WorldWideScience

Sample records for capital productivity

  1. Human capital and productivity

    OpenAIRE

    Fuente, Ángel de la

    2011-01-01

    This paper surveys the empirical literature on human capital and productivity and summarizes the results of my own work on the subject. On balance, the available evidence suggests that investment in education has a positive, significant and sizable effect on productivity growth. According to my estimates, moreover, the social returns to investment in human capital are higher than those on physical capital in most EU countries and in many regions of Spain.

  2. Communication Capital Productivity: National Aspect

    OpenAIRE

    Naumik Ekaterina G.

    2012-01-01

    The article offers suggestions for assessing communication capital productivity; the contradictions that affect the value of the communication efficiency of capital (the union of the agents of the market of communication services and products allows them to increase the communication capital productivity and to decrease communication capital productivity of competitors) are formulated; the dependence of productivity on the number of communication capital customers of the communication network...

  3. Social Capital and Labour Productivity in Italy

    OpenAIRE

    Sabatini, Fabio

    2006-01-01

    This paper carries out an empirical assessment of the relationship between social capital and labour productivity in small and medium enterprises in Italy. By means of structural equations models, the analysis investigates the effect of different aspects of the multifaceted concept of social capital. The bonding social capital of strong family ties and the bridging social capital shaped by informal ties connecting friends and acquaintances are proved to exert a negative effect on labour produ...

  4. Human Capital Productivity: A New Concept for Productivity Analysis

    OpenAIRE

    Fraumeni, Barbara M.

    2012-01-01

    The concept of human capital, defined as the discounted value of future earnings, has a long history in economics. But human capital has never been directly linked to productivity. This article makes an attempt to bring the concepts of human capital and labour productivity together by introducing a new term, human capital productivity, which is defined as the ratio between an index of discounted future output and an index of human capital. While still in its very early stages of conceptual de...

  5. Heterogeneity in the Production of Human Capital

    OpenAIRE

    Solomon W. Polachek; Das, Tirthatanmoy; Thamma-Apiroam, Rewat

    2013-01-01

    We derive a tractable nonlinear earnings function which we estimate separately for each individual in the NLSY79 data. These estimates yield five important parameters for each individual: three ability measures (two representing the ability to learn and one the ability to earn), a rate of skill depreciation, and a time discount rate. In addition, we obtain a population wide estimate of the rental rate of human capital. To illustrate heterogeneity in the production of human capital, we plot th...

  6. Social capital, product imitation and growth with learning externalities

    OpenAIRE

    Agénor, Pierre-Richard; Dinh, Hinh T.

    2013-01-01

    Links between social capital, human capital, and product imitation are studied in an overlapping generations model of endogenous growth where the key benefit of social capital is to promote imitation. There is also a two-way interaction between imitation and human capital. Building social capital (which brings direct utility) requires time. Because life expectancy is endogenously related t...

  7. Capital misallocation and aggregate factor productivity

    OpenAIRE

    Azariadis, Costas; Kaas, Leo

    2012-01-01

    We propose a sectoral-shift theory of aggregate factor productivity for a class of economies with AK technologies, limited loan enforcement, a constant production possibilities frontier, and finitely many sectors producing the same good. Both the growth rate and total factor productivity in these economies respond to random and persistent endogenous fluctuations in the sectoral distribution of physical capital which, in turn, responds to persistent and reversible exogenous shifts in relativ...

  8. Capital Structure and Product Market Strategy

    OpenAIRE

    Chong-en Bai; Shan Li

    2000-01-01

    This paper develops a general framework to analyze the relationship between a firm's capital structure and its product market strategy and presents a taxonomy of whether debt makes a firm {\\it tough} or {\\it soft} in product market competition and how strategic considerations affect the leverage of a firm based on the nature of the firm's agency problem and the characteristics of the product market. We then offer a unified picture of the related literature and point out some unexplored linkag...

  9. TIME, CAPITAL AND THE STRUCTURE OF PRODUCTION

    Directory of Open Access Journals (Sweden)

    IFRIM MIHAELA

    2014-05-01

    Full Text Available The doctrinal monopolizing of the modern economic theory by supporters of Monetarism and Keynesism deprived it by one of its essential components- the capital theory. Emphasising the role of monetary and fiscal policies has diverted the concerns for real economy and its productive structures. It was constantly overlooked that any fluctuation in the monetary economy is soon translated into fluctuations in the real economy, in its structure of production.This reality requires the inclusion, in any serious analysis of the cyclical fluctuations, of the capital theory and of the role of time in the processes of production. The paper aims to highlight how the structure of production responds to interest rate cuts by extending, simultaneous, investment and consumption. We obtain the picture of an economy that works beyond the limits imposed by its resources, which justifies the emergence of economic crises and depressions.

  10. Productivity and the density of human capital

    OpenAIRE

    Jaison R. Abel; Dey, Ishita; Gabe, Todd M.

    2010-01-01

    We estimate a model of urban productivity in which the agglomeration effect of density is enhanced by a metropolitan area’s stock of human capital. Estimation accounts for potential biases due to the endogeneity of density and industrial composition effects. Using new information on output per worker for U.S. metropolitan areas along with a measure of density that accounts for the spatial distribution of population, we find that a doubling of density increases productivity by 2 to 4 percent. ...

  11. In-use product stocks link manufactured capital to natural capital

    OpenAIRE

    Chen, Wei-Qiang; Graedel, T. E.

    2015-01-01

    The determination of long-term in-use stocks of manufactured products can complement existing monetary approaches to measuring manufactured capital and helps to explore the linkage between manufactured capital and natural capital in terms of materials transfer. The development of new products, substitution among products, and the historical evolution of in-use product stocks in the United States reveal the increase in variety, improvement in quality, and growth in quantity of US manufactured ...

  12. Social Capital in the creation of Human Capital and Economic Growth: A Productive Consumption Approach

    OpenAIRE

    Dinda, Soumyananda

    2006-01-01

    Social capital is a broad term containing the social networks and norms that generate shared understandings, trust and reciprocity, which underpin cooperation and collective action for mutual benefits, and creates the base for economic prosperity. This study deals with the formation of social capital through development of human capital that is created from productive consumption. This paper attempts to formalize incorporation of social capital (SK). This paper sets up a one-sector growth mod...

  13. Public Capital, Congestion and Private Production in Australia

    OpenAIRE

    Lei Lei Song

    2002-01-01

    This paper is an empirical investigation into the impact of public capital on the private sector’s economic activity in Australia. In particular, it is assumed that the contribution of public capital to private factor productivity is subject to congestion. New data sets of capital stocks and private output are constructed for the Australian economy. By estimating flexible functional forms of private sector production functions with congestion in public capital services, the paper shows that p...

  14. The age pattern of human capital and regional productivity

    OpenAIRE

    Hirte, Georg; Brunow, Stephan

    2008-01-01

    We explore the impact of the age structure of human capital on average regional productivity by applying a spatial econometric analysis based on an augmented Lucas-type production function. We also apply a new definition of regional human capital focusing on its availability. The estimates provide evidence that there are age specific human capital effects in Germany and that a temporary increase in regional productivity could occur during the demographic transition. Furthermore, it becomes cl...

  15. Braaaaaaaains! The Undead Humbug Production Function: Now With Human Capital

    OpenAIRE

    Mike Isaacson

    2015-01-01

    This paper demonstrates that the human-capital augmented Cobb-Douglas function is identically equal to the rules of aggregate accounting with any factor indices and an arbi- trary `human capital' variable thrown in. It is demonstrated empirically that the term for `total factor productivity' does not show total factor productivity at all, but rather a factor share weighted geometric mean of the prot rate and the quotient of the wage rate and human capital. It is demonstrated empirically with ...

  16. The Role of Capital Productivity in British Airways' Financial Recovery

    Science.gov (United States)

    Morrell, Peter

    1999-01-01

    British Airways (BA) was privatised in 1987, but its financial recovery occurred a number of years earlier. This recovery was sustained throughout the early 1990s economic recession, a period when few major airlines were operating profitably. This paper examines the role of productivity developments at British Airways from the early 1980s through 1996. The emphasis is on capital productivity and investment, but changes in capital intensity and labour productivity are also evaluated. Various measures are considered for both capital and labour productivity: outputs are measured in available tonne-kms (ATKS) and revenue tonne-kms (RTKs), with the former preferred over the latter two measures, after adjustment for work performed by BA for others. Capital inputs are measured in equivalent lease costs adjusted to constant prices with a different treatment of flight and ground equipment or assets. Labour inputs are derived from total payroll costs deflated by a UK wage price index. The airline made considerable capital investments over the period and at the same time went through two major processes of labour restructuring. This resulted in a gradual increase in capital intensity, relative high labour productivity growth, but poor capital productivity performance. However, capital investment played an important role in the airline's sustained labour and total factor productivity over the whole period.

  17. Human Capital and the Productivity of Suicide Bombers

    OpenAIRE

    Efraim Benmelech; Claude Berrebi

    2007-01-01

    This paper studies the relation between the human capital of suicide bombers and the outcomes of their suicide attacks. We argue that human capital is an important factor in the production of terrorism and that if terrorists behave rationally, we should observe that more able suicide bombers are assigned to more important targets. To validate the theoretical predictions and estimate the returns to human capital in suicide bombing, we use a unique dataset detailing the biographies of Palestini...

  18. MEASURING THE PRODUCTIVITY OF CAPITAL IN UNITED STATES AGRICULTURE

    OpenAIRE

    Gustafson, Cole R.

    1986-01-01

    The agricultural sector has operated in a period of high real interest rates for over half a decade. Some are concerned that this has limited capital availability and stagnated the historic capital for labor substitution occurring in the sector. This study proposes new procedures for estimating the aggregate production function of United States agriculture. Improvements include incorporation of total returns and revised measures of both durable and nondurable capital inputs. Results indicate ...

  19. Exploring the contributions of human and social capital to productivity

    OpenAIRE

    Greve, Arent; Benassi, Mario; Sti, Arne Dag

    2007-01-01

    This paper investigates how human and social capital contribute to individual productivity. We study three firms that complete all their tasks in projects. The employees in all firms initiate and organize their projects. We collected archival data from the firms on performance, human capital, tenure, gender, and their project activities. Social network data is generated from interviews and a survey. We find that social capital is the most important factor to determine prod...

  20. Transformation of property into productive capital

    OpenAIRE

    Stoyadin Savov

    2003-01-01

    An authorized interpretation is made of the book "The Mystery of Capital" (Why Capitalism Triumphs in the West, and fails Everywhere Else) by Hernando de Soto, president of the Peru based Institute for Freedom and Democracy (IFD), regarded by the British magazine The Economist as a second, by importance, centre of strategic thought in the world, and The Time Magazine places the author among the names of the five leading political scholars of Latin America in the 20-th century. His preceding p...

  1. Research Productivity and Social Capital in Australian Higher Education

    Science.gov (United States)

    Salaran, Mohammad

    2010-01-01

    This study investigates the role of social capital in raising research productivity in academic institutions. Social capital as a strategic resource embedded in social relationships can be utilised towards decreasing pressures from external environmental conditions, such as the global financial crisis. A survey was sent to academic staff in five…

  2. Evaluation of the effect of sector capital assets use efficiency on capital productivity ratio in Ukraine

    Directory of Open Access Journals (Sweden)

    Ohdanskiy K. M.

    2015-05-01

    Full Text Available The real state of the capital assets’ disposal through the national economy sectors is determined in comparison with the result of capital assets use in the country’s economic complex in general in the time period of 1990-2012. It has been proved that the apparent total results regarding efficiency achieved in capital assets use through the sectors of economy do not demonstrate their real effect on the capital productivity ratio of the national economy in the whole. Analysis of the effect of the labor instruments concentrated in the national economy sectors on the national capital productivity ratio has been made. The sectors with their stuff which really determine the level of capital assets use in the country have been identified. Existence and development of the institute of economic initiatives have been proved. The fact is that the economic initiatives mentioned above concentrate their efforts on the improvement of capital assets use and the need to attract attention of the subjects of economic activities to the social development concept.

  3. Capital accumulation and the growth of aggregate agricultural production

    OpenAIRE

    Haley, Stephen L.

    1991-01-01

    This report empirically examines the role which capital accumulation plays in the growth of agricultural production potential. The report assumes that the degree to which available technology can be implemented in a nation's agricultural sector depends on accumulated investments that have been made in the sector. Results from estimating aggregate agricultural production functions show the primary importance of rural labor in accounting for agricultural GDP and crop production. Capital accumul...

  4. How Do Capital Markets Influence Product Market Competition?

    OpenAIRE

    Riordan, Michael H

    2003-01-01

    This article is the written version of the author's keynote presentation to the inaugural International Industrial Organization Conference held in Boston on April 4--5, 2003. It summarizes selectively a literature on the interaction between the capital and product markets at the nexus of industrial organization and corporate finance, and develops two key insights. First, capital market constraints on an individual firm are determined at the level of the industry and depend on product market c...

  5. Capital Account Liberalization, Real Wages, and Productivity

    OpenAIRE

    Peter Blair Henry; Diego Sasson

    2008-01-01

    For three years after the typical developing country opens its stock market to inflows of foreign capital, the average annual growth rate of the real wage in the manufacturing sector increases by a factor of seven. No such increase occurs in a control group of developing countries. The temporary increase in the growth rate of the real wage permanently drives up the level of average annual compensation for each worker in the sample by 752 US dollars -- an increase equal to more than a quarter ...

  6. Capital

    OpenAIRE

    Coulangeon, Philippe

    2013-01-01

    Empruntée à l’appareil conceptuel de l’économie, la notion de capital désigne en première analyse l’ensemble des ressources dont disposent les individus et les groupes et qui affectent leurs trajectoires, notamment dans les domaines scolaire, professionnel, matrimonial et familial. La sociologie contemporaine se saisit le plus souvent du concept pour en souligner les différentes espèces : capital économique, capital culturel et capital social, principalement. Si le capital économique désigne ...

  7. Capitalization of Local Products through Agro- Household

    Directory of Open Access Journals (Sweden)

    Ramona Ciolac

    2010-10-01

    Full Text Available In every household there are many family activities that provide the necessary income or living foods. Some activities are related to cultivation of land, others for breeding other means services provided by the vilagers. The products of the own household must cover 40% of meals offered to tourists. These products are produced by the householder work in their household, the tourist having the opportunity to observe how the products are produced and participate effectively in this production. Specific rural household products can be recovered through tourism by both indirect and direct ways. Both variants can generate increased profitability and interest of the tourist business activity and impose a sense of satisfaction for quality benefit, issues that may be, in turn, assumptions favorable to the extension of this work.

  8. Is Public Capital Productive in China? Evidence from a Panel of Chinese Provinces

    OpenAIRE

    Jie Zhang

    2013-01-01

    In addition to the direct productivity effect, public capital also has an indirect effect on private capital stock and labor input. This paper offers an evaluation of both the direct and indirect effects of Chinese public capital by applying a trans-log aggregate production function including public capital stock to a panel of regional data from 1986¨C2009. Moreover, we calculate the impact of public capital on regional total factor productivity (TFP) performance by introducing a system GMM e...

  9. Capital yields assessment trough cross section production function

    Czech Academy of Sciences Publication Activity Database

    Kodera, Jan; Pánková, V.

    2001-01-01

    Roč. 8, č. 14 (2001), s. 79-87. ISSN 1212-074X R&D Projects: GA ČR GA402/00/0439 Institutional research plan: AV0Z1075907 Keywords : yield of capital * cross-section production function * maximisation of profit Subject RIV: AH - Economics

  10. The Influence of Capital Market Integration on Production and Market Structures

    OpenAIRE

    Michael J. Koop

    2001-01-01

    The paper analyzes the effects of increasing capital market integration on production and market structures, trade and capital flows as well as national and global welfare. In order to facilitate the analysis of the integration process, three stages of capital market integration are defined. First, capital is internationally immobile, secondly, capital is partly mobile, and finally perfect capital mobility is considered. The analysis is carried by means of a general equilibrium model of inter...

  11. Accounting: Labor, Capital and Product Markets

    OpenAIRE

    Shyam Sunder

    2007-01-01

    Accounting practices differ across geographic and political boundaries, across sectors of the economy within these boundaries, and across types of organizations. Globalization exerts a homegenizing force across the political and jurisdictional boundaries with mixed consequences. The development of markets for various factors of production exerts a similar integrative force across sectors of the economy, including business, government and not-for-profit (NFP) sectors. This paper presents an ov...

  12. The effect of immigration on output mix, capital, and productivity

    OpenAIRE

    Myriam Quispe-Agnoli; Madeline Zavodny

    2002-01-01

    The growing influx of immigrants into the United States has prompted concerns about potential negative effects on native workers, especially the less skilled. Such concerns have not been borne out by many studies of the effect of immigration on wages. However, the typical theoretical negative effect of immigration flows on wages may be offset by changes in other aspects of the economy, including output mix, productivity, and capital. ; This article examines the relationship between immigratio...

  13. IRRIGATION PRODUCTION FUNCTIONS WITH WATER-CAPITAL SUBSTITUTION

    OpenAIRE

    Shani, Uri; Tsur, Yacov; Zemel, Amos; Zilberman, David

    2007-01-01

    The dynamics of biomass growth implies that the yield of irrigated crops depends, in addition to the total amount of water applied, on irrigation scheduling during the growing period. Advanced irrigation technologies relax constraints on irrigation rates and timing, allowing to better adjust irrigation scheduling to the varying needs of the plants along the growing period. Irrigation production functions, then, should include capital (or expenditures on irrigation equipment) in addition to ag...

  14. Human Capital Spillovers in the Workplace: Labor Diversity and Productivity

    OpenAIRE

    Navon, Guy

    2009-01-01

    The paper studies the relationship between human capital spillovers and productivity using a unique longitudinal matched employer–employee dataset of Israeli manufacturing plants that contains individual records on all plant employees. I focus on the within-plant diversity of employees’ higher-education diplomas (university degrees). The variance decomposition shows that most knowledge diversity takes place within the industries. Using a semi-parametric approach, the study finds that hiring w...

  15. Human capital, the structure of production and growth

    OpenAIRE

    Ciccone, Antonio; Papaioannou, Elias

    2005-01-01

    Do high levels of human capital foster economic growth by facilitating technology adoption? If so, countries with more human capital should have adopted more rapidly the skilled-labor augmenting technologies becoming available since the 1970’s. High human capital levels should therefore have translated into fast growth in more compared to less human-capital-intensive industries in the 1980’s. Theories of international specialization point to human capital accumulation as another important det...

  16. The Effects of Trade Orientation and Human Capital on Total Factor Productivity

    OpenAIRE

    Miller, Stephen M.; Mukti P Upadhyay

    1997-01-01

    We study the effects of trade orientation and human capital on total factor productivity for a pooled cross-section, time-series sample of developed and developing countries. We first estimate total factor productivity from a parsimonious specification of the aggregate production function involving output per worker, capital per worker, and the labor force, both with and without the stock of human capital. Then we consider a number of potential determinants of total factor productivity growth...

  17. Asset Pricing, Capital Structure and the Spirit of Capitalism in a Production Economy

    OpenAIRE

    Jizheng Huang; Heng-fu Zou

    2013-01-01

    This paper investigates an intertemporal general equilibrium theory of capital asset pricing with the spirit of capitalism. It is an attempt to put together ideas from the modern finance literature and the literature on stochastic growth models. Using methods adopted in Brock (1982), an equivalent characterization of equilibrium by first-order conditions for optimal growth is investigated. We also consider the Modigliani-Miller theorem with the spirit of capitalism.

  18. Does Social Capital Improve Labour Productivity in Small and Medium Enterprises?

    OpenAIRE

    Fabio Sabatini

    2005-01-01

    This paper carries out an empirical assessment of the relationship between social capital and labour productivity in small and medium enterprises in Italy. By means of structural equations models, the analysis investigates the effect of different aspects of the multifaceted concept of social capital. The bonding social capital of strong family ties and the bridging social capital shaped by informal ties connecting friends and acquaintances are proved to exert a negative effect on labour produ...

  19. Investments in social capital--implications of social interactions for the production of health.

    Science.gov (United States)

    Bolin, Kristian; Lindgren, Björn; Lindström, Martin; Nystedt, Paul

    2003-06-01

    This paper develops a theoretical model of the family as producer of health- and social capital. There are both direct and indirect returns on the production and accumulation of health- and social capital. Direct returns (the consumption motives) result since health and social capital both enhance individual welfare per se. Indirect returns (the investment motives) result since health capital increases the amount of productive time, and social capital improves the efficiency of the production technology used for producing health capital. The main prediction of the theoretical model is that the amount of social capital is positively related to the level of health; individuals with high levels of social capital are healthier than individuals with lower levels of social capital, ceteris paribus. An empirical model is estimated, using a set of individual panel data from three different time periods in Sweden. We find that social capital is positively related to the level of health capital, which supports the theoretical model. Further, we find that the level of social capital (1) declines with age, (2) is lower for those married or cohabiting, and (3) is lower for men than for women. PMID:12742602

  20. Effects of Human Capital and Trade Orientation on Output and Total Factor Productivity in Pakistan

    OpenAIRE

    Liaqat Ali; Muhammad Ismaeel Ramay

    2014-01-01

    The objectives of this paper were to study effects of human capital and international trade orientation on the output and total factor productivity in Pakistan. The output and Total factor productivity have been estimated using Cobb-Douglas Production function linking per worker output, per worker capital as well as labor force including and excluding the human capital stock for the period of more than five decades from 1961 to 2013. The data was taken from various secondary sources including...

  1. Effects of Human Capital and Trade Orientation on Output and Total Factor Productivity in Pakistan

    Directory of Open Access Journals (Sweden)

    Liaqat Ali

    2014-10-01

    Full Text Available The objectives of this paper were to study effects of human capital and international trade orientation on the output and total factor productivity in Pakistan. The output and Total factor productivity have been estimated using Cobb-Douglas Production function linking per worker output, per worker capital as well as labor force including and excluding the human capital stock for the period of more than five decades from 1961 to 2013. The data was taken from various secondary sources including Pakistan Bureau of Statistics, State Bank of Pakistan and from various issues of Economic Surveys published by Ministry of Finance and was analyzed using SPSS. The role of potential determinants of output as well as total factor productivity such as human capital, exports, imports, FDI, Government consumption expenditure, education expenditure, capital labor ratio, GDP per capita, life expectancy and population have also been analyzed. According to the results the prevalence of decreasing return to scale was observed in all specification of the estimated production functions. Results also exhibit that the physical capital and employed labor force as significant determinants of output. Human capital becomes significant determinant of output when it is interacted with physical capital and employed labor force. An increasing trend in the output and productivity over time has been observed except during the 1970s. Human capital alone as well as its interaction with physical capital has been emerged as significant determinants of total factor productivity. The capital-labor ratio has also been found as significant determinant of productivity. The findings of the study advocate for more investment in both physical as well as human capital in order to increase the output and productivity in the long run.

  2. "Financial Policies and the Aggregate Productivity of the Capital Stock: Evidence from Developed and Developing Economies"

    OpenAIRE

    Arestis, Philip; Demetriades, Panicos; Fattouh, Bassam

    2002-01-01

    We collect data on a number of financial restraints, including restrictions on interest rates and capital flows and reserve and liquidity requirements, and capital adequacy requirements from central banks of 14 countries. We estimate the effects of these policies on the aggregate productivity of the capital stock, controlling for the effects of inputs and financial development and using modern econometric techniques. We find that financial development has positive effects on productivity, whi...

  3. Human Capital and Labour Productivity, Integration of Institutions and Endogenous Growth

    OpenAIRE

    Lei Delsen; Mark Schonewille

    1999-01-01

    This paper is part of a project that attempts to reveal the way labour market institutions, human capital and labour productivity are interconnected. First we discuss two approaches in the human capital theory, stressing some difficulties that could be solved if the approaches are combined. It is argued that the Nelson-Phelps approach could be improved by adding elements from the Lucas model. We think that the production factor of human capital needs a more detailed description than usual in ...

  4. Firm size and human capital as determinants of productivity and earnings

    OpenAIRE

    Måns Söderbom; Francis Teal

    2001-01-01

    The evidence that earnings rise with firm size and that human capital affects earnings based on labour market data are two of the most robust empirical findings in economics. In contrast the evidence for scale economies in firm data is very weak. The limited direct evidence of human capital on firm productivity suggests that human capital is indeed productive and that the magnitudes are consistent with the findings based on individual data. The common objection to accepting the role of size a...

  5. Comparative Analysis of Capital Productivity in China's High-Tech Industries

    Institute of Scientific and Technical Information of China (English)

    LingWang; AdamSzirmai

    2005-01-01

    While labor productivity is a topic of constant debate and has been studied extensively, far less attention has been devoted to the question of capital productivity. Productive use of physical capital is an important source of economic growth and investment return. This paper presents a comparative study of capital productivity in China's high-tech industry. Using a version of the perpetual inventory method (PIM), new estimates have been made of the physical capital stock by sector. Capital productivity in China's high-tech industry is higher than in total manufacturing, but the gap between them has been shrinking. Comparison with high-tech industries in the US., highlights that China's high-tech industries could play a more important role in the growth of manufacturing and the whole economy.

  6. The technological capital as production factor in Spanish regions, 1980-2000

    OpenAIRE

    Escribá, Francisco Javier; Murgui , M.ª José

    2007-01-01

    In this work we construct a database of regional technological capital, with the maximun disaggregation compatible with Official Regional Accounts of Spain. In addition, we analyze the goodness of these series and their performance in the estimation of regional aggregate production functions. In the estimations both own technological capital and external capital are included. The results show reasonable estimated values of the output elasticities, which imply rates of return to technological ...

  7. LABOUR PRODUCTIVITY AND HUMAN CAPITAL IN THE EU COUNTRIES:AN EMPIRICAL ANALYS

    Directory of Open Access Journals (Sweden)

    NEAGU OLIMPIA

    2012-07-01

    Full Text Available The role of the human capital in the economy is highlighted in several studies of human capital, endonegneous growth and macroeconomic literature. A special part of this literature is dedicated to the mechanism and the various channels through wich human capital influences economic growth. As expression of the macroeconomic performance, the labour productivity depends on the accumulation of human capital in the economy. To analyze and discuss this dependency is essential for appropriate human capital policies aiming to stimulate the human capital accumulation in the economy and the enhancement of the labour productivity. The paper explores the link between labour productivity and the estimates of the human capital stock in the EU countries. Human capital theory explains the labour productivity level by the workers' level of educational attainment level. Four different effects of human capital on labour productivity can be found in economic literature: worker, allocative, difusion and research. Other researchers used a production function to estimate the productivity impact of changes in educational attainment. Research on the impact of human capital on productivity at the country level encountered many difficulties over the years. The main methodological issue is how to measure skills and human capital investment and to model possible channels of skills of influence the economic performance. The UNESCO attainment levels and enrollment series and other data sets, constructed by researchers, have been used in a large number of empirical studies of the link between education and productivity. What is innovative in the present study is the estimation of human capital stock based on educational costs by level(primary, secondary, tertiary weighted by the proportion of labour force with corresponding educational attainment and the testing of linear regression model for the dependency of labour productivity on human capital stock. The assumption of the

  8. Labour Productivity Growth and Convergence in the EU : The Role of Physical and Human Capital Accumulation

    OpenAIRE

    Inmaculada Álvarez Ayuso; Mª Jesús Delgado-Rodríguez; Mª Mar Salinas Jiménez

    2005-01-01

    The aim of this article is to analyse labour productivity growth and convergence in the EU-15 countries between 1980 and 1997. Adopting a production frontier approach, labour productivity growth is broken down into components attributable to efficiency change, technological progress and capital accumulation. Furthermore, in the spirit of the Quah's approach, the dynamics of the distribution of labour productivity is also analysed. Our results show that physical and human capital accumulation ...

  9. Econometric testing of spatial productivity spillovers from public capital

    OpenAIRE

    Antonio Alvarez; Carlos Arias; Luis Orea

    2006-01-01

    In this paper we review two different approaches followed in the empirical literature to test for the existence of public capital spillovers. Additionally, we explore the role played by an additive aggregator of public capital in neighboring regions versus the multiplicative aggregator used previously in the literature. In the empirical application we compare the different methodologies using a panel data set of the 47 mainland Spanish provinces. We do not find evidence of the existence of sp...

  10. EFFECT OF HUMAN CAPITAL ON MAIZE PRODUCTIVITY IN GHANA: A QUANTILE REGRESSION APPROACH

    Directory of Open Access Journals (Sweden)

    Isaac Nyamekye

    2016-04-01

    Full Text Available Agriculture continues to play an important role in the economy of most African countries. Thus, productivity growth in agriculture is necessary for economic growth and poverty reduction of the region. While, theoretically, investing in human capital improves productivity, the empirical evidence is somewhat mixed, especially in developing countries. In Ghana, maize is associated with household food security, and low-income households are considered food insecure if they have no maize in stock. But, due to low productivity, Ghanaian farmers are yet to produce enough to meet local demand. Using quantile and OLS regression techniques, this study contributes to the literature on human capital and productivity by assessing the effect of human capital (captured by education, farming experience and access to extension services on maize productivity in Ghana. The results suggest that although human capital has no significant effect on maize yields, its effect on productivity varies across quantiles.

  11. Non-Convex Costs and Capital Utilization: A Study of Production Scheduling at Automobile Assembly Plants

    OpenAIRE

    Hall, George J.

    1997-01-01

    This paper studies how managers at automobile assembly plants organize production across time. Detailed data from eleven single-source automobile assembly plants display considerable cross-plant heterogeneity. At plants which make low- and medium-selling vehicles the capital stock often sits idle, production is more variable than sales, and week-long shutdowns are often used to vary output. In contrast, at plants which make high-selling vehicles, the capital stock rarely sits idle, production...

  12. Human Capital, Research and Development and Productivity Growth: Empirical Analysis for Slovenia

    OpenAIRE

    Matjaz Novak; Taja Spaija

    2008-01-01

    The aim of this article is to present empirical estimates about the impact of human capital on labor productivity growth in the case of Slovenia. Instead the conventional methodology the methodology principally aimed at estimating the real convergence of labor productivity was used. The basic difference between both methodological frameworks is in the bias of the result. The conventional methodology estimates the growth impact of human capital directly and for this purpose empirical data on t...

  13. Are ICT, Human Capital and Organizational Capital Complementary in Production? Evidence from Italian Panel Data

    OpenAIRE

    BIAGI FEDERICO; Parisi, Maria Laura

    2012-01-01

    Information and communication technologies (ICT) are considered to play a central role in determining productivity. The discussion on the impact of ICT on growth and productivity was stimulated by the famous sentence of Robert Solow (1987): “You can see the computer age everywhere but in the productivity statistics” (the so called Solow paradox or productivity paradox). This quote was actually expressing concern that, while investment in ICT during the eighties and early 90s was growing expon...

  14. Critics of Ottoman’s Industrial Production Structure (1913 - 15 In Component Between Labor and Capital

    Directory of Open Access Journals (Sweden)

    Recep SEYMEN

    2011-12-01

    Full Text Available Values of labor and capital in production with Cobb – Douglas production function and values of factor productivity can be determined. With econometric analysis based on data of Ottomans Industry Census in 1913 and 1915; being a production structure of increasing productivity in Ottomans Industry, high level of production as concentrated - technology compared to that periods, and wage that one of the most important discussion subject in relation between labors and employers were drawn conclusions.

  15. Designing an AHP methodology to prioritize critical elements for product innovation: an intellectual capital perspective

    OpenAIRE

    Costa, R. V.; A. P. Ramos

    2015-01-01

    Intellectual capital has for the past decades been evidenced as an important source of competitive advantages and differentiation at the firm level. At the same time, innovation has become a critical factor for companies to ensure their sustainability and even their survival in a globalized business landscape. Having in mind these two crucial concepts for business success, this study intends to build on the relationships between intellectual capital and product innovation at the firm level. S...

  16. Basic income sustainability and productivity growth in cognitive capitalism: a first theoretical framework

    OpenAIRE

    Fumagalli, Andrea; Lucarelli, Stefano

    2006-01-01

    This paper aims at proposing a first theoretical framework for studying the basic income sustainability. We consider the basic income not only as a tool of a policy to improve living standards and social well-being but, mostly, as the essential requisite to introduce a new stable compromise between capital and labour. Following the French Regulation School approach, we assert that the social compromise between capital and labour is founded on the redistribution of the productivity gains....

  17. Drivers of occupational human capital: identifying and developing research productivity in the globalized business school Industry

    OpenAIRE

    Ryazanova, Olga

    2015-01-01

    This thesis looks at the antecedents of research productivity in business schools as part of a wider conversation on the development of occupational human capital in knowledge-intensive industries. Building upon the social capital and sociology of science literatures, the present study seeks to advance this conversation in two ways. First, it focuses on the consequences of academic researchers’ early-career and mid-career choices by exploring the interplay between organizational scripts and i...

  18. Public capital effects on spanish regions productivity: a non-parametric approach (1965-1998)

    OpenAIRE

    Ramón Mª-Dolores

    2004-01-01

    This paper contributes to the empirical literature on public capital effects on Spanish regions productivity by applying an alternative approach to examine its influence based on a non-parametric FDH production technology with variable scaling parameters (VP-FDH) proposed in Kersten and Vanden Eeckaut (1999). This technique has significant advantages for regional comparisons of productivity and, more generally, wherever the assumption of convexity for the production set is not likely to be ap...

  19. Labor productivity growth, informal wage and capital mobility: A general equilibrium analysis

    OpenAIRE

    Marjit, Sugata; Kar, Saibal

    2007-01-01

    The recent growth experience in India highlights the role of skill-based service sector and productivity improvement rather than a significant rise in physical capital accumulation, which has only reached a new height very recently. In this context we study the possible impact of higher productivity of labor in the formal sector on the informal wage in an economy comprising of skilled and unskilled workers. More productive skilled workers depress informal wage in the short-run, but do not aff...

  20. Empirical analysis of internal social media and product innovation: Focusing on SNS and social capital

    OpenAIRE

    Idota, Hiroki; MINETAKI Kazunori; Bunno, Teruyuki; Tsuji, Masatsugu

    2011-01-01

    Recently social media such as Blog and SNS has been introducing by many firms for means of sharing information inside the firm, in particular to promote product and process innovation. This paper attempts to examine the relationship between social media and product innovation, and research questions are summarized as follows: (i) whether social capital influences the use of social media; (ii) whether social media promotes product innovation; and (iii) whether the effect of social media on pro...

  1. Integrated Productivity Accounts: Contributions to the Measurement of Capital

    OpenAIRE

    MacDonald, Ryan; Gu, Wulong; Baldwin, John R.

    2010-01-01

    Measures of productivity are derived by comparing outputs and inputs. The System of National Accounts (SNA) in Canada provides a useful framework for organizing the information required for comparisons of this type. Integrated systems of economic accounts provide coherent, consistent alternate estimates of the various concepts that can be used to measure productivity.

