnate as an economist in the twentieth century. The piece is full of humor and irony, as well as sharp observations about this debate. Joan Robinson (1954 opened the deba te when she asked how capital was measured in the neoclassical aggregated production function. Sraffa (1960 showed that the measurement of capital is not independent from the distribution of prices, and Garegnani (1970 showed that a well behaved neoclassical production function rests upon assumptions and restrictions that are too demanding and unreal. Sen, through Buddha, recommends to his disciple: "Do not spend your life, oh Subhuti, on a problem that may be trivial.

  3. The Miracle of Money! Managing LRC Budgets, Funds and Fund Raising.

    Science.gov (United States)

    McLaren, M. Bruce

    1994-01-01

    Describes the management of a learning resource center (LRC) budget. Topics discussed include controlling a budget, keeping records, managing grants, managing petty cash, responding to unexpected expenses, managing capital outlay dollars, managing insurance, balancing budgets, budget stretching strategies, and fund raising. (JLB)

  4. Capital budget practices: a study in hospitality companies of São Paulo, Rio de Janeiro and Salvador

    Directory of Open Access Journals (Sweden)

    Manoela Quint dos Santos Zanini

    2013-12-01

    Full Text Available Budget is considered an essential process to management and communication to the company, to assist in the identification of potentials bottlenecks, to define specific goals and objectives and evaluate future performances. Therefore, this study aims is to analyze the capital budgeting practices adopted by the hotel companies in the cities of Sao Paulo, Rio de Janeiro and Salvador. Data were collected applying questionnaires in the three cities, constituting a population of 12 hotels associated with ABIH (Brazilian Hotel Industry Association. The results show that the Profitability Index is considered dominant in the budget evaluation by the hotels companies in Brazil, as well the Cost of Equity at the definition of the minimum acceptable rate of return, which is usually the same for all investments. Regarding the most critical stages of the process of investments analyses, are considered critical by the managements the definition of the project and the cash flow forecasting. For the matter of predictability of the hotel environment, the behavior of suppliers is assessed as partially unpredictable, the financial market assessed as possibly predictable and the government assessed as totally unpredictable. And, in addition to this, it was found that the macroeconomic data and the life expectancy are knowledge obtained with little or no frequency by the hotel’s information system.

  5. A Continuous Improvement Capital Funding Model.

    Science.gov (United States)

    Adams, Matt

    2001-01-01

    Describes a capital funding model that helps assess facility renewal needs in a way that minimizes resources while maximizing results. The article explains the sub-components of a continuous improvement capital funding model, including budgeting processes for finish renewal, building performance renewal, and critical outcome. (GR)

  6. Capital Projects Application (CPA)

    Data.gov (United States)

    General Services Administration — Capital Projects application (CPA) provides users with the ability to maintain project related financial data for Budget Activity (BA) 51, 55, 64, 01, 02, 03, 04....

  7. The Utility of Vulnerability and Social Capital Theories in Studying the Impact of Hurricane Katrina on the Elderly

    Science.gov (United States)

    Durant, Thomas J., Jr.

    2011-01-01

    The definition of a disaster is followed by an explanation of vulnerability and social capital theories. The importance of using a sound theoretical framework and the utility and efficacy of vulnerability and social capital theories in studying the impact of natural disasters on the elderly population are emphasized and discussed. The conclusion…

  8. Voting behavior and budget stability

    Directory of Open Access Journals (Sweden)

    Cristina Vicente

    2013-01-01

    Full Text Available The aim of this paper is to analyze how the implementation of the Budgetary Stability Law has affected Political Budget Cycles generated by Spanish local governments. Specifically, we study whether the evolution of debt, budget deficit, capital spending and current spending over the electoral cycle has changed after the introduction of this law. We use a sample of 132 Spanish municipalities with more than 50,000 inhabitants (including the provincial capitals during the period 1995–2009. Our results show that the Budgetary Stability Law has avoided electoral cycles in debt. On the contrary, the adoption of this law has not mitigated the incumbents’ incentives to manipulate deficit, capital spending and current spending with electoral aims. Nevertheless, it has caused a change in the way in which mayors manipulate fiscal policy over the electoral cycle. The opportunistic expansion covered both preelectoral year and the electoral year before the implementation of this fiscal rule, while after that, deficit and spending increases are confined in the election year.

  9. TESTING ON PECKING ORDER THEORY AND ANALYSIS OF COMPANY’S CHARACTERISTIC EFFECTS ON EMITTEN’S CAPITAL STRUCTURE

    Directory of Open Access Journals (Sweden)

    Tajudin Noor

    2015-05-01

    Full Text Available Pecking Order Theory (POT states that hierarchy fundings based on the cheapest cost coming from internal fund, followed by external fund are needed to determine the capital structure. The research objectives were to examine the concept of POT in agriculture companies listed on Indonesia Stock Exchange in order to decide the capital structure policies as well as to analyse the effects of company’s characteristics to the emitten capital structure. The research used regression analysis with pooled least square (PLS method in order to test POT, while the fixed effect model (FEM was applied to analyze the effect of company’s characteristics on capital structure. Regression analysis in evaluating pecking order theory’s concept shows that internal funding deficit significantly gives positive influence to the change of long term debts. Regression analysis resulted from company’s characteristics (profitability, size, growth, tangibility and liquidity shows that the company’s size and growth have significant positive effects on capital structure (leverage, whereas company’s profitability and liquidity have significant negative effects on capital structure (leverage. By contrast, company’s assets structure (tangibility do not give significantly influence on capital structure (leverage in 10% level of significance. The research shows that issuers in agricultural sector have implemented the concept of POT through the hierarchy usage of the cheapest financing from the internal as a priority followed by the external financing (debt.Keywords: Pecking Order Theory, capital structure, company’s characteristics, PLS, FEMABSTRAKPecking Order Theory menyatakan bahwa penentuan struktur modal yang optimal didasarkan pada keputusan pendanaan secara hirarki berdasarkan biaya modal yang paling murah yang bersumber pada dana internal, baru kemudian menggunakan sumber dana eksternal. Penelitian ini bertujuan menguji penggunaan konsep Pecking Order Theory

  10. Understanding the Budget Process

    Directory of Open Access Journals (Sweden)

    Mesut Yalvaç

    2000-03-01

    Full Text Available Many different budgeting techniques can be used in libraries, and some combination of these will be appropriate for almost any individual situation. Li-ne-item, program, performance, formula, variable, and zero-base budgets all have features that may prove beneficial in the preparation of a budget. Budgets also serve a variety of functions, providing for short-term and long-term financial planning as well as for cash management over a period of time. Short-term plans are reflected in the operating budget, while long-term plans are reflected in the capital budget. Since the time when cash is available to an organization does not usually coincide with the time that disbursements must be made, it is also important to carefully plan for the inflow and outflow of funds by means of a cash budget.      During the budget process an organization selects its programs and activities by providing the necessary funding; the library, along with others in the organization, must justify its requests. Because of the cyclical nature of the budget process, it is possible continually to gather information and evaluate alternatives for the next budget period so that the library may achieve its maximum potential for service to its patrons.

  11. Queer theory, late capitalism, and internalized homophobia.

    Science.gov (United States)

    Kirsch, Max

    2006-01-01

    The emergence of queer theory represents a transformation in the approach to lesbian, gay, bisexual and transgendered peoples. It has claimed new ground for treating sexuality and gender as worthy subjects in their own rights, rather than offshoots of gay and lesbian studies or of general cultural theory. The author contends, however, that it is doubtful that this approach can lead to social change. Queer theory has dismissed the usefulness of the disciplines that were the foundation of the social movements that initiated gay and lesbian studies, such as political economy, and in doing so, it has surreptitiously mirrored the social relations of reproduction that constitute late capitalism. This mirroring has had unseen consequences for the individual in society, and with queer theory's insistence on the relativity of experience and the dismissal of identity, has set the stage for a benign reinforcement of internalized homophobia. The author argues that this approach can be mediated by recognizing that identity is fluid, and that by focusing on identifying with social movements rather than centering analyses on the problems associated with identifying as a particular category of status and being, we can refocus our energies on the building and maintenance of mutual support and collective recognition that can lead to resolving the stagnation now dominating attempts to develop coalitions around issues that matter.

  12. Marx @ 200: Debating Capitalism & Perspectives for the Future of Radical Theory (combined PDF of all articles

    Directory of Open Access Journals (Sweden)

    Christian Fuchs

    2018-05-01

    Full Text Available Combined pdf of all articles published in the special issue "Marx @ 200: Debating Capitalism & Perspectives for the Future of Radical Theory", edited by Christian Fuchs and Lara Monticelli, tripleC: Communication, Capitalism & Critique 16 (2, 2018, pp. 406-741.

  13. The pitfalls of capital budgeting : when costs correlate to oil price. Is the real-options approach superior to traditional valuation?

    Energy Technology Data Exchange (ETDEWEB)

    Schiozer, R.F. [Getulio Vargas Foundation, Sao Paolo (Brazil). School of Administration de Empresas; Costa Lima, G.A.; Suslick, S.B. [Unicamp, Campinas (Brazil). Center of Petroleum Studies

    2007-07-01

    Due to increased demand for drilling rigs, specialized labor force and other resources, the costs of exploration, appraisal, development and production have significantly risen over the last five years. The change in costs has mostly been attributed to the increased activity in the oil and gas exploration and production (EP) industry, as a result of the increase in oil prices. It was hypothesized that operating costs in the EP industry were strongly correlated to the price of oil. However, the correlation between prices and costs has traditionally been overlooked in the capital budgeting process. This paper investigated the economic relationship between oil price and the operating costs in the EP industry. It also explored its implications for the capital budgeting process and decision-making. The paper demonstrated the evaluation of projects under traditional net present value (NPV) and real-option approaches. Empirical evidence was also provided on how costs correlated to oil prices. The differences between project valuation when cost-price correlation was taken into account or not was also discussed. Last, findings, conclusions and general implications of the results obtained for the decision-making process were identified. It was concluded that there was a positive correlation between price and operating costs, and that overlooking this relationship would have significant implications on the valuation of investment projects, both using a traditional NPV methodology, which resulted in undervalued projects, and under real option analysis, which resulted in overvaluing projects. 6 refs., 2 tabs., 5 figs.

  14. The pitfalls of capital budgeting : when costs correlate to oil price. Is the real-options approach superior to traditional valuation?

    International Nuclear Information System (INIS)

    Schiozer, R.F.; Costa Lima, G.A.; Suslick, S.B.

    2007-01-01

    Due to increased demand for drilling rigs, specialized labor force and other resources, the costs of exploration, appraisal, development and production have significantly risen over the last five years. The change in costs has mostly been attributed to the increased activity in the oil and gas exploration and production (EP) industry, as a result of the increase in oil prices. It was hypothesized that operating costs in the EP industry were strongly correlated to the price of oil. However, the correlation between prices and costs has traditionally been overlooked in the capital budgeting process. This paper investigated the economic relationship between oil price and the operating costs in the EP industry. It also explored its implications for the capital budgeting process and decision-making. The paper demonstrated the evaluation of projects under traditional net present value (NPV) and real-option approaches. Empirical evidence was also provided on how costs correlated to oil prices. The differences between project valuation when cost-price correlation was taken into account or not was also discussed. Last, findings, conclusions and general implications of the results obtained for the decision-making process were identified. It was concluded that there was a positive correlation between price and operating costs, and that overlooking this relationship would have significant implications on the valuation of investment projects, both using a traditional NPV methodology, which resulted in undervalued projects, and under real option analysis, which resulted in overvaluing projects. 6 refs., 2 tabs., 5 figs

  15. 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.

  16. Updating cultural capital theory

    DEFF Research Database (Denmark)

    Prieur, Annick; Savage, Mike

    2011-01-01

    This paper considers how the analysis of cultural engagement can be elaborated through a reworking of the concept of cultural capital, as originally derived from Bourdieu’s (1984) Distinction. Drawing on detailed studies of the UK and Aalborg, Denmark, we show that despite the weakening of ‘‘high......This paper considers how the analysis of cultural engagement can be elaborated through a reworking of the concept of cultural capital, as originally derived from Bourdieu’s (1984) Distinction. Drawing on detailed studies of the UK and Aalborg, Denmark, we show that despite the weakening...

  17. Educational Mismatches and Earnings: Extensions of Occupational Mobility Theory and Evidence of Human Capital Depreciation

    Science.gov (United States)

    Rubb, Stephen

    2006-01-01

    Using a human capital theory framework, this study examines the impact of educational mismatches on earnings and occupational mobility. Occupational mobility theory suggests that overeducated workers observe greater upward occupational mobility and undereducated workers observe lower upward occupational mobility. By extension, this leads to…

  18. State Spending on Higher Education Capital Outlays

    Science.gov (United States)

    Delaney, Jennifer A.; Doyle, William R.

    2014-01-01

    This paper explores the role that state spending on higher education capital outlays plays in state budgets by considering the functional form of the relationship between state spending on higher education capital outlays and four types of state expenditures. Three possible functional forms are tested: a linear model, a quadratic model, and the…

  19. 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...

  20. Incentives, Capital Budgeting, and Organizational Structure

    OpenAIRE

    Motta, Adolfo de; Ortega Diego, Jaime

    2013-01-01

    Divisional managers compete for financial resources in what is often referred to as an internal capital market. They also have a common interest in maximizing corporate profits, as this determines the resources available to the firm as a whole. Both goals are powerful motivators but can at times conflict: while the amount of resources available to the firm depends on corporate performance, divisional funding depends upon the division's performance relative to the rest. We propose a model in w...

  1. The Long Term Impact of Budget Deficits on Economic Growth In ...

    African Journals Online (AJOL)

    There were significant positive long-run relationships between the capital stock, ... however, be to use the budget to create the necessary public investments in capital ... linkages with agriculture and industry to generate good future returns.

  2. 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

  3. When do mixotrophs specialize? Adaptive dynamics theory applied to a dynamic energy budget model.

    NARCIS (Netherlands)

    Troost, T.A.; Kooi, B.W.; Kooijman, S.A.L.M.

    2005-01-01

    In evolutionary history, several events have occurred at which mixotrophs specialized into pure autotrophs and heterotrophs. We studied the conditions under which such events take place, using the Dynamic Energy Budget (DEB) theory for physiological rules of the organisms' metabolism and Adaptive

  4. Access, Resources, and Classes in the History of Capitalism: A Theory of Social Stratification from a Cognitive Materialist Perspective

    Directory of Open Access Journals (Sweden)

    Mariano Zukerfeld

    2016-04-01

    Full Text Available This article aims to apply some concepts from cognitive materialism to the sociological problem of social stratification in capitalism, both in theoretical and abstract terms and through concrete historical examples. After discussing the necessity for a theory of social classes, a division is presented between two types of resources: those intensive in material and energy, and those which are knowledge intensive. At the same time three alternative conditions of access to these resources are theorized: exclusive access (applicable to physical or intellectual property, non-exclusive access, and no access. Combining the different types of resource with the different types of access, we obtain a proposal for a theory of classes (reclaiming this theory as the most powerful for the analysis of social stratification which we apply, in a simplified and schematic way, to various periods. Thus, we analyze social strata in the transition from feudalism to mercantile capitalism, the subsequent transition to industrial capitalism (in which we distinguish two clearly differentiated stages, and finally, in the current transformation into informational capitalism.

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

    Directory of Open Access Journals (Sweden)

    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

  6. 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...

  7. Human and Inhuman Capital, and Schooling

    Directory of Open Access Journals (Sweden)

    Primož Krašovec

    2014-06-01

    Full Text Available Theories of human capital are becoming an increasingly common reference in both newer pedagogical theories as well as political documents, outlining the plans for reforms of science and education. As a part of broader ideology of knowledge society, human capital theories represent ideological legitimation of neoliberal trends in science and education policies. Increased investment in human capital on both social and individual level is supposed to increase the competitiveness of the economy as a whole as well as employability and welfare of individuals. In the first part of the article, we sketch the intellectual history and the socio-political context of the development of theories of human capital. Second part is dedicated to a critique of characteristically neoliberal equalization of labor with capital and of a theory, according to which investment in human capital brings profits to individual workers. In the third part, we outline a general socio-historical dynamics of the development of high-tech capitalism and show that “investments in human capital” and economic innovations do not bring about increased social welfare. In the fourth, final part, we analyze in detail how current educational reforms impact the learning process and working conditions at public universities.

  8. Cognitive Capitalism, Education and Digital Labor

    Science.gov (United States)

    Peters, Michael A., Ed.; Bulut, Ergin, Ed.

    2011-01-01

    Cognitive capitalism--sometimes referred to as "third capitalism," after mercantilism and industrial capitalism--is an increasingly significant theory, given its focus on the socio-economic changes caused by Internet and Web 2.0 technologies that have transformed the mode of production and the nature of labor. The theory of cognitive…

  9. TESTING OF PECKING ORDER THEORY THROUGH THE RELATIONSHIP: EARNINGS, CAPITAL STRUCTURE, DIVIDEND POLICY, AND FIRM’S VALUE

    Directory of Open Access Journals (Sweden)

    Harmono Harmono

    2017-03-01

    Full Text Available This study aimed to test the pecking order theory through its correlation among earnings dimension, capitalstructure, dividend policy and firm’s value perspective. By loading the correlation between dimension one toanother, it indicated that management behavior tended to retained earnings accumulation or to debt collectionin financing the operation of the firm. The pecking order theory were tested when the management behaviortended to retained earnings in accumulating sources of the fund equity rather than borrowing liabilities fromcreditors. Therefore, rationally if the capital structure was optimum, management tended to external financinguntil any trade off between earnings and debt financing. Based on the testing hypothesis, it indicated that therole of capital structure dimension had significance as intervening variable between earnings dimension andfirm’s value. On the other hand, the dividend policy had no significance to become intervening variable.Empirically, it could be concluded that the management behavior in Indonesia tended to leverage rather thanretained earnings accumulation in supporting the pecking order theory. Furthermore, the variable had the roleto differentiate the characteristic of industries represented by the capital structure dimension, especially, debtto assets and debt to equity ratio.

  10. The Relationship Between Postsecondary Education and Skill: Comparing Credentialism with Human Capital Theory

    Science.gov (United States)

    Walters, David

    2004-01-01

    This paper assesses the importance of the credential requirements used by employers to attract graduates who will use their education on the job. The framework of this study is embedded within the theoretical debates between proponents of the credentialist and human capital theories of education. Past research related to these debates has focused…

  11. Capital Structure Analysis Of EBX Group’s Companies: Combining Theory And Practice

    Directory of Open Access Journals (Sweden)

    Matheus da Costa Gomes

    2017-12-01

    Full Text Available According to market timing theory, companies tend to issue stocks or debts in order to exploit the opportunity window and this behavior is a significant determinant for capital structure. Based on this assertion and recent evidence found in the Brazilian market, this paper has the objective of analyzing the market timing behavior of the six publicly-traded companies in BM&FBOVESPA of the EBX Group (MPX, MMX, OXX, LLX, OSX and CCX, until mid-2013. For this purpose, the methodology used was a case study and as the main source of evidence indicators related to capital structure and stock market. An econometric approach to panel data has also been inserted to strengthen analyzes. The results show that the financial decisions made by managers of the EBX Group indicate attempts to exploit the opportunity windows related to the stock market, mainly measured by Shiller's price-to-earnings ratio (Shiller PE, an aggregate market index, as well as the market-to-book (M/B ratio of each company analyzed. This paper contributes to the discussion of market timing in Brazil, combining theory and practice in an intuitive and dynamic way bringing aspects related to companies and market conditions.

  12. Dominant Capital and the New Wars

    Directory of Open Access Journals (Sweden)

    Shimshon Bichler

    2015-08-01

    Full Text Available The recent shift from ‘global villageism’ to the ‘new wars’ revealed a deep crisis in heterodox political economy. The popular belief in neoliberal globalization, peace dividends, fiscal conservatism and sound finance that dominated the 1980s and 1990s suddenly collapsed. The early 2000s brought rising xenophobia, growing military budgets and policy profligacy. Radicals were the first to identify this transition, but their attempts to explain it have been bogged down by two major hurdles: (1 most writers continue to apply nineteenth century theories and concepts to twenty-first century realities; and (2 few seem to bother with empirical analysis. This paper offers a radical alternative that is both theoretically new and empirically grounded. We use the ‘new wars’ as a stepping stone to understand a triple transformation that altered the nature of capital, the accumulation of capital and the unit of capital. Specifically, our argument builds on a power understanding of capital that emphasizes differential accumulation by dominant capital groups. Accumulation, we argue, has little to do with the amassment of material things measured in ‘utils’ or ‘abstract labor.’ Instead, accumu-lation, or ‘capitalization,’ represents a commodification of power by leading groups in society. Over the past century, this power has been restructured and concentrated through two distinct regimes of differential accumulation—‘breadth’ and ‘depth.’ A breadth regime relies on proletarianization, on green-field investment and, particularly, on mergers and acquisitions. A depth regime builds on redistribution through stagflation—that is, on differential inflation in the midst of stagnation. In contrast to breadth which presupposes some measure of growth and stability, depth thrives on ‘accumulation through crisis.’ The past twenty years were dominated by breadth, buttressed by neoliberal rhetoric, globalization and capital mobility. This regime started

  13. The role of the hierarchical theory in explaining the capital structure of the firms based on enterprise life cycle model

    Directory of Open Access Journals (Sweden)

    Jamal Bahiri Saleth

    2016-01-01

    Full Text Available Capital structure is a controversial issue in the field of corporate finance. There are several studies to find a way to determine the optimal capital structure to minimize the cost of capital and maximize the corporate value. In fact, capital structure is a combination of firms’ liabilities and capital to meet long term assets. This paper investigates the role of the hierarchical theory in explaining the capital structure of the firms based on enterprise life cycle model on selected firms listed on Tehran Stock Exchange (TSE using three methods of net equities, net liabilities and retained earnings. The study uses Park and Chen’s (2006 method [Park, Y., & Chen, K. H. (2006. The effect of accounting conservatism and life-cycle stages on firm valuation. Journal of Applied Business Research (JABR, 22(3, 75-92.] to categorize the life cycle of 81 randomly selected firms from TSE over the period 2007-2012. The results indicate that the hierarchical theory represents the growing firms better than the matured firms do. The results also show that firms were more willing to reduce their dividend per share for financing their projects.

  14. Budgeting and Finance

    NARCIS (Netherlands)

    F.K.M. van Nispen tot Pannerden (Frans)

    2012-01-01

    textabstractThe Call for a Budgetary Theory: The appeal of Valdimer Key for a budgetary theory marks the interest in public budgeting in modern history. He clearly referred to a normative theory, raising the question: ‘on what basis shall it be decided to allocate X dollars to activity A instead of

  15. Realizing the financial benefits of capitation arbitrage.

    Science.gov (United States)

    Sussman, A J; Fairchild, D G; Colling, M C; Brennan, T A

    1999-11-01

    By anticipating the arbitrage potential of cash flow under budgeted capitation, healthcare organizations can make the best use of cash flow as a revenue-generating resource. Factors that determine the magnitude of the benefits for providers and insurers include settlement interval, withhold amount, which party controls the withhold, and incurred-but-not-reported expenses. In choosing how to structure these factors in their contract negotiations, providers and insurers should carefully assess whether capitation surpluses or deficits can be expected from the provider. In both instances, the recipient and magnitude of capitation arbitrage benefits are dictated largely by the performance of the provider.

  16. Support for Business R&D in Budget 2012: Two Steps Forward and One Back

    Directory of Open Access Journals (Sweden)

    John Lester

    2012-08-01

    Full Text Available The federal budget contains some sensible changes to the SR&ED investment tax credit, but the decision to reduce support for large firms to provide additional support for small firms is a step in the wrong direction. The Jenkins Panel* expressed concern about excessive subsidization of small and medium-sized firms and recommended cutting back on the enhanced SR&ED credit in order to finance more targeted support for these firms. Following that advice would have improved the social return on support for R&D; in contrast, the budget measures marginally reduce the benefits to society from subsidizing R&D. The budget also announced $400 million in additional funding for risk capital. Returns in the venture capital industry are very low and the additional funding is unlikely to be successfully deployed until returns improve. There is abundant evidence that the tax credit for investment in Labour-Sponsored Venture Capital Corporations is crowding out private investment and contributing to low rates of return; eliminating the credit is therefore an essential first step in restoring the financial health of the venture capital industry.

  17. The Q theory of investment, the capital asset pricing model, and asset valuation: a synthesis.

    Science.gov (United States)

    McDonald, John F

    2004-05-01

    The paper combines Tobin's Q theory of real investment with the capital asset pricing model to produce a new and relatively simple procedure for the valuation of real assets using the income approach. Applications of the new method are provided.

  18. Human capital, social capital and scientific research in Europe: an application of linear hierarchical models

    OpenAIRE

    Mathieu Goudard; Michel Lubrano

    2011-01-01

    The theory of human capital is one way to explain individual decisions to produce scientific research. However, this theory, even if it reckons the importance of time in science, is too short for explaining the existing diversity of scientific output. The present paper introduces the social capital of Bourdieu (1980), Coleman (1988) and Putnam (1995) as a necessary complement to explain the creation of scientific human capital. This paper connects these two concepts by means of a hierarchical...

  19. Was Weber Wrong? A Human Capital Theory of Protestant Economic History. PEPG/07-04

    Science.gov (United States)

    Becker, Sascha O.; Wohmann, Ludger

    2007-01-01

    Max Weber attributed the higher economic prosperity of Protestant regions to a Protestant work ethic. We provide an alternative theory, where Protestant economies prospered because instruction in reading the Bible generated the human capital crucial to economic prosperity. County-level data from late 19th-century Prussia reveal that Protestantism…

  20. Qatar - large capital investment planned

    International Nuclear Information System (INIS)

    Roberts, J.

    1996-01-01

    Large capital investments are planned throughout Qatar's energy industry over the next five years totalling $25 billion. This article describes the successful commissioning of Qatar's first liquefied natural gas (LNG) project on time and within budget. The second LNG plant is well underway and plans for a third are under negotiation. (UK)

  1. Carbon emissions linked to capital and technology transfer

    International Nuclear Information System (INIS)

    Smith, P.F.

    1994-01-01

    Reducing carbon dioxide emissions, and hence global warming, could be achieved by placing a carbon budget on buildings and light vehicles. In this scheme, a building or vehicle is allocated an annual carbon budget expressed as kg/carbon. The user of the building or vehicle is then taxed for every carbon unit used over its budget limit. The aim of this paper is to extend this carbon budget idea in order to set up a formula for achieving capital and technology transfer from industrialized countries to developing countries. In addition, the author proposes a mechanism for linking historic carbon emissions caused in the industrialized world with compensation strategies for the developing nations. (UK)

  2. 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.

  3. 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.

  4. Vital signs: Budgets struggle to recover in teeth of Kyoto stream

    International Nuclear Information System (INIS)

    Lunan, D.

    2003-01-01

    Difficulties experienced by oil and gas companies in establishing their 2003 budgets due to the uncertainty surrounding the impact of Canada's ratification of the Kyoto Protocol are discussed. Only Shell Canada and Petro-Canada set their capital budgets by early December, an exercise that traditionally is wrapped up by early autumn. Nevertheless, for 2003 industry analysts anticipate a modest increase in industry capital expenditures to about $25 billion, up from $23.5 billion in 2002. Petro-Canada forecasts a substantial increase in its capital spending (to $2.6 billion) in its pursuit of growth at home and abroad, as is EnCana Corp., which anticipates spending a staggering $5 billion with 70 per cent earmarked for conventional onshore activities, the remainder for offshore and international initiatives. On the opposite end, Shell Canada set its capital and exploration budget at $810 million, about $1 billion less than in 2002, reflecting the completion of the Athabasca Oil Sands Project. Despite the dip in spending this year, Shell Canada nevertheless is maintaining an aggressive five-year plan that will see planned capital and exploration expenditures of some $3.4 billion, of which $1.2 billion is earmarked to move East Coast and Mackenzie Delta frontier opportunities forward. Overall, this year's modest increase in projected industry expenditures is seen as a welcome rebound from 2002, when the events of September 11, 2001, shook the political and economic foundations of the western world, causing total industry spending to fall from a record $27.7 billion in 2001. The most visible sign of industry's restraint in 2002 was at the land sale table, where sales were only half those generated in 2001

  5. Does human capital matter? A meta-analysis of the relationship between human capital and firm performance.

    Science.gov (United States)

    Crook, T Russell; Todd, Samuel Y; Combs, James G; Woehr, David J; Ketchen, David J

    2011-05-01

    Theory at both the micro and macro level predicts that investments in superior human capital generate better firm-level performance. However, human capital takes time and money to develop or acquire, which potentially offsets its positive benefits. Indeed, extant tests appear equivocal regarding its impact. To clarify what is known, we meta-analyzed effects drawn from 66 studies of the human capital-firm performance relationship and investigated 3 moderators suggested by resource-based theory. We found that human capital relates strongly to performance, especially when the human capital in question is not readily tradable in labor markets and when researchers use operational performance measures that are not subject to profit appropriation. Our results suggest that managers should invest in programs that increase and retain firm-specific human capital.

  6. Thomas Piketty’s capitalism revisited

    Directory of Open Access Journals (Sweden)

    Milovanović Milić

    2015-01-01

    Full Text Available Thomas Piketty’s international best selling Capital in the Twenty-First Century lays out his theory of a long-run rise in income inequality under capitalism. It is written as a manifesto urging reintegration of social sciences. A number of reviewers judged it on ideological grounds, labeling it either as a revolution in economic thinking, or dismissing it offhandedly. Piketty’s theory of rising inequality is based on the two Fundamental Laws of Capitalism, developed after the Solow growth model. However, this model is inconsistent with Piketty’s own characterization of modern capitalism. Moreover, his sole justification for the constant discrepancy between rate of return and rate of income growth (r > g is based on the high elasticity of substitution between capital and labor. However, that is just one factor that can have an influence on factor income shares. By failing to offer a consistent theory of rising inequality, his piece can hardly be considered as a useful founding stone for a new social science.

  7. The Return of "Patrimonial Capitalism": A Review of Thomas Piketty's Capital in the Twenty-First Century

    OpenAIRE

    Branko Milanovic

    2014-01-01

    Capital in the Twenty-First Century by Thomas Piketty provides a unified theory of the functioning of the capitalist economy by linking theories of economic growth and functional and personal income distributions. It argues, based on the long-run historical data series, that the forces of economic divergence (including rising income inequality) tend to dominate in capitalism. It regards the twentieth century as an exception to this rule and proposes policies that would make capitalism sustain...

  8. 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...

  9. Working Paper on Social capital

    DEFF Research Database (Denmark)

    Lassen Hanan, Anne

    This paper outlines the major schools within social capital theory. Contemporary authors such as Coleman, Putnam and Bourdieu are elaborated on. The paper also presents a non-exhaustive review on studies of social capital. Furthermore, a criticial discussion on social capital is reviewed, before...

  10. Capital gains in economic theory and national accounting

    Directory of Open Access Journals (Sweden)

    J. STEINDL

    1998-12-01

    Full Text Available Capital gains are ironically one of the least studied concepts in economics despite their crucial role in national accounting. Although capital gains are technically not involved in the circular flow of production and incomes, they are a vital determinants of consumer credit and personal savings. Recent findings, in fact, correlate capital gains with the prevalence of inflationary pressures and gyrations on spending in assets.

  11. Reform of Budgeting for Acquisition: Lessons from Private Sector Capital Budgeting for the Department of Defense

    National Research Council Canada - National Science Library

    McCaffery, Jerry L; Jones, Lawrence R

    2006-01-01

    .... The governments of New Zealand, Australia, and the United Kingdom, as well as most of the states in the United States have adopted some private budgeting methods with varying degrees of success...

  12. An Empirical Study on Market Timing Theory of Capital Structure

    Directory of Open Access Journals (Sweden)

    Ignatius Rony Setyawan

    2016-12-01

    Full Text Available The theory of capital structure has advanced remarkably. This development began as many firms had options to consider various external factors determining the composition of debt and equity. Not only the asymmetric information or the conflict among bondholders and shareholders initiated the Pecking Order Theory and the Static Trade-off Theory respectively but also the overvalued or undervalued of stock price had to be taken as a determinant factor for identifying the ideal debt-equity mix. The author maintains these factors as they were pioneers to this theory on Market Timing Theory (MTT introduced by Baker and Wurgler (2002. The essence of this theory is described when stock prices are overvalued, firms will finance projects through debts, otherwise the firms will be undervalued and be relied on equity financing. Using the methodology introduced by Baker and Wurgler (2002, the author selected only samples of IPOs of firms during 2008-2009 to limit the scope of this study. The main objective of this study is to test the hypothèses of Market Timing Theory formulated by Dahlan (2004 and by Kusumawati and Danny (2006 which have been proven by the GLS model, and the OLS model-like as in Baker and Wurgler (2002, Susilawati (2008 and Saad (2010. This study concludes that the market-to-book ratio has a negative effect on the market leverage. The implication is that when firms achieve certain level of earnings growth, the stock price will be overvalued, so it would be the right timing for firms to proceed equity financing. Under the robustness test with GLS Random Effect, the hypothèses of MTT is supported.

  13. An Empirical Study on Market Timing Theory of Capital Structure

    Directory of Open Access Journals (Sweden)

    Ignatius Rony Setyawan

    2011-08-01

    Full Text Available The theory of capital structure has advanced remarkably. This development began as many firms had options to consider various external factors determining the composition of debt and equity. Not only the asymmetric information or the conflict among bondholders and shareholders initiated the Pecking Order Theory and the Static Trade-off Theory respectively but also the overvalued or undervalued of stock price had to be taken as a determinant factor for identifying the ideal debt-equity mix. The author maintains these factors as they were pioneers to this theory on Market Timing Theory (MTT introduced by Baker and Wurgler (2002. The essence of this theory is described when stock prices are overvalued, firms will finance projects through debts, otherwise the firms will be undervalued and be relied on equity financing. Using the methodology introduced by Baker and Wurgler (2002, the author selected only samples of IPOs of firms during 2008-2009 to limit the scope of this study. The main objective of this study is to test the hypothèses of Market Timing Theory formulated by Dahlan (2004 and by Kusumawati and Danny (2006 which have been proven by the GLS model, and the OLS model-like as in Baker and Wurgler (2002, Susilawati (2008 and Saad (2010. This study concludes that the market-to-book ratio has a negative effect on the market leverage. The implication is that when firms achieve certain level of earnings growth, the stock price will be overvalued, so it would be the right timing for firms to proceed equity financing. Under the robustness test with GLS Random Effect, the hypothèses of MTT is supported.

  14. Social capital: theory, evidence, and implications for oral health.

    Science.gov (United States)

    Rouxel, Patrick L; Heilmann, Anja; Aida, Jun; Tsakos, Georgios; Watt, Richard G

    2015-04-01

    In the last two decades, there has been increasing application of the concept of social capital in various fields of public health, including oral health. However, social capital is a contested concept with debates on its definition, measurement, and application. This study provides an overview of the concept of social capital, highlights the various pathways linking social capital to health, and discusses the potential implication of this concept for health policy. An extensive and diverse international literature has examined the relationship between social capital and a range of general health outcomes across the life course. A more limited but expanding literature has also demonstrated the potential influence of social capital on oral health. Much of the evidence in relation to oral health is limited by methodological shortcomings mainly related to the measurement of social capital, cross-sectional study designs, and inadequate controls for confounding factors. Further research using stronger methodological designs should explore the role of social capital in oral health and assess its potential application in the development of oral health improvement interventions. © 2014 John Wiley & Sons A/S. Published by John Wiley & Sons Ltd.

  15. Social Capital and Educational Achievements: Coleman vs. Bourdieu

    Science.gov (United States)

    Rogošic, Silvia; Baranovic, Branislava

    2016-01-01

    The influence of social capital on an individual's educational achievements is the subject of numerous scientific papers. Research on social capital is most frequently based on Coleman's (1988) or Bourdieu's (1986) theories of capital, which are related to different paradigms of social theory: whereas Coleman's approach has its roots in structural…

  16. The Application of Theories of Conflict and Interest Coordination to the Special Aspects of the Regional-Level Budget Policy

    Directory of Open Access Journals (Sweden)

    Михаил Николаевич Грачев

    2011-09-01

    Full Text Available In the given article there is shown that the process of the regional-level budget policy implementation is not free from contradictions arising in the course of the resource allocation and expenditure responsibilities between the levels of the government, and often acquires the conflict nature. Taking into consideration the basic theories, the authors proposed the typology of conflicts between the regional government and municipalities, which can be used in the inter-budget relationships.

  17. Economic and Social Importance of Modern SMART Technologies of Budgeting at the Local Level

    Directory of Open Access Journals (Sweden)

    Kotina Hanna M.

    2017-06-01

    Full Text Available The aim of the article is to study the main SMART technologies of budgeting in terms of their economic and social aspects, consider the risks and prospects of their implementation at the local level in Ukraine. The article is dedicated to description of modern SMART technologies of budgeting. The essence of the concept of infrastructure gap is defined, the necessity of its overcoming through increasing capital expenditures is substantiated. The main methods of financing capital investments are disclosed, the advantages and disadvantages of public-private partnership are determined. The technology of participative budget, its history, features of its introduction and functioning in Poland, Germany and Ukraine are described. The necessity of implementing the Public Finance Management Strategy for 2017-2021 in Ukraine is justified, and risks related to it are investigated.

  18. What Is "Human" in Human Capital Theory? Marking a Transition from Industrial to Postindustrial Education

    Science.gov (United States)

    Peers, Chris

    2015-01-01

    This article addresses educational practice as a site for the development of human capital theory. The article considers metaphysical constructions that are broadly typical of educational thought, and shows how they are amenable to economic analysis. Using different Marxist and feminist methods, it discusses pedagogy and the family as kinds of…

  19. 48 CFR 9904.404 - Capitalization of tangible assets.

    Science.gov (United States)

    2010-10-01

    ... assets. 9904.404 Section 9904.404 Federal Acquisition Regulations System COST ACCOUNTING STANDARDS BOARD, OFFICE OF FEDERAL PROCUREMENT POLICY, OFFICE OF MANAGEMENT AND BUDGET PROCUREMENT PRACTICES AND COST ACCOUNTING STANDARDS COST ACCOUNTING STANDARDS 9904.404 Capitalization of tangible assets. ...

  20. Capital flight and the uncertainty of government policies

    NARCIS (Netherlands)

    Hermes, N.; Lensink, R.

    2000-01-01

    This paper shows that policy uncertainty, measured by the uncertainty of budget deficits, tax payments, government consumption and the inflation rate, has a statistically significant positive impact on capital flight. This result remains robust after having applied stability tests.

  1. Human Capital, (Human) Capabilities and Higher Education

    Science.gov (United States)

    Le Grange, L.

    2011-01-01

    In this article I initiate a debate into the (de)merits of human capital theory and human capability theory and discuss implications of the debate for higher education. Human capital theory holds that economic growth depends on investment in education and that economic growth is the basis for improving the quality of human life. Human capable…

  2. Capital flight and the uncertainty of government policies

    NARCIS (Netherlands)

    Hermes, C.L.M.; Lensink, B.W.

    This paper shows that policy uncertainty, measured by the uncertainty of budget deficits, tart payments, government consumption and the inflation rate, has a statistically significant positive impact on capital flight. This result remains robust after having applied stability tests. (C) 2001

  3. Social capital and educational achievements: Coleman vs. Bourdieu

    OpenAIRE

    Rogosic, Silvia; Baranovic, Branislava

    2016-01-01

    The influence of social capital on an individual’s educational achievements is the subject of numerous scientific papers. Research on social capital is most frequently based on Coleman’s (1988) or Bourdieu’s (1986) theories of capital, which are related to different paradigms of social theory: whereas Coleman’s approach has its roots in structural functionalism, Bourdieu’s approach contains elements of conflict theory. A number of authors, starting with Bourdieu, attempt to explain and prove ...

  4. Corporate Finance In Europe Confronting Theory With Practice

    NARCIS (Netherlands)

    D. Brounen (Dirk); A. de Jong (Abe); C.G. Koedijk (Kees)

    2004-01-01

    textabstractIn this paper we present the results of an international survey among 313 CFOs on capital budgeting, cost of capital, capital structure, and corporate governance. We extend previous results of Graham and Harvey (2001) by broadening their sample internationally, by including corporate

  5. Effects of Social Capital on Academic Success: A Narrative Synthesis

    Science.gov (United States)

    Acar, Erkan

    2011-01-01

    Many researchers link social capital theory to education and commonly use examples from the field of education to examine social capital theory. Accordingly, they accept that reflections and contributions of social capital can be observed in the field of education. This paper examines social capital's effects on academic success in education. In…

  6. Günther Anders’ Undiscovered Critical Theory of Technology in the Age of Big Data Capitalism

    Directory of Open Access Journals (Sweden)

    Christian Fuchs

    2017-06-01

    Full Text Available Günther Anders (1902-1992 was an Austrian philosopher, critical theorist, political activist, and a writer of poems, short stories and novels. His works on the critical theory of technology have remained rather undiscovered. His main work Die Antiquiertheit des Menschen (The Antiquatedness of the Human Being appeared in two volumes and has thus far not been published in English. This essay reviews key aspects of Anders’ works and uses them to critically assess big data capitalism. It first discusses Anders’ concept of the Promethean gap; the gap between what humans can produce with the help of technologies and the capacity of imagining the negative effects these technologies can have. The essay also engages with Anders’ analysis of commercial television and radio. Anders sees capitalism as having catastrophic potentials. He argues that Auschwitz and Hiroshima are two symbols of 20th-century catastrophism. The article discusses Anders’ letter to Klaus Eichmann, the son of Adolf Eichmann, who was in charge of the organisation of the displacement and deportation of Jews in the Third Reich. It furthermore analyses the exchange of letters between Anders and Claude Eatherly, the pilot of an aircraft that supported dropping the nuclear bomb “Little Boy” on Hiroshima. Finally, the paper engages with Anders’ critique of Martin Heidegger’s philosophy. In the age of the Internet and big data capitalism, Anders’ warnings about the potential negative effects of capitalist technologies and capitalism remain of crucial relevance and have taken on new qualities. Anders’ philosophy is an undiscovered critical theory of technology that allows us to critically understand power structures in the age of big data and social media. Günther Anders and Hannah Arendt. Source: posted on Flickr as CC by acido nucleio, https://www.flickr.com/photos/guntheranders/4248063814

  7. The capital structure impact on forming company’s accounting policy

    OpenAIRE

    Česnavičiūtė, Giedrė

    2011-01-01

    KEWORDS: Accounting policy, accounting policy choice, disclosure of accounting policies, capital structure, financial leverage, legitimacy theory, agency theory, signal theory, stakeholder theory. The optimal structure of the capital has a huge impact assuring its goals and financial stability. The company’s appropriate situation of financial condition depends on the accounting policies formation as well. In this paper there was made the investigation of correlation of company’s capital struc...

  8. A Treatise for A New Age in Economic Theory: A Review of George Reisman's Capitalism

    Directory of Open Access Journals (Sweden)

    Wladimir Kraus

    2009-02-01

    Full Text Available George Reisman’s magnum opus Capitalism: A Treatise on Economics is a monumental attempt at theoretical integration of leading economic phenomena into one unified whole. Few such books have been published in the history of economics. Still fewer of them contain a comparable proportion of path-breaking innovations both in approach and substance that are integrated in a tightly-spun system of thought that Capitalism does. Yet despite its numerous path-breaking contributions to economic theory, the book has attracted virtually zero attention from the scientific community. History shows that for the most part this has been the fate of all great innovations in science. This review attempts (a to point out reasons why the book’s content is revolutionary, and (b to finally start a serious discussion of its substantive ideas. Specifically, the review focuses in some detail on some of Reisman’s most important innovations which all point the way to a wholly new direction in economic theory that promises to provide the hitherto unseen conformity with empirical reality, analytical rigor, and doctrinal integration.

  9. Processo Orçamentário: uma aplicação da análise substantiva com utilização da grounded theory [Budgeting: substantive analysis using grounded theory

    Directory of Open Access Journals (Sweden)

    Tânia Regina Sordi Relvas

    2011-09-01

    Full Text Available Diante da constatação de que os estudos sobre o orçamento exploram o fenômeno de forma reducionista, este artigo tem por objetivo propor uma teoria substantiva abrangente e fundamentada em dados empíricos para a análise do orçamento. Essa abordagem considera seus elementos constituintes e suas interdependências. Isso foi feito por meio da aplicação da abordagem indutiva fundamentada nos dados empíricos (grounded theory, sob o paradigma qualitativo. O foco de análise foi uma instituição financeira de grande porte e o trabalho de campo foi desenvolvido ao longo de dois anos, envolvendo vários níveis gerenciais. A contribuição do trabalho advém da disponibilização de framework para o tratamento do tema em um contexto amplo, o que permitiu entender aspectos que deixariam de ser considerados com uma abordagem de análise mais restrita e menos abrangente. Como produto da teoria substantiva, cinco proposições foram desenvolvidas com a perspectiva de serem aplicadas nas organizações. --- Budgeting: substantive analysis using grounded theory --- Abstract --- Considering the fact that studies into budgeting basically use a reductionist approach, this paper proposes a comprehensive substantive theory based on empirical data to be used in budget analysis. This approach takes into consideration its elements and interdependence by applying the inductive approach based on empirical data (grounded theory on a qualitative paradigm. The focus was an in-depth two-year study of a large Brazilian financial institution involving several management levels. The main contribution of the study is as a framework that treats all elements of the budget process in a comprehensive and coherent fashion, otherwise impossible using a reductionist approach. As products of the substantive theory, five propositions were developed to be applied in organizations.

  10. Limited Capital Market Participation and Human Capital Risk

    OpenAIRE

    Jonathan Berk; Johan Walden

    2010-01-01

    The non-tradability of human capital is often cited for the failure of traditional asset pricing theory to explain agents' portfolio holdings. In this paper we argue that the opposite might be true --- traditional models might not be able to explain agent portfolio holdings because they do not explicitly account for the fact that human capital does trade (in the form of labor contracts). We derive wages endogenously as part of a dynamic equilibrium in a production economy. Risk is shared in l...

  11. Should We Use a Capital Framework to Understand Culture? Applying Cultural Capital to Communities of Color

    Science.gov (United States)

    Hinton, Kip Austin

    2015-01-01

    Social science research on communities of color has long been shaped by theories of social and cultural capital. This article is a hermeneutic reading of metaphorical capital frameworks, including community cultural wealth and funds of knowledge. Financial capital, the basis of these frameworks, is premised on unequal exchange. Money only becomes…

  12. Capitalism: A System of Conspiracy

    OpenAIRE

    Das, Subhendu

    2010-01-01

    There are some myths about American capitalism. Some of them are (1) Capitalism made America the richest nation, (2) Capitalism is based on self interest, and (3) America has democracy. We show that the survival of capitalism is based on several powerful conspiracy theories. We briefly describe these conspiracies. Our analysis is based on the following principles: (a) Laws of conservation, (b) System theoretic concepts, and (c) The global space time (GST) environment. Using these princip...

  13. GAME THEORY: MINIMISING THE COST OF CAPITAL VS. MAXIMISING THE RETURN OF INVESTORS

    Directory of Open Access Journals (Sweden)

    Mihaela Brindusa Tudose

    2014-12-01

    Full Text Available The application of game theory to financial transactions focuses on two categories of stakeholders: users of financing (firms and providers of financing (investors. The core of game theory consists in the strategy that a partner is able to build starting from the possible decisions of the other partner (each party having opposing interests. In fact, we deal here with a cooperative game in which both opponents seek to maximise their own chances of winning. The article aims to highlight the manner in which mathematical game theory is transposed in the field of corporate finance by balancing the firm’s objectives (maximising market value by minimising the cost of raising capital and the investors’ objectives (maximising returns on investments. The intended novelty of this paper lies in developing a model for optimising a firm’s financial structure and assessing it in terms of investors’ interests.

  14. Intellectual capital: Measurement, recognition and reporting

    Directory of Open Access Journals (Sweden)

    Christo Johannes Cronje

    2013-02-01

    Full Text Available In the past few decades, the economy has moved from an industrial to a knowledge economy. Consequently, basic factors of production now no longer comprise only natural resources, capital and labour, but also intellectual capital. Despite the shift from an industrial to a knowledge economy, the accounting framework and financial reporting have not changed sufficiently to include intellectual capital. The research problem attempts to explore whether the theory of accounting should be modified for a standardised and comparable approach when accounting and reporting on intellectual capital. To solve the research problem, a literature review and content analysis on corporate annual reports were used. The results of this study indicate that the theory of accounting should be modified to ensure a standardised and comparable approach when accounting and reporting on intellectual capital in corporate annual reports.

  15. The Finance Theory Analysis of Capital System Evolution%资本制度变迁的财务学解析

    Institute of Scientific and Technical Information of China (English)

    张烜

    2012-01-01

    本文运用财务理论系统解析了资本制度变迁的决定因素,不仅为深化公司资本制度问题研究拓展了新的视野,也对我国公司完善财务治理结构,建立更加有效的资本市场机制,以及为我国《公司法》的实施和进一步改革提供了更加科学的理论根据。%The thesis uses the finance theory to analyze the main reasons of capital system evolution and the influence on the corporate finance government,the purpose is to extend the field of capital system research,to develop china corporate finance government,to establish effective capital market,and to provide more theory basis on China Company Law reform.

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

    OpenAIRE

    Patricia Martínez García de Leaniz; Ignacio Rodríguez del Bosque

    2013-01-01

    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: Auth...

  17. School Social Capital and School Effectiveness

    Science.gov (United States)

    Tsang, Kwok-Kuen

    2009-01-01

    This article argues that school social capital is crucial for school effectiveness, but it has been disregarded in the traditional school administrative theory. Therefore, this article tries to illustrate the significance of school social capital to school effectiveness. School social capital is defined as the social resources embedded in internal…

  18. On the wealth of nations: Bourdieuconomics and social capital

    DEFF Research Database (Denmark)

    Svendsen, Gunnar Lind Haase; Svendsen, Gert Tinggaard

    2003-01-01

    Why are some countries richer than others? We suggest in the line of political economy theory that traditional production factors cannot explain the observed differences. Rather, differences in the quality of formal institutions are crucial to economic wealth. However, this type of political...... economy theory accentuating the role of formal institutions cannot stand on its own. This implies a socio-economic approach in the study where we supplement the formal institutional thesis with Bourdieu's idea of material and immaterial forms of capital. Such new socio-economics - which might be termed...... a 'Bourdieuconomics' - implies the usage of a capital theory that, methodologically, operates with material and immaterial forms of capital at the same level. Here, we stress the particular importance of an immaterial form of capital, namely social capital, which facilitates informal human exchange thereby...

  19. Some Sociological Alternatives to Human Capital Theory and Their Implications for Research on Post-Compulsory Education and Training.

    Science.gov (United States)

    Fevre, Ralph; Rees, Gareth; Gorard, Stephen

    1999-01-01

    Based on research in South Wales, a sociological theory of participation in education and training is developed, identifying types of orientations: functional avoidance, instrumental credentialism, and vocational transformation. The inclusion of sociological insights in human-capital development policy is recommended. (SK)

  20. SOCIAL CONTEXT, MANAGEMENT, AND ORGANIZATIONAL PERFORMANCE : When human capital and social capital serve as substitutes

    NARCIS (Netherlands)

    Meier, Kenneth J.; Favero, Nathan; Compton, Mallory

    2016-01-01

    Do internal (administrative human capital) and external (social capital) resources work to reinforce the effects of each other? Work from multiple disciplines has approached this question, and we advance this literature with a theory of social and administrative resources as potential substitutes

  1. Factors explaining the level of voluntary human capital disclosure in the Brazilian capital market

    Directory of Open Access Journals (Sweden)

    Fernando Batista Fontana

    2013-04-01

    Full Text Available Purpose: This paper presents a study on factors explaining the level of voluntary human capital information in companies with shares in the Brazilian stock exchange. Assuming the existence of information asymmetry between managers and shareholders, agency theory states that disclosure might lead to a reduction in agency costs. The proprietary costs theory indicates that information disclosure might increase the company’s costs. According to these theories, the likelihood that the managers will voluntarily disclose information depends on certain factors that are characteristic of the company. Understanding the disclosure of information regarding intangible assets, specifically human capital, has strategic relevance for enterprises because these features, although not always recorded in accounting, represent a competitive business edge in the current economy.Design/methodology/approach: The study examined 145 annual reports, representing 29 companies in the period of 2005-2009. The level of voluntary disclosure was determined through content analysis of annual reports using representative indicators of human capital information.Findings: The statistical results indicate that factors such as size, debt, growth and time of registration with the brazilian Securities and Exchange Commission explain the level of voluntary human capital disclosure of the companies studied.Originality/value: An important contribution of this research is the formulation and non-repudiation of the time of registration with the CVM hypothesis as a factor that explains the level of human capital disclosure because none of the revised studies have tested this hypothesis.

  2. Theoretical backgrounds of investigating of intellectual and human capital

    Directory of Open Access Journals (Sweden)

    Vladimir Nikiforovich Belkin

    2011-03-01

    Full Text Available This paper reviews the theoretical aspects of a company's intellectual capital. This capital consists of stock and movement of knowledge which is useful for organizing. There are three components of intellectual capital - human, social and organizational capital. The differences of intellectual and human capital are established. In particular, if human capital is characterized by mundane knowledge, the intellectual one - by the new, and if the products of human capital are the usual goods and services, the products of intellectual capital are the result of translating and implementing new knowledge. The coincidence of research subjects of the theory of intellectual capital and the theory of innovative enterprise development is shown. The concept of "intellectual potential of the enterprise" is introduced and the building structure is discussed. This potential consists of intellectual capital, patents and licenses unrealized by the enterprises, formalized ideas and hypotheses and undiscovered creative potential of the staff. Finally, a realization model of the intellectual potential of the company is proposed.

  3. Towards a Dynamic Resource-Based View: Insights from Austrian capital and Entrepreneurship Theory

    DEFF Research Database (Denmark)

    Foss, Nicolai Juul; Ishikawa, Ibuki

    The dominant view in the strategic management field is the resource-based view ("RBV"). It has often been observed that the RBV is lacking in the dynamic dimension. For example, processes of building competitive advantages by means of combining existing complementary resources in novel ways...... are not inquired into. We argue that the RBV may profitably draw on Austrian (Misesian) and Knightian insights in entrepreneurship and capital theory, particularly in its Lachmannian manifestation, in order to strengthen its dynamic components. We link the RBV and Austrian ideas in the context of the theory...... of complex systems pioneered by Herbert Simon. We draw a number of implications for strategic management from this synthesis, notably into resource value and sustainability of competitive advantage.JEL Code: B53, D21, L23, M1...

  4. Voting behavior and budget stability

    Directory of Open Access Journals (Sweden)

    Cristina Vicente

    2013-06-01

    Full Text Available The aim of this paper is to analyze how the implementation of the Budgetary Stability Law has affectedPolitical Budget Cycles generated by Spanish local governments. Specifically, we study whether the evolutionof debt, budget deficit, capital spending and current spending over the electoral cycle has changed after theintroduction of this law. We use a sample of 132 Spanish municipalities with more than 50,000 inhabitants(including the provincial capitals during the period 1995‑2009. Our results show that the Budgetary StabilityLaw has avoided electoral cycles in debt. On the contrary, the adoption of this law has not mitigated theincumbents’ incentives to manipulate deficit, capital spending and current spending with electoral aims.Nevertheless, it has caused a change in the way in which mayors manipulate fiscal policy over the electoralcycle. The opportunistic expansion covered both preelectoral year and the electoral year before theimplementation of this fiscal rule, while after that, deficit and spending increases are confined in the electionyear.En este trabajo analizamos la influencia de la entrada en vigor de la Ley de Estabilidad Presupuestaria en losCiclos Políticos Presupuestarios generados por los gobiernos locales españoles. En concreto, estudiamos si laevolución de la deuda, del déficit, del gasto de capital y del gasto corriente a lo largo del ciclo electoral se havisto modificada tras la introducción de dicha ley. Para ello utilizamos una muestra formada por132 municipios españoles con más de 50.000 habitantes (incluidas las capitales de provincia durante elperiodo 1995‑2009. Nuestros resultados muestran que la Ley de Estabilidad Presupuestaria ha evitado lacreación de Ciclos Políticos Presupuestarios en la deuda. Por el contrario, la aprobación de dicha ley noha atenuado los incentivos de los políticos para manipular el déficit, el gasto de capital y el gasto corriente conla finalidad de permanecer en el poder

  5. Communication and Symbolic Capitalism. Rethinking Marxist Communication Theory in the Light of the Information Society

    Directory of Open Access Journals (Sweden)

    George Pleios

    2012-05-01

    Full Text Available Communication is examined in the realm of Marxist theory not as an autonomous social field, but as a component in the total social structure. It is argued that there was a shift from the initial Marxist idea of forms of communication as relations of production to communication as part of the superstructure, and that this view has prevailed in Marxist theory for a long period of time. In the work of later Marxists, we can spot a re-connection of communication with the capitalist mode of production, but not with the process of structuration and changing of relations of  production. In my view, first we must connect these modifications in Marxist theory with the changes in the capitalist mode of production itself and secondly we must seek the role of communication primarily in the production process.  We stress that at the end of the 19th century there was a shift from extensive to intensive forms of surplus value which was tightly interconnected with the mass (enlarged consumption of symbolic commodities and commodities – symbols as stimulus for the intensive production. In this way capitalism was transformed to symbolic capitalism. In the ‘60s, the symbolic logic of enlarged consumption led to the need for diverse and flexible production and therefore to the deep information – symbolic changes in technology and social organization of the labour. Thus the logic of consumption became logic of production. This made possible on one hand the shrinkage of the enlarged consumption and on the other the high productivity of the economic systems. This was the rise of a new, deep symbolic capitalism, which made possible the social change without seizing the power. Therefore, the recent developments in the capitalist mode of production takes us back to the primary Marxist notion of communication forms as relations of production and make possible to change the laters by changing the first.

  6. CONFIGURATION OF THE BUDGET IN THE “VILLA THEONELIS AGROTOURISM” STRUCTURAL FUNDS INVESTMENT PROJECT

    Directory of Open Access Journals (Sweden)

    Mariana Rodica ŢÎRLEA

    2013-11-01

    Full Text Available In order to anticipate the future of an investment project, we must understand the past and present of an enterprise. The income and expenses budget in an investment project, is drafted based on the enterprise’s historical data, carrying out all the profitability calculations on existing cash flows, supporting an anticipation, a full forecast of all the elements targeting the future investment project. The budget is an operational plan, a planning and control tool, based on knowledge. The financial projections are aimed at three or five years timeframes and they include the company’s revenue and expenditure forecasting, taking into account the need for capital coming from the company’s own sources, additional capital needs and the financing methods, based on professional judgment that scientifically calculates the expected efficiency. The procedure for having an investment project approved implies the existence of a typical documentation, involving, besides the financing request, the drafting of an income and expenses budget, for a 3 to 5 years timeframe.

  7. Intangible Capital and Corporate Cash Holdings: Theory and Evidence

    OpenAIRE

    Dalida Kadyrzhanova; Antonio Falato; Jae Sim

    2012-01-01

    The rise in intangible capital is a fundamental driver of the secular trend in US corporate cash holdings over the last decades. We construct a new measure of intangible capital and show that intangible capital is the most important firm-level determinant of corporate cash holdings. Our measure accounts for almost as much of the secular increase in cash since the 1980s as all other standard determinants together. We then develop a new model of corporate cash holdings that introduces intangibl...

  8. Knowledge strategies aiming to improve the intellectual capital of universities

    Directory of Open Access Journals (Sweden)

    Bejinaru Ruxandra

    2017-09-01

    Full Text Available The purpose of this paper is to present a new construct of the intellectual capital structure, based on the multifield theory of knowledge and the concept of nonlinear integrators and to identify the knowledge strategies to enhance the intellectual capital of universities. The paper presents a new approach, based on metaphorical thinking and thermodynamics logic in structuring the intellectual capital, based on the multifield theory of knowledge into its basic building blocks. Considering the two levels of intellectual capital, the paper presents the main knowledge strategies to enhance the university intellectual capital. The basic building blocks of the intellectual capital are: rational, emotional, and spiritual intellectual capital. Each building block is based on the corresponding field of knowledge. There are two significant levels of intellectual capital: potential and operational. Analyzing the university intellectual capital by using this new approach is much more realistic than in the previous approaches. The new approach is based on a thermodynamics paradigm, which means we need to develop new ways of thinking, evaluating, and enhancing the intellectual capital. The paper presents an original approach, based on metaphorical thinking, by considering basic ideas from the energy realm and thermodynamics theory. Also, the paper presents a matrix of possible knowledge strategies to increase the intellectual capital of universities.

  9. Compilation of the FY 2000 Navy Working Capital Fund Financial Statements

    National Research Council Canada - National Science Library

    Granetto, Paul

    2001-01-01

    ... to the Office of Management and Budget. This is the fifth and final report on our audit work on the FY 2000 Navy Working Capital Fund Financial Statements and related controls and supporting financial data...

  10. Sand in the Wheels of Capitalism

    DEFF Research Database (Denmark)

    Bersem, Mario; Perotti, Enrico; von Thadden, Ernst-Ludwig

    We present a positive theory of capital market frictions that raise the cost of capital for new firms and lower the cost of capital for incumbent firms. Capital market frictions arise from a political conflict across voters who differ in two dimensions: (i) a fraction of voters owns capital......, the rest receives only lab or income; and (ii) voters have different vintages of human capital. We identify young workers as the decisive voter group, with preferences in between capitalists who favor a free capital market, and old workers, who favor restricted capital mobility. We show that capital market...... frictions do not naturally arise in a static framework, or even in a dynamic framework if capital market frictions are reversible. But if capital market frictions can be made to p ersist over time, we show that young workers favor capital market frictions as a way to smo oth income, especially if wealth...

  11. Social Capital and Educational Achievements: Coleman vs. Bourdieu

    Directory of Open Access Journals (Sweden)

    Silvia Rogošić

    2016-06-01

    Full Text Available The influence of social capital on an individual’s educational achievements is the subject of numerous scientific papers. Research on social capital is most frequently based on Coleman’s (1988 or Bourdieu’s (1986 theories of capital, which are related to different paradigms of social theory: whereas Coleman’s approach has its roots in structural functionalism, Bourdieu’s approach contains elements of conflict theory. A number of authors, starting with Bourdieu, attempt to explain and prove that, when connected with the education of individuals, the activity of social capital facilitates social reproduction. Other authors support the notion that social capital is, in fact, a powerful weapon that encourages social mobility. A third group of researchers emphasise that neither of these approaches in isolation can entirety explain the influences of social capital on an individual’s education (Ho, 2003. The present paper offers a review of research focusing on the influences of social capital on educational achievements, while outlining the fundamental differences between the two theoretical approaches that are most frequently used for research of this topic. The aim of the paper is to explain the influence of social capital on an individual’s educational achievements under Bourdieu’s and Coleman’s theoretical concepts, and to establish whether combining the approaches is possible. The conclusion and arguments show that it is legitimate to use all three theoretical approaches.

  12. Army Working Capital Fund: Army Industrial Operations Could Improve Budgeting and Management of Carryover

    Science.gov (United States)

    2016-06-01

    typically operation and maintenance or procurement appropriations) to finance orders placed with Industrial Operations. When an Industrial Operations...River, Texas; and 6The basic ...organizations. Working capital fund activities finance inventories of common supplies and provide working capital for industrial and commercial

  13. 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.

  14. 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.

  15. Factors explaining the level of voluntary human capital disclosure in the Brazilian capital market Factors explaining the level of voluntary human capital disclosure in the Brazilian capital market Factors explaining the level of voluntary human capital disclosure in the Brazilian capital market

    OpenAIRE

    Clea Beatriz Macagnan; Fernando Batista Fontana

    2013-01-01

    Purpose: This paper presents a study on factors explaining the level of voluntary human capital information in companies with shares in the Brazilian stock exchange. Assuming the existence of information asymmetry between managers and shareholders, agency theory states that disclosure might lead to a reduction in agency costs. The proprietary costs theory indicates that information disclosure might increase the company’s costs. According to these theories, the likelihood that the managers wil...

  16. Education, poverty and the 'missing link': The limits of human capital theory as a paradigm for poverty reduction

    NARCIS (Netherlands)

    Bonal, X.; Mundy, K.; Green, A.; Lingard, R.; Verger, A.

    2016-01-01

    One of the main areas where human capital theory has been especially influential is in the relationship between investment in education and poverty reduction. However, up to now, little success can be reported, with huge differences between the average levels of education globally achieved and the

  17. Field Theory in Cultural Capital Studies of Educational Attainment

    DEFF Research Database (Denmark)

    Krarup, Troels; Munk, Martin D.

    2016-01-01

    This article argues that there is a double problem in international research in cultural capital and educational attainment: an empirical problem, since few new insights have been gained within recent years, and a theoretical problem, since cultural capital is seen as a simple hypothesis about...

  18. Field Theory in Cultural Capital Studies of Educational Attainment

    DEFF Research Database (Denmark)

    Munk, Martin D.; Krarup, Troels Magelund

    2012-01-01

    This article argues that there is a double recession in international mainstream research in cultural capital and educational attainment: an empirical recession, since few new insights have been gained within recent years, and a theoretical recession, since cultural capital is now seen as a simple...

  19. 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....

  20. Assessing Discount Rate for a Project Financed Entirely with Equity Capital

    Directory of Open Access Journals (Sweden)

    Nicoleta Vintila

    2007-09-01

    Full Text Available Estimating discount rate for an investment project is one of the most challenging tasks incapital budgeting. In this paper we discuss different kind of models for cost of equity capital proposed infinance literature (static CAPM, conditional CAPM, APT, build-up model, focusing especially on advantagesand disadvantages of using each of them. In the final section, we estimate the discount rate fora certain project financed entirely with equity capital, using a version of build-up model.

  1. Capital Finance Decisions for project managers - A reflection on current methods

    Directory of Open Access Journals (Sweden)

    C. Scheepers

    2003-12-01

    Full Text Available This paper evaluates some of current financial investment selection methodologies for capital projects. The proc ess (and criteria of capital investment decisions is reviewed. The capital budget for most organisations is prepared annually by a committee of senior managers who then present it for approval by the board of directors. Investment proposals are usually subjected to two financial tests, "payback" and "internal rate of return (IRR". The management committee usually decides on the tests and acceptance criteria vary according to the type of project. Some shortcomings of these most frequently used current tests (Payback & IRR are identified and it is recommended that the Net Present Value (NPV should be used as the primary method for analysing, comparing and selecting capital projects.

  2. Social Capital in Asia

    DEFF Research Database (Denmark)

    Li, Peter Ping; Redding, Gordon

    2014-01-01

    This article provides an overview of social capital in Asia. Social capital is trust and appears in two main forms: relational, based on societal norms, and systemic, based on societal institutions. The relational encourages personalistic transactions; and systemic trust, supports more formal......, and usually larger, transactions backed by law. For economic development, the systemic form becomes crucial but needs to be compatible with relational norms. The dimensions of social capital are often dual in nature. This article employs a theory that accepts this and analyses the phenomena as yin......–yang balancing, seeing trust as a culturally determined enabler of social cooperation. The evolutions of trustworthiness in Japan, China, and the Philippines are analysed. This article contributes to the literature on varieties of capitalism and business systems as well as that on social capital. It raises...

  3. When does International Capital Mobility Require Tax Coordination?

    NARCIS (Netherlands)

    Rodrik, D.; van Ypersele, T.P.M.C.

    1999-01-01

    Basic economic theory identifies a number of efficiency gains that derive from international capital mobility. But just as with free trade in goods, there is no guarantee that capital mobility makes everyone better o¤. Consequently, capital mobility may be politically unsustainable even though it

  4. Human Capital and the Internal Rate of Return.

    Science.gov (United States)

    Rosen, Sherwin

    The theory of human capital has made a significant impact on the practice of modern labor economics. At a broad and general level, the concept of human capital has obvious appeal for its simplicity, analytical power, and relationship to economic theory. The fundamental problem in labor economics is the determination of wage rates and earnings;…

  5. Capital Structure Determinants of Small and Medium Enterprises in Croatia

    Directory of Open Access Journals (Sweden)

    Nataša Šarlija

    2016-09-01

    Full Text Available Most of the research about capital structure is focused towards two theories: trade off theory (TOT and pecking order theory (POT. The idea is to explore which theory works better in certain conditions and identify the key determinants that affect the capital structure of the company. However, in different countries different determinants with opposite relation to the leverage are found to be significant. Besides, most of the previous researches are oriented on listed companies. The aim of this paper is to analyse the capital structure of small and medium enterprises in Croatia through the analysis of the fundamental determinants of the capital structure. The research was conducted on a data sample of 500 SMEs in Croatia in the period of 2005–2011. On the unbalanced panel data set a linear regression is applied. Influence of determinants on leverage is estimated by a static panel model with random effect and with fixed effect estimation. Four capital structure determinants are analysed: growth, size, profitability and tangible assets. The results of this research support the pecking order theory confirming that SMEs in Croatia are primarily financed frominternally generated funds that affect profitability, growth, tangible assets and enterprise size.

  6. Trends in Opportunity Costs of U.S. Postsecondary Education: A National HRD and Human Capital Theory Analysis

    Science.gov (United States)

    Cornacchione, Edgard; Daugherty, Jenny L.

    2013-01-01

    The purpose of this study was to explore opportunity costs of postsecondary education in the U.S. in the past three decades (1975-2005), as a measure to support investment decisions at national levels and as experienced by individuals deciding on pursuing further education. Based on human capital theory and inspired by a set of studies aiming at…

  7. Field Theory in Cultural Capital Studies of Educational Attainment

    Science.gov (United States)

    Krarup, Troels; Munk, Martin D.

    2016-01-01

    This article argues that there is a double problem in international research in cultural capital and educational attainment: an empirical problem, since few new insights have been gained within recent years; and a theoretical problem, since cultural capital is seen as a simple hypothesis about certain isolated individual resources, disregarding…

  8. Arbitrage Pricing, Capital Asset Pricing, and Agricultural Assets

    OpenAIRE

    Louise M. Arthur; Colin A. Carter; Fay Abizadeh

    1988-01-01

    A new asset pricing model, the arbitrage pricing theory, has been developed as an alternative to the capital asset pricing model. The arbitrage pricing theory model is used to analyze the relationship between risk and return for agricultural assets. The major conclusion is that the arbitrage pricing theory results support previous capital asset pricing model findings that the estimated risk associated with agricultural assets is low. This conclusion is more robust for the arbitrage pricing th...

  9. Budget goal commitment, clinical managers' use of budget information and performance.

    Science.gov (United States)

    Macinati, Manuela S; Rizzo, Marco G

    2014-08-01

    Despite the importance placed on accounting as a means to influence performance in public healthcare, there is still a lot to be learned about the role of management accounting in clinical managers' work behavior and their link with organizational performance. The article aims at analyzing the motivational role of budgetary participation and the intervening role of individuals' mental states and behaviors in influencing the relationship between budgetary participation and performance. According to the goal-setting theory, SEM technique was used to test the relationships among variables. The data were collected by a survey conducted in an Italian hospital. The results show that: (i) budgetary participation does not directly influence the use of budget information, but the latter is encouraged by the level of budget goal commitment which, as a result, is influenced by the positive motivational consequences of participative budgeting; (ii) budget goal commitment does not directly influence performance, but the relationship is mediated by the use of budget information. This study contributes to health policy and management accounting literature and has significant policy implications. Mainly, the findings prove that the introduction of business-like techniques in the healthcare sector can improve performance if attitudinal and behavioral variables are adequately stimulated. Copyright © 2014 Elsevier Ireland Ltd. All rights reserved.

  10. Pressures on DoD’s Budget Over the Next Decade

    Science.gov (United States)

    2016-11-16

    pay raises then equaled ECI for 2011 through 2013 – In the last three years (2014–2016) basic pay raise was below the ECI ■ DoD estimates that...National Civilians Provider Other Government Agencies (4.2) Working Capital Funds (37.6) Private Sector (87.7) DoD Civilians (53.6) Classified (14.8) WCF...E Outline • Fiscal Situation • Implications of Budget Control Act • Internal Pressures on DoD’s Budget 2C O N G R E S S I O N A L B U D G E

  11. Testing and Contrasting Road Safety Education, Deterrence, and Social Capital Theories: A Sociological Approach to the Understanding of Male Drink-Driving in Chile's Metropolitan Region.

    Science.gov (United States)

    Nazif, José Ignacio

    2011-01-01

    Three theories offer different explanations to the understanding of male drink-driving. In order to test road safety education, deterrence, and social capital theories, logistic regression analysis was applied to predict respondents' statements of having or not having engaged in actual drink-driving (DD). Variable for road safety education theory was whether a driver had graduated from a professional driving school or not. Deterrence theory was operationalized with a variable of whether a driver had been issued a traffic ticket or not. Social capital theory was operationalized with two variables, having children or not and having religion identification or not. Since both variables 'years of formal education' and 'years of driving experience' have been reported to be correlated to alcohol consumption and DD respectively, these were introduced as controls. In order to assess the significance of each variable statistically, Wald tests were applied in seven models. Results indicate on the one hand that road safety education variable is not statistically significant; and on the other, deterrence theory variable and social capital theory variable 'having children' were both statistically significant at the level of .01. Findings are discussed in reference to Chile's context. Data were taken from the "Road Users Attitudes and Behaviors towards Traffic Safety" survey from the National Commission of Road Safety of the Government of Chile (2005). The sample size was reported to be 2,118 (N of male drivers was 396). This survey was representative of Chile's Metropolitan Region road users' population.