  2. Human Resource Development, Social Capital, Emotional Intelligence: Any Link to Productivity?

    Science.gov (United States)

    Brooks, Kit; Nafukho, Fredrick Muyia

    2006-01-01

    Purpose: This article aims to offer a theoretical framework that attempts to show the integration among human resource development (HRD), social capital (SC), emotional intelligence (EI) and organizational productivity. Design/methodology/approach: The literature search included the following: a computerized search of accessible and available…

  3. 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…

  4. On the interaction between risk sharing and capital accumulation in a stochastic OLG model with production

    OpenAIRE

    Barbie, Martin; Hagedorn, M.; Kaul, A.

    2007-01-01

    We analyze the interaction between risk sharing and capital accumulation in a stochastic OLG model with production. We give a complete characterization of interim Pareto optimal competitive equilibrium allocations. Furthermore, we provide tests of Pareto optimality/suboptimality based on (risky) rates of return only.

  5. Cognitive Capitalism as a Financial Economy of Production

    OpenAIRE

    Fumagalli, Andrea; Lucarelli, Stefano

    2010-01-01

    The structural changes that occurred in the last 30 years have substantially modified the capitalistic organization of society, both at national and international level. In order to understand the evolution of social and economic systems it is necessary to focus on the relations of production, that is on those social relationships that explain the valorisation process. Since the economic crisis of the 1970's until the late 1990's the structure of production in the developed countries ha...

  6. Three Essays on Product Market Capital Market Interactions

    OpenAIRE

    Chowdhury, Jaideep

    2008-01-01

    The Industrial Organization literature investigates the product market decisions of a firm while the corporate finance literature explores the financing decisions of the firm. But the truth is both the financing decisions and the product market decisions are interdependent and should be modeled together to develop a better understanding of a firm's decisions. This thesis takes a step in that direction. The manager of a firm caters to the equity holders of the firm who are protected by li...

  7. OPEC production: Capital limitations, environmental movements may interfere with expansion plans

    International Nuclear Information System (INIS)

    Obtaining capital is a critical element in the production expansion plans of OPEC member countries. Another issue that may impact the plans is the environmental taxes that may reduce the call on OPEC oil by 5 million b/d in 2000 and about 16 million b/d in the year 2010. This concluding part of a two-part series discusses the expansion possibilities of non-Middle East OPEC members, OPEC's capital requirements, and environmental concerns. Non-Middle East OPEC includes Algeria, Gabon, Indonesia, Libya, Nigeria, and Venezuela

  8. Study on Venture Capital Investment Risk Avoiding Base on Option Pricing in Agricultural Production and Processing Enterprises

    Science.gov (United States)

    Zhang, Xubo

    This paper uses the approaches and models of option theory to analyze two-stage venture capital investment in agricultural production and processing enterprises decision-making under uncertainty. Mathematics expressions of this two-stage venture capital investment decision-making are presented. An option value model about two-stage venture capital investment decision-making base on options pricing theory under the uncertainty is presented. Get the solution of option pricing model which we present.

  9. Non-convex costs and capital utilization: a study of production and inventories at automobile assembly plants

    OpenAIRE

    Hall, George J.

    1996-01-01

    This paper studies how managers at automobile assembly plants organize production across time. Detailed data from eleven single-source automobile assembly plants display considerable cross-plant heterogeneity. At plants which make low- and medium-selling vehicles the capital stock often sits idle, production is more variable than sales, and weeklong shutdowns are often used to vary output. In contrast, at plants which make high-selling vehicles, the capital stock rarely sits idle, production ...

  10. The problem of non-renewable energy resources in the production of physical capital

    OpenAIRE

    Agustin, PEREZ-BARAHONA

    2007-01-01

    This paper studies the possibilities of technical progress to deal with the growth limit problem imposed by the usage of non-renewable energy resources, when physical capital production is relatively more energy-intensive than consumption. In particular, this work presents the conditions under which energy-saving technologies can sustain long-run growth, although energy is produced by means of non-renewable energy resources. The mechanism behind that is energy efficiency.

  11. Age-structured Human Capital and Spatial Total Factor Productivity Dynamics

    OpenAIRE

    Mishra, Tapas; Jumah, Adusei; Parhi, Mamata

    2008-01-01

    Abstract: This paper models total factor productivity (TFP) in space and proposes an empirical model for TFP interdependence across spatial locations. The interdependence is assumed to occur due to age-structured human capital dynamics. A semi-parametric spatial vector autoregressive framework is suggested for modeling spatial TFP dynamics where the role of demographic state and technological change are explicitly incorporated in the model to influence their spatial TFP co-movements. Empirica...

  12. Optimal pricing of a conspicuous product during a recession that freezes capital markets

    OpenAIRE

    Caulkins, J.P.; Feichtinger, G.; Grass, D.; Hartl, R.F.; Kort, P.M.

    2010-01-01

    Abstract This paper considers the problem of how to price a conspicuous product when the economy is in a recession that disrupts capital markets. A conspicuous product in this context is a luxury good for which demand is increasing in brand image. Brand image here means the ability of a consumer to impress observers by conspicuously displaying consumption of the good. Brand image is built up when the good is priced high enough to make it exclusive, and eroded if the good is discoun...

  13. Capital as a factor of production in OECD agriculture : measurement and data

    OpenAIRE

    Ball, V. Eldon; Lindamood, W. A.; Nehring, Richard F.; Mesonada, Carlos San Juan

    2008-01-01

    This article provides a farm sector comparison of levels of capital input for fourteen OECD countries for the period 1973 to 2002. The starting point for construction of a measure of capital input is the measurement of capital stock. Estimates of depreciable capital are derived by representing capital stock at each point of time as a weighted sum of past investments. The weights correspond to the relative efficiencies of capital goods of different ages, so that the weighted ...

  14. Economy of capital construction product quality through the prism of the evolution of tax processes in Ukraine

    OpenAIRE

    Iastrebova Ganna

    2013-01-01

    The article is devoted to the study of the modern state and methods of assessment of quality of products of capital construction companies through the prism of the evolution of tax processes in Ukraine. It considers specific features of quality economy against the background of evolution processes in Ukraine, marks out the role of the capital construction branch, and determines a significant role of quality of products of the construction company in connection with their role as tax payers. I...

  15. How can IT Raise Productivity Linked with Workplace Re-organization and Human Capital in Japan ?" (in Japanese)

    OpenAIRE

    Futoshi Kurokawa; Kazunori Minetaki

    2006-01-01

    This paper examines the impact of Information and Communication Technology (ICT) on the productivity linked with workplace re-organization and human capital using large-scale cross-sectional data of Japanese firms Our results suggest that the progress of ICT has positive effect on productivity and this effect become more effective by combining with firm's re-organization and human capital accumulation. However, our results also suggest that re-organizations have not made enough especially wit...

  16. Investimento direto externo, acumulação de capital produtivo e distribuição de renda: uma abordagem pós-keynesiana Foreign direct investment, productive capital accumulation and income distribution: a post-keynesian approach

    Directory of Open Access Journals (Sweden)

    Mário Augusto Bertella

    2005-04-01

    Full Text Available It is developed a macrodynamic model in the post-keynesian tradition of political economy of the productive capital accumulation and income distribution to analyze some of the impacts of the (flow of foreign direct investment and the (stock of foreign productive capital on capital accumulation, economic growth and functional income distribution in a stylized economy. Alongside a usual demand effect, the impacts of such an internationalization of local capital through labor productivity and market concentration are taken into account as well.

  17. Augmenting the production function with knowledge capital to test the Porter hypothesis: the case of French food industries

    OpenAIRE

    Musolesi, Antonio

    2012-01-01

    We investigate the impact of pollution abatement effort on the economic performances by exploiting a rich panel data set composed of French food industry firms, observed over the 1993-2007 period. We test the Porter hypothesis, assuming that pollution abatement effort has a positive effect on the firm performance by triggering innovation. This is done by estimating a production function augmented with knowledge capital, such a capital being produced by both pollution abatement and R&D investm...

  18. THE PRODUCTION OF THE CAPITALISM IN THE FIELD IN GENERAL TO THE PRODUCTION OF THE CAPITALISM IN THE BRAZILIAN FIELD: THE EXPERIENCE OF THE ENCAMPMENT CARLOS MARIGHELLA (MST/BA

    Directory of Open Access Journals (Sweden)

    Antonio Leonan Alves Ferreira

    2010-08-01

    Full Text Available The present article defends the thesis of that the occupation of the land is presented as a historical possibility to surpass of the great contradiction that demarcates the process of production in the capitalist way to produce the life: the expropriation of the worker of the field. The problematic concerning the process of production of the capitalism in the field in more general level and Brazil, its determination historic socials, and the risks of the process of institutionalization in a particular and singular. For in such a way, it carries through a sociological analysis of the process of production of the capitalism in the field, it reflects on the production of the capitalism in the field in Brazil, and displays the risks, for the workers, of the institutionalization of the expropriation and resistance in the scope of the social fights in the present time

  19. Rental prices, rates of return, capital aggregation and productivity : Evidence from EU and US

    NARCIS (Netherlands)

    Erumban, 27675

    2008-01-01

    With the increasing importance of investment in information and communication technology, methods for measuring the contribution of capital to growth have re-assumed centre-stage in recent growth accounting literature. The importance of using capital service growth rates rather than capital stock gr

  20. "TEEB begins now": a virtual moment in the production of natural capital.

    Science.gov (United States)

    MacDonald, Kenneth Iain; Corson, Catherine

    2012-01-01

    This article uses theories of virtualism to analyse the role of The Economics of Ecosystems and Biodiversity (TEEB) project in the production of natural capital. Presented at the 10th Conference of the Parties to the Convention on Biological Diversity, the project seeks to redress the ‘economic invisibility of nature’ by quantifying the value of ecosystems and biodiversity. This endeavour to put an economic value on ecosystems makes nature legible by abstracting it from social and ecological contexts and making it subject to, and productive of, new market devices. In reducing the complexity of ecological dynamics to idealized categories TEEB is driven by economic ideas and idealism, and, in claiming to be a quantitative force for morality, is engaged in the production of practices designed to conform the ‘real’ to the virtual. By rendering a ‘valued’ nature legible for key audiences, TEEB has mobilized a critical mass of support including modellers, policy makers and bankers. We argue that TEEB's rhetoric of crisis and value aligns capitalism with a new kind of ecological modernization in which ‘the market’ and market devices serve as key mechanisms to conform the real and the virtual. Using the case of TEEB, and drawing on data collected at COP10, we illustrate the importance of international meetings as key points where idealized models of biodiversity protection emerge, circulate and are negotiated, and as sites where actors are aligned and articulated with these idealized models in ways that begin further processes of conforming the real with the virtual and the realization of ‘natural capital’. PMID:22616123

  1. Workforce Diversity And Organizational Communication: Analysis Of Human Capital Performance And Productivity

    Directory of Open Access Journals (Sweden)

    Ephraim A. Okoro

    2012-03-01

    Full Text Available The twenty-first century organizations are increasingly becoming multicultural workplaces for communication. This paper explores recent literature on the increasing global influence of workforce diversity and its affect on workplace communication. It provides a model for the discussion of the opportunities and challenges of diversity in the workplace. The paper then provides an analytical framework that guides readers with practical ideas that can assist them in their endeavors to effectively communicate in a globally diverse work environment.  The paper stresses that effective communication in a diverse workforce ensures a high level of performance and productivity for human and intellectual capital and   provides business organizations a competitive advantage in their expanded markets and in the global economy.

  2. Persistent Differences in National Productivity Growth Rates with A Com-mon Technology and Free Capital Mobility: The Roles of Private Thrift, ...

    OpenAIRE

    Buiter, Willem H.; Kletzer, Kenneth M.

    1991-01-01

    The paper develops a two-country endogenous growth model to investigate possible causes for the existence and persistence of productivity growth differentials between nations despite a common technology, constant returns to scale and perfect international capital mobility. Private consumption is derived from a three-period overlapping generations specification. The source of productivity (growth) differentials in our model is the existence of a non-traded capital good ('human capital') whose ...

  3. Preliminary design and estimate of capital and operating costs for a production scale application of laser decontamination technology

    International Nuclear Information System (INIS)

    The application of laser ablation technology to the decontamination of radioactive metals, particularly the surfaces of equipment, is discussed. Included is information related to the design, capital and operating costs, and effectiveness of laser ablation technology, based on commercial excimer and Nd:YAG lasers, for the decontamination of production scale equipment

  4. Public Capital, Private Capital and Economic Growth

    OpenAIRE

    Alberto Bucci

    2012-01-01

    A growth model is presented in which productive government expenditure takes the form of a stock. Private and public capital interact with each other in two ways. The first is related to the specification of the aggregate production function (Cobb-Douglas vs. CES). The second has to do with the rates of investment in the two types of capital, and arises from the law of motion of public capital. The share of public capital devoted to output production can be exogenous or endogenous. In this fr...

  5. Relationship between technological progress, capital elasticity and emissions of industrial pollutants for the production sectors in Catalonia

    International Nuclear Information System (INIS)

    As is known, the Kyoto protocol proposes to reinforce national policies for emission reduction and, furthermore, to cooperate with other contracting parties. In this context, it would be necessary to assess these emissions, both in general and specifically, by pollutants and/or among productive sectors. The objective of this paper is precisely to estimate the polluting emissions of industrial origin in Catalonia in the year 2001, in a multivariate context that explicitly allows a distinction to be made between the polluter and/or the productive sector causing this emission. Six pollutants are considered, four directly related to greenhouse effect. A multi-level model, with two levels, pollutants and productive sectors, was specified. Both technological progress and elasticity of capital were introduced as random effects. Hence, it has been permitted that these coefficients vary according to one or the other level. The most important finding in this paper is that elasticity of capital has been estimated as very non-elastic, with a range that varies between 0.162 (the paper industry) and 0.556 (commerce). In fact, and generally speaking, greater the capital in the sector, lower the elasticity of capital estimated

  6. APPLICATION OF OPERATIONS RESEARCH ON PRODUCTION PLANNING OF A MANUFACTURER OF CAPITAL GOODS UNDER ORDER: A CASE STUDY

    Directory of Open Access Journals (Sweden)

    CELSO FERNANDES JOAQUIM JUNIOR

    2010-06-01

    Full Text Available This work was based on data from the portfolio of orders of a manufacturer of capital goods in the State of São Paulo. Linear programming techniques and tools for optimizing resources were applied using the program Microsoft Excel in order to allow the visualization and analysis of the condition better production planning of the portfolio of orders, aiming not only maximize financial income, but also allow the even distribution of cash flow arising. As a result, it was obtained a management tool that will allow the production planning for each period of portfolio, according to the best correlation of need and resource availability, with the highest cash income, filling an important gap in the process of productive management of manufacturer companies of capital goods under orders, particularly those of small and medium sizes.

  7. INTELLECTUAL CAPITAL AND VALUE CREATION IN THE METAL PRODUCTS MANUFACTURING SEGMENT

    Directory of Open Access Journals (Sweden)

    Joao Francisco Aguiar

    2010-07-01

    Full Text Available The historical evolution of the ratio of investments in intangible assets over GNP in the US economy from 1959 to 2007 – which reached 8 to 10% in 2007 - indicates a positive long term trend that is as relevant as the rate of investments in tangible assets in terms of the GNP, during the same timeframe.  The most surprising fact however, was the expansion beyond expectations over the last 40 years. According to international researchers, this trend is due to a combination of a series of causes, such as the financial globalization, market deregulation and exponential growth of technological changes, rousing the interest of entrepreneurs, scholars and researchers in becoming acquainted with indicators, classifying and ideating these so as to comprehend the value creation  process within companies. The purpose of this line of research was to test Pulic´s Value Added Intellectual Coefficient Model (2000, so as to evaluate its significance in creating value, as applied to the Metal Products Manufacturing segment, utilizing an adjusted data base obtained from the Brazilian Geography and Statistics Institute´s (IBGE Annual Industrial Research (PIA for the period 2000 to 2006, comprising companies with more than 100 employees throughout Brazil, resorting to a panel of static data. Results obtained demonstrate a positive relationship between VAIC and value creation as well as between the Calculated Intangible Value – CIV, (explanatory variable and value creation. Key-Words:  Intellectual Capital. VAIC. Value Creation. IBGE (Brazilian Geography and Statistics Institute.

  8. Capitalization local, traditional products through agrotourism-comparative case study Alps Mountains, Province of Trento-Apuseni Mountains

    Directory of Open Access Journals (Sweden)

    Ramona Ciolac

    2014-11-01

    Full Text Available From the forms of rural tourism, agrotourism is the one that, lately, is developing stronger evolution and enjoy more attention. Ongoing forms of agrotourism are from simply hosting to the profiling the whole system of agro-livestock production in agrotourist purpose. Three components are essential in agrotourism: namely territory represents "raw material" for agrotourism; agrotourist products that must be as authentic and quality; the people responsible for carrying out this activity, farmers. Specialists consider that, local rural communities will have more success in the future, in creation new agrotourist products through witch they ensure the capitalization of their own or local products.  

  9. Institutions, Capital, and Growth

    OpenAIRE

    2010-01-01

    The international development community has encouraged investment in physical and human capital as a precursor to economic progress. Recent evidence shows, however, that increases in capital do not always lead to increases in output. We develop a growth model where the allocation and productivity of capital depends on a country's institutions. We find that increases in physical and human capital lead to output growth only in countries with good institutions. In countries with bad institutions...

  10. Software Production, Human Capital and Endogenous Growth: Theoretical Analysis and Empirical Evidence from India

    OpenAIRE

    De, Supriyo

    2007-01-01

    Propelled by the rise of a vibrant software industry the Indian economy has demonstrated rapid growth since the 1990s. A novel three-sector endogenous growth model that encapsulates the salient features of an information technology oriented economy is developed. The dynamic optimization problem leads to a balanced growth path equilibrium characterized by output, physical capital, software assets, human capital and consumption growing at a uniform rate. Major implications of the model are refl...

  11. From capital to capital

    Institute of Scientific and Technical Information of China (English)

    2002-01-01

    HOW easy it is for one who lives in Beijing, capital of the country, to have the impression that all things significant happen there! This is to forget how there are now many provincial capitals in China, that are rapidly modernizing. In order to achieve such modernization, these cities, like

  12. Human Capital a Part of Social Capital

    OpenAIRE

    Inna Fedoryshina

    2014-01-01

    The article considers the content and the structure of human capital. The term “human capital” is viewed as people’s abilities toparticipate in the production process in order to make use of their potential skills. A particular attention is paid to the meaning ofsocial capital and its role in the formation of human capital. It is proven that there is not much research on the connection betweenhuman and social capital. Human development index in Ukraine and 20 leading counties of the global ra...

  13. 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…

  14. Capital operating time and working time in the production function : an evaluation on a panel firms over the period 1989-2001

    OpenAIRE

    Pelgrin, Florian; Sylvain, Arnaud; Heyer, Eric

    2004-01-01

    While a number of studies have demonstrated the importance of factor utilization in economic analysis, the impact of operating hours and/or hours of work in the production function remains largely unknown, particularly in terms of the capital operating time. Using French data on industrial firms for the period 1989 to 2001, we estimate a Cobb-Douglas production function that considers the stocks and both the capital operating time and the working time. We draw on the framework defined by Blun...

  15. The economics of research and development : how research and development capital affects production and markets and is affected by tax incentives

    OpenAIRE

    Shah, Anwar; DEC

    1994-01-01

    Certain themes and findings emerge from the authors analysis of key relationships between research and development (R&D) and other factors. Among them: (1) R&D capital and the structure of production: (a) R&D capital facilitates the mapping of technological possibilities into economic opportunities. (b) R&D takes time to accumulate and uses up scarce resources. The adjustment process from project initiation to product and process development typically takes three to five years. (c) The margin...

  16. Is Trust Really Social Capital? Knowledge Sharing in Product Development Projects

    Science.gov (United States)

    Bakker, Marloes; Leenders, Roger Th. A. J.; Gabbay, Shaul M.; Kratzer, Jan; Van Engelen, Jo M. L.

    2006-01-01

    Purpose: The purpose of this research is to focus on the role of trust in knowledge sharing. Social capital researchers have put forward trust as an important force behind the sharing of knowledge. This study aims to investigate whether trust indeed explains knowledge sharing relationships, or whether there are in fact much more important drivers…

  17. Tax evasion, human capital, and productivity-induced tax rate reduction

    Czech Academy of Sciences Publication Activity Database

    Gillman, Max; Kejak, Michal

    2014-01-01

    Roč. 8, č. 1 (2014), s. 42-79. ISSN 1932-8575 R&D Projects: GA ČR GA13-34096S Institutional support: RVO:67985998 Keywords : tax evasion * human capital * tax rates and tables Subject RIV: AH - Economics Impact factor: 0.600, year: 2014

  18. Tax evasion, human capital, and productivity-induced tax rate reduction

    Czech Academy of Sciences Publication Activity Database

    Gillman, M.; Kejak, Michal

    2014-01-01

    Roč. 8, č. 1 (2014), s. 42-79. ISSN 1932-8575 Grant ostatní: UK(CZ) UNCE 204005/2012 Institutional support: PRVOUK-P23 Keywords : tax evasion * human capital * tax rates and tables Subject RIV: AH - Economics Impact factor: 0.600, year: 2014

  19. Erotic Capital

    OpenAIRE

    Jensen, Natalie Madeleine; Jensen, Benjamin; Engstrøm, Emma; Maas, Jannik; Majchrzak, Izabela

    2016-01-01

    This project “Erotic Capital” concerns the topic and theory of Erotic Capital, coined by Catherine Hakim. The idea of Erotic Capital derives from Pierre Bourdieu’s theory of Personal Capitals – in this, Erotic Capital is discussed as an additional Personal Capital. In connection to the investigation of the theory Erotic Capital, certain theories of Feminism, Masculinity, Femininity, Gender and Cultural Differences are explored and examined. This is done in order to study how these theories...

  20. Capital disadvantage: America's failing capital investment system.

    Science.gov (United States)

    Porter, M E

    1992-01-01

    The U.S. system of allocating investment capital is failing, putting American companies at a serious disadvantage and threatening the long-term growth of the nation's economy. The problem, says Michael Porter, goes beyond the usual formulation of the issue: accusations of "short-termism" by U.S. managers, ineffective corporate governance by directors, or a high cost of capital. The problem involves the external capital allocation system by which capital is provided to companies, as well as the system by which companies allocate capital internally. America's system is marked by fluid capital and a financial focus. Other countries--notably Japan and Germany--have systems with dedicated capital and a focus on corporate position. In global competition, where investment increasingly determines a company's capacity to upgrade and innovate, the U.S. system does not measure up. These conclusions come out of a two-year research project sponsored by the Harvard Business School and the Council on Competitiveness. Porter recommends five far-reaching reforms to make the U.S. system superior to Japan's and Germany's: 1. Improve the present macroeconomic environment. 2. Expand true ownership throughout the system so that directors, managers, employees, and even customers and suppliers hold positions as owners. 3. Align the goals of capital providers, corporations, directors, managers, employees, customers, suppliers, and society. 4. Improve the information used in decision making. 5. Foster more productive modes of interaction and influence among capital providers, corporations, and business units. PMID:10121317

  1. Trade Barriers on Capital Goods

    OpenAIRE

    VURAL, Gülfer

    2015-01-01

    Capital goods play a major role in international trade. World production of capital goods and R&D activity are highly concentrated in some developed countries. Most of the countries, especially developing countries import the most of their capital equipment from some leading capital goods exporter countries. Therefore technological advances can be transmitted across borders through trade in capital goods. In international trade countries face trade costs. Trade costs can be in the form of...

  2. The Effects of Financial Incentives in Experiments: A Review and Capital-Labor-Production Framework

    OpenAIRE

    Camerer, Colin F.; Hogarth, Robin M.

    1999-01-01

    We review 74 experiments with no, low, or high performance-based financial incentives. The modal result is no effect on mean performance (though variance is usually reduced by higher payment). Higher incentive does improve performance often, typically judgment tasks that are responsive to better effort. Incentives also reduce "presentation" effects (e.g., generosity and risk-seeking). Incentive effects are comparable to effects of other variables, particularly "cognitive capital" ...

  3. Trinidadian capitalism

    Directory of Open Access Journals (Sweden)

    Kevin A. Yelvington

    1999-07-01

    Full Text Available [First paragraph] Capitalism: An Ethnographic Approach. DANIEL MILLER. Oxford: Berg, 1997. x + 357 pp. (Cloth £39.00, Paper £17.99 Women, Labour and Politics in Trinidad and Tobago: A History. RHODA E. REDDOCK. London: Zed, 1994. vi + 346 pp. (Cloth £39.95, Paper £15.95 Despite the underdeveloped state of the scholarship on its admittedly short sugar plantation slavery period, we now have a corpus of studies on various aspects of capitalism in Trinidad - from its historical advent (Sebastien 1978 to its twentieth-century manifestation in the petroleum sector (Seers 1964; Sandoval 1983, and from the ethnic structure of labor markets (Camejo 1971; Harewood 1971 and the role of capitalism in racial/ethnic inequality (Henry 1993; Coppin & Olsen 1998 to the way ethnicity affects business, big (Button 1981; Parris 1985; Centre for Ethnic Studies 1993 and small (Ryan & Barclay 1992; Griffith 1997, and the way ethnicity and gender are used in class recruitment (Yelvington 1995. There are also a number of fine working-class histories (e.g., Rennie 1973; Ramdin 1982; Basdeo 1983 and important works on the labor riots and strikes and the nature of the colonial state during the crises of the 1930s (e.g., Thomas 1987; Singh 1994. The two books under review here complement the works mentioned above, and they complement each other as well: Reddock's deals with the way capitalism up to the mid-century was buttressed by colonial politics, and explores how this formation engendered certain kinds of political responses, while Miller approaches capitalism through the assumption that fundamental changes in the post-Oil Boom period (ca. 1973-80 brought about considerable autonomy between production and consumption that can and should now be read through an analysis of the cultural circulation of images and commodities in the society. These books are both noteworthy because they engage in explicit theorizing on what capitalism was and is, and what it did and

  4. Determinants of Soil Capital

    OpenAIRE

    Ekbom, Anders

    2008-01-01

    This paper combines knowledge from soil science and economics to estimate economic determinants of soil capital. Explaining soil capital facilitates a better understanding of constraints and opportunities for increased agricultural production and reduced land degradation. This study builds on an unusually rich data set that combines data on soil capital (represented by chemical and physical properties) and economic data on household characteristics, labor supply, crop allocation, and conserva...

  5. Entrepreneurship capital and economic performance

    OpenAIRE

    Audretsch, David B; Keilbach, Max

    2004-01-01

    The neoclassical model of the production function, as applied by Robert Solow to build the neoclassical model of growth, linked labor and capital to output. More recently, Romer and others have expanded the model to include measures of knowledge capital. In this paper we introduce a new factor, entrepreneurship capital, and link it to output in the context of a production function model. This paper explains what is meant by entrepre-neurship capital and why it should influence economic output...

  6. Pro-capitalism vs. Anti-americanism in 21st century Europe product in Romania

    Directory of Open Access Journals (Sweden)

    Sorin Burnete

    2008-05-01

    Full Text Available The topic of this article was inspired by a recent survey, carried out in several Western European countries, with the purpose of ascertaining the public’s expectations regarding the respective countries’ (and Europe’s economic prospects for the first half of the 21st century. The questions were focused upon two chief issues: (1 Europe’s economic future within the context of contemporary global transformations; (2 the viability of the European economic systems. Concerning the former issue, one of the questions read: “Are you optimistic, pessimistic or neutral about the future of your country’s economy?” The French, Spaniards, Italians and even residents of the United States were rather skeptical at this point, the only optimistic being the Germans. To the question: “Do you think the European economy can compete effectively against other rising economies in Asia, such as China and India?”, distrust was even higher; over two thirds of the French interviewees gave a negative response. In the other countries, the skeptics’ share was lower but still higher than of those who answered affirmatively. If the above-mentioned answers could have, to a certain extent, been intuited, the questions regarding the latter issue yielded less predictable results. The subjects were asked to express a double option: between the capitalist economic system and other types of systems, on the one hand; between the European system of capitalism (admitting there is such a thing and the American one, on the other hand. To the question: “Do you think a free-market, capitalist economy is the best economic system or not?”, the majority of the interviewees (48 percent of the Germans, 49 percent of the Spaniards …etc. gave affirmative answers, whereas regarding the type of capitalism they wished, most of the questioned European citizens rejected the United States’ economic system. Why is Europe pro-capitalist? It is most likely because its prosperity

  7. The effects of human capital on the productivity of smes in Catalonia

    OpenAIRE

    Fibla Gasparin, Mª Teresa

    2012-01-01

    La actual crisis económica ha reabierto el debate sobre la importancia de la productividad empresarial en el crecimiento económico de una región. Es en este contexto que el análisis de los factores que contribuyen en la mejora de la productividad empresarial se ha convertido en un elemento esencial, especialmente en las regiones con bajos niveles de productividad, como por ejemple Cataluña. El objetivo de esta tesis es analizar los efectos del capital humano en la productividad empresarial...

  8. 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 ......-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....

  9. Displaced Capital

    OpenAIRE

    Valerie A. Ramey; SHAPIRO, MATTHEW D

    1998-01-01

    This paper studies the efficiency with which physical capital can be reallocated across sectors. It presents a model of a firm selling specialized capital in a thin resale market. The model predicts that the selling price depends not only on the sectoral specificity of capital, but also on the thinness of the market and the discount factor of the firm. It then provides empirical evidence on the sectoral mobility of capital based on equipment-level data from aerospace industry auctions. These ...

  10. Capital budgeting

    OpenAIRE

    Dorel BERCEANU; Costel IONAŞCU

    2009-01-01

    This paper has like objective to present some aspects concerning capital budgeting. So, after a short introduction where we specify necessary conditions for a decision situation and we define investment decision and capital budgeting we made a large presentation of stages of capital budgeting process.

  11. Capital Taxation and Rent Seeking

    OpenAIRE

    Arefiev, Nikolay; Baron, Tatyana

    2006-01-01

    We find the optimal capital income tax rate in an imperfectly competitive economy, where some part of recourses is devoted to rent-seeking activity. Optimal tax offsets the difference between marginal social and marginal private return to capital, which is a result of rent seeking, and the difference between the before tax interest rate and the marginal productivity of capital, which arises from imperfect competition. Optimal capital income tax rate depends neither on other tax rates nor on o...

  12. Cycle for fuel elements. Uranium production, programs for nuclear power stations and capital expenditure involved

    International Nuclear Information System (INIS)

    A number of different possible programs for nuclear power stations of various types are presented in this survey. These programs are established in relation to the use of uranium and thorium in amounts similar to those that shall probably be produced in France during the next fifteen years. As it is possible to draw plans for nuclear power stations in which several processes exist simultaneously, an unlimited number of variations being thinkable, this survey is limited to successive analysis of the results obtained by use of only one of each of the following three systems: - system natural uranium-graphite, - system natural uranium-heavy water, -system enriched uranium-pressurised light water. All schemes are considered as assemblages of these three simple systems. The effects of plutonium recycling are also considered for each system. The electric power installed and the capacity of stations situated up-stream and down-stream have been calculated by this method and an attempt has been made to establish the sum to be invested during the fifteen years necessary for the launching of the programs scheduled. A table of timing for the investments groups the results obtained. Considering the fact that French availabilities in capital shall not be unlimited during the coming years, this way of presenting the results seems to be interesting. (author)

  13. Transaction of the Derivated Financial Products on the Romanian Capital Market. Advantages and Risks

    Directory of Open Access Journals (Sweden)

    Dalia Simion

    2007-12-01

    Full Text Available The volatility and the uncertainty are extended in the global world, being favorised of the vast proportion of the internet and by the IT development. The volatility and the uncertainty are contributing to the apperance of the speculative movements that increase the posibilities of the price overestimation of some financial actives on the new markets. The overestimated and optimistic foretell on the flow of some stock exchange deeds, on the new markets, lead to the collapse of the flow and to the fast migration of the capital on the other markets, reason for which the economy of some countries or big areas could be destroied. Taking all this into account the development of the opperations with derivated financial instruments have offerd for the market participants bothe the posibility of hedging and a way of speculation. There are advantages and also disadvantages resulted from the derivated use. The derivated market, similar with the financial markets, either creates welfare, or destroies it, because provides a way to transfer the risk. The derivated help the financial markets to become more eficient and also offers better opportunities for the risk management. There is the posibility that the failure of some big transactions with derivates to lead at the appearance of a systemic risk that could spread inside the financial system.

  14. Social Capital in Rural Denmark

    OpenAIRE

    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 f...

  15. Materials, Capital, Direct/Indirect Substitution and Mass Balance Production Functions

    OpenAIRE

    Bergh, van den, H.

    1998-01-01

    A foundation is provided for a correct and accurate analysis of the relationship between monetary values and physical dimensions in economic production. A distinction is proposed between direct and indirect substitution. Linked to this, a classification is offered of various types of substitutability and complementarity relationships between production factors. It is argued that the neoclassical production function may be consistent with mass balance, but is unsuitable for a detailed and accu...

  16. APPLICATIONS OF SOCIAL CAPITAL THEORY

    OpenAIRE

    Schmid, A. Allan; Robison, Lindon J.

    1995-01-01

    Experiments and studies were conducted to investigate the role of social capital. Social capital (relationship to others) is a productive asset which is a substitute for and complement to other productive assets. The productivity of social capital leads to the expectation that firms and individuals invest in relationships. Data were collected to answer the following questions: Does the identity (relationship) of trading partners affect selling and buying prices; the acceptance of catastrophic...

  17. Dynamic Programming, Maximum Principle and Vintage Capital

    OpenAIRE

    Fabbri, Giorgio; Iacopetta, Maurizio

    2007-01-01

    We present an application of the Dynamic Programming (DP) and of the Maximum Principle (MP) to solve an optimization over time when the production function is linear in the stock of capital (Ak model). Two views of capital are considered. In one, which is embraced by the great majority of macroeconomic models, capital is homogeneous and depreciates at a constant exogenous rate. In the other view each piece of capital has its own finite productive life cycle (vintage capital). The interpretatio...

  18. National Capital Parks-East Data Landcover Product - NOAA C-CAP Source

    Data.gov (United States)

    National Park Service, Department of the Interior — NPScape CCAP landcover (CCAP_LAC - 1996, 2001 and 2006) and landcover change (CCAP_LCC) products. Landcover change is produced from the 1996-2001 NOAA C-CAP and...

  19. Capital theory and rational choice

    Directory of Open Access Journals (Sweden)

    Golubović Nataša

    2009-01-01

    Full Text Available Almost from the very beginning of economic science the notion of capital has been the subject of numerous controversies. The main reason for the concept's controversial nature is that it explains interest and profit. In Marxian theory, where 'manner of production' determines forms of activities, mutual relationships and life of individuals, capital appears as a social phenomenon i.e. social relation. Goods and money are not capital by themselves but become capital in the capitalist way of production. Economics mainstream is based on methodological individualism upon which explanation of social phenomena and processes must be derived from individual behavior and motivation. Capital, therefore, is not a product of capitalism as a socially and historically specific form of economic organization, but is rather perceived as connected to the individual and his or her rational behavior. Rational choice is the basic and sometimes the only explanatory factor in the neoclassic theories of capital. Although theories of human and cultural capital point out the interdependence between individual activity and choice on the one hand, and social position on the other hand in the process of capitalization, the connection remains in the background and somehow unclear. A more explicit indication of the interdependence between social structure and choice can be found in the theory of social capital. The goal of this paper is to explore the role of rational choice theory in explaining the nature of capital.