  12. Program Direction FY 2017 Budget At-A-Glance

    Energy Technology Data Exchange (ETDEWEB)

    None

    2016-03-01

    Program Direction enables EERE to maintain and support a world-class federal workforce to accomplish its mission of creating and sustaining American leadership in the sustainable transportation, renewable power, and energy efficiency sectors. The FY 2017 Program Direction budget request provides resources for program and project management, administrative support, contract administration, human capital management, headquarters and field site non-laboratory facilities and infrastructure, and contractor support.

  13. A Primer on Recent Canadian Defence Budgeting Trends and Implications

    Directory of Open Access Journals (Sweden)

    David Perry

    2015-04-01

    Full Text Available Faced with a dangerous world, the federal government has made recapitalizing and updating Canada’s armed forces a priority. Unfortunately, fiscal pressures obliged the government to deviate from its Canada First Defence Strategy, cutting staff and delaying military hardware acquisitions. However, the introduction this year of the Defence Procurement Strategy should allow Ottawa to use improved approaches to buy equipment that would otherwise have been purchased already under the DND’s opaque capital expenditure system. At present, DND capital funds are mostly subject to accrual accounting. Capital costs are charged against the defence budget as annual amortization expenses over equipment lifecycles. While this enables multiple capital projects to go ahead simultaneously, not all of the money covering capital costs is treated this way. Traditional A-Base Vote 5 expenses are still charged to the budget the year the expenditure is made — and the DND consistently underspends the Vote 5 funds available by as much as 28 percent. Since 2007/8, an estimated $6.42 billion wasn’t used as intended. While some of this can be carried forward, there are limits. Leftover funds exceeding them are returned to the Treasury and are thereby lost. It’s up to the DND to make up losses out of future funding. Just as bad, the accrual method doesn’t fully account for inflation, so when schedules slip, project purchasing power diminishes by hundreds of millions of dollars. Ambitious initiatives like the Joint Support Ship and (likely the Canadian Surface Combatant end up taking hits to reflect harsh budgetary realities; the capabilities of Canada’s soldiers suffer. This policy brief draws on research and confidential interviews to highlight the pressing need for reform in Canadian defence procurement.

  14. Community aging initiatives and social capital: developing theories of change in the context of NORC Supportive Service Programs.

    Science.gov (United States)

    Greenfield, Emily A

    2014-03-01

    This study aimed to develop theory on how Naturally Occurring Retirement Communities (NORC) Supportive Service Programs potentially transform social relationships within communities to promote aging in place. Data were analyzed from semi-structured in-depth interviews with 10 lead agencies representing 15 NORC programs in New Jersey. Results indicated that professionals seek to infuse capital within three domains of relationships: lead agency staff's relationships with older adults, formal service providers' relationships with each other, and older adults' relationships with each other. This social capital potentially enhances the amount of community-based services and supports within a residential area, as well as their accessibility, appropriateness, responsiveness, and coherence.

  15. 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.

  16. Capital structure in LNG infrastructures and gas pipelines projects: Empirical evidences and methodological issues

    International Nuclear Information System (INIS)

    Pierru, Axel; Roussanaly, Simon; Sabathier, Jérôme

    2013-01-01

    This paper provides new empirical insights on the capital structure of project-financed LNG infrastructures and gas pipeline projects, by using data relating to projects whose financial close occurred between June 2004 and March 2011. Most results are consistent with the basic view of risk-averse funds suppliers. Especially, the projects located in risky countries and larger projects tend to exhibit lower debt ratios and less-concentrated equity ownerships. In addition, regasification projects appear to have a more diluted equity ownership. Methodological issues raised by the financing of these projects are also examined from a capital-budgeting perspective. In particular, the equity residual method, usually used by industrial practitioners to value these projects, should be adjusted. - Highlights: • This paper provides new empirical insights on the capital structure of project-financed LNG and gas pipeline infrastructures. • Most of our results are consistent with the basic view of risk-averse funds suppliers. • Projects located in risky countries exhibit lower debt ratios and less-concentrated equity ownerships. • Larger projects and regasification projects also have less concentrated equity ownerships. • From a capital-budgeting viewpoint, we examine methodological issues raised by the financing of these projects

  17. Autotrophs' challenge to Dynamic Energy Budget theory: Comment on ;Physics of metabolic organization; by Marko Jusup et al.

    Science.gov (United States)

    Geček, Sunčana

    2017-03-01

    Jusup and colleagues in the recent review on physics of metabolic organization [1] discuss in detail motivational considerations and common assumptions of Dynamic Energy Budget (DEB) theory, supply readers with a practical guide to DEB-based modeling, demonstrate the construction and dynamics of the standard DEB model, and illustrate several applications. The authors make a step forward from the existing literature by seamlessly bridging over the dichotomy between (i) thermodynamic foundations of the theory (which are often more accessible and understandable to physicists and mathematicians), and (ii) the resulting bioenergetic models (mostly used by biologists in real-world applications).

  18. Long-term capital planning considering nuclear plant life-cycle management

    International Nuclear Information System (INIS)

    Negin, C.A.; Simpson, J.M.; Hostetler, D.R.

    1992-09-01

    The creation of a Life Cycle Management (LCM) group at utilities to evaluate the long term capital refurbishment needs is gaining favor. Among the functions of such groups can be the responsibility for recommending long term capital planning projects based on results of evaluations of systems, structures, and components that are not only essential to achieving the full current license term of operation, but also to extend the service life of the plant. Making such recommendations, in content and timing, requires the ability to view all recommendations in the context of an overall capital budget and long range outage impacts. This report illustrates an approach for creating a Long-Term Capital Plan with methods for deciding on, compiling, integrating, and presenting projects from the perspective of an LCM program for a nuclear power plant. It also addresses a rationale for capitalization of LCM program activities that would not be allowed under current accounting treatment

  19. Can Capital Income Taxes Survive? And Should They?

    DEFF Research Database (Denmark)

    Sørensen, Peter Birch

    The paper surveys some main results in the theory of capital income taxation in the open economy; reviews recent trends in international taxation, and discusses alternative blueprints for fundamental capital income tax reform from the perspective of an open economy faced with growing mobility...... of capital income tax bases...

  20. Does Human Capital Matter? A Meta-Analysis of the Relationship between Human Capital and Firm Performance

    Science.gov (United States)

    Crook, T. Russell; Todd, Samuel Y.; Combs, James G.; Woehr, David J.; Ketchen, David J., Jr.

    2011-01-01

    Theory at both the micro and macro level predicts that investments in superior human capital generate better firm-level performance. However, human capital takes time and money to develop or acquire, which potentially offsets its positive benefits. Indeed, extant tests appear equivocal regarding its impact. To clarify what is known, we…

  1. Performance of brazilian state capitals as tourism destinations

    Directory of Open Access Journals (Sweden)

    Erick da Silva Santos

    2015-04-01

    Full Text Available This article introduces the application of Data Envelopment Analysis (DEA associated with factor analysis to evaluate the relative efficiency of tourism demand of 18 Brazilian capital cities within a three-year period. Such assessment includes data on factors that affect tourism demand as cities’ budgets allocated on health, transportation, security, infrastructure, tourism as well as the result of this investment on number of tourist arrivals and creation of employments in each destination. The results show the capitals that reached 100% efficiency and also the only three capitals that touched the maximum efficiency over the three years. Findings also revealed that factor analysis associated with DEA offers a potential tool for managers to provide themselves with a set of practical indicators that better assist in decision-making regarding investment on sectors that positively interfere the demand in tourism locations.

  2. An Economic Viewpoint on Capitalism Bashing

    Directory of Open Access Journals (Sweden)

    Burnete Sorin

    2016-12-01

    Full Text Available In this paper I discuss two long disputed notions: that capitalism without crises is a fallacy respectively that capitalism bashing, however severe, will not endanger the system itself. Yet proving both is not an easy task since the capitalism issue has always been a cupellation of theory, ideology and political precepts, which are controversial and hard to disentangle. That capitalism detractors are numberless is a truism. Yet criticism against capitalism, however fierce, has always been clearly delineated. Not any more: globalization has rendered the picture dangerously fuzzy. It is now hard to ascertain whether someone who will harangue about the ostensible evils of globalization is also a declared anti-capitalist. The blend of capitalism and globalization seems to be pure dynamite.

  3. Complexity-Based Modeling of Scientific Capital: An Outline of Mathematical Theory

    Directory of Open Access Journals (Sweden)

    Yurij L. Katchanov

    2014-01-01

    measuring and assessing the accumulated recognition and the specific scientific power. The concept of scientific capital developed by Bourdieu is used in international social science research to explain a set of scholarly properties and practices. Mathematical modeling is applied as a lens through which the scientific capital is addressed. The principal contribution of this paper is an axiomatic characterization of scientific capital in terms of natural axioms. The application of the axiomatic method to scientific capital reveals novel insights into problem still not covered by mathematical modeling. Proposed model embraces the interrelations between separate sociological variables, providing a unified sociological view of science. Suggested microvariational principle is based upon postulate, which affirms that (under suitable conditions the observed state of the agent in scientific field maximizes scientific capital. Its value can be roughly imagined as a volume of social differences. According to the considered macrovariational principle, the actual state of scientific field makes so-called energy functional (which is associated with the distribution of scientific capital minimal.

  4. Allocating capital systemwide. Who gets how much and why.

    Science.gov (United States)

    Albertina, R M; Bakewell, T F

    1989-05-01

    The maturing of multi-institutional healthcare systems has created a need for systemwide approaches to managing investment in capital expenditures. Historically, hospitals have allocated capital using traditional capital budgeting techniques, including discounted cash flow, net present value, and internal rate of return methodologies. Now systems can use a multifactored model to allocate capital among member hospitals. This approach uses historical and projected financial and statistical information to quantify the risks member hospitals face. At the system level, capital allocation decisions should start with the strategic and financial planning processes. Catholic systems face an additional caveat: The system's mission statement drives the planning processes. Conceptually, the capital allocation plan is an attempt to value each hospital as a going, or viable, concern. From this perspective, value is understood as a function of expected return, the certainty of the return, and the return offered by similar investments in other hospital markets. Despite the many determinants of business and financial risk, much of the variance in asset market value can be explained through five assessment criteria: market demographics, position within the market, historical and projected financial performance, historical utilization, and third-party reimbursement mix.

  5. Managers versus students: new approach in improving capital structure education

    OpenAIRE

    Miglo, Anton

    2012-01-01

    According to Graham and Harvey (2001), an immense gap exists between capital structure theories and practice. By analyzing students’ perception of capital structure theories and the differences between their opinion and that of the current CEO’s and managers this paper argues that this can be partially explained by current educational practices. Educators mostly focus on one or maybe two most popular theories and students have much smaller knowledge about other theories. Secondly educational ...

  6. Government budget, public-sector wages and capital taxes in a small open economy

    DEFF Research Database (Denmark)

    Chao, C.C.; Yu, E. S. H.; Yu, Wusheng

    This paper examines the welfare implications of adjustments in public-sector wages and capital tax rates for a small open economy in a general equilibrium setting. The individually and jointly optimal wage and tax policies are derived and interpreted. Facing reductions in land sales and falls...... in foreign interest rates, a cut in public workers’ pay is needed for making their wage comparable to the private sector and a hike in capital taxes is recommended for a budgetary consideration. Using a computable general equilibrium model for Hong Kong, we numerically evaluate the various optimal policies...

  7. 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.

  8. The capital expenditure process for the health care supervisor.

    Science.gov (United States)

    Rogers, M M

    1993-12-01

    Competition for health care capital dollars has increased as third-party and government reimbursement decreases, patient volume decreases, and alternative services increase. Given this rationing situation, it is more important than ever that the health care supervisor carefully document and present a capital expenditure request. This request should outline skillfully the benefits and costs of undertaking a new service or replacing an old asset. A supervisor who can quantify the costs and benefits of a project and utilize one of the four common capital budgeting techniques: payback period, net present value, profitability index, or internal rate of return, will certainly be taking a step in the right direction for ensuring a serious evaluation of his or her proposal. This article attempts to explain this process using both narrative and quantitative examples.

  9. Social capital theory related to corporate social responsibility

    Directory of Open Access Journals (Sweden)

    Eva Abramuszkinová Pavlíková

    2013-01-01

    Full Text Available The article deals with corporate social responsibility and its relationship to strategic management dealing with acquisition, development and utilisation of essential inputs. They influence the design of processes related to the creation of products or services that satisfy customers’ needs. Authors claim that the successful securing, deployment and development of any input is of human origin or linked to human activity which means that the nature of relationships plays a crucial role. As businesses are not isolated, they operate on a global scale where the question of trust is very important. The concept of social capital stresses that trust in norms and reciprocity facilitate increased productivity in individuals, teams and organisations. Social capital promotes value-added collaboration including on-going and demonstrative transparency which can secure closer bonding among those group members. Business responsibility, CSR and Putnam’s definition of social capital is shown on real case studies as a sign of importance for credibility and effectiveness of any CSR efforts. It is evident that the good will and support garnered from CSR can be fragile and easily damaged.

  10. Capital simbólico e investigación. Una nota sobre el capital corporal

    Directory of Open Access Journals (Sweden)

    Luis Martín Uro

    2006-11-01

    Full Text Available In this text, Martin Uro, carries out a test about potential benefits of "teoría de campo (field theory" by Pierre Bourdieu in three different levels. The first one concern the project of investigation, the second level regards the statute of this theory within Social Theory Contemporary and finally, this last level is about the position of the person who writes in the investigation field. The emphasis is in the level of the phenomenon that is built possibly due to the analysis of phrases of documents produced in the investigation field. Lastly, conclusions will be carried out as to the use of the category physical capital to name a subspecie of symbolic capital in command of the physical practices for the participation of Physical Education in a jail in the province of Buenos Aires.

  11. 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...

  12. [Financing problems of capital goods. Part 2: procedure for investment appraisal].

    Science.gov (United States)

    Clausen, C C; Bauer, M; Saleh, A; Picker, O

    2008-07-01

    In part 1 of this series about problems of financing capital goods the multiple and partly diametric economic effects of financing instruments were presented using the leasing procedure as an example. The result indicated that due to the complexity of these effects the choice of a specific financing instrument requires an individual consideration. Therefore, part 2 of the series introduces the method of dynamic capital budgeting which allows the instruments discussed in part 1 to be compared with each other and helps to evaluate their economic benefits. More precisely this paper focuses on a comparative analysis of the most common alternatives, leasing, credit financing and investment financing by the state. In this context, after having identified the total costs of ownership of anesthesia devices, the final asset values of the three financing instruments can be compared with each other using the method of dynamic capital budgeting. In contrast to the prevailing opinion, the results show that from a purely fiscal perspective leasing anesthesia devices is the most expensive alternative. Given the fact that no financial support is available from the state, the option of credit financing turns out to be the most preferable alternative from a relatively limited pool of possibilities. However, it still remains to be answered whether credit financing can defend this position against further, innovative forms of debt financing (e.g., factoring, asset-backed securities, hedge funds, mezzanine capital, etc.).

  13. 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

  14. Optimal income taxation with endogenous human capital

    NARCIS (Netherlands)

    Jacobs, B.

    2005-01-01

    This paper augments the theory of optimal linear income taxation by taking into account human capital accumulation as a dimension of labor supply. The distribution of earning potentials is endogenous because agents differ in the ability to learn. Taxation affects utilization rates of human capital

  15. 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...

  16. Addressing Canada's Commercialization Crisis and Shortage of Venture Capital: Will the Federal Government’s Solution Work?

    Directory of Open Access Journals (Sweden)

    Stephen A. Hurwitz

    2013-09-01

    Full Text Available Lack of funding is a major challenge to innovation in Canada’s emerging technology industry. This article will focus on this supply-side challenge within the complex venture capital ecosystem and discuss: i the current shortage of venture capital available to commercialize Canada’s R&D; ii the causes and consequences of that venture capital shortage; iii how the federal government will address this shortage through its innovative 2013 Venture Capital Action Plan, which commits $400 million and seeks to raise at least another $800 million from outside investors; and iv how a separate decision in the federal 2013 budget to phase out federal tax credits for labour-sponsored venture capital funds could imperil the 2013 Venture Capital Action Plan.

  17. Quality of Malaysian Teachers Based on Education and Training: A Benefit and Earnings Returns Analysis Using Human Capital Theory

    Science.gov (United States)

    Ismail, Ramlee; Awang, Marinah

    2017-01-01

    Purpose: The purpose of this paper is to investigate how the quality of teachers based on education and training provided under new reform policies in Malaysia affects their earnings outcomes. The study conducted a benefit and returns analysis guided by human capital theory. Design/methodology/approach: The study used survey research methods to…

  18. Capital, Gender, and Politics: Towards a Marxist Feminist Theory of Bioconvergence

    Directory of Open Access Journals (Sweden)

    Kelly E Happe

    2015-05-01

    Full Text Available This essay theorizes bioconvergent political subjectivity as that which is made possible by the production and circulation of new forms of “bio” capital. Turning to the Marxist concept of variable capital, the essay describes subjectivity as that which is inextricably bound with one’s position relative to the circulation of labor power, capital, and commodities, a positionality residing at the interstices of race, gender, and class. Turning to biomedical labor as an exemplary case, the essay considers how the refusal to either fully accept or reject new systems of value made possible by late capitalism and a logic of speculation demonstrates how and where resistance and critique are possible.​

  19. Voting suffrage and the political budget cycle: Evidence from the London Metropolitan Boroughs 1902-1937.

    Science.gov (United States)

    Aidt, Toke S; Mooney, Graham

    2014-04-01

    We study the opportunistic political budget cycle in the London Metropolitan Boroughs between 1902 and 1937 under two different suffrage regimes: taxpayer suffrage (1902-1914) and universal suffrage (1921-1937). We argue and find supporting evidence that the political budget cycle operates differently under the two types of suffrage. Taxpayer suffrage, where the right to vote and the obligation to pay local taxes are linked, encourages demands for retrenchment and the political budget cycle manifests itself in election year tax cuts and savings on administration costs. Universal suffrage, where all adult residents can vote irrespective of their taxpayer status, creates demands for productive public services and the political budget cycle manifests itself in election year hikes in capital spending and a reduction in current spending.

  20. Challenges for dynamic energy budget theory. Comment on ;Physics of metabolic organization; by Marko Jusup et al.

    Science.gov (United States)

    Nisbet, Roger M.

    2017-03-01

    Jusup et al. [1] provide a comprehensive review of Dynamic Energy Budget (DEB) theory - a theory of metabolic organization that has its roots in a model by S.A.L.M Kooijman [2] and has evolved over three decades into a remarkable general theory whose use appears to be growing exponentially. The definitive text on DEB theory [3] is a challenging (though exceptionally rewarding) read, and previous reviews (e.g. [4,5]) have provided focused summaries of some of its main themes, targeted at specific groups of readers. The strong case for a further review is well captured in the abstract: ;Hitherto, the foundations were more accessible to physicists or mathematicians, and the applications to biologists, causing a dichotomy in what always should have been a single body of work.; In response to this need, Jusup et al. provide a review that combines a lucid, rigorous exposition of the core components of DEB theory with a diverse collection of DEB applications. They also highlight some recent advances, notably the rapidly growing on-line database of DEB model parameters (451 species on 15 August 2016 according to [1], now, just a few months later, over 500 species).

  1. Budget Elements of Economic Security: Specifics of Classification

    Directory of Open Access Journals (Sweden)

    О. S.

    2017-02-01

    Full Text Available Theoretical aspects of economic security in conjunction with budget components such as “budget interests” and “budget necessities” are analyzed. Key positions of the categories “budget interests” and “budget necessities” in the theory of economic security in the budgetary area are substantiated given their priority role in setting up its implementation strategy. The category “budget interests” is defined as the system of budget necessities of the interest holders, implemented through budget activities of entities and aimed at seeking benefits through the budget, in order to guarantee functioning and development of the society, the state, legal entities and physical persons. “Budget necessities” are defined as the need in budget funds to achieve and sustain, at a certain level, life activities of individuals, social groups, society, state and legal entities. Classification of budget interests by various criteria is made in the context of their impact on the economic security of the state. It is demonstrated that the four-tier classification of the budget interests by interest holder is essential to guaranteeing economic security in the budgetary area: budget interests of the state: the interests held by central and local power offices; budget interests of legal entities: the interests of profit and non-profit (public, budgetary, party and other organizations; budget interests of individuals: basic necessities of individuals, met by budget transfers, which stand out of the array of public necessities by their individual character.

  2. International capital flows and investment volatility in selected sub-Saharan African countries

    Directory of Open Access Journals (Sweden)

    William Brafu-Insaidoo

    2011-07-01

    Full Text Available The study examines the impact of foreign capital flows on investment volatility in emerging and frontier market economies in sub-Saharan Africa. In particular, the study attempts to answer the question of whether different components of foreign capital inflows explain investment volatility. Theory suggests that increased cross-border capital mobility increases investment volatility due to the possibility of substituting foreign for domestic investments. Empirical literature does not, however, provide any clear evidence in support of this theory. By using the dynamic panel data analysis, this study tests the hypothesis that increased capital flows increases investment volatility and the study established that international capital flows reduce investment volatility.

  3. Capital Adequacy and Liquidity in Banking Dynamics: Theory and Regulatory Implications

    OpenAIRE

    Cao, Jin; Chollete, Loran

    2014-01-01

    We present a framework for modelling optimum capital adequacy in a dynamic banking context. We combine the (static) capital adequacy framework of Repullo (2013) with a dynamic banking model similar to that of Corbae and D`Erasmo (2014), with the extra feature that the probability of systemic risk is endogenous. Unlike previous work, we examine frameworks to ameliorate bankruptcy using both capital adequacy and liquidity requirements. Since equity is costly, the social cost of regulation may b...

  4. New Superintendents: Trust, Networking, and Social Capital

    Science.gov (United States)

    Ripley, Joan; Mitchell, Roxanne M.; Richman, John A.

    2013-01-01

    This instrumental case study explored how five newly appointed superintendents identified key stakeholders and built trust and social capital with stakeholders in their districts. Stakeholder, trust, and social capital theory were the lenses that guided this study. We utilized a pragmatic research design and thematic data analysis to interpret our…

  5. A Shift towards Academic Capitalism in Finland

    Science.gov (United States)

    Kauppinen, Ilkka; Kaidesoja, Tuukka

    2014-01-01

    Academic capitalism is currently a widely studied topic amongst higher education scholars, especially in the United States. This paper demonstrates that the theory of academic capitalism also provides a fruitful perspective for analysing the restructuring of Finnish higher education since the 1990s, although with reservations. It will be argued…

  6. Measuring Social Capital among First-Generation and Non-First-Generation, Working-Class, White Males

    Science.gov (United States)

    Moschetti, Roxanne; Hudley, Cynthia

    2008-01-01

    Social capital is a useful theory for understanding the experiences of working class, first-generation college students. Social capital is the value of a relationship that provides support and assistance in a given social situation. According to social capital theory, networks of relationships can aid students in managing an otherwise unfamiliar…

  7. Towards a Theory of Transnational Academic Capitalism

    Science.gov (United States)

    Kauppinen, Ilkka

    2015-01-01

    This article draws attention to the relative lack of theoretically and methodologically elaborated approaches to understand and explain the complex relations between transnationalization of higher education and globalization seen especially from the point of view of global capitalism. The main aim of this article is to contribute to the…

  8. 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...

  9. Ripple effects of reform on capital financing.

    Science.gov (United States)

    Arduino, Kelly

    2014-05-01

    Healthcare leaders should inventory and quantify the capital initiatives deemed critical for success under changing business models. Key considerations in planning such initiatives are opportunity costs and potential impact on productivity. Senior leaders also should create rolling five-year estimates of expenditures in addition to a one-year budget. Approaches to paying for such initiatives include borrowing from cash reserves, partnering to share cash and other resources, and developing new revenue sources derived from the initiatives themselves.

  10. Estrutura de capital, dividendos e juros sobre o capital próprio: testes no Brasil Capital structure, dividends and interests on equity: tests in Brazil

    Directory of Open Access Journals (Sweden)

    Mariano Seikitsi Futema

    2009-04-01

    Full Text Available A estrutura de capital e os dividendos são dois dos temas mais estudados em finanças corporativas. Em 2002, Fama e French estudaram esses dois temas simultaneamente dentro do contexto das teorias de tradeoff estática e pecking order. A análise conjunta significa reconhecer que o dividendo afeta a estrutura de capital e vice-versa, o que gera um problema de endogeneidade. Estendendo o estudo de Fama e French e adaptando a análise para a realidade brasileira com a inclusão de mais uma variável dependente, os juros sobre o capital próprio, o objetivo deste artigo é analisar as relações conjuntas da estrutura de capital, dividendos e juros sobre o capital próprio das empresas brasileiras para o período de 1995 a 2004. Em linhas gerais, os resultados confirmam boa parte das previsões das teorias, embora a distribuição de lucros no Brasil ainda seja muito baixa, comparada com a americana. A lucratividade demonstrou ser a variável explicativa de maior peso e influência tanto para a distribuição de lucros como para a alavancagem.Capital structure and dividends have been frequently studied in corporate finance. In 2002, Fama and French simultaneously analyzed these two subjects in the context of tradeoff and pecking order theories. The simultaneous analysis means acknowledging that dividend influences capital structure and vice versa, leading to an endogeneity problem. Extending and adapting Fama and French's study to the Brazilian environment and including yet another dependent variable, i.e. interest on equity, this article aims to analyze the relationship among capital structure, dividends and interest on equity in the context of Brazilian companies. The analysis comprises the period from 1995 to 2004. Results corroborate many of the predictions of tradeoff and pecking order theories, despite the fact that dividend payout in Brazil is low when compared to the United States. Profitability was the most significant variable in

  11. Budget Constraints Affect Male Rats' Choices between Differently Priced Commodities.

    Science.gov (United States)

    van Wingerden, Marijn; Marx, Christine; Kalenscher, Tobias

    2015-01-01

    Demand theory can be applied to analyse how a human or animal consumer changes her selection of commodities within a certain budget in response to changes in price of those commodities. This change in consumption assessed over a range of prices is defined as demand elasticity. Previously, income-compensated and income-uncompensated price changes have been investigated using human and animal consumers, as demand theory predicts different elasticities for both conditions. However, in these studies, demand elasticity was only evaluated over the entirety of choices made from a budget. As compensating budgets changes the number of attainable commodities relative to uncompensated conditions, and thus the number of choices, it remained unclear whether budget compensation has a trivial effect on demand elasticity by simply sampling from a different total number of choices or has a direct effect on consumers' sequential choice structure. If the budget context independently changes choices between commodities over and above price effects, this should become apparent when demand elasticity is assessed over choice sets of any reasonable size that are matched in choice opportunities between budget conditions. To gain more detailed insight in the sequential choice dynamics underlying differences in demand elasticity between budget conditions, we trained N=8 rat consumers to spend a daily budget by making a number of nosepokes to obtain two liquid commodities under different price regimes, in sessions with and without budget compensation. We confirmed that demand elasticity for both commodities differed between compensated and uncompensated budget conditions, also when the number of choices considered was matched, and showed that these elasticity differences emerge early in the sessions. These differences in demand elasticity were driven by a higher choice rate and an increased reselection bias for the preferred commodity in compensated compared to uncompensated budget conditions

  12. Budget Constraints Affect Male Rats’ Choices between Differently Priced Commodities

    Science.gov (United States)

    Kalenscher, Tobias

    2015-01-01

    Demand theory can be applied to analyse how a human or animal consumer changes her selection of commodities within a certain budget in response to changes in price of those commodities. This change in consumption assessed over a range of prices is defined as demand elasticity. Previously, income-compensated and income-uncompensated price changes have been investigated using human and animal consumers, as demand theory predicts different elasticities for both conditions. However, in these studies, demand elasticity was only evaluated over the entirety of choices made from a budget. As compensating budgets changes the number of attainable commodities relative to uncompensated conditions, and thus the number of choices, it remained unclear whether budget compensation has a trivial effect on demand elasticity by simply sampling from a different total number of choices or has a direct effect on consumers’ sequential choice structure. If the budget context independently changes choices between commodities over and above price effects, this should become apparent when demand elasticity is assessed over choice sets of any reasonable size that are matched in choice opportunities between budget conditions. To gain more detailed insight in the sequential choice dynamics underlying differences in demand elasticity between budget conditions, we trained N=8 rat consumers to spend a daily budget by making a number of nosepokes to obtain two liquid commodities under different price regimes, in sessions with and without budget compensation. We confirmed that demand elasticity for both commodities differed between compensated and uncompensated budget conditions, also when the number of choices considered was matched, and showed that these elasticity differences emerge early in the sessions. These differences in demand elasticity were driven by a higher choice rate and an increased reselection bias for the preferred commodity in compensated compared to uncompensated budget

  13. Capitals Cost and the Investments Actualisation Rate

    Directory of Open Access Journals (Sweden)

    Ion Stancu

    2006-02-01

    Full Text Available In this article, the author has assumed himself an assignment somehow ostentatious but useful, we believe, naming the one to illustrate by means of figures, the influence of both leverage and economic growth over the cost of capital, cost which will be used in capital budgeting. This synthesis is meant to be a forthcoming approach to a later investigation of the problems raised by the estimation of the cost of capital in the specific conditions of both the financial market in Romania and the quality of the economic-financial information, information available for this estimation. The discount rate for an investment project (kinv with a risk equal to the risk undertaken by the enterprise and financed within the firm’s capital structure itself (having the same leverage is equal to the (weighted average cost of capital in the respective risk class (k. Under these circumstances, it is interesting to find out this opportunity cost of capital invested in a medium-sized enterprise: a with investments in rebuilding the productive capacity, all equity financed; b with investments in rebuilding the productive capacity, financed both by equity and debt; c with new investments, all equity financed; d with new investments, financed both by equity and debt. Under these conditions, we estimate the effect of both the leverage and economic growth over the cost of capital (kec and kc to be able to determine in the end the discount rate of the analyzed investment (kinv: for enterprises with only maintaining investments (g = 0, unlevered (U and levered (L; for enterprises with growing investments (g > 0, unlevered (U and levered (L.

  14. Capitals Cost and the Investments Actualisation Rate

    Directory of Open Access Journals (Sweden)

    Ion Stancu

    2006-04-01

    Full Text Available In this article, the author has assumed himself an assignment somehow ostentatious but useful, we believe, naming the one to illustrate by means of figures, the influence of both leverage and economic growth over the cost of capital, cost which will be used in capital budgeting. This synthesis is meant to be a forthcoming approach to a later investigation of the problems raised by the estimation of the cost of capital in the specific conditions of both the financial market in Romania and the quality of the economic-financial information, information available for this estimation. The discount rate for an investment project (kinv with a risk equal to the risk undertaken by the enterprise and financed within the firm’s capital structure itself (having the same leverage is equal to the (weighted average cost of capital in the respective risk class (k. Under these circumstances, it is interesting to find out this opportunity cost of capital invested in a medium-sized enterprise: a with investments in rebuilding the productive capacity, all equity financed; b with investments in rebuilding the productive capacity, financed both by equity and debt; c with new investments, all equity financed; d with new investments, financed both by equity and debt. Under these conditions, we estimate the effect of both the leverage and economic growth over the cost of capital (kec and kc to be able to determine in the end the discount rate of the analyzed investment (kinv: for enterprises with only maintaining investments (g = 0, unlevered (U and levered (L; for enterprises with growing investments (g > 0, unlevered (U and levered (L.

  15. Self-consistency in Capital Markets

    Science.gov (United States)

    Benbrahim, Hamid

    2013-03-01

    Capital Markets are considered, at least in theory, information engines whereby traders contribute to price formation with their diverse perspectives. Regardless whether one believes in efficient market theory on not, actions by individual traders influence prices of securities, which in turn influence actions by other traders. This influence is exerted through a number of mechanisms including portfolio balancing, margin maintenance, trend following, and sentiment. As a result market behaviors emerge from a number of mechanisms ranging from self-consistency due to wisdom of the crowds and self-fulfilling prophecies, to more chaotic behavior resulting from dynamics similar to the three body system, namely the interplay between equities, options, and futures. This talk will address questions and findings regarding the search for self-consistency in capital markets.

  16. What constitutes a health-enabling neighborhood? A grounded theory situational analysis addressing the significance of social capital and gender.

    Science.gov (United States)

    Eriksson, Malin; Emmelin, Maria

    2013-11-01

    Variations in health between neighborhoods are well known and the conceptualization of social capital has contributed to an understanding of how contextual factors influence these differences. Studies show positive health-effects from living in high social capital areas, at least for some population sub-groups. The aim of this qualitative study was to understand what constitutes a 'health-enabling' neighborhood. It follows up results from a social capital survey in northern Sweden indicating that the health effects of living in a high social capital neighborhood is gendered in favor of women. A grounded theory situational analysis of eight focus group discussions--four with men and four with women--illustrated similar and different positions on how neighborhood characteristics influence health. A neighborhood, where people say hi to each other ("hi-factor") and where support between neighbors exist, were factors perceived as positive for health by all, as was a good location, neighborhood greenness and proximity to essential arenas. Women perceived freedom from demands, feeling safe and city life as additional health enabling factors. For men freedom to do what you want, a sense of belonging, and countryside life were important. To have burdensome neighbors, physical disturbances and a densely living environment were perceived as negative for health in both groups while demands for a well styled home and feeling unsafe were perceived as negative for health among women. Neighborhood social capital, together with other elements in the living environment, has fundamental influence on people's perceived health. Our findings do not confirm that social capital is more important for women than for men but that distinctive form of social capital differ in impact. Investing in physical interventions, such as planning for meeting places, constructing attractive green areas, and making neighborhoods walking-friendly, may increase human interactions that is instrumental for

  17. Can capital income taxes survive? And should they?

    DEFF Research Database (Denmark)

    Sørensen, Peter Birch

    2007-01-01

    The article surveys some main results in the theory of capital income taxation in the open economy; reviews recent trends in international taxation and discusses alternative blueprints for fundamental capital income tax reform from the perspective of an open economy faced with growing mobility of...

  18. Social Capital and Academic Motivation among First-Generation Community College Students

    Science.gov (United States)

    Moschetti, Roxanne Venus; Hudley, Cynthia

    2015-01-01

    Social capital, the value of a relationship that provides support and assistance in a given social situation (Stanton-Salazar, 2001), is a useful theory for understanding the experiences of low-income adolescents who are the first in their families to attend college. According to social capital theory, networks of relationships can help students…

  19. Asset Structure Impact on Capital Structure of Capital Market-Listed Firms in Indonesia and Malaysia

    Directory of Open Access Journals (Sweden)

    Zainal Abidin Sahabuddin

    2017-07-01

    Full Text Available Debt was able to be used by firm as source of funds for investment-related activities,especially when the amount of retained earnings was not sufficient to cover the amount of investment needed. Naturally, the use of debt definitely caused the agency conflict between firm shareholders and debt holders. To reduce this conflict, the existence of fixed assets as collateral was needed when firm decided to borrow money from debt holders.The purpose of this study was to prove the agency theory perspective by testing an impact of asset structure on capital structure of firms. The population of this study was the firms listed on Indonesia Stock Exchange and Malaysian Stock Exchange. The firms as sample were taken from the population by conducting stratified random sampling method. The pooled data regression model was used as the data analysis method. This result of this study showed that asset structure had the positive impact on capital structure. It meant the causal relationship between asset structure and capital structure happened and was supported by the agency theory perspective.

  20. ORGANIZATIONAL CAPITAL IN ENTERPRISE ARCHITECTURE

    Directory of Open Access Journals (Sweden)

    Kirill G. Skripkin

    2016-01-01

    Full Text Available The paper describes a new approach to the description of organizational capital in enterprise architecture. This approach is focused on internal consistency of organizational mechanisms and their fit to the requirements of technologies in use and key employees. The description rests on Henry Mintzberg organizational design theory. The value of this description is demonstrated for the case of influence of Ministry of Education and Science policy on the organizational capital of the Russian university.

  1. Generalized zeta function representation of groups and 2-dimensional topological Yang-Mills theory: The example of GL(2, #Mathematical Double-Struck Capital F#{sub q}) and PGL(2, #Mathematical Double-Struck Capital F#{sub q})

    Energy Technology Data Exchange (ETDEWEB)

    Roche, Ph., E-mail: philippe.roche@univ-montp2.fr [Université Montpellier 2, CNRS, L2C, IMAG, Montpellier (France)

    2016-03-15

    We recall the relation between zeta function representation of groups and two-dimensional topological Yang-Mills theory through Mednikh formula. We prove various generalisations of Mednikh formulas and define generalization of zeta function representations of groups. We compute some of these functions in the case of the finite group GL(2, #Mathematical Double-Struck Capital F#{sub q}) and PGL(2, #Mathematical Double-Struck Capital F#{sub q}). We recall the table characters of these groups for any q, compute the Frobenius-Schur indicator of their irreducible representations, and give the explicit structure of their fusion rings.

  2. Skills and Regional Entrepreneurship Capital Formation

    DEFF Research Database (Denmark)

    Mendonça, Joana; Grimpe, Christoph

    2016-01-01

    Entrepreneurship capital has frequently been characterized as an important determinant of regional economic growth. Yet, we have limited knowledge about what explains why certain regions are more successful in creating entrepreneurship capital in general and in particular in technology......- and knowledge-intensive sectors. In this paper, we shed light on the skill base of a region in terms of its endowment with human capital and the composition, i.e. specialization or diversity, of skills. Moreover, we look at the context in which entrepreneurship capital formation takes place by focusing...... on differences in the institutional infrastructures for entrepreneurship in two European countries: Germany and Portugal. Based on harmonized datasets, our results indicate important differences between the countries. Specifically, our results suggest that both specialization and diversity theories hold...

  3. Um modelo multiobjetivo de otimização aplicado ao processo de orçamento de capital A multicriteria optimization model applied to the capital budgeting process

    Directory of Open Access Journals (Sweden)

    Eder Oliveira Abensur

    2012-12-01

    Full Text Available O processo de orçamento de capital envolve a análise e seleção de projetos de longo prazo de maturação. Essas decisões de investimento são tradicionalmente feitas pela aplicação simultânea de vários métodos financeiros com uso de fluxo de caixa descontado como, por exemplo, o Valor Presente Líquido (VPL e a Taxa Interna de Retorno (TIR. Apesar da longa e ampla disseminação dessas técnicas, são notórios os problemas de avaliação especialmente quando consideradas funções mono-objetivas e projetos mutuamente excludentes. Em se tratando de decisões financeiras, parece ilusório falar em otimização sem considerar múltiplos objetivos e atributos. O objetivo deste trabalho é propor um modelo matemático multiobjetivo prático que auxilie na seleção de projetos de investimento submetidos simultaneamente a vários indicadores de desempenho que incorpora uma nova medida de risco (GAFT. Os testes foram feitos sobre uma amostra de quarenta e cinco projetos e os resultados demonstram que o modelo proposto é uma ferramenta gerencial prática e promissora.The capital budgeting process involves the analysis and selection of projects committed over long periods of time. These investment decisions are traditionally made by the simultaneous application of various financial techniques using discounted cash flow, such as the Net Present Value (NPV and Internal Rate of Return (IRR. Despite the long-term and wide dissemination of these techniques, there are major problems of inconsistency especially in mono-criterion functions and mutually exclusive projects. When dealing with financial decisions, it seems illusory to address optimization without taking multiple objectives and attributes into account. The objective of this paper is to present a mathematical model that allows the multi-criteria selection of investment projects submitted to various financial indicators; the mathematical model incorporates a new measure of risk (GAFT. Forty

  4. The political dimension of "linking social capital"

    DEFF Research Database (Denmark)

    Rubin, Olivier

    2016-01-01

    . Through an analysis of existing analytical practices, the article concludes that linking social capital is often subordinated to the two related social capital concepts of bonding and bridging, and that linking social capital is often exclusively defined and operationalized based on expressions...... of organizational trust and participation. The article proposes a recalibration to encompass the political dynamics, and political survival theory is recommended as a way to address the hitherto underexplored governance dimension. Rather than using trust as the analytical pivot, this analytical entry point may...

  5. VIEWS REGARDING THE IMPLEMENTATION OF THE NEW SYSTEM OF BUDGETING ELABORATION OF ADMINISTRATIV-TERRITORIAL UNITS

    Directory of Open Access Journals (Sweden)

    Tatiana MANOLE

    2015-07-01

    Full Text Available In this article there are presented the views of the author, who has studied the implementation of the new system of budgeting administrative-territorial units in Riscani and Ocnita districts which have undergone piloting for 2014 year. In the result of the analysis performed by a set of quantitative and qualitative indicators, using the process of comparison of the new and the old system, the author summarizes some opinions, which list the advantages and disadvantages of the new one. Overall, the author concludes that the new local budgeting system leads to strengthening of financial autonomy and raises the responsibility of local authorities for capitalization of the new sources of incomes to the local budget.

  6. An Analysis of Social Capital and Environmental Management of Higher Education Institutions

    Science.gov (United States)

    Evangelinos, Konstantinos I.; Jones, Nikoleta

    2009-01-01

    Purpose: The purpose of this paper is to analyse the importance of the theory of social capital for the challenges presented during environmental management initiatives in higher education institutions (HEIs). In particular, the paper utilises the fundamental components of social capital theory and assesses a hypothesis that higher stocks of…

  7. A Comparative Study of Family Social Capital and Literacy Practices in Singapore

    Science.gov (United States)

    Ren, Li; Hu, Guangwei

    2013-01-01

    Social capital--the social relations between people--is an important component of the family environment and is crucial for the creation of human capital for the next generation. Drawing on James S. Coleman's theory of family capital, this study focuses on parents' utilization of social capital to support children's literacy acquisition in four…

  8. Voting suffrage and the political budget cycle: Evidence from the London Metropolitan Boroughs 1902–1937

    Science.gov (United States)

    Aidt, Toke S.; Mooney, Graham

    2014-01-01

    We study the opportunistic political budget cycle in the London Metropolitan Boroughs between 1902 and 1937 under two different suffrage regimes: taxpayer suffrage (1902–1914) and universal suffrage (1921–1937). We argue and find supporting evidence that the political budget cycle operates differently under the two types of suffrage. Taxpayer suffrage, where the right to vote and the obligation to pay local taxes are linked, encourages demands for retrenchment and the political budget cycle manifests itself in election year tax cuts and savings on administration costs. Universal suffrage, where all adult residents can vote irrespective of their taxpayer status, creates demands for productive public services and the political budget cycle manifests itself in election year hikes in capital spending and a reduction in current spending. PMID:25843984

  9. Ecology, Capital, and the Nature of Our Times: Accumulation & Crisis in the Capitalist World-Ecology

    Directory of Open Access Journals (Sweden)

    Jason W. Moore

    2015-08-01

    Full Text Available In this essay, I elaborate the possibilities for a unified theory of historical capitalism - one thatviews the accumulation of capital and the production of nature (humans included! asdialectically constituted. In this view, the modern world-system is a capitalist world-ecology, aworld-historical matrix of human- and extra-human nature premised on endless commodification.The essay is organized in three movements. I begin by arguing for a reading of modernity's"interdependent master processes" (Tilly as irreducibly socio-ecological. Capitalism does notdevelop upon global nature so much as it emerges through the messy and contingent relations ofhumans with the rest of nature. Second, the paper engages Giovanni Arrighi's handling of time,space, and accumulation in The Long Twentieth Century. I highlight Arrighi 's arguments for a"structurally variant" capitalism, and the theory of organizational revolutions, as fruitful ways toconstruct a theory of capitalism as world-ecology. I conclude with a theory of accumulation andits crises as world-ecological process, building out from Marx's "general law" ofunderproduction. Historically, capitalism has been shaped by a dialectic of underproduction (toofew inputs and overproduction (too many commodities. Today, capitalism is poised for a re-emergence of underproduction crises, characterized by the insufficient flow of cheap food, fuel,labor, and energy to the productive circuit of capital. Far from the straightforward expression of"overshoot" and "peak everything," the likely resurgence of underproduction crises is anexpression of capitalism's longue duree tendency to undermine its conditions of reproduction.The world-ecological limit of capital, in other words, is capital itself

  10. Neighborhood social capital and adult health: an empirical test of a Bourdieu-based model.

    Science.gov (United States)

    Carpiano, Richard M

    2007-09-01

    Drawing upon Bourdieu's [1986. The forms of capital. In: Richardson, J.G. (Ed.), Handbook of Theory and Research for the Sociology of Education. Greenwood, New York, pp. 241-258.] social capital theory, I test a conceptual model of neighborhood conditions and social capital - considering relationships between neighborhood social capital forms (social support, social leverage, informal social control, and neighborhood organization participation) and adult health behaviors (smoking, binge drinking) and perceived health, as well as interactions between neighborhood social capital and individuals' access to that social capital. Analyzing Los Angeles Family and Neighborhood Survey data linked with tract level census data, results suggest that specific social capital forms were directly associated with both positive and negative health outcomes. Additionally, residents' neighborhood attachment moderated relationships between various social capital forms and health. Future studies should consider social capital resources and the role of differential access to such resources for promoting or compromising health.

  11. The Creation and Destruction of Social Capital

    DEFF Research Database (Denmark)

    Svendsen, Gunnar Lind Haase; Svendsen, Gert Tinggaard

    ‘A welcome contribution to scholarly economic and public policy debates, The Creation and Destruction of Social Capital is written for advanced students yet offers insights critical to better understanding micro and macro economics alike.' - Willis M. Buhle, The Midwest Book Review ‘The Svendsens...... in to crafting this study.' - From the foreword by Elinor Ostrom Is social capital the ‘missing link' in economics? In this vital new book, the authors argue that the ‘forgotten' production factor of social capital is as crucial in economic decision-making as the other more traditional factors of production...... such as physical, financial and human capital. They attempt to bridge the gap between theory and reality by examining the main factors that determine entrepreneurship, co-operative movements and the creation and destruction of social capital....

  12. The Optimization of Capital Structure in Maximizing Profit and Corporate Value

    Directory of Open Access Journals (Sweden)

    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.

  13. Why Do European Venture Capital Companies Syndicate?

    NARCIS (Netherlands)

    S. Manigart (Sophie); J. Bruining (Hans); A. Lockett (Andy); M. Meuleman (Miguel)

    2002-01-01

    textabstractFinancial theory, resource-based theory and access to deal flow are used to explain syndication practices among European venture capital (VC) firms. The desire to share risk and increase portfolio diversification is a more important motive for syndication than the desire to access

  14. Ontario’s Bold Move to Create Jobs and Growth: Impact of the 2009 Ontario Budget and Other Recent Tax Measures on Investment, Jobs and Incomes

    Directory of Open Access Journals (Sweden)

    Jack M. Mintz

    2009-11-01

    Full Text Available • The 2009 Ontario Budget measures, together with other recent tax changes, will have a profound impact on Ontario’s competitiveness by lowering the tax burden on new business investment. • Within ten years, Ontario will benefit from: – increased capital investment of $47 billion; – increased annual incomes of up to 8.8%, or $29.4 billion; and – an estimated 591,000 net new jobs. This paper documents the impact of the 2009 Ontario Budget and other recent tax changes on capital investment, jobs, and incomes in the province. In the March 2009 Budget, Ontario announced it will harmonize its sales tax with the federal goods and services tax (GST as well as reduce corporate and personal taxes. The Budget measures will have a profound impact on the willingness of business to invest in Ontario since corporate tax rate reductions and the adoption of the federal GST base would result in the virtual elimination of taxes on capital goods and business intermediate inputs once fully phased in. Since 1980, when I began modelling the impact of taxes on investment, this is the largest change ever seen in a single budget, leading to the sharpest reduction in the tax burden on capital investment in any one province. Coupled with federal reductions in corporate taxes and Ontario’s already legislated elimination of all remaining capital taxes,1 Ontario will see its effective tax rate on new investments by medium and large businesses plummet from 33.6% in 2009 to 23.7% in 2010 and then to 18.5% by 2018. The province will then have an effective tax rate on non-resource investments that is similar to most other provinces, including Alberta, British Columbia, and Quebec. Ontario will also improve its international competitiveness dramatically with a lower tax burden on new investment compared with the average of 20 major industrialized and emerging economies. Small businesses will also benefit substantially from the 2009 Budget. The effective tax rate on

  15. The deforestation problem in oil-importing developing countries: A capital theory approach to a renewable resource

    International Nuclear Information System (INIS)

    Rodriguez, A.E.

    1991-01-01

    This study attempts an analysis of the effects of a crude-oil price shock on the tropical rain-forest biomass of oil-importing developing countries. It establishes the logical plausibility of this relationship between price shocks and deforestation by developing a stylized capital-theoretic intertemporal model with a trade constraint. This formulation allows one to determine the correct price path at each moment in time, an efficiency consideration. A second theoretical model purports to show that justification for the building of high dams as a response to energy shocks was based on myopic expectations of crude oil supplier behavior. Once rational supplier response to natural capital stocks is taken into consideration, a different result emerges suggesting a much larger optical biomass stock. Noting that deforestation is an externality with global repercussions and appealing to the logic of the Folk Theorem of game theory, the last chapter proposes an international collaborative effort whereby concerned nations would supply crude oil to oil-importing developing countries that have witnessed the deterioration of their forest biomass as a direct or indirect consequence of oil price shocks

  16. Accrual Budgeting: Experiences of Other Nations and Implications for the United States

    Science.gov (United States)

    2000-02-01

    Responsibility Act FRAB Financial Reporting Advisory Board GAAP generally accepted accounting principles GDP gross domestic product IP Independency...investment while the NIPA budget shows current expenditures and thus excludes investments and includes the consumption of fixed capital ( depreciation ). Page...asset purchases below a certain amount if the department can fund them from depreciation reserves. See chapter 3 and country appendixes for

  17. Measuring intellectual capital of national economies

    OpenAIRE

    Rađenović, Tamara; Krstić, Bojan

    2017-01-01

    The importance of intellectual capital for creating and sustaining competitive advantage of firms has been well established and confirmed in theory and practice. Intellectual resources proved to be the most valuable resources in the process of value creation for various stakeholders. Starting from 1980s onwards, both researchers and practitioners have focused on finding the best solution for measuring intellectual capital in order to enable efficient management and reporting on intellectual c...

  18. Does Human Capital Investment Impact the Earning Mobility of the Near Poor?

    Science.gov (United States)

    Karasik, Bradley

    2012-01-01

    This secondary analysis of the earning mobility of the near poor examined the impact of human capital investment on the earning mobility of the near poor between 2005 and 2009. The theory framing this study is Human Capital Theory (Shultz, 1961). Other demographic and socioeconomic variables were included in this study to further explore factors…

  19. The capital-asset-pricing model and arbitrage pricing theory: a unification.

    Science.gov (United States)

    Ali Khan, M; Sun, Y

    1997-04-15

    We present a model of a financial market in which naive diversification, based simply on portfolio size and obtained as a consequence of the law of large numbers, is distinguished from efficient diversification, based on mean-variance analysis. This distinction yields a valuation formula involving only the essential risk embodied in an asset's return, where the overall risk can be decomposed into a systematic and an unsystematic part, as in the arbitrage pricing theory; and the systematic component further decomposed into an essential and an inessential part, as in the capital-asset-pricing model. The two theories are thus unified, and their individual asset-pricing formulas shown to be equivalent to the pervasive economic principle of no arbitrage. The factors in the model are endogenously chosen by a procedure analogous to the Karhunen-Loéve expansion of continuous time stochastic processes; it has an optimality property justifying the use of a relatively small number of them to describe the underlying correlational structures. Our idealized limit model is based on a continuum of assets indexed by a hyperfinite Loeb measure space, and it is asymptotically implementable in a setting with a large but finite number of assets. Because the difficulties in the formulation of the law of large numbers with a standard continuum of random variables are well known, the model uncovers some basic phenomena not amenable to classical methods, and whose approximate counterparts are not already, or even readily, apparent in the asymptotic setting.

  20. Fatores determinantes da estrutura de capital das maiores empresas que atuam no Brasil Determinant factors of capital structure for the largest companies active in Brazil

    Directory of Open Access Journals (Sweden)

    Giovani Antonio Silva Brito

    2007-04-01

    Full Text Available Estrutura de capital é um tema ainda controverso em teoria de finanças. Desde a discussão entre a teoria tradicional, que defende a existência de uma estrutura de capital ótima que leva à maximização do valor da empresa, e a proposta por Modigliani e Miller (1958, que considera que o valor da empresa não é afetado pela forma como ela é financiada, diversos estudos empíricos têm sido realizados com o objetivo de identificar os fatores que explicam a forma como as empresas se financiam. Esta pesquisa analisa a estrutura de capital das maiores empresas que atuam no Brasil, investigando a relação entre o nível de endividamento e os fatores apontados pela teoria como seu determinante. O estudo é baseado em dados contábeis extraídos das demonstrações financeiras de empresas de capital aberto e de empresas de capital fechado. A técnica estatística utilizada no estudo é a regressão linear múltipla. Os resultados indicam que os fatores risco, tamanho, composição dos ativos e crescimento são determinantes da estrutura de capital das empresas, enquanto que o fator rentabilidade não é determinante. Os resultados, também, mostram que o nível de endividamento da empresa não é afetado pelo fato de ela ser de capital aberto ou de capital fechado.Capital structure is still a still controversial issue in finance theory. Since the discussion between traditional theory, which asserts the existence of an optimal capital structure that maximizes the firm’s value, and Modigliani and Miller’s theory (1958, which considers that the value of a firm is unaffected by how it is financed, many empirical studies have been carried out to identify the factors that explain how a firm finances itself. This research analyses the capital structure of the largest firms in Brazil and investigates the relationship between the leverage ratio and the factors indicated by theory as determinant. The study is based on accounting data extracted from

  1. The determinants of capital structure: evidence from Dutch panel data

    OpenAIRE

    Chen, Linda H.; Lensink, Robert; Sterken, Elmer

    1999-01-01

    This paper studies the determinants of capital structure choice of Dutch firms. Our main objective is to investigate whether and to what extent the main capital structure theories can explain capital structure choice of Dutch firms. A better understanding of the capital structure determinants in a rela-tively small yet open industrialized economy is essential not only for enrich-ing empirical studies in this field, but also for the purpose of cross country asset evaluation. By estimating a pa...

  2. 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...

  3. An introduction to capital markets products, strategies, participants

    CERN Document Server

    Chisholm, Andrew M

    2002-01-01

    This comprehensive resource provides a complete introduction to global capital markets by explaining key instruments used in markets and their practical applications. An Introduction to Capital Marketsassumes no starting knowledge of the subject and begins with a general overview of the structure of the capital markets industry. Readers will quickly learn about swaps applications, options trading strategies, and much more. This introduction to financial markets offer valuable insights for anyone interested in the theory, practice, products, and applications within this field.

  4. Evidence of the Relationship between Teaching Qualification and Academic Achievement: an analysis in the light of the Theory of Human Capital

    Directory of Open Access Journals (Sweden)

    Vinícius Costa da Silva Zonatto

    2013-04-01

    Full Text Available The University is the location in which it produces and disseminates the knowledge. The theory of human capital is based on the concept that the acquisition of knowledge and skills increases the value of human capital. In this context, the study aims to assess the relationship between the teaching qualification and the academic performance of undergraduate courses in accounting Sciences at universities in southern Brazil. It is a descriptive research, developed through documentary approach, with the quantitative analysis of the data. The search sample understood 83 courses in public and private universities, who performed the Examination National of Performance of Students (ENADE in 2009. In general, it appears that the universities have in this course, on average, 55% of teachers with master's degree and 10% with titration of doctor. Institutions with the largest number of lecturers with the first line-up, also have higher levels of teachers with PhD training. The results found show that universities with the largest proportions of teachers with training in level stricto sensu won best concepts in this evaluation. The analysis of the strength of the relationship between the universities academic performance in ENADE and the total proportion of teachers with titration in masters or doctorate, submitted positive and statistically significant correlation. Such evidence suggests the confirmation of the relationship observed in this study. The findings of the research, convergent with the approach of the human capital theory, suggest that may be convenient for the universities the making of investments on professional qualification, as well as for teachers interested in qualify. In this way, it is concluded that the vocational training level stricto sensu contributes to the development and the accumulation of human capital, what generates benefits for institutions, teachers and academics.

  5. The Effectiveness of Capital Budgeting Techniques in Evaluating ...

    African Journals Online (AJOL)

    DR Nneka

    evaluating the profitability of a project are- pay-back, accounting rate of return, net ... is called financial assets investment, and the technique for evaluating the feasibility of ..... The fundamental theory of share values is based on DCF principles.

  6. 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....

  7. Discussion on Optimization of Capital Structure of Enterprises%对企业资本结构优化的探讨

    Institute of Scientific and Technical Information of China (English)

    姚泓江

    2011-01-01

    资本结构是现代企业财务理论研究的核心内容之一.但是企业的实际资本结构复杂多变,理论分析存在一定的抽象性.20世纪50年代以前的资本结构理论被美国财务学者归纳为“早期资本结构理论”,50年代以后以MM理论为代表的资本结构理论则被称为“现代资本结构理论”.资本结构理论分析是以股东财富最大化为公司目标假设,以资本成本分析为基础.其中早期资本结构理论包括净利理论、营业净利理论、传统折衷理论、MM理论和权衡理论.本文主要是探讨当今企业的资本结构受哪些因素影响,确立合理的资本结构需要哪些措施.%The capital structure is one of core contents of studying modern corporate finance theory. However, the actual capital structure of enterprises is complex, and theoretical analysis exists in abstract. Capital structure theory was summarized as "early capital structure theory" by U.S. Financial scholars before the 1950s, and the capital structure theory which was represented by MM theory was called the "modern capital structure theory" after 1950s. Capital structure theory analysis takes maximizing shareholder wealth as the company's goals hypothesis, is based on an analysis of capital costs. Early theory of capital structure includes net income, operating income theory, the traditional eclectic theory, MM theory and the trade-off theory. This paper mainly focuses on discussing factors influencing the capital structure of enterprises, and measures should adopt to establish reasonable capital structure.

  8. Valuation and Presentation of Inactive Inventory on the FY 1997 Defense Logistics Agency Working Capital Fund Financial Statements

    National Research Council Canada - National Science Library

    1998-01-01

    The overall objective of our audit was to determine whether the FY 1997 Financial Statements of the DLA Working Capital Fund were presented fairly and in accordance with Office of Management and Budget Bulletin...

  9. 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

  10. Mathematics Capital in the Educational Field: Bourdieu and Beyond

    Science.gov (United States)

    Williams, Julian; Choudry, Sophina

    2016-01-01

    Mathematics education needs a better appreciation of the dominant power structures in the educational field: Bourdieu's theory of capital provides a good starting point. We argue from Bourdieu's perspective that school mathematics provides capital that is finely tuned to generationally reproduce the social structures that serve to keep the…

  11. 7 CFR 3402.14 - Budget and budget narrative.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 15 2010-01-01 2010-01-01 false Budget and budget narrative. 3402.14 Section 3402.14... GRADUATE AND POSTGRADUATE FELLOWSHIP GRANTS PROGRAM Preparation of an Application § 3402.14 Budget and budget narrative. Applicants must prepare the Budget, Form CSREES-2004, and a budget narrative...

  12. The Mismeasure of Monkeys: Education Policy Research and the Evolution of Social Capital

    Science.gov (United States)

    Gearin, B.

    2017-01-01

    This conceptual history traces the rise of "social capital" from the theories of James Coleman and Pierre Bourdieu to its eventual adoption in fields such as primatology and evolutionary psychology. It argues that the earliest theories of social capital were formulated in response to a growing perception that education was an economic…

  13. The impacts of community social capital on the life satisfaction of older adults in Hong Kong: the moderator role of intergenerational family capital.

    Science.gov (United States)

    Lu, Nan; Lum, Terry Y S; Lou, Vivian W Q

    2016-11-01

    This study examined the moderator role of intergenerational family capital on the relationship between community social capital and life satisfaction of older Chinese adults. The data were derived from a quota sampling of 372 older adults aged 60 and above, who were interviewed at four districts in Hong Kong in 2011. Multiple group analysis was employed to examine the proposed model. For the low family capital group, community social capital was found to be a significant predictor of life satisfaction, even when the well-known covariates were controlled. However, the association between community social capital and life satisfaction was statistically non-significant among the high family capital group. The findings highlighted the interplay between community social capital and intergenerational family capital, which supported community social capital replacement theory in understanding the mechanism linking social capital to life satisfaction in older age in a Chinese context. Community social capital can play a compensatory role in maintaining the mental health of older people. It is particularly important for older adults who lack family support and/or suffer from social isolation and loneliness in local communities.

  14. Human Capital - A Quality Factor For The Competitiveness Of IT Companies

    OpenAIRE

    Elisei Crăciun

    2015-01-01

    This paper treats quality, human capital and competitiveness concepts in order to determine in which measure the Human Capital quality influences the competitiveness of a firm. The human capital theory is a relatively new approach, the first valuable approach being that of Garry Becker which, subsequent of the modern management theoretical views, puts human capital into scientific frame. This present paper relates deeply on this theoretical frame as it is considered that, besides financial or...

  15. Financial planning working capital ventures using software «analyzer bdds» sold on the basis of selection of optimal bond portfolio

    Directory of Open Access Journals (Sweden)

    N.J. Timofeeva

    2011-05-01

    Full Text Available This article examines the financial planning of working capital organizations, in particular presented a software implementation of the algorithm analyzes the budget forecast working capital, identify and take advantage of temporarily free money using a model of a decision on the choice of the optimal bond portfolio, consistent with the free flow of liquidity of the enterprise.

  16. Reproduction and Fixed Capital

    NARCIS (Netherlands)

    van Schaik, A.B.T.M.

    2014-01-01

    In the 'sixties, the reproduction model was often the subject of analysis and discussion in economic literat­ ure. Discussion was by criticism of the neo-classical concept of capital as well as by a renewed interest in the labour theory of value. Criticism of the use of a homogeneous concept of

  17. South African Capital Structure Decisions: A Survey of Listed Companies

    CSIR Research Space (South Africa)

    De Wet, Lambert H

    2015-12-01

    Full Text Available , which states that firms seek the most convenient form of finance available (Myers, 1984); the Market Timing Theory, which states that managements effort to time their entry to market shapes the capital structure decision (Baker and Wurgler (2002...) and the Agency theory of Jensen and Meckling (1976), Myers (1984) proposes a ‘Pecking Order theory’, which advocates a freer capital structure whereby management does not aim for a specific leverage ratio, but instead uses the cheapest source of finance...

  18. The importance of trust for investment : Evidence from venture capital

    NARCIS (Netherlands)

    Bottazzi, L.; Da Rin, Marco; Hellmann, T.

    We examine the effect of trust in venture capital. Our theory predicts a positive relationship of trust with investment, but a negative relationship with success. Using a hand-collected dataset of European venture capital deals, we find that the Eurobarometer measure of trust among nations

  19. ADN to BSN: lessons from human capital theory.

    Science.gov (United States)

    Graf, Christina M

    2006-01-01

    Currently, approximately 16% of associate degree nursing (ADN) graduates acquire baccalaureate or higher degrees. Human capital analysis demonstrated negative to minimal average returns on investment (ROI) in BSN education. Increasing the ROI may influence ADNs to pursue baccalaureate education and can be an effective strategy for meeting the projected need for BSN-prepared nurses.

  20. Perceived Quality of Private Education and Fears of Stratification: Investigating the Propositions of Human Capital Theory by Exploring the Case of Colombia

    Science.gov (United States)

    Nel Páez, Pedro; Teelken, Christine

    2016-01-01

    The purpose of this paper is to discuss the recent developments in the higher education system of Colombia in order to illustrate how these encourage stratification between (types of) universities and their students. We do so by discussing propositions generated by human capital theory and apply them to the experiences of students and graduates…

  1. A framework for the management of intellectual capital in the health care industry.

    Science.gov (United States)

    Grantham, C E; Nichols, L D; Schonberner, M

    1997-01-01

    This article proposes a new theoretical model for the effective management of intellectual capital in the health care industry. The evolution of knowledge-based resources as a value-adding characteristic of service industries coupled with mounting environmental pressures on health care necessitates the extension of current models of intellectual capital. Our theoretical model contains an expanded context linking its development to organizational learning theory and extends current theory by proposing a six-term archetype of organizational functioning built on flows of information. Further, our proposal offers a hierarchical dimension to intellectual capital and a method of scientific visualization for the measurement of intellectual capital. In conclusion, we offer some practical suggestions for future development, both for researchers and managers.

  2. Social Capital, culture and theories of development

    Directory of Open Access Journals (Sweden)

    Antonio De la Peña García

    2014-04-01

    Full Text Available This article offers a critical review of the concept of social capital, focusing on the theoretical underpinnings of the communitarian approach. It argues that this approach has a culturalist bias that omits key issues of inequality, conflict and power, making it a tool that is unlikely to contribute significantly to poverty reduction or development. As an example, it describes the adoption of the concept by the World Bank and provides a case study of rural community organization in Ecuador.

  3. The Role of Cultural Capital in Higher Education Access and Institutional Choice

    Directory of Open Access Journals (Sweden)

    Iva Košutić

    2017-03-01

    Full Text Available This paper aims to explore social inequalities in school achievement and educational decision-making of the final-year students of secondary schools in the City of Zagreb and Zagreb County, Croatia (N = 534. The theoretical framework of the paper was Bourdieu’s theory of cultural and social reproduction (1977a. The main objectives were an analysis of the association between the students’ cultural capital and their school achievement and analyses of the predictive power of the cultural capital theory in the context of educational decisions in the transition to tertiary education. In the analysis of school achievement, sequential multiple regression analysis was used, while in the analyses of educational decisions logistic regression analyses were performed (binary and multinomial logistic regression. The results indicated that cultural capital had statistically significant correlation with school performance. Among the cultural capital indicators, statistically significant predictors of the probability of the intention to enrol into vocational higher education were the material dimension of cultural capital and naturalness of higher education aspirations of students. For the prediction of the probability of intention to enrol in university, significant predictors were embodied cultural capital, the naturalness of higher education aspirations of students, and father’s educational level. The study results on a selected sample of graduates tend to support Bourdieu’s theory of cultural reproduction through education.

  4. Creating Cultural Consumers: The Dynamics of Cultural Capital Acquisition

    Science.gov (United States)

    Kisida, Brian; Greene, Jay P.; Bowen, Daniel H.

    2014-01-01

    The theories of cultural reproduction and cultural mobility have largely shaped the study of the effects of cultural capital on academic outcomes. Missing in this debate has been a rigorous examination of how children actually acquire cultural capital when it is not provided by their families. Drawing on data from a large-scale experimental study…

  5. Preparing for budget-based payment methodologies: global payment and episode-based payment.

    Science.gov (United States)

    Hudson, Mark E

    2015-10-01

    Use of budget-based payment methodologies (capitation and episode-based bundled payment) has been demonstrated to drive value in healthcare delivery. With a focus on high-volume, high-cost surgical procedures, inclusion of anaesthesiology services in these methodologies is likely. This review provides a summary of budget-based payment methodologies and practical information necessary for anaesthesiologists to prepare for participation in these programmes. Although few examples of anaesthesiologists' participation in these models exist, an understanding of the structure of these programmes and opportunities for participation are available. Prospective preparation in developing anaesthesiology-specific bundled payment profiles and early participation in pathway development associated with selected episodes of care are essential for successful participation as a gainsharing partner. With significant opportunity to contribute to care coordination and cost management, anaesthesiology can play an important role in budget-based payment programmes and should expect to participate as full gainsharing partners. Precise costing methodologies and accurate economic modelling, along with identification of quality management and cost control opportunities, will help identify participation opportunities and appropriate payment and gainsharing agreements. Anaesthesiology-specific examples with budget-based payment models are needed to help guide increased participation in these programmes.

  6. The institutional logics of local government budget in Indonesia

    Directory of Open Access Journals (Sweden)

    Palupi Ade

    2017-01-01

    Full Text Available This study asks how and why a local government settings budget. It aims to deliver an understanding on how a government entity perceives that budget is important element to manage public expenditures. It uses the S local government in Indonesia as a case study. This study applies Institutional Logics Theory as a theoretical framework in order to analyze data. Data is collected by interviewing seven key persons who directly involves in budgeting process. This research shows that the budgeting process includes determining the purposes of annual budget, setting up planned programs and actvities, determining the amount of revenue that will be collected, allocating resources to expenditures and setting up standar pricing. Some important points in the budgeting process are identified. Those are considering political aspect to determine local tax rate, focusing on competition with other local governments, fulfilling the political promise of local government leader to the constituents, involving community to determine planned program and activities, and allocating resources based on community basic needs. This study concludes that those points develop the institutional logics of politic and managerial in budget setting process.

  7. Human Capital Formation in the Gulf and MENA Region.

    Science.gov (United States)

    Shaw, Ken E.

    2001-01-01

    Recent developments in human capital formation theories are particularly relevant to the Gulf and Middle Eastern and North African regions. Discusses recent western reconfigurations of the theory, noting how much local work must be done to reshape theory appropriately in the Middle East and explaining how issues relating to employment, education,…

  8. Effect of corporate governance on the firms’ structural capital

    Directory of Open Access Journals (Sweden)

    Karima Dhaouadi

    2011-09-01

    Full Text Available The study seeks to understand how the firm‟s ownership structure and the board of directors‟ composition influence the structural capital. The latter is apprehended by three main levers: TMT compensation, innovation, and firm‟s reputation. By mobilizing several panel linear regressions on 274 American firms, the results show that the firms which heavily invest in structural capital are more successful and chaired by the younger and heterogeneous TMT. No disciplinary effect of the board on structural capital has been found. The results support the cognitive theory assumptions. The classic perspective failed to explain the structural capital phenomena. In order to enhance their structural capital, firms must pay a close attention to their board cognitive contribution and not to its disciplinary role.

  9. A Note on Federal Budget Deficits and the Term Structure of Real Interest Rates in the United States

    OpenAIRE

    Cebula, Richard

    1990-01-01

    Using quarterly data and dealing with the ex post real rates on three month U.S. Treasury bills and 20 year U.S. Treasury bonds, this empirical note has estimated an IS-LM based regression by 2SLS. The results indicate that the budget deficit raises the slope of the yield curve. Furthermore, to the extent that private sector capital formation is sensitive to longer term real interest rates in the United States, federal budget deficits lead to crowding out of private investment and hence to sl...

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

    Directory of Open Access Journals (Sweden)

    Elena Valentina IVASCU

    2017-06-01

    Full Text Available 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. Financial performance was analysed both by creating and proposing an aggregate index, as well as based on the Z Conan & Holder score. The company's financial structure was analysed on the basis of the total leverage ratio and for the total cost of capital, the weighted average capital cost formula was used. The results obtained at the Engie Group level show that the capital structure is predominantly indebted, and the maximum financial performance is obtained when the financial structure is minimal and the weighted average capital cost is maximum. The reversed relationship between the financial structure and the financial performance is in accordance with the financial structure theories of information asymmetry, pecking order and dynamic trade-off. The reversed relationship is confirmed in all Engie Group companies, except one company from United Kingdom.

  11. Bounded Rationality and Budgeting

    OpenAIRE

    Ibrahim, Mukdad

    2016-01-01

    This article discusses the theory of bounded rationality which had been introduced by Herbert Simon in the 1950s. Simon introduced the notion of bounded rationality stating that while decision-makers strive for rationality, they are limited by the effect of the environment, their information process capacity and by the constraints on their information storage and retrieval capabilities. Moreover, this article tries to specifically blend this notion into budgeting, using the foundations of inc...

  12. Measurement of individual social capital

    NARCIS (Netherlands)

    Gaag, Martin Pieter Johannes van der

    2005-01-01

    The last twenty years have seen the idea of social capital blossoming as a popular and promising new look at phenomena in the social sciences. Essentially a theory that explains how and why relational networks are important for the production of outcomes at the individual and collective level,

  13. Human Capital and Career Success

    DEFF Research Database (Denmark)

    Frederiksen, Anders; Kato, Takao

    2016-01-01

    and Waldman and Lazear. Our analysis allows for both internal promotion and external recruitment as means to achieve top management appointments, and yields additional findings: the breath of human capital is more important in mature firms, as predicted by the theory; and the concept of firm-specific human...

  14. Dynamic 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

  15. An Analysis of Change Mechanisms in Government Budgets on Science and Technology

    Science.gov (United States)

    Jung, C.

    2012-12-01

    Recent studies on policy changes have shown that there are limitations of incrementalism and that there no longer exists a general theory that can explain policy change. A number of studies have been conducted to examine policy changes in terms of drastic changes in budgets or policy agenda. According to the Punctuated Equilibrium Theory (PET), policy change is punctuated by long periods of stability, and large, but rare, changes due to shifts in society or the government. Although the reasons for these drastic changes are interpreted mainly from external events, the exact mechanisms of these changes are still not known. In this study, we assume that the punctuated budget changes are a result of not only external events but also the bureaucratic power of government departments. We attempt to identify the regularity of budget change pattern due to these internal characteristics (bureaucratic power). In order to understand budget changes caused by external events, especially for science and technology, the ARIMA-Intervention analysis was implemented. The results showed that the ARIMA-Intervention analysis explained the abrupt change in budget well. This means that a change in budget cannot be explained as incrementalism. Also, we analyzed the budget change kurtosis of government department along with various policy and organization types. Normally, a high kurtosis means there is a high probability of a punctuated equilibrium. The results show that science and technology agency as well as productive, delivery, and transfer agencies have a relatively high kurtosis.;

  16. [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.

  17. Spiritual Capital: Novelty and Tradition

    Directory of Open Access Journals (Sweden)

    Magdalena Bosch

    2015-04-01

    Full Text Available The article analyzes the most relevant versions of spiritual capital, the aspects they share, and the way in which some of them are linked to religion while others are not. It describes the multidimensional nature of the notion, which leads to a theory of profound motivation that is strongly rooted in the person. This intrinsic dimensión of motivation proves to be decisive for ethical theories of virtue inspired in Aristotle, which emphasize the internal aspect of behavior.