  20. Rice Growers’ Behavior of Productive Capital Input and the Influencing Factors——A Case Study of the Jiamusi Area in Heilongjiang Province

    Institute of Scientific and Technical Information of China (English)

    2012-01-01

    This article conducts empirical analysis of rice growers’ behavior of productive capital input and the influencing factors,using the input-output survey data concerning rice growing by 305 peasant households in 2009 in Huanan County and Huachuan County,Jiamusi City,Heilongjiang Province.I use Logit model to carry out econometric test of factors influencing the possibility of fixed productive investment.The test results show that family size,the proportion of non-agricultural employment,the average educational level of households,farmland area,household farming income,credit level,peasant households’ expectation of the minimum purchase price of rice,have significant effect on whether to conduct fixed productive investment,whether there are disasters has no significant effect on the scale of peasant households’ productive investment.Then I use Tobit model to carry out econometric test of factors influencing the scale of productive capital input.The results show that family size,the proportion of non-agricultural employment,the average educational level of households,farmland area,household farming income,credit level and family housing value,peasant households’ expectation of the minimum purchase price of rice,whether there are disasters,have significant effect on the scale of peasant households’ productive investment.On the basis of model test results,in order to promote the rice growers to increase fixed productive input and increase productive capital input,rational recommendations are put forward as follows:raising the minimum purchase price of rice,scaling up rice growing,making every effort to promote the educational level of rice growers,ensuring that the rice growers obtain productive capital input loans timely.

  1. The agro-ecologic products, a new direction for the capital investments

    OpenAIRE

    Mihai BOTEZATU

    2009-01-01

    One of the biggest problems facing humanity today is the nourishment problem and not as food seen in terms of quantity but especially in terms of quality. Quality of food in general we can say that it is in direct line with the quality of life. A significant part of the world's population lives loses annually due the consumption of non-food products that are based on their production of numerous chemicals, fertilizers, improper chemical, food additives and food colorings improper. All these t...

  2. Productivity, Wages, and the Returns to Firm-Provided Training: Fair Share Capitalism?

    OpenAIRE

    Ana Sofia Lopes; Paulino Teixeira

    2010-01-01

    In this study, we develop an alternative modelling that examines a) the determinants of firm productivity and wages and b) the internal rate of return (IRR) to firm training for both firms and workers. Using a six-year linked employer-employee dataset, our estimates indicate that an additional hour of training per worker results in an increase of 0.12% in productivity and 0.04% in wages, or an increase of 0.16% and 0.08%, respectively, if one uses firm training as a stock variable. We then fi...

  3. Intellectual Capital

    DEFF Research Database (Denmark)

    Mouritsen, Jan; Bukh, Per Nikolaj

    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 it...... forms a starting point for understanding and managing value-creating processes. Three distinct agendas within IC management and research can be identified. The first concerns to measure the components of IC, the second attempts to relate indicators to effects using statistical models, while the third...

  4. Entrepreneurship and heterogeneous capital

    OpenAIRE

    Foss, Nicolai J.; Klein, Peter G.

    2008-01-01

    Entrepreneurship is ultimately about the arrangement of resources into productive activi-ties. Much of the entrepreneurship literature, however, has focused on the demand side of the market. While resource heterogeneity is a feature of many theories of the firm, such theories are not built on a systematic theory of capital. We show how the approach to capital developed by the Austrian school of economics provides a natural bridge between theory of entrepreneurship and the theory of the firm. ...

  5. Regression estimates of per capital gross domestic product based on purchasing power parities

    OpenAIRE

    Ahmad, Sultan

    1992-01-01

    The estimates of the gross national product (GNP) per capita in US dollars published in the World Bank Atlas are used throughout the world for comparing relative levels of income across countries. The Atlas method of calculating per capita GNP is designed to smooth effects of fluctuations in prices and exchange rates and consists of converting local currency values to US dollars by a form of average exchange rates. Since exchange rates do not measure relative purchasing powers of currencies i...

  6. Capital gains

    International Nuclear Information System (INIS)

    This article examines African and Middle East oil and natural gas project financing. Capital markets financing, Ras Laffan's project bonds, capital market issues in Saudi Arabia, the movement toward gas and away from oil, and Islamic opportunities are discussed, African and Middle East oil and gas projects are listed. (UK)

  7. Celebration Capitalism

    OpenAIRE

    Boykoff, Jules

    2014-01-01

    Capitalism is a nimble shapeshifter. In this talk Jules Boykoff draws from the history of the Olympic Games to offer a theory of “celebration capitalism,” a form of modern-day economics that complements Naomi Klein’s “disaster capitalism” marked by neoliberalism: privatization, deregulation, and free-market rhetoric.

  8. Distributional consequences of capital tax coordination

    OpenAIRE

    2005-01-01

    This paper has two ambitions. First, we review the economic literature on tax coordination. Second, we argue that the taxation of capital is not an issue of efficiency, but instead an issue of equity. In particular, capital tax coordination can alter the vertical distribution of income between the production factors capital and labour. Capital is in perfectly elastic supply in a small open economy. Therefore the tax incidence falls to the immobile factor, labour. By contrast, capital is in in...

  9. Natural Capital: From Metaphor to Measurement

    OpenAIRE

    FENICHEL, ELI P.; Abbott, Joshua K.

    2014-01-01

    Current efforts to value ecosystem services have contributed little to the valuation of natural capital, suggesting that in practice "nature is capital" primarily serves as a metaphor. We provide a theoretically motivated approach for recovering natural capital prices that expands beyond idealized management to encompass current, likely inefficient, management institutions. Theoretically consistent capital valuation requires adjusting for the net marginal productivity of the natural capital a...

  10. When Should Firms Invest in Old Capital?

    OpenAIRE

    Boyan Jovanovic

    2008-01-01

    This paper studies optimal investment policies when the production function depends on capital of various vintages. In such an environment it is natural to ask whether the firm will invest in old-vintage capital at all. In this paper I derive such a condition. Predictably, investment in old capital takes place if the elasticity of substitution between old and new capital is low, and when the depreciation of capital is high. But other parameters such as the rates of technological progress and ...

  11. Making sense of the J-curve: Capital utilisation, output, and total factor productivity in Polish industry 1990 - 1993

    OpenAIRE

    Falk, Martin; Raiser, Martin; Brauer, Holger

    1996-01-01

    The economies of Central and Eastern Europe are undergoing a period of rapid structural change. The general pattern confirms to the J-curve anticipated by several observers at the start of transition. This paper conceptualises the J-curve as the result of a combination of two factors. First, real energy price increases render parts of the capital stock obsolete, due to complementarity between capital and energy in the short run. Second, demand shifts and to a lesser extent efficiency improvem...

  12. 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.

  13. Methodological Approaches for Estimating Gross Regional Product after Taking into Account Depletion of Natural Resources, Environmental Pollution and Human Capital Aspects

    OpenAIRE

    Boris Alengordovich Korobitsyn

    2015-01-01

    A key indicator of the System of National Accounts of Russia at a regional scale is Gross Regional Product characterizing the value of goods and services produced in all sectors of the economy in a country and intended for final consumption, capital formation and net exports (excluding imports). From a sustainability perspective, the most weakness of GRP is that it ignores depreciation of man-made assets, natural resource depletion, environmental pollution and degradation, and potent...

  14. Crises and human capital accumulation

    OpenAIRE

    Freddy Heylen; Lorenzo Pozzi

    2007-01-01

    This paper studies the effects of crises on human capital formation. Theoretically, a crisis undermines total factor productivity, which reduces the return to working and to accumulating physical capital. If the crisis is temporary, young agents will study now and work later. Human capital rises. To test our model we rely on inflation crises as our main empirical proxy. Using GMM panel procedures, our analysis for 86 countries in 1970-2000 confirms the positive effects of crises on human capi...

  15. Is Social Capital an Effective Smoke Condenser?

    DEFF Research Database (Denmark)

    Paldam, M.; Svendsen, Gert Tinggaard

    1999-01-01

    Social capital is defined as mutual trust. It is related to production by a key hypothesis: social capital determines how easily people work together. An easy-to-use proxy (Putnam's Instrument) is the density of voluntary organizations. Social capital might be a new production factor which must b...

  16. DOSTOYEVSKI'S "CAPITAL"

    OpenAIRE

    GUNAL, E. Zeynep

    2012-01-01

    Dostoyevski who was always in need of money and in debt, wrote two great novels about capital: "Idiot" and "Crime and Punishment". In these novels the writer tries to prove the negative effects of capital on people. This article particularly focuses on "Crime and Punishment". Because crime is discussed as the multi-dimensional factor in this work. Moreover, it is claimed that in the troika of crime which formed of Raskolnikov, Svidrigaylov and Luzhin, Luzhin is the most dangerous character w...

  17. Intellectual Capital

    OpenAIRE

    Mardešič, Jakub

    2011-01-01

    The work is focused on intellectual capital and its reporting of intangible assets. First part of the work defines the basic theoretical principles, which are an essential part of the work for understanding the issue. Literature review discusses the various components of intellectual capital and focuses on their function within organizations. Work also discusses various approaches of literature and the authors developing a complex theoretical basis for this issue. The following practical part...

  18. Capitalizing China

    OpenAIRE

    Joseph Fan; Randall Morck; Bernard Yeung

    2011-01-01

    Despite a vast accumulation of private capital, China is not embracing capitalism. Deceptively familiar capitalist features disguise the profoundly unfamiliar foundations of "market socialism with Chinese characteristics." The Chinese Communist Party (CCP), by controlling the career advancement of all senior personnel in all regulatory agencies, all state-owned enterprises (SOEs), and virtually all major financial institutions state-owned enterprises (SOEs), and senior Party positions in all ...

  19. Integração de clientes no processo de desenvolvimento de produtos: estudo de casos em empresas de bens de capital Customer integration in product development process: case study in capital goods companies

    Directory of Open Access Journals (Sweden)

    Mario Orestes Aguirre González

    2012-01-01

    Full Text Available Entender as necessidades atuais e futuras dos clientes, traduzi-las em requisitos do produto e incorporá-las no projeto do novo produto são atividades consideradas críticas para o sucesso do processo de desenvolvimento de produtos. Diversas estratégias são adotadas com a finalidade das empresas obterem maior eficiência e eficácia no processo de desenvolvimento de novos produtos, dentre elas destaca-se a integração de clientes neste processo. Este artigo tem por objetivo identificar, em uma amostra de empresas da indústria de bens de capital, as práticas adotadas para integração de clientes, comparar essas práticas com as recomendações da bibliografia e apresentar sugestões para a gestão dessa integração. Foram realizados estudos de casos em cinco empresas industriais do setor de bens de capital. As empresas desse setor, por desenvolverem produtos que, de modo geral, serão implantados nos processos de seus clientes, em princípio necessitam de uma maior integração com os clientes. A análise da revisão bibliográfica sobre o tema e dos resultados do estudo de casos, aponta que práticas de integração de clientes têm efeitos positivos no desempenho do processo de desenvolvimento de produto. Por outro lado, observa-se, nessas empresas, a necessidade de um maior grau de formalização dessas práticas, com adoção de procedimentos e técnicas de suporte. Assim, são propostas um grupo de considerações e recomendações para um melhor gerenciamento da integração de clientes no processo de desenvolvimento de produto.Understanding current and future customer needs, translating them into product requirements, and incorporating them into new product design are activities considered critical to the success of product development processes. Several strategies are adopted by companies in order to achieve greater efficiency and effectiveness in the development of new products. Among them is customer integration into this

  20. On the Essence of Capital and Logic of Capitalistic Production%试论资本的本质与资本主义生产逻辑

    Institute of Scientific and Technical Information of China (English)

    刘挺

    2015-01-01

    Marx believes that capital is neither something abstract nor the sum of the masses of many things, but the social relation of production in certain social and historical conditions. It is the sum of social mass quantity which contains much exchange value. The essence of capitalist society is exploitative relationship, dominating relationship, relationship of property between capital and labor which built on the wage labor. Under different social systems, capital will be destined to accelerate the productive development regardless of ideology. Thus it is necessary to use the public owned capital to liberate and develop the productive forces in the primary stage of socialism in which economy is comparatively backward.%马克思认为资本不是抽象的物,也不仅仅是若干物质量的总和,而是一定社会历史条件下的社会生产关系,它包含了若干交换价值,是若干社会量的总和。资本主义社会的本质其实就是这种建立在雇佣劳动基础上的资本对劳动的剥削关系、统治关系、财产关系等。资本在不同的社会制度下都会促进生产力的快速发展,这并不存在意识形态的区别。因此,在经济社会较为落后的社会主义初级阶段就有必要借助资本的手段,通过发展社会主义公有资本来解放和发展社会生产力。

  1. Social Capital, Value, and Measure: Antonio Negri's Challenge to Capitalism.

    Science.gov (United States)

    Day, Ronald E.

    2002-01-01

    Considers one concept in knowledge management, that of social capital, focusing on the problem of measure and value in capitalism, specifically within the period and conditions of post-Fordist production. Discusses the work of Antonio Negri and suggests the importance of knowledge management as a symptom of a turn in political economy. (Author/LRW)

  2. Valuation of Social Capital and Environmental Externalities

    OpenAIRE

    2000-01-01

    The transition from more traditional to modern modes of production has large implications for time allocation, accumulation of social capital, market and non-market production, consumption, as well as for the environmental externalities of production and consumption. In this paper we explicitly take into account the time allocation aspect in the formation of social capital. We analyze how time allocation, accumulation of social capital and production depend on the productivity in the transfor...

  3. Valuation of social capital and environmental externalities

    OpenAIRE

    Aslaksen, Iulie; Brekke, Kjell Arne

    2000-01-01

    The transition from more traditional to modern modes of production has large implications for time allocation, accumulation of social capital, market and non-market production, consumption, as well as for the environmental externalities of production and consumption. In this paper we explicitly take into account the time allocation aspect in the formation of social capital. We analyze how time allocation, accumulation of social capital and production depend on the productivity in the transfor...

  4. Človeški kapital, raziskave in razvoj ter rast produktivnosti: empirična analiza za Slovenijo = Human Capital, Research and Development and Productivity Growth: Empirical Analysis for Slovenia

    OpenAIRE

    Matjaž Novak; Taja Spaija

    2008-01-01

    The aim of this article is to present empirical estimates about the impact of human capital on labor productivity growth in the case of Slovenia. Instead the conventional methodology the methodology principally aimed at estimating the real convergence of labor productivity was used. The basic difference between both methodological frameworks is in the bias of the result. The conventional methodology estimates the growth impact of human capital directly and for this purpose empirical data on t...

  5. Intelligence Capital

    Directory of Open Access Journals (Sweden)

    Maid Pajevic

    2011-08-01

    Full Text Available The author of this article presents a new theoretical concept of intelligence capital, with which he explains the multi-meaningful term ‘intelligence’. The author offers a conceptual frame „intelligence capital“ as a generic complex consisting of four interactively linked elements. The contribution of this article is, among other things, an answer to a question: What is an applicative value of intelligence capital as a new theoretical concept for the sys­tem of security and intelligence of BiH? Historical context implies greater responsibility of OSA BiH in realising its preventive function of protecting security of BiH and its citizens. Theoretical frame of the intelligence capital implies that the system of security and intelligence of BiH should be able to respond to strategic questions: to know-what, to know – why, to know – how, to know – who.

  6. Revitalizing ecological capital

    NARCIS (Netherlands)

    Swagemakers, P.; Wiskerke, J.S.C.

    2011-01-01

    The modernization of agricultural food production has diminished and is diminishing the sustainable use of the local natural resource base, resulting in the fragmentation of landscapes and the decline of biodiversity. In this paper we analyze the revitalization of ecological capital, which provides

  7. Venture Capital Backed Growth

    OpenAIRE

    Keuschnigg, Christian

    2002-01-01

    The paper proposes a simple equilibrium model of venture capital, entrepreneurship and innovation. Venture capitalists not only finance but also advise start-up entrepreneurs and thereby add value to new firms. The paper demonstrates how a productive and active VC industry boosts innovation driven growth.

  8. Intelligence Capital

    OpenAIRE

    Maid Pajevic

    2011-01-01

    The author of this article presents a new theoretical concept of intelligence capital, with which he explains the multi-meaningful term ‘intelligence’. The author offers a conceptual frame „intelligence capital“ as a generic complex consisting of four interactively linked elements. The contribution of this article is, among other things, an answer to a question: What is an applicative value of intelligence capital as a new theoretical concept for the sys­tem of security and intelligence of Bi...

  9. Trinidadian capitalism

    OpenAIRE

    Kevin A. Yelvington

    1999-01-01

    [First paragraph] Capitalism: An Ethnographic Approach. DANIEL MILLER. Oxford: Berg, 1997. x + 357 pp. (Cloth £39.00, Paper £17.99) Women, Labour and Politics in Trinidad and Tobago: A History. RHODA E. REDDOCK. London: Zed, 1994. vi + 346 pp. (Cloth £39.95, Paper £15.95) Despite the underdeveloped state of the scholarship on its admittedly short sugar plantation slavery period, we now have a corpus of studies on various aspects of capitalism in Trinidad - from its histor...

  10. Five models of capitalism

    Directory of Open Access Journals (Sweden)

    Luiz Carlos Bresser-Pereira

    2012-03-01

    Full Text Available Besides analyzing capitalist societies historically and thinking of them in terms of phases or stages, we may compare different models or varieties of capitalism. In this paper I survey the literature on this subject, and distinguish the classification that has a production or business approach from those that use a mainly political criterion. I identify five forms of capitalism: among the rich countries, the liberal democratic or Anglo-Saxon model, the social or European model, and the endogenous social integration or Japanese model; among developing countries, I distinguish the Asian developmental model from the liberal-dependent model that characterizes most other developing countries, including Brazil.

  11. Measuring social capital: The Danish Cooperative Dairy Movement

    DEFF Research Database (Denmark)

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

    2000-01-01

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

  12. Allergy Capitals

    Science.gov (United States)

    ... McAllen, TX The report looks at 3 important factors: Pollen score Allergy medication usage Availability of Board-certified allergists This year’s report named Jackson, Mississippi, as the top Spring Allergy Capital due to its: Higher than average pollen Higher ...

  13. Dream capitalism

    OpenAIRE

    Pierson, Christopher

    2015-01-01

    John Tomasi’s Free Market Fairness represents an heroic attempt to bridge the gap between Rawlsian ‘high liberals’ and the advocates of classical liberalism/contemporary libertarianism. I argue that Tomasi’s project fails, above all because it cannot give a compelling account of contemporary (American) capitalism or of its capacity to deliver free market fairness.

  14. 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 capitalism…

  15. Human Capital and Business Cycle Persistence

    OpenAIRE

    Roberto Perli; Plutarchos Sakellaris

    1996-01-01

    In this paper we show that a two sector model with human capital is able to generate persistence in output growth comparable to that observed in the postwar U.S. data. The key feature is a relatively low elasticity of substitution between human capital and raw labor in the production of human capital.

  16. Human Capital Investment, Cash Flow Risk and Capital Structure Dynamics

    OpenAIRE

    Zhang, Xiaolan

    2014-01-01

    My dissertation explores the financial effects of firms' growing reliance on intangible capital in their production technology. I examine the fundamental link between the cash flow risk, financial decision-making and the accumulation of firm-level intangible capital both in theory and in empirics. In Chapter one, I document that public firms in the United States that provide better insurance against productivity shocks to their workers experience higher cash flow volatility. Difference in i...

  17. The “Public Capital Hypothesis” : The Case of Germany

    OpenAIRE

    Conrad, Klaus; Seitz, Helmut

    1992-01-01

    According to the "public capital hypothesis" public investment crowds in private investment by increasing the rate of return to private capital. The present paper uses an extended cost function with public capital included as an unpaid fixed factor of production to ex- amine the impact public capital has on the private economy. Using a panel of four highly aggregated sectors of the West German Economy, it is shown, that the provision of public capital raises the demand for private capital, as...

  18. The Impact of Disaggregated ICT Capital on Electricity Intensity of Production: Econometric Analysis of Major European Industries

    OpenAIRE

    Bernstein, Ronald; Madlener, Reinhard

    2008-01-01

    In this paper we empirically analyse the impact of disaggregated ICT capital on the electricity intensity in five major European industries (chemical, food, metal, pulp & paper and textile). The analysis of each industrial sector is based on an unbalanced panel including data for eight EU member countries (Denmark, Finland, Germany, Italy, Portugal, Slovenia, Sweden and the UK) for the period 1991-2005. The panel-econometric approach, in which we account for country-specific fixed effects, is...

  19. Why Does Capital Flow to Rich States?

    OpenAIRE

    Sebnem Kalemli-Ozcan; Ariell Reshef; Bent Sorensen; Oved Yosha

    2007-01-01

    We study the determinants of net capital income flows within the United States. We analyze a simple multi-state neoclassical model in which total factor productivity varies across states and over time and capital flows freely across state borders. The model predicts that capital will flow to states with relatively high output growth. Since relative growth patterns are persistent such states are also high output states, which implies that high output will be associated with inflows of capital ...

  20. A bottleneck capital model of development

    OpenAIRE

    Jordan Rappaport

    2002-01-01

    A convex marginal adjustment cost allows the neoclassical growth model to match observed transition paths for output growth, savings, investment, the real interest rate, and the shadow value of installed capital. Such an adjustment cost need apply only to one of two complementary capital inputs with minimal factor income share. The interaction of complementary capital inputs blurs the distinction between capital accumulation and productivity growth.

  1. Innovation, Capital Accumulation and Economic Transition

    OpenAIRE

    Keuschnigg, Christian; Kohler, Wilhelm

    1996-01-01

    Abstract: This paper explores some links between trade, human capital investment and innovation-based growth in the context of Eastern European economies in transition. Specifically, we calibrate a two region model with trade in differentiated high-tech products and a homogeneous traditional commodity. Human capital, or the quality of the skilled labour force, as well as physical capital are accumulated. Human capital remains finite in the long-run but depends endegenously on education and is...

  2. A Doctoral Dissertation by Undesirable Learning Style——On Liu Fang's Song Dynasty Double Capital of Urban Culture and Literary Production

    Institute of Scientific and Technical Information of China (English)

    Tan Qingyang

    2011-01-01

    Recently,I saw a doctoral dissertation online.It is Liu Fang' s Song Dynasty Double Capital of Urban Culture and Literary Production which passed Ph.D.thesis defense in a university in 2008.At the first glance at the subject,it is very attractive.While I read the afterword and knew the topic had won three funds given by his university,his province and the Ministry of Education respectively,it seemed even better.But after carefully reading the text,I was disappointed.We can say that it is not only filled with faults everywhere,but also by undesirable learning style.

  3. Human Capital and Sustainability

    Directory of Open Access Journals (Sweden)

    Garry Jacobs

    2011-01-01

    Full Text Available A study of sustainability needs to consider the role of all forms of capital—natural, biological, social, technological, financial, cultural—and the complex ways in which they interact. All forms of capital derive their value, utility and application from human mental awareness, creativity and social innovation. This makes human capital, including social capital, the central determinant of resource productivity and sustainability. Humanity has entered the Anthropocene Epoch in which human changes have become the predominant factor in evolution. Humanity is itself evolving from animal physicality to social vitality to mental individuality. This transition has profound bearing on human productive capabilities, adaptability, creativity and values, the organization of economy, public policy, social awareness and life styles that determine sustainability. This article examines the linkages between population, economic development, employment, education, health, social equity, cultural values, energy intensity and sustainability in the context of evolving human consciousness. It concludes that development of human capital is the critical determinant of long-term sustainability and that efforts to accelerate the evolution of human consciousness and emergence of mentally self-conscious individuals will be the most effective approach for ensuring a sustainable future. Education is the primary lever. Human choice matters.

  4. Instrumental Capital

    Directory of Open Access Journals (Sweden)

    Gabriel Valerio

    2007-07-01

    Full Text Available During the history of human kind, since our first ancestors, tools have represented a mean to reach objectives which might otherwise seemed impossibles. In the called New Economy, where tangibles assets appear to be losing the role as the core element to produce value versus knowledge, tools have kept aside man in his dairy work. In this article, the author's objective is to describe, in a simple manner, the importance of managing the organization's group of tools or instruments (Instrumental Capital. The characteristic conditions of this New Economy, the way Knowledge Management deals with these new conditions and the sub-processes that provide support to the management of Instrumental Capital are described.

  5. Contagious Capitalism

    OpenAIRE

    Peter T. Leeson; Russell S. Sobel

    2006-01-01

    Is capitalism contagious? Since WWI, global foreign policy has treated economic freedom/repression like a virus that spreads between countries. Most recently, the ?domino theory? of freedom has played prominently in U.S. foreign policy toward Asia, Latin America, and the Caribbean during the Cold War, and the Middle East during the War on Terror. This paper investigates the spread of economic freedom between nations. Our analysis considers two potential channels of this spread: geography and ...

  6. Can Intangible Capital Explain Cyclical Movements in the Labor Wedge?

    OpenAIRE

    Leena Rudanko

    2014-01-01

    Intangible capital is an important factor of production in modern economies that is generally neglected in business cycle analyses. We demonstrate that intangible capital can have a substantial impact on business cycle dynamics, especially if the intangible is complementary with production capacity. We focus on customer capital: the capital embodied in the relationships a firm has with its customers. Introducing customer capital into a standard real business cycle model generates a volatile a...

  7. Operations and maintenance performance in oil and gas production assets. Theoretical architecture and capital value theory in perspective

    International Nuclear Information System (INIS)

    to visualize how operations and maintenance performance makes good business sense, and more balanced information and knowledge requirements to support decisions settings. The thesis emphasizes that despite there is a popular demand on this issue, subject matter has not fully been explored within the oil and gas business environment, and even the few of more recent contributions have not adequately addressed the issue. The underlying challenges in this regard are attributed in this thesis to socio-technical complexity and causal ambiguity of operations and maintenance performance within organizational settings. And it furthermore emphasizes that the degree of such complexity and ambiguity are defined by the extent of information and knowledge asymmetries on performance. To address the issue of technical alienation of operations and maintenance performance in oil and gas business terms, the thesis attempt to generate a link between oil and gas business, oil and gas production assets, and operations and maintenance performance. The underlying assertion is that, oil and gas production portfolio of any organization bears a specific role-play in respect of what matters for commercial success of the business, and that role-play in turn is the basis to redefine the mission for operations and maintenance. And also, this mission remains the point of departure for systematic development of operations and maintenance performance architecture. The theoretical architecture that is brought into perspective in this thesis, addresses both the socio-technical complexity by dimensioning operations and maintenance performance into its constituent components, and causal ambiguity simultaneously by incorporating a logic to this dimensioning process. Equally importantly, during this effort, it also pays attention to institute relevance, completeness, and flexibility of the architecture as necessary. Moving further, the thesis elaborates on how this theoretical architecture can be extended

  8. Intellectual capital is the driver of global competitiveness

    OpenAIRE

    Andriessen, Daan

    2006-01-01

    The value of CUlTent organizations and industries is increasingly located in intangibles (human capital, structural capital and relational capital) and basically,knowledgehasbecomea factor of production and a main asset. This Intellectual Capital does not appear on balance sheets,but ultimately does have an enormous impact and is basic to match the requirements of knowledgeintensiveeconomiesin Asia and Europe.

  9. Intellectual capital is the driver of global competitiveness

    NARCIS (Netherlands)

    Andriessen, Daan

    2006-01-01

    The value of CUlTent organizations and industries is increasingly located in intangibles (human capital, structural capital and relational capital) and basically,knowledgehasbecomea factor of production and a main asset. This Intellectual Capital does not appear on balance sheets,but ultimately does

  10. Capital cost estimate

    Science.gov (United States)

    1975-01-01

    The capital cost estimate for the nuclear process heat source (NPHS) plant was made by: (1) using costs from the current commercial HTGR for electricity production as a base for items that are essentially the same and (2) development of new estimates for modified or new equipment that is specifically for the process heat application. Results are given in tabular form and cover the total investment required for each process temperature studied.

  11. CAPITALS OF CORPORATION OF THE SERVICE INDUSTRY

    Directory of Open Access Journals (Sweden)

    Gonzyus S. N.

    2014-06-01

    Full Text Available The modified production function including the immaterial capitals is offered. Diagrams of capitals, including "core" and "fringe" of the capitals are formed of the material and immaterial capitals. The analysis is carried out and positive experience of innovative development of a number of the known Russian companies according to the corporate reporting is revealed. It's proved that the development of corporation of knowledge economy is provided by a dominating role of financial, human, and also the institutional and cultural and moral capitals

  12. Public and private expenditures on human capital accumulation in India

    OpenAIRE

    Ghate, Chetan; Glomm, Gerhard; Stone, John T.

    2015-01-01

    We study a model of human capital driven growth, where the parent's human capital serves as a productive input in the child's human capital production only when that of the former exceeds a minimum level required to intellectually contribute to the child's learning. Private and public expenditures on education enter in the child's human capital production function, and are allowed to vary in terms of substitutability and relative productivity. Households receive income from labor and face bot...

  13. Capital formation and productivity growth in South Korea and Taiwan : realising the catch-up potential in a world diminishing returns

    NARCIS (Netherlands)

    Timmer, Marcel; Ark, Bart van

    2000-01-01

    In this paper we reconstruct the non-residential capital stock of South Korea and Taiwan based on long-term series of investment in non-residential buildings and machinery and equipment. Secondly, we looked at the impact of capital input measures, using a stock as a well a flow measure of capital, o

  14. Methodological Approaches for Estimating Gross Regional Product after Taking into Account Depletion of Natural Resources, Environmental Pollution and Human Capital Aspects

    Directory of Open Access Journals (Sweden)

    Boris Alengordovich Korobitsyn

    2015-09-01

    Full Text Available A key indicator of the System of National Accounts of Russia at a regional scale is Gross Regional Product characterizing the value of goods and services produced in all sectors of the economy in a country and intended for final consumption, capital formation and net exports (excluding imports. From a sustainability perspective, the most weakness of GRP is that it ignores depreciation of man-made assets, natural resource depletion, environmental pollution and degradation, and potential social costs such as poorer health due to exposure to occupational hazards. Several types of alternative approaches to measuring socio-economic progress are considering for six administrative units of the Ural Federal District for the period 2006–2014. Proposed alternatives to GRP as a measure of social progress are focused on natural resource depletion, environmental externalities and some human development aspects. The most promising is the use of corrected macroeconomic indicators similar to the “genuine savings” compiled by the World Bank. Genuine savings are defined in this paper as net savings (net gross savings minus consumption of fixed capital minus the consumption of natural non-renewable resources and the monetary evaluations of damages resulting from air pollution, water pollution and waste disposal. Two main groups of non renewable resources are considered: energy resources (uranium ore, oil and natural gas and mineral resources (iron ore, copper, and aluminum. In spite of various shortcomings, this indicator represents a considerable improvement over GRP information. For example, while GRP demonstrates steady growth between 2006 and 2014 for the main Russian oil- and gas-producing regions — Hanty-Mansi and Yamalo-Nenets Autonomous Okrugs, genuine savings for these regions decreased over all period. It means that their resource-based economy could not be considered as being on a sustainable path even in the framework of

  15. International Capital Movements Under Uncertainty

    OpenAIRE

    1983-01-01

    In this paper, we analyze the determinants of international movements of physical capital in a model with uncertainty and international trade in goods and securities.In our model, the world allocation of capital is governed, to some extent, by the asset preferences of risk averse consumer-investors. In a one-good variant in the spirit of the MacDougall model, we find that relative factor abundance, relative labor force size and relative production riskiness have separate but interrelated infl...

  16. 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...... flexible commoditization that more commonly is touted as tearing social relations apart. By interrogating a keenly debated contemporary work regime through an approach to sociality rooted in a rich and distinct anthropological legacy, the volume also makes a novel contribution to the anthropological...

  17. Understanding Capitalism

    DEFF Research Database (Denmark)

    du Gay, Paul; Morgan, Glenn

    2013-01-01

    they are to be sustained. Such logics are stabilized to the degree that they can pass the tests which they set themselves. The chapter shows how the projective city has increasingly failed these tests. It has instead created a privileged group of ‘mobile citizens’ working with mobile, global capital in...... ways that increasingly depend on a static, immobile group who are poorly paid, whose employment rights have been undermined and whose political voice is increasingly ignored. The chapter shows how Boltanski's pragmatist approach to critique as emergent from the experience of the actors themselves...... rather than being imposed by the analyst provides the basis for an understanding of how social and artistic critiques emerge. Whilst recognizing that New Spirits inevitably bears the marks of its origins in the particular context of France in the late 1990s, the chapter argues that there are key aspects...

  18. Placing social capital

    OpenAIRE

    G Mohan; J Mohan

    2002-01-01

    Metadata only record This paper looks at the relevance and contributions of social capital analysis to human geography and vise versa. The authors start by defining social capital and clarifying and distinguishing concepts, and critiques of Putnam's work. Social capital is simultaneously an economic, sociological, political, and geographical concept, but it must be distinguished from human capital, cultural capital, and networks. Social capital can be relevant to human geographers because ...

  19. Understanding International Differences in Trade and Capital Market Integration

    OpenAIRE

    Sebastián Claro

    2005-01-01

    International integration in capital markets raises the cost of capital in technology-backward countries, pushing them toward specialization in labor-intensive industries. To avoid specialization and to sustain production of capital-intensive industries, governments either impose tari.s or limit the degree of capital market integration. The idea that trade and capital market distortions are substitutes is apparently contradicted by the empirical evidence, that shows that countries with more o...

  20. National Accounting with Natural and Other Types of Capital

    International Nuclear Information System (INIS)

    We do double-entry national accounting and incorporate zero profit arbitrage conditions (Euler equations) for different types of capital, including natural capital. In non-balanced growth, capital gains terms for capital goods appear in the income side of the accounts. Depreciation terms appear on the product or expenditure side. We consider renewable natural capital as well as non-renewable of both durable and non-durable types. 14 refs

  1. The Crisis of Intellectual Monopoly Capitalism

    OpenAIRE

    Ugo Pagano

    2012-01-01

    The last three decades have witnessed the emergence of a new species of capitalism. In spite of marked differences among its different national varieties, a common characteristic of this species can be found in the global monopolization of knowledge. This monopolization involves hierarchical relations among firms and between capital and labor because the capital of some firms includes the exclusive ownership of much of the knowledge used in production. Since the 1994 TRIPS agreements, the gro...

  2. Quality Issues in Human Capital Management

    OpenAIRE

    Ion PETRESCU

    2009-01-01

    Human capital and its management are important because give the possibility to organizations to use more productively the personnel by means of measurements, analysis and evaluations than by suppositions. We notice in parallel that the increasing interest towards human capital of the company is more and more obvious. The success, the performance and competition of the companies depend in great measure on the content and quality of human capital management, That is why, the key-word of human c...

  3. Sustainable Development and Human Resource Capital

    OpenAIRE

    Tisdell, Clement A.