  18. Penser le capitalisme cognitif selon Thorstein Veblen ; connaissance, pouvoir & capital

    Directory of Open Access Journals (Sweden)

    Marc-André Gagnon

    2007-10-01

    Full Text Available L’analyse économique traditionnelle, prisonnière d’une conception productiviste du capital, reste confrontée à ses propres limites lorsqu’il s’agit de rendre compte de la dynamique récente d’accumulation du capital dans une économie du savoir. Toutefois, l’oeuvre économique de Thorstein Bunde Veblen propose une analyse originale plus à même de comprendre les transformations contemporaines du capitalisme en déconnectant capital et productivité. Le capital n’est plus moyen de production, il devient contrôle sur les moyens de production et prend la forme de tout pouvoir socio-institutionnel permettant d’accroître la capacité de revenu des firmes. Après avoir présenté la méthode d’analyse économique inductive de Veblen ainsi que sa conception inductive du capital integrant à la fois les actifs tangibles et intangibles, nous montrerons comment la théorie du capital de Veblen intègre la notion de pouvoir en économie. Finalement, en recourant à la théorie véblénienne du capital, nous montrerons que les transformations structurelles de l’économie contemporaine ont moins à voir avec l’émergence de nouvelles formes de productivité qu’avec l’émergence de nouvelles formes de contrôles sur le savoir et la collectivité en général.Standard theories in economics are trapped in a productivist concept of capital and are facing their own limits when it comes the time to account for the dynamics of capital accumulation in a knowledge-based economy. The works of Thorstein Bunde Veblen, however, offer an original approach to account for the recent transformations of the capitalist system by disconnecting capital and productivity. Capital is no longer understood as “means of production”; instead, it becomes control over the means of production, and it takes the form of any socio-institutional power that increases firms’ earning-capacity. After introducing Veblen’s inductive method for economic

  19. Organizational intellectual capital and the role of the nurse manager: A proposed conceptual model.

    Science.gov (United States)

    Gilbert, Jason H; Von Ah, Diane; Broome, Marion E

    Nurse managers must leverage both the human capital and social capital of the teams they lead in order to produce quality outcomes. Little is known about the relationship between human capital and social capital and how these concepts may work together to produce organizational outcomes through leadership of nurses. The purpose of this article was to explore the concepts of human capital and social capital as they relate to nursing leadership in health care organizations. Specific aims included (a) to synthesize the literature related to human capital and social capital in leadership, (b) to refine the conceptual definitions of human capital and social capital with associated conceptual antecedents and consequences, and (c) to propose a synthesized conceptual model guiding further empirical research of social capital and human capital in nursing leadership. A systematic integrative review of leadership literature using criteria informed by Whittemore and Knafl (2005) was completed. CINAHL Plus with Full Text, Academic Search Premier, Business Source Premier, Health Business FullTEXT, MEDLINE, and PsychINFO databases were searched for the years 1995 to 2016 using terms "human capital," "social capital," and "management." Analysis of conceptual definitions, theoretical and conceptual models, antecedents and consequences, propositions or hypotheses, and empirical support for 37 articles fitting review criteria resulted in the synthesis of the proposed Gilbert Conceptual Model of Organizational Intellectual Capital. The Gilbert Conceptual Model of Organizational Intellectual Capital advances the propositions of human capital theory and social capital theory and is the first model to conceptualize the direct and moderating effects that nurse leaders have on the human capital and social capital of the teams they lead. This model provides a framework for further empirical study and may have implications for practice, organizational policy, and education related to nursing

  20. Value in Informational Capitalism and on the Internet

    DEFF Research Database (Denmark)

    Arvidsson, Adam Erik; Colleoni, Elanor

    2012-01-01

    We engage with recent applications of the Marxist “labor theory of value” to online prosumer practices, and offer an alternative framework for theorizing value creation in such practices. We argue that the labor theory of value is difficult to apply to online prosumer practices for two reasons. O...... labor theory of value. We also suggest that our approach can cast new light on value creation within informational capitalism in general....

  1. HUMAN CAPITAL: CAUSE AND EFFECT OF THE ECONOMIC GROWTH. AN EMPIRICAL ANALYSIS

    OpenAIRE

    NEAGU OLIMPIA

    2013-01-01

    From the birth of the human capital theory, economists were interested to find evidences showing the impact of the human capital on the economic output, discussing and debating more or less the effect of economic growth on the accumulation of human capital in the economy and the association between education and health. The paper aims to test several econometric models to explain the relationship between human capital and economic output. Using World Bank data, 17 countries with the fastest e...

  2. The management of human capital in the framework of the theory of intellectual capital, a guide to indicators; La Gestion del capital humano en el Marco de la Teoria del Capital Intelectual. Una guia de indicadores

    Energy Technology Data Exchange (ETDEWEB)

    Tejiero Alvarez, M. M.; Garcia Alvarez, M. T.; Mariz Perez, R. M.

    2010-07-01

    The study of the Intellectual Capital has a great importance in the last decade. In this context, Human Capital is established as a key variable to obtain sustainable competitive advantages in enterprises management. In this paper, we make a revision about the importance of Human Capital in the companies and we propose various indicators which allow to manage this concept. The objective is that the directives can choose the most suitable indicators in function of the characteristics of their enterprises, their management objectives and their strategies. (Author) 43 refs.

  3. A New Approach in Public Budgeting: Citizens' Budget

    Science.gov (United States)

    Bilge, Semih

    2015-01-01

    Change and transformation in the understanding and definition of citizenship has led to the emergence of citizen-oriented public service approach. This approach also raised a new term and concept in the field of public budgeting because of the transformation in the processes of public budgeting: citizens' budget. The citizens' budget which seeks…

  4. FY 1996 Congressional budget request: Budget highlights

    Energy Technology Data Exchange (ETDEWEB)

    1995-02-01

    The FY 1996 budget presentation is organized by the Department`s major business lines. An accompanying chart displays the request for new budget authority. The report compares the budget request for FY 1996 with the appropriated FY 1995 funding levels displayed on a comparable basis. The FY 1996 budget represents the first year of a five year plan in which the Department will reduce its spending by $15.8 billion in budget authority and by $14.1 billion in outlays. FY 1996 is a transition year as the Department embarks on its multiyear effort to do more with less. The Budget Highlights are presented by business line; however, the fifth business line, Economic Productivity, which is described in the Policy Overview section, cuts across multiple organizational missions, funding levels and activities and is therefore included in the discussion of the other four business lines.

  5. Flexible Capitalism

    DEFF Research Database (Denmark)

    Approaching “work” as at heart a practice of exchange, this volume explores sociality in work environments marked by the kind of structural changes that have come to define contemporary “flexible” capitalism. It introduces anthropological exchange theory to a wider readership, and shows how...... the perspective offers new ways to enquire about the flexible capitalism’s social dimensions. The essays contribute to a trans-disciplinary scholarship on contemporary economic practice and change by documenting how, across diverse settings, “gift-like” socialities proliferate, and even sustain the intensified...

  6. Reconsidering inequalities in preventive health care: an application of cultural health capital theory and the life-course perspective to the take-up of mammography screening.

    Science.gov (United States)

    Missinne, Sarah; Neels, Karel; Bracke, Piet

    2014-11-01

    While there are abundant descriptions of socioeconomic inequalities in preventive health care, knowledge about the true mechanisms is still lacking. Recently, the role of cultural health capital in preventive health-care inequalities has been discussed theoretically. Given substantial analogies, we explore how our understanding of cultural health capital and preventive health-care inequalities can be advanced by applying the theoretical principles and methodology of the life-course perspective. By means of event history analysis and retrospective data from the Survey of Health Ageing and Retirement, we examine the role of cultural capital and cultural health capital during childhood on the timely initiation of mammography screening in Belgium (N = 1348). In line with cumulative disadvantage theory, the results show that childhood cultural conditions are independently associated with mammography screening, even after childhood and adulthood socioeconomic position and health are controlled for. Lingering effects from childhood are suggested by the accumulation of cultural health capital that starts early in life. Inequalities in the take-up of screening are manifested as a lower probability of ever having a mammogram, rather than in the late initiation of screening. © 2014 The Authors. Sociology of Health & Illness © 2014 Foundation for the Sociology of Health & Illness/John Wiley & Sons Ltd.

  7. The theory of an ‘optimum currency area’

    Directory of Open Access Journals (Sweden)

    Jarosław Kundera

    2012-12-01

    Full Text Available The main goal of this paper is to analyse and distinguish the main components of the theory of an ‘Optimum Currency Area’. The theory of an optimum currency area indicates some essential elements as preconditions for the successful introduction of a common currency: high mobility of labour, openness of the economy defined as a high proportion of tradable to non-tradable goods, and high diversification of domestic production before joining the union. The article’s analysis helps to better understanding the reasons of the current crisis in the euro zone. The main problem with a common currency area is the adjustment to imbalances, which cannot take place through exchange rates in conditions of a common currency. The missing elements of the theory are the role of the mobility of capital to correct interregional balance of payments disequilibria and lack of a common budget with sufficient own resources during the occurrence of debt crises in member countries. The theory of an optimum currency area has noticed the importance of coordination between fiscal and monetary policy and the necessity of redistribution of resources among partners. However, it does not say much about the methods applied, how to deal with debt crises and what the cost of a potential breaking up of monetary union would be.

  8. The capital-asset-pricing model and arbitrage pricing theory: A unification

    Science.gov (United States)

    Khan, M. Ali; Sun, Yeneng

    1997-01-01

    We present a model of a financial market in which naive diversification, based simply on portfolio size and obtained as a consequence of the law of large numbers, is distinguished from efficient diversification, based on mean-variance analysis. This distinction yields a valuation formula involving only the essential risk embodied in an asset’s return, where the overall risk can be decomposed into a systematic and an unsystematic part, as in the arbitrage pricing theory; and the systematic component further decomposed into an essential and an inessential part, as in the capital-asset-pricing model. The two theories are thus unified, and their individual asset-pricing formulas shown to be equivalent to the pervasive economic principle of no arbitrage. The factors in the model are endogenously chosen by a procedure analogous to the Karhunen–Loéve expansion of continuous time stochastic processes; it has an optimality property justifying the use of a relatively small number of them to describe the underlying correlational structures. Our idealized limit model is based on a continuum of assets indexed by a hyperfinite Loeb measure space, and it is asymptotically implementable in a setting with a large but finite number of assets. Because the difficulties in the formulation of the law of large numbers with a standard continuum of random variables are well known, the model uncovers some basic phenomena not amenable to classical methods, and whose approximate counterparts are not already, or even readily, apparent in the asymptotic setting. PMID:11038614

  9. The Communication of Capital: Digital Media and the Logic of Acceleration

    Directory of Open Access Journals (Sweden)

    Vincent R. Manzerolle

    2012-05-01

    Full Text Available This paper argues that questions concerning the circulation of capital are central to the study of contemporary and future media under capitalism. Moreover, it argues that such questions have been central to Marx’s analysis of the reproduction of capital vis-à-vis the realization of value and the reduction of circulation time. Marx’s concepts of both the circuit and circulation of capital implies a theory of communication. Thus the purpose of our paper is to outline the logistical mechanisms that underlie a Marxist theory of media and communication and thereby foregrounding the role new media plays in reducing circulation time. We argue that the necessity of theorizing communication from a circuit and circulation-centric point of view stems from the emergence of a number of new technological phenomena that intensify, but sometimes undermine, the capitalist logic of acceleration. For the purposes of understanding the evolution of digital technologies, ostensibly employed to accelerate the circulation of capital—or put differently, to reduce circulation time—we need to pay attention to volume 2 of Capital, and key sections in the Grundrisse.

  10. DO TANZANIAN COMPANIES PRACTICE PECKING ORDER THEORY, AGENCY COST THEORY OR TRADE-OFF THEORY? AN EMPIRICAL STUDY IN TANZANIAN LISTED COMPANIES

    Directory of Open Access Journals (Sweden)

    Ntogwa Ng'habi Bundala

    2012-01-01

    Full Text Available The empirical study was focused predominantly on validity tests of the three theories on capital structures, the static trade-off theory, the pecking order theory (information asymmetry theory, and agency cost theory in the Tanzanian context. The study used secondary data from eight of the non-financial companies listed in Dar Es Salaam Stock Exchange (DSE from 2006-2012. The study used descriptive (quantitative approach to test the practicality of the theories in Tanzania. The multiple regressions model used to test the theoretical relationship between the financial leverage and characteristics of the company. The research found that there is no strong evidence for validation of static trade off theory, little support of pecking order theory, but the agency cost theory is confirmed to be valid and practiced in Tanzania. It recommended that Tanzanian companies should be adhering to the determinants of the capital structure in the Tanzanian context found by this study.

  11. CULTURAL CAPITAL AS TOURISM DEVELOPMENT BASIS IN TRADITIONAL VILLAGE OF KUTA

    Directory of Open Access Journals (Sweden)

    Ketut Sumadi

    2012-11-01

    Full Text Available Tourism is a favourite sector in improving Bali revenue and kind of tourismdeveloped is cultural one. In cultural tourism, it takes place meaning modification ofcultural practice by krama (member of traditional village in order to cultural capitalcan survive in the middle of tourism dynamic condition. This research entitled“Cultural capital as tourism development basis in traditional village of Kuta”, byproposing three problems, namely how is the process of cultural capital as tourismdevelopment basis, what factors can motivate tourism capital as tourism developmentbasis, and what is the meaning of cultural capital as tourism development basis.The research is conducted using qualitative method and cultural studiesapproach, so data analysis is conducted in descriptive qualitative and interpretativeones. Selection of traditional village of Kuta as research location based onconsideration that traditional village of Kuta having integrated tourism facilities forfacilities addressed to member of traditional village. The review about culturalcapital as the tourism development basis in this traditional village of Kuta, eclecticstheories consisting of Hegemonic theory of Gramsci, co-modification theory of KarlMarx and Adorno, discourse-power/knowledge and truth theory of Foucoult anddeconstruction theory of Derrida.Based on the research output, it can be known: (1 Cultural capital process astourism development basis in traditional village of Kuta is inseparable fromforeigners arrival in traditional village of Kuta, the entrance of Military (TheCooperative Center of Arm Force in managing Kuta beach and the occurrence ofBali bombing tragedy on October 12th, 2002; (2 The factors that motivate culturalcapital as the tourism development basis in traditional village of Kuta, such asmotivation and the necessity of tourists visiting traditional village of Kuta, tourismhegemony, changing of life philosophy of member of traditional village fromidealism into

  12. Enabling pathways to health equity: developing a framework for implementing social capital in practice.

    Science.gov (United States)

    Putland, Christine; Baum, Fran; Ziersch, Anna; Arthurson, Kathy; Pomagalska, Dorota

    2013-05-29

    Mounting evidence linking aspects of social capital to health and wellbeing outcomes, in particular to reducing health inequities, has led to intense interest in social capital theory within public health in recent decades. As a result, governments internationally are designing interventions to improve health and wellbeing by addressing levels of social capital in communities. The application of theory to practice is uneven, however, reflecting differing views on the pathways between social capital and health, and divergent theories about social capital itself. Unreliable implementation may restrict the potential to contribute to health equity by this means, yet to date there has been limited investigation of how the theory is interpreted at the level of policy and then translated into practice. The paper outlines a collaborative research project designed to address this knowledge deficit in order to inform more effective implementation. Undertaken in partnership with government departments, the study explored the application of social capital theory in programs designed to promote health and wellbeing in Adelaide, South Australia. It comprised three case studies of community-based practice, employing qualitative interviews and focus groups with community participants, practitioners, program managers and policy makers, to examine the ways in which the concept was interpreted and operationalized and identify the factors influencing success. These key lessons informed the development of practical resources comprising a guide for practitioners and briefing for policy makers. Overall the study showed that effective community projects can contribute to population health and wellbeing and reducing health inequities. Of specific relevance to this paper, however, is the finding that community projects rely for their effectiveness on a broader commitment expressed through policies and frameworks at the highest level of government decision making. In particular this

  13. Outside Entrepreneurial Capital

    OpenAIRE

    Andy Cosh; Douglas Cumming; Alan Hughes

    2005-01-01

    This paper investigates the internal versus external financing decisions among 1900 early stage privately held UK firms in 1996-1997. We study the factors that affect rejection rates in applications for outside finance among the different types of investors, taking into account the non-randomness in a firm’s decision to seek outside finance. The data support the traditional pecking order theory; firms with greater capital expenditures / profits are more likely to seek finance and apply for mo...

  14. Social Capital, Social Inclusion and Changing School Contexts: A Scottish Perspective

    Science.gov (United States)

    McGonigal, James; Doherty, Robert; Allan, Julie; Mills, Sarah; Catts, Ralph; Redford, Morag; McDonald, Andy; Mott, Jane; Buckley, Christine

    2007-01-01

    This paper synthesises a collaborative review of social capital theory, with particular regard for its relevance to the changing educational landscape within Scotland. The review considers the common and distinctive elements of social capital, developed by the founding fathers--Putnam, Bourdieu and Coleman--and explores how these might help to…

  15. How Philadelphia is Integrating Climate Science and Policy: Changing Capital Planning Processes and Developing Flood-Depth Tools

    Science.gov (United States)

    Bhat, C.; Dix, B.; Choate, A.; Wong, A.; Asam, S.; Schultz, P. A.

    2016-12-01

    Policy makers can implement more effective climate change adaptation programs if they are provided with two tools: accessible information on the impacts that they need to prepare for, and clear guidance on how to integrate climate change considerations into their work. This presentation will highlight recent and ongoing efforts at the City of Philadelphia to integrate climate science into their decision-making. These efforts include developing a climate change information visualization tool, climate change risk assessments across the city, and processes to integrate climate change into routine planning and budgeting practices. The goal of these efforts is to make climate change science highly targeted to decision maker needs, non-political, easily accessible, and actionable. While sea level rise inundation maps have been available to communities for years, the maps do not effectively communicate how the design of a building or a piece of infrastructure would need to be modified to protect it. The Philadelphia Flood Risk Viewer is an interactive planning tool that allows Philadelphia to identify projected depths of flooding for any location within the City, for a variety of sea level rise and storm surge scenarios. Users can also determine whether a location is located in a FEMA floodplain. By having access to information on the projected depth of flooding at a given location, the City can determine what flood protection measures may be effective, or even inform the long-term viability of developing a particular area. With an understanding of climate vulnerabilities, cities have the opportunity to make smart, climate-resilient investments with their capital budgets that will yield multiple benefits for years to come. Few, however, have established protocols for doing so. Philadelphia, with support from ICF, developed a guidance document that identifies recommendations for integrating climate change considerations throughout the Capital Program and capital budgeting

  16. Timing of Earnings and Capital Structure

    OpenAIRE

    Miglo, Anton

    2014-01-01

    This paper shows that asymmetric information about the timing of earnings can affect corporate capital structure. It sheds some new light on two following questions: why may profitable firms be interested in issuing equity, and why does debt not necessarily signal a firm quality. These issues seem to be puzzling from the classical pecking-order theory or signalling theory point of view. The paper also contributes to the analysis of the link between debt-equity choice and subsequent performanc...

  17. 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

  18. Bank regulatory Capital Buffer and Liquidity: Evidence from US and European Publicly Traded Banks

    OpenAIRE

    Distinguin , Isabelle; Roulet , Caroline; Tarazi , Amine

    2012-01-01

    The theory of financial intermediation highlights various channels through which capital and liquidity are interrelated. Using a simultaneous equations framework, we investigate the relationship between bank regulatory capital buffer and liquidity for European and U.S. publicly traded commercial banks. Previous research studying the determinants of bank capital buffer has neglected the role of liquidity. On the whole, we find that banks do not strengthen their regulatory capital buffer when t...

  19. Determinants of Capital Structure in Non-Financial Companies

    OpenAIRE

    Kühnhausen, Fabian; Stieber, Harald W.

    2014-01-01

    In this paper, we evaluate firm-, industry- and country-specific factors determining a firm's capital structure. The empirical validity of several capital structure theories has been ambiguous so far. We shed light on the main drivers of leverage and depict differences in industry and country characteristics. Using a short panel data set with a large cross-section, we are able to show that firm size, industry leverage, industry growth and tax shield positively affect leverage ratios, while pr...

  20. Capital, population and urban patterns.

    Science.gov (United States)

    Zhang, W

    1994-04-01

    The author develops an approach to urban dynamics with endogenous capital and population growth, synthesizing the Alonso location model, the two-sector neoclassical growth model, and endogenous population theory. A dynamic model for an isolated island economy with endogenous capital, population, and residential structure is developed on the basis of Alonso's residential model and the two-sector neoclassical growth model. The model describes the interdependence between residential structure, economic growth, population growth, and economic structure over time and space. It has a unique long-run equilibrium, which may be either stable or unstable, depending upon the population dynamics. Applying the Hopf theorem, the author also shows that when the system is unstable, the economic geography exhibits permanent endogenous oscillations.

  1. Essays in Investment Theory

    International Nuclear Information System (INIS)

    Bobtcheff, C.

    2006-01-01

    shocks. Each player has the choice between two technologies: a large unit and a small one. We prove that different equilibria may exist depending on the parameters' values: a simultaneous investment equilibrium in the small unit or two mixed strategy equilibria. The inaction regions where both technologies provide expected net payoffs that are similar to each other do not survive the introduction of preemption. The choice value is thus equal to zero. Lastly, chapter 4 examines the problem of optimally allocating a fixed budget to a number of different investment projects. The marginal productivity of capital in a budget is first increasing then decreasing with the amount of capital invested in it. When the total budget is below some lower cutoff the share invested in a project can be discontinuous and non-monotone in the total budget. Ultimately, an upper cutoff is reached. Above it, all projects receive more capital as the budget increases. If the projects are identical, each will get the same budget. (author) [fr

  2. Organisational Social Capital through Corporate Social Performance

    Directory of Open Access Journals (Sweden)

    Adrian Henorel Niţu

    2014-01-01

    Full Text Available The purpose of this study is to identify the correlation between the corporate social responsibility performance and the Organisational Social Capital. Inductively, through grounded theory, this paper uses secondary data to develop a theoretical model which presents the relationship between the following concepts: business codes, stakeholders, Corporate Social Performance (CSP and Organisational Social Capital (OSC. This study brings together two main areas of research, namely: Organisational Social Capital and business ethics. This represents a gap in the literature, to which this research will address. Three propositions are put forward and discussed using secondary data collection methods. The findings suggest that there is a strong correlation between the characteristics which improve the quality of organisation-stakeholders relationship and the effectiveness of implementing business codes and, therefore, the increasing Corporate Social Performance. The proposed ethical framework has, at the same time, a similar effect by incrementing Organisational Social Capital, because it shares similar features with the relation between organisation-stakeholders, business codes and CSP.

  3. Organisational Social Capital through Corporate Social Performance

    Directory of Open Access Journals (Sweden)

    A.H. Niţu

    2014-06-01

    Full Text Available The purpose of this study is to identify the correlation between the corporate social responsibility performance and the Organisational Social Capital. Inductively, through grounded theory, this paper uses secondary data to develop a theoretical model which presents the relationship between the following concepts: business codes, stakeholders, Corporate Social Performance (CSP and Organisational Social Capital (OSC. This study brings together two main areas of research, namely: Organisational Social Capital and business ethics. This represents a gap in the literature, to which this research will address. Three propositions are put forward and discussed using secondary data collection methods. The findings suggest that there is a strong correlation between the characteristics which improve the quality of organisation-stakeholders relationship and the effectiveness of implementing business codes and, therefore, the increasing Corporate Social Performance. The proposed ethical framework has, at the same time, a similar effect by incrementing Organisational Social Capital, because it shares similar features with the relation between organisation-stakeholders, business codes and CSP.

  4. The effects of awarness of social dilemmas on advertising budget setting: A scenario study

    NARCIS (Netherlands)

    Pruyn, Adriaan T.H.; Riezebos, Rik

    2001-01-01

    In this study, which examines the dynamics involved in setting advertising budgets, the social dilemma theory was applied in an attempt to understand the interdependency problems of advertisers in their investment decisions. In an experiment, a budget decision was made for a company after a period

  5. Participative environmental management and social capital in Poland

    DEFF Research Database (Denmark)

    Hunka, Agnieszka; De Groot, Wouter T

    2011-01-01

    with a ubiquitous top-down approach taken by institutional decision-makers. The paper addresses this problem from the perspective of social capital theory. A study of administrative culture and decision-making processes shows the way decisions are currently made. We also propose a way to achieve more participative......Eastern European countries, such as Poland, are often used as exemplary in social capital studies. Upon entering the European Union, the low social capital level in Poland posed problems with implementing new regulations, particularly in the environmental policy field. Environmental issues often...... present a high degree of complexity – and European legislation requires multi-stakeholder involvement in decision-making processes. Thus, the dilemma: on the one hand, there is a demand to engage and consult many actors; on the other hand, low social capital contributes to an administrative culture...

  6. CAPITAL STRUCTURE AND VENTURE CAPITAL

    Directory of Open Access Journals (Sweden)

    Becsky-Nagy Patricia

    2015-07-01

    Full Text Available Venture capital significantly changes the capital structure of the portfolio company at the time of the investment. Venture capitalists contribute to the company’s success through their active involvement in the management and their added value appears in the increase of the value of the equity. At the same time with taking active role in the management, agency problem occurs, that complicates the cooperation and the success of exit. In this article we search the answer for the question whether the preferred equity, that are commonly used in the US for bridging the agency problem, are used and able to help Hungarian venture capitalists to manage agency problems. On the other hand we examined how the venture capital affect capital structure, how the venture capitalists value added appear in the capital structure. During the evaluation of the three case studies, we came to the conclusion, that the venture capital investments have positive effect on the liabilities of the enterprises, as the capital structure indexes show. However, the investors need the ownership, which help them to step up resolutely, when things change for the worse, and companies need the expertise, which the investors bring with their personal assistance. The investor’s new attitude also has positive effect on a mature company, which has an experienced leader, because he can show another aspect, as a person who come from outside. During the examination of the capital structure, we cannot disregard the events of the company’s environment, which have effects on the firm. The investor’s decisions also appear different ways. Because of this, every venture capital investment is different, just as the capital structure of the firms, in which they invest.

  7. Moral Capital : Bourdieu’s theory of practice and moral climate theory

    NARCIS (Netherlands)

    Hans Bennink

    2012-01-01

    To many scholars and researchers in organisation and management studies, Bourdieu’s theory of practice as one of the grand sociological conceptual framework turns out to be an appealing toolkit to think with. What can Bourdieu’s theory of practice entail for moral climate theory as a relative new

  8. Under Secretary of Defense (Comptroller) > Budget Materials > Budget1998

    Science.gov (United States)

    functionalStatements OUSD(C) History FMR Budget Materials Budget Execution Financial Management Improving Financial Performance Reports Regulations banner DoD Budget Request 2019 | 2018 | 2017 |2016 | 2015 | 2014 | 2013 | 2012 President's Budget request for the Department of Defense sustains the President's commitment to invest in

  9. The Continuing Relevance of the Marxist Tradition for Transcending Capitalism

    Directory of Open Access Journals (Sweden)

    Erik Olin Wright

    2018-05-01

    Full Text Available No idea is more closely associated with Marx than the claim that the intrinsic, contradictory dynamics of capitalism ultimately lead to its self-destruction while simultaneously creating conditions favourable for a revolutionary rupture needed to create an emancipatory alternative in which the control by the capitalist class of investments and production is displaced by radical economic democracy. Marx’s formulation of a theory of transcending capitalism is unsatisfactory for two main reasons: 1 the dynamics of capitalism may generate great harms, but they do not inherently make capitalism unsustainable nor do they generate the structural foundations of a collective actor with a capacity to overthrow capitalism; 2 the vision of a system-level rupture with capitalism is not a plausible strategy replacing capitalism by a democratic-egalitarian economic system. Nevertheless, there are four central propositions anchored in the Marxist tradition that remain essential for understanding the possibility of transcending capitalism: 1. Capitalism obstructs the realization of conditions for human flourishing. 2. Another world is possible. 3. Capitalism’s dynamics are intrinsically contradictory. 4. Emancipatory transformation requires popular mobilization and struggle. These four propositions can underwrite a strategic vision of eroding the dominance of capitalism by building democratic-egalitarian economic relations within the contradictory spaces of capitalism.

  10. Concept of Capital and Profit in Economy, Finance and Accounting

    Directory of Open Access Journals (Sweden)

    Teresa Szot -Gabryś

    2009-04-01

    Full Text Available The paper analyzes economic, financial and accountancy theories, concepts and models of capital and profit. The aim of the article is to present different meaning of this economic category in economic knowledge. The results of research in this paper is providing to conclusion that the knowledge debate of nature and measurement method of capital and profit is still continuing.

  11. Leading Schools of Education in the Context of Academic Capitalism: Deans' Responses to State Policy Changes

    Science.gov (United States)

    McClure, Kevin R.; Teitelbaum, Kenneth

    2016-01-01

    State education policy changes have contributed to a reduced interest in teaching and a decreased enrollment in education degree programs in North Carolina, USA. Pressure to cut budgets and generate revenue has added to a climate of academic capitalism influencing the ways in which deans lead schools of education. The purpose of this mixed-methods…

  12. Capital Requirements, Monetary Policy, and Aggregate Bank Lending: Theory and Empirical Evidence.

    OpenAIRE

    Thakor, Anjan V

    1996-01-01

    Capital requirements linked solely to credit risk are shown to increase equilibrium credit rationing and lower aggregate lending. The model predicts that the bank's decision to lend will cause an abnormal run-up in the borrower's stock price and that this reaction will be greater the more capital-constrained the bank. The author provides empirical support for this prediction. The model explains the recent inability of the Federal Reserve to stimulate bank lending by increasing the money suppl...

  13. Economic Growth and Budget Constraints: EU Countries Panel Data Analysis

    Directory of Open Access Journals (Sweden)

    Zimčík Petr

    2016-06-01

    Full Text Available The aim of this paper is to identify the impacts of different taxes and expenditures on economic growth. The research is focused on 20 selected European Union Member States. These countries are equally divided into four groups based on their average tax burden as presented in the World Tax Index. A comparison of fiscal attributes among these groups is important for the analysis. Annual government finance data from the years 1995 to 2012 are used for an empirical study. The indicators observed are real GDP change, the composition and volume of total government expenditures, tax quotas of individual taxes and total budget balance. These indicators are used within an endogenous growth model together with capital stock and an approximation of human capital. A panel regression with fixed effects is used as an analytic tool. The main results are that an increase in social contributions, property, production and personal income tax quotas has an adverse effect on economic growth.

  14. The Theory of Optimal Taxation

    DEFF Research Database (Denmark)

    Sørensen, Peter Birch

    The paper discusses the implications of optimal tax theory for the debates on uniform commodity taxation and neutral capital income taxation. While strong administrative and political economy arguments in favor of uniform and neutral taxation remain, recent advances in optimal tax theory suggest...... that the information needed to implement the differentiated taxation prescribed by optimal tax theory may be easier to obtain than previously believed. The paper also points to the strong similarity between optimal commodity tax rules and the rules for optimal source-based capital income taxation...

  15. The theory of optimal taxation

    DEFF Research Database (Denmark)

    Sørensen, Peter Birch

    2007-01-01

    The paper discusses the implications of optimal tax theory for the debates on uniform commodity taxation and neutral capital income taxation. While strong administrative and political economy arguments in favor of uniform and neutral taxation remain, recent advances in optimal tax theory suggest...... that the information needed to implement the differentiated taxation prescribed by optimal tax theory may be easier to obtain than previously believed. The paper also points to the strong similarity between optimal commodity tax rules and the rules for optimal source-based capital income taxation...

  16. 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

    Full Text Available 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 companies can devote resources to in order to increase firm´s reputation. By knowing these specific economic, social and environmental activities, companies can understand, analyze and make decisions in a better way about its sector and

  17. The determinants of capital structure: the evidence from the European Union

    Directory of Open Access Journals (Sweden)

    Natalia Mokhova

    2013-01-01

    Full Text Available The aim of this study is to indicate the influence of several internal determinants on capital structure in different European countries and retrace its tendency taking into consideration the membership of the European Union. Nowadays there are a lot of debates according the future of the European Union. The recent global financial crisis and the following European debt crisis show the significance of the country financial stability and its impact on the private sector. The paper investigates 32 countries of European Union dividing them into three groups as (1 old EU members (15 countries, (2 new EU members (12 countries and (3 EU candidates (4 candidate countries and 1 acceding country.The managers make their financial decisions according to the source of financing and capital structure based on the macroeconomic conditions and country specifics and obviously on company’s advantages and disadvantages, i.e. its internal characteristics. Based on the analysis of previous studies we have chosen several significant internal determinants of capital structure as profitability, tangibility, growth opportunities, non-debt tax shields and firm’s size.The findings show that the country’s specifics, EU membership and corporate debt structure influence the relation between capital structure and its internal characteristics. The capital structure in all countries has tendency to increase, furthermore the old members rely more on debt then candidates or new members.There is no doubt that the majority of countries support Pecking Order Theory then Trade off Theory regarding investigated relations. In most countries the profitability and size have negative and significant influence on corporate capital structure. At the same time tangibility, growth opportunities and non-debt tax shields split up: selected countries experience positive impact, another part negative, supporting different theories.

  18. Marketing with limited budget

    OpenAIRE

    Smirnova, Daria

    2017-01-01

    The purpose of this research-based thesis was to get an idea how managers of two small resembling hotels of a specific region deal with marketing process with a limited budget. In addition, the aim of the thesis was to examine if hotel managers who were interviewed perceive marketing only in the way of ‘promotion’ rather than marketing research, marketing mix and marketing environment theories. It was also found out if hotel managers of those hotels consider marketing as a key to successful h...

  19. The role of attachment style in Facebook use and social capital: evidence from university students and a national sample.

    Science.gov (United States)

    Lin, Jih-Hsuan

    2015-03-01

    Social networking sites (SNSs) can be beneficial tools for users to gain social capital. Although social capital consists of emotional and informational resources accumulated through interactions with strong or weak social network ties, the existing literature largely ignores attachment style in this context. This study employed attachment theory to explore individuals' attachment orientations toward Facebook usage and toward online and offline social capital. A university student sample (study 1) and a representative national sample (study 2) showed consistent results. Secure attachment was positively associated with online bonding and bridging capital and offline bridging capital. Additionally, secure attachment had an indirect effect on all capital through Facebook time. Avoidant attachment was negatively associated with online bonding capital. Anxious-ambivalent attachment had a direct association with online bonding capital and an indirect effect on all capital through Facebook. Interaction frequency with good friends on Facebook positively predicted all online and offline capital, whereas interaction frequency with average friends on Facebook positively predicted online bridging capital. Interaction frequency with acquaintances on Facebook was negatively associated with offline bonding capital. The study concludes that attachment style is a significant factor in guiding social orientation toward Facebook connections with different ties and influences online social capital. The study extends attachment theory among university students to a national sample to provide more generalizable evidence for the current literature. Additionally, this study extends attachment theory to the SNS setting with a nuanced examination of types of Facebook friends after controlling extraversion. Implications for future research are discussed.

  20. The Role of Attachment Style in Facebook Use and Social Capital: Evidence from University Students and a National Sample

    Science.gov (United States)

    2015-01-01

    Abstract Social networking sites (SNSs) can be beneficial tools for users to gain social capital. Although social capital consists of emotional and informational resources accumulated through interactions with strong or weak social network ties, the existing literature largely ignores attachment style in this context. This study employed attachment theory to explore individuals' attachment orientations toward Facebook usage and toward online and offline social capital. A university student sample (study 1) and a representative national sample (study 2) showed consistent results. Secure attachment was positively associated with online bonding and bridging capital and offline bridging capital. Additionally, secure attachment had an indirect effect on all capital through Facebook time. Avoidant attachment was negatively associated with online bonding capital. Anxious–ambivalent attachment had a direct association with online bonding capital and an indirect effect on all capital through Facebook. Interaction frequency with good friends on Facebook positively predicted all online and offline capital, whereas interaction frequency with average friends on Facebook positively predicted online bridging capital. Interaction frequency with acquaintances on Facebook was negatively associated with offline bonding capital. The study concludes that attachment style is a significant factor in guiding social orientation toward Facebook connections with different ties and influences online social capital. The study extends attachment theory among university students to a national sample to provide more generalizable evidence for the current literature. Additionally, this study extends attachment theory to the SNS setting with a nuanced examination of types of Facebook friends after controlling extraversion. Implications for future research are discussed. PMID:25751049

  1. Family-School Relations as Social Capital: Chinese Parents in the United States

    Science.gov (United States)

    Wang, Dan

    2008-01-01

    Guided by both Coleman and Bourdieu's theories on social capital, I interviewed Chinese immigrant parents to understand their experiences in weaving social connections with the school and teachers to benefit their children's education. This study confirms Coleman's argument that human capital in parents will not transfer to the children…

  2. The crisis of the western system of medicine in contemporary capitalism.

    Science.gov (United States)

    Navarro, V

    1978-01-01

    This article makes a critique of current interpretations of the crises of the western system of medicine and presents alternative explanations for those crises. It indicates that the crises of medicine--reflected in its ubiquitous problems of costs and ineffectiveness--are due to and reflect the crises of legitimation and capital accumulation of contemporary capitalism. The article is divided into six parts: the first two define the characteristics of the crises of western contemporary capitalism and of its system of medicine, with a critique of current theories which try to explain them. Parts three and four contrapose to these theories a Marxist interpretation of the crises, tracing their causes to the needs created by the process of capital accumulation and to the demands expressed by the working population. The needs and demands generated by Capital and Labor are intrinsically in conflict, and are realized in the daily practice of class struggle. The characteristics and consequences of that struggle for health and for the organization, content, and ideology of medicine are analyzed in the fifth part. This class struggle takes place within a political context in which Capital and its social expression, the bouregeoisie or corporate class, have the dominant influence on the organs of the State. The sixth part of the article shows how that dominance determines the nature of the State responses to the crises of medicine. A primary thesis of this paper is that social class, class struggle, capitalism, and imperialism are not passé categories, as most ideologists of capitalism postulate, but rather they are the most important paradigms for understanding the crises of the western system of power and its medicine.

  3. Enhancing Cross-Cultural Training Efficacy on Expatriate Adjustment through Emotional Intelligence and Social Capital

    Directory of Open Access Journals (Sweden)

    Ely Susanto

    2012-05-01

    Full Text Available Cross cultural training is widely believed to make a positive contribution to expatriate adjustment. In practice, however, it is very costly and sometimes ineffective for expatriates. Therefore, there is a growing importance placed on increasing the cost effectiveness or enhancing the efficacy of crosscultural training by functioning individual expatriate’s social capital and emotional intelligence as moderating variables towards expatriate’s adjustment and performance. To do so we blend ideas drawn from social capital theory and emotional intelligence to develop the structure that underlies the logic of this paper. Thus, this paper uses social capital and emotional intelligence theories to enrich extant literature on expatriate adjustment

  4. School Leadership that Builds Teacher Social Capital

    Science.gov (United States)

    Minckler, Cheri Hoff

    2014-01-01

    This quantitative study explores the relationship between school leadership and the development and sustenance of teacher social capital. The literature review discusses aspects of leadership theory to elucidate understanding of how leadership influences teachers' working relationships. Quantitative methodology and analyses ascertain the…

  5. Nurse managers and budgeting: professional/bureaucratic conflict?

    Science.gov (United States)

    Abernethy, M A; Stoelwinder, J U

    1988-01-01

    Professional/bureaucratic conflict theory suggests that the extent to which nurse managers use management control systems will depend on whether their goal orientation is to system rather than output or derived goals. This article examines the use of budgeting as a management control strategy, in relation to the goal orientation of nurse managers, in four large teaching hospitals. The goal orientations and use of budgeting by nurse managers is also compared with those of physician managers and other sub-unit managers. The results indicate that nurse managers appear to be developing their goals of professionalization without a diminution of their organizational focus or their orientation towards providing a high standard of patient care.

  6. Comparative Study between Capital Asset Pricing Model and Arbitrage Pricing Theory in Indonesian Capital Market during Period 2008-2012

    Directory of Open Access Journals (Sweden)

    Leo Julianto

    2015-09-01

    Full Text Available For decades, there were many models explaining the returns earned emerged in order to fulfil the curiosity had by human. Since then, various studies and empirical findings in many countries’ stock market showedthat the empirical findings of market return explanation and the return of assets meet the different results in both clarify of model and identification of significant determinant variables.Therefore, many comparative studies between models were accomplished. In this study, the author attempts to do comparative study between two models, APT and CAPM, in Indonesian Capital Market during period 2008 until 2012.  Besides, the author also attempts to find how much inflation, interest rate, and exchange rate describe the returns earned in each sector existed in Indonesia Capital Market. As the result, the author find out that CAPM has bigger explanation power than APT in Indonesian Capital Market during period 2008-2012. Besides, the author also found that among macroeconomic factors, there are only two macroeconomic factors that can affect certain samples significantly.  They are change in BI rate, which affect AALI, ANTM, ASII, TLKM, UNTR, and change in exchange rate, which affect INDF and TLKM significantly.

  7. Human Material in the Communication of Capital

    Directory of Open Access Journals (Sweden)

    Atle Mikkola Kjøsen

    2013-09-01

    Full Text Available The purpose of this article is to interrogate Marx’s analysis of the circulation of capital through the ‘new materialist’ communications and media theory of Friedrich Kittler. It explores the connections between Marx’s commodity fetish and how Kittler posits human beings as components of an information system alongside technologies and institutions. The article ask whether a ‘non-human’ Marxist theory is possible, i.e. if it is possible to remove the human being from its privileged position in Marx’s political economy. Specifically the paper argues that human beings are programmable human matter that serves to aid the communication of value through capital’s circuit. This stance necessitates adopting the point of view of capital and the fetish, bracketing the social and moving away from categories such as labour, production and class consciousness in favour of the value form, circulation and programmability.

  8. Higher Education, Human Capital, and Regional Dynamics in Southern Europe

    DEFF Research Database (Denmark)

    Biscaia, Ricardo; Teixeira, Pedro N.; Rocha, Vera

    2017-01-01

    studies. We discuss the role of human capital in the framework of growth convergence theories and the issue of human capital migration as a potential factor influencing regional disparities in Europe. Then we focus on an important component of human capital formation—the role of higher education...... relevance of human capital for economic growth was also associated with the role of technology and its impact in enhancing the demand for more and better qualified workers. However, the capacity of societies to take advantage of those investments has been found to be more complex and uncertain than......Although the term “human capital” has remote historical roots, being already widespread in the writings of the founding fathers of economic analysis, it was during the second half of the twentieth century that an increasing debate around human capital emerged among scholars. The increasing...

  9. Budget Options

    National Research Council Canada - National Science Library

    2000-01-01

    This volume-part of the Congressional Budget Office's (CBO's) annual report to the House and Senate Committees on the Budget-is intended to help inform policymakers about options for the federal budget...

  10. Heading for Success: Three Case Studies of School Transformation through Capital Construction

    Science.gov (United States)

    Chen, Wen-Yan; Pan, Hui-Ling Wendy

    2016-01-01

    Utilizing capital as a construct to analyze leadership that triggers school transformation is a newly emerged perspective. This study employed the capital theory as the framework to explore how schools undertook the transformative tasks by multi-case study. Three secondary schools in Taiwan were recruited to investigate how leaders constructed the…

  11. The Emergence of Social Capital in Low-Income Latino Elementary Schools

    Science.gov (United States)

    Shoji, Megan N.; Haskins, Anna R.; Rangel, David E.; Sorensen, Kia N.

    2014-01-01

    Scholars suggest that racial/ethnic and class disparities in school-based social capital contribute to educational inequalities. Previous studies demonstrate that social capital (relations of trust, mutual expectations, and shared values) between parents and schools supports children's development. Yet we know little about the emergence of social capital, that is, the processes through which it develops. In this study, we explore mechanisms of social capital emergence in predominantly low-income Latino school communities. We draw data from an experimental study that manipulated social capital through an after-school family engagement program. Based on interviews and focus groups with participating parents, teachers, and program staff in two elementary schools, we identified four types of interactions that act as mechanisms of social capital emergence: (1) responsive communication; (2) reciprocal communication; (3) shared experiences; and (4) institutional linkage. The article connects these mechanisms to theoretically linked sources of social capital and discusses implications for theory and practice. PMID:25246729

  12. The Institutional Paradigm of Human Capital Development

    Directory of Open Access Journals (Sweden)

    Kolomiiets Viktoriia М.

    2018-03-01

    Full Text Available The formation of the modern conception of human capital is connected with the development of post-industrial information society, knowledge economy and digital economy. The main role in analyzing of the content and role of human capital can play a new institutional economic theory. It is determined that the methodology of research of paradigm change in economic science remains the subject of discussion. The conception of institutional paradigm of human capital development can be attributed to the new economy, the development of which is carried out on the condition that the employee is not always alienated from the relationships of ownership: he himself becomes the owner of the «new» economic resources. The factors of education along with the factors of health care which are determining in the development of human capital are researched. Special attention is paid to education, as it acts as an intellectual capital of the new economy, where knowledge and skills become the «intellectual 5D printer», producing the modern human capital. The transition to a new, post-industrial economy is characterized by a major long-term tendency: the progress of knowledge and the increasing complexity of the socio-economic life; created by powerful factors of information and computer technologies and leading to expansion of global economic space.

  13. Social Capital and Happiness in the United States

    DEFF Research Database (Denmark)

    Bjørnskov, Christian

    2008-01-01

    This paper explores the association between social capital and average happiness in the United States. Social capital is measured as a multidimensional concept consisting of social trust and two different indicators of sociability. In order to employ the variation both over time and across states......, the data are organized in either a panel of nine US Census regions over the period 1983-1998 or in averages over this period in a cross-section of 48 states. The results show that social trust is positively associated with happiness while the potential effects of informal sociability at the level...... of society only appear significant in the regional estimates. The findings document the importance of social trust for average happiness but also hold more general implications for social capital theory....

  14. Laboratory Management, Academic Production, and the Building Blocks of Academic Capitalism

    Science.gov (United States)

    Cantwell, Brendan

    2015-01-01

    Academic capitalism has been among the most influential lines of research into markets in higher education. This paper takes up the distinct but related topic of academic production. This study makes use of a theory of fields and the concept of strategic action fields Fligstein and McAdam ("Social Theory" 29:1-26, 2011; "A theory of…

  15. Testing the Human Capital Development Model: The Case of Apprenticeships in Turkey

    Science.gov (United States)

    Akpinar, Taner; Gün, Servet

    2016-01-01

    Human capital theory was developed to study how individual agents make rational choices or how they invest in human capital to maximize their welfare. One of the leading founders of this perspective, Becker, argues that schooling, on-the-job training, medical care, migration and searching for information about prices and incomes are different…

  16. Money, Interest, and Capital Accumulation in Karl Marx’s

    OpenAIRE

    Eckhard Hein

    2005-01-01

    Starting from Schumpeter’s important distinction between „real analysis“ and „monetary analysis“, in this paper it is shown that major elements of Marx’s economic theory fall in the camp of monetary analysis and the implications for Marx’s theory of capital accumulation are derived. First, Marx’s theory of labour value has to be considered a „monetary theory of value“ because „abstract labour“ as the social substance of value cannot be measured without a social standard of value. Money as a s...

  17. The Budget as a Management Tool: Zero Base Budgeting, Panacea ...

    African Journals Online (AJOL)

    Nigeria has been experiencing difficulties in Budget implementation. The objective of this article is to present alternative forms of budgeting and after exposition on them, to recommend one that could mitigate budget implementation problem for Nigeria. Two types of budgeting addressed are incremental and zero-base.

  18. Topics in Finance. Part V--Capital Structure

    Science.gov (United States)

    Laux, Judy

    2011-01-01

    Continuing this series on the theory of financial management, the current article investigates capital structure, offering insight into the roles of stockholder wealth maximization, the risk-return tradeoff, and agency conflicts. Much literature addresses this topic, and some of the most recent literature challenges certain theoretical…

  19. Asian and western Intellectual Capital in encounter

    NARCIS (Netherlands)

    Marien van den Boom; Dr. Daan Andriessen

    2007-01-01

    The purpose of the paper is to start a dialogue about differences between Western and Eastern cultures in the way they conceptualize knowledge and discuss the implications of these differences for a global intellectual capital (IC) theory and practice. A systematic metaphor analysis of the concept

  20. Uncovering configurations of HRM service provider intellectual capital and worker human capital for creating high HRM service value using fsQCA

    NARCIS (Netherlands)

    Meijerink, Jeroen Gerard; Bondarouk, Tatiana

    Although traditionally applied independently, this study combines two theoretical perspectives – the intellectual capital theory and the consumer perspective – to uncover value-creating configurations of human resource management (HRM) service providers' and workers' knowledge resources. We examined

  1. Development of a capitation scale for IDF career soldiers in Israel.

    Science.gov (United States)

    Magnezi, Racheli; Weiss, Yossi; Cohen, Yossi; Shmueli, Amir

    2007-03-01

    The Israeli National Health Insurance Law allocates a national healthcare budget to the sickness funds, which provide medical care to civilian population. Medical care for members of the IDF is financed through the budget of the Ministry of Defense and is not included in the national healthcare budget. Benefits provided to soldiers serving in the permanent forces are far more extensive than those provided to civilians. Because of no co-payments, poor management, and the cost-based budget, military healthcare costs in Israel are expected to exceed civilian healthcare costs, adjusting for age and sex. The present paper derives age- and sex-based capitation rates for military personnel, and compares military and civilian age-based expenditure and capitation rates. The study population comprised career soldiers and civilians aged 21-54 years. Expenses of career soldiers were calculated to provide information on the financial costs of medical services for each age group in 2003. Overall expenses for women were higher than for men in all age groups. As anticipated, the older the group, the higher the total expenditure for both men and women. In-patient care represented a higher percentage of the total costs for men (28.3%) than for women (22.1%). Emergency room care was higher for women in the 22-24 age group but comparable to that of men in higher age groups. Specialist visits represented a significantly higher percentage of the total costs for women than for men in the 22-24 and 25-34 age groups (by 6% and 15%, respectively). The difference decreased to 13% in the 35-44 age groups and, in the 45-54 age group, the difference for men was 14% higher than for women. Military costs were similar to civilian costs in the 22-24 age groups, higher in the following two groups, and lower in the 45-54 age group. Like in other organizations, military healthcare services might benefit from outsourcing. The inequality in medical services to soldiers and civilians, the over-use of the

  2. 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…

  3. Open budget systems and participatory budgeting in Africa: A comparative analysis of Nigeria and Ghana, 2012 and 2015

    Directory of Open Access Journals (Sweden)

    Michael E. Nwokedi

    2017-10-01

    Full Text Available Nigeria and Ghana have so many things in common. Apart from sharing the same colonial history and being located in the same West African sub-region, they also practice the same executive presidential system of government. However, this study is an attempt to do a comparative analysis of the budgetary systems of both countries, with a view to understanding how open and transparent the processes are, and the extent to which they allow for public participation. The aim is to identify the differences and similarities (if any. The study was anchored on the Marxist theory of the state. Our analysis showed that in terms of openness and transparency of the system, budget processes in Ghana were more open and transparent both in 2012 and in 2015 than what obtained in Nigeria in those years. As regards public participation in the process, the study also discovered that the government of Ghana created more opportunities for the public to participate in the process than the government of Nigeria. The comprador bourgeois class in Nigeria, because of its interest in primitive accumulation, ensures that budgeting in Nigeria is its exclusive preserve. This is because it is through the budget that it allocates funds to service the interest of its members. Conversely, the national bourgeoisie in Ghana, to a large extent, carries the citizens along in the budget process. However, though Ghana has made appreciable progress in this regard, there is still room for improvement. Finally, the study made a case for participatory budgeting for both countries.

  4. Do budget balance rules anchor budget balance expectations? -- Some international evidence

    OpenAIRE

    Rülke, Jan-Christoph; Frenkel, Michael; Lis, Eliza

    2013-01-01

    This is the first study that analyzes whether budget balance expectations are anchored and whether budget balance rules effectively anchor expectations. To this end, we use a unique data set which covers budget balance expectations in 17 countries that implemented a budget balance rules. While our results are mixed concerning the general impact of budget balance rules on anchoring expectations, we do find that specific features of budget balance rules are important to successfully anchor budg...

  5. Applying Organizational Commitment and Human Capital Theories to Emigration Research

    Science.gov (United States)

    Verkhohlyad, Olga; McLean, Gary N.

    2012-01-01

    Purpose: This study aims to bring some additional insight into the issue of emigration by establishing a relationship between emigration and psychic return of citizens to their human capital investment in the country. Design/methodology/approach: The article adopts a quantitative research strategy. It applies organizational commitment and human…

  6. Testing static tradeoff theiry against pecking order models of capital ...

    African Journals Online (AJOL)

    We test two models with the purpose of finding the best empirical explanation for corporate financing choice of a cross section of 27 Nigerian quoted companies. The models were developed to represent the Static tradeoff Theory and the Pecking order Theory of capital structure with a view to make comparison between ...

  7. Social capital in an outdoor recreation context.

    Science.gov (United States)

    Mann, Marilynne; Leahy, Jessica

    2010-02-01

    This study examined social capital development in three all-terrain vehicles (ATV) clubs in Maine using an adapted version of Lin's (2001) social capital theory model. The structural components of social capital identified included collective assets and individual assets in the form of normative behavior and trust relationships. Also identified were counter-norms for individual ATV riders identified as having divergent norms from club members. The second component of social capital is access to and mobilization of network contacts and resources. Access networks in the context of the ATV clubs studied were identified as community and landowner relations while mobilization of resources was existent in club membership attempts toward self-governance and efforts of the statewide "umbrella" organization. Instrumental outcomes benefit society and expressive outcomes benefit the individual. Both types of returns are present in the data suggesting that ATV clubs are creating social capital. This is important information to clubs who desire to market themselves, improve their reputations, and enhance their volunteer association. It is of further interest to state governments who fund clubs through trail grants as proof that a return on investment is being realized. Theoretical and applied implications for these and other types of recreation-based volunteer associations (e.g., clubs, friends groups, advocacy groups) are presented.

  8. Social Capital in an Outdoor Recreation Context

    Science.gov (United States)

    Mann, Marilynne; Leahy, Jessica

    2010-02-01

    This study examined social capital development in three all-terrain vehicles (ATV) clubs in Maine using an adapted version of Lin’s (2001) social capital theory model. The structural components of social capital identified included collective assets and individual assets in the form of normative behavior and trust relationships. Also identified were counter-norms for individual ATV riders identified as having divergent norms from club members. The second component of social capital is access to and mobilization of network contacts and resources. Access networks in the context of the ATV clubs studied were identified as community and landowner relations while mobilization of resources was existent in club membership attempts toward self-governance and efforts of the statewide “umbrella” organization. Instrumental outcomes benefit society and expressive outcomes benefit the individual. Both types of returns are present in the data suggesting that ATV clubs are creating social capital. This is important information to clubs who desire to market themselves, improve their reputations, and enhance their volunteer association. It is of further interest to state governments who fund clubs through trail grants as proof that a return on investment is being realized. Theoretical and applied implications for these and other types of recreation-based volunteer associations (e.g., clubs, friends groups, advocacy groups) are presented.

  9. 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.

  10. 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...

  11. Networking behaviour, graduate employability : A social capital perspective

    NARCIS (Netherlands)

    Batistic, S.; Tymon, Alex

    2017-01-01

    Purpose Drawing on the overarching framework of social capital theory this study develops and empirically examines networking behaviour and employability within the higher education context. Design/methodology/approach In a sample of 376 full-time business students we measured perceived

  12. Is Zero-Based Budgeting Different from Planning--Programming--Budgeting Systems?

    Science.gov (United States)

    Hentschke, Guilbert C.

    1977-01-01

    Successful adoption of zero-base budgeting (ZBB) will be greater than that of planning-programming-budgeting-systems (PPBS) because perceived problems inherent in PPBS are largely missing in ZBB; ZBB appears to fit current school district budgeting behavior; and ZBB seems to improve communication about the need for budget reform. (Author/IRT)

  13. Human Capital Versus Income Variations: Are They Linked in OECD Countries?

    Directory of Open Access Journals (Sweden)

    Jakub Bartak

    2016-03-01

    Full Text Available Purpose: The theory of endogenous growth suggests a number of relations between income inequality and human capital. However, empirical evidence in this field is scarce. Therefore, in this paper we aim to demonstrate the existence of interdependencies between income inequality and human capital across OECD countries.Methodology: We present findings of the endogenous growth theory on the mechanisms linking inequality with human capital. Subsequently, we attempt to verify these links empirically using the regression function estimated by means of the generalized method of moments (GMM. The empirical analysis is based on panel data from 1995–2010.Findings: The results of the study reveal the existence of a negative relationship between income inequality and health indicators (infant mortality and maternal mortality. However, we did not reach an authoritative conclusion about the relationship between income inequality and quantitative indicators of educational achievement.Research limitations: Research is limited to the sample of OECD countries. Interdependencies between income inequality and human capital could be captured more clearly using a broader sample.Originality: This paper presents one of few studies testing the relation between human capital and income inequality. The use of high-quality empirical data on inequality (SWIID data and the generalized method of moments made it possible to contribute new arguments to the discussion of empirical analyses of these economic categories.

  14. Protective interest rate as tax instrument of corporate capital protection

    Directory of Open Access Journals (Sweden)

    Vukašinović Jovan

    2015-01-01

    Full Text Available This paper deals with researching negative consequences of allocation of economic (virtual gains made as a result of conventional accounting concept by facing current income with historical expenses and necessity to promote additional stimulating instruments that are at disposal by the state in order to eliminate these negative consequences. one of them is certainly protective interest as a relatively new active fiscal instrument of capital protection and recognition of price of invested owner's equity in business ventures, i.e. a specific form of compensation by the state for invested capital bearing in mind, that no source is free, including ones own sources. We also showed mechanisms of protective interest which, together with other measures of macroeconomic policy, should contribute to the protection of real purchasing power of company equity and increase of net gain, left on company's disposal for new investments, new work places, more money in the budget, protection of actual assets against taxing in the conditions of inflation, etc.

  15. Human Capital, Education and the Promotion of Social Cooperation: A Philosophical Critique

    Science.gov (United States)

    Gilead, Tal

    2009-01-01

    Although since the 1960s human capital theory has played a major role in guiding educational policy, philosophical issues that stem from this development have rarely been discussed. In this article, I critically examine how the idea that human capital should serve as a guide to educational policy making stands in relation to the role assigned to…

  16. a Statistical Dynamic Approach to Structural Evolution of Complex Capital Market Systems

    Science.gov (United States)

    Shao, Xiao; Chai, Li H.

    As an important part of modern financial systems, capital market has played a crucial role on diverse social resource allocations and economical exchanges. Beyond traditional models and/or theories based on neoclassical economics, considering capital markets as typical complex open systems, this paper attempts to develop a new approach to overcome some shortcomings of the available researches. By defining the generalized entropy of capital market systems, a theoretical model and nonlinear dynamic equation on the operations of capital market are proposed from statistical dynamic perspectives. The US security market from 1995 to 2001 is then simulated and analyzed as a typical case. Some instructive results are discussed and summarized.

  17. Social Capital, Perceived Economic Affluence, and Smoking During Adolescence: A Cross-Sectional Study.

    Science.gov (United States)

    Koutra, Kleio; Kritsotakis, George; Linardakis, Manolis; Ratsika, Nikoleta; Kokkevi, Anna; Philalithis, Anastas

    2017-01-28

    Smoking is among the health risk behaviors taken up by many adolescents with lifelong consequences and associations with multiple health risk behaviors. Smoking and smoking initiation in adolescence involves an interaction between micro-, meso-, and macro systems, including neighborhoods and the greater community. To examine the associations of individual social and economic capital with self-reported health, life satisfaction, and smoking behavior in adolescents. Using a multistage random sampling of junior high school students (16-18 years old) in Crete, Greece, 703 adolescents (90.2% 16 years old; 55.6% girls, participation rate 84.2%) completed an anonymous questionnaire based on HBSC study and the Youth Social Capital Scale (YSCS) during April-June 2008. Multiple logistic regression models were performed adjusted for potential confounders. Adolescents with high participation in their neighborhoods and communities (higher structural social capital) displayed lower odds for daily smoking; those feeling unsafe (lower cognitive social capital) were at greater odds of daily smoking. Adolescents with less friends and acquaintances had lower odds of having tried tobacco products. Smoking was not related to any economic capital variables (perceived affluence, paternal and maternal employment status). Adolescents with low/medium versus high total social capital were at higher odds for low life satisfaction and fair/bad versus excellent self-rated health. Conclusions/Importance: Social capital theory may provide a better understanding in identifying the social context that is protective or harmful to adolescents' smoking. Public health organizations at all levels need to incorporate social capital theory in their interventions.

  18. Effects of the Decline in Social Capital on College Graduates' Soft Skills

    Science.gov (United States)

    Andreas, Sarah

    2018-01-01

    Both businesses and recent college graduates in the United States attribute the lack of soft skills in recent college graduates to the colleges' inability to prepare students for the workforce. This article explores the literature on social capital, human capital and social learning theory, offering an alternative hypothesis for why recent…

  19. Multicriteria Estimated Cost of Equity Capital Estimación multicriterio del costo de capital patrimonial

    Directory of Open Access Journals (Sweden)

    Juan Carlos Gutiérrez Betancur

    2009-12-01

    Full Text Available The estimation of the cost of equity capital is a key input to the capital budgeting  process when the firm uses internal financing. Financial analyst and managers usually utilize the CAPM to estimate the cost of equity which requires both measurement of  the market risk premium and estimation of beta. For publicly traded firms, calculating the cost of equity is entirely based on information from the financial markets. Non traded firms and small businesses do not have sufficient market based information. This article proposes a multicriteria model to determine the cost of equity for non traded firms. The Analytic Hierarchy Process developed by Thomas Saaty is the proposed methodology for deriving relative priorities of tangible and intangible corporate risk factors. The model requires business managers to identify the relevant information sources for the required input data. The inconsistencies checking mechanism within the AHP model allows management to identify inconsistencies, to revise prior judgments and to synthesize coherently.ResumenLa estimación del costo del capital propio es un elemento clave en el proceso de presupuestación de capital. Analistas y gerentes financieros utilizan el CAPM para estimar el costo del patrimonio, el cual requiere tanto la medición de la prima de riesgo del mercado como la estimación de beta. En el caso de compañías públicamente cotizadas y bursátiles, el cálculo del costo del patrimonio se basa totalmente en la información disponible en los mercados financieros. Las firmas no transadas en bolsa no cuentan con suficiente información de mercado que permita construir un comparable exactamente válido. Este artículo propone un modelo multicriterio para determinar el costo del capital propio de compañías no transadas en bolsa. El Proceso Analítico de Jerarquías desarrollado por Thomas Saaty soporta la metodología propuesta para derivar prioridades relativas de factores de riesgo corporativos

  20. Collapsing Worlds and Varieties of welfare capitalism: In search of a new political economy of welfare

    OpenAIRE

    Waltraud Schelkle

    2012-01-01

    The study of welfare capitalism is concerned with a founding question of political economy, namely how capitalism and democracy can be combined. Ever since the publication of Esping-Andersen’s Three Worlds of Welfare Capitalism in 1990, the answer was sought in identifying ideal types of welfare states that support a class compromise. The Varieties of (Welfare) Capitalism literature is increasingly used as a complementary theory of production systems although its rationale for social policies...

  1. Home - House Budget Committee

    Science.gov (United States)

    Initiatives Hearings Full Menu About Toggle Links Members History Staff Rules & Budget Law News Toggle Links Press Releases Budget Digests HBC Publications Op-Eds Speeches & Statements Budgets Toggle Links FY 2018 Budget FY 2017 Budget FY 2017 Reconciliation FY 2016 Budget FY 2016 Reconciliation FY 2015

  2. 2004 federal budget : pre-budget submission to the Minister of Finance

    International Nuclear Information System (INIS)

    2003-09-01

    The Canadian Electricity Association represents 95 per cent of all generation, transmission, distribution and retail services provided to customers across Canada. For the past 6 years, it has provided technical analysis to the federal government on how tax changes could improve the environmental performance and competitiveness of an industry that has undergone massive restructuring, including unbundling and increased competition. The massive power outage in August 2003 heightened industry concerns over aging infrastructures and the need for major investment. This pre-budget submission to the Minister of Finance recommends improvements to the capital cost allowance (CCA) tax rates and increasing the CCA rate for used equipment. The Canadian Electricity Association argues that these improvements are fundamental to the ability of the industry to enhance its environmental performance and reduce greenhouse gas emissions. It was also suggested that new investment in supply, transmission and distribution should be encouraged to avoid potential shortfalls in supply, future peaking shortages and price spikes due to system constraints. The proposed changes would align CCA rates with the electricity assets while encouraging investment in the electricity sector. It was emphasized that tax changes are the pivotal signal to encourage investment in upgrading electricity assets. 3 tabs

  3. Problems and Specific Features of Sub-Federal Budgets Execution in 2015

    Directory of Open Access Journals (Sweden)

    Anna Ivanovna Povarova

    2016-09-01

    Full Text Available Last year has been marked by worrying trends in the development of a budgetary crisis in Russian regions; the crisis became apparent in 2013, when regional authorities had to get into huge debts in order to provide finances for the social obligations in the framework of the presidential decrees of May 7, 2012. The budget process in 2015 was characterized by expanding negative trends in those regions that had previously been the engines of economic growth and budget donors, which contradicts the regional development strategy. The crisis response measures consist in a large-scale optimization of expenses. Despite an attempt undertaken by the Government to replace commercial borrowings with budget loans, there are still no prospects for solving the debt issue. On the contrary, expert forecasts predict a doubling of the debt stock in regions by the end of 2017. Cuts in the expenditures on human capital development should be considered as a new negative trend, naturally resulting in the deterioration of material well-being of Russians, which was expressed in the decline in their real incomes and raising poverty level. It seems that on the eve of the RF State Duma elections the social policy of the authorities ceases to be socially oriented. Under the circumstances of an aggravating budget crisis, the Government is not increasing unrepayable financial aid (it did increase it in 2009; instead, it is pursuing the opposite policy and estranges itself from providing support to regions. Moreover, the Cabinet of Ministers does not openly wish to carry out a just division of powers and obligations of governmental units, but turns it into a mechanism for financing federal budget deficit by shifting state obligations onto the regions. The paper presents the results of the analysis of sub-federal budgets execution in 2015. The main goal was to identify the features of budget process and trends in the dynamics of budget parameters. The main conclusion is that

  4. Late Budgets

    DEFF Research Database (Denmark)

    Andersen, Asger Lau; Lassen, David Dreyer; Nielsen, Lasse Holbøll Westh

    are negative rather than positive; and when there is divided government. We test the hypotheses of the model using a unique data set of late budgets for US state governments, based on dates of budget approval collected from news reports and a survey of state budget o¢ cers for the period 1988...

  5. Experimental Effects of Program Management Approach on Teachers' Professional Ties and Social Capital

    Science.gov (United States)

    Quinn, David M.; Kim, James S.

    2018-01-01

    Theory and empirical work suggest that teachers' social capital influences school improvement efforts. Social ties are prerequisite for social capital, yet little causal evidence exists on how malleable factors, such as instructional management approaches, affect teachers' ties. In this cluster-randomized trial, we apply a decision-making…

  6. Determinants of capital structure: evidence from the Czech automotive industry

    Directory of Open Access Journals (Sweden)

    Pavlína Pinková

    2012-01-01

    Full Text Available The objective of the paper is to identify the determinants influencing the capital structure of large and medium-sized enterprises of the automotive industry in the Czech Republic. The sample consists of 100 companies belonging to NACE division 29. The data come from financial statements of selected companies and cover a period from 2006 to 2010. For the purpose of the paper quantitative research is used. The selection of appropriate dependent and independent is realized on the basis of secondary research on studies of capital structure. The analysis of variance, correlation and regression analyses have been performed to see the nature of relationship between variables. Size, tangibility, profitability and liquidity appear to be relevant determinants of capital structure. Growth is not a statistically significant determinant of leverage. It has been observed that the maturity of debt has to be considered, since the investigation of total debt only does not provide precious results. The findings do not unequivocally support either the static trade-off theory or the pecking order theory.

  7. The limits of social capital: Durkheim, suicide, and social cohesion.

    Science.gov (United States)

    Kushner, Howard I; Sterk, Claire E

    2005-07-01

    Recent applications of social capital theories to population health often draw on classic sociological theories for validation of the protective features of social cohesion and social integration. Durkheim's work on suicide has been cited as evidence that modern life disrupts social cohesion and results in a greater risk of morbidity and mortality-including self-destructive behaviors and suicide. We argue that a close reading of Durkheim's evidence supports the opposite conclusion and that the incidence of self-destructive behaviors such as suicide is often greatest among those with high levels of social integration. A reexamination of Durkheim's data on female suicide and suicide in the military suggests that we should be skeptical about recent studies connecting improved population health to social capital.

  8. Zero-based budgeting: Pathway to sustainable budget implementation in Nigeria

    Directory of Open Access Journals (Sweden)

    Udeh Francis Nnoli

    2017-10-01

    Full Text Available This paper investigates the application of Zero-Based Budgeting (ZBB system to budget implementation by the Federal Government of Nigeria by ascertaining among others, the relationship between ZBB approach and budget performance indices in Nigeria. To achieve the above, primary data were obtained through questionnaires that were specifically designed for this study. The data obtained were analysed with the SPSS version 21. The statistical tools employed were Analysis of Variance (ANOVA and Pearson Correlation Coefficiant (PCC. The Cronbach’s Alpha reliability test was used to test the internal consistency/reliability of the instrument used for the study. On the basis of the analysis, we found that there is significant difference in the effectiveness of ZBB in terms of budget implementation compared to the Traditional Budgeting System (TBS. It was also found that the application of ZBB tend to be performance-driven and is able to detect the redundant programmes/projects and staff, thereby recommending either realignment, discharge, transfer or redeployment of projects or resources. The study therefore, recommends among others that ZBB should be encouraged as a good means of budget implementation and also close monitoring of budget execution should be enshrined in work ethics at every stage of budget preparation and implementation in the country. This is believed would go a long way to strengthen measures aimed at mitigating poor budget implementation in the country.

  9. Capital Humano:Su Definicion y Alcances en el Desarrollo Local y Regional Human Capital: its definition and scope in the Local and Regional Development

    Directory of Open Access Journals (Sweden)

    Iván Navarro Abarzúa

    2005-08-01

    Full Text Available El concepto Capital Humano es descrito y analizado en este trabajo como un auxiliar metodológico que, depurado de sus definiciones mecanicistas y neoliberales, ayuda a vincular la teoría, con la práctica en el análisis específico de una realidad territorial. Se trata de superar los modelos teóricos globales del análisis social, que generalmente subutilizan los datos empíricos que provee el territorio, cayendo en generalizaciones y abstracciones que poco ayudan. Sin embargo, este análisis tampoco se queda en la casuística, sino que culmina en propuestas que buscan contribuir al desarrollo de la teoría sobre Capital Humano y su impacto en el desarrollo regional y local. This article describes and analyzes the concept of Human Capital nor in a mechanical way nor using the neo-liberal definitions, but by linking the theory with practice in an specific territorial analysis. This is about superseding global theoretical models of social analysis, which generally sub-utilize the empirical data provided by territorial analysis, often falling into unhelpful generalizations and abstractions. Furthermore, this analysis is not centered in establishing causality, and it aims to be a contribution in the development of a theory of Human Capital and its impacts in the regional and local development.

  10. Parameterising a generic model for the dynamic energy budget of Antarctic krill, Euphausia superba.

    NARCIS (Netherlands)

    Jager, T.; Ravagnan, E.

    2015-01-01

    Dynamic Energy Budget (DEB) theory is a generic and comprehensive framework for understanding bioenergetics over the entire life cycle of an organism. Here, we apply a simplified model derived from this theory (DEBkiss) to Antarctic krill Euphausia superba. The model was parameterised using growth

  11. California Budget Simulation

    Science.gov (United States)

    Mallinson, Daniel J.

    2018-01-01

    The California Budget Challenge produced by Next10 provides a useful and intuitive tool for instructors to introduce students to public budgeting. Students will reason through a series of budgeting decisions using information provided on the fiscal and practical implications of their choices. The Challenge is updated with each budget cycle, so it…

  12. Continuities in the use of the intellectual capital statement approach

    DEFF Research Database (Denmark)

    Nielsen, Christian; Roslender, Robin; Schaper, Stefan

    2016-01-01

    The Danish Guideline Project and its principal output, the intellectual capital statement, have attracted only a very limited extent of empirical attention since the conclusion of the initiative in December 2002. The paper reports the findings of a series of semi-structured interviews with indivi...... of the implementation and evolution of these practices. The paper utilises a number of elements of institutional theory to organise the findings and to discuss the continuities in intellectual capital reporting practice documented therein....

  13. Entrepreneurship, social capital, and institutions:social and commercial entrepreneurship across nations

    OpenAIRE

    Estrin, Saul; Mickiewicz, Tomasz; Stephan, Ute

    2013-01-01

    We model and test the relationship between social and commercial entrepreneurship drawing on social capital theory. We propose that the country prevalence rate of social entrepreneurship is an indicator of constructible nation-level social capital and enhances the likelihood of individual commercial entry. We further posit that both social and commercial entrepreneurial entry is facilitated by certain formal institutions, namely strong property rights and (low) government activism, albeit the...

  14. An Empirical Study on Capital Structure Determinants of Selected ASEAN Countries

    OpenAIRE

    Ngo, Hoang Anh

    2013-01-01

    Capital structure has been a controversial topic for decades. Conflicting arguments in theories and mixed findings in empirical work require further studies on this subject. More importantly, most previous studies have focused on developed countries and little attention is paid to emerging economies, especially ASEAN. Therefore, this study attempts to fill the gap by examining effects of capital structure's determinants on different measures of leverage of listed manufacturing companies in se...