    2000-01-01

    Human resources are central to economic development and can be increased in value and productivity by investment in human beings e.g. in their education and health. But for a considerable period in the past economists stressed the importance of the accumulation of man-made physical capital for economic growth and development to the neglect of human resource capital. Nevertheless, in the second half of the 20th century the importance of human resource capital (particularly education) for econo...

  4. Human capital and externalities in cities

    OpenAIRE

    Ciccone, Antonio; Peri, Giovanni

    1999-01-01

    We combine growth theory with US Census data on individual schooling and wages to estimate the aggregate return to human capital and human capital externalities in cities. Our estimates imply that a one-year increase in average schooling in cities increases their aggregate labor productivity by 8 to 11 percent. We find no evidence for aggregate human capital externalities in cities however although we use three different approaches. Our main theoretical cont...

  5. The Economic Impact of Capital-Skill Complementarities in German and US Industries Productivity Growth and the New Economy

    OpenAIRE

    Strobel, Thomas

    2010-01-01

    US labor productivity in ICT-skill intensive industries experienced tremendousincreases in post–1995 trend growth compared to Germany, while other (non-ICT-skillintensive) industries showed similar growth trends in both countries. Examining thesource of industry productivity growth in German ICT-skill intensive sectors, there is noempirical evidence on the influence of ICT-skill complementarities; rather was productivitygrowth of German Motor Vehicles & Other Transports driven by Non-ICT-skil...

  6. National accounting and capital

    OpenAIRE

    John M. Hartwick

    2012-01-01

    National Accounting and Capital presents definitive solutions to current problems in national accounting practice. Professor Hartwick deals expertly with problems in accounting natural capital, financial capital and skills capital and communicates his solutions in specially designed national accounting tables or matrices.

  7. Making Capitalism Work: Social Capital and Economic Growth in Italy, 1970-1995

    OpenAIRE

    Lyon, Thomas P.

    2005-01-01

    Using data on the 20 Italian regions for the period 1970-1995, I examine whether the presence of social capital, as reflected in a number of different measures collected by Putnam (1993), affects economic productivity. I find three types of effects. First, social capital, when treated as an input to regional production, has a positive and significant effect in the South, but a much weaker effect in the North. Second, some forms of social capital can significantly increase regions’ propensitie...

  8. Capitalism and human flourishing?

    OpenAIRE

    Gasper, D.R.

    2009-01-01

    What interpretation of human flourishing, what ideas of value does capitalism in practice embody and promote? To address this question the paper clarifies first that "capitalism" must be understood as more than merely a system of private property and markets. It contains "the prerogative of capital", in which surplus remains with the owners of capital, and "the perspective of capital", in which hired work is defined as a cost. The question must also be distinguished from more conventional one...

  9. Capitalism and justification

    OpenAIRE

    Birešev Ana

    2009-01-01

    Weber's thesis that the spirit of capitalism was preexistent to the rise of capitalism itself inspired many sociologist to search for the cultural background of contemporary forms of capitalism. In this paper, the author focuses on and makes comparisons of three approaches of such kind. The one approach draws from Luc Boltanski and Ève Chiapello who examine the development of 'new spirit of capitalism' by focusing on the interrelation of two macroactors - capitalism and critique; the other on...

  10. Research regarding agro-tourism stage in Apuseni Mountains area and capitalize of traditional products through this

    Directory of Open Access Journals (Sweden)

    Ramona Ciolac

    2013-05-01

    Full Text Available Most studies have shown that rural tourism combined with rural resources and traditional products would be an important "tool" for revitalizing the rural economy, and that they should be essential components of the rural economy development strategy, desirable goal for Apuseni Mountains. A great part of the localities from this area are great keeper of traditions. If on the customs and traditions we put the mountain natural resources and specific traditional products results a valuable tourist product that could local increase revenue and attract young people in rural areas. Many rural areas have a potentially remarkable natural and cultural history, and those who developed the required tourist infrastructure (boarding/private farms, and realized tourist opportunity and have used it with success.

  11. Optimal Capital Taxation in A Neoclassical Growth Model

    OpenAIRE

    Chia-Hui Lu; Been-Lon Chen

    2013-01-01

    This paper studies the optimal factor tax incidence in a neoclassical growth model with a given share of government expenditure in output. In the Ramsey planner’s optimization, the effect of next period’s capital on government expenditure equals the given share of the marginal product of capital. Capital accumulation reduces the discounted net marginal product of next period’s capital by way of increasing government expenditure. In order to internalize the distortion, it is optimal to tax cap...

  12. Peers and sources as social capital in the production of news: Online social networks as communities of journalists

    NARCIS (Netherlands)

    Vergeer, M.R.M.

    2015-01-01

    In a very short time span, Twitter has become a major force in modern societies and also in the production of news by journalists. How journalists use Twitter is studied extensively, particularly on a small scale (i.e., qualitative research, specific events, mostly descriptive). However, studies on

  13. Investment Problems of China Rural Human Capital

    Institute of Scientific and Technical Information of China (English)

    ZHANG Junxia; YU Jialin; CHEN Ying

    2011-01-01

    The rural human capital refers to the condensation of the physical body, knowledge, skills, and all the abilities that can improve the capacity of the rural labor productivity. The ability is a form of human capital stock and it plays an important role in China's development of rural economy and society, but at present the situation of investment in human capital in rural areas is not optimistic. A lot of problems need to be solved such as the inadequate total investment and the irrational structure, as to these issues, strategies and recommendations were proposed in order to strengthen the human capital investment.

  14. Global capital markets: An updated profile

    Directory of Open Access Journals (Sweden)

    Filipović Miroslava

    2007-01-01

    Full Text Available More than two decades after the beginning of the financial revolution globalization of capital flows still attracts considerable attention, from both practitioners and academics. The aim of this paper is to contribute to understanding of some aspects of the global capital scene, as well as to emphasize certain developments which might illustrate its changing profile. Several fundamental perspectives profile the global capital market. A quantitative review provides a sense of sheer volumes, trends, origins and destinations of capital flows; an assessment of the global capital market’s degree of integration follows. The emergence of new (types of actors is another important aspect of the global processes, while illustrations of new market products and emerging segments may add new perspectives on the profile of the global capital market. Finally, the paper concludes with a brief overview of digitalization of the financial supply chain.

  15. Capital Structure, Strategic Competition, and Governance

    NARCIS (Netherlands)

    T.T. Nguyen (Thuy Thu)

    2008-01-01

    textabstractThis thesis consists of four studies on the interactions of capital structure and product market competition, and on several aspects of governance, firm financing and growth. The first study investigates how competitive behavior and market uncertainty affect the capital structure of a fi

  16. Operations and maintenance performance in oil and gas production assets : theoretical architecture and capital value theory in perspective

    OpenAIRE

    Liyanage, Jayantha P.

    2003-01-01

    Oil & gas exploration and production by far is known to be an economically and technologically intensive business. In addition, its social and ecological sensitivity is much discussed and debated lately. The dynamic, uncertain, and complex business environment appear to have redefined what truly matters for commercial success in oil and gas business. Asset operations and maintenance process is receiving an increasing attention in this environment.At the current pace of advancement, both i...

  17. Intangible Capital and Ramsey Capital Taxation (updated)

    OpenAIRE

    Juan Carlos Conesa; Begoña Domínguez

    2009-01-01

    The standard analysis of optimal fiscal policy in the neoclassical growth model, e.g. Chamley (1986) and Judd (1985), aggregates different types of assets into a unique capital good and all sorts of capital taxes into a unique capital tax. There, the optimal capital tax rate is very high in the short-run and zero in the long-run and, inevitably, time-inconsistent. This paper shows that this classic result does not hold in a more disaggregated framework. As proposed in McGrattan and Prescott (...

  18. 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...

  19. Capital humano y productividad en microempresas

    OpenAIRE

    Alejandro Mungaray Lagarda; Martín Ramírez Urquidy

    2007-01-01

    The hypothesis that human capital increases productivity is tested using data from a sample of low value-added microenterprises. A special attribute of this paper is the join treatment of formal learning or training in education institutions, and informal training by experience of the owner in the firm management. Following previous studies, the relation between human capital and productivity is determined by estimating production functions with the inclusion of dummy variables to control for...

  20. Narrative ecosystems through the network analysis lens. Step one: The production of U.S. TV series, between capital and labor strategies

    Directory of Open Access Journals (Sweden)

    Marco Ruffino

    2016-06-01

    Full Text Available This paper aims to present a first step in the investigation of the environment hosting narrative ecosystems through the tools offered by Social Network Analysis (SNA. The narrative ecosystem paradigm is a cross-disciplinary approach that considers vast narratives as the result of an ecosystemic design, where a general model is developed in advance as an evolutionary system. Consistently with this systemic view, our idea is to bring the relations among the components of the ecosystems and the environment that host them (i.e. the entertainment industry to the fore through the implementation of SNA. In order to do so, we focused on the relational patterns characterizing a sample of 164 U.S. TV series aired between 1984 and 2013. For each one of them, we collected data on executive producers, broadcasters, production studios, actors and writers. Through the analysis of the networks we obtained by computing the data, we drew some conclusions regarding the effectiveness of the ecological and evolutionary paradigm, the non-rigid and opportunistic patterns of alliances and coalitions among competitive firms, the relevance of the strategies of capital implemented by the firms and the strategies of labor implemented by the people.

  1. Human capital and career success

    DEFF Research Database (Denmark)

    Frederiksen, Anders; Kato, Takao

    formal schooling and subsequent human capital obtained informally on the job are found to be complements in the production of career success. Fourth, though there is a large body of the literature on the relationship between firm-specific human capital and wages, the relative value of firm-specific human......Denmark’s registry data provide accurate and complete career history data along with detailed personal characteristics (e.g., education, gender, work experience, tenure and others) for the population of Danish workers longitudinally. By using such data from 1992 to 2002, we provide rigorous...

  2. Human Capital, Wealth, and Renewable Resources

    Directory of Open Access Journals (Sweden)

    Wei-Bin ZHANG

    2014-05-01

    Full Text Available This paper studies dynamic interdependence among physical capital, resource and human capital. We integrate the Solow one-sector growth, Uzawa-Lucas two-sector and some neoclassical growth models with renewable resource models. The economic system consists of the households, production sector, resource sector and education sector. We take account of three ways of improving human capital: Arrow’s learning by producing (Arrow, 1962, Uzawa’s learning by education (Uzawa, 1965, and Zhang’s learning by consuming (Zhang, 2007. The model describes a dynamic interdependence among wealth accumulation, human capital accumulation, resource change, and division of labor under perfect competition. We simulate the model to demonstrate existence of equilibrium points and motion of the dynamic system. We also examine effects of changes in the productivity of the resource sector, the utilization efficiency of human capital, the propensity to receive education, and the propensity to save upon dynamic paths of the system.

  3. A successful capital treadmill

    International Nuclear Information System (INIS)

    A summary of the operating economics of the Winter Cummings Sand Pool, a horizontal well development project with a sustained rate of development, was presented. A total of 58 horizontal wells have been drilled over a time span of seven years. The production performance of the first pilot wells indicated that development of the pool by horizontal wells could be economically viable. Since its inception the Winter field development was considered to have become a capital treadmill with an incremental rate of return on the incremental investment of 240 percent (a 24 million dollar net operating cash flow for a 10 million dollar investment). Current development status and production forecasts were also discussed. 21 figs

  4. Financing working capital

    OpenAIRE

    Vasile Popengă; Mirela Popescu

    2002-01-01

    The paper presents some particularities regarding the following aspects: what is working capital; shows alternative net working capital financing strategies, ranging from the most to least risky; also some sources of short-term finance

  5. Triads of capital

    DEFF Research Database (Denmark)

    Svendsen, Gunnar Lind Haase

    Within current research on social capital, a gap exists between political history analyses at the macro level and classical, sociological analyses at the meso and micro levels. Following up on  earlier work, the main purpose of this paper is to mediate between the two conflicting stances...... represented by Putnam and Portes. The paper raises the following question: Is it possible to detect the historical driving forces behind the building of both beneficial and harmful social capital? Driving forces are defined as structural determinants, which change human organization at all levels. The...... hypothesis is that three forms of capital have the potential to act as driving forces: social capital, cultural capital and physical capital, the latter operationaliz­ed as buildings. A new concept, triad of capital, is introduced to analyze the interrelationship between these three forms of capital. A triad...

  6. Asymmetric capital-tax competition, unemployment and losses from capital market integration

    OpenAIRE

    Pethig, Rüdiger; Kolleß, Frieder

    2009-01-01

    In a multi-country general equilibrium economy with mobile capital and rigid-wage unemployment, countries may differ in capital endowments, production technologies and rigid wages. Governments tax capital at the source to maximize national welfare. They account for tax base responses to their tax and take as given the world-market interest rate. We specify conditions under which - in contrast to free trade with undistorted labor markets - welfare declines and unemployment increases in some co...

  7. Measuring Irish capital

    OpenAIRE

    Keeney, Mary J.

    2007-01-01

    Irish National Income and Expenditure Accounts do not contain information on capital stocks or capital services estimation. Estimates of the national capital stock and the depreciation of its fixed assets are basic macroeconomic aggregates and are integral components for many modelling exercises. This paper will present a detailed asset-level analysis of the stocks and depreciation of Irish fixed assets and the capital formation flows used to derive them. It will apply an improved perpetual i...

  8. Welfare Enhancing Capital Imports

    OpenAIRE

    Masao Oda; Koji Shimomura; Ryuhei Wakasugi

    2007-01-01

    This paper provides a model to consider the conditions under which an acceptance of foreign capital is welfare enhancing in a multi-commodity multi-factor framework. Contrary to the pessimistic conventional wisdom of capital imports and welfare, we provide a justification for the acceptance of foreign capital and the diversification of industrial structure in developing countries. A sufficient condition for the acceptance of foreign capital to be welfare enhancing is that all domestic factors...

  9. CONTROLS ON CAPITAL MOVEMENTS

    Directory of Open Access Journals (Sweden)

    Petris Sorina

    2012-12-01

    Full Text Available Until recently, capital mobility was encouraged across national borders, because it was considered that such capital can seek the highest rate of return. However, recent global financial developments have shown that, due to contagion, the mobility of capital flows can cause severe financial imbalances. In the context of globalization, liberalization or maintaining controls on capital flows is a current topic, more debated by economists. This topic is very important, due to the impact of liberalization decision or maintaining controls on capital flows has on the overall macroeconomic framework. The paper analyzes the relationship between capital flows’ control and the income per capita, the degree of central bank independence, democracy country, the foreign exchange regime. Also, it analyzes the effectiveness in time of capital controls, taking account of financial system development and potential risks of instability. Over time, it was observed that a period in which they have imposed restrictions on capital movements was followed by a removal of such restrictions, and vice versa. Cyclic change of capital movements regime corresponds to the cyclic evolution of the global economy. Full capital account liberalization led to the emergence of currency and financial crises, so that the idea of maintaining controls on capital is not rejected by economists. After a full liberalization of capital flows, there is a change in the mentality of an increasing number of economists, who support the maintenance of controls, in a gradual liberalization.

  10. Four Books on Capitalism

    OpenAIRE

    Streeck, W.

    2009-01-01

    Christoph Deutschmann Kapitalistische Dynamik: Eine gesellschaftstheoretische Perspektive. Wiesbaden, VS Verlag, 2008 Geoffrey Ingham Capitalism. Oxford, Polity, 2008 John McMurtry The Cancer Stage of Capitalism. London, Pluto, 1999 Frederic L. Pryor The Future of U.S. Capitalism. New York, Cambridge University Press, 2002

  11. Factor Accumulation and Economic Growth in Pakistan: Incorporating Human Capital

    OpenAIRE

    Arshad, Shahzad; Munir, Kashif

    2015-01-01

    The objective of this study is to analyze relationship between factor accumulation and economic growth in Pakistan for the time period of 1973 to 2014 using ARDL bound testing approach to cointegration. Considering human capital as a core factor of production we have constructed a series of human capital as average year of schooling and real capital stock is also generated on the basis of gross fixed capital formation. Under endogenous growth model bound testing approach to cointegration sugg...

  12. Public procurement in the presence of capital taxation

    OpenAIRE

    Alfons J. Weichenrieder

    1999-01-01

    The paper considers governments' public procurement decision as a way of influencing industry structure. In a federation in which capital is mobile and capital taxation is harmonized, a home bias in public procurement can potentially be explained as an effort to increase the capital intensity of local production and to attract taxable capital. As a result, governments may prefer domestic firms to more efficient foreign firms.

  13. A Case Against Zero Capital-Income Taxation

    OpenAIRE

    Darong Dai; Kunrong Shen; Ruihua Ma

    2013-01-01

    This paper develops a dynamic general equilibrium model to investigate the optimal level of capital income taxation in light of stochastic endogenous economic growth. Although endogenous human capital is incorporated into our model, we restrict our investigation to the issue of optimal physical capital income tax; and the labor supply is also endogenously determined. This paper proves that the optimal capital income tax should be zero provided exogenous government expenditure on production; h...

  14. Capital-Skill Complementarity and Rigid Relative Wages

    OpenAIRE

    Skaksen, Jan Rose; Sørensen, Anders

    2006-01-01

    The relative demand for skills has increased considerably in many OECD countries during recent decades. This development is potentially explained by capital-skill complementarity and high growth rates of capital equipment. When production functions are characterized by capital-skill complementarity, relative wages and employment of skilled labor are countercyclical because capital equipment is a quasi-fixed factor in the short run. The exact behavior of the two variables depends on relative w...

  15. Social Capital and Diversification of Cooperatives

    NARCIS (Netherlands)

    W. Deng (Wendong)

    2015-01-01

    markdownabstract__Abstract__ This thesis contributes to two research streams of the literature regarding agricultural cooperatives, namely, social capital and product diversification of cooperatives. First, the thesis examines the nature of a marketing cooperative by considering both its economic a

  16. Colombian capital goods industry and technological development.

    OpenAIRE

    Zuleta LA; Londono JL; Uribe JD

    1982-01-01

    ILO pub-WEP pub. Working paper, capital goods, technology, industrial development, trends, 1955-1978, Colombia - supply and demand, choice of product, Innovation, technology transfer, obstacles, tariff policy, research policy. Bibliography, diagram, statistical tables.

  17. Unemployment dynamics with international capital mobility

    OpenAIRE

    Azariadis, Costas; Pissarides, Christopher

    2007-01-01

    We study the response of domestic unemployment rates to shocks in total factor productivity for economies with high capital mobility and low labour mobility. We show that rapid capital movements across national borders, like those experienced by developed nations in the last twenty years, substantially amplify the impact on the domestic unemployment rate of domestic fluctuations in total factor productivity relative to what would have happened in a closed economy, shorten the duration of the ...

  18. TV and Capitalization of Free Time. TV Programming as Means of Production / TV y capitalización del tiempo de ocio. La programación como medio de producción

    OpenAIRE

    Ddo. Richard Danta;

    2009-01-01

    This paper tries to build a conceptual bridge between the communication theories and the contemporary economic ones, concentrating on the added value concept on television industry. More specifically, it pays especial attention to the idea of considering television programming as a means of production that is able to capitalize the emission by using location strategies (day and time in which a television show is offered to the target audience), as well as contents strategies (the narrative na...

  19. Is Capitalism Ethical?

    Directory of Open Access Journals (Sweden)

    Suciu T.

    2009-12-01

    Full Text Available The author of this paper have set off from the question: is the present capitalism ethical? We started with the delimitation and correlation of the concepts of ethics, morals, morality. Further on, we analysed the evolution of capitalism in connection with morals. Based on this research, we came to the conclusion that the capitalist system has undergone through three stages: moral capitalism, amoral capitalism, and immoral capitalism. We concluded by implying that the corporate capitalist society is immoral, that it cannot regulate itself and that the government’s assistance is needed to inoculate the ethics.

  20. INTERPRETING OVERALL INEQUALITY IN CHINA: THE ROLES OF PHYSICAL CAPITAL, HUMAN CAPITAL AND SOCIAL CAPITAL

    OpenAIRE

    Yuheng LI; Westlund, Hans

    2013-01-01

    This paper investigates the relationship between overall inequality in China and the contributions of physical capital, human capital and social capital. The investment in physical capital tends to enlarge overall inequality while human capital helps to reduce the inequality. Human capital appears to be more influential than physical capital in overall inequality reduction in the research period. Social capital (people's social networks) however, does not seem to exert any impact on overall i...

  1. DIMENSIONS OF HUMAN CAPITAL – SPECIFIC HEALTH APPROACH OF NATIONS CAPITAL

    Directory of Open Access Journals (Sweden)

    Toth Maria

    2012-07-01

    Full Text Available The paper proposes sythesizing the most important correlations between the dimensions of human capital, in order to provide a better theoretical basis for assessing realistic valence motivated human resources sustainable development of society. In terms of conceptual work based on the fundamental role of health capital and the neglect that often has its problems, especially in developing countries. Based on the review abstract theory of human capital, research establishes correlations between dimensions. It shows the importance of ethical component in professionalism and existence of moral capital rooted in medical ethics. Specific breakdowns of health capital, referring to the health of the population and medical services. The research findings highlight the profound connection between morality and productivity seemingly nonexistent (customized to the case of medical services, about joint economic approaches ignored. It also means that the moral, professional and medical staff working in social capital formation influence the health of a nation.

  2. Is Social Capital a Good Concept?

    DEFF Research Database (Denmark)

    Bjørnskov, Christian; Sønderskov, Kim Mannemar

    2013-01-01

    This paper explores whether the concept of social capital as popularized by Robert Putnam is a good social science concept. Taking Gerring’s work on concept evaluation as the starting point, the paper first presents a set of criteria for conceptual ‘goodness’ and discusses how social capital...... performs on these criteria. It is argued that social capital eventually may be a good concept if it can be shown empirically to be a unidimensional concept. An empirical section therefore explores the validity of the unidimensionality assumption and rejects it in four separate tests at both the individual...... and aggregate level. We conclude that even if social capital has been a remarkably productive idea, it is not a good concept as most popular conceptualizations define social capital as several distinct phenomena or as phenomena that already have been conceptualized under other labels....

  3. `Brain drain' without migration: Capital market integration and capital-skill complementarities

    OpenAIRE

    Yasuhiro Sato; Kristian Behrens

    2006-01-01

    We analyze the impacts of capital market integration on the skill composition of labor, using a framework in which heterogeneous agents decide to invest in the acquisition of skills and where production exhibits increasing returns in the available skill range (i.e., capital-skill complementarity).

  4. Fueling innovation in medical devices (and beyond): venture capital in health care.

    Science.gov (United States)

    Ackerly, D Clay; Valverde, Ana M; Diener, Lawrence W; Dossary, Kristin L; Schulman, Kevin A

    2009-01-01

    Innovation in health care requires new ideas and the capital to develop and commercialize those ideas into products or services. The necessary capital is often "venture capital," but the link between public policy and the venture capital industry has not been well examined. In this paper we explore the link between venture capital and innovation in health care, and we present new descriptive data from a survey of health care venture capital fund managers. Respondents generally viewed policy levers (for example, reimbursement and regulations) as important risks to venture capital investments, potentially affecting their ability to raise capital for early-stage investment funds. PMID:19049999

  5. Human Capital, Bankruptcy and Capital Structure

    OpenAIRE

    Jonathan B. Berk; Richard Stanton; Josef Zechner

    2007-01-01

    We derive a firm's optimal capital structure and managerial compensation contract when employees are averse to bearing their own human capital risk, while equity holders can diversify this risk away. In the presence of corporate taxes, our model delivers optimal debt levels consistent with those observed in practice. It also makes a number of predictions for the cross-sectional distribution of firm leverage. Consistent with existing empirical evidence, it implies persistent idiosyncratic diff...

  6. Capital Utilization and Capital Accumulation: Theory and Evidence

    OpenAIRE

    Shapiro, Matthew D.

    1986-01-01

    A firm may acquire additional capital input by purchasing new capital or by increasing the utilization of its current capital. The margin between capita accumulation and capital utilization is studied in a model of dynamic factor demand where the firm chooses capital, labor, and their rates of utilization. A direct measure of capital utilization -- the work week of capital -- is incorporated into the theory and estimates. The methodology advocated by Hansen and Singleton (1982) is used to obt...

  7. 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 ...

  8. Technological and West capitals needs of CIS

    International Nuclear Information System (INIS)

    This paper describes the decline of petroleum production in the former USSR and the needs of technology transfer and financing by West capitals. Statistical data connected with natural gas and crude oil production, refined petroleum products, and exports are also given. 2 refs., 1 fig., 2 tabs

  9. TAXES APPLYING TO CAPITAL INVESTMENT ACQUISITION

    Directory of Open Access Journals (Sweden)

    AURA EMANUELA DOMIL

    2012-05-01

    Full Text Available In this workpaper we discussed about tax implications of a capital outlay at the time of acquisition depend on the type of investment being acquired. Many capital outlays, such as introduction of a new product, are combinations of a variety of smaller investments. Governments periodically introduce investment tax credit programs to spur investment. We also discussed about the adjustments that need to be made for corporate taxes at the capital acquisition stage, the operating or asset usage stage and the disposal stage.

  10. Capital mobility. An overview

    OpenAIRE

    Arndt, H. W.

    2000-01-01

    The article analyses the problem of international capital mobility which the Asian crisis has highlighted. It points out that the problem of capital mobility ("hot money" panics) has a long history, but globalization, the opening up of national economies and technological advance have increased the risks. The article discusses four policy debated which are being pursued in the large Asian crisis literature: (i) the pros and cons of capital controls; (ii) the choice of exchange rate regime; (i...

  11. Development and Social Capital

    OpenAIRE

    Fafchamps, Marcel

    2005-01-01

    This paper examines social capital and its relation with economic development. We focus on the role that interpersonal relationships play in social exchange, whether through the market or through the provision of public goods. By facilitating search and trust, social capital can increase the efficiency of social exchange where formal institutions are weak. But the benefits from social capital are likely to be unequally distributed. Given these features, documenting empirically the benefits of...

  12. ACCOUNT INSTRUMENT CAPITAL BORROWED

    Directory of Open Access Journals (Sweden)

    Holt Gheorghe

    2012-03-01

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

  13. KVA: Capital Valuation Adjustment

    OpenAIRE

    Andrew Green; Chris Kenyon

    2014-01-01

    Credit (CVA), Debit (DVA) and Funding Valuation Adjustments (FVA) are now familiar valuation adjustments made to the value of a portfolio of derivatives to account for credit risks and funding costs. However, recent changes in the regulatory regime and the increases in regulatory capital requirements has led many banks to include the cost of capital in derivative pricing. This paper formalises the addition of cost of capital by extending the Burgard-Kjaer (2013) semi-replication approach to C...

  14. Intangible Capital Accounting

    OpenAIRE

    Mihalache Arsenie-Samoil

    2010-01-01

    The new economy based on globalization is increasingly important, which shows the decisive role played by intangible capital in achieving the competitive advantage of companies. However, this intangible capital is the hidden side of a company's value, as it represents the company's intangible resources, which cannot be measured by the financial metrics used to measure tangible resources. Given the functional importance of intangible capital, several models several models were proposed by the ...

  15. Human Capital and Retirement

    OpenAIRE

    Alders, P.

    1999-01-01

    textabstractThis paper investigates the relation between human capital and retirement when the age of retirement is endogenous. This relation is examined in a life-cycle earnings model. An employee works full time until retirement. The worker accumulates human capital by training- on-the-job and by learning-by-doing. The human capital of an employee is subject to depreciation when knowledge of technologies becomes obsolete. After a shock in technology, the worker depreciates on his human capi...

  16. Institutions and Venture Capital

    OpenAIRE

    Lerner, Josh; Tåg, Joacim

    2012-01-01

    We survey the literature on venture capital and institutions and present a case study comparing the development of the venture capital market in the US to Sweden. Our literature survey underscores that the legal environment, financial market development, the tax system, labor market regulations, and public spending on research and development correlates with venture capital activities across countries. Our case study suggests these institutional differences led to the later development of an ...

  17. Human capital and regional development

    OpenAIRE

    Gennaioli, Nicola; LaPorta, Rafael; L??pez-de-Silanes, Florencio; Schleifer, Andrei

    2011-01-01

    We investigate the determinants of regional development using a newly constructed database of 1569 sub-national regions from 110 countries covering 74 percent of the world's surface and 96 percent of its GDP. We combine the cross-regional analysis of geographic, institutional, cultural, and human capital determinants of regional development with an examination of productivity in several thousand establishments located in these regions. To organize the discussion, we present a new model of reg...

  18. Venture Capital and Knowledge Transfer

    OpenAIRE

    Dessi, Roberta; Yin, Nina

    2015-01-01

    This paper explores a new role for venture capitalists, as knowledge intermediaries. A venture capital investor can communicate valuable knowledge to an entrepreneur, facilitating innovation. The venture capitalist can also communicate the entrepreneur's innovative knowledge to other portfolio companies. We study the costs and benefits of these two forms of knowledge transfer, and their implications for investment, innovation, and product market competition. The model also sheds light on the ...

  19. Compulsory Creativity: A Critique of Cognitive Capitalism

    Directory of Open Access Journals (Sweden)

    Steen Nepper Larsen

    2014-02-01

    Full Text Available Contemporary capitalism can be labelled cognitive capitalism. In this dynamic, demanding and extremely transformative mode of production, knowledge becomes a strategic force of production and an important commodity, while concepts and ideas become items. This article sheds light on some of the implications of the emergence of a cognitive capitalism. In response to modern oxymorons, such as compulsory creativity and mandatory originality, this article offers various attempts to interpret and criticise how human inventiveness and a whole range of externalities get attuned to economic and market strategies, depriving them their natural, social and individual qualities. The aim of this article is to renew and sharpen a critique of the new type of capitalism and to foster some normative bricks that might be able to inspire alternative ways of thinking and living.

  20. Social Capital Database

    DEFF Research Database (Denmark)

    Paldam, Martin; Svendsen, Gert Tinggaard

    2005-01-01

      This report has two purposes: The first purpose is to present our 4-page question­naire, which measures social capital. It is close to the main definitions of social capital and contains the most successful measures from the literature. Also it is easy to apply as discussed. The second purpose ...... to present the social capital database we have collected for 21 countries using the question­naire. We do this by comparing the level of social capital in the countries covered. That is, the report compares the marginals from the 21 surveys....

  1. Human Capital Investment and an Analysis of Its Progressive Profit

    Institute of Scientific and Technical Information of China (English)

    张德平; 孙诚

    2004-01-01

    Skilled labor force cultivated through putting in funds and time in their education are undoubtedly essential in the operation of sophisticated machines in production, but it is so also in the creation of new ideas and methods in production and other economic activities, and ultimately in the promotion of the progressive increase of material capital. Thus strengthening the investment of human capital and enriching the stock of human capital is of primary importance, especially for China, in the 21st century.

  2. Enduring Relationships in an Economy with Capital and Private Information

    OpenAIRE

    Latchezar Popov; Ravikumar, B; Aubhik Khan

    2012-01-01

    We introduce capital accumulation into an economy where individuals have private information with respect to productivity shocks. Efficient, incentive-compatible risk-sharing is achieved by conditioning current and future payoffs on the history of productivity reports. We develop a notion of efficiency, similar to that of Atkeson and Lucas (1992). The capital stock in the economy is endogenous in periods after date zero, so our notion of efficiency is minimizing the initial capital stock that...

  3. A Comprehensive Review on Capital Structure Theories

    OpenAIRE

    2012-01-01

    The aim of this article is to provide a comprehensive review on different theories and hypothesis in regard with achieving an optimal capital structure. Many researchers believed that capital structure includes share issuance, private investment, bank debt, business debts, leasing contracts, tax debt, retirement debt, deferred compensation for executives and employees, deposits, product related-debt and other probable debt. These theories and hypothesis include: Net income, Net operational in...

  4. Inflation crises, human capital formation and growth

    OpenAIRE

    F. HEYLEN; Pozzi, L.; Vandewege, J.

    2004-01-01

    This paper shows that inflation crises may stimulate the accumulation of human kapital. A crucial idea is that high inflation undermines total factor productivity, which makes working and physical capital formation less attractive. If young agents consider high inflation to be temporary, they decide to study now and work later. During the inflation crisis the real economy declines. The increase in human capital, however, induces strong output growth after the crisis. Using GMM panel procedure...

  5. Capital Structure, Strategic Competition, and Governance

    OpenAIRE

    Nguyen, Thuy Thu

    2008-01-01

    textabstractThis thesis consists of four studies on the interactions of capital structure and product market competition, and on several aspects of governance, firm financing and growth. The first study investigates how competitive behavior and market uncertainty affect the capital structure of a firm in the U.S. manufacturing. We show that demand uncertainty is positively related to leverage for firms in both the Cournot and the Bertrand samples. Cost uncertainty has a significantly positive...

  6. Énvironmental Economics and Venture Capital

    OpenAIRE

    Emanuel Shachmurove; Yochanan Shachmurove

    2010-01-01

    What are the effects of macroeconomic variables on venture-backed capital investment in environmentally friendly industries in the United States? What is the significance of location in determining both the number of deals and amount of investment by venture capital in the Clean-tech industry? The Clean-tech sector encompasses those firms that actively incorporate environmental concerns into their products and services. The sector contains environmentally progressive companies from many diffe...

  7. Multiplying financing choices through capital markets

    OpenAIRE

    Carmen CORDUNEANU; Iovu, Laura Raisa

    2008-01-01

    Considerable evidence shows that countries with the most developed financial sectors and capital markets enjoy the strongest economic growth over the long run. The non-financial sector, small and medium sized entities can access a wider availability of more innovative and lower cost finance to aid their growth, while larger companies profit from an overall reduction in the cost of capital and a wider range of financial products. These economical agents in search of alternatives for financing ...

  8. Variety Enterprises Corporation: Capital Budgeting Decision

    OpenAIRE

    Ilhan Meric,; Kathleen Dunne; Sherry F. Li; Gulser Meric

    2010-01-01

    The capital budgeting decision is one of the most important financial decisions in business firms. In this case, Variety Enterprises Corporation (VEC) is considering whether to invest in a new production system. To determine if the project is profitable, VEC must first determine the weighted average cost of capital to finance the project. The simple payback period, discounted payback period, net present value (NPV), internal rate of return (IRR), and modified internal rate of return (MIRR) te...

  9. Capital operating time and economic fluctuations

    OpenAIRE

    Dupaigne, Martial

    1998-01-01

    Acknowledging that changes in factor utilization rates explain variations in factor productive services flows, this paper investigates a dynamic general equilibrium model incorporating quasi-fixed inputs, weak complementarity between capital and labour, and displaying variations in the following three margins : (i) individual hours, (ii) aggregate employment and (iii) the workweek of capital. Both instantaneous amplifications of shocks and mid-term persistence are substantially magnified, wit...

  10. Social Capital and Diversification of Cooperatives

    OpenAIRE

    Deng, Wendong

    2015-01-01

    markdownabstract__Abstract__ This thesis contributes to two research streams of the literature regarding agricultural cooperatives, namely, social capital and product diversification of cooperatives. First, the thesis examines the nature of a marketing cooperative by considering both its economic and social attributes. Several formal models are formulated to address the interaction between cooperative governance structure and the different dimensions of cooperative social capital. The coopera...

  11. HUMAN CAPITAL AND SUSTAINABILITY OF RURAL DEVELOPMENT

    OpenAIRE

    Milanovic, Milan; Dorovic, Milutin; Stevanovic, Simo

    2009-01-01

    The strategies and policies of agricultural and rural development, within the overall long-term area development, traditionally lean on natural-resource capital and certain differential-rent advantages. New dimensions of the agricultural and rural multifunctionality of areas in the zones of large industrial and urban agglomerations and the inevitable processes of degradation of natural capital, stress the role of science in the process of sustaining the level of overall production potential. ...

  12. Capital-Skill Complementarity: Does capital disaggregation matter?

    OpenAIRE

    Correa, Juan; Lorca, Miguel; Parro, Francisco

    2014-01-01

    Using Chilean manufacturing plants data, we�find: (1) the elasticity of substitution between capital and skilled labor is lower than the elasticity of substitution between capital and unskilled labor, and (2) the higher the technological component of the capital stock the larger the size of complementarity between capital and skilled labor. Our�findings show that capital, as an aggregate input, may under(over) state the complementarity between labor and the type of capital these workers actua...

  13. Capital Flows to Brazil: The Endogeneity of Capital Controls

    OpenAIRE

    Eliane A. Cardoso; Ilan Goldfajn

    1998-01-01

    This paper creates an index of capital controls to analyze the determinants of capital flows to Brazil, accounting for the endogeneity of capital controls by considering a government that sets controls in response to capital flows. It finds that the government reacts strongly to capital flows by increasing controls on inflows during booms and relaxing them in moments of distress. The paper estimates a vector autoregression with capital flows, controls, and interest differentials. It shows tha...

  14. Linguistic Capital Pays Dividends

    Science.gov (United States)

    Linse, Caroline

    2013-01-01

    Some 37 million U.S. residents speak Spanish at home and more than 55% of them say they also speak English. That creates what is called linguistic capital. Although linguistic capital is difficult to quantify, it is enormously valuable and is determined by an individual's language competency, and is too frequently wasted instead of being…

  15. Human Capital and Retirement

    NARCIS (Netherlands)

    P. Alders

    1999-01-01

    textabstractThis paper investigates the relation between human capital and retirement when the age of retirement is endogenous. This relation is examined in a life-cycle earnings model. An employee works full time until retirement. The worker accumulates human capital by training- on-the-job and by

  16. Social Capital in Asia

    DEFF Research Database (Denmark)

    Li, Peter Ping; Redding, Gordon

    2014-01-01

    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......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......–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 the...

  17. Handbook of Social Capital

    DEFF Research Database (Denmark)

    The Handbook of Social Capital balances the ‘troika' of sociology, political science and economics by offering important contributions to the study of bonding and bridging social capital networks. This inter-disciplinary Handbook intends to serve as a bridge for students and scholars within all t...... social sciences. The contributors explore the different scientific approaches that are all needed if international research is to embrace both the bright and the more shadowy aspects of social capital.......The Handbook of Social Capital balances the ‘troika' of sociology, political science and economics by offering important contributions to the study of bonding and bridging social capital networks. This inter-disciplinary Handbook intends to serve as a bridge for students and scholars within all the...

  18. Higher Education in the society of virtual capitalism and postmodern individualisation: implications for the production and disclosure of knowledge in the Education field

    Directory of Open Access Journals (Sweden)

    Regina Célia Linhares Hostins

    2010-07-01

    Full Text Available In this paper, I discuss the contemporary scenario of higher education and examine the historical circumstances that have contributed to organising it the way it is today, i.e., characterised by the world domination of virtual capital and by the discourse of abstract individualisation. In order to pursue this task, I make use of ideas from Kurz, Lukács, Duarte and Moraes that, in the light of historical materialism, provide a substantial theoretical and methodological basis for understanding such reality, its history and complex relations, according to an ontological perspective. Following this view, I try both to investigate the effects of researchers and professors from the Education field joining the spirit of the epoch and to suggest ways to counteract this spirit by using criticism, aiming to make plain that presently knowledge is a commodity within the society of virtual capitalism and postmodern individualisation.

  19. Human Capital and Organizational Effectiveness

    Directory of Open Access Journals (Sweden)

    Ioana Julieta Josan

    2013-05-01

    Full Text Available The new organizational changes caused by social, economic and politic reforms led to a shift in the strategic management of the companies. The growing need for professionals, who know how to generate profits, is growing and increase confidence of partners and clients, find new ideas and adapt to a dynamic market. Therefore, internally, we need an efficient management of human resources to find and retain the most suitable and efficient people which will increase productivity and face the increased acting globally competition. Currently, companies that succeed are the ones that integrate in their business strategy, an important component of development and valuation human capital. The paper aims to analyze and highlight the importance of human capital in the new organizational strategies, focused on achieving a high level of competitiveness, innovation and excellence.

  20. How Does Human Capital Affect on Growth in Different Economies?

    Directory of Open Access Journals (Sweden)

    Mehdi Safdari

    2010-01-01

    Full Text Available Problem statement: The main objective of this study was to investigate how human capital can affect growth in different economies. Approach: For this purpose, we investigated the model, which the growth rate of total factor productivity depends on human capital stock level using a cross-country panel approach for 104 countries in five-year intervals during the 1980-2005. Results: The finding of this study showed that human capital through its effect on the speed of technology adoption from abroad has positive effect and significantly on growth in total samples of countries while human capital directly in developed countries enter negatively inverse developing countries. Conclusion: Moreover human capital affects growth in different ways it has more effects on per capital growth through technology/catch-up component than domestic innovation component. Moreover human capital of different ways has different effects on growth but in total it has positive effect on economic growth.

  1. Approaches of Russian oil companies to optimal capital structure

    Science.gov (United States)

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

    2015-11-01

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

  2. The Study of the Components of Urban Social Capital in Central Cities of East Azerbaijan Province

    OpenAIRE

    Reza Ostad Rahimi; Nader Zali

    2013-01-01

    Intordoction Nowadays social capital is disscussed along with human resorces and economic -financial capital. This concept of capital considers the communications between members of the network as a valuable resource which couse individual and collective objective to be realized using norms and mutual trust. Social capital is considered suitable way for increasing productivity of human resources and achieving success. (Knach, 1996, 1260).Social capital is a multidimensional concept which ...

  3. Evaluation of human capital as a factor of economic growth with the help of example from IT industry

    OpenAIRE

    Prudnikov, Pavel

    2014-01-01

    The purpose of the graduation thesis is to study the assessment of the impact of human capital on economic growth based on IT -- sector example. In the final thesis was defined essence of human capital, its role as a production factor, was examined method of human capital evaluation, presented the results of assess of the human capital impact on the company's capitalization and the company's economic growth. The main factor of using VHC formula to calculate the human capital is the availabili...

  4. Social capital as an engine of growth: Multisectoral modelling and implications

    OpenAIRE

    Youyou Baende Bofota, Raouf Boucekkine and Alain Pholo Bala

    2012-01-01

    We propose a multisector endogenous growth model incorporating social capital. Social capital only serves as an input in the production of human capital and it involves a cost in terms of the final good. We show that in contrast to existing alternative specifications, this setting assures that social capital enhances productivity gains by playing the role of a timing belt driving the transmission and propagation of all productivity shocks throughout society whatever the sectoral origin of the...

  5. The capital budgeting manual

    OpenAIRE

    Segelod, Esbjörn

    1995-01-01

    There has been very many postal surveys of capital budgeting practice, but almost no studies of the written routines that fix the practice of those groups that use a capital budgeting manual. This article fills this vacuum by describing and analysing the capital budgeting manuals used by major Swedish groups, most of whom are multinationals. Changes in the manuals during the last 30 years are studied using hvo earlier Swedish studies of manuals from the 60’s and 70’s. Comparisons are made wit...

  6. Capital Humano y Productividad

    OpenAIRE

    Ángel de la Fuente

    2015-01-01

    Este trabajo contiene un breve panorama de la literatura empírica sobre capital humano y productividad y resume los resultados de mi propio trabajo sobre el tema. En conjunto, la evidencia disponible sugiere que la inversión en educación tiene un efecto positivo, significativo y cuantitativamente importante sobre el crecimiento de la productividad. De acuerdo con mis estimaciones, además, la rentabilidad social de la inversión en capital humano es mayor que la del capital físico en la mayor p...

  7. 中国省际资本边际报酬再估算及无谓损失评估%Provincial Marginal Product of Capital in China: How Much Dead Welfare Lost Do We Suffer?

    Institute of Scientific and Technical Information of China (English)

    卢盛荣; 易明子

    2012-01-01

    考虑到中国省际资本品与最终产品的价格可能存在差异,本文利用中国省际宏观数据,重新估算了1993-2008年中国各省份的实际资本边际报酬,推算均衡人均资本与产出,由此计算出产出无谓损失。研究表明,与名义资本边际报酬类似,我国各省份的实际资本边际报酬呈现人均产出较高的东部地区高于人均产出较低的中西部地区的状况。资本边际报酬的显著差异说明我国存在资本的无效率分布。据计算,资本无效分布造成的产出无谓损失大致占当年总产出的7%~10%左右。其中,近90%是由于政府干预下资本流动受阻造成的无谓损失,而由于投资价格水平差异造成的损失仅占10%。%The current papers focusing on China's provincial marginal products of capital do not consider the difference of investment and final products. So MPK is nominal variable. Based on the data of real capital stock, a revised labor supply, and the prices of investment products and final commodity, we calculate the real MPK during 1993-2008 of major provinces of China. The result presents that, generally, provincial PMPK decreases from east to west areas each year, while decrease simultaneously. The unequal MPK and PMPK signal the inefficient capital allocation through the country, which causes dead weight lost approximately 7%- 10% of the GDP. According to analysis, the DWL resulted by friction of capital flowing takes up 90% of the whole lost, and unequal price of investment goods 10%. That the critical factors causing DWL are imperfections of the financial markets and disadvantageous investment environment in western areas is concluded.

  8. DISCREPANCIES AND CONTRADICTIONS OF INTELLECTUAL CAPITAL MEASUREMENT MODELS

    Directory of Open Access Journals (Sweden)

    Simona Survilaitė

    2014-08-01

    measurement could help enterprises to focus on the intellectual capital management itself. The main goal and concentration to the intellectual capital management and not to the understanding the concept would save time and increase the productivity and efficiency in every day’s procedural activities. Originality/Value – the ability to understand and implement intellectual capital evaluation methodology is essential for every enterprise. As a consequence, the efficiency and productivity is increasing and the value of the company is growing. Keywords: intellectual capital measurement models, knowledge based view, knowledge management, value creation. Research type: literature review.

  9. Factor Prices and Welfare Under Integrated Capital Markets

    OpenAIRE

    Carol L. Osler

    1987-01-01

    This paper considers the effect on factor prices and welfare of trade between economies whose production is characterized by nation-specific technological uncertainty. The analysis is carried out using a two-country Diamond overlapping-generations model in which technological uncertainty is reflected in factor prices, and "equities" refer to claims on the returns to capital. We find that trade in capital is complementary to trade in commodities, in the sense that adding free trade in capital ...

  10. The Puzzle of Social Capital: A Critical Review

    OpenAIRE

    Quibria, M.G.

    2003-01-01

    This expository note provides a critical review of the burgeoning literature on social capital and highlights a number of conceptual and empirical issues. First, the concept of social capital remains largely elusive, with many different ideas attached to it. This elusiveness has serious ramifications for empirical and policy analysis. Second, while the concept of social capital is used to highlight the positive, productive aspects of sociability, it fails in important ways to qualify as a for...

  11. Public capital and private investment, a real option approach

    OpenAIRE

    Bruno CRUZ; Pommeret, Aude

    2003-01-01

    In this paper, we extend the usual models of irreversible investment under uncertainty by introducing the stock of public capital as an input for the private sector. Public investment takes place in a stochastic environment. Public capital then increases the productivity of private capital which is assumed to be fully irreversible. In our model, the government has an intertemporal budget constraint, i.e. taxes are collected each period to fund the public debt. We provide a partial equilibrium...

  12. Cost of Borrowing, Institutional Quality, and Capital Openness

    OpenAIRE

    Gabriel Martinez

    2010-01-01

    Does improving institutional quality lower borrowing costs or raise them? Better institutions the marginal productivity of capital, the demand for funds and the interest rate. They may also lending risks, raising the supply of funds and lowering the cost of capital. Using data from 100 this paper shows that the impact of institutional quality on borrowing costs depends on whether country has favored improving financial institutions, which is proxied by its openness to capital flows, controlli...

  13. Intangible capital: The key to growth in Europe

    OpenAIRE

    Piekkola, Hannu

    2011-01-01

    Intangibles and especially organisational capital are an important source of capital deepening in European countries, albeit with significant cross-country differences. The GDP in the EU27 area is 5.5% higher if certain categories of expenditure, which have until now been considered as current costs, are classified as investments in intangibles. Intangible capital investment markedly improves the profitability of companies, given the productivity-wage gap, and leads to increasing returns in i...

  14. Calculating Profit: A Historical Perspective on the Development of Capitalism

    OpenAIRE

    Toms, Steven

    2008-01-01

    The paper introduces the notion of different methods of calculating and analysing profitability as signatures of capitalism at different stages of development. Interactions between the development of the productive forces and the socialisation of capital ownership jointly impact on these signatures, such that profit calculations are historically contingent. These interactions take the identification of capitalism beyond simple associations with the presence or absence of double-entry bookkeep...

  15. Reinventing the skilled region: Human capital externalities and industrial change

    OpenAIRE

    Heuermann, Daniel F.

    2009-01-01

    Bridging the gap between the literatures on industrial change and human capital externalities we investigate the complementarity between aggregate regional education and job turnover. On the level of regional industries in Germany we find strong evidence for such complementarity. Thus, regional human capital turns out to be a crucial ingredient for productivity enhancing industrial change, while human capital externalities arise first and foremost in dynamic labor markets. On the firm level, ...

  16. Optimal Capital Structure: Reflections on Economic and Other Values

    OpenAIRE

    Schauten, Marc; 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 last few decades studies have been produced on the effect of other stakeholders’ interests on capital structure. Well-known examples are the interests of customers who receive product or service gua...

  17. On capital gain taxation

    OpenAIRE

    Anton Miglo

    2008-01-01

    This note provides an explanation for why tax rates on capital gains are usually lower than ordinary income tax rates based on manager's agency problem related to "empire-building" or the underinvestment problem.

  18. 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....

  19. 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...... of social divisions. This leads to a discussion of four core questions: first, are there signs of a strong individualism and, correspondingly, a weak social structuring of lifestyles? The study does not find support for this view. Second, does classical highbrow culture play a central role as a marker...

  20. HUMAN CAPITAL INVESTMENT

    Directory of Open Access Journals (Sweden)

    Ph. D. Student Ioana - Julieta Josan

    2012-05-01

    Full Text Available Once with the development of the human capital theory, the education received an economic value. Leading theorists and specialists in the field have shown that the remarkable economic effects of the investments in education influence the chances of acquiring a job and earnings, demonstrating how the theory justifies such an investment. At the hand, the allocation of resources in human capital brings performance and benefits to companies investing in their employees. Also, the investment in human capital is strategic for any country that seeks to create a knowledge economy. Considering the above arguments, the aim of this paper is to highlight the characteristics of investment in human capital, the types of investment, the factors of education investment and the entities interested in investing and their benefits.

  1. Thin Capitalization Rules and Multinational Firm Capital Structure

    OpenAIRE

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

    2014-01-01

    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 confidential data on the (internal) leverage of foreign affiliates of US multinationals, we find that thin capitalization rules affect multinational firm capital structure in a significant way. Specifically, restri...

  2. 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...

  3. Cultural capital and demand

    OpenAIRE

    Victoria Ateca - Amestoy

    2007-01-01

    In this paper we develop a theoretical model that investigates the demand for cultural goods under the assumption of cultural capital and rational addiction. We also consider the effect of a policy intervention in order to raise the initial stock of cultural capital of a given individual, both on individual demand and on supply. Finally, we discuss on the effectiveness of such policies by translating our model to a dynamic framework.

  4. Religion, Science and Capitalisms

    OpenAIRE

    Rehbein, Boike

    2014-01-01

    This paper enquires into the relation between capitalism, religion and the philosophy of science. We would tend to suppose that there are only superficial and accidental links between them. A closer analysis reveals, however, that the epistemology of contemporary science is still based on a certain interpretation of Christianity and linked to a particular type of capitalism. Science developed after Galileo and Descartes aims at universal truth but was founded on the notion of the Christian ...

  5. Embodied human capital unemployment

    OpenAIRE

    Kumaraku, Klajdi; Naqvi, Nadeem; Rexhepi, Sara

    2011-01-01

    Adam Smith (1776) devoted the first three chapters to the division of labor in his Inquiry into the Nature and Causes of the Wealth of Nations. This process, carried far enough, eventually results in a divergence between the distributions of supplies and demands of such horizontally-differentiated distinct types of human capital embodied in different persons, leading to the emergence of Embodied Human Capital Unemployment. We illustrate the relevance of this new concept of unemployment to the...

  6. Social Capital and Conflict

    OpenAIRE

    Alia Aghajanian

    2012-01-01

    Conflict is either caused by, or brings about, drastic changes in the underlying social relationships between members of a community involved in the conflict. The conflict literature has taken note, and a growing number of studies attempt to determine the relationship between conflict and social capital. Unfortunately, there are many problems that have plagued the social capital literature, and conflict studies have failed to address these. This paper aims to provide a critical analysis of th...

  7. Empreendedorismo na capital amazonense

    OpenAIRE

    Filho, Aécio Flávio Ferreira da Silva

    2010-01-01

    This research was elaborated to evaluate entrepreneurship in the Capital of the Amazon State, Brazil. Its relevance is due to the non-existent literature in the subject of entrepreneurship, in the Northern Region of Brazil. The available Brazilian literary archive comprehends only the main cities located in the Southern and Northeastern Regions of the country. There is no research in the Northern Region – where the Amazon State and its Capital, Manaus, are found – and thus lies the reason for...

  8. The global capital leviathan

    OpenAIRE

    Robinson, William I.

    2011-01-01

    The money mandarins of global capitalism and their political agents are utilizing the global crisis to impose brutal austerity and attempting to dismantle what is left of welfare systems and social states in Europe, North America and elsewhere. The budgetary and fiscal crises that supposedly justify spending cuts and austerity are contrived. They are a consequence of the unwillingness or inability of states to challenge capital and their disposition to transfer the burden of the crisis to wor...

  9. Venture capital and internationalization

    OpenAIRE

    Schertler, Andrea; Tykvová, Tereza

    2009-01-01

    Cross-border investments represent a substantial share of venture capital activities. We use a new and comprehensive dataset on worldwide investments to analyze the internationalization of venture capital financing. Our results from the perspectives of (i) venture capitalists, (ii) portfolio companies, (iii) portfolio companies' countries and (iv) pairs of venture capitalists' and portfolio companies' countries suggest that some factors, such as viable stock markets, boost investments by dome...

  10. Measuring Natural Capital

    OpenAIRE

    Dariana Tani

    2014-01-01

    The purpose of this paper is to highlight the importance of establishing a system of natural capital accounting. Natural capital is integral to the economy and yet it is routinely taken for granted because the goods and services it provides are generally freely available. The consequence is that without prices, these resources are not being allocated efficiently within the economy and opportunities for significant gains in well-being and the possibility of long-term future growth are being lo...

  11. A road map for natural capitalism.

    Science.gov (United States)

    Lovins, A B; Lovins, L H; Hawken, P

    1999-01-01

    No one would run a business without accounting for its capital outlays. Yet most companies overlook one major capital component--the value of the earth's ecosystem services. It is a staggering omission; recent calculations place the value of the earth's total ecosystem services--water storage, atmosphere regulation, climate control, and so on--at $33 trillion a year. Not accounting for those costs has led to waste on a grand scale. But now a few farsighted companies are finding powerful business opportunities in conserving resources on a similarly grand scale. They are embarking on a journey toward "natural capitalism," a journey that comprises four major shifts in business practices. The first stage involves dramatically increasing the productivity of natural resources, stretching them as much as 100 times further than they do today. In the second stage, companies adopt closed-loop production systems that yield no waste or toxicity. The third stage requires a fundamental change of business model--from one of selling products to one of delivering services. For example, a manufacturer would sell lighting services rather than lightbulbs, thus benefitting the seller and customer for developing extremely efficient, durable lightbulbs. The last stage involves reinvesting in natural capital to restore, sustain, and expand the planet's ecosystem. Because natural capitalism is both necessary and profitable, it will sub-sume traditional industrialism, the authors argue, just as industrialism sub-sumed agrarianism. And the companies that are furthest down the road will have the competitive edge. PMID:10387576

  12. Measuring Social Capital

    DEFF Research Database (Denmark)

    Svendsen, Gert Tinggaard; Bjørnskov, Christian

    2007-01-01

    How to construct a robust measure of social capital? This paper contains two contributions. The first is an attempt to establish a broad social capital measure based on four indicators, the Freedom House Index, an index of perceived corruption from Transparency International, and scores on civic ...... serve as institutional models for countries and regions aiming to increase their future level of social capital. More rigorous empirical research is needed within this field.......How to construct a robust measure of social capital? This paper contains two contributions. The first is an attempt to establish a broad social capital measure based on four indicators, the Freedom House Index, an index of perceived corruption from Transparency International, and scores on civic...... participation and generalized trust. This measure is then applied by comparing the level of social capital in 25 countries from Western and Eastern Europe. Our nine cluster analysis shows that Switzerland has the highest score, followed by the Netherlands and Scandinavia. At the other end of the continuum we...

  13. The Performance of Intellectual Capital

    DEFF Research Database (Denmark)

    Murthy, Vijaya; Mouritsen, Jan

    2011-01-01

    Purpose – This paper aims to analyse the relationship between intellectual capital and financial capital using a case study. This makes it possible to discuss how intellectual capital is related to value creation with a degree of nuance that is absent from most statistical studies of relationships...... between human, organisational, relational and financial capital. Design/methodology/approach – The paper uses a case study of a firm that invests in intellectual capital in order to develop financial capital. It traces the relationship between intellectual capital elements and financial capital via...... interviews. This allows the development of a nuanced account of the performance of intellectual capital. This account questions the universality of the linear model typically found in statistical studies. The model makes it possible to show how items of intellectual capital not only interact but also compete...

  14. Entrepreneurs’ human and social capital

    DEFF Research Database (Denmark)

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

    2014-01-01

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

  15. Growth accounting in items of turbulence and death: efficiency, technology, capital accumulation and human capital 1929-1950

    OpenAIRE

    Enflo, Kerstin; Baten, J??rg

    2007-01-01

    We employ a non-parametrical approach to growth accounting (Data Envelopment Analysis, DEA) to disentangle the proximate sources of labour productivity growth in 41 nations between 1929 and 1950 by decomposing productivity growth into four components: technological change; efficiency catch-up (movements towards the production frontier), capital accumulation and human capital accumulation. We show that efficiency catch-up generally explains productivity growth, whereas technolog...

  16. States, Social Capital and Cooperation

    DEFF Research Database (Denmark)

    Anthony, Denise L.; Campbell, John L.

    2011-01-01

    This paper reflects on Elinor Ostrom’s classic book, Governing the Commons, and much work in sociology, political science and organization studies that has appeared since its publication. We do so in order to expand our understanding of the conditions under which cooperation occurs resulting in the...... production of collective goods. We explore two issues that were underdeveloped in her book that have subsequently received much attention. First, we discuss how states can facilitate cooperative behavior short of coercively imposing it on actors. Second, we discuss how social capital can facilitate or...

  17. Social Capital Access and Entrepreneurship

    OpenAIRE

    Stefan Bauernschuster; Oliver Falck; Stephan Heblich

    2010-01-01

    We investigate the effect of social capital access on entrepreneurship. Social capital helps entrepreneurs to overcome resource constraints. This is especially important in small communities where we often see a lack of market-oriented institutions such as venture capital firms. Entrepreneurs gain access to social capital via club memberships. Combining differences in the number of individual club memberships with differences in the importance of social capital across communities, we identify...

  18. Drought of Opportunities: Contemporaneous and Long-Term Impacts of Rainfall Shocks on Human Capital

    OpenAIRE

    Shah, Manisha; Millett Steinberg, Bryce

    2015-01-01

    Higher wages are generally thought to increase human capital production, particularly in the developing world. We introduce a simple model of human capital production in which investments and time allocation differ by age. Using data on test scores and schooling from rural India, we show that higher wages increase human capital investment in early life (in utero to age 2) but decrease human capital from ages 5-16. Positive rainfall shocks increase wages by 2% and decrease math test scores by ...

  19. An essay on social capital: Looking for the fire behind the smoke

    DEFF Research Database (Denmark)

    Paldam, M.; Svendsen, Gert Tinggaard

    2000-01-01

    Social capital is defined as mutual trust. It is related to production by a key hypothesis: social capital determines how easily people work together. An easy-to-use proxy (Putnam's Instrument) is the density of voluntary organizations. Social capital might be a new production factor which must b...... enforcement, and it is discussed how much harm totalitarian regimes do to social capital, when they expand their area of central control....

  20. Social Capital And Economic Behavior Of Farmers

    Directory of Open Access Journals (Sweden)

    Heliawaty

    2015-01-01

    Full Text Available Abstrac The purpose of this study to analyze the relationship between social capital affects economic behavior in producing coffee plants in improving coffee farmers income. This study was conducted in the district of Bantaeng South Sulawesi. Subdistrict Tampobulu selected purposively. The study lasted for four months of April to July 2014. The data used in this study consist of primary data and secondary data. It can be concluded that social capital is trust networking and institutions affect economic behavior namely the production of coffee plants. Trust improving technology adoption Robusta and Arabica coffee cuttings while distrust led to rampant theft of coffee is still green. Networking affect the price of coffee and institutions influence the behavior of farmers in obtaining venture capital through middlemen. It is expected that future studies should be focused on the factors that influence the innovative behavior in increasing the production of coffee plants.

  1. 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.

  2. 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.

  3. Intellectual Capital dan Ukuran Fundamental Kinerja Keuangan Perusahaan

    Directory of Open Access Journals (Sweden)

    Josepha C. Shanti

    2011-09-01

    Full Text Available This study aims to examine the effect of intellectual capital and the fundamental measurements of company financial performance. This study also used several control variables, namely size and type of industry. Samples used in this study is the type of company that intensively used the intellectual capital, that is the service industry. The hypothesis are tested using multiple regression. Intellectual capital in the service industry showed the influence to the company's financial performance. External size of the companies used to measure the intellectual capital is market-to-book value. Market responds to the company's profitability and company’s productivity.

  4. Energy and the capital of nations

    Science.gov (United States)

    Karakatsanis, Georgios

    2016-04-01

    The economically useful time of fossil fuels in Earth is estimated in just ~160 years, while humanity itself counts ~150*103 years. Within only ~0,15% of this time, humanity has used more energy, accumulating so much wealth than within the rest of its existence time. According to this perspective, the availability of heat gradients is what fundamentally drives the evolution of economic systems, via the extensive enhancement -or even substitution- of human labor (Ayres and Warr 2009). In the modern industrial civilization it is estimated (Kümmel 2011) that the average human ability to generate wealth (productivity) has increased by ~40%-50% -including the effects from the growth of human population- further augmented by significant economies of scale achieved in the industrial era. This process led to significant accumulation of surpluses that generally have the form of capital. Although capital is frequently confused with the stock of mechanical equipment, capital can be generalized as any form of accumulated (not currently consumed) production factor that can deliver a benefit in the future. In that sense, capital is found in various forms, such as machinery, technology or natural resources and environmental capacities. While it is expected that anthropogenic forms of capital are accumulated along the increase of energy use, natural capital should be declining, due to the validity of the Second Law of Thermodynamics (2nd Law), entropy production and -in turn- the irreversible (monotonic) consumption of exergy (Wall 2005). Regressions of the LINear EXponential (LINEX) function (an economic growth function depending linearly on energy and exponentially on output elasticity quotients) (Lindenbeger and Kummel 2011) for a number of industrialized economies -like the USA, Germany and Japan, found that output elasticities were highest for energy (except for US where it was second highest after capital); meaning that in industrial economies, energy comprises the most

  5. Job search, human capital and wage inequality

    OpenAIRE

    Carrillo-Tudela, Carlos

    2012-01-01

    The objective of this paper is to construct and quantitatively assess an equilibrium search model with on-the-job search and general human capital accumulation. In the model workers enter the labour market with different abilities and firms differ in their productivities. Wages are dispersed because of search frictions and workers’ productivity differentials. The model generates a simple (log) wage variance decomposition that is used to measure the importance of firm and worker productivity d...

  6. Human Capital and Its Development in Present-Day Russia

    Science.gov (United States)

    Nureev, R. M.

    2010-01-01

    In the broad sense of the word human capital is a specific form of capital that is embodied in people themselves. It consists of the individual's reserve of health, knowledge, skills, abilities, and motivations that enable him to increase his labor productivity and give him an income in the form of wages, salaries, and other income. The structure…

  7. 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.

  8. Human capital and optimal positive taxation of capital Income

    OpenAIRE

    Jacobs, B.; Bovenberg, A.L.

    2005-01-01

    This paper analyzes optimal linear taxes on capital and labor incomes in a life-cyclemodel 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 onlylabor income but also capital income is optimal. The positive tax on capital incomeserves to alleviate the distortions of the labor tax on human capital accumulation.The optimal marginal tax rate on capital income is lower than that on labor inco...

  9. Organizational networks and social capital

    DEFF Research Database (Denmark)

    Svendsen, Gunnar Lind Haase; Waldstrøm, Christian

    2013-01-01

    This chapter presents a framework for understanding organizational networks and social capital through the lens of “social capital ownership” as well as the private and collective goods provided through this ownership. More specifically, it argues that ownership of social capital in organizations...... is closely connected to four types of social capital – two belonging to the bridging social capital type, and two belonging to the bonding social capital type. The chapter first reviews literature on organizational social capital and then directly focuses on ownership of social capital in organizations......, as well as the derived benefits, or losses. Next, the chapter presents an empirical case apt to illustrate the theoretical findings in part one, namely the nineteenth-century Danish Cooperative Dairy Movement (Svendsen and Svendsen 2004). It is demonstrated how social capital among Danish peasants...

  10. Letting Go: Managerial Incentives and the Reallocation of Capital

    OpenAIRE

    Adriano A. Rampini; Andrea L. Eisfeldt

    2004-01-01

    This paper studies the provision of incentives to reallocate capital when managers are reluctant to relinquish control and have private information about the productivity of assets under their control. We show that when managers get private benefits from running projects substantial bonuses are required to induce managers to declare that capital under their control is less productive and should be reallocated. When aggregate productivity and hence the number of projects is low and fewer manag...

  11. Risk capital allocation

    DEFF Research Database (Denmark)

    Hougaard, Jens Leth; Smilgins, Aleksandrs

    sum of the risks of the individual sub-units. The question is how to allocate the risk capital of the company among the subunits in a fair way. In this paper we propose to use the Lorenz set as an allocation method. We show that the Lorenz set is operational and coherent. Moreover, we propose a set of......Risk capital allocation problems have been widely discussed in the academic literature. We consider a company with multiple subunits having individual portfolios. Hence, when portfolios of subunits are merged, a diversification benefit arises: the risk of the company as a whole is smaller than the...... new axioms related directly to the problem of risk capital allocation and show that the Lorenz set satisfies these new axioms in contrast to other well-known coherent methods. Finally, we discuss how to deal with non-uniqueness of the Lorenz set....

  12. El capital humano en el sistema de precios Human capital in the price system

    Directory of Open Access Journals (Sweden)

    Cuevas Homero

    1996-06-01

    Full Text Available Este ensayo explora algunas implicaciones fundamentales de la introducción del capital humano en un sistema de equilibrio general de precios de producción. En particular, las implicaciones sobre las determinación de los salarios, los agregados, la homogeneidad del modelo de trabajo, las proporciones capital trabajo, la tasa natural del beneficio y las fluctuaciones de los precios de equilibrio.This essay explores some fundamental implications of the introduction of human capital in a system of general equilibrium of prices of production. In particular, the implications concerning the determination of wages, the aggregates, the homogenei ty of labor, the capital-labor ratio, the natural rate of profit and the fluctuations of equilibrium prices.

  13. Bank Capital Management

    OpenAIRE

    Jokipii, T.K.

    2009-01-01

    The work undertaken in this study empirically explores the determinants of regulatory bank capital bu®ers, and how they in°uence bank decisions. Focusing on bank capital management under the Basel I framework, this thesis serves to address some of the con- cerns that have been voiced regarding the implementation of the new regulation (Basel II) and the broader economic e®ects that could result. In particular, the research chapters of this thesis examine the cyclical behavior of European bank ...

  14. Governing Global Capital

    DEFF Research Database (Denmark)

    Harrington, Brooke

    in helping elites avoid taxes and other forms of regulation. The study documents how the means through which they achieve this objective - shifting billions in private capital wealth between Asia, Africa, India and Europe - and how this affects the balance of regional economic power. Drawing from an...... institutionalist perspective, the paper examines three ways in which wealth managers, both individually and through their professional society, influence regional competition for power and wealth: 1) by finding loopholes in existing policies that limit the global flow of capital; 2) by lobbying national and...

  15. Capital Structure and Assets

    DEFF Research Database (Denmark)

    Flor, Christian Riis

    2008-01-01

    This paper analyzes a firm's capital structure choice when assets have outside value. Valuable assets implicitly provide a collateral and increase tax shield exploitation. The key feature in this paper is asset value uncertainty, implying that it is unknown ex ante whether the equity holders ex...... post optimally sell the assets or re-optimize the capital structure. Ex ante, more uncertain asset value decreases leverage, but not firm value, and selling the assets becomes less likely. Firms should tend to invest in assets whose value is less correlated to changes in earnings and, in addition...

  16. Building and destroying social capital: The case of cooperative movements in Denmark and Poland

    DEFF Research Database (Denmark)

    Chloupkova, Jarka; Svendsen, Gunnar Lind Haase; Svendsen, Gert Tinggaard

    2003-01-01

    linking social capital to rural development and comparing the cases of agricultural cooperative movements in Denmark and Poland, this paper identifies possible roots of building social capital and suggests that social capital was built through a lengthy process in both countries during the 19th century......Social capital, measured as the level of trust among people, may be regarded as a new production factor alongside the traditional ones of human and physical capital. With appropriate levels of social capital, monitoring and transaction costs can be saved and thus economic growth stimulated. Via...

  17. Contingent Capital with a Capital-Ratio Trigger

    OpenAIRE

    Paul Glasserman; Behzad Nouri

    2012-01-01

    Contingent capital in the form of debt that converts to equity when a bank faces financial distress has been proposed as a mechanism to enhance financial stability and avoid costly government rescues. Specific proposals vary in their choice of conversion trigger and conversion mechanism. We analyze the case of contingent capital with a capital-ratio trigger and partial and ongoing conversion. The capital ratio we use is based on accounting or book values to approximate the regulatory ratios t...