  15. The debate on food sovereignty theory: agrarian capitalism, dispossession and agroecology

    NARCIS (Netherlands)

    Jansen, K.

    2015-01-01

    This contribution reviews recent critiques of the food sovereignty framework. In particular it engages with the debate between Henry Bernstein and Philip McMichael and analyzes their different conceptualizations of agrarian capitalism. It critically identifies tendencies in food sovereignty

  16. Exploring the role of cognitive and structural forms of social capital in HIV/AIDS trends in the Kagera region of Tanzania - a grounded theory study.

    Science.gov (United States)

    Frumence, Gasto; Eriksson, Malin; Nystrom, Lennarth; Killewo, Japhet; Emmelin, Maria

    2011-04-01

    The article presents a synthesis of data from three village case studies focusing on how structural and cognitive social capital may have influenced the progression of the HIV epidemic in the Kagera region of Tanzania. Grounded theory was used to develop a theoretical model describing the possible links between structural and cognitive social capital and the impact on sexual health behaviours. Focus group discussions and key informant interviews were carried out to represent the range of experiences of existing social capital. Both structural and cognitive social capital were active avenues for community members to come together, empower each other, and develop norms, values, trust and reciprocal relations. This empowerment created an enabling environment in which members could adopt protective behaviours against HIV infection. On the one hand, we observed that involvement in formal and informal organisations resulted in a reduction of numbers of sexual partners, led people to demand abstinence from sexual relations until marriage, caused fewer opportunities for casual sex, and gave individuals the agency to demand the use of condoms. On the other hand, strict membership rules and regulations excluded some members, particularly excessive alcohol drinkers and debtors, from becoming members of the social groups, which increased their vulnerability in terms of exposure to HIV. Social gatherings (especially those organised during the night) were also found to increase youths' risk of HIV infection through instances of unsafe sex. We conclude that even though social capital may at times have negative effects on individuals' HIV-prevention efforts, this study provides initial evidence that social capital is largely protective through empowering vulnerable groups such as women and the poor to protect against HIV infection and by promoting protective sexual behaviours.

  17. THE EFFECT OF HUMAN CAPITAL ON SOCIAL CAPITAL AMONG ENTREPRENEURS

    OpenAIRE

    HANNES OTTÓSSON; KIM KLYVER

    2010-01-01

    Using data collected from 714 entrepreneurs in a random sample of 10,000 Danes, this study provides an investigation of the effect of human capital on social capital among entrepreneurs. Previous entrepreneurship research has extensively investigated the separated effect of human capital and social capital on different entrepreneurial outputs. The study takes a step back and investigates how these two capital concepts are related — specifically how human capital influences social capital. In ...

  18. 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.

  19. Capitalism, the state and health care in the age of austerity: a Marxist analysis.

    Science.gov (United States)

    Porter, Sam

    2013-01-01

    The capacity to provide satisfactory nursing care is being increasingly compromised by current trajectories of healthcare funding and governance. The purpose of this paper is to examine how well Marxist theories of the state and its relationship with capital can explain these trajectories in this period of ever-increasing austerity. Following a brief history of the current crisis, it examines empirically the effects of the crisis, and of the current trajectory of capitalism in general, upon the funding and organization of the UK and US healthcare systems. The deleterious effect of growing income inequalities to the health of the population is also addressed. Marx's writings on the state and its relation to the capitalist class were fragmentary and historically and geographically specific. From them, we can extract three theoretical variants: the instrumentalist theory of the state, where the state has no autonomy from capital; the abdication theory, whereby capital abstains from direct political power and relies on the state to serve its interests; and the class-balance theory, whereby the struggle between two opposed classes allows the state to assert itself. Discussion of modern Marxist interpretations includes Poulantzas's abdication theory and Miliband's instrumentalist theory. It is concluded that, despite the pluralism of electoral democracies, the bourgeoisie do have an overweening influence upon the state. The bourgeoisie's ownership of the means of production provides the foundation for its influence because the state is obliged to rely on it to manage the supply of goods and services and the creation of wealth. That power is further reinforced by the infiltration of the bourgeoisie into the organs of state. The level of influence has accelerated rapidly over recent decades. One of the consequences of this has been that healthcare systems have become rich pickings for the evermore confident bourgeoisie. © 2012 Blackwell Publishing Ltd.

  20. Green Capital: Student Capital student-led evaluation

    OpenAIRE

    Runkle, Q.; Haines, T.; Piper, K.; Leach, S.

    2016-01-01

    To assess and evaluate the impact of the Green Capital: Student Capital project, the partnership (the University of the West of England, the University of Bristol, the Students’ Union at UWE, and Bristol Students’ Union) worked with NUS to train a team of students from both universities to lead an evaluation process. There were two key aims for the evaluation: \\ud \\ud • To verify the quantitative outputs of the Green Capital: Student Capital project; \\ud • And to make a qualitative assessment...

  1. The Distinct Character of a Capital? From Formality to Regularity of Our Ancient Capitals

    Science.gov (United States)

    Kelly, T.

    2018-04-01

    Many cities were shaped by dynamics political and commercial factors and man-made layers whereas other capitals have been modeled spontaneously by natural influence, London is great sample of this approach and was described as a natural city planned over decades by many hands with great appreciation to natural terrain. Contrary mode is obvious in China where several factors behind the distinct identity of Chinese architecture and urban planning. Among those influences are the Metaphysics Philosophies or Emperor guidance who encouraged uniformity in many aspects in China including city planning. The aim of this paper is to highlight the impact of various forces and mankind dogmas in shaping up a unique character of famous capitals. Hence London and Beijing are the two contradictory case studies subject to deep analysis in parallel with other theories such as Yin - Yan and Fengs Shui principles, to examine their impacts on urban planning in China.

  2. AS MICRO E PEQUENAS EMPRESAS SOCIALMENTE RESPONSÁVEIS: UMA APROXIMAÇÃO ENTRE A TEORIA DOS STAKEHOLDERS E O CAPITAL SOCIAL

    Directory of Open Access Journals (Sweden)

    Ângela Maria Maurer

    2012-08-01

    Full Text Available This paper aims to relate both stakeholders theory and social capital approaches to better understand the Corporate Social Responsibility (CSR in small enterprises. The main motivation for this work is based on the assumption that CSR and stakeholders theory focus on big companies, so that many researchers argue that social capital approachis more relevant for CSR practices and actions in small enterprises. However, this paper is built on the recommendation of Russo and Perrini (2010 and Preuss and Perschke (2010: to close relate thestakeholders theory and the social capital approach. The analysis enabled the development of an integrative framework, which articulates elements for the ethical behaviour of small enterprises. The paper also introduces a social capital intensity rating based on each stakeholder characteristics and the relationships developmentprocesses with the goal of generating social capital. The benefits that small enterprises would have with the establishment of ethical relationships are also mentioned.

  3. PERAN BUDGET EMPHASIS DALAM MEMODERASI HUBUNGAN PARTISIPASI ANGGARAN TERHADAP SENJANGAN DAN KINERJA MANAJERIAL (Studi Pada 30 SKPD Kota Ternate

    Directory of Open Access Journals (Sweden)

    Suleman H. A. Kahar

    2018-03-01

    Full Text Available This study aims to empirically test the effect of budgetary participation on budgetary slack and managerial performance. The study aims to empirically examines whether budget emphasis moderates budget participation on budget slack and managerial performance of Municipality Government of Ternate. Using moderated regression analysis, this study found that, 1 budgetary participation negatively affect budgetary slack 2 budget participation influences managerial performance and 3 budget emphasis moderates the relationship between budget participation on budgetary slack and managerial performance. The theoretical implications of this study indicate that agency and contingency theory could be used as a complement to a more effective budget participation process by integrating the expected performance measurement framework.

  4. Immigrant Capital and Entrepreneurial Opportunities

    OpenAIRE

    Malavika Sundararajan; Binod Sundararajan

    2016-01-01

    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 successf...

  5. 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....

  6. Spatial Agglomeration, Human and Social Capital: The Case of Turkey Manufacturing Industry

    Directory of Open Access Journals (Sweden)

    Özer Karakayacı

    2017-12-01

    Full Text Available Over the last three decades, new economic theories explode the factors depending on space and spatial characteristics. In this process, it is developed the theories on social-cultural aspects and spatial characteristics of regions instead of traditional economic theories. These theories have been main strategy for economic development and growth. Economic development has not been considered independently from space by these theories and economic performance of a region was emphasized importance of economic actors, institutional and economic infrastructure as well as geographic features. Geography or spatial features contribute to increase not only skilled workforce, knowledge spillover and distribution but also social relations and interaction. In other words, the social-cultural and humanity factors relating with spatial and geography are major factors affecting on the development and also growing of economic activities. Especially, while industrialization as engine of regional development has been benefiting from the advantages offered by spatial features, clustering of economic activities and relationships among actors are shaped according to socio-cultural and human factors revealed spatial features. In this context, clustering of economic activities has been one of the new areas of interest in the theory of economic geography. Therefore, clustering of economic activities and human-social-spatial resources has been emphasized to play a major role in growth and development of regions by essays of the new economic geography. In that context, the aim of this paper is to determine the effects of human and social capital in the spatial agglomeration of economic activities in case of Konya-Turkey. In this study, the agglomeration tendencies for manufacturing industry in Konya, which have major potentials in terms of human and social capital and manufacturing industry potential, is analysed comparatively depending on secondary resources and using

  7. Financial potential of migrants’ capital in Ukraine

    Directory of Open Access Journals (Sweden)

    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

  8. 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...

  9. An average-based accounting approach to capital asset investments: The case of project finance

    OpenAIRE

    Carlo Alberto Magni

    2014-01-01

    Literature and textbooks on capital budgeting endorse Net Present Value (NPV) and generally treat accounting rates of return as not being reliable tools. This paper shows that accounting numbers can be reconciled with NPV and fruitfully employed in real-life applications. Focusing on project finance transactions, an Average Return On Investment (AROI) is drawn from the pro forma financial statements, obtained as the ratio of aggregate income to aggregate book value. It is shown that such a me...

  10. DCS Budget Tracking System

    Data.gov (United States)

    Social Security Administration — DCS Budget Tracking System database contains budget information for the Information Technology budget and the 'Other Objects' budget. This data allows for monitoring...

  11. 12 CFR 1229.5 - Capital distributions for adequately capitalized Banks.

    Science.gov (United States)

    2010-01-01

    ... capitalized Banks. 1229.5 Section 1229.5 Banks and Banking FEDERAL HOUSING FINANCE AGENCY ENTITY REGULATIONS CAPITAL CLASSIFICATIONS AND PROMPT CORRECTIVE ACTION Federal Home Loan Banks § 1229.5 Capital... classification of adequately capitalized. A Bank may not make a capital distribution if such distribution would...

  12. Capital Controls and Foreign Investor Subsidies Implicit in South Africa's Dual Exchange Rate System

    NARCIS (Netherlands)

    Huizinga, H.P.; Schaling, E.; van der Windt, P.C.

    2007-01-01

    Both in theory and practice, capital controls and dual exchange rate systems can be part of a country's optimal tax policy. We first show how a dual exchange rate system can be interpreted as a tax (or subsidy) on international capital income. We show that a dual exchange rate system, with separate

  13. 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...

  14. Money, interest and capital accumulation in Karl Marx's economies: a monetary interpretation

    OpenAIRE

    Hein, Eckhard

    2002-01-01

    "Starting from Schumpeter's important distinction between 'real analysis' and 'monetary analysis', in this paper it is shown that major elements of Marx's economic theory fall in the camp of monetary analysis and the implications for Marx's theory of capital accumulation are derived. First, Marx's theory of labour value has to be considered a 'monetary theory of value' because 'abstract labour' as the social substance of value cannot be measured without a social standard of val...

  15. 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.

  16. The effect of motivation profile and participative budgeting on budget goal commitment

    DEFF Research Database (Denmark)

    Sandalgaard, Niels; Bukh, Per Nikolaj; Poulsen, Carsten Stig

    2009-01-01

    The effect of participative budgeting on motivation is often considered in management accounting research. In this study we focus on dispositional factors of motivation rooted in personality that affect budgeting. Especially we focus on the effect of personality traits in the form of achievement......, power and affiliation motives on budget goal commitment in interaction with participative budgeting. The study is based on a survey among bank managers at different organizational levels of a Scandinavian regional bank and the results indicate that the effect of participative budgeting on budget goal...... commitment is moderated by the implicit power motivation of the bank manager....

  17. Booth Revisited: Identifying the Determinants of Capital Structure in the Sugar Sector

    Directory of Open Access Journals (Sweden)

    A.A. Kanwar

    2007-07-01

    Full Text Available The study assesses whether selected exogenous variables: tax rate, size, asset tangibility, volatility and profitability, affect capital structure in a significant manner in the sugar industry. It suggests that decision on capital structuring is found to be weakly affected by the variables chosen in our study. This is also consistent with the results of Booth et al (2001 where modern financial theory is found to be weakly portable across a group of developed and developing countries. It is recommended that more empirical work is done in order to understand the impact of capital structure choices.

  18. A RETROSPECTIVE OF EVALUATION MODELS ON INTELLECTUAL CAPITAL

    Directory of Open Access Journals (Sweden)

    Ienciu Nicoleta Maria

    2011-12-01

    Full Text Available In the classical theory of economics, capital is one of the three factors of production, in addition to land and labor, and refers in particular to buildings, equipment, and machinery etc., used for the production of other goods (the term physical capital is also used by the specialized literature (Bratianu and Jianu, 2006. The present study intend to bring to the forefront the main evalluation methods for intellectual capital, as proposed, supported and criticized at the same time by researchers and practitioners. The study offers response to the following research questions: Which are the advantages and disadvantages of the intellectual capital evaluation methods? And what are the main studies approaching the subject of intellectual capital evaluation at international level? The collection and analysis of intellectual capital evaluation models and the non-participative observation are the main instruments used to bring to the forefront the main international existing evaluation frameworks. The information sources representing the base for these researches are especially constituted by articles published in specialized magazines, both from accounting and economics fields, specialized works relevant to the reference field, legislative documents, official documents, press releases and other documents issued by various national and international bodies. The most representative studies bringing to the forefront the evaluation of intellectual capital are the ones elaborated by Mouritsen et al (Mouritsen et al, 2001, Manea and Gorgan (Manea and Gorgan, 2003, Tayles (Tayles, 2002, Tayles et al (Tayles et al, 2007. The presented approaches offer a general idea on the range of methods, disciplines and operational specializations existing for the evaluation of intellectual capital. Only one of them - Balanced Scorecard is largely used, while the rest of the methods remain too theoretical or too poorly developed to be universally accepted. We believe that

  19. Social capital at work: psychometric analysis of a short scale in Spanish among Mexican health workers.

    Science.gov (United States)

    Idrovo, Alvaro J; Camacho-Avila, Anabel; García-Rivas, Javier; Juárez-García, Arturo

    2012-09-01

    Most studies on social capital and health are carried out with large home-based surveys, neglecting that many interactions among individuals occur in the workplace. The objective of this study was to explore the psychometric properties of a scale in Spanish used to measure social capital at work. The scale designed by Kouvonen et al was translated into Spanish and tested under classical test theory, item response theory, and confirmatory factorial analysis; 152 public health workers from different socio-cultural contexts participated in the survey. Internal consistency was high (Chronbach's alpha = 0.88). Social capital at work correlated properly with two Job Content Questionnaire dimensions. A ceiling effect was detected and item difficulty was quantified. The confirmatory factor analysis showed the expected theoretical components of social capital: bonding, bridging and trust. The scale has acceptable psychometric properties, thus it can be used in future studies.

  20. "Racialised Facilitative Capital" and the Paving of Differential Paths to Achievement of Afro-Trinidadian Boys

    Science.gov (United States)

    Rampersad, Ravi

    2014-01-01

    Bourdieu describes capital as the political building blocks of social order that give meaning to social accumulation and consumption. Through a combination of Bourdieu's sociology and critical race theory, this sojourn into Afro-Trinidadian boys' achievement seeks to elucidate an approach to understanding capital as inherently raced. This is…

  1. Multinational Enterprises and Social Capital as Location Factor

    DEFF Research Database (Denmark)

    Pedersen, Kurt; Svendsen, Gunnar L.H.; Svendsen, Gert Tinggaard

    2013-01-01

    across borders. We review the literature and identify a gap regarding social capital as a potential instrument for reducing the level of volatility. An existing stock of social capital may be advantageous not only to the host country but also to the MNE in the sense that optimal in-company resource......It is generally assumed that multinational enterprises (MNEs) are more volatile than local firms. From the viewpoint of host countries, the volatility of MNE subsidiaries is often seen as a problem. Therefore it becomes relevant to look for ways to reduce the volatility of multinational activity...... allocation and profits could be improved even further. Thus, the dominating theory of FDI (Foreign Direct Investment), the eclectic paradigm as developed by John Dunning, offers a relevant opportunity to fill a gap in the literature and include social capital in FDI decisions as a new location factor....

  2. Mercury Retrograde Effect in Capital Markets: Truth or Illusion?

    Directory of Open Access Journals (Sweden)

    Murgea Aurora

    2016-06-01

    Full Text Available From the most ancient times, the astrological beliefs have played an important role in human history, thinking, world-views, language and other elements of social culture. The practice of relating the movement of celestial bodies to events in financial markets is relatively newer but despite the inconsistency between financial astrology and standard economic or financial theory, it seems to be largely spread among capital market traders. This paper evaluates one of the astrological effects on the capital market, more precisely the Mercury retrograde effect on US capital market. Despite the fact that it is just an optical illusion the astrological tradition says that Mercury retrograde periods are characterized by confusion and miscommunications. The trades could be less effective, the individuals more prone to make mistakes so there is a long-held belief that it is better to avoid set plans during Mercury retrograde, signing contracts, starting new ventures or open new stock market positions. The main findings of this study are lower return’s volatilities in the Mercury retrograde periods, inconsistent with the astrologic theories assumptions but consistent with the idea that trader’s beliefs in Mercury retrograde effect could change the market volatility exactly in the opposite sense than the predicted one.

  3. Overconfidence, Managerial Optimism, and the Determinants of Capital Structure

    Directory of Open Access Journals (Sweden)

    Alexandre di Miceli da Silveira

    2008-12-01

    Full Text Available This research examines the determinants of the capital structure of firms introducing a behavioral perspective that has received little attention in corporate finance literature. The following central hypothesis emerges from a set of recently developed theories: firms managed by optimistic and/or overconfident people will choose more levered financing structures than others, ceteris paribus. We propose different proxies for optimism/overconfidence, based on the manager’s status as an entrepreneur or non-entrepreneur, an idea that is supported by theories and solid empirical evidence, as well as on the pattern of ownership of the firm’s shares by its manager. The study also includes potential determinants of capital structure used in earlier research. We use a sample of Brazilian firms listed in the Sao Paulo Stock Exchange (Bovespa in the years 1998 to 2003. The empirical analysis suggests that the proxies for the referred cognitive biases are important determinants of capital structure. We also found as relevant explanatory variables: profitability, size, dividend payment and tangibility, as well as some indicators that capture the firms’ corporate governance standards. These results suggest that behavioral approaches based on human psychology research can offer relevant contributions to the understanding of corporate decision making.

  4. The Flexible Acceleration Mechanism of China’s Capital Adjustment with the Goal of Consumption-Driven Sustainable Growth

    Directory of Open Access Journals (Sweden)

    Peng Su

    2018-03-01

    Full Text Available China has had an investment-led growth pattern that is unsustainable. It is struggling to shift to a consumption-driven economy, and capital adjustment is crucial to the transition. In response, the principal objective of this study is to analyze the internal market mechanism of China’s capital adjustment. Due to the imperfections of the market, we use the flexible acceleration model, which we put in an IS (Investment – Saving equation–LM (Liquidity preference – Money supply equation framework in order to reflect the guiding role of demand. The results show that the flexible acceleration model fits China’s investment well, and the demand-oriented market mechanism of capital adjustment has been formed; however, China’s market adjustment ability is not strong. The adjustment coefficient is only 0.22, and shows a decreasing trend. So, in the capital optimization process, relying on the market alone is not realistic. Furthermore, the calculated replacement rate is up to 0.429, which indicates that China’s capital is less efficient, and there are duplicated assets, idle assets, and wasted investments. The error correction model’s results show that the impact of the interest rate on the investments is not significant in the short term, so the existence of invalid capital is more likely to stem from the soft budget constraints, which require attention.

  5. VÍNCULOS ENTRE AS EXPECTATIVAS E AS NECESSIDADES PRÁTICAS DA ADMINISTRAÇÃO FINANCEIRA DE UMA EMPRESA E AS TEORIAS DAS FINANÇAS CORPORATIVAS.

    Directory of Open Access Journals (Sweden)

    Adalberto Tacini

    2011-12-01

    Full Text Available This article aims to analyze in the light of the mains concepts of corporative finance (budget,capital structure, working capital, break even point, operational leverage, cash-flow the financial expectations and needs of a midsize business. A questionnaire of seven questions was proposed to several companies, however only one has answered it. It was possible to identify in all the answers some theories mentioned on this work and to understand that there are bonds between the financial expectations, the needs of this company and the academic theory of financing area.

  6. DOES MARKET TIMING DRIVE CAPITAL STRUCTURE? EMPIRICAL EVIDENCE FROM AN EMERGING MARKET

    Directory of Open Access Journals (Sweden)

    Sibel Çelik

    2013-01-01

    Full Text Available The purpose of this study is to test how equity market timing affects capital structure from the perspective of IPO (Initial Public Offering event in ISE for the period between 1999-2008. Our dataset comprises of all firms (75 firms that went public from the period of January 1999 to December 2008 in Turkey that are available in ISE database. We analyse the market timing theory by applying cross sectional regression method. For this purpose, first, we test the impact of market timing on the amount of equity issued by IPO firms. Second we examine the impact of market timing on capital structure. We conclude that market timing theory is not valid for Turkey.

  7. The dialogue between social capital and “civil society”: redefining this concept applied to a new institutional form

    Directory of Open Access Journals (Sweden)

    Bruno Lima Rocha

    2011-06-01

    Full Text Available The article debates the social capital concept as an essential analytical variable to understand what happens on the urban and metropolitan social area. In the text, it is done both kinds of analysis, an incidence analysis and a theoretical critic to the concept of social capital. The article approaches an aspect of this operational standard when a city government public relationship office takes some initiatives. Those techniques are viewed in a case study of public relationships applied on mobilizing lower classes that live in popular neighborhoods in Porto Alegre city (capital of the state of Rio Grande do Sul. This phenomenon occurs when the worldwide recognized public politic name as Orçamento Participativo (OP, Participative Budget has took place during the first municipal administrations (1989-1992/1992-1996 commanded by a huge reformist party, the Partido dos Trabalhadores (PT, Workers Party, that governed the state capital for sixteen years (1989-2004. This instrument, public relations communication effort, resumed social bows partially, generating a relative upgrade on citizen’s empowerment.

  8. Capitalizing on the Forces within Us

    DEFF Research Database (Denmark)

    Pedersen, Mogens Jin

    This dissertation centers on an important but understudied theme in public administration scholarship: How to capitalize actively on public employees’ work motivation and commitment to support and improve their efforts and performance at work. The dissertation draws on self-determination theory......, public service motivation research, and goal setting theory, and empirically it involves a set of quantitative analyses that span a range of different research designs and data. The dissertation contributes with extension of theory and identification of particular interventions and factors that may...... affect the ways in which work motivation and goal commitment reflect positively on individuals’ work behavior and performance. The dissertation is relevant for all who are interested in understanding work motivation and commitment—not least how potentially to improve the performance of public services...

  9. Governance Mechanisms for the Promotion of Social Capital for Knowledge Transfer in Multinational Corporations

    DEFF Research Database (Denmark)

    Gooderham, Paul; Minbaeva, Dana; Pedersen, Torben

    2011-01-01

    are combined with theory on the determinants of social capital. Three governance mechanisms are identified: market-based mechanisms, hierarchical mechanisms, and social mechanisms. The findings, based on data from two Danish MNCs, indicate that although the use of social governance mechanisms promotes positive......The aim of this paper is to extend social capital approaches to knowledge transfer by identifying governance mechanisms that managers can deploy to promote the development of social capital. In order to achieve this objective, insights from the micro-level, knowledge governance approach...... assessment of social capital, hierarchical governance mechanisms constrain its development. The application of market-based governance mechanisms has no significant effect. In addition, the findings provide evidence that social capital has a positive impact on knowledge transfer...

  10. Energy and variance budgets of a diffusive staircase with implications for heat flux scaling

    Science.gov (United States)

    Hieronymus, M.; Carpenter, J. R.

    2016-02-01

    Diffusive convection, the mode of double-diffusive convection that occur when both temperature and salinity increase with increasing depth, is commonplace throughout the high latitude oceans and diffusive staircases constitute an important heat transport process in the Arctic Ocean. Heat and buoyancy fluxes through these staircases are often estimated using flux laws deduced either from laboratory experiments, or from simplified energy or variance budgets. We have done direct numerical simulations of double-diffusive convection at a range of Rayleigh numbers and quantified the energy and variance budgets in detail. This allows us to compare the fluxes in our simulations to those derived using known flux laws and to quantify how well the simplified energy and variance budgets approximate the full budgets. The fluxes are found to agree well with earlier estimates at high Rayleigh numbers, but we find large deviations at low Rayleigh numbers. The close ties between the heat and buoyancy fluxes and the budgets of thermal variance and energy have been utilized to derive heat flux scaling laws in the field of thermal convection. The result is the so called GL-theory, which has been found to give accurate heat flux scaling laws in a very wide parameter range. Diffusive convection has many similarities to thermal convection and an extension of the GL-theory to diffusive convection is also presented and its predictions are compared to the results from our numerical simulations.

  11. THE CAPITAL STRUCTURE OF VENTURE CAPITAL FIRMS IN INDONESIA

    Directory of Open Access Journals (Sweden)

    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.

  12. Conceptualizing knowledge transfer between expatriates and host country nationals: The mediating effect of social capital

    Directory of Open Access Journals (Sweden)

    Maimunah Ismail

    2015-12-01

    Full Text Available This paper aims to propose a conceptual model of knowledge transfer by relating two specific personal factors of expatriate and host country national (HCN dyads as antecedents of knowledge transfer, and mediated by social capital factors. An intensive literature review method was employed to identify and analyse relevant literatures. The paper used a dyadic bi-directional approach in theorizing knowledge transfer by integrating the social capital theory, and the anxiety and uncertainty management theory. The paper considers two personal factors (cultural intelligence and knowledge-seeking behaviour and two social capital variables (trust and shared vision as mediators of knowledge transfer. Upon model validation, the paper could offer practical interventions for human resource practitioners and managers to assist multinational corporations towards managing knowledge transfer involving expatriates and HCNs.

  13. Networks and social capital: a relational approach to primary healthcare reform

    Directory of Open Access Journals (Sweden)

    Scott Catherine

    2007-09-01

    Full Text Available Abstract Collaboration among health care providers and across systems is proposed as a strategy to improve health care delivery the world over. Over the past two decades, health care providers have been encouraged to work in partnership and build interdisciplinary teams. More recently, the notion of networks has entered this discourse but the lack of consensus and understanding about what is meant by adopting a network approach in health services limits its use. Also crucial to this discussion is the work of distinguishing the nature and extent of the impact of social relationships – generally referred to as social capital. In this paper, we review the rationale for collaboration in health care systems; provide an overview and synthesis of key concepts; dispel some common misconceptions of networks; and apply the theory to an example of primary healthcare network reform in Alberta (Canada. Our central thesis is that a relational approach to systems change, one based on a synthesis of network theory and social capital can provide the fodation for a multi-focal approach to primary healthcare reform. Action strategies are recommended to move from an awareness of 'networks' to fully translating knowledge from existing theory to guide planning and practice innovations. Decision-makers are encouraged to consider a multi-focal approach that effectively incorporates a network and social capital approach in planning and evaluating primary healthcare reform.

  14. BEYOND BUDGETING

    Directory of Open Access Journals (Sweden)

    Edo Cvrkalj

    2015-12-01

    Full Text Available Traditional budgeting principles, with strictly defined business goals, have been, since 1998, slowly growing into more sophisticated and organization-adjusted alternative budgeting concepts. One of those alternative concepts is the “Beyond budgeting” model with an implemented performance effects measuring process. In order for the model to be practicable, budget planning and control has to be reoriented to the “bottom up” planning and control approach. In today’s modern business surroundings one has to take both present and future opportunities and threats into consideration, by valorizing them in a budget which would allow a company to realize a whole pallet of advantages over the traditional budgeting principles which are presented later in the article. It is essential to emphasize the importance of successfully implementing the new budgeting principles within an organization. If the implementation has been lacking and done without a higher goal in mind, it is easily possible that the process has been implemented without coordination, planning and control framework within the organization itself. Further in the article we present an overview of managerial techniques and instruments within the “Beyond budgeting” model such as balanced scorecard, rolling forecast, dashboard, KPI and other supporting instruments. Lastly we define seven steps for implementing the “Beyond budgeting” model and offer a comparison of “Beyond budgeting” model against traditional budgeting principles which lists twelve reasons why “Beyond budgeting” is better suited to modern and market-oriented organizations. Each company faces those challenges in their own characteristic way but implementing new dynamic planning models will soon become essential for surviving in the market.

  15. Determining How Tertiary Education and Human Capital Formation Influenced Economic Expansion in Israel, Japan, and Norway from 2000-2010

    Science.gov (United States)

    Kalkbrenner, Erin Lee

    2014-01-01

    Researchers have calculated the relationship between human capital development and economic output by various means of econometric modeling and by use of numerous indicators under the context of an assortment of human capital theory. This study was conducted to identify new interpretations of the expansion of human capital in the form of tertiary…

  16. 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

  17. On the capitalization and cultivation of social capital

    DEFF Research Database (Denmark)

    Waldstrøm, Christian; Svendsen, Gunnar Lind Haase

    2008-01-01

    a dual focus on social capital as both immediately and potentially productive resources, i.e. assets that can be immediately capitalized by individuals as well as ‘cultivated' for future use. We argue that to further operationalize this concept we must distinguish between actual/potential social capital...

  18. Public Budgeting: The Compromises Among the Sound Budgeting Principles in Contingency Funding

    Science.gov (United States)

    2017-06-01

    funding for major aircraft using supplemental appropriations in place of incremental funding as intended for normal budgeting practices. This was a prime... incrementally funded on an annual basis. This change in budgeting practices lacked predictability because it allowed last-minute budget requests with low...NAVAL POSTGRADUATE SCHOOL MONTEREY, CALIFORNIA THESIS Approved for public release. Distribution is unlimited. PUBLIC BUDGETING

  19. Managing budget emphasis through the explicit design of conditional budgetary slack

    NARCIS (Netherlands)

    Davila, Tony; Wouters, Marc

    2005-01-01

    Budgetary slack plays an important role in the functioning of budgets in organizations. While theory has found negative as well as positive elements associated with its presence, the empirical literature has interpreted it as being dysfunctional to organizations. In this paper, we present empirical

  20. Intellectual Capital During the Worldwide Economic Crisis

    Directory of Open Access Journals (Sweden)

    Ph. D. Candidate Anca Domnica Lupu

    2009-05-01

    Full Text Available Reality revealed a very important resource that can act for or against a business, its administration having a crucial influence.It is the intellectual capital we are talking about, mainly based on knowledge. Under the current economic situation we have to find that ideal solution that is able to get the economy out of the crysis, to find the blue ocean. The main question here is that if a correct evaluation of intellectual capital will help economies get their goals. The main idea we can withdraw out of these theories is that values have changed the ierarchy, that is the psyhical resources ceased their place to intangible assets that tend to become more and more important for the companies.

  1. The impact of gender, social capital and networks on business ownership

    DEFF Research Database (Denmark)

    Neergaard, Helle; Shaw, Eleanor; Carter, Sara

    2005-01-01

    The article develops a conceptual model of business owner networking and argues that whilst network theory can provide an understanding of the impact which social capital has on the entrepreneurial process, a concentration on quantiatiave metodologies has restricted fully understanding this....... Further, to address the gender bias in small firm network research the paper integrates social support theory into the conceptual model....

  2. Governo eletrônico e capital intelectual nas organizações públicas Electronic government and human capital in public organizations

    Directory of Open Access Journals (Sweden)

    Luiz Antonio Joia

    2009-12-01

    between the intellectual capital in the public organizations and the perception of value by the workers involved in those enterprises. Finally, the article presents the limitations of the research, as well as a few conclusions so that public managers, practitioners and scholars can understand the potential of applying the intellectual capital theory to assess electronic government initiatives.

  3. The influence of habitus in the relationship between cultural capital and academic achievement.

    Science.gov (United States)

    Gaddis, S Michael

    2013-01-01

    Scholars routinely use cultural capital theory in an effort to explain class differences in academic success but often overlook the key concept of habitus. Rich, longstanding debates within the literature suggest the need for a closer examination of the individual effects of cultural capital and habitus. Drawing upon the writings of Pierre Bourdieu, I use a longitudinal dataset to examine the effects of multiple operationalizations of cultural capital on academic achievement and the mediating effects of habitus. Using first difference models to control for time-invariant unobserved characteristics, I find that typical operationalizations of cultural capital (i.e. high-arts participation and reading habits) have positive effects on GPA that are completely mediated through habitus. These results stress the importance of habitus in the relationship between cultural capital and academic achievement for disadvantaged youth. Copyright © 2012 Elsevier Inc. All rights reserved.

  4. Does who you know in the positional hierarchy protect or hurt? Social capital, comparative reference group, and depression in two societies.

    Science.gov (United States)

    Song, Lijun

    2015-07-01

    Does the socioeconomic status (SES) that one's (ego's) network members (alters) occupy indicate social resources or social comparison standards in the dynamics of health across culture? Using nationally representative data simultaneously collected from the United States and urban China, this study examines two competing theories-social capital and comparative reference group-in the two societies and compares their different application across the two societies using two cultural explanations, relational dependence and self-evaluation motive. Social capital theory expects absolute accessed SES and the size of higher accessed socioeconomic positions to protect health, and the size of lower accessed socioeconomic positions to harm health. But comparative reference group theory predicts the opposite. Additionally, the relational dependence explanation anticipates social capital theory to be more applicable to urban China and comparative reference group theory to be more applicable to the United States. The self-evaluation motive explanation expects the same pattern across the two societies in the examination of the size of lower accessed socioeconomic positions but the opposite pattern in the analysis of absolute accessed SES and the size of higher accessed socioeconomic positions. This study focuses on depressive symptoms and measures accessed occupational status. Results are consistent with the self-evaluation motive explanation. They support both social capital theory and comparative reference group theory in the United States but only the latter theory in urban China. Copyright © 2015 Elsevier Ltd. All rights reserved.

  5. The Problem of Privacy in Capitalism and the Alternative Social Networking Site Diaspora*

    Directory of Open Access Journals (Sweden)

    Sebastian Sevignani

    2012-05-01

    Full Text Available In this paper, l examine the alternative social networking site Diaspora* from a Marxist standpoint. The investigation focuses on privacy, and contributes to a better understanding of this issue within the context of capitalism in general. First, I describe Diaspora*’s way of production by pointing out its alternative character as part of the free software and copyleft movement. Second, dominant theories of privacy related to individual control, exclusion, and property are introduced. Third, the problem of privacy in capitalism is described wherein dominant concepts of privacy will be contextualised on behalf of a critical political economy analysis that refers to the Marxian concept of ideology critique, Marx’s differentiation between a societal sphere of production and a societal sphere of circulation, and his analysis of capitalist fetishisms. Fourth, taking into account the problem of privacy in capitalism, the alternative potential of Diaspora* is evaluated. Finally, a brief outline of a Marxist theory of privacy is proposed.

  6. Capital mobility, tax competition, and lobbying for redistributive capital taxation

    OpenAIRE

    Lorz, Jens Oliver

    1996-01-01

    This paper analyzes the impact of international capital mobility on redistributive capital taxation and on lobbying activities by interest groups. It employs a model where different capital endowments lead to a conflict between households concerning their most preferred capital tax rate. Three main results are derived: First, redistributive source based capital taxes or subsidies decline as international tax competition intensifies. Second, lobbying activities of certain interest groups may e...

  7. A social capital perspective to innovation management in construction

    NARCIS (Netherlands)

    Vlies, van der R.D.; Maas, G.J.

    2009-01-01

    State-of-the-art products commonly outperform construction products that are used in day to day building practice. Also construction products appear to have a diffusion curve that differs from consumer products, slower at first, more rapid later. The social capital theory helps us to understand why

  8. Budget spending and economic growth in Croatia - Dynamics and relathionships over the past two decades

    Directory of Open Access Journals (Sweden)

    Helena Blažić

    2011-12-01

    Full Text Available The objective of this research is to analyze the relationship between government budget spending and the effect on the growth and structure of the GDP of Croatia during the past two decades. The starting working assumption (hypothesis is that the volume of total budget expenditure (including the foreign borrowing has not been realizing appropriate effect on GDP growth. In the analysis of these relationships we primarily use the method of vector autoregressions (VAR. The main result of the analysis showed that, in accordance with theoretical assumptions, the structure of expenditures is essential for the effects of budgetary spending on economic growth. We determine the positive effects of investment spending and purchases of goods and services and the negative effects of other categories of current spending. The reduction of capital expenditures during the recession presents a particularly adverse trend, which reduces the rate of growth of the economy in the long and short term. A fundamental conclusion of the research is that the budget expenditures have not adequately affected the GDP growth. Therefore, it is possible to affect the economic growth by changing the structure of budgetary spending, as well as directing public borrowing to investment financing.