  18. Thin Capitalization Rules and Entrepreneurial Capital Structure Decisions

    OpenAIRE

    Alexandra Maßbaum; Caren Sureth

    2009-01-01

    Tax planners often choose debt over equity financing. As this has led to increased corporate debt financing, many countries have introduced thin capitalization rules to secure their tax revenues. In a general capital structure model we analyze if thin capitalization rules affect dividend and financing decisions, and whether they can partially explain why corporations receive both debt and equity capital. We model the Belgian, German and Italian rules as examples. We find that the so-called Mi...

  19. 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 confide

  20. 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 inco

  1. Social Capital, ICT Use and Company Performance

    DEFF Research Database (Denmark)

    Steinfield, Charles; Scupola, Ada; López-Nicolás, Carolina

    2009-01-01

    This study explores how some kinds of ICT uses, as well as social capital and other means of access to knowledge resources, are related to company performance in a knowledge-intensive business cluster. Data were collected through a survey of companies in the Medicon Valley biotech region located in...... Denmark and Southern Sweden. Responding companies included established producers of biotechnology-related products as well as small biotechnology start-up firms emphasizing research and development.  The results suggest that when ICT use was aimed at accessing and enhancing human and intellectual capital......, such as use of online databases for recruitment, intranets to enhance employee access to information and education, and collaborative tools to connect with off-premise researchers, companies reported better performance outcomes. Social capital in the form of connections to people who can provide access...

  2. CAPITAL BUDGETING DECISIONS-REVIEW OF LITERATURE

    Directory of Open Access Journals (Sweden)

    Renu Gulia

    2014-04-01

    Full Text Available -The main objective of present study is to present review of literature related to capital budgeting decisions and to study the trends in using the capital budgeting techniques in depth. The study would facilitate the reader to know the past, current and future trend of capital budgeting techniques by the corporate houses. This study would provide guidelines to decision makers to make investing and financing decisions so that their profit get maximise at minimize risks.The secondary purpose of this study is to understand the rationale behind capital budgeting decisions. Whether such kinds of decisions affect the efficiency of the corporate houses. Efficiency either in terms of increase in revenue or decrease in costs of the operations. The benefits from large investments are received in some future period and the future is uncertain. For instance, a decision to acquire an asset that is going to last for 15 years requires a15-year forecast. A failure to forecast correctly will lead to serious errors which can be corrected only at a considerable expense. Future revenue involves estimating the size of the market for a product and the expected share of the firm in that. These estimates depend on a variety of factors, including price, advertising and promotions, and sales effort and so on. To what extend these estimates effect the quality of capital budgeting decisions is the more sophisticated way to explain the main objective of this study

  3. Using Four Capitals to Assess Watershed Sustainability

    Science.gov (United States)

    Pérez-Maqueo, Octavio; Martinez, M. Luisa; Vázquez, Gabriela; Equihua, Miguel

    2013-03-01

    The La Antigua watershed drains into the Gulf of Mexico and can be considered as one of the most important areas in Mexico because of its high productivity, history, and biodiversity, although poverty remains high in the area in spite of these positive attributes. In this study, we performed an integrated assessment of the watershed to recommend a better direction toward a sustainable management in which the four capitals (natural, human, social, and built) are balanced. We contrasted these four capitals in the municipalities of the upper, middle and lower watershed and found that natural capital (natural ecosystems and ecosystem services) was higher in the upper and middle watershed, while human and social capitals (literacy, health, education and income) were generally higher downstream. Overall, Human Development Index was negatively correlated with the percentage of natural ecosystems in the watershed, especially in the upper and lower watershed regions. Our results indicate that natural capital must be fully considered in projections for increasing human development, so that natural resources can be preserved and managed adequately while sustaining intergenerational well-being.

  4. NANNING China's Green Capital

    Institute of Scientific and Technical Information of China (English)

    2010-01-01

    @@ Nanning,the capital city of Guangxi province,is not only the political,economic and cultural center of the province,but also plays an important role in the economic development of southwest China.Nanning's advantageous location makes the city a commercial and communication center,opening China to Southeast Asia.

  5. Corruption and Social Capital

    DEFF Research Database (Denmark)

    Bjørnskov, Christian

    2003-01-01

    I examine the causal relation between social capiatl and corruption. A simple model illustrates potential mechanisms and yields testable implications, which I estimate in a sample of European countries. The estimated effect of social capital on corruption is found to be robust to the inclusion of a...... redistribution, which in turn reduces corruption....

  6. Microfoundations of Social Capital

    DEFF Research Database (Denmark)

    Thöni, Christian; Tyran, Jean-Robert; Wengström, Erik Roland

    We show that the standard trust question routinely used in social capital research is importantly related to cooperation behavior and we provide a microfoundation for this relation. We run a large-scale public goods experiment over the internet in Denmark and find that the trust question is a proxy...

  7. Is capitalism possible?

    NARCIS (Netherlands)

    Gaay Fortman, B. de

    1998-01-01

    In the two ages of its existence capitalism has given proof of its reformability. It was, however, anti-capitalist blueprints and ideas that constituted a continuous spiritual driving force towards reform. Today, after the collapse of real existing socialism there is an urgent need for new alternati

  8. Microfoundations of Social Capital

    DEFF Research Database (Denmark)

    Thöni, Christian; Tyran, Jean-Robert Karl; Wengström, Erik Roland

    2012-01-01

    Research on social capital routinely relies on survey measures of trust which can be collected in large and heterogeneous samples at low cost. We validate such survey measures in an incentivized public good experiment and show that they are importantly related to cooperation behavior in a large and...

  9. Towards Transnational Academic Capitalism

    Science.gov (United States)

    Kauppinen, Ilkka

    2012-01-01

    This paper contributes to current debates on the relationship between globalisation and higher education. The main argument of the paper is that we are currently witnessing transnationalisation of academic capitalism. This argument is illustrated by examining the collaboration between transnational corporations and research universities, and how…

  10. Manage "Human Capital" Strategically

    Science.gov (United States)

    Odden, Allan

    2011-01-01

    To strategically manage human capital in education means restructuring the entire human resource system so that schools not only recruit and retain smart and capable individuals, but also manage them in ways that support the strategic directions of the organization. These management practices must be aligned with a district's education improvement…

  11. 30 CFR 220.020 - Calculation of the allowance for capital recovery.

    Science.gov (United States)

    2010-07-01

    ... the capital recovery factor, and shall be debited to the NPSL capital account as specified in § 220... recovery factor. The negative product of this calculation shall be debited to the NPSL capital account as... 30 Mineral Resources 2 2010-07-01 2010-07-01 false Calculation of the allowance for...

  12. Economic Modeling of Income, Different Types of Capital and Natural Disasters

    OpenAIRE

    Markandya, Anil; Pedroso-Galinato, Suzette

    2009-01-01

    This paper provides empirical estimates of the impacts of natural disasters on different forms of capital (with a focus on human and intangible capital and natural capital), and on real gross domestic product per capita. The types of disaster considered are droughts, earthquakes, floods, and storms and their impacts are measured in terms of the number of people affected or people affected ...

  13. Business Teacher Education (BTE); A Panacea for Human Capital Development in Nigeria

    Science.gov (United States)

    Okifo, Joseph; Ayo, Abel O.

    2015-01-01

    The focus of this paper is on business teacher education, a panacea for human capital development in Nigeria. Human capital suggests that education, and training, health and standard of living raises the productivity of workers and increases their lifetime earning capacity. Therefore, BTE is a panacea for human capital development because the…

  14. Auditing and bank capital regulation

    OpenAIRE

    Edward Simpson Prescott

    2004-01-01

    Auditing is introduced into a model of bank capital regulation. Deterministic and stochastic auditing strategies are studied. Contrary to intuition, auditing of bank risk should be focused on the safest banks because they hold the least amount of capital. Risky banks, which hold more capital, need to be audited less. The importance of auditing by regulators and penalties for non-compliance are discussed in light of the Basel II capital regulation proposals. Emphasis is placed on the importanc...

  15. 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...

  16. Crony Capitalism: Caricature or Category?

    OpenAIRE

    Mazumdar, Surajit

    2008-01-01

    This paper, part of a series on Crony Capitalism and Contemporary India, examines the conceptual meaning of the term crony capitalism, which has acquired considerable popularity since it was used as an explanation for the East Asian crisis. The paper argues that the conception of crony capitalism as a description of a distinct kind of capitalism associated with the State playing a key role in the allocation process suffers from serious deficiencies and therefore does not provide a suitable fr...

  17. Technology Differences and Capital Flows

    OpenAIRE

    Sebastian Claro

    2004-01-01

    The one-to-one mapping between cross-country differences in capital returns and the direction of international capital flows is broken in a multisector world where international factor price differences are driven by technology differences. A technology-backward or low-return-to-capital country will face capital inflows or outflows after financial integration depending on whether non-tradable demand is bossted or not

  18. Market Timing and Capital Structure

    OpenAIRE

    Jeffrey A. Wurgler; Baker, Malcolm P.

    2001-01-01

    It is well known that firms tend to raise equity when their market values are high relative to book and past market values. We document that the resulting effects on capital structure are very persistent. As a consequence, current capital structure is strongly related to past market valuations. The results are difficult to explain within traditional theories of capital structure and suggest that capital structure is the cumulative outcome of past attempts to time the equity market.

  19. Risk, capital and financial crisis

    OpenAIRE

    Ghosh, Saibal

    2014-01-01

    Employing data on over 100 banks for Gulf Cooperation Council (GCC) countries during 1996-2011, we test the relation between risk and capital. The findings indicate that banks generally increase capital in response to an increase in risk, and not vice versa. Second, there is an uneven impact of regulatory pressure and market discipline on banks attitude towards risk and capital. Additionally, Islamic banks increased their capital as compared to conventional banks.

  20. Extended Measures of Capital Transactions

    OpenAIRE

    Jorge Selaive; Beatriz Velásquez; José Miguel Villena

    2008-01-01

    In this work, we extend de jure measures of capital account restrictions previously assembled by Miniane (2004) to a set of 181 economies for the period 1996-2005. Additionally, we propose two new measures of capital account restrictions. The first excludes prudential regulation and the second weights the indices by a proxy for the enforcement of capital restrictions. We analyze global tendencies and the process of capital account liberalization in Chile. For the group of economies, we observ...

  1. MODELLING SOCIAL CAPITAL AND GROWTH

    OpenAIRE

    Yuan K. Chou

    2002-01-01

    This paper proposes three theoretical growth models incorporating social capital, based on varied expositions on the concept of social capital and the empirical evidence gathered to date. In these models, social capital impacts growth by assisting in the accumulation of human capital, by affecting financial development through its effects on collective trust and social norms, and by facilitating networking between firms that result in the creation and diffusion of business and technological i...

  2. What Drives Venture Capital Fundraising?

    OpenAIRE

    Paul A. Gompers; Josh Lerner

    1999-01-01

    We examine the determinants of venture capital fundraising in the U.S. over the past twenty-five years. We study industry aggregate, state-level, and firm-specific fundraising to determine if macroeconomic, regulatory, or performance factors affect venture capital activity. We find that shifts in demand for venture capital appear to have a positive and important impact on commitments to new venture capital funds. Commitments by taxable and tax-exempt investors seem equally sensitive to change...

  3. Capital Mobility and Asset Pricing

    OpenAIRE

    Duffie, Darrell; Strulovici, Bruno

    2009-01-01

    We present a model for the equilibrium movement of capital between asset markets that are distinguished only by the levels of capital invested in each. Investment in that market with the greatest amount of capital earns the lowest risk premium. Intermediaries optimally trade off the costs of intermediation against fees that depend on the gain they can offer to investors for moving their capital to the market with the higher mean return. Those fees also depend on the bargaining power of the in...

  4. How venture capital works.

    Science.gov (United States)

    Zider, B

    1998-01-01

    The popular mythology surrounding the U.S. venture-capital industry derives from a previous era. Venture capitalists who nurtured the computer industry in its infancy were legendary both for their risk taking and for their hands-on operating experience. But today things are different, and separating the myths from the realities is crucial to understanding this important piece of the U.S. economy. Today's venture capitalists are more like conservative bankers than the risk takers of days past. They have carved out a specialized niche in the capital markets, filling a void that other institutions cannot serve. They are the linch-pins in an efficient system for meeting the needs of institutional investors looking for high returns, of entrepreneurs seeking funding, and of investment bankers looking for companies to sell. Venture capitalists must earn a consistently superior return on investments in inherently risky businesses. The myth is that they do so by investing in good ideas and good plans. In reality, they invest in good industries--that is, industries that are more competitively forgiving than the market as a whole. And they structure their deals in a way that minimizes their risk and maximizes their returns. Although many entrepreneurs expect venture capitalists to provide them with sage guidance as well as capital, that expectation is unrealistic. Given a typical portfolio of ten companies and a 2,000-hour work year, a venture capital partner spends on average less than two hours per week on any given company. In addition to analyzing the current venture-capital system, the author offers practical advice to entrepreneurs thinking about venture funding. PMID:10187243

  5. Intellectual Capital: Comparison and Contrast.

    Science.gov (United States)

    Madsen, Susan R.

    2001-01-01

    Suggests that one of the most important keys for improving individual and organizational performance is in developing and strengthening intellectual capital (IC) and explores the similarities and differences between the concepts of intellectual capital, human capital, and knowledge management. Presents four IC characteristics and addresses the…

  6. Working Paper on Social capital

    DEFF Research Database (Denmark)

    Lassen Hanan, Anne

    2013-01-01

    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...

  7. Pension funds and capital accumulation

    OpenAIRE

    Belan, Pascal; Michel, Philippe; Wigniolle, Bertrand

    2001-01-01

    This note presents a model in which pension funds, by holding a signifiant share of capital assets, can exert a non competitive behavior on labor market. This leads to lower wages and higher capital returns, and can reduce capital accumulation and Long-run welfare.

  8. Thin Capitalization Rules and Entrepreneurial Capital Structure Decisions

    Directory of Open Access Journals (Sweden)

    Alexandra Maßbaum

    2009-12-01

    Full Text Available Tax planners often choose debt over equity financing. As this has led to increased corporate debt financing, many countries have introduced thin capitalization rules to secure their tax revenues. In a general capital structure model we analyze if thin capitalization rules affect dividend and financing decisions, and whether they can partially explain why corporations receive both debt and equity capital. We model the Belgian, German and Italian rules as examples. We find that the so-called Miller equilibrium and definite financing effects depend significantly on the underlying tax system. Further, our results are useful for the treasury to decide what thin capitalization type to implement.

  9. The impact of intellectual capital on the financial performance of depositary banks in Turkey

    OpenAIRE

    Oğraş, Zeynep

    2010-01-01

    69 pages. The purpose of the study is to analyze the impact of intellectual capital on the financial performance of the depository banks in Turkey. The intellectual capital is calculated by using Value Added Intellectual Capital Coefficient (VAIC) method. For measuring the financial performance of the banks, return on equity (ROE), return on total assets (ROA), growth in revenues (GR) and employee productivity (EPR) ratios are used. The effect of intellectual capital on t...

  10. The impact of public capital and public investment on economic growth: an empirical investigation

    OpenAIRE

    Ferreira, Pedro Cavalcanti

    1994-01-01

    in this anicle we measure the impact of public sector capital and investment on economic growth. Initially, traditional growth accounting regressions are run for a cross-country data set. A simple endogenous growth model is then constructed in order to take into account the determinants of labor, private capital and public capital. In both cases, public capital is a separate argument of the production function. An additional data-set constructed with quarterly American data was used in the es...

  11. Are Theories About Social Capital Empirically Supported? Evidence from the Farming Sector

    OpenAIRE

    Vera-Toscano, Esperanza; Garrido Fernández, Fernando E.; José A. Gómez-Limón; Cañadas-Reche, José L.

    2012-01-01

    In general, sustainable development has been defined as a process whereby future generations receive as much capital per capita as – or more than – the current generation has available (WCED 1987). Traditionally, this has included natural capital, physical or produced capital, and human capital (i.e., production factors). Together they constitute the wealth of nations and form the basis of economic development and growth. However, it has recently been recognised that these three t...

  12. Externalities in an endogenous growth model with social and natural capital

    OpenAIRE

    Roseta-Palma, Catarina; Ferreira-Lopes, Alexandra; Sequeira, Tiago Neves

    2010-01-01

    Models of economic growth are typically based on the use of one or more stocks of productive assets to create goods for utility-generating consumption. The roles played by man-made capital, natural capital, and human capital have been explored in the literature, and more recently the notion of social capital has been brought to the fore. This paper provides an attempt to construct an inclusive model of growth, analyzing externalities and distortions due to market failures linked with social c...

  13. Indentifying human capital externalities: Theory with an application to US cities

    OpenAIRE

    Ciccone, Antonio; Peri, Giovanni

    2002-01-01

    The identification of aggregate human capital externalities is still not fully understood. The existing (Mincerian) approach confounds positive externalities with wage changes due to a downward sloping demand curve for human capital. As a result, it yields positive externalities even when wages equal marginal social products. We propose an approach that identifies human capital externalities whether or not aggregate demand for human capital slopes downward. Another advantage of our approach i...

  14. Capital mobility ? a resource curse or blessing? How, when, for whom?

    OpenAIRE

    Hikaru Ogawa; Jun Oshiro; Yasuhiro Sato

    2012-01-01

    This paper investigates which of the two countries \\resource-rich or resourcepoor\\ gains from capital market integration and capital tax competition. We develop a framework involving vertical linkages via resource-based inputs as well as international fiscal linkages between resource-rich and resource-poor countries. Our analysis shows that capital market integration causes capital flows from resourcepoor countries to resource-rich countries and thus improves production efficiency and global ...

  15. Capital-Skill Complementarity and Rigid Relative Wages: Inference from the Business Cycle

    OpenAIRE

    Rose Skaksen, Jan; Sørensen, Anders

    2005-01-01

    The relative demand for skills has increased considerably in many OECD countries during recent decades. This development is potentially explained by capital-skill complementarity and high growth rates of capital equipment. When production functions are characterized by capital-skill complementarity, relative wages and employment of skilled labor are countercyclical because capital equipment is a quasi- fixed factor in the short run. The exact behavior of the two variables depen...

  16. A social capital perspective to innovation management in construction

    NARCIS (Netherlands)

    Vlies, R.D. van der; 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

  17. Selection of intellectual capital management strategies

    OpenAIRE

    Shcherbachenko Viktoriia Oleksiivna

    2016-01-01

    This article deals with the selection of intellectual capital management strategy. The attention is paid to the structure of intellectual capital, which consists of human capital, customer capital, process capital, intellectual property, intangible assets. The algorithm of selection of intellectual capital management strategy was created by author.

  18. Performance systems and social capital

    DEFF Research Database (Denmark)

    Rasmussen, Grane Mikael Gregaard; Edwards, Kasper

    2014-01-01

    Performance systems and social capital are considered mutually exclusive. Contemporary studies show that social capital is essential in generating performance improvement. This raises an important question: “How do performance systems and social capital correspond?” This study draws on findings...... from a study on implementation of a performance system in Danish construction. The results show causalities between implementing the performance system and the emergence of social capital in construction projects. Results indicate that performance systems and social capital is not mutually exclusive...

  19. CREATIVE WORK UNDER COGNITIVE CAPITALISM CONDITIONS

    Directory of Open Access Journals (Sweden)

    Viktor Barhatov

    2014-07-01

    Full Text Available The transformation of production relations, which we have all witnessed during the last 20 years, has shown outdated existing theoretical approaches toward an understanding of the economy. The search for alternative ways of the economic development involves representatives of various scientific fields: post industrialism, information economy, sustainable economic development, new economy and others. Of particular interest is the concept of cognitive capitalism, which allows us to consider the transformation occurring “inside” of capitalism. This article proposes an approach to the study of the cognitive capitalism nature from the perspective of the Marxian theory, productive forces of society, and psychology. Methodological framework used has revealed contradictions of existing liberal-capitalist vector of development and the innovation-oriented economic formation.  This is based on the exploitation of economic agent’s creative work.  The technique, which allows us to assess the involvement of management in cognitive capitalism, is provided.

  20. Ensayo sobre el Capital Social

    Directory of Open Access Journals (Sweden)

    Ramón Frediani

    2011-08-01

    Full Text Available En la teoría económica existen distintas definiciones de capital: capital físico, el capital en recursos naturales, el capital financiero, el capital en infraestructura económica, el capital en infraestructura social y el capital humano. Todos ellos son condiciones necesarias para que un país alcance el desarrollo económico y social y un alto estándar y calidad de vida de sus habitantes, pero no suficientes puesto que hace falta una categoría adicional de capital. En los últimos años ha surgido el análisis de una nueva categoría: el Capital Social. El concepto se ha convertido en uno de los temas más debatidos de las ciencias sociales y políticas. Se refiere a un elemento invisible, etéreo, menos tangible que el capital humano (conocimientos y/o habilidades de los individuos o el capital físico (bienes materiales, pero que resulta decisivo para la actividad productiva, la satisfacción de las necesidades personales y el desarrollo comunitario y de una sociedad toda.

  1. Capital Requirements and Banks' Leniency

    DEFF Research Database (Denmark)

    Dietrich, J. Kimball; Wihlborg, Clas

    2003-01-01

    We investigate the effect of changes in capital regulation on the strictness(leniency) of loan terms using a simple model of bank capital requirements andasset quality examinations. Banks offer different levels of `leniency' in the senseof willingness to offer automatic extensions of loans in the...... presence of temporarypayment difficulties of borrowers. Banks offering lenient (less strict) loan termsmust have higher initial levels of capital and charge higher loan rates. Whencapital requirements are increased, both strict and lenient banks hold higher levelsof initial capital and they raise loan...... rates. As capital requirements increase thedifference between initial capital levels and between interest rates of strict andlenient banks decrease. Thus, higher capital requirements in recessions tend toreduce the interest rate premium paid for leniency. If a recession is interpreted asan increase in...

  2. Optimization of the customer capital management system of the enterprise

    Directory of Open Access Journals (Sweden)

    Ie.O. Golysheva

    2013-12-01

    next steps based on the ratio of costs and results. It was made the economic-mathematical model of dependence of the results and costs on integrated indexes of evaluation of customer capital to determine of the optimal variant of transition between quadrants. It is based on two assertions: the value of results increasing from activities of customer capital rise is proportional (with deceleration to increasing of the integral index of customer capital evaluation; the value of costs results increasing from activities of customer capital rise is proportional (with faster growth to increasing of the integral index of customer capital evaluation. Using the mathematical model it is possible to find the value of the integral index of customer capital evaluation that the company can achieve with the optimal ratio of results to costs. Note that this optimization task is advisable to perform with help of tools built-in Microsoft Excel (service «Solver». Conclusions and directions of further researches. The author formed the optimization model that allows choosing the best variant for customer capital increasing of the company by the criterion of maximum ratio of results and costs under the existing restrictions of the product price and the volume of sales, amount of financial resources and the highest possible level of customer capital. The author, using mathematical tools of differential calculus, found depending results and costs, associated with higher level of customer capital, on the integral index of customer capital evaluation. It is proposed the approach to construction of the optimization model and the econometric model improved to the economic efficiency rise of customer capital management in an enterprise. They deepen significantly the theoretical and methodological foundations of customer capital management of the company. Testing of the results in practice, improvement of optimization model and strategic actions of customer capital management of enterprises can

  3. On the long run effect of public capital on aggregate output: Estimation and sensitivity analysis

    OpenAIRE

    Raymond G. Batina

    1999-01-01

    We undertake a sensitivity analysis of the productivity of public capital under the aggregate production function approach. Several proxies are used for the private inputs and for public capital, several dummy variables are included to adjust for energy price shocks, newly revised data is studied, and Stock and Watson's dynamic OLS estimator is used. Our main results are that the productivity of public capital depends critically on the proxies used, the effects are typically smaller than the ...

  4. Contabilidad del capital intelectual

    OpenAIRE

    Myriam Ruiz Tibaná; Ramon Elias Jimenez Arias; Tito Duarte

    2007-01-01

    El capital intelectual es un valor intangible que debe incorporarse a los estados financieros, como parte de la generación de valor de todos los trabajadores de una organización. Existen algunos modelos que permiten cuantificarlo, aunque es preciso reconocer que debemos ahondar con más precisión con el objeto de contar con un mayor número de adeptos a esta importante referencia.

  5. Social capital and education

    OpenAIRE

    Timur Natkhov

    2012-01-01

    Timur Natkhov, Ph.D. in Economics, Associate Professor in the Subdepartment of Institutional Economics, National Research University - Higher School of Economics, Moscow, Russian Federation. Email: The paper presents a brief evolution of studies on the relationship between education and social capital in different countries. A distinctive feature of these studies is their interdisciplinary nature, as they combine theories and methods of different social sciences.To ide...

  6. Entrepreneurial Human Capital

    OpenAIRE

    Iversen, Jens; Malchow-Møller, Nikolaj; Sørensen, Anders

    2009-01-01

    We argue that formal schooling and wage-work experience are complementary types of human capital for entrepreneurs. Strong empirical support is found for this hypothesis as the interaction term between schooling and actual wage-work experience enters positively and significantly in a Mincer equation, whereas the effect of schooling in the absence of wage-work experience is insignificant. These results are extremely robust towards more flexible specifications, including fixed-effects estimatio...

  7. Managers and Market Capitalism

    OpenAIRE

    Rebecca Henderson; Karthik Ramanna

    2013-01-01

    In a capitalist system based on free markets, do managers have responsibilities to the system itself? If they do, should these responsibilities shape their behavior when they are engaging in the political process in an attempt to structure the institutions of capitalism? The prevailing view-perhaps most eloquently argued by Milton Friedman-is that the first duty of managers is to maximize shareholder value, and thus that they should take every opportunity (within the bounds of the law) to str...

  8. Investments in human capital

    OpenAIRE

    Milost, Franko; Novak, Matic

    2016-01-01

    Investments in human capital (employees) include investments in the direct assurance of working abilities, investments in health and well-being and investments in loyalty to the company. These investments are crucial for the long-term existence and development of a company, but their value is not disclosed on the assets side of the classical balance sheet. The most important argument given by the proponents of this approach is that the economic benefits stemming from such investments are unce...

  9. 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...

  10. Venture capital and private equity investment preferences in selected countries

    Directory of Open Access Journals (Sweden)

    Krzysztof Dziekoński

    2016-01-01

    Full Text Available Sources of capital to finance companies in the SME sector is one of the basic conditions for the functioning and development of enterprises, especially in the early phase of their development. Increasingly popular is the use of capital market instruments, Private Equity, Venture Capital, Business Angels or Mezzanine. Funding of this kind can finance risky investments in return for a higher expected rate of return on capital. Access to financial resources and the conditions under which entrepreneurs can use them can determine the introduction of new technology, new products and services, expand distribution channels, implement changes that may lead to the growth in competitiveness and above all, innovation, thus the growth of the company. The paper presents results of statistical analysis of the venture capital and private equity funds investment strategies in selected countries. As a result investment profiles are created.

  11. 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...

  12. Deradiating the former uranium capital

    International Nuclear Information System (INIS)

    The city that once proclaimed itself The Uranium Capital of America is in the process of divorcing itself from the radioactive element - literally as well as symbolically. The last vestiges of uranium are being shoveled from the community. The removal is part of the federal Department of Energy's (DOE) Remedial Action program. It was established in 1972 to clean up areas of the country in which radiation exposure in excess of normal background levels could be attributed to wastes from DOE-operated uranium processing plants. Grand Junction was the first area to qualify. A good portion of the city is built on radioactive tailings - by-products of a uranium-processing industry. The DOE and the Environmental Protection Agency established guidelines for action levels of radiation. The standards were extrapolated from data from studies of lung cancer incidence in uranium miners in Europe and the US

  13. fuente de capital humano

    Directory of Open Access Journals (Sweden)

    Ligia Becerra

    2005-01-01

    Full Text Available El capital intelectual es una concepción novedosa, tipificada como un activo intangible que agrega valor a la empresa; está formado por tres componentes: el capital organizacional, el humano y el relacional. El capital humano está relacionado con el desarrollo y los conocimientos del individuo, que permite diferenciar a un profesional de otro. El objetivo de este trabajo es analizar la formación del Contador Público egresado de la Universidad de Los Andes (ULA de Trujillo, como fuente de capital humano para su desempeño profesional. Los datos se recolectaron aplicando un cuestionario a una muestra aleatoria de 47 de estos profesionales, empleando para el análisis y presentación de los resultados técnicas estadísticas. La investigación evidencia que la mayoría de los encuestados poseen un nivel de satisfacción de medio a bajo con su formación de pregrado, señalando como principales debilidades del Plan de Estudio las áreas tributaria y cambiaria, el manejo instrumental del inglés y el conocimiento de las normativas que rigen el sistema económico. La formación en algunas de estas áreas la han mejorado a través de otras actividades de capacitación. No obstante reconocen algunas fortalezas tales como: el aprendizaje y dominio de conceptos y Principios Contables de Aceptación General, las matemáticas y estadística, el manejo de la contabilidad computarizada y las habilidades para analizar e interpretar problemas contables. Se concluye que a pesar de las deficiencias, la realización de cursos de actualización, junto con las fortalezas en la formación de la carrera, ha contribuido a que el contador público egresado de la ULA de Trujillo constituya un capital humano con ventaja competitiva.

  14. Visitando vizinhos: uma análise da série histórica de produção de bens de capital no Brasil utilizando diagramas de recorrência Encountering neighbors: an analysis of capital goods production in Brazil using recurrence plot diagrams

    Directory of Open Access Journals (Sweden)

    Newton Paulo Bueno

    2009-08-01

    Full Text Available O objetivo do texto é identificar possíveis não linearidades na série de produção de bens de capital brasileira no período janeiro/1975-janeiro/2002. Utilizando a técnica de análise de séries temporais com diagramas de recorrência e o método de previsão por nearest neighbors, apresentam-se evidências de que os investimentos no Brasil - tomando como proxy a série temporal de produção de bens de capital - seguem uma dinâmica com um componente não linear determinístico não desprezível. Embora não tenha sido objetivo do texto identificar a possível fonte dessa dinâmica, os resultados empíricos alcançados autorizam a supor que a dinâmica macroeconômica brasileira pode ser mais sensível à variabilidade da política econômica do que normalmente se supõe. A implicação disso é que a capacidade de prever esses efeitos, com uma margem estatisticamente aceitável de significância, pode ser muito reduzida em períodos em que a dinâmica da série se torna mais sensível em relação às condições iniciais; as técnicas aqui empregadas, entretanto, sugerem que em certa medida é possível, senão prever a evolução dos investimentos, pelo menos identificar os períodos nos quais essa previsão é menos confiável.The objective of the paper is to identify possible non-linearities in Brazilian capital goods production in the period January/1975-January/2002. Using the techniques of recurrence plots diagrams and nearest neighbors forecasting, we found evidences that investments in Brazil present a non negligible non-linear component. Although it has not been the purpose of the paper to identify the possible source of that dynamics, the empiric results found authorize to speculate that the dynamics of some important macroeconomic variables in Brazil might be more sensitive to economic policy variability than it is usually supposed. The implication is that the ability to foresee those effects, within a significant

  15. Mobilizing social capital to deal with child labour in cocoa production: The case of community child labour monitoring system in Ghana

    NARCIS (Netherlands)

    Owusu-Amankwah, R.; Ruivenkamp, G.T.P.; Frempong, G.; Essegbey, G.

    2014-01-01

    The Government of Ghana is leading the implementation of Community Child Labour Monitoring (CCLM) System as remediation and monitoring tool to free cocoa production from the worst forms of child labour and trafficking. Through a mixed-method approach which combines exploratory qualitative and quanti

  16. Venture Capital, Private Firms, and the Capital Acquisition Process

    OpenAIRE

    Mull, Rick H.

    1994-01-01

    This paper presents an empirical examination of the incentives motivating venture capitalists and sample of growth option intensive private firms with acute capital requirements to interact, the gains each group achieves through this association, the types of private firms successfully attracting venture capital, and mechanisms used in this funding process. Results show that venture capital backed firms achieve growth rates (1) greater than expected, and (2) greater than a matched sample of n...

  17. Capital Gains Taxes, Irreversible Investment, and Capital Structure

    OpenAIRE

    Norman Schuerhoff

    2004-01-01

    Personal taxation can be an important determinant of corporate investment and financing decisions if the marginal investor is taxed. I develop a dynamic capital budgeting model under realization-based capital gains taxation that highlights distinct cross-sectional and time-series implications. Capital gains taxation creates an embedded tax timing option that reduces investors’ uncertainty about after-tax payoffs in downstates. The inherent asymmetry in personal taxation diminishes the value...

  18. Capital Income Taxation and Tax Criteria in International Capital Markets

    OpenAIRE

    Hannu Piekkola

    1995-01-01

    The study analyses the capital income taxation of foreign-source income, where residence and source criteria are the two well-known tax criteria. The study presents a globally optimal tax rule which equalizes the shadow price of capital in the countries and which is assumed to be a weighted average of the return on savings and on investment, i.e. depending on the gross rate of return to the extent that capital contributes to the capital used, and on the net interest rate to the extent that ca...

  19. TV and Capitalization of Free Time. TV Programming as Means of Production / TV y capitalización del tiempo de ocio. La programación como medio de producción

    Directory of Open Access Journals (Sweden)

    Ddo. Richard Danta; rdanta@ucu.edu.uy

    2009-01-01

    Full Text Available This paper tries to build a conceptual bridge between the communication theories and the contemporary economic ones, concentrating on the added value concept on television industry. More specifically, it pays especial attention to the idea of considering television programming as a means of production that is able to capitalize the emission by using location strategies (day and time in which a television show is offered to the target audience, as well as contents strategies (the narrative nature of TV shows as a cultural message. TV programming, discursive strategy, message, format, narrative genre and cultural proximity are some of the communication and technical categories that will be confronted and judged against economic notions of capitalized value, such as: added time, economic yield and cultural commodity; in order to formulate a theoretical model that allows to understand TV programming as a means of production in all of its industrial implications. Este trabajo intenta el acercamiento entre las teorías comunicacionales y las teorías económicas contemporáneas, centrándose en el concepto de generación de valor agregado en la industria cultural televisiva. Más específicamente, focaliza su atención en la programación televisiva considerada como un medio de producción capaz de capitalizar espacios de emisión a través de estrategias discursivas de localización (el día y hora en que se emite un programa de televisión y de estrategias discursivas de contenido (la propuesta narrativa del mensaje televisivo. Las nociones de programación, estrategia discursiva, mensaje, formato, género televisivo, y proximidad cultural serán confrontadas y vinculadas con las categorías de capitalización, tiempo agregado, rentabilidad y mercancía cultural, con el propósito de formular un modelo incipiente que permita la comprensión de la programación televisiva en tanto medio de producción, ya sea en sus cualidades económicas como en sus

  20. 社会资本对农户新技术品种采用意愿的影响%Effects of Social Capital on Rural Residents' Adoption Willingness of New Technology Product

    Institute of Scientific and Technical Information of China (English)

    王海军; 李艳军

    2012-01-01

    对影响农户新技术品种采用的因素进行研究,经过文献查询和实地调研主要从农户的基本特征和社会资本两个方面进行探讨,运用Logistic回归分析等方法,对湖北荆州地区油菜种植农户新技术品种采用行为调查所得的数据进行实证分析.结果表明,农户基本特征中年龄、教育程度、劳动人口、种植规模、种植目的是影响农户采用新技术品种的重要因素,但种植规模和目的是较为重要的因素;农户社会资本网络规模中农户社会活动参与频度是影响农户采用新技术品种的重要因素,重点关注农户与村干部之间关系因素;农户社会资本网络质量是影响农户采用新技术品种的决定因素,值得关注的是农户对经销商的信任质量因素的影响作用.%The factors which affect rural residents' adoption of new technology product were mainly focused on. Through the approaches of literature reviewing and empirical research and from the two perspectives of demographic characteristics and social capital, based on the logistic regression approach, the adoption behaviour of rural residents in Jingzhou district using the collected data from the district was analyzed. The results showed that among all the demographic variables, age, education, labor, scale, and intention were the key variables which affected the adoption behaviour of new technology product, while the scale and intention were slightly less important; the social activity participation frequency, which was included in the social capital network system, was an important factor affecting the adoption behaviour, the relationship factor between rural residents and rural government members should be placed as a high premium factor. Besides, the influence of rural residents' trust on dealers should also draw close attention.