  9. Determinants of capital structure: An empirical study on Vietnamese listed firms

    Directory of Open Access Journals (Sweden)

    Le Trung Thanh

    2017-05-01

    Full Text Available This paper aims to explore the capital structure of listed Vietnamese companies in an updated context of financial development (the recent situation of domestic equity and debt capital market. By applying Random Effect model for panel data, we analyze 05 firm-specific and 01 country-specific determinants of capital structure based on the data set of 228 firms listed on Ho Chi Minh Stock Exchange during the period 2010 – 2014. The results indicated that The Pecking Order theory better explains the financing behaviors of Vietnamese listed firms. Accordingly, although in recent years, Vietnam’s equity market and corporate debt capital market have evolved considerably, the capital structure of Vietnamese companies are still dominated by the use of short-term financing sources. High-growth firms or large-sized firms still rely heavily on external debt rather than equity issuance while State-owned enterprises (SOE are reported to have positive association with the use of long-term financing sources. This study proposed some recommendations to the policymakers in two dimensions: improving the efficiency and role of capital markets to mitigate the reliance on short-term funds and ensuring that bank finance is allocated on a commercial basis.

  10. Minority games, evolving capitals and replicator dynamics

    International Nuclear Information System (INIS)

    Galla, Tobias; Zhang, Yi-Cheng

    2009-01-01

    We discuss a simple version of the minority game (MG) in which agents hold only one strategy each, but in which their capitals evolve dynamically according to their success and in which the total trading volume varies in time accordingly. This feature is known to be crucial for MGs to reproduce stylized facts of real market data. The stationary states and phase diagram of the model can be computed, and we show that the ergodicity breaking phase transition common for MGs, and marked by a divergence of the integrated response, is present also in this simplified model. An analogous majority game turns out to be relatively void of interesting features, and the total capital is found to diverge in time. Introducing a restraining force leads to a model akin to the replicator dynamics of evolutionary game theory, and we demonstrate that here a different type of phase transition is observed. Finally we briefly discuss the relation of this model with one strategy per player to more sophisticated minority games with dynamical capitals and several trading strategies per agent

  11. Library Budget Primer.

    Science.gov (United States)

    Warner, Alice Sizer

    1993-01-01

    Discusses the advantages and disadvantages of six types of budgets commonly used by many different kinds of libraries. The budget types covered are lump-sum; formula; line or line-item; program; performance or function; and zero-based. Accompanying figures demonstrate the differences between four of the budget types. (three references) (KRN)

  12. The Agency's budget

    International Nuclear Information System (INIS)

    1964-01-01

    A total Agency Budget of $10 406 000 for 1965 was approved by the General Conference at its session of September 1964; the Budget for the year 1964 amounted to $9 812 000. The consolidated Budget figures are shown in the table at the end of this article. The Budget falls into two parts - the Regular Budget and the Operational Budget. The Regular Budget provides for the ordinary administrative expenses of the Agency, and for expert panels, special missions, symposia and conferences, distribution of information, and scientific and technical services. In conformity with the Agency's Statute, these expenses are met by contributions made according to Voluntary contributions are paid initially into a General Fund established for this purpose, and money for operations is transferred to the respective Operating Funds as appropriate, and as approved by the Board of Governors. The scale of assessments for 1965 is based on the United Nations scale for 1964. The assessments are estimated to yield $7 713 000 - an increase of 6.8 per cent; however, more than three quarters of this increase will be offset by credits which Member States will receive as a result of a cash surplus brought forward. The Operational Budget is financed by voluntary contributions and is divided into two parts - Operating Fund I, devoted to certain laboratory and research projects, and Operating Fund II, for technical assistance, training and research contracts.

  13. Money, interest, and capital accumulation in Karl Marx's economics: A monetary interpretation

    OpenAIRE

    Hein, Eckhard

    2002-01-01

    Starting from Schumpeter.s important distinction between .real analysis. and .monetary analysis., in this paper it is shown that major elements of Marx.s economic theory fall in the camp of monetary analysis and the implications for Marx.s theory of capital accumulation are derived. First, Marx.s theory of labour value has to be considered a .monetary theory of value. because .abstract labour. as the social substance of value cannot be measured without a social standard of value. Money as a s...

  14. Management, marketing concept and intellectual capital

    Directory of Open Access Journals (Sweden)

    Mihajlović Dragan

    2009-01-01

    Full Text Available The aim of this work describes the strong influence the development of the management theory to the complex nature of modern marketing concept and intellectual capital. Often, in the contemporary conversation we hear the word organizational behavior that is closely related to the concept of modern business philosophy and importance of human capital. Sudden development of human thought in the beginning of the twentieth century has a great impact on all areas of social life, and specially on the promotion of all areas of business and the impact of the application of marketing, its development and implementation as a basis for achieving global competitiveness. Changes caused by the development of management in the business have led to the interactive relationship between organizations and consumers, but also to the development of relations within the organization between employees. .

  15. The theory of forest capital reproduction in terms of the lease

    Directory of Open Access Journals (Sweden)

    Nikolay Mikhaylovich Bol'shakov

    2011-09-01

    Full Text Available The subject of given article is the problem of forest capital renewal within a cost estimation concept which is considered from the perspective of multifunctional model of forest utilization under lease relations. Theoretical framework for development of a financing mechanism is given with regard to reforestation organized on a market base.

  16. Seeding Social Capital? Urban Community Gardening and Social Capital

    DEFF Research Database (Denmark)

    Christensen, Søren

    2017-01-01

    There is a continuing debate regarding urban community gardening’s benefits to local communities, and a particularly interesting branch of this debate has focused on community gardens capacity to encourage and facilitate social interaction, which may generate social capital. Social capital...... is an increasingly important concept in international research and measures of social capital have been associated with various measures of health. In a meta-analysis of literature published between 2000 and 2016 regarding community gardens’ social advantages, through the lens of the concept of social capital......, it is demonstrated that several studies substantiate that urban community gardens create social capital, both bonding and bridging, and exhibit indications of linking. It is moreover identified how there is much to be learned from future research, illuminating how urban community gardens can foster social capital...

  17. 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.

  18. The Zero-Base Budget: A New Management Tool. Information Series, Volume 6, Number 4. Bulletin No. 7430.

    Science.gov (United States)

    Buchmiller, Archie A.

    All indicators appear to point to a continuing and increased public interest in zero-based budgeting (ZBB). Despite its present popularity, ZBB is not new. The theory has been around for more than a decade and it draws heavily on existing systems, particularly on planning, programming, and budgeting systems. ZBB has two phases. The first is the…

  19. CAPITALISM EMERGING ERA TAX SYSTEMS OF THE EUROPEAN COUNTRIES

    Directory of Open Access Journals (Sweden)

    Tsokova Viktoria Aleksandrovna

    2013-04-01

    Full Text Available Three phases should be distinguished in the development of tax systems: I. The Ancient World and Middle Ages (from the IV - III centuries. BC. till. XVII - XVIII centuries AD. II. The new time (from the XVII - XVIII centuries till the end of XIX century. - the era of the emerging capitalism. III. Modern History (from the XX century and up to the present time. The capitalism emerging era scientific ideas and tax systems research relevance (importance is caused by the emergence of the main distinct characteristics of any state, that is by the permanently increasing demand of that institution for money. This fact, in its turn, contributes to the formation of the state tax system, and, of course, the evolution of scientific views on taxation. Nowadays, some theoretical ideas in the field of taxation, clarifying the nature and the role of taxes in the European countries budget formation begin to appear in Europe, especially in the UK. The development of tax systems in England, France and Germany have been analyzed; and , basing on the dialectical, historical and logical approaches, and the method of scientific abstraction, the authors identify the following common features of the capitalism emerging era tax systems in the European countries: the taxation on a regular (permanent basis, the expansion of the tax-payers range – all citizens of the state are becoming tax payers, the introduction of the income tax and the abolishment of the revenue leasing – creation of government agencies system responsible for the administration of taxes, to establishing and collecting taxes only with the Parliament approval and permission. Classical theoretical and practical approaches to creation of tax systems of the states have been formulated in Europe in the era of nascent capitalism and they haven’t lost the relevance yet.

  20. A Canonical Correlation Analysis of Social Capital and Knowledge Exchange for Virtual Members of IT Teams

    Science.gov (United States)

    Dutton Feliu, Genevieve

    2018-01-01

    Social capital theory conceptualized social capital as key to connecting team members into the flow of valued resources and activities, with knowledge deemed one of the most valuable of these resources. Yet, the literature found teams struggle to effectively share knowledge. This quantitative survey-based study assessed the interrelationship…

  1. Budget Analysis: Review of the Governor's Proposed Budget, 1999-00.

    Science.gov (United States)

    New York State Office of the Comptroller, Albany.

    This report provides an overview of the 1999-2000 executive budget for New York State. The budget calls for $72.7 billion in all funds spending and proposes that a $1.8 billion surplus from the 1998-99 fiscal year be used to fill budget gaps in fiscal years 2000-01 and 2001-02. The report focuses on spending for education, health and social…

  2. Plan Your Advertising Budget.

    Science.gov (United States)

    Britt, Steuart-Henderson

    1979-01-01

    Methods for establishing an advertising budget are reviewed. They include methods based on percentage of sales or profits, unit of sales, and objective and task. Also discussed are ways to allocate a promotional budget. The most common breakdowns are: departmental budgets, total budget, calendar periods, media, and sales area. (JMD)

  3. 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...

  4. The Impact of Firm and Industry Characteristics on Small Firms' Capital Structure : Evidence from Dutch Panel Data

    NARCIS (Netherlands)

    Degryse, H.A.; de Goeij, P. C.; Kappert, P.

    2009-01-01

    We investigate small firms’ capital structure, employing a proprietary database containing financial statements of Dutch small and medium-sized enterprises (SMEs) from 2003 to 2005. We find that the capital structure decision of Dutch SMEs is consistent with the pecking order theory: SMEs use

  5. The Impact of Firm and Industry Characteristics on Small Firms’ Capital Structure : Evidence From Dutch Panel Data

    NARCIS (Netherlands)

    Degryse, H.A.; de Goeij, P. C.; Kappert, P.

    2009-01-01

    We investigate small firms’ capital structure, employing a proprietary database containing financial statements of Dutch small and medium-sized enterprises (SMEs) from 2003 to 2005. We find that the capital structure decision of Dutch SMEs is consistent with the pecking order theory: SMEs use

  6. The Islamic Capital Market Response to the Real Earnings Management

    Directory of Open Access Journals (Sweden)

    Rita Yuliana

    2017-06-01

    Full Text Available This study aims to prove the effect of the company's status, i.e membership on the Islamic capital market and the status as suspect firm, as a determinant of real earnings management (REM. REM is conducted by abnormally increasing sales, increasing production and reducing discretionary costs in order to achieve a certain earnings target. This study uses Earnings Distribution Analysis (EDA technique, which refers to the Prospect Theory (Kahneman & Tversky, 1979 to identify the suspect firms. Suspect firms are companies that have small positive earnings. The samples of this research are companies listed on the Indonesia Stock Exchange in 2011 and 2012. Based on the result of regression analysis, hypothesis testing results show that the suspect firms conduct real earnings management in all three types of activities more aggressively than the non-suspect firms. Furthermore, this study also showed empirical evidence that there are differences in real earnings management actions between companies listed in the Islamic capital market compared to conventional capital markets. Then, this study also showed that the Islamic capital market is more appropriate in response to the REM than the conventional capital market.

  7. Budgeting and Beyond

    DEFF Research Database (Denmark)

    Rohde, Carsten

    Budgets and budget control has been known since the early 19th century1. However the use of budget control was until the beginning of the 1920ies in US primarily related to governmental units and states and to a minor extent to business units in practice. At that time James McKinsey describes...

  8. Capitalism ex cathedra. Sources of hope in tough economic times.

    Science.gov (United States)

    Baum, G

    1992-04-01

    Pope John Paul II's encyclical Centesimus Annus--written in honor of the centennial anniversary of Rerum Novarum, the first papal social encyclical--examines the present world socioeconomic situation in light of traditional Catholic social teaching. The pope warns the West not to be too quick to celebrate the demise of communism as a victory for capitalism. Capitalism has some good points, the pope acknowledges, but by themselves, market mechanisms do not ensure the just distribution of food and other goods that fulfill essential human needs. When capitalism relies on market forces alone, it creates a culture of consumerism that promotes selfishness and greed. Capitalism has been in flux for decades. After World War II, developed Western societies began moving toward "Keynesian capitalism," which subjects the mechanisms of the free market to public control. After Keynesian capitalism's apparent failure in the United States in the 1970s came the "monetarist" theory and a return to an earlier, liberal form of capitalism in which society relies on market mechanisms alone to revitalize the economy and regulate the production and distribution of goods. The monetarist policies of the 1980s turned out to be part of a global plan to reorganize the economy around the giant multinational corporations. This forced individual countries to compete for capital investment and led to unemployment and neglect of low-income people. Structural adjustment policies have been adopted by governments all over the world, in poor countries as well as developed. All are moving toward the form of capitalism that is repudiated by Catholic social teaching in general and Centesimus Annus in particular.

  9. O Capital Intelectual segundo o Entendimento de Gestores de Empresas BrasileirasIntellectual Capital under the View of Brazilian Enterprises ManagersEl Capital Intelectual en el Entender de Gestores de Empresas Brasileñas

    Directory of Open Access Journals (Sweden)

    ANTUNES, Maria Thereza Pompa

    2005-09-01

    Full Text Available RESUMOEste estudo objetivou avaliar o nível de entendimento do conceito de Capital Intelectual dos gestores de grandes empresas brasileiras, comparativamente ao conceito exposto na literatura, a fim de se levantarem subsídios que possam mostrar a tendência do seu desenvolvimento e aplicação na realidade econômica e empresarial brasileira. A pesquisa do tipo exploratória e descritiva foi baseada em uma amostra composta por 30 gestores. A análise dos dados, tratados por meio do método qualitativo (Análise de Conteúdo e do método quantitativo (análise de cluster e teste de Mann-Whitney sugeriu que os gestores possuem o entendimento do conceito semelhante ao da teoria, identificam os elementos de acordo com o da teoria e realizam investimentos nesses elementos. Adicionalmente, identificou-se uma predisposição positiva dos gestores para a aplicação de modelos gerenciais de controle, dada a não existência de acompanhamento desses investimentos. Dessa forma, verificou-se espaço para o desenvolvimento de modelos que contemplem a gestão dos elementos do capital Intelectual por meio da Contabilidade Gerencial.ABSTRACTThis essay had the purpose to evaluate the interpretation of the top Brazilian companies’ managers towards the concept of Intellectual Capital, in comparison with the concept shown in the relevant literature, in order to raise data that could indicate the trends of the development and application of such concept within the Brazilian economic and business environment. The exploratory and descriptive research was based in a sample of 30 managers. The data analysis using qualitative method (cluster analysis and Mann-Whitney test suggested that managers have an interpretation of the Intellectual Capital concept which is similar to the theory, and that they usually identify the elements in accordance with the theory and make investments on such elements. In addition to that, the research shows that managers have a tendency

  10. Budgeting Approaches in Community Colleges

    Science.gov (United States)

    Palmer, James C.

    2014-01-01

    Several budgeting approaches have been initiated as alternatives to the traditional, incremental process. These include formula budgeting; zero-base budgeting; planning, programming, and budgeting systems; and responsibility center budgeting. Each is premised on assumptions about how organizations might best make resource allocation decisions.…

  11. Social capital, Chinese style: individualism, relational collectivism and the cultural embeddedness of the institutions-performance link

    OpenAIRE

    Herrmann-Pillath, Carsten

    2009-01-01

    China is the odd man out in the research on social capital and economic performance. A brief survey of recent World Values Survey data depicts China to be a high-trust, achievement oriented society, which does not fit into popular pictures of rampant corruption and abuses of power. I argue that one difficulty results from methodological issues in research on social capital, where a universally accepted theory of social capital is lacking, including theoretically grounded methods of measuremen...

  12. MANAGEMENT OF INNOVATIVE IMPROVEMENT OF QUALITY OF LIFE AND HUMAN CAPITAL

    Directory of Open Access Journals (Sweden)

    T. H. Usmanova

    2016-01-01

    Full Text Available Relevance of the chosen subject is caused by the current state and problems of development of a human capital and potential. The existing changes of the current legislation and a tendency of development of a human capital in Russia in developed countries allow to subject to doubt efficiency of planning of economic and social programs in the country. Also relevance of article is caused by the fact that in the conditions of a transitional economy and integration of economy into the world economy many countries create quality of life of the population according to standards and there is a need of revaluation of values regarding development of a human capital in Russia within the world device.In the first part of article the overview of historical aspects of planning of a human capital and the analysis of high budget revenues becomes. In article it is shown that expenses aren't effectively distributed on regional equalization and on social needs, that is on development of a welfare and a human capital and potential in the country.The second part of article describes one of manifestations of the quality level of life, that is the Minimum Wage (MW which is the main indicator for charge of temporary disability benefits, pension accrual, unemployment benefits, etc.The third part of article reflects the directions of development of innovative management: improvement of quality of life and a human capital where emphasis on need of preparation intellectual the oriented specialists is placed.The purpose/goal .The purpose of article is disclosure, comparison of features, and also determinations of criteria of management of innovative development of quality of life and a human capital in the Russian Federation.Methodology. The methodology of the solution of objectives is based on use of a method of a dialectic research, methods of the economic analysis, forecasting, the situation and system analysis, expert evaluations and the analysis of empirical data

  13. Social capital: its role in cooperation dilemmas and the coordination of actions

    Directory of Open Access Journals (Sweden)

    René Millán

    2015-05-01

    Full Text Available This work sustains the thesis that the concept of social capital must be understood as an element that helps to solve dilemmas of collective action. The concept is theoretically and in practice useful as it can be related to social cooperation problems. To sustain that statement, I present first the problem of cooperation as a dilemma between individual interest —or maximization strategies— and collective action. It is sustained that social capital confirms that, contrary to game theory, cooperate is rational and convenient. Then, it is established how it is conceived the relationship between social capital and cooperation in Coleman, Putnam and Ostrom. It is stressed the formation of incentives to overcome dilemmas of collective action. Finally, I develop a criticism to the critics made to social capital in order to establish its possibilities in generalizing social cooperation.

  14. Towards Extended Vantage Theory

    Science.gov (United States)

    Glaz, Adam

    2010-01-01

    The applicability of Vantage Theory (VT), a model of (colour) categorization, to linguistic data largely depends on the modifications and adaptations of the model for the purpose. An attempt to do so proposed here, called Extended Vantage Theory (EVT), slightly reformulates the VT conception of vantage by capitalizing on some of the entailments of…

  15. Forms of international movement of capital with special emphasis on the PPP and concessions

    Directory of Open Access Journals (Sweden)

    Šovran Sanja

    2016-01-01

    Full Text Available The state has always cooperated with the private sector in order to implement various activities in the best interest of public. The first models of public-private partnerships (PPP appeared at the time of the Roman Empire in the context of public works in construction of public baths, markets and ports. Contemporary international movement of capital is a phenomenon that has existed for over a century. When discussing the PPP in modern day terms, the expansion of private involvement in the public sector starts in the 1970s and the 1980s of the previous century, in public infrastructure projects and in most developed economies. The primary purpose of these arrangements is to reduce expenditures in state budgets, but also to achieve faster and better execution of work, reduce risk and efficiently manage the projects. This paper will briefly present the evolution of PPPs and concessions, with an emphasis on understanding money and capital throughout the evolution of PPP, contemporary forms of movement of capital, as well as equity in terms of globalization. The subject of this paper are also examples of the important PPPs and concessions from the construction of the Suez Canal until today.

  16. Zero-based budgeting: Pathway to sustainable budget implementation in Nigeria

    OpenAIRE

    Udeh Francis Nnoli; Sopekan Sam Adeyemi; Oraka Azubuike Onuora

    2017-01-01

    This paper investigates the application of Zero-Based Budgeting (ZBB) system to budget implementation by the Federal Government of Nigeria by ascertaining among others, the relationship between ZBB approach and budget performance indices in Nigeria. To achieve the above, primary data were obtained through questionnaires that were specifically designed for this study. The data obtained were analysed with the SPSS version 21. The statistical tools employed were Analysis of Variance (ANOVA) and ...

  17. The Impact of Capital Structure on Economic Capital and Risk Adjusted Performance

    OpenAIRE

    Porteous, Bruce; Tapadar, Pradip

    2008-01-01

    The impact that capital structure and capital asset allocation have on financial services firm economic capital and risk adjusted performance is considered. A stochastic modelling approach is used in conjunction with banking and insurance examples. It is demonstrated that gearing up Tier 1 capital with Tier 2 capital can be in the interests of bank Tier 1 capital providers, but may not always be so for insurance Tier 1 capital providers. It is also shown that, by allocating a bank or insuranc...

  18. Three Models of Education: Rights, Capabilities and Human Capital

    Science.gov (United States)

    Robeyns, Ingrid

    2006-01-01

    This article analyses three normative accounts that can underlie educational policies, with special attention to gender issues. These three models of education are human capital theory, rights discourses and the capability approach. I first outline five different roles that education can play. Then I analyse these three models of educational…

  19. Avoiding the Manufacture of "Sameness": First-in-Family Students, Cultural Capital and the Higher Education Environment

    Science.gov (United States)

    O'Shea, Sarah

    2016-01-01

    Drawing upon Bourdieu's theories of social and cultural capital, a number of studies of the higher education environment have indicated that students who are first-in-family to come to university may lack the necessary capitals to enact success. To address this issue, university transition strategies often have the primary objective of…

  20. Multi-unit auctions with budget-constrained bidders

    Science.gov (United States)

    Ghosh, Gagan Pratap

    assumptions, there always exist bidder-types who submit unequal bids in equilibrium, (2) the equilibrium is monotonic in the sense that bidders with higher valuations prefer more unequal splits of their budgets than bidders with lower valuations and the same budget-level. With a formal theory in place, I carry out a quantitative exercise, using data from the 1970 OCS auction. I show that the model is able to match many aspects of the data. (1) In the data, the number of tracts bidders submit bids on is positively correlated with budgets (an R2 of 0.84), even though this relationship is non-monotonic; my model is able to capture this non-monotonicity, while producing an R2 of 0.89 (2) In the data, the average number of bids per tract is 8.21; for the model, this number is 10.09. (3) Auction revenue in the data was 1.927 billion; the model produced a mean revenue of 1.944 billion.

  1. David Hilbert's lectures on the foundations of physics 1915-1927 relativity, quantum theory and epistemology

    CERN Document Server

    Sauer, Tilman

    2009-01-01

    A single system of economic governance - capitalism - prevails in the world today, both in theory and in practice. Yet there is neither a standard definition of capitalism nor a theory of how it works. Moreover, the most common conception of capitalism is that of a one-level system governed by markets, i.e., supply and demand, where many socioeconomic externalities are ignored. The purpose of this book is to counter this conception, showing that capitalism is more than markets. In fact, capitalism shares many parallels with everyday organized sports, in that both are indirect, three-level syst

  2. On the metaphorical nature of intellectual capital: A textual analysis

    NARCIS (Netherlands)

    Dr. Daan Andriessen

    2005-01-01

    Metaphors are at the basis of our understanding of reality. Using the theory of metaphor developed by Lakoff and Johnson (1980, 1999) this paper analyses common metaphors used in the intellectual capital and knowledge management literatures. An analysis of key works by Davenport & Prusak (2000),

  3. Budgeting Time to Teach about the School Budget

    Science.gov (United States)

    Weiss, Dale

    2011-01-01

    As a teacher in the Milwaukee Public Schools (MPS) for the past 16 years, the author has grown used to dismal budget cut news arriving each February. Although cuts are always frustrating and their results burdensome, the school has been able to "hang on" reasonably well. This year, however, the budget cuts were extreme. In this article,…

  4. STATE BUDGET APPROPRIATION MANAGERS AS THE SUBJECTS OF BUDGET PLANNING IN THE REPUBLIC OF LITHUANIA

    Directory of Open Access Journals (Sweden)

    Bronius Sudavicius

    2017-01-01

    Full Text Available The subject. The article deals with the problem of legal status of the state budget appropriation managers in the process of budget planning in the Republic of Lithuania.The purpose of the article is evaluation of state budget appropriation managers’ role in the process of budget planning in the Republic of Lithuania.The methodology of research is the analysis of the budgetary legislation of the Republic of Lithuania and the scientific literature, using the methods of logical and systematic analysis and other methods of scientific researchMain results, and scope of it’s application. The legal definition and the system of state budget appropriation managers is analyzed in the article. Particular attention is given to the question of role of state budget appropriation managers in the process of budget framework. The role of the Government and Parliament, as well as a special body of management of public finances (in the Republic of Lithuania, the Ministry of Finance – legislative and executive authorities – is emphasized in the scientific literature. But it is often not mentioned what an important place in this process other participants of budgetary relations – state budget appropriation managers – takes. The main participation of state budget appropriation managers in the budget planning process related to the planning of the budget expenditures.Preparation of strategic plans and programmes of budgetary funds by state budget appropriation managers can be considered part of governance activities in general. For budget planning drawn up draft budgets of the programs by state budget appropriation managers is particularly important.Conclusions. The efficiency of the use of state funds depends on the spending of funds, the quality and validity of the developed programmes of activities led by their agencies. State budget appropriation managers are involved, along with other entities, on each stage of the budget planning. They provide the

  5. Structural capital management creates sustainable competitiveness and prolonged first-mover advantage

    Directory of Open Access Journals (Sweden)

    C. R. Van Zyl

    2005-12-01

    Full Text Available Structural (SC capital is part of the intellectual capital that is owned by an organisation and its efficient and dedicated management is essential for the creation of shareholder value, sustainable competitive advantage, and prolonged first-mover advantage. SC consists of three types of capital, namely: innovation, organisational and process capital. Organisational capital consists of organisational culture, management philosophies etc. and has received a large amount of management attention. However, organisational capital is not as valuable towards the creation of sustainable competitiveness and first-mover advantage as innovation and process capital are. It is the purpose of this article to demonstrate how a thorough understanding and the efficient management of innovation and process capital enables organisations to achieve the afore-mentioned benefits. Innovation capital management consists primarily of patent and brand management, which are particularly important as patent management forms a high-margin justification for the implementation of organisation-wide intellectual property management, and the management of high-equity brands secures a loyal customer base and associative sustainable competitiveness and first-mover advantage benefits. Although not as obviously valuable as innovation capital, the article also explores the value that the efficient management of unique organisational processes and methodologies contribute towards the achievement of prolonged first-mover advantage and the provision of protection against competitor actions. This exploration involved an examination of contemporary literature, theories and business cases and subsequently revealed that SCM is a vital discipline/philosophy that must be implemented by any organisation wishing to achieve greater sustainable competitiveness. Innovation and process capital are of particular importance as these assets can be made tangible, leveraged and integrated into existing

  6. Toward a social capital based framework for understanding the water-health nexus.

    Science.gov (United States)

    Bisung, Elijah; Elliott, Susan J

    2014-05-01

    In recent years, there has been considerable interest in social capital theory in both research and policy arenas. Social capital has been associated with many aspects of improvements in health, environment and development. This paper assesses the theoretical support for a social capital based analysis of environment and health issues with a focus on the water-health nexus in low and middle income countries. We review conceptualisation of social capital by Pierre Bourdieu in relation to his concepts of "fields" and "habitus" as well as other conceptualisations of social capital by James Coleman and Robert Putnam. We integrate these authors' ideas with ecosocial analysis of social and geographical patterns of access to safe water, adequate sanitation and hygiene and the resulting health impacts. Further, we develop a conceptual framework for linking social capital and health through the water-health nexus. The framework focuses on the role of social capital in improving water-related knowledge, attitudes and practices as well as facilitating collective action towards improving access to water and sanitation. The proposed framework will facilitate critical engagement with the pathways through which social processes and interactions influence health within the context of access to water, sanitation and hygiene in low and middle income countries. Copyright © 2014 Elsevier Ltd. All rights reserved.

  7. Human Capital and Optimal Positive Taxation of Capital Income

    NARCIS (Netherlands)

    B. Jacobs (Bas); A.L. Bovenberg (Lans)

    2005-01-01

    textabstractThis paper analyzes optimal linear taxes on capital and labor incomes in a life-cycle model of human capital investment, financial savings, and labor supply with heteroge- nous individuals. A dual income tax with a positive marginal tax rate on not only labor income but also capital

  8. WHAT DETERMINES THE CAPITAL STRUCTURE OF LISTED FIRMS IN ROMANIA

    Directory of Open Access Journals (Sweden)

    Floriniţa Duca

    2012-10-01

    Full Text Available This paper examines the relative importance of four factors in the capital structure decisions of Romanian listed firms. The existing empirical research on capital structure has been largely confined to developed countries. The Romanian Financial Market has been developing at an exponential rate and dedicated research in the field is required. We used 100 firms listed in 2010 at the Bucharest Stock Exchange. The objective of this paper is to build on previous studies model all the important factors affecting capital structure decisions. We find that factors such as tangibility of assets, firm size, liquidity, and profitability have significant influences on the leverage structure chosen by firms.These results are believed to have significant implications for the theory of finance and to be of importance to the corporate treasure in choice of new financing and to the financial analyst.

  9. Public Budget Database - Budget Authority and offsetting receipts 1976-Current

    Data.gov (United States)

    Executive Office of the President — This file contains historical budget authority and offsetting receipts for 1976 through the current budget year, as well as four years of projections. It can be used...

  10. Human Capital and Economic Growth : Operationalising Growth Theory, with Special Reference to the Netherlands in the 19th Century"

    NARCIS (Netherlands)

    Albers, Ronald

    1997-01-01

    This paper presents new estimates of the stock of human capital in the Netherlands between 1800 and 1913. The estimates of human capital are derived from data on primary, secondary and tertiary schooling. It is argued that the measure of human capital presented here is conceptually better than

  11. Differentiated strategy, business performance, and intellectual capital: Evidence small medium enterprise from Indonesia

    Science.gov (United States)

    Hariyati; Venusita, L.; Dyani, Z. F.

    2018-01-01

    Small and Medium Enterprises (SMEs) have a very important position in Indonesian economics. Implementation of the differentiated strategy has been impacted on improving the business performance of SMEs where the role of intellectual capital strongly supports the success of the implementation of the differentiated strategy. This study applied quantitative research which used survey method. This research examines the relationship between differentiated strategy to the performance of SMEs with mediated by intellectual capital. The results of this study show that intellectual capital mediates the relationship between differentiation strategies and business performance of SMEs. This study theoretically proves the importance of contextual variables in contingency theory. The practical results of this study contribute to raising awareness of business unit managers or other equivalent positions, especially managers in East Java to understand the importance of the role of intellectual capital, this is because intellectual capital meets the criteria as a unique source of the company that is able to create competitive advantage and increase the firm’s value.

  12. Understanding buyers' loyalty to a C2C platform : The roles of social capital, satisfaction and perceived effectiveness of E-commerce institutional mechanisms

    NARCIS (Netherlands)

    Huang, Q.; Chen, X.Y.; Ou, Carol; Davison, R.M.; Hua, Z.S.

    Drawing upon social capital theory, this study aims to investigate how different dimensions of social capital affect online buyers' satisfaction and ultimately boost their loyalty to a Consumer-to-Consumer (C2C) platform. Specifically, we propose that three dimensions of social capital (i.e.,

  13. Relationship between cost of equity capital and voluntary corporate disclosures

    NARCIS (Netherlands)

    Petrova, E.; Georgakopoulos, G.; Sotiropoulos, I.; Vasileiou, K.Z.

    2012-01-01

    The relationship between disclosure and cost of equity capital has always been interesting not only for managers, but for investors as well. Economic theory suggests that by increasing the level of corporate reporting firms not only increase their stock market liquidity, but they also decrease the

  14. 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...

  15. Automated Budget System -

    Data.gov (United States)

    Department of Transportation — The Automated Budget System (ABS) automates management and planning of the Mike Monroney Aeronautical Center (MMAC) budget by providing enhanced capability to plan,...

  16. Social Capital and Walkability as Social Aspects of Sustainability

    Directory of Open Access Journals (Sweden)

    Shannon H. Rogers

    2013-08-01

    Full Text Available The concepts of sustainability and sustainable development are frequently described as having three main components, sometimes referred to as the three pillars or the triple bottom line: environmental, economic, and social. Because of an historical focus in the sustainability field on correcting environmental problems, much consideration has been given to environmental issues, especially how they interface with economic ones. Frequently mentioned but rarely examined, the social aspects of sustainability have been considered the weakest and least described pillar. After a brief review of existing concepts and theories, this paper uses a case study approach to examine the third pillar more comprehensively and offers social capital as one measure of social sustainability. Specifically, social capital was used to measure the social-environmental interface of communities. The positive correlation between aspects of the built environment, specifically walkability, and social capital suggests that measuring a social aspect of sustainability may be feasible, especially in the context of community development.

  17. Market and Labour Control in Digital Capitalism

    Directory of Open Access Journals (Sweden)

    Philipp Staab

    2016-11-01

    Full Text Available Theorists of post capitalism have recently argued for a more or less inevitable end to capitalism. They assume that private accumulation is systematically blocked by the inability of capitalist corporations to create revenues by setting prices as they lose control over the reproduction of their commodities and that in this process, capitalist labour will eventually disappear. Drawing on a case study of Amazon and thoughts on the policies of other leading digital corporations, we challenge these assumptions. Key corporate players of digitization are trying to become powerful monopolies and have partly succeeded in doing so, using the network effects and scaling opportunities of digital goods and building socio-technical ecosystems. These strategies have led to the development of in part isomorphic structures, hence creating a situation of oligopolistic market competition. We draw on basic assumptions of monopoly capital theory to argue that in this situation labour process rationalization becomes key to the corporation’s competitive strategies. We see the expansion of digital control and the organizational structures applied by key corporate players of the digital economy as evidence for the expansion of capitalist labour, not its reduction.

  18. Does state budget pressure matter for uncompensated care spending in hospitals? Findings from Texas and California.

    Science.gov (United States)

    Chang, Jongwha; Patel, Isha; Suh, Won S; Lin, Hsien-Chang; Kim, Sunjung; Balkrishnan, Rajesh

    2012-01-01

    This study examined the impact of state budget cuts on uncompensated care at general acute care hospital organizations. This study capitalized on the variations in the states of Texas and California to form a natural experiment testing the joint impact of budget cut status on uncompensated care costs, as well as specific charity care costs and bad debt expenses from indigent patients. Budget cuts in the state of Texas occurred in the year 2004. Information was obtained from the Texas Department of Health and the California Department of Health Services regarding financial characteristics of hospitals and from the American Hospital Directory annual survey regarding organizational characteristics of hospitals. We created three dependent variables: R(UC) (the ratio of total uncompensated care costs to gross patient revenue), R(CC) (the ratio of charity care to total patient revenue) and R(BD) (the ratio of bad debt expenses to gross patient revenue). Using a two-period panel data set and individual hospital fixed effects, we captured hospital uncompensated care spending that could also have influenced budget cut status. Additionally, the impact of the state budget cut status on hospitals' uncompensated care spending, charity care spending and bad debt expenses was also estimated using the similar methodology. In this study, we included 416 (in Texas) and 352 (in California) public, not-for-profit (NFP) and for-profit (FP) hospitals that completed the annual survey during the study period 2002-2005. For the state of Texas, results from the fixed effect model confirmed that the year 2005 was directly related to increased R(UC) and R(CC) . The coefficients of 2005 were significantly and positively associated with R(UC) (0.43, p budget cut pressure on uncompensated care provided in Texas general acute care hospitals. Copyright © 2012 John Wiley & Sons, Ltd.

  19. 78 FR 55339 - Regulatory Capital Rules: Regulatory Capital, Implementation of Basel III, Capital Adequacy...

    Science.gov (United States)

    2013-09-10

    ... countercyclical capital buffer was designed to take into account the macro-financial environment in which large... ability to raise capital to meet the increased minimum requirements in the current environment and upon...

  20. A study on the impact of Facebook usage on student’s social capital and academic performance

    OpenAIRE

    Shah, Vishal; Subramanian, Sankara; Rouis, Sana; Limyaem, Moez

    2012-01-01

    Prior research has focused on the benefits of usage of social media such as Facebook in terms of the social capital gains they bring. Other research has studied the adverse impact of such usage on academic performance. In this study we try to understand both the beneficial and adverse aspects of Facebook usage in the case of U.S. undergraduate students. Basing on social capital theory and system usage in hedonic context, we tested the dual effect of the usage of Facebook on social capital and...