  1. Human Capital and Efficiency: The Role of Education and Experience in Micro-Enterprises of Ghana¡¯s Wood-Products Industry

    OpenAIRE

    Omer Gokcekus; Kwabena Anyane-Ntow; Richmond, T. R.

    2001-01-01

    Increasing efficiency and creating new employment via micro-enterprises emerges as a viable solution to four problems in developing countries - unemployment, migration from rural to urban areas, inefficient use of resources and lack of international trade capabilities. 242 micro- enterprises from Ghana¡¯s wood-product industry are used in the analysis. Schooling and on- the-job training explain efficiency dispersions among micro-enterprises. Accordingly, a proper training program can compleme...

  2. Is Social Capital an Effective Smoke Condenser? An Essay on Concept Linking the Social Sciences

    DEFF Research Database (Denmark)

    Svendsen, Gert Tinggaard; Paldam, Martin

    1998-01-01

    Social capital is defined as mutual trust. It is related to production by a key hypothesis: social capital determines how easily people work together. An easy-to-use proxy (Putnam's Instrument) is the density of voluntary organizations. Social capital might be a new production factor which must be...... added to human and physical capital, or it might enter as a reduction in either transaction or monitoring costs. A direct and an indirect way to measure social capital are discussed. The crucial question is if social capital can be changed. That is, if self enforcement can replace third party...... enforcement, and it is discussed how much harm totalitarian regimes do to social capital, when they expand their area of central control....

  3. 要素市场扭曲、资本深化与产业结构调整--基于时变弹性生产函数的实证分析%Factor Market Distortion,Capital Deepening and Industrial Structure Adjustment:the Empirical Analysis Based on Production Functions with Time-Varying Elasticity

    Institute of Scientific and Technical Information of China (English)

    李程

    2015-01-01

    基于时变弹性生产函数估计了中国资本要素1978—2009年分产业的产出弹性,用各年各产业的资本收入份额减去其产出弹性表示资本要素的扭曲程度,并实证研究了资本要素扭曲和资本深化的关系,结论表明:第一产业基本是负向扭曲,第二产业是不很规则的U型曲线,第三产业则基本是倒U型曲线;各个产业的资本深化程度不同,用资本产出比衡量,从大到小排列顺序为三二一;资本要素市场扭曲会促进产业资本深化,在第三产业尤为明显。政策层面既要发展第三产业,又要警惕其资本过度深化,根本出路在于要素市场完善与产业结构调整的市场化。%Based on production functions with time‐varying elasticity , this paper estimates the elasticities of China's capital factor from 1978 to 2009 in different industries ,calculates the distortion of capital factor by means of each industry's capital payment proportion in national income minus the output elasticities of capital ,and empirical research is used to analyses the relationship between the distortion of capital factor market and capital deepening .T he conclusions show that the primary industry has a negative distortion curve , the secondary industry has an irregular U shape distortion curve , and the tertiary industry has an inverse U shape distortion curve .Each industry with different degrees of capital deepening has a range of tertiary secondary primary from high to low by means of capital‐output ratio .The distortion will promote the industrial capital deepening ,especially in the tertiary industry .We should draw the policy to develop the tertiary industry and avoid the excess capital deepening at the same time .The ultimate method is the reformation of factor market and the adjustment of industry based on market .

  4. Capital social et anthroponomie

    OpenAIRE

    Peaucelle, Irina

    2002-01-01

    Dans ce texte j'analyse les relations entre la composante Santé du capital social et la reproduction élargie de l'économie. Il s'agit aussi de discuter des méthodes d'évaluation de santé des populations pour apprécier leur potentiel de travail. En s'appuyant sur des travaux en psychologie sociale, je cherche à appréhender les rythmes anthroponomiques de l'évolution économique.

  5. Knight Capital Americas LLC

    DEFF Research Database (Denmark)

    Austin, Robert D.; Meister, Darren

    2015-01-01

    It took 19 years to build Knight Capital Americas LLC into the largest market maker on the New York Stock Exchange, but on August 1, 2012, it took only 45 minutes for the firm to be wiped out by an information technology (IT) problem: a change in the company's software caused it to lose more than...... officer, other managers and the board of directors have done differently? What lessons does this story hold for how firms should be managed and governed? And what does it say about our ability to manage risk in large modern corporations operating in increasingly fast-moving and complex global markets?...

  6. Capital social comunicativo

    Directory of Open Access Journals (Sweden)

    Darío Ángel

    2011-01-01

    Full Text Available En este artículo se buscan establecer las bases para una transformación del tradicional triángulo comunicativo emisor-mensaje-receptor, por un esquema que haga alusión a la dinámica social de la comunicación relacionada con lo público: actores-escenarios-sentidos. De esta forma, es posible conformar guías para la acción y encontrar en los actores ciudadanos de comunicación, la conformaciónde un capital social para la democracia.

  7. The Genesis of Capitalism

    DEFF Research Database (Denmark)

    Li, Xing

    2004-01-01

    foremost a transformative process involving political repercussions as being dealt with here (enforced variation, reshaping, selection and distortion). In sum, the paper intends to problematize the significance of the evolutionary explanation, the culturalist approach as well as the economistic...... (historical, divine, spiritual, miraculous), the establishment of capitalism is less the result of a force for cultural and economic dynamism than the realization of a political project. In other words, from being an enterprise within defined geographical boundaries to becoming a global project is first and...

  8. Contratos de capital humano

    Directory of Open Access Journals (Sweden)

    Oscar Alejandro Goyes Viteri

    2005-01-01

    Full Text Available Este documento busca dar a conocer el tema de la inversión en capital humano a través de la celebración de contratos atípicos y utilizando la fiducia mercantil y la titularización como vehículos financieros. Por medio de estos contratos un estudiante obtiene los recursos que requiere para financiar su educación superior, a cambio de entregar un porcentaje de sus ingresos después de su graduación a quien financió la operación.

  9. Contratos de capital humano

    OpenAIRE

    Oscar Alejandro Goyes Viteri

    2005-01-01

    Este documento busca dar a conocer el tema de la inversión en capital humano a través de la celebración de contratos atípicos y utilizando la fiducia mercantil y la titularización como vehículos financieros. Por medio de estos contratos un estudiante obtiene los recursos que requiere para financiar su educación superior, a cambio de entregar un porcentaje de sus ingresos después de su graduación a quien financió la operación.

  10. From Stages to Varieties of Capitalism: Lessons, Limits and Prospects

    OpenAIRE

    Özveren Eyüp; Havuç Utku; Karaoğuz Emrah

    2012-01-01

    The basic aim of this paper is to take a tour de force in order to put the varieties of capitalism (VoC) approach in perspective and to assess its limits and further prospects. There existed before it a certain stages-of capitalism (SoC) approach with a long history. The SoC approach developed largely under the influence of social and anthropological stage theories of progress and of Marxism. Accordingly, capitalism as a mode of production was perceived as progressing through commercial...

  11. Interest Rate Policy and Human Capital and the Work Market

    OpenAIRE

    Ryszard Domański

    2002-01-01

    In the text we describe how human capital is created by the individual investments of persons iein themselvesl, and how this process can be assisted or not by the macro-economic policy of the state especially the interest rate policy. We indicate how the production and accumulation of human capital is influence by the time horizon of thinking making the decision and the depreciation rate of human capital and how this translates into choices made on the education market. We show the interactio...

  12. Life cycle assessment of capital goods related to waste incineration

    DEFF Research Database (Denmark)

    Brogaard, Line Kai-Sørensen; Christensen, Thomas Højlund

    2011-01-01

    The environmental impacts from the life cycle of products and systems were evaluated using Life Cycle Assessment (LCA) as a tool. Today most LCAs of waste management systems only considers the impacts from the operation of the system but neglects the environmental impacts from construction......, maintenance and demolition of capital goods. Capital goods are defined as buildings, machinery, trucks and infrastructure at the facility. A LCA was performed using two modelling programmes: Simapro and EASEWASTE. This paper assesses the importance of including capital goods when performing LCAs of waste...

  13. Essays in the Empirical Analysis of Venture Capital and Entrepreneurship

    OpenAIRE

    Romain, Astrid

    2007-01-01

    EXECUTIVE SUMMARYThis thesis aims at analysing some aspects of Venture Capital (VC) and high-tech entrepreneurship. The focus is both at the macroeconomic level, comparing venture capital from an international point of view and Technology-Based Small Firms (TBSF) at company and founder’s level in Belgium. The approach is mainly empirical.This work is divided into two parts. The first part focuses on venture capital. First of all, we test the impact of VC on productivity. We then identify the ...

  14. Developing Moral Capital in Schools

    OpenAIRE

    Çelik, Vehbi; Mevlana Üniversitesi, Eğitim Fakültesi, Eğitim Bilimleri Bölümü

    2014-01-01

    An abundance of models and approaches have been formed to develop school effectiveness. Schools have been analyzed with respect to psychological, sociological, cultural and administrative dimensions. Social and cultural capitals- as the recently developed nonmonetary forms of capital-have been investigated with respect to school organizations. Nonetheless so far there has been no in-depth research on moral capital in schools as an original concept. In the present research, the concept of mora...

  15. Worker Remittances and Capital Flows

    OpenAIRE

    Buch, Claudia M; Kuckulenz, Anja; Le Manchec, Marie-Helene

    2002-01-01

    The debate on the risks and benefits of the globalisation of international capital markets has focused on the volume and the volatility of the main capital flows — foreign direct investment (FDI), portfolio investment, and foreign bank lending. Financial transfers in the form of worker remittances have received less attention in this context. This paper provides an analysis on the magnitude of remittances, their volatility, and their relationship to other capital flows. Moreover, we provide ...

  16. Re-Thinking Social Capital

    Directory of Open Access Journals (Sweden)

    Zlatko Bukač

    2011-06-01

    Full Text Available The concept of social capital has been used very often in sociological researches over the last two decades. Measuring social capital in civil society, neighborhoods and educational systems is merely a part of its popular usage. Many sociologists tend to use the concept of social capital very freely and therefore expand the definition of social capital. The author’s personal experience indicates that there have been a great number of academic discussions, research planning and public speeches implementing the notion of social capital without taking a detailed consideration of what that concept truly entails. By overviewing the available literature on social capital, it is actually no wonder that both sociologists and the noted concept were in this confusing situation. As Field stated in his book Social Capital (Key Ideas, published in 2008, his work was “the first attempt to provide an extended introduction on increasingly influential concept of social capital” (Field 1. Quibria notes that even though there is a vast number of research conducted on social capital in many academic fields and with various approaches ‘the concept of social capital remains largely elusive’’(1. That obviously is not an obstacle because there is a constantly growing interest in social capital. A vast body of research concerning, measuring, and defining social capital is available today, which helps a researcher to analyze and compare all of the perspectives concerning social capital. This can be of great importance when researchers approach a somewhat new subject of research such as online communication and, more specifically, online games.

  17. Capitalism and African business cultures

    OpenAIRE

    Taylor, Scott D.

    2014-01-01

    Scholars and practitioners once commonly linked 'African culture' to a distinctive 'African capitalism', at odds with genuine capitalism and the demands of modern business. Yet contemporary African business cultures reveal that a capitalist ethos has taken hold within both state and society. The success and visibility of an emergent, and celebrated, class of African big business reveals that business and profit are culturally acceptable. Existing theories of African capitalism are ill-equippe...

  18. Capital Flows and Central Banking

    OpenAIRE

    Gupta, Poonam

    2016-01-01

    Because of the steady liberalization of the capital account since the early 1990s and increased financial integration of the Indian economy, capital flows to India have moved in tandem with broad global trends. This paper looks at the extent to which India’s monetary policy has been affected by the ebbs and flows of the capital it receives. For ease of narration, the paper divides the post...

  19. Venture Capital and Innovation Strategies

    OpenAIRE

    Da Rin, M.; Penas, M.F.

    2015-01-01

    Venture capital is a specialized form of financial intermediation that often provides funding for costly technological innovation. Venture capital firms need to exit portfolio companies within about five years from the investment to generate returns for institutional investors. This paper is the first to examine the association of venture capital funding with a company’s choice of innovation strategies. We employ a unique dataset of over 10,000 innovative Dutch companies, some of which receiv...

  20. Human Capital and Genetic Diversity

    OpenAIRE

    Sequeira, Tiago; Santos, Marcelo,; Ferreira-Lopes, Alexandra

    2013-01-01

    The determinants of human capital have been studied sparsely in the literature. Although there is a huge literature on the determinants of schooling linked with the quality of schooling, there are not many contributions that explore the deep determinants of investment in, quantity and quality of human capital. This paper investigates the relationship between human capital and the ancestral genetic diversity of populations. It highlights a strong hump-shaped relationship between genetic divers...

  1. EUROPEAN VENTURE CAPITAL MARKET CHARACTERIZATION

    OpenAIRE

    Félix, Elisabete Gomes Santana

    2005-01-01

    In this work it was intended to carry through an analysis of the European venture capital market in the last eight years. Also it was done a summary of the venture capital industry history, carrying through a comparison between U.S.A. and Europe. In the European venture capital market analysis it was pointed out aspects about the investment totals, fundraising, investors types and investments types. Among others conclusions, it was found that the banks and pension funds are the main sup...

  2. A Capital Adequacy Buffer Model

    OpenAIRE

    David Allen; Michael McAleer

    2013-01-01

    In this paper, we develop a new capital adequacy buffer model (CABM) which is sensitive to dynamic economic circumstances. The model, which measures additional bank capital required to compensate for fluctuating credit risk, is a novel combination of the Merton structural model which measures distance to default and the timeless capital asset pricing model (CAPM) which measures additional returns to compensate for additional share price risk.

  3. Screening, Market Signalling, and Capital Structure Theory

    OpenAIRE

    Wayne L. Lee; Anjan V. Thakor; Gautam Vora

    2004-01-01

    This paper develops an equilibrium model in which informational asymmetries about the qualities of products offered for sale are resolved through a mechanism which combines the signalling and costly screening approachs. The model is developed in the context of a capital market setting in which bondholders produce costly information about a firm's priori imperfectly known earnings distribution and use this information in specifyihng a bond valuation schedule to the firm. Given this schedule, t...

  4. Skilled Migration, FDI and Human Capital Investment

    OpenAIRE

    Checchi, Daniele; De Simone, Gianfranco; Faini, Riccardo

    2007-01-01

    In a globalised world, where factors of production are increasingly mobile, the process of domestic accumulation of HC can be affected in several ways through migration and capital inflows. In addition, endowment of skilled labour and foreign direct investments(FDI) may reinforce each other through possible “complementary effects”. Our paper aims to advance the existing empirical literature on the relationship between international factor mobility and domestic accumulation of HC in developing...

  5. Essays on Public Capital and Economic Growth

    OpenAIRE

    Alpaslan, Baris

    2014-01-01

    In recent years, there has been an increasing interest in the fact that publiccapital, or public infrastructure, plays a crucial role in determining economic growthin low-income countries. This thesis studies the links among public capital, economicdevelopment, and growth, using overlapping generations (OLG) models.Chapter 1 develops a three-period, gender-based overlapping generations modelof endogenous growth with endogenous intra-household bargaining and child labourin home production by g...

  6. CREATIVE WORK UNDER COGNITIVE CAPITALISM CONDITIONS

    OpenAIRE

    Viktor Barhatov; Yuner Kapkaev; Oleg Dyachenko

    2014-01-01

    The transformation of production relations, which we have all witnessed during the last 20 years, has shown outdated existing theoretical approaches toward an understanding of the economy. The search for alternative ways of the economic development involves representatives of various scientific fields: post industrialism, information economy, sustainable economic development, new economy and others. Of particular interest is the concept of cognitive capitalism, which allows us to consider the...

  7. Social Capital, a theory for Operations Management.

    OpenAIRE

    Matthews, Rupert Lawrence; Marzec, Pete

    2011-01-01

    Abstract As Pfeffer (1993) states, until agreement is reached on a subject, progress may be slow. This paper converges the discussions on social capital in the operations management literature by way of a systematic literature review of 3 and 4 star journals. Human Resource Management, voluntary work and entrepreneurship were identified as minor themes within the review and thus potentially underexplored areas. Quality management, project management and new product development show...

  8. Appropriate Technology, Human Capital and Development Accounting

    OpenAIRE

    Chanda, Areendam; Farkas, Beatrice

    2012-01-01

    Over the past decade, research explaining cross country income differences has increasingly pointed to the dominant role of total factor productivity (TFP) gaps as opposed to factor accumulation. Nevertheless, it is a widely held belief that a country’s ability to absorb and implement technologies is tied to its human capital. In this paper, we implement this idea in a novel specification and explore its quantitative implications within a development accounting framework. In our model, interm...

  9. Human Capital and Wages in Exporting Firms

    DEFF Research Database (Denmark)

    Munch, Jakob Roland; Skaksen, Jan Rose

    2006-01-01

    This paper studies the link between a firms education level, export performance and wages of its workers. We argue that firms may escape intence competition in international markets by using high skilled workers to differentiate their products. This story is consistent with our empirical results....... an export wage premium, but it accrues to workers in firms with high skill intensities.Keywords: Exports, Wages, Human Capital, Rent Sharing, Matched Worker-Firm DataJEL Classification: J30, F10, I20...

  10. 77 FR 52977 - Regulatory Capital Rules: Advanced Approaches Risk-Based Capital Rule; Market Risk Capital Rule

    Science.gov (United States)

    2012-08-30

    ... must assume a margin period of risk under the IMM of 20 business days for netting sets where: (1) The... Regulatory Capital Rules: Advanced Approaches Risk-Based Capital Rule; Market Risk Capital Rule; Proposed... 325 RIN 3064-AD97 Regulatory Capital Rules: Advanced Approaches Risk-Based Capital Rule; Market...

  11. Social Capital and Economic Growth

    OpenAIRE

    Reino Hjerppe

    1998-01-01

    It is argued in order to explain large differences in the level of the development and the growth of economies cannot be adequately explained only by looking the traditional inputs of labour, capital and natural resources. The hypothesis is that also the role of social capital needs to be taken into account. First the concept of social capital is defined and discussed. Then the role of social capital in the development process is explained. Empirical test based on the cross-country data of 27...

  12. Exploring the social capital grid

    DEFF Research Database (Denmark)

    Svendsen, Gunnar Lind Haase; Patulny, Roger

    2007-01-01

    The purpose of this paper is to show that numerous studies have advanced social capital research over the past decade. Most studies have accepted the theoretical distinction between bonding and bridging social capital networks. Many, however, tend to agglomerate empirical research under the one...... catch-all social capital concept, rather than classifying it according to the bonding/bridging distinction. Furthermore, most studies make little distinction on the basis of methodology, between qualitative and quantitative approaches to investigating social capital. These omissions need to be addressed....

  13. MODELS OF CAPITAL COSTS QUANTIFICATION

    OpenAIRE

    Tomáš KLIEŠTIK; Katarína VALÁŠKOVÁ

    2013-01-01

    The present contribution deals with the quantification of capital costs. The contribution is written on a theoretical basis. The costs will be particularly quantified in financing only by equity and only by debt capital and particularly in the so-called mixed financing in which weighted average costs of capital will be quantified. The cost of capital can be seen from three different perspectives: in the assets part of a company, in the liability part of a company and in the part of potential ...

  14. Building A Venture Capital Index

    OpenAIRE

    Liang Peng

    2001-01-01

    This paper builds a venture capital index from 1987 to 1999 that consists of 12,946 rounds of venture financing with 5,643 venture-backed firms. The paper uses two innovative techniques, a re-weighting procedure and a method of moment repeat sales regression, to mitigates three problems - missing data, censored data, and sample selection. We report the time series of capital flows, net asset value, and returns of the venture capital index. We find that the venture capital industry experienced...

  15. Public Capital and Income Distribution: a Marriage of Hicks & Newman-Read

    OpenAIRE

    Getachew, Yoseph

    2008-01-01

    This paper examines how publicly provided inputs could affect income distribution. By applying the Newman-Read production function- a generalized Cobb-Douglas production function- to Hicks's idea of the determinant of factor share, such usually complex dynamics remain analytically tractable. The paper shows that whether public capital has an effect on income distribution dynamics depends on its elasticity of substitution to private capital. If the elasticity of substitution of public capital ...

  16. Scale and Scope - human capital and the structure of regional export flows

    OpenAIRE

    Andersson, Martin; Johansson, Sara

    2009-01-01

    This paper presents an empirical analysis of the relationship between human capital endowments and the structure of regional export flows. Since the development of each export product may be assumed to be associated with innovation activity, requiring human capital inputs, the core hypothesis tested in this paper is that cross-regional variations in endowments of human capital influence the extensive margin (number of export products) rather than the intensive margin (average export value per...

  17. The effects of public capital on the productivy of the italian regions

    OpenAIRE

    Marrocu, Emanuela; Paci, Raffaele

    2006-01-01

    This paper investigates on the role played by public capital in increasing the productivity levels in Italy. For the construction of the regional series for the public capital stock over the period 1996-2003, the study benefits from the use of the rich dataset on public expenditure, recently published by the Italian Ministry of Economy. We have estimated panel production functions with the inclusion of traditional factors and also intangible inputs like R&D expenditure, human capital and soci...

  18. Venture Capital Investment in the Clean Energy Sector

    OpenAIRE

    Shikhar Ghosh; Ramana Nanda

    2010-01-01

    We examine the extent to which venture capital is adequately positioned for the rapid commercialization of clean energy technologies in the United States. While there are several startups in clean energy that are well-suited to the traditional venture capital investment model, our analysis highlights a number of structural challenges related to VC investment in the sector that are particularly acute for startups involved in the production of clean energy. One of key bottlenecks threatening in...

  19. Misallocation, informality, and human capital: understanding the role of institutions

    OpenAIRE

    D'Erasmo, Pablo; Moscoso Boedo, Herman J.; Senkal, Asli

    2014-01-01

    Accepted for publication, Journal of Economic Dynamics and Control The aim of this paper is to quantify the role of formal-sector institutions in shaping the demand for human capital and the level of informality. We propose a firm dynamics model where firms face capital market imperfections and costs of operating in the formal sector. Formal firms have a larger set of production opportunities and the ability to employ skilled workers, but informal firms can avoid the costs of formalization. T...

  20. Heterogeneity of Capital Stocks in Japan: Classification by Factor Analysis

    OpenAIRE

    Konomi Tonogi; Jun-ichi Nakamura; Kazumi Asako

    2014-01-01

    This paper examines the heterogeneity of capital stocks using financial statement data of publicly listed Japanese firms. We conduct factor analysis on investment rates among various capital goods and estimate factor loadings of each as its reactions to common factors like total factor productivity (TFP) shocks. Then we estimate the uniqueness for each investment rate, which is the percentage of its variance that is not explained by the common factors. If the estimated factor loadings are sim...

  1. Heterogeneous adjustment of employment and capital after factor market deregulation

    OpenAIRE

    Eslava, Marcela; Haltiwanger, John; Kugler, Adriana; Kugler, Maurice

    2005-01-01

    In this paper, we analyze employment and capital adjustments using a panel of plants from Colombia. We allow for nonlinear adjustment of employment to reflect not only adjustment costs of labor but also adjustment costs of capital, and vice-versa. Using data from the Annual Manufacturing Survey, which include plant-level prices, we generate measures of plant-level productivity, demand shocks, and cost shocks, and use them to measure desired factor levels. We then estimate adjustment functions...

  2. A Dynamic Theory of Optimal Capital Structure and Executive Compensation

    OpenAIRE

    Andrew Atkeson; Harold Cole

    2005-01-01

    We put forward a theory of the optimal capital structure of the firm based on Jensen's (1986) hypothesis that a firm's choice of capital structure is determined by a trade-off between agency costs and monitoring costs. We model this tradeoff dynamically. We assume that early on in the production process, outside investors face an informational friction with respect to withdrawing funds from the firm which dissipates over time. We assume that they also face an agency friction which increases o...

  3. Social Technologies for Sustainable Development: Valuing Social Capital

    OpenAIRE

    Leisa Perch; Tanya Wragg-Morris; Priti Narasimhan

    2012-01-01

    Noted economist Partha Dasgupta asserts that ?intergenerational well-being increases over time if and only if a comprehensive measure of wealth per capita increases? (Dasgupta, 2010). Wealth here is not defined in the narrow sense of gross domestic product (GDP) but includes natural capital (e.g. ecosystems). This ideology contradicts prevalent human-centric ideology that ?nature? can be exploited to generate infinite growth. This approach suggests instead that unless natural capital increase...

  4. The Impact of Capital Structure on Firms’ Performance in Nigeria

    OpenAIRE

    Ogebe, Patrick; Ogebe, Joseph; Alewi, Kemi

    2013-01-01

    This study seeks to investigate the impact of capital structure on firm performance in Nigeria from 2000 to 2010. We considered the impact of some key macroeconomic variables (gross domestic product and inflation) on firm performance. The traditional theory of capital structure was employed to determine the significance of leverage and macroeconomic variables on firm’s performance. The study makes a comparative analysis of the selected firms which are classified into highly and lowly gear...

  5. Optimal Capital Versus Labor Taxation with Innovation-Led Growth

    OpenAIRE

    Philippe Aghion; Ufuk Akcigit; Jesús Fernández-Villaverde

    2013-01-01

    Chamley (1986) and Judd (1985) showed that, in a standard neoclassical growth model with capital accumulation and infinitely lived agents, either taxing or subsidizing capital cannot be optimal in the steady state. In this paper, we introduce innovation-led growth into the Chamley-Judd framework, using a Schumpeterian growth model where productivity-enhancing innovations result from profit-motivated R&D investment. Our main result is that, for a given required trend of public expenditure, a z...

  6. Raising capital for Finnish IT SMEs through IPOs

    OpenAIRE

    Tran, Linh

    2015-01-01

    This is a research-based thesis that aims to point out the possibilities for Finnish IT SMEs to generate capital through an initial public offering, i.e. IPO. Information technology companies usually need a significant amount of capital, e.g. for their R&D, so that they can improve their products or services and satisfy customers. In addition, European Union has encouraged companies, especially SMEs, to join the public equity market. The research consists of theoretical knowledge regardin...

  7. The Solaria Syndrome: Social capital in a growing hypertechnological economy

    OpenAIRE

    Antoci Angelo; Sabatini Fabio; Sodini Mauro

    2010-01-01

    We develop a dynamic model to analyze the sources and the evolution of social participation and social capital in a growing economy characterized by exogenous technical progress. Starting from the assumption that the well-being of agents basically depends on material and relational goods, we show that the best-case scenarios hold when technology and social capital both support just one of the two productions at the expenses of the other. However, trajectories are possible where technology and...

  8. Quantifying capital goods for collection and transport of waste

    OpenAIRE

    Brogaard, Line Kai-Sørensen; Christensen, Thomas Højlund

    2012-01-01

    he capital goods for collection and transport of waste were quantified for different types of containers (plastic containers, cubes and steel containers) and an 18-tonnes compacting collection truck. The data were collected from producers and vendors of the bins and the truck. The service lifetime and the capacity of the goods were also assessed. Environmental impact assessment of the production of the capital goods revealed that, per tonne of waste handled, the truck had the largest contribu...

  9. A Simple Model of Trade, Capital Mobility, and the Environment

    OpenAIRE

    Copeland, Brian R.; M. Scott Taylor

    1997-01-01

    This paper examines the interaction between relative factor abundance and income-induced policy differences in determining the pattern of trade and the effect of trade liberalization on pollution. If a rich and capital abundant North trades with a poor and labor abundant South, then free trade lowers world pollution. Trade shifts the production of pollution intensive industries to the capital abundant North despite its stricter pollution regulations. Pollution levels rise in the North while t...

  10. Human capital and optimal positive taxation of capital income

    NARCIS (Netherlands)

    B. Jacobs (Bas); A.L. Bovenberg (Lans)

    2010-01-01

    textabstractThis paper analyzes optimal linear and non-linear taxes on capital and labor incomes in a life-cycle model of human capital investment, financial savings, and labor supply with heterogenous individuals. A dual income tax with a positive marginal tax rate on not only labor income but also

  11. Comprehensive wealth, intangible capital, and development

    OpenAIRE

    Ferreira, Susana; Hamilton, Kirk

    2010-01-01

    Existing wealth estimates show that in most countries intangible capital is the largest share of total wealth. Intangible capital is calculated as the difference between total wealth and tangible (produced and natural) capital. This paper uses new estimates of total wealth, natural capital, and physical capital for a panel of countries to shed light on the constituents of the intangible ca...

  12. The Effect of Net National Product on Chinese Human Capital Investment%绿化国民收入与人力资本投资模式再解读

    Institute of Scientific and Technical Information of China (English)

    熊娜

    2012-01-01

    我国经济结构向环境友好、资源节约方向转变将影响人力资本投资模式。文中引入净国民收入资调整时,可持续经济比重上升,收入对人力资本的作用方向由负转正,人力资本投资决策由教育机会成本主导转变为收益主导,利于经济持续发展;但因当前人力资本收益多由非可持续型经济提供,提高可持续经济占比将压缩劳动力需求,加剧劳动力供给的结构性过剩;上述困境可借助消费政策予以缓解,因消费对人力资本波动的影响力远大于收入。综上,推进经济结构调整,最小化其对劳动力市场的不良冲击.应降低消费支出的泡沫比。%To readjust economic structure to resource conservation and environment friendly society, it is important to ex- plain the effect of the readjustment on labor market and then human capital investment behavior. The paper proposes to use the theory of sustainable development by introducing concept of Net National Product to improve the cointegration system consisting of logarithm of income and consumption, and average years of schooling invented by Xiong-Na. In details, the income will be adjusted by conventional gross investment, conventional net investment, green net investment and genuine investment separately. Sufficient results for modified cointegration system have been observed with the method we depicted above, which suggests the behavior of human capital investment turns to be driven by the return of education from the opportunity cost when the income is adjusted by saving rates from the conventional gross one to the genuine one. This work gives an implication that unsustainable economic activities occupy the major part of labor force in the market thus it is nessecery to crushed foam from consumption expenditure to minimize social cost of economic structure readjustment.

  13. How to invest in social capital.

    Science.gov (United States)

    Prusak, L; Cohen, D

    2001-06-01

    Business runs better when people within a company have close ties and trust one another. But the relationships that make organizations work effectively are under assault for several reasons. Building such "social capital" is difficult in volatile times. Disruptive technologies spawn new markets daily, and organizations respond with constantly changing structures. The problem is worsened by the virtuality of many of today's workplaces, with employees working off-site or on their own. What's more, few managers know how to invest in such social capital. The authors describe how managers can help their organizations thrive by making effective investments in social capital. For instance, companies that value social capital demonstrate a commitment to retention as a way of limiting workplace volatility. The authors cite SAS's extensive efforts to signal to employees that it sees them as human beings, not just workers. Managers can build trust by showing trust themselves, as well as by rewarding trust and sending clear signals to employees. They can foster cooperation by giving employees a common sense of purpose through good strategic communication and inspirational leadership. Johnson & Johnson's well-known credo, which says the company's first responsibility is to the people who use its products, has helped the company in time of adversity, as in 1982 when cyanide in Tylenol capsules killed seven people. Other methods of fostering cooperation include rewarding the behavior with cash and establishing rules that get people into the habit of cooperating. Social capital, once a given in organizations, is now rare and endangered. By investing in it, companies will be better positioned to seize the opportunities in today's volatile, virtual business environment. PMID:11408980

  14. Growth Strategy with Social Capital and Physical Capital

    OpenAIRE

    Le Van, Cuong; Nguyen, Anh Ngoc; Nguyen, Ngoc-Minh

    2014-01-01

    Dans ce papier, nous étudions l'impact du capital social dans un modèle simple à la fois théorique et empirique. L'hypothèse cruciale est que le coût du capital physique, grâce aux contacts sociaux diminue par rapport aux dépenses en capital social. Dans le modèle théorique, nous montrons qu'il existe un seuil critique de l'épargne destinée aux dépenses en capital social. Les firmes dont l'épargne est inférieur à ce seuil ne vont pas investir en capital social. Nous montrons de plus que les p...

  15. Convergence and Economic Growth considering Human Capital and R&D Spillovers Convergencia y Crecimiento Economico en Mexico considerando al Capital Humano y derrames en Investigacion y Desarrollo

    OpenAIRE

    Alejandro Diaz-Bautista

    2005-01-01

    In the recent growth literature, the accumulation of human capital and R&D have gained a central role. This study tries to narrow the bridge between the fields of regional convergence theory, economic growth and human capital. Unlike traditional economic growth theories, which tend to focus on exogenous comparative advantage or technological differences among regions as causes for growth, regional economic growth emphasizes the roles of increasing returns to scale in production, human capital...

  16. Can Venture Capital Foster Innovation in Canada? Yes, but Certain Types of Venture Capital Are Better Than Others

    OpenAIRE

    Tariq Fancy

    2012-01-01

    Canada’s problem with lagging productivity growth has led policymakers to focus on boosting innovation, in part by supporting Canadian venture capital funding for business. But which types of venture capital (VC) funds are most effective in spurring innovation? This study examines that question in the Canadian context by examining the records of VC funding in generating new patent applications for the period 1996-2008. Overall, Canadian VC funding spurs innovation more effectively on a dollar...

  17. 12 CFR 565.4 - Capital measures and capital category definitions.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 5 2010-01-01 2010-01-01 false Capital measures and capital category... PROMPT CORRECTIVE ACTION § 565.4 Capital measures and capital category definitions. (a) Capital measures. For purposes of section 38 and this part, the relevant capital measures shall be: (1) The total...

  18. 76 FR 11668 - Minimum Capital

    Science.gov (United States)

    2011-03-03

    ... amended. See 74 FR 5597 (January 30, 2009). As a result, the definition of ``minimum capital level'' as... by HERA. Final Rule: Capital Requirements for the Federal Home Loan Banks, 66 FR 8262, 8282-83... 12 U.S.C. 4612(d). The 60-day comment period closed on April 9, 2010. See Federal Register 75 FR...

  19. 75 FR 6151 - Minimum Capital

    Science.gov (United States)

    2010-02-08

    ... Cease and Desist Order, as amended. See 74 FR 5597 (January 30, 2009). As a result, the definition of... AGENCY 12 CFR Part 1225 RIN 2590-AA01 Minimum Capital AGENCY: Federal Housing Finance Agency. ACTION... Soundness Act that provides for a temporary increase in the minimum capital level for entities regulated...

  20. Business model and Intellectual Capital

    DEFF Research Database (Denmark)

    Lindgren, Peter; Saghaug, Kristin Margrethe

    2012-01-01

    When practicing business model (BM) innovation releasing intellectual capital (IC) strategically from SME´s BMs through the innovation process can be extremely difficult and complex to carry out especially to small and medium size enterprises (SME). There are so many opportunities and resources in...... SME´s Intellectual Capital – but how to release them?...

  1. Taxes and Venture Capital Support

    DEFF Research Database (Denmark)

    Keuschnigg, Christian; Nielsen, Søren Bo

    2003-01-01

    's success, but is not verifiable. Asa result, the market equilibrium is biased towards inefficiently low venture capitalsupport. The capital gains tax becomes especially harmful, as it further impairsadvice and causes a first-order welfare loss. Once the capital gains tax is in place,limitations on loss off...

  2. Operational risk economic capital allocation

    Science.gov (United States)

    Nikonov, Oleg I.; Vlasov, Vladimir E.; Medvedeva, Marina A.

    2013-10-01

    In the paper we describe a model of operational risk of economic capital estimation and allocation based on Loss Distribution Approach (LDA). Bank's total losses are modeled through Monte-Carlo simulations of its business units' losses. It allows to fairly distributing the corresponding capital between business units in order to assess and manage their risk adjusted performance.

  3. Solow Residuals Without Capital Stocks

    DEFF Research Database (Denmark)

    Burda, Michael C.; Severgnini, Battista

    2014-01-01

    investment expenditures: one eliminates the capital stock by direct substitution, while the other employs generalized differences of detrended data and the Malmquist index. In short samples, these measures can exhibit consistently lower root mean squared errors than the Solow–Törnqvist counterpart. Capital...

  4. ROMANIA’S CAPITAL MARKET

    OpenAIRE

    ROBERT SZABO; ILIE RĂSCOLEAN

    2008-01-01

    The book presents the features and the evolution of the capital market in Romania and also presents its role and efficiency in financing the economy. Also the book presents the participants in the capital market, which are defined as regulated entities, investors and issuers.

  5. Universities Venture into Venture Capitalism.

    Science.gov (United States)

    Desruisseaux, Paul

    2000-01-01

    Reports that some universities are starting their own venture-capital funds to develop campus companies, or are investing endowment funds with established venture-capital firms inclined to finance potential spinoffs from campus research. Examples cited are from the University of Alabama, Vanderbilt University (Tennessee), University of…

  6. [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. PMID:18813644

  7. Sand in the Wheels of Capitalism

    DEFF Research Database (Denmark)

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

    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......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...... 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 is...

  8. Culture as Capital

    DEFF Research Database (Denmark)

    Kacunko, Slavko

    A collection of essays 2011-2014 By following, and reproducing, the cultural turn, the rhetoric of cultural mix and hybridism is disseminated today primarily in its crossing of trade barriers. Cultures reduced to their exchange value function as capital - an accumulative, speculative and......, ultimately, financial affair. In some of its media and site-(un)specific manifestations, process art - which aims to encompass both old and new media art - seems to resist this pressure, despite, nonetheless, not being protected from regulations and incorporations. In the present collection of his recent...... essays, Slavko Kacunko discusses the process art by crossing the disciplines of art history and comparative media-, visual- and -cultural studies. As a first approximation, several historiographical remarks on closed-circuit video installations underline their importance as a core category of process art...

  9. International venture capital perspective

    International Nuclear Information System (INIS)

    'Full text:' The emerging fuel cell industry is characterized by global cooperation and partnerships in commercial, technical, and financial aspects. In this talk, we would like to provide observations about international venture capital focused on fuel cells globally. The talk will refer to experiences Conduit Ventures has had with its portfolio companies and other investors in various countries. We discuss our approach to working with portfolio companies who are geographically remote from our main office in London. We also discuss the process of making investment decisions on possible investments in various countries. The talk will conclude with insights and 'lessons learned' which may be of interest to fellow members of Fuel Cells Canada. (author)

  10. Fertility timing, wages, and human capital.

    Science.gov (United States)

    Blackburn, M L; Bloom, D E; Neumark, D

    1993-02-01

    This theoretical model posits that women who delay child bearing will be more likely to invest in human capital (training that enhances productivity but is costly). This investment is conditioned by a greater discount rate than an economy-wide growth rate of wages for non-human capital investor women. The aim of the model is to present a more unified view of relationships between wages and fertility timing identified in earlier research. The empirical analyses, using ordinary least squares techniques, was based on data from the National Longitudinal Survey of Young Women, 1968-82 annually, for a sample of 1817 White working women aged 28-38 in 1982. Data were available for wages, education, work experience, age, number of children, and the percentage in occupations (manager, professional, administrative, service, and blue collar). First wages of women not in school and without a first birth were obtained for 991 women in the sample. Descriptive statistics revealed that the average early wage of late child bearers was 37% higher than the average early wage of early child bearers and 43% higher for 1982 wages. Childless women, compared to early child bearers, experienced a growth in wages from 31-38%. The assumptions in the theoretical model were 1) that all women were equally productive in the labor market in the beginning; 2) that women bore only one child; 3) that women worked continuously for a period of time, except for time out for child bearing; 4) that all women had the option of investing in one type of human capital, which cost the same for all women; 5) that the only source of income was the woman's own earnings; and 6) that a woman's lifetime utility was a function of the present value of her lifetime income and the intervening time period for child birth. Differences in education, experience, tenure, and wages were strongly associated with differences in fertility timing. The results revealed that wages were higher for delayed child bearers, primarily

  11. The Vintage Effect in TPF-Growth : An Analysis of the Age Structure of Capital

    NARCIS (Netherlands)

    Gittleman, M.; Ten Raa, T.; Wolff, E.N.

    2003-01-01

    The age structure of capital plays an important role in the measurement of productivity.It has been argued that the slowdown in the 1970 s can be ascribed to the aging of the stock of capital.In this paper we incorporate the age structure in productivity measurement.One proposition proves that Nelso

  12. Do Colleges and Universities Increase Their Region's Human Capital? Staff Report No. 401

    Science.gov (United States)

    Abel, Jaison R.; Deitz, Richard

    2009-01-01

    We investigate whether the degree production and research and development (R&D) activities of colleges and universities are related to the amount and types of human capital present in the metropolitan areas where the institutions are located. We find that degree production has only a small positive relationship with local stocks of human capital,…

  13. 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.

  14. Capital death in the world market

    Science.gov (United States)

    Avakian, Adam; Podobnik, Boris; Piskor, Manuela; Stanley, H. Eugene

    2014-03-01

    We study the gross domestic product (GDP) per capita together with the market capitalization (MCAP) per capita as two indicators of the effect of globalization. We find that g, the GDP per capita, as a function of m, the MCAP per capita, follows a power law with average exponent close to 1/3. In addition, the Zipf ranking approach confirms that the m for countries with initially lower values of m tends to grow more rapidly than for countries with initially larger values of m. If the trends over the past 20 years continue to hold in the future, then the Zipf ranking approach leads to the prediction that in about 50 years, all countries participating in globalization will have comparable values of their MCAP per capita. We call this economic state "capital death," in analogy to the physics state of "heat death" predicted by thermodynamic arguments.

  15. Rural Land Capitalization and Peasants’ Income Growth

    Directory of Open Access Journals (Sweden)

    Jianping Ye

    2014-04-01

    Full Text Available Up to present, China is still represented by a typical dual society separated by both urban and rural concepts, and the income gap between the two is tending to enlarge. The low agricultural productivity and peasants’ insufficient labor skills result in slender incomes in their business, wage and transfer activities, with improvement though, which does not help to narrow the gap. Therefore, it is essential for peasants to acquire property income by means of rural land capitalization. In recent years, China has increased efforts to protect the property rights of rural land. However, there still exist multiple institutional barriers that prevent land from enforcing its capitalization feature, and shall be broken through at the shortest delay, so as to awaken the “Sleeping Capital”.

  16. Capital Account Liberalization as a Signal

    OpenAIRE

    1996-01-01

    We present a model in which a government's current capital controls policy signals future policies. Controls on capital outflows evolve in response to news on technology, conditional on government attitudes towards taxation of capital. When there is uncertainty over government types, a policy of liberal capital outflows sends a favorable signal that may trigger a capital inflow. This prediction is consistent with the experience of several countries that have liberalized their capital account

  17. Uninsurable investment risks and capital income taxation

    OpenAIRE

    Césaire A. Meh; Terajima, Yaz

    2009-01-01

    This paper studies the capital accumulation and welfare implications of reducing capital income taxation in a general equilibrium economy with uninsurable investment risks. It has been shown that, with uninsurable investment risks, under-accumulation of capital may result compared to the complete markets economy. We show that reducing somewhat the capital income tax rate increases the capital stock and leads to a welfare gain. The complete elimination of the capital income tax, however, is no...

  18. Corruption, Public Expenditure, and Human Capital Accumulation

    OpenAIRE

    Spyridon Boikos

    2013-01-01

    In this paper we investigate the effect of corruption on human capital accumulation through two channels. The first channel is through the effect of corruption on the public expenditure on education and the second channel is through the effect of corruption on the physical capital investment. Public expenditure on education affects positively human capital, while physical capital can obsolete human capital. Initially, we construct an endogenous two-sector growth model with human capital accum...

  19. Capital regulation and banks' financial decisions

    OpenAIRE

    Zhu, Haibin

    2015-01-01

    This paper develops a stochastic dynamic model to examine the impact of capital regulation on banks' financial decisions. In equilibrium, lending decisions, capital buffer and the probability of bank failure are endogenously determined. Compared to a flat-rate capital rule, a risk-sensitive capital standard causes the capital requirement to be much higher for small (and riskier) banks and much lower for large (and less risky) banks. Nevertheless, changes in actual capital holdings are less pr...

  20. Intellectual capital: Evidence from banking industry

    OpenAIRE

    Somayeh Boostani; Shabnam Fotovvat; Karam Safari

    2014-01-01

    This paper investigates different components on intellectual capital including human capital, structural capital and customer capital in banking industry in city of Salmas, Iran. The study uses the questionnaire developed by Bontis (1998) [Bontis, N. (1998). Intellectual capital: an exploratory study that develops measures and models. Management Decision, 36(2), 63-76.] to measure the effects of human capital. The questionnaire consists of 42 questions and all of them are designed in Likert s...

  1. 78 FR 55339 - Regulatory Capital Rules: Regulatory Capital, Implementation of Basel III, Capital Adequacy...

    Science.gov (United States)

    2013-09-10

    ... Methodology a. Recognition of Wrong-Way Risk b. Increased Asset Value Correlation Factor 4. Credit Valuation... requirement for a ratio of common equity tier 1 capital to risk-weighted assets (common equity tier 1 capital... Provisions, Prompt Corrective Action, Standardized Approach for Risk-weighted Assets, Market Discipline...

  2. 78 FR 62417 - Regulatory Capital Rules: Regulatory Capital, Implementation of Basel III, Capital Adequacy...

    Science.gov (United States)

    2013-10-22

    ... comments that appeared in the Federal Register of September 10, 2013 (78 FR 55340), regarding Regulatory... NW., Washington, DC 20429. SUPPLEMENTARY INFORMATION: In FR Doc. 2013-21357, appearing on page 55518... Part 324 RIN 3064-AD95 Regulatory Capital Rules: Regulatory Capital, Implementation of Basel...

  3. National Capital Planning Commission Meeting Transcripts

    Data.gov (United States)

    National Capital Planning Commission — Transcripts of the monthly (with the exception of August) National Capital Planning Commission meeting transcripts are provided for research to confirm actions...

  4. IS BALANCE AMONGHUMAN, FINANCIAL ANDENVIRONMENTAL CAPITAL POSSIBLE IN INDUSTRIES?

    Directory of Open Access Journals (Sweden)

    Maria Lúcia Gili Massi

    2014-09-01

    Full Text Available The problems of the environment, their impact on health and wellness of people, the regulations and the increasingly demanding positioning of consumers led industries to adopt new attitudes in relation to environmental issues. The literature has shown that there is much to be done. The innovations practiced in environmental controls (on outputs, process and administrative management have been translated into a source of profit. It demonstrates that investing in human capital makes people more competent for strategic entrepreneurship, innovation and production, consequently, affecting the longevity of the company and the growth of its economic and financial capital. This study aims to verify if the innovation can balance human, financial and environmental capital and it is justified mainly for those industries worried with the environment. The literature review has proved that innovation is a balance marker between human, financial and environmental capital when industries become aware of their environmental responsibility.

  5. The Cumulative Effect of Human Capital on Economic Growth:

    Directory of Open Access Journals (Sweden)

    Sheidaei , Zahra

    2014-06-01

    Full Text Available This article studies the controversial relationship between human capital and growth through different channels using a cross-country panel approach applied for 104 countries, including 79 developing countries and 25 developed countries (OECD during 1980-2011. The analysis yields important insights into the relationship between human capital and growth. Firstly, we find a significant relationship between high levels of human capital and technology adoption Secondly, considering the levels of human capital directly as a innovation component in the productivity function shows that there is a non-linear relationship between this factor and growth. The results provide a new understanding of this relationship and to some extent contradict some earlier studies.

  6. The Interaction between Financial Incentives and Task-specific Cognitive Capital : More Evidence in Support of Camerer and Hogarth (1999)

    OpenAIRE

    Rydval, Ondřej

    2007-01-01

    This paper extends existing evidence on the interaction between financial incentives and cognitive capital. I focus on the impact of task-specific cognitive capital, the role of which is central to the capital-labor-production framework of Camerer and Hogarth (1999) and has long been studied in cognitive science and behavioral decision research. Using a task situated in an accounting setting, I show that both financial incentives and task-specific cognitive capital, and especially their inter...

  7. The measurement of capital services in the Czech Republic

    Czech Academy of Sciences Publication Activity Database

    Hájková, Dana

    -, č. 11 (2008), s. 1-24. ISSN 1803-2397 Institutional research plan: CEZ:AV0Z70850503 Keywords : capital services * growth accounting * production function * total factor productivity Subject RIV: AH - Economics http://www.cnb.cz/m2export/sites/www.cnb.cz/en/research/research_publications/cnb_wp/download/cnbwp_2008_11.pdf

  8. Sipuleucel-T (Provenge(®))-Autopsy of an Innovative Paradigm Change in Cancer Treatment: Why a Single-Product Biotech Company Failed to Capitalize on its Breakthrough Invention.

    Science.gov (United States)

    Jarosławski, Szymon; Toumi, Mondher

    2015-10-01

    Approved by the US Food and Drug Administration (FDA) in 2010, sipuleucel-T (Provenge(®)) was the first 'personalized' cancer vaccine for the treatment of prostate cancer in a metastatic, non-symptomatic population of 30,000 men in the USA. Sipuleucel-T is prepared individually for each patient and infused in three sessions over a period of 1 month. However, in 2015, Dendreon, the owner of sipuleucel-T, filed for bankruptcy. This opinion paper reviews the probable reasons this innovative product failed to achieve commercial success. PubMed and internet searches were performed focused on pricing, reimbursement, and market access. We found that sipuleucel-T's FDA approval was delayed by 3 years, reportedly because of the vaccine's new mechanism of action. Sipuleucel-T was cleared by the European Medicines Agency 2 years later, but other national agencies were not approached. It was priced at $US93,000 for a course of treatment, and this high price combined with the company's late securement of reimbursement for the vaccine by the US Centers for Medicare and Medicaid Services (CMS) resulted in another year's delay in accessing the market. Despite a positive recommendation by the National Comprehensive Cancer Network, sipuleucel-T's complex administration, high price, and uncertainty about the reimbursement status deterred doctors from prescribing the product. Furthermore, the vaccine's supply was limited during the first year of launch due to limited manufacturing capacity. In addition, two oral metastatic prostate cancer drugs with similar survival benefits reached the US market 1 and 2 years after sipuleucel-T. Also, even though Dendreon's market capitalization topped $US7.5 billion following the FDA's approval of sipuleucel-T, this value degraded gradually until the firm's bankruptcy 5 years later. We conclude that the bankruptcy of Dendreon was largely due to the delay in securing FDA approval and CMS coverage, as well as the high cost that had to be incurred by

  9. 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.

  10. Intellectual capital: Evidence from banking industry

    Directory of Open Access Journals (Sweden)

    Somayeh Boostani

    2014-09-01

    Full Text Available This paper investigates different components on intellectual capital including human capital, structural capital and customer capital in banking industry in city of Salmas, Iran. The study uses the questionnaire developed by Bontis (1998 [Bontis, N. (1998. Intellectual capital: an exploratory study that develops measures and models. Management Decision, 36(2, 63-76.] to measure the effects of human capital. The questionnaire consists of 42 questions and all of them are designed in Likert scale. Cronbach alphas for human capital, structural capital and relationship capital were calculated as 0.79, 0.76 and 0.72, respectively. The implementation of Kolmogorov-Smirnov test has indicated that the data were normally distributed. Using t-student test, the study determined that while management team did not pay enough attention on human capital, there were some statistically significant evidence that social and relationship capitals gained good attention.

  11. Social capital in engineering education

    Science.gov (United States)

    Brown, Shane

    A theoretical argument is presented to suggest that engineering curriculum be designed to develop social capital. Additionally, the value of social capital in the retention of students in the College of Engineering, and the development, role, and value of social capital in an electrical engineering laboratory is evaluated. Data collected includes participant observations, informal and formal student interviews, and a researcher-designed survey. Social capital consists of interaction among individuals (networks), social rules that encourage interactions such as trust and reciprocity (norms), and the value of these networks and norms to the individual and the group. A large body of evidence suggests that social capital is valuable in terms of retention and multiple measures of academic achievement. The importance of social capital in retention was verified by students that have left engineering and those that remain, in terms of interactions with peers, teaching assistants, and engineering faculty; and a lack of sense of community in freshman engineering courses. Students that have left engineering differed in their perceptions of social capital from those that remain in their frustrations with teaching methods that encourage little discussion or opportunities to ask questions about assumptions or approaches. The open-ended nature of laboratory assignments, extensive required troubleshooting, and lack of specific directions from the teaching assistants were found to encourage the development of social capital in the laboratory setting. Degree centrality, a network measure of social capital as the number of ties an individual has within a social network, was found to be positively correlated with laboratory grade. Student perceptions of the importance of interactions with other students on success in the laboratory setting has a negative model effect on academic achievement in the laboratory. In contrast, student perceptions of the quality of interactions with

  12. Social capital and localised learning

    DEFF Research Database (Denmark)

    Lorenzen, Mark

    2007-01-01

      This conceptual paper analyses why social capital is important for learning and economic development, how it is created and its geography. It argues that with the rise of globalisation and learning-based competition, social capital is becoming valuable because it organises markets, lowering...... business firms' costs of co-ordinating and allowing them flexibly to connect and reconnect. The paper defines social capital as a matrix of various social relations, combined with particular normative and cognitive social institutions that facilitate co-operation and reciprocity, and suggests that social...

  13. Capital-imperialismo e neoliberalismo

    OpenAIRE

    Campagnaro, Yuri Gabriel

    2014-01-01

    Resumo: O marxismo interpreta o imperialismo desde Hilferding, com sua análise do capital financeiro em 1910. Lenin sintetizou o primeiro debate, caracterizando o imperialismo como uma nova fase do capitalismo, com monopólios e maior centralização do capital. O debate se estende à década de 1970 com Mandel, que identificou uma alteração na morfologia do capital de então. Os autores contemporâneos debatem o período do capitalismo após os anos 1970, entre eles David Harvey e Virgínia Fontes. Ch...

  14. Emerging Forms of Cultural Capital

    DEFF Research Database (Denmark)

    Prieur, Annick; Savage, Mike

    2013-01-01

    This paper takes stock of recent research on patterns of cultural engagement in various European nations, with specific reference to British and Danish research. It argues that Bourdieu's original theorisation of cultural capital in ‘Distinction’ needs to be significantly updated to register the...... decline of ‘highbrow’ culture which these studies reveal. However, we argue that this shift does not entail the erosion of cultural capital itself, or the rise of the ‘cultural omnivore’, so much as the emergence of a form of ‘cosmopolitan cultural capital’. We argue that this emerging cultural capital...

  15. Capitalism, Socialism and Public Choice

    Directory of Open Access Journals (Sweden)

    Adrián Osvaldo Ravier

    2010-10-01

    Full Text Available The essay examines Schumpeter’s understanding of the capitalist process and develops a critical analysis of his explanation of why capitalism cannot survive. Part I deals with how Schumpeter understood capitalism. Part II studies why –- from his point of view — capitalism couldn’t survive. Part III analysis why it is actually socialism, as a socio-political alternative, that is impractical and must collapse from contradictions inherent in it. Part IV presents some final reflections, presenting the public choice and the thought of James M. Buchanan, as an alternative to the pessimist Schumpeterian view.

  16. Human Capital Investment and the Value of Risky R&D Projects

    DEFF Research Database (Denmark)

    Dockner, Engelbert; Siyahhan, Baran

    We consider a firm that employs human capital to make a technological breakthrough. Since the probability of success of the breakthrough depends on the current stock of human capital the firm has an incentive to expand its human capital stock. The present value of the patent is stochastic but can...... be observed during the R&D phase of the project. The exogenous value of the patent determines the firm’s decisions to invest in human capital, to abandon the project if necessary, and to invest in marketing the new product. We study the corresponding optimal stopping times, determine their value and...... risk consequences, and derive optimal investment in the stock of human capital. While optimal investment in human capital is very sensitive to its productivity do increase the probability of a breakthrough it is insensitive to changes in the volatility of the present value of the patent. The value of...

  17. Human Capital Investment and the Completion of Risky R&D Projects

    DEFF Research Database (Denmark)

    Siyahhan, Baran; Engelbert, Dockner

    2010-01-01

    We consider a firm that employs human capital to make a tech- nological breakthrough. Since the probability of success of the break- through depends on the current stock of human capital the firm has an incentive to expand its human capital stock. The present value of the patent is stochastic but...... can be observed during the R&D phase of the project. The exogenous value of the patent determines the firm’s decisions to invest in human capital, to abandon the project if nec- essary, and to invest in marketing the new product. We study the corresponding optimal stopping times, determine their value...... and risk consequences, and derive optimal investment in the stock of human capital. While optimal investment in human capital is very sensitive to its productivity do increase the probability of a breakthrough it is insensitive to changes in the volatility of the present value of the patent. The value...

  18. Capital humain, mobilité du capital et commerce international

    OpenAIRE

    Pierre VILLA

    1998-01-01

    The outsourcing of activities have been taking a peculiar shape recently. Human capital has remote control of the factories which are produced according to the local technology, and it defines the home technology in which it commits these factories and is committed itself. We introduce this idea in a hierarchical model of international trade with two countries, three factors and two final goods: the traditional one produced with labour and capital and the modern one produced with a non traded...

  19. Conventional capital, criminal capital, and criminal careers in drug trafficking

    OpenAIRE

    Wang, Wei

    2013-01-01

    Although the criminal career paradigm has explored various crime types, little effort has been conducted to systematically examine the pattern of drug trafficking careers. Ethnographic studies on drug trafficking have proposed that different forms of capital have an impact on the patterns of drug trafficking careers. The effects of conventional and criminal capital, however, have been the subject of much less empirical attention. Drawing from information on the criminal careers of 182 incarce...

  20. Internal capital markets and capital structure: bank versus internal debt.

    OpenAIRE

    Dewaelheyns, Nico; Van Hulle, Cynthia

    2007-01-01

    Recent empirical evidence has shown that internal capital markets within multinational corporations are used to reduce overall financing costs by optimizing the mix of internal and external debt of affiliates in different countries. We show that this cost saving use of internal capital markets is not limited to multinationals, but that domestic business groups actively optimize the internal/external debt mix across their subsidiaries as well. We use both subsidiary and group level financial s...

  1. Management of intellectual capital and its influence on personnel economic performance

    Directory of Open Access Journals (Sweden)

    mahmoud Gholami Karin

    2016-02-01

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

  2. Sobre o conceito de "capital humano" On the concept of "human capital"

    Directory of Open Access Journals (Sweden)

    Vanilda Paiva

    2001-07-01

    Full Text Available O artigo aborda a retomada do conceito de capital humano nas últimas décadas no contexto da hegemonia de organismos multilaterais mais diretamente vinculados ao pensamento e aos interesses norte-americanos na área educacional, e de demandas que resultam da reestruturação produtiva e sociocultural na Nova Era Capitalista. Ressalta a amplitude das noções metafóricas dele derivadas (Bourdieu e outros e indica o trecho dos Grundrisse em que Marx refere-se ao homem como sendo o próprio capital fixo criado pelo desenvolvimento de suas capacidades no tempo livre.The article treats the retaking of the concept of human capital in recent decades in the context of the hegemony of the multilateral organizations more directly linked to the North American thinking and interests in the educational area and the demands which have resulted from the productive, social and cultural restructuring of the New Age of Capitalism. It highlights the breadth of the metaphorical notions derived from it (Bourdieu and others and cites the excerpt from the Grundrisse in which Marx refers to humans as fixed assets created by the development of their abilities in their free time.

  3. An Analysis of Capital Control and Long Memory Effects in Bursa Malaysia Stock Exchange

    OpenAIRE

    Feng, Weishan

    2006-01-01

    On 1 September 1998, the Malaysian government imposed capital control to recover its economy from Asian financial crisis. This study examined the effect of capital control on Bursa Malaysia Main Board indices. It found the indices reacted quickly to reflect the effect of capital control announcement. The ARFIMA (p, d, q) model then was employed to examine the long memory effects in all indices during five different periods. It is found that long memory existed in Consumer Products Index, and ...

  4. The Market for Used Capital: Endogenous Irreversibility and Reallocation over the Business Cycle

    OpenAIRE

    Andrea Lanteri

    2013-01-01

    This paper explains the procyclicality of capital reallocation documented by Eisfeldt and Rampini (2006) and Cui (2012) by endogenising the resale price of capital in a dynamic general equilibrium model with heterogeneous firms hit by aggregate and idiosyncratic productivity shocks. I build a simple theory of endogenous investment irreversibility by assuming that used investment goods are imperfect substitutes for newly produced ones because of firm-level capital specificity. This creates a d...

  5. Human capital and its effect on the farm business life cycle

    OpenAIRE

    Hadrich, Joleen C.

    2011-01-01

    Human capital has been identified as significant determinant of farm size growth. However, there are numerous measures for human capital. Traditional measures include age, experience, and education of the principal operator and a management measure. This study identifies three types of management capabilities: production, financial, and human resource, as human capital measures. Farm size growth is estimated over a 15 year time period, 1994-2009. Results indicate that age of principal operato...

  6. Does Working Capital Management Matter in Dividend Policy Decision? Empirical Evidence from Nigeria

    OpenAIRE

    Adesina Olugoke Oladipupo; Peter Okoeguale Ibadin

    2013-01-01

    This study examines the relationship between dividend payout ratio and working capital management and the effect of firm¡¯s working capital management practice on its dividend payout ratio. The working capital management is measured by the net trade cycle, current ratio and debt ratio. The data used in this study were obtained from twelve manufacturing companies quoted on the Nigeria Stock Exchange between 2002 and 2006. The data wer analysed using the Pearson product moment correlation techn...

  7. Human Knowledge and a Commonsensical Measure of Human Capital: A Proposal

    OpenAIRE

    Amavilah, Voxi Heinrich

    2014-01-01

    Existing literature demonstrates clearly that knowledge is the sum of common knowledge and uncommon knowledge. Common knowledge is mostly inherited and it may or may not have scientific bases. Uncommon knowledge is mainly a product of the motions of science and technology. Scientific and technological motions depend on human capital, so that world knowledge is human capital by implication. From here analysis is not so unusual as the concept of human capital is not new. Through out history pe...

  8. The Valuation of Organizational Capital

    Directory of Open Access Journals (Sweden)

    Fiala Roman, Borůvková Jana

    2012-12-01

    Full Text Available The authors’ aim was to create a model suitable for measuring organization capital. This model was produced by means of the Forward and Backward Stepwise methods, on the basis of company information. Low p-levels (approaching 0 show the statistical significance of all regression coefficients, including the intercept. Organizational capital of 2,796 companies in the Czech Republic was quantified. A statistically significant correlation between organizational capital and return on equity (ROE, as well as between organizational capital and return on assets (ROA, has been established. This article is a part of the results of the project No. 402/09/2057 ‘‘Measurement and Management of Intangible Assets Impact on Firm Performance’’ financed by Czech Science Foundation.

  9. Corporate governance and intellectual capital

    Directory of Open Access Journals (Sweden)

    Rahmat Alizadeh

    2014-01-01

    Full Text Available The purpose of this paper is to examine the association between corporate governance and Intellectual capital in the pharmaceutical companies accepted in Tehran Stock Exchange over the period 2004-2009 using a regression based model. The study investigates the impacts of three some independent variables of the corporate governance (i.e. the number of board members, the relative extent of nonexecutive to executive directors, the auditing committee. The results suggest that corporate governance had no special effect on intellectual capital in the pharmaceutical companies. Furthermore among corporate governance's variables, the first one (i.e. board size had negative impact on firms' intellectual capital and the second and the third variables had no effects on intellectual capital.

  10. Emerging Forms of Cultural Capital

    DEFF Research Database (Denmark)

    Prieur, Annick; Savage, Mike

    activities themselves - the claims that there are forms of emotional, subcultural or national cultural capital at work - The claim about cosmopolitanism or an international orientation as a distinctive feature of the culturally privileged classes The paper responds to the first theme announced in the call......This paper reviews recent European studies to assess whether cultural capital now has the same characteristics – or may be rather the same functions - as when Distinction was written. The paper will examine empirical applications of the concept of cultural capital in leading European studies in...... hence are highly appropriate for direct comparisons with that study. This paper will begin by raising general issues regarding the meaning of the concept, and about how one may make assessments and claims about cultural capital. Here we consider how the legitimacy of certain cultural competencies or...

  11. Oligopoly banking and capital accumulation

    OpenAIRE

    Nicola Cetorelli; Pietro F. Peretto

    2000-01-01

    We develop a dynamic general equilibrium model of capital accumulation where credit is intermediated by banks operating in a Cournot oligopoly. The number of banks affects capital accumulation through two channels. First, it affects the quantity of credit available to entrepreneurs. Second, it affects banks' decisions to collect costly information about entrepreneurs, and thus determines the efficiency of the credit market. We show that under plausible conditions, the market structure that ma...

  12. Capital budgeting and procurement practices

    OpenAIRE

    Philippe Burger; Ian Hawkesworth

    2013-01-01

    Capital investment is a key function of government. However, for a number of reasons it has proven difficult for governments to ensure that capital investment represents value for money, is affordable, and is budgeted and accounted for in a prudent and transparent manner. This article discusses these challenges facing governments. Using the findings of a survey conducted among OECD countries and enhanced engagement countries in 2012, this article provides an overview of what governments are d...

  13. Linguistic Capitalism and Algorithmic Mediation

    OpenAIRE

    Kaplan, Frédéric

    2014-01-01

    Google’s highly successful business model is based on selling words that appear in search queries. Organizing several million auctions per minute, the company has created the first global linguistic market and demonstrated that linguistic capitalism is a lucrative business domain, one in which billions of dollars can be realized per year. Google’s services need to be interpreted from this perspective. This article argues that linguistic capitalism implies not an economy of attention but an ec...

  14. OVERVIEW OF CAPITAL STRUCTURE THEORY

    OpenAIRE

    Taha, Roshaiza; SANUSI Nur Azura

    2014-01-01

    The aim of this paper is to provide a comprehensive review on two major theories of capital structure; pecking order theory and static-trade off theory in regard with achieving an optimal capital structure. Researchers believed bankruptcy costs, transactions costs, agency conflicts, adverse selection and taxes has been attribute as major explanations of the corporate used of debt financing which has been used as an argument in both theory. To date there is no consensus on the existing of opti...

  15. The hypothesis of cognitive capitalism

    OpenAIRE

    Vercellone, Carlo

    2005-01-01

    The aim of this presentation is to introduce some aspects of the research programme on Cognitive Capitalism. The main point that characterises this research program resides in the fact that it assume as its main pillar the social crisis of Fordism. Such a crisis manifests itself as a break with respect to the polarising tendency of the forms of knowledge informing Industrial Capitalism, thereby, realising some aspects of Marx's hypotheses concerning the notion of General Intellect. Accordingl...

  16. THE IMPORTANCE OF VENTURE CAPITAL

    Directory of Open Access Journals (Sweden)

    IRINA ANGHEL-ENESCU

    2013-05-01

    Full Text Available Created in the United States of America, Venture Capital is an asset class which attracted recently the attention of the policy makers all over the world. But the concept is still not clearly defined and understood. This paper attempts at introducing in the concept, its characteristics, and reviewing some of the benefits Venture Capital investments can bring at both the macroeconomic level, by looking at the correlation with the economic growth, and at the microeconomic level, for the portfolio companies.

  17. Capital, finance, and trade collapse

    OpenAIRE

    Yang Jiao; Yi Wen

    2012-01-01

    This paper proposes a model of international trade with capital accumulation and financial intermediation. This is achieved by embedding the Melitz (2003) model into an incomplete-markets neoclassical framework with an endogenous credit market. The model preserves the analytical tractability of the original Melitz model despite non-trivial distribution of firms’ net worth and capital stocks. We use the model to examine the differential effects of financial and non-financial shocks on aggregat...

  18. The Era of Super Capitalism

    Institute of Scientific and Technical Information of China (English)

    2008-01-01

    The world has entered the "super capitalism" era when one third of its economic activities are controlled by less than 3 percent of global financial capital. This year,a global economic recession,triggered by the U.S. subprime mortgage crisis,seems unavoidable. To tackle international financial problems,Tao Dong,Chief Economist for Asia at Credit Suisse First Boston in Hong Kong,shared his insights with China Business Journal. Excerpts follow.

  19. Insider Ownership and Capital Constraints

    OpenAIRE

    Hobdari, Bersant

    2007-01-01

    We analyze the impact of corporate governance structures on access to capital using a unique and rich panel data for a large and representative sample of Estonian firms over the period 1993 through 1999. We distinguish among five different governance structures and provide estimates on the impact of each of them on capital constraints. Our results indicate that: (i) separate regimes exist in investment behavior; (ii) the likelihood of being financially constrained is higher in firms that are ...

  20. Stock market and capital market

    OpenAIRE

    Dziková, Iveta

    2012-01-01

    The bachelor thesis provides an overview of selected topics related to the capital market. For completeness, the first part deals with the financial market whose characteristics can then be applied to the capital market. Furthermore, the stock exchange with its important features is introduced as well as the over-the-counter market, which is recently undergoing dramatic changes. Investment instruments are also listed in the thesis and the nature of the individual groups that make up the finan...